MLG delivered interim earnings lower than the pcp, but higher than our expectations on the back of solid revenue growth. We expect an improved 2H and a stronger run-rate and margin into FY26. Weak cash flow and investment in growth saw leverage increase to 1.4x at period end, but we expect this to drop through the 2H. MLG is well placed to address significant opportunities, reflected in our maintained $1.05 valuation. We keep our BUY call based on anticipated margin and leverage improvement in the 2H.
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