Half Year 2026 Elixirr International PLC Earnings Call

September 23, 2026

Speaker #2: Here.

Speaker #3: Okay.

Speaker #2: Good afternoon, and welcome to the Elixirr International PLC Investor Presentation. 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 in the right-hand corner of your screen.

Operator: Good afternoon, and welcome to the Elixirr International PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time by 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 where it is appropriate to do so. Before we begin, I would like to submit the following poll.

Speaker #2: Simply type in your questions and press send. The comments may not be able 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 #2: Before we begin, I'd like to submit the following poll.

Speaker #3: And hello, everyone. Good afternoon. I really appreciate you all joining the call today, and we're looking forward to taking you through another set of record results that we're very proud of.

Graham Busby: Hello, everyone. Good afternoon. I really appreciate you guys joining the call today, and we are looking forward to taking you through another set of record results that we are very proud of. Well, maybe very quickly we will do some introductions. First of all, Stephen Newton sends his apologies. He has actually got a planned medical procedure today, so he will not be on, but you are in very capable hands with myself, Graham Busby. I am a co-founder with Steven and the Deputy CEO.

Speaker #3: But maybe very quickly, we'll do some introductions. First of all, Stephen Newton sends his apologies. He's actually got a planned medical procedure today, so he won't be on.

Speaker #3: But you are in very capable hands with myself, Graham Busby. I'm a co-founder of Stephen and the Deputy CEO.

Speaker #4: And Nick Willots. I'm CFO, and it's nice to speak to you all.

Graham Busby: Nick Willott, CFO. Nice to meet you all.

Nick Willott: Nick Willott, CFO. Nice to meet you all.

Speaker #5: And Em Carleby-Smith, a client-facing partner and Head of Investor Relations.

Emiko Caerlewy-Smith: Emiko Caerlewy-Smith, a client-facing Partner and Head of Investor Relations.

Speaker #3: Okay, so just as a bit of an overview, like I said, we're very happy with the results that we launched this week. It shows our diversification strategy is working.

Graham Busby: Okay. Just as a bit of an overview, like I said, we are very happy with the results that we launched this week. It shows our diversification strategy is working. We have had revenues increase 25% and adjusted EBITDA increasing 29%. I think that really shows kind of the focus on the quality of growth that we put into the business and the value of our new work. That kind of flows through to the EBITDA margins of 31% as well. We are seeing more artificial intelligence demands. I think that is obviously a prevalent theme, global theme, actually. I think if you think about previous tech cycles, like mobile in the 2000s, it is always the infrastructure players that get the value first, and then that flows through into the services companies. That is what we are seeing now with artificial intelligence.

Speaker #3: We've had revenues increase 25%, and adjusted EBITDA increasing 29%. And I think that really shows the focus on the quality of growth that we've put into the business, and the value of our new work.

Speaker #3: And that kind of flows through to the EBITDA margins of 31% as well. We are seeing more artificial intelligence demands. I think that is obviously a prevalent global theme, actually.

Speaker #3: And I think if you think about previous tech cycles, like mobile in the 2000s, it's always the infrastructure players that get the value first. Then that flows through into the services companies.

Speaker #3: And that is what we're seeing now with artificial intelligence. There have been studies recently that Gartner has published showing that agentic AI is going to create a $200 billion market opportunity for technology services in the next five years.

Graham Busby: There has been studies recently that Gartner have pushed through that shows that agentic AI is going to give a $200 billion market opportunity to technology services in the next five years. We are looking forward to getting as much of that as we can, quite frankly. AI revenue for ourselves is 185% up period on period H1 versus H1 last year. So it is a rapidly growing part of our business. I think we are also seeing the market moving towards senior advice alongside hands-on tech delivery. There has been announcements in the market. You probably saw Accenture and Google having a partnership with 1,000 engineering specialists to that degree, working alongside the consultants. I like the fact that we are already there. We have a senior model by design, and I will talk about that in a second. We have also built up strategy, data, AI, tech, execution.

Speaker #3: And we're looking forward to getting as much of that as we can, quite frankly. AI revenue for ourselves is 185% up, period-on-period, H1 versus H1 last year.

Speaker #3: So, it is a rapidly growing part of our business, and I think we're also seeing the market moving towards senior advice alongside hands-on tech delivery.

Speaker #3: There have been announcements in the market; you probably saw Accenture and Google having a partnership with 1,000 engineering specialists, to that degree, working alongside the consultants.

Speaker #3: And I like the fact that we're already there. We have a senior model by design, and I'll talk about that in a second. But we've also built up strategy, data, AI, tech, execution—all of those things mean that we can do more and more things with our clients and add more and more value.

Graham Busby: All of those things means that we can do more and more things with our clients and add more and more value. Em is actually going to take us through a few case studies in a bit, where you can see that value come to life and get a good feel for the work we are doing, both AI and non-AI, by the way, because obviously we have a large part of the business that does not necessarily do the AI type work. In terms of broader capabilities, we have got deeper client relationships. We will talk about how cross-sell is working. We will take you through kind of where we are with gold clients and really just showing the high value of the work that we have been doing.

Speaker #3: Em's actually going to take us through a few case studies in a bit, where you can see that value come to life, and get a good feel for the work we're doing.

Speaker #3: Both AI and non-AI, by the way, because obviously we have a large part of the business that does not necessarily do the AI-type work.

Speaker #3: In terms of broader capabilities, we've got deeper client relationships. We'll talk about how cross-sales are working, we'll take you through where we are with gold clients, and really just show the high value of the work that we've been doing.

Speaker #3: Thinking about some of the highlights then from an H1 '26 point of view, it's a record half, and I love the fact again we're in the Rule of 50, which is a combination of revenue growth and EBITDA margin.

Graham Busby: Thinking about some of the highlights then from a H1 2026 point of view, it is a record half. I love the fact, again, we are in the Rule of 50, which is a combination of revenue growth and EBITDA margin. I think we have been in that since IPO and even been in the Rule of 60 at times. Just to reemphasize those numbers, 25% revenue, 29% EBITDA growth, and 31% margin. Nick will go into some of the underlying financials underneath that. Our client relationships, a gold client is what we consider as GBP 1 million of fees or more. We have, on a trailing 12-month basis, we have had 35 in the period, which is 13% up year on year. Actually, if you think about GBP 2 million trailing 12 months, we have had 24 in the period, which is up 50%.

Speaker #3: I think we've been in that since IPO, and have even been in the Rule of 60 at times. And just to reemphasize those numbers: 25% revenue growth, 29% EBITDA growth, and 31% margin. Nick will go into some of the underlying financials beneath that.

Speaker #3: Our client relationships: Gold client is what we consider as £1 million of fees or more. On a trailing 12-month basis, we've had 35 in the period, which is 13% up year on year.

Speaker #3: And actually, if you think about £2 million trailing twelve months, we've had £24 million in the period, which is up 50%. So it's really showing we're going deeper and having more breadth with our clients.

