No, I would frame it differently. Nobody can explain it better than the CEO with his own words (from today's earnings call):
"...2025 has been a big year of transformation for us in the group. We moved away from a rather loose organization that was very well functioning when we went from no subsidiaries up to roughly 20. And now we are in a place where we doubled from there [=> currently 39], which means that we need more structure in our organization, and that's been a year io implementing that."
They are "reorganizing" (sounds too harsh in this case) their structure and processes that are better aligned with the size that they have reached over the last 2-3 years. They should have done that much earlier but they haven't. And this takes time for the results to show up in the numbers. It's basically "turning around" the struggling bucket + raising the M&A bar to avoid getting into a similar situation again in the future. They acquire much better companies now, but it doesn't show up in the numbers immediately, but early signs are there. You'll read about this in Part 3.
Very interesting. So they try to transition from Lifco to MBB or more precisely something in between?
No, I would frame it differently. Nobody can explain it better than the CEO with his own words (from today's earnings call):
"...2025 has been a big year of transformation for us in the group. We moved away from a rather loose organization that was very well functioning when we went from no subsidiaries up to roughly 20. And now we are in a place where we doubled from there [=> currently 39], which means that we need more structure in our organization, and that's been a year io implementing that."
They are "reorganizing" (sounds too harsh in this case) their structure and processes that are better aligned with the size that they have reached over the last 2-3 years. They should have done that much earlier but they haven't. And this takes time for the results to show up in the numbers. It's basically "turning around" the struggling bucket + raising the M&A bar to avoid getting into a similar situation again in the future. They acquire much better companies now, but it doesn't show up in the numbers immediately, but early signs are there. You'll read about this in Part 3.
Very interesting, thank you for your work.