Ebiquity plc (EBQLF) Earnings Call Transcript & Summary

Good afternoon, ladies and gentlemen, and welcome to the Ebiquity plc Interim Results Investor Presentation. [Operator Instructions] The company may not be in a position to answer every question received during the meeting itself. However, the company review all questions submitted today and will publish responses where appropriate to do so on the Investor Meet Company platform. Before we begin, we would like to submit the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to the executive management team from Ebiquity plc, Ruben, good afternoon, sir.

Thank you very much, Jake, and good afternoon, everyone. Thank you for joining today as we present our H1 2025 results. My name is Ruben Schreurs. I'm the Group CEO of Ebiquity since November last year, and I'm joined today by Kayte Herrity, our Chief Financial Officer, who joined the company in March of this year. Our H1 results demonstrate operational resilience in what continues to be challenging market conditions. With revenues in line with last year, we achieved 11% growth in adjusted operating profit through disciplined cost management and operational improvements that position us well to serve clients navigating an increasingly complex media ecosystem. As you can see, both Kayte and myself bring relevant experience to lead Ebiquity through its transformation. Since joining as CEO in November 2024 or rather taking on the role as CEO as I've been with the company since 2020, I have been focused on executing a comprehensive business transformation across every dimension of our operations, building strong foundations for sustainable growth whilst maintaining our trusted adviser relationships with the world's largest brands. Kayte joined us as CFO in March 2025, bringing extensive experience from the media and information sectors, including senior roles at TalkTalk, Kantar and Informa. Her expertise has been instrumental in driving the operational discipline and cash management focus you will see reflected in today's results. We will start with an overview of our operational performance and strategic progress. Then Kayte will take you through our financial results in detail before I return to discuss our company strategy and outlook for accelerating growth. Despite persistent market headwinds, particularly in North America, our operational discipline has delivered meaningful progress across 4 key areas. First, our H1 performance shows 11% adjusted operating profit growth with margin expansion to 6.8%. This demonstrates that our focus on profitability and operational excellence is working. Second, we generated strong cash with GBP 4.6 million of adjusted cash from operations, representing a 77% increase, and we reduced net debt by GBP 1.2 million to GBP 15 million, which excludes [ restricted ] cash in Russia. This reflects our disciplined approach to working capital management. Third, we have clear growth outliers that show the strength of our market position. Contract compliance delivered exceptional 43% growth globally, demonstrating strong demand for our compliance and governance services. U.K. and Ireland grew by 14%, showing the underlying strength of our operations outside North America. Fourth, regarding North America, we have taken decisive action with new leadership in place and position the business for recovery. Market conditions remain difficult, but we are focused on executing the operational changes needed to deliver improved performance as conditions stabilize. I want to start by addressing North America directly because transparency is essential. We are confronting the reality that challenging market conditions have persisted longer than initially anticipated, with revenue down 16% to GBP 6.9 million, extended client decision cycles and economic uncertainty have impacted our performance, and we recognized an GBP 8.3 million goodwill impairment. However, as I said before, we have taken decisive action. We appointed Michele Harrison as Managing Director, Americas in June 3 months ago, bringing fresh leadership and perspective. We have completed operational restructuring, deploying our SPC profitability metrics globally and are actively rightsizing our cost base. The recovery, we believe, is being initiated -- has been initiated. We have maintained client relationships, internal improvements are being embedded, and we are ready for market recovery. Looking ahead to '26 and '27, this creates our growth platform with AI-powered marketing effectiveness solutions and our structural go-to-market program at the center of this. I remain confident that these internal operational improvements will position the business for recovery when market conditions stabilize. I will now hand over to Kayte.

