Q2 2026 TruFin Plc Earnings Call

September 21, 2026

Speaker #2: Good morning, welcome to the TruFin PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time.

Charlie: Good morning. Welcome to the TruFin plc investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time on the right-hand corner of your screen. Please simply type in your questions and press send. Before we begin, I would like to submit the following poll. I would like to hand you over to James van den Bergh, CEO. Good morning, sir.

Operator: Good morning. Welcome to the TruFin plc investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time on the right-hand corner of your screen. Please simply type in your questions and press send. Before we begin, I would like to submit the following poll. I would like to hand you over to James van den Bergh, CEO. Good morning, sir.

Speaker #2: On the right-hand corner of your screen, please simply type in your questions and press send. Before we begin, I'd like to submit the following poll.

Speaker #2: And I'd like to hand you over to James Vandenberg, CEO. Good morning, sir.

Speaker #3: Good morning, Charlie. Thank you for hosting us today. I'm James Vandenberg, the CEO of TruFin, and with me today is James Hussey, the CFO of TruFin.

James van den Bergh: Morning, Charlie. Thank you for hosting us today. I am James van den Bergh, I am the CEO of TruFin, and with me today is James Hussey, the CFO of TruFin. Thank you all for joining us. As you all know, or hopefully you all know, we are a holding company. We have two businesses, majority stakes in two businesses, Oxygen and Satago. We are going to go into both of those in more detail later. We also have approximately GBP 25 million of cash. Just to put that in perspective, that equates to 46.4p per share. That is about half the current market cap. We have about half the current market cap in cash, and then we have majority stakes in Oxygen and Satago. How did we get this cash? We sold Playstack in June this year, GBP 125 million.

Speaker #3: Thank you all. Thank you for joining us. So, as you all know—or hopefully you all know—we are a holding company. We've got majority stakes in two businesses.

Speaker #3: Oxygen and Fertago—and we're going to go into both of those in more detail later. And we also have approximately £25 million of cash.

Speaker #3: So just to put that in perspective, that equates to 46.4p per share. So that's about half the current market cap. So we've got about half the current market cap in cash, and then we have majority stakes in Oxygen and Fertago.

Speaker #3: So how do we get this cash? Well, we sold PlayStack in June this year for £125 million. And what did we do with the proceeds?

James van den Bergh: What did we do with the proceeds? We did exactly what we said we would do. We returned the money to shareholders. We returned it via a buyback and via a dividend. We bought back 40.6 million shares of TruFin shares at GBP 1.40. Just to step back a little bit, that means over the last 18 months, we have bought back in total, from internally generated proceeds and from our proceeds from the Playstack sales, we bought back 52.6 million shares. We now have 53.9 million shares, and prior to this moment in time, we bought back 52.6 million shares. Over the last 18 months, we bought back 49.6% of the company shares. About half the company, just under half the company we bought back over the last 18 months.

Speaker #3: Well, we did exactly what we said we would do. We returned the money to shareholders. So, we returned it via a buyback and via a dividend.

Speaker #3: We bought back 40.6 million TruFin shares at £1.40. And just to sort of step back a little bit, that means over the last 18 months we've bought back, in total, from internally generated proceeds and from our proceeds from the Placing I sell.

Speaker #3: We've bought back 52.6 million shares, so we now have 53.9 million shares. At this moment in time, we've bought back 52.6 million shares.

Speaker #3: So, over the last 18 months, we bought back 49.6% of the company's shares—about half the company, just under half the company. We bought back over the last 18 months.

Speaker #3: We have also given back £22.5 million worth of dividends, which equates to $43 per share. So we've done what we said we were going to do.

James van den Bergh: We also have given back £22.5 million worth of dividends, which equates to 43p a share. We have done what we said we were going to do. We have returned money to shareholders, which we are very proud about. What now? Well, one of our children has flown the nest in Playstack. We are now going to present on the interim for the H1 performance for this year, everything is excluding Playstack. What does this chart show? This chart shows the H1 revenue performance for Satago and Oxygen. Again, top down, five years ago, we had revenue in the H1 in 2021 of £2.1 million. In this H1, it was £5.9 million. That is 23% compound annual growth rate, something most companies are very pleased with. Specifically, in this H1, Oxygen grew by 12% and Satago grew by 41%.

Speaker #3: We've returned money to shareholders, which we're very proud of. So, what now? Well, one of our children has flown the nest in PlayStack. So, we are now going to present on the interims of the first half-year performance for this year, excluding everything—that is, excluding PlayStack.

Speaker #3: So, what does this chart show? This chart shows the first half-year revenue performance for Fertago and Oxygen. Again, top down: five years ago, we had revenue in the first half of 2021 of $2.1 million.

Speaker #3: And this first half, it was $5.9 million. So that's a 23% compound annual growth rate—something most companies would be very pleased with. Specifically, in this first half, Oxygen grew by 12%, and Fertago grew by 41%.

Speaker #3: And more importantly, well, as importantly, we've now hit an enormous milestone. This is for TruFin Group: H1 profitability. So, this first half of this year was the first half that TruFin Group was EBITDA profitable.

