Welcome to the Mortgage Advice Bureau investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the Q&A tab situated on the right hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to the management team. Mark, good afternoon, sir. Good afternoon. Thank you all for your interest in MAB and for joining today's presentation. I'm gonna pass over to my colleague, Emilie McCarthy, MAB CFO, to talk you through the summary of our 2025 results released this morning. Talk through the financial review of the business. Passing on to Peter Brodnicki, our founder and CEO after that. Emilie. Thank you. Right. The highlights. Do we know the presentation, the slides? The slides. Sorry, how do I know when the slides are turning? Well, I'm assuming we're on the right slides. I don't know. You can use the arrows on your keyboard to change the slides. Do we need to go continue to webinar? Yeah, I don't see. Yes, please. Oh, okay. Excuse us for, We're on. We're on now. Perfect. So the highlights. The group delivered strong revenue growth of 20%, reaching GBP 318.8 million, reflecting both the increased lending activity and continued growth in the number of our advisors and productivity. This translated in adjusted PBT of GBP 36.3 million, up 13% year-on-year, with adjusted EPS increasing by 14% to 44.5p. The number of mainstream advisors returned to growth, increasing by 10% to 2,135. Importantly, productivity also improved, with revenue per advisor increasing by 13% to GBP 157K. Mortgage activity was particularly strong during the year, with total mortgage completions increasing by 23% to GBP 32 billion. As a result, our total market share increased to 5.8%, driven by a higher share in product transfers while maintaining a strong position in new lending. Overall, 2025 was a very strong year for the group with growth across advisors, revenue, productivity, profit, return to shareholders and market share. Now the financial review. Turning to the income statement. This slide provides more detail on the drivers of our financial performance for the year. Adjusted PBT increased by 13% to GBP 36.3 million, driven by strong revenue growth across both the AR network and our invested businesses. The adjusted PBT margin reduced slightly to 11.4%. This reflects a change in the business mix towards product transfer, continued strategic investments, primarily in technology and central capabilities to enhance the group's scalability. Overall, the year reflects strong trading performance while continuing to invest in operational capacity and infrastructure to support future growth. Turning now to our M&A activity during the year. In total, we completed 9 transactions in 2025, which falls into two categories. The first category, we increased ownership in firms already within MAB's AR network, and we completed 6 transactions, moving to majority of full ownership. That included Lucra, Heron, FM Northeast, Evolve, Meridian and Vita. Second, we expanded the platform with 3 investments in firms that are new to our network and that's Mortgage Mum, UK MoneyMan and KFS. Most of these transactions completed in the second half of the year, which naturally limits their contribution to the 2025 results. The total considerations paid during the year was GBP 9.6 million, with a further GBP 4.1 million of deferred consideration expected in future periods. This acquisition contributed to GBP 1.1 million of additional adjusted PBT in 2025, with a pro forma contribution of GBP 3.1 million had they been owned for the full year. This illustrates the earning potential as these businesses are integrated, continue to grow and contribute for a full year. Let's take a closer look at the revenue. Looking at the drivers of revenue, growth was delivered across all three of our core income streams. Mortgage procuration fee increased by 27% to GBP 133.9 million. Growth accelerated in the second half of the year as advisors capitalized on higher refinancing activity. We also saw improved customer retention. Overall, the number of mortgages completed increased 18%, reaching 166,000, with a 21% increase in refinancing activity and 6% increase in purchase completion. Protection and general insurance commission grew by 12% to GBP 117.5 million. This was a solid performance, particularly given the higher share of product transfers during the year, where attachment rates tend to be lower. Growth was driven by higher policy volumes and the extension of our protection on the advisors, reaching now 182 at the end of 2025. Finally, client fees increased by nearly 20% to GBP 61.3 million, and that was driven by a stronger purchase activity earlier in the year and increased volumes of specialist lending. On this slide, we are providing greater transparency on how the group operates financially by separating the businesses into three components. Our two growth engines, the AR network and our invested businesses, and a central head office. Starting with the AR network, this remains the revenue share platform model, therefore, the cost base is fully variable. The network generated GBP 178 million of revenue with a gross profit of GBP 44 million, representing a gross margin of about 25%. The network included an average number of 1,463 advisors, delivering productivity of GBP 122,000 per advisor. Turning to the invested businesses, this reflects the firms where we operate a controlled operating model. Revenue here was GBP 141 million, generating GBP 54 million of gross profit with a higher gross margin at around 38%. The advisor base in these businesses is smaller at 468 advisor, but the total productivity is double at GBP 248,000 per advisor. Finally, the head office