Graham Busby: So it is really showing we are going deeper and having more breadth with our clients. They are trusting us with more complex mandates, and they are engaging us on more capabilities than ever before. On the bottom left, before I go to the right-hand side of the page, on the bottom left, we have been expanding our capabilities and our global footprint. Cross-sell has gone up 27%. That is a great indicator that the inorganic strategy is working. That is GBP 19 million of revenue on top of 15 from the previous period. And actually, if you look at it from a post-IPO perspective, we have now created over GBP 100 million of cross-sell revenue, which we are very proud of. January this year, we brought in Kvadrant. They, to remind you, a Nordic-based business focusing on real consulting strategy, if you like. So they do a lot of commercial transformation, go-to-market excellence, transaction services with private equity.

Speaker #3: They're trusting us with more complex mandates, and we are there engaging us on more capabilities than ever before. On the bottom left, before I go to the right-hand side of the page, on the bottom left, we've been expanding our capabilities and our global footprint.

Speaker #3: Cross-sale's gone up 27%. That is a great indicator that the inorganic strategy is working. That is £19 million of revenue, on top of £15 million from the previous period.

Speaker #3: And actually, if you look at it from a post-IPO perspective, we've now created over £100 million of cross-sale revenue, which we're very proud of.

Speaker #3: In January this year, we bought into Quadrant—to remind you—a Nordic-based business focusing on real consulting strategy, if you like. They do a lot of commercial transformation.

Graham Busby: So they do a lot of commercial transformation, go-to-market excellence, transaction services with private equity. And they have landed really well, especially when working alongside TRC because they have very mutually agreeable skill sets. In the middle, to just bring some of the AI to life, which Em will go into more detail, we have really spent the period combining AI technology and operational expertise. AI revenue was 8 million in the period, which was up 185%. And like I said, there is a huge market that we want to get into even further. We are getting more global recognition as a market leader. There are three here, two of them from Forbes, the one being best management consulting firm in Americas, and another world's best consulting firm. And then the FT, again, put us in as one of the UK's leading management consultants.

Speaker #3: Go-to-market excellence, transaction services with private equity—and they've landed really well, especially when working alongside TRC, because they have very mutually agreeable skill sets.

Graham Busby: And they have landed really well, especially when working alongside TRC because they have very mutually agreeable skill sets. In the middle, to just bring some of the AI to life, which Em will go into more detail, we have really spent the period combining AI technology and operational expertise. AI revenue was 8 million in the period, which was up 185%. And like I said, there is a huge market that we want to get into even further. We are getting more global recognition as a market leader. There are three here, two of them from Forbes, the one being best management consulting firm in Americas, and another world's best consulting firm. And then the FT, again, put us in as one of the UK's leading management consultants. And why we put a spotlight on these three is these are from independent feedback from clients and its industry peers.

Speaker #3: In the middle, to just bring some of the AI to life—which Em will go into more detail about—we've really spent a period combining AI technology and operational expertise. AI revenues were $8 million in the period, which was up 185%.

Speaker #3: And, like I said, there's a huge market that we want to get into even further. We're getting more global recognition as a market leader.

Speaker #3: There are three here. Two of them from Forbes: one being Best Management Consulting Firm in America, and another World's Best Consulting Firm. And then the FT, again, put us in as one of the UK's leading management consultants. Why we put a spotlight on these three is that these are from independent feedback from clients in this industry and peers.

Graham Busby: And why we put a spotlight on these three is these are from independent feedback from clients and its industry peers. So this is not a pay to play, which a lot of them are. This is really what the industry and our clients think of us, which makes it definitely a lot more special. And we have been strengthening our leadership. Bill Michael has come onto the board as an independent Non-Executive Director, and we have got four new group Partners during the period. One of those was Thomas, who is the founder and CEO of Kvadrant, and then we have three hires bolstering up our skills in AI tech and also going deeper into industry. So record financial performance, we have deeper client relationships, we have got stronger capabilities. We have had a continued investment in our platform, and really that is positioned us really nicely for growth.

Speaker #3: So this isn't a pay-to-play, which a lot of them are. This is really what the industry and our clients think of us, which makes it definitely a lot more special.

Graham Busby: So this is not a pay to play, which a lot of them are. This is really what the industry and our clients think of us, which makes it definitely a lot more special. And we have been strengthening our leadership. Bill Michael has come onto the board as an independent Non-Executive Director, and we have got four new group Partners during the period. One of those was Thomas, who is the founder and CEO of Kvadrant, and then we have three hires bolstering up our skills in AI tech and also going deeper into industry. So record financial performance, we have deeper client relationships, we have got stronger capabilities. We have had a continued investment in our platform, and really that is positioned us really nicely for growth. We are also aware of a value gap, and we are doing our part to close that.

Speaker #3: And we've been strengthening our leadership. Bill Michaels has come onto the board as an independent non-exec, and we've got four new group partners during the period.

Speaker #3: One of those was Thomas, who is the founder and CEO of Quadrant. Then we have three hires, bolstering our skills in AI tech.

Speaker #3: And also, going deeper into industry. So, record financial performance; we've developed deeper client relationships, we've built stronger capabilities, and we've continued to invest in our platform. And really, that's positioned us nicely for growth.

Speaker #3: We're also aware of a value gap, and we're doing our part to close that. We just wanted to show here just a couple of comparators and a couple of things that we're doing proactively.

Graham Busby: We are also aware of a value gap, and we are doing our part to close that. We just wanted to show here just a couple of comparatives and a couple of things that we are doing proactively. So we have had sustained market outperformance. So if you look at the graph, we just wanted to show the dark purple line is Elixirr revenue growth, the lighter purple line is share price activity. And then if you go to the more bluer color, the dark blue is actually the FTSE 100. We chose the FTSE because that was the best performing of all the indices over the period, as shown by the lighter blue line. And obviously you can see the average revenue growth of the FTSE 100 compared to what we have done, and then the returns that each the company versus indices of returns.

Graham Busby: We just wanted to show here just a couple of comparatives and a couple of things that we are doing proactively. So we have had sustained market outperformance. So if you look at the graph, we just wanted to show the dark purple line is Elixirr revenue growth, the lighter purple line is share price activity. And then if you go to the more bluer color, the dark blue is actually the FTSE 100. We chose the FTSE because that was the best performing of all the indices over the period, as shown by the lighter blue line. And obviously you can see the average revenue growth of the FTSE 100 compared to what we have done, and then the returns that each the company versus indices of returns. Our revenue growth is more than five times versus 51%.

Speaker #3: So we've had sustained market outperformance. If you look at the graph, we just wanted to show: the dark purple line is Elixirr revenue growth, the lighter purple line is share price activity, and then if you go to the more bluish color—the dark blue is actually the FTSE 100. We chose FTSE because that was the best performing of all the indices over the period.

Speaker #3: As shown by the lighter blue line. And obviously, you can see the average revenue growth of the FTSE 100 compared to what we've done, and then the returns that each company saw versus indices of returns. Our revenue growth is more than five times.

Graham Busby: Our revenue growth is more than five times versus 51%. We have a strategy that remains the same in terms of four-pillar growth strategy. It is working really well. We continue to do organic growth. We will continue to deepen our client relationships. We will continue to do selective programmatic M&A, and we are looking to sustain our premium margins. We are also, a few other things, there is some targeted action. At bottom right, we bought Canaccord Genuity on as a second broker, and a selection of us have already, for example, been to the US to meet new US investors, because I do think, especially with our US footprint, we are a very attractive proposition for US investors wanting to invest into the UK. We are pushing that as well.

