I'm not saying that you're wrong.
The point is though, it's open to interpretation. The first phrase, stating the most recent MA counts, is qualified where there are two from the same season - someone must have asked that question. This indicates that if there is a valid Established MA from a previous season, it should be used - and the 2025 Regs said that Established MAs could be used from 23 and 24, which implies that for the 2026 season, they can count Established MAs from 24 & 25. Therefore ... it can be argued that Nicholls' most recent Established MA for the Prem is from 2024.
It demonstrates how poor the wording is in the Regs. The new Regs could be different and, of course, could introduce even more debatably-worded gumph.