I'll kick off. Hi, morning, everybody.

We're here for the Pebble half-year results for 2026, and we're going to talk you through things. Myself as CEO, and Claire, CFO, will sort of do a sort of a normal rhythm of stuff.

I'll kind of start it with a little intro of the industry at large, some of the highlights. Claire take through the financials, then I'll do Facilis, Claire do Brand Addition, and then what we'll do at the end is take any questions that we have.

We'll trot through this, and we'll be done in 30 minutes or so. We're in the promotional products sector with two businesses.

We go out as Pebble Group, but then we have Facilis and Brand Addition underneath there. The promotional products, kind of something carrying a brand, making an emotional connection with an individual, and businesses looking to do that more and more as AI is out there and kind of people are swamped with digital things.

It really does make an emotional connection giving something with your name or with your brand and of good quality as well, you use it again and again. All businesses, sectors, sizes, and geographies are using promotional products to support their brands.

That industry, if you step back from it, what gets spent in that industry on a kind of global basis annually is about $50 billion. The US is half of that, and then the rest of the world, the remainings side of it.

We have a lens into that of about $1.7 billion, a decent sort of proportion of market share. A lot of that comes through the $1.6 billion that gets spent through our platform at Facilis called Syncore.

That $1.6 billion is of a $25 billion industry, six about 6% of the industry, which is amazing data, and those data assets we're going to use more and more as the business grows and develops. We have a great insight into the US through that $1.6 billion.

In North America only, Facilis Group. Then we have Brand Addition, which is a global business selling products rather than technology, selling products to every one of its clients you'll know, some of the biggest brands in the world who choose to use Brand Addition and stay with us for a long time.

That sort of $0.1 billion comes on a global basis through there. Facilis Group is a technology business and plus other things, which we'll talk about, and Brand Addition is selling products to some of the best-known brands in the world, and that's the lens that we have into the wider industry.

You'll make your own mind of what the sort of investment case opportunities, but we think, what have we got, two really leading businesses in the industry. Both have opportunity to grow.

Both are really kind of focused on long-term relationships, whether that's suppliers, it's employees, it's our partners, or customers, making sure that what we do for them, they come back and return and return. Then we look to grow that by being part of a large industry and having a market share opportunity to grow into as well.

Both are highly cash-generative, and we've managed to turn that cash into sort of reinvestment into the business to try and grow, but also into capital returns to the shareholders as well. Hopefully we'll prove those four things as we go through the presentation today.

In terms of what the highlights, this is about H1 in 2026. If I start on the right-hand side, Brand Addition is a great business.

Again, every one of its clients you'll know. You can see that sort of NPS score of 60 is sort of showing how well valued the services that that business offers.

We are attracting more as well and hence we're growing. The retention rates are really important to us.

Over the long term, these clients spend with us and repeatable revenues, as opposed to recurring revenues, is how we call them. The business has grown by 4%, got good margins, and control of its business both on overhead and margin basis, and it's highly cash-generative.

That cash that comes off allows us to reinvest into the wider business or give returns to shareholders as well. Very solid performance from Brand Addition and in growth, which is great.

Come to Facilis Group, again, talking about those long-term relationships, the NPS with our partners is very high, and that's an important thing in terms of our long-term retention, which is very important to us. That middle sector there, we've kind of grown by the number of partners we've been looking to grow, and the number of partners has been actually similar that we've grown this year to the prior year, but what's very different is the quality and the size of those partners.

They're delivering 50% more in ARR terms than the previous year. Although the number of partners is similar, something we really want to pull out is the quality and the size of the partners that we're bringing in now.

Because of the quality of the product, because the quality of the team, we're actually bringing in bigger partners, and so on the same number, or similar number, we've actually got 50% more in value of the ARR of those partners. Again, retention rates are extremely high.

It's a very sticky product, but not only the sort of technology itself, but actually then we wrap around a buying group or a kind of market network, and then a community with events and bringing in engagements, not just sort of selling technology, but bringing engagements to those businesses. That's why we have that really high retention.

What's really important, we've kind of invested to grow, and now it's really nice to see some historic growth in there, that 7%. By increasing the size of our existing partners and then growing with us, new partners coming in, and we made a price change as well, which goes on from the 1st of July, our look-forward ARR of those tech spend has gone up to 12%, which is kind of showing some nice growth for the second half.

We put some new agreements on pricing in, and so we had a rolling 12-month contracts previously, but actually now we offered our partners an extended contract. When AI is all going around there and people worried about is that software mission-critical, well, our partners have voted with their feet, and now we have from a rolling four months visibility of revenues, we had now 22 as of the 1st of July.

