Half Year 2026 Doctor Care Anywhere Group PLC Earnings Call

September 23, 2026

[Analyst] (Bell Potter): And over to you to introduce yourself and Lisa, and we will take it from there. Thank you.

Operator: And over to you to introduce yourself and Lisa, and we will take it from there. Thank you.

Speaker #1: And over to you, to introduce yourself and Lisa, and we'll take it from there. Thank you.

Laura O'Riordan: Hi. Thank you very much, John and Bell Potter. I am Laura O'Riordan, CEO at Doctor Care Anywhere. I have been in the business just over 18 months. I come from a healthcare background, started my career in emergency care, trained as a nurse, and then have done multiple jobs where I have come into organizations and scaled them. So I am delighted to be here to walk you through our H1 results and our deck. I am going to hand over to Lisa and to your intro.

Speaker #2: Hi, thank you very much, John, and Feltwater. I'm Laura Ruden, CEO at Doctor Care Anywhere. I've been in the business just over 18 months.

Speaker #2: I come from a healthcare background, started my career in emergency care, trained as a nurse, and then have done multiple jobs where I've come into organizations and scaled them.

Speaker #2: So I'm delighted to be here to walk you through our H1 results and our deck. I'm going to hand over to Lisa, and to your intro.

Speaker #3: Good morning, everyone. So yes, I'm Lisa Barter. I recently joined as CFO. I'm a chartered accountant—I qualified quite a while ago now—and I have been in healthcare for over 20 years, most recently in a PLC listed on AIM. I have done several acquisitions and improvement programs during my time in healthcare.

Lisa Barter: Good morning, everyone. So yes, I am Lisa Barter, recently joined as CFO. I am a chartered accountant, qualified quite a while ago now. And I have been in healthcare for over 20 years, most recently in a PLC listed on AIM, and I have done several acquisitions and improvement programs during my time in healthcare. It is very similar to Laura.

Speaker #3: it's very similar to Laura.

Speaker #2: Lovely. Lisa, can you share the deck, please?

Laura O'Riordan: Lovely. Lisa, can you share the deck please now?

Lisa Barter: Sorry. There we go. Can everyone see that?

Speaker #3: Thank you. Here we go. Does everyone see that?

Laura O'Riordan: Lovely. If we go-

Speaker #2: Lovely. if we go.

Speaker #1: Yes, we can see that, Lisa. Thank you.

[Analyst] (Bell Potter): Yes, we can see that, Lisa. Thank you.

Operator: Yes, we can see that, Lisa. Thank you.

Speaker #3: Great.

Lisa Barter: Great.

Speaker #2: Brilliant. Thank you, everyone. Thank you for having us. To start with, for those less familiar with the business, I think it's important that I start with who we are.

Laura O'Riordan: Brilliant. Thank you, everyone. Thank you for having us. To start with those less familiar with the business, I think it is important that I start with who we are. Doctor Care Anywhere, we are one of the UK's largest private telehealth providers, with more than 2 million people able to access our service here in England. We are listed at the ASX, but our operations and our patients are in the UK. Our revenue comes from insurers, healthcare providers, and large corporate employers who offer our services to their members, staff, and families here. Since May, we have also sell directly all our services directly to customers. What we have done is we have built the care delivery around real life. We connect employees and pairs with clinicians who listen, give clear plan, and stay with them, not a single transaction, but a continuous personalized experience built around their working life.

Speaker #2: So, Doctor Care Anywhere: we're one of the UK's largest private telehealth providers, with more than 2 million people able to access our service here in England.

Speaker #2: We are listed on the ASX, but our operations and our patients are in the UK. Our revenue comes from insurers, healthcare providers, and large corporate employers who offer our services to their members, staff, and actually families here.

Speaker #2: Since May, we've also sold all our services directly to customers. So what we've done is we've built the care delivery around real life.

Laura O'Riordan: Since May, we have also sell directly all our services directly to customers. What we have done is we have built the care delivery around real life. We connect employees and pairs with clinicians who listen, give clear plan, and stay with them, not a single transaction, but a continuous personalized experience built around their working life.

Speaker #2: We connect employees and payers with clinicians who listen, give a clear plan, and stay with them—not a single transaction, but a continuous, personalized experience built around the working life.

Speaker #2: We've got over a decade of experience, and we've grown from a virtual GP service into a joined-up health platform, spanning preventative care, immediate care, and guidance through to ongoing support.

Laura O'Riordan: We've over a decade of experience, and we've grown from a virtual GP service into a joined up health platform spanning preventative care, immediate care, and guidance onto ongoing support. Because feeling in control of your health shouldn't be a privilege, it should simply be how healthcare works for everybody. Here at Doctor Care Anywhere, we've over 500 clinicians from doctors, advanced clinical practitioners, physios, mental health practitioners, and we're trusted by employers, including people like Mesha, Biffa, AXA Health, and private hospital groups like Ramsay. We are famous in the UK for how we deliver access to services, giving people access to our GPs, our physiotherapy, and you can book an appointment within 90 seconds, and we guarantee that our customers are seen 100% of the time within 24 hours, 365 days a year.

Speaker #2: Because feeling in control of your health shouldn't be a privilege; it should simply be how healthcare works for everybody. Here at Doctor Care Anywhere, we have over 500 clinicians, including doctors, advanced clinical practitioners, physios, mental health practitioners, and we're trusted by employers such as Meta, BIFA, AXA Health, and private hospital groups like Ramsey.

Speaker #2: We are famous in the UK for how we deliver access to services, giving people access to our GPs, our physiotherapy, and you can book an appointment within 90 seconds. We guarantee that our customers are seen 100% of the time within 24 hours, 365 days a year.

Speaker #2: We need you to have a prescription. We do referrals, and we issue them in the same visit, and that's really important. There's no waiting, there's no second appointment—it's a one-and-done.

Laura O'Riordan: We're needed to have a prescription, we do referrals, and we issue them in the same visit, and that's really important. There's no waiting. There's no second appointment. It's a one and done. We offer a very comprehensive now weight management program. It's regulated, it's clinically led, and it's also supported with health coaches giving wraparound care to our customers. What's coming next for us, and it's really exciting, is our Doctor Care Anywhere Protect proposition. This is looking at a whole of workforce health engagement to increase across a whole entire workforce. The Protect journey starts with a short Health Insights Assessment completed by a whole of workforce, not just for employees who already have what they suspect is something wrong, but each result that we were going to have is going to have a personalized report, recommended next steps.

Speaker #2: We offer a very comprehensive, now weight management program. It's regulated, it's clinically led, and it's also supported with health coaches, giving wraparound care to our customers.

Speaker #2: What's coming next for us, and it's really exciting, is our Doctor Care Anywhere Protect proposition. This is looking at whole-of-workforce health engagement to increase across an entire workforce.

Speaker #2: The Protect journey starts with a short health insights assessment, completed by a whole-of-workforce, not just for employees who already have what they suspect is something wrong, but each result that we were going to have is going to have a personalized report, recommended next steps.

