The key takeaway from Continental’s Q3 23 was the confirmation of the FY23 Automotive margin guidance (2.0-2.5%) on the back of the retroactive compensation for cost inflation and R&D reimbursements. This is clearly reassuring since it calls for a huge step-up in the division’s profitability to a >5% Adjusted EBIT margin (vs. 1.0% in 9M 23). We expect limited changes to the consensus and our estimates, and see the upcoming CMD as a positive catalyst.