Half Year 2026 Aurrigo International PLC Earnings Call

September 23, 2026

Speaker #2: Yes.

Speaker #3: Good morning, and welcome to the Aurrigo 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 2: Good morning and welcome to the Aurrigo 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 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. I would now like to hand you over to David Keene, CEO. Good morning, sir.

Operator: Good morning and welcome to the Aurrigo 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 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. I would now like to hand you over to David Keene, CEO. Good morning, sir.

Speaker #3: Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself; however, the company can review all questions submitted today and publish responses where it's appropriate to do so.

Speaker #3: Before we begin, I'd like to submit the following poll. I would now like to hand you over to David Keane, CEO. Good morning, sir.

Speaker #4: Good morning, and thank you very much to everyone in attendance this morning. Welcome to Aurrigo's interim results presentation for the six months ended 30th June 2026.

David Keene: Good morning, and thank you very much for everyone in attendance this morning. Welcome to Aurrigo's interim results presentation for the six months ended 30 June 2026. Just quickly on the disclaimer here, which always have to have in the presentation and can read this at your leisure. I would like to obviously introduce myself this morning. David Keene, co-founder and CEO of the company. I would like to also introduce Ian Grubb. Hi, Ian. Good morning.

David Keene: Good morning, and thank you very much for everyone in attendance this morning. Welcome to Aurrigo's interim results presentation for the six months ended 30 June 2026. Just quickly on the disclaimer here, which always have to have in the presentation and can read this at your leisure. I would like to obviously introduce myself this morning. David Keene, Co-founder and CEO of the company. I would like to also introduce Ian Grubb. Hi, Ian. Good morning.

Speaker #4: Just quickly, on a disclaimer here—which we always have to have in the presentation—you can read this at your leisure. So, I'd like to obviously introduce myself.

Speaker #4: This morning, we have David Keane, co-founder and CEO of the company. I'd also like to introduce Ian Grubb. Hi, Ian. Good morning.

Ian Grubb: Good morning.

Speaker #5: Good morning.

Speaker #4: Good morning. Would you like to just introduce yourself and say hello, Ian?

David Keene: Good morning. Do you want to just introduce yourself and say hello, Ian?

Speaker #5: Hi everybody. The CFO is David Said. I've been with the company since 2022, and I've assisted in the listing. I've been running things in finance since then.

Ian Grubb: Hi, everybody. CFO, as David said. I have been with the company since 2022 and have been, or assisted in the listing and have been running things in the finance since then.

Speaker #4: Fantastic. And doing a very good job, Ian. Thank you. Right, let's get into the main bulk of the presentation. Just a high-level executive summary: really good momentum for the company in the first half of this year.

David Keene: Fantastic, and doing a very good job, Ian. Thank you. Let us get into the main bulk of the presentation. Just a high-level executive summary. Really good momentum for the company in the H1 of this year, led in the main by good recovery in automotive and, interestingly, a first order in a new market, which we are going to discuss in this presentation. And together with a continuing commercial validation of our autonomous strategy, which we will go through on the largest ever contract we have received, and also some significant progress with the projects that, if you have been with us for some time, you will know about. But for those that do not know about it, we will cover that as well.

Speaker #4: Led mainly by good recovery in automotive. And interestingly, first order in a new market, which we're going to discuss in this presentation. And together with continuing commercial validation of our autonomous strategy.

Speaker #4: We'll go through the largest ever contract we've received, and also discuss some significant progress with projects that, if you've been with us for some time, you will know about.

Speaker #4: But for those that don't know about it, we'll cover that as well. And also, really importantly, the fundraise that we did late last year— we still have sufficient cash headroom and a good balance sheet position to continue the growth strategy that myself, the executive team, and the board are developing.

David Keene: Also really importantly, the fundraise that we did late last year, we still have sufficient cash headroom and good balance sheet position to continue the growth strategy that myself, the executive team and the board are developing. Just a little bit of a reminder for everyone. I actually founded the company in 1993. We were an automotive company, and we still are, and we will talk a little bit about that. In 2015, I took the company into autonomous software development and vehicle development. We listed the company. In fact, 4 years last week was the listing of the company. Time flies. We are currently active in 6 countries, with deployments and teams around the world. And we have increased our headcount in those locations to over 130 people now. And the little carrots on the world map show you some really interesting things.

Speaker #4: So, just a little bit of a reminder for everyone: I actually started—founded—the company in 1993. We were an automotive company, and we still are.

Speaker #4: And we'll talk a little bit about that. In 2015, I took the company into autonomous software development and vehicle development. We listed the company—in fact, four years ago last week was the listing of the company.

Speaker #4: Time flies. We're currently active in six countries, with deployments and teams around the world. And we've increased our headcount in those locations to more than 130 people now.

Speaker #4: And the little carrots on the world map show you some really interesting things. We have offices in Ottawa, in Canada, and you might wonder why we've got that.

David Keene: We have offices in Ottawa, in Canada, and you might wonder why we have got that. Well, we have got actually two offices. One is a very, very big test track, which we use that for cold climate and endurance testing of our vehicles, and it is really important for our environmental things that we do. We have another office at Cincinnati in the US, which in the future we believe will be part of our hub strategy in the US going forward. We are starting to build out a team there. We have, in the bottom right-hand corner, our second biggest outside the UK, which is Singapore. We are working with Changi Airport, and we have an office actually at the airport. You will notice a new carrot, actually in carrot color, which has hit the map, and that is in Dubai.

Speaker #4: Well, we've actually got two offices—one at a very, very big test track—which we use for cold climate and endurance testing of our vehicles.

Speaker #4: And it's really important for our environmental efforts that we do. We have another office in Cincinnati in the US, which in the future we believe will be part of our hub strategy in the US going forward.

Speaker #4: And we're starting to build out a team there. In the bottom right-hand corner, we have our second biggest location outside the UK, which is Singapore.

Speaker #4: And we're working with Singapore Airport, and we have an office actually at the airport. And you'll notice a new carrot, actually in carrot colour, which has hit the map.

Speaker #4: And that is in Dubai. Ian and I are in the process of setting up a company in Dubai and opening our first office there.

David Keene: Ian and I are in the process of setting up a company in Dubai and opening our first office there. We are slightly delayed due to economic and political and wars and things that are going on. We believe there are significant opportunities in the Middle East, and therefore we need presence there, and we need to build a team. We have been working with potential clients there and quoting for projects. So that is our flash history and where we are around the world. One of the biggest things that has happened, actually in the history of the company, over the 33 years since I started it, we have been predominantly in five units in the center of Coventry, and they have served a purpose for a long time. But really the company is growing now. It is much more grown up. It is expanding rapidly.

Speaker #4: We're slightly delayed due to economic, political, and wars, and things that are going on. But we believe there's significant opportunities in the Middle East.

Speaker #4: And therefore, we need presence there, and we need to build a team. We have been working with potential clients there and quoting for projects.

Speaker #4: So that's our flash history and where we are around the world. One of the biggest things that's happened, actually, in the history of the company over the 33 years since I started it: we've been predominantly in five units in the centre of Coventry.

Speaker #4: And they have served a purpose for a long time. But really, the company is growing now. It's much more grown up. It's expanding rapidly.

Speaker #4: It's got the right backing behind it, and it was time to move from those five units. Very fortunately, because it's very difficult to get buildings in the Coventry area, we were very fortunate to get access to this site and these buildings. In late March of this year, we moved the first three of our units over to this building.

