ZOO Digital Group plc (ZOO.L) Earnings Call Transcript & Summary

A quorum of members is present, and I can declare the meeting open. I am Gillian Wilmot, the Chair of your company. May I introduce you to my fellow directors being Dr. Stuart Green, Mickey Kalifa, Nathalie Schwarz and Robert Pursell. Before moving on to the formal business of the meeting, I would like to say a few words about the company's performance over the last year and also about our recent activities and progress. The evolution of our operating environment continues with streaming platforms now taking the majority of TV viewing time and content strategy is evolving at pace to bring in new customers and engage existing viewers. As a result, we are seeing increased levels of licensing of existing content rather than new original content, a growing interest from streamers for live and near-live content and customers looking for localization partners to utilize AI to increase speed and lower costs. Whilst it is early days, as a technology-first business, ZOO is well placed to capitalize on these shifts. Growing demand for localization services within reduced time frames and the increased use of AI allows us to leverage our proven technology platform to meet customer needs. We recently successfully completed dubbing project in 24 hours compared with 2 to 3 weeks, which is more typical in the industry and integrated AI for a key customer. Further consolidation in our industry means customers are working with a smaller number of genuine end-to-end providers such as ZOO. We are seeing the benefits of the proactive changes we made during 2025 and are continuing to implement our cost saving plans during FY '26. These have allowed us to create a sustainable platform for the future while retaining the flexibility to scale as we deliver increased order volumes. Revenue for the first half of 2026 -- sorry, revenues for the first half of 2026 are expected to be approximately USD 22 million, in line with the half -- the second half of FY '25. And with the revenue from higher-margin media services and subtitling expected to grow by 20%, offsetting the reduction in dubbing revenues. With the cost savings implemented being realized and the favorable revenue mix, the first half EBITDA is in line with management expectations. With the improved profitability, the group is continuing to normalize its working capital position after active management accreditors in FY '25. I am now pleased to deal with any questions you may have on any of today's agenda items. But please for now, could these be restricted to questions on the annual report and the proposed resolutions. Once the AGM matters have been completed and the formal meeting closed, there will be an opportunity for you to ask the Board questions you have on any other matters. I would also like to remind you that the chairs of the Audit and Remuneration Committees are also available to answer questions. Please, before asking a question, could you give your name and state whether you're a shareholder, a proxy or a corporate representative. If you are a proxy or a corporate representative, please state your name and the name of the shareholder that you are representing. Do I have any questions on the resolutions and annual report, please? I will take silence as a sent. So we'll start the formal business. Thank you. May I ask the shareholders present if they will take the notice convening the Annual General Meeting as read? They're all nodding. May I also remind you that when it comes to voting on the resolutions, ordinary shareholders here in person, proxies here in person have been duly appointed by a member entitled to vote. And those who are here as corporate representatives are all able to vote and speak at the meeting. This year, you are asked to approve 9 resolutions. Resolutions 1 to 8 will be proposed as ordinary resolutions. This means that for each of those resolutions to be passed, more than 50% of the votes must be cast in favor of the resolution. Resolution 9 will be proposed as a special resolution. This means for that resolution to be passed, at least 75% of the votes cast must be in favor of the resolution. Please note all the resolutions set out in the notice of the AGM will be taken on a poll rather than a show of hands. A poll ensures that each shareholder present in person, by corporate representative or by proxy is entitled to one vote per share. The Board believes this represents the fairest approach to voting and is in line with best practice in corporate governance. It gives all eligible shareholders the opportunity to participate in the decision-making and have their votes recorded even if they are unable to attend the meeting. A person entitled to more than one vote need not use all his or her vote in the same way. I am appointing share registrars -- our registrars to act as scrutineers. All shareholders, proxies and corporate representatives here today should have been provided with a poll card on arrival. At the end of the meeting, you will be asked to complete your poll card and put it into one of the ballot boxes at the back of the room. If you don't have a poll card and wish to vote, please raise your hand now and