Good afternoon. I'm Ed Torr, the Non-Executive Chairman of the Animalcare Group. Welcome. Thanks for joining us this afternoon which is actually the first Animalcare Corporate Event Day. I think you'll understand the reason why it's the first. We'd have liked to have been a few years earlier, but here we are today and looking excited that you can share and interact with our team on the future growth plans we have for the business. As you will see from the agenda, it's a fairly tight timetable, and the team will endeavor to stick to the timings. We'll then have a Q&A session at 4:30 P.M. The objective of today is for the team to share the insight and the details of our future growth plans. As I said earlier on, it's taken us a little while to get to this day. More importantly for you probably see Jennifer and Chris most of the time. You've now got the opportunity to meet all of the team today, who will present and give you some idea of how they're going to execute the growth plans. I'm not one for looking backwards, but I thought it was useful to give you a little bit of insight as to how this business has developed over the last six to seven years. We were delighted in August 2018 that Jennifer could join the Board. We told her, I would say, warts and all, what she was coming into. I think it was a bit tougher than you thought, wasn't it, Jennifer? It seemed every stone that she turned, she found a snake. We had headwinds galore all over with the business in terms of losing key distributorships such as TVM, Zoetis. Millions and millions of GBP worth of business taken away from us, and we got to fill the hole. There were certain legacy litigation cases taking lots and lots of time from the team. I'm delighted to have overseen and witnessed what this team here have put together over the last four or five years with Jennifer's skill set, international management, product development, a gritty determination to get things right and look after her people. I think we can start today with a platform that we have some really, really good plans, development plans, product development, M&A activity that you can address, or the teams can explain in a bit more detail. Innovation, which is really, really important. Jennifer's developed a great team ethic, good culture within the business. It's completely integrated now to where it was 8 years ago as a disparate set of companies. Rather than listen to me go on, I think it's time to hand over to Jennifer so you can go through the growth plans and interact with the rest of the team. Thank you. Well, thanks, Ed. That wasn't quite what I expected to be in Ed's script, but thank you very much. I appreciate the feedback. You're right, every time we picked up a stone, Chris and I'd go and put it back down rapidly and choose which one we then picked up. Today is all about looking forward. It's great to see so many people that we know. There's a few new faces, so hopefully we get an opportunity to interact afterwards. I think Stifel are putting on a cup of tea or something for us afterwards, and maybe one biscuit. I'm going to share with you just a little bit, to start with. As Ed said, I'm delighted to have some of our team here, to come and share some of the work that they're doing. This is really intended to be a picture of health, really. As Ed said, the platform's in pretty good shape. I'm going to touch briefly on the past. Going to talk a little bit about today. Most of the time, we're going to talk about the future. That's the agenda. I'm going to kick off with a few reflections. Most of you know the story as well as I do, and as well as Chris and Ed do. We're going to share a little bit from Randlab, and that's in the form of a video. Slightly different pace and a slightly different look, but hopefully you enjoy that. We're certainly enjoying having Randlab as part of the team. We've got a number of speakers to join us to talk about some of the initiatives that we've started now, which we believe will be important growth engines for the future. I'm going to introduce Cheryl, who heads up our Commercial Excellence team, and then I'm going to introduce, or at least Cheryl will introduce Alex to talk about two things. One is the work that we're doing around our dental franchise and secondly, manufacturing. Martin is going to talk about our M&A. I don't think there's going to be any surprises in there. Most of you who know us well know what we're doing around M&A, but it would be quite helpful to look at that all in one place and think about how that can be a growth driver for the future. Hafid Benchaoui, who joined us at the end of last year, is now our Chief Science and Strategy Officer and will be talking about the transformational pipeline. Chris will hopefully round it all up with the bit that I suspect some of you are more interested in is the financials. Chris will do that, so you have to wait till the end to get those bits. Okay. I talked a little bit about the team, and I'm really delighted with the team we've put together. It's been fun. We've got some great brains, and the team works really well. You've met Ed, you've met me, you've met Chris. Bruce, you will see on video. Alex, I'm just going to say a couple of words. I know Alex will introduce himself. It may seem strange that our Supply Chain Director is talking to you about one of our key commercial initiatives. Alex joined us from a great experience at both GSK Consumer and Colgate, and so comes bringing a lot of that OTC franchise experience. Alex is going to talk about dental, and then he'll move on to his home territory of Supply Chain. Just in case you wondered why Alex was talking about one of our big commercial initiatives, that's why. As I say, we've got Martin and Hafid, who are going to talk about their specific areas. Before we do talk about the future, I just do want to touch a little bit on the past. It's interesting because it's a question we still get asked quite a lot about rationalization, the product portfolio. Today, we're not going to spend much time on talking about the things we're already doing. Okay? I'm not going to talk about today's portfolio and exactly what we're continuing to do, because that work will continue. I just wanted to reflect a minute on what we've come from and where we are today, because that's really the rationale why we're all here today. We're talking about here we are today. What does future hold? If you look at before 2020, we had lots of brands, and it was highly fragmented. When we talk about fragmented, I think Martin did the work on this, but there was like two brands that were in all of our countries. That's a really difficult business to manage. Whereas today we're at 163 brands, and many of the brands in our top 10 and top 20 are in multiple countries, and some of them are in all of our countries. We get that economy of everything working together. In 2020, we had lots of distribution contracts, some of which were good, and we've maintained those, some of which were not as good. In fact, they were pretty poor and unstable. We've systematically moved to make sure that we're retaining good contracts and that we're terminating poor contracts. Clearly, as Ed said, some contracts get terminated, and we'd rather keep them. Interesting to reflect that some of those contracts that were terminated by the owner of the marketing authorization were actually terminated because they thought we were doing such a good job that it would be easy for them to do as good a job themselves. Mixed view. Just in terms of some of the impact of those first two things, if you look back to 2020, I think on the next slide we talk about 2021, but our average margin was about 50%. If you look at the top 10 products today, the average margin's at 65%. You can see that that work that was going on behind the scenes has actually improved margin as well. We sometimes forget, well, Chris and I don't really forget, but I remember when I joined, we had about GBP 26 million of debt. Given that the organization at that time wasn't particularly stable and hadn't got a clear strategy and vision, that was something that kept us awake at night. We were over 2x leveraged, which I know some people feel comfortable, and some other people have a severe nosebleed at that level. Certainly for us, it was not a comfortable place to be. I think I'm delighted that we're standing here now with about GBP 9 million. You'll see later in Chris's slides, about GBP 9 million of debt and less than 1x leverage. We bought Randlab. I think that's a really important measure of our movement to 2025. In 2020, we had one asset in our pipeline. That was Daxocox. When you look at what we've got now, and Hafid can share, we've got six assets in our pipeline, and we've had two launches, one of which was Plaqtiv+, and one of which was Daxocox. We've moved considerably on in terms of our existing work. We don't normally share with you the actual numbers on the top 10, but people keep asking us for them, so we thought, why not? We're very proud of where we've got to with that top 10. There's some interesting pieces that we can pull out. If you look at the top 10 products, revenue growth is about 28%. Actively driven. That was a strategy. We wanted to grow the top 10 products. I mentioned earlier, we're now at 65 versus 56 in 2021, so we'd already done some improvement to 2021 in the top 10. We've changed the share of products that we own versus distribution because we know that owned products we have greater control and sustainability over, and we are now at 95% in the top 10. That gives us the confidence that we wanted to get to be able to then think about what next. With the purchase of Randlab, obviously we've increased our percentage of the equine business. We believe the equine business is a great place for us to be. It's a smaller customer group, so as a smaller business in the animal health world, we can better access our customers. But also it is growing rapidly. Generally, the margins are good too. So for us, we recognize four or five years ago that it was a good place for us to be. Danilon® Equidos Gold, which is our number two, is about a five million product already. And then with the acquisition of Randlab, we're now at twenty-four percent of our business in equine. So that's a really good measure for us from the top ten. However, having said that, even before we move on to new organic initiatives that we're going to share, we see there's plenty of opportunity for straightforward organic growth. When you look at the addressable market, Daxocox is still a small market share. It's about 3% of a big, growing pain market. There's plenty of opportunities for us to continue to grow that without doing anything extra, doing the things that we're doing today. The dental franchise in the vet is about 20% market share. These are European numbers. There's still lots of opportunity for growth with the vet for dental. In some countries, we are a market leader today, but there's still opportunity for growth. We'll continue to do those things. There's also still opportunities for expansion into new territories. We're already seeing with the Randlab acquisition, we've obviously bought that business. We're expanding into UAE. We're doing more business around Asia-Pac. There's opportunities there. With Daxocox, we're still gaining regulatory licenses in other countries through our partnership with Virbac, and that will continue. That's only just coming on stream. There's still an opportunity for expanding our existing products in markets today. Finally, whilst you're going to hear from Cheryl in a minute about some new initiatives in Commercial Excellence, just our focus on improving our interactions with our customers all the time is going to continue to be a really important part of our growth. That maturity is developing. It's really been, I think, a three-year journey so far. We will continue to upskill, to build capability, to make sure that our interactions with our