David Keene: It has got the right backing behind it, and it was time to move from those five units. Very fortunately, because it is very difficult to get buildings in the Coventry area, we were very fortunate to get access to this site and these buildings. In late March of this year, we moved the first three of our units over to this building, and then in the last week of July, first week of August, we completed that move. So we are 100% out of our original facilities, and really praise to the whole team because actually we did that move ourselves. Everything, organized the whole move, and no downtime in production. This facility is now world-class and really sets us up for the future and really demonstrates the ambition of the company. So we now have three times the footprint that we had originally.

Speaker #4: And then, in the last week of July and the first week of August, we completed that move. So, we are 100% out of our original facilities.

Speaker #4: And really, praise to the whole team, because actually, we did that move ourselves. Everything—organized the whole move. And no downtime in production. And this facility is now world-class.

Speaker #4: And really, it sets us up for the future and demonstrates the ambition of the company. So we now have three times the footprint that we had originally.

Speaker #4: This is a 6.3-acre site. We have approximately 131,000 square feet in two buildings. The building in the front there, with the headquarters on, has all of our office staff upstairs and the design team.

David Keene: This is a 6.3 acre site. We have approximately 131,000 square feet in two buildings. The building in the front there with the headquarters on is all of our office staff in the upstairs and the design team. Downstairs, we have a very sophisticated and well-equipped prototype build facility. The building in the distance with the inverted triangles, that is a very large build hall, which we have been kitting out. The upper area of that is now all down to our automotive business. That is all up in the mezzanine sections. On the ground floor, we now have capacity, which we are laying out, for potentially up to 500 vehicles per annum from that UK facility.

Speaker #4: And downstairs, we have a very sophisticated and well-equipped prototype build facility. The building in the distance with the inverted triangles is a very large build hall.

Speaker #4: Which we have been kitting out. The upper area of that is now all down to our automotive business. That's all up in the mezzanine sections.

Speaker #4: And on the ground floor, we now have capacity, which we're laying out for potentially up to 500 vehicles per annum from that UK facility.

Speaker #4: And that will be the facility to begin with, which will support our initial growth and manufacturing as we then transition into our hub strategy, where we will get manufacturing in locations around the world.

David Keene: That will be the facility to begin with, which will support our initial growth and manufacturing as we then transition into our hub strategy, where we will get manufacturing in the locations around the world. We also, because it is a big site, we have the ability to now test and validate our own vehicles on our own site. This is a fully gated facility, so no one can come in and out, and we can test our autonomous vehicles. Indeed, the contract that we won with Ultra Global Limited for the PRT vehicles, we will be building a test site on this site to actually test those vehicles as well. So this is really positioned for growth and for the scale-up of the company.

Speaker #4: Also, because it's a big site, we now have the ability to test and validate our own vehicles on our own site. This is a fully gated facility, so no one can come in or out.

Speaker #4: And we can test our autonomous vehicles. And indeed, the contract that we won with Ultra Global for the PRT vehicles—we will be building a test site on this site to actually test those vehicles as well.

Speaker #4: So this is really positioned for growth and for the scale-up of the company. And we have already had a large number of customers, potential customers, suppliers, investors, and I think to say that they were impressed would be an understatement.

David Keene: We have already had a large number of potential customers, suppliers, investors, and I think to say that they were impressed would be an understatement. So this really sets us up for the future. Let us talk about aviation to start with. As a reminder, we design and develop and we manufacture all of these vehicles ourselves. So we are not beholden to anyone. We can do all of this on our own. We have a very small but very talented team that can go from blank sheet of paper to the vehicles, which are world-leading vehicles that you can see in the picture. So this breaks down into two areas, software and hardware. So software, as a reminder, we have three core products. Auto-Sim, which is a 3D digital simulation modeling engine. This allows us to work with customers.

Speaker #4: So this really sets us up for the future. Let's talk about aviation to start with. As a reminder, we design, develop, and manufacture all of these vehicles ourselves.

Speaker #4: So we are not beholden to anyone. We can do all of this on our own. And we have a very small but very talented team that can go from blank sheet of paper to the vehicles—which are world-leading vehicles that you can see in the picture.

Speaker #4: So this breaks down into two areas: software and hardware. So, as a reminder, on the software side we have three core products. AutoSIM, which is a 3D digital simulation model and modelling engine.

Speaker #4: This allows us to work with customers. In fact, every customer that we're working with is doing one or more AutoSIM programmes with us. This allows us to model the airports of the future or the terminal of the future, bringing in autonomous vehicles, working out how many vehicles they need, what the efficiency levels are for the flights that they want to do, and how the appropriate staffing levels are managed.

David Keene: In fact, every customer that we are working with is doing one or more Auto-Sim programs with us. This allows us to model the airports of the future or the terminal of the future, bringing in autonomous vehicles, working out how many vehicles they need, what the efficiency levels are for the flights that they want to do. How the appropriate staffing levels are managed. Also, interestingly, we have an electrification module now in that Auto-Sim, so we can manage that whole electrification piece for them because, quite frankly, airports around the world. The electrical grid that they need to actually electrify all of the ground support equipment. So, that is an important part of that step from electrification into automation. Auto-Stack is now very advanced.

Speaker #4: And also, interestingly, we have an electrification module now in that AutoSIM. So we can manage that whole electrification piece for them, because quite frankly, airports around the world need the electrical grid capacity to actually electrify all of the ground support equipment.

Speaker #4: So that's an important part of that step from electrification into automation. AutoStack is now very, very advanced. It might be internally coded as version two.

David Keene: It might be internally coded version 2, but I can tell you that is over 10 years in the making, and the sophistication of that driving software, our autonomous driving software, is now up with the world's best in terms of driving capability, and we continue to develop that. In fact, my CTO told me yesterday that since the start of the year, we have developed, in addition to what we have already got there, 4 million lines of code to improve that stack and its performance, and how it handles all of the idiosyncratic nature of driving around an airport as we get more complex operations. Auto-Connect is our proprietary platform that all of our vehicles connect through, and then Auto-Connect platform connects into the customer platform. This is a buffer. Think of it as a buffer.

Speaker #4: But I can tell you that's over ten years in the making. And the sophistication of that driving software, or our autonomous driving software, is now up with the world's best in terms of driving capability.

Speaker #4: And we continue to develop that. In fact, my CTO told me yesterday that since the start of the year, we have developed, in addition to what we've already got there, four million lines of code to improve that stack.

Speaker #4: And its performance, and how it handles all of the idiosyncratic nature of driving around an airport as we get more complex operations. AutoConnect is our proprietary platform that all of our vehicles connect through, and then the AutoConnect platform connects into the customer platform.

Speaker #4: And this is a buffer. Think of it as a buffer. And that buffer provides cybersecurity protection for all the vehicles to prevent them from being hacked, because that would be pretty disastrous.

David Keene: That buffer provides cybersecurity protection for all the vehicles to prevent them being hacked, because that would be pretty disastrous. It also provides effectively what looks like an Uber platform where we are optimizing each of the vehicles, where they are going, what they are doing, and doing that in a way that is super smart. So that has an AI engine to optimize where those vehicles are and to get the best efficiency that the airport can operate in. We are now just about at the point where Auto-Connect is mature enough to now go into production, and we have one of our clients where we have been testing this extensively in terms of a fleet of our vehicles and working solely now on Auto-Connect, which is proving to be really, really exciting. Software is backed up by the hardware.

Speaker #4: But it also provides, effectively, what looks like an Uber platform, where we're optimizing each of the vehicles—where they're going, what they're doing—and doing that in a way that is super smart.

Speaker #4: So, that has an AI engine to optimise where those vehicles are and to get the best efficiency that the airport can operate in. And we're now just about at the point where AutoConnect is mature enough to go into production, and we have one of our clients where we've been testing this extensively in terms of a fleet of our vehicles and working solely now on AutoConnect, which is proving to be really, really exciting.

