Yesterday, QBY released Q3 prelims and cut its guidance for the second time this year. While Q3p sales of € 43.2m where in line with eNuW of € 43.1m, EBITDA of € -4.8m (eNuW: € -0.2m) significantly missed expectations. As part of the € 4.3m of provisions for the lay-offs under the accelerated AI transformation were already included in our forecast (€ 2.5m, rest was expected for Q4), the shortfall is largely operational. Adjusted for the one-offs, EBTIDA stood at € -0.5m, down € 3m qoq on largely unchanged sales.
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