customers are as good as they can be. At this point, I thought probably one of the most important things that we've done in the past few years is our acquisition of Randlab. When we first started talking about Randlab, people said, "Oh, Australia, it's a long way away. What do we know about it, and what does the business look like?" What I'm going to share with you is just a short video which gives you all a feel of what we bought. Suffice to say, what we bought, we're delighted with. You can see it in the numbers. It's exactly what we wanted, and I was going to say it's doing what we wanted. It's probably doing slightly more than we wanted. It's been a great business. I can tell you that, but it's even more important if you hear it from Bruce Bell, who is the General Manager of our Randlab business. Randlab was founded by Angelo Vasili in 2004. Angelo was formerly a racehorse owner and trainer and had a deep understanding of veterinarians and the equine market, and from this, in his simple but revolutionary vision, to provide equine veterinarians wherever they practice with comprehensive prescription products and be the people closest to the equine vets. What makes Randlab different is this close relationship and understanding of veterinarians, which we maintain through our gastroscopy days. We don't just make sales calls. We work alongside veterinarians for hours, facilitating ulcer screenings. Over 30,000 horses have been scoped through this program, creating relationships that go far beyond vendor-client transactions. These intimate conversations have identified real clinical needs and now drive four active innovation projects in our development pipeline. After five years working alongside Angelo and building Randlab, I knew we had created something truly special. When it came to finding the right partner for growth, we wanted someone who understood our culture and mission as Animalcare does. This was evident during the sales process as the relationships we built with Jennifer, Chris, and Martin weren't typical business negotiations, but were genuine connections based on a shared vision. Animalcare understood not just what we did, but why and how we did it. For me, this represented the perfect opportunity to preserve what made Randlab special while gaining the resources needed for ambitious growth. Most importantly for me is that it meant I got to return to my roots and work closely with equine veterinarians, but now with the backing of a larger organization that truly got our mission. The best part about joining the Animalcare family was that the process went just the way we thought it would, as relationships and expectations established during the sales process remained firmly in place after closing. Having managed multiple acquisitions throughout my career, I know this level of consistency is rare. Animalcare's light touch approach to integration was brilliant. They understood that our entrepreneurial culture wasn't just nice to have, but that it was essential to our success. Local management led the integration process, ensuring the experiences of our customers and employees remained unchanged while preserving the strong Randlab brand. The human element made all the difference. Jennifer, Chris, and Martin made multiple visits to Australia and New Zealand, attending key events and building genuine relationships with our team. This helped cement the feeling of a true partnership and put a human face on the acquisition. I joined Animalcare's Senior Executive Team to solidify this partnership, and I feel like I have a real voice in our collective future. One of my first initiatives was bringing our Commercial Team together for a Keep, Improve, Change, or Stop exercise. Every team member had input on our business activities moving forward. We systematically addressed every item throughout 2025, building tremendous confidence that people were heard and valued. This collaborative approach maintained the momentum that had always been our hallmark. Our people remain energized because they could see that joining Animalcare enhanced rather than constrained their ability to serve our veterinary community. Our unique market approach has broad implications for Animalcare's global strategy. Our gastroscopy days aren't just relationship building, they're our innovation engine, creating conversations about unmet needs that drive genuine product development. Because equine practice is remarkably similar across developed markets and the equine product category is small but highly fragmented, our method of targeting practitioners with comprehensive support could serve as a blueprint for international expansion. We've proven that being wherever equine veterinarians gather and truly understanding their challenges creates sustainable competitive advantage. My ambitions for Randlab are clear. First, bring meaningful innovative products to market using insights from our deep veterinary relationships. Second, expand our ethos globally. Provide equine veterinarians, wherever they practice in the world, with comprehensive prescription products, and be the people closest to the equine vets. This doesn't just include geographic expansion, but it is about scaling a proven approach that works across international markets. With Animalcare's backing, we can transform how the global equine veterinary market is served. Animalcare has already been incredibly supportive of our ambitions and in enabling us to succeed. Notably, in the year we appointed new commercial positions to deliver on the opportunities ahead. We recruited a new export manager to capitalize on the significant international opportunities across Hong Kong, the U.K., the Netherlands, and emerging markets in Asia and Europe. We also recruited a new sales manager for the Gulf Cooperation countries to accelerate growth through existing and new distributor relationships. We have significantly expanded our sales capabilities, doubling our efforts and adding a sales head to enhance customer service and increase gastroscopy days whilst improving the capacity for the team to focus on innovation. Each investment so far has succeeded beyond projections, validating both our strategy and Animalcare's faith in our approach. Our journey with Animalcare represents everything right about strategic acquisitions. They didn't just buy a business. They embraced our approach, supported our culture, and invested in our vision. We've gained the resources for ambitious growth while preserving the entrepreneurial spirit that made us successful. Most importantly, this positions us to serve equine veterinarians more effectively than ever before. After four decades in this industry, I can confidently say this partnership represents the gold standard for acquisitions. This is just the beginning of our story with Animalcare, and I'm incredibly excited about the opportunities that are ahead. Hopefully that gives a bit of a sort of more personal feel for something that we are really delighted by. I'm going to move on a little bit into the future before introducing the other team members. On the left-hand side, business as usual. As I said, we'll continue doing some of the good things that we know work. What we're going to do today is introduce you to the next four blocks here. In terms of capabilities, we're going to talk to you a little bit about our retail dental franchise. We're going to talk about some more of the commercial investments that we're going to make. We're going to talk about our supply chain, because that's a critical part of making sure that our organic growth is at the best margin and most profitable that we can. Martin will share a little bit about M&A, and then Hafid will share a little bit about the pipeline. Hopefully by the end of the day, you'll have a better understanding about what we see as our ambition for growth. Chris is going to talk through the detail on this, but effectively what we're looking to do is invest in those areas that we're really confident about that will drive future growth and share some of those with you today, because we're looking to try and get to that GBP 150 million in 2030 and then looking for opportunity beyond, driven by things that we're starting to invest today. We're really excited about it. We're really looking forward to the journey. We're sure it's going to have its lumps and bumps and excitement and disappointments, but hopefully after today you'll have heard a little bit more from some of the team and have an opportunity to ask more questions at the end. Okay? I'm going to hand over at this point to Cheryl. Thank you, Jennifer. Good afternoon, everybody. My name is Cheryl Lawrence-Tarr, and I am Group Head for Commercial Excellence in Animalcare. I've been in the business now for nearly four years and been working on leading the strategy to drive customer excellence, customer engagement and ensuring we have the right systems and processes in place to ensure we have a capable, scalable commercial organization. My background spans European markets. I actually come from human pharmaceuticals, so Animalcare is my first foray into animal health. My focus, and what I'll take you through today, is how we're building more consistent, scalable and data-driven commercial organization, which enables us to strengthen our execution, enables us to enhance our customer value and ultimately supports the sustainable growth of the Group, which is obviously what we're talking about. There are three different areas I'm going to look at. Going to give you a brief overview of why commercial excellence is important to support our growth ambitions, what we've achieved so far in Animalcare. I'm going to talk about a particular case study. I want to share with you some success we've had already. I'm going to talk to you about three clear commercial excellence initiatives that we're going to use to accelerate our organic growth. Why are we concerned with commercial excellence? Commercial excellence is now widely recognized as a core driver of predictable and sustainable growth. There are many independent benchmarks that show that organizations with a more mature commercial excellence organizational ability and capability will drive better returns, outperform peers across revenue, margin and execution quality. There's some actual value in driving commercial excellence. At Animalcare, it's really all about scaling the behaviors of our very best teams and ensuring that every representative, every manager, and every market perform at this level. The framework you see here really gives a picture of the things that we focus on when we talk about commercial excellence. The foundation stones that we talk about help us focus, help us ensure that we provide quality interactions with our customers, consistency within teams and across markets, and create a learning and continuous improvement environment for our teams to operate in. You can see that there are three particular pillars that we focus on, process, capability, and tools. Process is really about process harmonization and standardizing those critical commercial processes across the business. For example, incentive design, so our commercial incentive plans, making sure that we have consistent commercial incentive plans across the business that ultimately give us consistency, fairness, and drive better alignment across our teams and across the markets. The second pillar is capability, and Jennifer Winter's already mentioned something around capability building. If I give you an example of capability, we have really strengthened our first-line leadership capability through structured coaching programs and leadership development performance. This is what turns processes and tools into real behavioral change and improved customer engagement. Tools are the third pillar. A really good example here is where we've established a unified CRM system. When we were operating as separate businesses, some businesses had CRM systems, customer relationship management