FY PBT is in line with expectations. Key takeaways include a stronger-than-expected full price mix and margin stack on its own site and continued robust trading on 3P sites. M&S trading is now back to normal as it exits FY26 too. FCF is ahead of forecast, and we have upgraded net cash (now >50% of MCAP) even after updating for EPS enhancing share buybacks. On c2.5x EV/EBITDA excl. Stores losses, the valuation on the underlying business looks unsustainable. With no direct Middle East exposure and scope to mitigate any lasting inflation, we stay at Buy.
