Springfield’s year end update confirms an in line FY25 PBT outturn. The Group continues to focus on removing its bank debt and, having successfully accelerated the receipt of a payment from Barratt (originally scheduled for Mar. ‘26), year end net bank debt came in significantly better than expected at £21m (SCM previous forecast: £33.1m, FY24: £39.9m). Looking to FY26, we leave our overall profit forecasts unchanged. The focus in FY26 will be on building out the growth opportunity in the North of Scotland, with the first contracts for housing to the support the substantial ongoing green infrastructure investments in the region expected during the year. Springfield is uniquely well placed to benefit, with significant land holdings across the North of Scotland. Against this positive backdrop, a May ’26 P/E rating of 11.4x and a P/B rating of 0.7x is undemanding. We remain at Buy with a 145p target price.