Speaker #2: And on the back of that, it then integrates into our services, offering either lifestyle support, a GP follow-up appointment, weight management program, women's and men's health, or self-guided behavior programs as well.

Laura O'Riordan: On the back of that, it then integrates into our services offering either lifestyle support, a GP follow-up appointment, weight management program, women's and men's health, or either self-guided behavior programs as well. It's important to talk to you today about how does this all come together. We have one platform for every entry. As I said earlier, we're really proud of our ability for people to be able to book an appointment and access to care within seconds. You can rebook with the same clinician. Your notes are available immediately to you, and also back to what we call our National Health Service GP. I want you to take away that everything runs on one platform. When we add a service, a channel, we're not building new business.

Speaker #2: So, it's important to talk to you today about how this all comes together. We have one platform for every entry. As I said earlier, we're really proud of our ability for people to be able to book an appointment and access care within seconds.

Speaker #2: You can rebook with the same clinician. Your notes are available immediately to you, and also back to what we call our National Health Service GP.

Speaker #2: I want you to take away that everything runs on one platform. When we add a service or a channel, we're not building a new business; we're putting more volume through that infrastructure that we already own, and that's central to the margin story you'll see in our numbers as we talk through today.

Laura O'Riordan: We're putting more volume through that infrastructure that we already own, and that's central to the margin story you'll see in our numbers as we talk through today. If we can go to the next slide, Lisa, please. 2025, let me frame the last 18 months in three parts for you. Full year for us in 2025 was a reset. We took real costs out of the business, and I want to be clear that those savings have actually held. For H1 2026, our revenue grew 6.3%, while our labor costs fell 4.9%. For a clinical-led service business that we run here, that's a number I want you to make sure you focus on because our costs are no longer growing in step with our revenue.

Speaker #2: If we can go to the next slide, Lisa, please. So, 2025—let me frame the last 18 months in three parts for you.

Speaker #2: Full year for us in 2025 was a reset. We took real costs out of the business, and I want to be clear that those savings have actually held.

Speaker #2: For H1 2026, our revenue grew 6.3%, while our labor costs fell 4.9%. For our clinical-led service business that we run here, that's a number I want you to make sure you focus on, because our costs are no longer growing in step with our revenue.

Speaker #2: And the results, in line with our cover slide, are that we now have the ability to fund our own growth with our operating cash.

Laura O'Riordan: The results in line with our cover slide is that we now have the ability to fund our own growth with our operating cash. That includes the Medicspot acquisition that we did in May, which we paid for without coming back to any of our shareholders or asking for more money. Second is the opportunity that we have here in the UK. Employers, insurers, and the NHS all need what we have today and what we are providing. We have five growth engines, a growing evidence base, and a brand built on clinical trust. Weight management has given us our first direct consumer channel, which is really exciting, and we are just taking off. The third, for me, is really important for 2026, is about our execution.

Speaker #2: That includes the Medic Spot acquisition that we did in May, which we paid for without coming back to any of our shareholders or asking for more money.

Speaker #2: Second is the opportunity that we've got here in the UK. Employers, insurers, and the NHS all need what we have today and what we're providing.

Speaker #2: We have five growth engines, a growing evidence base, and a brand built on clinical trust. Weight management has given us our first direct-to-consumer channel, which is really exciting, and we're just taking off.

Speaker #2: And the third, for me, that's really important for 2026 is about our execution. The strategy is set, the team is really aligned, and our job now is to deepen our key partnerships that we have today, integrate the Medicspot team properly across our sales channels, and hold the financial discipline that got us here today.

Laura O'Riordan: The strategy is set, and the team is really aligned, and our job now is to deepen our key partnerships that we have today, integrate the Medicspot team properly across our sales channels, and hold the financial discipline that got us here today. I am not going to trade any of that discipline for headline growth. Next, I want to talk you through how we thrive. Oh, sorry, Lisa, I am going to hand over to you next.

Speaker #2: So I'm not going to trade any of that discipline for headline growth. Next, I want to talk you through how we thrive. Or, sorry—Lisa, I'm going to hand over to you next.

Speaker #1: Yeah, no problem. Thank you. So these are the highlights from the H1 result, on a page: Revenue of £20.4 million, that's up 6.3%. EBITDA is £2.6 million, that's up 27%.

Lisa Barter: Yeah. No problem. Thank you. These are the highlights from H1 results on a page. Revenue of GBP 20.4 million, that is up 6.3%. EBITDA, GBP 2.6 million up. That is up 27%. Free cash flow of GBP 1.5 million. That is more than double last year. Underneath that, as Laura said, the clinical operation is steady. We delivered 355,000 consultations. That is up 1.4%. 74% of those were repeat patients. That is up 1 percentage point. That is patients that are choosing to come back to us. So 74% are coming back to us, and that is what makes for our consistent revenue. We closed the year with GBP 7.7 million of cash. That is up 60% on this time last year. I just want to draw attention now to our comparatives. Our H1 2025 comparatives have been restated.

Speaker #1: And free cash flow of £1.5 million—that’s more than double last year. So, underneath that, as Laura said, the clinical operation is steady. We delivered 355,000 consultations—up 1.4%—and 74% of those were repeat patients, which is up 1 percentage point.

Speaker #1: And that's patients that are choosing to come back to us. So, 74% are coming back to us, and that's what makes for our consistent revenue.

Speaker #1: So we closed the year with £7.7 million of cash—that's up 60% on this time last year. And I just want to draw attention now to our comparatives.

Speaker #1: So our first half 2025 comparatives have been restated. We performed some housekeeping so that we could ensure we were future-proofing our metrics and ensuring that we deliver consistent and comparable financial indicators.

Lisa Barter: We performed some housekeeping so that we could ensure we were future-proofing our metrics and ensuring that we deliver consistent and comparable financial indicators. Last year we announced GBP 2.9 million of EBITDA as an underlying figure after adding back some redundancy costs, and that was in our statutory accounts. The statutory EBITDA, however, was GBP 2.1 million, and that is what we are comparing against today. All the financials in this deck are statutory figures, no adjustments in any period. None of those restatements touch our cash profit or net assets. I wanted to make that clear. 6.3% revenue increase. That has converted into 111% increase in free cash flow. This slide demonstrates how. If we read from the left to the right, revenue is up 6.3%, as I mentioned, GBP 1.2 million. Our labor cost is down GBP 14.4 million.

Speaker #1: So last year, we announced £2.9 million of EBITDA as an underlying figure, after adding back some redundancy costs, and that was in our statutory accounts.

Speaker #1: The statutory EBITDA, however, was £2.1 million, and that's what we're comparing against today. So all the financials in this deck are the statutory figures—no adjustments in any period—and none of those restatements touch our cash profit or net assets.

