West is still struggling but improved its EBITA significantly relative to the weak Q2. Cloud revenue growth continues to be stable as expected, and the intake of new contracts came in above forecast. Also, non-cloud service revenue increased QoQ, which is rarely seen between Q2 and Q3. While the report is far from reaching Proact’s financial targets, we see this as a step in the right direction, and we believe it should be enough to cause a positive market reaction.