Welcome to this Chief Financial Officer, who'll give an update on performance following the publication of the half year results. Before we start, I'd just like to go through a few points of admin. Hopefully, you can all see a poll on screen. Be really helpful if you could respond to that. The format today is presentation followed by Q&A, and during that time you'll be on listen-only mode. If you do want to ask a question, please type it into the Q&A box at the bottom of your screen, and we will endeavor to cover as many questions as we can during the time we have available. I'm just looking at the poll results, which I'll keep up for a little bit longer. We've roughly got about three quarters of the people on the presentation today who are shareholders and 25% are non-shareholders. Following that introduction, I'm now going to hand over to Adolfo Hernandez to start today's presentation. Could I ask you, Stephanie, to share the Capita presentation for today? Good afternoon, everyone? Great to see you again after our last meeting back in March. As you have seen, but probably by now, I think it's been another very busy period, extremely busy operationally, extremely busy in terms of media attention. In the context of everything that we had to resolve and everything that we were set out to do, I think it's been a good period, where we have made significant progress operationally and strategically. With the number one operational priority being the resolution of the CSPS situation and our commitment to give the members the experience they deserve. It's just been very important that the team that was working on that did what they've done over this period, and the team that was working on the rest of the business, which is building that better Capita, has succeeded in making progress, in delivering a great service with massive SLAs of 90, 94%, improving the efficiencies, developing our people and leveraging technology very deeply. As you can see on that slide, I'm not going to pick them all up, there is enough to report on across all of them. I think the important thing is that this is a snapshot. This is a snapshot of the journey we decided and we committed to start just over two years ago. Right? Which is we're going to build a better Capita that continues to do the great things that we do, providing the great service we're providing for the fabric of society. Manage to do it better, manage to build more and leverage existing technology, be more efficient as a company, deliver better, and then as a result, build a better company. A better company for our employees, a better company for our customers, and also a better company for our shareholders. As you can see, if I just sort of went around it, from a technology perspective, we have really reshaped our technology and innovations. I think this is now we're in a space where we have more repeatable capabilities across the business. We are leveraging AI at the core of many of those capabilities. We're leveraging our hyperscaler partners. I think towards the end of 2025 and the beginning of 2026, the emphasis really pivoted from experimenting with this technology to really getting it into adoption. Adoption internally and adoption externally for our customers. As you will see later on, we are really scaling the use of all of this innovation across our core operations. We're already seeing and we're sharing some significant productivity improvements. We're making better decisions faster. Ultimately what matters the most, we are delivering a better service to our customers. What is different is this is not about technology for technology's sake. This is technology that has to be deployed to deliver impact, has to deliver social value, and it has to deliver improvements in how our services are enjoyed. On the efficiency side, we reported in March that we had seen a perfect execution on the GBP 250 million reduction. When we announced the sale of the contact center, we said this opens up the opportunity for further efficiencies. We're going to be a lighter business. We're going to be a sharper business, a simpler business that is going to command less overhead. We are going to be tasking ourselves to removing another GBP 40 million on top. Even though we only completed the transaction on Monday this week, announced in March, completed, announced on Monday. We've already been able to deliver GBP 8 million of that GBP 40 million. From a delivery perspective, as I said at the beginning, we were clearly challenged with the CSPS contracts and I have gone about it a variety of times on the issues that we had and the issues that we had with the data, with the backlog, with the systems, with the mismatch. I think what is really, really important is that we have moved the system from being in a situation of having to deal with the crisis to focusing on dealing with urgent cases through the beginning of Q1. Because that's what members really needed, and then to adjust the functionality and build in the automation so that we could move into a capacity phase. Capacity defined as you get more cases out of the door than you get in the door, and then you start progressively working down into the backlog, into a standardized normal backlog that this service used to run, with a good service to members. That's what we are committed to do, and I'm glad that we're sort of moving along the steps. Now we have seen, moving from this sort of functionality to capacity and now being well on capacity and now working down the backlog and the stock that we have. Able to deal with the flow of cases that come in, but also be able to eat into the stock of cases that have been built over many years. Good to remind ourselves that in spite of this contract, and I don't want to belittle it, the problem is real, and I do apologize wholeheartedly. Despite all of this, the pensions business, if you exclude for this, delivers at 94% KPI rates. That's extremely high. If you look at the rest of our public sector business, that delivers over 90% as well. Very high, and it sort of proves that this CSPS contract is certainly the exception and one that we are totally committed to