London Stock Exchange Group plc

Good morning and welcome to our first half of 2025 results. I'm joined by Michelle Anna-Frosch, MAP, our CFO, and by Peregrine Riviere, Head of Investor Relations. We've had a very good start to the year, continuing our strong and consistent track record of growth. Revenues grew 8.7%, with all businesses contributing positively. Our focus on efficient and scalable growth is paying off, with 150 basis points of margin expansion. taking EBITDA margins to 49.5%. That operational leverage continued down the P&L, with adjusted EPS growing a little over 20%. Cash conversion remained strong. We returned a billion pounds in buybacks and dividends to shareholders in the first half, while still investing in future growth and maintaining optionality around bolt-on M&A. And today, we've announced a further billion pound buyback in the second half, and a 15% increase in our interim dividend, and we are raising our margin guidance. This performance is a direct consequence of our strategy and execution. The investments we're making are driving growth today and are also building the capabilities and platforms for future growth. We're accelerating our high level of product innovation, consistently rolling out new products. We are deepening our customer relationships, building strategic partnerships that have our data, insights, and solutions at their core. And we continue to drive greater efficiency and operational leverage through the ongoing transformation of our business and application of new tools, including AI. I'll say more about the strong commercial and strategic progress we're making in a moment. But first, I'll hand over to Matt to discuss our financial performance in more detail.

Thanks, David, and good morning, everyone. Let's begin with the group growth for the quarter and semester. Our organic constant currency income growth for H1 was 7.8%. This growth was consistent across Q1 and Q2. On a reported basis, our income growth is 6.8%, including the impact of FX and M&A. Overall, FX was a 1.9% headwind in H1. As you can see, growth across all prior six quarters has been consistently strong. Looking now by division, you can see growth across all four businesses in H1. Data and analytics and FTSE Russell maintain a solid performance throughout the first half, and our risk intelligence and market businesses grew at double-digit rates. The weakness in the dollar has been a headwind to reported growth in all divisions. Markets reported growth include the benefit of the acquisition of ICD by TradeWeb in August 2024. There is one last point to call out on our reporting. Effective from H1 2025, certain revenue items have been reallocated. A total of £83 million in H1 2025 and £79 million in H1 2024. This is to better reflect how these businesses are managed operationally and has no impact on group-level revenues. Details of this are set out in the appendix of this presentation and in our earnings release. Now let's look at DNA in more detail. There was a good performance from workflows with organic growth of 3.3%. We sunset ICON as planned at the end of H1, and it has been delivered on time and on budget. We continue to make significant investment in our workspace platform that David will later detail, with innovation driving around 250 enhancements in H1. Data and fields maintain its good momentum, with organic growth of 6.6%. We continue to broaden our data sets, and in H1, we added company fundamental data onto our data as a service platform. Analytics has had a very strong first half, with 8.2% organic growth accelerating in Q2. There has been a clear upward trajectory of this business over recent quarters. Sales of our new AI-enhanced Analytics API has helped drive the growth here. Turning to the next slide. In FTSE Russell, we have continued to see strong demand for our flagship equity indices and benchmarks, which have supported good growth in our subscription business, even against a very strong comparable period. We also announced our partnership with StepStone to jointly develop private asset indices and data analytics products, and we launched 25 ETFs across our equity franchise, which is a record. As I mentioned previously, this half we have seen the impact of the mandate loss from the third quarter of 2024. Excluding this, asset-based growth would have been mid-single-digit rather than the flat performance we reported in Q2. Price increases in this business occur upon renewal, which are spread over the year. Looking into H2, we see fewer renewals than usual, This is a function of contract timing, but it means that there will be a little less contribution from pricing to subscription growth. Risk Intelligence had another excellent half of double-digit growth, which continues to be driven by WorldCheck. Growth in digital identity and fraud has also been strong, where our new product launches have helped drive good volumes momentum. Looking now at our ASV metric on the next slide. ASV growth of 5.8% as we exited Q2, compared to 6.4% three months earlier. The icon to workspace migration is one of the largest ever desktop migrations. And inevitably, this quarter was a period of adjustment as migrating customers clean up their subscription. We have also seen the expected competitive reaction to our improved product and commercial performance. Across our subscription businesses, our growth sales remain strong, but they have been partly upset by