Q2 2026 Macfarlane Group PLC Earnings Call

September 1, 2026

Operator: Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses at an appropriate time. Before we begin, I would like to submit the following poll. I would now like to hand you over to Peter Atkinson, CEO. Good morning, sir.

Operator: Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses at an appropriate time. Before we begin, I would like to submit the following poll. I would now like to hand you over to Peter Atkinson, CEO. Good morning, sir.

Speaker #1: Participants throughout this recorded presentation will be in listen-only mode. Questions are encouraged and may be submitted at any time via the Q&A tab situated in the right-hand corner of your screen.

Speaker #1: Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself; however, the company can review all questions submitted today and publish responses where it's appropriate to do so.

Speaker #1: Before we begin, I'd like to submit the following poll. I would now like to hand you over to Pete Atkinson, CEO. Good morning, sir.

Speaker #2: Good morning, everybody, and thank you for joining our meeting this morning. We're here to review the group's first-half results for 2026. I'm Peter Atkinson, the Group CEO, and I'm here with my colleague Ivor Gray.

Peter Atkinson: Good morning, everybody, and thank you for joining our meeting this morning. We are here to review the Macfarlane Group's H1 results for 2026. I am Peter Atkinson, the Group CEO, and here with my colleague, Ivor Gray, the Group CFO. Let me begin by sharing the agenda. I will start the meeting by talking about the key features of the H1 performance in terms of an executive summary. Ivor will then take you through the numbers in terms of results, cash flow, and review our capital allocation program. I will then put a bit of color to the numbers by talking through the individual business unit performances. We will then talk about sustainability and update you on where we are with the pension scheme, and I will make some concluding remarks before we turn over to questions.

Speaker #2: The Group CFO. Let me begin by sharing the agenda. What we'll do is I will start the meeting by talking about the key features of the H1 performance in terms of an executive summary. Either then will take you through the numbers in terms of results, cash flow, and review our capital allocation program.

Speaker #2: I'll then add a bit of color to the numbers by talking about the individual business unit performances. We'll then discuss sustainability and update you on where we are with the pension scheme, and then I'll make some concluding remarks before we turn over to questions.

Speaker #2: So before I summarize Q1, let's just remind everybody—I know some of you are new to the business, some of you know the business quite well—but just remind you what it is we do.

Peter Atkinson: Before I summarize H1, let us just remind everybody, I know some of you are new to the business, some of you know the business quite well, but just to remind you what it is we do. Basically, Macfarlane, through its various divisions, work with businesses that cost-effectively protect their products through the supply chain journey. We differentiate ourselves by the breadth and depth of our products and service range, the range of products and services that we supply, the depth of coverage that we have across both the UK and increasingly into Europe. Then the added value proposition that we offer our customers, and we do more than just product and price. The final thing to comment upon is our focus. Unlike a number of our competitors, we are a pure protective packaging business.

Speaker #2: Basically, Macfarlane, through its various divisions, works with businesses to cost-effectively protect their products through the supply chain journey. We differentiate ourselves by the breadth and depth of our product and service range—the range of products and services that we supply, the depth of coverage that we have across both the UK and increasingly into Europe, and then the added value proposition that we offer our customers when we do more than just product and price.

Speaker #2: And the final thing to comment upon is our focus. I mean, unlike a number of our competitors, we're a pure protective packaging business.

Speaker #2: We live, breathe, and sleep protective packaging—365 days a year, 24 hours a day. So that's the nature of our business, and it operates through two divisions: a specialist distribution division, where we're the market leader in the UK, and a fast-growing specialist manufacturing business, all in the world of protective packaging—protecting different types of packaging and different types of products across various different market sectors.

Peter Atkinson: We live, breathe, sleep protective packaging 365 days a year and 24 hours a day. That is the nature of our business. It operates through two divisions, a specialist distribution division where we are the market leader in the UK, and a fast-growing specialist manufacturing business, all in the world of protective packaging, protecting different types of packaging, different types of products across various different market sectors. Let me move on to our recent results announcement and just summarize the key messages. As you all are aware, we had a particularly challenging 2025 following 15 years of consistent profit growth. We entered 2026 with the main focus of the business being on profit recovery, particularly in our distribution business and our Pitreavie business, and I will come on to talk about those in a moment.

Speaker #2: Let me move on to our recent results announcement and just summarize the key messages. As you all are aware, we had a particularly challenging 2025, following 15 years of consistent profit growth.

Speaker #2: And we entered 2026 with the main focus of the business being on profit recovery, particularly in our Distribution business and our Treated business, and I'll come on to talk about those in a moment.

Speaker #2: So, I think the results that we achieved in H1 reflect favorably on the progress we're making in implementing recovery actions in the two key businesses.

Peter Atkinson: I think the results that we achieved in H1 reflect favorably on the progress we are making in implementing recovery actions in the two key businesses. In terms of distribution, and we will put more color on this later on in the presentation, we saw sales growth of just over 1 percentage point, more price than volume, but that is against a market background where we are seeing increasing headwinds with environmental legislation, which again, we will touch on later on in the presentation. We have seen good margin stability. In fact, our gross margin improved slightly during the period. Most encouraging for us was our new business momentum, almost 40% up on the previous year.

Speaker #2: In terms of distribution, and we'll put more color on this later on in the presentation, we saw sales growth of just over a percentage point—more price than volume—but that's against a market background where we're seeing increasing headwinds with environmental legislation, which, again, we'll touch on later in the presentation.

Speaker #2: We've seen good margin stability; in fact, our gross margin improved slightly during the period. Most encouraging for us was our new business momentum—almost 40% up on the previous year. That was following a difficult year in 2025, where, despite having lots of new business opportunities and strong new business pipelines, we weren't able to convert those opportunities into revenue. We've now started to see that coming through in 2026.

Peter Atkinson: That was following a difficult year in 2025, where despite having lots of new business opportunities and strong new business pipelines, we were not able to convert those opportunities into revenue, and we have now started to see that coming through in 2026. We have also taken actions to reduce the headcount in distribution. We have reduced our headcount by around 6%. Half of that was redundancy and half of that was natural wastage. In terms of Pitreavie, obviously 2025 was an awful year for Pitreavie for a whole range of different reasons. The key feature for us in terms of the recovery was replacing the corrugated machine where the tragic incident occurred. That was identified, resourced, purchased, commissioned, and set up within the space of six months, which is quite spectacular to be fair. The good news is that Pitreavie was profitable in Q2.

Speaker #2: We’ve also taken actions to reduce the headcount in distribution, so we’ve reduced our headcount by around 6%. Half of that was redundancy and half of that was natural wastage.

Speaker #2: In terms of Petrivi, obviously 2025 was an awful year for Petrivi for a whole range of different reasons. The key feature for us in terms of recovery was replacing the corrugated machine where the tragic incident occurred.

Speaker #2: And that was identified, resourced, purchased, commissioned, and set up within the space of six months, which is quite spectacular, to be fair. And the good news is that Petrivi was profitable in Q2. So, as we go into the second half of the year, we're encouraged by the positive trends we're seeing in Petrivi.

Peter Atkinson: As we go into the second half of the year, we are encouraged by the positive trends we are seeing with Pitreavie. In terms of our specialist packaging distribution, our specialist protective packing business, we saw good stability in that business. As you know, that is the highest margin component of our overall business. We are seeing good stability in that particular sector, helped by the tailwinds of our exposure to defense space and aerospace industry. All this has been achieved against a backdrop of very difficult Middle East conditions, which have affected us in terms of input price increases. As you are probably aware, 30% of what we buy is probably linked to polymer pricing. We have seen material input price increase on a whole range of our polymer products, and we have been very effective in recovering those from our customers as reflected in our gross margin stability.

Peter Atkinson: As we go into the H2 of the year, we are encouraged by the positive trends we are seeing with Pitreavie. In terms of our specialist packaging distribution, our specialist protective packing business, we saw good stability in that business. As you know, that is the highest margin component of our overall business. We are seeing good stability in that particular sector, helped by the tailwinds of our exposure to defense space and aerospace industry. All this has been achieved against a backdrop of very difficult Middle East conditions, which have affected us in terms of input price increases. As you are probably aware, 30% of what we buy is probably linked to polymer pricing. We have seen material input price increase on a whole range of our polymer products, and we have been very effective in recovering those from our customers as reflected in our gross margin stability.

Speaker #2: In terms of our specialist packaging distribution, our specialist protective packaging business, we saw good stability in that business. As you know, that's the highest margin component of our overall business, and we're seeing good stability in that particular sector.

Speaker #2: Helped by the tailwinds of our exposure to the defense-based and aerospace industry. And all this has been achieved against a backdrop of very difficult Middle East conditions, which have affected us in terms of import price increases. As you're probably aware, 30% of what we buy is broadly linked to import pricing.

Speaker #2: And so, it's seen material import price increases on a whole range of our employment products, and we've been very effective in recovering those from our customers, as reflected in our gross margin stability.

Speaker #2: We've also announced in the half-year results the maintenance of the dividend, the importance to a whole range of shareholders, and also the introduction of our second share buyback program.

Peter Atkinson: We have also announced in our half year results the maintenance of the dividend, important to a whole range of shareholders, and also the introduction of our second share buyback program. We had our first share buyback program started in 2025. That will come to an end September, that is this month effectively. Then we will initiate a new buyback program valued at GBP 6 million, which will start in October and run for 12 months. As we look forward, there is little evidence of great catalysts for market improvements. We have the environmental headwinds, which we will talk about later on, which will always be affecting our revenue line, particularly on the retail sector. The focus of all our activities is to execute an effective profit recovery program. I think what we are seeing in the first half of this year is the beginnings of that profit program beginning to come through.

