Q1 2026 marks a significant turning point. After four consecutive quarters of negative order intake, overall orders returned to positive territory at a net +6%, with output volume swinging to +13% from -15% last quarter. Capacity utilisation recorded a strong rebound to +17%. Training investment reached its highest level in recent quarters at +25%. The recovery was primarily driven by medium and large companies, while small companies remained negative across orders and output. Plant & Machinery and Fabricators continued to register softer results against the broader improvement in Manufacturing and Precision Engineering.