Speaker #3: So versus 51%. We have a strategy that remains the same in terms of our four-pillar growth strategy. It's working really well.

Graham Busby: We have a strategy that remains the same in terms of four-pillar growth strategy. It is working really well. We continue to do organic growth. We will continue to deepen our client relationships. We will continue to do selective programmatic M&A, and we are looking to sustain our premium margins. We are also, a few other things, there is some targeted action. At bottom right, we bought Canaccord Genuity on as a second broker, and a selection of us have already, for example, been to the US to meet new US investors, because I do think, especially with our US footprint, we are a very attractive proposition for US investors wanting to invest into the UK. We are pushing that as well. We strongly believe in the sustained revenue performance, our premium profitability, the differentiated platform that gives us that strong foundation for long-term value creation.

Speaker #3: We continue to pursue organic growth. We will continue to deepen our client relationships. We will continue to do selective, programmatic M&A. And we're looking to sustain our premium margins.

Speaker #3: But we're also a few other things. There's some targeted action, bottom right: we've bought Canaccord, Junity on as a second broker, and a selection of those have already, for example, been to the US to meet new US investors.

Speaker #3: Because I do think, especially with our US footprint, we're a very attractive proposition for US investors wanting to invest into the UK, and we are pushing that as well.

Speaker #3: So we strongly believe in the sustained revenue performance, our premium profitability, and the differentiated platform. It gives us a strong foundation for long-term value creation.

Graham Busby: We strongly believe in the sustained revenue performance, our premium profitability, the differentiated platform that gives us that strong foundation for long-term value creation. That is something that is strengthened by artificial intelligence. I know there is a narrative that I am sure you have all read into or heard around AI potentially eating away at consulting. For us, it is the opposite. It actually structurally improves our competitive model. We are senior-led by design. If you think where can AI disrupt consulting? If you think about the pyramid model of resource, we have what is probably more of a pillar, whereas the big names out there have more of a pyramid. If you pick one of those, they will have, call it 15,000 analysts at the bottom doing research and insights and kind of working on their methodologies, producing PowerPoints.

Speaker #3: And that is something that is strengthened by artificial intelligence. I know there is a narrative that I'm sure you've all read or heard about AI potentially eating away at consulting.

Graham Busby: That is something that is strengthened by artificial intelligence. I know there is a narrative that I am sure you have all read into or heard around AI potentially eating away at consulting. For us, it is the opposite. It actually structurally improves our competitive model. We are senior-led by design. If you think where can AI disrupt consulting? If you think about the pyramid model of resource, we have what is probably more of a pillar, whereas the big names out there have more of a pyramid. If you pick one of those, they will have, call it 15,000 analysts at the bottom doing research and insights and kind of working on their methodologies, producing PowerPoints.

Speaker #3: But for us, it's the opposite. It actually structurally improves our competitive model. We are senior-led by design. So if you think, where can AI disrupt consulting?

Speaker #3: If you think about the pyramid model of resources, we have what is probably more of a pillar, whereas the big names out there have more of a pyramid.

Speaker #3: And if you pick one of those, they will have, call it, 15,000 analysts at the bottom doing research and insights, and kind of working on their methodologies, producing PowerPoints.

Speaker #3: Yeah, that is where AI can eat away at. Those companies have spent billions over the years to create that asset, that really gives the firepower for the senior partners to be talking to their clients and adding the value they do.

Graham Busby: That is where AI can eat away at. Those companies have spent billions over the years to create that asset, that really gives the firepower for the senior partners to be talking to their clients and adding the value they do. AI for us levels the playing field. We do not have to spend billions and years building up that 15,000 personal power and capability. It is available to us with AI. All of our team now have access to what they were churning out previously, and that is a good thing for us, especially when you look at how we think about our internal talent. We have promoted two principals to Partner. Like I said, we have hired three external Partners. 30% of our employees are principals or above. So we are definitely senior-led by design, and it is helping us.

Speaker #3: AI levels the playing field. We don't have to spend billions and years building up that 15,000-person power and capability; it's available to us with AI.

Speaker #3: So, all of our team now have access to what they were churning out previously. And that is a good thing for us, especially when you look at how we think about our internal talent.

Speaker #3: We've promoted two principals to Partner, and, like I said, we've hired three external Partners. Thirty percent of our employees are Principals or above, so we are definitely senior-led by design—and it is helping us.

Speaker #3: It's also, when I think about how we use it, it is powering our delivery. M's going to talk through this in a second, but we have launched our AI operating system, and that is showing some brilliant results.

Graham Busby: It is also, when I think about how we use it is powering our delivery. Em is going to talk through this in a second, but we have launched our AI Operating System, and that is showing some brilliant results and rather than talk about them here, I will let Em pick them up. I touched about our clients and our gold clients. Thinking about allowing us to do more, add more value, offer a greater breadth, especially when you combine with some of the capabilities we bought in organically and you layer AI either on top of that or weave it in between. It is fueling a lot of that stickiness, if you like, with our clients which translates into some of the numbers you see there and that I spoke about just now.

Speaker #3: And rather than talk about them here, I'll let M pick them up. It is also from— I touched on our clients and our goal clients.

Speaker #3: Thinking about allowing us to do more, add more value, offer greater breadth, especially when you combine that with some of the capabilities we brought in inorganically.

Speaker #3: And you kind of layer AI either on top of that, or weave it in between. It is fueling a lot of that kind of stickiness, if you like, with our clients, which translates into some of the numbers you see there.

Speaker #3: And that I spoke about just now. And Execution Edge—that’s another capability that is entirely relevant to artificial intelligence, but also far more broadly, in terms of executing the executive agenda.

Graham Busby: Execution Edge, that is another capability that is entirely relevant to artificial intelligence, but also far more broadly in terms of executing the executive agenda. It is the human systems that could make that ultimately a success or fail. That really is a great capability now that we are putting into as many of our consulting engagements as we can. This is a platform that really compounds capability. We are deliberately and definitely looking at what capabilities can we add to our business that is going to allow us to do even better things, bigger and greater. That is one of the key drivers of the acquisition strategy, but also our hiring strategy and making sure we are finding the right talent in the marketplace that can come in and help us either build new capability or come with previous capabilities that we can then leverage. We have had success.

Speaker #3: It's the human systems that ultimately make that a success or a failure. And that really is a great capability now that we're putting into as many of our consulting engagements as we can.

Speaker #3: And this is a platform that really compounds capability. We are deliberately and definitely looking at what capabilities we can add to our business that's going to allow us to do even better things—bigger and greater.

Speaker #3: And that is one of the key drivers of the acquisition strategy, but also our hiring strategy, and making sure we're finding the right talent in the marketplace that can come in and help us either build new capability or bring previous capabilities that we can then leverage.

Speaker #3: We've had success. It's working—cross-sell of more than £100 million leading up to its IPO, £19 million in the period. TRC is doing exceptionally well.

