The H1 outturn is strong with more than half our FY26e earnings covered. Continued discipline and efficiency has driven the EBITDA margin forward to 24%+. There is no material change to NAV which remains at 43.4p/sh including £35m cash. Progress towards Mercia 27 targets remain on track with additional colour around fundraising plans. We leave our forecasts unchanged for the moment. Using a SOTP approach, we see intrinsic value at double the current share price and reiterate our BUY.
