• ECD margin performance: ECD EBIT margin improved sequentially from 10% in Q2 and 12% in H1 to 13% in Q3, before exiting Q4 at 15.5%.
• Margin recovery drivers: The rebound in profitability was achieved through calibrated pricing adjustments alongside targeted cost reduction measures taken after the first half.
• Margin protection strategy: Management stated it will not compromise on unit economics, planning further price increases and a shift toward premiumization to safeguard margins going forward.