FX has delivered a higher profit outcome than expected in FY25, on slightly lower net revenue, albeit a step-up versus prior periods. On a CER basis underlying results are broadly as expected. While there are some positive early indicators on uptake, it is too early to assess the KPIs after transforming its digital proposition. With the key integrations completed, though, confidence in the profit and FCF outlook is building, which is yet to be reflected in the valuation. Buy.