a representative from share registrars will assist you. Please note that prior to the AGM, proxy votes representing 39.38% of the number of ordinary shares in issue were lodged in respect of the AGM resolutions. A summary of the breakdown of the proxy votes already received on each resolution is as follows: Resolution 1, to receive the company's annual accounts, strategic report and directors and auditors report for the year ended 31st of March 2025. In favor, 36,766,770, against 1,747,481, abstaining 204,805. Resolution 2. To approve the directors' remuneration report other than the part containing the directors' remuneration policy for the year ended the 31st of March 2025 which sets out how the remuneration policy has been implemented in paying the company's directors in the year ended 31st of March 2025. In favor, 38,459,080 votes, against, 44,049, abstaining 215,927. Resolution 3. To approve the reappointment of Dr. Stuart Green, who retires by rotation pursuant to the company's Articles of Association as a Director of the company. In favor, 38,481,293, against 32,744, abstaining 205,019. Resolution 4. To approve the reappointment of Nathalie Schwarz, who retires by rotation pursuant to the company's Articles of Association as a Director of the company. In favor, 38,474,468, against 39,569, abstaining 25,019. Resolution 5. To approve the reappointment of Robert Pursell as a Director of the company who has been appointed by the Board since the last Annual General Meeting. In favor, 38,474,468, against 38,769, abstaining 205,019. Resolution 6. To approve the appointment of HaysMac LLP as auditors of the company. In favor, 38,476,099, against 33,544, abstaining 209,413. Resolution 7. To authorize the directors to determine the remuneration of the auditors. In favor, 38,476,099, against 33,544, abstaining 209,413. Resolution 8. To authorize the directors to allot shares up to an aggregate nominal amount of GBP 327,727.43, in line with current institutional shareholder guidelines. This represents approximately 1/3 of the company's current issued ordinary share capital. The authority will expire at the next AGM of the company or on the 18th of December 2026, whichever date is earlier. In favor, 38,433,217, against 80,687, abstaining 205,152. Resolution 9. To empower the directors to allot shares for cash without first offering them to existing shareholders on a pro rata basis. In line with current institutional shareholder guidelines, the power is limited to a nominal amount of GBP 98,318.23, which represents approximately 10% of the company's current issued ordinary share capital. The resolution also empowers the directors to deal with technical problems arising in relation to offers such as rights issues and open offers, for example, in relation to fractional entitlements and overseas shareholders. The resolution will expire at the next AGM of the company or on the 18th of December 2026, whichever date comes earlier. In favor, 30,897,111, against 7,716,926 (sic) [ 7,616,926 ], abstaining 205,019 votes. If you have previously lodged a completed proxy form nominating the chair to vote on your behalf and you do not want to change your vote, then you do not need to complete a poll card. For those of you who either wish to change your proxy vote or have not previously cast a proxy vote and wish to take part in the poll, please complete a poll card as follows. On the front of the poll card, please print in Block Capitals as your full name or the name of the shareholder you're representing. Please record your vote by entering across in either the for or against box next to each resolution on the poll card. If you want to split your vote and to the relevant number of votes you wish to cast in the respective boxes. You can also withhold your vote by entering across in the withheld box. Please note that a vote withheld is not a vote in law and will not be counted in the calculation of the proportion of the votes either for or against the resolution. However, in the view of the Financial Reporting Council, that vote is that a vote withheld will be counted towards the calculation of adverse votes for the significant [ ascend ] reporting obligations under the U.K. Corporate Governance Code. And also, please ensure that you sign and date the poll card at the bottom. If you are a proxy, please write the word proxy next to your signature. Any cards that are not signed will be treated as invalid. Should you require any assistance completing your poll card, please raise your hand and a representative from share registrars will be pleased to help. When you've completed your poll card, you will find a ballot box at the exit of the room into which you can deposit your completed poll card. The ballot box will remain in place for 15 minutes only after the close of the meeting upon which the ballot box will be closed in order for the poll count to commence. The final results we announced at the London Stock Exchange as soon as practicable following the conclusion of this meeting and will also appear on our website. Members of the Board will be available to answer any questions from shareholders informally after the meeting. I now declare the formal meeting closed.

