Holding Neutral Amid Moderate Growth, Rising Leverage, and Governance UncertaintyWe also factor in the updated ‘26/29 BP targets, and the final ’25 figures. This translates into a negligible impact on our valuation, and therefore we maintain our €3.95/share TP unchanged. Our new numbers are marginally below company guidance as we do not include the contribution from new gas tenders, something on which visibility is still low. We reiterate our view that the recent acquisitions, coupled with the exercise of the put options on the remaining stakes in EstEnergy and HeraComm, have significantly simplified the asset portfolio of the company, improving visibility on the value of the stock. That said, the company is undergoing a significant change in Governance, and therefore we need clarity on the strategic path. Therefore, we downgrade to Neutral (from Outperform).