Green Landscaping's Q2 report came in below our expectations, driven by an organic growth decline of 9%. Adj. EBITA was up 1% y/y and the EBITA margin expanded to 9.0% (vs 8.7% in Q2-24), but was 10% below our expectations as Norway and Sweden was burdened by spill-over effects from a mild winter. Mechanically, the earnings deviation implies 3% downgrades to our 2025E-27E, which is slightly compensated for by today's M&A announcement.
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