The cosiness of the ‘adjusted world’ takes a chilly breath when a business has to be restructured and/or an impairment is required. The shift from combustion engines to EVs has taken its toll and lower precious metal prices are weighing on profitability. The optimism regarding a better H2 stems from higher sales prices and cost-cutting measures. The H1 figures were broadly in line with our expectations (sales: -0.6%; EBIT: +1.3% – consensus sales: +2.6%; EBIT: -29.7%; adjusted EBIT: -6.0%).