A mixed FY25 update we feel. LFL growth remained subdued (+0.2% FY vs our +0.7%) amid UK volume pressure linked to cost-of-living, CMA sentiment, and pet lifecycle effects. But adj. EBITDA of £134m was in line with consensus and modestly ahead of our forecast. Australia continues to perform well, becoming a strategic growth pillar. While UK recovery remains tentative, Q4 showed early signs of operational traction. The CMA timeline as previously communicated has slipped, but we continue to expect the outcome to favour evolution over disruption. We retain our FY26 forecasts, 1250p TP and Hold rating, pending firmer signs of UK organic growth regaining momentum.