We've increased actual revenues, our look-forward revenues are growing even further, and the recurring revenues have much more visibility. I think we've really strengthened that the last six months.

What's that allowed us to do is to grow our Pebble Group through both Brand Addition and Facilis Group and make some returns to shareholders. I think all in all a pretty sensible performance, but we're really kind of interested in your questions and thoughts on how we've done.

Over to Claire for some of the numbers.

Thank you. We're just pulling out here the highlights of the first half of 2026, the financial highlights, which we'll go into a little bit more detail as we move through the presentation.

Again, just reemphasizing what Chris has said. Our revenues growing, we've grown revenue in both businesses.

We've done that on margins that are consistent with our long-term sustainable average. Kind of sitting below that is controlling our costs, which just means that that revenue growth is translated through to growth in EBITDA.

Then the other point being on the far right-hand side of that slide is the cash-generative nature, or the highly cash-generative nature, of both of our businesses continues, and that's enabled us to make significant shareholder returns both through the dividends that we've paid and the share buyback that we've executed. This just as a reminder on this slide of the different financial dynamics of the businesses within our group, because they are quite different.

On the left-hand side, you can see the revenue that we've generated, and Brand Addition being the business that sells product is the lion's share of our revenue, so that's by far and away the most significant proportion of revenue. As you move down the P&L and across to the right-hand side of the slide, you can see that there's amazing margins that were generated in Facilis Group, and that from the SaaS revenue that we're invoicing there, means that the profitability of the group splits roughly evenly between the two businesses.

The group P&L, I think I've said it four times now, but our revenue is grown. It's grown in both businesses.

In Facilis, that's on the back of our existing partners growing and therefore our revenues growing with them, and then the investment that we've made over recent years into new partner acquisition, that's now translating through to invoice sales and you can see that in the P&L. In Brand Addition, it's a combination of, kind of those long-term relationships and growth with our existing customers, combined with, again, some new wins from 2025 that impact our revenue in 2026.

Again, that's done on stable gross margins and well-controlled overheads that mean that that EBITDA number is moving forward in line with our profitability. Then below EBITDA, we've got our D&A charge is increasing, and that's just the historic investment that we made in technology products at Facilis Group coming through the P&L.

Then there's the charge for share-based payments, which is the LTIPs that were implemented last year both for the execs and the senior teams in Brand Addition and Facilis. Balance sheet's really straightforward.

When you look at the balance sheet, just think Brand Addition. There is no working capital in Facilis.

All the working capital of the group belongs to Brand Addition, and so belongs to those, kind of really high-profile, international clients that every single one you would be aware of. It's good quality balance sheet.

Stock that we hold is underwritten by our clients, and therefore, in the event of a brand change or a change in contracts, then we receive cash for that stock. Then receivables and payables, they follow out the volume through the P&L, and it's a really well-trodden path, but obviously, as always, pointing out that translates into cash that's enabling us to give those great returns to shareholders.

Not much to say on the cash flows, pretty clean. We have a well-trodden path in terms of our net working capital cycle, and we're following that this year.

The outflow in working capital is again related to Brand Addition, where we peak during Q3, and then that comes back as we move through the end of Q3 into Q4. CapEx is following the signals that we gave at a reduced level versus where we've been historically, is largely investment in our product at Facilis, which is enabling us to drive new partner engagement, retention, and all of those good things.

Then sitting below the operating cash flow is the dividends that we've paid and the share buybacks that we've completed. On this slide, we're signaling, kind of where our priorities are in terms of capital allocation.

We have over the past 18, 24 months invested in growing ourselves at Facilis Group, and it's nice to sit here today and say that that's coming through, and you can see that in our numbers. We've continued to pay a dividend to our shareholders at a safe, sensible level, kind of consistent again with what we've signaled.

We've made capital returns in the form of either a tender offer, which was last year, or the share buybacks that we've done in the first half of this year. Then again, we kind of leave that point 4 on the end, just signaling that we are always open to other opportunities and exploring sort of anything else we can do with that cash.

Highly cash-generative, we do generate a lot of cash, and if there's something else that will contribute to growing shareholder value, then we're very open to exploring that.

Great. Thanks, Claire.

I'll dive into Facilis Group, and then Claire will take you through Brand Addition. That's Matthew Cromar by the way.