Okay. Thank you very much, Gillian. So thank you all those shareholders who are attending this meeting as well as the shareholders who are attending via the live stream. So I'll give a very short presentation to summarize our progress of the last year and to wrap up with comments on the statement that Gillian gave at the beginning of this meeting. If you are listening to this presentation live, then to the right side of your screen, there is a section label questions, and feel free to submit any questions that you have there, and we'll take all questions at the end of the presentation. So what ZOO does is provide technical and creative services so that entertainment content can be distributed globally across different streaming services. And we're a tech-enabled company. And what that means is that we can do that very efficiently. We can do it at scale, and we can do it to very high standards. ZOO is what's referred in the industry as an end-to-end vendor, which essentially means that we're a one-stop shop for providing those services to our customers. And our customers, some of which are shown on this slide, are major streaming services and also studios that produce content that generally is distributed through streaming services. Our FY '25, which ended in the end of March of this year, it was a year of transition for several of our major customers. And that was on account of the disruptive changes that have taken part across the industry over the past several years due to the progression of streaming, and I'll expand on that in just a moment. So during the year, our focus has really been on implementing cost savings so that we can restore profits and cash generation in our FY '26, which is where we are now. So despite these current industry challenges, some of which are still ongoing, we're very optimistic and the industry more widely is optimistic of recovery in demand. And in particular, we are confident of the strong position that we have. So why do customers choose to work with ZOO? Well, as I mentioned, we're tech-enabled, and that means that we can deliver the services that we provide very quickly and very efficiently and also very reliably. And these are all things that are very important to our customers. We have excellent fulfillment teams, so people located in several places around the world who deliver really excellent customer services. And we know that because most of our big customers track our performance and the performance of our peers through measuring a certain number of metrics relating to on-time delivery, first-time delivery of assets and so on. And one specific accolades that we achieved in the course of our FY '25 was this Netflix award that you can see on the screen now, which is the result of excellent metrics -- performance metrics that we delivered for that client. Security for all our clients is crucial. And of course, we are entrusted to work on very valuable media assets. And so security is something that we've built from the ground up into the platforms that we have produced through which we deliver all the services we provide to our customers. Our customers want vendors that can offer the full range of services. I mentioned that we're an end-to-end vendor. And what we're seeing increasingly is the biggest buyers in the industry are choosing more and more to work with a smaller number of vendors who can offer the full range of services. And in this regard, ZOO is one of very few players in the industry that has that capability. The fact that we have a presence in some key locations and in particular ones mentioned on this slide, Turkey, Middle East, Korea and India is significant. Insofar as these are locations where content is increasingly being sort and sourced by our customers. So having a point of presence there puts us in the right location to be able to work with content providers and intermediary in the delivery of their content onto the streaming services. And finally, we operate a follow the sun strategy, which essentially means that during the course of 24 hours, a project that we are working on may move from one team in one location to another as the day progresses. And in practice, what that means is that we could deliver 24/7 services in a very efficient and effective way. Now the customers that we work with in pretty much all cases, we have agreements in place that bind us to certain confidentiality obligations, which means that I can't name them all for you. But this slide hopefully will be helpful to see the top 10 customers by revenue in the course of FY '25. And what hopefully you can see from this based on these descriptions is that we are a trusted partner to the industry. We have long-term relationships with very high-quality customers. And most of those customers, as you can see, engage with us across all of the service lines. And the key service lines that we deliver are primarily subtitling, dubbing, and media services. The actual services that are used will typically vary from project to project. So this slide is telling you which services are regularly used by each of those top 10 customers. It is our strategy to focus on a small number of major customers, each of which has global reach and who are producing content that is distributed all around the world. To mitigate against that reliance on a small number of customers, one of our key strategic focuses is to grow our share of spend with multiple customers, especially the nontraditional studios. So organizations that have come into this market who are not -- who haven't -- who have initiated their role within the market as a streaming service and have become producers of original content to deliver into that service. Just a few words about how the market has developed over the course of our last years. As I mentioned, there have been structural changes in home entertainment. What we've been seeing over many years is this shift from -- away from broadcast and cable consumption towards streaming. And in fact, in the course of our FY '25, streaming outstripped broadcast and cable, at least for North American consumers and that accelerated move over to streaming is actually creating a good deal of disruption in the industry, and it's causing changes to the economic models that our customers have to operate. But despite that disruption, the media and entertainment industry is still forecast to grow. We have stats here from PwC, who forecast through to 2028, a 4% compound annual growth rate on spend in media and entertainment. The media localization market itself, which is more specifically the market that we serve, is estimated by market compensator called Slater as being worth around $5 billion a year. Of that $5 billion, we estimate that our addressable market is between $1.5 billion and $2 billion. Was -- the changes that are taking place in the industry are in order to ensure that large media companies can operate sustainable businesses. And that has meant a whole range of different changes that we've observed and that have caused disruption. Firstly, monetization models have been evolving. So advertising, for example, has become a much more significant component of the revenue mix by major streamers. And indeed, all major streamers now operate