Roke summary: The business generated FY24 revenue of £185m, or 36% of Group revenue (incl. c.5% pass through), and represents most of the Sensors & Information division (48% of FY24 adj EBIT pre central cost). It draws on a c.70-year heritage of innovation in sensors, communications, active cyber defence, electronic warfare, software engineering, data science, artificial intelligence and open-source intelligence. It operates across the whole lifecycle providing advice, R&D, engineering, design and support. Strong pipeline: Chatham House rule precludes much of the discussion from publication. However, the presentation published on Chemring’s website flags significant progress in Roke’s product business, underpinning long–term growth with a >£300m 5-year sales pipeline for EW products. Changing US relations with NATO has been beneficial. ITAR free Deceive, a new portable Electronic Attack capability, has gained significant interest. Resilient position navigation and timing IP offer emergent products. As previously guided, near-term softness continues in National Security spending due to the long awaited SDR delaying spending, but there is no evidence of programmes being lost or cancelled, and FY guidance was reiterated at H1. SDR opportunities: Multiple priorities in the UK Strategic Defence Review create opportunities for Roke: 1) >£1bn investment in digital targeting web to integrate AI, sensors, and precision weapons, 2) Establishment of CEMA Command to unify cyber, EW & information operations, and 3) £400m annual fund to drive innovation in cyber technologies. Valuation: A CY26 P/E of 24.2x (vs. EU peers on 33.2x), EV/EBITDA of 13.8x and FCF yield of 4.2%. SoTP based TP of 630p reiterated. Buy.