After a year of overachievements, GEA gave quite a positive outlook for 2023 with some upside potential. The basis for the 2023 achievements is the strong order book leading to a book-to-bill ratio of 1.10x. GEA reported a decent set of figures, moderately beating our estimates (sales: +0.6%; adjusted EBITDA: +1.8%), except for EPS (+10.1%). The same is true for consensus (sales: +0.6%, adjusted EBITDA: +1.7%; EPS: +17.5%). The company beat its own targets.