Good morning, everyone. Very pleased with the group's performance in 2025, where we had a good strong sales performance and strong profit.

Ryan and I will take you through the operational and the financial highlights. If we turn to slide 4.

On an organic basis, revenue for the group increased by 1.4% on 2024 levels. Breakdown: HORECA 1% and Workwear 2.4%.

In HORECA—hotel, restaurant, and catering—volumes were generally satisfactory and in line with our expectations, although we did see some regional and sector variations. Volumes in Workwear were stable, and we were very pleased with the retention levels of 94%, almost back to our historic levels of 95%.

Coupled with new installations, the performance within Workwear was strong. Energy costs reduced to 7.4% of revenue.

2024 was 8.8%, notwithstanding the current situation, of course, that developed over the weekend, and Ryan will take you through our energy lock-ins for 2026 in a moment and remind everyone of our stated policy of purchasing little and often. Targeted investment in the business continued with plant and machinery to help us drive efficiency and seek out those all-important marginal gains that, along with price increase, helped offset the cost of inflation.

As a reminder, 55 million of buybacks were approved in 2025 and completed in January '26, and that brings the total amount returned to shareholders since 2022 of 90.3 million. We're also pleased to publish our fourth sustainability report, meeting the needs of our customers, employees, and all our stakeholders, and operating, as we do, in a circular economy.

We have set further goals for gas and plastic reduction for 2026. Finally, we remain on track towards our targeted adjusted operating margin of at least 14% for 2026.

Now I'll hand over to Ryan on slide 6 for the start on the financials.

Great, thank you. Thank you, Peter, and good morning, everyone.

I'm delighted to join JSG and working alongside Peter. Since starting in October, I've spent time learning about the business.

I've had the opportunity to visit various sites across the group, and I've been really impressed by the passion of the people in our in our business, the focus we have on customer service, and the strong collaboration and culture that we have across the business. Now looking at the financial performance in 2025, revenue increased by 4.3% to 535.4 million, reflecting the benefit of price increases and acquisitions in the year.

Organic growth for the group was 1.4%, with Workwear 2.4% and HORECA 1%, respectively. In the year, we took positive action to drive price increases, whilst overall volumes declined, reflecting the current economic uncertainty, particularly in hospitality.

It is pleasing to see the adjusted operating profit increase by 16.4% to 72.5 million, resulting in operating margin improving to 13.5%. There was strong improvement in adjusted earnings per share, which grew 19.8% to 12.1 pence.

The board is pleased to propose a 20% increase in the full year dividend to 4.8 pence per share, maintaining our dividend commitment of 2.5 times. Slide 7.

As you can see from these charts, JSG has an excellent financial track record. Return on capital employed has improved in line with our profit performance, and pleasingly, this is better than 2019 levels.

JSG is a highly cash generative business with strong capital allocation discipline, which enables us to invest across the estate, to execute upon acquisitions, return cash to shareholders in both dividends and buybacks, while maintaining leverage below 1 times. In 2025, we announced 55 million of share buyback programs, which was completed in January of this year.

Since 2022, we have returned a total of 90.3 million to shareholders through share buybacks. I would also like to confirm that we remain comfortable to maintain our target leverage of 1 to 1.5 times.

Slide 8: Margin Progression. During 2025, we have actively managed margin pressures, with price increases helping to offset higher labor costs.

Adjusted operating margin improved to 13.5%, in line with our expectations, and this reflected a strong operational control and the benefit of efficiencies through our targeted investment in the business. Energy costs have reduced in the year and were 7.4% of revenue, compared to 8.8% in 2024 and 10% in 2023.

As a reminder, though, energy costs were 6.2% in 2019. We have continued our strategy to fix little and often, and in and in 2026, we have fixed 90% of prices for gas and 85% for electricity.

Diesel is also 70% hedged. Looking looking further out into 2027, we will continue to lock in prices as the opportunities allow, and our approximate positions are 70% fixed for gas and 55% fixed for electricity.

Labor costs remains the biggest cost of our operations, and this has increased by 140 basis points in the year to 46%, reflecting the 6.7% increase in UK national minimum wage and higher national insurance contributions. Looking into 2026, we expect labor costs as a percentage of revenue to remain relatively stable, and we anticipate that energy costs as a percentage of revenue will reduce further based on our fixed contracts.

Despite the current economic uncertainty, we remain on track towards achieving our target adjusted operating margin of at least 14% in 2026. Cash Flow.

In the year, we generated strong levels of cash, which we invested in capital across the estate, as well as contract acquisitions, dividends, and higher share buybacks. This resulted in an increase of net debt to 159.2 million.

However, leverage was maintained below 1 times at year-end. Bank debt was 112.4 million.

Working capital outflow increased in the year, mainly due to timing of creditor payments and debtor receipts over year-end. Debtor days have, however, remained fairly consistent at 44 days, and in 2026, we expect to revert back towards normalized working capital movements.

