GPA tanked heavily toward the end. How much problematic for IB?

I’m finishing off my MSc from a target university in Western Europe. The GPA system here is out of 10, meaning every grade deducted appears on the final grade. It’s not directly equivalent to the US GPA system, but more like the UK system. After term 2, I had a 8.3/10, equivalent to a distinction in the UK. Now, after term 3 and some skill courses, it got down sharply to 7.5, equivalent to a merit in the UK.

I’m worried about this. The transcripts from term 3 looks absolutely horrible. I barely passed teen 3 courses and failed a skill course. I have good internships and also CFA L2. Given that my recruitment focus is Europe, how problematic is this? I want to give IB/ER another shot, applying for off-cycles or full-time. But with this GPA I don't know if I can hope.

My UG GPA was 3.5/4 so not stellar either.

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