advertising tiers in their services. We're seeing more diverse programming appearing on streaming platforms, which is very much akin to what has been the case for decades in broadcast. So increasingly, we're seeing streaming services looking more and more like traditional broadcast type offerings. Yet what differentiates them, of course, now is that these are delivering to a global audience. We're also seeing more and more partnerships taking place between particularly streamers and broadcasters. Given that streaming is the new broadcast, this provides a very effective way for both types of organization to be successful as this industry continues to evolve. So a few trends to highlight on streaming content. So what we're seeing more and more is the types of content that typically you expect to find on broadcast TV channels are coming to streaming if they are not already there. We're also seeing lots of non-English original content coming up to streaming platforms. So streaming has made accessible to us all content that originates from countries all around the world and provides a very effective way for us to be able to have access to fantastic content in whatever language they may have been produced in. We also see that sports and other related content are coming to streaming platforms. This is a trend that's been happening for a few years now, perhaps notably in -- a few months ago, there was a boxing match between Mike Tyson and Jake Paul in November '24 that was streamed globally on Netflix, and it achieved 108 million viewers, which made it the most streamed sporting event ever at that time. And there have been further such events streamed through streaming platforms subsequent to that. We're also seeing new genres appearing on streaming, especially those that are very timely or contain topical content such as chat shows, talk shows, some commentary on current affairs and so on. And what these typically require irrespective of where they're produced is a very fast turnaround. And clearly, streamers who offer a global service are very much motivated to find content that will appeal to audiences in many countries. And that, of course, means that, that content also needs to be localized on a very short turnaround time. What we're seeing generally is that streamers are displacing broadcast and have global reach. So we continue to see content growth in content creation and growth in localization, and we see these as opportunities for ZOO going forward. For some of the items that I just listed to address the requirements there, we introduced in the course of our FY '25 on a new service that we call Fast Track. This is to address these fast-turn services, which are required for these genres that are new to streaming. ZOO is very well placed to capitalize on this emerging requirement by virtue of its tech-enabled approach and the efficiency with which it's able to perform these services. I'll say a few words about AI. Obviously, we all know about AI. We -- I'm sure we will use it in one shape or form now. It's become prevalent in all sorts of different areas. And certainly, the entertainment industry generally and in localization, more specifically, it is making its mark. So we see AI as a net positive development in the industry for ZOO. We are very active in implementation and indeed, is a tech-enabled business. We're very well suited to be able to embrace these technologies and identify where they can be used in a positive way to fulfill the services we provide. We published a white paper on AI in October 2024. And in fact, we are preparing to publish a second edition of that paper in October 2025. So do look out for that. It will be updated with the many developments that have taken place over the course of the last 12 months. The regions of ZOO are as a software company. So at heart, we're innovators. And as I said, we are a tech-enabled business. And we've been evaluating AI for many years. It's only recently that we have found that it's reached a point of being useful in our sector, at least for some things. And consequently, subsequently, we have embraced that technology where it's appropriate. We've integrated it within our own solutions, and we're now using multiple technologies that enable us to deliver our services more quickly, more cost effectively. Our approach, we actually prefer to term it as artificial assistance in that we see this is technology that can help creators rather than to replace them. We've been collaborating with customers. And in fact, we've now deployed our first workflow for a major customer, which is live now. And in fact, well, why do you see AI applications being used in other instances in entertainment but predominantly where it has been used most at the moment is in relation to lower-value content. So for example, for creating localized streams for content that's delivered through YouTube, as opposed to the kind of premium content that ZOO is focused on working on for its clients. So overall, in summary, we see AI as a net positive for ZOO, and we're at the forefront of implementation. So I'll just wrap up, just to pick up on some of those themes of Gillian's statement that you read out at the beginning of the meeting. Firstly, most U.S. TV viewing is now via streaming as consumers continue to move away from broadcast and on to streaming platforms. And our customers who evolve their businesses and their content strategies so that they can establish themselves now as global broadcasters, but through streaming rather than traditional channels. The key trends that we're seeing are currently that there is more license content that we've been asked to work on and that sits alongside seeing fewer new original programs that we're working on, the effect of which is that we're seeing at the moment, at least lower demand for dubbing. We're seeing quite a bit of interest -- increasing interest in live and near-live content. And of course, as I said, if there's global appeal for that content, then there is also a need for fast turnaround localization where ZOO is very well placed. And interest in AI is continuing, of course, from our customers, but primarily as a way to shorten delivery times and to lower costs. So as a technology-first business, ZOO is very well placed to capitalize on the shifts and our new Fast Track services deliver unprecedented turnaround times for localization, which puts us in a strong position to take established market share in this emerging area. Approach to adoption and integration of AI ensures that we can always deliver the best quality and authenticity in the localizations we produced, and there is no compromise to the things that our customers value the most. We expect our first half revenues for FY '26 to be approximately $22 million, and that's in line with our second half of FY '25 and also in line with management expectations. What this points to is growth in the higher-margin services while dubbing demand is currently subdued. So with improved profitability, we're normalizing our working capital position. The efficiency programs that we've implemented over the course of last year have positioned us well for the future, allowing us to scale as orders increase. So thank you for listening to that.

