The Q2 EBITA and margin declines y-o-y came as no surprise, as the IT consulting market faced both difficult comps and lower demand from clients. B3 delivered sales growth of ~3% y-o-y thanks to FTE growth and price increases. However, the y-o-y EBITA decline of 36% and the margin decline of 360bp were primarily driven by a drop in the utilisation rate, which was in turn due to lower demand. All segments experienced a margin decline, but we note that the Cloud & Technology Platforms segment held up the best.
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