Difficult Q1 impacts FY outlook: Q1 order intake and performance was disrupted by tariffs and ongoing macro uncertainty, particularly in the I&A division. I&A reported order intake decline of -6% OCC in H1 (including -11% in Q1), while Advanced Technology reported 25% growth for the half. Q2 recorded considerable improvement, and momentum is expected to continue; however, the declines in Q1 will not be fully recovered in H2, driving a d/g of c.10% to adj. operating profit consensus expectations (Company: £78.8m). We remain positive on the benefits of strategic actions, both financially and commercially, and margins and FCF improvement in the long-term. Substantial margin progression anticipated in H2: A 200bps yoy (H2’25: 18.3%) uplift to adj. operating profit margin is expected in H2, driven by the strategic actions, most notably restructuring and operational enhancements at Andor, improved revenue performance and strong operating leverage which exceeds 50%. This is underpinned by decent order book visibility in Advanced Technology and a closing group book-to-bill of 1.1x. Estimate changes: We adjust our forecasts for newly issued guidance, the sale of OI NanoScience and introduce FY28E. On a continuing basis our revenue, adjusted operating profit, adjusted PBT and adjusted EPS (FD) for FY26E decline by -1.2%, -3.4%, -2.6% and -3.4% respectively. Valuation: The shares trade on 16.2x FY27E P/E and 9.7x EV/EBITDA with a FCF yield of 5.0% and a dividend yield of 1.3%; while, technically, this looks cheap, we remain cautious on the end market outlook and near-term headwinds. Next catalyst: Interim results are scheduled for 11 November.