Colt CZ reported yoy EBITDA growth of +119% for 2Q26. This exceeded the consensus estimate by a substantial +18.3%. The margin increased to 29.4% (+8.5pps). This substantial increase was driven by organic growth of +49% in 2Q26 and the consolidation of the high-margin company NCL. Furthermore, Colt has raised its full-year forecasts. We expect the consensus to rise.