We expect Colt CZ’s 4Q25 results to continue reflecting weakness in the U.S. commercial market, which is key for the company. We anticipate consistently strong performance from Colt’s ammunition sector. For 4Q25, we estimate a 17.5% yoy decline in EBITDA to CZK1.3bn. Revenue is expected to be 6.3% lower yoy at CZK6.9bn. For the full year, EBITDA is expected to be CZK4.7bn (+2.9% yoy) on revenue of CZK23bn (+2.8% yoy). This would meet Colt’s full-year goals.