Yu Group increased its installed meter points by 49% YoY to 131k in FY25A leaving it with a 3.5% share (+80bp) of the UK business energy market. Management has announced an investment programme aimed at doubling both the company’s market share and revenue base. The enlarged meter footprint drives us to increase our FY26E revenue forecast by 11% to £860m which partly recovers the investment programme and leaves adj. EBITDA unchanged YoY. Buy.
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