Q2 2026 accesso Technology Group PLC Earnings Call

September 15, 2026

Speaker #1: Good morning, ladies and gentlemen, and welcome to "accesso Interim Results 2026." At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session.

Operator: Good morning, ladies and gentlemen, and welcome to accesso Interim Results 2026. At this time, all participants are in listen-only mode. Later, we will conduct a question and answer session. If you wish to ask a question, we ask that you please use the raise hand function at the bottom of your Zoom screen. If you have dialed in, please select star 9 to raise your hand and star 6 to unmute. Instructions will also follow at the time of Q&A. Participants can also submit questions through the webcast page using the Ask a Question button. I would like to remind all participants that this call is being recorded. I will now hand over to Lee Cowie, CEO, to start the presentation.

Operator: Good morning, ladies and gentlemen, and welcome to accesso Interim Results 2026. At this time, all participants are in listen-only mode. Later, we will conduct a question and answer session. If you wish to ask a question, we ask that you please use the raise hand function at the bottom of your Zoom screen. If you have dialed in, please select star nine to raise your hand and star six to unmute. Instructions will also follow at the time of Q&A. Participants can also submit questions through the webcast page using the Ask a Question button. I would like to remind all participants that this call is being recorded. I will now hand over to Lee Cowie, CEO, to start the presentation.

Speaker #1: If you wish to ask a question, we ask that you please use the raise-hand function at the bottom of your Zoom screen. If you have dialed in, please select *9 to raise your hand and *6 to unmute.

Speaker #1: Instructions will also be provided at the time of the Q&A. Participants can also submit questions through the webcast page using the "Ask a Question" button. I would like to remind all participants that this call is being recorded.

Speaker #1: I will now hand over to Lee Cowie, CEO, to start the presentation.

Speaker #2: Thank you, everybody, for joining us today for the presentation of our H1 2026 results. I thought it would be useful just to start by introducing myself.

Lee Cowie: Thank you everybody for joining us today for the presentation of our H1 2026 results. I thought it would be useful just to start introducing myself. My name is Lee Cowie and I am the Chief Executive Officer here at accesso. I have been CEO since May, and I am very proud and privileged to have stepped into Steve Brown's shoes. This is my first opportunity to talk to you about our results. You may know that I was previously COO here at accesso, where I was for about 18 months. I have a long breadth and depth in the industry, having served as Merlin's Chief Technology Officer. I have a total duration at Merlin of about seven years. We are going to talk you through our interim results today, and then a little bit later on, Matt, our Chief Financial Officer, will go through the numbers.

Speaker #2: My name is Lee Cowie, and I am the Chief Executive Officer here at accesso. I've been CEO since May, and I'm very proud and privileged to have stepped into Steve Brown's shoes.

Speaker #2: And this is my first opportunity to talk to you about our results. You may know that I was previously COO here at accesso, where I served for about 18 months.

Speaker #2: But I have extensive breadth and depth in the industry, having served as Merlin's Chief Technology Officer, and my total duration at Merlin is about seven years.

Speaker #2: So we're going to talk you through our interim results today, and then a little bit later on, Matt, our Chief Financial Officer, will go through the numbers.

Speaker #2: First, I think just to reacquaint ourselves with who we are, I thought it would be useful to give you an overview of us as a business and the depth and breadth of capabilities that we are able to bring to market.

Lee Cowie: First, I think, just to reacquaint ourselves with who we are. I thought it would be useful to give you an overview of us as a business and the depth and breadth of capabilities that we are able to bring to market. We have for a long time been one of the largest providers of technology into a really exciting and interesting sector. Our technology touches location-based entertainment across attractions, so those would be your theme parks, zoos, cultural exhibits. We also have a very strong presence in ski, in North America in particular, and in live entertainments, which is your seated venues, your arenas, your stadiums. Of course now into hospitality with our products that do food and beverage. We operate at quite some considerable scale, as you will see from that.

Speaker #2: We have, for a long time, been one of the largest providers of technology in a really exciting and interesting sector. Our technology touches location-based entertainment across attractions—so those would be your theme parks, zoos, and cultural exhibits.

Speaker #2: We also have a very strong presence in ski in North America, in particular, and in live entertainment, which is your seated venues, your arenas, your stadiums.

Speaker #2: And of course, now into hospitality with our products that do food and beverage. We operate at quite some considerable scale. As you'll see from that, our ecosystem—our set of technologies—exists to monetize every interaction between a guest visiting an attraction and the operator.

Lee Cowie: Our ecosystem, our set of technologies exists to monetize every interaction between a guest visiting an attraction and the operator. It removes friction from the purchase, it enables the operator to better monetize the experience, and it enables the visitors to have a friction-free, better day at an attraction. In the next slide, you will see that we have some admirable customers scattered across the globe. At this point, I thought it would be useful just to give you an overview of how we see the world around us developing and where we are seeing progress and upside and significant opportunity. If we start with North America, we see very strong traction for our products, particularly in ski, and particularly with the introduction of our new capabilities in payments.

Speaker #2: It removes friction from the purchase. It enables the operator to better monetize the experience, and it enables the visitors to have a friction-free, better day at an attraction.

Speaker #2: And in the next slide, you'll see that we have some admirable customers scattered across the globe. At this point, I thought it would be useful just to give you an overview of how we see the world around us developing, and where we're seeing progress, upside, and significant opportunity.

Speaker #2: If we start with North America, we see very strong traction for our products—particularly in ski, and especially with the introduction of our new capabilities in payments.

Speaker #2: Ski has traditionally been underserved by technology providers, and we're able to bring sophistication and cost scale to a market that has been left largely alone, particularly in the payments space.

Lee Cowie: Ski has traditionally been underserved by technology providers, and we are able to bring sophistication and cost scale to a market that has been left largely alone, particularly in the payments space. We are seeing a lot of traction and a lot of interest in both our payments capabilities and our new intelligence platforms. We have a very substantial install base across some very large clients there. In general terms, we are seeing broadly static volumes on ticketing. We are seeing in some areas interesting increases in per cap spend inside attractions. We are also seeing a lot of interest with our new capabilities that we are bringing to market for net new logos. Over into Europe now, again, similar story to the US. We are seeing broadly static attendance levels, but we are seeing some venues increase their revenue against a difficult economic backdrop. Again, we are seeing per caps increase.

Speaker #2: And we're seeing a lot of traction and a lot of interest in both our payments capabilities and our new intelligence platforms. We also have a very substantial installed base across some very large clients there.

Speaker #2: In general terms, we're seeing broadly static volumes on ticketing. We are seeing, in some areas, interesting increases in per-cap spend inside attractions. And we're also seeing a lot of interest with our new capabilities that we're bringing to market for net new logos.

Speaker #2: Over into Europe now, and again, a similar story to the US. We're seeing broadly static attendance levels, but we are seeing some venues increase their revenue against a difficult economic backdrop.

Lee Cowie: Over into Europe now, again, similar story to the US. We are seeing broadly static attendance levels, but we are seeing some venues increase their revenue against a difficult economic backdrop. Again, we are seeing per caps increase. A bit of a mixed picture in Europe, but still getting some interesting incoming new opportunities. Middle East, despite the tensions in the region and the geopolitical problems that they have, we are still seeing good traction. We are seeing venues continue to talk to us about expansion and new openings, and we have some interesting conversations with large new logos over there that we do not yet have.

Speaker #2: And again, we're seeing per-caps increase. So, a bit of a mixed picture in Europe, but still getting some interesting new opportunities coming in. Middle East—despite the tensions in the region and the geopolitical problems they have—we are still seeing good traction.

Lee Cowie: A bit of a mixed picture in Europe, but still getting some interesting incoming new opportunities. Middle East, despite the tensions in the region and the geopolitical problems that they have, we are still seeing good traction. We are seeing venues continue to talk to us about expansion and new openings, and we have some interesting conversations with large new logos over there that we do not yet have. Although it is a difficult and unpredictable market at the minute, we are not seeing that being particularly impactful on us, though it does remain a watch item for us as we play out the rest of the year. The story largely repeats across Asia Pacific and down into Australia. Similar theme to what we are seeing in other geographies. Onto our summary of the H1 results so far.

Speaker #2: We're seeing venues continue to talk to us about expansion and new openings. We also have some interesting conversations with large new logos over there that we don't yet have.

Speaker #2: So although it is a difficult and unpredictable market at the minute, we are not seeing that being particularly impactful on us, though it does remain a watch item for us as we play out the rest of the year.

Lee Cowie: Although it is a difficult and unpredictable market at the minute, we are not seeing that being particularly impactful on us, though it does remain a watch item for us as we play out the rest of the year. The story largely repeats across Asia Pacific and down into Australia. Similar theme to what we are seeing in other geographies. Onto our summary of the H1 results so far. Probably not surprising given the kind of market backdrop I have just given, we are largely trading as expected.

Speaker #2: And then the story largely repeats across Asia-Pacific and down into Australia—a similar theme to what we're seeing in other geographies. So, on to our summary of the H1 results so far.

Speaker #2: So, you're probably not surprised, given the kind of market backdrop I've just described, that we're largely trading as expected. But what we are seeing beneath the surface is growth in ticketing and our distribution capabilities, which have been masked a little bit by some of the queueing contract changes that we previously communicated to the market at the end of last year.

Lee Cowie: Probably not surprising given the kind of market backdrop I have just given, we are largely trading as expected. What we are seeing underneath the detail of that is growth in ticketing and our distribution capabilities which have been masked a little bit by some of the queue and contract changes that we previously communicated to the market at the end of last year. Whilst we are seeing growth in ticketing and that part of our business, it has been offset, which leaves us with broadly flat revenue in the half. Where we are seeing some benefit come through is the efficiency measures that we took earlier this year, where we substantially reduced cost, and that has been flowing through into EBITDA. We are also starting now to see the payoff of some of the investment that we have made in AI capabilities.

Lee Cowie: What we are seeing underneath the detail of that is growth in ticketing and our distribution capabilities which have been masked a little bit by some of the queue and contract changes that we previously communicated to the market at the end of last year. Whilst we are seeing growth in ticketing and that part of our business, it has been offset, which leaves us with broadly flat revenue in the half. Where we are seeing some benefit come through is the efficiency measures that we took earlier this year, where we substantially reduced cost, and that has been flowing through into EBITDA. We are also starting now to see the payoff of some of the investment that we have made in AI capabilities.

Speaker #2: So whilst we're seeing growth in ticketing and that part of our business, it has been offset, which leaves us with broadly flat revenue in the half.

Speaker #2: What we are seeing some benefit come through is the efficiency measures that we took earlier this year, where we substantially reduced cost, and that has been flowing through into EBITDA.

Speaker #2: We're also starting now to see the payoff of some of the investment that we've made in AI capabilities, which has been an expense item for us throughout the year, but is now starting to show benefit in the form of us materially accelerating the development of roadmap features and functions.

Lee Cowie: That has been an expense item for us through the year, but it is starting to show benefit in the form of us materially accelerating the development of roadmap features and functions, and in some cases, by up to 6 months. One of the early actions I have taken as new CEO is review our overall strategy and our leadership team. I have put in place within the first 4 months, a new direction, a new philosophy on who we are, and I have refreshed and reappointed the new senior leadership team. We are looking forward to H2, and the years ahead with a new revitalized approach to accesso. I want to give you a high level overview now of some of the key features of that strategy.

Speaker #2: And in some cases, by up to six months. One of the early actions I've taken as the new CEO is to review our overall strategy and our leadership team.

Speaker #2: And I have put in place, within the first month, first four months, a new direction, a new philosophy on who we are. And I have refreshed and reappointed the senior leadership team.

Speaker #2: And so we’re looking forward to H2 and the years ahead with a new, revitalized approach to accesso. I want to give you a high-level overview now of some of the key features of that strategy.

Speaker #2: We are continuing to work on this through the course of the year, and we'll be able to provide a lot more detail at our annual results.

Lee Cowie: We are continuing to work on this through the course of the year, and we will be able to provide a lot more detail at our annual results. I think it is useful for me to give you a flavor for how we are thinking about our world, and how we are showing up in this market. Firstly, by way of a little bit of backdrop, a large number of our customers, both existing and prospective, are approaching us and talking to us about AI. This is a theme running across pretty much all of the conversations that we are having. By and large, the attraction sector does not have access to large IT tech teams. They look for vendors like us to help them navigate technical change. A lot of the conversations we are having are about them saying, "Are we AI-ready?

Speaker #2: But I think it's useful for me to give you a flavor of how we're thinking about our world and how we're showing up in this market.

Speaker #2: Firstly, by way of a little bit of backdrop, a large number of our customers—both existing and prospective—are approaching us and talking to us about AI.

Speaker #2: And this is a theme running across pretty much all of the conversations that we're having. By and large, the attractions sector doesn't have access to large IT tech teams.

Speaker #2: And so they look for vendors like us to help them navigate technical change. And a lot of the conversations we're having are about them saying, "Are we AI-ready?"

Speaker #2: Do we have the capabilities to help them navigate the uncertainty that AI is providing? Is our infrastructure able to support them through a period of change that is quite hard to predict? And that's starting to weigh a little bit on decision-making cycles.