Speaker #2: So, we had our first share buyback program started in 2025. That will come to an end in September—so that's this month, effectively. Then we'll initiate a new buyback program, valued at £6 million, which will start in October and run for 12 months.

Speaker #2: So as we look forward, there's little evidence of great catalysts for market improvement. We've got the environmental headwinds, which we'll talk about later on, which will always be affecting our revenue line, particularly in our retail sector.

Peter Atkinson: As we look forward, there is little evidence of great catalysts for market improvements. We have the environmental headwinds, which we will talk about later on, which will always be affecting our revenue line, particularly on the retail sector. The focus of all our activities is to execute an effective profit recovery program. I think what we are seeing in the H1 of this year is the beginnings of that profit program beginning to come through. Let me pass over to Ivor, and I will let him take you through the key metrics.

Speaker #2: So the focus of all our activities is to execute an effective profit recovery program. And I think what we're seeing in the first half of this year is the beginnings of that profit recovery program starting to come through.

Speaker #2: So, let me pass over to Iva, and I'll let him take you through the key metrics.

Peter Atkinson: Let me pass over to Ivor, and I will let him take you through the key metrics.

Speaker #3: Thanks, Peter. I'll just cover off some of the key numbers from halfway in 2026. Peter touched on the revenue growth of 2% year-on-year growth, halfway in 2025 versus halfway in 2026.

Ivor Gray: Thanks, Peter. I will just cover off some of the key numbers from H1 2026. Peter touched on the revenue growth, so 2% year-on-year growth, H1 2025 versus H1 2026. That splits down GBP 1.3 million of growth from distribution, just over 1%, GBP 1.5 million of growth from our manufacturing business excluding Pitreavie, just over 5%, and the Pitreavie business was just half a million down year-on-year. Given the trials that business has been through, that is a pretty strong performance. Overall, GBP 2.3 million of revenue growth, predominantly in our distribution and manufacturing business excluding Pitreavie. That translated to a small reduction in adjusted operating costs of GBP 300,000. Distribution moved forward GBP 300,000. Manufacturing stayed stable and Pitreavie understandably was GBP 600,000 below last year.

Speaker #3: And that splits down 1.3 million pounds of growth from distribution just over 1%, 1.5 million of growth from our manufacturing business, excluding Petrivi. Just over 5%.

Speaker #3: And the Petrivi business was just half a million down year on year, which, given the trials that our business has been through, is a pretty strong performance.

Speaker #3: So overall, £2.3 million of revenue growth, predominantly in our business excluding Petrivi. And that translated to a small reduction in adjusted operating cost of £300,000.

Speaker #3: Distribution moved forward by £300,000. Manufacturing stayed stable. And Petrivi, understandably, was £600,000 below last year. So Petrivi made a small loss in the first half of the year, versus our profit of about £500,000 in the first half of last year.

Ivor Gray: Pitreavie made a small loss in the first half of the year versus a profit of about GBP 500,000 in the first half of last year. Distribution, the flavor of distribution is smaller sales growth, good stability in the margins, still some inflation coming through on the cost base. The story in manufacturing again is good sales growth for some of the sector, and the tailwinds that we have in that business. Some margin pressure with some of the cost increases coming through in some of the materials, and predominantly increased costs. They were probably the business most affected by the NI and National Minimum Wage increases last year. The Pitreavie business, as you said, small sales decline.

Ivor Gray: Pitreavie made a small loss in the H1 of the year versus a profit of about GBP 500,000 in the H1 of last year. Distribution, the flavor of distribution is smaller sales growth, good stability in the margins, still some inflation coming through on the cost base. The story in manufacturing again is good sales growth for some of the sector, and the tailwinds that we have in that business. Some margin pressure with some of the cost increases coming through in some of the materials, and predominantly increased costs. They were probably the business most affected by the NI and National Minimum Wage increases last year. The Pitreavie business, as you said, small sales decline.

Speaker #3: Distribution—the flavor of distribution is smaller sales growth, good stability in the margins, and still some inflation coming through on the cost base. The story in manufacturing, again, is good sales growth for some of the sector, and a tailwind that we have in that business.

Speaker #3: Some margin pressure with some of the cost increases coming through, and some of the materials, and predominantly increased costs. They were probably the business most affected by the ANI and National Minimum Wage increases last year.

Speaker #3: And the Petrivi business, as you said, small sales decline—a significant margin decline—because most of the products in the first quarter were still outsourcing a lot of the manufacturing to suppliers.

Ivor Gray: A significant margin decline because most of the products in the first quarter were still outsourcing a lot of the manufacturing to suppliers until the new machine commissioned, and a stable cost base. A 9% reduction in adjusted profit before tax. Again, that is a slight down from the 3% operating. That is because of increased interest costs predominantly related to leases. The most significant of that related to the new East Midlands lease that we brought in last year. In terms of the balance sheet, bank debt position is still relatively low at GBP 17.9 million, albeit an increase of GBP 1.8 million from the end of the year. That is predominantly related to absorption of working capital and predominantly inventories, and I will cover that in a minute. Still relatively low level of debt, as you can see, of 0.9 of EBITDA net debt.

Ivor Gray: A significant margin decline because most of the products in the Q1 were still outsourcing a lot of the manufacturing to suppliers until the new machine commissioned, and a stable cost base. A 9% reduction in adjusted profit before tax. Again, that is a slight down from the 3% operating. That is because of increased interest costs predominantly related to leases. The most significant of that related to the new East Midlands lease that we brought in last year. In terms of the balance sheet, bank debt position is still relatively low at GBP 17.9 million, albeit an increase of GBP 1.8 million from the end of the year. That is predominantly related to absorption of working capital and predominantly inventories, and I will cover that in a minute. Still relatively low level of debt, as you can see, of 0.9 of EBITDA net debt.

Speaker #3: Until the new machine commissioned. And a stable cost base. A 9% reduction in adjusted profitable tax. Again, that's a slight down from the 3% operating that's because of increased interest costs, leases, the most significant of that related to the new East Midlands lease that we brought in last year.

Speaker #3: In terms of the balance sheet, bank depositions are still relatively low at £17.9 million, albeit an increase of £1.8 million from the end of the year.

Speaker #3: And that's predominantly related to absorption of working capital, and predominantly inventories. I'll cover that in a minute. Still a relatively low level of debt, as you can see.

Speaker #3: Of 0.9x EBITDA to net debt. And you can see the pension surplus remains in surplus following the buy-in transaction that was completed on the 29th of June.

Ivor Gray: You can see the pension surplus, remaining surplus following the buy-in transaction that was completed on 29 June. Again, I will cover that in a little more detail later on. Despite the reduction in EPS of 9%, we have maintained the dividend at 0.96 pence, so that is the same as last year. We will continue to do that as we see the business recovering and costs improving both through the back end of this year and as we move forward into next year. Just covering off the income statement. Peter Atkinson will cover this off in a bit more detail when it comes to the divisional performance.

Speaker #3: And again, I'll cover that in a little more detail later on. Despite the reduction in EPS of 9%, we've maintained the dividend at £0.96, so that's since last year.

Speaker #3: And we'll continue to do that as we see the business recovering and profits improving, both through the back end of this year and as we move forward into next year.

Speaker #3: Just covering off the income statement. Peter will cover this in a bit more detail when it comes to the divisional performance. But overall, just touching on a couple of areas.

Ivor Gray: Overall, just touching on a couple of areas, you can see the gross margin stability, and that is really due to that smaller enhancement in the distribution gross margins, slight reduction in the manufacturing gross margins, and a more pronounced reduction in the gross margin in Pitreavie, which is related to what I described earlier, that outsourcing activity to suppliers while we got the business back to operational capacity. You can see operational cost expenses increased by about GBP 1.1 million, and that is predominantly employee-related costs. So we have 3% less employees in the business than we did this time last year. However, that has been offset by inflation, the impact of NI that came in from 1 April last year, some redundancy costs in the H1 of the year. Half of the reduction in staff has been done through a small redundancy program of just over 20 employees.

Speaker #3: You can see that gross margin stability, and that's really due to that enhancement—smaller enhancement—in the distribution gross margins, a slight reduction in the manufacturing gross margins, and a more pronounced reduction in the gross margin in Petrivi, which is related to what I described earlier: that outsourcing activity to suppliers.

Speaker #3: Well, we've got the business back to operational capacity. You can see operational costs and expenses increased by about $1.1 million, and that's predominantly employee-related costs.

Speaker #3: So we have 3% fewer employees in the business than we did this time last year. However, that's been offset by inflation, the impact of ANI that came in from the cost of April last year, and some redundancy costs in the first half of the year. Half of the reduction in staff has been done through a small redundancy program of just over 20 employees.

Speaker #3: And actually, some of our business units are performing quite nicely this year. So again, we've got some increased bonus provisioning coming through this year.

Ivor Gray: Actually, some of our business units are performing quite nicely this year. Again, we have got some increased bonus provision coming through this year. So GBP 1.3 million of that increase is related to employees. GBP 300,000 related to increased incremental logistics costs, and that is purely driven by the higher fuel costs and higher outside carriage costs that we are seeing as a result of events in the Middle East. Other costs are down GBP 400,000. So again, trying to keep a tight control on the other costs in the business. Interest rates are up predominantly related to incremental cost of leases. This slide just covers off that kind of reconciliation between the statutory measures and alternative performance measures.

