A miss on volume (down organically by -3.4% vs. -2.3% for consensus), but a beat on the bottom line (organic EBITDA up by +4.1% vs. +0.3% expected), while the top line came in roughly in line with market expectations (up by 5.0% organically). The company maintained its FY23 outlook. With the consensus already at the lower end of the company guidance for FY23, this announcement is not a surprise. However, we would appreciate a contraction in the guidance or further information.
