Energy costs increased by 2 %, while raw materials were lower by 5 % year on year. Underlying profitability, as reflected by EBITDA before exceptional items, decreased by 5 % to CHF 155 million. The resilient margin of 15.6 %, versus 15.9 % in Q3 2023, despite lower sales, was achieved through effective margin management and the accretive Lucas Meyer Cosmetics acquisition. In the third quarter of 2024, Clariant made further progress in the downsizing of activities of the Business Segment Biofuels & Derivatives and resolved related contractual relationships. As a result, Clariant reversed CHF 36 million of non-cash impairments related to right-of-use assets which were originally booked in the fourth quarter of 2023. For 2024, the company now expects a negative operational impact of approximately CHF 10 million (unchanged), total exceptional items of flat to negative CHF 5 million (previously up to negative CHF 15 million). Total cash outflow is expected at CHF 30 - 50 million (previously CHF 80 - 100 million).