systems. Some businesses were not using them at all, but they're all different. It's really important that we have a unified system. The benefit of that is that we have one version of the truth when it comes to understanding our customer environment and our customers. This enables our teams to be better planned, to target more effectively, and to ensure that we can target their performance more effectively. Ultimately, this is about transformational leadership. This aligns efforts across functions and ensures commercial strategy turns into consistent execution. Together, these elements increase revenue per rep, improve margin per customer, and accelerate speed of execution. They give us a scalable model that we can apply across all of our markets. What have we done to date? As Jennifer says, we've been working on this for the past three years, so we have made significant progress to date. With careful investment, relatively conservative investment around Commercial Excellence to date, but we've built a strong foundation on which we can build. Over the past few years, we have really been focusing on building a consistent and capable future commercial organization. For example, we began by defining competencies for our critical commercial roles, ensuring that we were very clear what excellence looks like in our critical commercial roles. This helps improve clarity for recruitment, onboarding, and ongoing development, which means we bring in and grow the right talent into the business. We also rolled out the Challenger-based customer engagement approach. This is selling model across all of our markets, helping improve how we sell our more novel and differentiated products. This has since evolved into our customer engagement methodology, and we're now supporting local teams to deeply embed this in their day-to-day commercial activities. Recognizing that great performance relies on great leadership, we've invested in strengthening the capability of our first-line sales leaders through targeted coaching and leadership programs. They're now better equipped to develop their teams and to drive performance consistently. In parallel, we've taken really important steps to raise the bar on data and analytics. We've aligned our processes across markets and launched the Animalcare data strategy, which sets a really clear roadmap for more sophisticated insights and smarter commercial decision-making. Finally, we've tightened the link between strategy and execution, ensuring our focused brand's strategic direction is consistently and effectively translated into commercial action in every market, which we measure through a standard set of commercial KPIs. Together, these achievements are laying the foundation for a more scalable, insight-driven, and high-performing commercial organization, one that's equipped to deliver sustainable growth. Let me bring this to life for you with a case study. Let's talk about Germany. Germany is one of the markets where our commercial excellence model is most fully embedded, and the results demonstrate the value of disciplined, capability-led execution. We've worked in a really focused and systematic way with the German leadership team to bring commercial excellence to life in this team. The results, if we take example of some of our key brands such as Daxocox and Plaqtiv+ over the last couple of years, we've seen a 35% growth on 2024 for 2025 results for Daxocox and a 21% growth versus 2024 for Plaqtiv+ to some of our key brands. This is significant growth for some really key brands for us that we've seen within the German marketplace. This isn't just about growth, it's about the quality and predictability of this growth. The German team are consistently delivering results and hitting their targets or exceeding their targets through clear role expectations, strong coaching cadence, sharper targeting of our customers, and an embedded customer engagement methodology. This case study validates our Commercial Excellence model. When teams have clarity, capability, consistent processes, and the right tools, the commercial return is material and sustained. Germany shows that Commercial Excellence isn't only about accelerating growth. It creates reliable and repeatable performance. Our experience over the past few years has really shown what drives commercial performance in our markets. We have proof and alignment on some of the key levers that will unlock outsized revenue and margin impact. You can see here we've identified three accelerated initiatives to drive revenue in 2026 and beyond. The first initiative I want to mention is capability. This is really about increasing the competitive share of voice and increasing our customer focus. This is about increasing our sales force capacity across markets which have mature commercial excellence foundations, which will help us deliver disproportionate revenue growth. Our top-performing representatives can deliver 25% more revenue than the average, so scaling this capacity has immediate upsides. We will roll this out in 2027 and beyond. The second pillar that we're going to work on as a key initiative to really accelerate this growth is capability. This is really ensuring our commercial teams have the skills to perform to their very best. In particular, we want to strengthen the focus on our face-to-face channel effectiveness, so our vet channel. This is a very important channel for us and really drives a significant part of our growth. In giving our teams more training, more coaching, and measuring their results more closely, we will see a significant impact. We expect to see increased effectiveness in every customer call, which in turn will drive higher and faster product conversion and uptake. Ultimately, our customers will use more of our products more often. This will also increase our customer connections. In terms of investment, we're already embedding and rolling this out in 2026, and we'll continue to do that across 2026 and into 2027. This is an ongoing program that we expect to go for the short to medium term. The final lever that I want to talk to you about is onboarding. This is what I talk about unlocking performance early. When we bring new hires into the business, ensuring that they have. This is probably one of our highest return levers and effective onboarding will accelerate productivity, reduce time to impact for that person joining the team, and improve early retention. For example, there is data to show that if you reduce ramp-up time, so time to that person becoming effective, with a very good onboarding program, you can reduce their time to be effective by 20%-40%, which means they're in the field more quickly, doing more and generating revenue. Ultimately, we also expect the fact that the annual sales per rep will go up because they're in the field quicker than you would expect without a clear onboarding program. If you have clear, high-quality onboarding, you retain more people. It's their first experience of the business, so having clear onboarding programs will help you retain good people that you recruit. Through all of this, we expect that target attainment will increase again, somewhere between 10%-20% is an estimate. Overall, this onboarding process is underway, and we expect to see the first new hires going through this program at the end of 2026, with a particular focus initially on our sales managers and our sales representatives. We forecast to deliver incremental EBITDA from 2027 on for these initiatives through faster time to productivity, higher annual sales per representative, improved retention, and more reliable team performance. We now have a validated, scalable model that supports our organic growth strategy and strengthens the fundamentals, revenue, productivity, and execution excellence. Thank you. Now I'm going to hand to Alex Sugden, who's going to talk about another organic growth lever. Okay, Alex. Thanks, Cheryl. Good afternoon, everybody. So, as Jennifer introduced me this afternoon, my previous experience is within a major multinational. And more specifically, I was part of the team that led a very similar model to the one I'm going to talk to you about to be implemented extremely successfully while growing that business. So we think we've got a really big opportunity in our dental franchise. We want to expand into online and omni-channel retail in a very targeted way. If I talk through the market a little bit. So currently, the non-prescription medication market, the oral care market, and the hygiene market in Europe is worth about €3 billion, and it's growing 7% a year. We have products in each of those areas, but the largest part of our portfolio is within dental care. When you look at that part of the market, it's forecast to be around GBP 760 million by 2028. We know that there's a large unmet medical need for dogs to have dental treatment. Currently, only about 10% get dental treatment. We've got a big market, it's growing, and we know there's a long runway. Today, our focus is really around about 1/3 of that market, which is vets and vet clinics. That's a good business. It's growing at 4%-5% a year, and it's going to remain our heartland. Vet recommendation is absolutely key to the success of our brands, and it will remain so. The vet is the person that gives the initial recommendation that the pet parents take. We also recognize that repeat and consistency of treatment isn't particularly high. We believe, and we can see because significant parts of our portfolio are already sold in this area by our customers and by our customers' customers, that there's an opportunity for us to expand into this space and start to get some share within that remaining 70% of the market. We know that our portfolio works today, in that space, and currently about 20% of our sales are in brands that are non-prescription medication. This is already a material business for us. How are we going to do that? We want to professionalize online retail within our business. We're going to build a small Pan-European team focused around three pillars, targeted digital marketing, winning the digital shelf, and account management and investing in account management, to win those key customers. We're going to use industry expertise to do that. We've recruited the former Chief Commercial Officer at Colgate-Palmolive, or former Customer Officer, sorry, at Colgate-Palmolive, who was also instrumental in executing this strategy within Hill's as a consultant to give us strategic direction and also to help us identify potential pitfalls as we implement this strategy. We're bringing in this small proven team of experts. We're focusing on a limited portfolio to start with. Products we already can see are generating sales in this channel. If we put the right focus and vigor in terms of targeted advertising, in terms of keyword search within our retail customers, our online and omni-channel retail customers, we'll be able to move our products up in the search rankings within those customers. We're starting small, and then we will expand and invest based upon the success of that business. We see an opportunity to build on our existing growth within the vets by bringing in the omni-channel and e-commerce retail sector. We've got the right products to do that in terms of our ownership around Plaqtiv+ rights in Europe and Orozyme globally. We've also got other OTC products which we can expand into that space as we prove the model works. We know we're currently in retail, but it's fragmented and small, so we've got a good reason to think that we can grow there rapidly. We really see a significant opportunity here. We're aiming for around a 20% per year CAGR growth on our OTC portfolio over the next five years. Now I'm going to move on to manufacturing strategy and what we're aiming to do in this space. So as Jennifer alluded to, the team since 2018 have done a great job reducing the business complexity. But we've still got a complex manufacturing network for the size of our business. Last