Babcock International: Strong Growth and Promising Outlook Justify Buy RatingWe note that the pull-back in Land can largely be explained by a tougher comparison base (H1 25 up 9% organically, vs. H2 implied -5%) and that the lower Rail activity was already disclosed at FY25 results. The strong growth in Nuclear, driven by civil/submarine support, is a very pleasing performance in our view, given the expected pullback in MIP revenues (peak MIP revenues reached in 1H25 at £273m, JEFe factoring in a 25% pullback in a tough comp for the division, which grew +22% in 1H25. Growth in Aviation is being driven by the ramp-up of the French Mentor 2 contract, with £60m JEFe revenues in FY26 for this program, representing in itself a 19% growth for the division.Key developments: 31 contract, the timeline for float-off the second ship, HMS Active, is unchanged at before the end FY26F.