Lee Cowie: Do we have the capabilities to help them navigate the uncertainty that AI is providing? Is our infrastructure able to support them through a period of change that is quite hard to predict?" That is starting to weigh a little bit on decision-making cycles. It is starting to slow some decision-making cycles down and people taking a little bit longer to evaluate technology. The good news for us is that we can answer yes to every single one of those questions. We can do that in a way that few of our competitors can because we have a very broad and capable embedded ecosystem in the core of the venues that we have been proactively enabling to become AI-ready. Our ecosystem, which is how we are talking about our capabilities, which is on the next slide, is really how we bring that to market.

Speaker #2: It's starting to slow some decision-making cycles down, and people are taking a little bit longer to evaluate technology. But the good news for us is that we can answer yes to every single one of those questions.

Speaker #2: And we can do that in a way that few of our competitors can, because we have a very broad and capable embedded ecosystem in the core of the venues that we have been proactively enabling to become AI-ready.

Speaker #2: And our ecosystem—which is how we're talking about our capabilities, which is on the next slide—is really how we bring that to market. So we aren't talking about ourselves as a set of products.

Lee Cowie: We are not talking about ourselves as a set of products. We are talking about ourselves as a set of relevant capabilities that each and every one of our customers has nascent in their business and needs help with evolving and growing and navigating the AI future. We deploy capabilities in intelligence, and we did that through the execution of the Xhibit transaction last year. We have capabilities in commerce. That is perhaps what we are most known for. Our ticketing platforms are known for being very high conversion, able to maximize basket value, and convert customers on websites at a far greater than the majority, in fact, I would say all of our competitors.

Speaker #2: We're talking about ourselves as a set of relevant capabilities that each and every one of our customers has nascent in their business and needs help with: evolving, growing, and navigating the AI future.

Speaker #2: We deploy capabilities in intelligence, and we did that through the execution of the Exhibit transaction last year. We have capabilities in commerce. That’s perhaps what we are most known for—our ticketing platforms are known for being very high-conversion, able to maximize basket value and convert customers on websites at a far greater rate than the majority—in fact, I would say all—of our competitors. We have capabilities inside the venue, where we can help curate experiences, where we can have targeted messaging to people in-venue, where we can service their needs for queuing, for food and beverage, all over one unified operating infrastructure.

Lee Cowie: We have capabilities inside the venue where we can help curate experiences, where we can have targeted messaging to people in-venue, where we can service their needs for queuing, for food and beverage, for retail, and we can provide that over one unified operating infrastructure. Each of those capabilities we can deploy independently, but they become much more powerful when we deploy them in unison at a venue. The next slide talks how we are exploiting our capabilities to derive that much more powerful value. Whereas previously we have talked about products, we now talk about a software ecosystem, and there is a very clear reason why we do that. We have the ability to deploy our products at every point at which money changes hands inside a venue. If they deploy a product, an element of the guest journey runs on our capabilities. That also generates data.

Speaker #2: Now, each of those capabilities we can deploy independently, but they become much more powerful when we deploy them in unison at a venue. The next slide talks about how we're exploiting our capabilities to derive that much more powerful value.

Speaker #2: So, whereas previously we've talked about products, we now talk about a software ecosystem. And there's a very clear reason why we do that. We have the ability to deploy our products at every point at which money changes hands inside a venue.

Speaker #2: Now, if they deploy a product—an element of the guest journey runs on our capabilities—but that also generates data. And that data, generated into our accesso intelligence platform, provides the venue with insight.

Lee Cowie: And that data generated into our accesso Intelligence platform provides the venue with insight. It gives them the ability to learn more about what customers are doing, why they are doing it. Coupling that with external data allows venues to put that information in context and make assessments about what might be happening in the future, such as predicting attendance or understanding what demographics may or may not be visiting a venue, and then understanding why that is and what they might be able to do about it. It creates capabilities to allow venues to be much more targeted in their marketing. Of course, the more products a venue takes from us, the more data is generated, the more we feed into the intelligence platform, which only serves to improve the intelligence. It improves the accuracy of forecasting.

Speaker #2: It gives them the ability to learn more about what customers are doing and why they're doing it. Coupling that with external data allows venues to put that information in context and make assessments about what might be happening in the future—such as predicting attendance or understanding what demographics may or may not be visiting a venue. Then, they can understand why that is and what they might be able to do about it.

Speaker #2: So it creates capabilities to allow venues to be much more targeted in their marketing. Now, of course, the more products a venue takes from us, the more data is generated, the more we feed into the intelligence platform, which only serves to improve the intelligence. It improves the accuracy of forecasting, it improves their understanding of what's going on in a venue—not just in the web journey, but also inside the journey, and then perhaps in follow-up through reach-out and CRM.

Lee Cowie: It improves their understanding of what is going on in a venue, not just in the web journey, but also inside the journey, and then perhaps in follow-up through reach out in the CRM. That sharper intelligence, of course, drives better outcomes for a venue, which allows them to improve their own revenue to attract more guests, to be more effective at yield, to set better pricing, which would further encourage them to adopt more products from accesso. Of course, with the way in which we price our products, the more a venue sells, the more we make. So we end up generating this really powerful revenue flywheel that genuinely creates a win-win capability for both venue and ourselves. Our ecosystem runs very deep, which we talk about in the next slide.

Speaker #2: And that sharper intelligence, of course, drives better outcomes for a venue, which allows them to improve their own revenue, attract more guests, and be more effective at yield.

Speaker #2: To set better pricing, which would further encourage them to adopt more products from accesso. And of course, with the way in which we price our products, the more a venue sells, the more we make.

Speaker #2: So we end up generating this really powerful revenue flywheel that genuinely creates a win-win capability for both the venue and ourselves. And our ecosystem runs very deep, which we'll talk about on the next slide.

Speaker #2: We have deep capabilities across those four pillars that I talked about in guest experience, mobile app, and virtual queueing, which we are seeing continued interest in.

Lee Cowie: We have deep capabilities across those four pillars that I talked about in guest experience, mobile app, virtual queuing, which we are seeing continued interest in. We have got some very interesting conversations underway with very large operators to expand our virtual queuing offering. So despite having some difficult news last year, the picture this year is very different, and we are seeing continued interest in the virtual queuing offering. In commerce, of course, you will know us for ticketing, but we also do point of sale. We now handle payments through Adyen, and we can distribute tickets to any OTA, so we can allow a venue to be present in any sales channel. One of the things we are seeing is a fragmentation of sales channels across online travel agents, across agentic commerce, across booking portals.

Speaker #2: We have got some very interesting conversations underway with very large operators to expand our virtual queueing offering. So, despite having some difficult news last year, the picture this year is very different.

Speaker #2: And we're seeing continued interest in the virtual queueing offering. In commerce, of course, you'll know us for ticketing, but we also do points of sale.

Speaker #2: We now handle payments through Adyen, and we can distribute tickets to any OTA. So we can allow a venue to be present in any sales channel.

Speaker #2: And one of the things we are seeing is a fragmentation of sales channels across online travel agents, across agentic commerce, across booking portals. But we have the capabilities to ensure our venues remain relevant wherever somebody is buying.

Lee Cowie: But we have the capabilities to ensure our venues remain relevant wherever somebody is buying. Then, of course, we have got the intelligence and the capability platforms, the AI agentic-powered platform that we have in the form of accesso Intelligence, and all backed by our deep and global capabilities to provide a level of service that our competitors are unable to achieve. Let me talk a little bit now about what we have been doing within H1 off the back of that ecosystem strategy that we are now pursuing. I just want to dive in a little bit more detail on two signature components of that strategy that really brought it all together and enabled us to talk about ourselves in a different way. The first being the intelligence platform.

Speaker #2: And then, of course, we've got the intelligence and the capability platforms—the AI agentic-powered platform that we have in the form of accesso Intelligence.

Speaker #2: And all backed by our deep and global capabilities to provide a level of service that our competitors are unable to achieve. Let me talk a little bit now about what we've been doing within H1, off the back of that ecosystem strategy that we're now pursuing.

Speaker #2: And I just want to dive in, in a little bit more detail, on two signature components of that strategy that really brought it all together and enabled us to talk about ourselves in a different way.

Speaker #2: The first being the intelligence platform. I'm very proud of the capability we have here, but I'm even more proud of the way in which our organization has integrated this and brought them in.

Lee Cowie: I am very proud of the capability we have here, but I am even more proud of the way in which our organization has integrated this and brought them in. In the space of just a few months, we have completed an acquisition. We have integrated the team into our organizational structure. Angie, who was leading that team as Xhibit, now is our Chief Data and Intelligence Officer, reporting into me. We have also scaled the team. So we have recruited and improved their capabilities. We have embedded them in the commercial proposition, and we are actively selling it. We are going out to market and generating an awful lot of interest with this capability. Five we have already converted, but as you see there, our pipeline is substantial and long. It is genuinely a conversation opener.

Speaker #2: In the space of just a few months, we've completed an acquisition. We have integrated the team into our organizational structure. Angie, who was leading that team as the exhibit, now is our Chief Data and Intelligence Author, reporting in to me.

Speaker #2: And we've also scaled the team, so we've recruited and improved their capabilities. We've embedded them in the commercial proposition, and we are actively selling it.

Speaker #2: And we're going out to market and generating an awful lot of interest for this capability. Five, we've already converted. But as you see there, our pipeline is substantial.

Speaker #2: And long. And it is genuinely a conversation opener. It is genuinely, as I showed you within that flywheel, a capability that allows the rest of our ecosystem to make sense.

Lee Cowie: It is genuinely, as I showed you within that flywheel, a capability that allows the rest of our ecosystem to make sense. Because of that, we are very excited about the opportunity we have ahead of us for this, and we are very excited about it being the capstone on our strategy that gives us something very relevant to talk to venues about, particularly in the AI era. The next area that we have been focusing on, again, this has been a rapid evolution and rapid deployment. We signed a contract with Adyen in about March this year. We have onboarded the capabilities, we have onboarded the technology, we have made it live, we have onboarded our first customer. So we are up and running with that, and we have been prospecting well across our existing customer estate.

Speaker #2: And because of that, we are very excited about the opportunity we have ahead of us for this. And we're very excited about it being the capstone on our strategy that gives us something very relevant to talk to venues about, particularly in the AI era.

Speaker #2: The next area that we've been focusing on—again, this has been a rapid evolution and rapid deployment—is that we signed a contract with Adyen in about March this year.

Speaker #2: We have onboarded the capabilities. We've onboarded the technology. We've made it live. We've onboarded our first customer. And so, we are up and running with that.

Speaker #2: And we have been prospecting well across our existing customer estate. We have 13 customers already signed and on board, and we have many, many more in the pipeline that we have active conversations with.

Lee Cowie: We have 13 customers already signed and on board, and we have many more in the pipeline that we have active conversations with. This provides us with largely untapped revenue opportunity. We think about us being deployed across 1,100 venues with 600 customers. We have an opportunity to have a conversation with the majority of them. We will make money from that in the form of improved margin on payments. We will also simplify our pricing structure to our customers because we can now approach them with one single price that includes embedded margin from the payments capability we have. It simplifies the number of vendors they need to manage, but also simplifies our commercial offering. So if we make money on every transaction, it becomes a very simple conversation to say, "Well, we have already agreed a price with you.

Speaker #2: And this provides us with a largely untapped revenue opportunity. We think about us being deployed across 1,100 venues and 600 customers. We have an opportunity to have a conversation with the majority of them.

Speaker #2: And we will make money from that in the form of improved margin on payments. But we will also simplify our pricing structure to our customers, because we can now approach them with one single price that includes embedded margin from the payments capability we have.

Speaker #2: It simplifies the number of vendors they need to manage, but also simplifies our commercial offering. So, if we make money on every transaction, it becomes a very simple conversation to say, well, we've already agreed a price with you.

Speaker #2: We just need to enable capabilities, and we will further monetize those additional transactions that are flowing through things like F&B, retail, or our queuing platform.

Lee Cowie: We just need to enable capabilities." We will further monetize those additional transactions that are flowing through things like F&B or retail or our queuing platform. This really does simplify our whole proposition. So again, I am very pleased with the progress we have made on bringing that on board, adopting it, making it live, and onboarding existing customers. There is much more to come there through the rest of the year. The other piece I would like to talk about, I referenced it a little bit at the beginning, is our investment in AI.

Speaker #2: And this really does simplify our whole proposition. So, again, I'm very pleased with the progress we've made on bringing that on board, adopting it, making it live, and onboarding existing customers.

Speaker #2: And there's much more to come there, through the rest of the year. The other piece I'd like to talk about, I referenced it a little bit at the beginning, is our investment in AI.

Speaker #2: So, not only are we investing in the platform to deliver AI capabilities to our customers, we are investing in our own agentic capability—in engineering, in products, in operations, in finance, in HR. We have a belief that AI will impact every knowledge worker over the next 18 months.

Lee Cowie: Not only are we investing in the platform to deliver AI capabilities to our customers, we are investing in our own agentic capability in engineering, in product, in operations, in finance, in HR. We have a belief that AI will impact every knowledge worker over the next 18 months, and we have leaned hard into that with investments to back it. We are seeing material benefit. Some of the capabilities that we had previously scheduled to deliver next year, we have actually been able to deliver this year. As we continue to learn and grow, and increase our ambition on agentic capabilities, we will progressively see that improve. I am very excited about the prospect for us becoming one of the first AI-first companies in our sector.