James van den Bergh: And as importantly, we have now hit an enormous milestone. This is for TruFin Group H1 profitability. This H1 this year was the H1 that TruFin Group was EBITDA profitable. And we are very much expecting and are going to aim to maintain that level of profitability and increasing profitability over time. Of this year. The first two months of the H2, July and August, we recorded revenues unaudited in excess of £2.1 million. That is 28% growth year over year. Again, I think worth just noting in the previous slide, H1 this year, we grew 11% in the H1. In the first two months of this year, we have grown 28%, so a bit of an acceleration there. Not saying it is going to continue, but it is a very pleasing start to the H2.

James van den Bergh: And as importantly, we have now hit an enormous milestone. This is for TruFin Group H1 profitability. This H1 this year was the H1 that TruFin Group was EBITDA profitable. And we are very much expecting and are going to aim to maintain that level of profitability and increasing profitability over time. Of this year. The first two months of the H2, July and August, we recorded revenues unaudited in excess of £2.1 million. That is 28% growth year-over-year. Again, I think worth just noting in the previous slide, H1 this year, we grew 11% in the H1. In the first two months of this year, we have grown 28%, so a bit of an acceleration there. Not saying it is going to continue, but it is a very pleasing start to the H2.

Speaker #3: And we're very much expecting, and are going to aim to maintain, that level of profitability, and to increase profitability over time. This year, in the first two months of the second half—July and August—we recorded revenues in excess of $2.1 million.

Speaker #3: So that's 28% growth year over year. So again, I think worth just noting in the previous slide, first half this year, we grew 11% in the first half.

Speaker #3: In the first two months of this year, we've grown 28%. So a bit of an acceleration there. I'm not saying it's going to continue, but it's a very pleasing start to the second half.

Speaker #3: Right, James. I'm just going to hand this over to James now, our CFO, who's going to go through the numbers in a bit more detail.

James van den Bergh: Right, James, I am just going to hand over to James now, our CFO, who is going to go through the numbers in a bit more detail.

Speaker #4: Thank you, James. And good morning, everyone. As James said, these numbers here that you see on this slide relate to the continuing operations, so the performance of the group that's left post the PlayStack disposal.

James Hussey: Thank you, James, and good morning, everyone. As James said, these numbers here that you see on this slide, they relate to continuing operations, so the performance of the group that is left post the Playstack disposal. Obviously, the H1 was very much dominated by the selling off of Playstack. But these numbers now, as I say, are continuing operations, what is left. For the H1 of 2026, the total revenue was £5.9 million as compared to £5.3 million for the H1 of last year. And if you drop down to the second bullet point, you can see that of that revenue, Satago makes up £1 million and it has grown by 41%. Actually, that figure possibly is a little bit misleading in that the H1 figure for 2025 for Satago, of around £700,000 for last year, included in excess of £200,000 of interest income.

Speaker #4: Obviously, the first half was very much dominated by the selling of PlayStack. But these numbers now are for continuing operations. What is left? So, for the first half of 2026, the total revenue was $5.9 million.

Speaker #4: As compared to $5.3 million for the first half of last year. And if you drop down to the second bullet point, you can see that, of that revenue, Fertago makes up £1 million.

Speaker #4: And it's grown by 41%. Actually, that figure possibly is a little bit misleading. In that the H1 figure for 2025 for Fertago of around 700,000 pounds for last year included in excess of 200,000 pounds of interest income, the, as you may remember, Fertago at that point was lending off its own balance sheet.

James Hussey: As you may remember, Satago at that point was lending off its own balance sheet, and there was interest income included last year. Since that point, the loan book has been fully wound down. On a like for like basis, actually, Satago has gone from half a million of revenue last year to 1 million. So in effect, it doubled its performance, which has been fantastic. Just finishing off on the second bullet point, Satago, as it said it would do, it achieved EBITDA profitability in June. Now we are fully forecasting EBITDA profitability for the full year for Satago. So it has been an exceptional performance, and a turnaround really.

Speaker #4: And there was interest income included last year. Now, since that point, the loan book has been fully wound down. So, on a like-for-like basis, Fertago has actually gone from £500,000 of revenue last year to £1 million.

Speaker #4: So, in effect, it's doubled its performance, which has been fantastic. And just finishing off on the second bullet point, Fertago, as it said it would do, achieved EBITDA profitability in June.

Speaker #4: And now, we are fully forecasting EBITDA profitability for the full year for Fertago. So, it's been an exceptional performance and a turnaround, really—a significant change in the cost base.

James Hussey: Significant change in the cost base, and indeed the increase in the revenue of GBP 300,000 year on year has resulted in an EBITDA improvement in excess of that, such has been the cost management within Satago and they should be congratulated on that performance. It has been exceptional. The other business that we have, obviously, Oxygen, incredibly predictable, grew 11% year on year with the revenues for the H1 just under GBP 5 million. Great operational leverage as ever with a good proportion of those increased revenues feeding through to EBITDA and PBT. So predictable, but nonetheless, still exceptional performance by Oxygen. Just in aggregate, if you look at the top three bullet points there, you can see that a GBP 0.6 million improvement in revenue has resulted in a GBP 0.7 million improvement in EBITDA and an over GBP 1 million improvement in adjusted PBT.

