Project DelaysMid-term LI growth could be affected due to postponed decisions for new projects and delayed running projects, especially with regard to energy transition.
Regional PerformanceEurope still in decline: Large Industries (LI) is still down by -3.6% (H1: -1.9%), but would have been up slightly adjusted for the disposal of a cogeneration plant.
VolumeMacro headwinds might extend the phase of negative y/y volume in IM and LI, postpone the Electronics recovery, and the large project pipeline could be less dynamic.