Although Essity reported soft Q2 23 numbers vs consensus (sending the stock down 8%), they were ahead of AV estimates. Essity’s Q2 revenue rose by 7.4% organically, driven by price/mix effects. Volumes declined as the firm prioritized margin protection over growth. Despite input cost headwinds, adjusted EBITA increased by 49% with a 240bps margin expansion to 10.7%. Easing cost pressures coupled with further pricing initiatives should accelerate the margin recovery. We will raise our FY23 estim ....