As Speedy’s H1 26 closes, management confirms that there has been no significant change in financial performance (or guidance). Material transactions with HSS/ Proservice have also been announced, consistent with Velocity ambitions to grow revenue and margins. The transactions are inter-conditional and subject to both HSS shareholder approval and competition authority review. No change to FY26 guidance: While no further details were provided with the short trading update comment, investors will be reassured by unchanged guidance for existing operations. We believe that our estimates are slightly below consensus for this year and next, prior to the HSS transactions below. Speedy’s share price responded positively to the prospective HSS transactions, closing up c.19% yesterday. As this is similar to our indicative FY27 estimate impact, we conclude that the transaction is presumed to complete and, on this basis, no re-rating has occurred as a result at present. On our existing estimates, our 48p per share fair value is unchanged and earnings multiples remain compressed. A proposed temporary dividend reduction (to 1.0p for FY26, growing by 5% pa to FY28) depending on the HSS/ Proservice completion, would re-set the yield metric in the short term.