Speaker #3: So, £1.3 million of that increase is related to employees. £300,000 is related to increased incremental logistics costs. And that's purely driven by the higher fuel cost and higher outside carriage costs that we're seeing as a result of events in the Middle East.

Speaker #3: And other costs are down £400,000. So again, we're trying to keep tight control of other costs within the business. Interest rates are up, predominantly related to the incremental cost of leases.

Speaker #3: This slide just covers off that kind of reconciliation between the statutory measures and the alternative performance measures. So, you can see the two key areas.

Ivor Gray: You can see the kind of two key areas that we adjust for is amortization related to historic acquisitions and any small adjustments that we need to make related to any deferred contingent consideration. The small adjustments that come through in 2026 are related to some time value of money adjustments related to the Polyformes deferred contingent consideration, which was ultimately paid out in full in August this year. So that was GBP 2.6 million was paid out in full to the ex-owners of Polyformes because of the strong performance of that business. So that was paid in the H2 of this year rather than the H1. In terms of cash flow, you can see that the business has consumed cash at GBP 1.8 million in the first part of the year. Probably there is kind of three areas to pick out here.

Speaker #3: We adjust for is amortization related to historic acquisitions and any small adjustments that we need to make related to any deferred contingent consideration. The small adjustments, the income through in 2026, are related to some time value of money adjustments related to the Polyforms deferred contingent consideration, which was ultimately paid out in full in August this year.

Speaker #3: So that was £2.6 million that was paid out in full to the ex-owners of Polyforms because of the strong performance of that business. But that was paid in the second half of this year, around the first half.

Speaker #3: In terms of cash flow, you can see that the business has consumed cash of £1.8 million. In the first part of the year, probably the kind of three areas to pick out here are the working capital absorption, and that's really where that incremental increase in our stock days—from around 49 to 72—comes in.

Ivor Gray: The working capital absorption, and that's really where an incremental increase in our stock days of around 49 to 52, so a GBP 2.4 million increase in our inventory levels from the end of last year and GBP 1.7 million compared to 30 June last year. That's predominantly related to us building some stocks to deal with some of the supply chain challenges that we're seeing coming through the Middle East, and also some of the pricing pieces that we've been pulling through really since April, May this year. These are kind of elevated inventory levels that I'd expect to see us start to bring down between now and the end of the year. Second thing to pick out is obviously tax costs are a bit lower, and that's because last year we had quite a lot of overpayment of taxes.

Speaker #3: So, a £2.4 million increase in our inventory revenues from the end of last year, and £1.7 million compared to 30th June last year.

Speaker #3: And that's predominantly related to building some stocks to deal with some of the supply chain challenges that we're seeing coming through the Middle East, and also some of the price increases that we've been pulling through really since April–May this year.

Speaker #3: So, these are kind of elevated inventory levels that I'd expect to see us start to bring down between now and the end of the year.

Speaker #3: The same thing to pick out—obviously, tax costs are a bit lower. That's because last year we had quite a lot of overpayment of taxes.

Speaker #3: And that's—we pay, obviously, tax in advance on a quarterly basis. And obviously, the performance of the business in the first half of the year was relatively strong. In the second half of the year, it declined quite significantly.

Ivor Gray: We pay obviously tax in advance on a quarterly basis, and obviously the performance of the business in the H1 of the year was relatively strong. H2 of the year, decline quite significantly. Therefore, we've quite significantly had tax that we'd overpaid in the first part of last year, which was recovered in the first part of this year. The last thing to pick out is just some of the CapEx that we've had in the first part of this year, that GBP 1.8 million. Some of the key features are we put solar panels into our Polyformes manufacturing site, which is actually starting to generate some nice efficiencies in terms of energy usage. GBP 400,000 was related to the final payments related to the machines coming into Pitreavie, and we spent GBP 400,000 fitting out a new distribution site that we've got in Ireland.

Speaker #3: So, therefore, we had quite a significant amount of tax that we'd overpaid in the first part of last year, which we've recovered in the first part of this year.

Speaker #3: And then the last thing to pick out is just some of the CapEx that we've had in the first part of this year — that £1.8 million.

Speaker #3: Some of the key features are we've put solar panels into our Polyforms manufacturing site, which is actually starting to generate some nice efficiencies. In terms of energy usage, £400,000 was related to the final payments for the machines coming into Petrivi.

Speaker #3: And we spent £400,000 fitting out a new distribution site that we've got in Ireland. So we had to move from an existing site south of Dublin into a new site on the west of Dublin at the middle part of this year.

Ivor Gray: We had to move from an existing site south of Dublin into a new site on the west of Dublin at the middle part of this year. We spent GBP 400,000 fitting out that new warehouse so that we've actually got room for growth for the future and our business in Ireland. So they are the key features. As I said earlier, net debt levels at GBP 17.9 million, still relatively low. We plan to keep it that way in the short term. In terms of capital allocation, the features here really is clearly we're committed to continuing to invest in the business in terms of capital expenditure, whether that's essential replacement or for value-added investment returns, and we allocate around GBP 3.5 million to GBP 5 million per year to internal CapEx. We've got a commitment to maintain our dividend levels.

Speaker #3: And we spent £400,000 fitting out that new warehouse, so that we've actually got room for growth for the future of our business in Ireland.

Speaker #3: So, the other kind of key feature, as I said earlier: net debt levels at £17.9 million—still relatively low. And we plan to keep it that way in the short term.

Speaker #3: In terms of capital allocation, the feature here really is that we're clearly committed to continue to invest in the business in terms of capital expenditure, whether that's essential replacement or for value-added investment returns.

Speaker #3: And we allocate around £3.5 to £5 million per year to internal capex. We've got a commitment to maintain our dividend levels. We know that the dividend is important to quite a number of our shareholders.

Ivor Gray: We know that the dividends are important to quite a number of our shareholders, and we're committed to maintain those dividend levels. As the EPS starts to recover after the reduction last year, and the reduction in the first part of this year, we see the profitability improving through the H2 of this year and into the next 2 to 3 years. We will continue to maintain that dividend until the dividend cover restores to somewhere around 2.5 times plus, against adjusted EPS. Currently, we're running about 2.1 times. In terms of the remainder of the cash, then we allocate that. Primarily, our focus in the short term is to allocate that to share buybacks. You'll notice in the announcement that we'll complete the current share buyback of GBP 4 million by the end of September this year.

Speaker #3: And we're committed to maintaining those dividend levels. As EPS starts to recover, after the reduction last year and the reduction in the first part of this year, we see profitability improving through the second half of this year and into the next two to three years.

Speaker #3: And we'll continue to maintain that dividend until the dividend cover restores to somewhere around 2.5 times plus against adjusted EPS. Currently, we're running at about 2.1 times.

Speaker #3: In terms of the remainder of the cash, we'll allocate that primarily—our focus in the short term is to allocate that to share buybacks. You'll notice in the announcement that we'll complete the current share buyback of £4 million by the end of September this year.

Speaker #3: So that's about £900,000 of additional spend in the second half of this year. And we'll commence a new buyback program of £6 million from the 1st of October this year.

Ivor Gray: That is about 900,000 of additional spend in H2 of this year. We will commence a new buyback program of GBP 6 million from 1 October this year. That will be spent over a period of a year, so quarterly tranches of GBP 1.5 million between 1 October this year and the end of September next year. We have allocated that. It is really the focus on share buybacks rather than M&A at the moment, which is really reflective of our view of the current valuation of business and also the fact that the management team is focused on the profit recovery program.

Speaker #3: And that will be spent over a period of a year or so, one and a half million trying quarterly tranches of one and a half million pounds between 1st of October this year and the end of September next year.

Speaker #3: So we've allocated that. Really, the focus on share buybacks rather than M&A at the moment is reflective of our view of the current valuation of the business, and also the fact that the management team is focused on the profit recovery program.

Speaker #3: So, as we see valuations improve, and as we see the profit recovery advance more as we go through next year, we'll look to get back on the front foot with our M&A activity once we can demonstrate that we've got that recovery program more advanced.

Ivor Gray: As we see valuations improve and as we see the profit recovery advance more as we go through next year, then we will look to get back on the front foot with the M&A activity once we can demonstrate that we have got that recovery program well advanced and once we can start to see the valuations improve in the market. I will hand back to Peter now who will go through the performance of the individual divisions.

Speaker #3: And once we can start to see the valuations improve in the market, I'll hand back to Peter now, who'll go through the performance of the individual divisions.

Speaker #1: Thanks, Ivan. Let's start with the Distribution division. The key points to note from our first-half performance are that we've achieved both sales growth and profit growth.

Peter Atkinson: Thanks, Ivan. Let us start with the Distribution division. The key points to note from our H1 performance is we have achieved sales growth and profit growth. The sales growth has primarily been price driven rather than volume, although we have seen good new business performance, as I mentioned earlier on, about 40% up. Why is our new business performing so strongly at the moment relative to the previous year? Firstly, we are finding customers looking in an uncertain world for suppliers who give them reliability and certainty. We feel we fill that gap nicely. We are also seeing now the benefits and investments we made in 2025. We brought on some strong new business people during the year. We thought they would impact the business in 2025, and they are now coming to fruition in 2026. Also the breadth of the product offer.

