Macroeconomic ChallengesWorsening macroeconomic data, such as employment and transportation, influences the company's performance negatively.
Regulatory ImpactThe Italian Parliamentary Camera dei Deputati approved a 5% commission cap on private company-issued meal vouchers, which is estimated to cause a 5% revenue and 13% EBITDA headwind on 2023 actuals.
Revenue PerformanceQ3 total revenue grew 11.5% like-for-like year-over-year but missed consensus by 2% due to soft performance across all segments, leading to an expected decline in shares.