All three divisions were negatively impacted by a triad of lower volumes and prices, and FX headwinds – earlier than we had expected. Interestingly, only volumes took their toll on profitability and the margin was slightly higher. This was unlike the scenario of some years ago, when Solvay saw collapsing margins in comparable conditions. The Q3 figures were a significant miss relative to our estimates (sales: -11.8%; adjusted EBITDA: -7.0% – consensus: sales: -9.2%; adjusted EBITDA: 1.4%).