In fact, it is the business mix which may explain the margin decrease during Q3. Growth was driven by the water technologies division during Q3 (+ 131 %), while this division had an EBITDA loss during H1 24.
Looking into more details, it seems that it is mainly Q3 which was a one off. Q4 margin of 7 % is in line with H1 24, when EBITDA margin was 6.4 %.
Good to see also that their cash flow from operation during Q4 was again very similar to EBITDA.
SDV Price at posting:
45.0¢ Sentiment: Buy Disclosure: Held
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