higher cancellation for these two reasons. Going into Q3, ASV growth will be slightly impacted by the strategic partnership that we signed with UBS and announced last week. This is a very valuable long-term arrangement, and it also draws a line once and for all under the Credit Suisse headwind, bringing the last FX to a close in Q3. We expect to see ASV move up around the turn of the year, but as we have said before, we would not rely too heavily on ASV as a measure of progress. Indeed, we expect usage-based revenue models to increase, as it is already happening in our analytics and rich intelligence businesses. And these revenues are not captured by ASV, so it may become less and less relevant as a metric in the future. Markets had a strong half, with double-digit growth in TradeWeb, FX, and OTC derivatives. Growth was driven by elevated volumes across our market businesses. Within equities, we have seen good volume-driven growth in secondary markets, while the global primary market environment remains relatively subdued. Fixed income had another exceptional performance, with 17.9% growth in H1, TradeWeb is continuing to successfully execute on their strategy while benefiting from favorable market conditions across all their asset classes. The integration of ICD is doing well. Turning to FX, we delivered growth of 13% continuing the positive trend. Market volatility pushed volume up 14% and we saw particular strength in our matching spots and forward businesses. In OTC derivative, we drove growth-based growth across asset classes. Swap clear saw strong growth with interest rates swap notional volumes up 15%, and forex clear notional volumes were up 33%. The development of our post-trade solution business is picking up pace, and we have seen demand from both new and existing customers for this service. We onboarded over 30 new customers across the product suite, and we have seen double-digit growth in each one. The minus 9.8% growth in securities and reporting does not reflect the underlying performance, given the impact of the Euronext exit, which we previously confirmed would see a circa 30 million drag in the first three quarters of 2025. Tripping out this impact, H1 growth is 10%, which includes strong growth in repo clear. Moving now from revenue to the rest of the P&L on the next slide. I will go into OPEX and margin in a bit more detail on the following slide. I have spoken before about operating leverage. And the overall message here is that you can now really see us continuing to deliver it. The strong top-line growth of 7.8%, translating to higher levels of adjusted EBITDA growth at 11.2%, AOP growth of 13.4%, and AETS growth of 21.8%, all on an organic constant currency basis. This is operating leverage in action. Looking at the cut value in more detail on the next slide. This looks at both cost of sales and operating expenses. Cost of sales grew by 4.9%, a slower pace than the 7.8% income growth we reported. This is largely due to the revenue mix in our divisions. And also, in FTSE Russell, last year's mandate loss that I already mentioned has reduced revenue share payments. Turning now to operating expenses. Staff costs in conjunction with third-party services, reflects the total people resources we employ across our organization. The resource equation, which looks at resource costs as a percentage of total income, excluding recoveries, has improved by 90 basis points. This has been driven by discipline cost control and our workforce insourcing program, which is going well. Our total headcount is slightly decreasing and we have increased the percentage of our internal workforce to 72%, reducing our external headcount by approximately 1,500 and adding over 600 permanent employees compared to H1 2024, mostly in engineering. And as we are doing this, we are raising the bar on talent. The reduction in our other cost line is mainly driven by ongoing optimization of our property portfolio and travel expenses. This is another example of us delivering operating leverage, with total operating expenses increasing by 4.2% compared to income growth of 7.8%. Let's now turn to the next slide, where we bridge the effects of cost drivers on our EBITDA margin rate. Starting from the left, the 48.5% is the reported margin for H1 2024. Then there are last year's adjusting effects factors, namely embedded derivative and a translational impact. All in, it gets you to a comparable baseline of 48.1% for H1 2024. Next, you can see the contribution to margin from each cost line on a constant currency basis. The net benefit to margin from people resource cost leverage is a 100 basis point improvement, and from IT cost, another 10 basis point benefit. The 40 basis points from other include a 20 basis point improvement in cost of sales due to the reduced revenue share payment in FTSE resource, and 20 basis point benefit from the optimization of our property and travel expense, as I just mentioned. Taking these controllable movements together shows our very strong underlying margin improvement of 150 basis points for H1. So that brings us to an underlying margin for H1 of 49.6%. There is a net impact of 10 basis points from embedded derivative and translational effects, and that gets you to our reported 49.5%. So in H1, we have delivered a very strong margin progression, which makes us confident of reaching our improved guidance for the year of 75 to 100 basis point improvement. One more point