Horizon Europe is the EU's key funding programme for research and innovation, containing ambitious commitments to scientific progress, climate neutrality, and improving the EU's competitiveness and growth. This study evaluates the following selected items in Horizon Europe: the evolution of calls and funding, adoption of the Common Model Grant Agreement (CMGA), implementation of the strategic plan, discontinuation of the Future and Emerging Technologies (FET) Flagship, the participation barriers faced by SMEs, and stakeholders' views on the evaluation system. Drawing on surveys and interviews, the study aims to identify both the key strengths and shortcomings of Horizon Europe in terms of these selected items. Lastly, the study suggests ways to mitigate the shortcomings highlighted by stakeholders.