Speaker #4: Software is backed up by the hardware. Some of you have seen this before, but for those that haven't, Auto Dolly Tug is a completely ground-up, revolutionary vehicle.

David Keene: Some of you have seen this before, but for those that have not, Auto-DollyTug is completely ground up, revolutionary vehicle. It is very agile, and you need to be agile when you are going around an aircraft. This vehicle goes directly to the aircraft. In fact, we are the only company in the world that can actually do that, and has the vehicle to do that, the insurance to do it, and the safety case to do it. We carry a single unit load device, that is that metal container that you can see. That has about 40 of your suitcases in that container, and we can tow another four trailers behind that vehicle if we wanted to. This vehicle, as I said, is super agile. It will go forwards, backwards, sideways, rotate on-the-spot tank turn, and also can load and unload that container automatically with two robotic sliding arms.

Speaker #4: It is very agile, and you need to be agile when you're going around an aircraft. This vehicle goes directly to the aircraft. In fact, we're the only company in the world that can actually do that and has the vehicle to do so.

Speaker #4: The insurance to do it and the safety case to do it. We carry a single Unit Load Device. That's that metal container you can see.

Speaker #4: That has about 40 of your suitcases in that container, and we can tow another four trailers behind that vehicle if we wanted to. This vehicle, as I said, is super agile—it'll go forwards, backwards, sideways, rotate on the spot (tank turn), and also can load and unload that container automatically with two robotic sliding arms.

Speaker #4: This vehicle can navigate around all sorts of other ground support equipment servicing an aircraft, along the road, or into the baggage hall. No one has a vehicle as sophisticated as this vehicle.

David Keene: This vehicle can navigate around all sorts of other ground support equipment servicing an aircraft or along the road or into the baggage hall. So no one has got a vehicle as sophisticated as this vehicle. That translates into the middle vehicle, which is a much bigger vehicle, but very much on the same principle. By the way, all of these vehicles run the same software, so there are no differences in the software. There might be differences in position of sensors, but the software is the same for all of these. Auto-Cargo is a much bigger vehicle, carrying and towing up to 15 tons of cargo. Again, this is a unique vehicle. To our knowledge, there is not a vehicle on the market that can carry that amount of cargo. We have two of those vehicles in operation at East Midlands Airport with our client, UPS.

Speaker #4: And that translates into the middle vehicle, which is a much bigger vehicle, but operates very much on the same principle. By the way, all of these vehicles run the same software.

Speaker #4: So there are no differences in the software. There might be differences in the position of sensors, but the software is the same for all of these.

Speaker #4: And Cargo is a much bigger vehicle, carrying and towing up to 15 tonnes of cargo. Again, this is a unique vehicle. To our knowledge, there isn't a vehicle on the market that can carry that amount of cargo, and we have two of those vehicles in operation at East Midlands Airport with our client, UPS.

Speaker #4: And the final vehicle here is our AutoShuttle. We don't develop this vehicle; we developed its Mark One version, but we needed a vehicle that could go to all markets and be homologated in those markets.

David Keene: The final vehicle here is our Auto-Shuttle. We do not develop this vehicle. We developed its Mark 1 version, but we needed a vehicle that could go to all markets and be homologated in those markets. So we chose the platform of the Ford E-Transit minibus, and with some help from Ford, we have overlaid our auto-drive system onto this vehicle. That vehicle now operates up to 40 kilometers per hour, full Level 4, and can operate on-road or off-road if we are operating in airports. So that is pretty much our product portfolio. Let us now talk a little bit about automotive.

Speaker #4: So, we chose the platform of the Ford E-Transit minibus, and with some help from Ford, we have overlaid our AutoDrive system onto this vehicle.

Speaker #4: And that vehicle now operates up to 40 kilometres per hour, full Level 4, and can operate on-road or off-road if we are operating at an airport.

Speaker #4: So that's pretty much our product portfolio. Let's now talk a little bit about automotive. If you remember, when I was here and Ian and I were here this time last year, there was a very different picture in automotive, particularly regarding tariff-related issues from the Trump administration.

David Keene: If you remember that when I was here, and Ian and I were here this time last year, there was a very different picture in automotive, particularly tariff-related issues from the Trump administration, and followed up very quickly with a very serious cyber incident at our leading customer, Jaguar Land Rover, which not only affected us, but the whole of their supply base and shut them down for about 3 months. I am really pleased to say that through the back half of last year in H2 and continuing into H1 and actually continuing into H2, which we will talk about in outlook in a minute, we have seen a very, very strong recovery in automotive revenues, which Ian will go through in a moment when he does his numbers. That is fantastic.

Speaker #4: And followed up very quickly with a very, very serious cyber incident at our leading customer, Jaguar Land Rover, which not only affected us, but the whole of their supply base and shut them down for about three months.

Speaker #4: I'm really pleased to say that through the back half of last year in H2, and continuing into H1, and actually continuing into H2—which we'll talk about in outlook in a minute—we've seen a very, very strong recovery in automotive revenues, which Ian will go through in a moment when he does his numbers.

Speaker #4: And that's fantastic. So we've seen that come back, and in fact, it's come back so strong that the automotive division has had a record first half-year since the company's IPO, back four years ago.

David Keene: We have seen that come back, and in fact, it has come back so strong that the automotive division has had a record first half year since the company's IPO back 4 years ago. We have maintained really strong customer relationships with new projects. One of those that we have reported was a GBP 4.3 million framework agreement with a next generation supercar manufacturer, and we continue to deliver product to that framework agreement. Quite exciting times on automotive. We will talk about automotive in the round in a minute as to how important that is in everything else that we are doing. The automotive division generates cash, and all of that cash is effectively reinvested and supports the ongoing investment into the autonomous division.

Speaker #4: We've maintained really strong customer relationships with new projects. One of those that we've reported was a £4.3 million framework agreement with a next-generation supercar manufacturer.

Speaker #4: And we continue to deliver product to that framework agreement, so quite exciting times on automotive. We'll talk about automotive in the round in a minute, as to how important that is in everything else that we're doing.

Speaker #4: The automotive division generates cash and all of that cash is effectively reinvested and supports the ongoing investment into the autonomous division. And that skill set that we have developed over 33 years in automotive and back actually previous to that when I and others in the company were working in the automotive industry, we have now been able to start to look at adjacent markets, not just in autonomous vehicles in aviation, but looking at different markets for where those capabilities could be deployed.

David Keene: That skill set that we have developed over 33 years in automotive and back actually previous to that, when I and others in the company were working in the automotive industry, we have now been able to start to look at adjacent markets, not just in autonomous vehicles, in aviation, but looking at different markets for where those capabilities could be deployed. We now have, and I am pleased to report and excited to report actually, that we have our first contract in a new sector with this technology that we have been developing. It will not be too much of a surprise because of a very topical, the word defense is very topical at the moment across lots of areas in the world. But we are now looking at how we can use our technology, and help our defense customers going forward.

Speaker #4: And we now have, and I'm pleased to report—and excited to report, actually—that we have our first contract in a new sector with this technology that we've been developing.

Speaker #4: And it won't be too much of a surprise because the word 'defence' is very topical at the moment, across lots of areas in the world.

Speaker #4: But we're now looking at how we can use our technology and help our defence customers going forward. And really, this is basically our transferable expertise.

