A stable quarter, but below the outstanding Q1 despite Q2 being seasonally stronger. Net sales fell 3% (organic -1%) but landed 1% above Redeye's estimate, while adj. EBITDA came in 3% above. Despite the in-line print, the share fell 14%, reflecting the absence of growth and headwinds that may persist through H2 and pressure the full-year sales target. Redeye trims its estimates but leaves its fair value range unchanged. On Redeye's newly launched, proprietary value score, Enea screens cheap — as it has for over a year without moving. The marginal buyer wants growth, not cheapness, and will not pay up until it returns.
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