Good morning, ladies and gentlemen. It's midday, the appointed hour. Okay, thank you. Right. Good morning. Well, good afternoon, actually, technically. Ladies and gentlemen, welcome to the annual general meeting of your company. We have a quorum, and I have pleasure in declaring the meeting open. I'm joined here in person by Colin Day on my left, who's Chairman of the, or Chair I should say, of the Audit and Risk Committee. Alina Kessel on my right, a Non-Executive Director, just joined us this year and Rupert Faure Walker, another Non-Executive Director, Senior Independent Director on my right. Miles Young is ill today. He was going to join us, but we wish him well, but he may be listening remotely. Also joining us remotely, Radhika Radhakrishnan, who's our CFO. Now, Radhika tripped up on a paving stone in, I think it was Highgate High Street or near Highgate School. We are suing Haringey Council. Or I should say contemplating suing Haringey Council. She's okay. She does not have a broken nose, I think. That's the latest news. She's very bruised, and that's why she's off camera. She doesn't wish to be seen in her current condition, but we wish her a speedy recovery. She's our CFO. Nirvik Singh, I think, is in Dubai. He's Chairman of the Nomination and Remuneration Committee, and he's on the call as well. Scott Spirit, our Chief Growth Officer, Rick Eiserman, who's our President of Google Business, and Bonnie Preece, our EVP and Group Account Director, who handles Amazon, are also with us online. Scott Spirit will give you a business and client review, and Rick Eiserman will talk about our work for Google, and Bonnie Preece will talk about our work for Amazon and show you some examples of what we are doing with AI at the moment with those clients. As you're aware, this is a hybrid meeting, which enables our shareowners to participate either in person or virtually, and I'm pleased to welcome those who are joining us in person today, and we continue to value the participation by those of you who are joining us remotely. Before providing an update on the business and current developments, I would like to take this opportunity to explain some minor housekeeping matters and how the formal business of the meeting will proceed, and how you'll be able to vote on the resolutions proposed in the notice of the annual general meeting. Please make sure that your phones are switched off or switched to silent mode. I would also like to remind you that we do not allow photographs to be taken of the meeting or the meeting to be recorded or transmitted outside of our own platforms. The fire exits are behind you. The notice of the annual general meeting was sent to all shareowners on the May 12th, 2026, and at the same time was made available on our website. I would therefore like to ask your permission to take the notice of the meeting as read. Okay? All right. We shall be taking a poll on each resolution, and I now propose formally that each of the resolutions as set out in the notice of annual general meeting is put to the vote of the meeting. Resolutions 1 to 15 are proposed as ordinary resolutions and require a simple majority of the votes cast in favor to be passed. Resolutions 16 to 20 are proposed as special resolutions and hence require at least 75% of the votes to be cast in favor. You will notice that all the directors are standing for re-election, with the exception of Alina Kessel on my right, who, having been appointed during the year, is required by the company's articles of association to stand for election to the board. Alina adds a significant industry experience to our non-executive ranks, and we welcome her, and I hope you will join all of us in welcoming Alina to the board. All resolutions at our shareowner meetings are decided by poll, and our registrars Share Registrars is present as scrutineer for the poll and will count the votes at the end of the meeting. The directors are unanimously in favor of each resolution and recommend that you vote in favor. On a poll, each member present in person, by corporate representative, or by proxy, is entitled to one vote for every share held by them or the shareowner whom they represent, whatever the case may be. A person entitled to more than one vote need not use all his votes or cast all votes he uses in the same way. All shareowners, proxies, and corporate representatives here today should have been provided with a poll card on arrival. If you don't have either of these, please raise your hand and a steward will assist you. All got poll cards? Okay. Please fill in the full name and address of the shareowner in block capitals. If you are a third-party proxy or corporate representative, please write your full name in the space provided in addition to that of the person or company you've been appointed to represent. If there are two or more persons present representing a joint holding, the person whose name appears first on the register of members should complete and sign the poll card. Their votes will be accepted to the exclusion of other joint holders. Please indicate your vote for each resolution by putting a cross in either the for or against or vote withheld box. Please note that a vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of votes for or against the resolution. Please ensure you sign your poll card and hand it to a steward as you leave the room. For those share owners joining us virtually via the online platform, once voting is declared open, the voting icon will appear on the navigation bar. Clicking on this icon will display the resolutions on your screen, together with the voting options for or against and withheld. Simply select one of those options to cast your vote. If you change your mind, you may select another option. You can amend your vote as many times as you wish until the poll closes. Your vote will be recorded when the selected option changes color and a vote received message appear. There is no final submit button as voting is live. I will close the voting once we have concluded the Q&A section. I will give you a clear prompt later in the meeting to warn of the close in voting. The poll is now open. We will also take the opportunity for general business questions and discussions from the floor and from online. Online voters can start submitting their questions now using the online meeting platform, which we will address later in the proceedings. If you wish to ask a question, please click the messaging icon on the navigation bar, then type your question into the Ask a Question box at the top of the screen. When finished, click the Send button to send the question. I'd like to turn to the meeting and bring share owners up to date on current developments, which are in line with the statement on trading that was released to the market this morning at 7:00 A.M. I won't go through the headlines, because the headlines are covered in the text. I'll just start to read through the text. Throughout 2025, that's last year, our trading reflected the continuing impact of increasingly volatile global macroeconomic conditions, heightened by tariff negotiations and increased geopolitical risks. Clients remained