Driven by a strong Dec, sales growth accelerated in the last 6 weeks of Q3. With continued pricing discipline, own brand expansion, and the likelihood of cost efficiencies across the P&L, G4M is well on track to deliver FY EBITDA on a broad range of sales in Q4. Confidence in the growth outlook continues to build, but the shares have gone backwards, leaving G4M on 3.0x Mar’26 EV/EBITDA. The 66% TSR uses only modest target multiples and will roll forward in Apr.