BIM 2Q25 revenues of EUR946m (6%cer growth) came in 3% below cons. Performance was softer than expected across the board, notably in Microbiology (+3%cer) and Immunoassays (-9%cer) with China being the major drag, impacted by VBP and weak spending dynamic. The impairment of part of the SpecReveal business is unhelpful but we would remind that the ambition for the business have already been lowered last year. Molecular Biology +10%cer growth is good but came in slightly below expectations as non-respiratory sales slowdown and respiratory sales faced tough comps. SpotFire 200 placements slowdown sequentially - as expected, in our view. Industrial applications is the only positive surprise on the topline (+11%cer), primarily driven by volumes. cEBIT in 1H15 came in at EUR372m, (+210bps), 9% above consensus. GM expanded by 80bps. Volumes leverage and the benefits from efficiency initiatives drove the strong margin expansion. FY25 sales growth guidance is trimmed (6-7.5%cer vs 7%cer), impacted by China. cEBIT growth guide is increased however (12-18%cer vs 10%cer) and FX headwind reduced (EUR25m vs EUR35-40m). In all, this should drive 2% cuts to consensus sales forecasts but 5% upgrades to consensus cEBIT forecasts. We won''t rule out the softer than expected Q2 sales performance and, as a result, the unexpected sales growth guide cut to create nervousness at opening. That said, encouraging dynamic for the drivers of the GO.28 plan and strong profitability improvement should help see through that, in our view. We would also point to the high level of SI (c30 days to cover) against the unchanged underlying operational momentum and unaffected long-term visibility BIM offers. /