Speaker #1: The sales growth is primarily being price-driven rather than volume. Although we have seen good new business perform a good new business performance. I mentioned earlier on about 40% up.

Speaker #1: And why is our new business performing so strongly at the moment relative to the previous year? Firstly, we're finding customers looking, in an uncertain world, for suppliers who've given them reliability and certainty, and we fill that gap nicely.

Speaker #1: We're also now seeing the benefits of the investment we made in 2025. We've brought in some strong new business people during the year. We thought they'd impact the business in '25, but they're now coming to fruition in 2026.

Speaker #1: Also, with the breadth of the product offer, we are doing more work combining our distribution offer and our manufacturing offer with, certainly, key customers in the industrial sector.

Peter Atkinson: We are doing more work combining our Distribution offer and our Manufacturing offer with certainly key customers in the industrial sector. That is helping support our new business growth. Finally, we were finding it more and more difficult as customers get tighter and tighter on their costs and control budgets of getting customers into our Innovation Labs, which as most of you know is a key part of our sales proposition. We have done a lot more work in 2026 in taking the Innovation Lab out to customers. That has helped in terms of our new business performance.

Speaker #1: And that's helping support our new business growth. And finally, we were finding it more and more difficult as customers get tighter and tighter on their costs and control budgets.

Speaker #1: While getting customers into our innovation labs, which as most of you know is a key part of our sales proposition, we've done a lot more work in 2026 in taking the innovation lab out to customers.

Speaker #1: And that has helped in terms of our new business performance. I guess the point to note, as I mentioned earlier on, is that despite the new business performance, we are seeing this headwind of environmental legislation, which is slowing down and getting customers to reduce the amount of packaging they're using, particularly in the retail space.

Peter Atkinson: I guess the point to note, as I mentioned earlier on, is that despite the new business performance, we are seeing this headwind of environmental legislation which is slowing down and getting customers to reduce the amount of packaging they are using, particularly in the retail space. If you look at our major retail business in the H1 of the year, that is down by 6% versus the same period last year. A key component of that is customers looking to buy less packaging in line with the environmental legislation that is penalizing them if they use too much packaging and the wrong type of packaging. That, as I repeat, will be a constant headwind going forward. We have done effective management of the polymer-based input price increases.

Speaker #1: And if you look at our major retail business in the first half of the year, that's down by 6% versus the same period last year.

Speaker #1: And a key component of that is customers looking to buy less packaging, in line with the environmental legislation that is penalizing them if they use too much packaging or the wrong type of packaging.

Speaker #1: And that, as I repeat, will be a constant headwind going forward. We've managed the polymer-based input price increases effectively. We've seen certain polymer-based products go up by 20%, even up to 40%—things like stretch or tape products.

Peter Atkinson: We have seen certain polymer-based products go up to 20%, up to 40%, things like stretch on tape products, bubble wrap, and so on and so forth. I think we have done a pretty effective job so far in managing those with customers, and that is impacted with the stable gross margin during the period relative to last year. I think we have touched on the headcount reductions. We are squeezing the distribution business. We are taking heads out and realigning work. We are canceling projects or delaying projects to just get very, very tight on this profit recovery. The next slide just shows you our margin evolution over really the last five or six years. A lot of information on this slide. I will just pick out a number of things for you.

Speaker #1: Bubble wrap and so on and so forth. But I think we've done a pretty effective job so far in managing those with customers, and that's impacted with the stable gross margin during the period relative to last year.

Speaker #1: And I think we've touched on the headcount reductions. So we're squeezing the distribution business— we're taking heads out and realigning work. We are canceling projects or delaying projects to just get very, very tight on this profit recovery.

Speaker #1: The next slide just shows you our margin evolution over, really, the last sort of five or six years. There's a lot of information on this slide.

Speaker #1: I'll just pick out a number of things for you. First thing to note is that in terms of the first half, in terms of distribution, we have seen our net margin improve, which is positive, versus the same period in the previous year.

Peter Atkinson: The first thing to note is that in terms of the H1, in terms of distribution, we have seen our net margin improve, which is positive versus the same period previous year. We have not got polymer on this graph, but we have seen an explosion in polymer prices, and corrugate is relatively stable. There has been a little bit of pushing upwards in the H1 of the year. Our operating costs are broadly flat on last year if you take into account the redundancy program initiation, the redundancy cost as part of that. As you can see, it reflects our stable gross margin. As you know, and I will talk about this later on in the presentation, our objective here is to get our net margin back to 7% to 8%, which we were delivering on average in the period 2021 to 2024.

Speaker #1: We’ve not got polymer on this graph, but we’ve seen an explosion in polymer prices, and corrugate is relatively stable. There’s been a little bit of pushing upwards in the first half of the year.

Speaker #1: Our operating costs have been broadly flat on last year, if you take into account the redundancy, program initiation, and redundancy costs as part of that.

Speaker #1: Managing C, it reflects our stable gross margin. And as you know—and I'll talk about this later on in the presentation—our objective here is to get our operating, our net margin, back to 7% to 8%, which we were delivering on average in the period 2021 to 2024.

Speaker #1: If we move over the page, a little bit more detail here for you in terms of our cost breakdown. I've just talked about the cost inflation that we've got, and how we're managing that.

Peter Atkinson: If I move over the page, I have got a little bit more detail here for you in terms of our cost breakdown. Ivor has talked about the cost inflation that we got and how we are managing that. We instituted the redundancy program in distribution, which has taken a number of heads out of the business. The good news, I think is good news, is that we have got likely a bigger bonus payout this year because we have got a number of sites performing extremely well. Part of the year-on-year difference is the bonus provision. Continuing increase of National Insurance costs. Last, we have got some property cost reductions, but that is really the effect of the duplicated property costs again in 2025. Underlying property costs still increase as landlords put up rents, and we get local authorities putting up rates.

Speaker #1: So we've instituted the redundancy program distribution, which has taken a number of heads out of the business. The good news—I think it is good news—is that we've got likely a bigger bonus partnership because we have got a number of sites to point extremely well.

Speaker #1: And so part of the year-on-year difference is the bonus provision. Continuing increases in National Insurance costs. Last, we've got some property cost reduction, but that's really the effects of the duplicated property costs that we had in 2025.

Speaker #1: So, underlying property costs still increase as landlords put up rents, and we get local authorities putting up rates. Transport costs are also slightly higher than last year, and that's predominantly related to fuel costs, vis-à-vis the Middle East activities.

Peter Atkinson: Transport costs are slightly higher than last year, and that is predominantly related to fuel costs. These are the Middle East activities. The next page details, and again, a lot of information on this chart. It details the elements of our profit recovery plan. We are getting this business from where we are today back to the 7% to 8% that we see as the base point and which we were delivering in 2021 to 2024. A number of things to pull out of this slide. Firstly, we are pivoting the business away from retail towards industrial. Industrial markets for us are more stable. The customers are less transient, and the margins we earn from industrial customers are 2% to 3% higher than our retail customers.

Speaker #1: The next page details, and again, a lot of information on this chart details the elements of our profit recovery plan—getting this business from where we are today back to the 7% to 8% that we see as the base point, which we delivered in '21 to '24.

Speaker #1: There are a number of things to highlight from this slide. Firstly, we are pivoting the business away from retail towards industrial. Industrial markets, for us, are more stable.

Speaker #1: The customers are less transient, and the margins we earn from industrial customers are 2 to 3% higher than our retail customers. As I mentioned earlier on, retail is that market which is more affected by environmental legislation in the current situation than industrial is.

Peter Atkinson: As I mentioned earlier on, retail is that market which is more affected by the environmental legislation in the current situation than industrial is. So the split currently is 80/20. It is not a handbrake turn, but our new business focus is very much around industrial, and we will see that mix over time slowly begin to change. The other key part of our profit recovery plan is pricing disciplines. Within our local core customers, so we have major core local different types of sizes and geography of customers, but particularly our local core customers across the UK, we have quite a band of different margins that we earn at a gross level. So we are doing work at the moment to try and improve the margins we earn across all the bands, across all the sites to at least the average for the business as a whole.

Speaker #1: So, the split currently is 8 to 20. It's not a handbrake turn, but our new business focus is very much around industrial, and we'll see that mix over time slowly begin to change.

Speaker #1: The other key part of our profit recovery plan is pricing disciplines. Within our local core customers—so we have major core, local, different types of sizes, and geography of customers—but particularly in our local core customers across the UK, we have quite a band of different margins that we earn at a gross level.

Speaker #1: And so we're doing work at the moment to try and improve the margins we earn across all the bands, across all the sites, to at least the average for the business as a whole.

Speaker #1: We've talked about the H1 cost reduction, and we expect that to flow through during the remainder of 2026. We've got more cost reduction plans that we're working on as we speak.

Peter Atkinson: We have talked about the H1 cost reduction, and we expect that to flow through during the remainder of 2026. We have more cost reduction plans that we are working on as we speak. Then we have a program called RDC Best Practice. At the moment, we have a number of sites performing extremely well with net returns above 10%, and we have a number of sites performing not as well with net returns below 5%. What we are working on at the moment is best practicing the sites, comparing the really good with the relatively weak, and then working out what changes we need to make in terms of customer mix, in terms of pricing, in terms of resourcing, in terms of geography and distribution. All those things will help to improving the operating margin of the business and getting it back to this 7.5% to 8%.

Speaker #1: And then we have a program called RDC Best Practice. At the moment, we've got a number of sites performing extremely well, with net returns above 10%.

