We lower our 2026e cEPS by 2% following the Q2 miss and ongoing customer headwinds expected to persist into H2. However, we believe the report strengthens the CPaaS investment case, with Enterprise margins expanding by +1.6pp y/y and the segment driving a record-high order intake, accounting for ~50% of the total. In addition, the recently acquired companies (of which SMSPortal represents ~80%) grew 16% y/y (pro forma) in Q2. These acquisitions were made at accretive multiples, reinforcing the M ....
