Nidda - comment

Q322 results were better than our model due to top-line growth above the market (FX Adjusted). Gross margin improvement of 100bp was aided by a favourable product mix more than compensating for the cost headwinds; we expect that to reverse in the coming quarters.

Coupled with the extension of maturities, including the rouble financing, Nidda is in a strong position liquidity-wise and has under €500m of maturities before 2025. We will update further after today’s call.