Invinity Energy Systems plc

Good afternoon, ladies and gentlemen, and welcome to the Infinity Energy Systems PLC results presentation. Our apologies for the slight delay. Throughout today's recorded meeting, attendees will be in listen-only mode. Questions are encouraged and can be submitted at any time just using the Q&A tab situated on the right-hand corner of your screen. Before we begin, we'd like to submit the following poll, and I'm sure the company would be most grateful for your participation. I'd now like to hand over to the presenting team. Good afternoon to you all.

Thank you. Good afternoon, everybody. Firstly, I'm going to start with a couple of apologies. Firstly, we're a few minutes late. And secondly, I recognise the visual here probably isn't as we'd anticipated. We were all in a different room, but for some reason, we couldn't cope with the bandwidth settings of all of us coming in separately. So we rapidly and hastily reconvened in the same room. So I hope you can hear us. I hope you can see us OK. If for some reason this doesn't work, we'll be able to get through the next hour and apologies if it's not quite as perfect as we first hoped for. Anyhow, if we can move on, this is the results presentation for the 2025 year. In a moment I'll hand over to Adam to run through the numbers. I anticipate a lot of the questions and a lot of interest is probably a little bit further than just financially what we did in 2025, so I'll just briefly cover what we're going to talk about In that regard, I recognize as well there are likely to be a few listeners to this call who haven't heard as much about Invinity as others, so there will be a few slides on us. So forgive me for those who've heard that before, but I think it's useful to go through that. So in the last couple of announcements we've made, there have been a number of strategic themes which we focused on, and that really is the basis for the success foremost on that is product cost. This is fundamentally a technology I don't think anyone can think about battery storage as an important technology when you look at the energy transition and what's needed globally. There are many different characteristics of many different batteries but ultimately what is important is product cost and that's the thing which we have been most focusing first thought we would be a couple of years ago and we'll come onto this stat again but within two years we'll have taken a minimum of two-thirds of the product cost out from vs3 to enduring you know that is a great achievement from the team with further to go that's exactly what's needed to accelerate the commercial uh development that we're seeing and the second thing which i am really really proud of is the response we get We will cover that in some detail. But that means the track record you see there as well, nine gigawatt hours of energy dispatched from our batteries and growing. That is the proof that our technology works. And we are very proud of continuing to publish that stats and we'll continue to do so. When we talk to clients, that makes a big difference as well. And then scale. The numbers for last year, which Adam's about to talk about, are a growth from previous years, but equally, I would suggest not representative of where I certainly as chief exec want to take this business and where we see the opportunities coming forward. So we need the manufacturing capability for that, and that's what we've been working on. So very much what we said at the bottom, it's building those foundation and removing those barriers to scale, and we believe we're accelerating into that next phase. So with that, Adam, I shall hand over to you.

Thanks a lot, Bishop. So I'll take you through the key financial highlights that we've reported through the year. So revenue and project grants of £17.8 million, so up to 50% year-on-year. That is principally Cobwood, which we have now completed. So that includes £9 million of approved grant funding from Desnes and the £8 million of custom revenues that were reported there. You'll see a reduction in the gross loss year-on-year, so £3.5 That's what we've been working on through OSTRO, starts to feed through in terms of down initiatives start to take shape. You see a net reduction there in the net R&D that reflects the conclusion of the Gamesa joint development agreement. Following that, now that we've now fully commercialized, Endurium has started shipping that out to customers. So that's boiling down to an improvement in just EBITDA at 7% year-on-year and starting to see the effects of scaling our commercialization of our Endurium product platform. Next slide, please. So looking through then what's happening on the balance sheet, our net operating position has decreased year-on-year by 18%. That's really a reflection of releasing that inventory for loaders onto the site and increasing the trade payables there. Revision is year-on-year from 2 to 2.4 million, and that's essentially legacy systems and a couple of elevated logistics on some remote project sites. We've rounded up the year with 28.8 million, and very pleased to report a positive going concern assessment from BDO through to June 27, which was the basis of the opinion here. With that, I'll pass back across to Jonathan and Matt.