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Redeye's first comments on the Q1 report this morning. The outcome of the first quarter report showed a sales growth slightly lower than expected at a decrease of 2% y/y. The gross margin was better than expected at 71.5%, although the personnel costs were higher than expected. The slightly lower sales outcome and higher personnel costs bring us to an EBITDA/EBIT below our estimates. The lower-than-expected results will mean a slight downward adjustment of our full-year forecast, but we do not expect to make significant changes to our Base case.
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