Speaker #1: So I wanted to make that clear. So 6.3 revenue increase, that has converted into 111% increase in key in, free cash flow. And this slide demonstrates how demonstrates how if we read from the left to the right, revenue is up 6.3%.

Speaker #1: As I mentioned, $1.2 million. Our labor cost is down $14.4 million. We did carry $800,000 of non-recurring redundancy cost in prior years. So, on a like-for-like basis, the labor cost was slightly down, but we must remember that our revenue has grown, and our labor—being our biggest cost—did not grow with that revenue, highlighting the point that Laura made in that we have got good operational leverage now and good control over our costs.

Lisa Barter: We did carry AUD 800,000 of non-recurring redundancy cost in prior year, so on a like-for-like basis, the labor cost was slightly down. But we must remember that our revenue has grown and our labor, being our biggest cost, did not grow with that revenue, highlighting the point that Laura made in that we have got good operational leverage now and good control over our costs. Labor efficiencies have been implemented through the year, and most of those have been driven through clinician mix. So that's taken our contribution up 8.8%, margin up nearly 0.42%, and EBITDA up 27%. Our free cash flow of GBP 1.5 million, that's after paying for the acquisition of Medicspot. It's out of operating cash. So with our costs held flat while revenue growing, that extra revenue has come straight through as cash and not just paper profit.

Speaker #1: Labor efficiencies have been implemented throughout the year, and most of those have been driven by clinician mix. So that's taken our contribution up 8.8%.

Speaker #1: Margin is up nearly 0.42%, and EBITDA is up 27%. Our free cash flow is £1.5 million—that’s after paying for the acquisition of Medic Spot, so it’s out of operating cash.

Speaker #1: So, with our costs held flat while revenue is growing, that extra revenue has come straight through as cash and not just paper profit. And I think it's a really important thing to take away.

Lisa Barter: I think it's a really important thing to take away. So where has the growth come from? If I break down that revenue growth. So of the GBP 1.2 million increase, GBP 900,000 has come from Medicspot, the acquisition we transacted during the year. That GBP 900,000 is just 54 days of trading. We completed on 8 May. The revenue of the existing business grew as well by 1.7%, and that's in line with the consultation growth we've seen. So by revenue model, utilization revenue, that's our core insurer business, that grew 2% to GBP 18.2 million. Subscription revenue rose from GBP 1.3 million to GBP 2.2 million, and that includes two different businesses. So we've got our corporate B2B subscriptions, they're broadly stable, and Medicspot, the new D2C GLP-1 monthly subscription at GBP 0.9 million. To be clear, the acquisition is the material driver of growth this year.

Speaker #1: So, where does the growth come from? If I break down that revenue growth, of the £1.2 million increase, £900,000 has come from Medic Spot, the acquisition.

Speaker #1: We transacted during the year. That £900,000 is just 54 days of trading. We completed on the 8th of May. And the revenue of the existing business grew as well by 1.7%, and that's in line with the consultation growth we've seen.

Speaker #1: So by revenue model, utilization revenue—that's our core insurer business—grew 2% to £18.2 million, and subscription revenue rose from £1.3 million to £2.2 million, and that includes two different businesses.

Speaker #1: So we've got our corporate B2B subscriptions; they're broadly stable. And Medic Spot, the new D2C GLP-1 monthly subscription, £0.9 million. So, to be clear, the acquisition is the material driver of growth this year.

Speaker #1: The core is stable; it's generating cash, and it's important to know and to see that the cash from our core services is what's paid for that acquisition.

Lisa Barter: The core is stable. It's generating cash. It's important to know and to see that the cash from our core services, it's what's paid for that acquisition. So that's exactly the sort of leverage that we want from our core business operations, and Laura will give a bit more color to where that investment in GLP-1 is going to take us in a moment. Of course, growth really only matters if it's profitable. So on to margins. Contribution margin is up 0.9242%, and EBITDA margin up to 2.128%. The contribution grew faster than revenue, and our EBITDA grew faster again. That's really now where we can leverage off our overhead base. So of our GBP 700 million increase in contribution, GBP 600,000 fell straight through to EBITDA, and that's demonstrating that our overhead base is not growing at the same pace as our operations.

Speaker #1: So that's exactly the sort of leverage that we want from our core business operations. And Laura will give a bit more color on where that investment in GLP-1 is going to take us in a moment.

Speaker #1: So, of course, growth really only matters if it's profitable. So, onto margins: contribution margin is up 0.9 points to 42%, and EBITDA margin is up 2.1 points to 12.8%.

Speaker #1: The contribution grew faster than revenue, and our EBITDA grew faster again. And that's really now where we can leverage off our overhead base. So, of a £700 million increase in contribution, £600 million fell straight through to EBITDA, and that's demonstrating that our overhead base is not growing at the same pace as our operations.

Speaker #1: In fact, in H1, it barely grew at all. So that brings me on to cash, and a slide to remember. We started the year with £6.6 million; operations generated £3.8 million, almost double the equivalent of last year.

Lisa Barter: In fact, in H1, it barely grew at all. So that brings me onto cash and a slide to remember. We started the year with GBP 6.6 million. Operations generated GBP 3.8 million, almost double the equivalent of last year. We invested GBP 2.3 million. That's into the acquisition of Medicspot, as I mentioned previously, and further investment into our digital platform. Financing was GBP 0.4 million. So we closed at GBP 7.7 million. Ultimately, our cash conversion was over 140% of EBITDA, and it was under 100% last year. Net debt is GBP 1.7 million on the carrying value of our borrowings or GBP 3.1 million on the face value. That face value, of course, being the convertible loan note is AUD 10.6 million. It's interest-free. There's no principal repayment until 31 December 2027, and it's at a conversion price of AUD 0.0875.

Speaker #1: We invested £2.3 million; that's into the acquisition of Medic Spot, as I mentioned previously, and further investment into our digital platform. And financing was £0.4 million.

Speaker #1: So, we closed at £7.7 million. Ultimately, our cash conversion was over 140% of EBITDA, whereas it was under 100% last year. Net debt is £1.7 million on the carrying value of our borrowings, or £3.1 million on the face value.

Speaker #1: That face value, of course, being the convertible loan note, is $10.6 million. It's interest-free. There's no principal repayment until the 31st of December 2027, and it's at a conversion price of 8.75 Australian cents.

Speaker #1: We have time, and we have a business that generates cash. So, to sum up the financials: we've grown revenue, we've held our costs, we've expanded margin, and we've more than doubled free cash flow.

Lisa Barter: We have time, and we have a business that generates cash. To sum up the financials, we have grown revenue, we have held our cost, and we have expanded margin, and we have more than doubled free cash flow. We paid for an acquisition from our own cash. We have funded our own growth. Those are the numbers. They are the numbers, that is the output from how we have run the business, and Nora is now going to show you the operating model behind them and why we are building to scale. Over to you.

Speaker #1: And we paid for an acquisition from our own cash, so we have funded our own growth. So those are the numbers— they're the numbers, that's the output from how we've run the business.