overcome. Also on deliveries, it was important to move from cost cutting to growth. We said in 2025, we have changed the engine, we have changed the policy, we've changed the go-to-market strategy, and we can see that it continues to work with the contract value now over GBP 1 billion. That's 15% up of what we had at the end of the year, and the unweighted pipeline continues to grow. We're seeing that the pipeline grows, we're seeing that the total contract values continue to grow, and we continue to improve our win rates, which is the ultimate test of what you're getting, and that all of these deals, yes, admittedly, many of them are multi-annual. Many of them will take a few months or quarters to move from signature onto revenue and profit. We are feeding the funnel with those new contracts that we're winning on. We're very excited about delivering for them. On the company side, we have stable, high employee engagement, which is super critical to do the transformation that we're doing. We couldn't be doing it without the great help, support, and passion of our colleagues. We have continued to increase internal mobility. We do have a lot of really good talent, really well capable employees, and we are helping them both with internal mobility to grow opportunities, but also helping them with increased data and AI literacy so that they can be upskilled, so that they can effectively enhance how they build that. I'm really proud of the work that we are collectively doing and how they work day in and day out on delivering that better Capita. Obviously, we've had a number of one-offs, very significant, very painful, and I just want to reassure everyone that management remains absolutely focused on translating this operational and strategic progress that we're making into ultimately that financial set of results. Totally committed to expansion of the operating margin, totally committed to generation of free cash flow. We strongly feel that after everything that has been done over the last couple of years, including this last period, we're getting one step closer. As you would see now, when Pablo takes us through the numbers, we're just getting there. It's just been a messy way to get there. It was quite a complex situation that we were facing a couple of years ago with outstanding historical issues, with technical debt, outstanding issues with the ICO. We had many years of history of closed book life on pensions that needed to be addressed. We had to address the contact centre and the performance. Now we've had to address the situation on CSPS. As a management team, we are going to continue to work through this issue until we have that great company that we're working so hard, so bloody hard as a team to build. Pablo, maybe take us now through the numbers, and then I'll come back to give them another update. Perfect. Thank you, Adolfo. I'm going to counter through the numbers that have been available for a while. We'll pick up on the main themes, and then we will be able to have more time for Q&As. At the end of the day, what the numbers are showing is we continue with revenue growth, and I will go into each division to speak in more detail. The operating margin has been mostly affected by the Civil Service Pension Scheme contract, and in terms of cash conversion, broadly in line with what we would expect for this time of the year. Going into business by business, though, public, which is the first one. Public has been growing by 2.4%. It's been very successful in terms of pipeline. We are having the biggest level of wins in H1 since 2021, and they're progressing really strongly. Operating margin, as you can see, remains around 8%, and this is despite of having done some accounting reallocations of central overhead costs that get allocated based on revenue profit and headcount. With the pensions business having gone from a profit to losses, well, those costs have ended up here. What I'm trying to say with that is actually that the operating margin, without any accounting and moving of costs would have even been 8.4%. This business performing really well in terms of top line, in terms of 90% operational KPI performance, as Adolfo said, and in terms of cash conversion. At the year-end, we said that we had had some tailwinds, and that we were higher than expected in this business. At the half year, what we are seeing is the tailwinds from the year-end unwinding and the investment or mobilization of contracts that we guided in March that was going to come through. Other than that, we expect to see strong cash conversion in this business by the end of the year and continue delivering. If we go to the next one, which is the pensions business. The pensions business is, as you can see on the chart below, is heavily affected by the impact of the Civil Service Pension Scheme contract, GBP 14 million directly, and the collateral impact on other and consulting business that we have around GBP 3 million, as we've redirected some of the resources to support on this contract. Other than that, the business has continued growing strongly. Not all of that growth of 24.7% relates to civil service. There's another around between 5% and 10% of the growth is related to underlying growth of the business, and the operating profit sees the impact of the Civil Service. Other than that, the business has continued performing well. Operating cash flow in this one, at the year-end, we had a delayed milestone that came in late. At the same time, in the first half, we have been investing in the technology solutions for the Civil Service Pension Scheme contract. That investment has been offset by the tailwind of the delayed payment from December and some additional tailwinds of phasing of cash at the half year. Otherwise, when we guided in the results that we would expect a GBP 10 million deterioration between profit and cash, it's literally remaining to what we will see in the operating cash flow in this division related to the Civil Service Pension Scheme contract. This is 12% of the group revenue. We move on and then we look at liquidity and net debt, it's been a good first half for the group. We have been