Another year of solid progress with FY25 group sales +14.5% to a record £156.4m and adj. EBITDA of £16.7m (+18%). This is testament to the group’s clearly defined and well-executed PIE strategy and exposure to attractive end-markets (nuclear, data centres, defence, infrastructure). In Medical, we are encouraged by strategic development at Adaptix albeit FDA approval for Magnetica is now anticipated in 2H26. The outlook statement is positive, supported by a strong order book (90% revenue visibility FY26). We increase our FY26e forecasts (EBITDA +2%) and introduce FY27e maiden numbers. Over the next two years, we forecast EBITDA growth of >20% p.a. which is impressive in the current market environment. Our view remains unchanged, we think AVG should be a core holding given strong strategic execution and exposure to positive and enduring growth trends. Our increased 600p TP (c.24% upside) is driven by progress in AES with Medical providing further upside as a free option.