Weakness in the industrial business continued, with revenues of Eu57.9mn, down 17% YoY. We note that the World (largely represented by China) remained the weakest area, falling 20.9%, while Italy fell 17% from the record level posted this time last year, mainly due to the expiry of the fiscal benefits linked to Industria 4.0. The business mix more skewed towards the Medical side allowed for an expansion of the gross margin, increasing by 120bp but due to the lower volumes of activity, EBIT came in at Eu12.9mn (vs. Eu15.6 est.), down 22% YoY and showing a margin decline by 1.7pp. Finally, the main positive from 3Q was cash generation, which turned positive thanks to the reversal of the NWC trend and lower investments. The NFP at the end of September was positive to the tune of Eu32mn, increasing by ~Eu20mn compared to the end of June.