represents a central infrastructure supporting the platform, including technology, compliance, and operational functions. These costs are largely fixed or semi-fixed, with administrative expenses of GBP 36 million, which represents at around 11% of the group total revenue. Overall, this slide highlights the two complementary growth engines within the group, the scalable AR network and the higher margin invested businesses, both supported by a central head office platform. As these engines continue to grow, the structure provides significant operating leverage opportunity, particularly with the invested businesses and at the head office level. Turning now to administrative expenses. At the group level, administrative expenses increased by 23% to GBP 56.2 million, with the administrative expense ratio of 17.6%. This reflects our continued investment in scaling the platform to support growth. Looking at the head office, administrative expenses increased 17% to GBP 35.5 million, while the cost ratio improved slightly to 11.1%. This reflects continued investment in people, infrastructure, and the platform while maintaining cost discipline at the group, as the group scales. Turning to invested businesses, admin expenses increased 36% to GBP 20.7 million. This largely reflects the impact of M&A completing during the second half of the year, where we are recognizing a partial cost contribution into 2025. Turning now to financial strengths and shareholder return. Starting with the balance sheet and cash flow, the group continues to demonstrate strong cash generation. Cash conversion remained very strong at 121%, consistent with the last two years and reflecting the capital-light nature of the business model. This translated into free cash flow of GBP 35.5 million in 2025, which is broadly stable year-on-year. The unrestricted cash balance increased to GBP 8.1 million, almost doubling year-on-year, while net debt reduced significantly to GBP 3.3 million, the equivalent of 0.1x leverage. Turning to shareholder returns, the strong financial performance is reflected in continued earnings growth. Diluted adjusted EPS increased by 14% to 44.5p, in line with gross earnings. The ordinary dividend was in line with our 50% payout ratio. The return on capital employed continued to improve, reaching 34%, highlighting the attractive returns generated by the group's capital-light operating model. Finally, and after that, I will hand over to Peter. Capital allocation. Our discipline, which remains very disciplined and consistent with the framework we have outlined previously. Our approach follows five key priorities. First, maintaining financial strengths. Net debt reduced to GBP 3.3 million and leverage stands at just 0.1 times, providing significant financial flexibility. Second, investing in organic growth. During the year, we continued to invest in technology, digital marketing, and personnel with 11 million of strategic spend in 2025, including the acquisition of the Dashly technology. Third, returning capital to shareholders through the ordinary dividends. The proposed final dividend is 8.5 million pounds, which is in line with our policy of 50% payout ratio. It is payable in May 2026 and brings the total dividend for the 2025 financial year to GBP 13.1 million. Fourth, selective M&A. Cash consideration of the M&A activity during the year totaled GBP 9.6 million. Finally, the surplus capital. While the group generated strong free cash flow, this has been fully deployed across investment dividends and M&A, and therefore, there is no surplus capital in 2025. I will now hand it over to our founder and CEO, Peter Brodnicki. Right. Hello, everybody. Okay, before I go on to the sort of 4 slides that I have, I just want to sort of give you a little bit of context around that first. This business was always set up very unusually compared to other network models and major distribution models in the intermediary sector in terms of really focusing on customer acquisition. If you look at our model for majority of the last 25 years, we built our model based on driving lead flow from in-market customers who are looking to purchase property. We developed market-leading distribution in estate agency and new build, which took, you know, a fair amount of time. It's just by far the strongest distribution of that type in the UK. Now, what happens of course in that environment is that every lead we get is delivered by a human being. Some are very good, some are not so good. We probably only get around 25, maybe 30% of the real opportunities we should be getting from those lead sources through to our brokers. That's what hasn't really changed over all this time. Basically we are sitting on lead sources that probably could deliver at least twice the volume of business we're doing. Due to the inefficiency of human lead generation, we're not optimizing. When you do get to a point where there might be a downturn of some sort, interest rates go up, housing market gets affected. All that basically means, and the reason a lot of people, investors are uncomfortable at times like that, is because they feel that what will happen is there will be less leads because the market's less active and therefore will do less mortgages and therefore we might not meet our numbers. The reason we've done exceptionally well over all these types of downturns, and there's been quite a few different reasons for those in recent years, including a very significant one back in 2022, is that we have got all that extra lead flow. What happens when brokers have extra capacity, they go to their lead sources and drive more lead flow out of them. It's still a manual