cautious amid all this uncertainty, with technology clients representing almost half of our revenue continuing to prioritize capital expenditure on expanding AI capacity over operating expenditure. Technology services was affected in the H1 by a reduction in one of our larger relationships and longer sales cycles, although this impact was reduced as the year progressed. Despite this challenging backdrop and usual seasonal weighting to the H2, liquidity and cash flow improved significantly year-on-year, driven by disciplined cost control and strong working capital management, which resulted in a substantial reduction in net debt over the course of the year. Performance strengthened in the H2, that's of last year, supported by the phasing of new business wins and expanding relationships with major enterprise clients. We secured a number of new and expanded relationships during the year, including Asana, Amplifon, Samsung, Square, NCS, Apella, Visa, Cinemark, and HelloFresh, alongside continued expansion with major clients such as General Motors, Amazon, and T-Mobile. We also continued to see encouraging adoption of AI-related capabilities across creative, across media, across technology, and marketing transformation assignments, including implementation of AI across elements of clients' marketing supply chains. Market conditions in the first five months of this year of 2026 have remained challenging, if more so, with clients generally cautious given continued geopolitical and macroeconomic uncertainty. However, trading has been in line with our expectations. We continue to see growing opportunities as clients increasingly focus on implementing technologies such as AI to drive efficiency and effectiveness. We expect clients to remain cautious in the near term amid increased macroeconomic uncertainty, including shifting tariff dynamics only yesterday or today actually, we've seen more of those, and the ongoing conflicts in Ukraine and the Middle East, both of which don't look as though they're coming to end in the short term. We continue to have confidence in our strategy, in our business model, and in our talent base. Supported by our scaled client relationships and strong momentum across our new go-to-market propositions, we believe we are very well positioned to achieve sustainable long-term growth. For 2026, we expect like-for-like net revenue to be within the current consensus analyst range of between GBP 632 million and GBP 663 million, down low single digits compared to 2025 levels. Operational EBITDA margin, our operational EBITDA margin, is targeted to improve by at least 100 basis points, mainly reflecting the annualized benefit of the 2025 cost actions that were taken. We continue to expect 2026 year-end net debt to be between GBP 60 million and GBP 90 million. We target medium-term leverage of under one times EBITDA, a pro forma 12-month operational EBITDA, and expect to be close to net debt free next year, which will provide even more significant capital allocation opportunities. While the macro environment remains uncertain, we see growing opportunities as clients become more selective about growth geographically, and increasingly focused on implementing technologies such as AI, blockchain, and quantum to drive efficiency. Since our last AGM in June of 2025, our company has reduced the number of Monks in the company to around 6,200. That is down 12% compared to around approximately 7,000 at this time last year, and 2% lower than our year-end figure of about 6,350, reflecting the continued focus on utilization and billability. We maintain a disciplined approach to managing our cost base and continue our drive for margin improvement through greater efficiency, through utilization, billability, and pricing. The company's capital allocation policy remains dividends first, debt repurchase second, and share buybacks third. As previously announced, the company has continued to repurchase its Term Loan B at a discount, with EUR 85.2 million repurchased to date. This reduces the Term Loan B outstanding to EUR 289.9 million, with a targeted reduction to EUR 250 million. The board plans to implement a 50% dividend payout policy out of adjusted basic earnings per share over the medium term, and the first step will be the payment of a GBP 0.011 dividend, both for the interim and final dividends for 2026 if financial targets for 2026 are achieved, and of course, share owners approve, not the interim but the final. This reflects our commitment to deliver consistent share owner returns. We remain committed to the core pillars of our ESG strategy. Those are people fulfillment, responsibility to the world, and one brand. We continue to enhance our external reporting, our reporting tools, and our government processes to support greater transparency, to strengthen the effectiveness of our reporting, and ensure compliance with evolving global regulatory requirements. The company also intends to appoint Christian Juhl as an independent Non-Executive Director of S4 Capital plc, subject to the board's approval at the next board meeting, which I think is scheduled for Miami at the end of July. Christian served as Global CEO of GroupM from 2019 to 2024 before moving into the role of President Corporate Development at WPP. He previously served as CEO of Essence and before that was a longtime Razorfish leader. He is known for driving digital transformation for data-led media, and AI innovation across WPP's global media business. In summary, we are focused on three main areas. First, top-line growth, where we are making some progress but not sufficient. Second, on margin improvement, where we are progressing but not where we ultimately want to be. Finally, improving liquidity, where we have made very significant progress. Effectively, we are halfway through our AI-driven turnaround with the more significant half to come. That's the statement. We've now got a presentation for you. It'll go for about 30 minutes, if you can tolerate that, and then we'll go to Q&A. We've got several sections. We've got the introduction, which I'm just giving you now. Radhika will give us a trading update, that's section two. Scott will give us a business and client review, and then Rick will cover our work for Google, and Bonnie will cover our work for Amazon. We'll go to Q&A, and then we'll have the proxy vote. Radhika, over to you. Good afternoon, everybody. I'm sorry I can't be there in person. As Martin mentioned, I had a bit of an untimely fall. With that said, I will start with the 2025 full-year financial highlights. Despite global macroeconomic pressures and ongoing client caution, strong cost and working capital management improved the operational EBITDA margin and reduced year-end net debt well below the targeted range. Net revenue was GBP 673 million, which was down 10.8% reported and 8.4% like-for-like. Operational EBITDA was GBP 81.2 million, with a margin of 12.1% up 70 basis points year-on-year. Adjusted operating profit was GBP 74 million, and adjusted EPS was GBP 0.05 versus GBP 0.052 in 2024. Free cash flow rose to GBP 86.5 million, up GBP 48.7 million year-on-year, driven by improved treasury