extending the RCF facility in a little bit of every year. This time we had the GBP 250 million RCF facility. We have a GBP 75 million bridge. We've put them together for GBP 325 million, and we've put it in place for three years, plus two one-year extensions attached to it, which gives a much more solid foundation, more sustainable, much more comfortable with that. In addition, we were able to actually renegotiate the covenant of the interest cover ratio from 4x to 3x. That gives the group a much stronger position and has allowed us also to renegotiate the covenants with the US private placement lenders to bring them to a lower place. It also to mention that in July, we issued a further GBP 41 million notes of US private placement notes, that we have used to actually repay GBP 84 million of maturities that we had in July. Net debt to EBITDA was 1.6x at the 30th of June, which reflects the cash outflows we have had from what I've been speaking about. On the next slide, I wanted to speak a little bit about the order book. The reason for this is I'm speaking about the biggest and best TCV in a H1 that we have had for many years. The question is always, but where can I see it and when is it going to land? The challenge with this business is that the larger contracts tend to be a long process from winning to becoming revenue, like the Synergy contract we announced will become revenue in Q4 2027, even though we're already starting to mobilize. I wanted to therefore show how, from the pipeline we have had, around 11% is expected in H2 that we have won, 14% in 2027, 21% in 2028, and the rest beyond. I think that at the Capital Markets Day, I will focus on explaining how the pipeline is expected to convert so that people can understand better the revenue and how solid the revenue is in this company. Before even waiting for them, what I wanted also to make a point here is that of the GBP 900 million of revenue we have booked in H1, 76% of that revenue was in the order book. An extra GBP 100 million, which is almost another 10%, is related to recurrent framework agreements that we've got contracted for a while. Almost 85% is coming from recurrent, solid, signed contracts with customers, and only 15% is specific wins that we have to deliver each year. As we look forward instead of backwards, we will see eventually how Capita starts every year with more than 2/3, well over 2/3 of revenue secured before we go into this year, which again supports the length of our contracts, how solid they are, and the strength of our order book. Other than this one, we have a slide for the outlook. On the outlook, basically what we said is we expect to see revenue broadly overall flat. This is mostly driven by some losses from the public business that are expected to be seen through in the second half, given that most of that pipeline we have won is not within 2027 but beyond. Operating margin is going to continue solid, in line with previous guidance, and with the impact of the Civil Service Pension Scheme contract, but with public, which is 80% of the business, remaining strong. Free cash flow will be in line with the guidance we provided on the 9th of July, with the impact of GBP 35 million-GBP 50 million related to the Civil Service Pension Scheme contract and the strong performance in public service I mentioned earlier. Net debt will be the result of the free cash outflows for the group based on the one before and business exits. Other than that, I will hand back over to Adolfo. Okay. Thank you, Pablo. Just first real quick, summarize some of the divisional dynamics. Pablo went over some of the numbers. I think you can see that both the revenue growth, the strong win rates, the TCV performance in both divisions, continues to demonstrate that there is strength, there is momentum, and that the core of the business is moving in the right direction. If you look at the public sector side, you see that we've had the best first half performance in several years, and we've had a really good start to the second half with the TfL win, GBP 425 million that we announced on Monday. On the pension side, similar story. Obviously, TCV grew disproportionately high, over 100% growth at the TCV over last year, and have a pretty high win rate of about 99%. I talked earlier on the intro, just framing the performance of that business, our ability to deliver a good service, being at 94% KPI. Obviously there is a lot of work that needs to be done still on the CSPS, as discussed. Just keep reminding that that business Pension Solutions serves flawlessly 7 million scheme members. This is something that we do well for our [inaudible]. We will get out of this challenge. If you go to the next slide, you can see some numerical updates on the Civil Service Scheme. I would just try to capture this for those of you who are new. Obviously, we're working on it. Obviously, we have a service rectification plan that is being worked together with the Cabinet Office. You've got the progress that's been made on ill health in service, the quotes, and then on payments. The focus, as I said earlier, is just making sure that the historical improvement that we have already seen over the last few months continues into the future, and that the capacity is used to ease into a more normalized service. There's probably little more that I'd say at this stage on this. Let's move on to the change. I did refer earlier to this is a snapshot of a journey that we set out to do two and a half years ago. The first part was to go and say, okay, where do we want to be? Where do we want to get to over the medium term? Where can Capita exceed? Where can Capita win? Where can Capita be successful? We set out the goal to become the most AI-led and enabled business process service company that was going to be able to help regulated industries and the public sector deliver good value for money and good services at scale. That was the North Star. Together, we defined three stages. Three different waves. Not necessarily sequential. There is a big amount of overlap, but at a given point in time, there is more emphasis on one of the waves than the others. First wave, we