•              Despite a lower top line, the H1-24 REBIT was still broadly in line with our and consensus expectations, driven by SWS compensating for BBRG/SB .   •              Despite a lower guidance for top line, Bekaert sees FY24 REBIT consensus as achievable, underlining its structural margin improvement.•              We stick to our positive stance as outlined in our in-depth report 'More proof points of successful transformation'. We reiterate our Buy and TP of EUR 63, based on 2025e SOTP with a target EV/EBIT of 8x.