Antolin - comment

Antolin Q226 revenue is 1.5% ahead of expectations, in line with Europe itself. NAFTA outperformed, and APAC underperformed, each deviating by only 5% from forecast. The control over staff costs we admired so much last quarter has gone into reverse, probably revealing only a timing effect, resulting in EBITDA of €64m, only slightly behind forecast of €66m. But that included €44m FX adjustments and other non-cash items. Trade payables came in strongly, delivering a €45m beat, in turn offset by €-10m in taxes related to the India sale, booked gross in Q126. So in total, FCF was again right on target. We have to dig through the details to piece together exactly what caused the accounting shifts. We have not received an invite to a call. The company is in restructuring; see the plan released in July.