RE: FY26 Profit Warning17 Mar 2026 10:49
Valid point on their forecasts being ambitious but they were forecasts made at a given point in time with information they had at the time. That information obviously has changed with new entrants and different landscapes that have as you rightly pointed out meant it isn't going to be as easy as they thought. Should they have baked more contingencies into their forecasting, probably yes.
I agree that there should have been a bit more detail, but your assumptions do tend to have a negative bias towards the company (sometimes validly so) but with this I would be surprised if that assumption is correct. If they're telling the market that the investment is going to impact FY26 profitability my assumption is they are going to front load a big chunk of the investment into FY26 to get the benefit of that investment as soon as possible ie FY27.
As you say, time will tell.