Montan wax

Q3 sales rose 5.6% Lc to CHF 968.8m; EBITDA margin before exceptional items fell to 15.6% (-230bps). Free cash flow conversion improved to 48% LTM. Guidance unchanged, CHF 90m run‑rate savings on track.

Two new labs in Huizhou and Shanghai add full local synthesis and pilot-scale R&D for flame retardants and performance additives, strengthening China and APAC support.

FDA clears rice-bran wax additives for rigid PVC: all grades approved for direct food contact up to 0.5% and for food-processing equipment up to 1%; renewable, biodegradable; EFSA/Japan authorized.