Margin hit by clear-outs and promotions ahead of new PC launches. We raise sales by 1%, but cut adj. EBITA by 2-10%. Growth recovery case in H2'24 and 2025 still attractive; BUY
We expect -8% organic growth in Q3e (vs -16% in Q2). HP and Dell supports the upcoming PC replacement cycle. Small negative revisions (-1-4%), but BUY case intact.