Speaker #1: And Laura's now going to show you the operating model behind them and why we're building to scale. Sora, thank you.

Speaker #2: Thank you, Lisa. Just taking us onto how we thrive, I want to explain why our costs can stay flat as we grow, because that's what drives our return.

Laura O'Riordan: Thank you, Lisa. Just taking us on to how we thrive. I want to explain why our costs can stay flat as we grow because that is what drives our return. First, our governance is really important running a safe organization. Our clinical service in the UK, we are highly regulated by the Care Quality Commission, which is broadly comparable in Australia to your health service accreditation. We have built us to be audit ready, and we are also making sure that we can meet another growth area with the NHS. This opened doors for us on enterprise and lets an opportunity for Doctor Care Anywhere in the future to be able to grow. Secondly, we run on clinical systems, not individuals. Our pathways are standardized and governed by our senior clinicians. The quality of care does not just depend on the doctor or the clinician that you see.

Speaker #2: First, our governance is really important in running a safe organization. Our clinical service in the UK is highly regulated by the Care Quality Commission, which is broadly comparable in Australia to your health service accreditation.

Speaker #2: We've built ourselves to be audit-ready, and we're also making sure that we can meet another growth area with the NHS. So this opened doors for us on enterprise, and it presents an opportunity for Doctor Care Anywhere in the future to be able to grow.

Speaker #2: Secondly, we've run on clinical systems, not individuals. So our pathways are standardized and governed by our senior clinicians. The quality of care doesn't just depend on the doctor or clinician that you see.

Speaker #2: We've actually been very lean on our workforce. The third part, yes, the workforce delivering care remotely is a different skill than face-to-face practice.

Laura O'Riordan: We have actually very much been very lean on our workforce. The third part, yes, the workforce. Delivering care remotely is a different skill than face-to-face practice. We recruit, we train, and we supervise specifically for that. We have had decades of experience at this. The last 18 months, we have really changed that operating model to a multi-skilled workforce, and a redline principle for us is the right clinician first time. Lastly, onto our technology. What we have built from the inside is live clinical delivery. We have workflows, supervision tools that come from running the service, and they make our care consistent, and they allow us to lower the cost per consultation as our volumes drive.

Speaker #2: We recruit, we train, and we supervise specifically for that. We've had decades of experience at this. Over the last 18 months, we've really changed that operating model to a multi-skilled workforce, and a redline principle for us is the right clinician first time.

Speaker #2: Lastly, onto our technology. What we've built from the inside is live clinical delivery. We have workflows and supervision tools that come from running the service, and they make our care consistent. They also allow us to lower the cost for consultation as our volumes drive.

Speaker #2: A big initiative we're running for the end of this year is moving into this buried length of appointments to make sure that not only do you get the right clinician, but you're spending the right time with that clinician as well.

Laura O'Riordan: A big initiative we are running for the end of this year is moving into this varied length of appointments to make sure that not only do you get the right clinician, but you are spending the right time with that clinician as well, which allows us to draw further on our cost to sell. Put this together, they are hard to replicate, particularly in a regulated environment, but it is also the reason that we can take more volumes without adding more cost at the same rate. Next, onto the size of the prize. The UK telehealth market is around GBP 6.3 billion. Within that, we estimate the employer-funded and self-pay virtual GP segment that we play in is growing around 8% year on year. The drivers are really structural. The latest NHS figures up to July 2026 show that the waiting list is rising continuously in the UK.

Speaker #2: Which allows us to draw further on our cost to sell. Put this together, these are hard to replicate, particularly in a regulated environment, but it's also the reason that we can take more volume without adding more costs at the same rate.

Speaker #2: Next, onto the size of the prize. The UK telehealth market is around £6.3 billion. And within that, we estimate the employer-funded and self-pay virtual GP segment that we play in is growing around 8% year-on-year.

Speaker #2: So, the drivers are really structural. The latest NHS figures, up to July 2026, show that the waiting list is rising continuously in the UK.

Speaker #2: It is not getting any better. Even looking at the work they've been doing, that they say is showing an improvement, this actual setting, consecutive months, shows that even at its best, they bottomed out at about $7 million in March.

Laura O'Riordan: It is not getting any better. Even looking at the work they have been doing that they say they are showing an improvement, this actual second consecutive month shows that even at its best, they bottomed out about 7 million in March. It just shows us that the activity in the backlog is just growing and growing. This problem is not going away. For us, it is a new baseline, and it is pushing people more and more steadily and consistently towards our digital access to care. So it is a big opportunity for us here in the UK as a digital primary care provider. People are also more than ever willing to pay out of pocket and also from their employer. About 70% of the UK consumers say that they would pay out of pocket for fast access to care.

Speaker #2: It just shows us that the activity in the backlog is growing and growing. This problem is not going away. So again, for us, it's a new baseline, and it's pushing people more and more, steadily and consistently, towards our digital access to care.

Speaker #2: So, it's a big opportunity for us here in the UK—the digital primary care provider. People are also, more than ever, willing to pay out of pocket.

Speaker #2: And also from their employer. So, about 70% of UK consumers say that they'd pay out of pocket for fast access to care.

Speaker #2: Putting it into perspective, to see your general practitioner in the UK, you're waiting up to two to three weeks. So again, this is an opportunity for us.

Laura O'Riordan: Putting it into perspective, to see your general practitioner in the UK, you are waiting up to two to three weeks. Again, this is an opportunity for us. It gives us recurring and retained revenue. The virtual GP is now a standard also part of an employee benefits package. The industry research suggests that about 90% of the UK employers now offer access as a virtual GP. This is not going away, and it is far more also seen as a perk and a retention tool, with 57% of people ranking health cover as a key factor of why they choose to go and work with some organizations. Again for us, yeah.

Speaker #2: It gives us recurring and retained revenue. The virtual GP is now a standard part of an employee benefits package. Industry research suggests that about 90% of UK employers now offer access to a virtual GP.

Speaker #2: This is not going away, and it's also increasingly seen as a perk and a retention tool, with 57% of people ranking health cover as a key factor in why they choose to go and work with some organizations.

Speaker #2: So again, for us.

Speaker #3: Thank you. Thank you. May I jump in there and ask one or two questions? That's a really interesting analysis. With that final point there on the virtual GP services and employer-provider benefits, so you're saying that employers will actually pay for that service?

[Analyst] (Bell Potter): May I jump in there and ask one or two questions? That is a really interesting analysis. With that final point there on the virtual GP services and employer-provided benefits, so you are saying that employers will actually pay for that service,

Operator: May I jump in there and ask one or two questions? That is a really interesting analysis. With that final point there on the virtual GP services and employer-provided benefits, so you are saying that employers will actually pay for that service,

Speaker #3: for their.

Speaker #2: Yes.

Speaker #3: When their employees need a GP consult?

Laura O'Riordan: Yes

[Analyst] (Bell Potter): when their employee needs a GP consult?

Operator: when their employee needs a GP consult?

