SPC Global reiterated guidance of full year normalised EBITDA growth of 25%. SPC Global 1H26 EBITDA of $13 million implies 2H25e EBITDA of $25 million with full year FY26e EBITDA of $38 million. We forecast that the EBITDA improvement in 1H26 benefitted from the delivery of synergies and the exit of low margin contracts offset missed international sales impacted by timing differences.