Strong set of interims, in line with the 1H26 TU. Whilst revenue was flat YoY at £336m, Genus delivered record profitability, with adj. PBT +57% to £56m. This was driven by the milestone payment from the Chinese JV partner, strong PIC trading and benefits from VAP. Progress towards unlocking the PRP opportunity continues (North America/China), with further updates in due course. Whilst the outlook is positive, with FY expectations reiterated, shares now trade broadly in line with our 3,300p TP, as such we move to HOLD. We will revisit our recommendation/TP as and when we get further updates on PRP/earnings momentum.
