Springfield's FY25 results are in line with expectations, confirming a year of strong growth driven by the transformational land sale to Barratt. Profits increased by 90% and net debt halved, as the Group refocused its activities on the North of Scotland. This region is expected to see a surge in infrastructure investment over the next decade and Springfield's strategy to capitalise on the opportunity is crystallising. We reiterate our 150p fair value estimate.