process, but they do it because there's so many more opportunities for them to go at. Typically way more than actually any downturn can actually impact on the market. The other thing they do well is obviously they focus on retention more, and they focus more on retention attachment rates. That is why every time we go through a sequence like that, we perform well. That's just a bit of context around where we are. The other part of that also is that with estate agency, not only are we sitting on these huge opportunities, we have 3,000 other estate agency branches linked to us. We're also constantly recruiting more firms and more branches into the group. Of course that's driving more lead flow regardless of what the housing market itself is doing. Same thing with new build. You know, that's been hit in the last couple of years. Obviously it's got quite a rosy future from what I can see. Right now it's been tough for like the last couple of years. We are taking on more sites, more builders. Again, that just counteracts and continues to drive more lead flow. Now we're working with people like Barratt to really start to access the huge number of online customers they have that don't even go to their sites. We've never had access to those customers before. If you think about our model in summary, over say at least 20 years of the 25 years we've been trading, we've built two highly successful distribution channels for estate agency and new build. Yes, they're both purchase related. Then what we do is refinance those customers in 2 or 5 years, when the products expire. Actually all of our refinancing business is organic. It's not, you know, there's 2/3 of all mortgage transactions in the UK, 2/3 of the GBP 500 billion of lending is refinancing. The only refinancing we've been doing for a very large part of our history really is only the refinancing that comes from the customers that come through those two very major channels to us. And again, that's what the brokers focus on if those channels get quieter. That's why our model's been so robust. Obviously we want to be able to drive a lot more lead flow rather than just using capacity when there are quieter periods in the housing market. I'm now gonna revert to the slides that is titled Refinancing Is Our Biggest Opportunity. The numbers on this slide reflect estimated mortgage volumes in 2026. It shows the purchase segment being GBP 191 billion, and us having an 8.7% market share of that. It shows the remortgage market is GBP 109 billion and us having 8.6% of that. It also shows there's a PT market, product transfer, where people, it's not a new mortgage, it's people transferring to another product with their existing lender, of GBP 261 billion, which we've only got a 3% market share, although a decent step up from 2025. When we've quoted market share stats historically, it's of purchase and remortgage because that only accounts for new mortgage lending, which is normally where mortgage market stats relate to. What we've now been demonstrating and what we will do with the numbers moving forward, is show the product transfer element because if there is a pivot towards product transfers, for example, it may look like we haven't grown our market share in purchase and remortgage. Actually you'll see a pickup in product transfer volumes. Now we're breaking down both to show you that there is growth and also it does sometimes change depending on which segment that growth is in. Now to the right of this slide, it shows you some really major brands that are driving lead flow into the purchase market, including three really big consolidators in our market, LRG, and Lomond Group, the PE-backed Property Franchise Group, which is another listed business. These are big consolidators. They're all linked to MAB, and they're all consolidating estate agency. Lettings business is underneath those groups, which obviously is giving us that organic growth all the time. Now, if I then look at the segment below that, these are relationships we've been working on over the last two or three years since the acquisition of Fluent Money. These are huge data-led leads flows. These people have millions and millions of customers. A small percentage are in market, but it's a small percentage of a very big number. Probably 95% of those people aren't in market. They have majority of them have mortgages currently, just not with Mortgage Advice Bureau. There are also people in those customer base of ClearScore, Rightmove, MoneySuperMarket, Amazon, and others, major employers like Amazon, that are future buyers. These are people that are just researching right now. We get insights into who those people are. What we can start creating is a pre-market, or where it's people that have got mortgages at the moment and are not ready for refinancing, or those people considering to move and all those considering people to buy their first home. Rather than Mortgage Advice Bureau just being a mortgage broker at point of advice in the purchase market, we're now a major research brand where we are working with millions of potential customers in these groups and others, that we can start to engage with, and support them in their journey to become mortgage ready. Therefore, we're building trust and value before they even engage with us at the point they are in market. It also gives us huge reach into the refinancing market, the new refinancing market, not just the organic refinancing that we've managed to build up to represent 50% of all our mortgage transactions. This is a very interesting strategy for us. Also, all the leads that come through these lead sources are digital leads. We're not relying