The FY trading update informs us that with a 40% FY26 Adj. EBITDA margin, Beeks once again distances itself from its international IaaS peers and the wider UK tech group, which average 33.9% and 22.1%, respectively. As CEO Gordon McArthur reminds, Beeks ‘now has four differentiated offerings’ and enjoys ‘a strong pipeline across each’. FY27 has begun well, a point telegraphed by record £34m ACMRR. Beeks’ financial model matured in FY26: Proximity Cloud, Exchange Cloud, Public/Private Cloud were joined by Market Edge Intelligence. All are revenue generating; all are selling globally. The only wrinkle in the update is net cash, £0.6m below our initial estimate. This trailed the ‘significant upfront infrastructure investment…to support the new Exchange Cloud deployments’, several of which are now cash flow positive. In this, Beeks follows the wider IaaS industry, which, to reflect the AI imperative, is spending to update infrastructure and the customer offer. Beeks is a long-term secular growth investment play, with a ‘best of breed’ financial model, a strengthening moat and is executing on a global TAM. The debut of Market Edge Intelligence gives its financial model a new rung with software KPIs. In our view, none of this is reflected in a pedestrian 9.3x FY26E EV/EBITDA vs 13x for the IaaS cohort and 10.1x for UK tech peers.