We expect ForFarmers to report another strong quarter, albeit not as good as Q1-26. We have become more cautious on H2, lowering our FY26 EBITDA estimate by some 3%, but emphasize visibility to be low. We maintain our Buy rating, reducing our TP from EUR 8.00 to 7.50 to reflect lower estimates. Company is still performing very well, valuation remains attractive, and JV with KPS will drive further earnings growth
