Strongly positioned for acceleration drive 💰 EPS of LKR 0.60 for 2Q FY26, stemming from a PATMI of LKR 2.1bn (+36.6% YoY). 📈Volume growth was seen across personal care and beauty in Home & Personal Care and Learning segments while Value added Hair Oil continued to gain market share in Bangladesh. 🧴Near term demand hike during post disaster recovery while long term growth will be driven by the underpenetrated segments – Beauty, Sanitary and Baby Diapers 💊Extensions to the branded generics portfolio to support pharma manufacturing margins while hospitals will see enhanced revenue from lab services and new specialities. 👥 HHL is favoured to benefit from the larger market for healthcare stemming from an ageing population, high prevalence of Non-Communicable Diseases (NCDs) and changing consumption patterns stemming from urbanisation and growing female workforce. 📈 Valuation & recommendation: Target prices revised to LKR 45.00 for FY27E. ⚠ (1) Commodity price fluctuations (2) Regulatory changes (3) Forex exposure (4) Slowdown in economic growth post ‘Ditwah’