Van Elle delivered a ‘resilient’ performance for the year to 30 April 2025 in the face of ‘challenging’ conditions and previously highlighted regulatory disruptions. Adjusted PBT on a continuing basis, excluding the discontinuing Canadian business, declined 21% but was 1.5% ahead of our estimate. The ground engineering contractor ‘remains confident in achieving market expectations’ for FY26; we have trimmed our adjusted PBT, which is ahead of consensus, but continue to expect accelerating growth driven by markets including energy, bolstered by the new VolkerWessels partnership.