MS view: We expect a mixed reaction from the market to the announcement this morning, as we believe a CFO change had not been expected so soon after the April 9th CMD, as well as the June 9 departure of the Head of R&D. Reassuringly, however, FY26 guide has been reiterated and 1H'26 trading has been confirmed to be in line with consensus expectations, hence we expect no change to consensus forecasts. We expect more clarity on the timeline of a successor appointment at CTEC's 1H'26 release on August 4. What ...