Sales rose 1% y/y and adj. EBITA fell slightly in Q3. We see this as a relatively successful performance given the environment of low waste volumes and high diesel costs. Lassila & Tikanoja (L&T) has taken action to offset diesel cost hikes, which should help gradually. Positive signs have been seen from retail volumes. A couple of major remediation projects are being finalised. The pipeline seems promising but new project wins are needed if the trend is to continue.
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