Graham Busby: It is working cross-sell more than GBP 100 million since IPO, GBP 19 million in the period. TRC is doing exceptionally well. They have got 100% of the 2025 earn-out. So we are positioned and have a platform that we are going to continue to build on. We have a strategy to, like I say, look to close that valuation gap that I went through previously. That is probably a good time to hand over to Nick to go into some of the details of the finances. Nick.

Speaker #3: They got 100% of the 2025 earn-out. So, we are positioned and have a platform that we're going to continue to build on. And we have a strategy to, like I say, look to close that valuation gap that I went through previously.

Speaker #3: That's probably a good time to hand over to Nick, to go into some of the details of the finances. Nick.

Speaker #2: Thank you, Graham. So before I—in a minute—I'll go into some detail on revenue, cash, and the balance sheet. But just to start, just the headline numbers for the H1 2026 period.

Nick Willott: Thank you, Graham. In a minute, I will go into some detail on revenue, cash, and the balance sheet. Just to start, just the headline numbers for the H1 2026 period. So revenue GBP 89.0 million, up 25%, gross profit up 26%, adjusted EBITDA of GBP 27.6 million, up 29%, and an EBITDA margin of 31.0%, up one percentage point on the prior comparable period, reflecting our focus on high-margin work in the period. Adjusted profit before tax increased by 25% to GBP 25.1 million. That increase was slightly less proportionately than the increase in EBITDA as we now have the interest costs associated with the debt facilities that have funded our recent acquisitions. Adjusted diluted EPS increased by 18%, again following that increase in adjusted profit after tax, with then the impact of the shares that we have issued for the acquisitions of TRC and Kvadrant.

Speaker #2: So, revenue was £89.0 million, up 25%; gross profit was up 26%; adjusted EBITDA was £27.6 million, up 29%; and an EBITDA margin of 31.0%, up one percentage point on the prior comparable period.

Speaker #2: Reflecting our focus on high-margin work in the period. Adjusted profit before tax increased by 25% to £25.1 million. That increase was slightly less proportionally than the increase in EBITDA, as we now have the interest cost associated with the debt services that are funded on recent acquisitions.

Speaker #2: Adjusted diluted EPS increased by 18%, again following that increase in adjusted profit after tax, with the impact of the shares that we've issued for the acquisitions of TRC and Cavadrant.

Speaker #2: We've continued not to dilute for any of the partner employee incentives, so all that increased share count was associated with those two most recent acquisitions.

Nick Willott: We have continued not to dilute for any of the partner employee incentives, so all that increased share count was associated with those two most recent acquisitions. Free cash flow was GBP 1.8 million in the period. It is always seasonal, but there were some more abnormal factors in this particular period, and I will come onto that in a moment on the cash slide. We closed the period with GBP 56.5 million of net debt, principally as a result of the recent acquisitions, including, of course, TRC, which is the largest acquisition we have done to date.

Speaker #2: Free cash flow was $1.8 million in the period. That is, it is always seasonal. But there were also some abnormal factors in this particular period, and I'll come onto that in a moment on the cash slide.

Speaker #2: And we closed the period with £56.5 million of net debt, principally as a result of the recent acquisitions, including, of course, TRC, which is the largest acquisition we've done to date.

Speaker #2: Just moving forward and putting that into context, if there are any new investors or potential investors on the call—obviously those of you who have been following our story for a while will know this.

Nick Willott: Just moving forward and putting that into context, if there are any new investors or potential investors on the call, obviously those of you who have been following our story for a while will know this, but I want to just put into context the performance in the half. It is very much continuing the track record that we have had every year since our AIM IPO back in 2020. We have always, over that period, grown revenue. We have held EBITDA broadly proportionately to the increase in revenue. You see that green line on the chart, which is our EBITDA margin, which has fluctuated give or take at around about that 30% level. How have we done that?

Speaker #2: But I want to just put into context that this performance in the half is very much continuing the track record that we've had every year since our AIM IPO back in 2020.

Speaker #2: And as we have always done over that period, we've grown revenue and we've held EBITDA broadly proportionate to the increase in revenue. You see that green line on the chart, which is our EBITDA margin, which has fluctuated—give or take—around that 30% level.

Speaker #2: And have we done that? I mean, it is the same four-pillar strategy we've been following throughout those years, and we've very much intended.

Nick Willott: It is the same four-pillar strategy we have been following throughout those years. We very much intend stretching our partners, so getting increased revenue per partner, partly by giving our partners more to sell. Over those five years, six years, we have doubled revenue per partner. In this half, that number was fairly constant year on year. This is a time when we significantly invested in the partner team, so our average number of client-facing partners in the half increased from 32 partners in H1 2025 to 40 in H1 2026. We have promoted principals in our business to the partnership, and we have hired external partners. Very much our focus is on making sure we bring the right people into the team. We are always focused on performance, and we have asked partners to leave in this period, as we always do, if they are not meeting our performance bar.

Speaker #2: Stretching our partners—so getting increased revenue per partner, partly by giving our partners more to sell. And over those five or six years, we have doubled revenue per partner.

Speaker #2: In this half, that number was fairly constant year on year. But this is a time when we've significantly invested in the partner team, so our average number of client-facing partners in the half increased from 32 partners in H1 2025 to 40 in H1 2026.

Speaker #2: We've promoted principals in our business to the partnership, and we've hired external partners. So very much our focus is on making sure we've brought the right people into the team.

Speaker #2: We're always focused on performance, and we have asked partners to leave during this period, as we always do if they're not meeting our performance standards so far.

Nick Willott: We are always focused on performance, and we have asked partners to leave in this period, as we always do, if they are not meeting our performance bar. Over time, the quality of the partner team is increasing significantly. Then acquiring businesses. We obviously have the most recent acquisitions of Kvadrant in the period and TRC late last year. That acquisition strategy, again, is our inorganic pillar that we will be continuing with. Moving on to slide 11. Just unpicking our revenue progression. Revenue in the period increased from GBP 71.4 million in the prior comparable period to GBP 89.0 million. There was a GBP 1.6 million FX headwind, given the 4% weakening of the US dollar relative to the pound. That was the GBP 1.6 million bar you see on the first bar on the left.

Speaker #2: And over time, the quality of the partner team is increasing significantly. And then acquiring businesses, we obviously have the most recent acquisitions of Cavadrant in the period and TRC late last year.

Nick Willott: Over time, the quality of the partner team is increasing significantly. Then acquiring businesses. We obviously have the most recent acquisitions of Kvadrant in the period and TRC late last year. That acquisition strategy, again, is our inorganic pillar that we will be continuing with. Moving on to slide 11. Just unpicking our revenue progression. Revenue in the period increased from GBP 71.4 million in the prior comparable period to GBP 89.0 million. There was a GBP 1.6 million FX headwind, given the 4% weakening of the US dollar relative to the pound. That was the GBP 1.6 million bar you see on the first bar on the left. Then we have the three bars that make up the organic performance, end of program, net growth in existing clients and new clients. GBP 12.1 million negative from end of program.

Speaker #2: And for that acquisition strategy, again, it's our inorganic pillar that we will be continuing with. Moving on to slide 11, to just unpick our revenue progression.

Speaker #2: Revenue for the period increased from £71.4 million in the prior comparable period to £89.0 million. There was a £1.6 million FX headwind, given the 4% weakening of the US dollar.

