Interim results headline with a return to revenue growth, +7% Y/Y, with Printhead revenue +20% Y/Y. Growth was achieved against a backdrop of uncertainty, tariffs and challenging trading conditions, so while the print is positive, caution remains. Revenue in the first of Xaar’s four target focus markets, jewellery wax, soared from £0.6m last year to £3.3m. This is a telltale about Xaar’s ‘secret sauce’: its unique product portfolio coupled with an improved ability to execute. Xaar is currently celebrating its 35-year anniversary, a party extended to Capital Markets where the shares are +72.5% YTD vs UK Tech sector -9.1%. While some of the trading KPIs continue to urge caution for the immediate term, there are positive signs, although much depends on the exact timing of OEM product launches. Investors have not missed this rising star: shares trade on a pedestrian 1.3x EV/Sales vs. sector 3.1x – the re-rating is long overdue, in our view.