Fair Value: €11.0 – – – – – Rating: Neutral Improvements expected for H2 Q2 results came in rather weak and we have slightly reduced our full year operating earnings estimate. We have also reviewed our scenario for FY26/27 and subsequent years. In particular the latter has led to the reduction of our fair value to EUR11. This yields a more limited upside from the current share price and although some indicators start to point in the right direction there are still a number of issues to solve. We thus stick to our Neutral rating.