The earnings call presents a mixed outlook. While strong EMEA performance and sustainable SG&A cost reductions are positive, concerns about U.S. beef production declines, demand corrections, and price degradation in North America suggest caution. The management's avoidance of clear answers on key issues adds uncertainty. The company's cautious approach to Q4 and 2026, coupled with unchanged guidance despite positive elements, indicates a balanced sentiment. These factors, combined with no significant new partnerships or shareholder return announcements, suggest a neutral stock price movement in the near term.