Falling short of expectations. The Group expects revenues and underlying operating profit for the 12 months to February 2025 to fall short of market expectations. It now expects to report FY25 revenues of £141m (consensus £152m) and underlying operating profit (excluding all acquisition-related expenditure) of c.£16.5m (consensus £17.5m). Net debt at the end of February 2025 was down slightly at £2.5m (versus FY24 net cash of £1.0m), reflecting the timing of certain working capital items. The total forward order book was US$80.9m, down slightly from US$82.6m. Outlook more challenging. The near-term outlook has become more challenging in recent months, driven by a range of uncertainties, such as geopolitics, tariffs, sanctions, regional conflicts and trade flows. Shipping charter rates and asset values have started to come under pressure, creating an unwelcome headwind for FY26. Reduced forecasts and price target. We have reduced our earnings forecasts to reflect near-term uncertainty. The longer-term outlook of the shipping markets remains positive, supported by attractive demand/supply dynamics, long-term volume growth and the need for significant investment in fleet renewal. We value Braemar in line with its 10-year average P/E (NTM) of just over 10x. Applying this to our FY26E forecasts gives us a new price target of 303p (from 387p), We retain our Buy recommendation.