Speaker #2: Correct. More than ever, the pressure is on for employers to actually offer GP services to their staff.

Laura O'Riordan: Correct. More than ever, the pressure is on for employers to be able to actually offer GP services to their staff.

Speaker #3: And this is for UK-based, obviously the UK-based employers, but, you know, we typically associate those sorts of employee benefits with the big US multinational organizations.

[Analyst] (Bell Potter): This is for UK-based, obviously they are UK-based employers, but we typically associate those sorts of employee benefits with the big US multinational organizations. Is this phenomena, if I can call it that, also extending into UK-owned businesses and small business, or is it just the big end of town?

Operator: This is for UK-based, obviously they are UK-based employers, but we typically associate those sorts of employee benefits with the big US multinational organizations. Is this phenomena, if I can call it that, also extending into UK-owned businesses and small business, or is it just the big end of town?

Speaker #3: So is this, phenomenal, if I can call it that, also extending into UK, UK-owned businesses and small business, or is it just the big end of town?

Speaker #2: No, people like Bank of America, who've got staff either in the UK or actually traveling, can use our service. So it's not just limited to—

Laura O'Riordan: No. People like Bank of America who have got staff either in the UK or actually traveling can use our service, so it is not just limited to. It is an area that we will look. There is a wealth of opportunity today in the UK, but going forward, these are areas that we are looking at of how we can expand our services internationally as well.

Speaker #3: Okay.

Speaker #2: I mean, it's an area that we will look at. There's a wealth of opportunity today in the UK, but going forward, these are areas we're looking at—of how we can expand our services internationally as well.

Speaker #3: And, does the NHS have its own virtual service that you can be a provider to, or do they still insist on face-to-face GP consults?

[Analyst] (Bell Potter): Will the NHS, does it have its own virtual service that you can be a provider to, or do they still insist on face-to-face GP consults?

Operator: Will the NHS, does it have its own virtual service that you can be a provider to, or do they still insist on face-to-face GP consults?

Speaker #2: They have virtual GP services available. And as you'll know, going into winter pressures, they look at overflow and the ability for us to bid for winter funding money.

Laura O'Riordan: They have virtual GP services available. You already know, going into winter pressures, they look at overflow and the ability for us to bid for winter funding money. This is an opportunity for us, which is why when I talked about governance, we are setting our stall out that we are on the list accredited to be able to provide these services back to the NHS.

Speaker #2: So again, this is an opportunity for us, which is why when I talked about governance, we're setting our stall out that we are on the list, accredited to be able to provide these services back to the NHS.

Speaker #3: Okay, let's press on, then.

[Analyst] (Bell Potter): Okay. Let's press on then.

Operator: Okay. Let's press on then.

Speaker #2: Yep, just leading on to that, I was about to say that employers can see a return. In some surveys, we know that 2.8 million people economically in the UK are inactive due to long-term sickness at the end of 2025.

Laura O'Riordan: Yeah. Just leading on to that, I was about to say that employers can see a return. In some surveys, we know that 2.8 million people, economically in the UK, are inactive due to long-term sickness at the end of 2025. That is up over 2 million in 2019. So keeping people healthy and in work is now a board-level issue for employers. Again, we see the services that we are moving into where preventative care is something that is really attractive to get people back to work faster. So there is an underlying demand, which is huge. Back to your point, John, the NHS handles about 340 million of GP appointments, and yet that is still not enough to be able to abide to the UK. Moving on to my final slide. At the AGM, I said that Doctor Care Anywhere would enter the GLP-1 market, and we have.

Speaker #2: That's up over 2 million in 2019. So keeping people healthy and in work is now a board-level issue for employers. Again, we see the services that we're moving into, but preventative care is something that's really attractive to get people back to work faster.

Speaker #2: So there's an underlying demand, which is huge. Back to your point, John, the NHS handles about 340 million GP appointments, and yet that's still not enough to be able to provide for that, to the UK.

Speaker #2: Moving on to my final slide, at the AGM, I said that Doctor Care Anywhere would enter the GLP-1 market, and we have. So, I want to talk you through why weight management is a growth engine for us, and why we did the acquisition of Medic Spot.

Laura O'Riordan: I want to talk you through why weight management is a growth engine for us and why we bought into the acquisition of Medicspot. It is one of the fastest-growing areas in healthcare, and Morgan Stanley expects the GLP-1, the market reach, to be, I think in the US, $190 billion by 2035. That is more than double where it is today. So GLP-1 medications are already mainstream in the UK, with around 2.4 million people using them. That is up half at the end of 2024, so you can see the growth. A further 3.3 million are considering starting it in the year. So the underlying need is huge. Going on to that, 30% of adults in England are living with obesity, and two-thirds are overweight, again, with obesity. The market is about to even get larger and bigger for us.

Speaker #2: It's one of the fastest growing areas in healthcare, and Morgan Stanley expects the GLP-1 market reach to be, I think, in the US, $190 billion by 2035.

Speaker #2: That's more than double where it is today. So GLP-1 medications are already mainstream in the UK, with around 2.4 million people using them.

Speaker #2: That's up half at the end of 2024, so you can see the growth. And a further 3.3 million are considered starting it in the year.

Speaker #2: So the underlying need is huge. Going on to that—30% of adults in England are living with obesity, and two-thirds are overweight. Again, with obesity.

Speaker #2: And the market is about to get even larger and bigger for us. Up until this summer, treatments were injections. You're all aware that, in June, we got approved for the GLP-1 tablet for weight loss, and in August, it became the first country in Europe to approve the second one.

Laura O'Riordan: Up until this summer, treatments were injections. You were all aware that in June we got approved for the GLP-1 tablet for weight loss, and in August it became the first country in Europe to approve a second one. For many people, we see this again, opportunity for growth that a tablet is far less daunting than an injection. That opens up a category for a whole group of people who have been put off needles, and a key reason we wanted to see a market opportunity for us to go for. Now, if you look at the column on your right of the NHS. The NHS plan to treat about 220,000 people of the 3.4 million people that are eligible over the next three years. Not next year, three years. The public system simply can't meet this demand, so the private market definitely will.

Speaker #2: So for many people, we see this again: opportunity for growth at a tablet is far less daunting than an injection. So that opens up a category for a whole group of people who have been put off needles, and the key reason we wanted to see a market opportunity for us to go for.

Speaker #2: So now, if you look at the column on your right of the NHS, the NHS plans to treat about 220,000 people out of the 3.4 million people that are eligible over the next three years.

Speaker #2: Not next year—three years. So the public system simply can't meet this demand, so the private market definitely will. Here at Doctor Care Anywhere, we have two waiting.

