What happened? Following today''s Q3 results release - please find our first reaction to the release here - the call with mgmt. suggested that the earlier communicated EBIT and FCF targets for both, ''25 and ''30, are in reach with all core KPIs confirmed, ie EUR40-50bn sales by 2030 with MandA having the potential for a pos. surprise, a ~20% EBITA margin, downpayments at 20-30% and capex moderating over time. While this might have pulled forward headline targets related to the CMD (due: 17/18 Nov.), additional colour wrt the execution plan by segments and what opportunities remain beyond 2030 (eg Naval, Space) are likely to support the shares into and after the event confirming our constructive view. BNPP Exane View: In regard to today''s call, we found the message constructive, which should rather put pressure on consensus to move higher, in our view, as not least the message on the top-line outlook signals about 20% upside risk. The discussion with group CEO Armin Papperger and CFO Klaus Neumann focused on the following aspects: . FY25 guidance: 1) orders: against the backdrop that order timing is hard to predict, mgmt. appeared to be confident that a good part of the implied c. EUR21bn orders in Q4 as per its c. EUR80bn order backlog target at YE25 will materialise in the Dec.-quarter led by VS and complemented by WA / ES; 2) sales / EBIT: while RHM is still waiting for the permit to restart ammunition production in Spain, we sense that confidence in the c. EUR2bn adj. EBITA target is high with the CEO alluding to potential in other areas of the business; 3) FCF: with downpayments at 20-30%, FCF might be ''substantially above the 40%'' EBITA-FCF conversion target depending on how Q4 plays out . Outlook: 1) sales: the prior discussed EUR40-50bn sales target range was confirmed with WA/VS seen at EUR10-15bn each, both said to be leaning to the upper bound, with ES seen at EUR5-10bn (upper bound more likely), air defence at EUR3-5bn, Naval seen at ...