SDI’s FY26 trading update (to 30 April) highlights a resilient performance despite broader macroeconomic challenges, with improved operating margins supporting full-year earnings in line with expectations. We estimate that organic growth exceeded 5% in H2 on our calculations, reflecting stronger trading momentum in the second half and continued operational delivery across the portfolio. Overall, the update demonstrates disciplined execution against SDI’s core strategic priorities of margin improvement, cash generation and sustainable organic growth.