Operator : Good afternoon, and welcome to the Elixirr International plc investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I would like to submit the following poll. I would like to hand you over to the management team. Graham, good afternoon, sir.

Graham Busby : Thank you. Hello, everyone. Good afternoon. I really appreciate you guys joining the call today, and we are looking forward to taking you through another set of record results that we are very proud of. Maybe very quickly we will do some introductions. First of all, Stephen Newton sends his apologies. He has actually got a planned medical procedure today, so he will not be on, but you are in very capable hands with myself, Graham Busby. I am a co-founder with Stephen and the Deputy CEO. Nick Willott, CFO, and nice to meet you all. Em Caerlewy-Smith, a client-facing Partner and Head of Investor Relations. Okay. Just as a bit of an overview, like I said, we are very happy with the results that we launched this week. It shows our diversification strategy is working. We have had revenues increase 25% and adjusted EBITDA increasing 29%. I think that really shows the focus on the quality of growth that we put into the business and the value of our new work, and that kind of flows through to the EBITDA margins of 31% as well. We are seeing more artificial intelligence demands. I think that is obviously a prevalent theme, global theme actually. I think if you think about previous tech cycles, like mobile in the 2000s, it is always the infrastructure players that get the value first. Then that flows through into the services companies, and that is what we are seeing now with artificial intelligence. There has been studies recently that Gartner have pushed through that shows that agentic AI is going to give a GBP 200 billion market opportunity to technology services in the next five years, and we are looking forward to getting as much of that as we can, quite frankly. AI revenue for ourselves is 185% up, period on period, H1 versus H1 last year. So, it is a rapidly growing part of our business. I think we are also seeing the market moving towards senior advice alongside hands-on tech delivery. There has been announcements in the market, you probably saw Accenture and Google, having a partnership with 1,000 engineering specialists to that degree working alongside the consultants. I like the fact that we are already there. We have a senior model by design, and I will talk about that in a second. But we have also built up strategy, data, AI, tech, execution. All of those things means that we can do more and more things with our clients and add more and more value. Em is actually going to take us through a few case studies in a bit, where you can see that value come to life and get a good feel for the work we are doing. Both AI and non-AI, by the way, because obviously we have a large part of the business that does not necessarily do the AI type work. In terms of broader capabilities, we have got deeper client relationships. We will talk about how cross-sell is working. We will take you through where we are with gold clients and really just showing the high value of the work that we have been doing. Thinking about some of the highlights then, from a H1 2026 point of view, it is a record half. I love the fact, again, we are in the Rule of 50, which is the combination of revenue growth and EBITDA margin. I think we have been in that since IPO and even been in the Rule of 60 at times. Just to reemphasize those numbers, 25% revenue, 29% EBITDA growth, and 31% margin, and Nick will go into some of the underlying financials underneath that. Our client relationships, a gold client is what we consider as GBP 1 million of fees or more. On a trailing 12-month basis, we have had 35 in the period, which is 13% up year-on-year. Actually, if you think about GBP 2 million trailing 12 months, we have had 24 in the period, which is up 50%. It is really showing we are going deeper and having more breadth with our clients. They are trusting us with more complex mandates, and they are engaging us on more capabilities than ever before. On the bottom left, before I go to the right-hand side of the page, on the bottom left, we have been expanding our capabilities and our global footprint. Cross-sell has gone up 27%. That is a great indicator that the inorganic strategy is working. That is GBP 19 million of revenue on top of GBP 15 million from the previous period. And actually, if you look at it from a post-IPO perspective, we have now created over GBP 100 million of cross-sell revenue, which we are very proud of. January this year, we brought in Kvadrant. They, to remind you, are a Nordic-based business focusing on real consulting strategy, if you like. They do a lot of commercial transformation, go-to-market excellence, transaction services with private equity. And they have landed really well, especially when working alongside TRC Advisory because they have very mutually agreeable skill sets. In the middle, to just bring some of the AI to life, which Em will go into more detail. We have really spent the period combining AI technology and operational expertise. AI revenue was GBP 8 million in the period, which was up 185%. And like I said, there is a huge market that we want to get into even further. We are getting more global recognition as a market leader. There are three here, two of them from Forbes, so one being best management consulting firm in Americas, and another world's best consulting firm. And then the Financial Times, again, put us in as one of the U.K.'s leading management consultants. And why we put a spotlight on these three is these are from independent feedback from clients and its industry peers. So this is not a pay to play, which a lot of them are. This is really what the industry and our clients think of us, which makes it