FY26 sales upgraded – brand strategy improving FY26 rev f/c raised to £141m (from £138m) on brand‑led growth; owned brands +5% (88% mix); £5m EBITDA, £9.7m net debt reiterated; 165p/share fair val held

Research note link: www.equitydevelopment.co.uk/research/fy2...

#ULTP Ultimate Products upgrades FY26 revenue to £141m
Brand‑led strategy continues to deliver
✔️ Owned brands +5%
✔️ Branded sales now 88.5% of total
✔️ Europe +19%, int’l discounters +91%
✔️ Cash conversion 195%, net debt down to £9.7m
- Our fair value 165p/sh
- New research report freely accessible 👇

Ultimate Products: Interim Results investor presentation - 27th March 2026 Andrew Gossage (CEO) and Chris Dent (CFO) of Ultimate Products will host an Interim Results presentation with Q&A at 11.00am on Friday 27th March 2026.

Following Interim results due tomorrow, join us this Friday @ 11am for a live presentation and Q&A with the management of Ultimate Products #ULTP - sign up to register at the below link!

www.equitydevelopment.co.uk/news-and-eve...

Restore: FY Results investor presentation - 16th March 2026 The management of Restore (AIM: RST) will be hosting an Investor Presentation and Q&A covering their Full Year results on Monday 16th March at 2.00pm.

Come and join our live webinar with Q&A on Monday at 2.00pm with the management of Restore - still time to sign up! Register at the link:

www.equitydevelopment.co.uk/news-and-eve...

#RST Restore FY25 Results
- Hits 20% medium-term op margin target ahead of schedule
- All 3 divisions reported strong profit growth
- PBT +22%
- £20m share buyback announced
- Reiterate our 400p fair value estimate

New research note freely accessible: www.equitydevelopment.co.uk/research/fir...

New note freely accessible here: www.equitydevelopment.co.uk/research/eco...

#EAH Eco Animal Health secures a favourable USDA safety assessment for ECOVAXXIN® MG, a key step toward US approval. Safety confirmed across target and non‑target species, supporting late‑2027 submission. Adds momentum to ECO’s next‑gen vaccine pipeline. Our fair value 153p

Link to new note below

Regulated markets still difficult, costs being addressed With the shares trading on a discount to the average of its peers on most metrics, these challenges mean that we base fair value on the NAV of 62p/share.

Link to new research note (freely accessible) here: www.equitydevelopment.co.uk/research/reg...

#KETL #Strix Group trading update this morning
- Volumes improving in less‑regulated mkts
- Consumer Goods growing
- Billi disposal = net cash
- Regulated segment recovery still slow
- Softer rev + mix shift + rising commodities = lower estimates
- Fair value 62p
- Focus on costs & price rises

We initiate on AG Barr #AGBarr where growth is accelerating, with strong margins/cash generation. The Fentimans & Frobishers acquisition adds ~10% revenue uplift. A compelling multi-brand strategy supports our 800p Fair Value. #BAG

Research report here: www.equitydevelopment.co.uk/research/bra...

Just a reminder that there is still time to register for the webinar with McBride #MCB later this morning, following the released of H1 results - there will be a live Q&A too!

Sign up at the link:
equitydevelopment.co.uk/news-and-eve...

#VIC Victorian Plumbing posts a strong update
- Revenue up 9% with margins held
- CEO transition to Stephnie Judge underway
- Acquires long‑time partner Sovereign for £3.4m to strengthen its value chain
- Shares ⬆️ 20% in recent weeks, our fair value 110p

www.equitydevelopment.co.uk/research/ceo...

Springfield Properties: Interim Results (Investor Presentation) - 18 February 2026 Innes Smith (CEO) & Iain Logan (CFO) of Springfield Properties will be conducting an Interim Results investor presentation at 09.00am on 18 February 2026.

We are hosting a webinar tomorrow at 9.00am with management - sign up to register here!

www.equitydevelopment.co.uk/news-and-eve...

Springfield Properties #SPR Interims

Rev +2%, Adj PBT +8%, big YoY reduction in debt FY expectations reiterated

A year of significant strategic progress

Fair Value estimate ⬆️ to 170p

Research note here (and details for tomorrow's 9am webinar below): www.equitydevelopment.co.uk/research/nor...

... when in-principle approval was received - check out our note here:
equitydevelopment.co.uk/research/geo...

"Once granted, the licence in Abu Dhabi will allow CABP to further ramp up relationships with ‘network partners’ and ‘in market’ sales efforts to attract new clients."