James Hussey: Significant change in the cost base, and indeed the increase in the revenue of GBP 300,000 year-on-year has resulted in an EBITDA improvement in excess of that, such has been the cost management within Satago and they should be congratulated on that performance. It has been exceptional. The other business that we have, obviously, Oxygen, incredibly predictable, grew 11% year-on-year with the revenues for the H1 just under GBP 5 million. Great operational leverage as ever with a good proportion of those increased revenues feeding through to EBITDA and PBT. So predictable, but nonetheless, still exceptional performance by Oxygen. Just in aggregate, if you look at the top three bullet points there, you can see that a GBP 0.6 million improvement in revenue has resulted in a GBP 0.7 million improvement in EBITDA and an over GBP 1 million improvement in adjusted PBT.

Speaker #4: And indeed, the increase in revenue of £300,000 year on year has resulted in an EBITDA improvement in excess of that, such has been the cost management within Fertago; and they should be congratulated on that performance.

Speaker #4: It's been exceptional. The other business that we have, obviously, Oxygen, is incredibly predictable. It grew 11% year-on-year, with revenues for the first half just under £5 million.

Speaker #4: And great operational leverage, as ever, with a good proportion of those increased revenues feeding through to EBITDA and PBT. So predictable, but nonetheless, still an exceptional performance by Oxygen.

Speaker #4: And just in aggregate, if you look at the top three bullet points there, you can see that a £0.6 million improvement in revenue has resulted in a £0.7 million improvement in EBITDA.

Speaker #4: And an over £1 million improvement in adjusted PBT. So, very good flow-through of the improved revenues in the P&L. And the final number, obviously, the cash figure at the half year of over £113 million, which includes, obviously, the proceeds from the PlayStack disposal.

James Hussey: So very good flow through of the improved revenues in the P&L. The final number, obviously the cash figure at the half year of over GBP 113 million, which includes obviously the proceeds from the Playstack disposal. Following the half year, obviously we have made a dividend payment and completed the tender offer such that that figure has now significantly dropped, as James pointed out on the very first slide. We said the cash was the order of GBP 25 million. So a very good H1 with the two businesses that we have left performing to expectation, and in the case of Satago, exceeding expectation.

Speaker #4: Following the half year, obviously, we've returned, we've made a dividend payment and completed the tender offer, such that that figure is now significantly dropped, as James pointed out in the very first slide, which said the cash was sourced off the order of £25 million.

Speaker #4: So, a very good first half with the two businesses that we have left—performing to expectation, and in the case of Fertago, exceeding expectation.

Speaker #3: Thanks, James. And I just want to pull out one thing from this slide, which James has talked about, but I think, again, on Fertago—we said previously that Fertago would be EBITDA profitable in June this year, and it was.

James van den Bergh: Thanks, James. I just want to pull out one thing from this slide, which James has talked about, but I think again on Satago. We said in Satago previously, we said Satago would be EBITDA profitable in June this year, and it was. In fact, it was EBITDA profitable for the H1, and now we are saying it is going to be EBITDA profitable ahead of schedule for the full year this year. So I just want to reiterate my congratulations to Sinead and her team for achieving that very, very important milestone. So Oxygen, a fabulous business. Two things I want to point out firstly. In a world of AI, we think, and I think everyone is increasingly beginning to become aware, that distribution is king. It is all very well creating a free product, but if you cannot distribute it, there is no point creating it.

Speaker #3: In fact, it was EBITDA profitable for the first half, and now we're saying it's going to be EBITDA profitable ahead of schedule for the full year this year.

Speaker #3: So I just want to reiterate my congratulations to Sinead and her team for achieving that very, very important milestone. Oxygen—a fabulous business.

Speaker #3: Two things I want to point out. Firstly, in a world of AI, we think—and I think everyone is increasingly becoming aware—that distribution is king.

Speaker #3: Distribution—it's all very well creating a free product, but if you can't distribute it, there's no point in creating it. So, distribution is becoming incredibly important—it's increasingly important.

James van den Bergh: Distribution is becoming incredibly important, increasingly important. A few years ago, one of our key missions, key KPIs for Oxygen Finance was demonstrating the distribution we knew we had, the distribution capability we knew we had within Oxygen Finance. This is distributing products into our key client base, which is local authorities and councils in the UK. One of the ways of doing that is to have more products and selling those products into our client base. A number of years ago, none of our early payment clients bought more than one product from us, early payment. Now, you can see in the second bullet point, more than 65%. H1, it was 53%, so an enormous difference. We believe this is one of the key USPs for Oxygen Finance. It is all very well, and by the way, it is a fabulous business.

Speaker #3: And a few years ago, we one of our key missions key KPIs for Oxygen was demonstrating the distribution we knew we had, the the distribution capability we knew we had within Oxygen.

Speaker #3: So this is distributing products into our key client base, which is local authorities and councils in the UK. One of the ways of doing that is to have more products and selling those products into our client base.

Speaker #3: A number of years ago, a number of years ago, none of our early payment clients bought more than one product from us early payment.

Speaker #3: And now, as you can see in the second bullet point, more than six in the first half—it was 53%. So an enormous difference. And we believe this is one of the key USPs for Oxygen.

Speaker #3: It's all very well, and it's a fabulous business. We've got a fabulous, growing, cash-generative business that dividends back to us and still grows. It's a wonderful business.

