The downgrade to our EPS FY22 reflects the kitchen sinking of the business associated with Aquiline amortization of all receivables, as well as 2/3rd of the Aquiline Drone shares (€1.7m), which led to a net result of -€26m far below our estimates (-€3.4m). Forward looking, our eps forecasts reflect breakeven at the Ebit level from 2024.