We lower our Q4/25e EBITDA adj. by 9%, interpreting the softer-than-expected listing volumes for October and November. This leaves us 9% below Q4 EBITDA adj. consensus, which we expect to come further down on updated volumes. While 2025 volumes come down, we have increased our 2026 volumes but have pushed out the recovery towards H2/26e. While we are below current consensus ahead of Q4, we would be buyers ahead of the report, as we expect a continued strong development in ARPAs and further OpEx ....