were oversized, inefficient. We needed to cut cost, find a way to do what we were doing with less and doing it better and getting those efficiencies. We talked earlier about the GBP 250 million + GBP 40 million, and that sort of comprehensive realignment, simplification, de-layering, and just making sure the company became nimbler, and we could fund the rest of the journey. The second wave was about fixing the basics. What were we doing that we could do better and we should do better in terms of, okay, some of our innovation. How are we going to be deploying tech? How are we managing our people? Where was our people strategy? How do we go and work and optimize our operating model? Our operating model was the result of where the company had been for the past 10 years, 15 years as a collection of different units. We needed to build something that it was ripe and suitable for the future. That was the third phase. The third phase is seeding for the future. What do you do organizationally? What do you do in terms of capabilities? What type of people do you need to have? What type of culture do you want to build? Just build that sort of blueprint for the future so that you are relevant, but you are successful and well-kitted for the next decade. That's been the journey. Trust me, it feels like it's been a hell of a long journey. We sort of only presented that journey two years and two months ago, and I think we are well underway. On the next slide, please. I wanted to dwell a little bit more on the topic of simplification, because I think this is sometimes overlooked. Not having so many divisions, I think is critical. Simplification is one of the best possible ways to create value. We are a much more focused business now. We can deliver our vision. We've got the ability now to cross-sell much better. We've got a lot less overhead. We've got rid of some things that were getting in the way from us optimizing properly. We have now an easier-to-understand business. We have now an easy-to-run business. We've got a business now where we can get operational leverage, when we can get tech sharing, and over time, we believe that this more simple business will be easier to value. A lot of the simplification work that has gone into the last couple of years will be serving us well. Can we just quickly go to the next slide? There I wanted to have a, I guess it's a quick discussion on where we are with the government. There's been a change of government, another change of prime minister and government, and every time there is a change, there's a lot of questions of how does that affect you. First and foremost, I'm super excited about seeing the changes, the energy, and the themes that the government is talking about in these very early days. Right? I think it is very clear, and it's been talked about by everybody. The public sector needs to boost productivity. In many areas, it lacks the in-house skills or the scale. Doing it with somebody and doing it leveraging AI and some of the neophyte steps is probably the only valuable way to do this. For this to be valuable, it has to be well embedded into the process. It has to be done with somebody that really understands the business process that it's supposed to optimize. We've been doing this for 40 years. We are the number one provider in the SITS sector of software and IT services category and BPS provider to the government, and we understand the public sector much better than any other tech company. We understand how to leverage AI much better than any other business process outsource. There is a sweet spot where Capita can and will help government run those transform services. We believe that our deep public sector domain expertise applied to every one of the areas will probably be the single biggest differentiation that we've got. You can't build a multi-decade experience where you run complex, regulated, end-to-end operations at scale easily. Either you have it or you don't have it. We've done that one. We de-risk the path to get there, and we're doing this on the base of a very good collection of long-duration contracts that we're building. Next slide, please. I wanted to talk to you about, because I know this is a topic of AI and where are we and where is it going. AI is just developing. This is early days, right? If anybody claims that they have the solution and they know where this is going to be in five years, I suspect they'll be wrong. Even some of the largest and most valuable companies out there today, they are pivoting, and they're changing. We've gone from the end of 2023, chats frenzy to then tools that were productized. We moved into, yeah, we need to have agents. That was the end of 2024. In 2025 was like, actually, the agents need to be orchestrated. A lot of this period, the narrative was AI people are less relevant. AI is going to wipe them all out. Now everybody circled back to the fact that not only you need to have a human in the loop, but in many areas, particularly if it is governance-intensive, you need to have a human in charge. I think if you've been following us for the last couple of years, you will hear that I have been saying that for the last couple of years. This is a greatly unique opportunity for Capita. This is going to be AI empowering humans that are either on the loop or are in charge. This is extremely relevant for us because that's what we do. That's having the people, having the expertise. What we're doing now is enabling them with the AI and the tools that they need. That's the way the market has moved. If you go into the next build-out, you see where our offerings have been moving. Following the market or with the market. Right from June 2024, when we set out the strategy to our first agents being delivered and in production in the summer. What we did launching the ideation and thought creation entity called the Catalyst Lab, so that we could grab all of the ideas and bring them up to valuable ideas and then productize them. Deploy the use cases all the way into production. Now we're close to 500 of them. If you look at the future, and it's in the next area, I think what it's going to show you is that