• Near-term contraction – We believe the key read-across from Q1-2 FY4/26 results is that the company faces two key challenges: 1) changes in both business and marketing environments at major clients, given their relative concentration. Key challenges include higher media costs in the lending and credit card sectors, reduced advertising spend in the investment sector, and shifts in competitive conditions and advertising pricing in the healthcare sector and 2) a slower pace of new customer acquisitions compared to the initial plan, with the evolving industry environment and increasing complexity of customer marketing needs. In the near term, there is limited visibility into how earnings growth can be re-accelerated meaningfully in our view, despite initiatives in place to drive new businesses and develop verticals in retail and signage media.