James van den Bergh: We have got a fabulous growing cash generative business that dividends back to us and still grows. It is a wonderful business. Anyone would want to own this business. We feel the distribution of Oxygen Finance is one of its key values and assets, and it is wonderful to see that now more than 65% of our early payment clients buy two or more products, demonstrating our abilities to sell. The second thing I want to point out is on the EBITDA graph at the bottom. In 2024, the full year EBITDA was GBP 2.3 million. In the H1 this year, it was GBP 2.1 million. It was almost as much EBITDA in the H1 of this year as it was in the full year 2024, which I think is just a nice thing to be able to point out.

Speaker #3: Everyone—anyone—would want to own this business. But we feel that distribution of Oxygen is one of its key values and assets. And it's wonderful to see that now more than 65% of our early payment clients buy two or more products, demonstrating our abilities to sell.

Speaker #3: The second thing I want to point out is on the EBITDA graph at the bottom. So, in 2024, the full-year EBITDA was $2.3 million.

Speaker #3: In 2020, in the first half this year, it was $2.1 million. So there was almost as much EBITDA in the first half of this year as there was in the full year 2024.

Speaker #3: Which I think is just a nice thing to be able to point out. This graph, you might remember—or certainly anyone who's been looking at TruFin for the last 12 months, or a bit longer, has seen this. It shows the tender volumes: 30-day rolling average tender volumes in the UK for our client base, excluding Greater London, because that distorts things.

James van den Bergh: This graph you might remember, or certainly anyone who has been looking at TruFin for the last 12 months, a bit longer, has seen. This shows the tender volumes, 30-day average, a rolling average tender volumes in the UK for our client base, excluding Greater London and Southeast England. You may remember that in February 2025, the Procurement Act came into force, and that made it, how can I phrase it? It was considerably more governance and cumbersome to acquire products post the Procurement Act. As a result, councils and local authorities pre-purchased product, and it dragged forward a lot of the purchases for 2025. In January, February, just ahead of the Procurement Act, you can see the big spike in the volumes. Post the tender, the Procurement Act coming into force, all that pull forward of supply, of purchases resulted in a bit of a vacuum.

Speaker #3: So if you may remember that in February 2025, the procurement act came into force, and that made it I phrased it there was considerably more governance and cumbersome to acquire products post the procurement act.

Speaker #3: So, as a result, councils and local authorities pre-purchased product, and it dragged forward a lot of the purchases for 2025. So in January and February, just ahead of the Procurement Act, you can see the big spike in volumes.

Speaker #3: Post the tender, the Procurement Act coming into force—all that pull forward of supply of purchases resulted in a bit of a vacuum. And so, tender volumes plummeted.

James van den Bergh: Tender volumes plummeted. They stayed very subdued because there was a big pull-through of activity in January and February. It remained subdued for quite a while. We said at the time we expected it to normalize. We did not know exactly, or we expected it to normalize within 18 to 24 months, which it now has, which is great to see. You can see we sort of reentered normal territory in around June this year. A, that is obviously a positive. It is great that things have returned to some form of normality. Secondly, it is just worth pointing out that the H2 this year, so July, August onwards, has a much easier comp in July in H2 last year. H2 last year, which you can see on this graph we have highlighted, obviously trading volumes were very subdued.

Speaker #3: And it stayed very subdued because there was a big pull-through of activity in January and February. And it remained subdued for quite a while.

Speaker #3: We said at the time we expected it to normalize. We didn't know exactly when, but we expected it to normalize within 18 to 24 months, which it now has—it's great to see.

Speaker #3: And you can see we sort of re-entered normal territory around June this year. So, A, that's obviously a positive—it's great that things have returned to some sort of normality.

Speaker #3: And secondly, it's just worth pointing out that H2 this year—so July, August onwards—had a much easier comp in July in H2 last year.

Speaker #3: So, H2 last year—you can see on this graph—we've highlighted, obviously, trading volumes were very subdued. And now, they're returning back; they have returned to normal.

James van den Bergh: And now they have returned to normal, which means the comp for last year is obviously considerably easier for this year, which is just, I think, something we just wanted to point out. This is a graph you have seen before. This shows you why this business is easy to predict and a wonderful business for us to own or someone else to own in the future. This shows that if we did not win another client over the next four years, over 90% of the future revenue is already baked into the revenue streams. So it is an incredibly predictable business because these are on average five-year contracts from the early payment side of our business. The revenue we are generating today, the vast majority of the work for the revenue generated today, that work was done in previous years.

Speaker #3: Which means the comp for last year is obviously considerably easier for this year, which is just, I think, something we wanted to point out.

Speaker #3: So, this is a graph you've seen before. This shows you why this business is easy to predict and a wonderful business for us to own, or for someone else to own in the future.

Speaker #3: This shows that if we didn't win another client over the next four years, over 90% of the future revenue is already baked into the revenue streams.

Speaker #3: So it's an incredibly predictable business because these are five-year on average five-year contracts from the early payment side of our business. All the revenue we're generating today, the vast majority of the work for the revenue generated today was that work was done in previous years.

Speaker #3: And so, for the next four years, much of—almost all—of the work done for the next four years has been done either historically, or it's going to be done in the next 12 to 24 months.