on a human being passing those leads across to us, which means we have instant access as we start to test and pilot these relationships. We can sort of literally tweak those processes based on the learning of how customers engage to drive more lead flow, to add more value, to operate a cohort of customers, both in market and pre-market. There's a real shift or addition to what we've been doing historically. On the left of this slide, it shows what we do on protection. We've become probably the biggest, probably one of the very biggest protection groups in the U.K. now. What you've seen in the numbers before is our protection attachment rate, which is our highest margin product, being greatest with purchase, being slightly lower on remortgage, and being noticeably lower on product transfers. What we've been doing is now taking on more and more protection-only specialists across our ARs and invested firms so that those protection reviews are done on a regular basis. They're not just done alongside the original mortgage. Those customer circumstances are constantly changing. Their attitude to risk is constantly changing. Now we will continue to develop a revenue stream on protection regardless of the term of the fixed rate or whether they actually renew their mortgage or not. This is gonna be a far more significant growing income stream for us, which takes away this direct correlation between whether it's a purchase, remortgage, or product transfer mortgage, and therefore what value that generates for the group. There's a lot changing here in terms of how we operate. Okay. Sorry, just bear with me quick second. The next thing I want to cover is, how do we drive more efficiency and lead flow out of all the lead sources we've got rather than just relying on brokers having more capacity and a property downturn? Effectively, 80% of customers historically do not complete. 80% of leads that brokers receive do not complete for whatever reason might be. Some we lose direct to lender or don't proceed for any reason, affordability, deposit size, whatever it might be. Rather than discarding those, what we've been testing over the last 12 months or so is how to put those into some form of digital nurture campaign, into tools and apps, and communication strategies that identifies why that customer couldn't proceed and hopes to make them mortgage ready. Already in that short period of time, we're seeing 18% of those customers return. The level of sophistication and use of AI and other tools that we can use and data will allow that whole nurture process to become increasingly more sophisticated and give us a greater and greater return. What's happening now, we are generating a lot more leads from the opportunities that currently don't progress anywhere. That's huge for us. The other thing is we're building tools and solutions to drop into estate agency and new build distribution where it's not reliant on a human to pass the lead. We're working on data strategies, communication strategies with those groups, to engage with their customers. Because some of them, you know, when someone asks, "Do you wanna speak to a broker?" They probably do, but maybe not yet. They might want different types of engagement from you first. We're able to do that in a digital way. What will then start happening is we'll start receiving more and more leads digitally in addition to the human referrals that we receive. That will start to really leverage this huge funnel of opportunities we've been building over the last few decades to be able to drive more business out of it. The other really big part of what we've built up over the last 25 years is huge lettings distribution. We've got the biggest lettings distribution in the UK by a mile. We receive no leads because this is not an area of human referral, and there has been no digital tools to engage with those types of people. That gives us access to huge landlord databases, huge future first-time buyers. 60% of people renting are renting with a view to buying. We've got visibility of these people. Now we're working with these big lettings groups in terms of how they can contact those customers, engage in AI contact with those clients, and start positioning some of the tools and solutions and, you know, the landlord apps and that that we've got to be able to to engage with these customers further. That's a big growth area for us as well. We're now driving the protection strategy for dedicated protection advisors, as we talked about, and far more retention advisors focusing on retaining those clients in all market conditions. We're also moving to a scenario where we're using data that customers give us authority to pull that looks at valuation data, equity in properties, EPC ratings, credit bureau data, whether they're building up secured, unsecured debt, et cetera. To be able to not only through our mortgage monitoring notify customers that it's time for them to refinance, pay a penalty, and drop out their mortgage early, which no lender would ever do for them. But obviously we can do for them, and we can do this both for our existing customers and the huge customer databases of mortgage holders that some of these big groups I've referred to already have. Start presenting solutions of what they could be doing in between those fixed rate reviews. This is a far more proactive approach with customers because of the levels of data we can have. The way we now engage with these customers through the mortgage monitoring tool will open up a lot more opportunities, which is why we bought Dashly in December to give us full control of that. There's an awful lot of things happening. In