Q4 EPS was 98c, vs 71c estimates; revenue of $666.7M missed estimates $690M. EBITDA of $96.5M matched estimates. Sales fell 2.9%. Same store sales fell 3.2%. The furniture industry did fall overall. The balance sheet is fine. Based on consensus estimates, very little (nil) EPS growth is expected this year, with 10% growth predicted in 2026. Valuation remains attractive at 12X earnings. We would consider weakness more market/sector related, though of course we would prefer sales growth. 15% of sales come from the US so there is a bit of tariff impact here, potentially. No news was provided on the spin off. It has now been nine years since it was first mentioned. We would not expect much here in the short term, though the valuation reflects this and the 3.3% dividend is decent while one waits. We remain confident longer term but the short term does look less robust.
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