Deal driving revenue uplift and margin enhancement On our existing estimates, our 48p per share fair value is unchanged and earnings multiples remain compressed.

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

YouTube video by Equity Development Deal driving revenue uplift and margin enhancement

Speedy Hire #SDY no change in guidance but HSS deals supports Velocity ambitions to grow revenue and margin.

On existing estimates our 48p per share fair value is unchanged and earnings multiples remain compressed.

Full note with audio summary here: youtu.be/vOw2q3K5pNU

See new research (freely accessible) here:
equitydevelopment.co.uk/research/aum...

Impax AM #IPX AUM closed FY25 on £26.1bn, above our previous forecast of £25.0bn. We think a re-rating of the shares is merited and our fair value/share of 400p is over 2x current levels.

Video summary of new note here: youtube.com/shorts/bJeFR...

Proudly, profitably, private label We initiate coverage with a 235p Fair Value equating to 10x PER, 6x EV/EBITDA and a c.6% FCF yield (cal 2026).

Detailed research report freely accessible here: www.equitydevelopment.co.uk/research/pro...

YouTube video by Equity Development McBride plc - initiation report audio summary - Proudly, profitably, private label

We initiate on #McBride #MCB with a fair value of 235p
- Adj. EBITDA margins have risen above 9%
- excellent 30%+ ROCE and cash generation
- Our 235p equates to 10x PER, 6x EV/EBITDA and a c.6% FCF yield (calendar 2026)

Audio summary link here:
youtube.com/shorts/Pifiw...

Strix Group: HY Results investor presentation - 2nd October 2025 Strix Group management will be conducting a live investor presentation and Q&A at 11.30am on Thursday 2nd October 2025 covering Interim Results.

A reminder that following Interim Results yesterday, we are hosting the management of Strix Group #KETL tomorrow morning at 11.30am for an Investor Presentation with live Q&A.

You are welcome to sign up at the registration page: www.equitydevelopment.co.uk/news-and-eve...

Focus on cash generation Strix Group - Interim Results. We have updated our valuation calculation to generate a fair value per share of 95p (previously 108p).

Research note freely accessible at link: www.equitydevelopment.co.uk/research/foc...

YouTube video by Equity Development Strix PLC H1 results Focus on cash generation 📈

#KETL Strix Group H1 results
- new product launches & broader distribution has seen growth at Billi and Consumer Goods.
- but Controls has struggled with tariff impacts and debt has crept up to 2.2x
- focus is now on reducing debt quickly
- new research report & audio here!
youtu.be/irI_hmS0n-A

Check out our latest research report at the above link!

First half trading significantly stronger Revenue is 15% ahead YoY, indicative of c.£38m, with particular strength seen in China/Japan (over 40%YoY growth) and N America (over 25% YoY growth).

Eco Animal Health #EAH reported H1 trading “has been significantly stronger compared to the same period last year” Revenue ⬆️ 15% YoY, strong in China/Japan and N America, improved gross margins means material increase in adjusted EBITDA vs. H1 25 (£0.45m).
www.equitydevelopment.co.uk/research/fir...

Confident AGM statement: outlook maintained Cohort says order book on 20 September stood at over £590m and growth expectations for full year are unchanged. We retain fair value at 930p/share.

Research note here: www.equitydevelopment.co.uk/research/con...

YouTube video by Equity Development Cohort plc : confident AGM trading update

#CHRT In a confident AGM statement Cohort plc says order book on 20 Sept was over £590m and growth expectations for FY are unchanged. We retain fair value at 1,930p/share in new research note. Audio summary of key points here (research report below):
youtu.be/rufYWLkDVgE

YouTube video by Equity Development McBride plc - Investor Presentation video recording (FY Results) - September 2025

#MCB FY25 Results investor presentation video from
McBride plc

See the full recording here - management discussed the reinstatement of the dividend, sustained profit levels, strong cash conversion and improved net debt cover ... with lots of Q&A!

Link: youtu.be/0pP9YiDEXaw

YouTube video by Equity Development Knights Group - Investor Presentation (FY Results) - September 2025

#KGH Knights Group Holdings plc FY25 Investor Presentation (with Q&A) video recording here!

Management discussed highlights, including how strategy progress is driving double-digit profit growth & their value accretive acquisition strategy.

Link is here: youtu.be/Anu7xFaR9Q0

YouTube video by Equity Development Springfield Properties - Investor Presentation (FY Results) - September 2025

#SPR Springfield Properties FY25 Investor Presentation (with Q&A) video recording here!

