Good morning, everybody, and I'd like to add my own warm welcome. Good to see some familiar faces, looking forward to making some new introductions as well through the day. Thank you for coming. Thanks, John. Yes, lovely to see you all, thankfully no train issues this time around. First of all, just a big thank you to UBS for hosting us today and for your support as always. A great time for us to be hosting a Capital Markets Day. It feels like this is a really exciting time for Renishaw. We've got a really strong portfolio of core established businesses that are performing really well. We're seeing a real acceleration in those emerging businesses, key for our strategy. It feels like the decisions that we made a couple of years ago on focusing on direction there are really starting to pay dividends. You'll hear firsthand on our AM story in a bit more detail later on today. We've got a really exciting innovation. Innovation is really part of us, you'll see there's a strong portfolio coming through there, both on the established businesses and on the newer emerging businesses. Exciting times there, too. Also with all this, we're focused really on underpinning that top- line growth with productivity initiatives to really drive through the financial performance of the group. We have a busy agenda today. To start with, I'm going to go through a recap on the strategic progress of the group. John is going to go into a little bit on the financial performance, I will talk through on the product innovation side. We have two more detailed sessions. The first is looking at our additive manufacturing business, with an update there from Louise and Matt. Marc is going to talk through trends and growth drivers that we're seeing in our markets. Each of those sessions will have a Q&A, we'll have a closing Q&A with all of us at the end. Before passing on, though, I was keen for I think John was going to say a few words just on your first two months of time with us. Indeed. Actually, getting on for three months now. But still— Time flies. Still holding myself up a very steep learning curve. What I would say, maybe there are at least three fundamental Renishaw truths that I'd like to share with you today from my first three months. First of all, Renishaw really does have great people. I'd like to thank all my colleagues for the warmth of their welcome, but maybe even more particularly, their patience with my irritatingly persistent questions. Second truth, Renishaw is a great company, and it's got a proud history of technical innovation and commercial success. Thirdly, but perhaps most importantly to you and me here today, Renishaw still has bucket loads of unrealized potential. If you didn't know that already, I'm sure you will by the end of today. Let's get straight into it. I'm going to hand back to Will, who's going to recap the Renishaw strategy. Thank you, John. Let's take a look through. We use our value creation model, which many of you will be familiar with, as a framework to explain our strategy. This has two sides. On the left-hand side, we describe the market that we operate in, the attractive growth rates we see, and the drivers that are powering that. On the right-hand side is what we are doing to outperform and make the most of this opportunity. Let's have a look through some of the bits here and highlight some of the things that we think are changing and interesting dynamics. First of all, from the outside perspective, clearly there is significant investment going on at the moment in the world of AI data centers. This is flowing through to us. We are quite a long way down the value chain here, this is really coming through strongly in our encoder business. We supply our encoders to the people, the companies that are making the equipment to make the semiconductors, to make the GPUs, the CPUs, the memory. The number one question we get asked here is, "How long is this cycle going to go on for, and what do you expect to see?" I can categorically say that not only do we not know the answer to that, but certainly when we meet up with our customers here, they really don't know either. Our focus as a group is making sure that we can keep those customers as happy as we can by helping them support on their manufacturing ramp-ups, helping them and making sure we are a reliable and trustworthy partner for them. That's busy at the moment. Secondly, the other trend that we are seeing in the Americas and the MEA is a significant increase in defense spending. Here, two areas of impact for us that is worth pointing out. First of all, AM. We're seeing these defense customers really appreciate the benefits of the design flexibility that AM can give, and Louise and Matt will talk a little bit more through that later. Secondly, what we're also seeing is our new ASTRiA inductive encoder seems to have really hit a sweet spot in terms of its measurement performance, its robustness and also its ease of installation of alignment, and we're seeing a lot of interest there from customers coming through, and I will talk a bit more on that later. Two good growth drivers there for us. When we look at our strategy, as we've talked about, there are three key themes we have here. Growing in existing markets. This is a lot of our traditional businesses, where we are really looking at maximizing the amount of revenue that the pounds per machine sold from our customers. We typically talk about fitment levels, but this also goes into gaining new accounts as well. An increase in technology value. We have some of more emerging businesses of metrology systems and software and also additive manufacturing systems, extending into new markets, we have the areas such as the new ASTRiA encoder that I've just talked about. Innovation is key to this, in the bottom right, you can see here our portfolio approach strategy, starting with early-stage R&D, going right the way through to our ambition of businesses where we are number 1 and position number 1 or number 2. Most interesting part of this for us at the moment is that middle section, those emerging businesses, where we are really seeing acceleration coming through and are really pleased with the progress there. Oops, sorry. On with this, one of the key areas here is the link between those two, and this is our focused execution. This is where we are making sure we are driving the productivity from the sales organization, from the engineering, and also from our manufacturing to make sure that we are as productive as we can be as an organization. This is going to be key for driving that flow-through from top-line growth through to the bottom line, which leads on nicely to John giving an update on our financial performance. Thanks, Will. Thank you very much. The Renishaw strategy and the value creation model are very clear, and what's also clear are the financial outcomes that we're going to expect from them. I imagine you're all very familiar with our published financial metrics. Revenue growth, operating profit margin, cash conversion, all building together to drive return on invested capital. What I'd like to do now is take you through each one in turn and review with you our progress to date and what opportunities we have perhaps to accelerate them in the future. Starting first with revenue and our target of high single-digit through-cycle revenue growth, measured here by our past five-year CAGR. What you can see clearly on the left is a really encouraging positive trend, but also that we're already delivering within our target threshold. The reason for that? Well, precisely the factors that Will outlined in the strategy. Our core businesses are well positioned in attractive growing markets, and our emerging businesses are expanding rapidly into new markets. The future growth of both is underpinned by an exciting pipeline of innovative new products. Looking forward, our goal here is to continue to press home those advantages, but perhaps with the potential to add to them with smart decisions around pricing and focused R&D investment. Turning next to operating margins, where on the face of it, at least the progress is less apparent. Margins flat at around 16% against a target of 20% or more. It's undoubtedly true that in recent times, currency has offered a stiff headwind to progress on margin. We are certainly seeing underlying improvement thanks to both cost management and volume growth operating leverage. Underlying improvement. Looking forward, what do we see? Well, with our current momentum, we certainly see further opportunity coming out of operating leverage. With the potential to add top spin to that through that pricing that I spoke about referenced earlier. Finally, I think though also importantly, I do see a real opportunity for us to improve margins, to add speed and agility as well as efficiency through simplification and automation throughout the business. Turning next to cash and our target of 70%+ operating cash conversion. Well, here looking at the historical trend, it appears that cash conversion is somewhat at the mercy of the business cycle. With CapEx and working capital using up cash in the boom times and the inverse when times are a bit leaner. What do I see going forward? Well, first and foremost, I do think we have the opportunity to drive both higher and more consistent cash generation in the future. First and foremost, actually, simply by greater focus. Greater focus throughout the company on cash, not just profit. Backing that up, as we are, with a higher, more material component of management incentives. I'd also like to take a hard look at CapEx, particularly non-production CapEx and also working capital. We're not going to do anything stupid or crude. We're not going to damage investment or customer relations, for example, with arbitrary cuts to inventory. I would be really surprised if there isn't a material opportunity in cash. Turning finally to return on invested capital. That's a good reminder to me that the 15% that we quote is a post-tax return on invested capital. Please bear that in mind if you happen to be benchmarking us against other companies whose target is a pre-tax quoted return on capital employed. So 15% post-tax. Now, I don't actually have too much more to say on this because I've already said it. The first three measures that we have definitionally will deliver the fourth. If we drive high single-digit revenue growth, if we convert that at 20%+ margins, delivering 70%+ cash conversion, we will definitionally, arithmetically, we will hit our target for return on invested capital. I hope you'll agree that our financial outcomes are both clear and very aligned to the strategy that Will outlined. I'm going to hand back now to Will, who's going to talk about one of the key pillars of that strategy, innovation. Thank you very much, John. Let's look at innovation. Innovation clearly is key for us. It's a large spend for the group because it does underpin so much of our growth strategy. When we get asked about how much should we be spending on innovation, what our targets are, we always tend to focus on the most important thing, is making sure that we are productive and we have an impact from that spend. I think with what you'll see coming up, you can see we have some really nice innovations coming through. Talked through earlier, saying three pillars to the strategy. From growing in existing markets, increasing technology value, and extending into new markets. Want to start today looking at the existing market area. When we talk about this normally, what we are saying is, how do we make sure that when our sales teams are out with customers, they've got the most differentiated products, so we're making their life as easy as possible to generate new business for us? What we're increasingly seeing, particularly in China, is the need for good enough low-price products as well. We are investing innovation engineering time into looking at some novel opportunities there. Products really designed to be very low manufacturing cost and good enough, keeping some really neat IP. There's stuff that we will do of having maybe, say, very clever integrated custom chips that we will design, make locally, and then outsource assembly of in China for that domestic market. That's coming through for the future. We'll talk about that in the future. If we look, though, there's still a really key theme here of making sure we are ahead of the game in the sensor market. If we look through, first of all, from an industrial metrology point of view, in the first area in the world of machine tool probing. These are the probes that go in the spindle of the machine to measure something that is in that machine. We have two new machine tool probes, which really fits in with our strategy of trying to allow customers to do more measurements on their machines. They're both underpinned by our new radio communication protocol. That's the communication between the device you can see in the spindle of the machine and the units on the back wall. This allows a lot more data to be sent through in real time. It's a key enabler for us in the world of machine tools. What we have, first new machine tool probe is a small, compact 2D scanning probe. This allows customers to do