Temple & Webster reported sales growth for the first 20 weeks of 18%. The update implied a slowdown from the August trading update from 28% to 14% in the interim to the AGM. Growth of 18% was below Visible Alpha consensus expectation for 1H26e at 23% and the share price response reflected the concerns around retaining sales growth at more than 20%. Temple continues to win share and will eventually reach scale to achieve a higher EBITDA margin, where we forecast 12% for FY40e.