Q1-26 volumes were marginally above our estimate and ForFarmers was able to maintain a high level of profitability.LTM EBITDA already above our 2026 estimate, providing upside to our estimates. On top comes the consolidation of the JV with KPS, which we expect to boost EBITDA by some 30% and net profit by 5%. We maintain our Buy rating. TP unchanged at EUR 8.00
