In the second quarter of the year, we saw a market environment with low volumes and continuing weakness in both business divisions. Stock levels have normalised in the distribution channels, but we do not yet see restocking activities. Strong pricing and cost management actions, as well as our competitive position, supported us in improving margins in both divisions. Furthermore, raw material costs developed favourably during the quarter.
The Accelerate PG programme continued to deliver ahead of plan, which mitigated the impact of weak demand. The programme, which focuses on improving net sales growth, profitability, and net working capital efficiency, will support our financial development in 2023 and beyond.
Net sales for the Group declined by 26 per cent to EUR 180.3 million, and adjusted EBITDA fell to EUR 21.2 million; a decline of 24 per cent. Adjusted EBITDA margin improved to 11.8 per cent (11.4 per cent in the previous year).
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