Shearwater Group has issued a trading update for the year ended June 2025, indicating revenue and EBITDA above previous expectations. We are increasing our revenue FY25E by 5.1% and EBITDA by 11.1%. The trading statement refers to a positive demand environment and a strong order pipeline. We believe the statement supports our FY26E and make no change to our FY26E forecasts. We maintain our 78p target price.
