What happened? Halma has reported its FY25 numbers Revenue: H2 Sales came in 2.4% ahead of Company Consensus. Growth was strong across all regions, with double digits performance in the USA and Asia Pacific. Environmental and Analysis continues to deliver exceptionally strong growth, thanks to its Photonics business, with its exposure to one specific Hyperscaler. Healthcare returned to sales growth after a difficult 12 months. Safety grew at 5.9%, a slight deceleration from H1. Adjusted operating profit: H2 profit was 4.4% ahead of Company Consensus. Group H2 margin was 22.5%, 40bps ahead of Company Consensus. Only Safety delivered an EBITA performance light of our expectations. Outlook: Management confirms that Halma has made a ''positive start to 2026.'' The order intake and order book remain ahead of the same time last year. Halma now expects to deliver upper single digit percentage organic revenue growth in FY26e. This includes the benefit of further very strong growth in Photonics within Environmental and Analysis. Adjusted EBITA margin is expected to be modestly above the middle of the Group''s target range of 19-23%. BNPP Exane View: This is yet another impressive print from Halma. Photonics is the standout. We estimate that it alone is adding 200bps to Group growth at the moment and a strong contribution is expected in FY26e too. The outlook statement supports upward revisions to Consensus. We understand the FX is seen as a -4% headwind to FY26e, yet Consensus models little to nothing for this. Even so, the message on underlying sales growth and margins should still see the Street raising its numbers for this year by low single digits. We see the share outperforming today. / Source: Company, BNP Paribas Exane Estimates