Inderes reported Q2 somewhat above our estimates on an adjusted basis. Sales were slightly above our estimate thanks to strong project sales in June while adjusted EBITA topped our forecast clearly. However, the quarter saw EUR 0.5m in one-offs, which we had not expected and hence reported EBITA declined clearly y/y. Looking at business lines, the performance was in line with our FY projections. Guidance is unchanged. Overall, a neutral reaction appears justified.
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