Gofore issues a negative profit warning without having firm guidance in place. The profit in Q2 and FY25 (excluding Huld acquisition) will fall clearly below last year. We already had assumed declining profits, but based on the release our FY25 EBITA look some 20-25% overly optimistic. Our first take is that the price pressure has been overlooked by us and hence the H2 profitability improvement (after capacity cuts) will not be as solid as expected. Q2 report is out on 14 Aug.

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