What happened? Wacker reported Q3 2024 results today. Key points as follows: . EBITDA of EUR152m is 6% below consensus and on par with previous year and down 3% sequentially. . Segments: The miss was driven by the Polysilicon division, which came in 28% below consensus estimates, down 36% yoy, on the back of lower volumes. The Polymer division also disappointing vs expectations, coming in 21% below consensus, mostly impacted by a shutdown at a key European supplier. The Silicone division partially offset the weakness in the two other divisions with EBITDA coming in 17% above consensus, mainly benefiting from higher volumes. . Cash flows: Net cash flow came in at negative EUR99m vs EUR128m last year, on the back of higher investment in working capital. . Q4 outlook: FY guidance implies a Q4 of EUR266 at the midpoint. Note, Wacker will benefit form a CO2 rebate during Q4 which it has previously sized at between EUR100-150m. Current consensus sits at EUR283m. . Full year outlook: The FY24 EBITDA guide remains unchanged at EUR600-800m and Wacker expects it to be in the upper half of the range. Current consensus looks for EBITDA of EUR785m. BNPP Exane View: We think the Q3 weakness is likely to come as a surprise for many, notably in the context of a consensus that has come down into the print and an EBITDA that was last confirmed flat sequentially. Strength in Silicones is not a major surprise after the beats at Elkem / Dow last week. Upper end of the FY guidance implies a Q4 EBITDA at EUR266m (vs consensus at EUR276m). Note that the material sequential step up is mainly related to the CO2 rebate expected to come in Q4, implying underlying EBITDA (ex CO2 rebate contribution at c. EUR125m. We expect consensus to slightly come down for the FY as it starts baking in weaker contribution from Polysilicon (in context of ongoing antidumping investigation in the US). On FY25, current consensus looks for EUR994m. On the call, expect focus to be on Q4...