The group closed yesterday at €26.4M month-to-date, running +8.2% ahead of plan with 8 working days remaining. Poland and Romania continue to carry the quarter — both delivering double-digit MoM growth on the back of automotive customer wins booked in March.
Germany is at plan in aggregate, but the picture is misleading: Berlin is masking material weakness in München and Stuttgart. BMW Group order volume is down -18.4% WoW in Berlin specifically. This is the second consecutive week of decline and warrants an account review before it becomes a trend.
Three operational items are deteriorating quietly: Brno's margin (energy pass-through), Sofia's receivables (DSO drift), and München's input costs. None are critical today; all become critical inside 30 days if untouched. Recommend addressing this week.
The group closed yesterday at €26.4M month-to-date, running +8.2% ahead of plan with 8 working days remaining. Full-month forecast lands at €37.8M, a +3.6% beat against the €36.5M plan and the strongest May result in three years.
Poland and Romania remain the structural drivers of group growth, contributing +€2.1M incremental revenue MoM. Germany is at plan in aggregate but masking material weakness — Berlin's apparent stability is the result of one large contract that is itself softening (BMW Group volume −18.4% WoW).
EBITDA margin holds at 12.8%, up +0.4pp MoM, but the headline conceals divergent dynamics: Brno's margin has collapsed −4.2pp due to unhedged energy costs, while Wrocław has expanded +2.8pp on automotive mix improvement.