We have made no significant changes to our es mates, as we would like to see more colour on 2H26 before any revision. Key points CLX announced a trading update with PBT expected to be up 55% on pcp to $14.3m, and revenue to increase 7%. The PBT margin of ~8% is similar to margins the company had during FY22-24, prior to the market normalising from oversupply as firms expanded post the Covid-boom and suppliers shi ed from just-in-case back to just-in- me inventory management. As we previously noted, smaller and less efficient operators should get squeezed out of the market over me, reducing compe on.