It is 3:00 P.M. in London, so we'll begin. Good afternoon, and good morning. Thank you for your interest in MAB, and for joining today's Capital Markets Update 2026. Today's session is designed to provide a clear view of our strategic direction, how we are scaling the Platform, and how that translates into sustainable, profitable growth. We will begin with Peter Brodnicki, our Founder and CEO, who will set out the strategic priorities and progress under MAB 2.0. Yaiza Luengo, our COO, will then cover how we are harnessing technology to support, scale, and growth. Emilie McCarthy, our CFO, will follow with our profitability roadmap and medium-term targets. Peter will then return to wrap up before we turn to a panel Q&A session. Please submit questions via the portal using the Submit Questions function. We will address as many as we can live, and we will follow up on any remaining questions after the event through investor relations. With that, I'm pleased to hand over to Peter. Hi, everybody. I'm delighted to be back with some of my team to give you an update on our progress over the last 12 months. My part of today's presentation is to focus primarily on the ever-increasing strength of the uniqueness of the MAB proposition, how we are positioned in transforming the intermediary sector, and where I believe our biggest growth opportunity lies. I'm gonna start with a quick look at how the government's growth agenda is supporting sustainable increase in housing transactions. As predicted at our CMD last year, affordability stress testing has eased, and as a result, the average MAB customer can now borrow over GBP 30,000 more than they could have just 12 months ago. Higher loan-to-value products are now available with increased LTI flexibility, and the FCA's roadmap includes rental payment history being recognized as part of the affordability assessment to support first-time buyers. These are all significant changes that underpin stability and enable growth in transaction levels. Lending appetite is strong, with an all-time high of 33,000 mortgage products currently available. Product mix is now normalizing, with two-year fixes now over 50% of the fixed-rate products available, and with six rate cuts in this easing cycle, more are expected this year. The year started strongly, both in purchase and refinancing activity, with the early weeks in January stronger than the same time last year, where we saw a stamp duty rate spike in Q1. The MAB business was built on delivering a market-leading proposition for the estate agency sector, and then we delivered the same for new build. So for new lead flow, our model is very much purchase focused, and our refinancing, that currently represents around 50% of all our transactions, has all been organic. This slide breaks down predicted market values for 2026, and based on our half-year results in 2025, that's what our market share of each is currently. Just to remind you, only purchase and remortgages contribute to market share stats. However, if you add in product transfers, the combined refinancing market represents 2/3 of all transactions. Product transfers have increased as a percentage of refinancing, and although we have grown our market share of product transfers, it doesn't impact on our market share size. Because of the protection attachment rates being lower for remortgaging, and especially product transfers, a change in product mix has historically impacted on revenue rather than transaction numbers, albeit the revenue difference is largely mitigated by a far higher completion rate compared to purchase. To address that, we've been testing separating out protection reviews through dedicated protection advisers that assess the customer's changing protection needs on a more regular basis than with a mortgage that will typically be reviewed after two or five years, depending on the fixed rate term. This takes away an issue of attachment rates linked to mortgage type, and we're seeing a meaningful increase in protection sales for a second and totally separate review process to the mortgage. Over time, this will ensure an increase in protection sales across our customer base, which will also improve retention rates of existing customers. Moving to the right of the illustration and the brands alongside the purchase segment, you will see examples of major firms that are scaling significantly, most through acquisition, that will drive increasing opportunities for MAB. Three of these groups are also the biggest letting firms in the country, and we're working with them to drive previously untapped opportunities with renters looking to purchase, which around 60% are, as well, of course, with the landlords. Moving down to the two refinancing segments, through the acquisition of Fluent, we opened up the opportunity to extend our reach into major data-led sources, and these are some of the brands we are currently working with. Property portals, credit bureaus, and price comparison websites have incredible amounts of customers using their platform, with the vast majority having existing mortgages. These brands and others provide us access to millions of customers looking to refinance now or in the future. Despite a very exciting growth opportunity in purchase leads, we now also have access to much of the refinance market, which is resistant to external factors. The acquisition of Dashly supports our strategy and enables MAB to control the use of an extremely valuable tool that builds trust and value of existing and future potential MAB customers. We are entering a period in lending and mortgages of transformation in lending and mortgages, driven by digital innovation and increasing use of AI. So I expect a very new-look landscape in the sector in the next five years. With that in mind, I felt it would be very worthwhile explaining why I see MAB as ideally being positioned to help lead transformation in our sector. In the left segment, we have examples of traditional networks, made up mostly of one- and two-man bands. They continue to try and scale their existing model without any obvious strategy that considers a changing landscape. There's little differentiating these networks other than commercial terms and the quality of the teams managing the relationships. In the right-hand segment, you have firms that are considered new age digital brokers. There have been investment activity in these firms as there was in the robo-advice era of 10 years ago, where new entrants positioned themselves as light touch, digitally led businesses with high productivity. Today, the technology is here to support models like this, unlike 10 years ago, and those firms, when those firms actually failed. However, just like 10 years ago, the majority of these firms are struggling to scale profitably or fast enough organically. We saw RVU acquire Mojo in 2021, when the business needed a significant capital injection and a lead source to make it viable. As part of that transaction, they will receive lead volumes from Uswitch, Money.co.uk, and Confused.com. Habito was acquired three years ago by a fantastic entrepreneur in our industry, Ying Tan, who recently sold the business to Monzo, again ensuring zero cost lead flow. We see a pattern when businesses have grown turnover well, but lead acquisition and high tech costs make profitability hard to achieve. Even well-run businesses with high productivity are needing to transact. It's great to see the evolution of mortgage broking models like this, but others face the same challenges, and