management and tighter working capital discipline. Our year-end net debt fell to GBP 86.9 million, which was 1.1x operational EBITDA. Below the GBP 100 million-GBP 140 million target range, and well below the GBP 142.9 million at the end of 2024. Subject to share owner approval, the board proposes to pay a final dividend of GBP 0.011 per share, an increase of 10% compared to the prior year. I'm now going to move on to the Q1 of 2026 and the latest outlook. Performance in the period has been impacted by the volatile global macroeconomic conditions and ongoing client caution. Despite these pressures, the annualized impact of the 2025 cost-out actions and the continued strong focus on working capital management has resulted in the Q1 operational EBITDA meeting our expectations. Revenue was GBP 164.8 million, down 7.5% reported and 3.7% like-for-like. Net revenue was GBP 149.2 million, down 8.9% reported and 5% like-for-like. Quarter end net debt was GBP 111.8 million, down GBP 33 million from GBP 144.8 million at March 31st, 2025, and GBP 45.6 million like-for-like. Leverage improved to 1.4x pro forma 12-month operational EBITDA, compared to 1.7x this time last year. The company also repurchased its Term Loan B at a discount, with a total of EUR 85.2 million repurchased to date. The outstanding loan now stands at EUR 289.9 million, with a target reduction of EUR 250 million. Our full year 2026 like-for-like net revenue is expected to be within the current consensus analyst range of GBP 632 million- GBP 663 million, down low single digits compared to 2025. We continue to target full-year operational EBITDA margin to increase by at least 100 basis points. We expect the proportion of operational EBITDA generated in the H1 of 2026 to increase compared to the H1 of 2025, reflecting the annualized benefit of the 2025 cost actions. We continue to target year-end net debt to be in the range of GBP 60 million-GBP 90 million, reflecting our continued disciplined approach to balance sheet strength with a medium-term leverage target of below 1x operational EBITDA. The board will approve an interim dividend of GBP 0.011 and recommend a final dividend of 0.011, subject to share owner approval if performance and liquidity targets are met. I'm now moving on to the next slide regarding capital allocation. Our capital allocation priorities are maintained from the year end. We have established clear capital allocation priorities focusing on delivering shareholder value through, first, dividends, second, targeted debt repurchase, and third, share buybacks. The board will implement a 50% dividend payout policy out of adjusted basic earnings per share over the medium term, subject to financial targets being met. With that, I will hand over to Scott Spirit for the market update. Thanks very much, Radhika, and good afternoon, everybody. Thanks for joining the meeting today. I'm going to share some of the dynamics that we're seeing in the wider market, and then I'm going to share some specifics on our client relationships before I hand over to Rick and Bonnie to cover our Google and Amazon relationships specifically. As you can see, digital marketing continues to increase at significant rates, whilst overall advertising spend is growing at around 5%, meaning analog spend continues to decline. The revenues at the top platforms continue to grow in the high teens, significantly outpacing the growth in the market. One thing to bear in mind here is that around 80%+ of their revenues come from small and medium-sized businesses, and they continue to expand their market share there. Their growth is not necessarily being driven by the kind of enterprise clients that we target at S4. The technology services market continues to have lower market growth compared to recent historical double-digit growth. 2025 had just over 5% growth. Whilst enterprises continue to invest in areas such as cloud and AI, the outlook for 2026 continues to be subdued. This next slide charts the comparison between agency revenue growth at the main public holding companies and advertising spend and GDP growth. Digital spend now represents 70% of the total spend. As I mentioned on the previous slide, is growing at high single-digit rates, meaning analog is in decline. Agency growth dipped to almost 0% in 2025 and is decoupled from advertising spend and GDP growth. One explanation for this is the continued pressure from clients to maintain their media spend, but to put pressure on what they call non-working spend, i.e. agency spend. This has been particularly the case with technology clients. The next slide looks at the relationship between CapEx spend and sales and marketing spend at the major tech companies, Amazon, Meta, and Alphabet. As you know, historically, almost half our revenue has come from this sector. Prior to 2022, marketing spend at the top platforms regularly grew at 20%+ rates annually and has now essentially been flat since then. On the other hand, CapEx spend, particularly on AI infrastructure, has ballooned in the same period, growing over 133%. This trend is expected to continue with the hyperscalers already announcing plans to increase their CapEx spend over 70% in 2026. Just last week, Google raising GBP 85 billion in equity ahead of another significant increase in spend in 2027. The tech companies are unsurprisingly leading the charge on adopting AI in their marketing workflows and leveraging it to achieve more or the same for less. Our commercial focus remains on our clients and returning the company to growth. Overall, our scale client relationships remain strong and resilient. We've seen some spend declines, but we've also seen growth and additional scope at half of our Whoppers, and that's clients that represent GBP 20 million of revenue or more, of which we now have eight. We continue to have strong exposure and partnerships with the technology sector. Despite marketing spend in this sector being under pressure, it's important for us to maintain these relationships as they inform our product and AI strategy and leadership position. 2025 saw some important wins and expanded remit, many of which were from existing clients such as Amazon, T-Mobile, and others. We're also seeing early progress from our focus on evolving the business model away from time and materials towards what we call a talent and machines model based on asset-based or subscription-based approaches. In terms of growth, we continue to simplify and evolve our go-to-market messaging, and we're seeing this resonate particularly in the areas of orchestration, real-time brands, and AI. We've also invested in sales operations using AI to drive collaboration on pitches. This has resulted in a stronger new business performance and a stronger pipeline. Our AI solution, Monks.Flow, continues to develop and win awards for its leadership position, and it's at the heart of all our major pitches and opportunities. Whilst we continue to focus on the tech sector, we're also making progress with the vertical specific offers in areas such as auto and FMCG. We have a compelling client list of some of the world's leading and most innovative companies, and eight of them, as