FY25 was a year of significant strategic progress for CSC, marked by several key milestones, including a significant disposal and the group’s first ever contract to supply large scale hydrogen storage systems. We are positive about prospects, underpinned by a strong and growing order book in Defence whilst momentum in UK hydrogen continues to build with a major opportunity in the pipeline. BUY rec reaffirmed on unchanged FY26 estimates albeit FY27 has been adjusted for the phasing of some contract starts. We’ve also introduced FY28 numbers which show significant growth (3-year sales CAGR of 19% and EBITDA more than trebling FY25a-FY28e).