Thanks, Ruben. Good afternoon, everyone, and thank you very much for joining us today. So as Ruben said, I'm going to take you through our H1 results, which demonstrate progress in our operational transformation, whilst we continue to navigate what remains a challenging environment in North America. So let me start with the key highlights. Revenue of GBP 37.9 million was exactly in line with prior year. But what's good to see here is how we've improved our operational performance through disciplined cost management, achieving 11% growth in adjusted operating profit at GBP 2.6 million, with our adjusted operating margin improving to 6.8% from 6.2% last year. Our focus on working capital management has also delivered good results. Adjusted cash from operations increased to GBP 4.6 million. We achieved positive free cash flow of GBP 0.7 million compared to a negative GBP 3.4 million last year, and we've reduced net debt by GBP 1.2 million to GBP 15 million year-on-year. So let me highlight the 4 of the key drivers behind these results. Firstly, we delivered double-digit adjusted operating profit growth and a year-on-year margin improvement through disciplined cost management whilst maintaining our service quality and our client relationships. Secondly, project-related costs came down as a result of better third-party supplier contract costs and lower data costs, demonstrating better operational control across the business. Thirdly, we reduced staff costs through a focus on internal efficiencies and a disciplined approach to our hiring process, optimizing our cost base without compromising our ability to deliver. And finally, our focus on working capital has delivered improved adjusted cash flow, positive free cash flow and lower net debt. This good result for cash management demonstrates our commitment to balance sheet optimization. So looking at our income statement in more detail, we have stable revenues of GBP 37.9 million, but within that some important regional dynamics. We saw strong growth in the U.K. and Ireland, driven by exceptional contract compliance performance and plus we saw also contract compliance being very strong globally. However, this was offset by the ongoing challenges in North America and also some downside in APAC. So we talked on the previous slide about the cost discipline around staff and production costs. And I've noted here that we also decreased our property costs. So this cost discipline has also allowed us to invest more strategically in marketing and other client-facing activities, which drive our top line growth. Net finance costs increased significantly. However, this was driven by a GBP 1.2 million noncash foreign exchange loss on intercompany loans, primarily from sterling strengthening against the dollar and the euro strengthening against sterling. Excluding this noncash cost, our interest costs were lower year-on-year. The statutory loss of GBP 10 million was driven by the GBP 8.3 million goodwill impairment charge relating to our North American operations. And now we turn to the revenue by region. So you can see on the top row, U.K. and Ireland delivered excellent 14% revenue growth, driven, as I said, by the strong contract compliance performance, where we secured several large contracts in H1. We also saw additional growth across planning track, benchmarking and governance services. Continental Europe remained broadly in line with the prior year, reflecting mix dynamics. We saw lower revenues in France, Germany and Spain, but these were offset by significant growth in Italy under new management. As Ruben discussed earlier, North America was more challenging, with revenue down 16%, driven by client losses and project deferrals. The challenging economic climate has adversely impacted client decision-making. And as we reported in our 23rd September trading statement, this has proved more persistent than we initially anticipated. APAC was also lower, down 11%, driven by client project delays in Singapore, nonrenewals in Australia, plus a continuingly challenging macroeconomic backdrop in China. What's encouraging is that excluding North America, our revenue actually grew by 5%, demonstrating the underlying strength of our global operations. So turning to our service line performance. Contract compliance was by far the strongest with 43% growth globally and an exceptional 124% increase in U.K. and Ireland. This growth came from major client wins and existing clients expanding their scopes with us, demonstrating a strong demand for our services. Media Performance declined by 3%, driven by a GBP 1 million downside in benchmarking in North America. However, excluding North America, Media Performance actually grew by 3%, driven by benchmarking and DMS governance services. Media Management remained in line with the prior year overall. We saw increased demand for media agency assessment services in U.K. and Ireland and Europe, but this was offset by reduced demand in other markets. Marketing Effectiveness revenue is typically skewed towards H2, and we remain on track to achieve year-on-year growth for the full year. Moving to our balance sheet. Net assets decreased by GBP 8.4 million to GBP 27.4 million. This is primarily due to the GBP 8.3 million goodwill impairment charge related to North America, which has reduced the associated goodwill to nil. Net working capital decreased to GBP 9.9 million, reflecting lower net trade debtors following our focused cash collection efforts, although this was partly offset by increased accrued income. We also saw a $1.1 million reduction in other noncurrent assets, and this was driven by a $0.9 million release of our North America deferred tax asset. The lower contingent consideration here reflects our reassessment of amounts payable for final historical acquisition earnouts with the revaluation based on the settlement that we completed in Q3 with around $875,000 being settled in cash and just over $200,000 settled in shares. Turning to cash flow. This slide shows what I'm particularly pleased about, our strong cash management performance. Our focus on cash collections improved our customer cycle and our working capital management significantly, and we intend that focus to continue. Adjusted cash from operations increased to GBP 4.6 million, representing 177% conversion ratio of adjusted operating profit. We also achieved positive free cash flow of GBP 0.7 million compared to negative GBP 3.4 million in the prior year. Cash items within highlighted items mainly comprised severance and reorganization costs plus costs associated with our March RCF refinancing. Lower interest rates improved our finance costs and tax payments benefited from the phasing of U.K. tax payments. So finally, our focus on cash management in H1 '25 and the phasing of our cash tax payments reduced our net debt to GBP 15 million from GBP 16.2 million in June last year. We remain fully compliant with all our bank covenants. And as I mentioned earlier, in July, we completed the final settlement of contingent consideration obligations from our historical acquisition program. This means that Ebiquity now has no further ongoing cash outflow commitments related to those past acquisitions, which eliminates a significant drag on our cash generation going forward. So in conclusion, while we continue to face challenges, particularly in North America, our operational discipline and our focus on cash management is creating a solid foundation for sustainable growth as market conditions improve. Back over to you, Ruben.

