Worldline released its Q3 2023 financial results, which fell below both the consensus and our own estimates. Additionally, the company revised its revenue growth guidance for the fiscal year 2023, reducing it from the previously anticipated range of 8-10% down to 6-7%. What Is even more unexpected is that the company now foresees a stagnant OMDA in absolute terms for FY23, indicating a 150bp decline in margin. We do not anticipate a substantial improvement before the second half of 2024.