In a trading update ahead of the group’s AGM, SDI reports that it has continued to see positive momentum across its portfolio and an improvement in organic growth compared to last year. The group expects to deliver FY26 results in line with market expectations. Our forecasts for FY26 reflect management’s clear focus on both organic and inorganic growth, fostering greater collaboration and synergies across the portfolio of quality, cash-generative businesses. We remain confident long term given SDI’s successful ‘buy and build’ model, particularly given recent delivery on the group’s acquisition strategy, gaining complementary businesses with strong niche positions and international reach.