Takeaways from the report
The Q3 report was in line with consensus on sales and EBITA (+1% vs. FactSet consensus on both sales and adj. EBITA). We note that the company had increased spending y-o-y on marketing and that this was the source of the y-o-y opex increase. Benefits from the marketing spending should materialise in the near term, and this should aid short-term earnings growth. Moreover, the management team highlighted that it would not invest as heavily in '25 as it has done so far in '24. This should also allow higher drop-through from gross profit to EBITA — something that investors have been wanting to see for a few quarters.
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