What Is Genuinely Working
Revenue remained slightly positive despite weak global demand. Interim Report pp. 6-7, 31-46, 61
Americas still produced positive organic growth, and France and Germany showed better market momentum. Interim Report pp. 6-7, 31-46, 61
Free cash flow remained positive and acquisition cash-outs were substantially lower than in H1 2024. Interim Report pp. 6-7, 31-46, 61
Track Record And Consistency
Low: Q1's record-margin framing gave way to an 80-basis-point adjusted margin decline and a material full-year guidance cut. Interim Report pp. 6-7, 31-46, 61
What The Headline Obscures
Adjusted EBITDA fell 3.2% and adjusted margin fell 80 basis points; every region's adjusted EBITDA declined. Interim Report pp. 6-7, 31-46, 61
Adjusted group profit fell 16.1% and reported group profit fell 22.4%. Interim Report pp. 6-7, 31-46, 61
Management cut constant-currency revenue guidance from mid-to-high single digit to around 3%, and adjusted margin guidance from at least 24% to around 23%. Interim Report pp. 6-7, 31-46, 61
Corporate Language, Decoded
What To Watch Next
Bull case: US demand and Southern Europe recover, while Fit4Growth restores margins without materially damaging revenue.
Bear case: The guidance cut proves insufficient as weak demand, regional margin pressure, and shareholder distributions keep debt elevated.
Measurable watchlist: Delivery against revised 3% constant-currency growth and 23% margin guidance; regional margins; adjusted profit; net debt.