year, we worked with about 70 contract manufacturers or distribution partners. That split our scale across a wide number of partners. And as a result, we're not able to leverage efficiencies that you get from consolidating volume together. That leads to sometimes lower service. We've got a couple of our key products where there are capacity constraints, which we want to resolve, and also, some of our suppliers take too long to contract with us for new products where it's hard to find these suppliers that are willing to work with us. We believe if we can consolidate our network down, we will unlock significant EBITDA and revenue opportunities by improving our supply performance, being able to spend more time on our products and improving and finding cost of goods savings around our products, and being quicker to bring products to market. How are we going to do that? First of all, we're going to leverage the volumes we have, bring them together into a smaller number of strategic partners, and then focus on changing the way we work with those partners. We want to be an important part of those partners' businesses, and we want to put continuous improvement at the heart of that relationship through the contracts we sign with them. For example, one of the partners we've identified, we will become 30% of their business. One of their top customers, and that's unlocked a lot in terms of supply chain reliability, will get a higher priority in terms of product availability. They'll spend more time from a technical perspective investing in our products to find opportunities to improve manufacturability and reduce costs, and we'll be able to look further down the supply chain at their suppliers and their suppliers' suppliers to put buffer and have the right levels of product at the right stage in the supply chain. It's also given us a really good opportunity to look at where we're manufacturing, to find the right balance between the regulatory environment, the balancing political risks, and also our cost locations in terms of labor. In terms of executing that plan, we started in 2025. We've identified four waves in the initial program, and a wave would be a number of products that are being transferred within a dose form. For example, our tablet products that are moving. We completed detailed business cases. Contracts have been signed with suppliers. Because of the scale of this program, we've taken existing resource from the business, created dedicated project teams to manage it, and backfilled that resource. We've also made the decision to invest in some capital with a number of those partners, that will be repaid based upon volume that goes down those production lines. Again, emphasizing that partnership approach that we're taking with these partners. There'll be ongoing costs in terms of the project team, regulatory fees, and transfer costs, which are built into the plan. The first transfers are completed in 2027. The last transfers will be completed at the end of 2029 or into 2030, and that's when we'll see the full results in terms of the EBIT and revenue benefits we expect. Overall, about 20% of our revenue currently is being touched by this change. It is a significant activity. We recognize the risk. The fact that we've put full-time project resourcing, the way that we've looked and found our partners focused around partnership, is a key risk mitigator as well. We aren't being asked to leave our existing contract manufacturers so we can continue to manufacture with them until everything is ready to complete the transfers. Now I'm gonna hand over to Martin. Thanks, Alex. Good afternoon. I'm Martin Gore, Director of Strategic Alliances and Acquisitions. Over the next four slides, I'm gonna show you what we want, the criteria we're using when we're looking, how we lead find, and then how we score, evaluate, and finally, just go over briefly the rationale for the InVetro investment last year. What we really want, if that's gonna work, is another Randlab. There you go. We want it to be immediately revenue and EBITDA positive. Ideally, we want a portfolio that's owned and sustainable, so not so many distribution products. Some NPD opportunities, so they have a pipeline. New geographies in attractive markets. Great team and culture. We found, as we saw earlier on with Randlab, that was really important, especially when it came to integration and going through the whole M&A process. Bring additional expertise. So again, with Randlab, we've seen with our equine developments that Hafid will talk about, having some equine experts in the business is really helpful. And then we've got up to about GBP 25 million as a pot for M&A. But if the right opportunity comes along, we would look at an equity raise as well. So we have quite a robust process now to evaluate opportunities, and we split that into four main areas and have some other considerations as well. So the first is geographic expansion, and we have some higher priorities and some more medium priorities. The higher priorities, first one, France, which is probably no surprise. We've been saying that for a while. Secondly, sub-scale current countries like Italy and Germany. Thirdly, building on the acquisitions we've done down in Australia and New Zealand. Then we look at the US. Now, for the U.S., we're really looking at how do we maximize our future NPD opportunities. If we've got a pipeline of products that we want globally, the U.S. is an important market. To maximize those, we really need to be there ourselves. We're always on the lookout for other opportunities, especially in Europe, outside of those countries already listed. Secondly, the portfolio. The top priority is companion and equine. Intellectual property, what we mean in there, owning their own assets. A novel prescription product is our ideal. After that, enhanced generics. Generics or novel OTCs. They're the real kind of priorities. A sustainable niche. Jennifer earlier on mentioned equine. We saw that as a really good niche for us now because most of the big boys have completely exited from equine. Market-leading portfolios, again, Randlab's fantastic. They've got the biggest portfolio of equine products in Australia. If you can find someone with a first or second range of portfolio, that's ideal. Low overlap with current products. Production animal. It's still important for us, not as high as companion and equine, but if good production assets come our way, we'll absolutely look at those as well. The pipeline in NPD, again, companion and equine. The same with the intellectual kind of property, looking for novels and POMs. Getting a technology base we can do multiple developments from. The VHH antibodies is a good example. That would be a priority. Late stage, you can get something within two years, so it becomes revenue positive quite quickly, would be the high priority. Again, as you go down, generics and production animal. Financials. Be accretive and profitable for a full acquisition, I think that's really important. A little bit different if we're looking at investments, and we'll come onto InVetro. Strong cash flow. Low additional investment. After the investment of buying the company, ideally, we find someone that's got a strong business plan, and we don't have to put any other money into that. That will self-fund itself. Sustainable business. A business, again, that doesn't have many distribution products. The potential for synergies. Maybe not so much the cost synergies, which can be important in different deals, but we also look strongly at the positive ones. What cross-selling opportunities are there? What innovation and people can we really leverage? We're starting to see that with Randlab and InVetro. In other considerations, relationships. I mean, you saw it again with the Randlab piece. It was a key part of how will this company work with us in the future and how can we work with them when we're actually doing the deal? Will we come together nicely? That really helps us for the next part of this is, ideally, we want to do deals off-market. It was the relationships with Randlab and with InVetro helped us do them off-market. Really important. Firepower, coverage, as I mentioned, we could raise funds if we need to, and then integration complexity. The easier, the better. These are all the kind of key areas we look at. Building that pipeline. We do a lot of work on the right-hand side, how we get the leads in the first place. Actually, the world's biggest animal health conference is 200 meters across the road right now, the last couple of days. We attend a lot of industry events. All the big ones here in the U.S., we're out there. Internally, we've got a really good network. We've Doug, our Board Member there, and Ed, lots of contacts globally. Hafid Benchaoui, myself. We've been really building up that network. Desk research is the most boring part, but the bit that pays back a lot. Classic, and actually Plaqtiv+ came from desk research. I also run our export business, so I am out around the world meeting people anyway, and that's been really good for finding opportunities. Inbound. I think now we're at the point that consultants know us. We've got good contacts at all, say the top 10-20 animal health companies in their BD team, and we've seen a lot more inbound coming the last two-three years, even more so since we started doing deals. That's given us a nice big kind of database of opportunities. We've pre-screened now over 600-700 different companies over the last kind of 18 months or so. If you look at every 100 of those, only about 10% will get through the first initial two phases. We've got quite good at killing stuff quickly. We'll assess it, look at it. If it's good, we'll take it to the next level, do some more work, and then we'll see from there. Only about 10% get to that stage. Out of the 100, only 1%-3% ever make it all the way through. And when I speak to other animal health companies, people doing the same role as me, that seems to be about the industry standard. But there's obviously a lot of work going on just to get those one or two deals. So the rationale for In Vetro. Those who don't know In Vetro, we completed last year an investment of 25% for AUD 3 million, only about GBP 1.5 million. So that given us 25% of the business with a call option in 2029 to take us to 51%. So In Vetro themselves, an Australian company, they're commercial already. So they started selling this year, doing really well. I was down there a few weeks ago, ahead of where they thought they would be. Companion animal, so it ticks that box. They're working on enhanced generics and some novels. Been taking some human products and moving them to animal health. They just launched the first veterinary trazodone. For a really new company, doing really, really well. A low overlap with our current portfolio. It's been a fairly low initial amount. It's only GBP 1.5 million. We can spread that out to 2029 for the next payment if we go ahead. There are potential synergies. We're already seeing the positive ones. They've taken a number of our products down to Australia, and if they carry on with their pipeline developing, ideally, we want to bring those across to Europe. There is the cost savings potentially in the future. They're already talking to Randlab, how can they use their warehouse, how can they use their back office and help grow together. They're actually working really nicely together. Other considerations, it's a really strong team. One thing we were really impressed about was the two founders there, and Jennifer met them, Chris met them, I met them beforehand. The culture is really, really similar, and we have a very good shared vision together. Really, really impressive team. No manufacturing obviously aligns where we want to carry on growing in Australia, New Zealand. We think there's really good long-term value creation. They want to try and get to, or they've got really strong plans to get to a AUD 20 million-AUD 25 million