David Keene: Really this basically is our transferable expertise. We are experts in electrical systems, electronic control units, software engineering, obviously autonomous expertise, and that is really being recognized now. As I say, I am pleased to say not only are we not just looking at defense, but we have actually won our first defense contract. We secured that in H1. We started delivering that contract in H1. I can tell you that as we sit here today, we have delivered that contract in full and on time, and we have really demonstrated to them how our strengths in automotive, so being able to provide quality product at the right price and at a very high reliability level, means that that is very applicable to this market.

Speaker #4: We are experts in electrical systems, electronic control units, software engineering, and, obviously, autonomous expertise. And that's really been recognised now. And as I say, I'm pleased to say not only are we not just looking at defence, but we have actually won our first defence contract. We secured that in H1, we started delivering that contract in H1, and I can tell you that as we sit here today, we have delivered that contract in full and on time.

Speaker #4: And we've really demonstrated to them how our strengths in automotive—being able to provide quality products at the right price and at a very high reliability level—mean that this is very applicable to this market.

Speaker #4: And I'm also pleased to say that we have now been invited— which we have already done— to bid for additional programmes, which, if we win those contracts, will be additional revenue in FY27 and FY28 as we go forward.

David Keene: I am also pleased to say that we have now been invited, which we have already done, to bid for additional programs. If we win those contracts, that will be additional revenue in FY27 and 2028 as we go forward. At the moment, as Ian will probably tell you in a short while, this is small, but this could be a huge market for us. At the moment, we have these revenues from Defense incorporated into the automotive reporting. I can see that if this starts to gather some momentum, that in 2027, we may well split this out into a separate division and start reporting on this separately. Really exciting and well done to the team to transfer the skills and be able to develop product for defense. Based on that, I am going to hand over and be Ian's assistant to turn the slides.

Speaker #4: So, at the moment, as Ian will probably tell you in a short while, this is small, but this could be a huge market for us.

Speaker #4: At the moment, we have these revenues from Defence incorporated into the Automotive reporting. But I can see that, if this starts to gather some momentum, in '27 we may well split this out into a separate division and start reporting on it separately.

Speaker #4: So, really exciting and well done to the team to transfer the skills and be able to develop products for defence. So, based on that, I'm going to hand over and be Ian's assistant to turn the slides.

Speaker #4: So, Ian, can I pass over to you, please?

David Keene: Ian, can I pass over to you please?

Speaker #1: Yes, thank you, David. Okay, so the results for HY26 interims. On the left-hand side, you have the autonomous sales for the last four-year periods. The autonomous revenue shown there reflects a continuous 2026 of the contract rolling over from the year ended 2025.

Ian Grubb: Yes. Thank you, David. The results for HY26 interims. On the left-hand side, you have the autonomous sales for the last four year periods. The autonomous revenue shown there reflects a continuous in 2026 of the contracts rolling over from year ended 2025 and the initial invoicing of the PRT project that David mentioned earlier. The darker green that you have there in both 2023 and 2026 are passenger autonomy. The numbers in 2026 for passenger autonomy are the PRT project. The lighter green is the aviation side, and that is the bit where we have got the continuance of the projects that we had rolling in from and being completed from 2025. The renewal of those and continued work of further development, all of that will then be seen through second half of 2026 and into 2027, 2028.

Speaker #1: And the initial invoicing of the PRT projects that David mentioned earlier. So, the darker green that you've got there in both 2023 and 2026 are passenger.

Speaker #1: Autonomy—the numbers in 2026 for passenger autonomy are the PRT project. And the lighter green is the aviation side, and that's the bit where we've got the continuance of the projects that we had rolling in from, and being completed from, 2025.

Speaker #1: The renewal of those and continued work of further development of all of that will then be seen through the second half of '26 and into '27, '28.

Speaker #1: And just to note from there, we have not lost any customers currently. They're all still engaged with us and highly interested in what it is that we've got moving forward.

Ian Grubb: Just to note from there, we have not lost any customers currently. They are all still engaged with us and highly interested in what it is that we have got moving forwards. The automotive sales, which are on the right-hand side, which the scales on the two graphs are the same. You can see the proportion that we have got currently and historically between the automotive and the autonomous revenues. The automotive has recovered from the H1 2025, as David said, in terms of the tariff disruption, and also in first quarter of H2 2025, where we had the cyber attack, and continue to be strong through H1, fortunately into H2, as we go currently. Defense contract and the sales and revenues that we have recognized there through deliveries. That is a small number, which is why it is a very small slice of that.

Speaker #1: The automotive sales, which are on the right-hand side, and the scales on the two graphs are the same, so you can see the proportion that we've got currently and historically between the automotive and the autonomous revenues.

Speaker #1: So, the automotive has recovered from H1 2025, as David said, in terms of the tariff disruption. And also in the first quarter of H2 2025, where we had the cyber attack, and continues to be strong through H1 airports and into H2 as we go currently.

Speaker #1: Defence contract and the sales and revenue that we've recognised there through deliveries—that is a small number, which is why it's a very small slice of that.

Speaker #1: But you can see the automotive bit is on a growth trajectory in the first half. And we certainly expect to meet the levels of automotive that we have in the past come the end of the year.

Ian Grubb: But you can see the automotive bit is on a growth trajectory H1. We certainly expect to meet the levels of automotive that we have in the past, come the end of the year. That defense comes from the electronics experience that we have got in the automotive side. If you want to next slide, please. In terms of income statement and balance sheet, with those sales, the revenue has increased 19% year-on-year in the H1s. The effect of the segment mix between our automotive and autonomous sales, is what has diluted the margin to 25.5% in the period. We would expect as more revenue on the autonomy comes through, that to revert back to levels that we have experienced previously with that year-on-year mix.

Speaker #1: And that defence comes from the electronics experience that we've got on the automotive side. So, if you could go to the next slide, please. In terms of the income statement and balance sheet, with those sales, revenue has increased 19% year-on-year in the H1s.

Speaker #1: And the effect of the segment mix between automotive and autonomous sales is what has diluted the margin to 25.5% in the period that we'd expect.

Speaker #1: As more revenue on the autonomy comes through, that's to revert back to levels that we've experienced previously with that year-on-year mix. So this, along with the increased property costs that we've had—which David explained in terms of moving to a property that is three times the size of what we had, and significantly more advanced and newer than the properties that we had in the past.

Ian Grubb: This, along with the increased property costs that we have had, that David Keene explained in terms of moving to a property that is three times the size of what we had and significantly more advanced and newer than the properties that we had in the past, have led to an increased EBITDA and net before tax loss. That allows us to then move into the future with greater confidence in terms of moving and supplying all of those contracts. On the balance sheet side, the gross and net assets have increased significantly. That is in part down to the increase in placing that we had in September 2025, which is post the H1 results for 2025, GBP 14.1 million.

Speaker #1: This has led to an increased EBITDA and a net profit before tax loss. But that allows us to move into the future with greater confidence in terms of fulfilling all of those contracts.

Speaker #1: On the balance sheet side, the gross and net assets have increased significantly. That is in part due to the increase in placing that we had in September 25, which is post the half-year results for 25.

Speaker #1: A £14.1 million. The new property that we have leased with an IFRS 16 right-of-use asset is about a £5 million property addition within that period.

Ian Grubb: The new property that we have leased with an IFRS 16 right of use asset, is about a GBP 5 million property addition within that period, and that is where the GBP 28.2 million resides along with the net assets. Cash is still strong. We have got GBP 8.4 million at the end of the period, and that sees us through the current period and beyond with future expectations that we have got. Over to you, David.

Speaker #1: And that's where the $28.2 million resides, along with the net assets. Cash is still strong; we've got $8.4 million at the end of the period.

Speaker #1: And that sees us through the current period and beyond, with future expectations that we've got over. Back to you, David.

