Q3 came in line
SAB reported Q3 numbers broadly in line with our assumptions. Revenues (ex-IAS) grew c13% at constant perimeter (a touch above BNPPe), mainly driven by volumes. We saw mixed regional trends, with broad-based (and DD) growth across EU (with Turkey), APAC and South America, while ME Africa and North America were both down (double-digit in aggregate). Below the top-line, reported (ex-IAS) EBITDA grew c15% (adj. c5%), with slight y/y margin expansion (c20bps) linked mainly to an inc ....
