Mercia’s interims are as expected: delivering earnings momentum on the back of strong fundraising performance at the end of FY24. 60% of our FY25e EBITDA has already been delivered; NAV is unchanged underpinned by operational progress. Mercia has outlined its medium term strategy to grow AuM to £3bn organically and via M&A to add real asset capabilities, as well as material margin expansion, and also aims to divest up to 70% of the balance sheet portfolio. We believe the shares are undervalued, on several perspectives BUY.