Q3: Profitability improvements
Order intake came in at EUR 36m (-9.3% vs. ABGSCe 40m), -5.4% y-o-y. Sales came in at EUR 44m (+10% vs. ABGSCe 40m), +5.1% y-o-y (+4.8% org.). EBIT improved and came in at EUR 3m (+49% vs. ABGSCe 2m), for a margin of 6.8% (ABGSCe +5.1%), driven by its Ports & Maritime segment. FCF lease adj. came in at EUR -1.7m (-142% vs. ABGSCe 4m), -150% y-o-y. We find it promising that the company demonstrated an improvement in profitability through increased cost control. However, FCF was negative due to lower customer pre-payments and increased receivables. Management states that the development of its working capital will remain a key focus area for the company.
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