addition, as part of MAB 3.0, we're now looking at the whole home moving process, from conveyancing to surveying to utilities, other home moving services, to be able to put digital solutions in place, that allow customers to use all the data they're giving to us to populate all these services that they're gonna need all in one place with all service providers updating their products, and that customer situation in our portal, the customer portal. It will become that one central place to review everything that's happening with their mortgage, the home moving process if they're moving, or they're refinancing, whatever they might be arranging through us. There's a lot going on in terms of how we now drive more out of what we've got with that sustainability distribution, our client bank, non-procedural clients. Again, that strategy of focusing on customer acquisition has never been stronger. I'm gonna focus, and this is probably why, you know, we've never been concerned what will happen if there's a slight downturn in the housing market or even a major downturn, which we've lived through twice in that, because we know first and foremost, we've got more than enough leads to be able to fill those gaps. Now we've got a wider set of opportunities to work with and more digital tools to be able to drive lead flow at what we already have. That position that's put us in a strong place previously is only gonna strengthen our position and allow us to continue not just performing strongly in a downturn, but to continue our growth objectives in a downturn too. In terms of AI, it's another really big focus which I know there's, you know, a lot of views trying to be taken. Which industries, which sectors, which companies are gonna be affected positively or negatively by AI? Firstly, what I'm gonna explain is where I see AI helping us, very clear and obvious areas, that over the next two or three years will just get more and more embedded into our business and to our platform offering. First of all, we've been talking about leads. AI is already being used with lead flow. It's already, we're using AI bots to engage with customers to understand, you know, do they need a mortgage right now? Do they actually wanna speak to advisor? Is there some other ways we can help them rather than push them all through to an advisor, which is sort of the blunt instrument that's worked in our sector and with lenders for very many years. Already starting to see some really good engagements on that already. AI also enables us to create nurture journeys and engage with those customers when they're not ready to speak to a broker, but inform them and update them on all of our options and solutions. It's part of an education process as well. That's part of what we're offering. AI also will take data insights. We have 25 years of interactions with customers on mortgages, purchase and refinancing. That gives us a huge amount of data that feeds AI and feeds the insights that can help our brokers convert more customers and offer a more hyper-personalized experience to each customer rather than the same process to every customer. This is a complete change in how mortgage intermediaries operate. Having AI to be able to basically take the data we have and to be able to tell us how to be more relevant to more customers on a regular basis and how to convert more of those customers, that's gonna be very important to us. Also what we're using with AI is to ensure that rather than having the same engagement process with every client, the more experienced clients with maybe more simplistic mortgage needs can have a more AI and data and technology-driven experience as they're already starting to do with us right now. It might mean that every 3 years when they remortgage or move, rather than having a longer engagement with a broker, they might only have 20 minutes with a broker. For that 20 minutes, they get the reassurance, they get access to 33,000 mortgage products, which they'll never be able to do if they just use research directly to go to lender using AI or not. And of course, we can pivot that relationship and help based on that customer's positions and requirements, which we never were able to do before. And also there's nothing stopping us whatsoever identifying which group of customers over time may actually not even want to speak to a broker. We can actually drive a client directly to lender. There's nothing that an AI-only solution will have over and above what MAB can do. MAB can use AI in every single way, to drive lead flow, to increase conversion, to be able to personalize that customer experience and shorten or lengthen it depending on the level of engagement they need, or to indeed be able to offer a digital-only experience to that small cohort of customers that have the confidence to do that. So there is a huge number of benefits that we see very, very clearly, some of which have been tested, many more are in development. I'm sure that'll be embedded into our processes over the next 12-18 months more and more as we learn more and more through testing them. The other question which is being asked is, you know, what about AI as a competitor? The first thing I would say here is that any new AI models that feel they want to drive customers through a direct-to-lender process with AI giving them the information to be able to do so still has to acquire customers. This is the biggest issue for any business, acquisition of customers in a cost-effective way. They're gonna have to go direct to consumer. That is gonna be costly. If you look at the conversion rate of going direct to consumer, if you're not able to offer all the different