Q3 saw positive volume development
CEM posted Q3 PandL in line with our estimates, with softer FCF generation due to higher inorganic capex. Net revenues (excluding IAS 29) were up c1% backed by supportive LSD volume growth in the quarter, especially in Denmark and Turkey. Q3 recurring EBITDA (excluding IAS 29) fell c5% y/y (-10% headline due to positive non-recurring items last year) with almost all the regions down. Q3 net cash of EUR 80m was up QoQ.
Room to overdeliver while demand outlook ....
