Springfield has issued a positive year-end update. The clear highlight is the strength of cash generation, which has eliminated bank debt ahead of schedule (from a peak of £93m in Nov '23). The underlying business is performing well, reflecting the strong fundamentals of the Scottish market, whilst there is clear excitement about the scale of the opportunity in the North of Scotland, where Springfield is uniquely well positioned. Recent share price weakness no doubt reflects broader market uncertainties but today’s update should provide reassurance and a clear reminder of Springfield’s differentiation and growth opportunity. We make no changes to our P&L forecasts but adjust our year-end net debt forecast (for FY26) to reflect today’s guidance, leaving FY27 and FY28 net debt forecasts unchanged at this stage. We reiterate our 170p/share Fair Value estimate.