Synectics has today released an AGM statement covering the first 5 months of FY26, stating that trading has been “broadly in line with expectations” having seen positive activity across core markets, but also pockets of uncertainty due to the Middle East conflict. However, as the scale and quality of opportunities remain unchanged, the company expects a stronger H2 and hence full-year guidance is being reiterated. SNX also highlights encouraging progress on its transformation plan, and while not expected to benefit current year trading, this supports our longer-term confidence and forecast expectations. By contrast, we believe the market is taking a more cautious view, which in turn offers material upside for the stock, subject to execution. With a strong balance sheet and consistently profitable business, SNX is operating from a position of strength and prospects remain very encouraging.