Nolato reported sales of 7% below ABGSCe and 5% below FactSet consensus. On the top-line, the most notable miss was Integrated, where the exciting EMC sub-segment is now seeing lower demand from telecom customers (which was 80% of sales); as such growth has slowed from ~20% last year to 6% y-o-y in H1'23. EBITA was 198m (-11%/-8% vs. ABGSCe/cons), for a margin of 8.0%, and while this is slightly better than Q1 (20bp), we had expected more of an improvement. Naturally, Integrated had weak margins on the lower volumes, but Medical also did not see as much improvement as we had hoped. The only segment that beat expectations was Industrial.
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