Tristel’s strong, reliable growth was again in evidence in H1, if anything exceeding expectations. Revenues increased 14% and healthy EBITDA margins were sustained at 29%, despite accelerated investment in sales & marketing. Evidence of traction in the US continues to build, with revenues growing strongly H-on-H, supported by the launch of OPH, which is reported to be trading ahead of expectations. Despite 52% of our FY26E EBITDA forecast being booked in H1, we make no changes to forecasts at this stage but see scope for upgrades later in the year. Whilst the uncertainty over the CEO succession may persist, the company is likely to continue to perform, in our opinion. We stay at BUY, with an unchanged 466p TP.
