System1’s CMD update highlighted how near-term trading is in-line with guidance and our forecasts, which were both downgraded last month due to ongoing macro headwinds. As the company hasn’t lost any FY25 top 20 customers (45% revs) and has added several new ones, we believe this demonstrates continued confidence in SYS1’s products. We therefore expect revenue from these customers should recover as advertising budgets normalise. As such, we continue to see an enticing mid- to long-term growth opportunity and reiterate our BUY. Below we highlight some learnings from the CMD to better explain SYS1’s moat and brand building.