Colt CZ's results for the second quarter of this year will be weaker yoy. The consolidation of ammunition manufacturer Sellier&Bellot, which began in mid-May 2024, will help offset the weaker performance of the firearms sector. The commercial segment in the U.S. has not yet recovered, and we do not anticipate delivering to the Czech Army in 2Q25. We estimate a yoy decline in total revenues of 7.5% to CZK5.6bn for 2Q25. According to our estimates, EBITDA of CZK1.2bn is weaker by 21.0% yoy. Colt will not meet its quarterly projections. Nevertheless, we expect Colt to confirm its full-year guidance.