Group sales increased 9% in FY25 with adj. EBIT +38%, in-line with recently revised expectations. Through organic investment and targeted M&A, FLO has made substantial progress in reshaping the business, expanding its addressable market and building a stronger platform for growth. Our forecasts continue to assume little help from end markets with growth driven by self-help and already announced M&A. We leave our FY26e and FY27e forecasts unchanged and introduce FY28e estimates. Even on these deliberately conservative assumptions, we estimate adj. PBT to grow at a 59% CAGR to FY28e. The shares trade on a FY26e PER of 12x, falling to 6.9x by FY28e which in our view does not reflect the scope for margin recovery, earnings growth potential and strengthening cash flows.