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]