Moelis cast an eye over Supply Network ((SNL)) this week and walked away with a favourable view. Net profit after tax margins rose to 11.5% from 11.3% in 1H25, with second half margins typically stronger from supplier rebates. Management reconfirmed FY26 underlying net profit after tax guidance of $215-$227m, excluding Prestige and step ups. This analyst considers it is unlikely Pantoro will achieve guidance despite upbeat enthusiasm for the high grade geology across the tenements. Moelis makes little changes to forecasts and retains 2H26 production at 97.5koz, below the bottom end of production guidance at 100koz.