Industrials

• The ANZ division grew sales 8.3% to $4.2 billion and EBIT 6.1% to $360 million from a network of 678 branches, remaining the group's main profit contributor.

• Underlying net profit after tax climbed 24% to $433 million; underlying EPS rose 29% to 25.2 cents.

• Underlying EBITDA rose, withMarginexpansion attributed to the group's Footprint 2025 cost and network optimisation program.

• Management reaffirmed a minimum distribution of 40 cents per security for 2026, aYieldnear 7.85% at the takeover price.

For a recently listed micro-cap pursuing a buy-and-build strategy, priceVolatilityis normal and often reflects factors beyond underlying business performance, including the natural post-IPO re-rating that many small listings experience once early enthusiasm settles.

For investors, the key question is whether the enlarged order book translates into restored margins and earnings in FY2026 and beyond, or whether execution challenges persist under a newLeadershiparrangement.

The key distinction between an operational slowdown and a valuation reset is important for investors to understand. SKS's FY2026 numbers were strong; any share price consolidation reflects the price already reached, not the result that was delivered.