I said, are Whoppers. That's revenues of GBP 20 million+, which remains a differentiator for a company of our scale. Most of our direct competitors have a more fragmented client list with smaller relationships. As you can see, we continue to be skewed towards the tech industry, and despite the ever-increasing amounts they commit to CapEx, we are seeing budgets start to stabilize here. We continue to see significant opportunities for new business, particularly driven by our AI tools and capability. This is especially so in the automotive sector, where we've recently won assignments from major manufacturers in Japan, South Korea, China, and India as the category establishes itself as an early adopter of AI at scale in reaction to the existential pressure from Chinese EVs and AVs. We see similar opportunities in financial services, where we've seen an uptick in pipeline and wins as financial institutions move beyond pilots and concerns around AI governance to full-scale adoption, again, reflecting an existential threat, this time from the new fintech platforms. In FMCG, we continue to build on the traction of winning real-time brands and orchestration partner engagements with two leading U.S.-based global clients in 2025, and one of these client relationships has expanded internationally. These are strong relationships that help us attract talent from them. Finally, declining spends overall have had a negative effect on the average revenue size of our top 10, 20, and 50 clients, but this is primarily driven by reductions in spend rather than lost business and is starting to stabilize. With that, I'd like to hand over to Rick, who's going to expand on our Google relationship. Thanks, Scott. Hi, I'm Rick. I oversee the Google business here at Monks. We've had a great long relationship with Google that continues to grow as they add new products and services. That relationship, 13 years, is amazing. I think equally amazing is we have the good fortune of working on 13 different products in their portfolio that have 1 billion+ users. In fact, five of the products that we work on and services in their portfolio have now 3 billion active users a month. That's Search, Android, Gmail, Chrome, and YouTube. Just massive brands growing business. As we look at just a double-click into that, the kind of the four dimensions of our relationship with Google is we have marketing and media are certainly the bulk of that on our marketing business. We actually as part of that have 300 embedded Monks inside Google's marketing organization. On the media side, we do planning and buying, then a big part of that is also our reseller, our GMP business. At the top there, from a partnership standpoint, this is really driven by AI-enabled production services. This is where we're co-selling to Google advertisers, helping drive performance of their media spend through AI-enabled production. This is a growing area of the business for us, then that fourth piece is our technology practice. There's a number of aspects to that, but that is early access to Google's technology. We have an advisory group, we're giving them feedback on those products, and in some cases, we're co-developing AI marketing solutions alongside Google. Great to have that seat at the table. After a year-long exhaustive vetting process that we went through, we were fortunate in the fall to be named one of the three AI partners, marketing partners for Google. That was a great achievement and a significant unlock for the business, especially as we look going forward. That's given us a lot of access. The line that we hear a lot from our clients is that everyone is either working with Monks or talking about working with Monks. Great momentum in the business across really a thriving, growing landscape of products and services. I wanted to just give you four or so examples here across a variety of services that we support Google on, a variety of work to kind of give you a flavor of that. With the first one, Google Android, I'm sure you're familiar with it. That's their open source mobile operating system. In this case, they brought us the challenge as they release a new operating system. I'm sure you're familiar with the annual reveals. Top executives on stage, keynote presentations, generate a lot of press coverage. They really challenged us to create a complementary moment. For the everyday users to really understand the power of the new operating system as they release it, how do we tell that story? Our solution was a show. We created The Android Show designed for the everyday user with content that's aspirational and approachable and viewed by millions of people at the same time. That content was filled with familiar faces, kind of simple how-tos and demonstrations for everyday users, and we got a great response from the marketplace with it. The approach has taken off a bit. We have our annual Made by Google event that Google produces each year. This past year with Jimmy Fallon, that was a broadcast event, and we actually extended this concept to create physical experiences on site so guests could experience the technology live. We've since gone on, and we've created new variations of the show. We have The Android Show: XR Edition, and we just completed The Android Show: I/O Edition in 2026. A great new format leveraging our content and creative capabilities. The next one is Google Pixel. Pixel phones, this is a business we support in countless markets around the world. The variety of work that we do on this business is everything from direct marketing or CRM to in-store displays with the devices. In this particular case, Google came to us and really challenged us. Their market position for this device is all about AI. AI at its core, that's a fundamental differentiator for Pixel. AI powers their countless unique, one-of-a-kind signature features of the device. We really needed an opportunity, ways in to educate and encourage consumers to leverage that, getting users to kind of really see and experience the power of the device. We launched a extensive museum partnership program, and we called this Reimagine the Masters. Using Google Pixel tools, in partnership with popular museums and of course, consumers working together, we used the device and the AI capability of the devices to reimagine famous works of art in partnership with the museum. This reimagined art actually appeared on display in the museums themselves. Users were encouraged to create their own versions of the art, and then we used that, repurposing billboards throughout the city, so that we could display Pixel in partnership with these amazing consumer innovations on large screens throughout the city where the program ran. We got a great response, participation from a consumer standpoint, and really, a great bringing interest, and excitement around the work, the art itself and the museum. We're continuing to extend that program. Our next one is Gemini, specifically around Gemini Social. This is a business we support in 15 countries around the world that's seen significant growth, as I'm sure you've seen, with somewhere between 800 million and 900 million active users just on the