we are going to be building heavily on these capabilities that we've built. We have learned a ton. We learned about what works and what doesn't work. We have learned that success here is not about just tech. You could install tech and do nothing, and nothing changes. You have to deploy tech. You have to look at the business process. You have to reimagine the business process. You have to change it. You have to train people. You have to give them the tools, and then you have to stay on, right? When you stay on, that gives you a chance to iterate again and create a much better solution. I think that the future of outsourcing is going to be more of a future of You are going to be, we call it the Forward Deployed Orchestrator, where you stay with a business service and you orchestrate the people, the data, and the agents that you need at every point in time to deliver a better solution. Obviously, the art of the possible changes because there is too much innovation, the regulatory requirements change. You stay. You stay, and we aim to stay with these contracts and stay with these processes and sell our capable colleagues so that they stay and continue to orchestrate and improve the business service. The next slide just gives you a little bit more color on where this is paying off. This value proposition has value in market. This role is being understood and is transforming into a richer pipeline that continues to grow and a richer TCV book that continues to grow. Our ability to win more deals on an 84% win rate, which I think is made up of 82% of new scopes, and then 100% win rate in opportunities that we tendered. We have had a number of significant wins that you can see there at the beginning of the first half of 2026. We've also started the rest of 2026, the second half, with significant win that we just announced on Monday. I think we'll probably be close. I think we've won by the end of July, the same or slightly more than we won in the whole of 2025 put together. Just correct that. In terms of differentiation, which is where we go next. How do we keep that differentiation? I think it's just staying true to our moat, true to the position that we can, we will play in the market, which is staying close to the process, staying close to the people. If you looked at the data from BCG, it will say that 70% of the value is going to be coming linked more to the people and the process. Only a small amount is going to be around the algorithm and the technology. That's what we're good at, and that's what we're staying in, and we couldn't afford it, as you guys know very well, but we are not in the business of building anything that is in the lower levels, like the memory implementations or chips implementations or architectures or data centers or LLMs or algorithms or what they call it, different machines on top or platforms. That is not our business. Our business is to sit above that and evaluate what works best for what particular public service or regulated service, orchestrate it, put the governance around it, and that is required to make sure that the data is used properly, that we know what agent has been created for what purpose, how do we manage an agent from the cradle to the grave. Ultimately, that we look at the art of the possible to reimagine those processes, and that we stay. We don't hit and run. We stay, we manage, we improve, and we manage, and we keep improving. There will be very few other players who will have the capabilities to do that. Very excited about the moat, the position where we're in. I think on the final slide, you sort of see a more detailed view of what I call the sort of Forward Deployed Orchestrator that, to me, sort of depicts what the future outsourcing model looks like. It keeps some things from the old 40-year-old outsourcing, which is you observe the business model, you deploy your teams. Back in the day, you would have done a lot of offshoring to low-cost locations. You would have done a lot of labor arbitrage, and then you just sort of manage the teams, and you operate it. In this new world, it will respect some of the basics around the survivability of the business process, you are going to be reimagining what you're going to build. You're going to be deploying those new tools in there. You're going to be orchestrating the people and the processes and the agents at one, you're going to be operating. You're going to see that a lot of the staff, a lot of the steps will be machine-driven. The most important one is going to be the human review and the action, and that will be based on the skills that people have built. Really excited about where the market is going. This is not a journey for six months or for 12 months of you looking for everybody to get there, all of our customers to get there, and all of our customers to start procuring in 2027 this way. That is not the case. This is where the market is going. This is where the opportunity is going to be. It's not immediate, this is the place to go to if you want to build a strong company for the next decade. This is the place where we are committed and betting on our future as we are starting to finish the list of cleaning up that we needed to do. I'd like to, at this point, thank you for the patience and the support. I know it will continue to be a bumpy ride. This has been a lot of fixing. It's a complex story. It's not linear. It has lots of ups and downs. They're not always easy to explain. This is what it takes to take what we do gone and to build what we're trying to build. With this, let me pause here and change over to Q&A. Thank you very much, Adolfo and Pablo, for that presentation. We are going to go into Q&A. Just as a reminder, please, if you've got any questions, type them into the Q&A box at the bottom of your screen. We have had a lot of questions come in ahead of time, Quite naturally, quite a few of them are on the Civil Service Pension Scheme, it's an area where I'm going to start with. I'm also going to amalgamate some of those questions because they're quite similar. Stephanie, do you want to, just before I start, stop sharing the screen so that individuals can see us