Core Insights - The company reported consolidated revenue of €335.0 million for the first nine months of 2025, reflecting an 8.8% decline compared to €385.2 million in the same period of 2024 [3][10] - The third quarter of 2025 showed a slight decrease in consolidated revenue to €107.0 million, down 1.4% from €108.6 million a year earlier, with contrasting performance in different segments [2][4] Revenue Breakdown - **Electronics Activity**: - Q3 2025 revenue was €72.0 million, down 9.2% from €79.3 million in Q3 2024, with a total of €229.9 million for the first nine months, down 16.0% from €273.7 million in the previous year [4][5][6] - The decline was attributed to project delays and program terminations, although the decrease was less severe than in the first half of the year [5][6] - **Environment Activity**: - Q3 2025 revenue reached €35.0 million, up 19.7% from €29.2 million in Q3 2024, with a total of €105.1 million for the first nine months, reflecting a 12.3% increase from €93.6 million in the previous year [4][7][8] - Growth was driven by strong performance in the Water segment and HVAC solutions [7][8] Future Outlook - The company confirmed its full-year revenue target of approximately €455 million, with an expected EBITDA margin of around 7.5% and a net debt/EBITDA ratio below 3x [10] - Continued strong momentum is anticipated in the Environment segment, while stability is expected in Electronics due to a favorable base effect [9][10]

Group 1 - The core viewpoint of the articles highlights the resilience and steady growth of the Chinese economy, as evidenced by various economic indicators and the bustling activity at the Yantai Port with domestic cars ready for export [1][3][4] - In August, the industrial added value for large-scale industries increased by 5.2% year-on-year, while the service production index grew by 5.6%, indicating stable growth across key metrics [1] - The implementation of macroeconomic policies has effectively stimulated domestic demand, with significant retail sales growth in home appliances (18.6%), furniture (14.3%), and cultural office supplies (14.2%) [3] Group 2 - Private investment is showing signs of recovery, with a 3% year-on-year increase in private project investment from January to August, excluding real estate development [4] - High-tech industries are becoming focal points for private capital, with investments in information services growing by 26.7% and professional technical services by 17.6% [4] - The innovation-driven development strategy is leading to a continuous optimization of the industrial structure, with high-tech industries' added value increasing by 9.5% year-on-year, significantly outpacing the average for large-scale industries [5][6]