Volex has delivered a strong FY2026 with revenues +14.2% organic and adj. PBT ~5% ahead of our estimates. Key trends were consistent with recent updates, but Data Centre (+56.3%) and Off-Highway (+20%) were the standouts. Early FY2027 trading is in line and we would expect consensus upgrades roughly in line with the FY26 beat. This is a good set of numbers, and helpful ahead of the move to the Main Market (now set for 24 July) but there is still some scope for volatility over the summer. We keep our 610p TP and Hold recommendation unchanged.