+0.0% LFL growth in Q3 Sopra Steria reported reassuring Q3 sales this morning. Total revenue was EUR1,357m, flat organically at cc, broadly in line with cons. at +0.2%. France deteriorated QoQ with consulting still down -5% in the quarter, and Europe was hurt by Germany (-5% driven by public sector), but the UK (+2.3% LFL) and Solutions (+3.9% LFL) were solid. Strategic continuity We hosted a lunch with mgt following the Q3 sales release. Mgt highlighted 1/ strengthening of Sopra Steria''s position with Airbus following the extension of framework agreements in September, 2/ idiosyncratic levers to improve margins, which we believe imply Sopra Steria could still slightly improve margins next year even with 3% LFL growth, 3/ continuity in the strategy: the group plans to remain focused on existing geographies and verticals, with no major change in offshoring ratio or only marginally in the UK, for example, 4/ increased focus on ''shareholder-friendliness'', which could for instance result in share buybacks becoming more recurring. Change to our estimates We have revised down our organic growth estimate for FY 25 from +3.2% to +1.7% and slightly cut our margin estimates as well (details p. 2). In all, we cut our adjusted EPS by -13%/-7% over FY 25-26E including the impact of the French surtax and exceptional tax on share repurchases. Excluding these impacts, our adjusted EPS would have gone down by c. -5% over FY 25-26E. Outperform, TP down to EUR240 (from EUR245) Sopra Steria''s Q3 sales came as a relief following a series of warnings in the sector, demonstrating again the resilience of the group''s vertical exposure and the consistency of its delivery. At c. 11% FCF yield 2025E with virtually no debt, we think this is not reflected in the group''s valuation, while the December 12 CMD could showcase upside to midterm margin expectations. O/P.