• Alignment of market demand and Simplex’s positioning – Q1 FY3/26 results were ahead of expectations, with reaccelerating sales growth of 22.9% YoY, with significant margin expansion as OPM rose to 23.9%. (Q1 FY3/25 OPM 14.8%). Our key takeaway is that robust market demand aligns with the company’s strengths, primarily its market-leading expertise from both consultants and engineers, as well as increased capacity, resulting in sustained high growth. H1 and FY3/26 company guidance has been revised upward, underlining high earnings visibility, a tailwind from positive business conditions, and management execution strength.
