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    Martin Hüsler • Zürcher Kantonalbank

    Martin Hüsler's questions to HOLN leadership

    Martin Hüsler's questions to HOLN leadership • H1 2025

    Question

    Martin Hüsler of Zürcher Kantonalbank inquired about the drivers for H2 sales growth acceleration and sought clarification on European EBIT growth trends in Q2 versus Q1, including performance by country.

    Answer

    CEO Miljan Gutovic stated he expects accelerated organic momentum in H2 with a similar M&A trend. For Europe, he described Q1 and Q2 performance as similar, with significant Q2 margin expansion. He noted softness in Germany was offset by strong momentum in Eastern and Southern Europe, and he is optimistic about H2 for the region.

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    Martin Hüsler's questions to HOLN leadership • Q2 2025

    Question

    Martin Hüsler of Zürcher Kantonalbank asked if H2 sales growth would be driven by organic acceleration or M&A, and questioned the drivers of European EBIT growth trends in Q2.

    Answer

    CEO Miljan Gutovic stated he expects accelerated organic momentum in H2 with a similar M&A trend. For Europe, he noted Q2 saw significant margin expansion from sustainable offerings and M&A, highlighting strong momentum in Southern and Eastern Europe which offset softness in Germany.

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    Martin Hüsler's questions to HOLN leadership • H1 2025

    Question

    Martin Hüsler of Zürcher Kantonalbank asked if the H2 sales growth acceleration would be driven by organic growth or M&A, and inquired about European EBIT growth drivers and country-specific trends.

    Answer

    CEO Miljan Gutovic stated he expects accelerated organic momentum in H2 with a similar M&A trend. Regarding Europe, he noted significant Q2 margin expansion from the high-value strategy. He highlighted strong momentum in Eastern and Southern Europe (Spain, Italy, Greece), which offset softness in Germany, and expressed overall optimism for the region in H2.

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