everything that they can do at the moment with their existing products, but they can now also, in addition to that, they can scan. You can see the example here. This is looking at scanning the bore of a cylinder. Now rather than taking slow touchpoints to see where it is, you can actually do a surface condition measurement, so allowing customers to do more measurements. Secondly, we have launched a new thickness probe. Again, same communication. What this allows our customers to do is to measure the thickness of a part. That's normally quite tricky to do. Imagine there's hidden surfaces. You're trying to measure the difference between the top surface and the bottom surface you can't get to. With this now, we can just measure this with one touch directly. The reason for doing this, particularly in the world of aerospace, if you're machining a high-value part, what you don't want to have to do is take it off the machine tool, put it onto your CMM where you measure it ideally with your REVO thickness measuring probe. Hopefully, you get a good result and it passes, but if it says, "No, it's no good," you've then got to take it back to your machine, refixture it, realign it, and do your finish machining. What you really want to do, measure it on your machine tool with our new probe. If there's any issues, do your finish machining, then take it over and make sure you get a good result on your final verification on your CMM. Very much aligned strategy of allowing customers to do more on their machine and generating more revenue per spindle sold for us. Exciting times there. We're working with machine tool builders around the world, selected end customers, to really get that traction when we launch these publicly in the autumn. If you look then onto the world of coordinate measuring machines, CMMs, for inspecting those parts. Our strategy here has been. If you go around most CMMs traditionally around the world, they have indexing heads. They're very accurate, but it means measurements are very slow. Our direction is moving people on from that, what we would consider the older, more legacy technology, onto the world of five-axis, which has the same measurement accuracy but is far, far more productive, so your throughput of your CMM goes up. This is our strategy. We have the REVO. It's a high-end system. You can do all sorts of different measurements with it. The PH20 PLUS, which we're coming out with now, offers something which has all the capabilities of the PH10 but allows you also to do these fast moves. It's in between the two, and we think is a really attractive opportunity for our CMM builder customers who are currently evaluating this to add more value to their customers. Feedback on both of these, very positive from both end users that we're trialing it with and with the machine builders themselves. Next, moving on to the world of position encoders. First of all, what we're seeing is a growing demand in certain applications in semiconductor manufacturing, particularly around the world of advanced packaging. People not wanting to know just not where they are, they also want to know as the stage moves, how it is moving up and down at the same time, and sometimes control that. What we've launched is a new opportunity with a scale which has both the ability to allow encoders to measure the normal direction, but also height on top. You can see here two encoders. Some are actually using three, and then you can get pitch as well. You can see how, again, this all fits in with our strategy of increasing the revenue per customer there. Then very much in the world of wafer inspection. Here our customers are facing ever more fine features that they are trying to inspect and measure, so the metrology requirements are always moving on. With our new laser encoder product, we have upped the game. We've moved on in terms of measurement performance, allowing our customers to meet their measurement needs. At the same time, we've made it a lot easier to install. This is one of, I think, the only encoder product where we expect routine maintenance because the laser units do wear out. And this actually, with detachable fibers, makes that process an awful lot easier for our customers to perform. Next, those ones were all about the first strategy of maximizing revenue for the OEM customers and existing. Now we're looking at the world of systems. I'm not going to touch on AM, because Louise will be covering that later. This is a really important step forward for us in the world of shop floor metrology. We have talked with these products with you, and we showcased them last year, both the Equator-X and MODUS IM. I wanted to give you an update on the progress that we have made here. For those who don't remember, the Equator-X is the next generation of our Equator platform. Equator is great. It allows extremely quick, fast, robust shop floor measurement of parts in unstable temperature environments. The Equator-X takes that and removes the need for customers to do a master compare process. It really simplifies it. The stuff that we talked through with you when we talked about this last year is all coming true. The feedback from customers, the pull from customers is extremely positive. The excitement from our sales team is there. Work is very much focused on ramping up manufacturing capacity here on this product to meet demand. Key going through with that is MODUS IM Equator. This is a very powerful programming tool, but is also designed from the ground up. It's completely new code to enable to really transform the simplicity of programming. Actually, it means someone needs half an hour or so's training to get them up and running, measuring complex parts as opposed to the past. It speeds things up and simplifies. Both of these two products are actually really platform products for us and are really important for our strategy going forward. Equator-X, we see as something that we should be looking at for the future few years of new innovations coming through there, which will be adding more value to our customers. MODUS IM Equator, it's focused on the Equator to start with, but this will be a common programming platform across the board for us. Where we talked about CMM sensors earlier, this will be the way that we'll be promoting the programming of those CMM sensors going forward, our preferred option, and also from the world of machine tools. If you want to do a measurement and inspection on a machine tool, this will be the same platform. For our sales force, for our customers, consistency. Finally, I wanted to talk about the product I touched on right at the start, which is creating quite a bit of interest at the moment. This is ASTRiA, our inductive encoder. What we seem to have here is a product that, for a number of different defense applications, hits exactly their requirements in terms of accuracy needs, the robustness and ruggedness that it needs, but also the real simplicity of alignment. Actually, this feature you can see here with these little flexures that labels this, it really is a plug-and-play. You have a precision shaft, you push it on, it self-aligns, and our customers love that. We launched this as a new way of doing things with a minimum viable product. We launched just one size. We are investing significantly in this now because customers come and said, "I love that size, but I need this size and this size and this size." We're also, with the volumes, they're talking about investing significantly now in manufacturing ramp-up. Another one where there's a lot of opportunity, one that we are very excited about the future for. That is a prime example where we diversify and go into new markets of actually keeping very close to our core with a similar customer base, same sales force, knowing what we're doing, and having an immediate impact. Lots of stuff going on across the group. As we said, strategy, new financial vision, and an exciting time for all of us. We look forward to taking some questions from you. Immediately we have. Shall we? Sorry, Harry. I was— Hi, Will, John. Thank you. John, welcome. First two for you, actually. Targeting the highest single- digit through- cycle growth, 20% operating margin, the cash conversion as well to drive that sort of consistent return on invested capital. From your short time in the business and sort of initial assessment, which of those do you think will be hardest to achieve and why? Sounds like pricing and the operating margin could be the biggest hurdle, but also then the CapEx on things like ASTRiA and ramping up manufacturing could be things, but just keen to hear your thoughts on those firstly. Yeah, that's a tough question because I do actually believe we can hit all three. Maybe I have the optimism of being new. I certainly think there's plenty to do on margin. It's on multiple fronts. Maybe I'd pick margin. I think all three are definitely within our grasp. The cycle will affect high single-digit revenue growth for sure. We certainly have momentum right now. Cash, yeah, I think cash, I think 70% is a very attainable target. That's helpful. Thank you. Thinking about capital allocation as that cash generation improves, what are kind of initial thinkings— Yeah. Is it around that? You'll probably notice I deliberately didn't tackle that subject. Really my focus right now is on the cash generation, clearly that does beg the second question, what are you going to do with the cash? I think that is a second-order question that I actually haven't got to yet. I want to make it a more urgent question by delivering more cash in the short term. That's really helpful. Thank you. And Will, one just for you, please. Just on that new sensor launch, I think you said coming in the autumn, obviously working with machine tool builders on that, I guess speeds up the throughput and the productivity. Is there a kind of a productivity percentage increase estimate you talk to with customers on that? Is it a bit too early? Does it depend on use case and customer? Sorry, on the CMM side. Yes. Yeah. We know that, and it will vary very much depending on the part you're measuring. We always struggle with this because some parts it's an awful lot and some it's less. We know because there is an existing PH20 product that we have, but what we found is that people aren't using it anywhere near as much as they should do because it misses some key features. We kind of know the demand is there. We know where we've been letting it down. Now we really need our CMM customers pushing this through with end users. We'll generate end user demand as well by showing them what they can do. The other question is then how do you get the best out of it from software and programming? There's no point having the most amazing head that can measure things really quickly if you're programming it in a way that doesn't make the most out of that. There's a few themes there, but we think this is absolutely the future and should be switching over from legacy systems. Thank you very much. Cheers. Well, it's choosing. How about Mark? Harry, I think you know where this is going to end, don't you? Sorry, Harry. Don't take this personally. Will, the focus on innovation there was very product-focused, hardware-focused. A couple of years ago there was more talk about selling software on a sort off standalone business. Particularly an interesting pitch about Renishaw Central. Yes. Could we have an update on that? I guess related question, all this talk of physical AI ruling the world, I can see that drives demand for sensor inputs from you. Does it threaten any of your software— Okay. Revenue lines? Let's go to the first one. Renishaw Central is software that we have that allows automation of process control. If you have a networked manufacturing site, you can take data, use our algorithms, and then use it for applying process control on a machine tool. We have customers who are enjoying, who are using it. I think it's fair to say it has been a far more steady sales than a massive success that we were hoping for. The strategy now, and I think some of this is just the sophistication of most users, it's amazing how conservative, even though you say, "Actually, this is going to pay back, this is what it does, this is how it can help you," there's quite a slow inertia in much manufacturing. What we're now doing is this will be a component as an option, as part of the MODUS IM platform. Once we get people doing this, the other bit that ties in with that is of this allows other people then to start selling those Equator gauges. Machine tool builders that we're talking with will be selling as a solution. At that point, they can do the networking and the process control. We see it as a key bit of capability, but probably not one that's been driving revenue growth at the moment. The second was AI. Again, I would say the reality of 99 point whatever percent of this is far distant, going back to that comment that I just said, even of saying you can automatically update the process control, and they went, "Well, I've still got a bit of paper. That'll do." You can see where so many different factories are at the moment. I think that has a while to come through. In terms of our software offering, it's been great to see