Unsecured collection performance remains solid at 110% (previewed)Cash EBITDA in-line (previewed), EBITDA -7%/-12% vs ARCe/cons, on lower revaluations vs. exp.We find the new information to be credit neutral given earlier update, with the headline figures on profitabilty lower from lower than the very high expectations for revaluations based on Qs so far this year
