How did ALCO's revenue and expenses shift in Q1 2025?

ALCO's revenue and expenses in Q1 2025 showed a significant decline in revenue alongside a reduction in certain expenses: 1. **Revenue Decline**: ALCO's revenue for Q1 2025 was €2,068 million, which represented a decrease of 15.9% organically compared to the same period in 2024. This reduction was primarily due to lower order entries and contract completions recorded in 2024, which had an impact on the revenue figures for 2025. 2. **Expense Reductions**: ALCO's operating expenses and other expenses also saw notable decreases. The company reported a sequential increase in net income, adjusted net income, and adjusted EBITDA excluding special items. This improvement was partly due to a deliberate reduction in BPO1 activities in the UK and the management of calendar effects. 3. **Cash Consumption**: ALCO's cash consumption in Q1 2025 was significantly lower, amounting to approximately €-40 million, compared to €-415 million in the same quarter of the previous year. This reduction was attributed to better cash flow management and the optimization of trade payables. In summary, ALCO experienced a decline in revenue but a reduction in expenses and cash consumption in Q1 2025, leading to improved financial metrics such as net income and EBITDA.