Speaker #2: Thank you, Ian. That's great. Right, so let's just have a quick look at the outlook. I'm going to start in the middle of this slide because a lot of the company's foundation, or foundationally, is around the automotive business—not that that's really the super future of the business.

David Keene: Thank you, Ian Grubb. That is great. Right. Let us just have a quick look at Outlook. I am going to start in the middle of this slide, because a lot of the company's foundation or foundationally running around the automotive business, because not that that is really the super future of the business, but the technology, the direction of automotive and we are not in nuts, bolts and swarf and bits of metal. We are in the very high technical end of delivering very high quality and in some cases, safety critical components to the automotive industry. To do that, you need to be an exceptional supplier, and have all the systems and the quality systems and reliability systems backing you up.

Speaker #2: But the technology, the direction of automotive—and we're not in nuts, bolts, and swarf, and bits of metal. We're in the very high technical end of delivering very high quality, and in some cases, safety-critical components to the automotive industry.

Speaker #2: And to do that, you need to be an exceptional supplier and have all the systems, the quality systems, and reliability systems backing you up.

Speaker #2: And that is paying dividends in our aviation products, and our aviation customers can rely on us—that we're not just two students out of a university in California that have thought something up.

David Keene: And that is paying dividends in our aviation products and our aviation customers who can rely on us that we're not just two students out of a university in California that have thought something up. We're a proper company that has spent decades knowing how to deliver highly complex systems. That all goes down well. The fact that we have a strong balance sheet, the fact that we have really good shareholder base, and the fact that we now have the business location and the facilities to deliver are all now bringing to bear, in the growth side, on the left-hand side. I haven't put all the customers in here, by the way, for all the sections, but you know some of the leading ones that we've got with Changi and Swissport and UPS and Cincinnati and Schiphol, et cetera.

Speaker #2: We're a proper company that has spent decades knowing how to deliver highly complex systems so that it all goes down well. The fact that we have a strong balance sheet, the fact that we have a really good shareholder base, and the fact that we now have the business location and the facilities to deliver, are all now bringing to bear in the growth side on the left-hand side.

Speaker #2: And I haven't put all the customers in here, by the way, for all the sections. But you know some of the leading ones that we've got with Changi, Swissport, UPS in Cincinnati, and Schiphol, etc.

Speaker #2: As Ian said, we haven't lost any of those customers, and those programmes are still running. We are very deep into those programmes, and I can tell you some very exciting results that we've got and operations that are going on.

David Keene: As Ian said, we haven't lost any of those customers. All those programs are still running. We are very deep into those programs, and I can tell you some very exciting results that we've got and operations that are going on. We should be able to report, hopefully soon, on where we are on some of those programs. Hopefully you should see some news flow coming out over the following months. What's really important is to be involved in the ecosystem. We're not just a company that invents things, throws it at our customers or just spins around on a technical angle. We are the company that deals directly with the policymakers, the decision-makers, the insurance people, the legality of all of this.

Speaker #2: And we should be able to report, hopefully soon, on where we are on some of those programmes, and hopefully you should see some news flow coming out over the following months.

Speaker #2: And what's really important is to be involved in the ecosystem. We're not just a company that invents things, throws it at our customers, or just spins around on a technical angle.

Speaker #2: We are the company that deals directly with the policymakers, the decision makers, the insurance people, the legality of all of this. So you can see names there: Civil Aviation Authority.

David Keene: You can see names there, Civil Aviation Authority. I was with them yesterday, talking very deeply as to how we bring systems like this and products like this into the UK. We deal directly with the FAA in the US exactly the same way. CAAS. In fact, they're actually a customer. Then organizations, world organizations like IATA, where we're on the technology committees, where we're telling all of these organizations about what we're doing, how we're doing it, and working with regulators to make sure that once regulation comes in, we are at the forefront of that, and quite honestly, making sure that the high bar is higher for anybody else to come in. That's really important in everything we're doing there. What have we got going forward?

Speaker #2: I was with them yesterday, talking very deeply about how we bring systems like this and products like this into the UK. We deal directly with the FAA in the US, in exactly the same way.

Speaker #2: CAS—in fact, they're actually a customer. And then organizations, world organizations like IATA, where we're on the technology committees, we're telling all of these organizations about what we're doing, how we're doing it, and working with regulators to make sure that once regulation comes in, we are at the forefront of that.

Speaker #2: And, quite honestly, making sure that the high bar is higher for anybody else to come in. And that's really important in everything we're doing there.

Speaker #2: So, what have we got going forward? Well, we still have a large global market. And, in fact, that market is actually increasing as new airports—lots of new airports—come online.

David Keene: Well, we still have a large global market, and in fact, that market is actually increasing as new airports, in fact, lots of new airports come online. We calculated 700 or more airports that would have a beneficial business case to adopt the tech. Now, on top of that, obviously we've got automotive, but we now have this defense market opening up. Actually in the UK, the defense market is opening up to smaller technology companies. If there's one lesson that has been learned from the Ukraine-Russia war currently, is that speed and reliability of speed and change, and being able to develop things at pace, with ingenuity and entrepreneurialship is really important. You can find that in the UK in smaller technology companies, and we are one of those companies.

Speaker #2: We calculated 700 or more airports that would have a beneficial business case to adopt the tech. And now, on top of that, we have automotive, and we now have this defence market opening up.

Speaker #2: And actually, in the UK, the defence market is opening up to smaller technology companies. If there's one lesson that has been learnt from the Ukraine, Russia, war currently, is that speed and reliability of speed and change and being able to develop things at pace with ingenuity and entrepreneurial ship is really important.

Speaker #2: And you can find that in the UK in smaller technology companies, and we are one of those companies. So there have been strong market tailwinds for some time, and these are just getting bigger and bigger.

David Keene: So there has been strong market tailwinds for some time, and these are just getting bigger and bigger. Again, defense, when we talk about defense, we talk about our many aspects, but of course, the Royal Air Force and other flying organizations around the world, they all have their own airports, and they all have to move things around on those airports. So we have such a cross-cutting suite of products and technology, this defense market could be considerably large for us. We have a track record of innovation and R&D and commercializing those, and that is super important when these are products and systems that need to be of the utmost accuracy and dependability. You need to be relied on, and we need to position ourselves to show that people can lean and rely on us to develop and deliver these critical systems.

Speaker #2: And again, defence. When we talk about defence, we talk about many aspects. But of course, the RAF and other flying organisations around the world all have their own airports, and they all have to move things around on those airports.

Speaker #2: So, we've got such a cross-cutting suite of products and technology; this defence market could be considerably large for us. We have a track record of innovation in R&D and commercialising those.

Speaker #2: And that's super important, when these are products and systems that need to be of the utmost accuracy and dependability. And you need to be relied on.

Speaker #2: And we need to position ourselves to show that people can lean and rely on us to develop and deliver these critical systems. But you've got to be differentiated in your technology.

David Keene: But you have got to be differentiated in your technology. We are not a me-too company, and I think we have demonstrated to our customers and people that are talking to us how we can really help our customers to move forward into the future with some high-tech solutions. We have built everything right from the start, and we continue to do so, on a scalable business model. We launched the hub strategy. We have brought on investors who can scale this business with us. We have got very advanced discussions in the US, in the Middle East, and the Far East in terms of how that hub strategy would be deployed and who would be working with us and coming on board with us, which is super exciting as well. Then we have got a very experienced team, and we have added to that experienced team.

Speaker #2: We're not a "me too" company, and I think we've demonstrated to our customers, and to people who are talking to us, how we can really help our customers move forward into the future with some high-tech solutions.

