EBITDA growth driven by margins
LU-VE posted a better-than-expected margin performance in Q3. Revenues were down c2% in the quarter (but up 6% ex-HP business) with growth in refrigeration and special applications, while industrial cooling and AC businesses were less supportive. Below the top-line, adj. EBITDA (+c6% y/y) was stronger than our estimate with margin at c15% (stable QoQ, +100bps y/y) at the high-end of the MT guidance range thanks to cost efficiencies. Net debt closed at EUR 126m (v ....
