Atalian - comment

Another weak quarter with disappointing customer retention. Also, indexation recovery will be impeded as from July, cleaning wages will increase more than the French minimum wage. Management is trying to address client retention, but the legacy of the corruption charges against Franck Julien seems to continue to dog the company. We had expected the going to be tough, so we have not cut our 2026 EBITDA forecast of €100m, but it will be tough for the company.