Beach attributed the decline primarily to operational gearing on lower net fees, partially offset by cost discipline and operational efficiencies. DACH remained the largest region at 33% of net fees, while net fees were lower in three of the company’s five regions, partly offset by growth in the U.S. and in the Middle East and Asia. Despite the decline, management said the order book continues to provide “sector-leading forward visibility,” equating to around five months of future net fees already booked. ECM increased to 41% of net fees in FY2025 from 23% in FY2019. Time to placement improved 9% since FY2023, including a 22% improvement in the U.S. contract business where TIP has been embedded longer.