Core Insights - LACROIX's first-half revenue for 2025 was €291.5 million, reflecting a 12.3% decline on a like-for-like basis, primarily due to challenging conditions in the Electronics sector, although the Environment segment showed positive momentum [1][3][10] Revenue Performance - In Q2 2025, consolidated revenue was €140.4 million, down from €169.4 million in Q2 2024, marking a 17.2% decrease overall and a 14.2% decline on a like-for-like basis [2][4] - Electronics revenue in Q2 2025 was €105 million, down 19% from €129.7 million in Q2 2024, while Environment revenue grew by 4.1% to €35.4 million [4][5] - For the first half of 2025, Electronics revenue fell by 17.4% to €221.4 million, while Environment sales totaled €70.1 million, reflecting a 9.0% increase [4][9] Sector Analysis - The Electronics sector faced significant challenges, with declines across most segments, particularly in Automotive and Industry, while the Avionics & Defense segment experienced a temporary decline due to external factors [5][6] - The Environment segment continued to show strong growth, driven by Smart Grids and Water, despite a temporary decline in the Street Lighting segment [8][9] Future Outlook - A gradual improvement in Electronics performance is expected in the second half of 2025, particularly in EMEA, while North America will focus on finalizing the divestment of its subsidiary [7][10] - The full-year revenue target of €600 million is likely to be missed, but the EBITDA margin target of 4% remains achievable [11] - LACROIX plans to complete its exit from the North American market by the end of 2025 and will present its 2027 roadmap to investors on September 30 [12][13]