Nichols has issued an in-line YE trading update we view the release as execution-affirming and removes ambiguity around near-term delivery. Africa was the standout, reporting +10% LFL as the concentrate/local-bottling model scales, and the FY PBT margin progressed toward the CMD ~20% mid-term goal. We make no PBT/EPS changes. Looking forward, management expects momentum to continue into 2026 prioritising UK range expansion and NPD while accelerating the Africa concentrate roll-out to drive margin accretion and underpin progressive returns. The shares look materially oversold, trading on 14x FY26 P/E (10-yr average 21x) and yielding 3.5% excellent value. Maintain Conviction Buy.