Integrafin reported +4% growth in FuD during Q§. Despite the impact of the Budget “heightened inflows and outflows” the overall quarter outturn is in line with expectations, having subsequently reverted to more normal behaviour in the immediate aftermath. We do not expect material changes to estimates as a result of today’s update but are reviewing our model following the recent finals. We continue to see value as the operating margin expansion, from continued growth and lower costs, becomes evident in the medium term. We think that the current 18x PER offers value and reiterate our BUY/480p 12m TP (25x FY26e PER).