H1-25 was broadly in line on REBIT, but Bekaert expects weakening demand in H2-25.The FY25 margin guidance is slightly lowered and we expect to lower our REBIT estimates by mid-single digits.Nevertheless, in our view valuation multiples are too low and do not reflect its successful transformation into a higher growth, higher margin and higher return company.We reiterate our Buy with a TP of EUR 48 based on our 2026E SOTP (was based on 2025E).