Thank you very much, Kayte. Now let me turn to our strategic positioning and the transformation that's positioning us for accelerated growth. Our vision is clear. We help brands deliver Effective and Responsible Advertising. On the effective side, this means driving incremental business growth, optimal brand health and maximum short- and long-term impact of the investments made in advertising. On the responsible side, this encompasses compliance with regulatory and contractual obligations, aligned with company policies and ensuring zero waste or negative impact on society. Effectiveness and Responsibility are mutually inclusive. One helps accelerate the other, and this is what we provide for our clients. This ERA positioning represents more than a rebranding. It is a fundamental evolution of how we deliver value in today's complex advertising landscape. We are the impartial partner to the world's leading brands through every stage of their advertising life cycle. Our unique combination of strategic consultancy and integrated approach to media efficiency and marketing effectiveness maximizes the impact of all the investments made by our clients. We help clients transform their media strategies and operating models, govern their advertising investments with robust compliance and oversight and grow through data-driven insights and optimization. This integrated approach strengthens our trusted adviser relationships and creates multiple touch points for value creation. Our AI and proprietary technology agenda has progressed well in 2025, positioning us at the forefront of industry innovation. Over 75% of our workforce, more than 500 staff members are now actively using our proprietary AI infrastructure, creating significant productivity and quality improvements that continue to accelerate. As you can see from our usage data, monthly user messages have grown dramatically through Q2, reaching over 14,000 by June. This isn't just about efficiency, it is about transforming our service and operating model. We're launching AI client solutions in the second half of this year, enabling direct client integrations through MCP or model context protocol layer and creating meaningful productivity gains that translate directly to improved margins. Our market position remains genuinely unique. Over 75% of the top -- global top 100 advertisers based on their worldwide ad spend choose to work with Ebiquity, alongside 500-plus skilled regional and local brands across 123 countries globally. We analyze more than $100 billion in media investments every year. This skill creates a competitive moat that few organizations can replicate, built on years of deepening trusted relationships and rich data that enable superior insights and recommendations, supported by our most global, most local positioning. Some of the key pillars driving our progress. Our transformation is focused on 5 areas that are all showing tangible progress in this year. Our go-to-market transformation includes ERA positioning and enhanced sales framework that's driving competitive wins and delivered a 200% increase in website engagement since our March launch. For operational excellence, we have deployed our SPC metric globally, ensuring every engagement generates sufficient profit margins for continued investment. SPC stands for staff cost to profit conversion, which serves as the right proxy for decisions around pricing and delivery. This disciplined approach is improving our margins while strengthening client relationships. Our data technology pillar shows our AI infrastructure with significant adoption, delivering productivity gains with client solutions incremental and new to our organization launching in this quarter that we're in today, Q4 2025. We have strengthened our leadership running around Most Local, Most Global, uniting our global team to deliver on the ERA mission. And finally, our customer experience pillar uses the Transform, Govern and Growth framework to strengthen trusted adviser relationships with the world's top advertisers. Looking ahead, the first steps of our transformation journey are complete, and we are ready for market recovery. In H2 of 2025, we are implementing further operational improvements, launching AI client solutions, embedding SPC in our 2026 budget process and securing strategic wins from our strong pipeline. For 2026, our focus is clear: recover North America, accelerate growth in marketing effectiveness through integration, deploy our new AI solutions and execute our long-term strategy that we plan to present publicly at a Capital Markets Day in H1 of 2026. We are balancing the urgency of delivering improved financial performance with the strategic patience necessary to build capabilities that will differentiate us permanently in the marketplace. As we conclude, I want to emphasize that we are building a stronger, more focused and more capable Ebiquity that will deliver sustainable value for all stakeholders whilst leading the industry towards more effective and responsible advertising practices. Our client roster speaks to the trust the world's leading brands place in our expertise and independence. This trust, combined with our continuing operational improvements, technology leadership and strategic clarity positions us exceptionally well for the next phase of growth. I want to express my gratitude to our clients for their continued trust during this period of positive change, to our shareholders for their support throughout our transformation journey and most importantly, to our exceptional global team for their unwavering commitment to excellence. We remain confident in our ability to build on these foundations and deliver sustainable value for all stakeholders as we execute our vision of making the $1 trillion advertising industry more effective and responsible. Thank you. We will now be happy to take your questions.

