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“Q3 2019 reflects the same contrasted momentum we experienced in H1 2019: sales were up slightly at constant scope and currency, with the solid growth in the Defence & Security segment offsetting both the slowdown in the commercial space market and a high basis of comparison in Transport. This trend will show as well in the Full Year 2019 organic sales growth, which we now expect to be around 1%.
The reduced guidance is explained by the conjunction of two factors: the massive cyclical downturn of the commercial satellite market in 2017 and 2018, and the record sales level achieved by our Transport business in 2018.
The mobilization and commitment of the teams all over the world enables us to confirm our Full Year 2019 EBIT target in spite of the revised organic sales growth objective.
Across all our markets, the medium-term outlook is solid, driven by growing needs for security, efficiency, connectivity and digital trust. The integration of Gemalto and the acceleration of our R&D investments will uniquely reinforce our positioning, at the heart of our profitable growth strategy.”

Patrice Caine, Chairman & Chief Executive Officer