Frontier IP’s H1-26 results highlight portfolio progress despite a challenging market backdrop, with 2D Photonics progressing pilot-line scale-up, Pulsiv building commercial traction, and Alusid expanding its European footprint. While NAV per share stands at 53p (down from 61p), primarily reflecting a higher share count, our revised SOTP valuation of 41p (vs 47p) still implies 3.5x upside, supported by evidence of commercialisation. Cash at period end was £1.6m, with the Group exploring funding options; however, management is responding proactively, implementing a £1m cost-saving programme to reduce the run-rate to c.£2.5m and preserve liquidity. The portfolio remains focused on technologies driving cost reduction and efficiency at scale, translating into increasing commercial traction. Against this backdrop, the valuation disconnect remains pronounced, presenting a compelling opportunity for long-term investors.