Speaker #2: And we've leaned hard into that, with investment to back it. We are seeing material benefit. Some of the capabilities that we had previously scheduled to deliver next year, we've actually been able to deliver this year.

Speaker #2: And as we continue to learn and grow, and increase our ambition on agentic capabilities, we will progressively see that improve. I'm very excited about the prospect of us becoming one of the first AI-first companies in our sector.

Speaker #2: So, before I hand over to Matt to do the financial review, I just want to provide you with a recap of what I've been up to in my first 90 days here as CEO.

Lee Cowie: Before I hand over to Matt to do the financial review, I just want to provide you with a recap of what I have been up to in my first 90 days here as CEO. We have worked hard to simplify our proposition so that we avoid the confusion of multiple product logos, that we talk about where we enable an attraction through an ecosystem. We have simplified that as well in pricing, so that we do not talk about multi pages of pricing lists, we talk about one price. We have onboarded, we have enabled, we have grown our intelligence team, our capability. We have onboarded, we have launched, and we have set live our first customer on payments, and we continually increase our operational readiness through a new leadership structure, a new leadership team, and new capabilities that we are building internally. In the months ahead, we will continue to refine the strategy that I have outlined here.

Speaker #2: We've worked hard to simplify our proposition so that we avoid the confusion of multiple product logos that we talk about, where we enable an attraction through an ecosystem.

Speaker #2: We've simplified that as well in pricing, so that we don't talk about multi-page pricing lists. We talk about one price. We've onboarded. We've enabled.

Speaker #2: We've grown. Our intelligence team, our capability—we've onboarded, we've launched, and we've set live our first customer on payments. We continually increase our operational readiness through a new leadership structure, a new leadership team, and new capabilities that we're building internally.

Lee Cowie: We have onboarded, we have launched, and we have set live our first customer on payments, and we continually increase our operational readiness through a new leadership structure, a new leadership team, and new capabilities that we are building internally. In the months ahead, we will continue to refine the strategy that I have outlined here. We will provide you with more detail at the end of the year. Our focus is on pipeline conversion. We have a material improvement in our pipeline, and we will be focusing hard on converting that. We have go-lives on payments, on intelligence, on new logo wins, that will be coming soon.

Speaker #2: In the months ahead, we'll continue to refine the strategy that I've outlined here. We'll provide you with more detail at the end of the year.

Lee Cowie: We will provide you with more detail at the end of the year. Our focus is on pipeline conversion. We have a material improvement in our pipeline, and we will be focusing hard on converting that. We have go-lives on payments, on intelligence, on new logo wins, that will be coming soon. We will be working to sell into our existing base, the broader ecosystem, which currently has less penetration than I think we deserve. I think having a more simple pricing, a clear view of how we better help an attraction will help us increase the amount of cross-sells into our existing customer base. You can see that from some of the stats at the bottom, the H1, 17 new venues won, a material increase in the number of those venues taking multi-product from us.

Speaker #2: But our focus is on pipeline conversion. We have a material improvement in our pipeline, and we'll be focusing hard on converting that. We have go-lives on payments, on intelligence, and on new logo wins.

Speaker #2: That will be coming soon, and we'll be working to sell into our existing base the broader ecosystem, which currently has less penetration than I think we deserve.

Lee Cowie: We will be working to sell into our existing base, the broader ecosystem, which currently has less penetration than I think we deserve. I think having a more simple pricing, a clear view of how we better help an attraction will help us increase the amount of cross-sells into our existing customer base. You can see that from some of the stats at the bottom, the H1, 17 new venues won, a material increase in the number of those venues taking multi-product from us.

Speaker #2: And I think having a simpler, more straightforward pricing and a clear view of how we better help and attract will help us increase the amount of cross-sales into our existing.

Speaker #2: Customer base. And so you can see that from some of the stats at the bottom. In H1, 17 new venues, and a material increase in the number of those venues taking multi-product from us.

Speaker #2: And I think that's an early proof point that the ecosystem strategy resonates, that people are buying into it, where we see customers taking more than one product from us.

Lee Cowie: I think that is early proof point that the ecosystem strategy resonates, that people are buying into it, where we see customers taking more than one product from us, and in some cases, the entire ecosystem from us. That is a proof point that how we are positioning it and how we are talking about it is starting to resonate and work. I am going to hand over to Matt now to talk you through the financials.

Speaker #2: And in some cases, the entire ecosystem from us. That's a proof point that how we're positioning it and how we're talking about it is starting to resonate and work.

Speaker #2: So, I'm going to hand over to Matt now to talk you through the financials.

Speaker #1: Thank you, Lee. So, Lee touched on these earlier in his first few slides. I will reiterate them now and give a bit more color.

Matt Boyle: Thank you, Lee. Lee touched on these earlier in his first few slides. I will reiterate them now and give a bit more color. On the slide here, you will see the key financial highlights. Our cash EBITDA, our principal operating metric, was GBP 7.6 million for the period, which was almost 50% up on the prior period, pleasingly so. Our revenue remained flat and Lee touched on the reasons for why, and I will go into more detail on the next slide, at GBP 67.8 million. The revenue excluding the virtual queuing product was up 7.1%, so a good turnout for the period. The underlying admin costs were down 6.1% following that cost reorganization restructuring that Lee had mentioned.

Matthew Boyle: Thank you, Lee. Lee touched on these earlier in his first few slides. I will reiterate them now and give a bit more color. On the slide here, you will see the key financial highlights. Our cash EBITDA, our principal operating metric, was GBP 7.6 million for the period, which was almost 50% up on the prior period, pleasingly so. Our revenue remained flat and Lee touched on the reasons for why, and I will go into more detail on the next slide, at GBP 67.8 million. The revenue excluding the virtual queuing product was up 7.1%, so a good turnout for the period. The underlying admin costs were down 6.1% following that cost reorganization restructuring that Lee had mentioned.

Speaker #1: So on the slide here, you'll see the key financial highlights. So our cash EBITDA—so our principal operating metric—was $7.6 million for the period, which was 50%, almost 50%, up on the prior period, pleasingly.

Speaker #1: So, our revenue remained flat, and Lee touched on the reasons why. I'll go into more detail on the next slide. It was $67.8 million.

Speaker #1: The revenue, actually excluding the virtual queueing product, was up 7.1%, so a good turnout for the period. The underlying admin costs were down 6.1%, following that cost reorganization and restructuring that Lee had mentioned.

Speaker #1: And we ended the period on £7.3 million of net cash. That was after two significant capital allocation events: the tender that we completed in mid-March and the subsequent acquisition of the exhibit product at the end of that same month.

Matt Boyle: We ended the period on GBP 7.3 million of net cash, and that was after two significant capital allocation events, being the tender that we completed in mid-March, and the subsequent acquisition of the Xhibit product at the end of that same month. You can see there we returned GBP 14.5 million sterling as part of that tender, and I will touch on that in a later slide. On the right-hand side of this slide, you will see the composition of our revenue, and those of you that have followed us for a while will be familiar with this. At this point, we are about 85% repeatable revenue, and consistent period over period, you will see there. The major component of that repeatable revenue being transactionally led by a revenue share or a cent per ticket or per transaction in most cases.

Matthew Boyle: We ended the period on GBP 7.3 million of net cash, and that was after two significant capital allocation events, being the tender that we completed in mid-March, and the subsequent acquisition of the Xhibit product at the end of that same month. You can see there we returned GBP 14.5 million sterling as part of that tender, and I will touch on that in a later slide. On the right-hand side of this slide, you will see the composition of our revenue, and those of you that have followed us for a while will be familiar with this. At this point, we are about 85% repeatable revenue, and consistent period over period, you will see there. The major component of that repeatable revenue being transactionally led by a revenue share or a cent per ticket or per transaction in most cases.

Speaker #1: You can see there we returned £14.5 million sterling as part of that tender, and I'll touch on that at a later slide. On the right-hand side of this slide, you'll see the composition of our revenue, and those of you that have followed us for a while will be familiar with this.

Speaker #1: At this point, we're about 85% repeatable revenue and consistent period over period. You'll see there the major component of that repeatable revenue being transactionally led.

Speaker #1: So, a revenue share or a cents-per-ticket or per-transaction in most cases. And I'll take you through that breakdown of revenue in a bit more detail on the next slide.

Matt Boyle: I will take you through that breakdown of revenue in a bit more detail on the next slide. This slide here is showing you the full composition of our revenue, the revenue by type. At the top there, you can see the breakdown of the transactional revenue, being virtual queuing, ticketing, and distribution. You can see there the virtual queuing revenue down 50% period over period, and that is due to those two major contract changes that we had in that product that were announced earlier this year in January. Pleasingly, you can see the ticketing revenue being very robust and up 8.3% period over period. That is related to, again, one of those customers with a contractual change, and resilient per capita, and resilient dependencies throughout the portfolio that we have. The distribution product had relatively flat revenues period over period.

Matthew Boyle: I will take you through that breakdown of revenue in a bit more detail on the next slide. This slide here is showing you the full composition of our revenue, the revenue by type. At the top there, you can see the breakdown of the transactional revenue, being virtual queuing, ticketing, and distribution. You can see there the virtual queuing revenue down 50% period over period, and that is due to those two major contract changes that we had in that product that were announced earlier this year in January. Pleasingly, you can see the ticketing revenue being very robust and up 8.3% period over period. That is related to, again, one of those customers with a contractual change, and resilient per capita, and resilient dependencies throughout the portfolio that we have. The distribution product had relatively flat revenues period over period.

Speaker #1: So this slide here is showing you the full composition of our revenue—the revenue by type. At the top there, you can see the breakdown of the transactional revenue.

Speaker #1: Being virtual queueing, ticketing, and distribution. You can see there the virtual queueing revenue is down 50% period over period, and that's due to those two major contract changes that we had in that product, which were announced earlier this year in January.

Speaker #1: But pleasingly, you can see the ticketing revenue being very robust and up 8.3% period over period. That's related again to one of those customers with a contractual change, and resilient per capita and resilient attendances throughout the portfolio that we have.

Speaker #1: The distribution product had relatively flat revenues period over period. And then the other component parts of our repeatable revenue—so you see there the maintenance and support, the platform fees, and the recurring license fees.

Matt Boyle: The other component parts of our repeatable revenue, you see there the maintenance and support, the platform fees, and the recurring license fees. Again, positive momentum through the period. The maintenance and support and recurring licenses really driving that of 15.3% and 56% up respectively. That is predominantly through go lives in the Middle East on the accesso Horizon product that happened at the end of December 2025, rolling into the current period and both through the current period as well, and they progress through to H2 at this point as well. The other component part of our revenue is the non-repeatable piece that you see at the base there. We have one-time licenses and professional services. The professional services, it fluctuates period over period, depending on what projects are in flight.

Matthew Boyle: The other component parts of our repeatable revenue, you see there the maintenance and support, the platform fees, and the recurring license fees. Again, positive momentum through the period. The maintenance and support and recurring licenses really driving that of 15.3% and 56% up respectively. That is predominantly through go lives in the Middle East on the accesso Horizon product that happened at the end of December 2025, rolling into the current period and both through the current period as well, and they progress through to H2 at this point as well. The other component part of our revenue is the non-repeatable piece that you see at the base there. We have one-time licenses and professional services. The professional services, it fluctuates period over period, depending on what projects are in flight.

Speaker #1: Again, positive momentum through the period. The maintenance and support and recurring licenses really driving that at 15.3% and 56% up, respectively. That is predominantly through go-lives in the Middle East on the Horizon product that happened at the end of December '25, rolling into the current period.

Speaker #1: And both through the current period as well. And they progress through to H2 at this point as well. The other component part of our revenue is the non-repeatable piece that you see at the base there.

Speaker #1: We've got one-time licenses and professional services. The professional services fluctuate period over period, depending on what projects are in flight. So you see some movement there.

Matt Boyle: You see some movement there, but you do see a large uplift in the one-time licenses of almost 123%. Again, that is due to those Middle Eastern venues being delivered and going live in the current period. The next slide takes you through our income statement. At the top there, we have spoken to revenue, and the gross profit follows the revenue, so flat gross profit period over period, and the margin profile staying pretty consistent too at 77.8% in the current period versus 78.3% in the prior period. The key talking point on this slide is the admin expenses, that line there. At a reported level, you can see pretty consistent period over period, 51.7 versus 51.8. But the underlying admin expenses beneath that, so stripping out the share-based payments, the amortization, the exceptional costs, we fell 6.1%, really controlling and tightly controlling our costs.

Matthew Boyle: You see some movement there, but you do see a large uplift in the one-time licenses of almost 123%. Again, that is due to those Middle Eastern venues being delivered and going live in the current period. The next slide takes you through our income statement. At the top there, we have spoken to revenue, and the gross profit follows the revenue, so flat gross profit period over period, and the margin profile staying pretty consistent too at 77.8% in the current period versus 78.3% in the prior period. The key talking point on this slide is the admin expenses, that line there. At a reported level, you can see pretty consistent period over period, 51.7 versus 51.8. But the underlying admin expenses beneath that, so stripping out the share-based payments, the amortization, the exceptional costs, we fell 6.1%, really controlling and tightly controlling our costs.

