Eco Animal Health delivers a strong H1 FY26 performance. Revenue surged 19% YoY to £39.4m, ahead of guidance, with adjusted EBITDA up to £3.0m from £0.4m last year. Regional growth was impressive: North America +30% YoY and China & Japan +48% YoY. Gross margin improved to 49.6%, boosting cash from operations to £4.5m and a cash balance of £18.6m. Regulatory progress continues with the EMA granting a Positive Opinion for ECOVAXXIN®MS, paving the way for EU approval and commercial launch in H2 FY26. With nine new products in development and strong demand for Aivlosin®, 2025 marks an inflection point for innovation and growth. FY26 outlook remains in line with market expectations. Our fair value is 136p/share.