will compete, and will compete with us in terms of national lead sources. With our financial strength, investment in technology, experience, and scalability, MAB has an exceptional offering. We have firms within our group that deliver the performance of any digital broker that I've referred to and also deliver the profitability, and we are in the process of enabling all our firms to deliver what we expect to become the norm if you're to remain competitive. The two firms in the middle of the circles are L&C, a large telephone broker moving towards a digital broker model, and OneDome, who have their own technology and are acquiring self-employed distribution to build to scale fast. MAB sits in its own category, as it has done for 25 years, but even more so than ever today. From day one, we focused on lead flow. We have a specialist network model that attracts the top 10% of intermediary firms in the U.K. that have strong leadership and want to scale. We have invested in high-quality firms that have helped to scale and enter into new growing areas of lead flow. Our investment in technology and building what I consider to be by far the strongest team in the intermediary sector, has continued throughout the challenging environments we have experienced over the last five years, and we have not compromised to ensure that we're in a dominant position that we are in today. We've always had a very clear vision of how technology, data, and AI would impact on our sector in terms of customer acquisition and the business models that operate within it. Whilst continuing to deliver strong growth and investor returns, we have not compromised on our beliefs or the spend required. Could we have delivered our plans faster and more effectively? Yes, probably, as plenty of lessons have been learned along the way, but I have to judge our decision-making based on where we are today compared to our peers, and how well we are positioned to deliver the growth and market share, margins, and profitability that we pledged last year. There's been lots of talk recently about how the use of AI will impact on advice. Lenders certainly need execution-only models, which will be a far more efficient way for them to run their in-house advice teams. However, MAB needs to stay relevant to 100% of customers, which these next few slides try to illustrate. We start off with a segment called Researchers. This is a new segment for our sector and for MAB specifically, where we're trying to engage with customers 6, 12, 24 months or before they actually transact a remortgage or enter the market for the first time or move home. This is a fully digital interactive experience, where the more data they share with us, the more information we can share with them, and so that relationship and that trust is building. We then move to a customer coming into the market and wanting to transact. Now, there, that advice, which used to be 100%, human-led, is now probably around 50% digital and 50% human. However, the model is structured in a way, and rightly so, that it adapts to every single customer and can also maybe move to being 90% digital or 50% digital. The customer decides, depending on the complexity of the transaction and the confidence that the customer has. We then move to existing customers, where historically they would be contacted after two or five years when a fixed rate expires. Now we have a digital engagement strategy throughout, carrying on what we would have done in a pre-market research environment. Again, fully digital and actually positioning solutions to customers as we learn more about them, their financial status, their change in circumstances, and we can start to be a lot more proactive with those customers. So again, regardless of what we see in terms of increasing use of AI and removal of advice triggers, what this actually means, we can actually have a far more effective triage at the top of the funnel with our customers to be able to help them research and inform themselves better and get themselves mortgage ready, use us in a digital capacity and human capacity, in whatever balance they want when they are proceedable and in market, and of course, keeping that relationship and keeping that value long-term for the customer. We touched on also our Capital Markets Day last year, about our briefly on our plans for MAB 3.0, which is Ben's leading for us. As well as being positioned as a safe and helpful place to research and transact, we need to widen our value in the home buying process by delivering a seamless end-to-end service, utilizing the same data we obtain throughout the research and advice process. That is what Ben's leading for me. We have investments in conveyancing and surveying businesses, and although they are profitable, they are not integrated into a seamless MAB experience. We're considering how the future of conveyancing and home moving will look in order to build a proposition that will support lead generation, conversion, transaction completion rates, and drive new revenue streams for the business. An ecosystem, as you can see in this slide, where all elements are complementary and supportive of each other. Ben is also very much involved in contributing to government's working groups on the home moving process. Some of our planned M&A will be supporting the 3.0 strategy, with the early benefits expected in 2027. So, coming on to brand. 25 years of Mortgage Advice Bureau has served us very well, very much in a B2B2C environment, but it's time for a change. Our existing brand no longer reflects MAB's scale, digital capability, or expanded product and service offering that we have planned. Aligning the rebrand with internal values, strengthens focus, improves consistency, and will help drive unified digital-first operating culture across the group. As the industry shifts towards digital consumer behavior, this requires MAB to evolve its brand to remain relationship-driven and relevant at all times, future-proofing and extending MAB's market position. This is also a key part of our 2.0 and 3.0 strategy. As part of that strategy, not only do we have a new look brand, we also have a three-brand strategy. With First Mortgages very much focusing on the first-time buyer segment, MAB across the entire market, and Fluent will be focused purely on the very specialist sector and a B 2 C environment moving forward. I want to leave you with this slide, that it very clearly visualizes my journey with MAB and where we are today, in what is an incredibly different and exciting place to be. It builds on my slide earlier, highlighting why MAB is so uniquely positioned. What this slide demonstrates is for the first sort of 20 years or so of MAB, we built our business in that purchase environment, becoming best in class in estate agency and also in new build. Very much referral-reliant on human referral. Then our first step into really broadening into more digital lead flow and non-purchase lead flow was through our acquisition of Fluent in 2022, where suddenly we added national lead sources, which brought us not only purchase business, but also huge numbers of refinancing opportunities and future customers that are just researchers. If we then start to look at what we've been doing in the business since 2022, probably last four or five years, in terms of investing in our M&A and investing in our growth of our platform, adding in all the digital and AI opportunities that will be coming through our business over the next few years, you can see that we've had a very