Speaker #1: But you do see a large uplift in the one-time licenses, of almost 123%. And again, that is due to those Middle East venues being delivered and going live in the current period.

Speaker #1: The next slide takes you through our income statement. At the top there, we've spoken to revenue, and really, the gross profit follows the revenue.

Speaker #1: So, flat gross profit period over period, and the margin profile staying pretty consistent too, at 77.8% in the current period versus 78.3% in the prior period.

Speaker #1: Really, the key talking point on this slide is the admin expenses—that line there. And at a reported level, you can see pretty consistent period-over-period numbers: 51.7 versus 51.8.

Speaker #1: But the underlying admin expenses beneath that—so, stripping out the share-based payments, the amortization, the exceptional costs—we fell 6.1%, really controlling and tightly controlling our costs.

Speaker #1: As Lee touched on earlier, that was following adjustments that we made on January 26 this year. And we've been on a bit of a journey with our headcount.

Matt Boyle: As Lee touched on earlier, that was following adjustments that we made in January 2026 this year, and we have been on a bit of a journey with our headcount. At the end of December 2024, we were on about 680 heads. December 2025, we were about 655 heads, and we ended June at the end of this period at about 617 heads. So it is progressively making change there. That is inclusive of acquiring 10 heads from the Xhibit transaction who joined us in March. Outside of that, in the reported admin expenses, we also have about GBP 1.3 million of exceptional charges and one-time charges, primarily relating to that restructuring, but also inclusive of some acquisition and integration costs following that acquisition in March. Lastly, on this slide, you can see that the finance income and expenses have changed somewhat.

Matthew Boyle: As Lee touched on earlier, that was following adjustments that we made in January 2026 this year, and we have been on a bit of a journey with our headcount. At the end of December 2024, we were on about 680 heads. December 2025, we were about 655 heads, and we ended June at the end of this period at about 617 heads. So it is progressively making change there. That is inclusive of acquiring 10 heads from the Xhibit transaction who joined us in March. Outside of that, in the reported admin expenses, we also have about GBP 1.3 million of exceptional charges and one-time charges, primarily relating to that restructuring, but also inclusive of some acquisition and integration costs following that acquisition in March. Lastly, on this slide, you can see that the finance income and expenses have changed somewhat.

Speaker #1: So, at the end of December 24, we were at about 680 heads. December 25, we were at about 655 heads. And we ended June, at the end of this period, at about 617 heads.

Speaker #1: So it's a progressively making change there, and that is inclusive of acquiring 10 heads from the Exhibit transaction, who joined us in March. Outside of that, in the reported admin expenses, we also have about $1.3 million of exceptional charges, or one-time charges.

Speaker #1: Primarily relating to that restructuring, but also inclusive of some acquisition and integration costs following that acquisition in March. Lastly, on this slide, you can see that the finance income and expenses have changed somewhat.

Speaker #1: So, in the prior period, we had an FX gain on our finance income line. We have a U.S. dollar facility and a GBP entity, and a gain that didn't repeat in the current period.

Matt Boyle: In the prior period, we had an FX gain on our finance income line. We have a US dollar facility and a GBP entity, and that again didn't repeat in the current period. So you see a drop-off there in the finance income. We had a slight increase in the finance expense. As a result of those two capital allocation events, we were slightly more drawn on the facility throughout the period, which resulted in a 34% increase in the finance expense for the current period. Next slide is taking you through our principal operating metric. This is cash EBITDA, and the reconciliation between the operating profit and how we get to our cash EBITDA metric. You can see there, taking you through these line by line, we have spoken to the GBP 1.3 million exceptional charges and the nature of those in the year.

Matthew Boyle: In the prior period, we had an FX gain on our finance income line. We have a US dollar facility and a GBP entity, and that again didn't repeat in the current period. So you see a drop-off there in the finance income. We had a slight increase in the finance expense. As a result of those two capital allocation events, we were slightly more drawn on the facility throughout the period, which resulted in a 34% increase in the finance expense for the current period. Next slide is taking you through our principal operating metric. This is cash EBITDA, and the reconciliation between the operating profit and how we get to our cash EBITDA metric. You can see there, taking you through these line by line, we have spoken to the GBP 1.3 million exceptional charges and the nature of those in the year.

Speaker #1: So, you see a drop-off there in the finance income, and we had a slight increase in the finance expense. So as a result of those two capital allocation events, we were slightly more drawn on the facility throughout the period, which resulted in a 34% increase in the finance expense for the current period.

Speaker #1: The next slide takes you through our principal operating metric. This is cash EBITDA, and the reconciliation between operating profit and how we get to our cash EBITDA metric.

Speaker #1: So you can see there, taking you through these line by line. We've spoken to the £1.3 million exceptional charges and the nature of those in the year.

Speaker #1: Share base payments are relatively flat, period over period. And the other talking point here is the uplift in amortization. The uplift in amortization really is reflective of the fact that we made an acquisition of intellectual property back in May 2025 of OneRisk.

Matt Boyle: Share-based payments are relatively flat period over period. The only talking point here is the uplift in amortization. The uplift in amortization really is reflective of the fact that we made an acquisition of intellectual property back in May 2025 of One Risk, and also Xhibit that was acquired in March of this year. As those intangibles and intellectual property and other items are amortized, we get a slight uplift in amortization expense running through the P&L period over period. Then last slide for me is really talking through the cash flow. You can see here, running top to bottom, the key talking points are that our cash generated from operations was GBP 4.9 million for the current period, slightly lower than the GBP 7.7 million that we had in the prior comparative period.

Matthew Boyle: Share-based payments are relatively flat period over period. The only talking point here is the uplift in amortization. The uplift in amortization really is reflective of the fact that we made an acquisition of intellectual property back in May 2025 of One Risk, and also Xhibit that was acquired in March of this year. As those intangibles and intellectual property and other items are amortized, we get a slight uplift in amortization expense running through the P&L period over period. Then last slide for me is really talking through the cash flow. You can see here, running top to bottom, the key talking points are that our cash generated from operations was GBP 4.9 million for the current period, slightly lower than the GBP 7.7 million that we had in the prior comparative period.

Speaker #1: And then also the exhibit that was acquired in March of this year. And as those intangibles and intellectual property and other items are amortized, we get a slight uplift in amortization expense running through the P&L, period over period.

Speaker #1: And then the last slide for me is really talking through the cash flow. So you can see here, running top to bottom, the key talking points are that our cash generated from operations was $4.9 million for the current period.

Speaker #1: Slightly lower than the 7.7 that we had in the prior comparative period. And really, that's a working capital swing driving that, and that's purely due to timing of collections.

Matt Boyle: And really that is a working capital swing driving that, and that is purely due to timing of collections. We have a seasonal cut-off in June, seasonal peak, and it reverses in July and August. So you see that trend reversing by the end of the year. The other component parts of the cash flow that we have had in the period, you see there the acquisition of Xhibit is a GBP 5.4 million outflow. So that is the upfront consideration of GBP 7 million, with the completion mechanic adjusted and net of cash acquired. Lastly, we have the GBP 20.1 million of purchase of own shares for cancellation. So that is reflective of the tender offer, GBP 14.5 million sterling in March, and also the tail end of the buyback that concluded in January 2026.

Matthew Boyle: And really that is a working capital swing driving that, and that is purely due to timing of collections. We have a seasonal cut-off in June, seasonal peak, and it reverses in July and August. So you see that trend reversing by the end of the year. The other component parts of the cash flow that we have had in the period, you see there the acquisition of Xhibit is a GBP 5.4 million outflow. So that is the upfront consideration of GBP 7 million, with the completion mechanic adjusted and net of cash acquired. Lastly, we have the GBP 20.1 million of purchase of own shares for cancellation. So that is reflective of the tender offer, GBP 14.5 million sterling in March, and also the tail end of the buyback that concluded in January 2026.

Speaker #1: We have a seasonal cutoff in June, a seasonal peak, and it reverses in July and August. So, you see that trend reversing by the end of the year.

Speaker #1: And the other component parts of the cash flow that we've had in the period—you see there the acquisition of the exhibit—is a £5.4 million outflow.

Speaker #1: So that's the upfront consideration of £7 million, with the completion mechanic adjusted and net of cash acquired. And then lastly, we have the £20.1 million for the purchase of own shares for cancellation.

Speaker #1: So that's reflective of the tender offer—£14.5 million in March—and also the tail end of the buyback that concluded in January 2026.

Matt Boyle: And just to add more color to that, we have now canceled just shy of 20%, so 18.6% of our shares in issue since April 2025. So making a significant dent into that number. Finally, just to conclude, so we ended the period on GBP 7.3 million of net cash. That is reflective of gross cash of GBP 33.2 million and GBP 25.9 million of borrowings. You can see there we have an adjusted measure, so excluding pass-through cash, so we hold some level of cash relating to collection of cash from OTAs and distributors and passing that to venues. But the adjusted cash, excluding that number, was GBP 0.5 million of net debt versus GBP 20.3 million of net cash in the prior period. So that swing of 20-ish million really being reflective of the outflows that we had in the current period.

Matthew Boyle: And just to add more color to that, we have now canceled just shy of 20%, so 18.6% of our shares in issue since April 2025. So making a significant dent into that number. Finally, just to conclude, so we ended the period on GBP 7.3 million of net cash. That is reflective of gross cash of GBP 33.2 million and GBP 25.9 million of borrowings. You can see there we have an adjusted measure, so excluding pass-through cash, so we hold some level of cash relating to collection of cash from OTAs and distributors and passing that to venues. But the adjusted cash, excluding that number, was GBP 0.5 million of net debt versus GBP 20.3 million of net cash in the prior period. So that swing of 20-ish million really being reflective of the outflows that we had in the current period.

Speaker #1: And just to add more color to that, we've now canceled just shy of 20%, so 18.6% of our shares in issue since April 2025.

Speaker #1: So, making a significant dent into that number. And then, finally, just to conclude, we ended the period on £7.3 million of net cash.

Speaker #1: That is reflective of gross cash of $33.2 million and $25.9 million of borrowings. And you can see there we have an adjusted measure—so, excluding pass-through cash.

Speaker #1: So we hold some level of cash relating to the collection of cash from OTAs and distributors and passing that to venues. But the adjusted cash, excluding that number, was £0.5 million of net debt.

Speaker #1: Versus $20.3 million of net cash in the prior period. So that swing of roughly $20 million really reflects the outflows that we had in the current period.

Speaker #1: And then, just to finish on Leadingly, we managed to refinance the HSBC revolving credit facility that we have for a further four-year period.

Matt Boyle: And then just to finish on, pleasingly, we managed to refinance the HSBC revolving credit facility that we have for a further four-year period. So that concluded at the end of August. It originally expired in May 2027, now runs out to August 2030 on slightly more flexible terms and improved pricing, which was a great result. And with that, I will hand back to Lee to take you through the outlook for the remainder of the year.

Matthew Boyle: And then just to finish on, pleasingly, we managed to refinance the HSBC revolving credit facility that we have for a further four-year period. So that concluded at the end of August. It originally expired in May 2027, now runs out to August 2030 on slightly more flexible terms and improved pricing, which was a great result. And with that, I will hand back to Lee to take you through the outlook for the remainder of the year.

Speaker #1: So, that concluded at the end of August. It originally expired in May 2027 and now runs out to August 2030, on slightly more flexible terms and improved pricing, which was a great result.

Speaker #1: And with that, I would hand back to Lee to take you through the outlook for the remainder of the year.

Speaker #2: Thank you, Matt. So, we are holding guidance against what we have previously informed the market—at $146 million in revenue and approximately $20 million in EBITDA.

Lee Cowie: Thank you, Matt. So we are holding guidance against what we have previously informed the market at GBP 146 million revenue and approximately GBP 20 million in EBITDA. What we have seen in the early parts of H2, July and August, has been broadly in line. We of course, still have quite a tail of peak periods still to come, not least of which will be the Halloween period around October and then the early ski period at the end of the year. Within that, of course, there is still ongoing work in the Middle East with project delivery milestones still to come. We will maintain our discipline on costs throughout the rest of the year. Just touch a little bit on commercial momentum. We do have two very exciting opportunities that are close to closing. We have verbal agreement. One of them is a substantial full ecosystem deployment.

Speaker #2: What we've seen in the early parts of H2, July and August, has been broadly in line. And we, of course, still have quite a tail of peak periods still to come.

Speaker #2: Not least of which will be the Halloween period around October, and then the early ski period at the end of the year. Within that, of course, there's still ongoing work in the Middle East with project delivery milestones.

Speaker #2: Still to come, and we'll maintain our discipline on cost throughout the rest of the year. Just to touch a little bit on commercial momentum, we do have two very exciting opportunities that are close to closing.

Speaker #2: We have a verbal agreement, and one of them is a substantial full ecosystem deployment, as we talked about earlier with our new strategy. This is, again, another piece of evidence that the ecosystem strategy is landing well.