Speaker #2: We've built everything right from the start, and we continue to do so on a scalable business model. We launched the hub strategy, and we have brought on investors who can scale this business with us.

Speaker #2: We've got very advanced discussions in the US, in the Middle East, and in the Far East in terms of how that hub strategy would be deployed and who would be working with us and coming on board with us, which is super exciting as well.

Speaker #2: And then we've got a very experienced team, and we've added to that experienced team. So we've brought in Mark Gower, who is now Director of Autonomous Global Deployments.

David Keene: So we have brought in Mark Gower, who is now Director of Autonomous Global Deployments. Mark was heading up Gatwick Ground Services, 1,300 employees, GBP 60, 70 million turnover business, wholly owned by International Airlines Group. He has joined us because he is driven by this passion to bring autonomous vehicles into airport operations, and he knows on the ground how to do these things. That is a really important thing that we have additional people joining the company now, and please keep a lookout because I would imagine more would be coming in the future. So I think that is a quick but solid update of what we have been doing in the first half of this year. We are well into the second half of this year, which is super exciting, and I am looking forward to providing you a further update as we go into the new year.

Speaker #2: Mark was heading up Gatwick Ground Services, a 1,300-employee business with a £60–70 million turnover, wholly owned by International Airlines Group. He's joined us because he's driven by this passion to bring autonomous vehicles into airport operations.

Speaker #2: And he knows, on the ground, how to do these things. And that's a really important thing—that we have additional people joining the company now.

Speaker #2: And please keep a lookout, because I would imagine more will be coming in the future. So I think that's a quick but solid update of what we've been doing in the first half of this year.

Speaker #2: We're well into the second half of this year, which is super exciting. I'm looking forward to providing you with a further update as we go into the new year.

Speaker #2: But for now, I'd like to say that's our presentation over, and I'd like to hand back. Thank you.

David Keene: But for now, I would like to say that is our presentation over, and I would like to hand back. Thank you.

Speaker #1: That's great. Thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions. Just buy us in the Q and A to have situated on the right hand corner of your screen.

Operator 2: That is great. Thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab situated on the right-hand corner of your screen. Just while the company take a few moments to review those questions submitted today, I would like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via Investor Dashboard. As you can see, we have received a number of questions throughout today's presentation. David, could I please ask you to read out the questions and give responses where appropriate to do so, and I will pick up from you at the end.

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

Speaker #1: Just while the company takes a few moments to review those questions submitted today, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via the investor dashboard.

Speaker #1: As you can see, we have received a number of questions throughout today's presentation. David, could I please ask you to read out the questions and give responses where appropriate?

Speaker #1: And I'll pick up from you at the end.

Speaker #2: Yes, absolutely. Right, here we go. So, Richard G, thank you very much for your question. What margin profile do you believe the autonomous business can achieve at scale, once production volumes increase and the investment in manufacturing capacity is fully absorbed?

David Keene: Yes, absolutely. Right, here we go. Richard G, thank you very much for your question. What margin profile do you believe the autonomous business can achieve at scale once production volumes increase and the investment in manufacturing capacity is fully absorbed? Yes. So short question requires quite a long answer, but the short answer to it is there is a very limited investment other than getting the buildings themselves into the manufacturing capacity. So we are not building a production line. We are not investing in a huge amount of capital equipment. All of the vehicles will be built on a cell-based process, which is quite common for lower manufacturing. In other words, you can build different vehicle types at each cell, and you have a cell team. So to manufacture up to those 500 vehicles, we are not going to be investing hundreds of millions of pounds into that.

Speaker #2: Yes, so short question, requires quite a long answer. But the short answer to it is there is very limited investment, other than getting the buildings themselves, into the manufacturing capacity.

Speaker #2: So we're not building a production line. We're not investing in a huge amount of capital equipment. All of the vehicles will be built on a cell-based process, which is quite common for lower variant.

Speaker #2: In other words, you can build different vehicle types at each cell, and you have a cell team. So, to manufacture up to those 500 vehicles, we're not going to be investing hundreds of millions of pounds into that.

Speaker #2: So that's the first thing. In terms of margin profile—well, the answer to that is, what I'd really like to do with the business is I'd like to transition the business, over the forthcoming years, into a much higher margin profile business.

David Keene: So that is the first thing. In terms of margin profile, well, the answer to that is, what I would really like to do with the business is I would like to transition the business over the forthcoming years into a much higher margin profile business. We already get high margin off our consultancy work, off our Auto-Sim, and anything to do with software. You are talking 90% plus or more percentage gross margin on those type of projects. And we are talking 45% to 50% gross on anything we do with vehicles. So if we, through the hub strategy, can transition the business into more where we are developing product and we are developing software, but we are sending that product out for someone to build that product and deploy it for us under license, then the licensing revenue, the software revenue should be much higher margin. So really that is my answer to you.

Speaker #2: We already get high margin off our consultancy work, off our AutoSim, and anything to do with software. You're talking 90% or more gross margin on those types of projects.

Speaker #2: And we're talking 45% to 50% gross on anything we do with vehicles. So if we, through the hub strategy, can transition the business into more where we're developing product and we're developing software, but we're sending that product out for someone to build that product and deploy it for us under licence, then the licensing revenue—the software revenue—should be much higher margin.

Speaker #2: So really, that's my answer to you. It's all about transitioning the company from where we are now to more software and licensing as we scale this around the world.

David Keene: It is all about transitioning the company from where we are now to more software and licensing as we scale this around the world. Second question, Alan B. Current monthly cash burn rate, what is it approximately? Well, that is not something we can go into on this call, Alan. But I think if you did a little bit of simple maths on what cash we had at fundraise back in October, November, and the funds that we are showing at the end of June, you should be able to get roughly what our cash burn is. Stuart A, "Please could you tell me the ownership details of the new building? Are you tenants or do you own the freehold?" Thank you, Stuart. Well, we are tenants. We do not own the freehold. We took the building over from a previous tenant.

Speaker #2: Second question, Alan B: Current monthly cash burn rate—what is it approximately? Well, that's not something we can go into on this call, Alan.

Speaker #2: But I think if you did a little bit of simple maths on what cash we had at fundraise back in October/November, and the funds that we are showing at the end of June, you should be able to get roughly what our cash burn is.

Speaker #2: Stuart A, please could you tell me the ownership details of the new building? Are you tenants, or do you own the freehold? Thank you, Stuart.

Speaker #2: Well, we're tenants. We don't own the freehold. We took the building over from a previous tenant. They had a 15-year lease, and we literally stepped into their shoes with some very smart negotiation. But we stepped into their shoes, so we have the remaining seven-year lease on that facility.

David Keene: They had a 15-year lease, and we literally stepped into their shoes with some very smart negotiation, but we stepped into their shoes. So we have the remaining seven-year lease on that facility. Stuart A again, "Can you explain more about your Dubai office? What are your plans there?" Well, the answer to that is there is a lot of activity, as you probably might guess, in the Middle East. Let's just put the conflict with Iran to one side just for a second. But there is a huge amount of growth in the UAE, in Qatar, and in particularly Saudi Arabia in terms of airport development and plans to make that, it is already a regional super hub, but to make it a regional mega hub.

Speaker #2: Stuart A again, can you explain more about your Dubai office? What are you plans there? Yes. Well, the answer to that is there is a lot of activity as you probably might guess in the Middle East in terms of let's just put the let's just put the conflict with Iran to one side just for a second.

Speaker #2: But there is a huge amount of growth in the UAE, in Qatar, and particularly in Saudi Arabia in terms of airport development and plans to make that—it's already a regional super hub—but to make it a regional mega hub.

