Strong trading in Q2, and continuing momentum into Q3, means SOS is on track. We make no changes to previously upgraded forecasts. Its agile, design-led, data-driven approach continues to deliver strong KPIs and rapid market share gains, and it is now profitable. Confidence in Sosandar’s product proposition, and opportunity to grow share, is therefore undiminished despite the macro uncertainty. The shares can rally from here after an unjustified setback, which have left them at near 2-year lows (when it was a quarter of the size and loss-making). Buy.