app itself. With this one, the challenge is really, we talk about real-time branding at Monks. This is a great example of that, where the innovation around Gemini and the news coming out, and new usage occasions for Google's AI, it's changing on a daily basis. Google's looking for a partner and a solution that could keep pace with that, so on kind of a day in, day out basis. We built a always-on newsroom, kind of a editorial studio, and that was to translate product updates and to kind of foster co-creation with users. Literally, we start on a Monday with an insight, a new discovery. We use an AI-enabled workflow, and then we're delivering creative work out on Friday. This is day in, day out, every week, and we're using this model across a number of businesses. Out of that comes big things and small things, and a lot of really fun work. Imagine your giraffe with a selfie stick, or certainly maybe your dog with a selfie stick. We built a campaign around time-lapsed photography, using your imagination, the user's imagination, or things like beard virtualizers. Lots of fun work. This is an ongoing real-time model, ongoing campaign that really tries to demystify the technology a bit, and features demos, and even picks up on consumer trends and how they're using the technology, and then we amplify that. Again, we're using this working model across a number of areas of the business. The last one, Google Fi Wireless. This has been a great journey for us over the course of the last year. This is Google's wireless service. It's a challenger brand, certainly small, but growing. As a challenger brand, they've got to build awareness, and they've got to differentiate the service. That while being outspent in the mobile wireless category pretty significantly, really needed to break through. In this case, we handle everything from strategy all the way through media, with performance and marketing, and then we're optimizing the creative. This is an end-to-end workflow that we're replicating, again, a number of brands across our Google business, again, using Monks.Flow. What we did here was we created a campaign, and we really needed to achieve three things with it. We had to translate the invisible benefits of wireless service. How do you tell the story of speed, if you will? We needed to translate those invisible benefits into high-impact visuals. We built a new workflow, specifically around the Google Fi Wireless business using Monks.Flow, including our AI-generated, human-curated commercials. The third piece was we need to deliver this campaign in an entertaining way that really needed to cut through. That's our spokes-animal campaign. Imagine a beaver that communicates built-in security, and bees that are all about speed during peak times, and even our geese that represent global coverage in 200 markets. These are full AI spots, and here's just a few examples of the spots that we created. [Presentation] [Presentation] [Presentation] That gives you a little sense of the work we're doing. Again, lots of visuals. I know a lot of work in a very short period of time there. All that work you saw is AI-enabled, Monks.Flow-driven. Most of the imagery, except the show content that we created, uses AI tools and models. In some case, we're using creators and consumers to create that content. Few companies in the world have a seat at the table that we do at the moment with Google, and we're incredibly proud of the relationship we have with them. With that, I'll pass it on to Bonnie to share a little bit of the work that we're doing for Amazon. Thanks, Rick. Hi, I'm Bonnie Preece, and I lead the Amazon account for us globally. I'm really excited to share our work with you today. It's been a fantastic relationship for, frankly, the past eight years. We've been growing this relationship across many of the sub-brands at Amazon that I will talk you through today, as well as across 40 markets. We have over 200 dedicated Monks on Amazon, with a large portion of those actually embedded at Amazon. How do we do it? We work across all of the pillars at Monks, something I'm incredibly proud of. You'll see that it's each one of Monks' core pillars is something that we implement for Amazon today. The breadth of the work is equally impressive. Again, you'll see that in some of my examples as I take you through those. It's really exciting to see massive creative production, the media piece that we do with them, as well as partnerships and ads that we talk about quite often with our relationship with AWS. Finally, we're growing the tech services piece right as I speak, and I just couldn't be more excited to see how this team continues to grow. With that, we're going to play a reel, I am excited to share the work with you. [Presentation] As you can see, it's really exciting work. It's a really fun team to be a part of. This takes you into the subcategories or sub-brands that we work with at Amazon. You'll see here there's 24 of these. It is quite impressive, the breadth of the work. As you may know, Amazon is very segmented. These are all different clients. Many of these are in different markets around the world, and so the breadth is strong, and it's a big portion of the strength of the relationship and how we continue to build the relationship. We get into each one of these categories, frankly, by recommendations from another client in another category. In fact, we just got one this week in the grocery category. Continuing to grow and earning the trust of these clients is how this business keeps growing. With that, I would love to share with you our mission, how we make this work. You'll hear Amazon often talk about raising the bar. They talk about raising the bar when they're hiring their employees. They talk about raising the bar while doing great creative. We can go to the next slide. When they're raising the bar, that's what we have to do as Monks. That's what we have to do as the team. We have to raise the bar internally. When I talk about recruiting the team, I'm always pushing that we have to hire the best creatives in the world. They have to sit alongside, they have to be embedded with those Amazon creatives and constantly raising the bar. It's how we manage the team, and we hold ourselves very accountable to this and very proud of how we do that. With that, we will go on to getting into the work itself. I'll start with the media piece of the work. This is Mode. This is actually, we are in-housing with Amazon. We are embedded at Amazon doing the media work with them. Amazon came to us a few years ago, frankly, again, based on one of our current relationships, and said, "Could you build an in-house team?" Rather than constantly using their AOR in media, and they wanted to build it themselves. We are a part of that team. It allows us amazing access to the data to be able to learn, to be able to implement, to be able to grow this business. Frankly, we're being asked to do this across other different sub-brands at Amazon recognize the benefit of being able to in-house while still using an agency with the expertise. That brings us to the next piece of the work, the North America Stores work. When we talk about