Speaker #1: And we've got a number of sites performing not as well with net returns below 5%. And what we're working on at the moment is best practicing the sites comparing the really good with the relatively weak and then working out what changes we need to make in terms of customer mix, in terms of pricing, in terms of resourcing, in terms of geography of distribution.

Speaker #1: And all those things will help to improve the operating margin of the business. Again, it's back to this 7.5% to 8%.

Speaker #1: Why is that a realistic number? It's because we've achieved it in the past. Why is it a realistic number? Because we've got some of our sites that are performing well beyond that number already.

Peter Atkinson: Why is that a realistic number? It is because we have achieved it in the past. Why is it a realistic number? Because we have some of our sites that are performing well way beyond that number already. So if we can get all our sites performing to the average, then we should be on track to get back to that 7.5%, 8%. Let me move on to our manufacturing operations, and I will talk firstly about our specialist operations, which do not include Pitreavie. Good progress during the period. Slightly missing gross margin. Profits are broadly flat, but we are happy with the way this is performing.

Speaker #1: So, if we can get all our sites performing to the average, then we should be on track to get back to that 7.5% to 8%.

Speaker #1: Let me move on to our manufacturing operations. I'll talk firstly about our specialist operations, which don't include Petruvi. Good progress during the period.

Speaker #1: There's been a slight weakness in gross margin. Profits are broadly flat, but we're happy with the way this is performing. It's got a little bit of tailwind from our exposure to defense aerospace and the electronics industry, as well as some exposure to the space industry.

Peter Atkinson: It's got a little bit of tailwind from our exposure to defense, the aerospace, and the electronics industry, and a little bit also into the space industry. Nevertheless, it's still dealing with the same conditions that we got within our distribution business, but they've got more of a tailwind than a headwind at the moment. We're pretty happy with the way that business is performing, and we expect that sort of level of margin that we delivered from the business to be sustainable in the medium term. Then moving over to Pitreavie. You're very aware of what happened in 2025, very difficult for everybody involved, and obviously, a tragedy for the family involved in that particular incident. We're managing through that as we speak. We've got the replacement machine in.

Speaker #1: But nevertheless, it's still dealing with the same conditions that we've got within our distribution business. But they've got more of a tailwind than a headwind at the moment.

Speaker #1: So we're pretty happy with the way that business is performing, and we expect that the level of margin we've delivered for this business will be sustainable in the medium term.

Speaker #1: And then moving over to Petrivi. And you're very aware of what happened in 2025—very difficult for everybody involved, and obviously a tragedy for the family involved in that particular incident.

Speaker #1: So we're managing through that as we speak. We've got the replacement machine in. We've had a lot of customer visits during Q1 to see the machine as it starts up.

Peter Atkinson: We've had a lot of customer visits during Q1 to see the machine as it starts up, and more during Q2 as we see the machine perform against all business expectations. Although the business there was unprofitable in the whole of H1, it was profitable in Q2 of H1. We're exiting H1 with the business profitable, having got the machine up and running. We've done a really good job in retaining customer loyalty during the period, despite the fact we're outsourcing work and using external suppliers to keep customers running. Those customers have now come back to us, and there's no major or even medium-sized customer that we've lost during this period.

Speaker #1: And more during Q2, as we see the machine's performance begin to form its expectations. Although the business was unprofitable in the whole of H1, it was profitable in Q2 of H1.

Speaker #1: So we're exiting H1 with the business profitable, having got the machine up and running. We've done a really good job in retaining customer loyalty during the period, despite the fact that we're outsourcing work.

Speaker #1: And using external suppliers to keep customers running. Those customers have now come back to us, and there is no major, or even medium-sized, customer that we've lost during this period.

Speaker #1: So I think we've got some good recovery actions in place in terms of Petrivi. And I've obviously got the benefit of knowing what my July and August numbers look like, and Petrivi's continuing to come through in terms of delivering profitability during those months, as well as in Q2 and H1.

Peter Atkinson: I think we've got some good recovery actions in place in terms of Pitreavie, and I've obviously got the benefit of knowing what my July and August numbers look like, and Pitreavie is continuing to come through in terms of delivering profitability during those months, as well as the Q2 and H1. Let me touch on the health and safety investigation in relation to the incident. You're aware that health and safety have been obviously reviewing what happened. They've not yet fully started their investigation, so we're waiting for them to confirm when that investigation will start. We have no more information that we can communicate at the moment on any possible timeline. Obviously, we want to keep you briefed. At the moment, there's just no information that's available to share with you. Obviously, we will keep you briefed as more information starts to flow.

Speaker #1: Then we touch on the health and safety investigation in relation to the incidents. So you're aware that health and safety have obviously been reviewing what happened.

Speaker #1: They've not yet fully started their investigation, so we're waiting for them to confirm when that investigation will start. We have no more information that we can communicate at the moment on any possible finding.

Speaker #1: Obviously, we want to keep it brief at the moment as there's no information available to share with you. But obviously, we will provide more details as information starts to flow.

Speaker #1: In terms of the Petrivi recovery plan—again, a relatively busy chart. There are a number of points to pull out. Firstly, it's getting the machine up to its optimum level of throughput.

Peter Atkinson: In terms of the Pitreavie recovery plan, again, relatively busy chart, a number of points to call out. Firstly is getting the machine up to its optimum level of throughput. We're currently running just under 80,000 today in terms of the corrugated throughput. Our objective is to increase that to 100,000, and this is square meters we're talking about. We're on track to do that as we come through into Q3. That will give us the security of being able to ensure that all our customers are supported and serviced during that period and give us the potential for growth also. Second point in terms of recovery plan is as we service effectively our external customers, then we'll switch into using some of that capacity to service in-house Macfarlane sites to provide security of supply on corrugated.

Speaker #1: So we're currently running just under 80,000—80,000 today in terms of the corrugated throughput. Our objective is to increase that to 100,000. And this is square meters we're talking about.

Speaker #1: And we're on track to do that as we come through into Q3. That will give us the security of being able to ensure that all our customers are supported and serviced during that period, and give us the potential for growth also.

Speaker #1: The second point, in terms of the recovery plan, is that as we service effectively our external customers, we'll then switch into using some of that capacity to service in-house Macfarlane sites, to provide security of supply on corrugates.

Speaker #1: We started that activity and we bought the business, but obviously we have put it on hold as the business went through its difficulties. But as we come through into hopefully the fourth quarter, end of third, fourth quarter, we'll start to look at using Petrivi to supply corrugate to in-house Macfarlane operations.

Peter Atkinson: We started that activity when we bought the business, but we obviously had to put it on hold as the business went through its difficulties. As we come through into hopefully the Q4, end of Q3, Q4, we will start to look at using Pitreavie to supply corrugate to in-house Macfarlane operations. The third point is, as I have touched on the end of outsourcing to third parties, that is now almost completed. It certainly will be completed as we are now into Q3. Our medium-term objective for Pitreavie is to get it back to the GBP 2 million of operating profit that we effectively acquired when we bought the business. That gives us a benchmark to start growing the business beyond the 2 million, which from our point of view is a starting line.

Speaker #1: And then the third point is, as I've touched on, the end of outsourcing to third parties—that is now almost completed. It certainly will be completed as we are now into Q3.

Speaker #1: So on medium-term objectives for Petrivi, it's to get it back to the £2 million of operating profit that we effectively acquired when we bought the business.

Speaker #1: And then that gives us a benchmark to start growing the business beyond the £2 million, which from our point of view is the starting line.

Speaker #1: Let me move over to—we've talked about environment quite a bit in terms of the headwind it's delivering, particularly in the distribution business.

Peter Atkinson: Let me move over to, we talked about environment quite a bit in terms of the headwind it is delivering, particularly in the distribution business. Let me pass over to Ivor, and he can touch on what is happening in the world of environment and how it is impacting the business and how we are addressing it.

Speaker #1: Let me pass over to Ivor, and he can touch on what's happening in the world of environment, how it's impacting the business, and how we're addressing it.

Speaker #2: Thanks, Peter. I mean, Peter's covered quite a lot of the kind of customer challenges with sustainability, and this slide covers quite a lot of stuff that we've maybe already covered—a few of your results.

Ivor Gray: Thanks, Peter. I mean, Peter has covered quite a lot of the customer challenges with sustainability. This slide covers quite a lot of stuff that we have maybe already covered with the full-year results, but just want to pick out one or two features on this slide. One, we have invested in the solar panels at the Polyformes business. As I said earlier, that is quite a nice investment. We are quite a high consumer of energy, so therefore, that gives us quite a bit of energy efficiency, but also takes quite a bit of carbon out of our footprint. The other thing to note is you have noted that we have invested in electric vehicles over the last number of years. I think to be fair, we have probably been at the front end of that investment relative to the industry.

Speaker #2: But I just want to pick out one or two features on this slide, where we've invested in the solar panels at the Polyform business. And as I said earlier, that's quite a nice investment.

Speaker #2: They're quite high consumers of energy, so therefore, that gives us quite a bit of energy efficiency, but also takes quite a bit of carbon out of our footprint.

Speaker #2: The other thing to note is you've mentioned that we have invested in electric vehicles over the last number of years. And I think, to be fair, we've probably been at the front end of that investment relative to the industry.

Speaker #2: And clearly, these trucks have been coming in at a more expensive cost than the diesel trucks. We felt it was the right thing to do to move forward.