Laura O'Riordan: Here at Doctor Care Anywhere, we have two ways in. The first, through our acquisition of Medicspot. We know it goes direct to consumer, and it generated GBP 5.3 million of revenue in 12 months to March. But importantly, its customers came through search rather than paid advertising. We don't do a race to the bottom on our pricing, which is a much cheaper way for us to do customer acquisition. Every one of those customers is someone that we today can offer our GP services, mental health, and physio, and also our health assessments coming. The second channel, which is huge for us, is our employers. Obesity is now in the UK recognized as a chronic condition, and that changes the whole conversation. Framing support around chronic condition rather than weight management, it reduces stigma and increases the uptake.

Speaker #2: First, through our acquisition of Medic Spot, we know it goes direct to consumer, and it generated £5.3 million of revenue in the 12 months to March.

Speaker #2: But importantly, its customers came through search rather than paid advertising. We don't do a race to the bottom on our pricing, which is a much cheaper way for us to do customer acquisition.

Speaker #2: And every one of those customers is someone that we, today, can offer our GP services, mental health, physio, and also our health assessments—coming.

Speaker #2: The second channel, which is huge for us, is our employers. Obesity is now, in the UK, recognized as a chronic condition, and that changes the whole conversation.

Speaker #2: By framing support around chronic conditions rather than weight management, you reduce stigma and increase uptake. We already know that 41% of employees think their employer should help, and 44% of employers are actually reviewing their plans and actively talking to us today.

Laura O'Riordan: We already know that 41% of employees think that their employer should help, and 44% of employers are actually reviewing their plans and actively talking to us today. This isn't only a personal issue, it's a business problem. Research shows that living with obesity take about, they're four more days sick than somebody who's healthy. In some sectors, it's now a hard operational requirement. Here in the UK, from 1 November, the UK offshore oil and gas industry will not allow anyone over 124 kilograms to fly offshore, because they can't be safely winched in a rescue helicopter. Employers, they're being told how are they now going to bring weight management into the workforce and have a policy for it.

Speaker #2: So this isn't only a personal issue; it's a business problem. Research shows that living with obesity results in about four more sick days than somebody who's healthy.

Speaker #2: And in some sectors, it's now a hard operational requirement. Here in the UK, from the first of November, the UK offshore oil and gas industry will not allow anyone over 124 kilograms.

Speaker #2: ...to fly offshore because they can't be safely winched in a rescue helicopter. So employers, they've been told, how are they now going to bring weight management into the workforce and have a policy for it?

Speaker #2: So, in the UK, the model today is employers facilitating discounted access rather than paying outright, and that really plays into our strength because we already have existing relationships with our corporates today.

Laura O'Riordan: In the UK, the model today is employers facilitating discounted access rather than paying outright, and that plays really into our strength, because we already have existing relationships with our corporates today. We're building from both channels on the same clinical platform. We've owned Medicspot for four months, and we already see such huge value in the contribution that it brings. But really the real value for me is what we can build on top. First, we're taking it to our corporate clients, our existing today. We already work with major insurers and employers, and weight management is hot topic for us. It's exactly the benefit that many of them are reviewing. Medicspot gives us a proven service that we can offer to them and a platform that's already trusted and up and running. Secondly, we'll cross-sell.

Speaker #2: So we're building from both channels, on the same clinical platform. We've owned Medic Spot for four months, and we already see such huge value in the contribution that it brings.

Speaker #2: But really, the real value for me is what we can build on top. First, we're taking it to our corporate clients—our existing ones today. We already work with major insurers and employers, and weight management is a hot topic for us.

Speaker #2: It's exactly the benefit that many of them are reviewing. So, Medic Spot gives us a proven service that we can offer to them and a platform that's already trusted and up and running.

Speaker #2: And secondly, we'll cross-sell. So every Medic Spot customer is someone we can support with a GP, mental health, physiotherapy, an assessment. And our weight management is rarely a single conversion, and we can offer a whole picture to corporates.

Laura O'Riordan: Every Medicspot customer is someone we can support with a GP, a mental health, a physiotherapy, an assessment. Our weight management is rarely a single conversion, and we can offer a whole picture to corporates. Thirdly, we are doing it really efficiently. Medicspot customers come through search, not expensive advertising, and it runs our existing clinical platform, and we have paid for it, as Lisa said earlier, out of our own operating cash. It was not just an acquisition. It is really a speed to market, a new growth engine plugged into everything we already built. That is why we are really excited about it and where we are going for Doctor Care Anywhere. Thank you, John. End of our-

Speaker #2: Thirdly, we're doing it really efficiently. So Medic Spot customers come through search, not expensive advertising, and it runs on our existing clinical platform. We've paid for it, as Lisa said earlier, out of our own operating cash.

Speaker #2: So, it wasn't just an acquisition. It's really about speed to market—a new growth engine plugged into everything we've already built. That's why we're really excited about it and where we're going for Doctor Care Anywhere.

Speaker #2: So thank you, John.

Speaker #1: End of our.

Speaker #3: Works—works better when I turn off my mute key. Thank you, Laura, for that great run-through. So let's just come back and have a few questions here.

[Analyst] (Bell Potter): Works better when I turn off my mute key. Thank you, Laura, for that great run-through. Let us just come back and have a few questions here. We have got a few minutes. Look, the GLP-1 business is big business in the UK. There are multiple competitors, and you have outlined some really important differentiators for the service. Number one being that this is not a high tune sort of business to retail type offering. Rather, you are selling this to existing insurers and other corporate clients. You also talked about sort of some of the traction that you have received already. What is your expectation for this business over the next 12 months? Specifically the GLP-1 business.

Operator: Works better when I turn off my mute key. Thank you, Laura, for that great run-through. Let us just come back and have a few questions here. We have got a few minutes. Look, the GLP-1 business is big business in the UK. There are multiple competitors, and you have outlined some really important differentiators for the service. Number one being that this is not a high tune sort of business to retail type offering. Rather, you are selling this to existing insurers and other corporate clients. You also talked about sort of some of the traction that you have received already. What is your expectation for this business over the next 12 months? Specifically the GLP-1 business.

Speaker #3: We've got a few minutes. So, look, the GLP-1 business is big business in the UK. There are multiple competitors, and you've outlined some really important differentiators for the service.

Speaker #3: Number one, being that this is not a this is not a high-tuned sort of business to retail, type offering. rather, you're selling this to existing insurers and other, corporate clients.

Speaker #3: So, and you also talked about sort of some of the traction that you have received already. So what's your expectation for this business over the next 12 months—specifically, specifically the GLP-1 business?

Speaker #2: Do you want to take it, Lisa, on our...

Laura O'Riordan: Do you want to take it, Lisa, on our-

Speaker #4: Yeah, I'm happy to. So, we've acquired something that has been operating pretty steadily and with quite a large cost base. So, we are not only looking at significant growth as the GLP-1 is pushed through our corporate channels, as well as direct to customer, but we're also looking to release some synergies as we integrate into the business as well.

