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In European capital markets, audited earnings are the floor on which valuations are built.
Berenberg has alleged that one company manipulated its accounts to flatter the headline profit figure, and the delayed 2025 accounts, now cleared by an auditor, put the weight of that claim in plain view: net profit fell from €81.6mn to €20.2mn.
What the delayed accounts show The sign-off itself came late enough to qualify as delayed. When the auditor did clear the 2025 figures, net profit had dropped by more than three-quarters from the prior €81.6mn level.
That magnitude of decline is the kind of number that sharpens the questions Berenberg raised.
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