alternatives of how customers want to engage with you, then only the small number that might be happy with a recommendation from AI will go direct to the lender that might be recommended. The AI solution would only receive 20 basis points for that. There'd be no conversation about protection because AI just cannot engage with customers on protection. It's a very different type of engagement with consumers. That's our highest margin product. They certainly were not going to be charging fees, although that's something which is reducing in the intermediary sector significantly anyway. Yet they have a very high drop-off rate because people going down that route, and many of them are gonna want to maybe speak to an advisor for 15, 20 minutes, get a wider choice, and have that reassurance. No one coming into market would ever have the reach we have. We are piggybacking on a B2B2C model without taking that risk and cost of incurring that cost to drive those customers into our environment in the first place. We are working behind market-leading brands in the newbuild sector, the property sector, the price comparison sector, the property portal sector, major employers, credit bureaus. They're the ones that have to pivot to bring those customers into their environment, and then we are just building the tools to bridge the link between them and us without the involvement of a human being where possible. This is, you know, for us, very, very key. There's also a lot of regulation still in place for AI-only models. Are you gonna take all that cost for what's going to be quite minimal revenue and take on the regulatory risk? We really, you know, we have thought in every way, where is AI a benefit and where is AI a risk? I can see different sectors and where that might be more disruptive. In the way our model is set out and the way it's de-risked over the huge number of sectors that we operate across now, we can't actually right now honestly see how this is a disruption. Some of the lenders, of course, are gonna want to have a little bit more direct business, but that's very hard to achieve. They're probably just going to automate the direct business they already get, but currently has to go via advisors they currently employ. Lenders are very poor at employing brokers. They don't convert well. It's a high cost to them. They're far better when they go down an execution-only route, like a product transfer. I do see elements of that current tool going into a lender's advisor being more automated to fit into what they do best. I don't see right now how that could impact in terms of where generally customers will go. A lot of background on that. I haven't gone through the remaining slides actually, but the next slide in the pack does actually just show you what I've just discussed. How over 20-odd years, we became market leaders in that purchase flow of remortgages or of new build and estate agency, and how we've extended our reach, how we've developed and replatformed, how we're now made strategic investments to widen our reach, how we're using data and AI to extend that reach and that capability, and how we're not wasting customer opportunities and how we're extending our offering to bring more customers into our environment. The last two slides really just really very simply talk about data automation and AI driving productivity and genuine lifetime value for customers rather than just transactional value. Very simply at the end, talking about a business that very simply is human where it matters, it's digital where it counts, it's intelligent end-to-end, so we're learning from every single interaction we're having, which wasn't available before. It's scalable for years ahead because we've just got so much established lead generation that we can now extract opportunities from and significant areas of new lead generation that are still in their infancy. That's what gives us the confidence really of where we're going. Those are only slides that I've got for you right now. We have a Q&A, I think. We have a Q&A now. I will pass it on. We didn't get a chance to look at the question in advance, but, That concludes the presentation part of the meeting. Do submit any questions on the platform if you have them. I can see a couple up here to start us off. The first one saying, "I see that you are planning to move from AIM to the main market. Can you talk about the rationale for that and the expected timeline? Yeah, I mean, I think we announced our intention, or that we were exploring the move to the main market already 14 months. Mm-hmm. Sorry, 14 months ago. Apologies for sounding drunk. It's not kind of new news. I think what we're confirming is obviously that it's gonna happen in the second quarter. I mean, the reason is we, you know, the end market has done amazing for us. You know, like we grew like an amazing amount of times and we feel like with our ambition of, you know, doubling in size and 2.5 times profitability, we feel that the main market is more appropriate for us going forward. Yeah, you know, we've been having quite a few meetings with U.S. and European investors who've been very clear to us that to engage with us would need to be on the main market. Obviously that's their policy, nothing to do with us. You know, we want to extend that investor database to take what's on the next stage of our journey, and this seems a very logical way to move forward on that. There is one. We can take this one maybe straight away. Okay. Do you think the share price weakness is related to selling ahead of the move to the main market? We have between 8% and 10% of our shareholding that are IHT related funds. They have to