Lisa Barter: Yeah. No, happy to. We have acquired something that has been operating pretty steadily, and with quite a large cost base. We are not only looking at significant growth as the GLP-1 is pushed through our corporate channels as well as direct to customer, but we are also looking for to release some synergies as we integrate into the business as well. We have got lots of expectation of higher volumes being sold than we are currently running at today. Significant growth in that area and it working really well with our current offering, whether we can add on GP consultations. If you buy a pen, we can give you a consultation, or maybe you might want a blood test. We have already got our mental health coaches, et cetera, physios. Additional clinicians, we do not just do virtual GP.

Speaker #4: So, we have got lots of expectation of higher volumes being sold than we're currently running at today. So significant growth in that area, and it working really well with our current offering, whether we can add on GP, consultations, if you buy if you buy a pen, we can give you a consultation, or maybe you might want a blood test.

Lisa Barter: If you buy a pen, we can give you a consultation, or maybe you might want a blood test. We have already got our mental health coaches, et cetera, physios. Additional clinicians, we do not just do virtual GP. That ties nicely into weight management and health coaches as well. We're really, it's not just about getting GLP-1 and selling weight loss medication, it's about that holistic wellbeing view. With such a good corporate client base, we're really excited about it taking off.

Speaker #4: We've got the, we've already got, mental health coaches, etc., physios, and so additional clinicians, not just we don't just do virtual GP, and that ties nicely into weight management and health coaches as well.

Lisa Barter: That ties nicely into weight management and health coaches as well. We're really, it's not just about getting GLP-1 and selling weight loss medication, it's about that holistic wellbeing view. With such a good corporate client base, we're really excited about it taking off.

Speaker #4: So really, it's not just about getting GLP-1 and selling weight loss medication. It's about that holistic wellbeing view, and with such a good corporate client base, we are really excited about it taking off.

Speaker #3: And Lisa, just to follow on, you talked about the oral formulation that's now come onto the market. What's been the experience with the existing client base as to whether they're switching to the oral formulation, or are they sticking with the injectables?

[Analyst] (Bell Potter): Lisa, just to follow on, you talked about the oral formulation that's now come onto the market. What's been the experience with the existing client base as to whether they're switching to the oral formulation, or are they sticking with the injectables?

Operator: Lisa, just to follow on, you talked about the oral formulation that's now come onto the market. What's been the experience with the existing client base as to whether they're switching to the oral formulation, or are they sticking with the injectables?

Speaker #2: So we've got an interesting combination. What we've seen so far is—the one very positive with Medic Spot is that we don't have high switchers.

Laura O'Riordan: We've got an interesting combination of, what we've seen so far is the one very positive with Medicspot is that we don't have high switchers. One of the things that's actually really positive is that our churn rate is really low comparing to some of the other providers in the market because of the health coach and all the things Lisa's talked about wraparound. On average, we're seeing people staying seven to eight months in with us, which is really positive when we talk about our growth strategy for this asset that we acquired. What we've seen so far is the continuity of our people staying as they were on their pens because they've got their health coaches. But we've already started to see people actually, traction in actually the oral tablets.

Speaker #2: So one of the things that's actually really positive is that our churn rate is really low compared to some of the other providers in the market because of the health coach and all the things Lisa's talked about, about wraparound.

Speaker #2: So, on average, we're seeing people staying seven to eight months with us, which is really positive when we talk about our growth strategy for this asset that we acquired.

Speaker #2: And what we've seen so far is the continuity of our people staying, as they were, on their pens, because they've got their health coaches. But we've already started to see people actually traction in the oral tablets.

Speaker #2: Again, we see this is just a different segment of people who’ve got more fear of pens rather than actually wanting to go to oral tablets.

Laura O'Riordan: Again, we see this as just a different segment of people who've got more fear of pens rather than actually wanting to go to oral tablets. Also the transition of the new drug that's just come out is the fasting for eight hours. We're getting, it's very early days, but we're already starting to get some quite intelligence about the mix and the feedback from people of how it actually fits into their lifestyle as well.

Speaker #2: And also, the transition of the new drug that's just come out is the fasting for eight hours. So, we're getting—it's very early days—but we're already starting to get some quite intelligence about the mix and the feedback from people of how it actually fits into their lifestyle as well.

Speaker #3: And what does that feedback sort of tell you? I mean, you just said it's early days, Laura, but do you feel at the moment that the orals are going to very quickly outpace the growth of the GLP, the injectables?

[Analyst] (Bell Potter): And what has that feedback told you? I mean, you just said it's early days, Laura, but do you feel at the moment that the orals are going to very quickly outpace the growth of the GLP-1, the injectables?

Operator: And what has that feedback told you? I mean, you just said it's early days, Laura, but do you feel at the moment that the orals are going to very quickly outpace the growth of the GLP-1, the injectables?

Speaker #2: I mean, from a study perspective, I think what we're hearing is that that is going to be the case, because you've got a far broader time for people to be able to take the tablets. You've got that high percentage of people who are just, as we said, 3.3 million in the UK are considering it.

Laura O'Riordan: From a study perspective, I think what we're hearing is that is going to be the case, because you've got a far broader time for people to be able to take the tablets, because you've got that high percentage of people who are just, like we said, 3.3 million in the UK are considering it. And there was some talk about the reason people didn't is because of the injection. So again, they're saying that. Someone's just put note. There's a message put up, I think, on my phone.

Speaker #2: And there was some talk about the reason people didn't is because of the injection. So again, they're saying that someone just put a note.

Speaker #2: There's a message put up, I think, on my phone.

Speaker #3: Oh, come back to that. Oh, you keep going.

[Analyst] (Bell Potter): Yeah, I'll come back to that. You keep going.

Operator: Yeah, I'll come back to that. You keep going.

Speaker #2: So I, I, as I said, again, it's only a couple of—odd, four or five weeks—since we've been doing the oral tablets. So again, it's something that we just need to review and look at, and see how people adapt to it.

Laura O'Riordan: As I said, again, it's only a couple of about four or five weeks since we've been doing the oral tablet. So again, it's something that we just need to review and look at and see how people adopt to it. But it's mainly from our webinars. We're getting high engagement from the corporates that the ability to be able to offer all of it. But also, when we talk to corporates, we're not just also talking about the drugs. We talk about obesity management program, because a lot of them are interested in the very early stages where people may not feel they're ready for taking any medication. Because we've got physio, mental health, we can actually have them on a program that supports both their diet, nutrition, and lifestyle, and on the drug.

Speaker #2: But it's mainly from our webinars. We're getting high engagement from the corporates; the ability to be able to offer all of it. But also, when we talk to corporates, we're not just talking about the drugs.

Speaker #2: We talk about the obesity management program because a lot of patients are interested in the very early stages, where they may not feel they're ready to take any medication. We've got physio and mental health support as well.

Speaker #2: We can actually have them on a program that supports both their diet, nutrition, and lifestyle, and on the drug. Then, for people who want to come off it, we have 12 months of coaching afterwards to make sure that they get the value and can keep the weight off as well.

