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Siili's Q3 headline numbers came in somewhat below our lowered estimates. The organic growth was negative -4% while we had input -2% organic growth. However, the positive note goes to cost savings measures, which resulted in a relatively small miss in EBITA compared to the delta in topline. Guidance is being repeated, but at first glance on the Q3 performance trend we think the full year is likely to be closer to the lower end of guidance range.
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