📈 Defensive demand amidst external pressures 💰 Strong 3Q FY26 performance: 3Q FY26 EPS of LKR 0.88 (-12.8% YoY) stemming from a PATMI of LKR 2.6bn. Group topline witnessed a marginal growth of 5% YoY to LKR 35bn supported by growth in Healthcare and Mobility segments. Consumer Brands which felt the highest impact from cyclone Ditwah saw an YoY revenue decline.📘 BRS Outlook: HHL is favoured to benefit from growing market for healthcare and changing consumer behaviour 📈 Valuation & Recommendation: HHL – BUY | TP: LKR 43.00 (+31.5%)⚠️ Risks: Economic slowdown owing to geo-political tensions, Commodity price fluctuations impacting input costs, Regulatory changes – lack of visibility in pricing formula, Forex exposure