James van den Bergh: For the next four years, almost all of the work done for the next four years has been done historically or is going to be done in the next 12, 24 months, but with clients we already have. So we have incredible visibility on this business. This chart has hardly changed. You might think it does not change. It actually does change. We update it every time, but it looks very similar every time. But I can assure you, we do update it, but it is a very consistent business because of this graph. Satago. I think the thing worth reiterating is that we said we were going to focus on where we are winning, and we have, and we have also said we keep costs under control, which we have.

Speaker #3: But with clients that we already have. So we've got incredible visibility on this business. This chart has hardly changed. You might think it doesn't change.

Speaker #3: It actually does change. We update it every time, but it looks very similar each time. But I can assure you, we do update it. It's a very consistent business because of this—because of this graph.

Speaker #3: So, Sitago, I think the thing worth reiterating is that we said we were going to focus on where we were winning—and we have.

Speaker #3: And we've also said we keep costs under control, which we have. So revenues have grown. As James mentioned, revenues grew 41% in the first half.

James van den Bergh: Revenues have grown, as James mentioned, revenues grew 41% in the H1, and our cost base did not. That is why we have got to this wonderful place where we recorded our H1, not just month, but half of EBITDA profitability. As I said earlier, now we have told the market we expect to achieve our first full year of EBITDA profitability at Satago as well. Here is why the revenues increased. We said we would focus on what is working and the credit control software side of our business. This is where we provide services to Sage customers, and in return, Sage pays us for the work we do and the products we deliver to their customers. We focused in on that area, and as you can see, there has been exceptional growth this year from that. In fact, it grew over 206% over the last 12 months.

Speaker #3: And our cost base did not. And that's why we've got this wonderful place where we recorded our first half—not just month, but half—of EBITDA profitability.

Speaker #3: And I said earlier, we're now we've told the market we're expecting that to be to be expected to achieve our first full year of EBITDA profitability at Sitago as well.

Speaker #3: And here's why the revenues increased. The revenue—we were focusing on what we said we would focus on: what's working. And the credit control software side of our business, this is where we provide services to Sage customers.

Speaker #3: And in return, Sage pays us for the work we do and the products we deliver to their customers. We focused in on that area.

Speaker #3: And as you can see, there's been exceptional growth this year from that. In fact, it grew over 260% over the last 12 months. We're now—not to be clear, but we always try to sort of—we don't want to temper your enthusiasm, but we don't expect this sort of growth to continue over time.

James van den Bergh: Now to be clear, we do not want to temper your enthusiasm, but we do not expect this sort of growth to continue over time. We would love it to, obviously, and we are going to work hard to see if we can make that happen. But we do not want you thinking that this is set to continue ad infinitum. But it is wonderful to see. This revenue growth that has happened has resulted in revenues going up and again, as I talked about, the cost control that Shane and her team have implemented has resulted in EBITDA profitability. So it is a wonderful position for Satago to be in and for TruFin. To summarize, we have cash. We have about GBP 25 million of cash. We have two profitable businesses. We do not need any more money from shareholders. Oxygen, as you can tell, is in rude health with the Procurement Act.

Speaker #3: And we would love it to, obviously. And we're going to work hard to ensure, to see if we can make that happen. But we don't want you thinking that this is set to continue ad infinitum.

Speaker #3: But it's wonderful to see, and this revenue growth that's happened has resulted in revenues going up. And again, talking about the cost control that Shane and her team have implemented, it has resulted in EBITDA profitability.

Speaker #3: So it's a wonderful position for Sitago to be in, and for TruFin as well. To summarize, we have cash; we've got about £25 million of cash.

Speaker #3: We've got two profitable businesses. We don't need any more money from shareholders. Oxygen, as you can tell, is in rude health with the Procurement Act.

James van den Bergh: The impact of the Procurement Act subsiding means we are returning to a more normalized world, which is a good thing. Our focus is to allocate your capital as efficiently as possible. We have done that, and we aim to continue to do that in the future. We have got multiple options for the capital we have. Whatever capital we have, we are going to make sure that we aim to generate the highest return for you, the shareholders, it is your capital, with the lowest risk. We can talk about the various different options we have, as we did in our tender offer document. What I think is worth just reiterating that we are just very focused on looking at allocating your capital as efficiently as possible.

Speaker #3: The impact of the procurement act subsiding means we're returning to a more normalized world, which is a good thing. Our focus is to allocate your capital as efficiently as possible.

Speaker #3: So, we've been aiming, we've done that, and we can aim to continue to do that in the future. And we have got multiple options for the capital we have.

Speaker #3: And whatever capital we have, we are going to make sure that we aim to generate the highest return for you, the shareholders—your capital, after all—with the lowest risk.

Speaker #3: And there's lots of we can talk about the various different options that we we have. But as we did in our tender offer document, but I think what I think it's worth just reiterating that we are just very, very focused on looking at allocating your capital as efficiently as possible.

Speaker #3: So with that, whistle-stop tour of TruFin. We're going to open up now. We thought there might be quite a few questions, so we thought we'd leave plenty of time for them.

James van den Bergh: With that whistlestop tour of TruFin, we thought there might be quite a few questions, so we thought we would leave quite a lot of time for questions. We are going to open up to questions, if that is all right with you, Charlie?