from a productivity point of view, actually, the number one thing is us really accelerating software development of actually utilizing new software tools, which really feel they are coming to fruition. The fundamental question with AI is, no, we don't see it as a massive threat at the moment in most of our core businesses. Thank you. I think that was everything. I can't not now, can I, Harry? It's Harry Philips of Peel Hunt. I was going to say thank you. No, thank you very much indeed. I'm just intrigued on the pricing comment on two of the slides, and just wondering, am I overly reading too much focus into that? Where does that comment really apply? Is that existing product sort of being repriced and reappraised? Is it new product, a more rounded way of how you pitch it, and then throwing also into that sort of emerging market or a China type pricing strategy? To John particularly, just this sort of non-productive CapEx. Just curious as to exactly what non-productive CapEx is, because surely it should all be productive. I'd be very careful how you answer this one, John. First of all, general context, what I've put up there is those are the questions I'm asking of myself and the company. What can we do? In particular, in regard to pricing, I think we have been very good at volume. We've had probably less focus on pricing. Now, I deliberately called it smarter pricing. That doesn't mean necessarily higher pricing. It means smarter pricing and choosing the right opportunities. At the moment, it's a question, and if you like, I'm trying to identify possible seams of opportunity. I would say we're very good at volume. We've probably had less focus on price, and I'd like to take a look at that. I'm not sure how to answer your question on non-product. Maybe I should say non-production. That's what I meant to say was non-production CapEx, so not plant and machinery, not specifically and directly linked to capacity and sales. I think you can look back on our financials, and we have spent quite a lot outside of production capacity. Just to follow up on that, is that a look at sort of the R&D and sort of engineering spend, or is it just? No. I get a sense it's a bit more sort of— It was more physical. Yeah. We've spent a fair bit, for example, on property. Yeah. Thank you. Was that okay, Will? That was brilliant. Honestly, it's been great to have a fresh set of eyes looking and challenging and asking new questions. It's been great seeing how the executive team have really responded to those. Great. Thank you for the opportunity. Nice to speak again, John. I wanted to ask first about these two products that you covered at the end, where you clearly said the customers are very excited. It's all about ramping up. What is the TAM capacity for those two products? If we try to assess how much revenue this can add over the next three to five years, is there any way you can help us with that? We won't tend to break things down at that level, as you probably know. I think the one that stands out that has probably outperformed our expectations the most is the ASTRiA inductive encoder. Not now, but the potential it has for five years' time, I think is significantly higher than anything we'd envisaged when we were launching that product. That's probably the one to be asking in a year's time of how is that really going? How big it's become? Okay. Yeah. Thank you. Maybe somewhat related to that, but maybe outside, back to kind of physical AI. Humanoids are starting to feature as a bigger and bigger topic in industrials discussions and certainly tech discussions. Could you talk through how you're exposed to this theme and what are you doing to potentially become more exposed to it? The immediate question we tend to look at here is from an encoder point of view for the axes. We think the price point of those axes is going to be extremely low and competitive, and everyone's going to be trying whatever they can to engineer any sort of encoder system out. We don't see that as a significant potential. There may be bits from our magnetic encoder business, our joint venture in Slovenia. There's definitely some metrology challenges that are coming through. I think it's early days of trying to understand and work with the end customers there of seeing how much of that comes through as indirect business for us, so through others, and how much of that is direct, where we are trying to sell metrology systems to support that, I think is going to be an interesting learning for us over the next six months. Sounds like more of an opportunity into the manufacturing of humanoids rather than into the actual humanoid. I think so, we are very much learning here at the moment. If I may, just one for John. I think one area of margin expansion story that we haven't yet asked about is the self-help side, where you talked about, I think, high automation and simplification. Could you just update us on where we are in the kind of existing plan for cost reduction, and is that a new initiative to add to it? I think what I was referring to was separate from the cost reduction plan that we have successfully implemented at the start of this fiscal year. What I particularly see is an opportunity across, I emphasized across the businesses, not just in manufacturing, for example, but it is to take a hard look at our internal processes, look at how we can simplify them, be clearer about responsibilities, be clearer about the process flow, and then automate them. The D365 implementation is kind of the frontrunner for that. It hasn't, frankly, been the easiest to date, but we're learning from that. It's a good example of process simplification and then automation across the business. Some of it will be directly financial. There will be costs that we take out and costs that we add through that process. I think a lot of the benefit will be speed and agility as well. Thank you. Thanks. I am getting increasingly irate signals from the back, which I think means that we are over time for this session. There is time at the end. There'll be a Q&A general with us at the end once we've had the other presentations. If it's okay with everybody, I'd like to introduce Louise and Matt to give an update on our additive business. Thanks. Good morning, everybody. Hopefully, you can all hear me. I have got form with microphones not working very well, so if there is any problems, just let me know. My name is Louise Callanan. I am the Director of Specialised Technologies at Renishaw, and I am joined today by Matt Parkes, who is the Strategic Development Manager for the Additive Manufacturing Group. Conversely to John being kind of the new member of the team, Matt and I are both firmly in the camp of long-serving Renishaw employees. We have both been with the business for quite a long time and both had the privilege of working in different parts of the business as well. It is nice to have a balance of that kind of deep inherent Renishaw knowledge, combined with the kind of wealth of experience that John and others are bringing. In terms of today, John and Will have gone through the first couple of agenda items, and really the intention for this session was to have a little bit of a deeper dive into all things additive. Over the course of the next sort of 20 minutes or so, Matt and I will cover things like our high-level vision and strategy and why we believe additive is winning at the moment, and more specifically, why it is winning for Renishaw. First of all, we thought it was worth kind of introducing where additive fits and sits and how it works with the rest of the business. Additive manufacturing is a part of the newly formed Specialised Technologies segment, which sits nicely along the more established Industrial Metrology and Position Measurement segments as well. Specialised Technologies is made up of neuro, spectroscopy, and additive manufacturing. As you can see, it is currently the smallest of the segments, but like the other segments, we have kind of got a combination of emerging and established product lines in there. We are very excited to see how this is going to develop over the next few years. In terms of my own role, it is kind of a dual role, so I have got oversight of the Specialised Technologies Group, but also day-to-day responsibility for the additive manufacturing business, whereas neuro and spectroscopy have their own kind of heads of business. Where did it all kind of begin? Well, in the early 2000s, Renishaw was a consumer of additive manufacturing technology, where we could really kind of see the benefits that it brought in terms of new product development. Helping us to iterate designs more quickly, helping us with one-off tooling, et cetera. For those of you who knew or met our Co-founder, Sir David McMurtry, you will definitely know how passionate he was about this technology. In 2011, we acquired an additive manufacturing company based in Staffordshire. Over the last sort of 15 years or so, we have transferred design and manufacturing activities from there to our New Mills and Miskin sites respectively. It is probably fair to say that it is one of our bigger bets over the years. Thankfully, that long-term investment is now starting to pay dividends. Additive manufacturing is the largest proportion of the Specialised Technologies Group and is also the fastest-growing product line so far in FY 2026, something that we are very proud of. With the addressable market of GBP 1 billion, Matt and I will try and cover a little about how we intend to increase our share of that. AM aiming to become a market leader fits really nicely with the overall ambition in terms of becoming a manufacturing technology powerhouse. We're also kind of conscious that AM may not have been the highest priority for you guys in terms of the business, and that there might be quite a mix of knowledge about the business and about the technology itself. For those of you who have come to New Mills for these type of events in the past and heard Matt and I talk about it, apologies, but we thought it was worth just giving a bit of a recap about the technology and our product offering itself. Additive manufacturing is a process where you take a material in a powder form, and you use lasers to melt that material layer by layer to build up a 3D component. You can have plastic additive manufacturing, metal additive manufacturing. Renishaw is very much focused on the metal side of things, and even within metal there are lots of different additive manufacturing technologies, and again, from a Renishaw perspective, we are very focused on laser powder bed fusion. The very simple graphic that's on the screen is showing the bed of the machine where the powder is spread in very thin layers, typically about 30 μm, and then you use high-powered lasers to melt sections of that material to build up a 3D component. It's a digital process, so you start with a model of the part you want to make. You convert that to a build file, which is essentially a layer-by-layer recipe for that part, which is sent to the machine, and the process begins. As you build the part, the parts that you've built kind of disappear into the body of the machine, which is why sometimes if you've had a look inside some of our systems when you've been at New Mills, it can be a little bit underwhelming. You see a lot of sparks flying, but not very much else, because all you're looking at is that particular layer that is being melted. In terms of our particular product offering, it is the RenAM 500 series. This is a compact, configurable, mid-size system with four lasers. A very high density of lasers, which makes it a very productive system, and that combined with all of the vertical integration and our gas flow system, which also gives us the high quality that Renishaw customers have come accustomed to. What are the demand drivers, and why is additive winning at the moment? I'm going to kind of cover some high-level points on this and then Matt's going to cover a little bit later, there's some specific examples as to why Renishaw has been particularly strong in this area. In terms of the high-level benefits that additive manufacturing brings, we've kind of got the usual ones in terms of design freedom, light weighting, consolidation of parts, improving efficiency when it comes to design change, and then also the supply chain resilience that it can bring. Really, we kind of feel like actually what makes it a winner is when some of these things come together for specific applications. From a product performance point of view, some early adopters in this space would have been medical and aerospace. They could see the performance benefits that they could gain from the technology. Whether or not that was lightweighting for aerospace, which gives you a better buy- to- fly ratio, or from a medical perspective, being able to print or build near-net-shape, custom parts for specific patient applications. They could see that those benefits that they got from that technology was what they were looking for. For those guys, it was not necessarily cost limiting. Within reason, that wasn't an issue for them. If we bring now into play some of the supply chain flexibility or the resilience that you get from a process like