Grifal: Weaker 2025 Results Offset by Gradual 2026 Recovery Prospects Justify Hold and Lowered Target PriceWe downgrade our rating to NEUTRAL given the rising macro headwinds, including weaker manufacturing demand, rising rates, and potential raw material inflation. Past inflation shocks (2021–22) highlight cost sensitivity for the group, with raw materials exceeding 48% of revenues in that period.