Board Brief

What the board should know

• ForecastCash is EUR 6.40m today but the baseline month-end forecast reaches EUR 4.60m in December, below the EUR 5.00m minimum. DSO is 61 days vs a 45-day target.
• ObservedImplementation margin fell from 16% in Jun 2026 to -3%.
• HypothesisOpen critical roles and lower utilisation in Continental Europe may be contributing; staffing is not proven to be the sole cause.
• ObservedSupport Services revenue grew +9.9% year on year.