significant shift in where we are and a very significant shift in the opportunities that will be made available to us. So again, we've now added in employers as a major income stream, and also through the whole of the huge amount of digital nurture and capture and early customer researchers, we've now opened up the doors to so many more opportunities for this business to focus on over the next few years. And customer acquisition is what drives any business model, and security of that and long-term predictability of that is key to our business. So the brand, as you can see now, is well positioned for what we're trying to achieve. All that investment we haven't compromised on is really transforming how we acquire customers, how we retain customers, how we extend our reach in terms of product offering, increase our productivity, and increase our margins. Thank you for your time. I'm now gonna pass you over to the first of two incredible ladies that are driving the delivery of MAB 2.0. The business needed a transformation-led COO with exceptional knowledge of how we leverage our technology, incredible levels of data, and of course, AI. That's exactly what Yaiza is bringing to the business, and her impact is already what I hoped for. Yaiza, over to you. No pressure. Hello, everyone. So today is about harnessing technology to deliver scale and growth, with customer outcomes and adviser effectiveness at the center. As COO, I'm focused on turning strategy into execution through platform capability, structured data, and digitally enabled journeys that allow us to grow faster without a proportional increase in cost or complexity. This is a shift from product-led to platform-enabled growth. The operating model connects customer experience, efficiency, risk management, and compliance into one coherent system, so advisers spend more time advising and less time processing, while the platform does the heavy lifting in the background. 2026-2027 is refinance led. Our proposition is going to be delivered with three key objectives: defend our base, win market share, and build lifetime value. The key shift is from transaction thinking to relationship value, using journey insight and target addressable market-led prioritization to invest where returns scale, while technology makes delivery repeatable and consistent at higher volumes. This slide frames the investment story. The 2026 to 2027 strategy is deliberately refinance led, reflecting where scale, predictability, and monetization are strongest. By defending the existing customer base, selectively winning market share, and increasing lifetime value, we're shifting the business from being episodic, transaction-driven revenue towards a more durable, recurring economic model. Cohorts are prioritized based on target addressable market and opportunity, ensuring capital and technology investment is directed where it drives the greatest long-term return. So we defend retention. We focus on customers already in our ecosystem, using triggers such as rate expiry and payment changes. We move from reactive to proactive engagement. Monitoring-led refinance reduces leakage and drives repeat business. We will win new market share. This is the offensive play. We target refinance customers outside of our sphere by making switching simple and advice led. The outcome is new customers and re-engaged loops feeding future value, and we will build lifetime value. This cohort targets first-time buyers and home movers by supporting readiness and providing end-to-end advice. We improve conversion and create natural cross-sell opportunities over the customer lifetime. Refinance leadership is about retention, conversion, and re-engagement, not just product availability. Monitoring-led triggers enable earlier and more relevant outreach, while joined-up journeys connect purchase, protection, and refinancing into one single system that standardizes the path while still allowing personalization and advice where it matters. Now we move from strategy into mechanics. Monitoring triggers and joined-up journeys are what allow us to defend the base and win share consistently, rather than relying on advisor memory and customer timing. Now, the evidence of our success is our funnel effectiveness. Insights you can see on the slide from 2025 shows that we generated over 345,000 leads. We invited over 413,000 users, a lot, to platform, and 52% signed up. Of those who were invited, 98% signed up onto platform. Now, what does this tell us? It tells us that when users sign up, they almost always log in. The biggest, simplest adoption lever is improving invite to sign-up conversion, and this shows up in the engagement quality. Of the total documents uploaded to platform, over 1.3 million of them, over 1 million, which is over 86%, were customer-authored documents. What does this tell us? An 86% customer upload shares a strong signal of high-quality adoption and commitment to conversion on our service model. It proves that many firms are successfully driving customers into self-serve behaviors rather than advisors completing activity on their behalf. This supports our scalability. Now, platform and tech is our enabler for digital scale. The platform is the growth enabler, allowing scale without proportional increases in headcount or cost. Efficiency emerges when data is structured, connected, and reused across the journey, reducing handovers, duplication, and rework, and improving speed for customers and certainty for the advisors. The key benefit here is that first, efficiency emerges. We're not forcing the productivity through pressure. We're designing it into the system through better data, structure, and utilization. We're creating an intelligent journey that relies on creating structured data across the five dimensions: the lead, allowing early intent signals and engagement data; the case, ensuring advice and product sourcing intelligence; the customer data itself, that provides ultra-personalized affordability and needs insight; and the property data, that provides consistent property-level insight. And of course, all this over time, learning changes over time and capturing customer history and lifecycle events. Productivity is using tech as the enabler for driving that revenue and margin. Productivity is a growth capacity. Data-led execution and automation improve speed and quality together, shortening case times, strengthening compliance outcomes, and increasing completions per advisor, which translates directly into revenue uplift and margin improvement. This slide breaks this down visually. More cases, faster completion, stronger compliance. Each of those outcomes ladders directly to advisor capacity, completed cases, and revenue increase, all built through platform. So more volume, more cases. Higher case volumes through lead nurture, retention, and improved conversion are powered by data intelligence, reducing that reliance on gut feel. The result? More cases per advisor, more completions. The next is speed. Faster case completion. Those reduce case times through automation and streamlined workflows, faster case placement, and fewer handoffs. The result? Quicker progression to completion, more capacity is released, and most importantly, quality. Compliance and rework with reduction at the heart. Higher compliance pass rates with fewer errors and resubmissions, more consistent outcomes and fewer delays, so you get a higher completion rates and more protected revenue. Now, this, at the heart, is all about MAB as a platform business. MAB operates