Lee Cowie: As we talked about earlier with our new strategy, this is again, another piece of evidence that the ecosystem strategy is landing well. We have had some good and positive news with queuing. It isn't retreating. In fact, we have a major North American operator talking to us and extending the rollout of that capability even further. The good news on payments, we are gaining a lot of traction. We have customers live. We are saving them money. It is making us money. We are confident about that. Then just to emphasize the validation we are looking at on the strategy, our multi-product pipeline has doubled. We have improved our focus on the cross-sell opportunity, both into our existing estate and also new prospects. The sales team and sales structure is now well incentivized around bringing to life that ecosystem vision.

Speaker #2: We've had some good and positive news with queuing—it isn't retreating. In fact, we have a major North American operator talking to us and extending the rollout of that capability even further.

Speaker #2: And the good news on payments: we are gaining a lot of traction. We have customers live. We are saving them money. It is making us money.

Speaker #2: And so, we're confident about that. And then, just to emphasize the validation we're looking at on the strategy, our multi-product pipeline has doubled. We have improved our focus on the cross-sell opportunity, both into our existing estate and also new prospects.

Lee Cowie: Then just to emphasize the validation we are looking at on the strategy, our multi-product pipeline has doubled. We have improved our focus on the cross-sell opportunity, both into our existing estate and also new prospects. The sales team and sales structure is now well incentivized around bringing to life that ecosystem vision. Thank you for listening to us today. We will look forward to providing more detail at the end of the year.

Speaker #2: And the sales team and sales structure are now well incentivized around bringing to life that ecosystem vision. So, thank you for listening to us today.

Lee Cowie: Thank you for listening to us today. We will look forward to providing more detail at the end of the year.

Speaker #2: We look forward to providing more detail at the end of the year.

Speaker #3: We will now begin the question and answer session. If you wish to ask a question, please use the Raise Hand function at the bottom of your Zoom screen.

Operator: We will now begin the question and answer session. If you wish to ask a question, please use the raise hand function at the bottom of your Zoom screen. As a reminder, participants can also submit written questions through the webcast page using the ask a question button. The first question is from Tin Stormont from Deutsche Numis. Please unmute yourself and begin with your question.

Speaker #3: As a reminder, participants can also submit written questions through the webcast page using the 'Ask a Question' button. The first question is from Tintin Stormont from Deutsche Numis.

Speaker #3: Please unmute yourself and begin with your question.

Tin Stormont: Morning, guys. I hope you can hear me okay.

Tintin Stormont: Morning, guys. I hope you can hear me okay.

Speaker #4: Morning, guys. I hope you can hear me okay. Hi. Hi, morning.

Lee Cowie: Yep.

Tin Stormont: Hi. Morning.

Tintin Stormont: Hi. Morning.

Speaker #2: Hi, Tintin.

Lee Cowie: Hi, Tin Tin.

Lee Cowie: Hi, Tintin.

Speaker #4: I have three questions, if I'm allowed. Never know when they will come back to me. So, the first one is on the outlook statement, particularly the one you talked about in terms of the two opportunities.

Tin Stormont: I have three questions if I am allowed. Never know when it will come back to me. The first one is on the outlook split statement, particularly the one you talked about in terms of the two opportunities, one of which being a full ecosystem deployment. Could you give us a bit more color in terms of geography, how long the sales cycle was, what they are currently using in terms of are they using multiple products, et cetera? That would be great. The second one is on accessoPay. I know it is early days, but can you give us a sense of what a successful take-up of accessoPay looks like in 2027, maybe in terms of gross profit? Finally, if you could give us any updates on the Merlin ticketing renewal, that would be great.

Tintin Stormont: I have three questions if I am allowed. Never know when it will come back to me. The first one is on the outlook split statement, particularly the one you talked about in terms of the two opportunities, one of which being a full ecosystem deployment. Could you give us a bit more color in terms of geography, how long the sales cycle was, what they are currently using in terms of are they using multiple products, et cetera? That would be great. The second one is on accessoPay. I know it is early days, but can you give us a sense of what a successful take-up of accessoPay looks like in 2027, maybe in terms of gross profit? Finally, if you could give us any updates on the Merlin ticketing renewal, that would be great.

Speaker #4: One of which being a full ecosystem deployment. Could you give us a bit more color in terms of geography? How long the sales cycle was?

Speaker #4: What they're currently using, in terms of are they using multiple products, et cetera, et cetera—that would be great. The second one is on accessoPay.

Speaker #4: I know it's early days, but can you give us a sense of what a successful take-up of accessoPay looks like in 2027, maybe in terms of gross profit?

Speaker #4: And then finally, if you could give us any updates on the Merlin ticketing renewal, that would be great.

Speaker #2: All right. So, first question on the multi-ecosystem customers—that's North America, the geography of that one. We've been talking to them for six to twelve months.

Lee Cowie: All right. So first question on the multi-ecosystem customers. That is North America, the geography of that one. We have been talking to them for 6 to 12 months. They are currently using a range of systems across their estate. Some we have been providing, majority we have not been providing for. But we have been talking to them about how we materially elevate and improve their business through the capabilities and the strategy that I articulated. It is a very exciting prospect for us. It is a large player, substantial presence in the US market. Really excited about that one. That is imminently due for signature. We cannot name them yet, but we will, when we have signed it, be able to make some more PR statements, and then focus will be on onboarding them and getting them up and running as quickly as we can.

Speaker #2: They are currently using a range of systems across their estate. Some we have been providing, the majority we haven't been providing for. But we've talked to them about how we can materially elevate and improve their business through the capabilities and the strategy that I articulated.

Speaker #2: And it's a very exciting prospect for us. These are—it's a large player, substantial presence in the U.S. market. And really excited about that one.

Lee Cowie: It is a very exciting prospect for us. It is a large player, substantial presence in the US market. Really excited about that one. That is imminently due for signature. We cannot name them yet, but we will, when we have signed it, be able to make some more PR statements, and then focus will be on onboarding them and getting them up and running as quickly as we can. Your second question, I think, was on-

Speaker #2: That's imminently due for signature, so we can't name them yet. But when we have signed it, we'll be able to make some more PR statements.

Speaker #2: And then, the focus will be on onboarding them and getting them up and running as quickly as we can. Your second question, I think, was on—

Lee Cowie: Your second question, I think, was on-

Speaker #4: Accessopay.

Tin Stormont: accessoPay. Yeah.

Tintin Stormont: accessoPay. Yeah.

Speaker #2: Payments and what AccessoPay is, and what success looks like. So, just in terms of scale, with those 13 customers that we have signed and contracted and that are onboarding, one of them is live.

Lee Cowie: payments and what accessoPay and what success looks like. With those, just in terms of scale, with those 13 customers that we have signed and contracted and are onboarding, one of them is live, the rest will onboard shortly. That is total processing volume of about GBP 50 million, in terms of the amount of payments that are going through the platform. We take a margin on that. The margin varies depending on the size and shape of the deal. I think it's between 40 and 100 basis points, I think across that. We see line of sight to that GBP 50 million becoming about GBP 300 million in relatively short order into next year. We believe that our total TAM, if you like, for payments is in the billions. Low GBP 1 billion in terms of total processing volume. But I think we can push through that.

Lee Cowie: accessoPay and what success looks like. With those, just in terms of scale, with those 13 customers that we have signed and contracted and are onboarding, one of them is live, the rest will onboard shortly. That is total processing volume of about GBP 50 million, in terms of the amount of payments that are going through the platform. We take a margin on that. The margin varies depending on the size and shape of the deal. I think it's between 40 and 100 basis points, I think across that. We see line of sight to that GBP 50 million becoming about GBP 300 million in relatively short order into next year. We believe that our total TAM, if you like, for payments is in the billions. Low GBP 1 billion in terms of total processing volume. But I think we can push through that.

Speaker #2: The rest will onboard shortly. That is a total processing volume of about $50 million in terms of the amount of payments that are going through the platform, and we take a margin on that.

Speaker #2: The margin varies depending on the size and shape of the deal. I think it's between 40 and 100 basis points, I think, across that.

Speaker #2: We see line of sight to that $50 million becoming about $300 million in relatively short order, into next year. And we believe that our total TAM, if you like, for payments is in the billions.

Speaker #2: Low $1 billion in terms of total processing volume that I think we can push through that. So, we see quite a long runway on that.

Lee Cowie: We see quite a long runway on that. The amount of margin we're able to take will depend on the scale and size of the deal and also what they are currently processing. But as you might imagine, that looks material for us, and we're certainly going to be pressing that very hard. Your last question was on Merlin. We continue to enjoy a very healthy and positive relationship with Merlin. We are actively talking to them at a very regular interval. We have teams embedded with them and actively working alongside them. We are continuing to talk to them. At this stage, that's all I can really comment on. But the relationship is strong, and we are a very important part of their business, and the conversations are constructive and healthy.

Speaker #2: The amount of margin we're able to take will depend on the scale and size of the deal, and also what they are currently processing.

Speaker #2: But, as you might imagine, that looks material for us, and we're certainly going to be pressing that very hard. And then your last question was on Merlin.

Speaker #2: We continue to enjoy a very healthy and positive relationship with Merlin. We are actively talking to them at very regular intervals. We have teams embedded with them and actively working alongside them.

Speaker #2: We are continuing to talk to them, and at this stage, that's all I can really comment on. But the relationship is strong, and we are a very important part of their business. The conversations are constructive and healthy.

Speaker #4: Sorry, very greedy, but this is a very quick follow-up. Just on that new one that's been verbally agreed—could I assume that that also includes payments?

Tin Stormont: Sorry, very greedy, but just very quick follow-up. Just on that new, the one that has been verbally agreed, could I assume that that also includes payments?

Tintin Stormont: Sorry, very greedy, but just very quick follow-up. Just on that new, the one that has been verbally agreed, could I assume that that also includes payments?

Speaker #2: We are discussing payments with them, yes. That is one of the key components of our ecosystem, and it's the thing that kind of unifies the ecosystem.

Lee Cowie: We are discussing payments with them, yes. That is one of the key components of our ecosystem, and it is the thing that kind of unifies the ecosystem.

Tin Stormont: Yeah.

Tintin Stormont: Yeah.

Speaker #2: And yes, payments is very much on the table with them.

Lee Cowie: Yes, we are. Payments is very much on the table with them.

Speaker #4: Great. Thank you so much.

Tin Stormont: Great. Thank you so much.

Tintin Stormont: Great. Thank you so much.

Speaker #2: Thank you, Tintin.

Lee Cowie: Thank you, Tin-Tin.

Lee Cowie: Thank you, Tintin.

Speaker #3: The next question is from Katie Cousins at Shore Capital. Please unmute yourself and begin with your question.

Operator: The next question is from Katie Cousins at Shore Capital. Please unmute yourself and begin with your question.

Speaker #4: Thanks. One of both—just a couple from me, please. Thinking about what you mentioned in the statement about how AI has actually left and some of the customer decision cycles.

Katie Cousins: Thanks. Morning, both. Just a couple from me, please. Thinking about, you mentioned in the statement about how AI has actually lengthened some of the customer decision cycles, just any thoughts around that. Is it actually now because some of the discussions are becoming bigger and now you have this proposition of the ecosystem to discuss with them than previously? Also tied into that, just customer health. Obviously, it is a tough macro backdrop, some of these venues are suffering from high cost pressures, and they can be quite capital-heavy. So actually, is that favorable to you guys because they are more open for perhaps a more price-savvy contract? Or is actually that also working into some of the sales decisions and perhaps discussions that they are trying to navigate between? Then I will ask another one on SSFP after that, if that is all right.

Speaker #4: And just kind of any thoughts around that? Is it actually now because some of the discussions have become bigger, and now you've got this proposition of the ecosystem to discuss with them than previously?

Speaker #4: And then also tied into that, just customer health—obviously, it's a tough macro backdrop, and some of these venues are suffering from high cost pressures, and they can be quite capital-heavy.

Speaker #4: So actually, is that favorable to you guys because they are more open to perhaps a more price-savvy contract? Or is that also working into some of the sales decisions, and perhaps discussions, that they're trying to navigate between?

Speaker #4: And then I'll ask another one on accesso Pay after that, if that's all right.

Speaker #2: Yeah, okay. So let's start with AI first. I mean, I think the kind of press coverage of AI has just kind of given everybody pause for thought.

Lee Cowie: Yeah. Okay. Let us start with AI first. I think the kind of press coverage of AI has just kind of given everybody pause for thought. It swings between AI is going to change everything and everything we have assumed to be true is now no longer true, to more recently, AI is going to take over the world and we are all doomed. I think that kind of commentary is just giving venues pause for thought. They are thinking, "Are the assumptions I have made around what tech means for my attraction still valid into the future?" I think they are just taking a little bit more time. The other thing to bear in mind, as I said in the presentation, is that for the majority of our customer base, they do not have access to a deep technology capability.

Speaker #2: I mean, it swings between, “AI is going to change everything and everything we've assumed to be true is now no longer true,” to a more recent, “AI is going to take over the world and we're all doomed.”

Speaker #2: I think that kind of commentary is just giving venues pause for thought. They're thinking, "Are the assumptions I've made around what tech means for my attraction still valid into the future?"

Speaker #2: And I think they're just taking a little bit more time. The other thing to bear in mind, as I said in the presentation, is that for the majority of our customer base, they don't have access to a deep technology capability.

Speaker #2: So they don't have the skills in-house to be able to make an adequate assessment of what AI means for their business. And so they turn to us and they engage us in conversations.

