A Q4 Sprint from the NHS focussed on reducing waiting lists has driven a strong end to the year for One Health. FY26 Revenues and Adj EBITDA are now expected to be ~9% ahead of previous expectations, continuing the track record of double-digit growth. Whilst we prudently make no change to outer year forecasts, KPIs provide strong support for the outlook. Importantly, construction is now underway of the company’s first dedicated surgical hub in Scunthorpe, which is still expected to be completed on time in the next 12 months and within budget. This is expected to drive material upside to forecasts in due course. We stay at BUY, with a 288p TP.