as a platform business connecting journeys, users, and partners end to end. Strong foundations built on security, resilience, and consistent data handling make scale safe and repeatable, creating a defensible advantage where the system improves as the volume increases. This is about foundations. Platform businesses only work if reliability, uptime, and security are non-negotiable. These foundations are what allows everything else to scale safely. MAB runs on AWS, which provides high availability for strong business continuity. Kubernetes enables fault-tolerant container orchestration with dynamic scaling to meet demand. Platform is built on industry-leading cloud and security services, reinforced through Alert Logic for threat detection and rapid response, Sophos for defense in-depth infrastructure protection, and we also have Datadog, which provides unified observability across logs, alerts, and application performance, enabling proactive monitoring and fast resolution. Rubrik delivers enterprise-grade backup, disaster recovery, and ransomware protection across both Microsoft 365 and cloud applications. And lastly, Flexera, Spot delivers AI-driven cost optimization by automatically scaling resources in line with workloads, balancing performance and efficiency. Now, this suite of tools, some of the many, are best in class for any regulated business and demonstrate that MAB is ready to scale today. Now, let's talk about that scaling. This is about the economics of growth. We scale through reuse, integration, and automation rather than constant incremental build, enabling faster delivery and partner expansion without heavy bespoke investment, while maintaining governance and compliance controls. Tiered access and packaged APIs on the slide show how we do this in practice. Partners can integrate with us at different depths without creating one-off complexity each time due to our API microservices infrastructure. The basic tier includes the ability for any partner or introducer to push leads into Platform and receive real-time status updates from any partner. The value? Simple and low friction, with clear visibility of outcomes and, obviously, a short time for partner integration. The enhanced tier is all about data submission, just without conversational visibility. It means you submit structured customer data to create and enrich cases. Partners receive enhanced insight without direct visibility of customer broker privileged data. The value here is enhanced capability that maintains a clear separation between the introducer and the regulated advice. Also, it gives us the capability to partner in cases when the introducer partners want to create their own personalized journeys within their brand. Last but not least, the enhanced plus tier. Advanced introducers, for example, with an AR within the MAB group and allows a shared data model with controlled transparency. You can submit and incrementally update customer data throughout the life cycle in real time. The value here is full collaboration and transparency within a compliant group structure. So all of this is built on our software factory model and capabilities. The software factory turns change into predictable capability rather than a series of one-off projects. Standardized ways of building and releasing improve pace, reduce risk, and protect customer experience, ensuring Platform delivery scales with speed, quality, and control. Accuracy and efficiency are called out deliberately. At scale, consistency matters more than novelty, and this delivery model ensures that change does not destabilize the core platform. MAB has developed a robust in-house software vision and development team with a focus on accuracy and efficiency, and this is the unique hallmark of MAB's technology-led offering. So now we've talked about the Platform model. Now let's talk about Platform, the system itself, and bring it to life, so you can see it in action, as we demonstrate its extensive capabilities and how it stands out as a unique asset within the mortgage industry. This enables us to grow across the sector and alongside the full home buying journey, bringing together the entire ecosystem, from national scale introducers to advisors and customers. Platform isn't just a system. It's a carefully curated orchestration of tools across the customer life cycle. Let me show you that now. Introducing Platform, transforming how you manage referrals from start to finish. Built by MAB, with over 20 years experience in developing innovative technology and more than 250 industry awards, Platform is a proven solution trusted across the industry. It supports over 18,000 mortgage applications every month and is used seamlessly by introducers, advisors, and customers alike. Last year alone, Platform generated 344,000 leads, achieved a 52% sign-up rate, and handled over 1.2 million uploaded documents. MAB's Platform has the power to seriously transform your business. Let's see how it works. Submit leads quickly with a simple, intuitive form that saves you time from the very first step. Track progress in real time with live status updates, detailed notes, and full calendar syncing for effortless booking. Platform's innovative AI handles the heavy lifting for you, categorizing documents and spotting fraud, so you can focus on your clients. Platform extracts bank statement data, so you can have smarter conversations without the hassle. While protection analysis tools recommend the right cover at the right time, improving outcomes and supporting compliance. This feeds into a dedicated standalone compliance portal, which forms part of our MAB ecosystem. Speed up business with built-in affordability checks and a Decision in Principle. Create a Mortgage Passport, so clients know exactly how much they can borrow, letting them walk into estate agents with confidence. In Platform, you can also do client recommendation and full mortgage sourcing. And because we know things can change throughout the process, you can nurture your lead at any time, respond confidently, and stay in sync with your team all in one place. Life is simpler for your customers, too. Their dedicated portal gives them full control over appointments, documents, and progress. With Platform, your customer leads the experience, and Platform responds to meet their needs, powering smarter referrals, better customer experience, and greater efficiency. Plus, customers will benefit from real-time mortgage monitoring, giving them the confidence they're on the right product. Built on secure, scalable cloud technology, Platform blends human insight with AI automation to help you stay ahead. Discover how Platform can transform how you do business today. Now you've seen Platform in real life. This is the MAB's unique asset in production today that allows us to scale advice. Digitization allows advice to scale without diluting quality. AI and automation remove administrative burden, so advisors focus on suitability and customer confidence, while fewer handovers and less rekeying improve efficiency, completion rates, and compliance reassurance. This is where efficiency and quality align. Advice improves because advisors are freed from processing, not because we reduce standards. Our digital tools and AI attract, engage, and convert more prospects into leads. Our AI tools are achieving 25% chat to lead conversion rates. Our MAB customer nurture retains more pre-advised customers. Circa 15% of customers without a deposit return within six months. Full adoption of the MAB