We have adjusted our estimates to reflect a slower start to the year in Q126 (to end May). In particular, we now model Premier Inn UK RevPAR of -1.6% for FY26e (to end February) (previously -1%). All in all, our FY26e/27e Adjusted EPS forecasts decrease by -3.2% / -4.7%. Our DCF-derived target price decreases -2.6% to 2,875p (from 2,950p) accordingly. We do not consider the changes to be material; our rating is unchanged.