The market has spent the past month marking MFE-Mediaforeurope down, with the share price falling about 10% over 30 days. Yet the latest quarter tells a tighter story. Q2 revenue of €1,488.3m and a return to profit of €19.7m after a Q1 loss landed in the middle of a tough advertising cycle that investors already feared.

The real headline is the margin squeeze. Trailing 12 month net profit margins sit near 3% compared with 5.6% a year earlier, which puts the focus squarely on whether recent cost cuts and H1 efficiency gains can stick.

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