Speaker #2: Relative to the pound—that was the £1.6 million bar you see on the first bar on the left. Then, we have the three bars that make up the organic performance: the program net growth, and the existing clients and new clients.

Nick Willott: Then we have the three bars that make up the organic performance, end of program, net growth in existing clients and new clients. GBP 12.1 million negative from end of program. We did have a particularly large number of large programs that completed during the period. These are programs of work where we have successfully completed the work for clients. We are now in this period where there was zero revenue from those clients, but our clients often come back, so we keep the relationship, and very often those clients will come back in a subsequent period. Then net growth in existing clients, GBP 7.6 million, and growth in new clients of GBP 8 million. The three bars together are 5% organic revenue in the period.

Speaker #2: So, $12.1 million negative from the end of the program. We did have a particularly large number of large programs that completed during the period. These are programs of work where we've successfully completed the work for clients.

Nick Willott: We did have a particularly large number of large programs that completed during the period. These are programs of work where we have successfully completed the work for clients. We are now in this period where there was zero revenue from those clients, but our clients often come back, so we keep the relationship, and very often those clients will come back in a subsequent period. Then net growth in existing clients, GBP 7.6 million, and growth in new clients of GBP 8 million. The three bars together are 5% organic revenue in the period. Then a contribution from acquisitions, GBP 15.7 million, which was the five-month contribution from Kvadrant and the impact of TRC that we acquired in September in the previous year. From a cash perspective, we open the period with GBP 24 million give or take of net debt, and we close with GBP 56.5 million of net debt.

Speaker #2: That client may, we are now in a period where, in this period, there was zero revenue from those clients. But our clients often come back.

Speaker #2: So we keep the relationship, and very often those clients will come back in a subsequent period. And then net growth in existing clients: £7.6 million, and growth in new clients of £8 million.

Speaker #2: So, three bars together: 5% organic revenue in the period. And then the contribution from acquisitions, £15.7 million, which was the five-month contribution from Cavadrant and the September in the previous year.

Nick Willott: Then a contribution from acquisitions, GBP 15.7 million, which was the five-month contribution from Kvadrant and the impact of TRC that we acquired in September in the previous year. From a cash perspective, we open the period with GBP 24 million give or take of net debt, and we close with GBP 56.5 million of net debt. Our operating cash flow, GBP 2.8 million, was lower than is normal in the period. Those of you who followed our story know that H1 is always a low operating cash flow and free cash flow period. We have a debtor swing and a creditor swing. Our revenue in June is always higher than revenue in December. December is our lowest revenue month, so debtors always increase. We pay our annual bonuses in H1 for the previous year.

Speaker #2: From a cash perspective, we opened the period with approximately £24 million of net debt, and we closed with £56.5 million of net debt.

Speaker #2: Our operating cash flow, £2.8 million, was lower than it normally is in the period. Those of you who have followed our story know that H1 is always a low operating cash flow and free cash flow period.

Nick Willott: Our operating cash flow, GBP 2.8 million, was lower than is normal in the period. Those of you who followed our story know that H1 is always a low operating cash flow and free cash flow period. We have a debtor swing and a creditor swing. Our revenue in June is always higher than revenue in December. December is our lowest revenue month, so debtors always increase. We pay our annual bonuses in H1 for the previous year. Again, our accruals decrease and there is a cash outflow for the previous year's annual bonus. Those two factors you always see in H1. There were also those three additional factors that made the operating cash flow abnormally low. Really, I guess because it is always a low number, given that seasonality I was just speaking about, it therefore becomes disproportionately impacted by the additional factors.

Speaker #2: We have a debtor swing and a creditor swing. Our revenue in June is always higher than revenue in December. December is our lowest revenue month.

Speaker #2: So, debt is always increased. And we pay our annual bonuses in H1 for the previous year, so again, our accruals decreased as the cash outflow for the previous year's annual bonus.

Nick Willott: Again, our accruals decrease and there is a cash outflow for the previous year's annual bonus. Those two factors you always see in H1. There were also those three additional factors that made the operating cash flow abnormally low. Really, I guess because it is always a low number, given that seasonality I was just speaking about, it therefore becomes disproportionately impacted by the additional factors. Those three additional factors were TRC coming into the group with a number of debtors on 60 or 90-day terms. Our group standard is 30. We do agree exceptions to that when we have to with large clients and for strategic reasons, but that is always our starting point for negotiation with a new client. That same discipline does apply to TRC for their new clients.

Speaker #2: So, those two factors you always see in H1. There were also those three additional factors that made the operating cash flow abnormally low.

Speaker #2: And really, I guess because it's always a low number, given that seasonality I was just speaking about, they've all become disproportionately impacted by the additional factors.

Speaker #2: And those three additional factors were TRC coming into the group with a number of debtors on 60- or 90-day terms. Our group standard is 30.

Nick Willott: Those three additional factors were TRC coming into the group with a number of debtors on 60 or 90-day terms. Our group standard is 30. We do agree exceptions to that when we have to with large clients and for strategic reasons, but that is always our starting point for negotiation with a new client. That same discipline does apply to TRC for their new clients. It will take us some time just to mitigate the impact of those clients that came in on 60 and 90-day terms. Bonus payments. There is a bigger swing in this half than there was in H1 2025. It is not because we are accruing lower bonuses this year. In fact, our bonus accrual is about GBP 1 million higher than at this time last year.

Speaker #2: We do agree, with exceptions to that when we have to, with large clients and for strategic reasons. But we try, and that is always our starting point for negotiation with a new client.

Speaker #2: And that same discipline will apply to, and does apply to, TRC for their new clients. But it will take us some time just to mitigate the impact of those clients that came in on 60- and 90-day terms.

Nick Willott: It will take us some time just to mitigate the impact of those clients that came in on 60 and 90-day terms. Bonus payments. There is a bigger swing in this half than there was in H1 2025. It is not because we are accruing lower bonuses this year. In fact, our bonus accrual is about GBP 1 million higher than at this time last year. The FY25 bonus was about GBP 5 million greater than FY24, and therefore the cash outflow when that was paid in H1 2026 is a corresponding GBP 5 million greater. Then there was some timing of tax payments associated with the timing when TRC came to the group and the flowing of their numbers into our estimated tax payments that we made. From an operating cash flow perspective, this will look very different at year-end.

Speaker #2: Bonus payments, and there is a bigger swing in this half than there was in Half 1 2025. And it's not because we're accruing lower bonuses this year.

Speaker #2: In fact, our bonus accrual is about £1 million higher than this time last year. But the FY25 bonus was about £5 million greater than FY24.

Nick Willott: The FY25 bonus was about GBP 5 million greater than FY24, and therefore the cash outflow when that was paid in H1 2026 is a corresponding GBP 5 million greater. Then there was some timing of tax payments associated with the timing when TRC came to the group and the flowing of their numbers into our estimated tax payments that we made. From an operating cash flow perspective, this will look very different at year-end. The seasonality that we always see in our cash flow, you will see in H2, and we will end the year with a significantly lower leverage position than the GBP 56.5 million you see here. How do we use the cash during the period? Obviously, the largest outflow was the acquisitions, GBP 23.5 million outflow.