that I would like to make is that we are not only raising the floor of our guidance, but we will be executing it while absorbing in H2 the 60 basis point negative impact of the 27 million pound EuroClear dividend that we received last year, but that obviously we won't be receiving this year anymore as we sold our stake in EuroClear. An important point while looking at the H2 margin improvement. Turning now to net finance expense. You can see that adjusted net finance expense was 66 million in H1 2025, compared to 112 million in H1 2024. This represents a 46 million year-on-year reduction. This decrease includes three elements. First, a 23 million credit from the bond tender offer we completed in March. Second, a gain of 12 million coming from the discontinuance of a U.S. dollar net investment hedge. And finally, the balance comes from a better management of the group debt structure, aka 11 million improvement versus last year. There will be a small headwind in H2 from additional interest costs from the share buyback this year. Taking this into account, for the full year 2025, I expect the total adjusted net finance expense to be slightly above 200 million. On tax, on the next slide, the effective tax rate decreased from 24.8% to 24.0%. This 80 basis point improvement puts us in a good position to meet our guidance of 24 to 25% for the full year. APS was 208.9 pence. In H1 2025, it represents a 20.1% year-on-year increase. On APS, it's helpful to take a multi-year view given the year-to-year noise from FX. This slide shows our strong continuing earnings accretion with 11% compound growth since the first half of 2021. And in the last year, we have seen a significant acceleration at 20%, well ahead of revenue growth, which clearly demonstrates the strong improvement in underlying profitability. And we have achieved this double-digit earnings growth while continuing to invest in our business. Now, looking at non-underlying items, the main point to note here is that we have massively reduced our integration costs by more than 50% compared to last year, as we previously committed. The Refinitiv integration is completed, and the only costs posted in non-underlying going forward relate to our engineering contractor internalization program that I already mentioned, and the deployment of a single ERP throughout ELSEG. These two programs will be completed by 2027. Let's turn now to cash flow. We have continued to increase our operating cash flow generating $281 million more compared to the first half of 2024. And we were able to materialize all of this increase in operating cash flow into equity-free cash flow. CAPEX was $424 million in H1 2025. This represents 9.5% of total income and a $30 million year-on-year reduction due to lower costs related to the refinities transaction, and an improved investment control process. We are fully in line with our guidance to reduce our capital intensity to approximately 10% in 2025. We have a good line of sight to it declining further after our medium-term guidance. As a result of this discipline, equity-free cash flow shows really strong growth of $284 million which is a 43.6% year-on-year improvement. As you can see, LSEG is highly cash-generative, and with higher margins and lower capital intensity, it will become even more so. We continue to be very active in our allocation of cash, as you can see from this slide. First, the dividends. The interim dividend is increasing 15% to 47 pence, in line with our dividend policy, and it's representing approximately 250 million. Second, buybacks. We return 500 million via buybacks in H1, and we plan to execute up to a further 1 billion share buybacks in the second half of the year. We ended the period with a leverage of 1.6 times net debt to EBITDA. which is almost at the bottom of our guided range. These give us significant financial flexibility to return surplus capital to our shareholders, as well as invest in M&A opportunities across our business that make sense, both strategically and financially, as we have always done. The next slide summarizes our H1 performance versus our 2025 guide-ups. Starting with revenue, H1 organic growth of 7.8% exceeds the upper end of our 6.5 to 7.5% guidance for 2025. On the basis of this performance, we are very confident that we can deliver on our revenue guidance for the full year. If our transactional businesses continue to perform well, our position related to the range can obviously improve further. Next to margin, I have spoken already about the H1 performance, which exceeds our guidance for 2025. We are now raising our BDA margin guidance for 2025 to a 75 to 100 basis point improvement, all this while absorbing a 30 basis point impact on the year following the end of the Euroclear dividend that I mentioned. This demonstrates the progress we have made and our conviction in our capacity of execution. Thirdly, we are bringing down our capital intensity as planned and we are on track to meet our full year guidance of around 10% of income in 2025. And finally, we are deploying our strong equity free cash flow for growth and shareholder returns. And as I have mentioned, This includes a new $1 billion buyback. So, in conclusion, we are very confident that we will deliver on all our promises for 2025 and in the medium term. We have a clear plan and we are very focused on executing it. Now, let me hand back to David to talk about our strategic and operational progress.

