SIMEC Atlantis Renewables’ (SAE) full year results see non-cash accounting adjustments impact reported profitability, but the underlying position remains strong in our view with cash at the year end ahead of our forecast and real progress on projects achieved while keeping control of underlying operational costs. We have not materially adjusted our forecasts ahead of the next key catalyst with the financial close of the 240MWh AW1 BESS project now expected in Q3 2025.