He's our Chief Product Officer. He joined us a couple of years ago, and we've been on a journey at Facilis over the last two years, which was building a better team and that then translates into better technology and engagement with our existing partners, and now moving into the growth phase.

That's sort of, if you've been on the journey with us over that time, hopefully you recognize sort of what I describe there. Matt Cromar, that he goes by, he's done a great job for us, big smile on his face, that's great.

That's all really good. Facilis Group, it's a technology business most definitely, and that's where it starts.

We sell that technology to sort of mini versions of Brand Addition, promotional product distributors that are on average between $2 and $20 million in their own revenues. They use Facilis Group technology to make sure their order workflow is clean, efficient, and visible to them as business owners.

That's who start with us, and they get that technology. They pay us a fee on a monthly basis for that, and the recurring revenues are extremely valuable.

What we do with that scale, which is $1.6 million now is going through there, we use that scale with some of the best suppliers in the North American market to help those suppliers meet and market very efficiently to that really important group of their customers and ours who are using the technology. We create a buying group or a market network with that scale that brings together.

Then we bring together ourselves, those distributors, or partners, and the suppliers to really support each other, and it really is a unique win-win-win situation that the more goes through the technology, then that's better for us, and so that's growing our number of partners. The more the partner puts through the technology and the more they use the buying group, then they'll get a rebate, which could more than pay for the technology sometimes, and obviously the more volume goes through the supplier, the better for them.

It's a real community that gets created from this. It starts with the technology, which creates the scale, and we use that scale to create a buying network and a community that really does support everybody.

On the right-hand side, we had an event in Chicago in July, I want to say, and we had 600 people there from Facilis Group, the supplier network, and the partner community. It really is technology plus in what we can actually do, and that's why those partners grow, that's why they stay with us, because it's great technology, but then we kind of give them more than that in order to support the growth of their businesses.

Here's some nice statistics on here. You can see, if we start at the bottom, the partner numbers are growing, the GMV, the amount going through the technology is growing, and the amount spent with those preferred suppliers is as well, and that's on top of good EBITDA returns and good retention numbers.

The bit that kind of we need to do better at, and that's been recognized in the last couple of years, is that top left-hand side, and this we believe is very valuable business if we can grow it. As I say, the journey we've been on the last two years is less focused on its growth and more focused on some of the fundamentals of the right team, the right technology, engagement with the existing partner base, but now we're returning to growth.

We spent some money in '24 and '25, and that's beginning to come through now. It's really nice to see growth in our historic revenue numbers, as well as just signaling what's ahead.

We do believe we've got 7% growth this year, or this first half, looking to take that into double-digit in the second half, and then kind of really sort of move on from there into 2027, and hopefully we've got a valuable business, which is going to reflect all the hard work that's gone into that in the last couple of years. Taking you on that journey, this is a slide we shared with you six months ago.

Say why do we want to grow? Because we think there's a huge lifetime value opportunity versus the cost of customer acquisition.

Why does that lifetime value opportunity exist? We have this dual income from technology from the partners, but also the more goes through those preferred suppliers, we get a rebate back from them as well, which really gives us a super double income opportunity.

If we help our partners grow, they pay us more through the technology, so that helps us grow as well. Very high retention rates, and we're attracting larger partners as well, and on top of that we got really strong margins.

The sort of sum of all those things said we've got a very good lifetime value, and on the back of that, we're willing to sacrifice some of our margin, some of our profits, to grow into that and get revenue growth back into the business. Again, this is what we shared with you last time.

We think on an incremental basis, it was a 7-to-1 in terms of lifetime value to cost of customer acquisition at full year 2025. Behind that statistic, in 2025 we had an incremental $1 million, it's going to be around $3 million into sales and marketing in 2026, which is mainly people, and the quality of the people in the sales and marketing team that actually goes into growing that revenue, and hence, giving us a really good lifetime value.

If that's what we signaled last year, or six months ago when we spoke with you, this is what's beginning to come through. Think about that lifetime value, well, where are we getting to?

The existing partners have grown, which in turn increased our income. We're attracting larger partners.

Think that the same number of partners have joined us, but it's a 50% increase in ARR, so that's helping us move forward. We've put a new pricing structure in place, which did two things: it increased pricing, but also it offered partners an ability to fix their price based upon a length of contract.

They could stay at four months, or they could go as long as three years. What the sum of those three things have done in terms of moving our pricing forward is as of the 1st of July, we had a 12% increase in the look-forward technology fees than we had on the 31st of December 2025.

