Sales increased in both of its business areas (Electronics and Technical Trade) and were up organically for the third straight quarter, driven in part by low-margin deliveries. Oper. EBIT fell slightly y/y. The order books should support a near-term recovery, but market uncertainty remains elevated. The recent new hybrid loan gives management opportunity to focus on long-term development. Our fair equity value range remains at EUR 15-19 per share.

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