• Prioritizing investment in human capital – Q1-2 FY7/26 results were mixed, with sustained high double-digit sales growth and stable high gross margins, with sustained improvement at the parent company level. However, this was offset by an accelerated recruitment profile, which resulted in negative YoY OP growth. Management appears to be prioritizing capacity expansion, which should position the company to pursue larger projects and potentially improve the sales mix further over time. However, near-term earnings visibility may remain limited, as utilization rates could remain temporarily subdued and further investment activities may continue into H2 FY7/26.