Perfect, Ruben and Kayte, if I may just jump back in there. Thank you very much indeed for your presentation this afternoon. [Operator Instructions] 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 all be accessed via your investor dashboards. Ruben and Kayte, as you can see there, we have received a number of questions that were both pre-submitted ahead of today's event as well as those that have come in throughout your presentation this afternoon. So firstly, thank you to all of those on the call for taking the time to submit their questions. And guys, at this point, if I may just hand back to you just to read out those questions and give your responses where it's appropriate to do so. And if I pick up from you at the end, that would be great. Thank you.

Thank you very much, Jake, and thanks to everyone who has pre-submitted or submitted today live their questions. We will go through them one by one and aim to answer everything we are able to answer today. The first question, clients are increasingly looking at agentic AI, clean rooms and pre-flight/post-flight media optimization. Which concrete AI product features are revenue generating today? And what is the commercialization road map to ensure Ebiquity is not left behind by bigger players? That's a great question, and I'll answer it in 2 parts. One, we are bringing to market database AI solutions that allow us to move upstream, helping our clients before campaigns even go live. The opportunity is that the many different AI applications used by their teams internally, but also by their partners across agencies and technology platforms give us the opportunity to embed our expertise and best practice into those AI-enabled workflows, meaning where in the past, we have to report our recommendations based on findings to humans exclusively with a PowerPoint or PDF presentation or an online dashboard or a combination of the 2. We are now able to also directly ingest that best practice through our MCP layer, which is a model context protocol, which is like an API system designed to enable AI systems to speak to each other. It allows us to help our clients create a governance grid, getting best practices, regulations and contractual commitments directly embedded in all of their media workflows from creative production to planning, research and media execution. We will start to report on the revenue and the performance going into next year, the commercialization road map and how we are ensuring we are not left behind, we're not just creating or developing a defensive strategy, but rather an offensive strategy. We are the only company in our industry that has the level of data we have through our different services we provide to clients and have been providing for 30 years now. We operate a give-to-get model, meaning our clients submit to us their delivery, quality and cost data in order for us to create competitive benchmark and insights. That pool of data is unique to Ebiquity and also is not available in any open source or other kind of AI solution that will be used by potential competitors. The exclusivity and proprietary nature of the data set creates an excellent competitive moat, we believe, which allows us to go on the offensive and actually thrive, we believe, as service firms around us are facing increased pressure through -- as a result of the lack of those kinds of assets. So our Media Data Vault is essential for us, and that's why we continue to invest. I hope that answered your question. And moving on to the next one. Beyond cost cutting, what is the single most differentiated product, service or data set that will allow you to escape price competition and defend margins over the next 3 years? Great question, simple answer. Central to our strategic competitive position is the integration of Marketing Effectiveness and Media Performance. We are the only player in the industry that has super strong excellence and capabilities, both in the Media Performance and governance space and the Marketing Effectiveness modeling, econometric modeling space. We have competitors on both sides, but none that do both in a fully integrated way such as we do. That integration, we believe, will both allow us to compete more effectively and deliver improved margins as our Marketing Effectiveness practice is a significant contributor from a margin and profitability point of view. The next question, North America has been your weakest performing region. Do you view this as a structural issue with your model in that market? Or are you confident you can fix it with leadership and product focus? What specific KPIs should investors track in 2026 to know the turnaround is working? On the first part of your question, we are absolutely confident that with the right leadership in place, which we believe we have and the rightsized structure correct the organization that we have, we are ready to start rebuilding and delivering growth in North America, especially when -- if or when external market conditions improve. The KPIs, I will defer to the Capital Markets Day we plan to host in the first half next year, where we will be issuing and sharing our long-term objectives along with a set of nonstatutory operational and financial metrics and KPIs that we plan to publish in order to give our shareholders in the market the ability to track progress beyond our -- strictly our financials. The next question, are you able to point to one recent flagship win that best illustrates Ebiquity's strategic relevance going into 2026? Absolutely. A major win for us is PepsiCo who have appointed us on a long-term contract as their global media measurement and auditor partner of record, meaning we can work with all of their divisions, all of their local and global market operations around the world on a long-term contract. That was a significant win, and we believe it's a good example of Ebiquity's strategic relevance being there going into 2026 and beyond. The next question, with net debt still close to GBP 15 million, what level of free cash flow generation in H2 2025 gives you full comfort on covenant headroom and debt pay down? Will you commit to a numeric cash conversion target today? I will hand it to Kayte.