Ivor Gray: Clearly these trucks have been coming in at a more expensive cost than the diesel trucks. But we felt it was the right thing to do to move forward so we could trial these vehicles out, see the levels of efficiency, see the levels of range, see the challenges we have with infrastructure. It is pleasing to see that some of the latest developments in electric vehicles are seeing, one, the range extension now in some of these vehicles is actually getting quite significant. So some of the technology improvements that have been made, and also actually from a cost point of view, some electric vehicles are now coming in very cost-effectively against diesel vehicles. Hopefully over the next few years, you will gradually see that transition from diesel to electric start to accelerate. Clearly those advancements in technology and advancements in range.

Speaker #2: So, we could trial these vehicles out, see the levels of efficiency, see the levels of range, see the challenges we had with infrastructure. And it's pleasing to see that some of the latest developments in electric vehicles are seeing, one, the range extension now in some of these vehicles is actually getting quite significant.

Speaker #2: So, some of the technology improvements that have been made—and also, actually, from a cost point of view—some electric vehicles are now coming in very cost-effectively against diesel vehicles.

Speaker #2: So hopefully, over the next few years, you'll gradually see that transition from diesel to electric start to accelerate. And clearly, those advancements in technology and advancements in range—the only kind of caveat there is that infrastructure is still a challenge.

Ivor Gray: The only caveat there is infrastructure is still a challenge because every site you do not necessarily have the input of electricity to be able to charge up the vehicles. That remains a bit of a challenge for us as it does for many companies. The only other thing I just want to pick out here, which I am covering off in the next slide in more detail, is basically from a regulation point of view, clearly there are some developments there. The most recent regulation that comes in that affects a number of our customers is PPWR, which is a kind of EU legislation. I will just cover that off here. You can see on the left-hand side some of the regulation that is already going through, and I think we have covered Extended Producer Responsibility in quite a lot of detail in prior presentations.

Speaker #2: Because, obviously, at every site you don't necessarily have access to electricity to be able to charge up the vehicles. So that remains a bit of a challenge for us, as it does for many companies.

Speaker #2: And the only other thing I just wanted to pick out here, which I'm covering off on the next slide in more detail, is basically from our regulation point of view. Clearly, there are some developments there.

Speaker #2: And the most recent regulation that comes in, that affects a number of our customers, is PPWR, which is a kind of newer legislation. I'll just cover that off here.

Speaker #2: You can see on the left-hand side, some of the regulation has already gone through. And I think we've covered extended producer responsibility in quite a lot of detail in prior presentations.

Speaker #2: But the one in the middle there is probably the most important one. So this is a new piece of legislation, EU legislation, and that's really all-encompassing.

Ivor Gray: The one in the middle there is probably the most important one. This is a new piece of legislation, EU legislation, and that is really all-encompassing. That is going to come in in phases over a number of years. The ultimate aim is really across EU is to have a standard which is looking at ultimately reducing unnecessary packaging, increasing recyclability rates, and improving traceability, and actually looking to eliminate some forms of packaging that are considered non-environmentally friendly. This does not just impact retail like Extended Producer Responsibility that came in in the UK last year. This impacts all packaging, and it impacts us because we get quite a number of customers that actually are packaging that then goes into the EU market.

Speaker #2: And that's going to come in phases over a number of years. But the ultimate aim really across the EU is to have a standard which is focused on reducing unnecessary packaging, increasing recyclability rates, and improving traceability.

Speaker #2: And actually looking to eliminate some forms of packaging that are considered non-environmentally friendly. So this doesn't just impact retail, like the extended producer responsibility.

Speaker #2: That came in, in the UK last year. This impacts all packaging, and it impacts us because we get quite a number of customers that actually have packaging that then goes into the EU market.

Ivor Gray: Actually, quite a number of our customers are multinational customers, and they want to standardize their packaging, so they do not want to have packaging that they use in the EU market and packaging they use in the UK market. Of course, 80% to 10% of our business is actually in the EU. We have got operations in Germany, Netherlands, and Ireland. I think this legislation, just given the kind of all-encompassing aspect of it, will have quite a significant impact on the business over the next few years, and certainly have significant impact on quite a number of our customers who either have businesses in the EU or have quite a lot of cross-border transactions between the EU and the UK. That will develop quite nicely.

Speaker #2: And actually, quite a number of our customers are multinational customers, so they want to standardize their packaging. They don't want to have packaging that they use in the EU market and different packaging that they use in the UK market.

Speaker #2: So I know, and of course, 8 to 10 percent of our business is actually in the EU, with our operations in Germany, the Netherlands, and Ireland.

Speaker #2: So I think this legislation, just given the kind of all-encompassing aspect of it, will have quite a significant impact on the business over the next few years.

Speaker #2: And it will certainly have a significant impact on quite a number of our customers who either have businesses in the EU or have a lot of cross-border transactions between the EU and the UK.

Speaker #2: So that will develop quite nicely. But the ultimate aim is the EU trying to drive down the use of packaging, driving down, I suppose, unnecessary packaging.

Ivor Gray: The ultimate aim is the EU to try driving down the use of packaging, driving down the, I suppose, unnecessary packaging, so i.e. too much voids in the pack, and also moving to more environmentally friendly packaging. So more to come, but that is probably the biggest piece of legislation and that started off in August this year. In terms of pensions, I have just touched on that. Clearly, the kind of biggest change in pension this year is we completed a buy-in transaction on 29 June, where all the assets were effectively bought over by Royal London. I suppose in essence, what that means for our members, it gives members much more security. Their benefits remain the same, so their benefits are totally unchanged. But instead of relying on Macfarlane Group as a covenant, they are now relying on Royal London as a covenant.

Speaker #2: So, either too much void in the pack, and also moving to more environmentally friendly packaging. So, more to come. But that's probably the biggest piece of legislation.

Speaker #2: And that started off in August this year.

Speaker #1: In terms of pensions, I've just touched on that. I mean, clearly the biggest change in pensions this year is we completed a buy-in transaction on the 29th of June.

Speaker #1: We had all the assets were effectively bought over by Royal London. I suppose, in essence, what that means for members is it gives members much more security.

Speaker #1: The benefits remain the same, so the benefits are totally unchanged. But instead of relying on Macfarlane Group as a covenant, they're now relying on Royal London as a covenant. Now, although Macfarlane Group is a good covenant, Royal London clearly is a very strong covenant.

Ivor Gray: Now, although Macfarlane Group is a good covenant, Royal London clearly is a very strong covenant, so it gives members a lot more security in terms of going forward. There is some excess assets you can see post that buy-in. Effectively what happens is the insured assets now effectively manage all pensions and payments and any deferred pensions that are due to be paid. Any volatility related to those pensions are now covered by those insured assets. It takes a lot of volatility in terms of the discount rate, in terms of inflation, in terms of mortality assumptions. It takes a lot of volatility out of the group. The only thing that the pension scheme now has to deal with over the next two years is dealing with a lot of equalization adjustments related to guaranteed minimum pension and some historic Barber equalization adjustments.

Speaker #1: So it gives members a lot more security in terms of going forward. There are some excess assets you can see post that buy-in. So, effectively, what happens is the insured assets now effectively manage all pensions and payments.

Speaker #1: And any deferred pensions that are due to be paid, so any volatility related to those pensions are now covered by those insured assets. It takes out a lot of volatility in terms of the discount rate, in terms of inflation, in terms of mortality assumptions.

Speaker #1: It takes a lot of volatility out for the group. The only thing that the group – now, the pension scheme – has to deal with over the next two years is a lot of equalization adjustments related to guaranteed minimum pension.

Speaker #1: And some historic Barberry equalization adjustments. So these need to be dealt with over the next two years, and we've made provisions for those within our assumptions.

Ivor Gray: These need to be dealt with over the next two years. We have made provisions for those within our assumptions and also the fees that are required to be paid to correct those pensions. That GBP 5.5 million of cash that you see, that is there to cover those adjustments and the fees related to managing a pension scheme over the next two years between buy-in and buy-out. What we are kind of predicting at the moment is between now and buy-out, we should be in a position to exit the scheme completely, either within a range of +GBP 1 million to -GBP 1 million in terms of potential cash that we might either recover or cash that we might have to pay into the scheme. That is the kind of range we are working with between now and buy-out.

Speaker #1: And also the fees that are required to be paid to correct those pensions. So, that's £5.5 million of cash that you see that's there to cover those adjustments and the fees related to managing the pension scheme over the next two years, between buy-in and buyout.

Speaker #1: And what we are kind of predicting at the moment is, between now and buyout, we should be in a position to exit the scheme completely, either within a range of plus £1 million to minus £1 million, in terms of potential cash that we might either recover, or cash that we might have to pay into the scheme.

Speaker #1: That's the kind of range we are working with between now and buyout. So, good progress. More security for members and less volatility for the group, with the ultimate aim within two years being to get the pension scheme completely off the balance sheet.

Ivor Gray: Good progress and more security for members and less volatility for the group, with the ultimate aim within two years is to get the pension scheme completely off the balance sheet. On that note, I will pass back to Peter for just doing a quick summary and conclusions.

Speaker #1: On that note, I'll pass back to Peter, who will just do a quick summary and conclusions.

Speaker #3: Thanks, Ivo. One more slide, and then we'll move on to questions. So, three key final messages. Firstly, it's not easy out there at the moment.

