Demand stabilisation in sight

Q3 as expected, gradual recovery in '25e

Delivers on reduced expectations

Accelerated demand headwinds in H2

Lowers FY financial targets

Q2 margin declines, but positives as well

Cost reductions lag, but book-to-bill improving

Peers performed poorly in Q2

Impressive resilience in weakened market

Q1 EBITA +16% y-o-y while peers decline, 8.9% (7.9%) margin. Strong start in weakened market increases our full-year confidence. Order situation improving, but M&A a more likely growth driver in '24e.

Q1 to hold up despite EMS weakness

M&A to drive growth while organically flat, EBITA margin to hold up. H1 weakness in EMS industry, but companies remain positive on H2. Underlying trends such as electrification remain favourable, 8x P/E.