This report does not constitute a rating action. For 2025, we forecast flat organic revenue performance as price increases offset continued weak demand, particularly in the engineering and consultation (E&C) segment--typically affected later in the cycle. We also expect the German market to remain sluggish, also hindering HOHR?s revenue growth. In 2026, S&P Global Ratings forecasts a gradual recovery in volumes leading to about 4% organic growth. Although our base case is backed by early signs of performance stabilization in the specialized talent solutions (STS) segment, and the company could benefit from pockets of investments in Europe, such as in infrastructure and health care, we believe business prospects remain uncertain in the current macroeconomic environment. HOHR?s organic growth will be
