Strong Financial Performance and Strategic Advancements Drive Buy Rating for REVO S.p.A.We believe that 2Q/1H25 results represented a good starting point for the new business plan presented in June, showing that REVO is well-equipped to continue its strong growth trajectory (31% yoy growth in 1H25 GWP to more than EUR 200M), combined with an improvement in profitability (1H adj. operating result up 53.5% yoy and already equal to two-thirds of the adjusted operating result of FY24). An 83.2% 1H combined ratio vs. our 83.5% assumption allows us to project a more positive evolution of technical profitability, leading to an upwards fine-tuning of our TP to EUR 18.0 (from EUR 17.6). BUY confirmed. Strong progress in adj. operating profit In 2Q25 REVO reported an adj. net profit of EUR 7.9M, 5% above our estimate, thanks to a quarterly adj.