platform reduces AR staff time by over five hours per case. Our AI and automation, they improve accuracy and productivity. Our AI bank statement reading delivers fraud detection, income and expenditure categorization and analysis, and saves 30 minutes per case through fraud protection and automated field population. And of course, we talked earlier about our partner integrations. As mentioned earlier, digital services provide introducers with automated status updates, electronic identification and verification, seamless document uploads, and more, which drives greater synchronization and personalization between the connected parties. And of course, our automated aftermarket nurture. Our automated aftermarket nurture with mortgage monitoring and better deal alert services improve aftermarket nurture by providing constant support and guidance. Now, that feeds through to our service and fulfillment model. Digital engagement is used where it suits customers, while trusted advisors focus on complex, high-value advice. The platform orchestrates nurture, advice, and aftermarket engagement into one joined up life cycle, creating consistent experiences that feel personal but operate predictably at volume. Served by trusted advisors is our key language. Technology supports advice, it doesn't replace it, but it ensures that the same model can operate at far greater scale. Our tools are designed to be used at every stage of the customer life cycle, whether in research, in market, or post-completion, to deliver service in a way that fits customers' needs and drives greater outcomes, whether that is high tech, high touch, or any combination of the two. Now, this all relies on our data asset. Our most strategic asset is the depth of our proprietary data, which powers intelligent journeys and drives lifetime value growth. When data is structured and reused, it strengthens targeting, decisioning, and personalization, as well as service timing, creating a compounding advantage through the higher engagement, better journeys, and sustained competitive differentiation. Our data asset is structured in three layers: the data asset itself, our intelligence capabilities, and our customer experience-led analytics products, such as Dashly. MAB is building one of the deepest proprietary data sets in the intermediary market, created through repeated customer interactions across purchase, protection, and refinance journeys. This data isn't static. It's not reporting data. It is operational data that drives and actively powers journeys, decisioning, and advisor workflows in real time. Structured reusable data enables earlier, more relevant engagement, allowing us to anticipate customer need rather than react to events. The dataset improves advice quality by providing richer context at the point of recommendation, reducing reliance on manual fact-finding and memory. Data-driven triggers underpin retention and refinance campaigns and communications, identifying opportunity, risk, and next best action with greater precision. We've been using AI where it matters, deeply embedded into our operation processes. We build models, not hype. Over time, scale improves data quality. Higher volume creates better insight, which improves journeys, driving even higher engagement and value. This creates a unique advantage, where data and customer experience and technology reinforce each other and become harder to replicate. The data asset underpins cognitive advice, AI-driven automation, and personalization, enabling growth without that proportionate increase in cost. Ultimately, data is what sustains scale. Technology enables it, but proprietary insight is what protects long-term competitive advantage. This final slide explains why all of this is defensible. The market's deepest proprietary dataset powers cognitive advice and intelligent journeys. As volume grows, insight improves, and that compounding effect is what sustains long-term advantage. Now that I've taken you through how we're harnessing technology for scale and growth, the Spaniard will hand over to the French and I'll hand you to our outstanding CFO, Emilie McCarthy, who will show you how everything that is in place today is driving our bottom line and future results. Thank you. Thanks, Yaiza. Oopsie, sorry. Hello, everyone, and thank you for joining us today. I'm Emilie McCarthy, I'm MAB's CFO. Over the past few years, MAB has continued to deliver resilient financial performance through a challenging economic environment, while also investing deliberately to position the business for its next phase of growth. Today, I'll take you through the progress we've made against the medium-term targets we set out last year, and how the evolution of our business model and cost structure underpin sustainable growth, increasing profitability, and strong return on capital. So let's get started. Let me start with a brief update on the medium-term targets, beginning with revenue. For 2025, we expect revenue of around GBP 380 million. That represents 19% growth compared to 2024, and is ahead of the 15% compound annual growth rate implied over five years to deliver our ambition to double revenue. Turning to cash generation. Cash generation remains a real strength of the business. There has been no change to the model, and we are confident of delivering a cash conversion in excess of 100% when we report our 2025 results in March. Our profitability, which we measure through adjusted profit before tax margin, we expect this to be around 11.3% in 2025. This is slightly below 2024 and reflects a few specific factors: first, a more prominent share of product transfers in the mix; second, a timing lag between growth and profitability in our invested businesses; and third, continued investment in strategic spend, including key people, to support the next phase of growth. Importantly, despite the short-term impact on margin, earnings per share and return on capital employed in 2025 are expected to be well ahead of 2024. In the following slide, I will spend more time explaining why we remain confident in our medium-term target, profitability target of at least 15%. Lastly, on market share, we expect MAB's total lending market share to have improved in 2025, underpinned by a particularly strong performance in product transfers. Our footfall remains under-indexed in London and in the Southeast, and one of our key strategic initiative is to expand geographically, which will support future new lending growth. This is the same revenue multiplier slide that we presented last year, which we used to illustrate the different ways in which we can double revenue over time. The table shows how revenue scales based on two simple drivers: the number of advisors across the group and average revenue per advisor. Each cell represents a multiple of our 2024 revenue. Last year, our position was in the top left-hand corner of the table, highlighted in red. This year, our position has moved to the right and down the table. That reflects growth in advisor numbers and, importantly, improved productivity. Taken together, this shows that we are on track to deliver our medium-term revenue ambitions. This chart illustrates how MAB's revenue, profit, and EPS growth have remained resilient through a wide range of challenges over the past five to six years. Importantly, 2025 is expected to be a record year for MAB, with the highest levels of revenue, profit, and earnings per share the group has delivered to date. This chart will also highlight our ongoing commitment to strategic