Lee Cowie: They do not have the skills in-house to be able to make an adequate assessment of what AI means for their business. They turn to us, and they engage us in conversations, and those conversations at a really strategic level. It is not just about do I purchase software, it is about help me understand how AI is going to materially change my business. Those conversations naturally need to take more time. The benefit, of course, that we do have is that we have been thinking about this for a long time. In the form of the accesso Intelligence platform, we have very easy, demonstrable capabilities that articulate to them, and actually, we can demonstrate to them how AI can materially improve their business. We are embedding AI capabilities into all of our products as well. We are well-positioned for those conversations.

Speaker #2: And those conversations are at a really strategic level. It isn't just about, 'Do I purchase software?' It's about, 'Help me understand how AI is going to materially change my business.'

Speaker #2: And those conversations naturally need to take more time. The benefit, of course, that we do have is that we have been thinking about this for a long time.

Speaker #2: And in the form of the intelligence platform, we have very easily demonstrable capabilities that articulate to them, and actually, we can demonstrate to them how AI can materially improve their business.

Speaker #2: And we're embedding AI capabilities into all of our products as well, so we're well-positioned for those conversations. It just means that they take a little bit longer.

Lee Cowie: It just means that they take a little bit longer. We are not in your traditional, we need a new ticketing system. I am now talking to them about you actually need a new strategy, and we are the answer to that strategy because of the capabilities that we can bring to bear. They are all really good conversations, and the interesting thing about them is that it elevates us in the organization. Whereas previously ticketing decisions may have been an operational decision, we are now having conversations at boardroom level, which of course, is where we have most opportunity to shine. Net, it is positive for us. All these conversations are positive. Katie, sorry, I have forgotten what your second question was.

Speaker #2: It's not, 'We're not in your traditional, we need a new ticketing system,' and then talk to them about, 'You actually need a new strategy.'

Speaker #2: And we are the answer to that strategy because of the capabilities that we can bring to bear. So they're all really good conversations, and the interesting thing about them is that it elevates us in the organization.

Speaker #2: So, whereas previously ticketing decisions may have been an operational decision, we're now having conversations at the boardroom level, which, of course, is where we have the most opportunity to shine.

Speaker #2: So net, it's positive for us. All these conversations are positive. Katie, sorry, I've forgotten what your second question was.

Speaker #4: Yeah, I mean, it kind of ties in. It's just about how venues are perhaps suffering from increased cost pressures, given how capital-intensive they can be.

Katie Cousins: Yeah. It kind of ties in. It is just about how actually venues are perhaps suffering from increased cost pressures.

Lee Cowie: Of course. Yeah.

Katie Cousins: given how capital intensive they can be.

Lee Cowie: Yeah.

Speaker #4: So, just if that actually is hindering any of the decisions, or really, is it an opportunity because you're able to offer the new ecosystem at perhaps more competitive pricing?

Katie Cousins: Is that actually hindering any of the decisions or really is there an opportunity because you are able to offer the new ecosystem at perhaps more competitive pricing?

Lee Cowie: Absolutely. Because we can offer a comprehensive set of solutions that now under one vendor. We can offer the end-to-end capabilities, whereas previously they would have had to strike up conversations with multiple vendors. We of course, can provide scale economies into that. I think the most interesting story we have for venues there is the payments capability, and the wholesale pricing that we are able to bring to venues that would have had no way of accessing that pricing. Some of the conversations we are having with moderately scaled venues when we talk about the pricing and the compelling price that we can put in front of them, it saves them substantial amounts of money because we are able to provide wholesale pricing on payments, whereas previously they would have had to negotiate on their own. In some cases, that is a very substantial number.

Speaker #2: Absolutely. I mean, because we can offer a comprehensive set of solutions that now, under one vendor, we can offer end-to-end capabilities, whereas previously they would have had to strike up conversations with multiple vendors.

Speaker #2: We, of course, can provide scale economies into that. But I think the most interesting story we have for venues there is the payments capability.

Speaker #2: And the wholesale pricing that we are able to bring to venues that would have had no way of accessing that pricing—and some of the conversations we're having with moderately scaled venues—when we talk about the pricing and the compelling price that we can put in front of them, it saves them substantial amounts of money because we're able to provide wholesale pricing on payments, whereas previously they would have had to negotiate on their own.

Lee Cowie: Some of the conversations we are having with moderately scaled venues when we talk about the pricing and the compelling price that we can put in front of them, it saves them substantial amounts of money because we are able to provide wholesale pricing on payments, whereas previously they would have had to negotiate on their own. In some cases, that is a very substantial number. We are able to show up wherever they have got price pressure, and of course, the more they take from us, the better our price can become. We are very well positioned for that.

Speaker #2: And in some cases, that is a very, very substantial number. So we are able to show up wherever they've got price pressure. And of course, the more they take from us, the better our price can become.

Lee Cowie: We are able to show up wherever they have got price pressure, and of course, the more they take from us, the better our price can become. We are very well positioned for that.

Speaker #2: So, we're very well positioned for that.

Speaker #4: Got it, thank you. And then just on Accesso Pay—in order to reach, you talked about the $300 million and perhaps larger, going forward, on payments.

Katie Cousins: Got it. Thank you. Just on the SSFP, in order to reach, you talked about the 300 million, and perhaps larger going forward, on payments. Do you need any additional infrastructure or investment in order for that, or could that be quite a healthy drop through?

Speaker #4: Do you need any additional infrastructure or investment in order for that, or could that be quite a healthy drop?

Speaker #2: We do not need any additional infrastructure for that. The platform has stood up. We have scaled the team a little bit, but we see that that team has been able to cover certainly the near-term growth that we can see.

Lee Cowie: We do not need any additional infrastructure for that. The platform is stood up. We have scaled the team a little bit, but we see that team being able to cover certainly the near-term growth that we can see. We will review that as we continue our success there, but I am not anticipating that that will be a substantial cost item for us.

Speaker #2: We'll review that as we continue our success there, but I'm not anticipating that that will be a substantial cost item for us.

Speaker #4: Got it. Thank you.

Katie Cousins: Got it. Thank you.

Speaker #2: Thank you, Katie.

Lee Cowie: Thank you, Katie.

Speaker #1: The next question is from John Byrne at Berenberg. Please unmute yourself and begin with your question.

Operator: The next question is from Jon Byrne at Berenberg. Please unmute yourself and begin with your question.

Speaker #3: Hi, good morning. I have three questions, if I may—perhaps we can take them one at a time. Firstly, I just wanted to break down that ticketing growth number a little bit more.

Jon Byrne: Hi, good morning. Three questions from me, if I may. Maybe take them in turn. Firstly, I just wanted to break down that ticketing growth number a little bit more. Obviously, you have seen some good momentum from new wins over recent years. Then you mentioned that growth this H1 is attributable to better pricing terms. Just trying to think about what contribution you expect from new wins to be this year or going forward. How should we think about that contributing to the growth number?

Speaker #3: So, obviously, you've seen some good momentum from new wins over recent years, and then you mentioned that growth this half is attributable to better pricing terms.

Speaker #3: Just trying to think about what contribution you expect from new wins to be this year or going forward. How should we think about that sort of contributing to the growth number?

Speaker #2: Matt, can I give that one to you?

Lee Cowie: Matt, can I give that one to you?

Speaker #5: Yeah, sure. Sorry, John. Hi, John. You're right. So the ticketing uplift number that we've got in there is 8.3% on the single line and 8.6% on the segment.

Matt Boyle: Yeah, sure. John, hi John. You are right. The ticketing uplift number that we have got in there, 8.3% on the single line and 8.6% on the segment. A lot of that is being driven certainly in the H1 by revised pricing at a major customer alongside both relatively flat or robust attendances and then growth at new venues being the other component part. I would expect for the current period, majority is coming from revised pricing, but on a go forward basis, we would expect growth to be coming from new logos and cross-sell that Lee has spoken to. We are seeing traction certainly in the last few months on it, as we have indicated on the commercial momentum. Expect a positive trajectory on growth on that ticketing line for sure over the next few years, certainly in 2027.

Matthew Boyle: Yeah, sure. John, hi John. You are right. The ticketing uplift number that we have got in there, 8.3% on the single line and 8.6% on the segment. A lot of that is being driven certainly in the H1 by revised pricing at a major customer alongside both relatively flat or robust attendances and then growth at new venues being the other component part. I would expect for the current period, majority is coming from revised pricing, but on a go forward basis, we would expect growth to be coming from new logos and cross-sell that Lee has spoken to. We are seeing traction certainly in the last few months on it, as we have indicated on the commercial momentum. Expect a positive trajectory on growth on that ticketing line for sure over the next few years, certainly in 2027.

Speaker #5: A lot of that is being driven, certainly in the first half, by revised pricing at a major customer, alongside both relatively flat or robust attendances and then growth at new venues.

Speaker #5: Being the other component part. So, I would expect that with the current period, the majority is coming from revised pricing, but on a go-forward basis, we'd expect growth to be coming from new logos and cross-sell that Leah had spoken to.

Speaker #5: We, it will really be what—we're seeing traction, certainly in the last few months, on that as we've indicated on the commercial momentum. So I expect a positive trajectory on growth on that ticketing line, for sure, over the next few years.

Speaker #5: Certainly in 2027.

Speaker #3: Okay, great. And then that kind of relates to my second question, which is, I guess, assumptions for growth going forward. I mean, are you factoring or basing sort of your growth expectations on more footfall and spend per customer?

Jon Byrne: Okay, great. That kind of relates to my second question, which is, I guess, assumptions for growth going forward. Are you factoring or basing your growth expectations on more footfall and spend per customer, or is most of that top line growth you expect to come from new logos and cross-sell with footfall growth being an upside?

Speaker #3: Or is most of that top-line growth you expect to come from new logos and cross-sell, with footfall growth being a sort of upside?

Speaker #5: It's a bit of a mix, to be honest. So, most of our business—as you see in the composition—is transactionally led. So, the inflation comes through as ticket prices increase; we get a natural increase in revenue.

Matt Boyle: It is a bit of a mix, to be honest. Most of our businesses, you see it in the composition, transactionally led. The inflation comes through, our ticket prices increase, we get a natural increase in revenue, even while attendance stay relatively flat. There is yield management in that. We would get some level of uplift there, either inflationary or just beneath. Then growth there above that comes from new wins, new logos, both cross-sell and existing. We would expect the growth rate of that plus an extra sort of inflation plus.

Matthew Boyle: It is a bit of a mix, to be honest. Most of our businesses, you see it in the composition, transactionally led. The inflation comes through, our ticket prices increase, we get a natural increase in revenue, even while attendance stay relatively flat. There is yield management in that. We would get some level of uplift there, either inflationary or just beneath. Then growth there above that comes from new wins, new logos, both cross-sell and existing. We would expect the growth rate of that plus an extra sort of inflation plus.

Speaker #5: Even while attendance is staying relatively flat. So, there is yield management in that. So we would get some level of uplift there, either inflationary or just beneath.

Speaker #5: And then growth there above that comes from new wins, new logos, both cross-sell and existing. So I would expect a growth rate of that plus an extra sort of inflation, plus.

Speaker #3: Yeah, yeah, okay, great. And then just the final one is, we talk about the multi-products and cross-sell. I mean, I guess, can you give us an indication of where your cross-sell conversion is relative to the opportunity?

Jon Byrne: Yeah. Okay, great. Just final one is, when you talk about the multi-products and cross-sell, I guess, can you give us an indication of where your cross-sell conversion is relative to the opportunity? Just how much is expected to contribute to that growth? Is it kind of a couple of percent or how material is the cross-sell conversion at the moment?

Speaker #3: I mean, just how much is it expected to contribute to that growth? Is it a couple of percent, or how material is the cross-sell conversion at the moment?

Matt Boyle: It is not huge actually, to be honest, Jon, at the moment, which is where we see the opportunity.

Matthew Boyle: It is not huge actually, to be honest, Jon, at the moment, which is where we see the opportunity.

Speaker #5: So to be it's not huge, actually, to be honest, John, at the moment, which is where we see the opportunity. So we haven't necessarily had the levers and they touched on it to be able to really pointedly cross-sell into our base.

Jon Byrne: Okay.

Matt Boyle: We haven't necessarily had the levers, and Lee touched on it, to be able to really pointedly cross-sell into our base. Whilst we've had the products themselves, they are really big or typically have been sold as somewhat standalone solutions to a customer with separate operation teams, separate price points, separate contracts, separate UI interfaces to some extent. We are solving for those problems, but the problem solved in part by having a unified payments layer that sits across all products, and the same for a unified intelligence layer. So being able to offer those is really helping our cross-sell. But in terms of where we see growth coming from, it's probably a 50-50 split, if not slightly higher weight in terms of cross-sell opportunity. But think of it 50-50 in terms of cross-sell and new logo growth going forward.

Matthew Boyle: We haven't necessarily had the levers, and Lee touched on it, to be able to really pointedly cross-sell into our base. Whilst we've had the products themselves, they are really big or typically have been sold as somewhat standalone solutions to a customer with separate operation teams, separate price points, separate contracts, separate UI interfaces to some extent. We are solving for those problems, but the problem solved in part by having a unified payments layer that sits across all products, and the same for a unified intelligence layer. So being able to offer those is really helping our cross-sell. But in terms of where we see growth coming from, it's probably a 50-50 split, if not slightly higher weight in terms of cross-sell opportunity. But think of it 50-50 in terms of cross-sell and new logo growth going forward.

