Springfield has announced an initial agreement with SSEN Transmission for the delivery of almost 300 new homes in the North of Scotland. The new homes will accommodate SSEN’s workforce as they deliver major projects to upgrade the electricity network grid and help to deliver UK energy security. This is Springfield’s first agreement of this type, opening up a new income stream and unlocking the value of the landbank. This is a significant milestone for Springfield which clearly validates the strategic repositioning of the business to capitalise on the opportunity in the North of Scotland. An accompanying trading update confirms that H1 trading was in line with management expectations. We increase our Fair Value estimate to 160p (c.1.1x FY27 Price/ Book), reflecting the strategic importance of the deal and the unlocking of value in Springfield’s land bank.