H1-26 results missed on sales and EBITDA while comments on the outlook are not inspiring. For the coming years, the company depends on self-help to drive it margins.Based on the H1-26 results and outlook we have substantially lowered our estimates. This also results in a TP of EUR 12.50 vs. EUR 16 previously.Given the uninspiring H2-26 market outlook and cost savings taking time to come through we cut our rating from Buy to Hold.
