- Revenue +8% YoY; FY26E raised to £86.0m (+3%) - North America lifted to £23.0m (+7% YoY); Latin America to £16.7m (+2%, reversing an 18% FY25 decline) - Gross margin nudged up to 45.5% on better pricing and input costs - Adj. EBITDA "materially ahead" of expectations; raised to £8.2m (12% YoY growth, 9.5% margin) - Forecasts raised across all three years - ECOVAXXIN® MS commercial launch across key European markets in 2026/27; peak revenue potential £22.2m - ECOVAXXIN® MG also in pipeline; peak revenue potential ~£10m - Fair Value raised to 180p/share - FY27 EV/EBITDA of 5.1x vs peer average of 13.5x