OHLA - comment

Q3 numbers beat our estimates. Maybe we were hasty in losing patience with the equity. EBITDA and Operating Cash flow were ahead of our expectations. Cash on hand was ahead of our estimates, driven by a better-than-expected working capital performance. Construction revenue and the construction book both beat our estimates. In the past, OHLA has hidden problems in the Concessions division through sales to itself. We have some concerns that the same issues will arise again. The growth in the Concessions backlog from €0 to c€1bn raises our eyebrows, but management has made growing this division a focus. There is no call, but we will update our model and communicate with you all in the coming days.