definitely a lot more special. And we have been strengthening our leadership. Bill Michael has come onto the board as an Independent Non-Executive Director, and we have got four new group partners during the period. And one of those was Thomas, who is the founder and CEO of Kvadrant. And then we have three hires bolstering up our skills in AI tech and also going deeper into industry. So record financial performance. We have deeper client relationships. We have got stronger capabilities. We have had a continued investment in our platform, and really that has positioned us really nicely for growth. We are also aware of a value gap, and we are doing our part to close that. We just wanted to show here just a couple of comparators and a couple of things that we are doing proactively. So we have had sustained market outperformance. So if you look at the graph, we just wanted to show the dark purple line is Elixirr International revenue growth. The lighter purple line is share price activity. And then if you go to the more bluer color, the dark blue is actually the FTSE 100. We chose the FTSE because that was the best performing of all the indices over the period, as shown by the lighter blue line. And obviously you can see the average revenue growth of the FTSE 100 compared to what we have done, and then the returns that company versus indices have returned. Our revenue growth is more than 5x yet. I think unfortunately this week it is probably below this number now, but 8% versus 51%. We have a strategy that remains the same in terms of four pillar growth strategy. It is working really well. We continue to do organic growth. We will continue to deepen our client relationships. We will continue to do selective programmatic M&A, and we are looking to sustain our premium margins. We are also a few other things. There is some targeted action. At bottom right, we bought Canaccord Genuity on as the second broker, and a selection of us have already, for example, been to the U.S. to meet new U.S. investors. I do think, especially with our U.S. footprint, we are a very attractive proposition for U.S. investors wanting to invest into the U.K. And we are pushing that as well. We strongly believe in the sustained revenue performance, our premium profitability, the differentiated platform that gives us that strong foundation for long-term value creation. That is something that is strengthened by artificial intelligence. I know there is a narrative that I am sure you have all read into or heard around AI potentially eating away at consulting. But for us, it is the opposite. It actually structurally improves our competitive model. We are senior-led by design. If you think where does AI, where can it disrupt consulting? If you think about the pyramid model of resource, we have what is probably more of a pillar, whereas the big names out there have more of a pyramid. If you pick one of those, they will have, call it 15,000 analysts at the bottom doing research and insights and kind of working on their methodologies, producing PowerPoints. That is where AI can eat away at. Those companies have spent billions over the years to create that asset that really gives the firepower for the senior partners to be talking to their clients and adding the value they do. AI for us levels the playing field. We do not have to spend billions and years building up that 15,000 personal power and capability. It is available to us with AI. All of our team now have access to what they were churning out previously. That is a good thing for us, especially when you look at how we think about our internal talent. We have promoted two principals to partner. Like I said, we have hired three external partners. 30% of our employees are principals or above. We are definitely senior-led by design, and it is helping us. It is also, when I think about how we use it is powering our delivery. Em is going to talk through this in a second, but we have launched our AI Operating System, and that is showing some brilliant results. Rather than talk about them here, I will let Em pick them up. It is also from a, I touched about our clients and our goal clients. Thinking about allowing us to do more, add more value, offer a greater breadth, especially when you combine with some of the capabilities we bought in organically, and you kind of layer AI either on top of that or weave it in between. It is fueling a lot of that kind of stickiness, if you like, with our clients, which translates into some of the numbers you see there and that I spoke about just now. Execution Edge, that is another capability that is entirely relevant to artificial intelligence, but also far more broadly in terms of executing the executive agenda. It is the human systems that could make that ultimately a success or fail. That really is a great capability now that we are putting into as many of our consulting engagements as we can. This is a platform that really compounds capability. We are deliberately and definitely looking at what capabilities can we add to our business that is going to allow us to do even better things, bigger and greater. That is one of the key drivers of the acquisition strategy, but also our hiring strategy and making sure we are finding the right talent in the marketplace that can come in and help us either build new capability or come with previous capability that we can then leverage. We have had success. It is working cross-sell at more than GBP 100 million since IPO, GBP 19 million in the period. TRC is doing exceptionally well. They got 100% of the 2025 earn-out. We are positioned and have a platform that we are going to continue to build on. We have a strategy to, like I say, look to close that valuation gap that I went through previously. That is probably a good time to hand over to Nick to go into some of the details of the finances. Nick.