Speaker #5: While we've had the products themselves, they are really big or typically have been sold as somewhat standalone solutions to a customer, with separate operational teams, separate price points, and separate contracts.

Speaker #5: UI interfaces to some extent, so we are solving for those problems. But the problem is solved in part by having a unified payments look-at there that sits across all products.

Speaker #5: And the same for a unified intelligence layer. So being able to offer those is really helping our cross-sell. But in terms of where we see growth coming from, it's probably a 50/50 split, if not a slightly higher weight in terms of cross-sell opportunity.

Speaker #5: But think of it as 50/50 in terms of cross-sell and growth, and new logo growth going forward.

Speaker #3: Great. That's really helpful. Thanks, Phil.

Jon Byrne: Okay. That's really helpful. Thanks, all.

Speaker #2: Thanks, John.

Lee Cowie: Thanks, Jon.

Speaker #1: The next question is from Oliver Tipping at Pale Hunt. Please unmute yourself and begin with your question.

Operator: The next question is from Oliver Tipping at Peel Hunt. Please unmute yourself and begin with your question.

Speaker #6: Hey, guys. Yeah, I just want to check on—I know you mentioned earlier that the Middle East was sort of relatively unaffected by the war, and they're seeing good attendances there.

Oliver Tipping: Hey guys. I just wanted to check on, I know you mentioned earlier that the Middle East was relatively unaffected by the war, and they are seeing good attendances there. In terms of the milestones for key contracts, are you guys comfortable with how those timelines are playing out, or is there any risk at all of slippage of milestones from this year into next year?

Speaker #6: In terms of the milestones for key contracts, are you guys comfortable with how those timelines are playing out, or is there any risk at all of slippage of milestones from this year, and say, into next year?

Speaker #5: Yeah. I can cover that. The so taking on the journey of that. So we had, I think, when we came back out with the market update in July, we had about 1.8 million expected of revenue from Saudi from there through the end of the year.

Matt Boyle: Yeah, I can cover that. To take you on the journey of that, we had, I think when we came back out with a market update in July, we had about 1.8 million expected of revenue from Saudi from there through the end of the year, and we are now expecting 1.3 million. The majority of that, so two venues, the Middle East and the Middle East, this is Saudi Arabia, have decided to push into 2027. So there has been slippage on it already. We do not expect a huge amount of slippage on a go-forward basis. So we have 1.3 million to recognize for the rest of the year. So that is baked into that GBP 146 million of guidance across the Middle East in general. So Saudi plus wider Middle Eastern customers. That is pretty evenly proportioned through the rest of the months that remains of September through December.

Matthew Boyle: Yeah, I can cover that. To take you on the journey of that, we had, I think when we came back out with a market update in July, we had about 1.8 million expected of revenue from Saudi from there through the end of the year, and we are now expecting 1.3 million. The majority of that, so two venues, the Middle East and the Middle East, this is Saudi Arabia, have decided to push into 2027. So there has been slippage on it already. We do not expect a huge amount of slippage on a go-forward basis. So we have 1.3 million to recognize for the rest of the year. So that is baked into that GBP 146 million of guidance across the Middle East in general.

Speaker #5: And we're now expecting $1.3 million. The majority of that—so, two venues in the Middle East, and this is Saudi Arabia—have decided to push into 2027.

Speaker #5: So, there has been slippage on it already. We don't expect a huge amount of slippage on a go-forward basis. So, we've got $1.3 million to recognize for the rest of the year.

Speaker #5: So that's baked into that $146 million of guidance across the Middle East in general—so, Saudi plus wider in the Middle East—and customers.

Matthew Boyle: So Saudi plus wider Middle Eastern customers. That is pretty evenly proportioned through the rest of the months that remains of September through December. We could get slippage. It is not unexpected with Saudi Arabia, with the way things play out. But at present moment, we are comfortable that that GBP 1.3 million will come in.

Speaker #5: That is pretty evenly proportioned through the rest of the months that remain, so September through December. So we could get slippage—it's not unexpected with Saudi Arabia, with the way things play out.

Matt Boyle: We could get slippage. It is not unexpected with Saudi Arabia, with the way things play out. But at present moment, we are comfortable that that GBP 1.3 million will come in.

Speaker #5: But at the present moment, we're comfortable that that $1.3 million will come in.

Speaker #6: Great. Thank you.

Oliver Tipping: Great. Thank you.

Speaker #5: And as the months progress, obviously the risk tails off.

Matt Boyle: As the months progress, obviously the risk levels out.

Matthew Boyle: As the months progress, obviously the risk levels out.

Speaker #1: The next question is from James Looker at Pale Hunt LLP. Please unmute yourself and begin with your question.

Operator: The next question is from James Lockyer at Peel Hunt LLP. Please unmute yourself and begin with your question.

Speaker #3: Hi, guys. Thank you for taking my question. Actually, I've got one question, but it's on one topic, and it's in three parts, rather than being three separate questions.

James Lockyer: Hi guys. Thank you for taking my question. Sorry, actually, I have one, but it is on one topic, so it is actually in three parts, thus being three questions. You talked about AI across a number of angles in the presentation, but how are you thinking specifically about plugins? There is a bare thesis at the moment that AI could disintermediate platforms or aggregators, which we strongly disagree with. But plugins are available for Trainline and Booking.com and TheFork and things like that. Part A of the question was, how do you feel about the aggregator disintermediation bare case? B, how do you see the opportunity within plugins? Could you comment on how economics work for plugins within that nature?

Speaker #3: So, you talked about AI across a number of angles in the presentation. But how are you thinking specifically about plugins? There's a bare thesis at the moment that AI could disintermediate platforms and aggregators, which we strongly disagree with.

Speaker #3: But plugins are available for Trainline, Bucket.com, and the four, and things like that. So, part A of the question was: how do you feel about the aggregator disambiguation, bare case?

Speaker #3: B, how do you see the opportunity within plugins? And Matt, could you comment on how economics work for plugins within that nature? And then C, given that a customer who's planning a trip on ChatGPT might want a train to Thorpe Park and then a dinner and a hotel in the evening, would any plugin from accesso be more likely to be B2C?

James Lockyer: Then C, given that a customer who is planning a trip on ChatGPT might want a train to Thorpe Park and then a dinner and a hotel in the evening, would any plugin from accesso be more likely to be B2C, and could an AI plugin make it easier to work with other leisure providers such as Trainline and Booking.com? Thank you.

Speaker #3: And could an AI plugin make it easier to work with other leisure providers, such as Trainline and Booking.com? Thank you.

Speaker #2: Those are great questions. James, let me talk about how we're thinking about that. "Plugin" is not really a term that we use, but I get the essence of where you're going with that.

Lee Cowie: Those are great questions, James. Let me talk about how we're thinking about that. Plugin is not really a term that we use, but I get the essence of where you are going with that. We have a strong thesis that what we are going to see is a fragmentation in purchasing channels. We have lived through various cycles of changing consumer behavior from back in the dawn of ticketing, it was box office, then it became online through desktop, then it became online through mobile devices, and then there was the birth of online travel agencies. Now we are going to see fragmentation into agentic commerce and purchasing through LLMs. We are well positioned for that. In fact, we have beta AI apps running in the likes of ChatGPT already. We have been demoing agentic capabilities actually embedded in ChatGPT. We of course have very strong distribution capabilities through Ingresso.

Speaker #2: We have a strong thesis that what we are going to see is a fragmentation in purchasing channels. We've lived through various cycles of changing consumer behavior from back in the dawn of ticketing.

Speaker #2: It was box office. Then it became online through desktop. Then it became online through mobile devices. And then there was the birth of online travel agencies, and now we're going to see fragmentation into agentic commerce and purchasing through LLMs.

Lee Cowie: Now we are going to see fragmentation into agentic commerce and purchasing through LLMs. We are well positioned for that. In fact, we have beta AI apps running in the likes of ChatGPT already. We have been demoing agentic capabilities actually embedded in ChatGPT. We of course have very strong distribution capabilities through Ingresso. We are already very well plugged into a lot of this kind of fragmentation, and we have the ability to reach consumers wherever they may be.

Speaker #2: We're well positioned for that. In fact, we have beta AI apps running in the likes of ChatGPT already. We've been demoing agentic capabilities, actually embedded in ChatGPT.

Speaker #2: We've, of course, have very strong distribution capabilities through Ingresso, so we're already very well plugged into a lot of this kind of fragmentation.

Lee Cowie: We are already very well plugged into a lot of this kind of fragmentation, and we have the ability to reach consumers wherever they may be. We are working on a very interesting and currently confidential partnership with a division of a large payments provider to be one of the first ticketing providers in the attraction space to kind of support full breadth agentic commerce across any AI platform. Being able to kind of plug agentic commerce capabilities directly into Ingresso, which is our distribution capabilities, of course gives us exceptional reach. I think it is still a little bit early to call what model is going to win. Every LLM provider has a slightly different take on how commerce will play out. Our philosophy at the minute is we just need to be there, and we need to be present.

Speaker #2: And we have the ability to reach consumers wherever they may be. And we are working on a very interesting and currently confidential partnership with a division of a large payments provider to be one of the first ticketing providers in the attraction space to support full-breadth agentic commerce across any AI platform.

Lee Cowie: We are working on a very interesting and currently confidential partnership with a division of a large payments provider to be one of the first ticketing providers in the attraction space to kind of support full breadth agentic commerce across any AI platform. Being able to kind of plug agentic commerce capabilities directly into Ingresso, which is our distribution capabilities, of course gives us exceptional reach. I think it is still a little bit early to call what model is going to win. Every LLM provider has a slightly different take on how commerce will play out. Our philosophy at the minute is we just need to be there, and we need to be present.

Speaker #2: And being able to kind of plug agentic commerce capabilities directly into Ingresso—which is our distribution capability, of course—gives us exceptional reach. And I think it's still a little bit early to call what model is going to win; every LLM provider has a slightly different take on how commerce will play out.

Speaker #2: Our philosophy at the minute is we just need to be there, and we need to be present. And through this partnership we're talking about, that gives us the ability to reach all LLMs.

Lee Cowie: Through this partnership we are talking about, that gives us the ability to reach all LLMs. We are actively engaged in the experimentation of that. We have already brought to market capabilities to purchase via AI, and they are up and running. In terms of economics, I do not think we have a strong thesis on how those economics are going to play out. At the minute, a purchase through our system, wherever that purchase happens is the same price. We are kind of largely agnostic to channel. It is still running through our infrastructure, still purchased through our infrastructure. I do think you raise an interesting point around curation of experience. You see not too far in the distant future where personal AI agents operate for you and book an experience, including travel, including hotel, including airlines, including airport parking, including attraction tickets.

Speaker #2: So, we are actively engaged in the experimentation of that, and we have already brought to market capabilities to purchase via AI, and they're up and running.

Speaker #2: In terms of economics, I don't think we have a strong thesis on how those economics are going to play out. I mean, at the minute, a purchase through our system—wherever that purchase happens—is the same price.

Speaker #2: So we're kind of largely agnostic to channel. It's still running through our infrastructure. It's still purchased through our infrastructure. I do think you raised an interesting point around curation of experience, and you see not too far in the distant future where personal AI agents operate for you.

Lee Cowie: I do think you raise an interesting point around curation of experience. You see not too far in the distant future where personal AI agents operate for you and book an experience, including travel, including hotel, including airlines, including airport parking, including attraction tickets. We certainly have the capabilities to be a very meaningful part of that booking trip, but it is still too early to call on is there going to be a dominant way of doing it? We are present wherever those conversations are happening.

Speaker #2: And book an experience, including travel, including hotel, including airlines, including airport parking, including attraction tickets. And we certainly have the capabilities to be a very meaningful part of that booking trip.

Lee Cowie: We certainly have the capabilities to be a very meaningful part of that booking trip, but it is still too early to call on is there going to be a dominant way of doing it? We are present wherever those conversations are happening.

Speaker #2: But it's still too early to call on whether there is going to be a dominant way of doing it, but we're present wherever those conversations are happening.

Speaker #3: So may I just ask a quick follow-up, actually, on the— I don't expect you to talk more about the confidentiality one. You mentioned around the payments thing.

James Lockyer: May I just ask a quick follow-up actually on the I don't expect you to talk more about the confidentiality one you mentioned around the payments then. Can you describe, is that effectively would that allow someone to not even leave the AI app to make the purchase? Because at the moment, if I wanted to buy a ticket, it would load the company's website within the ChatGPT environment. If you are doing a payment style deal with someone, could that be when you talk about the end-to-end, I am not even leaving the app. Is that what you are suggesting? If you are able to say, "I want these tickets," and I can purchase them within the AI experience completely.

Speaker #3: But can you describe is that effectively would that allow someone to not even leave the AI app to make the purchase? Because at the moment, if I wanted to buy a ticket, it would load the they load to the company's website within the ChatGPT environment.

