In our view, the reported figures for 3Q25/9M25 are more or less in line with market expectations. EBITDA of CZK1.1bn increased 3% yoy, while revenues decreased 4.3% to CZK5.1bn. These results reflect the ongoing weakness of the U.S. civilian market in the firearms sector, which the strong ammunition business tried to compensate for. Additionally, the fourth quarter will be negatively affected by the US government shutdown. The closure of federal offices for approximately six weeks led to the suspension of firearm licenses and permits. Given this fact, Colt CZ lowered its full-year sales expectations to the lower end of the original target range, also lowering its EBITDA target. We expect market estimates to decline.