There were no major surprises in Exel's Q3 results due to the preliminary information provided in the October profit warning. As a result, we made no material operational forecast changes. There was also no change in the short-term outlook compared to the profit warning and with this, all eyes will be on the upcoming CMD (November 13). Given the current market situation, the company's earnings position and the limited room for maneuver with the balance sheet, we believe the stock's risk/return ratio will remain weak for the next 12 months.