Despite widely reported volatility across the industry, CT Automotive has delivered yet another year of profitable growth with adj. PBT +15% to at least $10m, broadly in line with our forecasts ($10.5m). Strong contract win momentum was evident in 2H, testament to a differentiated value proposition which resonates strongly with customers. This said, given ongoing volatility in an industry which is navigating normalising demand, uneven adoption of EV and tariff impacts, management is taking a cautious view over the outlook. We have reduced our FY26 PBT forecast by 16%. This is intended to be prudent, assuming only contracted work in our revenue forecast. BUY reaffirmed.
