We update our model following the Group’s strong 1Q26 trading update and, although we are mindful not to extrapolate the benefit of elevated volatility levels throughout the remainder of the year, we do reflect a strong first quarter coupled with a persistently positive backdrop into the second quarter. This drives our c4% revenue upgrade, although we expect a more modest 2.5% upgrade on adj. EBIT, given the expected higher variable costs. Despite the positive backdrop, we note shares are up >30 ....