Peter Atkinson: Thanks, Ivan. One more slide and then we will move on to questions. Three key final messages. Firstly, it is not easy out there at the moment. Market conditions are weak in the UK. We have got the impact of the Middle East, they are further slowing down demand and obviously affecting our input pricing, so we are having to work hard with customers to get recovery on those. We have got the headwind of the environmental regulation, which will cause people to use less packaging going forward, particularly in that retail sector. I think when we look at what we have achieved in H1, we have made some progress. Middle East impact largely being offset by managing those price increases. Packaging distribution, we are seeing performance improvement. Pitreavie finance profitability and manufacturing operations are performing in a stable fashion. The focus for us continues to be our profit recovery.

Speaker #3: Market conditions are weak in the UK, but the impact of the Middle East slowing down is further reducing demand and obviously affecting our income pricing.

Speaker #3: So, hardware customers— to get recovery on those. And we've got the headwind of the environmental regulation, which will cause people to use less packaging going forward, particularly in that retail sector.

Speaker #3: I think when we look at what we've achieved in H1, we've made some progress. Middle East impact largely being offset by managing those price increases, packaging distribution—we're seeing performance improvement. Retrieving of our banking's profitability, and manufacturing operations are performing in a stable fashion.

Speaker #3: So, the focus for us continues to be our profit recovery. We've had a number of people asking us last week, when we were talking with them, about what's the plan in terms of acquisitions.

Peter Atkinson: We had a number of people asking us last week when we were talking with them about what is the plan in terms of acquisitions. Just to clarify that, clearly acquisitions have been a key part of our strategy up to date in terms of consolidating and widening the offer to customers. At the moment, we have all acquisition activity on hold. Those target acquisitions that we have in the pipeline, we are talking with the owners of those businesses. In the main, they are agreeing to different timings and managing delays. Where acquisitions come to us at the moment, unless they are absolutely must-do acquisitions, then we are effectively saying now is not the right time. I think from an acquisition point of view, not a priority at this point in time.

Speaker #3: And just to clarify that, clearly acquisitions have been a key part of our strategy to date, in terms of consolidating and widening the offer to customers.

Speaker #3: At the moment, we've got all acquisition activity on hold. For those target acquisitions that we've got in the pipeline, we're talking with the owners of those businesses.

Speaker #3: And, in the main, they're agreeing to different timings of managing the days. And where acquisitions come to us at the moment, unless they are absolutely must-do acquisitions, then we're effectively saying now's not the right time.

Speaker #3: So, I think from an acquisition point of view, it's not a priority at this point in time. I expect it to be back on the acquisition trail in early 2028—that's what we're scheduling—as we focus management time on the profit recovery.

Peter Atkinson: I expect us to be back on the acquisition trail early 2028, is what we are scheduling as we focus management time on the profit recovery. In terms of that profit recovery, just as a reminder of the things that we are doing. We are focusing on sales development in industrial markets, particularly in distribution. Reducing our cost base, and we started that program as we described it. Increasing the performance of the lower return on sales RDCs in distribution through the best practice program. Improve the input prices that we are achieving despite the Middle East thing. We are refining our sourcing program and trying to find ways of getting better input prices, particularly on corrugated products. Clearly getting the Pitreavie business back to the GBP 2 million of operating profit that we had when we acquired the business.

Speaker #3: And in terms of that profit recovery, just as a reminder of the things that we're doing: focusing ourselves on development in industrial markets, particularly in distribution.

Speaker #3: Reducing our cost base, and we started that program as we described it. Increasing the performance of the lower return-on-sales RDCs and distribution to the best practice program.

Speaker #3: Improve the input prices that we're achieving. Despite the Middle East thing, we're refining our sourcing program and trying to find ways of getting better input prices, particularly on corrugate products.

Speaker #3: And then, clearly, getting the Protintor business back to the £2 million of operating profit that we had when we acquired the business. And then, in terms of capital allocation, just to repeat what Iva said: maintenance of the dividend, instituting a new share buyback program, and continuing that net debt level at a relatively low one-times EBITDA.

Peter Atkinson: In terms of capital allocation, just to repeat what Ivor said, maintenance of the dividend, instituting a new share buyback program and continuing that net debt level at a relatively low 1 times EBITDA. In terms of the presentation, the presentation, if it is not already up on the website, it will be up on the website later on today, so you can delve into it in a bit more detail. I recognize we have run through that at quite a pace. We will now move on to questions.

Speaker #3: So, in terms of the presentation, the presentation is not already up on the website; it will be up on the website later on today.

Speaker #3: So you can delve into it in a bit more detail. I recognize we've run through that at quite a pace, but we will now move on to questions.

Speaker #2: That's great.

Ivor Gray: That is great.

Operator: That is great.

Ivor Gray: Okay. Thanks, Peter.

Speaker #3: Thanks, Peter.

Speaker #2: Thank you very much for the presentation. Ladies and gentlemen, please do continue to submit your questions. Just put them in the Q&A tab situated on the right-hand corner of your screen.

Operator: Thank you very much for the presentation. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab situated on the right-hand corner of your screen. Just while the company take a few moments to review those questions submitted today, I would like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via Investors dashboard. As you can see, we have received a number of questions throughout today's presentation. I please ask you to read out the questions and give responses where appropriate to do so, and I will pick up from you at the end.

Speaker #2: Just while the company takes a few moments to review those questions submitted today, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via our investor dashboard.

Speaker #2: As you can see, we have received a number of questions about today's presentation. So, please could I ask you to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end.

Speaker #3: Okay, the question was really one, and I think we kind of covered it off in the slide around the profit recovery program, around distribution. Which was really, how do we get the business from 4.6% to 7.5% in the region term?

Ivor Gray: Okay, thanks. The first question was one really, I think we kind of covered it off in the slide around the profit recovery program around distribution, which was really how do we get the business from 4.6% to 7.5% in the medium term. I think Peter covered the actions, but I suppose ultimately, if we can get the business growing at roughly about 3% per annum, which is where we are targeting to get to, and we can maintain the gross margins at the current level. Really if we can hold the cost base, which is the kind of challenge for us, hold the cost base at the current levels, then within a kind of three-year program, we should see the bottom line operating margin improve to that kind of 7% to 8% level.

Speaker #3: So I think Peter covered the actions, but I suppose ultimately, if we can get the business growing at roughly about 3% per annum—which is where we're targeting to get to—and we can maintain the gross margins at the current level, really, if we can hold the cost base—which is the kind of challenge for us—hold the cost base at the current levels.

Speaker #3: Then, within a kind of three-year program, we could see the bottom line operating margin improve from that kind of 7% to 8% level. So, just that natural flow-through of organic growth, maintaining the gross margin, and stopping that kind of inflationary pressure on the cost increases.

Ivor Gray: Just that natural flow-through of organic growth, maintaining the gross margin and stopping that inflationary pressure on the cost increases. We appreciate there will be continued to be inflationary pressure there, but we will be taking active actions to try and reduce our cost base, whether that is looking at kind of site consolidations as leases come up to an end, looking at software technology investments as we go forward to try and reduce some of the processing strains on the business. Ultimately, that is how we get the business from 4.6% to 7.5%, is that natural flow-through of the growth, holding the operating costs where they currently are and maintaining the margins roughly where they currently are at the moment. One of the questions probably for you, Peter, just in terms of the Middle East.

Speaker #3: And we appreciate that we continue to see inflationary pressure there, but we'll be taking active actions to try and reduce our cost base, whether that's looking at site consolidations as we seek to come up to the end, or looking at software technology investments as we go forward to try and reduce some of the processing strains on the business.

Speaker #3: But ultimately, that's how we get the business from 4.6% to 7.5%—it's that natural flow-through of the growth, holding the operating costs where they currently are, and maintaining the margins roughly where they are at the moment.

Speaker #3: One of the questions, probably for you, Peter: just in terms of the Middle East, to what extent have we been able to recover the costs that have come through?

Ivor Gray: What percent have we been able to recover the costs that will come through as a result of the Middle East, and do you see some maybe potential margin pressure coming through in the H2 of the year?

Speaker #3: As a result of the Middle East, you may see some potential margin pressure coming through in the second half of the year.

Speaker #4: Yeah, it's a good question. I mean, so far, we've managed to do an effective job in recovering those price increases, and you can see that in the way our gross margins performed.

Peter Atkinson: Yeah, it's a good question. So far we've managed to do an effective job in recovering those price increases. You can see that in the way our gross margin has performed in the H1 of the year. We probably see as we go into the H2 of the year, a slight weakening of that gross margin. That will be offset by the fact that because we'll be implementing these price increases as a result of the flow-through, we'll see our revenue line strengthen. If you look to the H2 of the year, expect a year-on-year stronger sales line versus 2025, but probably a slight weakening of margin. Not materially so, still within that tight range that we operate. But so far we're doing a good job and one of the key things is obviously security of supply.

Speaker #4: In the first half of the year, we probably see, as we go into the second half of the year, a slight weakening of that gross margin.

Speaker #4: But that will be offset by the fact that, because we'll be implementing these price increases, as a result of the flow-through, we'll see our revenue lines strengthen.

Speaker #4: So, if you look to the second half of the year, expect a year-on-year stronger sales line versus 2025, but probably a slight weakening of margin.

Speaker #4: Not materially so, still within that tight range that we operate. But so far, we're doing a good job. And the key thing—one of the key things—is obviously security of supply.

Speaker #4: Because you do not want to let down any customers in the current market. Because if you let down a customer, it just opens the door for a new entrant.

