Following a strong 4Q, group sales are expected to come in slightly ahead of expectations, at £158.5m (+7%, SCM £154.8m, consensus £155m) with adj. PBT of £21.1m (+38% YoY, SCM £21.2m, consensus £20.5m). These results reflect another exceptional year in Footwear, continued strong performance in Transport and Technologies and a pick-up in Construction demand in 4Q. This caps a transformational year for Zotefoams which saw a step change in the group’s strategic positioning and long-term prospects. BUY reaffirmed - the shares trade on a FY26e PER of just 9.8x which significantly undervalues the group’s value creation potential.
