Interim results were bang in line with expectations. While the headline PBT performance is flat YoY, this translates into underlying growth of c30% (ex IFRS15 accelerated income). Improved sales in Q2 and cost savings have contributed, and these will feed through more strongly in H2 alongside other self-help projects. Stronger brand sales and manufacturing orders so far in Q3 therefore lead to a more positive outlook, with FY guidance reiterated. Forecast growth is not priced in, though, with SDG trading on just 3x EV/EBITDA (pre-IFRS15/16) to Jan’27. Buy.