Speaker #2: And the new airport that is being developed in Dubai which is a five runway 260 million passenger operation which will start I think first operations in 2032 to move that amount of people around and that amount of baggage and that amount of cargo you really can't do that in manual methods.

David Keene: The new airport that is being developed in Dubai, which is a five runway, 260 million passenger operation, which will start, I think, first operations in 2032. To move that amount of people around and that amount of baggage and that amount of cargo, you really cannot do that in manual methods. I can tell you now that the airport designers and planners and the operational companies are all looking to how they autonomize all of the baggage, all of the cargo as much as they possibly can. We are right in the thick of that. You cannot do business in some of these regions if you are not there on the ground. It is very important that we do that.

Speaker #2: And I can tell you now, the airport designers and planners, and the operational companies, are all looking at how they autonomize all of the baggage, all of the cargo, as much as they possibly can.

Speaker #2: And we're right in the thick of that. You can't do business in some of these regions if you're not there on the ground.

Speaker #2: And it's very important that we do that. So, bringing the Iran conflict back in again, things have slowed up a little bit, but we intend to have that office opened and a very, very small initial team on site as soon as we possibly can.

David Keene: So bringing the Iran conflict back in again, things have slowed up a little bit, but we intend to have that office opened and a very small initial team on site as soon as we possibly can. Steve B., "Who do you think are your competitors for autonomous vehicles at airports?" Okay. So we do have competitors, Steve. There is not many of them, but there are competitors. The first thing is, it is always great when you are in a market where there are competitors because it actually proves there is a market because other people look at it and think they can make some money out of it. So currently, our main competitors are two French companies and a Chinese company.

Speaker #2: Steve B, who do you think are your competitors for autonomous vehicles at airports? Okay, so we do have competitors, Steve. There's not many of them, but there are competitors.

Speaker #2: So, the first thing is, it's always great when you're in a market where there are competitors, because it actually proves there is a market—because other people look at it and think they can make some money out of it.

Speaker #2: So currently, our main competitors are two French companies and a Chinese company. And when I say those as competitors, those are competitors in baggage or cargo movements, not in people movements, because there are a number of other companies that are trying to move people around.

David Keene: When I say those as competitors, those are competitors in baggage or cargo movements, not in people movements, because there are a number of other companies that are trying to move people around. But in baggage and cargo, effectively, it is three main players. Those three main players are, in the main, trying to automate existing vehicles, existing ground support equipment vehicles. They have not to date been looking at it from a clean sheet of paper, start again, what would it look like, and what would be the maximum benefits that you could get from an autonomous operation? So we think we are ahead, both in vehicles technology and deployments, and where we have got those deployments to. But you should never stay complacent. We have always got to think competition are, and we keep tabs on them daily. Stuart A: "Can you explain more" Oh, sorry, we have done that one. Yes.

Speaker #2: But in baggage and cargo, effectively it's three main players. Those three main players are, in the main, trying to automate existing vehicles—existing ground support equipment vehicles.

Speaker #2: And they haven't, to date, been looking at it from a clean sheet of paper—start again, what would it look like? And what would be the maximum benefits that you get from an autonomous operation?

Speaker #2: So we think we're ahead, both in vehicle technology and deployments, and where we've got those deployments too. But you should never be complacent.

Speaker #2: We've always got to think about who the competition are, and we keep tabs on them daily. Stuart A, can you explain more—oh, sorry, we've done that one.

Speaker #2: Yes, Stuart, yes. Sorry, they're rolling up a little bit. Sorry, they're all coming in. There's more questions. Is your defence customer in the UK or NATO?

David Keene: Stuart, yes. Sorry, they're rolling up a little bit. Sorry, they're all coming in. There's more questions. "Is your defense customer in the UK or NATO?" The only probable thing I can tell you right this minute, because I can't tell you what it is and who is it for, but yes, the first contract is in the UK. However, I don't actually know where the equipment that we're doing is going to end up. So it's definitely going into the UK. Whether it ends up in NATO, I don't know. But certainly, there are opportunities for the company, both in UK defense, NATO defense, and defense in other jurisdictions where we may have offices already. Philip T: "In the first part of his presentation, did David mention something to do with power electrical constraints at airports?

Speaker #2: So, the only probable thing I can tell you right this minute—because I can't tell you what it is and who it's for—but yes, the first contract is in the UK.

Speaker #2: However, I don't actually know where the equipment that we're doing is going to end up. So it's definitely going into the UK. Whether it ends up in NATO, I don't know.

Speaker #2: But certainly, there are opportunities for the company both in UK defence, NATO defence, and defence in other jurisdictions where we may have offices already.

Speaker #2: Philip T, in the first part of his presentation, did David mention something to do with power, electrical constraints at airports? If so, could he expand on that point, please?

David Keene: If so, could he expand on that point, please?" Yes, of course, Philip. So I can give you a practical example in Singapore. Singapore have very constrained electrical requirements in terms of capability of the grid. So if you go and build a massive new terminal 5, which is what they're doing currently, and you also plan to run and continue to run terminals 1 to 4, and then your plan is to convert every single vehicle to electric, and when I mean every single vehicle, I mean everything, catering wagons, baggage trolleys, fuel bowsers, people movers, then you can imagine that the amount of grid capacity that you need increases substantially. If you overlay that on the flight times, i.e. peak and diff, if you look at the peak, then actually there isn't enough grid capacity to support that electrification program.

Speaker #2: Yes, of course, Philip. So I can give you a practical example in Singapore. Singapore has very constrained electrical requirements in terms of the capability of the grid.

Speaker #2: So, if you go and build a massive new terminal—Terminal 5, which is what they're doing currently—and you also plan to run and continue to run Terminals 1 to 4, then your plan is to convert every single vehicle to electric. And when I say every single vehicle, I mean everything: catering wagons, baggage trolleys, fuel bowsers, people movers.

Speaker #2: Then you can imagine that the amount of grid capacity that you need increases substantially. And if you overlay that on the flight times—i.e., peak and dip—if you look at the peak, then actually there isn't enough grid capacity to support that electrification program.

Speaker #2: So, one of the things that you can do with Autosim is you can say, okay, given a certain grid capacity at the airport, what would be the optimum vehicles to convert to electric first to give you the maximum benefit?

David Keene: So one of the things that you can do with Auto-Sim is you can say, okay, well, given a certain grid capacity to the airport, what would be the optimum vehicles to convert to electric first to give you the maximum benefit? Because of course, if you start converting the wrong vehicles first, you might not get the maximum benefit from the grid capacity that you've got. Although this is probably not relevant in the US because they seem to have more capacity than actually demand, it certainly is relevant to airports in other locations. So we are working with airports as to how we get an optimum solution to the grid capacity they've got currently. Robin M: "Please give more details around UPS trial at East Midlands. What are the KPIs and by when, and is this a trial for a larger follow-on order?" Okay.

Speaker #2: Because, of course, if you start converting the wrong vehicles first, you might not get the maximum benefit from the grid capacity that you've got.

Speaker #2: And although this is probably not relevant in the US because they seem to have more capacity than actual demand, it certainly is relevant to airports in other locations.

Speaker #2: So, we are working with airports to determine how we can achieve an optimum solution for their current grid capacity. Robin M, could you please provide more details about the UPS trial at East Midlands?

Speaker #2: What are the KPIs, and by when? And is this a trial for a larger follow-on order? Okay. So basically, just to go back in history a little bit, we applied to the UK government for support to do a joint program with UPS at East Midlands to develop a new cargo-carrying vehicle, which ended up being Auto-Cargo.

