Its revenues decreased by about 4% to €437 million in the third quarter compared to €454 million in third-quarter 2023 year due to lower shipment volumes in the Equipment business. However, the services business offset this slowdown with a 15% increase in the quarter driven by multiyear agreements performing well. This will be supported by an order backlog that we estimate could reach €3.5 billion-€3.7 billion in 2024, (around two years of 2023 revenues). Main growth drivers continue to be the energy transition and the company's ambition to reduce carbon-intense energy generation, as well as providing energy supply or back-up systems for data centers in the U.S. and Europe. Our forecast factors in INNIO?s ability to still pass on price
