Q3-24 volumes missed expectations, primarily due to a very weak China and Middle America. Adj EBITDA missed CSS expectations in absolute and organic growth. Guided EBITDA range was narrowed to 6-8% growth. A USD 2bn share buyback was announced. Based on todays'results we expect EBITDA est. to come down by some 1%. We maintain our Buy rating keeping our 12m TP unchanged at EUR 68.