Speaker #3: So, we're going to open up to questions, if that's all right with you, Charlie.

Speaker #2: Yeah, of course.

Charlie: Yeah, of course.

Operator: Yeah, of course.

Speaker #3: Sorry, should I go to the Q&A? Yeah.

James van den Bergh: Should I go to the Q&A?

Speaker #2: Yeah, of course. Thank you for updating investors today. Can I please remind investors to submit your questions—just by using the Q&A section situated on the right-hand corner of your screen.

Charlie: Yeah, of course. Thank you for updating investors today. Can I please remind investors to submit your questions just by using the Q&A tab situated on the right-hand corner of your screen? A full reference recording of today's presentation will be available on the Investor Meet Company platform shortly after the meeting has ended. James, as you did say, we have received a number of questions during today's presentation. At this point, if I could just come back to you to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end.

Operator: Yeah, of course. Thank you for updating investors today. Can I please remind investors to submit your questions just by using the Q&A tab situated on the right-hand corner of your screen? A full reference recording of today's presentation will be available on the Investor Meet Company platform shortly after the meeting has ended. James, as you did say, we have received a number of questions during today's presentation. At this point, if I could just come back to 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 #2: If you reference a recording of today's presentation, it will be available on the Investor Meet Company platform shortly after the meeting has ended. James, as you said, we have received a number of questions during today's presentation.

Speaker #2: So, at this point, if I could just turn back to 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: So yes, after this question—which I expect many other people would want to dodge—the obvious question is: what's next? We can't afford to pay TruFin staff for too long.

James van den Bergh: So yeah. I'll ask this question first, which I expect many other people would want to dodge. The obvious question is what's next? We can't afford to pay TruFin staff for too long. That's you and me, James. While only overseeing two small companies with their own competent management teams. Why should I stay a shareholder? What are the plans for the big pile of cash, and what types of business are you looking at? Have you any time frames in mind? Thanks for all your great work to date. So thank you for that question. Just taking one by one. What is next? Well, we're going to look to allocate your capital as efficiently as possible. So we've said in our tender document what the potential plans for the future are. Buying up another platform business, acquiring bolt-on acquisitions for Oxygen.

Speaker #3: That's you and me, James. While only overseeing two small companies with their own competent management teams, why should I stay a shareholder? What are the plans for the big part of the cash?

Speaker #3: And what types of business are you looking at? And have you any timeframes in mind? Thanks for all your great work to date.

Speaker #3: So thank you for that question. Just taking them one by one. What is next? Well, we're going to look to allocate your capital as efficiently as possible.

Speaker #3: So, we've said in our tender offer document what the potential plans for the future are by another platform business acquiring Bolton Acquisitions for Oxygen.

James van den Bergh: As you know, we're not afraid to return money to shareholders via dividend or tender offers. All these things are options that are open to us. You can't afford to pay TruFin staff, is noted. I think we completed the Playstack sale in June, and as a board, the board are absolutely focused on making sure that the costs of the group are appropriate for the size of the group. So I think that's very much a live topic. So yes, thank you very much for that. Noted, though. What are your plans for the big pile of cash? Well, as we said, we can look to allocate that capital in all sorts of different ways. But I think it's just worth pointing out, yes, we have half of the business is in cash. Why should you stay a shareholder?

Speaker #3: As you know, we're not afraid to return money to shareholders via dividends or tender offers. All these things are options that are open to us.

Speaker #3: You can't afford to pay TruFin staff. Noted. Look, I think we completed the PlayStack sale in June. And as a board, the board are absolutely focused on making sure that the costs of the group are appropriate for the size of the group.

Speaker #3: So I think that's very much a live topic. So yes, thank you very much for that. Noted, though. And what are your plans for the big pile of cash?

Speaker #3: Well, as we said, we can look to allocate that capital in all sorts of different ways. But I think it's just worth pointing out—yes, we have half of the business in cash.

Speaker #3: Why should you stay a shareholder? Half of the business is in cash, and we own two profitable businesses now. So I'd say you should stay—you should stay a shareholder.

James van den Bergh: Half of the business is in cash, and we own two profitable businesses now. So I'd say you should stay a shareholder. I'm not going to advise you, but as you noticed today, you may have noticed, I bought some more shares in TruFin. So I'm buying more shares in TruFin today. I believe these businesses are undervalued. With half the business in cash and two, in my view, undervalued businesses, I think we are a competent management team. I think there's many reasons to stay a shareholder of TruFin. Next, James, why don't you take the next question?

Speaker #3: I'm going to advise you. But as you noted today, I may have noted, I bought some more shares in TruFin. So, I'm buying more shares in TruFin today.

Speaker #3: I believe these businesses are undervalued, with half the business in cash and two, in my view, undervalued businesses. I think we are a competent management team.

Speaker #3: I think there are many reasons to remain a shareholder of TruFin. Next, James, why don't you take the next question?

Speaker #2: Okay, of course. So, Matthew C. is asking: As Sitago transitions from core servicing towards a higher-margin subscription and SaaS model, what do you see as the long-term margin profile of the business, and how much visibility do you currently have on the size, timing, and conversion of the existing last pipeline?

