Sales came in at € 19.9m (-2% yoy, -9% qoq), while EBITDA swung to € 1.9m from € -2.2m in Q3'25 (Q2: € 2.9m). The margin improved by 20.5pp yoy to 9.5%, yet the weakest of the year (Q1: 10.6%, Q2: 13.1%). Besides German price pressure, this was due to the regulatory transition in the UK, which cost sales in a higher-margin market. Gross margin almost doubled to 35.3% (-1.1pp qoq). For 9M, sales fell 17% yoy to € 62.3m, yet EBITDA rose 74% to € 6.8m (10.9% margin vs. 5.2%). In short, Cantourage keeps choosing price over volume in an increasingly crowded market.
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