YE update reads very well another year of strong execution and healthy momentum into 2026. The EBITDA outturn is marginally ahead of the top end of consensus. Management is accelerating rollout to c.75 sites over three years and the Board has authorised a modest £10m buyback a clear, well-received signal of cash-generation and confidence. We increase our top-of-range PBT forecasts by 8-11% and lift our 12-month TP to 290p. Shares now trade on 5.8x FY26 EV/EBITDA and offer a 12% FCF yield (pre growth capex) compelling value; we back the new team to sustain delivery and drive further shareholder value. Maintain a conviction Buy.
