FY25 results are even better than upgraded guidance (EBITDA +3% a/h) and further highlights how TRB’s is creating shareholder value through its focused and disciplined strategy. Looking ahead, the move to HEFS has provided a very strong foundation to drive continued wallet share growth (through e.g. Tribal Cloud sales) meanwhile we also expect healthy new customer acquisition, as demonstrated in FY25. Our materially unchanged forecasts reflect such prospects, though also legacy decline (and particularly so in FY27), such that near-term EPS growth may be limited. However, we take significant confident from TRB’s strategic progress and remain confident regarding longer-term growth prospects. An 8% FY27 FCF yield also holds its attraction in context of a business which is increasingly returning cash to shareholders.