Peter Atkinson: Because you do not want to let down any customers in the current market, because if you let down a customer it just opens the door for a new entrant. So far we've been able to manage the supply chain particularly effectively.

Speaker #4: And so far, we've been able to manage the supply chain particularly effectively.

Speaker #3: Next question is around M&A. So it's really, if I pick this one, Office 10: When do we see M&A feature again? And is it likely to be focused on Europe?

Ivor Gray: The next question is around M&A. It's really maybe I'll kick this one off is when do we see M&A feature again, and is it likely to be focused on Europe versus the UK? I suppose in direct answer to that, we're not putting a timescale on it. Clearly at the moment our focus given, as I said, the current valuations that we've got at the moment, both of acquiring businesses relative to our own valuation, we see allocating capital to buyback as a more efficient way to manage our capital in the short term. As Peter Atkinson described earlier, management resources are really focused on the profit recovery program.

Speaker #3: Versus the UK? I suppose, in direct answer to that, we're not putting a timescale on it. Clearly, at the moment, our focus—given, as I said, the current valuations that we've got at the moment, both of acquiring businesses relative to our own valuation—we see allocating capital to the buyback as a more efficient way to manage our capital in the short term.

Speaker #3: And as Peter described earlier, management resources are really focused on the profit recovery program. As we hope to develop that profit recovery program over the next 18 months, and hopefully valuations start to improve as those features start to move in a positive direction, then clearly the timing of that means that we'll get on the front foot with M&A activity.

Ivor Gray: But as we hope to develop that profit recovery program over the next 18 months and hopefully valuation starts to improve and those features start to move in a positive direction, then clearly the timing of that means that we will get on the front foot with M&A activity. And actually we are focused on both continuing to do some buy and build within the UK, and we continue to look for strategic opportunities in Europe. I do not know if you want to add to that, Peter.

Speaker #3: And actually, we're focused on both continuing to do some buy-and-build within the UK, and we continue to look for strategic opportunities in Europe.

Speaker #3: So, I don't know if you want to add to that, Peter.

Speaker #4: No, no, I think that's a fair summary. And the only other thing I'd add to it is that the acquisition opportunities are there for us.

Peter Atkinson: No, I think that is the best summary. The only other thing I would add to it is that the acquisition opportunities are there for us. We are probably seeing a couple acquisition opportunities a week come through at the moment. As we have said, we only buy quality businesses against an agreed strategy and against an agreed profile. There is nothing we have seen so far that fits those criteria. So, more to come in acquisitions, but management time at the moment is focused on profit recovery.

Speaker #4: I mean, we're probably seeing a couple of acquisition opportunities a week come through at the moment. And as we've said, we only buy quality businesses, against an agreed strategy and against an agreed profile.

Speaker #4: And there's nothing we've seen so far that fits those criteria. So there's more to come in acquisitions, but management time at the moment is focused on profit recovery.

Speaker #3: And in terms of the weighed-up effective packaging market, where do you see the kind of opportunities and threats currently, and how do you see Macfarlane delivering against the weighed-up market?

Ivor Gray: And in terms of the wider protective packaging market, where do you see the kind of opportunities and threats currently, and how do you see Macfarlane delivering against the wider market?

Speaker #4: Yeah, I mean, I think the wider market, if you look at it, people are trying to find ways of using less packaging. People are trying to find ways of using packaging more effectively.

Peter Atkinson: Yeah, I think the wider market, if you look at it, people are trying to find ways of using less packaging. People are trying to find ways of using packaging more effectively. People are trying to find ways of using packaging in a way that reduces operating costs. So, we are still very confident that the Macfarlane proposition around adding value to people's protective packaging requirements is still relevant, and that is reflected in our new business performance in H1 of this year. I think in terms of the segments of the market, we see defense, aerospace, space, and tech, for the reasons that we all understand, will continue to be pretty robust and potentially, as they are doing at the moment, give us sustainable tailwinds.

Speaker #4: People are trying to find ways of using packaging in a way that reduces their operating costs. So we're still very confident that the Macfarlane proposition around adding value to people's protective packaging requirements is still relevant.

Speaker #4: And that's reflected in our new business performance in the first half of this year. I think, in terms of the segments of the market, we see defense, aerospace, space, and tech, for the reasons that we all understand, will continue to be pretty robust.

Speaker #4: And potentially, as they are doing at the moment, give us sustainable tailwinds. We see the retail space as probably the space that's going to be most difficult or most challenging, primarily because of all the legislation that's currently in play—and the legislation that's either been touched on, is coming into play, or will have a really material effect on that retail space.

Peter Atkinson: We see the retail space is probably the space that is going to be most difficult or most challenging, primarily because all the legislation that is currently in play and the legislation that Ivor touched on, which is coming into play, all has a really material effect on that retail space. Hence the pivot that we are making at the moment to really focus our business around industrial. The industrial customers, the final point, is good for us because it allows us to blend our distribution business and our specialist manufacturing activity together so we can deal with our customers' more simple protective packaging needs, and also their very sophisticated packaging needs, and genuinely become a one-stop supplier for those industrial clients.

Speaker #4: So, hence the pivot that we're making at the moment to really focus our business around industrial, and the industrial customers of Final Point, is good for us because it allows us to blend our distribution business and our specialist manufacturing activity together.

Speaker #4: So, we can deal with our customers' more simple protective packaging needs, and also their very sophisticated packaging needs, and genuinely become a one-stop supplier for those industrial clients.

Speaker #3: That question on sourcing, Peter—how do we define our sourcing strategy more, and what differential benefits could we get from that?

Ivor Gray: A question on sourcing, Peter. How do we refine our sourcing from a strategy and the financial benefits that we could get from that?

Speaker #4: So, in round terms, 50% of what we buy, we buy centrally. Through a central team, that's where we buy bubble wrap and tape on a central basis.

Peter Atkinson: In round terms, 50% of what we buy, we buy centrally through a central team. That is where we buy bubble wrap and tape on a central basis, agreed terms, and all our business units buy from that central agreed contract. Then 50%, we tend to deal with local and regional suppliers, and that is managed by our local sites and our regional operations. The plan going forward is to bring more of our regional purchasing into a centralized fashion so that we can get a better bang for our buck and spread our resources more effectively. Also create stronger strategic supplier relationships. As you are all aware, the product industry at the moment is going through a period of consolidation and rationalization. What we are doing at the moment is building and strengthening our relationships with key corrugate suppliers.

Speaker #4: Agreed terms, and all our business units buy from that centrally agreed contract. Then 50% we tend to deal with local and regional suppliers, and that's managed by our local sites.

Speaker #4: And our regional operations—the plan going forward is to bring more of our regional purchasing into a centralized fashion, so that we can get a better bang for our buck and spread our resources more effectively.

Speaker #4: And also create stronger strategic supply relationships. As you're all aware, the product industry at the moment is going through a period of consolidation and rationalization.

Speaker #4: And so what we’re doing at the moment is building and strengthening our relationships with key corrugate suppliers. So, from a sustainability point of view going forward, we’ve got long-term relationships and long-term partnerships, which will work well for them and for ourselves.

Peter Atkinson: From a sustainability going forward, we have got long-term relationships and long-term partnerships which will work well for them and for ourselves.

Speaker #3: Could you tell me if that's all the questions?

Ivor Gray: Peter, I think that is all the questions. Chris, do you want to bring it?

Speaker #4: Thank you, everybody, for your time today and for your questions. As I said, the presentation will be up on our website.

Peter Atkinson: Thank you everybody for your time today and your questions. As I say, the presentation will be up on our website, so you will get a chance to look into it in more detail. Clearly, if there is anything that comes out from that, you can contact us directly or through Shore Capital. The summary of the H1 is, look, we had a really difficult 2025 after 15 years of consecutive profit growth. The focus is on profit recovery, and we are beginning to demonstrate those profit recovery actions are coming through, and that is reflected in the performance that we have seen in the H1. That will only strengthen as we go into the H2.

Speaker #4: So you'll get a chance to look at it in a bit more detail, and clearly if there's anything that comes out from that, you can contact us directly or through Shure Capital.

Speaker #4: Yeah, the summary of the first half-year is: look, we had a really difficult 2025 after 15 years of consecutive profit growth. The focus is on profit recovery.

Speaker #4: And we're beginning to demonstrate that those profit recovery actions are coming through, and that's reflected in the performance that we've seen in the first half of the year.

Speaker #4: And that will only strengthen as we go into the second half of the year. And we've got clear recovery targets for each of the key businesses that are not performing to plan at the moment in terms of distribution and retrieving, which we'll see us through the next two sort of really 12 to 24 months.

Peter Atkinson: We have got clear recovery targets for each of the key businesses that are not performing to plan at the moment in terms of distribution and recovery, which will see us through the next 12 to 24 months. Again, thank you for your time.

Speaker #4: So, again, thank you for your time.

Speaker #1: That's great. Thank you for updating investors today. Could I please ask investors not to close the session, as we're now being automatically redirected to provide your feedback so that the management team can better understand your views and expectations.

Operator: That is great. Thank you for updating investors today. Can I please ask investors now to close the session as you will now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete and I am sure will be greatly valued by the company. On behalf of the management team, we would like to thank you for attending today's presentation, and good morning to you all.

Speaker #1: This may take a few moments to complete, and I'm sure it'll be greatly valued by the company. On behalf of the management team, we'd like to thank you for attending today's presentation and good morning to you all.

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Q2 2026 Macfarlane Group PLC Earnings Call

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