this, whether or not that is being able to print on demand, stocking less inventory. Whether or not that is having less individual parts to stock because you can now print assemblies in one go, or just being able to print different components at the same time and the same build gives us that supply chain flexibility that for some applications is really key. Even if you have both of those from a cost perspective, there were some limitations. As the technology has matured and some of the innovations that we've been working on to really focus on productivity and getting that cost-per-part down means that we are now able to open up the technology to more applications and make it accessible to more customers. For Renishaw specifically, in terms of our growth strategy, our high-level vision and strategy hasn't really changed over the last few years. We're all about trying to accelerate that adoption of metal AM, in particular, as a viable high-volume production process. We're looking at doing that in kind of two different areas. A few years ago, and we've talked about this before, we adopted a simplify and focus strategy for AM. That was all about simplifying the product range, which is now the RenAM 500 series, and really focusing on that mid-sized system. We feel like we're in a really good position in terms of our deep technical know-how and competency to work closely with customers on those key pain points of cost per part and consistency. As well as that, we have a global applications team that work closely with the customers and are well-placed to optimize the process for their specific applications. On the commercial side, we've talked about key accounts, this really has started to pull through from us now. We're seeing repeat sales to existing customers, as well as a number of new accounts, multi-machine accounts coming on board in the last little while. Very focused, have the same vision as us in terms of utilizing the technology for those high-volume applications. Again, from an after-sales perspective, we have a global team, much like a lot of the rest of the Renishaw business, located locally to our customers, and that we know that our customers really value. I think that might be me to pass over. Sorry. Thanks, Louise. Morning, everyone. Yeah, I'm going to start. I'm going to talk about, firstly, some of the innovations we've got coming through and a bit of our future investment on how we continue to go after this growth strategy. I'm going to start with innovations on our current- generation platform. That's the RenAM 500 that Lou just introduced. We launched that several years ago. In terms of its core architecture, that's remained relatively stable. Over time, what we've introduced is a series of machine upgrades, licensed software features, and optional ancillaries that have all further boosted that productivity aspect and the scalability of that platform for volume. Starting here on the left-hand side, you'll see our optical system verification kit. That contains a calibrated artifact, or an array of spheres you can see here being measured on a CMM, that customers can place in their machine, run an automated routine, and that gives them the ability to quickly and independently verify the accuracy of their machine before they start a production run. That's a page straight out of our machine tool industrial metrology playbook, where we've known for 50 years that actually to optimize process control, you really have to have a strong process foundation. You have to understand and know how accurate your machine is before you start the manufacturing process for the best success. That's what we've brought over to additive manufacturing. In the middle, there's a video playing there of our TEMPUS technology. Here what we're doing is synchronizing control of a number of machine aspects through our own in-house developed controller that lets us eliminate dead time when the laser's not firing during the process. What that results in is a time saving that can accumulate over a build and add up to 12+ hours, and in some applications, it can actually halve the cycle time for production of parts. You're talking about a really big step up in terms of productivity of the hardware, actually without any modifications, all kind of software driven. It's a big productivity boost for us. On the right-hand side, it's our latest software technology, which is LIBERTAS. What that is really a framework for giving much greater freedom to process optimization, to optimizing the parameters that are used in the printing process. That's really key for our volume production users who want to squeeze the absolute maximum productivity and part quality out of their process. On top of this, we build a series of algorithms that let us reduce the need for support material. That's in that image there, that's the highlighted in orange is you can see the reduction from before and after. What that does, as well as reducing waste and improving machine utilization, it actually opens up more part geometries as suitable for AM. That's a big deal because we know right now one of the biggest barriers to the use of AM is having to redesign or modify designs of qualified parts to be suitable for the process. This opens up what's possible to print as is and reduces that barrier a bit further. Each of these are about boosting that productivity, moving further towards that volume production use case. Let me talk you through some of the applications where we're seeing real success with that approach. There's two parts to this story. There's our customer applications, then there's our internal use of AM within Renishaw. Starting on the customer side, what we're seeing now is key accounts, as in multi-machine, volume production users across a really broad range of sectors. Actually, what we see is that it's not necessarily about a single sector taking on the technology, but there's some really common features across sectors, certain applications that really suit the technology, and that's really where they deliver. AM's justified based on a combination of product performance, supply chain advantages, then manufacturing cost effectiveness. Take an example, in the top left image there shows some suppressors. That is an application that's seen a really rapid uptake of additive manufacturing. Part of the reason for that is that additive manufacturing gives some really big through- life performance benefits. You can see there, what you're seeing is a cross-section of a suppressor. You see a number of internal channels and baffles, some complex design that's only really achievable with 3D printing. What that does is alter the flow of gas through the suppressor, which gives through life benefits in terms of service life, the reliability, and really importantly, the user comfort, particularly when it comes to noise reduction. That's a performance benefit just off the bat that helps with AM. What we're seeing on top of that is there are advantages from a supply chain point of view. With AM being a digital platform, we can produce a mix of these components all on the same platform, serving a variety of different endpoints, it really suits the contractor model of supply chain that we see, particularly in the U.S. That's an compounding benefit of using additive. Finally, in terms of manufacturing cost, because we can produce on our system with its high productivity, very quickly produce net- near- shape components that only need very minimal amounts of post-processing, it means we're eliminating further manufacturing steps and assembly steps. We're actually keeping the manufacturing process very simple and cost-effective. That's why we're seeing strong uptake. If I move on to a medical example, in the top right, you will see some tibial trays. These are used for knee reconstruction surgery. You'll see on there's a different surface texture on top of the tibial tray. That's actually a three-dimensional lattice. What that's there for is when implanted in the body, it actually encourages bone to grow into the implant. That's great because it supports long-term joint stability, which is better for the patient, but also is better for the healthcare provider because you're much less likely to need to come back and do a revision surgery later. There, AM is producing geometry that couldn't otherwise be achieved, but also in terms of manufacturing cost effectiveness, you're eliminating an additional process step. Because we can produce this lattice at the same time as we produce the rest of the implant, you don't need to follow up with some other cladding or other process step to modify that surface. Again, it's a compound effect of product performance and additional manufacturing benefits. Our last example, in the bottom left there, you'll see a support for a bladed disc. These types of components are very common in micro gas turbines, which are used in things like drone applications. Here, AM offers advantages in terms of weight saving, which directly translates to fuel efficiency and range, both really key metrics of performance for that product. But also here, AM is helping to eliminate constraints related to the casting supply chain. Because it's a digital process, because there's no tooling costs associated with different variants or upgrades over time, AM is really enabling advantages in terms of supply chain. Again, combination of benefits. Moving on to talking about internal adoption of AM, we continue to see a number of use cases grow for our use of AM. Here you can see some examples from our spectroscopy machine tool and gauging product lines. What each of these do is that they stand on their own two feet in terms of both performance and cost effectiveness. Also by developing these internally, we're, of course, getting really helpful direct feedback on things like challenges of design for AM, how to scale up volume AM production internally, and of course, cross-company collaboration, all of which then feed into our product roadmap and how we engage with our customers externally. Absolutely an area of focus for us on an ongoing basis. I'm going to move on now, just talk about how we're now investing to further go after our growth strategy. There's two parts to this that I want to talk through. The first is forward-looking R&D. We're working on a next- generation AM platform, where we're really targeting a significant improvement in AM production economics. We think there's a real opportunity to deliver a step change in cost effectiveness of AM with three main levers that we can pull. The first is managing the system cost, which we can do through our vertical integration of both design and manufacturing. The second is maximizing productivity and boosting productivity in the in-build process, building on technologies like TEMPUS and LIBERTAS that I mentioned before. The third is eliminating downtime between builds by increasing the level of automation on the system. What these three factors do is they actually have a multiplier effect up, and they maximize the amount of machine utilization. The reason this is our focus and why this is so important is because we know today, typically, about 50% of an AM component's cost is associated with machine use. It's an area that's really ripe for improvement and an opportunity for us to drive cost down. On top of that, we're also designing the system around scale. That means focusing on things like consistency, variation from machine to machine, and serviceability, as well as integration with the wider digital manufacturing ecosystem, so we can get the advantages of some of those digital tools that we see out there on the additive platforms as well. The second part of investment I want to talk about is our operational backbone manufacturing. We're continuing to invest in scaling our capability and capacity at our site in South Wales at Miskin. We follow a cell-based manufacturing setup there, which is already great in terms of standardization and managing the flow of components through. What's also great is that it's really suited to scale up because that cell basis can be duplicated and scaled. What's great is that floor capacity isn't a constraint on our plans to scale up, and actually we've already got allocation from an AM point of view that would support double the demand that we see today. We're working on aspects of our supply chain as well. We're engaging further with our purchasing forecasting, looking at both short, medium, and long-term horizons. What we're really doing is connecting that with our demand forecast as well as our product roadmap to make sure those are really well aligned. We're also making sure that we're limiting our execution risk by looking at things like dual sourcing for key fabrications, so we're not in a situation where we're single supply as we're looking at this ramp in production. Essentially, that level of investment on the R&D side of the manufacturing is how we feel like we can maximize the opportunity we have to make the most of the growing opportunity around AM. I'll move over to the —go back to Lou to sum up. Yeah. Just before we open it up to some Q&As, just a very quick summary, kind of what we talked about. The simplify and focus strategy still