Australian business within the next few years. We've got a lot of faith they will do that as well. Getting in nice and early and getting that 25% for AUD 3 million we think will prove to be a very good long-term investment. We're paying it in, well, up to 51% as I said, in two stages. That was the rationale. We think it's really, really strong. Just going back to the number of companies that we've looked at and reviewed. There's actually currently about eight that we think tick all of our boxes, and we're in early discussions with one of them. That's where we are at the moment. I'll now hand over to Hafid to talk about R&D. Thank you, Martin. Good afternoon. It's great to be here, and we're grateful for your time today. What I would like to do this afternoon is share some key elements of our strategy and how we plan to take Animalcare and our business to the next level of growth and value creation. I'm Hafid Benchaoui. I'm a vet by training, and I completed a PhD in veterinary pharmacology. I have been doing drug and vaccine discovery and development for the past 30 years. Over those years, I've had the incredible luck and privilege to work on a decent number of novel veterinary products that have added considerable value and addressed and continue to address some key unmet needs of the veterinary profession and our industry. What you see here is the team that I'm leading at Animalcare. The people that we have bring proven expertise across all the functions that an R&D capability needs in order to operate effectively from clinical development to pharmaceutical development to regulatory affairs and other support functions that help us execute our strategy and manage the R&D portfolio, the pipeline end-to-end across the drug development cycle. When we look at our capital allocation for R&D relative to the leading players in our industry, and whether we look at that as a percentage of revenue or as an absolute dollar value, we can see that we have a prudent approach to R&D investment compared to others. The company has come a long way from 2.5%-3% to now investing 5% in new product development and innovation. As R&D proves itself as a value driver in the coming years, there will be scope for greater investment into innovation and into new therapeutic opportunities. The other thing to point out here, which is captured on the right-hand side of this slide, is that we typically target common pathways of disease and pathogenesis across our three companion animal species of interest, meaning that a single discovery program on a given target can lead to multiple products for dogs, cats, and horses. As you will see with one of our pipeline assets, E6132, which targets the common pathway of COX-2 inhibition to tackle pain and inflammation in dogs, cats, as well as horses, we aim to leverage more and more of this built-in efficiency, particularly with the VHH antibody technology, so that we can achieve more with less. Investment in a single discovery program has the potential to result in three products through antibody engineering of a common active backbone. The other efficiency we have is in our lean operational model. Having worked in big animal health companies before, I know that a vast component of their R&D spend is fixed costs and goes into operating, maintaining, and funding a significant footprint of R&D sites, animal facilities, and laboratories, and the payroll that goes with that. We have an inverse ratio to that in the sense that the majority of our capital goes into directly funding the projects, and this gives us maximum flexibility whilst allowing us to use and to tap into a wide network of external partners to get the work done. We retain the technical leadership and the oversight, and we outsource all of our execution. We also have a robust governance through what we call internally the I2L process. This is the Idea to Launch process that ensures we tightly manage costs and risks across the R&D portfolio. This is a cross-functional governance format that involves the senior leaders in the organization to really oversee each R&D project from its integration into the pipeline right through to commercialization, ensuring we pay attention to strategic fit, commercial value, and return on investment, competitive landscape, as well as development costs and technical and regulatory feasibility and risks. This is not just a one-off exercise. It's a process that regularly and continuously shepherds each project in the R&D portfolio across the different stage gates of the drug development cycle. I will talk more about those stage gates shortly. This slide outlines the three pillars of our strategy towards our ambition to grow the top line above the GBP 100 million mark. We aim to do that through proprietary innovation that will result from both organic and partnered R&D efforts, spanning both small molecules and monoclonal antibodies. We intend to accelerate the winners for speed to market with a view of this pipeline being revenue generative within the 2030 horizon. Other engines of growth that are within our focus are M&A and external innovation, which Martin has covered through in-licensing of novel technologies, mAbs, stem cell technologies, drug delivery technologies for longer-acting modalities of treatment and disease management, and co-development partnerships and bolt-on acquisitions. The third pillar, as Jennifer indicated, is to build on our existing brands through geographic expansion beyond Europe and the U.K., particularly North America, Australia, New Zealand, LATAM. Claim extensions as we did with the postoperative pain claim for Daxocox, and really maximizing the value of our dental and derm brands through our omni-channel strategy, adding a retail OTC component to our commercial operations and activities. We'll now switch gear and delve into the pipeline. Before we do that, let's have a quick look at the industry standard of what the drug development cycle looks like and what the stage gates are for a pharmaceutical R&D project. This is what we are using now to manage the stage gate transitions of our projects at Animalcare. Briefly, if we are starting a project from scratch, it will enter the discovery stage or phase, which is essentially laboratory based. And here we validate the target in the lab, and we screen candidates for their affinity and potency against that target, to be able to select lead candidates or a lead candidate that has all the attributes and take it into proof of concept. This is the stage at which we test our chosen candidate in the diseased animal against the target disease, and we establish that the product works, it is safe, and we can make it. Once we have passed that hurdle, we move into exploratory development, and at this stage, we optimize the formulation, we select the dose, and we scale up to a larger volume. Once that's done, we move into full development. This is when we do the pivotal regulatory studies for registration. That includes, of course, taking our candidate into the real world and testing it under field conditions in what we call pivotal field efficacy and safety studies. After that, it is submission of our dossier and interacting with the regulatory agencies with a view of securing approval, which then leads on to commercialization. What you see at the bottom is the PTRS, the Probability of Technical and Regulatory Success. It is a metric that measures risk. It is a data-driven metric in the sense that the more data we generate to address the three key questions around efficacy, safety, and quality, the higher that score is and the less uncertainty there is. It is a long process that can take up to nine years if you are starting from scratch, from discovery, but we're always on the lookout for ways and tactics to accelerate and shorten that development time frame. An example of that is to do things in parallel, but that requires, of course, some risk tolerance. This is our pipeline. The clinical stage and late stage assets are pharmaceuticals, the blue bubbles. In early stage, we have our VHH antibodies, our biologics, the yellow bubbles. Pain, inflammation, and osteoarthritis are our key targets for us across the two modalities, small molecules and biologics, and across our three companion animal species of interest. Dermatology is also of interest to us, so we are developing a bispecific VHH antibody to address the unmet need of Sweet Itch in horses. This is a seasonal insect bite-induced skin allergy that causes severe pruritus and lesions for which all currently available solutions are suboptimal. The bispecific dual approach allows us to effectively address both the itch as well as the underlying allergic reaction pathway and the hypersensitivity mechanism of the disease, for a longer lasting and durable therapeutic effect, a really innovative approach that will make a huge difference to veterinary dermatology and to equine medicine. I mentioned earlier that we are targeting common pathways of disease. This is why we're proposing to pursue our osteoarthritis VHH asset for both equine and canine species, as we are doing with the pharmaceuticals with E6132 and the common pathway of COX-2 inhibition, as I mentioned earlier. Our most advanced asset in the pipeline is at the top there. It's Daxocox U.S., which is in full development. We are designing a development program that meets the needs and the requirements of the FDA. We have drafted our study protocols, and we are in discussion with the agency. Once we have FDA concurrence on those designs, we can immediately start the clinical trials in the U.S. The thing to note about this pipeline is that it includes some high-value products that have the potential to drive significant growth over the next five-10 years and beyond. We have a proprietary VHH asset with proven potency against a common osteoarthritis target in the horse and the dog. This is why we now have these two projects reflected in our pipeline. As you can see from this slide, the mAbs market in canine osteoarthritis is poised to reach $1.5 billion in 2033. The asset has been invented for the horse, and we have it. We know it binds, and it is potent against the corresponding canine OA target. We're proposing to develop it for the dog, which will allow us to seize some of the opportunity that you see on this slide. We're not starting from scratch for the dog. We are maximizing the value of an asset that we already have. Part of the reason I have joined Animalcare is frankly the belief and investment the company has made into this technology, the VHH antibody technology. Besides the fact that it is a validated technology in human health with five VHH antibodies registered across the globe and many more in late-stage development, it holds enormous promise in animal health because of the multiple advantages it offers. VHH antibodies are a tenth the size of conventional IgG antibodies. For that reason, they have better ability to distribute into tissues and to access hard-to-reach targets and epitopes. Their size is why Sanofi have trademarked the name Nanobodies for them. They are extremely stable, and in terms of production, they can be expressed through microbial systems, mainly yeast, but also bacteria, which are much more economical than mammalian cell expression. They are highly modular, meaning that because of their small size, you can have them as building blocks that you can link together to, for example, increase their potency or to aim at multiple targets, as we are doing with our bispecific VHH for Sweet Itch, or to extend their half-life and the duration of action. It's an amazing technology and the benefits of it are just emerging. There is much more to come. To conclude, we have an ambitious growth strategy through our partners and through our own scientists. We have credible end-to-end capabilities that can take our novel therapeutic candidates from discovery right through to commercialization. We have a very exciting R&D portfolio with the right mix of