Leadership

Management has stabilized the company after prior distress, but the turnaround remains incomplete versus better-executing consumer peers with steadier operating discipline.

Leadership communication has been more credible around restructuring and liquidity preservation, yet the long-term value creation record still trails peers with cleaner execution histories.

The team has prioritized survival and simplification over aggressive expansion, which reduced near-term risk but also limited evidence of durable strategic outperformance versus peers.

Execution

Execution has improved enough to avoid immediate balance-sheet stress, and the latest quarter showed strong revenue growth with a return to positive adjusted EBITDA.

Operational follow-through remains uneven, as management still cut full-year adjusted EBITDA guidance to 16 million euros to 20 million euros even after the quarter’s improvement.

Management’s emphasis on cost control and stabilization has helped contain downside, but rising fuel and logistics costs in North America show the company has not yet locked in durable earnings improvement.

Capital Allocation

Capital allocation has been defensive and preservation-focused, but persistent negative returns show prior funding and investment decisions have not generated adequate long-term value.

The company’s heavy leverage metrics reflect a capital structure that management has not yet normalized, leaving less flexibility than better-capitalized peers.

Management has favored liquidity protection over aggressive reinvestment, but the resulting tradeoff has not yet produced peer-level returns on capital.

Incentives

Incentive alignment appears more focused on restructuring milestones and liquidity preservation than on sustained per-share value creation, which is common in turnaround situations.

Management behavior suggests short-term survival objectives are prioritized, but peer-leading incentive structures typically tie more directly to durable profitability and capital efficiency.

The absence of clear evidence of superior long-term value compounding keeps alignment assessment only modestly above weak peers.

Overall Score

Management is more effective at preserving the business than creating durable value, and the latest quarter showed some operational progress, but execution and capital allocation still lag stronger peers.

Score Driver: Persistent Failure To Convert Restructuring Actions Into Positive Returns On Capital, Despite A Quarter Of Stronger Revenue Growth And Improved Adjusted EBITDA