Nichols has made a positive start to FY26, with international momentum building as Africa continues to scale through both exports and the shift to concentrate a key driver of improving mix and margins. UK trading remains solid, while Middle East in-market demand has held up well, delivering growth through Ramadan despite heightened geopolitical tensions. Full-year expectations are reiterated, and we make no forecast changes. While the year is expected to be marginally more H2-weighted, the underlying trajectory remains positive, with execution against strategic priorities continuing to translate into higher-quality earnings. With the shares on ~13x P/E, a ~5% DPS yield and 7% 3-year EPS CAGR, we continue to see clear upside as this progress is delivered.