investment programs, shown just below the line and growing from GBP 3 million in 2019 to GBP 9 million in 2025. These investments are necessary to future-proof MAB's technology infrastructure, digital marketing, and most recently, AI. Just as importantly, our continued investment in key people reflects our ambition to operate at a FTSE 250 standard. You will notice that profit margins, highlighted in orange, have not expanded consistently over this period, and that operating leverage had at times been limited. Some of this was deliberate, reflecting our strategic investment decisions. Some of it was also a function of timing, most notably, the acquisition of Fluent at a particularly challenging point in the macro cycle shortly before the mini budget. I'm very pleased to say that Fluent turnaround has continued into 2025, with profit growing a further 40% compared to 2024. Taken together, and with 2025 expecting to be a record year, we believe the business is now at an inflection point in profitability. And to explain why, I will now step through our business model and cost structure in more detail. Our business has changed significantly since we first listed, and I want to remind you why we made the strategic decision to invest in selected number of firms. This slide sets out the framework we use to create value deliberately and repeatedly. At the center is synergy. Every invested business is brought into the group with a clear plan across three dimensions: revenue growth, operational optimization, and financial returns. Starting with growth, invested businesses give the group access to new lead sources to expand geographically and broaden our product offering. The second dimension is operational optimization. As businesses become part of the group, we apply procurement efficiencies, embed best practice processes, and progressively centralize administrative activities. This reduces duplication and improves scalability. The third dimension is financial. We invest in businesses with high potential. They typically operate with higher advisor productivity and therefore higher margins. At the scale within MAB, they absorb a greater share of our head office cost, deliver accretive earnings, and generate surplus cash that can be reinvested in strategic spend and in particular technology across the group. In 2025, our M& A focus was on consolidating minority interest to be able to gain control, expanding our footprint in the South to build market share, and increasing our presence in the later life lending. Looking further ahead, the emphasis shifts to integration and the realization of synergies alongside expansion across more of the home moving process with the MAB 3.0 plans that Peter talked about earlier. Let's bring this back to MAB's overall business model, and this is why we believe profitability is approaching the inflection point. Today, the group operates with two complementary growth engines. On the one hand, we have our AR network. This remains a foundation of MAB, a revenue share platform model that is capital light, long-term contracts, highly cash generative, and resilient across all cycles. Alongside, we have a selected number of invested businesses. As we've just seen, these are higher productivity, higher margin businesses that are value accretive as we scale. Both parts of the business are supported by a central head office that provides technology, data, compliance, and operational support across the group. Very importantly, except for a small number of incremental costs, that majority of our head office, that majority of our head office cost base will be broadly the same, even if MAB operated solely, solely as an AR network. This dynamic is a key driver of future operating leverage. In the 2025, in the 2025 annual report, we are going to enhance disclosure to give greater transparency into these dynamics. Last year, we began by disaggregating productivity and showing that average first charge revenue per advisor in our invested businesses was around 80% higher than in our AR network. This year, we're taking that a step further. We will now break out cost of sales for both the AR network and invested businesses to show gross margin by segment. We will also split administrative expenses across invested businesses and head office. Understanding the cost structure across our AR network, invested businesses and head office is central to understanding why we are confident to the operating leverage we expect to deliver over time. Let's start with our AR network. We operate a revenue share model. 100% of revenue flows through MAB and commissions are paid away to AR firms, and that's recognized within cost of sales. As a result, the cost base of this segment is almost entirely variable. This makes the model highly scalable and inherently resilient. Turning to our invested businesses, revenue again flows through MAB, but we consolidate the full cost base. Within cost of sales, lead costs and advisor commissions are variable by nature. Advisor salaries, case administration, and distribution costs are currently semi-fixed, reflecting capacity constraints as this business scales. By contrast, in administrative costs, people, systems and infrastructures are largely fixed or discretionary and do not need to rise materially as volumes increases. This combination is where operating leverage starts to build. Finally, head office is where the cost of being authorized and operate as a platform, where the platform sits. Over the last 18 months, we have deliberately invested to ensure the group is built at scale. Core functions such as finance, HR, legal, compliance, distribution are now sized to support larger and more complex businesses, and are therefore fixed going forward. Technology and AI are a key part of this, and over recent years we have built the right infrastructure. We are now moving into a phase focused on software and data, supported by a clearly defined five-year technology roadmap. As Yaiza has outlined, technology is the backbone of productivity, efficiency, and relevance for all of our AR firms. You will also notice some duplication of costs today between invested businesses and head office. As we continue to integrate and scale, those cost synergies will be progressively realized. Taken together, as a contribution from invested businesses increases and our AR network continues to grow, this cost structure creates a significant opportunity to deliver operating leverage. This slide shows how our cost structure evolves at the business, as the business scales and as the initiatives we discussed are delivered. As we enter 2026, a meaningful proportion of our costs are fixed or semi-fixed, reflecting the deliberate investments we have made to build the group at scale. The initiatives underway fall into two clear areas: First, operational synergies, including streamlining duplicate functions across the group and centralizing procurement, which helps stabilize the cost base. And second, technology-driven efficiencies. In our invested businesses, higher levels of productivity slows headcount growth and reduces cost of sale percentage, while digitization of administrative roles limits the need for support headcounts. More broadly, automation and more effective use of IT allow the platform to scale without a proportional increase in people. This will also remove or reduce the capacity constraints that I mentioned in the previous slide. To illustrate 2029, the key change is that semi-fixed costs are also becoming fixed. As revenue