Rental stock depreciation amounted to approximately 61 million in the year, and net rental stock spend was a few million higher at 63.7 million. We had more normalized level of capital investment in property, plant, and equipment of 39 of of 35.9 million, and this level of spend is expected to remain broadly similar in 2026.

Exceptional costs mainly reflects the costs associated with the move to the main market and reorganization costs, which includes the closure of the Lancaster Workwear site, acquisition costs related to the contracts and stock acquired and moved into our plants. For 2026, we anticipate net debt to reduce by the end of the year in the absence of any share of of any share buybacks or acquisitions.

In line with our capital allocation policy, the board will continue to actively review our options on further share buybacks throughout 2026. Slide 10.

Total in total interest increased to 8 million due to a combination of higher borrowings to fund the share buybacks and acquisitions in the year, but this was partially offset by lower UK base rates during 2025. Our current bank facility of 135 million matures in August of next year.

We have commenced discussions with our existing lenders to refinance the facility, to extend its tenure, and to and to drive a higher quantum. The underlying tax rate was 24.2%, slightly lower than the UK rate of 25%, which was due, in part, the 12.5% rate in the Republic of Ireland.

The tax payment remained relatively low at 6.6 million in the year, and in 2026, I expect tax payments to increase nearer to 9 million as the benefit of the first-year capital allowances works through. The net surplus on the defined benefit pension scheme increased to 3.7 million, and no deficit contributions are expected to be paid in the next 12 months.

Finally, the next triennial valuation as at September 2025 is expected to conclude later this year. Back to you, Peter.

Moving to slide 12 on investment. As we continue to invest, and we have consistently invested over a large number of years, and that investment helps us drive the important efficiency, which drives marginal gains and allows us to deliver that all-important on-time and in-full service to our customers.

Last year, 35.9 million invested in plant and equipment, some notable investments. In Ireland, we continued our plan of investment in Ireland that carried through from '24 into '25, in both our plants in Naas Road, which is just outside of Dublin, and in Wexford, which is two hours south of Dublin.

That investment again helps drive efficiency, with new sort systems and sortation systems installed and helped drive the Irish business and its efficiencies. We continue to invest in boilers within our business.

The new boilers, the more modern boilers, are more energy efficient, and we've replaced a number of those in 2025. Then in other sites, we've continued with our investment again.

Some is, yes, of course, it's replacement investment and replacement capex, but even for our replacement capex, we expect to see some marginal gains. Clearly, if it's a growth capex, we expect to see a larger return.

We'll continue targeted investment into 2026 to help us drive our marginal gains and our efficiencies. Back to Ryan on slide 14 on HORECA.

Thanks, Peter. Revenue for HORECA division increased by 5% to 389.8 million, benefiting from the Empire acquisition in 2024 and additional contracts added in both years.

Organic growth was 1%, with price increase partially offset by a small decline in volumes. We had strong growth in adjusted operating profit, which benefited from those prior year acquisitions, lower energy costs, and production efficiencies, mainly as a result of the benefits of capital investment across the estate.

Energy costs as a percentage of revenue reduced to 8.2% in 2025, compared to 9.8% in 2024. As a result, adjusted operating margin improved to 15.3%.

The Empire business, based in Tottenham, has settled well into the group.

Thank you. Then on to slide 15, just HORECA in a little bit more detail.

Operationally, as as I said, we're well placed to manage and cater for large volumes. Revenue, as Ryan said, has increased 5% year-on-year, 1% on an organic basis, and we continue to look for infill customer contracts and stock to add to our estate.

We've added some last year, and we'll continue to look for opportunities into 2026. Yes, rising business costs are impacting our customers and some of our end markets, making price increases a little bit more challenging, which is to be expected.

Albeit, off the back of good on-time and in-full delivery, we're pleased that we have renewed a number of our large customers on long-term deals. We have seen some churn, particularly on price, in independent hotel, restaurant and catering.

We do and continue our importance on delivering that all-important service, but to lose business on price is one thing, but not to lose it on service. Clearly, with the customer satisfaction that we have actually internally, which is in the high 80s all the way through Workwear and HORECA, will help us continue to renew customers on an ongoing basis.

As always, we'll continue to drive through our customer satisfaction into our discussions with price and our discussions with renewals with our customers. Slide 16.

Thanks, Peter. Workwear revenue increased to 145.6 million in the year, with organic growth of 2.4%, driven mainly through price increase during the year.

Adjusted operating profit was 21 million, with a margin of 14.4%, which is broadly similar to the margin in 2024. Rental stock depreciation amounted to 22.3 million, which is higher than 2024, but expected to remain stable going forward.

Energy costs as a percentage of revenue was 5.2% in 2025, compared to 6.3% in 2024, largely offsetting the increased labor percentage. Following the closure of the Lancaster site, work has been moved predominantly to Manchester with no adverse effect or impact to customers.

Thank you, Ryan. Further on that Lancaster site closure, just as a reminder that Lancaster site was coming to the end of leases.