Thank you, Matt. This chart puts our recent performance in context. Despite big swings in capital markets and the global economy, we have delivered strong and consistent growth. We're not immune to economic conditions, but the natural offsets in our activities give our business model an all-weather nature. You can also see how disciplined delivery of our strategy over the last few years has accelerated growth, from mid-single digits to high single-digit growth. Almost three-quarters of our revenues are recurring in nature, subscriptions in data and analytics, with the Russell and Risk Intelligence, and member fees and data sales in our markets businesses. These businesses have very high retention rates, reflecting the quality of our offering and the importance of the services to our customers. Around a quarter of our revenues are transactional in nature, arising largely from the execution and clearing solutions we provide to customers when they are investing capital and managing risk. The double-digit growth in these revenues over the last five years speaks to the structural nature of this growth and the innovation we have driven across markets. Whether it is supporting electronification in fixed income trading, introducing new FX trading protocols like forward-first fixing, or working with the industry to provide greater capital efficiency in post-trade, we are driving structural growth across our transactional businesses. It speaks to the quality of our sales execution that our pipeline of new business continues to grow, and we have not seen any material change in key metrics such as average deal size or length of sales cycle. Matt highlighted the short-term impact of competitor activity just now, but looking out, our continued investment and high pace of product innovation position us well to strongly compete and continue taking share. An example in workflows. we displaced almost 100 users at a major commodities trading firm. That was driven by our superior market data, news, and commodity-specific research. In data and feeds, we won a highly competitive process to provide a global hedge fund with data and insights powering new AI-driven trading models. Central to this success was our leadership in news, both the breadth of our offering and the investment we've made in making it machine-readable and AI-ready. We also agreed a new multi-year data access agreement with UBS. That's a really strong partnership based on the adoption of our solutions across the full range of UBS's activities globally. We expect to see good multi-year growth from the relationship. This slide highlights four of the structural growth drivers for our business and how they have evolved over the last few years. It's a good way to think about the opportunities we have in front of us. We've seen generative AI move into mass adoption and the rise of agentic applications. While cloud distribution is not new, customers increasingly want to manage their data on cloud-based platforms too. Regulation has become more uncertain, and in some of our customer segments, the pace of new regulations has slowed, creating opportunities for clients to think more strategically about their businesses. The volatile geopolitical backdrop and the increasing sophistication of financial fraud have brought risk management to the fore. And we've seen the emergence of new digital asset classes, attracting new participants and building new pools of liquidity that, as they mature, require more robust, regulated infrastructure. As we execute and take advantage of these tailwinds, we are very intentionally creating a portfolio of growth opportunities that will realize near, medium, and long-term As you've seen from today's results, the transformation of our business is driving growth today. Through the investment we are making in our content and capabilities, we are also securing new growth over the medium term. I'll talk through a few examples of that shortly. And we are also building infrastructure and partnerships to establish the platforms for future growth that will position us to win in the medium to longer term. Workflows is a good example of these overlapping growth drivers in action. I'll start with what is driving growth today. In June, we finished one of the largest financial services workflow migrations in history, moving more than 350,000 users onto Workspace and establishing a common platform for innovation and growth. Delivering that took a great deal of focus and effort from our workflows, sales, and customer support teams, particularly in Q2. Completion of the migration brings up capacity we can now reallocate to grow. Workspace itself continues to evolve at pace, with hundreds of updates in the first half. We've increased our private markets data by two-thirds and are on track to almost double coverage by the end of the year. We furthered Workspace's leadership in news, expanded bilateral trading capabilities into metals and bonds, and added new AI-driven commodities content. Our clients recognize the continuous improvement, with the average user spending 15% more time on Workspace in Q2. Customers tell us they want more seamless workflows, with interoperable data sets and less switching between applications. This is exactly what we are building in partnership with Microsoft. The first iteration of our Workspace for Teams application is now live with target customers. and