The CMA’s long-awaited provisional findings are broadly consistent with expectations and mark a manageable, transparency-led outcome rather than a structural overhaul. The proposed “sunlight” measures focus on consumer protection and disclosure price transparency, ownership clarity and standardised estimates not divestments or ownership caps. For CVS, which has already embedded many of these practices, the operational impact should be modest. As we flagged in our FY25 results note, a clarity-driven outcome was the key missing catalyst to unlock sentiment, M&A optionality and re-rating potential. The CMA’s stance clears one of the largest overhangs of the past 17 months, allowing the growth narrative to return to the fore as the sector shifts from regulatory uncertainty to renewed strategic execution. Shares had a positive run post the interims and we see further upside today.