We've got 7% as a historic revenue, 12% is on this side of our income is where we're signaling for the rest of this year, and then hopefully that kind of all rolls up again and gets us some nice growth in 2027. Our retention levels have always been very good, but then when you come back and look at it, actually it's on a four-month rolling contract.

As future-proofing the business, we wanted to do that from our team, from our technology, from our engagements, and then we turned to our pricing. It felt as though to give a better visibility of recurring revenues would be a good thing.

When we went through this pricing, we increased pricing for all of our partners, and gave them an option to reduce the size of that increase by taking a longer-term contract. I think we weren't sure exactly how that was going to be received, but we were confident in our position with them to believe it's the right thing to do to future-proof not only our team, our technology, our engagement, but now our financials.

That led us to offering the longer-term contracts, and nearly 70% of those took contracts on greater than 18 months, which leads us to say the 1st of July, we have 22 months of visibility of revenues, whereas before that date we can only say four months. I think that really shows our partners have voted with their wallets and their feet in terms of how important our technology is to them when we're in this place of kind of AI disruption, etc.

Kind of summarize where we are. We wanted to concentrate on engagement, our technology, and revenue growth.

Where we've got to so far, I think in terms of engagement, our NPS scores speak for themselves. The committed revenues and the retention rates are really good statistics.

On the right-hand side, we've moved to historic revenue growth, we've got a nice look-forward ARR, and committed revenue visibility is really strong. We're able to do numbers one and three because we've got the team right, and we've got the technology right.

Every quarter we send out new releases, which is extremely well communicated and really well received by our partner group, and attracting new partners as well. We are concentrating now on integrations and using our data assets to take that further again.

One and three are possible because we're getting two right. I think all the hard work that we put in over the last couple of years is come through in the historic numbers.

We don't want to take that for granted. We want to really push on and show you, an investor, the outside world, the quality of this business through its financials now, as well as just talking about what it could do.

Proud where we've got to, but there's a lot to do ahead of us. Talk about Brand Addition, Claire.

Thank you. Thank

you, then. Brand Addition, when you think about Brand Addition, think some of the largest known brands in the world who have a need to use promotional merchandise to make a connection with their stakeholders, be that their employees, their customers, their suppliers.

Brand Addition kind of stands loud and proud in that space in the promotional products sector, working over time with some of the best known brands in the world with real kind of consistency of repeatability of revenue. We're just showing on the right-hand side there some of the a bit cool product that we do and that we kind of engage with our customers on.

I think if you want to make a connection using product, but you want to do that in a way that reflects a commitment to ESG and enables kind of the large international brands to stand behind their ESG commitments, and can also meet the time tables and the quality of product that you demand, then they're the people that choose Brand Addition. Another page of stats here, showing performance over the last few years and then highlighting now in the first half that nice amount of revenue growth.

It's nice that, as you said, this is the first time for a couple of years that we've been able to say we've grown in the first half, doing that on a consistent margin that we believe is aligned with where we signaled will be over the long term, and again, translating through to growth in EBITDA on that volume. Then we're just showing there in those bottom two pie charts is a really nice diversification of revenue of Brand Addition, be that by sector, or by geography, that gives the business a lot of insulation.

Again, as if it's kind of one sector were to go down, then we've got a nice spread there. Bridging the first half for you here, but that the messages are we've had a nice, kind of a 4% increase in sales, which is a combination of great client retention, some growth in our underlying clients, and then us being able to layer on top of that the impact of some new business wins in 2025 that was kind of come through in 2026.

We hope to kind of move that forward again in the second half. Margins are consistent and that disciplined cost control means that we've been able to move that EBITDA number forward.

We've said today that we expect to be in line with guidance for the full year, and here we're just trying to give you a sense of why we feel able to make that statement. You can see that second dark blue chart is telling us as of yesterday, we have orders either invoiced or received to be invoiced for the year were 85.6 million, and so that tells us, we've got order intake that we need to receive to get us to where we think for the year-end, but looking at where we are, which is 5% ahead of where we were this time last year, and then looking at the activity both in terms of what we're doing now with our clients, but what we know in terms of that talk about repeatability with Brand Addition and what we'd expect to come through, that gives us some comfort that we'll get to the number that's out there for Brand Addition for the end of the year.

Then again combining that with disciplined margin and cost control and we feel comfortable making that statement that we'll be in line for the full year. This slide is not really about the last six months.

It's kind of about just taking a step back and trying to reemphasize why we're so proud of Brand Addition and the quality of business that it is. Though lots happened, hasn't it, in the last seven years, which I suppose we've tried to put into four points on the bottom.

