Core Insights - The company is on track to meet its underlying EBITDA and free cash flow guidance for 2025, despite facing a challenging market environment [1][5] Financial Performance - In Q3 2025, underlying net sales were €1,044 million, down 9.7% year-on-year and 8.0% for the first nine months [2] - Underlying EBITDA for Q3 2025 decreased to €232 million, a decline of 10.3% year-on-year, with an EBITDA margin of 22.2% [2][4] - Free Cash Flow (FCF) for Q3 2025 was €117 million, bringing the total for the first nine months to €214 million, which includes approximately €50 million from CO2 emissions rights optimization [2][4] Strategic Actions - The company is making disciplined investments in high-demand areas such as electronic grade peroxide, circular silica, and rare earths, while also adjusting its operational footprint [3][4] - Structural cost savings initiatives delivered €26 million in Q3 2025, totaling €81 million in 2025 and €191 million since the start of 2024 [4] Outlook - The company confirms its 2025 guidance, expecting underlying EBITDA to be between €880 million and €930 million and Free Cash Flow around €300 million, with a maximum of €300 million in capital expenditures [4][8] - The Board of Directors approved an interim dividend of €0.97 gross per share, stable compared to the previous year [4]