Strix Group has completed the disposal of Billi, receiving net proceeds of £105m after costs and completion account adjustments. The bulk of the proceeds will be utilised in repaying the Group’s indebtedness (£68m as of November 2025) and initiating a £10m share buyback programme. The disposal of Billi and the receipt of the consideration transform the balance sheet, with net cash of c.£35m currently. The return of £10m via a share buyback programme is to commence shortly, with a further distribution of capital expected to be announced alongside the full year results. We have updated estimates to exclude Billi and to recognise continuing challenging trading conditions, notwithstanding the modest recent improvement in Controls. The reduction in estimates is reflected in a lower fair value/ share of 52p (based on our DCF model). We retain our belief that a FY27 EV/EBITDA estimate of 5.2x remains undemanding.