Vertu’s H1 FY26 results, released today, are in line with the trading update issued on 4 September (see our note). The group also confirms that, aside from the one-off Jaguar Land Rover (JLR) issues, performance is consistent with full-year expectations. The economic backdrop and consumer sentiment remain challenging, and the EV transition poses risks, but Vertu continues to deliver, to build market share and to hold its course. We leave our forecasts unchanged, other than to reflect the £5.5m one-off profit impact of the (hopefully fast-abating) JLR shutdown.