{
  "report_rows": [
    {
      "kpi": "Adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$0.37 vs. cons $0.34",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total Company Revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$45.3B vs. cons $45.6B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Company Adjusted EBIT",
      "prediction": "BEAT",
      "answer": "pred ~$2.4B vs. cons $2.2B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Company Adjusted EBIT range",
      "prediction": "BETTER",
      "answer": "guide ~$9.0B-$11.0B vs. cons $8.5B-$10.5B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Adjusted Free Cash Flow",
      "prediction": "UNCHANGED",
      "answer": "guide ~$5B-$6B vs. cons $5B-$6B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Commodity Cost Headwind",
      "prediction": "UNCHANGED",
      "answer": "guide ~$2.0B-$2.2B vs. prior guide $2.0B (FY2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 2.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.5,
  "day5_path": "FADE",
  "day5_rationale": "An initial pop from a modest EBIT beat and a nudge-up to the low end of full-year guidance is likely, echoing the Jefferies 'Q2 is the trough' thesis already partly priced into the +31% YTD rally. But management flagged Q1's beat as tariff-refund/one-time driven with earnings decelerating Q2-Q4, and H2 still carries incremental Novelis bridging costs, investment step-up (Universal EV Platform, Oakville, Ford Energy) and a heavy 2026 recall/warranty cost overhang. As sell-side models roll forward, implicit cuts to H2/FY26 out-period EBIT and FCF assumptions (commodity costs 'if prices stay where they are', warranty accrual risk) should pull consensus estimates back down over the following days, fading the initial reaction rather than sustaining it.",
  "day5_confidence": "LOW"
}