North America Stores, we are talking about amazon.com digital storefronts. If you shop on Amazon, if you've been on the app, you've seen our work. That's us, right? We are building out all of the social channels, all of the digital, all of the display ads. Everything you see on amazon.com likely came from our team. How do we do that? Well, we get to advertise to over 300 million active shoppers and over 2.5 billion views a month. Some have called this the second-largest advertising platform in the world, just due to all of the eyeballs that get to see it. We're incredibly proud of how we get that done. We'll go to our work with AWS. This is very recent. We won this in the last year. We got identified as their tier 1 creative vendor partner. Last year, they decided they wanted to consolidate all of their agencies, and we were fortunate enough to win the position of tier 1. With that, we're starting to grow our business with AWS on the creative side. We've already had the ads and partnership side, and now you see us on the content side. We've developed our first couple of campaigns with AWS with many more and a lot of growth to go. I'll show you the next slide will take us into one of those campaigns. This is Kiro. This is our friendly ghost, as you could imagine, and Kiro is helping us build out AWS' agentic IDE. It's their AI-powered code editor. They love working with us because of our AI experience that we can apply while doing the creative side of the ads. Just our expertise here has really led us to be very successful with this team. You'll see Kiro everywhere. He's going quite social, and we're really proud of him. Now on to sustainability, something that we don't hear often that this team works on. Frankly, sustainability is where we started our relationship with Amazon. Dates back to about 2019, and we created the climatepledge.com. This is where you see us doing our platforms work. We're building out their platforms for all of the Climate Pledge websites, the sustainability websites, and even last year, they asked us to take their very long document and turn it into an interactive site where you could learn everything Amazon has done for sustainability rather than just having to read about it. This relationship is fantastic. It has grown rapidly over each of the eight years and continues to be one of our favorite pieces of business. On to Twitch. As you can imagine, the team loves working on Twitch. We have a lot of fun here. We get to work on branded assets. We get to work on venue signage. We get to go and actually do the experiential work at TwitchCon. Again, great breadth of work with these clients, a very fun client. Keeping up with Twitch is probably the hardest part because they are very fast. They are exactly what their brand is. It inspires the team every day to be a part of this business. Now I'll go into our global studio model. The global studio model is, again, an extension of Amazon. Amazon has its own in-house creative agency. We embed our team in with that creative agency. We've been a part of that team for about three years. A couple of years ago, they came to us and said, "We are ready to centralize. We want everything to go through global studio." Great opportunity to get those consistent branded assets, always to be raising the creative bar, and to be able to do this globally. We've been building out the global studio model with them over the past couple of years. How do we do it? We do that across each one of, like I say, our specialties, right? You'll see us create the ads. You'll see us create the consistency. You'll see us across markets pulling all of this off in an incredibly consistent, efficient manner. That also comes from the work that we're doing via AI. The studio level craft at global scale is what I've been hitting on. This is very important to Amazon's chief creative officers as we ensure that everything looks consistent. You find that across the Amazon campaigns you see today. You shouldn't recognize a different sub-brand, a different location. It should feel like Amazon. You always have that Amazon smile that comes with it, and you'll see this in the creative on the next slide. You can see this. This is multiple sub-brands. This is multiple countries. It's multiple languages, and it all feels the same. That's a very important part of our jobs and, again, how we hold that consistency true globally for Amazon. Again, you've seen the commercials, same thing. That consistency rings through. You can feel it in these ads. When you look at this ad, you know it was Amazon. This is the work that we just started last year in Japan. Again, Global Studio came to us. They said, "Are you ready to do this in Japan?" We said, "Absolutely." We built out a team. We did fantastic work, as you can see, in doing a TV spot for them, and they loved it. A lot of this was AI-generated work, and the best news is, after it was done, this was meant to be a 30-second spot. The client loved it so much they asked for it to be a 60-second spot. Generally, you would have had to go reshoot that. We didn't have to. You'll see in these upcoming slides, we were able to take the content that we had already shot and via AI, turn this into a 60-second spot. We're incredibly excited about that, and the client was thrilled, as you can imagine. It was a very quick turnaround, which generally would have taken a complete reshoot. You'll see here, again, pulling this footage that we already had. We were able to add this to the 60-second shot with, again, that consistency coming through. Social, of course, is never an afterthought. It's something I love about being a part of Monks. We are so connected with the content we're creating. While we were creating the TV spot, of course, the social was right there alongside. Again, look at the consistency. It's fantastic here. Amazon has a brand that they very much focus on, Save the Everyday, right? We all get that when we order from Amazon every day. You're always trying to save whatever your problem is at that moment. Again, you see each one of these, we're saving the every day. Whatever the challenge that person was having today, they can solve it through Amazon. Finally, I'm going to leave you with three things. How are we successful with Amazon? We're successful with our deep embedded relationships. As I mentioned, we have earned trust with our clients. We work across so many sub-brands. We get so much opportunity to be recommended to other clients. Our relationships are fantastic. We're in person with our clients often. I encourage our team to be working from the Amazon offices around the world, and that shows in our relationships. Move at the speed of AI. I love these clients. They push us so hard. If Monks comes out with a press release and says we have a new AI tool, our Amazon clients expect that to be implemented on their work immediately. We're constantly moving at the speed of AI with them. As you can imagine, Amazon's very fast in the AI world, they don't mind. They would like us to be faster, as quickly as we can move, we move together. Finally, work as a family. The team Amazon at Monks is a family. We pick each other