When comparing Harvia’s 18.3% constant-FX organic growth (>20% if you exclude ThermaSol) to other consumer companies or non-AI themes, it’s an outstanding performance. Coming into the Q1 print, we were already upbeat about Harvia’s growth prospects (not necessarily pointing to quarterly estimates as they’re irrelevant to us), while consensus estimates did (and still do) not reflect any long-term accretion from the recent growth spend. Of course, no one has a crystal ball but thus far, Harvia’s investments have always yielded a very satisfying return. Being the market leader with best-in-class ROIIC (45% organically) and organic growth, these executives haven’t thrown good money after bad.