we will be adding new functionalities and expanding the customer rollout over time. Integrating workspace data into Teams enhances the discoverability of our data and insights by making them accessible in customers' existing Office 365 workflow. Using simple prompts in Teams chat, users can call up 20 different data sets with insights on bonds, equities, news, M&A lead tables, and so on, and share this information with ease. In the same way we're constantly enhancing our Workspace platform, we will continue to expand the capabilities of the Teams application, adding interoperability with Microsoft Copilot, functionality from meeting prep, and other enhancements later this year. We also launched the first iteration of our Workspace add-ins for Excel and PowerPoint. Focusing on the data and workflow needs of bankers, This uses novel Office 365 functionality to offer natural language formula building and automatic chart annotation. We'll be expanding these capabilities to cover more of the investment management workflow in H2. These are powerful initiatives, but they do not exist in isolation. There's a natural sequence to our product delivery, with each step unlocking the next evolution of our workflows offering. Without migrating users to the more modern and agile workspace platform, there would be no Teams app. And without the Teams app, there would be no gateway to our open directory messaging function in Teams. Following the really good progress made in H1, we're rolling out open directory to communities of users, giving them the ability to find, share, and discuss insights through Microsoft Teams chat function. And we are not stopping there. The rest of this year in 2026, we'll see further enhancements to our Teams app, wider rollout of open directory, as well as the first agentic AI tools for workspace and a natural language search experience. You've heard me speak many times before about our best-in-class data and analytics and the investment we are making to expand and deepen this further. Here's what the cumulative effect of that looks like in our fixed income data. We've added more than 5 million new instruments, taking our full data set to over 21 million instruments. It's qualitatively better, too, with quicker security creation and more precise data on instrument pricing. We've launched new regulatory solutions, such as FRTB, and enhanced key datasets, such as debt corporate actions. The integration between trading menus, like TradeWeb, and FTSE Russell's fixed income indices is much deeper. And we have significantly expanded the access to our fixed income data via Workspace or cloud environments, like Snowflake. I've used fixed income in this example. but I could just as easily use equities, commodities, or FX. This investment in our data is driving growth today and is increasingly recognized by our customers as a differentiator. We're also making it easier for customers to find, access, and consume our data by continuing to partner with more cloud platforms. For example, following the success of putting our flagship pricing and reference data, Datascope Warehouse, into AWS last year, We expanded distribution to include Google BigQuery in the first half. Traditionally, customers would download our data via a feed or file transfer, then use it on their own systems and platforms. In recent years, they've been accessing data via the cloud before using it on their own system. Increasingly, we hear from customers that they want to use and manage data directly in the cloud, and they are looking to Elphic to provide the connectivity and tools to support that. One of the ways we're meeting this need is through the data as a service capabilities we're building with Microsoft. We added our company fundamental data sets to this platform in the first half. This is a massive and critical data set, including financial statements, KPIs, and other operating methods for more than 100,000 companies. As well as further enhancements to our ESG and company fundamental data, we will start adding private company data from the second half. We will also begin rolling out data matching tools as part of our managed data services, establishing a strong platform for future growth. Our analytics business is a clear example of our transformation and the value of the Microsoft partnership. Eighteen months ago, we had market-leading models and analytics, but these were hard to use and deliver through a range of different platforms. Growth was okay, but the MISH IP was under-monetized. In March 24, we consolidated hundreds of analytics into a single API, making it easy for customers to access and integrate with their workflows, as well as discover analytics they probably didn't know we offered. Growth in 2024 was around 5%, with new sales strengthening towards the end of the year. Then in March this year, we made it easier for customers to adopt Elsec's analytics where they are working, for example, within Visual Studio Code. we'll be adding a number of new channels over the coming months. In H2, we'll be introducing Eltech's proprietary analytics AI assistant. This will allow clients to drive their analysis with a simple written prompt, and within seconds have this translated into action. This takes routine analytics tasks down from hours to seconds. And this all links to the release of Modeling as a Service, where we are enabling our customers to