remains, and that is starting to really pull through now. A combination of some external macro factors and our ability to react to those. We remain really focused on the things that we think are the most important pain points for customers. That's cost effectiveness and consistency, and that's on our current platform and any developments in terms of next gen. We're really passionate about the internal AM4ALL initiative, and like Matt said, in all other parts of Renishaw, we can be really representative of the customers that we're selling to, and that's the same in additive, and we really do learn a lot from that process. Finally, decisions made early to invest in manufacturing have allowed us now to be really well positioned to react to that kind of growth that we're seeing today. We'll take any questions, and then there's a break. Thanks. Morning, Michael Blogg. The picture you had among the customer applications, which you didn't actually speak to w as a copper product, which took me a bit by surprise. Is that a particular niche? I don't think I've seen one of these before. Yeah, I did skip over that example. I thought I was going to take a lot longer, actually. Yeah. What you're seeing there is that kind of three-dimensional lattice type structure again, which gives really significant advantages in terms of heat performance. We see AM parts typically in this heat exchanger application can offer double the performance of conventionally made parts. There's a real opportunity there. Obviously, heat exchange applications are incredibly varied from large to small. Obviously, copper has additional advantages there in terms of its thermal and heat transfer properties. Yeah, we certainly see heat exchange very positively, and we think copper may be one of the materials that we see particular opportunities in. There are challenges about processing copper, we've made some real success of that as well. Thank you. Can I ask a couple of quick ones? Firstly, is the internal element of your sales a material chunk of total sales? Is a big chunk of what you sell going within Renishaw? No. Okay. No. That's totally separate. Okay, cool. In terms of the competitive position in the particular niche you're focused on, who are you principally competing against? I have been to some of these trade fairs, and there are millions of different AM offers, but obviously in your piece, it is a little more focused. Yeah. The competitive landscape generally is kind of quite fragmented and a lot of OEMs are focusing in different areas. We sort of see a lot of OEMs looking at kind of larger platforms, and like you say, we're kind of very focused on the mid-sized. Can I say the typical ones that we see are EOS, SLM? Yeah. Thank you. You're going to have to pick. Yeah. Sorry, I'm Michael Crawford from Chawton Global Investors. Could I just ask about the business model? Is it simply a case of selling the machine to the customers, or is there a sort of recurring revenue stream, and how long do the machines last? I think that's part of the SpecialiSed Technologies Group, if you like, is that all of the product lines in there are kind of capital equipment focused, and therefore all have that kind of after-sales or aftermarket opportunity. Yeah, there's a recurring revenue from that. There's recurring revenue from consumables, from upgrades, or training elements and things like that. It's a bit different to the rest of the Renishaw model in that respect. Can I ask on margins? I think earlier when you mentioned group margins, you said FX, but maybe part of it is also a shift towards systems rather than components, which I guess are lower margin. Combined with AM being the fastest growing area. I know you won't say exactly, but how do you think about profitability? How do you think about it over time? Then secondly, on the competitive landscape question, how has that changed over time? Do you feel as the industry's matured, you're seeing fewer new entrants, or does defense as an end market look so attractive that actually it's going the opposite way and we're seeing more startups, more funding going into the sector? The first one in terms of the profit. Yeah, again, different model to the rest of Renishaw. This is kind of lower volume, but higher average selling price. I think in terms of the impact that it has on that in terms of volume, that's really where we're seeing the improvements in that area is that it doesn't take too much in terms of increase in volume to see that come through as long as we're keeping our costs under control, et cetera. On the operating, because when you walk around the site, it looks like it's very labor intensive. Is there really operating leverage as you add? How much is the operating leverage? I guess it's much lower than a more standard sized part that you can make. There are opportunities to improve that in terms of current product, but also it's a real focus for the next-gen product to make that in a more cost-effective way. That links potentially to the earlier question about that after-sales component as well. We see this growth, obviously, our installed base is significantly growing, and it's those after-sale components that are things like service contracts, software licenses, et cetera, that are recurring sales to exist to that installed base. I think is a contributing aspect of that as well. The second one was on the competitive side of things, which was, remind me? It's got more stable as the industry's matured or actually defense is so attractive that you're seeing new entrants come into the space this year, last year. I think there's still a lot of new entrants in terms of the lower cost options. Not necessarily, I think, affecting that defense side of things. Yeah. Oh, yeah. I'm just wondering if smoke and sintering is a problem with your system, and if so, what are you doing to address these two issues? Do you want to? Yeah, sure. Actually, I'd say one of the key advantages we've currently got with our current generation product, and certainly something we definitely want to carry forward to our next generation is we've got a really excellent gas flow set up on our system. What that translates to is really quickly being able to remove smoke and leads to very sort of market-leading part properties, and that's something we hear repeatedly from some of the benchmarking work we do that actually in terms of part quality, we're in a really strong position, and that's really driven off eliminating that smoke. That's a key part of our technology advantage. Sintering, not as much because we're working with metal powders as opposed to plastics. Obviously, the melting point being that much higher. Actually some of the technologies we're developing, things like LIBERTAS let us manage the delivery of heat to only the places where we really need it. We don't have quite the same challenges as we would, say, in other materials. That one we luckily are able to avoid. Just wondering, have you come across any regulatory hurdles? You're playing into medical and A&D, which are obviously quite regulated markets. Is it the customer or is it you guys that need to seek that approval, or what has the process been? It's the customer. Yeah, they are kind of difficult industries in terms of that process validation and qualification. On the upside, once they adopt a technology like that, they don't tend to want to change it. Would that have been a kind of hurdle or kind of a delay to adoption up until now, let's say, when it's all come through? Yeah, I think they have been the early adopters, but it just takes longer for them to get their products kind of on the market compared to some of the other industries that we're seeing now. Like I said, once they've kind of adopted it, they're stuck with it. Thank you. Everyone's thirsty. Hi, thanks. David Farrell from Jefferies. Questions about your kind of customers adoption. How difficult is it for them to get into the mindset of designing a product like this, which would enable them to utilize additive manufacturing? Is there a whole kind of— Yeah. Generational skill set that needs to really come through? Yeah, there definitely is, and I think whilst we've been talking a lot about cost effectiveness and consistency as kind of been the main barriers, that cultural one is still a barrier. It is a disruptive technology that you're trying to introduce, and linking back to our internal AM4ALL initiative, actually, we see that even internally. You're kind of fighting against years and years of experience of doing things in a more traditional way, and sort of breaking down those barriers can be a challenge, but it's something that we're kind of really interested in because we are so representative of the customer base that we want to sell to. If we can solve that internally, it really helps with those discussions with our customers. Yeah. Thanks. We're constantly looking to sort of lower that skill floor, right? LIBERTAS, that we were talking about, makes more geometry suitable, so you don't have to modify your design as much, or some of the software tools nowadays are much more suitable to help you design your part to do that. We're constantly looking at how we can lower and remove that barrier as well. Thanks. Chris, you've got one. Yeah. We have a question online from Rory Smith from OxCap. Just asking, are we selling into space as a segment that's distinct from legacy A&D customers? Do you want to? Sure. Yeah. We definitely see some space applications. The midsize focus of our platform is sort of better suited to things like satellite- type applications than it is to rockets. Although when we look at the kind of range and mix of products that will be included in space applications, we see that as quite a wide range from small to quite large. Yeah, it's definitely an area of interest. We do have some existing applications. Obviously it's relatively small today, but obviously a lot of potential to grow. Okay. I think we've reached the end of this session. We'll take a break now. There's some waters at the back of the room if you'd like to take a water. The bathrooms are out to the right, which is where the fire exits are as well, just in case that should arise at any point. Hopefully not. We'll take a 15-minute break, and we'll be back in a quarter too. Thank you. [Break] All right. Hopefully, you can all hear me. Time to get started on our final presentation of the day. For those of you that don't know me, I'm Marc Saunders, I'm delighted to see so many of you here at our first Capital Markets Day in London. Our markets are quite dynamic right now. We thought it would be helpful to give you some insight into some of the trends and the growth drivers that are supporting our progress. I'm going to start by looking at our business portfolio. We have a diverse portfolio of businesses. That gives us exposure to a wide range of markets and vertical industries. We organize those into three segments. As we've said, within each of these segments, we have a combination of established businesses that support our profitability, also younger emerging businesses that give us access to growing markets, also support our top-line growth. Industrial Metrology is the largest of our segments. That has been providing solid long-term growth that's actually picking up a little at the moment, thanks to the success that we're having with our high-value capital equipment, CMM, and gauging systems and software. Position Measurement, that's of growing importance to the group. It's been delivering double-digit long-term growth that's actually accelerating this year. It's combining that with strong operating margins. Finally, we have Specialised Tech, our smallest segment, the one that's actually growing the fastest this year. We've already heard about the key driver for that, the success that we're having in our Additive business. Sorry, move on. I've touched on addressable markets just now. I'm going to look at that in a bit more detail on this slide. The pie chart that you can see here shows the various market sectors that together combine to form our total addressable market. Hopefully, you can see on here that nearly half of those markets are linked to our Industrial Metrology business, around a third are associated with Position Measurement, the remainder are linked to Specialised Tech. Together, these markets provide us with a diverse range of substantial markets, where we have both established strong market positions in our established businesses, also with plenty of headroom for us to grow market share, gain market share, in our emerging businesses. The other bit of good news about all of this is that these markets are themselves growing. We believe on average more than 5% through the cycle, and that's across the portfolio. Of course, some of them are doing really well right now. We've already mentioned that we're seeing strong demand for our additive manufacturing equipment and for position encoders, and that growth that we are seeing, we believe is representative actually of wider growth in those markets. Those markets are themselves doing well. We're doing particularly well within them, but the markets are growing strongly. The other way we grow our addressable market is through