James Hussey: Okay. Of course. Matthew C is asking, "As Satago transitions from core servicing towards a higher margin subscription and SaaS model, what do you see as the long-term margin profile of the business, and how much visibility do you currently have on the size, timing, and conversion of the existing SaaS pipeline?" I think that's right, Ashley. I think higher margin subscription business is what we look like going forward. As we add subscription numbers to the existing revenue profile, we would expect there to be significant flow-through of those revenues to the bottom line. Depending on where we get to, I expect margins to improve, and there to be a very small cost settlement relating to increased subscription numbers. What is absolutely true, though, of Satago, is that it's very lean today.

Speaker #2: So I think that's right, Matthew. I think higher-margin subscription business is what we look like going forward. As we add subscription numbers to the existing revenue profile, we would expect there to be significant flow-through of those revenues to the bottom line.

Speaker #2: So, depending on where we get to, I expect margins to improve, and there to be a very small sort of cost settlement relating to increased subscription numbers.

Speaker #2: What is absolutely true, though, of Sitago is that it's very lean today. With the cost management it's gone through, we've lost a significant number of staff.

James Hussey: With the cost management it's gone through, we've lost a significant number of staff. As the business moves forwards, there would inevitably, as revenues grow from where it is today, what was it, GBP 1 million for the H1, there will need to be investments in the team at some point in addition to the headcount that they currently have. But in terms of variable costs relating to increased revenues, I expect that to be quite not significant. On the pipeline and the size and timings, there is a significant pipeline that Satago is working through. There is confidence that there will be success with some of these items within the pipeline. In terms of timing, I think we've learned, certainly with the last pipeline, that it's a very difficult pipeline to manage in terms of timings. We'll see how that evolves.

Speaker #2: As the business moves forward, there will inevitably, as revenues grow from where it is today—there was £1 million for the first half.

Speaker #2: There will need to be investments in the team at some point in addition to the headcount that they currently have. But in terms of variable costs relating to increased revenues, I expect that to be expect that to be quite not significant.

Speaker #2: Regarding the pipeline, size, and timings, there is a significant pipeline that Sitago is working through. There is confidence that there will be success with some of these items within the pipeline, in terms of timing.

Speaker #2: I think we've learned, certainly with the last pipeline, that it's a very difficult pipeline to manage in terms of timings. So we'll see how that evolves.

Speaker #2: But what is absolutely true is that Sitago is in a much better place than it has been, and it looks to the future with optimism.

James Hussey: But what is absolutely true is that Satago's in a much better place than it has been, and it looks to the future, with optimism, and increased opportunity and increased pipeline.

Speaker #2: And increased opportunity, and an increased pipeline.

Speaker #3: That's great. Thanks, James. I think I'm going to hand the next one over to you two. How much further operating leverage do you see in Oxygen as revenues continue to grow?

James van den Bergh: Great. Thanks, James. I think I'm going to hand the next one over to you, too. How much further operating leverage do you see in Oxygen as revenue continues to grow, and where do you expect the sustainable EBITDA margin to settle? Obviously remaining vague.

Speaker #3: And where do you expect the sustainable EBITDA margin to settle? Obviously, remaining vague.

Speaker #2: Yeah, so yes. The operating leverage point within Oxygen is something we've seen over the last X number of years, and we've seen it again in this half.

James Hussey: Yes. The operating leverage point within Oxygen is something we have seen over the last X number of years, and we have seen again in this H1. The increase in revenue is resulting in a very similar increase in EBITDA. There will be points at time and where there will need to be investments at some point, and you may get a half year or a full year where there isn't 100% flow-through. But in essence, we expect that operational leverage to continue within Oxygen. I think it is fair to say the rate of progression that we have seen with the EBITDA line going back two, three, four, five years, again, seems to be consistent, and we see no reason why that won't continue for the foreseeable future.

Speaker #2: The increase in revenue is resulting in a very similar increase in EBITDA. Now, there will be points in time when there will need to be investments at some point.

Speaker #2: And you may get a half-year or full-year where it isn't 100% flow-through. But, in essence, we expect that operational leverage to continue within Oxygen.

Speaker #2: And I think it's fair to say the rate of progress and rate of progression that we have seen with the EBITDA line, going back three, four, five years, again seems to be consistent.

Speaker #2: And we see no reason why that won't continue for the foreseeable future.

Speaker #3: Thanks, James. I think the next one—well, I think it says David. Hi, David. If you've not answered already, can you give a bit more detail about why Sitago subscribers accelerated from January?

James van den Bergh: Thanks, James. I think the next one, well, it says David. Hi, David. If you have not answered already, can you give a bit more detail about why Satago subscribers accelerated from January? Has there been a big marketing plan or push from Sage than how do we think the TAM hit internationally as well? As I say, the small team has spread itself thinly historically because there has been an awful lot of opportunity at Satago. The focus has been on growing the subscribe side, and there has been a lot of effort from both Sage and Satago to do that. Sage are, as I always say, a fantastic partner for Satago and TruFin, and us as Satago shareholders. It has been an incredibly symbiotic relationship. When two great partners get together and they have a big push, then wonderful things happen. Yes, the marketing, not big spend.

Speaker #3: Has there been a bit big I think it meant a big marketing plan or push from Sage? Then how do we think the TAM here?

