Results ahead of upwardly revised guidance – FY3/25 results were positive and ahead of guidance, highlighting significant profitability outperformance. Core operating segments delivered significant YoY improvements to margins along with steady sales growth. SAN HOLDINGS also announced several strategic updates, including a new medium-term strategic plan, all of which point towards a focus on shareholder value and accelerating growth. Although the Company did not provide detailed financial targets (which will be announced in August 2025), we believe the Company is well positioned for a step change in growth and profitability.