continues to grow, therefore, variable costs naturally represent a higher proportion of the total. This reflects discipline, not inefficiency. It means incremental growth can be absorbed without a proportional increase in overhead, allowing more revenue to flow through to profit. Importantly, this structure also provides increased resilience in a downturn, something we have demonstrated repeatedly through multiple economic cycles, where MAB has protected margins, cash generation, and balance sheet strengths. Putting all of that together, we remain confident in our 15% medium-term profitability target, and the final slide sets out the pathway to get there. Starting with 2026. We completed eight M&A transactions in 2025, including several late in the period. As a result, 2026 will be the first year in which we will see the full year contribution of those higher margin businesses flowing through the group profitability. You will note the temporary increase in the administrative expense ratio. This reflects the consolidation of cost as these businesses are fully integrated and sets a new baseline for the group, from which operating leverage can start building. In 2027, the focus shifts to scale and execution. By this point, our centralized operating model is fully embedded, allowing administrative functions to operate at scale and administrative expenses to reduce as a percentage of revenue. Looking to 2028 and 2029, MAB increasingly operates as a digital platform business. As Yaiza has outlined, this enables both revenue upside and efficiency gains through technology, data, and AI. Over this period, we expect operating leverage to accelerate as platforms converge, processes are simplified, and duplicated systems are also decommissioned. Alongside margin expansion, we also expect to see a meaningful increase in returns on capital employed. This reflects our rigorous approach to capital allocation as profit growth increasingly outpaces capital investments. Taken together, this roadmap shows that margin expansion is not driven by a single initiative, but by a series of deliberate and sequenced actions, many of which are already on the way. This is why we are confident in our ability to deliver sustainable margin expansion and increasing shareholder returns over the medium term. I hope you found the contents I've shared with you today informative and insightful. As you can see, it's an exciting times ahead. Now I will pass it back to Peter for closing remarks. Cheers. Well, I hope you enjoyed the update. Firstly, I just want to say thank you to everybody on this panel today. Yaiza and Emilie and Mark, and everybody else behind the scenes who's really helped to make today possible. Hopefully, we've got across to you how excited we are about where we are as a company, and the platform we now have for real accelerated growth. The brand itself is an exciting dimension to me in terms of really recognizing the change in MAB and where we're heading to rather than where we've been. All of that being still very, very relevant to what we're gonna achieve moving forward. This is a slide we used at Capital Markets Day last year, talking about how we're gonna be needing to change the team for the journey ahead, how there'll be also changes around the board, our advisors, bringing in investor relations, Mark, over there. Obviously, having full clarity over our capital allocation model, which I think Emilie 's done brilliantly. All to prepare our move into the Main Market, which we expect to do in Q2, and with our aim to get onto the FTSE 250. I think we're in great shape to do that. I think the company, as I see it, is transformed in terms of every aspect of the business that you can see or even behind the scenes that you can't see. So we're really excited about the future. I really, really am, and really looking forward to your questions. Okay, got some good questions in. If you haven't, and you still want to ask, do please submit through the portal. First one is pretty clearly for you, I think, Yaiza, asking how you came to join MAB, what your first impressions are, and what the key, key challenges and opportunities are as you see it? So, I mean, aside from obviously meeting Peter and thinking that there was a great vision at play, I think the mortgage industry as a whole is an industry that's been very analog, and it's been ripe for transformation, and my background is firmly in transformation. And having worked in banking and challenger banks and platform businesses, so I have that experience to help. So I could see the journey and how to get there. But I could also see that Peter and MAB, over the years, have built and positioned either through acquisition or growth, themselves across the home buying journey. And it is something that now the timing is right. The technology allows you to connect all those pieces together, all the way from, new home builds, estate agents, all the way to conveyancing, and it's something that's not been done before, and I love a first, so that was the attraction. It links well to another question asking: Have you got all the right people you need in your team to do what you want, and the right budget to make it happen? That was actually one of my first interview questions-- Oh, okay. Back to, back to Peter. But, actually. So I look after marketing, technology, operations, change, customer success, data, product, and, as well as a few other things. So I can definitely tell you, we need a lot of talent, to make this a reality, and we do have it. We do have it, and, I've made some strategic hires already. I've restructured the team already since October, 'cause I actually started a lot earlier than my start date. Probably about April last year, I was already roaming the halls, and meeting the team. So I've had a real run-up at this, and, and able to identify where we needed additional support. And certainly, you, you're already seeing that, that those changes take shape. In terms of budgets, to answer that question more directly, as Emilie mentioned earlier, we've done a thorough analysis. Because of my joining timing, I'm being a full part of the budgeting process, so very au fait with the economics of the whole of the group. My sense is that we don't need any additional investment, because so much investment has been done to get the platform and the infrastructure level already in place. There's so much that's already there, for us. It's more about using the investment differently and focusing on our software, on our models, more on our data, on our customer journeys, and those target areas that I've mentioned in my, in my slides around where are we gonna win market share, where are we gonna focus and be very, very targeted around that acquisition, so that we, we focus where it matters. But certainly, I don't feel like, I'm missing anything at this point. Okay. I may change my mind later. There is a question around market share, saying, "We referenced two different parts of the market, new lending and total lending. Have we moved away from the 8.5% baseline, or why are we having the two reference points for market share? When you start to look at the balance between purchase and refinance, refinance obviously includes remortgaging and product transfers. So, and product transfers don't get included in the market share stats, so we need to give wider visibility to our investors to show them that when these things pivot, we're still growing market share, but of PTs and then whilst also trying to grow market share of purchase and