Longer term contracts from the peak of the UK's energy crisis, which commenced in early 2022 with the Ukraine war, are now washing through. The impact of this over the last three years has softened revenue growth relative to volume expansion. Now these contracts have been re-priced and market conditions returned to more normalised conditions, H2E should start to see revenue growth match volume growth more closely. We believe this could be a catalyst for a re-rating of the stock.
