LLUB reported a resilient third quarter for 2025, with a 5% YoY growth in profit after tax, supported by a 7% YoY increase in topline. The company maintained GP and EBIT margins at 35% and 24%, respectively despite operational cost pressures (CoGs +7% and administrative expenses +14% YoY). LLUB’s lease interest charges declined 9% YoY with lower rates, partly offset by a 36% drop in financial income from reduced FX gains. Looking ahead, despite near-term challenges, the medium- to long-term outlook is supported by sound fundamentals and a gradual recovery in industrial trends. Reflecting near-term uncertainties and a slower-than-expected pickup in volumes, we have revised our price to LKR 198.75 and maintain HOLD.