Liked the margin recovery and execution commentary. Wants more visibility on working-capital normalization and capital allocation priorities.

Comfortable with the operating trend, but wants more clarity on segment-level margin drivers before revising estimates.

Constructive on growth visibility and management execution. Requested a follow-up after the next monthly operating update.

Concerned about near-term cash conversion and wants evidence of improvement before reconsidering the position.

Earnings quality was viewed positively. Requested the latest investor presentation and peer valuation context.