up. We work really hard together. We have a lot of fun together. It's an exciting client. It can be a challenging client and something we're really, really proud of, and you can see it come through in all of the work. Thank you for taking the time with me today. I'm going to pass it back to Sir Martin. Thank you, Bonnie. A big thank you for giving up your time, and to Rick and to Radhika and Scott, and we wish Radhika a speedy recovery. This AGM is an opportunity for shareowners to express their views and to ask questions of the board. We, as your board, are committed to open dialogue with our shareowners, and we are pleased to have this opportunity during the meeting to engage with you directly. We ask that your questions relate solely to the items of business of the meeting. If you do have a question, a microphone is available for your use if needed, and it would be helpful if you could state your name and indicate if you are a shareowner or if you are representing a shareowner, and if so, if you could indicate the name of that shareowner before you ask your question. Any shareowners online via the Lumi system should click on the message icon and type their question in, and it will be read out and answered. I've got two questions online, but before we try and respond, one of them I'll have a go at, and one I'll try and hand off to Radhika. I'll read it to her if she hasn't had it on the Lumi system, and we'll respond to that. Anybody from the floor? Yeah, over here. Afternoon. Thank you for those examples of what you're doing. Name? Oh, sorry. Carl Thomas, Shareholder. Okay. Yeah, thank you for those many examples that demonstrate how complex and fast-moving, clearly, the industry you work in is. What I was intrigued by was one of the comments, I think, was it Scott made, in terms of the advancing business model you're looking at, in terms of moving from time and materials potentially to- Yeah -I think you called that subscription and financial assets. Yeah. Could you- Subscription and asset pricing. Can you explain or give us a bit more color on that journey? Scott, do you want to have a go? Yeah, happy to. Scott Thank you for the question. Yeah. Can you hear me? Yeah. Go ahead. Yep. Thank you for the question. I think traditionally our industry has been, at times, a time and material business model, like many service industries. If you think about the benefits that AI bring, and I think Bonnie and Rick gave some great examples of that, it really speeds up how quickly we can create work for clients. It makes it much more cost effective as well. If you're still charging on that time and material basis, it's obviously not great for the agency world. I think what we're seeing from clients is they want us to embrace artificial intelligence. They want to get those benefits around speed, and around getting more content for the same budget or less. They are embracing different types of models because if we stick to time and material, then there's no real incentive for us to embrace AI, right? We will stick to the traditional way of earning money. I think what we're seeing when we introduce AI, that clients are open to different types of model. There are examples of clients that we have where there's a fixed subscription against the scope of work, and then it's really incumbent on us to leverage AI, and leverage our talent around the world to deliver that work in a way that's profitable for us. Likewise, on asset-based pricing, we're seeing increasingly clients accept rate cards which are based on a cost per asset without the time and materials attached to that asset. These are all new models that we're certainly not the only ones experimenting with them. I think that the industry is moving in that direction quite quickly. We get a lot of traction with clients, particularly the marketeers at clients. The challenge is often with procurement departments who obviously don't like to see changes in models. They like to be able to compare apple to apple. We see some pushback there and some delay there in terms of understanding how these models work. I think this is very much the way the agency landscape will work, and I think many service industries will head in that direction. Yeah, I think I'd just add to that, the agencies, the so-called HoldCos, they're disintermediating their own business. They have a sort of legacy issue. All of them, let's say the six HoldCos, probably have traditional creative production ranging from 25% of their revenues at the lowest end, to probably about 40%. We don't. We're basically purely digital or focused totally on digital, therefore, we're not disintermediating any traditional TV production. The other thing that Scott mentioned is agencies' interest under the time and materials model is to do things as the more expensive, the better, and the longer it takes, the better. It's a completely different way of looking at things. Yeah. Okay, fine. Okay, anybody else? Yes. Last year, I asked a question. Michael O'Flaherty, Shareholder. I asked a question about how you're looking at acquiring business in Southeast Asia because you're very North American and European centric. Yeah. I think you elaborated a bit about it. I wonder if you could do that again this year. I think if we were honest, we would want to say that you've mentioned Southeast Asia, but basically. For us is Singapore and Malaysia. Throw in probably Indonesia and Vietnam. We'd like it to be stronger, and we'd like it to be more significant. As you look to the future, just thinking about where things are going to go, by 2050, if you look at all the projections, three of the top five countries in the world are going to be Asian. They won't be Southeast Asian, but they'll be Asian. You'll have China, India, and Indonesia in the top five, and the other two will probably be U.S. and Germany. The Asian representative, so the question is a good one in the sense that that's the direction in which things are going. I would say I would broaden it, not just to Southeast Asia, but Asia Pacific, so anywhere from Japan down to Australia and New Zealand, with a big emphasis on the newer economies. Not so much Japan, not so much Australia and New Zealand, but China, obviously cannot be ignored. It's the second-largest economy in the world, and on its way to being, whatever people think one way or another, to being the largest. India is on fire, growing at 6% last year, 5% this year, 5% next year. It's the fastest-growing country that the World Bank monitors. Countries like Vietnam, Singapore, Malaysia, Philippines, and Thailand are all offering prospects. The question is the right one, which is we have to do better in that part of the world. The GDP growth is going to draw it. Just related to that, what is really interesting is how well Latin America does. If you look at the holding companies and ourselves, it's the area where we all see significant growth. Probably the reason for that is there's a little bit more inflation and the system is a little bit probably more, I'm going to use the word flexible, but flexible in the sense that supply chain pressure is not maybe as great as we see in Europe, even in