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Costs did not decline sufficiently to offset the lower revenue base. Staff costs remained broadly unchanged at €79m, while other operating costs increased 2.6% to €57m. As a result, EBITDA moved from a €9m profit to a €7m loss, and EBIT fell from a €5m profit to an €11m loss. The company recorded a €5m loss for the period, compared with a €1m profit in 2024.
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