Nick Willott : Thank you, Graham. In a minute I will go into some detail on revenue, cash, and the balance sheet, but just to start, just the headline numbers for the H1 2026 period. Revenue GBP 89.0 million, up 25%, gross profit up 26%, adjusted EBITDA of GBP 27.6 million, up 29%, and an EBITDA margin of 31.0%, up one percentage point on the prior comparable period, reflecting our focus on high margin work in the period. Adjusted profit before tax increased by 25% to GBP 25.1 million. That increase was slightly less proportionally than the increase in EBITDA as we now have the interest cost associated with the debt facilities that have funded our recent acquisitions. Adjusted diluted EPS increased by 18%, again following that increase in adjusted profit after tax within the impact of the shares that we have issued for the acquisitions of TRC and Kvadrant. We have continued not to dilute for any of the partner employee incentives, so all that increased share count was associated with those two most recent acquisitions. Free cash flow was GBP 1.8 million in the period. It is always seasonal, but there were also some abnormal factors in this particular period, and I will come onto that in a moment on the cash slide. We closed the period with GBP 56.5 million of net debt, principally as a result of the recent acquisitions, including, of course, TRC, which is the largest acquisition we have done to date. Just moving forward and putting that into context if there are any new investors or potential investors on the call. Obviously, those of you who've been following our story for a while will know this, but I want to just put into context the performance in the half. It is very much continuing the track record that we have had every year since our AIM IPO back in 2020. We have always, over that period, grown revenue. We have held EBITDA broadly proportionately to the increase in revenue. You see that green line on the chart, which is our EBITDA margin, which has fluctuated give or take at around about that 30% level. How have we done that? It is the same four-pillar strategy we have been following throughout those years, and we very much intend to continue the strategy. The three organic pillars on the left-hand side in the bottom, stretching our partners, getting increased revenue per partner and partly by giving our partners more to sell. We over those five years, six years have doubled revenue per partner. In this half, that number was fairly constant year-on-year. This is a time when we have significantly invested in the partner team. Our average number of client-facing partners in the half increased from 32 partners in H1 2025 to 40 in H1 2026. We have promoted principals in our business to the partnership, and we have hired external partners. Very much our focus is on making sure we bring the right people into the team. We are always focused on performance, and we have asked partners to leave in this period, as we always do if they are not meeting our performance to date bar. Over time, the quality of the partner team is increasing significantly. Then acquiring businesses. We obviously have the most recent acquisitions of Kvadrant in the period and TRC Advisory late last year. That acquisition strategy again is our inorganic pillar that we will be continuing with. Moving on to slide 11. Just unpicking our revenue progression. Revenue in the period increased from GBP 71.4 million in the prior comparable period to GBP 89.0 million. There was a GBP 1.6 million FX headwind, given the 4% weakening of the U.S. dollar relative to the pound. That was the GBP 1.6 million bar you see on the first bar on the left. Then we have the three bars that make up the organic performance, end of program, net growth in existing clients and new clients. GBP 12.1 million negative from end of program. We did have a particularly large number of large programs that completed during the period. These are programs of work where we have successfully completed the work for clients. We are now in this period where there was zero revenue from those clients, but our clients often come back, so we keep the relationship, and very often those clients will come back in a subsequent period. Then net growth in existing clients, GBP 7.6 million, and growth from new clients of GBP 8 million. Three bars together is at 5% organic revenue in the period. Then the contribution from acquisitions, GBP 15.7 million, which was the five-month contribution from Kvadrant and the impact of TRC Advisory that we acquired in September in the previous year. From a cash perspective, we opened the period with GBP 24 million give or take of net debt, and we closed with GBP 56.5 million of net debt. Our operating cash flow, GBP 2.8 million, was lower than is normal in the period. Those of you who followed our story know that H1 is always a low operating cash flow and free cash flow period. We have a debtor swing and a creditor swing. Our revenue in June is always higher than revenue in December. December is our lowest revenue month, so debtors always increase. We pay our annual bonuses in half one for the previous year. Again, our accruals decrease, and there's a cash outflow for the previous year's annual bonus. Those two factors you always see in half one. There were also, though, three additional factors that made the operating cash flow abnormally low. I guess because it's always a low number, given