Speaker #3: Internationally as well. So as I said, we focused on we've been very we've the small team has spread itself thinly over historically because there's been a lot of there's been an awful lot of opportunity at Sitago.

Speaker #3: The focus has been on growing the subscription site, and there has been a lot of effort from both Sage and Sitago to do that.

Speaker #3: So, Sage are—as I always say—a fantastic partner for Sitago, TruFin, and us as Sitago shareholders. It's been an incredibly symbiotic relationship.

Speaker #3: So when two great partners get together and they have a big push, then wonderful things happen. So yes, there's been marketing, not big spend.

Speaker #3: You can see from the bottom line, there hasn't been big marketing spend in order to generate these new revenues. But that push from Sage, that push from Sitago, is going to continue.

James van den Bergh: You can see from the bottom line, there hasn't been big marketing spend in order to generate these new revenues. That push from Sage, that push from Satago is going to continue. In terms of the total addressable market, obviously Sage is, I am going to assume it is the largest accounting platform in the world. Certainly in my view, the best. There is a big opportunity. But that said, at some point we will exhaust the potential addressable market. We are not there yet, but at some point. As you said earlier, I don't want you getting incredibly excited about this sort of growth and whether it can carry on ad infinitum. It cannot. It is unlikely, but it cannot.

Speaker #3: In terms of the total addressable market, obviously, Sage is—I'm going to assume—the largest accounting platform in the world. Certainly, in my view, the best.

Speaker #3: And so, there is a big opportunity. But that said, at some point we'll exhaust the potential addressable market. We're not there yet.

Speaker #3: But at some point, as I said earlier, I don't want you getting incredibly excited about this sort of growth and whether it can carry on; out of the night, it can't.

Speaker #3: It's unlikely. It can't. But it's certainly there's certainly more to go for. And we're going to we and Sage, Sitago and Sage are going to do everything possible to deliver the exceptional product to as many of the Sage customers as possible.

James van den Bergh: There is certainly more to go for, and we and Satago and Sage are going to do everything possible to deliver the exceptional product to as many of the Sage customers as possible. Hopefully that gives you, and yes, internationally, you mentioned internationally there as well, David. Yeah, internationally is definitely something that is open to us, and there is lots of conversations happening. But yeah, it is a product that Sage customers clearly value. They want as many of their Sage customers to have access to it, as do we. Great. I thought there would be a lot more questions, and there don't seem to be. I don't know. Either it means we bought out a lot of shareholders during the tender offer, and there is far fewer shareholders involved, or we have done an extremely good job explaining ourselves. I think that might be it, Charlie.

Speaker #3: So hopefully that gives you—and yes, internationally, you mentioned internationally there as well, David—yeah, internationally is definitely something that is open to us.

Speaker #3: And there's lots of conversations happening, but yeah, it's a product that Sage customers clearly value, and so they want as many of their Sage customers to have access to it as we do.

Speaker #3: Great. I think I thought there'd be a lot more questions, and there don't seem to be. So I don't know if that either means we've bought out a lot of shares during the tender offer.

Speaker #3: And there's far fewer shares involved. Or we've done an extremely good job explaining ourselves. So I think that might be it, Charlie.

Speaker #2: Perfect. Thank you to you both for answering those questions from investors today. But just before we ask investors to share their feedback—which I know is particularly important to the company—James, could I please just ask you for some closing comments?

Charlie: Perfect. Thank you to you both for answering those questions from investors today. Just before we ask investors to share their feedback, which I know is particularly important to the company, James, could I please just ask you for some closing comments?

Operator: Perfect. Thank you to you both for answering those questions from investors today. Just before we ask investors to share their feedback, which I know is particularly important to the company, James, could I please just ask you for some closing comments?

Speaker #3: Yes, so thanks, Charlie. I just want to reiterate what I've said before. Half the market cap is in cash. We've got two profitable businesses.

James van den Bergh: Yes. Thanks, Charlie. I just want to reiterate what I've said before. Half the market cap is in cash. We've got two profitable businesses. We're going to look to allocate your capital as efficiently as we possibly can. We're going to get the highest return with the lowest risk. I think we can say as a management team, we've proved that we're not a management team that's going to hoard your cash just because we want to keep hold of it. We're going to do what's right with the remaining capital we have, and if that means giving the money back to shareholders, we'll do that. We are looking very closely at other opportunities for that capital. Thank you very much for your support and for being shareholders of TruFin over time, and we look forward to updating you in the future.

Speaker #3: We're going to look to allocate your capital as efficiently as we possibly can. We're going to get the highest return with the lowest risk.

Speaker #3: And I think we can say as a management team, we've proved that we're not afraid. We're not a management team that's going to hoard your cash just because we want to keep hold of it.

Speaker #3: We're going to do what's right with the remaining capital we have. And if that means giving the money back to shareholders, we'll do that.

Speaker #3: But we are looking very closely at other opportunities for that capital. And thank you very much for your support and for being shareholders of TruFin over time.

Speaker #3: And we'll look forward to updating you in the future.

Charlie: Perfect. Thank you. Could I please ask investors not to close this session, as you'll now be automatically redirected

Operator: Perfect. Thank you. Could I please ask investors not to close this session, as you'll now be automatically redirected