This report does not constitute a rating action Overview Key strengths Key risks Strong order backlog of €788 million in the second quarter of 2026, supported by air traffic growth and ADB?s ability to capture market share. About 15% of sales are generated in the Middle East, meaning any prolonged disruption in the region could result in some volume delays and pressure on financial performance. High market share in the niche airfield ground lighting market (estimated at about 50%) and docking guidance systems (about 75%). The relatively small scale (revenue of about €605 million in 2026) and narrow focus on airport activities constrain our overall business assessment. Balanced geographic footprint, with 44% of full-year 2025 revenue generated in EMEA, 34%