Net sales and EBITA were close to our expectations, excluding several one-off items in Q2. Aspo repeated its full-year guidance, but the weak economic environment will make it hard for it to improve clearly in H2 2024. We lower our clean EBITA estimates for 2024-25 slightly, due to the delayed market recovery. The new strategy has led to many changes in the group structure and also in reporting. The increased complexity could even reduce visibility and lower the accepted valuation multiples, but the share price has considerable upside potential if the strategy execution is successful. Our current estimates point to a fair value range of EUR 7.3-8.9 per share, based on an equal weighting of our DCF, P/E and SOTP valuations. Marketing material commissioned by Aspo.