Solid fundamentals underpin growth, with inorganic drivers offering upside – With FY3/25 results highlighting strong underlying growth and disciplined execution despite setbacks in the insurance business area, we believe Simplex is a competitive, high-return operation positioned for long-term growth. While growth themes may change and evolve, strong order visibility from its core operations, combined with management’s intentions to re accelerate growth by establishing new joint ventures and M&A, presents a compelling picture of sustainable value creation. The outlook is positive, driven by secular demand for DX consulting, market diversification, and effective capacity expansion.