Braemar — FY26 trading in line. Maintain FY27 estimates

Braemar’s FY26 trading update reveals that there was a robust performance in H226 in particular, which is being supported by recovering charter rates across the board. That said, the conflict in the Middle East is creating near-term uncertainty, but its affect on Braemar is likely to have been diluted over the years as the company has focused on diversification. Furthemore, it expects to make progress on its FY30 strategic targets. We maintain our FY27 and FY28 estimates.