We are reiterating our Buy rating, projections and $30 price target for a.k.a. Brands Holding as we begin to focus on 2026. 2025, while a period of positives for the longer term (i.e. multiple Princess Polly store openings, Petal & Pup wholesale expansion, return to growth in the core Australia/New Zealand market and Culture Kings once again registering margin expansion), was materially impacted by the new tariff regime, as a business model predicated on production times of under two months and a continual flow of newness was under highly material margin pressure, especially post 1Q25. That said, with the company beginning to return to normal product flows and the longer-term positives fully intact, we believe a.k.a. Brands is primed to drive strong progress in 2026, and we reiterate our Buy rating and $30 price target on AKA.