FYDec25 revenue was in line, growing +13.8% y/y, while PBT of £6.5m was +5% ahead of forecasts (FY24: £5.2m). Although the outlook statement adopts a cautious tone amid uncertainty related to the Middle East conflict, guidance is unchanged, reaffirming our forecast 13.4% y/y growth in FY26. We make no changes to forecasts, but see multiple growth drivers beyond our forecast period and scope for upgrades within it, reinforcing our view that CNC continues to exhibit material growth potential and that recent success represents an early phase of a longer-term opportunity. We are encouraged by CNC’s management of the memory shortage and its limited exposure to helium, reiterating our BUY and 270p TP (25x FY28 P/E).