that seasonality I was just speaking about, it therefore becomes disproportionately impacted by the additional factors. Those three additional factors were TRC coming into the group with a number of debtors on 60 or 90-day terms. Our group standard is 30. We do agree exceptions to that when we have to with large clients and for strategic reasons, but that is always our starting point for negotiation with a new client. That same discipline does apply to TRC for their new clients, but it will take us some time just to mitigate the impact of those clients that came in on 60 and 90-day terms. Bonus payments. There is a bigger swing in this half than there was in H1 2025. It's not because we're accruing lower bonuses this year. In fact, our bonus accrual is about GBP 1 million higher than at this time last year. The FY 2025 bonus was about GBP 5 million greater than FY 2024, and so therefore the cash outflow when that was paid in H1 2026 is a corresponding GBP 5 million greater. There was some timing of tax payments associated with the timing when TRC came to the group and the flowing of their numbers into our estimated tax payments that we made. From an operating cash flow perspective, this will look very different at year-end. The seasonality that we always see in our cash flow, you will see in H2, and we will end the year with a significantly lower leverage position than the GBP 56.5 million that you see here. How do we use the cash during the period? Obviously the largest outflow was the acquisitions, GBP 23.5 million outflow. Broadly GBP 16 million for TRC's earn out for FY 2025 that they earned in full, and about GBP 8 million for Kvadrant. Some usage of cash for shareholder loans associated with our partner incentive model and buying shares into our EBT. As I've spoken about before, we have always offset our dilution from the partner and employee incentives by using our cash to offset dilution. We paid a GBP 3.7 million interim dividend during half one. The larger dividend of GBP 7.5 million, the final dividend, was paid recently in August. From a balance sheet perspective, the major movements in the period, obviously intangible assets increased given the acquisition of Kvadrant. Trade and other receivables increased. I was just talking before about the extended terms that TRC had agreed with some of their clients before acquisition. It is important to point out, I think, that on the increase in trade, we have no concerns from a credit risk perspective. The clients that have come into the group on longer credit terms are blue chip clients where there is no credit risk concern. It just means that we have to wait a little bit longer to collect that money. Out of those 36 million of trade and other receivables you see there at 30th of June, less than 5 million are still for collection today, and the vast majority of that will be collected in the next few weeks. That isn't a concern to us, but we will obviously work to bring that down as we can. Contingent consideration now has fallen to about GBP 25 million. All we have on the balance sheet from a contingent consideration perspective is the $36 million earn-out for TRC Advisory, and about a GBP 5 million earn-out for Kvadrant, and we've got about 80% of that provision on the balance sheet, because under accounting standards we have to accrue a probability weighted estimate rather than the maximum. Then just an update of our dilution slide that we've given to you before. This is our model, obviously, that illustrates going forward what could happen with our dilution in a world where we have a 20% growth rate in revenue, EBITDA, and share price. Of course, given where the share price has been recently, that dilution does not eventuate without the share price growth because our options are all granted at market price, and therefore for our partners and employees, the value they accrue is only the same value in the way that it would accrue to you as external investors, which is by increases in the share price from the date that they joined. Just to remind you, we've only experienced 11% actual dilution since 2020. All of that driven by M&A, not by our partner and employee incentives where we've used cash. But this is just to roll forward, what could this look like? If we add that 20% compound growth rate, where the business is turning into broadly a GBP 1 billion market cap business by 2031, with 18% dilution, that still means that the existing shareholders would own roughly GBP 850 million of that business, and therefore, 3x the value that it is today for the existing shareholders. Relatively modest dilution compared to the growth in value of the business. Just although you see that, obviously in the results announcement, you can see the headline numbers of options that we have granted. Just to remind you that actually, given the fact that our partners and employees have to earn their options by high performance, by performance ratings and revenue and profit targets, and they generally can't be exercised for 45 years. Given the performance requirements and attrition, only 30%-40% of those options will ever vest. The value for the partner or employee is only the growth in the share price. The dilution is a lot lower than if you just. You need to look into the detail of how those programs work rather than just the headline numbers. I'll finish there and I'll hand over to Em for the business review.

