ZOO’s FY25 results are in line with the revised guidance at the trading update in May 2025, which prompted us to trim estimates. Full-year performance highlights ZOO’s resilience as its clients adapt to the changing market environment. Content strategies are evolving, and business models realigned to generate more profit and cash. There has been a steady return of orders following the end of the Hollywood strikes and, excluding dubbing, ZOO’s services lines have generated three consecutive quarters of revenue growth into the first quarter of FY26. ZOO has made significant progress restructuring to deliver operating profit and cash breakeven at lower levels of revenue. We maintain sales and EBITDA estimates for FY26 and forecast a cash inflow. Visibility is expected to improve throughout calendar year 2025, particularly given ZOO’s diversified client base as it continues to win business from significant new clients. We also welcome Robert Pursell as the new CFO.