technologies and some key therapeutic areas and indications. It's a pipeline that is gaining traction and momentum. The fact that we already have proprietary VHH antibody assets with proven potency against a major canine and equine osteoarthritis target is demonstrative of that momentum. That's all I wanted to say. I hope this has given you some helpful insight, and I'll now turn it over to Chris. Thank you, Hifad. Good afternoon, everyone. We seem to have lost my name on the slide, but I am Chris Brewster, CFO. I'm gonna spend about 10 or 15 minutes just talking you through and bringing everything together that you've heard today from a financial perspective. I'm gonna do a bit of reflection before we move on. Hopefully what you've seen from what you've heard today so far is that Animalcare is in good health. We've got a clear strategy and an ambitious growth plan. When Jennifer and I were presenting the 2024 results about a year ago, and that was just a few months after the Randlab acquisition, I recall that the CFO, and this is coming from a naturally cautious but optimistic person, that I felt excited about the potential to scale our business over the medium and long term. A year on today, I still very much feel that way. With Randlab integrated and delivering the value that we clearly saw at the time of the acquisition, we have an enlarged and stronger organization from which to execute the growth strategy with confidence. We're doing that from a position of financial strength. Reflecting more on what you've heard from Jennifer and the team, importantly, you can see that the growth plan is diversified and balanced across all three of our strategic pillars. Work on accelerating organic growth is underway. Our innovation pipeline is building momentum, and our balance sheet gives us the flexibility to pursue M&A when the right opportunity fits the strategy. When I look ahead to 2030, I see a business that is materially bigger, more profitable and more resilient. A business with stronger margins, continuing strong cash conversion, and a higher revenue mix from own innovation. Importantly, at that point, we'll have a business with the capability to grow beyond 2030, because by then, we expect our late-stage pipeline will be ready to deliver the next wave of product launches. I'm just going to start with capital allocation, as this provides a bedrock of the investment case. As the key message I want to land is that we have the firepower, which we will continue to apply with discipline to accelerate investment in organic growth and investment in the R&D pipeline. That's importantly, without compromising the balance sheet strength, that is the enabler for M&A. The capital allocation framework we've got on here is largely unchanged from what we've previously presented during recent roadshows. What I'm going to do is just focus on a couple of areas that link to what you've heard and the changes that you've heard earlier. Firstly, and importantly, to set the scene, we are starting from a position of financial strength. On the right-hand side of this chart, you can see that we ended 2025 with leverage at 0.7x EBITDA. As Martin noted, that translates to capacity of around GBP 20 million-GBP 25 million, assuming peak leverage around 2x. As we successfully did with Randlab, and again, Martin mentioned, we are willing and open to use equity to increase the capacity while maintaining that leverage peak should a larger deal come along. In terms of the capital priorities on the left-hand side, a couple of points to draw out. On the organic growth, we explicitly added here the near-term strategic investments and initiatives to accelerate organic growth. As we said before, the pipeline investment will be funded from our strong operating cash flows, which, of course, have been enhanced by Randlab in the last year. As the feed is showing, our current target for investment is around 5% of revenues annually. Just to be clear, and we brought this out at the interims, future investment will comprise both P&L expenditure on research and CapEx on development. You will see this starting to come through in our numbers when we announce the 2025 prelim results. This change from 2024, just to give people some comfort, is already factored into the consensus analyst forecasts. Our growth strategy is deliberate. We're shaping Animalcare to sit at that sweet spot of growth and cash generation. Just working up from the bottom of the slide. Across the business, we are already optimizing our already strong foundations through initiatives such as delivering our manufacture strategy to drive dependable cash flow and margin enhancements. These are the foundations that give us the firepower to fund the investments. Targeted investment in initiatives and projects to accelerate near-to-midterm organic revenue growth will continue, and that's while investing in our long-term future through R&D innovation. Again, all of this while selectively using M&A as a growth accelerator. This balanced approach gives us midterm growth, strengthening resilience and long-term upside, and positions the Group, sorry, for double-digit growth and beyond, and importantly, 2030. This is a slide that Jennifer had up earlier. Just to get this, so we have a clear picture of where we want to be by 2030. How do we intend to get there? Near-term organic growth is driven by the initiatives already underway, commercial excellence, expanding our commercial capacity, developing the retail channel in dental. Towards the end of that five-year period, NPD begins to deliver value as we launch the first products from our pipeline, subject to InVetro meeting certain commercial thresholds, which the early signs are really positive. Again, I was out there in Australia in January. That business is already cash generating, which is a lot earlier than we thought. Importantly, that AUD 3 million that we put into the business can now be used to accelerate some of the projects that we thought we'd take, will start to accelerate maybe this year or next. And we expect with the option to take 51%, that will contribute meaningfully from 2030, and that option's there at the end of 2029. And finally, to link what Martin has already outlined, we're confident and ready to pursue further M&A to layer in organic growth and accelerate the top line. And for illustration, we've included a potential M&A transaction around mid 2027. That firstly aligns to the strategic priorities that Martin outlined, and secondly, is of an investment level within our stated firepower range. So just to be clear, we have one acquisition in there for five years and then InVetro. So a pretty conservative approach. We will have the firepower to do more towards the end of that cycle, should that come around. Again, so Jennifer highlighted that our ambition is to reach GBP 150 million of revenue by the end of 2030. I think I said on a previous slide, the building blocks of the four contributors of revenue growth are balanced. You can see that the growth plan is not reliant on any one single lever. It is diversified and balanced across the three strategic pillars. These four elements inevitably will contribute differently, both in terms of scale and timing. Underlying performance provides early resilience. Organic initiatives drive near-term uplift. M&A adds mid-period upside, and NPD brings growth later in the cycle. Let me bring together how our investment strategy translates through to profit and with a focus here on EBITDA. To set the scene, we start from a strong EBITDA base of 2025. Hopefully you'll have seen our recent trading update, and we said in there that our EBITDA versus 2024 is up by approximately 50%, sorry, not 15%, versus 2024. Obviously that significant scale has definitely been come through from Randlab. As our base business is expected to remain strong, so we talked earlier about the top 10. There is growth potential and growth pathway across those brands, supported by the manufacturing strategy that Alex talked about, which is expected to deliver incremental margin expansion over time. Alongside that, the organic growth initiatives we're already putting in place strengthen the EBITDA curve year after year. 2026, as you can see on this slide, will be a year of upfront investment, which we expect to drive incremental EBITDA growth from 2027-2030 as the new dental franchise and our Commercial Excellence and capacity activities take hold and importantly gain scale. We're investing in R&D to seed the next wave of high-margin product launches. As I noted earlier on capital allocation, this investment comprises both OpEx within EBITDA, as you can see here, as well as CapEx. We expect to launch with launches from our pipeline to come through from 2029, which importantly post 2030, the pipeline has the ability to drive transformational growth beyond that. That gives us, importantly, a long-term engine for value creation. Finally, as I said, we'll use the firepower to accelerate that growth through selective accretive M&A and by increasing our stake in InVetro. Taking together these components, base strength, organic initiatives, targeted R&D investment and strategic M&A, these provide a clear pathway to accelerated EBITDA growth with stronger margins, with the ambition to reach an EBITDA margin of 25% by 2030. To my final slide, I just wanted to bring everything together by looking at where we'll be. Growth strategy can take us to 2030. As we've said, we'll see a pathway to around GBP 150 million of revenue in 2030, delivered through investment and execution of all three of our strategic pillars. At that point, the business will be generating sustainable digit growth underpinned by a product portfolio, which we think will be more weighted towards companion animals and importantly, weighted towards owned IP versus today. We also expect to have a broader geographic reach, with the first products from our pipeline entering the large and strategically important North America market. As I've said, EBITDA is expected to scale progressively alongside revenue growth. As the base business continues to strengthen and the organic initiatives mature, we expect to deliver meaningful margin expansion. That's both in terms of improving margins, and we've given a margin target here of 60%-65% over that time, as well as EBITDA margin, as I've talked about. We expect to deliver this with disciplined capital deployment. Cash conversion consistently above 80%, a resilient balance sheet with peak leverage around 2x, and the financial flexibility to continue investing while maintaining a dividend to our shareholders. 