16% sales and 47% EBITDA growth (56% incr. margin) in Q3
Clavister executed relatively in line with our expectations in Q3 but with better cost control (EBITDA +6% vs. ABGSCe). EBITDA grew 47% on 16% sales growth, for an incremental margin of 56% (64% LTM), highlighting the scaling potential, while EBIT turned slightly positive. We therefore increase our confidence in positive EBIT for 2025e and raise our EBITDA estimates by 10% for '24e and 5-3% for '25e-'26e.
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