ZOO’s full-year trading update (to 31 March) confirms that while the order book is improving, workflow patterns and mix are taking longer than anticipated to adapt to the changing market environment. ZOO also notes that the assets required to commence several high-value projects were not delivered in Q4 25, but are in the process of being delivered in H1 26. This will move some revenue into FY26, and we adjust our FY25 estimates. There has been a marked increase in discussions with several of ZOO’s clients, giving a strong signal that workflow patterns are recovering. However, ZOO anticipates greater challenges in forecasting due to customers licensing proportionally more content, resulting in non-repeating projects for ZOO. We also note the recent announcement from the US government about potential tariffs on films made outside the US. We adjust FY26 estimates to reflect both the current challenging market and near-term uncertainty.