FY25E revenues are 5% ahead of forecast, growing c16% organically YoY. The macro backdrop is highly favourable with UK infrastructure financing deals on track to hit a record high in 2025. Yet the share price languishes. This is at odds with activity levels in the sector and prospects for growth. We leave our FY26E forecasts unchanged for now. With the acquisition of Advantage NRG contributing fully in FY26E, leaving FY26E estimates unchanged implies minimal organic growth. This seems improbable. Buy.
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