What Is Genuinely Working
Revenue grew 5.7%, supported by 4.6% organic growth and acquisitions. Interim Report pp. 6-7, 22-33, 47
Recurring EBITDA increased 10.9% and recurring margin expanded 40 basis points. Interim Report pp. 6-7, 22-33, 47
Americas organic growth reached 14.4% and APAC delivered 7.2%, sustaining strong growth outside Europe. Interim Report pp. 6-7, 22-33, 47
Track Record And Consistency
Medium: the Q1 profitability improvement remained visible at group level, but Q2 exposed weaker EMEA growth and regional margin pressure. Interim Report pp. 6-7, 22-33, 47
What The Headline Obscures
Q2 EMEA organic growth turned negative at -0.6%, weakening the broad-growth narrative established in Q1. Interim Report pp. 6-7, 22-33, 47
Recurring group profit increased only 1.0% despite double-digit recurring EBITDA growth. Interim Report pp. 6-7, 22-33, 47
Free cash flow fell to €46.8M from €76.1M and acquisition cash-outs more than doubled to €142.7M, pushing net debt to €1.01B. Interim Report pp. 6-7, 22-33, 47
Corporate Language, Decoded
What To Watch Next
Bull case: Americas and APAC growth continues while EMEA demand normalizes and productivity measures support the full-year margin target.
Bear case: European softness persists and higher interest, working-capital, and acquisition needs prevent operating growth from converting into profit and cash.
Measurable watchlist: Q3 EMEA organic growth; regional margins; recurring group profit growth; free cash flow; net debt and acquisition spending.