The tariff relief story has played out and the stock is up by 58% from the April lows. The market reaction was surprisingly positive on a report that was slightly above on distribution and reiterated previous guidance. It seems like the market is becoming more confident regarding the backlog with basically 88% of 2026 volumes sold out. We keep our estimates largely unchanged but highlight that consensus suggests a 16% y-o-y reduction in EBITDA for 2026. We believe the year will be more similar t ....