Speaker #2: And so, therefore, the cash outflow when that was paid in half 1 26 is a corresponding £5 million greater. And then there was some timing of tax payments associated with the timing when TRC came into the group and the flow of their numbers into our estimated tax payments that we made.

Speaker #2: So, from an operating cash flow perspective, this will look very different at year end. The seasonality that we always see in our cash flow, you will see in H2.

Nick Willott: The seasonality that we always see in our cash flow, you will see in H2, and we will end the year with a significantly lower leverage position than the GBP 56.5 million you see here. How do we use the cash during the period? Obviously, the largest outflow was the acquisitions, GBP 23.5 million outflow. Broadly GBP 16 million for TRC's earn-out for FY25 that they earned in full, and about GBP 8 million for Kvadrant. Then some usage of cash for shareholder loans associated with our partner incentive model and buying shares into our EBT. As I have spoken about before, we always offset our dilution from the partner and employee incentives by using our cash to offset dilution. Then we paid a GBP 3.7 million interim dividend during H1. Of course, the larger dividend of GBP 7.5 million, the final dividend, was paid recently in August.

Speaker #2: And we will end the year with a significantly lower leveraged position than the £56.5 million that you see here. And then, how did we use the cash during the period?

Speaker #2: Obviously, the largest outflow was the acquisitions: £23.5 million outflow. Broadly, £16 million for TRC's earn-out for FY25, that they earned in full, and about £8 million for Cavadrant.

Nick Willott: Broadly GBP 16 million for TRC's earn-out for FY25 that they earned in full, and about GBP 8 million for Kvadrant. Then some usage of cash for shareholder loans associated with our partner incentive model and buying shares into our EBT. As I have spoken about before, we always offset our dilution from the partner and employee incentives by using our cash to offset dilution. Then we paid a GBP 3.7 million interim dividend during H1. Of course, the larger dividend of GBP 7.5 million, the final dividend, was paid recently in August. From a balance sheet perspective, the major movements in the period, obviously intangible assets increased given the acquisition of Kvadrant. Trade and other receivables increased. I was just talking before about the extended terms that TRC had agreed with some of their clients before acquisition.

Speaker #2: And then some usage of cash for shareholder loans associated with our partner incentive model, and buying shares into our EBT, as I've spoken about before.

Speaker #2: We have always offset our dilution from the partner and employee incentives by using our cash to offset dilution. And then we paid a 3.7 million interim dividend during half one and then of course the larger dividend of 7.5 million at the final dividend was paid recently in August.

Speaker #2: From a balance sheet perspective, the major movements in the period were, obviously, that intangible assets increased given the acquisition of Cavadrant. Trade and other receivables also increased.

Nick Willott: From a balance sheet perspective, the major movements in the period, obviously intangible assets increased given the acquisition of Kvadrant. Trade and other receivables increased. I was just talking before about the extended terms that TRC had agreed with some of their clients before acquisition. It is important to point out, I think that on the increase in trade, we have no concerns from a credit risk perspective. The clients that have come into the group on longer credit terms are blue-chip clients where there is no credit risk concern. It just means that we have to wait a little bit longer to collect that money. Out of that GBP 36 million of trade and other receivables you see there at 30 June, less than GBP 5 million are still for collection today. The vast majority of that will be collected in the next few weeks.

Speaker #2: I was just talking before about the extended terms that TRC had agreed with some of their clients before acquisition. It is important to point out, I think, that these are the increase in trade.

Nick Willott: It is important to point out, I think that on the increase in trade, we have no concerns from a credit risk perspective. The clients that have come into the group on longer credit terms are blue-chip clients where there is no credit risk concern. It just means that we have to wait a little bit longer to collect that money. Out of that GBP 36 million of trade and other receivables you see there at 30 June, less than GBP 5 million are still for collection today. The vast majority of that will be collected in the next few weeks. That is not a concern to us, but we will obviously work to bring that down as we can. Continued consideration now has fallen to about GBP 25 million.

Speaker #2: We have no concerns from a credit risk perspective. So the clients that have come into the group on longer credit terms are blue-chip clients, where there is no credit risk concern.

Speaker #2: It just means that we have to wait a little bit longer to collect that money. Out of those £36 million of trade and other receivables you see there at June 30th, less than £5 million are still for collection today.

Speaker #2: And the vast majority of that will be collected in the next few weeks, so that isn't a concern to us. But we will obviously work to bring that down as we can.

Nick Willott: That is not a concern to us, but we will obviously work to bring that down as we can. Continued consideration now has fallen to about GBP 25 million. All we have on the balance sheet from a continued consideration perspective is the $36 million earn-out for TRC Advisory, and about a GBP 5 million earn-out for Kvadrant Consulting, and we have got about 80% of that provision on the balance sheet, because under accounting standards, we have to accrue a probability weighted estimate, rather than the maximum. Then just an update of our dilution slide that we have given to you before. This is our model, obviously, that illustrates going forward what could happen with our dilution in a world where we have a 20% growth rate in revenue, EBITDA, and share price.

Speaker #2: Contingent consideration now has fallen to about £25 million. So all we have on the balance sheet from a contingent consideration perspective is the $36 million earn-out for TRC and about a £5 million earn-out for Cavadrant.

Nick Willott: All we have on the balance sheet from a continued consideration perspective is the $36 million earn-out for TRC Advisory, and about a GBP 5 million earn-out for Kvadrant Consulting, and we have got about 80% of that provision on the balance sheet, because under accounting standards, we have to accrue a probability weighted estimate, rather than the maximum. Then just an update of our dilution slide that we have given to you before. This is our model, obviously, that illustrates going forward what could happen with our dilution in a world where we have a 20% growth rate in revenue, EBITDA, and share price.

Speaker #2: And we've got about 80% of that provisioned on the balance sheet because, under accounting standards, we have to accrue a probability-weighted estimate rather than the maximum.

Speaker #2: And then, just an update about our dilution slide that we've given to you before. This is our model, obviously, that illustrates going forward what could happen without dilution.

Speaker #2: In a world where we have a 20% growth rate in revenue, EBITDA, and share price, of course, given where the share price has been recently, that dilution does not eventuate without the share price growth, because our options are all granted at market price.

Nick Willott: Of course, given where the share price has been recently, that dilution will not eventuate without the share price growth, because our options are all granted at market price, and therefore, for our partners and employees, the value they accrue is only the same value in the way that it would accrue to you as external investors, which is by increases in the share price from the date that they joined. Just to remind you, we have only experienced 11% actual dilution since 2020. All of that driven by M&A, not by our partner and employee incentives where we have used cash. This is just a roll forward, what could this look like?

Speaker #2: And therefore, for our partners and employees, the value they accrue is only the same value in the way that it would accrue to you as external investors, which is by increases in the share price from the date that they join.

Speaker #2: So, just to remind you, we've only experienced 11% actual dilution since 2020, all of that driven by M&A, not by our partner and employee incentives, where we've used cash.

Speaker #2: But this is just a roll forward. What could this look like? And if we add that 20% compound growth rate, where the business is turning into broadly a £1 billion market cap business by 2031, with 18% dilution, that still means that the existing shareholders would own roughly £850 million of that business.