Speaker #3: If you're doing a payment-style deal with someone, could that be when you talk about the end-to-end? Do I not even leave in the app?

Speaker #3: Is that what you're suggesting? So, if you're able to sort of say, 'I want these tickets,' and I can purchase them within the AI experience completely.

Speaker #2: Yeah, I mean, that's certainly something that, with the test app that we have and the beta apps that we have up and running, we're already seeing as an option.

Lee Cowie: Yeah. That is certainly something with the test app that we have and the beta apps that we have up and running, that is something we are already seeing as an option. Yes, that journey I think could be possible in the not too distant future. Whether venues want to do it that way or not, that is for them to decide. But we will enable that.

Speaker #2: So yes, that is a journey I think could be possible in the not-too-distant future. Whether venues want to do it that way or not, that's for them to decide.

Speaker #2: But we will enable that.

Speaker #3: Great. Thanks so much. That's great. Thank you.

James Lockyer: Great. Thanks so much. That is great. Thank you.

Speaker #1: The next question is from Harold Evans at Singer CM. Please unmute yourself and begin with your question.

Operator: The next question is from Harold Evans at Singer CM. Please unmute yourself and begin with your question.

Speaker #4: Hi, gents. Thanks for taking my questions. A couple to start with, then one follow-up, if that's okay. First one on the product side.

Harold Evans: Hey, gents. Thanks for taking my questions. A couple to start off with and one follow-up, if that's okay. First one on the product side. You are making headway in terms of simplifying your pricing. I just wanted to follow up on Matthew's question about standalone products. You sort of see accesso and Intelligence sitting across that. I was wondering to what extent to sort of enhance that cross-selling simplify from a customer experience perspective, to what extent pre-integration of products and increasing that usability is really on your roadmap and how important is that in terms of then driving the cross-sell that seems to be a direction of travel for the business. Maybe why don't we leave it there and then I'd go on to a financial question.

Speaker #4: So you've been making headway in terms of simplifying your pricing. I just wanted to follow up on Matthew's question about standalone products, and then you sort of see Ingresso, Pay, and Intelligence sitting across that.

Speaker #4: I was wondering to what extent to sort of enhance that cross-selling, simplify from a customer experience perspective to what extent pre-integration of products and sort of increasing that usability is really on your sort of roadmap and sort of how important is that in terms of then driving the cross-sell that seems to be a direction of travel for the business.

Speaker #4: Maybe why don't we leave it there, and then I'll go on to a financials question.

Speaker #2: Okay. So on the product, the reason that anybody would do an integration between systems is to ensure that data flows appropriately from system A to system B at the right time.

Lee Cowie: Okay. On the product, the reason that anybody would do an integration between systems is to ensure that data flows appropriately from system A to system B at the right time. The majority of the data in our kind of ecosystem model flows up into the Intelligence platform. So the integration is largely taken care of from a strategic perspective, from an analysis perspective, from kind of stitching it all together by us already being pre-integrated into the Intelligence platform. One of the unique things about the way that the Xhibit was grown is they didn't have a ticketing platform. They were vendor agnostic, so they had to build their own integrations to any platform. It comes with over 100 integrations.

Speaker #2: Now, the majority of the data in our kind of ecosystem model flows up into the Intelligence Platform. So, the integration is largely taken care of from a strategic perspective, from an analysis perspective, from a kind of stitching it all together, by us already being pre-integrated into the Intelligence Platform.

Speaker #2: One of the unique things about the way that the exhibit was grown is they didn't have a ticketing platform. They were vendor-agnostic, so they had to build their own integrations to any platform.

Speaker #2: And so we bought that company, knowing that they had a really easy way of integrating with any ticketing provider. And they came to us with over 100 integrations.

Speaker #2: So, we've largely integrated already all of our products directly into the intelligence platform for that presentation of that data. The only other stitch that we need to do is in the kind of operational transaction layer, so that somebody can scan their annual pass that they've purchased in something like Passport with the food and beverage endeavor, and those entitlements and discounts be recognized.

Lee Cowie: We have largely integrated already all of our products directly into the Intelligence platform for that presentation of that data. The only other stitch that we need to do is in the kind of operational transaction layer so that somebody can scan their annual pass that they purchased in something like Passport with the food and beverage endeavor, and those entitlements and discounts be recognized. That has largely been a feature of how we have been operating for a while anyway. So that integration is largely done. On the payment side, we took a decision several years ago to pull out payments as a group wide function. Because it is a group wide function that is integrated into all of our products, it was just a matter of plugging in our new payments capabilities into something that was already centralized and standardized. So the lift on integration is not particularly high.

Speaker #2: And that's largely been a feature of how we've been operating for a while anyway. So that integration is largely done. And on the payment side, we took a decision several years ago to pull out payments as a group-wide function.

Lee Cowie: On the payment side, we took a decision several years ago to pull out payments as a group wide function. Because it is a group wide function that is integrated into all of our products, it was just a matter of plugging in our new payments capabilities into something that was already centralized and standardized. So the lift on integration is not particularly high. There is some work that we do need to do to normalize UI and normalize kind of the administrative experience. We are focused on that now, but it doesn't get in the way of us being able to sell the ecosystem.

Speaker #2: And because it's a group-wide function that's integrated into all of our products, it was just a matter of plugging in our new payments capabilities into something that has already been centralized and standardized.

Speaker #2: So, the lift on integration is not particularly high. There is some work that we do need to do to normalize the UI and normalize the administrative experience.

Lee Cowie: There is some work that we do need to do to normalize UI and normalize kind of the administrative experience. We are focused on that now, but it doesn't get in the way of us being able to sell the ecosystem.

Speaker #2: And we're focused on that now, but it doesn't get in the way of us being able to sell the ecosystem.

Speaker #4: All right, that's really useful. And then just, Matthew, just one on guidance—just helping me, or us, out on H1/H2 split. Obviously, H1 sales flat, but guidance implies negative 9% H2 sales.

Harold Evans: All right. That's really useful. Just Matthew, just one on guidance, just helping me or us out on H1, H2 split. Obviously H1 sales flat, but guidance implies -9% H2 sales. On the cash EBITDA, you went from 7% to 11% on a cash EBITDA margin. You delivered so improving cash EBITDA margin. But the implication for H2 is that we go from a 21% into H2 2025 down to a 16% cash EBITDA margin to hit your GBP 20 million. Can you just help me out on the top line and on the cash EBITDA margin H1, H2, please?

Speaker #4: And then, on the cash EBITDA, you went from 7% to 11% on a cash EBITDA margin—you delivered, so improving cash EBITDA margin. But the implication for H2 is that we go from a 21% in Q2 '25 down to a 16% cash EBITDA margin to hit your $20 million.

Speaker #4: Can you just help me out on the top line and then also on the cash EBITDA margin, H1 and H2, please?

Speaker #5: Yeah, sure. So the H2—I mean, the reason we are down year over year, or full-year guidance versus 2025, is due to the shortfalls that we've got in H2, and all of those shortfalls are across the procurement contracts.

Matt Boyle: Yeah, sure. The H2, the reason we are down year over year or full year guidance versus 2025 is due to the shortfalls that we've got in H2. All of those shortfalls are across the queuing contracts. They were H2 weighted, and the major contract change at one of them and the loss of another all impact the period July through October predominantly. As you say, H2 revenue will be a lot lower than H2 in 2025. In terms of what's the knock-on impact to cash EBITDA, we reduced overheads in January 2026. That's relatively flatline reduction throughout the whole 12 months. But the shortfall in revenue in H2 is more significant than the cost that's being offset.

Matthew Boyle: Yeah, sure. The H2, the reason we are down year over year or full year guidance versus 2025 is due to the shortfalls that we've got in H2. All of those shortfalls are across the queuing contracts. They were H2 weighted, and the major contract change at one of them and the loss of another all impact the period July through October predominantly. As you say, H2 revenue will be a lot lower than H2 in 2025. In terms of what's the knock-on impact to cash EBITDA, we reduced overheads in January 2026. That's relatively flatline reduction throughout the whole 12 months. But the shortfall in revenue in H2 is more significant than the cost that's being offset.

Speaker #5: So they were H2 weighted, and so the major contract change on one of them and the loss of another all impact the period July through October predominantly.

Speaker #5: So, as you say, H2 revenue will be a lot lower than H2 in 2025. And then, in terms of why that is—what's the knock-on impact to cash EBITDA?

Speaker #5: Though we reduced overheads in January 2026, that's a relatively flat line reduction throughout the whole 12 months. But the shortfall in revenue in H2 is more significant than the cost that is being offset.

Speaker #4: Okay, thank you. And then just finally, IP theft—how worried or reassured are you? What have you found, to the extent you can or wish to share, to the market on that?

Harold Evans: Okay. Thank you. Just finally, IP theft. How worried, how reassured are you? What have you found? To the extent you can or wish to share to the market on that. Thank you.

Speaker #4: Thank you.

Speaker #2: So yeah, let me take that, Matt. We've largely concluded the analysis on that. I mean, we took the step to kind of proactively communicate to the market at the point at which we became aware of that.

Lee Cowie: Yeah, let me take that, Matt. We've largely concluded on the analysis on that. We took the step to proactively communicate to the market at the point at which we became aware of that. We're not overly concerned by that. Something for us to learn from, I think, in terms of where we did have that exposure and what we need to put in place to correct it. But the good news is it didn't impact any of our production systems. It didn't impact any of the data that we were particularly concerned about. The value of what was taken is negligible in our eyes.

Speaker #2: We're not overly concerned. By that, it's something for us to learn from, I think, in terms of where we did have that exposure and what we need to put in place to correct it.

Speaker #2: But the good news is, it didn't impact any of our production systems. It didn't impact any of the kind of data that we were particularly concerned about.

Speaker #2: The value of what was taken is negligible in our eyes. But it does, and I think every technology provider in this space— it just reinforces that vendors of scale and sophistication like ourselves are going to become increasingly important because of the amount of danger that exists from cybersecurity.

Lee Cowie: But it does, and I think every technology provider in this space, it just reinforces that vendors of scale and sophistication like ourselves are going to become increasingly important because of the amount of danger that exists from cybersecurity, and that is only going to increase. So we have very robust security on our production systems. It is apparent and obvious that we need to take that same robustness and move it into some of the adjacent systems that did not benefit from some of that investment that we made. But the corrective path for us is clear, and is well underway. The incident is contained. We have moved on from that. It is a lesson to be learned, but I think it is the same lesson that an awful lot of companies are learning.

Speaker #2: And that is only going to increase, so we have very robust security on our production systems. It's apparent and obvious that we need to take that same robustness and move it into some of the adjacent systems that didn't benefit from some of the investment that we made.

Speaker #2: But the corrective path for us is clear, and it's well underway. The incident's contained; we've moved on from that. It's a lesson to be learned, but I think it's the same lesson that an awful lot of companies are learning.

Lee Cowie: But the corrective path for us is clear, and is well underway. The incident is contained. We have moved on from that. It is a lesson to be learned, but I think it is the same lesson that an awful lot of companies are learning. We are certainly not unique and immune from the threats and the challenges that the whole of the technology space is facing into.

Speaker #2: We're certainly not unique or immune from the threats and challenges that the whole of the technology space is facing into.

Lee Cowie: We are certainly not unique and immune from the threats and the challenges that the whole of the technology space is facing into.

Speaker #4: So thank you very much.

Harold Evans: Super. Thank you very much.

Speaker #1: The next question is from Richard Jeans at Hardman & Co. Please unmute yourself and begin with your question. Please unmute yourself by pressing star 6 and begin with your question.

Operator: The next question is from Richard Jeans at Hardman & Co. Please unmute yourself and begin with your question. Please unmute yourself by pressing star 6 and begin with your question. We will move on. Unfortunately, we have run out of time for further questions. I will now hand over to Lee Cowie, CEO, for closing remarks.

Speaker #1: We will move on. Unfortunately, we have run out of time for further questions. I will now hand over to Lee Cowie, CEO, for closing remarks.

Speaker #2: So, thank you, everyone, for joining us today. I hope the kind of takeaways that you get from this are that we are confident about the future, and our future strategy.

Lee Cowie: Thank you everyone for joining us today. I hope the takeaways that you get from this is that we are confident about the future strategy. We have some really compelling and interesting early proof points from that. I am excited about the prospect for us bringing something unique to the market in the form of accesso Intelligence. I am encouraged that the early conversations we have had about payments are cutting through and really demonstrating the value that we bring. That, coupled with a refreshed and reinvigorated management team and an absolute focus on selling the ecosystem vision, I am really happy to be stepping into CEO at this point and have every faith in the future for accesso. We will talk to you again at the end of the year for our annual results. Until then, thank you very much.

Speaker #2: We have some really compelling and interesting early proof points from that. I am excited about the prospect for us bringing something unique to the market in the form of advanced intelligence.

Speaker #2: And I'm encouraged that the early conversations we've had about payments are cutting through and really demonstrating the value that we bring. That, coupled with a refreshed and reinvigorated management team and an absolute focus on selling the ecosystem vision, makes me really happy to be stepping into CEO at this point, and I have every faith in the future for accesso.

Speaker #2: We'll talk to you again at the end of the year for our annual results. Until then, thank you very much.

Operator: Thank you for joining today's call. Have a nice day.

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