here? Pablo, maybe you could turn your camera on. The first question we have here is, it's clear that the Civil Service Pension Scheme had many issues before Capita took it over, Capita has contributed to a difficult situation. Does Mr. Hernandez have concerns that the severe days in payments to recipients could lead to either the contract being withdrawn or that Capita may be the subject of litigation by those affected? I fully understand why this question would be asked. My concern as the Chief Executive Officer now is to make sure we support the team in pensions wholeheartedly, that they have access to the best and the brightest we have in the group. That they have access to the technology that they need, the automations that they need, the testing capability that they need. That we cover for them financially and we do disproportionate high investments in there to solve the issue, right? We need to do that, and I need to marshal the resources of the whole company and the will of everybody to just do what it takes to get this one right. There is another parallel thread that we'll start, which is what do we do with this? How much of it was it our fault? How much of it was it somebody's fault? Right now, we are in resolution time. I think as everybody knows, this was a distressed service. It was a distressed service. It came with the way it came. Right now, my attention and the attention of the vast majority of my team is resolution. Okay. Thank you. There are naturally a couple of follow-up questions to that. In view of the delays and negative publicity relating to the CSPS contracts and Labor's announcement to insource more, how do you see the public sector section developing over the next 12 months to 24 months? Yeah. Excellent question, and I think it's a question I need to answer giving you a wider answer because there is just not one single thing. You could be looking at the test, right? The outsourcing test that is now mandatory or will be mandatory from next year for everything above a million, right? I think that is good, right? As a taxpayer, I think the government should check everything that they're doing. Are they doing it the right way? What is the right delivery channel? I think that's absolutely fine. What I think is there is a great amount of services that might just sort of end up being insourced. I do believe that given the complexity of what we do, right? The very complex middle office and back office operations that we manage in the public service at scale and with a lot of skill and a lot of experience, where we can optimize the cost delivery. I would like to believe that the answer in most of those cases will be it's actually better to do it with somebody who has the experience, the skills and the scales, and it'll be cheaper and it'll be better value for money there. As we do these type of solutions, we're also going to be supporting part of the Good Growth initiative by the Prime Minister, right? We do hire regularly a lot of people in the north of England. We have thousands of our colleagues there. We have built a very good capability to build consortia, integrating SMEs, local SMEs that have the expertise, and this is something that we've been doing for that. Social value has been something that the company has done well and where we tend to score well because of how we do that. That is becoming more important in the scoring system of the future. We're doing a lot in terms of employability. A lot of jobs are in the U.K. I like to believe a number of these things will be very favorable for us. The Number 10 north of re-leveling or whichever way you want to call it, fundamentally is going to translate on having political leaders in new centers and new buying centers that are going to be well-funded. They're going to be well-funded. They have the right aspirations for improving the services of their cities or towns or areas. They're going to have probably more funding than, in some cases, experience doing employability services or assessment services or operational services. That's an area where we've built a lot of reputation and a lot of capability. I believe that will also help us expand our addressable market. We've got the AI minister in Cabinet. We've got this high priority of using AI and leveraging AI to drive public sector productivity, which again, is something that is very core to what we are. There is the whole thing about buying British and helping. In general, yes, every government has to make some decisions. I think as I look at what it is, I think it represents a very good playing field for us to continue to work with them, helping them build a better Britain. Great. Thank you. A specific question on some numbers here relating to the CSPS. The CSPS cost an extra GBP 14.2 million in half one. Is this same extra cost expected in the second half? We haven't given specifically the split between H1 and H2. What we did say on our trading update on the 9th of July is that in terms of P&L, the Civil Service was going to cost out of what we had expected, a further GBP 25 million to GBP 40 million. One can argue that almost half of it is already booked in H1. Okay. Thank you, Pablo. Two more questions on CSPS. What lessons have been learned and what measures put in place to ensure the implementation of the Synergy contract will not suffer from similar operational shortcomings as has been the case in the execution of the CSPS contract? No, I can understand the rationality of the question. It is not just only versus Synergy. Synergy is a very different thing. Synergy is the managing of the backbone of our HR and IT finance system for DWP, different member of the government departments, and it's a solution stack that is being built by IBM, Oracle. It's a very different thing than legacy, super complex, defined benefit administration with a lot of a system that was already distressed. They're two different worlds, right, and two different realities. What it certainly has underscored, though, is when you're testing a system, you have to insist, one has to insist that if you're transitioning, you have to get access to the real data. You cannot test a