Management gave an overview of results & highlighted significant opportunities in the North of Scotland, driven by substantial infrastructure investment in the UK’s energy security.

Link: youtu.be/6nPh8dJEH8c

Continuing strategic progress in Q126 Begbies AGM trading update (Q126) confirms it has made a good start to FY26 & is trading in line with expectations. Reiterate our 150p fair value estimate.

Research note (freely accessible) here: www.equitydevelopment.co.uk/research/con...

YouTube video by Equity Development Begbies Traynor Q1 2026 Update📈

Begbies Traynor #BEG AGM update confirms encouraging activity levels + continued growth in key fee earners

With highly profitable growth of 5-6% and free cashflow to fund both acquisitions and dividends, we see scope for a further rerating

Research note & audio summary here! youtu.be/cCzme4j2P7g

AGM statement: momentum maintained H126 TU confirms the Group has continued to see good momentum across its portfolio & a robust M&A pipeline. Reiterate our 225p/ share fair value estimate.

Link to brief research piece here: www.equitydevelopment.co.uk/research/agm...

YouTube video by Equity Development Supreme plc - AGM Trading Statement - momentum maintained

Supreme #SUP has “continued to see good momentum across its portfolio in the first half of the current financial year.

Supreme expects FY26 trading to be in line with market expectations’ and our Fair Value estimate remains 225p/ share

Research note below! Summary here: youtu.be/yMrXmWYBuO0

Knights Group: Investor Presentation (Full Year Results) - 18th September 2025 David Beech (CEO) and Kate Lewis (CFO) of Knights Group will be conducting a Full Year results presentation with Q&A at 10.30am on Thursday 18th September

Just a reminder that we are hosting the management team of Knights, the national legal and professional services business TOMORROW at 10.30am for an Investor Presentation following the release of FY Results earlier this week - sign up at the link! #KGH

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

5* Momentum AO’s attractive investment case means we raise our cal 2026 Adj. PBT by 5%, Adj. EPS by 6% and our fair value by c.7% from 150p to 160p

... and full report freely accessible at the link: Research report here: www.equitydevelopment.co.uk/research/5-m...

YouTube video by Equity Development AO World Trading Update Strong Growth and Strategic Share Buyback

Trading Update from #AO World and we raise our 2026 Adj. PBT by 5%, Adj. EPS by 6% and our fair value by c.7% from 150p to 160p.

With c.£70m net cash at the half year end, AO is also launching its first £10m share buyback

Audio summary of our latest note here: youtu.be/CGk4a_OmDPI ...

Springfield Properties: Full Year Results (Investor Presentation) - 17 September 2025 Sandy Adam (Chair), Innes Smith (CEO) & Iain Logan (CFO) of Springfield Properties will be conducting a full year results investor presentation at 09.00am on 17 September 2025

... and a reminder we are hosting management TOMORROW at 8.30am for an Investor Presentation with live Q&A if you would like to register (sign up at the link): www.equitydevelopment.co.uk/news-and-eve...

YouTube video by Equity Development Springfield's FY25 Results - Preparing the ground for a significant opportunity 📈

Check out our audio summary with research report link here too: youtu.be/VsWWXFdtEFc

www.equitydevelopment.co.uk/research/pre...

#SPR Springfield Properties - FY25 Results
- Strong growth & transformational land sale to Barratt = profit +90% & net debt halved
- Group focus on N. Scotland which will see a surge in infrastructure spend in next 10 years
- Announces build & lease model = highly visible & profitable revenue stream

An attractive and undervalued regional consolidator The stock is trading on only c.5x cal 2026 PER and hence the shares are well below our 230p fair value.

Link to detailed initiation report here: www.equitydevelopment.co.uk/research/an-...

YouTube video by Equity Development Knights' Impressive Growth and Strategic Acquisitions

We initiate today on #KGH Knights Group with FY25 results delivering:
-revenues up 8% to £162m
-operating leverage driving Adj. PBT up 11%
-margin up 40bps to 17.3%

Currently c.5x cal 2026 PER and well below our 230p fair value. Full note and summary freely available!
youtube.com/shorts/BBi5t...

Springfield Properties: Full Year Results (Investor Presentation) - 17 September 2025 Sandy Adam (Chair), Innes Smith (CEO) & Iain Logan (CFO) of Springfield Properties will be conducting a full year results investor presentation at 09.00am on 17 September 2025

*** Save the Date *** Join us on 17th September for a Full Year Results investor presentation with live Q&A from the management team at Springfield Properties - sign up to register at the below link!

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

Link to research report: equitydevelopment.co.uk/research/mov...