Positive news from CAB Payments / Crown Agents Bank with the double announcement of:
- the Abu Dhabi Global Market (ADGM) licence being secured
- the established of a strategic clearing partnership with another leading global bank

We wrote about the Abu Dhabi licence in October ... #CABP

Income jumps in H2, well ahead of forecasts H2 has seen an acceleration of the progress made in H1, and FY25 income for CABP is now expected to be c. £119m, versus our previous forecast of £112.6m.

Adj. EBITDA expected to be ‘slightly above the range of consensus estimates’ - our previous EBITDA forecast was £32.9m ...

See note here! www.equitydevelopment.co.uk/research/inc...

Positive update from CAB Payments #CABPayments #CAB with their FY25 pre-close highlighting H2 has seen an acceleration of progress made in H1
- confidence expressed at the end of H1 fully justified
- FY25 income now expected to be c. £119m (vs our forecast £112.6m) and positive operating leverage

#KGH Knights H1 26 results impress:
📊 Revs +30%, organic growth returns (+2.6%)
💰 Adj. EBITDA +19%, strong cashflow conversion

Our Fair Value raised to 255p as momentum continues into H226. Still trading at a discount! #Knights

New research note here:
www.equitydevelopment.co.uk/research/suc...

#IPX No surprises as AUM at Impax AM fell 7% over Q1'26 with net flows seen improving going forward.

Our forecasts and 380p/share fair value are unchanged, as you can hear / read below (freely accessible research):
www.equitydevelopment.co.uk/research/q1-...

Early EU authorisation for ECOVAXXIN® MS ECO Animal Health secures early EU approval for ECOVAXXIN® MS, its first poultry vaccine, marking a key milestone and paving way for 2026 launch.

Link to research update (freely accessible): www.equitydevelopment.co.uk/research/ear...

✅ Ahead of schedule! #EAH #EcoAnimalHealth
EU approves ECOVAXXIN® MS – ECO’s breakthrough poultry vaccine
📈 Peak revenue contribution expected: ~£22m
🇺🇸 US approval anticipated by end CY26
🐔First commercial launch from R&D portfolio
#AnimalHealth #Innovation

New research update & video summary ⬇️

Strix Group to sell Billi for £110m 🚀 #KETL
✅ ~3x return on acquisition
✅ Eliminates ~£70m net debt
✅ £10m buyback planned
Completion targeted 31 Jan 2026 (post GM on 8 Jan).
🔎 Details here in our new research note (freely accessible): www.equitydevelopment.co.uk/research/deb...

Link to research note (freely accessible) here: www.equitydevelopment.co.uk/research/mil...

Fantastic news as Springfield Properties announces an initial agreement with SSEN for the delivery of c.300 new homes in the North of Scotland. Significant milestone for #SPR, validates their strategic repositioning

H1 TU confirms in line with expectations

Our fair value estimate increases to 160p

Victorian Plumbing: FY Results investor presentation - 9th December 2025 Daniel Barton (CFO) & Stephnie Judge (MD) of Victorian Plumbing will be conducting a live presentation with Q&A covering the year ended 30 September 2025

Please note that we will be hosting the management of Victorian Plumbing for an Investor Presentation next week (9th December) - sign up at the link to register!
www.equitydevelopment.co.uk/news-and-eve...

#VIC We initiate on Victorian Plumbing!
FY25 highlights:
✅ £310 revenue, up 5%
✅ UK bathroom market share 21.5% (up 140bps)
✅Strong cash flow & homewares launch
Fair Value 110p vs recent 40% sell-off
#VictorianPlumbing #UKRetail #VIC
Research report here!
www.equitydevelopment.co.uk/research/con...

Considerable untapped potential Victorian Plumbing FY25: record £310m revenue, 21.5% UK share, strong cash flow, homewares launch, and 110p fair value highlighting growth potential.

New initiation report out from Equity Development on #VIC this morning that might be of interest: www.equitydevelopment.co.uk/research/con...

EBITDA & margin up again, undervaluation rises EBITDA +14% YoY, EBITDA margin increases to 24.6% (20.8%), revenue slightly down. Benefitting from operational efficiencies. Fair value estimate 58p/ share

Research report freely accessible here: www.equitydevelopment.co.uk/research/ebi...

#MERC Mercia AM - HY26 Results out this morning
- EBITDA +14%
- EBITDA margin up to 24.6%
- No redemptions

MERC has a proven track record of exiting at prem to NAV, but portfolio is currently deeply discounted. Our fair value is 58p/share - see our research report & video summary below!