David Keene: So basically, just go back in history a little bit. We applied to the UK government for support to do a joint program with UPS at East Midlands to develop a new cargo carrying vehicle, which ended up being Auto-Cargo. UPS, by the way, don't have any commercial or IP hold over us on that vehicle. It's all ours. It's just that as part of that UK government program, it was great to have the customer or the potential customer involved in the program, and also the potential customer to tell us some of the specification that they required for that vehicle to operate in their airports. Not just at East Midlands, by the way, at all their airports around the world. So Auto-Cargo was developed in conjunction with UPS.

Speaker #2: UPS, by the way, don't have any commercial or IP hold over us on that vehicle. It's all ours. It's just that as part of that UK government program, it was great to have the customer, or the potential customer, involved in the program and also for the potential customer to tell us some of the specifications that they required for that vehicle to operate in their airports.

Speaker #2: Not just at East Midlands, by the way, at all their airports around the world. So Auto-Cargo was developed in conjunction with UPS. It will work as a cargo vehicle in other airports, but specifically for UPS, it's designed so that it can go into any UPS airport and operate.

David Keene: It will work as a cargo vehicle in other airports, but specifically for UPS, it is designed so that it can go into any UPS airport and operate. We worked on the first program, and that was very successful in developing the first vehicle. We then applied to the government to say, "This is great. UPS think it is brilliant. Can we have a second tranche of money?" Which they said yes. They thought what we were doing was fantastic. We went into a second round, which enabled us to develop a Mark 2 vehicle, with several improvements that we had established from the Mark 1 operating at the airport. Now we have that Mark 2 vehicle running extensive durability trials at East Midlands.

Speaker #2: We've been—we worked on the first program, and that was very successful in developing the first vehicle. We then applied to the government to say, this is great.

Speaker #2: UPS think it's brilliant. Can we have a second tranche of money? Which they said yes. They thought what we were doing was fantastic. So we went into a second round, which enabled us to develop a Mark II vehicle, with several improvements that we had established from the Mark I operating at the airport.

Speaker #2: And now we have that Mark II vehicle running extensive durability trials at East Midlands. Paid at the end of this year or beginning of next year, we will have closed out all of the KPIs and all of the reliability and movement requirements that they want.

David Keene: At the end of this year or beginning of next year, we will have closed out all of the KPIs and all of the reliability and movement requirements that they want. Yes, we would love them as a customer. That is what we have been driving for the last 18 months. So, I hope to report on that in the coming months. Alan B, "If your opportunities and aspirations come to pass, will you need further funding in the short to medium term?" Well, that is always a sort of perennial question in these type of companies and these type of projects. The answer right at the moment, given everything that we know, the answer is no, we do not need any additional funding right now. We have funding to take us way into 2027. However, you do not know what you do not know.

Speaker #2: And yes, we would love them as a customer. That's what we've been driving for over the last 18 months, so I hope to report on that in the coming months.

Speaker #2: Alan B, if your opportunities and aspirations come to pass, will you need further funding in the short to medium term? Well, that's always a sort of perennial question.

Speaker #2: In these types of companies and these types of projects, the answer, right at the moment, given everything that we know, is no.

Speaker #2: We don't need any additional funding right now. We have funding to take us well into 2027. However, you don't know what you don't know.

Speaker #2: And if some of these projects do come off, obviously there are commercial arrangements that we can have with customers. In several cases, we have cash upfront or prepayments, or what have you.

David Keene: If some of these projects do come off, obviously there are commercial arrangements that we can have with customers. In several customers, we have cash upfront or prepayments or what have you. So commercial aspects aside, my role is to expand this company as quickly and safely as we can and to grab market share and to grab customers. So if we need to raise funding to do that, it will be raised on a positive and not on a negative. That is what myself and my executive and the board are trying to do. So I know that is a bit of a roundabout answer, but that is what we are trying to do. So thank you very much. I think we have gone through most of the questions, if not all of the questions. Again, thank you very much for your time, and I will hand back again.

Speaker #2: So, commercial aspects aside, my role is to expand this company as quickly and safely as we can, and to grab market share and to grab customers.

Speaker #2: So, if we need to raise funding to do that, it will be raised on a positive and not on a negative. And that's what myself, my executive, and the board are trying to do.

Speaker #2: So I know that's a bit of a roundabout answer, but that's what we're trying to do. Thank you very much. I think we've gone through most of the questions, if not all of the questions.

Speaker #2: And again, thank you very much for your time. I'll hand back again.

Speaker #1: That's great. Thank you for answering those questions. You can have some investors, and, of course, the company can review all questions submitted today and will publish those responses on the Investor Meet Company platform.

Operator 2: That is great. Thank you for answering those questions you can from investors. Of course, the company can review all questions submitted today, and we will publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to the company, David, could I please just ask you for a few closing comments?

Operator: That is great. Thank you for answering those questions you can from investors. Of course, the company can review all questions submitted today, and we will publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to the company, David, could I please just ask you for a few closing comments?

Speaker #1: Just before redirecting investors to provide you with their feedback, which you know is particularly important to the company, David, could I please ask you for a few closing comments?

Speaker #2: Yes, of course. So, once again, thanks to everyone for attending today, and also for following the company in general. We're building something really special here.

David Keene: Yes, of course. So once again, thanks to everyone for attending today and also for following the company in general. We are building something really special here. We are 4 years in on our life on AIM. We are considerably more in total, but 4 years on AIM. I think we have done a really good job. Our team is working tirelessly. Whatever we have said we were going to do, we have been delivering, and we will continue to do that. Highlights, moving into a new facility has been just game-changing for us, positioning us for the future. Not just our staff and the working environment, but really our customers seeing that we are serious about this and we are going to succeed. Picking up and winning some of the biggest contracts that we have had since I started the company way back in 1993.

Speaker #2: We're four years in. Well, four years in on our life on AIM. We're considerably more in total, but four years on AIM. I think we have done a really good job.

Speaker #2: Our team is working tirelessly. We've made progress; whatever we've said we were going to do, we have been delivering. And we will continue to do that.

Speaker #2: And highlights moving into a new facility has been just game-changing for us, positioning us for the future. And not just for our staff and the working environment, but really for our customers seeing that we are serious about this and we are going to succeed.

Speaker #2: And picking up and winning some of the biggest contracts that we've had since I started the company way back in 1993. And indeed, we haven't mentioned, but winning further grant funding.

David Keene: Indeed, we have not mentioned, but winning further grant funding. We are still very much seen as a company by the UK government as someone they want to back. That should give you confidence as well that we are on the right road here. Bringing new people into the company to help with that expansion. I am really excited about what we have got. The entry, although it is small into defense, could be huge. We just need to continue doing the day job and moving this company forward. Thank you for your support. We look forward to updating you in the future. Thank you very much.

Speaker #2: We're still very much seen by the UK government as a company they want to back. And that should give you confidence as well that we're on the right road here.

Speaker #2: And bringing new people into the company to help with that expansion. So I'm really excited about what we've got. The entry, although it's small, into defense could be huge.

Speaker #2: And we just need to continue doing the day job and moving this company forward. So, thank you for your support, and we look forward to updating you in the future.

Speaker #2: Thank you very much.

Speaker #1: That's great. Thank you for updating investors today. Can I please ask investors not to close the session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations.

Operator 2: That is great. Thank you for updating investors today. Can I please ask investors not to close this session, as you will now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, and I am sure will be greatly appreciated.

Operator: That is great. Thank you for updating investors today. Can I please ask investors not to close this session, as you will now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, and I am sure will be greatly appreciated.

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Half Year 2026 Aurrigo International PLC Earnings Call

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