North America and other parts of the world. Cover what she was saying. Did you not go to India? Yes. I said India. Yeah. India is the default, in a way, for China. If you're worried about the Taiwan risk, which we can discuss, but if you're worried about that, India is next on the agenda. Yeah. In fact, Nirvik, do you want to comment on that? Because if you're still there, you sent me a little note yesterday on what was happening in India. Do you want to say something about that? Yeah, Martin. Can you hear me? Yeah. Yeah. I think a lot of the big technology companies are continuing to invest in India, especially at the back end and the back office. We were at the board in New York, and we went and had a meeting with even JP Morgan, and they were setting up their entire back end in Bangalore. It's not just the back end, but I think as Martin's alluded, the market continues to grow at 6% to 7% GDP. It is obviously a very important market and for us to grow in. I think there's a big opportunity there. Okay. Fine. Anybody else? Okay. If that's all from the floor, I got two from Richard William Bushnell, who I assume is a shareholder or share owner. The first question, Radhika, if you can hear me. Can you hear me all right? Yes, I can. Okay. Richard says, "Given the strong improvement in EBITDA margin in the H2 of 2025 and the depressed margin of the H1 of 2025, simple math suggests a strong EBITDA comparison in the H1 of 2026. Please comment. Richard, your math is correct. However, this time last year, we did a 6.3% margin H1 2025. We ended the year at 12.1%. We've taken significant cost out. That is also to align ourselves with industry averages of our PC to net revenue ratio. Based on everything, that is why we're guiding the markets to say we will be at least 100 basis points for the full year up on the 12.1%. We haven't done our half year yet, but if everything goes towards our plan, hopefully we will be delivering that. I hope that answers your question. Yeah, I'd just add to that, Radhika, that we do have a seasonal bias to the H2. Yes, exactly. Net-net, the H1 will be better than last year. I go on record as saying that. There is still a seasonal bias to the H2 of the year, basically because the Q4 is always the strongest quarter. Exactly. Yeah. The Q1 is always the weakest quarter. Okay, that's one. The second question from Richard William Bushnell, if we're allowed to take two questions from one shareholder, which I guess we are. "Given this year sees both the FIFA World Cup and the U.S. midterms, would you not expect revenue growth in the H2 of the year?" Well, if you went back in time, what we call the mini quadrennial, which is this, when you have the U.S. midterms, you have the FIFA World Cup, and you have the Winter Olympics, as opposed to the maxi quadrennial, when you have the presidential election, and you have, I think, the UEFA European Championship, and you have the Summer Olympics. We used to say that the mini quadrennial added about half a percent to ad growth, and the maxi quadrennial 1%. The drift of your question, Richard, is correct, that it's a stronger backdrop. I would say that clients remain pretty cautious. The interesting, I think, observation is clients are doing very well. You look at Q1 for the S&P 500, it's quite extraordinary how they're growing. Their EPSs are up. I think going into Q1, the major investment banks were forecasting 12%, 14% EPS growth. It's come out, I think, north of 18%, including the hyperscalers. Even if you take out the hyperscalers, it's up 14% or so. That's huge, it's stronger than Q3 and Q4 of last year, which was around 12%, including the hyperscalers, and about 10% excluding them. They're all doing well. They are getting some price increase. There is some sales increase. They are getting margin increase, however, through squeezing the supply chain. I think the simple truth is the reason that clients, and you see it in that chart that Scott laid out for agency revenue versus GDP growth. Advertising as a proportion of GDP has strengthened, agency revenues, basically because of this focus on what they insist on calling non-working media. I have to point out it's not non-working. We work very hard for the money that's included in non-working media, increasingly hard, it's even harder. There's something going on where clients are being very, I would say, cautious. Going back to what Scott said, on a more optimistic note, that if things were to tighten up in the H2 of the year because of inflation, the war in Iran, in the Middle East, and because of natural momentum or the reduction of the natural momentum in the U.S. economy, if that was to happen, that actually is probably better for us, if I can put it that way. Scott mentioned that we see AI transformation where there's existential threats, so in the car industry, Chinese EVs, AVs, in financial services, fintech. We're starting to see it a little bit in packaged goods, too, where commodity prices are squeezing margins. Colin is nodding because he's the chairman of a major packaged goods company, they're squeezing the margins, they can't get price anymore because they got price during COVID, they priced up, they're starting to see some volume threats. You see it in the drinks industry, for example, a company like Diageo, actually, with the changing in habits, it's true, amongst young people to alcohol, maybe. The fundamental thing is they can't get the price that they got during COVID and post-COVID, where they're getting 10%, 15%, 20% price increases randomly. That's starting to put pressure on them as well. Where we see pressure, we see change. A fundamental fact about the human condition is people don't change unless they have to. We'll see how it pans out. I'll put it more dramatically. S4 Monks depends quintessentially on AI transformation. If it happens, we win. If it doesn't, we lose. We have a vested interest in wholesale AI transformation at scale. That's it. Okay. Anybody else? Nothing else online? Okay. All right. With that, let's go to the voting. For those of you voting online, I would like to remind you to cast your vote in accordance with the instructions given at the start of the annual general meeting, if you've not done so. The meeting will be concluding shortly. For those of you voting in person, our registrars should now have collected all your poll cards. You've collected them? Here we go. If they've not done so, can you raise your hand? I'll wait for- okay. I now propose the resolutions as set out in the notices of meeting. These are shown on the screen now, together with the proxy votes received prior to the meeting. Can we do that, please? Yep. It's up, is it? Good. Thank you very much. Ladies and gentlemen, the poll is now closed. The provisional results are that all resolutions are carried. The results will be available on our website and announced to the London Stock Exchange in due course. That concludes the meeting. Thank you for coming along. We wish you a very safe journey home, and don't trip up on any paving stones. If you're going to do it, do it in the Haringey Council, because then we'll consolidate the writs. Okay. Thank you. Thank you