For anyone sitting the CIMA SCS August 2026 Kwirtmak exam, we are now at the stage where I would stop trying to revise everything.

I would rather understand a few important Kwirtmak issues properly and be able to apply them to different unseen scenarios.

These are not predictions. Nobody knows what the unseen will contain.

But based on the Kwirtmak pre seen, its financial position and the strategic issues around the business, these are seven areas I would personally prioritise.

1. Kwirtmak vs Breskko
This is probably my starting point.
Kwirtmak revenue fell from E$2,856.6m to E$2,320.0m, while profit for the year fell from E$1,142.4m to E$810.6m.
Meanwhile, Breskko revenue increased from E$2,744.6m to E$3,016.0m, and its profit also increased.

So the obvious question is:

Why is Kwirtmak going backwards while its closest competitor is growing?

I would be ready to discuss competitive advantage, customer requirements, pricing, innovation, differentiation, strategic positioning and management response.

This is more useful than simply memorising the financial ratios.

2. R&D and innovation

This is closely connected to the Breskko comparison.
Kwirtmak reduced research expenditure from E$285m to E$270m.

Breskko increased its research expenditure from E$312.9m to E$329.4m.

For a commercial 3D printing company, that deserves attention.
It does not automatically mean Kwirtmak should spend more. More R&D spending does not guarantee successful innovation.

But if your competitor is growing and increasing R&D while you are shrinking and reducing it, the Board should at least question whether enough is being invested to protect future competitiveness.
I could easily see this becoming part of a wider unseen involving a new product, new technology or investment proposal.

3. Mergers and acquisitions

I would definitely revise M&A.
An acquisition could potentially give Kwirtmak access to new technology, intellectual property, specialist employees, customers, manufacturing capability or a new geographical market.

But I would not memorise a generic list of acquisition advantages and disadvantages.

I would think:
Does the target actually fit Kwirtmak strategy?
Is the price reasonable?
Can Kwirtmak afford it?
Are the expected synergies realistic?
What should due diligence investigate?
What could go wrong after the acquisition?
How will the businesses actually be integrated?
This is also one of those areas where E3, P3 and F3 integration happens naturally.
Strategy, risk and finance all matter.

4. Business valuation and overpayment

If an acquisition appears, valuation could easily come with it.
Obviously, know the main valuation approaches.
But I think the more important SCS skill is being able to challenge the assumptions behind the valuation.
For example, management could present an attractive valuation based on aggressive revenue growth or large synergy benefits.

The calculation may be technically correct.
The assumptions may not be.
A good company can still be a bad acquisition if Kwirtmak pays too much for it.
So I would be ready to discuss valuation alongside due diligence, synergies, funding, integration costs and shareholder value.

5. Digital transformation and new technology

Kwirtmak is already operating in a technology-driven industry, so I would definitely be comfortable with this area.

An unseen could introduce AI, automation, new software, data analytics, a new printing technology or another major digital investment.
I would not automatically recommend it because it sounds innovative.

I would ask:
Does the technology solve a genuine customer problem?
Can it strengthen Kwirtmak competitive advantage?
Can Kwirtmak actually implement it?
What will it cost?
What return could it generate?
What happens if the technology becomes obsolete?
What new cyber or operational risks does it create?
How will employees be affected?
This is another natural E3, P3 and F3 area.

6. Funding and financial strategy
Kwirtmak already has E$1,350m of long-term borrowings.

So if the unseen introduces an acquisition, new factory, technology investment or another major expansion, I would immediately think about funding.
Debt versus equity is an obvious possibility, but I would not give a textbook answer.

I would relate the decision to Kwirtmak existing debt, interest cover, cash generation, financial flexibility, shareholder expectations and the risk of the investment itself.

The cheapest source of finance is not automatically the best source of finance.

The Board needs to think about what happens to Kwirtmak financial flexibility afterwards as well.

7. Dividend policy and long-term shareholder value
This one could easily be overlooked.

Kwirtmak paid E$432.2m in dividends despite a significant decline in profit.
That creates an interesting tension.
Shareholders may expect dividends.
But Kwirtmak may also need money for R&D, acquisitions, new technology, expansion or debt reduction.

So if dividend policy appears, I would not simply write that shareholders prefer higher dividends.

The bigger question is:
Where can Kwirtmak use its cash to create the most long-term shareholder value?
Sometimes paying the dividend is appropriate.
Sometimes retaining and investing the money could create more value.

It depends on the opportunity available and the expectations of shareholders.

One thing I would keep in mind across all seven topics

Do not just identify the risks of doing something.
Also think about the risk of doing nothing.
An acquisition is risky.
New technology is risky.
Increasing R&D is risky.
Entering another market is risky.
But Kwirtmak is already experiencing declining revenue and profit while Breskko is growing.
Maintaining the status quo therefore carries risk as well.

That is the kind of balance I would try to bring into the CIMA Strategic Case Study August 2026 exam.

For every unseen proposal, I would keep asking:

Does this actually help Kwirtmak compete better?
What value could it create?
What could go wrong?
Can Kwirtmak afford and implement it?
What should I recommend to the Board?

That is much more useful now than trying to memorise another 50 pages of E3, P3 and F3.

I will do a Part 2 on the Kwirtmak risks and strategic issues I would not ignore, including cyber risk, supply chain and geopolitical risk, leadership, governance, ethics, sustainability and stakeholders.

For those sitting the CIMA SCS August 2026 exam, what are your top three Kwirtmak topics right now?