So I'll, at this point, be happy to take any questions. I can see that there are a number of questions that have appeared online. Perhaps, first of all, if there are any questions from the room. I'll start there. No? In which case, I'll take the first question from Andrew [ Anand ]. So in light of recent press regarding the PSKY bid for Warner Brothers Discovery, is it not the case that continued disruption arising from inevitable further consolidation will continue to depress your market for the foreseeable future, diminishing the amount of content from fewer content producers? That's an interesting question. My view on this is that the demand for content arises from the insatiable appetite of consumers. And there are more and more consumers every year who are becoming subscribers to streaming services. So therefore, the demand for content, the demand that we're seeing at the moment is really to fulfill that appetite of consumers. So I don't necessarily think that consolidations of the kind that I referred to here are likely to have a marked significant impact on the demand for content. I think the demand for a wide variety of diverse content to consumers across different markets, different territories, different cultures, will sustain the demand for that content going forward and will, in turn, also sustain the demand for media localization and the services that ZOO provides. Second question, an increasing proportion of content spend appears to be related to live sports rights. I would have thought this type of content is most suited to AI automation carried out by the streams themselves rather than requiring the quality nuanced level of localization, which is state is ZOO's market. That is another great question. So what I would say about that is that, of course, if you watch any live stream on broadcast TV, such as news and sports, you'll be used to seeing captions produced in quasi-real time. So as the speakers are talking, there is words -- there are words popping out at the bottom of the screen. And if you have observed that, then you will, no doubt, be well accustomed with the kind of errors that can occur in those kinds of services. They are very error prone because it's -- to do it accurately is actually a very challenging thing to do because people don't speak clearly, people like me mumble and rush their words and there are background noises and there are all sorts of reasons, people have accents, there are all sorts of reasons why those kinds of technologies, the AI technologies can produce inaccuracies. Of course, generally, they'll produce a transcription that's good enough usually for most people to understand. But it's interesting to note what the -- our customers, the streaming companies value the most. And quality and authenticity are ranked very high. And what that means is that an inaccurate caption or subtitle, captioning usually refers to something that's in the same language as a speaker, a subtitle usually refers to something that's in a different language. So the streamers want those captions and those subtitles to be done very accurately. So we have been engaged by major streaming companies over the course of the last several months to produce very fast turnaround subtitles. So these are interlingual subtitles that are going through lots of different languages through AI-assisted but human-curated approaches so that we can absolutely guarantee that the quality and accuracy of those subtitles is as good as it can be. And we don't expect our customers' requirements in those regards to change very much. So we think that there will continue to be a requirement for that level of high quality. And right now, AI on its own, just used as a pure technological solution can't deliver that kind of accuracy that's required. You could argue that it will get better. And of course, it will get better. But when it comes to -- and that may mean that the number of areas that you see when you're watching Sky TV, for example, in the captions improves. But remember, what our customers are engaging us to produce is interlingual subtitles. So they want to take a boxing match and, for example, in my earlier example. And all of the commentary and the pundits dialogue that goes along with it, they want to take that content, and they wanted to make it available and accessible to people in 30-plus different languages. And that requires taking that spoken word creating an accurate, reliable transcript of the spoken word. And then localizing that into 30-plus different languages. And that's something that AI right now can't do to the standard that our customers expect and that's why, for the foreseeable future, we would expect our customers to continue to work with us and vendors like us in order to produce results of the kind of quality that they need. Okay. A couple more questions. This one is from Gary. If turnaround times for dubbing projects have fallen from 3 to 4 days to under 24 hours, will this translate into a continued reduction in dubbing revenues? Or will the efficiency gains allows you to increase possible projects with increased revenues? So actually, the -- just to clarify, the turnaround time for a typical dubbing project in our industry is a few weeks. So if you were -- if you produce a drama series and you went to a dubbing vendor, a typical dubbing vendor and ask them to dub that for you, you would expect that to take at least a few weeks before you would get the results back. So what we've been able to do is to reduce that to 24 hours. And that's only possible through the technological solutions that we have and through the follow-the-sun model that we operate, which means that we can essentially keep working through 24 hours by tapping talents across different locations. So that kind of turnaround time, 24 hours is clearly very demanding to achieve, and it commands a premium over regular services. So we don't expect this to reduce dubbing revenues. If anything, it should allow us to grow dubbing revenues going forward. Next question from Andrew. Over the last couple of years, there have been alarming number of complaints made by freelances against ZOO recent evidence in business investor media. How is this going to impact on ZOO's ability to engage freelancer services in the future? Do you want to say that, Rob? Or should I take that?

