Volumes and pricing drive margin expansion

One and one Green Technologies’ (YDDL’s) FY25 results demonstrate robust operational momentum, characterised by significant volume growth and substantial margin expansion. Despite slightly trimming our near-term earnings estimates, we have raised our margin assumptions post results and continue to see the strategic shift towards higher-value products and new processing lines as a path for sustained earnings growth. With sales volumes continuing to scale and core metal pricing remaining supportive, the investment case is underpinned by the company's unique regulatory position and ability to source high-quality feedstock.