system with synthetic data. You have to have access to the real data. When you build some capabilities and some automations, you're actually building it for the right data that you are going to inherit. That's definitely been there. We have always been sort of doing tripartites when we are exiting contracts and we are running off. Right now, we're running off of the Army recruitment program, and we're doing a tripartite always with Serco, the Army, and ourselves. We're running off teachers' pensions, and we're doing a tripartite there with the DfE at TCS and ourselves. I think having had those things are really important. There are a number of other operational reviews, lessons learned. There's a number of exercises, as you can imagine, we have undertaken and undertaking, and they will all feed in. There is also deal governance, things that have changed. I have to remind everybody, this was a 2022, 2023 deal. It precedes a lot of people. We're still committed to just fix it, which is the most important thing now. We own it now, and we will get it over the finish line. Okay. Thank you. Look, the last question on the CSPS before we move on to other areas. How much reputational damage has the failure of the CSPS contract caused Capita? The Learning Frameworks contract was lost as a result of the CSPS failure. Is that a bad omen for the future? I think there's two, three different things in that question. If I say to you that reputationally this has been neutral or positive, I'd be lying to you, and you'd be taking me for somebody disingenuous. Of course it is, right? I think the story has probably labeled us, and it was yours. I think everybody has completely forgotten what it was like. There's a number of things. There's a number of stories. Yes, reputationally, yeah, it's not good. It's not good at all, right? Ultimately, one of the things that make actually the country great is that it has really solid and robust processes, including the procurement process that is well documented, is really well executed by the commercial officers of the government, that is very clear on how every deal has to be managed and valued. Ultimately, if you come out on top being the preferred supplier, yes, surely there's going to be questions. Okay, what are you doing about this? Can you handle it? Do you have the bandwidth to deal with this and deal with that? Of course, there's going to be questions. So far what we've got is these contracts have been signed and we've progressed, right? We have the UKHSA signed, I think it was last week. We announced TfL. We had Synergy in February. We have the Army's Collective Training Service earlier in July. These things are there. Ultimately, I said to my team, before you needed to do a very good job to win. Now you need to do a better job to win. That's okay. I'm all for raising the bar and just really proving our customers that we know how to do this, as we have on the other 90% of KPIs that are green, right? It proves the fact that you get something wrong, and it just sort of tarnishes everything. The reality is we have spent the vast majority of the time talking about something that is 7% of the revenue, when all the other programs that we do day in and day out, they are performing really well. I think we're delivering great value and great value for money. Thank you. Some tricky questions there on the CSPS, but thank you for answering them so honestly and clearly. Moving on to some other topics that have come in here. The name Capita is considered a liability by some, including some of your shareholders, and there have been some suggestions that if the company was to rebrand, that would create some shareholder value immediately. Is that something you are considering? I consider anything that will increase value creation, 100%. However, I don't believe that a rebranding without fixing the basics is the right strategy. We're getting to a point where when we have addressed the CSPS, we have addressed everything else, we are in a situation where our profits continue to grow, but this time backed by free cash flow. When the company's normal, we can look at, given the future that we're going to, how do we want to present ourselves, represent ourselves? What's the value in the brand? Are there better options? I'm open for all of that, and I'm totally not discounting it. Right now is not the time for a rebrand. Right now is the time for rolling up our sleeves and getting all the operational improvements done and the operational improvements translated into financial results. Once we're there, we can pause and reflect as to what's the best way to call ourselves going forward. Okay, thank you. Next question on the pipeline. Regarding the unweighted pipeline, would you kindly clarify what this is and is not translating slowly given the investments and pivot, especially considering your position as a trusted brand? About a year and a bit ago, we changed our go-to-market model, the go-to-market compass. We became a lot more prescriptive as to what we wanted to do, and we landed it there because we saw there was a market, but most importantly, because we had the capabilities. We've done it, we've done it frequently, we've done it well. We've delivered a good service, delivered quality, and delivered on money, and we make money. There was tick for a few things, and those are the things that we focused on. We narrowed the focus of the type of opportunities that Capita would be going after. If anything, this is probably the time in our history where we're going after less and less and less different types of opportunities, very narrowed into five different value propositions and five only. There is a good market for those five, and we are a very legitimate player, and we know how to win, and we can prove our capabilities in those five areas. What we do is we looked at the deals, we prioritize them, we establish, okay, how well does it fit our criteria, and do we believe we can differentiate ourselves? Do we believe we have a right to win? Is it financially something that we believe is going to be attractive? What is the risk profile of that opportunity? What's our level