GEA reported another strong quarter and fully confirmed the FY guidance. FX rates were a significant detractor as the figures had to compare with the high prior year levels. Nevertheless, our estimates were beaten at many levels (order intake: -7.1%; sales: +3.7%; adjusted EBITDA: +18.4% – consensus: order Intake: -3.1%; sales: -3.3%; adjusted EBITDA: +1.3%).