As we had put significant investment into Manchester and increased its capacity by 45%, it made sense to move the Lancaster smaller site into the Manchester area, which we did with no impact to our customer base, which is pleasing. As Ryan said, revenue increased 2.4% on an organic basis, and we successfully secured some significant contract renewals with multiple key customers.

Customer retention levels very pleasing at 94%. Some of you will remember historically we ran at 95%.

That is a very good performance in a competitive market. We're very pleased with that.

That lends to, again, as I mentioned earlier, a good strong customer satisfaction. Strong customer satisfaction, on-time and in-full delivery, good strong retention.

Targeted capital expenditure, again, in Workwear as we have in HORECA. You'll remember over the last number of years, we've invested a little bit more into automation, to help drive that volume through our plants more efficiently considering that we produce quite a lot of food and food garments within our Workwear business.

Then moving on to sustainability. We're very pleased to deliver our fourth sustainability report.

We continue to target all of our reductions in carbon, in water reduction, in single-use plastic. In fact, we have set targets again for 2026 around the single-use plastic, and we'll continue to work on that with our customers.

94% of waste diverted from landfill, which is very very pleasing. Overall, from our customer perspective, it's important from sustainability that we will meet the requirements of our customers, and we meet the requirements of our employees and overall from all of our stakeholders.

We have been on this journey for a number of years with a dedicated sustainability team working well within the business to deliver our results and to deliver on our targets. We're very pleased with the progress we are making there overall.

As we truly work in a circular economy. We send the work out, it's used, it comes back into us, we wash it, we process it, we repair it, we send it out, and we have long life on textiles within that circular economy, which is incredibly important from a sustainability.

We'll continue with our drive on our 2030 targets, and as I said, importance that we deliver what the customer expects from us. Moving to outlook.

As I've already touched upon, entering 2026, there are some regional and sector variations that we will handle, which we're used to handling in the current climate. Seasonality, as a reminder, the peak part of our year is the H2 in the summer period, where we expect strong volumes.

We'll continue on our targeted investment, as I've already said, that's incredibly important. We don't have any breakdowns.

We deliver the on-time and in-full service, and we ensure that we drive efficiencies. As already touched upon, we've got a strong balance sheet.

We're highly cash generative, and we're well placed to capitalize on further opportunities as and when they arise. As we said earlier, we're continuing to look for those opportunities into 2026 and beyond.

We'll continue to actively review our options also on share buybacks. As I said previously, we've over 90 million done since 2022, and we'll continue to take a view on that as we run through 2026.

Finally, we remain on track for our adjusted operating margin of achieving 14% into 2026. Just touching briefly on the investment case, we put this slide up here just to show in the last 13 years or so how the business has changed quite significantly.

Back in 20 20 12, a large Workwear business with HORECA at 22%, run through to present day, the HORECA business 73% and a good strong Workwear business still at 27%. Why?

Because the HORECA market was fragmented, it was consolidating, and we've continued to add the likes of Celtic Linen, Empire, and Regency, to name a few, in the last number of years to our estate. We have got a really really strong business both in HORECA and in Workwear in the UK and Ireland, holding number one positions, which we're very proud of.

Moving to slide 24. Essential service provider.

Hotels can't sell a room without our service. Hotels require our service.

For us to deliver that service on time and in full, clean linen at the right hotel, for the right floor, for the right room, in full, is incredibly important and something that we're very very proud of in the marketplace, as we are with all of our Workwear clients, considering the volume that we run through our plants each and every day and every week. There are little substitutions out there.

Substitutions tend to be expensive. Key part for us in our business is given our geographic spread across the UK and Ireland, it's a local service provided nationally.

That's incredibly important. Our customers are local to each and every plant in HORECA, Workwear, Healthcare, so that we are there to meet their needs.

If anything happens within their plants, we're there to react very very quickly. Hence why we have 86% plus satisfaction scores that are done externally, I might add, right across all of our businesses on the quality of service that we provide.

The sustainable piece in that slide, again, just remind everyone the circular economy of our reusable and what we do for our customers overall. Then, consistent proven strategy.

Value-added proposition, we lead the marketplace, we're number one in the marketplace, we're a well-invested business in the marketplace. We deliver that excellent service, good customer care, long-term relationships with our customers.

Hence why we have a number of customers that have agreed long-term deals with us again for the future, which is very pleasing. Of course, we always look into operating costs and where we can reduce operating costs and look for those marginal gains and drive our efficiencies, notwithstanding what's happening with energy at the moment.

Pleasingly, we have that consistent approach of purchasing little and often, which gives us a lot of protection into 2026 and into 2027. Again, finally, we have a very strong balance sheet.

We're cash generative, good dividend, share buyback. We do not pull any levers shut with regards to M&A opportunities.

We have a capital waterfall, and we're consistently looking to deploy our capital in the best way possible for our business and to add value for our investors. That concludes the presentation slide deck.

Thank you very much from Ryan and myself. Thank you.