In the reporting period of January to March 2026, the net operating cash flow was EUR -19.7 million and thus 2025 lower when compared with the previous quarter (Q1 2025: EUR 3.1 million). This development is largely due to a greater buildup of (trade) working capital in comparison to that at the end of 2025 (Q1 2026: EUR -33.6 million; Q1 2025: EUR -14.5 million) relative to the reporting period’s EBITDA. In the first quarter of 2026, developments in the area of (trade) working capital were influenced by the reversal of the factoring program in the United States due to the preparations for the sale that took place in February.
Investments from operating business (Q1 2026: EUR 6.8 million; Q1 2025: EUR 8.3 million) were lower year over year.
EBITDA declined compared with the same period of the previous year (Q1 2026: EUR 20.7 million; Q1 2025: EUR 25.9 million).
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These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.