Laura O'Riordan: And then for people also who then want to come off it, we have 12 months of coaching afterwards to make sure that they get the value, that they can keep the weight off as well. But it's about change in habit, as well as just the drugs to be able to have that, the craving of food and food noise that everyone talks about reduced.

Speaker #2: But it's about a change in habit, as well as just the drug, to be able to have that craving for food, and the 'food noise' that everyone talks about, reduced.

Speaker #3: Okay, just a question on the supply there. This is coming through online. So, look, there is a limited supply of GLP-1s, and the question is coming through that Eli Lilly have announced that they will distribute GLP-1 exclusively through Chemo—he must be talking about the orals—distribution exclusively through internet chemos.

[Analyst] (Bell Potter): Okay. Just a question on the supply there. This is coming through online. So look, there is a limited supply of GLP-1s, and the question is coming through that Eli Lilly have announced they will distribute GLP-1 exclusively through chemists. He must be talking about the orals distribution exclusively through internet chemists. Is that news to you? Are you in a position to sort of compete for that supply arrangement?

Operator: Okay. Just a question on the supply there. This is coming through online. So look, there is a limited supply of GLP-1s, and the question is coming through that Eli Lilly have announced they will distribute GLP-1 exclusively through chemists. He must be talking about the orals distribution exclusively through internet chemists. Is that news to you? Are you in a position to sort of compete for that supply arrangement?

Speaker #3: Is that news to you, and are you in a position to sort of compete for that supply arrangement?

Speaker #2: All I can say is there's been active conversations with all those suppliers that you've just mentioned.

Laura O'Riordan: All I can say is there's been active conversations with all of those suppliers that you've just mentioned

Speaker #3: Okay. Okay.

Speaker #2: Just there to talk to us directly.

Speaker #3: Okay. Okay. Okay.

[Analyst] (Bell Potter): Okay

Operator: Okay

Laura O'Riordan: just there, to talk to us directly.

Speaker #2: Sorry.

[Analyst] (Bell Potter): Okay.

Operator: Okay.

Speaker #3: That's fine. That's fine. It's—it's fine. Hey Laura, just one other thing, because we are nearly out of time. AXA obviously is still core to the business.

Laura O'Riordan: I can't see the message, actually. Sorry.

[Analyst] (Bell Potter): That's fine. Hey, John, just one other thing, because we are nearly out of time. AXA obviously is still core to the business. It's the vast majority of the revenue of the business today. Hopefully, over the next couple of years, that gets diluted. So your relationship with them is still key. Look, they're still tied into annual inflationary increases, but their volumes are relatively stable, I gather. Is that about right?

Operator: That's fine. Hey, John, just one other thing, because we are nearly out of time. AXA obviously is still core to the business. It's the vast majority of the revenue of the business today. Hopefully, over the next couple of years, that gets diluted. So your relationship with them is still key. Look, they're still tied into annual inflationary increases, but their volumes are relatively stable, I gather. Is that about right?

Speaker #3: It's the vast majority of the revenue of the business today. Hopefully, over the next couple of years, that becomes diluted. So, your relationship with them is still key.

Speaker #3: Look, they're still tied into annual inflationary increases, but their volumes are relatively stable, I gather. Is that about right?

Speaker #2: Yeah, the relationship's really good, and we're having active conversations about, as I mentioned at the very beginning, coming soon is our DCA Protect, which is about health assessments and screening, and which leans very heavily into the private medical insurance world.

Laura O'Riordan: Yeah. The relationship's really good, and we're having active conversations about, I've mentioned at the very beginning, coming soon is our Doctor Care Anywhere Protect, which is about health assessments and screening, which leans very heavily into the private medical insurance world.

Speaker #3: Yeah. And finally, just—yeah, and finally, Lisa, you just—you talked about quickly in your presentation the convertible. That's sort of now starting to—it's looming.

[Analyst] (Bell Potter): Yeah. And finally,

Operator: Yeah. And finally,

Laura O'Riordan: So the bench is set.

[Analyst] (Bell Potter): Yeah. Finally, Lisa, you talked about quickly in your presentation, the convertible. That is sort of now starting to, it is looming. It is sort of about 15 months or so away. The conversion price is fixed. Is the plan to let that convert, do you think, or would you sort of consider doing a refi on that then?

Operator: Yeah. Finally, Lisa, you talked about quickly in your presentation, the convertible. That is sort of now starting to, it is looming. It is sort of about 15 months or so away. The conversion price is fixed. Is the plan to let that convert, do you think, or would you sort of consider doing a refi on that then?

Speaker #3: It's sort of about 15 months or so away. and you the, the conversion price is fixed. Is the plan to, let that convert? Do you think, or would you sort of consider doing a refile on that on that, that?

Speaker #1: Well, we've certainly got some time, and we've certainly got some options. And generating our own cash is obviously really helpful. The loan note is in the money at the moment.

Lisa Barter: Well, we have certainly got some time, and we have certainly got some options. Generating our own cash is obviously really helpful. The loan note is in the money at the moment.

Speaker #3: Yeah.

Speaker #1: however, the we're, we're, we're having very open conversations, and it, it could it's not likely to all convert to, shares. obviously, we'll see dilution through that, and there is interest in taking, you know, a, a, a portion.

[Analyst] (Bell Potter): Yeah.

Operator: Yeah.

Lisa Barter: However, we are having very open conversations, and it is not likely to all convert to shares. Obviously, we will see dilution through that, and there is interest in taking a portion. So, there is quite a lot on the table. We are having other discussions with AXA as well about the services. Yeah, there is quite a lot to get through. But we have plenty of time, and those conversations are active now.

Speaker #1: So there's quite a lot on the table. We're having other discussions with AXA as well about the services. So, yeah, there's quite a lot to get through.

Speaker #1: But we have plenty of time, and those conversations are active now.

Speaker #3: Okay, all right then. Look, I think we'll wrap it up there. That's been a really good run-through. Thank you both very much for your time today.

[Analyst] (Bell Potter): Okay. All right then. Look, I think we will wrap it up there. That has been a really good run through. Thank you both very much for your time today. We will let you get off to bed now, but it has been a really good run through. So thank you, Laura, and thank you, Lisa.

Operator: Okay. All right then. Look, I think we will wrap it up there. That has been a really good run through. Thank you both very much for your time today. We will let you get off to bed now, but it has been a really good run through. So thank you, Laura, and thank you, Lisa.

Speaker #3: We'll let you get off to bed now, but it's been a really good run-through. So thank you, Laura, and thank you, Lisa.

Speaker #1: Thank you.

Speaker #2: Thank you.

Speaker #3: Thanks. We'll wrap it up there. Thanks, everyone.

Lisa Barter: Thank you.

Laura O'Riordan: Thank you.

[Analyst] (Bell Potter): Thanks. We will wrap it up there. Thanks, everyone.

Operator: Thanks. We will wrap it up there. Thanks, everyone.

Lisa Barter: Bye-bye.

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Half Year 2026 Doctor Care Anywhere Group PLC Earnings Call

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