Strong Buy Recommendation for Orsero SpA Amid Robust Financial Performance and Strategic GrowthWe highlight that, 9M-25 Adj. Net Profit already exceeded the upper end of the FY guidance. On the back of the 9M-25 results release, we have fine-tuned our model to factor in: 1) slightly higher top-line growth and 2) broadly in-line assumptions about profitability. The combined result is an average 0.5%, 1.9% and 3.8% increase in revenues, Adj. EBITDA and Adj. 2025-27, respectively. As a consequence of the slight upgrade in estimates, the new DCF-based PT is € 28.50/s (€ 27.50), 62.7% upside. The Buy recommendation is reiterated. Distribution grew by 10.5%, 9M-25, net revenues totalled € 1,276.0m, up by 10.5% YoY, significantly above market average, driven by higher volumes and prices, mainly thanks to the product mix and inflation as well.