unfavorable

Its gross margin fell to 50%, in large part due to rising tariff costs and unfavorable foreign exchange rates.

“License income, currency effects and cost efficiencies more than compensated for lower volumes and unfavorable price mix.”

Yet those declines were largely a function of a decline in natural-gas prices, driven in no small part by unfavorable weather trends.

The stock has recently rallied sharply and renders risk-reward unfavorable as the bank navigates challenges, the analysts add.

“Orbán has never had to fight an election in such unfavorable economic conditions.”