HSE24 - comment

Q1 25 results were above our expectations in terms of revenue and margins and in line regarding working capital outflows, as suppliers shortened their terms in response to HSE 24 restructuring its debt maturities. Overall, cash on hand of €63m was on target. The better-than-expected revenue and margin performance were driven by growth in the higher-value and higher-margin jewellery business. Growth at HSE24 will need German consumer confidence to begin rising from the stubbornly low base today, but we are encouraged by the continued growth in e-commerce (now 48% of the total). The company will host an investor call at 11.30 CEST on 6 June. If any of our clients have the dial-in details, we would be very grateful.