of resourcing? What's the timing? We look at all of these things and we qualify deals in or we qualify deals out. Obviously, the deals have a TCV, and I just remind everybody, it's the whole TCV that goes into the pipeline. Even if it's a 10-year, the 10-year value is what goes into the pipeline, which is why it appears disproportionately big. I actually care less about the size of it than I care. Of course, I want it to be big, but I care more about the trajectory. Are we moving towards a market that is in our space, or is the market moving away from us? The fact that it keeps adding, whether it's 5% or 15% in a period, or it's less, but are we in a growing pipeline market? The answer is yes. In a strange way, we've said we're going to do fewer things and we're going to do them really well, and it's helped us uncover that there is a lot of stuff there that we are qualifying in. There are things that fall into this space that we don't go after because we just don't believe the probability of winning is there, or we may be in a part of the government where we can't really do that work, or they might coincide at a given point in time with another very large project, and I think we have to just sort of be careful. It's a good, thorough governance process driven by our growth team. Yeah, it's working well. Ideally, you would see you first get the pipeline, then you convert it, you win it. That turns into TCV. Obviously, that will need to be annualized. You have to onboard it, and then eventually, some of them, maybe three, four quarters later, some of it's a little bit faster, it will translate into revenue and into profit. It will always be a lag between the pipeline and the TCV because it's long sales cycles. There is a lag between getting it from TCV into revenue and margin. Okay, thank you. I think we've got time for one more question before I ask for a couple of concluding remarks. Here's the last one. Based on reasonable assumptions you can make today, can you provide a range as to what free cash flow could look like in 2027? What is the business strategy and target with regarding reducing debt, returning cash to shareholders, growing of the business? Wow, okay. Best question for last, Pablo. Thank you. Awesome. I was hearing the fire alarm test while you were in the previous question. I was wondering if something could be worse. No, listen, I cannot put a profit forecast for the company right now. We are going to update consensus with what has come up over the last couple of days. Two things. Number one, consensus for 2027 is broadly unchanged. So Pablo, how do you believe positive free cash flow can be next year? Rather than a profit forecast, I am going to do with you together basic maths. If I take from the half year results, EBITDA of GBP 60 million for the first half, multiply times 2, GBP 120 million. You add the Civil Service Pension Scheme impact in the year, which is GBP 40 million. Half in the first half in the second. Okay, we are on GBP 160 million. Add the savings that we have promised, 50% of the GBP 40 million savings we have said. You are already on GBP 180 million EBITDA. Take conversion of 80%-85%, GBP 150 million. Let's do just the double of each of the remaining of the line items. CapEx GBP 15 million, take GBP 30 million out of the GBP 150 million. Interest paid GBP 20 million, take GBP 40 million out. Leases GBP 11.5 million, take GBP 23 million out. If you do that, GBP 150 million, you take GBP 30 million, GBP 40 million, and GBP 23 million out, you are down to GBP 57 million as free cash flow before business exits. Is that far away from the consensus we have been seeing before? No. It is broadly in the regional postal code. To do that, we have to take business exits, closed book life and pension exit of GBP 20 million. Yes, and we have also some receivables from the sale of the contact centers of them. That is broadly the postal code of how I can see that the numbers are real and will follow. We will update consensus on the website so that everybody can see the details. Brilliant. What a great answer to the last question, Pablo. Thank you for that. Adolfo, could I just ask you to say a couple of concluding remarks before we close today's webinar? Let me finish with how I should've started, which is I've been thanking everybody for being here today, and thank you for the support. Been a very messy first half, one with severe problems and challenges that we have discussed widely, but one as well, when you look at the underlying, we call it the rest of Capita, the progress has been significant. I think we are fortifying the foundations. I think this breach that Pablo just took us through sort of highlights where we are. I know this is not for the faint of heart. I know what we do is really complex. There's always going to be things coming left, right, and center, but this is a much better understood, I think much better managed, simpler business now. That we're getting there. I guess it's sometimes like when people have a personal crisis, you always get this sort of post-traumatic growth. I like to be positive here as a Chief Executive Officer, and I believe as an organization, we are going to be coming out of this, not changed, because we don't need to change, but I think we're going to come out strong. We're going to just be way sharper, more focused. Not because before we didn't need to be. It's just because it's just been a painful reminder of what happens when, for whatever reason, whether it's our fault or not our fault or not just you fault or nobody's fault, you end up in the wrong place. We stay the course. We're driven to build that AI-enabled business process services company that will be one of the best partners for improving the U.K. services. It's hard, but we are committed to make it happen. Thank you. Well, thank you. Thank you for taking the time to speak to your retail investors. As investors leave today, could I ask them to complete the survey form that they'll see as they exit today's webinar? It's very much appreciated by management. Thank you for attending and thank you for presenting, and we hope to see you soon. Thanks, Alex.