Nick Willott: If we had that 20% compound growth rate, where the business is turning into broadly a billion-pound market cap business by 2031, with 18% dilution, that still means that the existing shareholders would own roughly GBP 850 million of that business, and therefore, three times the value that it is today for the existing shareholders. Relatively modest dilution compared to the growth in value of the business. The options that we have granted. Just to remind you that actually, given the fact that our partners and employees have to earn their options by high performance, by performance ratings, and revenue and profit targets, and they generally cannot be exercised for 45 years. Given the performance requirements and attrition, only 30% to 40% of those options will ever vest. The value for the partner or employee is only the growth in the share price.

Speaker #2: And therefore, three times the value that it is today for the existing shareholders. So, relatively modest dilution compared to the growth in value of the business.

Speaker #2: The options that we have granted—just to remind you that, actually, given the fact that our partners and employees have to earn their options by high performance, by performance ratings and revenue and profit targets, and they generally can't be exercised for four to five years—given the performance requirements and attrition, only 30 to 40% of those options, whatever vests. And the value for the partner or employee is only the growth in the share price.

Speaker #2: So the dilution is a lot lower than if you just—you need to look into the deep side of how those programs work rather than just the headline numbers.

Nick Willott: The dilution is a lot lower than if you just immediately look into the detail of how those programs work, rather than just the headline numbers. I will finish there, and I will hand over to Em for the business review.

Speaker #2: So I'll finish there, and I'll hand over to Em for the business review.

Speaker #1: Thank you, Nick. We thought it would be good to recap our intentionally built, full span of capabilities and talk to you a little bit about some of the work that we've been doing with clients in H1 26.

Emiko Caerlewy-Smith: Thank you, Nick. We thought it would be good to recap our intentionally built full span of capabilities and talk to you a little bit about some of the work that we have been doing with clients in H1 2026. Over the years, we have been building an intentional stack of capabilities to be able to meet increasingly complex demands from our clients. These capabilities span from boardroom strategy all the way through to the execution of transformative initiatives. We bring together strategy and transformation, research and insights, digital experience, operational excellence, AI, data and technology, and now Execution Edge, which is about the activation of the human systems within organizations to ensure execution, assurance, and acceleration of the executive agenda. We do all of these pieces of work with clients like those on the right-hand side of this slide.

Speaker #1: Over the years, we have been building an intentional stack of capabilities to be able to meet increasingly complex demands from our clients. These capabilities span from boardroom strategy all the way through to the execution of transformative initiatives.

Speaker #1: We bring together strategy and transformation, research and insights, digital experience, operational excellence, AI, data and technology, and now execution edge—which is about the activation of the human systems within organizations to ensure execution assurance and acceleration of the executive agenda.

Speaker #1: And we do all of these pieces of work with clients like those on the right-hand side of this slide. And these are actual clients that we have worked with across the globe in H1 2026.

Emiko Caerlewy-Smith: These are actual clients that we have worked with across the globe in H1 2026, so clients that we have very recently been working with. Our ability as client-facing partners to stitch together the capabilities on the left-hand side for these types of blue-chip clients is what is fueling our ability to deepen client relationships, to grow our gold client base that earns the firm GBP 1 million of revenue a year, by 13% year on year this half year. Also to grow those accounts that are generating more than GBP 2 million a year of revenue by 50% year on year in H1 of this year. Some examples of what we mean by these capabilities.

Speaker #1: So clients that we very recently been working with. And our ability as client-facing partners to stitch together the capabilities on the left-hand side for these types of blue-chip clients are what our fueling is, what is fueling our ability to deepen client relationships, to grow our gold client base that earns the firm a million of revenue a year, by 13% year on year this half year, and also to grow those accounts that are generating more than 2 million a year of revenue by 50% year on year in H1 of this year.

Speaker #1: Here are some examples of what we mean by these capabilities. If we take strategy and transformation as an example, for one of these firms, we built a growth strategy involving a lot of financial modeling, breaking down the work that they do in their market and rebuilding it to create a growth strategy playbook that would result in a 16% increase in their own sales forecast in the first year of implementation.

Emiko Caerlewy-Smith: If we take strategy and transformation as an example, for one of these firms, we have built a growth strategy, involving a lot of financial modeling, breaking down of the work that they do in their market and rebuilding it to create a growth strategy playbook that would result in a 16% increase in their own sales forecast in the first year of being implemented. For research and insights, we have been working with one of the major technology firms on this slide to create a research-led thought leadership platform that position them in their own target market in order to grow demand generation. That demand generation performance grew as a result of our research and insights platform from $1.7 billion US to $2.5 billion US and improved their brand perception.

Speaker #1: For research and insights, we've been working with one of the major technology firms on this slide to create a research-led thought leadership platform that positions them in their own target markets in order to grow demand generation.

Speaker #1: And that demand generation performance grew as a result of our research and insights platform from $1.7 billion to $2.5 billion, and improved their brand perception.

Speaker #1: For digital experience, we've been working with one of the financial services firms on this slide to transform digital experience through a complete website redesign.

Emiko Caerlewy-Smith: For digital experience, we have been working with one of the financial services firms on this slide to transform digital experience through a complete website redesign. That has involved the technological architecture, the UX, the UI, the reusable components used in their online presence, as well as making AI-enabled enhancements to increase conversion. This has resulted in more than 12 times an increase in their conversion rate online, as well as over 170% increase in their number of online form submissions.

Speaker #1: That involves the technological architecture, the UX, the UI, the reusable components used in their online presence, as well as making AI-enabled enhancements to increase conversion.

Speaker #1: And this has resulted in more than a 12-fold increase in their conversion rate online, as well as over a 170% increase in the number of online form submissions.

Speaker #2: We've just got.

Operator: We have just got a fire alarm.

Speaker #3: May I have your attention, please? May I have your attention, please? There has been a fire reported in the building. Please investigate.

[Company Representative]: May I have your attention, please? May I have your attention, please? There has been a fire reported in the building. Investigated.

Operator: Hi, everyone. Just to say, I think the team do just have a fire alarm going off in the building, so they have just popped themselves on mute and will continue shortly.

Speaker #4: Hi, everyone. Just to say, I think the team do just have a fire alarm going off in the building, so they've just put themselves on mute, and we'll continue shortly.

Speaker #5: Okay, ladies and gentlemen, I'm afraid that there has been a fire alarm incident at the venue, so the team will need to evacuate the room now.

Operator: Okay. Ladies and gentlemen, I am afraid that the guys have had a fire alarm incident at the venue, so they are going to have to evacuate the room now. However, I would recommend just holding on for 5 minutes in case it turns out to be a false alarm. Ladies and gentlemen, if you could just bear with us, just while we get confirmation from the company as to whether or not the presentation can continue. Thank you for your patience, and we will be back with you momentarily. Do bear with us, ladies and gentlemen. We are just awaiting confirmation from the company as to whether it is a false alarm or. Hopefully it is, but I will be back with you shortly.

[Unknown Speaker]: Okay. Ladies and gentlemen, I am afraid that the guys have had a fire alarm incident at the venue, so they are going to have to evacuate the room now. However, I would recommend just holding on for 5 minutes in case it turns out to be a false alarm. Ladies and gentlemen, if you could just bear with us, just while we get confirmation from the company as to whether or not the presentation can continue. Thank you for your patience, and we will be back with you momentarily. Do bear with us, ladies and gentlemen. We are just awaiting confirmation from the company as to whether it is a false alarm or. Hopefully it is, but I will be back with you shortly.

