For the six months to 31 October 2025 Cohort reported revenue of £128.8m, +9%YoY and (adj.) operating profit of £9.7m (H1 25: £10.1m). Order intake was £122.3m (H1 25: £139.2m) with a closing order book of £604.5m (FY25: £616.4m). EPS (rptd., dil.) was 15.85p (H1 25: 19.76p) with an interim dividend +10%YoY to 5.80/share2. As highlighted at the October AGM1, net debt was £32.5m due to planned capital expenditure and working capital required for deliverables in H2 26 of c.£145m, contributing to c.94% of consensus FY26 outlook.