diversification, and perhaps the best example of that is our inductive encoders that Will talked about earlier, and that's giving us access to a multi-hundred-million-pound sector within the harsh encoder environment sector on this chart. The combination of growing markets and also accessing new markets is helping us to grow the addressable market for the group. Last year, we had a figure just over GBP 6 billion. We believe it's now around GBP 7 billion today. Right. Let's move on to look at the range of industries that we are exposed to as well. The chart here shows some history of the relative importance of different end-use industries to us and how that's varied over time. Now, one thing we say every year is that these are management estimates. We don't have perfect insight as to where all of our products end up. Many of them are sold through machine builders and through distributors. With that proviso, hopefully, it still gives you useful information about what are the industries that are pulling our technologies. Fairly stable over the years, but I think some interesting trends starting to emerge. We've talked about the strength in semiconductor manufacturing equipment. Again, that's now over 20% of group turnover being driven by that this year. We're also seeing strength in aerospace and defense, particularly defense, but actually also the civil aerospace part of that is also doing pretty nicely right now. I think another really interesting area is energy. It's relatively small, but it's actually growing quite fast for us. Now, AI, we think of as a digital technology, but actually it depends on an awful lot of physical infrastructure. Data centers can't tolerate fluctuations in power, and quite a lot of our metrology products at the moment are going into the manufacture of backup generators, both diesel and turbine generators, to support the resilience of that critical infrastructure. It's an interesting development there and one to keep an eye on in the future. By contrast, we're seeing slightly lower growth within automotive. The transition towards EVs means fewer oily bits in cars and a bit less metrology. There's still some positives across that piece. Overall, I would say that this is giving us access to a broad range of industries with durable long-term growth drivers, so a nice diversified position. Another way to think about how we can segment the business is by geography. We're really well placed here with our worldwide sales network that gives us access to global markets. I'm going to focus on a couple of key regions for us, China and the U.S.A. You can see the significance that they have for the group in terms of their size, but also they are growing strongly at the moment, and they're actually key drivers of our growth this year. If we start with China, that has been our largest revenue generator since the 2010s. That was driven initially by their development of subcontract manufacturing industry that became very strong. More recently, of course, they've become market leaders in the homegrown technologies that they're exporting in things like EVs and robots. Our strength in China is based around our market-leading positions in Metrology and in Position Measurement. We also have really deep customer relationships that we've built over many years, over the decades that we've been operating there, and we've actually been in China for more than 30 years, trading directly. That gives us a strong position. However, as Will touched on, we are seeing the emergence of local competition there, offering good enough products at attractive prices. What that is doing is it's actually stimulating demand in a tier of the market that sits below the one that we have traditionally served. It's both threat and opportunity. Whilst we're doing really well here, we're definitely not complacent about the threat that these emerging rivals could pose to us. Right now, it's limiting our pricing, we obviously can see that they could become stronger and grow and threaten our position. Our approach here is twofold, as Will touched on both of these earlier. Firstly, it's innovation, developing new, more differentiated products that we can migrate our customers towards and protect those established positions. We're also going to take the fight to some of these Chinese rivals a bit more directly by developing our own entry-level products, that we'll manufacture with a local Chinese supply chain. That's China. Moving on to the U.S.A., another vital market for us and particularly important for our emerging businesses. The U.S. tends to be an early adopter of new manufacturing tech, innovators there. We're seeing really strong demand coming through there for some of our high-value capital equipment in metrology and particularly in additive manufacturing this year. The other thing that we're navigating, obviously, in the U.S. has been tariffs. Over the last year, tariffs that have come on and gone off and now come back on again. We've managed that through pricing, and we've been maintaining our operating margins, and I think that demonstrates the resilience of our market position there. Just finally on geography, we are seeing developments in some other markets that I've not talked about on this slide, perhaps the most notable one being India, whereas that develops a globally competitive manufacturing industry, particularly in subcontract manufacturing at the moment. Taking a leaf out of the China playbook, we're seeing that grow, and that's something we're supporting with local business development. We've talked a bit about how our business is structured. We've looked at our addressable markets, we've looked at the industries that we serve and some of the geographies where we're successful. What I'm going to do now is just turn to the wider manufacturing technology landscape and, in particular, look at some of the asset classes with which our technologies are associated. Essentially, our addressable market forms a subset of these larger underlying markets, trends in those are important to us. They don't define our markets, but they certainly influence them. I've got four items here. In the interest of time, I'm only going to talk to the first two of them, you'll be able to find information about additive and industrial robotics in the appendix in the handout that you've received earlier. Let's make a start in the world of machining. The data I've got on this slide is sourced from the Japan Machine Tool Builders' Association, which is a data source I know many of you will follow. It is indeed a really useful bellwether for the industry, but it does require a bit of interpretation. The first thing to say is that obviously it only relates to the Japanese machine tool industry, so it covers both their domestic demand and their exports. That's a significant part of the global market, but it's not all of it by any means. The other key factor to consider here is currency. We're going to look at these two charts. I'll start with the one on the left, that is based around the published data in Japanese yen. I've smoothed it a bit with a three-month rolling average so you can see the trends a little easier. Hopefully, you can see here the cyclical nature of this market. We had a big peak in the late 2010s. We had the COVID slowdown. We had a recovery where things did well. We've had a sluggish period for the last few years. You can see a nice uptick in the orange order line there to record order levels in yen. That's looking good. The other thing to say is we can also see a gentle upward line through the sales over that period as well, it sort of points to steady, modest growth. However, when we look at what's happened to the yen over the last few years and we reevaluate that data in U.S. dollars, we get a very different picture. The yen has weakened against the U.S. dollar and actually against other currencies, including sterling. We actually see the dollar value of the machine tool output in Japan actually has been falling on average through that period. The other effect here around currency as well to talk about is the impact that has on the competitiveness of Japanese machine tool builders against their rivals in other countries. We've certainly seen tough times for machine builders in places like Taiwan, Korea, Germany, where they're often battling against newly competitive Japanese exports. The overall picture I think this paints is It's really welcome to see improvement in the Japanese numbers. That's definitely a positive, but we mustn't over-interpret this into boom times for the machine tool industry. We're not yet back at the levels that we saw in the late 2010s. There are some bright spots, though, those bright spots are in the exports from Japan. We can see a lot of five-axis machines going out there. We're seeing those landing in America, in particular, and going into the A&D sector. There's definitely some bright spots, and those are well-aligned with some of our latest product developments, so it provides fertile ground for us. In that context of quite a tough market in machine tools, how do we grow? I think it's worth looking at Renishaw's value proposition here. Since our inception 50 years ago now, we've revolutionized the world of component machining with our industrial metrology products. You can see here we have a comprehensive range of market-leading sensors, systems, and software that are used throughout the manufacturing process before, during, and after. Those are used to help manufacturers enabling automated manufacture of precision parts. We can grow in the sensor part of that market by increasing fitment levels, and we're continuing to work on that. We can also do it by increasing the value of the sensors that we sell. We'll talk to some of the higher value machine tool probes, and CMM sensors that we're introducing. That is a route towards growth there. Probably the bigger opportunity for us within this space is in migrating and increasing our share of the larger systems and software business. We already have strong positions and niches here. We're developing new products like Equator-X, and extending our routes to market. We think that's going to be where the real growth opportunity for us lies in the years ahead. Moving on to semiconductor. Here, the underlying market conditions are very, very different. You can see the dramatic growth that we've seen in capital investment in wafer fab equipment, in packaging and test equipment, over the last 10 years or so, and it's actually been about a 10% CAGR over the last decade. A really positive, attractive underlying market. It's still very cyclical, however. Underneath that swoosh, we can see periods where we have peaks every few years, a correction, and then a period of recovery. We're certainly in a very strong upturn right at the moment. You can see I've put a range of forecasts for the next few years because there really isn't all that much clarity or consensus about exactly how it's going to go. There are definitely some out there that are saying this is an AI-driven multi-year super cycle, and we're going to see strong investment through this calendar year, through next year, and even beyond. There are others who are pointing out the fact that these data centers require huge amounts of resources, of water, of energy, and actually, can the infrastructure around the world cope to allow the growth that's being projected? We don't have a crystal ball to give an answer to that one, I'm afraid. We'll have to wait and see. It's certainly a very interesting and exciting time to be part of this market. The other thing I'd say about this that's a constant throughout all of this has been the relentless drive for higher- performance devices, and that's really been underpinning the innovation that there is in the manufacturing equipment. This is still a very dynamic sector in terms of innovation from our customers, that means they're pulling from us more and more demanding motion systems applications. We're really well positioned in that, and we've managed to grow both our market share and our share of wallet over the last decade in this attractive market. Just to point out how we play in this sector, we have a comprehensive range of encoders that are used throughout the value chain in semiconductors. Starting at the left in wafer inspection, Will talked about our latest laser encoders. These are used in wafer inspection machines, and they're measuring the very fine details that you find on the latest chips, down to 1.2- nanometer gate sizes. We can resolve down to picometers, that's a thousandth of a nanometer, a millionth of a micron, or a trillionth of a meter. Incredibly fine resolution that we can resolve to, and that's what's needed in these extreme applications. Other hotspots for us are in the front end in wafer handling robots. These are basically dealing the wafers from canisters into and out of the various processing steps in the fab. Another growth area for us is advanced packaging. This is sort of mid- end, I suppose you'd call it. We've heard from Will some of the latest things we're doing there with new encoders that are meeting the need for higher performance measurement. We're also seeing more axes going into these