Speaker #5: However, I would recommend just holding on for five minutes, in case it turns out to be a false alarm. So, ladies and gentlemen, if you could just bear with us.

Speaker #5: Just while we get confirmation from the company as to whether or not the presentation can continue, thank you for your patience, and we will be back with you momentarily.

Speaker #5: Do bear with us, ladies and gentlemen. We are just awaiting confirmation from the company as to whether it is a false alarm—hopefully, it is.

Speaker #5: But I will be back with you shortly.

Speaker #6: Voicemail.

Operator: Voicemail.

Speaker #5: Thank you, everybody, for your patience. I will keep you updated as soon as I hear, but in the meantime, please do stay in the webinar room, and we will do our best to connect the company back as soon as we can.

Operator: Thank you everybody for your patience. I will keep you updated as soon as I hear. For the meantime, please do stay in the webinar room and we will do our best to connect the company back as soon as we can. If it does look like it is going to be an unreasonable amount of time, I will come back in and inform you and then look to rearrange the session as soon as possible. Alternatively, we may even consider recording it when they are back and emailing that to you so you have that today. Either way, please do bear with us. I will be back again shortly. Afternoon, ladies and gentlemen. Thank you ever so much for your patience. I have just heard from the company that the fire alarm is real. They have evacuated the building.

[Unknown Speaker]: Thank you everybody for your patience. I will keep you updated as soon as I hear. For the meantime, please do stay in the webinar room and we will do our best to connect the company back as soon as we can. If it does look like it is going to be an unreasonable amount of time, I will come back in and inform you and then look to rearrange the session as soon as possible. Alternatively, we may even consider recording it when they are back and emailing that to you so you have that today. Either way, please do bear with us. I will be back again shortly. Afternoon, ladies and gentlemen. Thank you ever so much for your patience. I have just heard from the company that the fire alarm is real. They have evacuated the building.

Speaker #5: If it does look like it's going to be an unreasonable amount of time, I will come back in and inform you, and then look to rearrange the session as soon as possible.

Speaker #5: Alternatively, we may even consider recording it when they're back and emailing that to you, so you have it today. But either way, please do bear with us.

Speaker #5: I will be back again shortly.

Speaker #7: Afternoon, ladies and gentlemen. Thank you ever so much for your patience. I've just heard from the company that the fire alarm is real, and they have evacuated the building.

Speaker #7: To that end, they won't be rejoining today's webinar. So many apologies for the inconvenience. If you do have any questions, what I would ask you to do is do put them in the Q&A tab now.

Operator: To that end, they will not be rejoining today's webinar, so many apologies for the inconvenience. If you do have any questions, what I would ask you to do is do put them in the Q&A tab now. At least that way I can present them to the company when things return to normal. I will enable them to have the ability to either do a pre-recording, and we will send that to all the attendees on today's call. Alternatively, we will look to reschedule this meeting, hopefully in the very near future. I cannot commit to anything until I hear back from the company. What I will do is I will obviously allow you all just to close your browsers now, or alternatively, if you have any questions, do put them in the Q&A tab, and I will present those to the company for their consideration as well. Many thanks.

[Unknown Speaker]: To that end, they will not be rejoining today's webinar, so many apologies for the inconvenience. If you do have any questions, what I would ask you to do is do put them in the Q&A tab now. At least that way I can present them to the company when things return to normal. I will enable them to have the ability to either do a pre-recording, and we will send that to all the attendees on today's call. Alternatively, we will look to reschedule this meeting, hopefully in the very near future. I cannot commit to anything until I hear back from the company. What I will do is I will obviously allow you all just to close your browsers now, or alternatively, if you have any questions, do put them in the Q&A tab, and I will present those to the company for their consideration as well.

Speaker #7: At least that way I can present them to the company when things return to normal. I'll enable them to have the ability to either do a pre-recording, and we will send that to all the attendees on today's call; or, alternatively, we will look to reschedule this meeting, hopefully in the very near future.

Speaker #7: But I can't commit to anything until I hear back from the company. So what I'll do is I'll obviously allow you all to just close your browsers now, or alternatively, if you have any questions, do put them in the Q&A tab.

Speaker #7: And I will present those to the company for their consideration as well. Many thanks again. Apologies for any inconvenience; this is the first time in five years it's ever happened to us that a fire alarm that's real has gone off.

[Unknown Speaker]: Many thanks. Again, apologies for any inconvenience. This is the first time in 5 years it has ever happened to us that a fire alarm that is real has gone off. Apologies. Thank you once again. Ladies and gentlemen, thank you very much indeed. I hope we have given enough time for questions to be submitted, but I do see that we have 57 investors still in the room. What I will do is I will close this room at 1:15PM automatically. That gives you about another 5 minutes. If you do have any questions you wish to present to the company, please do feel free to just add them in the Q&A tab, and we will submit them. If not, we will end this webinar at 1:15PM. Thank you very much indeed. Hi. Ladies and gentlemen, thank you very much indeed for your patience.

Operator: Again, apologies for any inconvenience. This is the first time in 5 years it has ever happened to us that a fire alarm that is real has gone off. Apologies. Thank you once again. Ladies and gentlemen, thank you very much indeed. I hope we have given enough time for questions to be submitted, but I do see that we have 57 investors still in the room. What I will do is I will close this room at 1:15PM automatically. That gives you about another 5 minutes. If you do have any questions you wish to present to the company, please do feel free to just add them in the Q&A tab, and we will submit them. If not, we will end this webinar at 1:15PM. Thank you very much indeed. Hi. Ladies and gentlemen, thank you very much indeed for your patience. As I said, the Q&A was open until 1:15PM.

Speaker #7: So, apologies. Thank you once again. Ladies and gentlemen, thank you very much indeed. I hope we've given enough time for questions to be submitted, but I do see that we've got 57 investors still in the room.

Speaker #7: What I'll do is, I will close this room at 1:15 automatically. So that gives you about another five minutes if you do have any questions you wish to present to the company.

Speaker #7: Please do feel free to just add them in the Q&A tab, and we'll submit them. If not, we will end this webinar at 1:15.

Speaker #7: Thank you very much indeed.

Speaker #5: Oops.

Speaker #7: Hi, ladies and gentlemen. Thank you very much indeed for your patience. As I said, the Q&A was open until 1:15. We've now closed the Q&A.

[Unknown Speaker]: As I said, the Q&A was open until 1:15PM. We have now closed the Q&A. On behalf of the company, thank you for your time. Apologies for all the inconvenience. They are still standing outside the building, and we will inform you very shortly as to

Operator: We have now closed the Q&A. On behalf of the company, thank you for your time. Apologies for all the inconvenience. They are still standing outside the building, and we will inform you very shortly as to

Speaker #7: So on behalf of the company, thank you for your time. Apologies for all the inconvenience that they are still standing outside a building. And we will inform you very shortly as.

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Half Year 2026 Elixirr International PLC Earnings Call

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