So we're not looking to give guidance on cash flow or debt today. But just to say we expect to be fully compliant with all our covenants at the end of the year.

Thank you. All right. Questions coming in from the audience today now. There is a number -- set of questions from an individual. So let's see if we can take them one by one. We have sufficient time. How has revenue with former MediaPath clients developed compared with half year -- H1 2022, i.e., at the time of the takeover? I don't have those numbers at hand right now. There was a lot of overlap with clients when we purchased MediaPath. There are also some unique clients. I know we've managed to grow some of those unique clients, but the exact number on revenue comparability, I don't have at hand for this call today. Similarly, for point 2, which is the same question for MMi. Both businesses, to be clear, have been fully integrated. There is no MMi or MediaPath nor is there even the notion of former MediaPath or former MMi, everyone works with Ebiquity as do our clients. What revenue has been generated with Ebiquity Transmit and how does this compare? At this point in time, Transmit is not monetized. So the revenue is 0. We use it as a key part of our internal AI infrastructure. It's embedded within our ERA ecosystem, so as a tool that our AI infrastructure can access and our -- many of our clients benefit from access and it kind of solidifies our position of expertise and industry knowledge. We have not started to monetize that yet. So that should answer your question. Four, external partner costs were down in the first half of the year. What were the 3 largest items in the first half of the year 2025? I think the main contributor to the reduction in external partner costs is the renegotiated license and commercial framework with GMP, which also answers your next question. We don't break down the specific license costs paid to GMP365, but we can say that a significant contributor to the year-on-year reduction is the renegotiation of the fees with GMP. So that answers 4 and 5. Going to question 6, what share of the Media Performance business is managed with the help of the GMP365 database? I think at the moment, it is about 1/3 of our Media Performance revenue that is managed using the GMP365 database. And then what share of the GBP 8.3 million goodwill impairment is attributable to MMi? What other factors contributed to the goodwill impairment? I'll hand over to Kayte.

So the goodwill impairment is about looking out to future cash flows based on what we have said 2025 is going to be not a selling year for the U.S. and rolling that forward. So really, it's an accounting calculation. We don't look at MMi and non-MMi. It's just looked at as a North America regional basis.

