What you said about the A2M margins is true for EBITDA margin but not sure about gross margin.
When they upgraded revenue forecasts in Nov 24, they indicated 1H25 EBITDA margin will be down and 2H25 would be up, with overall FY25 EBITDA margin in line with FY24.
However the currency rates have only become more favorable since then, so it'll be interesting to see. A2M does some hedging with FX investments to mitigate FX risks which may negate some of the benefit in this case so it is hard to know.
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