Yes. I think just to know, yes, that -- I mean, we work with thousands of freelancers, and I think in these instances, there's always some things that occasionally go wrong and some complaints. I would say that ZOO has -- and the industry has been through a reasonably difficult couple of years. And in some instances, that's meant that payment terms of some creditors have been stretched a bit. And I think what I'd probably refer you to is the announcement this morning, where we said that due to the improvement in the profitability due to the GBP 22 million of revenue that we've been able to or expect to deliver for H1 and the continued cost savings that we're able to wear. We do find those instances; we're being able to now create that and really normalize that working capital position. So I think that -- and those issues will -- I mean they were a small fraction of everyone we work with anyway. And I definitely think that they will be -- have and will carry on reducing. And certainly, I mean, Stuart, I don't think we're seeing any issues in terms of working with freelancers and certainly some of the exciting projects that we've been working on recently have required the support of our freelance base, and that's been done very effectively.

Thank you very much, Rob. Next question from Gary. When does management expect demand for dubbing services to return? And how is ZOO positioned to capture that growth relative to competitors? So we believe that there are a few factors that lead to the current subdued level of demand for dubbing. The first is general caution on the part of our customers who are just being more cautious about spend and deferring some costs until late stages or choosing, for example, to limit the -- to phase the rollout of content rather than to launch in all territories simultaneously, which is what we saw predominantly a few years ago. So that's certainly one factor. Another factor is that at the moment, output of new original content is at a lower level than it has been in the recent past. And typically, dubbing is a service that is commissioned on new content rather than on old catalog content. So at the moment, what we see in our pipeline of orders is proportionally much more work that relates to catalog or older content, which typically -- we may be commissioned to subtitle it, but it would be quite unusual for us to be asked to dub it. So that's sort of the reason -- those are the reasons why we see dubbing demand lower at the moment than it has been in the past. We think that moving forward, as the content strategies, the modified content strategies of our major customers bed in and that starts to yield an output of new original content, we expect there to be a recovery in global output of original materials, and that will, in turn, then give rise to a return in high levels of demand for dubbing for that content. We think that we are well positioned to capture some of that growth, particularly in relation to fast turnaround projects. So as more and more of this live and near-live content is coming up to streaming, but also as streaming players want to get their content to market more quickly. We believe that, that will drive down the required turnaround time for dubbing projects. And as that happens, we're in an excellent position to be able to fulfill those kinds of services when compared with traditional vendors who are constrained by the physicality, I guess, of the way in which they typically perform dubbing. Question from Paul, which I'm going to ask Rob to answer. As profits are increasing, when will ZOO Digital start paying dividends?

I think all I can really say on that is that as we've said, profitability is improving. We're still using some of that cash to normalize our working capital position. But also, as Stuart has been mentioning, there's a number of very exciting opportunities for us. There's a number of ways in which the market is changing, be that AI, Fast Track and I would hope and expect that ZOO will have enough opportunities to be able to reinvest and grow value in that way. So we're -- there's no dividend policy beyond what's been announced to the market that I can really elaborate on further.

Thank you very much, Rob. So that actually is the last of the questions that have been submitted. I'll just check if there any more questions from anyone in the room? I think not. In which case, I'd just like to thank everyone here and remotely joining this AGM and listening to the presentation. Thank you for your time and your support. And hopefully, we'll see you next time. Thank you.