In all of that noise, and everything else that's been going on, Brand Addition has continued to perform, have relationships over the long term with, again, the sort of best-known brands in the world that choose to work with us and continues to work with us. It's got a great business model that's highly disciplined, and that means that we generate a lot of cash, and that cash has enabled us to make the choices that we've made in terms of investment in Facilis and also in returns to shareholders.

It's a business that's highly resilient, well-managed, and controlled, and it's something that we're really proud of and Brand Addition has stood tall. Just rounding off on the first half and the progress that we've made.

Retention and long-term relationships, we talk about a lot, and we've continued to maintain our high retention rates in Brand Addition. NPS score 60, just telling us our clients are happy with what we do, and something we don't take for granted, and we work really hard at, and we're really proud of that number.

Then we're a contracts business, and so there are always contracts up for tender, but we're signaling here that where that has happened, then we have retained those clients. We are continuing to win new business, and we've won four new clients this year, again which are very much in the Brand Addition typical mix, and we're excited to be working with them as we move forward.

Pipeline continues, and the feedback that we are increasingly receiving is that our reputation around the quality of what we do and how we go about things, also the creativity, and what using that creativity brings to the table is what really gets those opportunities across the line. Then, I've said it a million times, but, kind of wrap that around a well-disciplined financial model, and we kind of feel good about where we've got to for the first half and excited about the second.

Thanks, Claire. Kind of briefly do an ESG.

There's Kirsten, who does a great job of supporting and managing our ESG across the group, and spends a lot of time on Brand Addition because most of our CO2 footprint comes from Brand Addition and those Scope 3 emissions. We continue to get our arms around that and try and measure it better and more accurately as part of our ESG initiatives.

We're not doing it because we're a listed business and ESG was fashionable, a bit less so now. We're doing it because it's the right thing to do as an organization for our clients.

It's what we want to do as an organization, as in a business. We make sure we set our priorities and concentrate on them as opposed to trying sort of be blown by the winds of fashion and where it is in terms of external perceptions.

We do the right things around our suppliers, our team, our communities, and want to be a good business for all of those stakeholders. We do an annual report as Pebble Group, and then that translates into Brand Addition does one as well which is most relevant to them and is very useful for when we're on either a client pitch or for our existing clients that actually work on that.

If you go onto either Pebble Group or the Brand Addition websites, you'll be able to see detailed reports analyzing exactly what we do and the accreditations that we have and why we're actually do those things. It is an important piece for us to do because we wish to do it, and it's sort of supporting our clients and our team and our suppliers in getting those things right.

Then sort of just finally kind of hopefully kind of pulling all these points together. What we've done with Facilis Group, it's been a two-year journey that now we want to turn into growth and kind of get some sort of value and excitement into that business after working really hard on it.

Historic growth in the first half of 2026, visibility of recurring revenues and size of recurring revenues is developing, we want that to evolve further. Brand Addition is growth and great cash generator.

We've returned some money to our shareholders. We expect to be in line with full year 2026.

Also kind of we're not immune to understanding there's more value in there. We believe there's more value in the two businesses than there is the whole at the moment, always looking at ways in which we unlock that value for shareholders.

We'll continue to do that on an active basis. We're in a sensible spot and looking forward to the rest of the year and 2027 as well.

Then there's kind of after this is a bit of appendix in there that shows the detailed P&L, some bit of other information, but we'll stop there and kind of stop sharing the slides and really happy to take any questions that you guys have. Just give me a second.

I can unshare. Where am

I? Got

you. Got you.

Thank you, yeah. I've got a hand up there and I will do my best to unmute.

Who we got, is it Joe? Right, find me Joe.

Where's Joe? There.

Right. Hi, Joe, I think I've unmuted you, if you unmute yourself, we should be able to take your question.

Excellent. Good morning, Chris and Claire.

How wonderful to be able to just meet people. Three questions if I may.

Firstly, a general one about AI and how do you kind of see that across your businesses and the opportunity there, and also potentially the threat. Secondly, at Facilis Group, can you tell us a little bit about how the technology is evolving and how that's impacting the revenue per customer?

Thirdly, on the LTV to CAC, you helpfully kind of give us some indication of what your returns are there. Could you tell us how you expect that investment to evolve beyond FY 2026?

Is the use of AI, and I think it is a big question mark, isn't it, with people putting a SaaS product out there. Can our clients, partners, customers replicate that?

I think the answer, they've definitely said no. I think they've said what we deliver to them is of value, because for an increased price they've taken a longer-term contract.

