What Is Genuinely Working
Revenue increased 2.6% despite a soft market and difficult comparison base. Interim Report pp. 6-7, 26-36, 50
Adjusted EBITDA rose 3.4% and adjusted margin reached 23.9%, a first-quarter record. Interim Report pp. 6-7, 26-36, 50
EMEA reported revenue grew 2.0% and Americas reported revenue grew 6.9%. Interim Report pp. 6-7, 26-36, 50
Track Record And Consistency
Medium-low: the margin record supports management's profitability framing, but growth, profit, and cash flow were all weaker than Q1 2024. Interim Report pp. 6-7, 26-36, 50
What The Headline Obscures
Organic growth was only 0.1%, so acquisitions provided almost all of the reported revenue growth. Interim Report pp. 6-7, 26-36, 50
Reported group profit fell 5.7% and adjusted group profit fell 5.5%, despite the EBITDA margin record. Interim Report pp. 6-7, 26-36, 50
Free cash flow fell to €18.5M from €37.2M and net debt excluding leases increased to €996.6M. Interim Report pp. 6-7, 26-36, 50
Corporate Language, Decoded
What To Watch Next
Bull case: Market demand improves and the record EBITDA margin begins translating into stronger profit and cash flow.
Bear case: Low organic growth persists while acquisition dependence, weaker APAC performance, and debt pressure continue.
Measurable watchlist: Organic growth; APAC revenue and margin; adjusted group profit; free cash flow; net debt.