Emeria - comment

Emeria delivered solid operating performance, but very much underwhelmed with undiminished WC and thus lower liquidity than we had expected. We don’t think the WC shift is a big problem and lend credence to management’s comments that most of the money will return in Q4 and that next year’s curve will be more in line with 2023 again. Acquisitions have come down drastically, in line with guidance, but also very much needed. So overall, the development is going in the right direction. We are focusing more closely now on exactly how much of the XO items should remain for how long. XOs have to come down dramatically next year and have been discussed at nausea on the call, but we have sent yet more questions to the company this morning.