Severfield has confirmed in today’s FY26 year-end update that underlying PBT for the 12 months to 28 March will be ‘in line’, with net debt at half the consensus level. However, the steel specialist has adopted a ‘cautious view’ for FY27 amid macroeconomic and geopolitical uncertainty, indicating a range for underlying PBT of £12-15m. We reduce our estimate from £21.4m to a possibly over-conservative £13.0m. In the medium term, however, we expect emerging global trends to play to the group’s strategy.