Thank you, Kayte. Moving on, how good is your American product technically? Is it market leading? Thank you for your question. I believe that technical and product capabilities are absolutely market-leading. I think we have a job to do and have made progress this year in terms of our positioning and entering the market. We find this year a lot of success as a result of the integrated go-to-market with our effectiveness capabilities. Our effectiveness capabilities are all designed around delivering growth and predictive capabilities to enhance the returns from future investments. Our other solutions or some of the solutions that were more prevalent were more about looking back and judging the efficacy and efficiency of investments made in previous periods. My personal view is that is less appealing to many organizations and leadership individuals in the American market. Now that we are focusing on forward-looking growth enhancements and delivering effective and responsible advertising, especially the ERA in America, that's going much better. But in terms of our product, from a technical point of view, we -- as far as I can tell and we do a lot of research are absolutely market leading. The next question is what were the clients lost in the U.S. and for what reasons? We don't disclose individual specific client loss. There's a combination. The reason why we have new leadership is that we believe we need to be more effective in positioning and representing our premium capabilities and price point. That's what I'll say about that. And then can you give more details of the internal challenges in North America and how you have overcome them? What was Michele Harrison's prior position? Starting at the end, Michele Harrison has been with the company in total for, I think, around 10 years. She came over with the acquisition of MMi and before that, had that leadership position at multiple large companies, including media agencies in America. Her appointment, we believe, and I'm a strong believer in internal promotions of stellar talent. Her appointment, we believe, is helping us in several areas. One, we need better financial and operational diligence so that we can rely on the business planning and forecast, which was a major issue last year and actually still was difficult this year as well, hence, the trading update last week. Then she is hyper commercial and had the process of restructuring the markets team in order to be much more client and growth-centric. So we've modeled our teams around our clients in effective portfolios that are incentivized to deliver growth from their existing clients and find new clients to add to their portfolio. I would say those are the main or primary areas of focus, and it helps a lot that Michele Harrison has now joined our group executive leadership team where she's able to engage structurally with our other regional and local market leaders who are ahead in terms of delivering significant profitable growth. Then can the momentum on contract compliance be continued? Or was H1 an abnormal concentration of projects? We believe we can continue growing contract compliance, probably not at the rate that we managed to grow it this year. We've made some pretty impactful changes, including a restructuring of its leadership, which was needed and is paying off. Also, we are benefiting from going to market in an integrated way. Historically, FirmDecisions, the contract compliance business would go to market more isolated independently. Right now, we're going to market together as one big 3, including Marketing Effectiveness and Media Performance. Also, we're selling more on a program basis rather than individual audit projects, meaning we have ongoing audit scopes including multiple year assignments. So it's not an abnormal concentration of projects. We believe we can continue growing that business. We're also making some very exciting changes to our delivery model, including deployment of a best-in-class platform called Fieldguide, which is used by most of the large forensic and financial auditors in the world, which allows us to deliver our work much more effectively at higher quality. So I hope that answers your question. What caused the downturn in France and Spain? We had a leadership change in France just after I took over as Group CEO in November. And it's -- we believe we have a what's permanent temporary downturn. We're addressing that, and we feel very confident with regards to our position in the market. Spain is a side note, there is no concerns there besides a slight dip in H1 this year, but it continues to be a very profitable, well-performing part of our Continental European organization. Then what was the final deferred payment on, I assume MMi and how much in cash? I will let Kayte answer that question.

Yes. So the final payment was $875,000 in cash and $218,000 worth in shares.

Thank you. Then the next question, to what extent do our customers use our database in their own AI activities? And how are we using it to better advise clients using our own modeling with AI? On the first part of your question, right now, the actual usage is limited because we have just entered the market properly. So we're aiming to onboard and start to monetize that integration starting now. So we will come back. We believe it will be a huge opportunity to differentiate and extend our service capabilities and make it natively available in the new AI-driven workflows and infrastructure of our clients and their partners. To your second question, how are we using it to better advise clients using our own modeling with AI, we're doing that across the board, using AI to help not just with deep analytics and modeling, but also with storytelling and creating relevant insights that match the stakeholders that we work with and their agenda. It's allowing us to be a much more effective partner to our clients and much more effective collaborators internally. And that will continue to increase. What is the current pipeline like, particularly in the U.S.? We have a strong pipeline is what we guide. We have a large amount of significant ongoing competitive RFPs we're currently engaged in, and we feel good about our position. And just for everyone's information, we are currently in the middle of our 2026 budgeting process and will, at the appropriate time, give an update with regards to where we stand also related to 2026. And then the last question, why has the U.S.A. over the years, given us so many problems with regular changes in management needed? It's a great question. I wish I had the answer. I'm sure everyone is aware that I'm the largest individual shareholder at this company, and it's one of my major frustrations. Our extraction rate or footprint in that market is completely out of balance if you consider the size of the market and the progressive nature of the organizations that operate there. I see that as an opportunity. I believe we are making the right steps to be more commercial, more profit-oriented and bring Marketing Effectiveness central to our position there. But we will have to see whether indeed this effort by myself and my team across the globe and specifically in North America will start to pay dividends as we go into 2026. And I believe that concludes all the questions. Thank you again for submitting those either before the call or today joining us for this presentation. We always welcome your input and hope that we manage today to give you a clear update and overview of our performance in H1 and outlook for moving forward.

Perfect. Ruben and Kayte, if I may just jump back in there. Thank you very much indeed for being so generous of your time there and addressing all of those questions that came in from investors this afternoon. And of course, if there are any further questions that do come through, we'll make these available to you afterwards. But guys, thank you once again for updating investors this afternoon. Could I please ask investors not to close this session as you will now be automatically redirected for the opportunity to provide your feedback in order that the management team can really better understand your views and expectations. This will take a few moments to complete, but I'm sure it will be greatly valued by the company. On behalf of the management team of Ebiquity plc, we would like to thank you for attending today's presentation. That now concludes today's session. So good afternoon to you all.

Thanks, everyone.