Today’s brace of contracts (£1.9m and £2m) trail two contract wins last week ($1.5m and £2m) – all underscoring the ‘strong start to the financial year’. The contracts are for Proximity Cloud and Private Cloud, so illustrate momentum across the portfolio and the upside potential afforded by each Exchange Cloud installation. With revenue recognition commencing in H2 FY26, the contracts underpin FY26 estimates, which we leave unchanged. Beeks is gaining from industry tailwinds (cloud adoption, compliance, data sovereignty, cybersecurity, sustainability, analytics, payment modernisation, AI in risk management), which have enabled it to carve out a moat as market leader in cloud infrastructure for financial markets and payments. We see Beeks as a long-term secular growth investment play, with a ‘best of breed’ financial model and a pedestrian 9x EV/EBITDA valuation.