2030, as you've seen, is not the end point. It's the point at which our R&D pipeline will be at a late stage and ready for the next wave of commercial launches, setting up further acceleration in revenue growth and further diversification of our portfolio and geographic footprint by 2040, and we've given an illustration on the slide there. Okay. Thank you very much. I'll hand over to Jennifer. Thank you. Great. Thanks very much. Hopefully, you found that an interesting run through some of the things that we've been working on and we're going to continue to work on. I'm sure there's lots of questions, and we have got about 30 minutes for questions. Before I do that, these things don't happen by chance. Just a quick rundown of some thank yous. Thank you to the team who presented. I'm not quite sure who it was who thought it would be a good idea to do a capital markets event as we were doing the annual report and the year-end and the Animal Health Investment Forum and all the other things that we've been doing. That has put an extra strain on the team here. Thank you all very much. It's been great. Thanks to Stephen and the team at Alma. A really big thank you to one lady who's sitting here, Lorna, who kept saying, "Don't say anything." Lorna Miall is our Group Finance Director, and Lorna has held us all together and been just an absolute help. I didn't want you to go unrecognized there. We said we'd make you sit there and wear a hat. Thanks, Lorna. That's been great. We do have an opportunity for Q&A. The way that we're going to run the Q&A is there's two of the team, Rose and Kinvara, I believe, are going to be equipped with microphones. If you flag that you would like to ask a question, do wait for the microphone. We are recording it, so we want to make sure that, firstly, we can hear the question, and secondly, that we capture it on the recording. We'll ask Rose and Kinvara to do that. Chris and I will lurk around the front here and try and work out who's best placed and likely to have the information to answer the question, Lorna. Anyway, we will ask each of the relevant people, if Chris and I usually won't know the answer, to stand up in place so you can be captured on the camera. Okay, Chris, do you want to come up? Has anybody got any burning questions? Lucy? Hi there. My name's Lucy. I'm from Canaccord. This is an R&D question. Just interested to hear about, sorry, it's a bit predictable, I'm afraid. AI is having quite an impact in the R&D processes of the drug development cycle. I'm interested in how those tools are being used in your business and I guess are there opportunities to uniquely apply AI in your R&D process in order to accelerate that? Do you want to still have the? Yeah, you should still. Yeah. Yeah. Well, you're absolutely right. I think AI has a lot to offer, both in the drug discovery process as well as clinical development. At the moment, our focus is to really leverage the technology in relation to clinical development where we can measure the clinical endpoints, for example, a lame horse or an itchy horse, and be able to quantify that itch or that lameness, and be able to compute that and get a quantitative measure of the disease and any therapeutic effect that results from our interventions. That's the realistic kind of outlook for us to be able to use the technology for now. In the future, of course, it's going to be drug discovery. Okay. Thanks. Okay. You've got either way there. Hi, Seb Jantet from Panmure Liberum. If I can start off with a question, first of all, just on the kind of sales rep. So, if you can add a sales rep that costs you a hundred thousand, they generate you seven hundred thousand of revenue, why aren't you adding as many as you possibly can? So what I'm guessing is that you're limited the areas you can go in. So maybe if you just give us a sense of how many you think you can realistically add in and get that type of performance, and where you think you can add them. Cheryl, do you want to pick that one up? Yep. Thank you. It's a really good question, and I think you could say, just keep adding all of the sales reps into all of the markets, but you have to add them in, you have to do a sales force optimization exercise, so you have to understand what the opportunity is in that particular market. In some markets, the opportunity is clearly going to be bigger, so you have to create that opportunity to understand what's the optimal size of that sales force for that particular market. That's the first step you need to do. The other thing you need to think about is you have to have a commercially excellent mature market for that to really work. If all of the systems and processes and tools are working in synergy together, adding in more headcount will give you more capacity and more results. If you just add them in when you haven't got all of that working together, then you won't get the same return. It's not as simple as just adding more people in. It's adding the right number of people into the right market, and then making sure you've got the right level of maturity to really optimize that extra headcount. If I could just drill down then, how many are we talking about and in which markets? In terms of sales, currently we have over 100 people that sit in the markets. Overall markets, currently we have 100 sales teams. In terms of what that looks like going forward, that would be decided once we create the sales force optimization exercise, which is part of what we're doing in 2026. That would give us those numbers that were most optimal for that particular sales market. Okay, thanks. Second question is just around the development pipelines, and the timings on those. Clinical trials and development process have a horrible habit of moving to the right. I'm wondering kind of how much safety net you built into the kind of years you put in that nice chart with all the bubbles on it. Hafid, do you want to have a shot at that one? Do you want us to take responsibility because we landed you in it? Well, we want to be aggressive, so what you see there is an aggressive outlook into the future. We want to be able to deliver with ambition. What you see there is realistic. Great. I think once we get the regulators to give us the go-ahead like we're doing now with the FDA, I think the pathway is fairly predictable in terms of conducting, for example, the field efficacy and safety studies. We can be fairly confident there. I think with the early stage, that's where the uncertainty lies, where you have to repeat certain studies, or a candidate doesn't work, you have to replace it with another, more efficacious candidate. The early stage has more uncertainty than the later stage. Okay, thanks. Just last question then, just on the margins and the journey from where you are today to 25% and looking at that chart you put in there, looks like a lot of it could come from gross margins. I guess I'm just trying to get a sense of, if I think of the gross margin drivers in the business right now, you've clearly got some work around the supply chain. You've got some work around the mix in the business, and you're going to have some inherent operational gearing. Assuming that most of the product development stuff is really going to drop post the 20%, just to get a sense of what's the mix like, what is the key driver of that margin enhancement? Yeah. The margin enhancement will be from the sales mix. In particular, firstly from the sales mix. Particularly if you look at the dental portfolio, that's one of our most profitable parts of the business. We expect that to continue to grow, and as you can see, Alex talked about a 20% CAGR on an already profitable portfolio. It's there. Jennifer's talked about Daxocox and Plaqtiv+. You saw the margin on the top 10 brands, and there's a pathway to grow there. Yeah, inevitably, a lot of that's through sales mix. Also leveraging that top line. That's why I was saying the gross margin is important, but also scaling that top line with the right level of investment means that the operating leverage will increase over time. The supply and manufacturing. Yes. Sorry. Yeah. That will be. Manufacturing strategy. Yeah, that's a few percentage points on our EBITDA margin if you talk about 20% on the revenue. Yeah, that will have two really important things, really. The financial side is one side, but really important is the sustainability of that supply. I think we've got a really good balance on those projects that we've talked about. Thanks. Thanks, Seb. Sorry, James. Okay, there. Hello, it's Andrew from Investec. Just a quick one on R&D, actually, if I can. Yes, please. Again, going back to R&D. We should introduce then. You've got some material opportunities in your pipeline. I'm just trying to work out whether they necessarily carry higher inherent risk. What I mean by that is sort of just trying to understand the maturity of the end markets that you're targeting. Is there lots of white space still available in those end markets, and therefore, the hurdle you have to get over on those larger products is achievable? Is it very, very competitive things you're going after, and therefore, the clinical data has got to be absolutely brilliant for you to get that through? Is there any flavor you can give me there? Shall I have a kickoff at it and on the commercial element of it. Those markets are big, big markets. There is lots of scope. The addressable market is significant. There are other competitors in there. It's definitely not white space, apart from the one that Hafid talked about in terms of equine Sweet Itch. That's a pretty open market. That's a nice market to go into. One of the things that we do as a very early stage is do what we call a target product profile. Actually, that is looking for what differentiates this product to either what's on the market at the moment, but more importantly, what we think is going to be on the market at the point that we launch. In each case, we had a really interesting conversation about the VHH antibodies. How do you make sure that that is differentiable at the point at which you get to market? Having said that, like Cheryl, I come from human health, and there are some really good examples of where second to market has been very successful, and actually third to market has been super successful, too. We've got quite a lot of space, but we do have to make sure that our delivery is right. We need to deliver the right thing. That's why that process, the I2L process is so important. So if you get to a place and you go, "Hmm, actually, we've got a me too, or slightly me, not quite there," then we need to be really quick to say, "That's not the right place for us to invest." In our pipeline at the moment, we see significant opportunities for all of those. And we're clear on what the space is. Commercial excellence and execution is going to be key. Okay. That's very helpful. Thank you. Can I just add? Oh, sorry, Hafid, yes. No, it's okay. You look at the mAb market, for example, in animal health, there are less than 10 mAbs on the market. Human health, 120+. There is plenty of room to innovate. There are no VHH antibodies on the market for animal health. The opportunity is there for us to grasp. Thanks. James. Yeah. Thanks, Jennifer and Chris, for the presentation. James Orsborne from Stifel. Just maybe first on the equine market, I think Martin mentioned that all the big players have been moving out of that, but obviously, you guys seem to be leaning into it. I just wondered maybe what they might be missing that you're seeing or perhaps a bit of understanding around the market dynamics there. Do you want me to? No, you go. Go on, you go. The reason why other people are less interested in the equine market is it's smaller. When you look at certainly the Big Four, they generally see that huge opportunity in companion animal, and they're putting their resources there. The other interesting thing about the equine market is it historically has been slightly less innovative. We see an opportunity to be innovative in that marketplace. Sweet Itch is a great example. Actually, the VHH antibodies is a great example. What is currently used in those two indications is pretty old. Bringing innovation is a good opportunity. For a large company, they can probably bring that innovation into companion animal with a much higher, faster return. That would be my view. I'll ask you to comment. Give you a chance. Does that make sense? Yeah, it does. Thank you. Maybe following on, obviously Daxocox, U.S. seems to be the near-term opportunity. Just wondering if you could give it a flavor around, you did say the next steps, but what the potential market size and then obviously the commercial approach that you might take going in, if all goes well with the clinical trials? I'll tell you where we are with the commercial opportunity. That market is a significant sized pain market in the U.S. Once weekly, it's got some great differentiators. To be perfectly honest, we haven't done a huge amount of work around exactly how big that opportunity is until we get through this next stage with the FDA. It's somewhere in that 5-10. As we see it's probably bigger, but we haven't really put a huge amount. We know it's big enough to pay back. There's no doubt about that, and we've got that sort of mindset. I can't give you an exact figure. In terms of commercialization, I think on Martin's slide, Martin talked about we recognize that somewhere along the line, we need to work out what our U.S. strategy is going to look like. Daxocox is probably the first of our potential entries into the U.S. We actually have a very active program looking at what's the best way to do that. I think we're really clear, though, that the U.S., in order to be successful in a very competitive market, we look at competitors, and I think we see that they've got between 100 and 120 sales team on the road. That's a pretty expensive business model. We're pretty sure we won't be doing that for Daxocox U.S. We're looking at that at the moment, but we think we've got enough time and space once we're sure that we're going there and exactly what that's going to look like, we'll work that one out. Okay, thanks. Just one more on the. Yeah 272Bio. One more. Half-life extension technology you signed last year. Just wondering where that is being used across all your portfolio or perhaps where it's best being used and there are others that could be used in the future? You're the architect of the deal or Hafid? Go on, Hafid. One is specific for osteoarthritis, so that's the one that binds to aggrecan. 