• Steady quarter overall – Demonstrating stable performance, Q1 FY9/26 results were in line with guidance, suggesting the company has returned to a firmer footing following FY9/25. The Sustainability segment delivered strong growth, supported by robust consumables demand and a large biomass project. The YoY decline in Life Science segment profit was largely driven by the termination of a key bio-related contract, which is well known; excluding this factor, we believe underlying sales and earnings are trending YoY positively, with improvement expected to become more evident in H2 FY9/26. A modest positive surprise from the disposal of investment securities supported YoY NI growth.
