3Q21 results slight beat; wind farm disposal to sustain earnings performance in 2022 Backdoor listing on track; 4Q21 performance to sustain good momentum 3Q21 net profit +5.4% YoY; in line with expectation Headwinds linger despite faster expansion Morning Notes Softening demand and operating deleverage Moving into 4Q21E games rebound Acquisition of First Services will generate earnings boost of 12% in 2021E 3Q21 Net profit +8%, in line with estimates; Revenue growth acceleration a positive sign Industry headwinds to persist into 4Q; D/G to HOLD