G4M has re-emerged fitter than ever from the post-covid slump and related challenges. It has also navigated bumps in the road from distressed competitor discounting; while there were PBT drags in FY25 totalling c£2m, these shouldn’t recur. Crucially, weak operators are failing. Three major competitors failed in Q2. Although early days, there is potential for significant UK/EU market share transfer as a result, in addition to margin and efficiency opportunities. Today’s 15% EPS upgrade assumes only a fraction of this, leaving risk to the upside. Buy.