I think that's a very strong position that we're in. Using it in terms of making us get better in those opportunities, we definitely have probably 50% of our team are focused on developing the technology.

That might be in product, it might be in engineering, it might be in marketing, but they're focused on kind of moving that technology forward. We're using AI like a lot of technology companies just to do that much more efficiently, and for the human beings to concentrate on the really interesting stuff as opposed to the day-to-day coding stuff.

We're using AI in a really good way there. Then on a wider basis, our teams are using it a lot in terms of help desks, in terms of getting back to partners, and so it is bringing some efficiency into there.

Certainly in the speed of development of technology, it's helping us. I think the other place that we're going to really take advantage over the next sort of 6 to 12 months is those data assets that we have.

So $1.6 billion going through in sales means something like $3 billion in quotes, and then we see kind of the logo and what sector that's going to, by what salesperson, from what SKUs with our suppliers. We have this incredible volume of data that we've been unpicking and putting into some nice and neat formats that our partners and our suppliers and we can use, which is unique in the industry.

Nobody else has that sort of level of data and can share that with partners and with suppliers in order to drive insights and hopefully income as well for us. We see it as a sort of I think responsible excitement in terms of using it, and we'll never take anything for granted, but I think we are in a strong position in terms of using AI positively, or seeing it less as a threat.

The revenue per customer, I think you asked about as well, and that does come down to the way the technology has evolved, that we were really keen if our target market is a $2 to $20 million distributor, as those $20 million ones grow because they are successful and very good organizations, when they get past $20 million, they need integrations with other best-in-class technologies, they need better data, and we wanted to make sure that they could continue their journey with us beyond $20 million. A lot of our time and effort has been on ensuring we can be with them over the longer term.

What that's done is not only support retention at the high end of our existing partners, but it's bring better quality partners in as well. Better technology brings larger new partners, but that's been sold by a better team in terms of the organization and the quality of the team who are actually selling the product.

A number of things has led us to get a 50% increase in the average size of the business we're attracting this year versus last. I think that's that.

LTV to CAC.

Oh, LTV to CAC, yes. We invested in that.

That was a 7-to-1 on a kind of incremental basis last year. Guess what, that's coming down because we're spending more, but we want to find the low point of that.

That is coming down, and we'll share what that statistic is when we've done a full year's worth of investment and understanding of what that pulls out. That 7-to-1 ratio is deliberately coming down as we spend more, but we think there's a lot of leeway in it at the moment.

Great. Thank you very much.

Andrew, where's Andrew? There we go.

Andrew, yeah, you're unmuted now, Andrew.

Thank you very much. Just quick questions on your focus on EBITDA, and you talked a bit about your CapEx trajectory.

The effect of the amortized R&D going through the P&L will make your adjusted EBIT margins a little less attractive than your adjusted EBITDA margins. Can you just talk through what your CapEx expectations are, and then the effects that you'll have on your adjusted EBIT margin and what your target margin would be once that CapEx has settled?

Yeah. CapEx, we need to think about in two different businesses.

Brand Addition, it's always round about 2 to 2.5 million, I think. We've signaled that that's a sensible number for you to be thinking of if you're kind of modeling Brand Addition.

Then Facilis, we've said think of our CapEx investment at Facilis to be round about 20% of revenue. Obviously, as revenue grows, then that increases as a dollar number, I think we'll probably end up being somewhere slightly lower than that, but from a modeling perspective, I'd say stick with that number.

Then, yeah, obviously, the investment, it has to come through the P&L through our amortization, and so we've seen an increase last year, an increase this year. Historically, we had '23 and '4, we had some quite significant investment in Facilis that was around about 30% of revenue.

That's come as those products are brought to market, and then that obviously comes through in our amortization. I would expect that that charge will go up again when we move through 2027, and then it'll start to kind of equal out and be in line, CapEx equals amortization.

Sure. I can't remember which side was 10% EBITDA margin, what would be the equivalent adjusted EBIT margin in the long run that you think should be an equilibrium?

10% is the EBITDA margin on Brand Addition,

and

we point to 10% the combined operating profit margin for the whole group.

Sorry, could you say that last bit again?

We say 10% operating profit margin for the whole group is our target for the group.

Okay. Great stuff.

Thank you very much.

I don't think there's any more hands. Last sort of go for more hands.

No. Thank you very much for your interest.

We're easy to find if there's any follow-up questions. Thank you, and we'll see you soon.

Thank you very much.