Filtronic has reported strong results as expected for 1H25, with revenue of £25.6m (1H24: £8.5m) and adjusted EBITDA of £8.7m (1H24: £0.2m). We maintain our FY25 and FY26 revenue, adjusted profit, and net cash forecasts as per the recent upgrades in December and January. We are raising our target price from 91.9p to 110.0p, which represents 9% upside to the current level.