complex machines. On the right, there is the vast range of equipment that goes into back-end semi. That's turning the wafers into devices and then into the downstream electronics production. That's turning devices into products. Very wide range of equipment there. The way we compete in all of this is firstly by having the right product and delivering the right performance, and we have a range of performance at different price points. It's also around the practicality. It's a compact housing, it's broad installation tolerances to make them easy to fit, and reducing the total cost of ownership for our customers. Finally, it's in the expert technical support that we provide around the world. We're a real partner for our customers, and that builds the deep relationships, the decade-long relationships that we have with many of them, and that's what's allowing us to win new customers, as well as to retain the ones we have. All right, as I mentioned, there's going to be details on additive and robotics in the appendix. Just to summarize, I think we're in a position where we have a really diverse portfolio, strong positions, leading positions in many markets, but also ample room to grow in our emerging businesses, and we can really see the traction that we're getting there. All in all, this provides us with a tremendous long-term growth opportunity. All right. I will stop there and welcome any questions you might have. Sorry, can we get a microphone? On the end market slide, there was a piece at the bottom, which may just be the rest, but it was called precision manufacturing. Indeed, yes. Which was sizable but steadily declining. Has that become commoditized, or is it an area you're not focusing on because of other opportunities? It's definitely not something we're not focusing on. Sorry, too many negatives. We are still focusing on it. Probably best to describe what it is first, then answer the question. It includes a lot of lower tiers in the supply chain of some of the primary industries. There are a lot of subcontractors out there that are in second, third tier in the supply chains for major industries. They may well supply multiple industries, so it's hard to put them in a box to say they're automotive or whatever. There's a lot of machinery and equipment there who are our customers. There's also machine builders, robot builders, et cetera, who are consuming our products in their own factories as manufacturers. There's companies like Renishaw. We don't fit in any of the other sectors, but there are a lot of products that aren't in those big verticals that are made in the world that require precision manufacturing. There's quite a lot in there. It is another. The reason it's perhaps not growing is it is growing modestly. It's just not growing as fast as some of the others at the moment. We're in a period of quite strong growth coming through at the moment, and it's not growing as fast as semicon or A&D. The other thing I would say is that the automotive bit there is a bit squeezed and, again, some of the supply chain to that. Okay. Thank you. All right. Thank you. Jamie. Can someone get that? Hey, thank you. Jamie Murray from Bank of America. Just on the semiconductors, obviously, CapEx is really increasing. What sort of market share do you guys actually have, and who are you competing against with encoders specifically? Our biggest rival is a company called HEIDENHAIN, a German private company. They are still the global market leader. We are a strong number 2 in the global position encoder market. They're our biggest rival. There are others. They're the biggest one. How has it changed over the last two or three years? I think we are steadily doing well. We're gaining share. We have been for decades, that process is a long battle every day to keep winning new customers, convincing them to design us in. We're good at doing that, and we're pretty good at holding onto the customers we've got. We started with nothing 30 years ago, and now we're in a strong market position. Cool. Thank you. I think historically on the encoder side, your customers didn't give you much warning about the orders they were about to place, it's why you've carried so much working capital. Has that changed in the current environment? Are they willing to have slightly longer term conversations around their need, given the current CapEx swing? Is it still you really are operating in the blind? I wouldn't say we're operating completely in the dark. We've got rather more order coverage now than we have, so they've responded by putting more forward orders onto us. Honestly, they didn't see it coming, some of this. There's a real mixture of folks. Maybe towards the front end, they've got more insight as to what's going on. Further towards the back end, there's much less insight for them. They struggle to give us much in the way of forward guidance. Are they giving you visibility on their own working capital position? Do you have a sense that people are just scrambling to get components where they can and— There's definitely some of that going on where there are multiple companies competing for the same bit of end- user business. There will be a bit of a scramble. We have to take a realistic view of the order intake we've got and recognize that some of it will not necessarily turn into revenue. We tend to see this in these peak periods. The order intake is still very strong. I know you don't want to have a view on whether this is going to continue or not, at some point, I guess you're going to need to make a decision on adding capacity. Can you just help us, when you're sat there with the board, deciding whether to add CapEx, given the lack of visibility, what's the thought process today? Well, the thought process is looking at the order trajectory and the discussions that we do have with customers. We do have some visibility here. It's not that we're completely blind. We take those things on board, and we look at what the marginal benefit is going to be from that additional CapEx. For us, mostly CapEx here involves additional machine tools to make encoder bodies, and then we've got robotic assembly cells that we add to increase capacity. In relation to the revenue, it's still actually relatively modest amounts of CapEx. Any other questions? Oliver. Within metrology systems, who is it that you're disrupting? Is it the sort of Hexagon and ZEISSes? Of the addressable market you displayed, how much could you feasibly capture? Yes to the first bit. Hexagon and ZEISS are our primary strategic rivals in that space. They have strong positions, and we are steadily chipping away at those within our sort of differentiated niches. We're not trying to take them on head-on across the patch. We're focused on particular niches where we feel we've got a strength. In terms of market share gain, we're not going to put an exact number on it, but we feel there's plenty of runway left in this business to grow. We feel there's plenty of opportunities. We're really excited about the opportunities Equator-X will bring to us. We think that's going to open up more applications and also a wider sales channel for us to serve that market. We feel that there's lots of runway there. Thank you. Hello there. Just on the additive manufacturing market, I know you've got some stats in the back, but just maybe some thoughts about the longevity of the growth, the nascency of the market, developments. Maybe you can contextualize it— Sure. In some way. Okay. Will try. We think there's decades of growth ahead in this market. It's a long way away from being mature. The evidence we're seeing of the sectors that are starting to come into the market, that's by no means done, and there are other sectors, things like consumer electronics, that are starting to look at it. We really feel that there's a long way to go yet. If you look at the size of additive manufacturing equipment in the—i t's about GBP 6 billion compared to GBP 80- odd billion for machine tools and GBP 150 billion for semicon. It's relatively small still. We do feel it's got a long way to go. Would you venture any sort of thoughts over what share of that machine tool or equipment market it might end up taking? As the cost comes down, as the performance increases, the confidence, you talked about the behavioral elements of not trusting it, et cetera. There's undoubtedly going to be some substitution, actually they're complementary technologies. Typically, there's often machining involved in the latter stages of some additive products, they're not all necessarily printed and done. There can be some complementary aspects to that there. Yeah, some substitution is inevitably going to happen, there's also going to be substitution with forming processes, things like casting and forging and so on as well. Actually, probably that's actually more of a threat, where additive is more of a threat to those probably than it is to CNC machining. Just on the sort of market share expectations, very difficult to crystal ball this because technology will probably shift and shift again, et cetera. You'll have to keep up to speed with it, change, et cetera go with it. You would expect to get a —you've stayed in this a long time, right? You've committed a lot of capital to this particular sector with a long term view. You wouldn't do that if you weren't expecting to get a material market share to an earlier question, with a material margin— Yes. Attached to it. Maybe I can push you a little bit more on— Sure. Sort of that journey and the confidence around it. Well, we feel we are gaining share at the moment. That's one thing to say. We're achieving strong growth right now, and we feel we're outgrowing the market. We are making headway with the products that we've got, and we feel the roadmap is going to help with that. The slide in the appendix shows the sort of fragmented nature of the market that Louise described earlier. The market leaders are into double digits, but they're not into dominant market share. We feel it's very possible for us to get into a number 1 or 2 position over time. I should emphasize, we're focused on a niche within this. We're really going after that midsize machine market. We're not planning big diversifications into other sizes. We want to go deep in that area where we have an advantage today, we may consider spreading later, that's the focus. While I've got the mic, can we go back to some of the other sort of the financial things? Is that all right at this moment, or are you going to— I'll tell you what, we're going to have a general Q&A in a moment. That can save to there. Are there any more on the markets before we could do that? Jonathan, I think we got one there. Yeah, just one, please. Can you talk a little bit about the enclosed encoder market? Essentially, I think you launched a product into that market probably, what, three, four years ago. We did. Yeah. Obviously, it's an area that looks quite significant in terms of size. I think o n your chart, maybe it's a little bit bigger. Yeah. Addressable market— Yeah. Position. Can you just sort of fill us in on the growth trajectory there, what you're seeing? Are you getting market share? It's going well. We're steadily picking up market share, winning new customers. Obviously, the machine tool builders are customers that we know very well through our metrology business. We've got a good in there. We're steadily gaining share. On top of that, we've got the inductive encoder side of things that also fits into that sort of harsh encoder bracket, along with some of the magnetic encoders as well that also fit there. There's a number of technologies that come together to serve different elements of that market. Yeah, we're making good progress with enclosed optical, so the FORTiS family of products that we launched a few years ago are gaining traction. ASTRiA, it's much earlier days. It's not contributing significantly this year. As Will described, we think it's outperforming our expectations in terms of potential. We think it's going to be material in the next few years. Okay. I think we're saying we got a call online, Chris? Yeah. Yeah. It's a question from Ben Barringer from Quilter Cheviot. Who is your largest semicon capital equipment customer, please? Okay. I'm afraid I'm not going to answer that one. I'm afraid we don't have the permission of the customers to talk about them publicly. I'm sorry. There's one or two that we have case studies with from a few years ago, but I'm afraid I can't answer that one. Okay, I think we'll perhaps wrap this bit up, and Will's going to take to the stage and move us on to closing Q&A. All of us up. All of us up. Oh, dear. We don't need the clicker. I said at the start, exciting times for Renishaw, and hopefully you can see from today's updates why we firmly believe that. Are there questions on general? We certainly know there's one here. We know exactly where it's going. Alex, come on. Yeah, hi. Just going back to last year's Capital Markets Day, you were a lot more detailed about where the margin growth was going to come from. You gave us the sort of components to it all. You've been less prescriptive about that today. You've stuck to the 20%, but you've not talked about the components above