Today’s AGM statement confirms another resilient performance in the early months of FY26 and reiterates full year expectations. Recent periods have seen Vp deliver consistently strong results and meaningful strategic progress (e.g. closer collaboration across the Group, evolution of digital roadmap) despite the mixed market backdrop. Vp has an excellent track record of sector leading returns and attractive earnings growth over the long term, which has underpinned an unbroken 30+ year dividend record. Current valuation ratings are very low by historic standards (FY26 P/E of 8.3x versus Vp’s long run average of c.12x) with the attraction of a 7% dividend yield. We expect FY26 to be another successful year and reiterate our 1000p Fair Value estimate (