Redeye provides an update following Neem's Hill's Q3 2026 report. Sales came in below our expectations and were flat compared with both Q2 2026 and Q3 2025, which surprised us given the continued system roll-out and management's message of rising utilisation. Cost control remained solid, and the CEO describes the conditions for Q4 2026 as promising. We have made smaller downward adjustments to our sales estimates and only fine-tuned our cost estimates, which together with a higher WACC somewhat lowers our Base Case. However, our fair value continues to suggest that the share is cheap.
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