Inderes' November sales surprisingly declined y/y by -5% while we had expected growth of 5%. The month's sales were impacted by timing of events and fewer number of large events vs. previous year. We had expected the CMD activity to be on the same level as in 2023. While timing of events can be overlooked our negative note goes to Swedish sales, which declined y/y in November. After Oct-Nov reports the Q4 sales are some EUR 0.2m behind our estimate for the quarter.