Redeye provides an initial take following Paxman’s Q3 2025 report. The report was somewhat softer than anticipated, but we see no cause for concern. We continue to view 2025 as a transitional year ahead of a more eventful 2026. We will publish a research update shortly, where we expect to make modest downward revisions to our sales forecast. This will likely have a minor negative effect on our fair value range, although no material change is expected.
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