remortgage. So I think having that complete sort of 360 view is really important as we start to move forward, 'cause we shouldn't have to be worried about what the mix is. Our objective is to do the right deals for the right clients and to scale. As it happens, I think there'll be more remortgage business now, tipping more in favor in that way compared to product transfers. It's gone through cycles. It may be gonna go through a slightly different cycle moving forward. But it's all one big market for us that we've got to optimize. Yeah, I mean, product transfer has been a key priority for us because you keep the customer within your environment if you do the product transfer, which is critical for the lifetime customer value. Maybe next time it's gonna be a remortgage or maybe a second home purchase, right? It's important. Okay, there's a question that picks up, strategic spend was mentioned throughout the presentations. What are the priorities for strategic spend in the next couple of years, and how should we think about quantum compared to the numbers of recent years? Yeah, so I can take that. And obviously, strategic spend, most of it is technology, and so the budget that was given to Yaiza. But we have, so we get technology, and as mentioned, is the biggest chunk of it. We don't anticipate a much bigger number, you know, in the outer year, that where you see the 2025 in the slide, which was GBP 9 million. We have a bit of strategic spend on digital marketing, and there is, in terms of people, aside from a few roles in data, we pretty much think that we have everybody we need to be able to basically, as I mentioned, scale the business. So the people side of strategic spend now is definitely, you know, coming down. The part in strategic spend that we see in, we've seen 2026, which is in addition to this GBP 9 million, is the cost of obviously moving up to the Main Market, which is an add-on, which will be adjusted for our results. Okay, the next question is quite technical, so I'll try and read it out properly. The CEO of a leading mortgage lender has talked recently about the potential for the mortgage market to be restructured using distributed ledger technology. What is your perspective on this, and what impact might it have on your business? Probably one for you, Yaiza. I guess that's one for me. So look, my take on the, on the industry in this is that, as Peter mentioned earlier, when he went through the different propositions of various actors in the market, what we know is that they're fairly analog as it is. It's a big jump from a lot of our competitors to, to jump to this. So some large lenders are talking about and making noise on DLT. So, look, effectively, distributed ledger technology has a lot of advantages for something like the home moving journey. It allows a single source of truth that is unedited. It allows all parties equal and easy access to the data. So you can already see how, parties would want to undertake a transaction on distributed ledger. It's highly secure, and it allows also functionality for things like smart contracts. So things like automated steps in the process, like release of funds, for example, would dramatically improve the mechanics of a transaction. So it's certainly something that I can see in the horizon that is going to add a lot of value once we have consistent and coherent data, so things like land registries and so on, because DLT would allow things like automated land registry updates to take place without delay. So a lot of inefficiency can be built into this process using new technologies like DLT. So I'm glad to see the large lenders are going to lead the way and invest into this. It is certainly something we could take advantage of. Okay, you mentioned 2025 was a busy year for M&A. Can you remind us on your M&A strategy and what the priorities are for M&A this year? Yeah, I'll take that one. Last year was a year of combination of different approaches on M&A. One was obviously to, in most cases, to secure remaining shareholdings in existing firms, as we have very significant scaling opportunities there and efficiencies across that enables us to do that. We've also been looking at submerging some of those firms, rebranding some of those firms. So we're at the next stage of evolution in terms of our M&A and what we're doing with the firms we already have, and looking to more scale those and maybe bring more distribution in through acquisition. So that was a big part of last year, too. We brought a couple of new businesses in that brought a lot more expertise into what we believe is going to be a fast-growing equity release later life market. And a very interesting model with The Mortgage Mum, which we've got some plans on that we can't share with you just yet, but they're very exciting. So, but the rest was consolidating what we have, driving profitability and scalability through that distribution. I mentioned, I think earlier, that we have a few some plans in terms of 3.0, because I think there's just a huge opportunity there. We want to be involved in that whole ecosystem that client is in, rather than sort of. As it is already, you know, we mortgage brokers typically only get involved when the client needs advice for a mortgage. We've already extended that right back to when they're first researching and adding value over that period, and we now need to extend it right into that whole moving process, so they see us as one central, one-stop shop for everything that they might need moving forward, and using that data to make that experience a lot easier for them. So to me, we've obviously got to invest in that, too, and that just makes our reach wider and makes our proposition a lot more compelling and complete for our customers, and it brings a new revenue stream to us as well. There's definitely some things on the considerations there that I'm talking to Emilie about at the moment. Yeah. There's a question about the market, saying, "You talk about the U.K. growth agenda, and there seem to be some early signs of progress in the industry. Do you really feel that this government, this time, is the time for meaningful change in the mortgage world? Look, I, you know, whatever your opinion of the current government, I'm not going to get into that. They have actually made a very significant effort to instigate change and improvement, and things that underpin our market and can give people encouragement and support in owning a property and buying their first property. And the regulator's taken that fully on board. I've actually sort of welcomed what the regulator's done. I think they've done a cracking job responding to the government initiative. And these, they've consulted the industry, consulted with us, and I think everything they're doing and continuing to do is very positive. So I think we're in a good space in terms of the support for our sector, and there seems to be a very coordinated approach in terms of what's being achieved. We continue to talk to everybody involved in that process to see how we can progress it from here. I think we have answered most of the questions coming through. Last chance for any question to submit on the portal. If there are any further questions coming out after the event, do please reach out through investor relations. We'll try and get back to you on as many as we can. But for the time being, that is that. That's all we have. Okay, brilliant. Thank you very much. Thanks to everyone. Thank you. Appreciate your continued support. Thank you. Thank you.