Em Caerlewy-Smith : Thank you, Nick. We thought it would be good to recap our intentionally built full span of capabilities and talk to you a little bit about some of the work that we've been doing with clients in H1 2026. Over the years, we have been building an intentional stack of capabilities to be able to meet increasingly complex demands from our clients. These capabilities span from boardroom strategy all the way through to the execution of transformative initiatives. We bring together strategy and transformation, research and insights, digital experience, operational excellence, AI, data and technology, and now Execution Edge, which is about the activation of the human systems within organizations to ensure execution assurance, and acceleration of the executive agenda. We do all of these pieces of work with clients like those on the right-hand side of this slide. These are actual clients that we have worked with across the globe in H1 2026, so clients that we've very recently been working with. Our ability as client-facing partners to stitch together the capabilities on the left-hand side for these types of blue-chip clients is what is fueling our ability to deepen client relationships, to grow our gold client base that earns the firm GBP 1 million of revenue a year, by 13% year-on-year this half year, and also to grow those accounts that are generating more than GBP 2 million a year of revenue by 50% year-on-year in H1 of this year. Some examples of what we mean by these capabilities. If we take strategy and transformation as an example, for one of these firms, we have built a growth strategy, involving a lot of financial modeling, breaking down of the work that they do in their market, and rebuilding it to create a growth strategy playbook that would result in a 16% increase in their own sales forecast in the first year of being implemented. For research and insights, we've been working with one of the major technology firms on this slide to create a research-led thought leadership platform that position them in their own target market in order to grow demand generation. That demand generation performance grew as a result of our research and insights platform from $1.7 billion to $2.5 billion and improved their brand perception. For digital experience, we've been working with one of the financial services firms on this slide to transform digital experience through a complete website redesign. That's involved the technological architecture, the UX, the UI, the reusable components used in their online presence, as well as making AI-enabled enhancements to increase conversion. This has resulted in more than 12x an increase in their conversion rate online, as well as over 170% increase in their number of online form submissions.

Operator : May I have your attention, please. May I have your attention, please. There's been a fire reported in the building. Hi, everyone. Just to say, I think the team do just have a fire alarm going off in the building, so they've just popped themselves on mute and will continue shortly. Okay. Ladies and gentlemen, I'm afraid that the guys have had a fire alarm incident at the venue, so they are going to have to evacuate the room now. However, I would recommend just holding on for five minutes in case it turns out to be a false alarm. Ladies and gentlemen, if you could just bear with us, just while we get confirmation from the company as to whether or not the presentation can continue. Thank you for your patience, and we will be back with you momentarily. Do bear with us, ladies and gentlemen. We are just awaiting confirmation from the company as to whether it is a false alarm or, hopefully it is, but I will be back with you shortly. Thank you everybody for your patience. I will keep you updated as soon as I hear. But for the meantime, please do stay in the webinar room and we will do our best to connect the company back as soon as we can. If it does look like it's going to be an unreasonable amount of time, I will come back in and inform you and then look to rearrange the session as soon as possible. Or alternatively, we may even consider recording it when they're back and emailing that to you so you have that today. But either way, please do bear with us. I will be back again shortly. Afternoon, ladies and gentlemen. Thank you ever so much for your patience. I've just heard from the company that the fire alarm is real. They have evacuated the building. To that end, they won't be rejoining today's webinar, so many apologies for the inconvenience. If you do have any questions, what I would ask you to do is put them in the Q&A tab now. At least that way I can present them to the company when things return to normal. I'll enable them to have the ability to either do a pre-recording, and we will send that to all the attendees on today's call. Or alternatively, we will look to reschedule this meeting, hopefully in the very near future. But I can't commit to anything until I hear back from the company. What I'll do is I'll obviously allow you all just to close your browsers now, or alternatively, if you have any questions, do put them in the Q&A tab and I will present those to the company for their consideration as well. Many thanks. Again, apologies for any inconvenience. This is the first time in five years it's ever happened to us that a fire alarm that's real has gone off. Apologies. Thank you once again. Ladies and gentlemen, thank you very much indeed. I hope we've given enough time for questions to be submitted, but I do see that we've got 57 investors still in the room. What I'll do is I will close this room at 1:15 P.M. automatically, so that gives you about another five minutes. If you do have any questions you wish to present to the company, please do feel free to just add them in the Q&A tab and we'll submit them. If not, we will end this webinar at 1:15. Thank you very much indeed. Whoops. Hi. Ladies and gentlemen, thank you very much indeed for your patience. As I said, the Q&A was open until 1:15. We have now closed the Q&A. On behalf of the company, thank you for your time. Apologies for all the inconvenience. They are still standing outside the building, and we will inform you very shortly as to re-recording, new meeting, or what that process will be. Thank you once again for your time, and please do enjoy the rest.