Key Takeaways FY27 guidance: Guidance is for organic sales growth of 2-3% and margins of 3.2- 3.4%. While the sales guidance is similar to expectations (MSe/CoCoCo/VA cons +2.4%/+2.6%/+2.7%), the margin guidance is ~20bps below (MSe/CoCoCo/VA cons 3.5%/3.5%/3.6%) and essentially unchanged on this year's rebased expectations. It says this reflects continued investment to strengthen capabilities and restore competitiveness. This implies FY27 EBIT of €800m at the mid point, -7% vs MSe/ CoCoCo €868m/€861m, and ...