Exel's Q3 results were very much in line with our operational expectations, continuing the nascent turnaround that began in Q2.

Last fall, Exel announced its transformative strategy, and the first phase of actions is progressing as scheduled. Nevertheless, we believe that demand in the company's target markets remains sluggish, especially in its main market, Europe.

While the company's Q2 figures fell short of our expectations, the operating result showed a clear turnaround after a prolonged period of weak performance.