sell us, so we definitely know that it's a part of pressure on our share price is the hangup. Yeah. Come on. Um. Do you wanna pick another question? Yeah, there was one I saw talking about protection, noting the FCA's pure protection market study interim review. Just an update on that part of the business and what it means for MAB. Yeah. Obviously this is a massive overhang for us. You know, I think it knocked our share price quite considerably because it's a big part of our income. The findings of the FCA are exactly as we expected and hoped, and absolutely supports everything we do. You know, while also identifying a 2 trillion protection gap and how important it's for customers to be protected with the mortgage event, quite typically the only point where they actually get proper access to advice. From our perspective, you know, we're becoming a very big protection group in our own right. We see protection as a completely separate, as I mentioned earlier, opportunity to service those customers and their needs over the long term, outside of any mortgage arrangements. It was a bit disappointing considering how much our share price was affected, how little it reacted when that great news came out. I think, you know, with other distractions in the U.K. right now, and, you know, I think a lot of, you know, potential scaremongering around AI and trying to work out which sectors are being affected or which ones won't be, and now obviously a short term overhang in terms of moving to main market and IHT funds, you know, I think these things have all dampened the share price, to be honest. This is why we're trying to create clarity around, you know, why our business is so resilient and has proved to be so many times in any form of property downturn, why 2/3 of the mortgage market is refinancing, which isn't affected, and why we see AI as with lots of positive but very limited negatives that I can see at this stage. Yeah, we need to press on. You know, we've got a lot of people that, you know, have shown a lot of interest in terms of moving to main market and supporting the firm in terms of its growth plans. I'm just looking forward to the next month or so to pass by as quickly as possible. Can you comment please on possible opportunistic buybacks given the share price? I mean, we have, as you saw, a very well-defined capital allocation policy, where we look at, you know, obviously all options. If we think that the buyback will give us better return than investing in other, you know, priorities, then we would consider it. Yeah, look, if we had the cash today, we would certainly do that. We've obviously saw through last year it was a busy period for investments. We've got a few smaller tactical ones at the moment, but if we don't continue to spend like we did last year, which wasn't a huge amount in fairness then. I mean, our plan is definitely not to hold capital. It's to redistribute capital. Got it. Just as effectively as we can. Yeah, exactly. Sorry, I can't see the full question here. Don't know how that works. Here we go. Market share. Do you wanna take the market share lending? Yeah. What's the question? Sorry. Oh, it's gone. Sorry, we're losing the questions. I don't know why. Why don't you just drive the questions? Yeah, there was one here just saying, how important is market share if you're trying to move away from being seen as the housing stock? Yeah. Market share isn't just housing because housing is the purchase part, and that's only 1/3 of all mortgage transactions. Which is why we're now demonstrating our market share based on purchase, remortgage, which is new mortgage business and product transfers, which is obviously shifting a product from with the same lender. I think market share is always relevant, but it, that's not what makes us money. Every other KPI adds to the efficiency of the business and to revenue generation and to margin increase. You know, arguably it could be a position where you don't increase market share, but you increase significantly efficiency across the business. You increase protection sales, and none of those things would actually impact on market share. I've already made very clear, we have very significant untapped opportunities in the purchase arena, and we have a strongly growing existing client base of organic refinancing, and we now have created an opportunity for ourselves to really get into that new new refinancing market that we never had the benefit from before. To me, I think you know we will see market share obviously increase as we will do areas of the business that will impact on revenue and margins that are not linked to market share. You know, I'd like to see the benefit of both really. Actually, on pure protection we have actually, we're starting publishing our market share on pure protection. Yeah. Which is, you know, as you know, 40% of our revenue is pure protection, so we are definitely starting to drive the narrative towards away just from, you know, property enhancing. Yeah. Absolutely. Yeah. Yeah. I think those are the main questions we can see online. If you've got follow-up questions that you haven't been able to submit or spring to mind, please do come through investor relations and we'll try and come back to you. Otherwise thank you very much for joining and for your interest in MAB. Yeah. Thank you very much. Thank you. That's great. Thank you for updating investors today. Can I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete and I'm sure will be greatly valued by the company. On behalf of the management team, we'd like to thank you for attending today's presentation and good afternoon to you all. Thank you. Thank you.