We update our model following GBG’s in-line FY24 results, introducing forecasts for FY26/27, and we provide a refresher on the investment case. GBG’s FY24 results had a more upbeat feel, as after lapping the difficult comps that had affected the first 3 quarters, it reported an acceleration in growth in Q4 to 5%. On a full-year basis, as pre-reported, despite revenue being down 0.5% (+2.7% cc.) to £277.3m, adj. EBIT grew 2.3% to £61.2m (22.1% margin) and net debt reduced by £25m to £80.9m. The main driver of the Q4 turnaround was Identity (56% of revenues), in particular in the Americas and EMEA, which finally showed some improvement, with this expected to continue into the year ahead. Fraud on the other hand has entered a slower period.