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    Marcus Cole • UBS Group

    Marcus Cole's questions to HOLN leadership

    Marcus Cole's questions to HOLN leadership • H1 2025

    Question

    Marcus Cole from UBS Group sought clarification on whether the sales guidance implies an acceleration in H2 volume growth outside of Europe and asked for color on regional price-cost dynamics in the second half.

    Answer

    CEO Miljan Gutovic stated he expects 'much better momentum in H2 in Europe' but did not comment on specific volume trends. CFO Steffen Kindler confirmed that positive price-over-cost is expected to continue across all regions, driven by pricing and cost efficiencies, though the level of pricing may vary regionally.

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    Marcus Cole's questions to HOLN leadership • Q2 2025

    Question

    Marcus Cole from UBS Group asked if the sales guide implies H2 volume acceleration outside of Europe and for color on regional price-cost dynamics in H2.

    Answer

    CEO Miljan Gutovic clarified that they expect better H2 momentum *in* Europe as well. CFO Steffen Kindler added that a positive price-over-cost dynamic holds for all regions, driven by pricing and efficiency gains, despite some regional variations in the level of price increases.

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    Marcus Cole's questions to HOLN leadership • H1 2025

    Question

    Marcus Cole from UBS Group asked for clarity on whether the sales guidance implies H2 volume acceleration outside of Europe and requested color on regional price-cost dynamics for H2.

    Answer

    CEO Miljan Gutovic did not comment on volumes directly but stated he expects 'much better momentum in H2 in Europe.' CFO Steffen Kindler confirmed that a significant positive price-over-cost dynamic is expected to continue at the group level in H2, driven by pricing and efficiencies, and that this holds true for all regions.

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