Kleivin Gjuzi

1. 1Net interest income drives the business, and the Polish acquisition adds scale more than profit for owners.
2. 2Like for like, income is growing faster than costs again, after a negative year in 2025.
3. 3Reported risk costs nearly tripled, but the underlying level is close to last year's.
4. 4One-offs and banking levies matter below the operating result.
5. 5The base forecast is in line with the company's direction, and the plan comparison shows where the first half differed.

1. 1Report every key figure on two bases until the comparatives include Poland: as reported, and like for like.
2. 2Track the second half cost run rate against the full year outlook each month, by cost type, with integration costs shown separately.
3. 3Set early warning thresholds for risk costs and banking levies, the two largest profit risks outside management's direct control.

Ten sheets and 49 built in checks, all passing. An independent Python model recomputes 725 cells and matches Excel. Eleven official sources, each with its page reference.

1. 1Intelligent Cloud drives the growth, and More Personal Computing is shrinking.
2. 2Operating leverage has more than offset a falling gross margin, so far.
3. 3Less cash remains after investment each year.
4. 4In the 2027 base case growth continues and free cash flow shrinks to about a third.
5. 5An illustrative scenario shows what extra investment would have to earn, and where the forecast risk sits.

1. 1Track investment and cash on three lines every month: cash capex, capex including finance leases, and free cash flow after lease principal.
2. 2Release incremental capex in stages against a stated hurdle, and keep the short lived two thirds of spending flexible.
3. 3Protect the operating margin through operating expense discipline and unit cost efficiency, with depreciation and amortisation as a tracked line.

Twelve sheets and 55 built in checks, all passing. An independent recalculation in Python matches Excel on 1,035 cells. Seventeen official sources, and 77 hand keyed figures traced back to the 10-K and the earnings call.

1. 1The result is 28.8% below budget, and the gap is mainly cost, not revenue.
2. 2Building Systems is the weak department, and Industrial Components makes up for part of it.
3. 3Four cost items explain the overspend, and two of them were never budgeted.
4. 45% of shared costs cannot be allocated, and the department ranking depends on the allocation key.
5. 5The close checks found 79 exceptions, and the month being closed has one blocker and three must fix items.

1. 1Do not close the month until the blocker and the must fix items are cleared, and make the close cockpit a formal gate.
2. 2Give the two unbudgeted cost blocks an owner, a supplementary budget and an allocation driver, then reforecast the year.
3. 3Review Building Systems with its management, and judge the department on its contribution before allocation.

Ten tables and 22 views in DuckDB, with 17 analysis queries. 62 automated tests, all passing, reconcile every report total to the source postings and check the 11 close checks against an answer key of 79 planted exceptions.

1. 1Profit and cash differ by the change in working capital.
2. 2The largest customers earn the thinnest margins.
3. 330.5% of receivables are overdue, and seven accounts hold most of it.
4. 417.5% of stock has not moved for six months.
5. 5The cash conversion cycle is about two months.

1. 1Run collection by priority list: a weekly follow up of the seven class A accounts together with sales, and clear the old remainders.
2. 2Review prices and discounts for power tools with key accounts: a floor above standard cost, and discounts linked to payment behaviour.
3. 3Stop reordering the four products without demand, agree returns or a sell off, and require approval for purchases above a set number of months of demand.

Fifteen tables and 15 views in DuckDB, with 16 analysis queries. 127 automated tests, all passing. Child tables are aggregated to invoice grain before they are joined, so no total can be inflated by a one to many join.