The first half of the year continues to reflect the residual impact of the disruption experienced throughout fiscal year 2024. Revenue decreased by 10.1 million EUR, reaching 33.0 million EUR (H1 2024: 43.1 million EUR), largely driven by the lingering effects of delivery delays and store closures initiated in the previous year. While these issues were structurally addressed in late 2024, their consequences continued to affect top-line performance during the first quarter of 2025. This lagging effect underscores the depth of last year’s operational challenges. Despite the material drop in revenue, the Company succeeded in reducing its cost base, leading to relatively stable EBIT vs prior year, demonstrating the initial effects of the streamlining and efficiency measures launched over the past months.  These results must be interpreted within the context of the anticipated ongoing transition phase, during which the Company is actively executing a broader operational transformation aimed at restoring long-term resilience and profitability, with progressive signs of recovery expected to mature in the second half of the year.

Outlook 2025: we do not expect significant negative impact of the trade policy-influenced economic environment on earnings/revenues for the H2/2025 / full year 2025.