Hi,
It's an initial step down, for sure (at 2:10:07 or thereabouts), possibly due to turbulence - but from that point onwards the aircraft is climbing, and at 2:10:18 the climb is well established.
@bearfoil - I reckon that's the autotrim trying to ride the weather.
Well it's a nice turbulence .. 5000 and more ft/min at vario and the plane stay at a down altitude for 7-10 seconds and in the same time the PF made nose up stick command
So .. and despite stick up commands (nose up) .. the aircraft still not climbing all this gap of time ..
Speak of little turbulence .. lol .. it's a downdraft for sure .. and a good ..
And I repeat .. the BEA transcript is misleading .. until you put the graphic in correlation ...