We remain in spite of its soft 1H24A results released yesterday, where the group saw underlying EBIT fall -33% YoY to €50.7m. Although this was somewhat expected given the normalisation of recyclate prices together with a subdued volume environment, numbers came in at the lower end of expectations. As a result, and given we see near-term macroeconomic headwinds persisting, we prudently reduce our FY24E/FY25E adj. EPS by c.11%/5%. Strategically, management reiterated the medium-term ambitions set out at the recent CMD (see link to note), which imply Renewi generates c.€200m+ EBIT in FY28E prior to M&A with improved FCF. Nearer term, the targeted exit of UK Municipal is a potential value driver in simplifying the investment case and removing c.€130m in onerous contract provisions, but this will come at a cost.