272Bio are also producing one that is for a half-life extension of systemic VHH, and that one will have broader utility. Thank you very much. Okay. Thanks. Mike Mitchell, sir. Thanks. Hey, Mike Mitchell from Cavendish. I'm just looking at the slide that we've got up on the screen at the moment. Actually, just looking over the longer term, you can see how the equine segment is still a very significant part of the overall business. I'm just wondering how that sort of changes or introduces new variables or dynamics that you've got to consider over the longer term, for example, in terms of cyclicality. Just on a related note, looking at the geographic footprint, this is very much about global penetration, and with that, you get global exposure. Of course, with Randlab, there's, well, significantly more of the Asia-Pac, but also Middle East, UAE mentions as well. How do you start to think about those variables that perhaps you haven't had to consider over the last 10, 15 years? Okay. In terms of that mix, I think we said about equine's about 25% of our portfolio today. Where that's going to be by 2030 is largely grown we've got today. I think one of the equine products is, as you've seen on the chart, is coming out in five. That equine growth is that globalization. Yes As you've talked about, the North American market is big. South America market from a population bit is big. We just need to kind of have a look out on that from a pricing perspective. In terms of that mix, I think you're referring to what's happening with Randlab at the moment, for example. The business view at the moment is that we don't think that that will have a big impact. There's a little bit of delays on supply and whatever else. The view is that the GCC projects that you heard, that will continue to kind of grow from this year. Yeah, I think in terms of markets and how we enter markets, if you think about Jennifer's talked about the size of the companion animal team that you need to really penetrate. I think, and in our numbers, equine is far more manageable. If you look at size of sales teams we've got in Australia, Bruce is talking about we put more people in, but we went from five to six. It's not a big team. America, we've got some data that suggests what, 15-20 reps, something like that. I think our entry into the equine market geographically, particularly for some of those more mature markets, will be through our own business. When you've got your own business, I think you've got more ability to manage. You can control what you can control, can't you? Yeah. Does that answer the question, Mike? Yes. Okay. I think the other thing I'd add, Mike, is that as you know, we've had Danilon® Equidos Gold for quite a long time. Actually, in the last couple of years, we've done quite a lot of work around the Danilon® Equidos Gold file, moving it into Randlab. Also we are looking at the commercial model that we build around Danilon® Equidos Gold, because that model will sustain us as we put more equine products in. That's a sort of build, which is outside the work that Cheryl's particularly focused on. Great. Thanks. That's all right. Go ahead, Ray. Hi. This new product portfolio that you talk about, could you sell it? Just for illustrative purposes, do the products at this stage of development, do they trade in the market? If they do, how would one go about valuing the portfolio that you have here? The answer is yes, they do trade. People who have been watching animal health over the past sort of three years will have seen some pretty substantial deals done with research products that are about the same stage as ours. The one thing like PetMedix, Invetx, all of those products have come through a sort of more biotech structure and been sold to one of the big strategic partners for lots and lots of money. I think the Invetx one was about half a billion dollars. They had quite a few assets, about half a billion dollars. In terms of valuing them, those sorts of deals are valued on an ROI, an IRR, an NPV and a multiple. That's quite a common way of valuing and doing those sorts of deals. We're very protective over ours. We're not really interested in it. I think the only thing that is important, and I remember when we first started having these conversations, Chris would say, "Oh, in 2029, I can't. Oh, my God, look how much it's going to cost us for that last jump." My response is, if in 2029 we've got five or six assets that are needing that final jump, then we've got a really valuable pipeline. We could, we won't, but we could partner, sell all of those things. They still have value today. We know that. Yeah. Just to add, yeah, so NPV discounted cash flows is probably your first valuation approach. Openly, if you do that with what we understand, from what Invetx bought, we get to a very different number from what the deal went. There's obviously some inherent value there over and above what an NPV would take. To Jennifer's point about this is where you say you move from a probabilized to a non-probabilized cash flow. How much do we think the pipeline is going to cost us with the probabilities that Hafiz talked today? Versus a scenario say, what if everything goes really well and we've got all those assets? This is where I think we've got some really good levers around do we license out, do we co-develop, et cetera. Importantly, when we do the models of our pipeline, and Sweet Itch is a great example, we monitor the NPV journey through the cycle. We have an eye on value at the point you trigger a milestone event or a key stage gate, to either say it either informs us on what milestones we'll be paying the license, but also what value could we get if we decided to monetize that asset and concentrate on, let's say, four rather than six of the pipeline. Yeah. Okay. Anyone else or anything else? Oh, sorry, we've got Christian and Chris. Almost done always. Yeah. Yeah. Hi. Thanks. Christian Glennie with Stifel. You've illustrated the organic, and then the contribution from M&A and the sort of accretive M&A and obviously the new products. What about accelerating your pipeline, as it were, by maybe licensing in some later-stage assets? Is that something that is being considered or not? Is it to do with valuation or maybe bandwidth that you might have to be able to do something that's already kind of in late-stage clinical development effectively and therefore much more nearer term in terms of catalysts and contribution? Martin, do you want to say something about that because you had a bit on that on your slide? Yeah, yes, absolutely. Everyone else is as well, really competitive. Just like the last couple of days over the conference, that's what everyone's looking for. There are conversations we are having for that. Yeah, it's a priority as well. Yeah. That's it. That's the challenge. We've competed for some that are launching the next 18 months, and they go for values that we just, A, can't afford, but B, can't take that risk. It's just too high. Yeah, it's what we ask Martin for most of the time. We're hoping Hafid Benchaoui brings some magic now and suddenly goes, aha, I've got this. They're also on the What We Want, What We Really, Really Want slide. Yeah, they are. Yeah. Yeah. Yeah. Wouldn't that be lovely? Thank you. Chris, do you want to? Thank you. Chris Glasper from Singer Capital Markets. I'm just drilling into the online retail opportunity. I'm just kind of struggling to grasp the scale of that potential opportunity and then how you're going to manage the investment that is required by going direct to consumer rather than through the vet channel, and how you would then also avoid cannibalizing your existing valuable business in that channel. Alex, do you want to address that one? Yeah. First of all, Glasper, last part of your question in terms of cannibalizing the sales, what we see is very much a vet-first approach. You go, you get your dental treatment. Today, quite often, that dental product is used, but then there's no repeat purchase because you're not going back into the vet as often. It's actually the follow-up sales and the repeat purchases and maintaining that treatment, which as you saw from the data I showed, just isn't there today. That's where we see the big opportunity. In terms of the investment, we know our existing portfolio works online today. We're just not doing it and we're not optimizing it. The investment work that we're doing will be gradual, and then as we start to see the sales pick up, we can piggyback on that and put further investment in. It's very much pay for performance. Just to add, so you said direct to consumer. We're obviously going into an Amazon or a Zooplus, et cetera, not direct to the consumer. I think in terms of the potential on the revenue, if you look at, you add up Orozyme and Plaqtiv+ and do a 20% CAGR over five years, you could probably calculate what that looks like. It is GBP millions. There's a big potential there. GBP 10 million-GBP 20 million. Sorry. From GBP 10 million- GBP 20 million. Yeah. Exactly, yeah. Yes, we think the overall vet and retail could be up to that GBP 15 million-GBP 20 million mark. Yeah. Thank you. I think the point that Alex made, which is really important, 'cause we've talked about this to lots of people as we've tried to make sure that we find the right way through. I mean, firstly, we're really confident 'cause Alex has been there and done it. Also, we've been really super conservative about making sure that we learn, that we invest, we get the results, we invest more. To accelerate that, I'm sure there is more opportunity, but we're taking that approach, which I think is really important because, yes, 20% of our business is over-the-counter or non-prescription, but we need to make sure that we as an organization are looking after the 80%. We don't want it to tip us anywhere. I mean, it's been great actually with Alex and his network to really make sure that we understand and learn. We will take that slowly. As Alex uses the term, pay for performance, which I think is sort of incremental instead of rushing in and keeping our fingers crossed, which we won't be doing. Anyone else? Any other questions? The team will be around and, well, we have a cup of tea and a biscuit. In the interim, thank you all very much. Oh, he's gone. I didn't know whether you wanted to do a closing. Oh, no. I thought you might. Anyway, thank you all for coming. Hopefully, you found it useful. We're really excited about what the future looks like. Clearly, we've got our finals and our annual report and all of those good things coming. We will be talking to most of you in the future, in the pretty near future. In the meantime, huge thanks. I hope you'll join us for a cup of tea. Thanks again to the team for pulling this together.