it. You've alluded. Are you walking away from those targets? I was never fully sure how dependent they were on volume growth, how much was in your hands. I guess there's two questions. One, are you walking away from them or do you stick to them, having had a new set of financial eyes look at them? Two, could you therefore update on where you are in that journey, and I suppose how much is dependent on volume growth? Thanks. Would you like to answer that? Well, if that's okay. Yeah. I mean, definitely, I would say we are not walking away from those targets. The short answer to that is no. In terms of updating you on progress, I think that is probably best left to when we're back in September to tell you where we stand against the 20% target. You will see that we upgraded our guidance relatively recently, admittedly, for adjusted PBT, you can read into that both from our Q3 trading update and from where the guidance is that our margins are improving. Obviously, if you add them all together, they get to a number significantly above 20%. If you get the productivity and gross margin, then, of course, you've got the rest of them are targeted on revenue. How far above 20% is a realistic target? Another way of asking it is you've got a 23% margin business, you've got a 15% margin business going upwards with some efficiency to come, and you've got a zero- margin business, which is your fastest growing and should become a material part of the business with a higher margin. In that context, 20% doesn't look, again, like a difficult number. You first asked if I was walking away from them. Now you're asking me to take them up. I think it wasn't about walking away. It was about the mix, actually. It was about how you get there. Okay. It was about how you get there, actually, because the prescriptive nature of it was it made me think back then that there was a lot more in your control. Yep. You get those production costs down. Yep. Being very laser- focused on engineering costs. Yep. You get your sort of distribution costs down. Yep. Whatever it was. It was about the mix a ctually. Thanks. I mean, I think maybe I'll refer back to the first question, which was asking me which was the most difficult target, and it's just there is a lot going on in margin. There's a lot of things. You're right. If they all come together, we should absolutely be going past 20%. There is a lot going on there. There's efficiency savings, there's pricing going both ways, and there's volume which could go both ways. I hope that markets will go up and down. I do feel good about getting past 20%, yes. Just one final one. You said that you wouldn't buy any more property, sort of. Would you therefore sell property? Thanks. I didn't say we wouldn't buy property, I think the first target for our CapEx. CapEx is a scarce resource, we've got to use it carefully. Definitely, I think our first port of call is going to be, and particularly in the current environment, is how we invest that in capacity and in manufacturing. Production CapEx has got the priority call. Of course, it does make our CapEx bill less if it's a net bill, not a gross bill. Yeah, why not? I mean. He's still got the mic. Anyone else? Take it away. I'm just trying to think about how you sort of value 30- 50 years of buying property in the south of England and, you know. Yeah. Thanks. That's enough. Exactly. Harry over there. Yeah. Thanks, Alex. Excuse me. It's Harry Philips of Peel Hunt. Just thinking, I suppose not quite as demanding as Alex's questions, but just seeing the number you've put in for the additive manufacturing sort of 16% number out to 2030. Obviously, if you are sort of attempting to take share, I mean, the sort of impression therefore I would take from that is that your additive business should be growing nearer 20% than the market rate of 16%. I suppose we get into that sort of drop-through point of, obviously, we could see the numbers a year ago when you gave the new segmentation. You could sort of work that out. You can have a pretty good idea, I think, where the half- year took us. Sort of curious in that sort of growth for it, not only is there a sort of drop-through tipping point, but is there a sort of market tipping point where suddenly that volume- price with the customers starts to balance out, or are we such an early stage that it's still in an upward trajectory all the way through to 2030? Louise? Additive. There's probably a few bits to that question to go through. I was going to say, yeah, you did warn me about the multifaceted questions. In terms of how we're growing and how that looks over the next few years, I suppose, it's back to some of the stuff that we talked about a little bit earlier and all of those factors coming together, for a lot of applications, which is allowing that to grow, which is what we're seeing today. In terms of that going forward, we're still seeing quite a strong order book for next year and expecting that to continue as those applications open up. I can't remember the last bit of the question. Sorry. You've got the 16% number, which is in the slides. Obviously, if you're taking share, then when consumed, you're going to grow a bit more than that. You've got an idea of the rate on the revenue line. When you go to Miskin, you can see that you've got a lot of kit down one side of the room, but it's pretty empty on the other side. The sort of— That's so now. Not anymore. That's good to know. It's more just coming back, as volumes go up, then obviously you get the classic volume- price situation. Is the industry or your product range still in its relative infancy that we're still on that upward curve all the way through to 2030? I think we are, and yes, Miskin is a lot busier in Hall 3 at the moment, which is great. I think also as those volumes increase, there's all that aftermarket opportunity for recurring revenue, that we also see pull through. As that installed base grows, we expect that as a proportion of our revenue to grow as well. I'm not going to comment necessarily on the specific percentages. You can have a smile. Thanks. Can I do a brief one just to get back to John's point of the moving parts within margin? One of the headwinds, I think, has been the tech investment, the ERP spending you're doing at the moment. Where are we in the phasing of that? Has that peaked? Does that cease to be much of a headwind? Are you content coming in that that is treated, that's all expensed and taken on the chin, whereas a lot of your peers strip it all out? Yeah. Maybe taking the second point first. I'm less concerned with the accounting treatment as long as everybody's aware of what the roadmap is and where we're going. I'm actually perfectly content that we expense it. As long as you're aware of what it is. I spoke about the opportunity to simplify and automate, and I think that is across the company. I think that is going to be a multi-year program. No, I don't think we've reached peak yet, I would say. Certainly, in terms of activity. We have a lot of opportunity. It will be careful investment. It has to deliver that return, but it's certainly a multi-year program. Just talking about costs, I was just wondering if you installed a new ERP system for the company last year, or you have done it. What's the next phase of automation in that efficiency? Are you going to have new MRP systems? Will that be a big cost? Just general. Yep. This is good. Yeah. The ERP is only live today in about, well, less than 15% of the company. The ERP covers effectively all our distribution companies. It doesn't, at the moment, extend to manufacturing. That's why we still have a multi-year program to roll out the existing ERP to the other 85%, and we then have to roll forward it or roll back into manufacturing. Yes, plenty to do. Can I ask a quick question about governance, and the family vehicle, and particularly, the extent to which it might govern your capital allocation going forward? I know Sir David was very anti-M&A, for example. Is there anything you can tell us about how that's evolving? Yes. Certainly it's been extremely positive news within the company, with employees about the stability that this gives us, and uncertainty. Also with our customers. I think the number one thing is we are a really key supplier to so many large customers that actually stability in ownership has been really positive discussions with so many of them as well. In terms of M&A, it's been great discussing this through, and we have two family members on the Board. Really good discussions. There is an absolute appetite across if we find the right companies that stick with a very clear focus on how they're going to allow us to accelerate our strategy, then there will be a desire to do that and support to do that. I think we're in a really fortunate position. Thank you. I just wanted to ask about AI. We talked about external opportunities or threats, but is there anything you'd like to highlight that you're doing internally in terms of implementing AI tools? I think number 1 area of interest for us in terms of internally using it, as I think I touched on earlier, is in terms of software development, where it feels like maybe not that long ago, there was hype and things being talked about. The feedback already from the software teams now feels this is going to give significant productivity improvements in development of our software platforms that are really key for our success. I'd say that stands out for me as being number 1 there. Is that an opportunity to produce more software? An opportunity to do it at a low cost? For us, this is about upping the productivity of our teams. In some areas, we are strong in our software, and others, we are really trying to leapfrog others. Actually, I think for us, this is a real opportunity to make a difference and really strengthen that software side of our business. Thank you. Are there any changes to the graduate intake for this year? Question here on graduate intake. Yeah, we're still looking at taking on a reasonable number of graduates. That is key for our long-term success. Probably more of a balance these days between graduates and bringing in expertise as well in, with more experience. I don't think the AI side of things is massively impacting us yet in terms of our early careers intake. Definitely. We're out of time. Sorry, I just wanted to go back to the AM sort of revenue and the business model. You mentioned consumables and it being a slightly different model to the older initial model. Maybe you can go into a bit more detail just to help us think about what type of consumables. I don't know what level of detail you want to go into on the sort of gross margins of those. Just, I want to be able to go away from here and just model this a bit more— Yeah. Formally. Maybe if you take it from a sort of, I don't know, an average customer. You make a product sale, and then the follow-on years of what happens next sort of thing. Thank you. I guess it's quite different to the rest of Renishaw in terms of the business model, with it being capital equipment and therefore, by its nature, you end up with an opportunity for that after-sales market, whether it's service contracts or consumables. On the consumable side, I guess there's things like powder, some of which can be purchased through Renishaw, but also things like build plates and filters. Again, the more that these are being used in kind of large-scale production operations, the more of those kind of things that they consume. Can you give a percentage or— Of what we expect that— Yeah. Overall to be? Yeah. Growing. Probably quite customer-led. Yeah. Yeah. There isn't really an absolute number. I don't think we'd want to give you on that at the moment. Maybe that's one we can come back to in the future. Yeah. Yeah. Hi, it's Stephan Klepp from BNP Paribas. It's for John actually, yeah. Capital allocation, you said it's a secondary matter, but we're looking still at a balance sheet, which is, let's say, quite nicely capitalized. We're talking about potentially selling property. We're talking about having a good cash generation. What are you going to do with your balance sheet to make it more effective? Are we sticking to the old Renishaw and running around with a lot of net cash on your balance sheet? First of all, going back to Alison's question, I don't want to create an expectation that suddenly we're selling all our real estate. That's not my intention. It was a side remark from— I'm sorry. You've given me a good opportunity to correct that. What I said earlier, genuinely, my focus in the short term is I see a big opportunity for us to really get serious about cash generation across the piece, and I want to drive that very hard. I think what happens to our balance sheet and capital, that's something It is a second order. We do need to consult, make sure we've understood what all shareholders want, and I'm not ready today to give you any answer on that, I'm afraid. Yeah. No, fair enough. Thank you so much. Okay. Right. Looks like that is all of the questions. Unless anything from Chris at the back, thank you all very much for attending today. Hope you found it useful and look forward to seeing you all again soon. Thanks. Yes. Thanks very much, everyone.