We expect Colt CZ to report solid earnings growth in 1Q26. This is primarily due to its recent acquisition of the company NCL. The robust performance of the ammunition sector, particularly in Europe, should offset the ongoing weakness of the commercial firearms market in the US to some extent. We estimate yoy revenue growth of +31.6% to CZK7.3bn in the first quarter. According to our estimates, EBITDA will reach CZK1.7bn (+42.6% yoy). Colt CZ should start the year with a strong set of 1Q26 numbers.