distribute their own models through our APIs, reaching new end customers, and enhancing the power of our platform. So far in 2025, growth has accelerated to over 8%, and we are confident of continued good momentum. Through our focus on innovation, openness, and partnership, we have driven sustained growth in our centrally cleared OTC solutions, as shown in the five-year growth rates on this slide. We see a similar opportunity for solutions in the unclear space, and we're making good progress in delivering on this vision. The first half saw record growth in the use of our risk optimization tools, saving customers 1.7 times more capital than in the same period last year, or around $7 billion per bank on an annualized basis. Volumes across our end-to-end service for uncleared swaps rose 73%, and we continue to expand our network, adding 3,500 new bilateral counterparty relationships in H1. The first half also saw good progress in building the platforms for future growth, with the launch of U.S. Treasury futures clearing in partnership with FMX, and the first trades cleared using our regulated clearing infrastructure for digital assets. Global fragmentation and geopolitical complexity continue to provide a tailwind to our risk intelligence business, which continues to deliver double-digit growth. In the first half, we began pilots of a new, more flexible WorldCheck platform for our sanctions and anti-money laundering data. We'll extend that to a larger number of customers in the second half. But our strategic vision goes far beyond screening. Unlike competitors that tend to provide individual solutions, we operate along the compliance lifecycle, combining digital identity and fraud solutions with screening and due diligence capabilities. There's more that we can do to stitch these capabilities together into integrated solutions. There are also new market segments we can open up over time, providing a platform for future growth. The growth of new asset classes in recent years has brought with it new market participants and new trading technologies. By leveraging our expertise in financial market data and infrastructure, we are supporting growth in these liquidity pools. Bushy Russell offers a number of digital asset and crypto indices in partnership with Digital Asset Research and Grayscale. and continues to expand its offering. In H1, Bootsy Russell also announced a partnership with Stephstone to introduce investable private markets indices, with the first products expected in the second half. Later this year, we expect to formally launch our regulated private securities market business, offering private companies a new way to access liquidity that builds on the public market infrastructure of the London Stock Exchange. Continuing the innovation, we expect to start onboarding the first customers to our digital market infrastructure, which in the first instance will focus on capital raising by private market funds. Of course, there continues to be a lot of focus on AI. I just want to spend a moment on how we see our place in the market and why I like our positioning as the technology continues to evolve. First, you have to think about what financial markets participants want from their workflows. Natural language search and the ability to automate a lot of time-consuming activities with agents is very attractive. We're all headed in that direction. But they want that and all the things they get today from an advanced desktop. Curated news and alerts, portfolio tracking, live charts, trading capabilities. So the future is AI integrated into a desktop, not AI replacing a desktop. And that desktop should combine financial markets content, insight, and workflow with enterprise workflow. A couple of other really important aspects to this. Customers also need absolute certainty around data trust, accuracy, and compliance, including the outputs from AI models. And, of course, they want simplicity and value for money. LSEC lines up against these needs very well. In Workspace, we have built a modern, modular, and customizable interface It has rich functionality and allows customers to manage entire financial markets workflows, not just research. With Microsoft, we're consolidating enterprise and financial workflows, enhancing productivity by empowering customers to do everything in one place. On data, our position is very strong. Our starting point is leadership in real time, unrivaled depth and breadth of data, and significant trust in that data given the rigor of our processes. And then our approach to applying AI to this data is differentiated as well. The truth is that even for relatively simple prompts, accuracy levels across the industry for AI model outputs in financial services remain below 50%. I'm confident this will improve rapidly, but that's the situation today. As a result, we're taking a rigorous approach to testing and evaluation to improve and refine AI outputs. And our overall commercial strategy is an important tool, Through access agreements, we offer lower cost of data ownership for major customers. On top of that, we are more liberal in our contracts and allow customers to train their own models on our data. Others do not take this approach. As you can see, our position is clearly differentiated from others in the market, and we like and have a lot of confidence in our position. We're also confident that as the world continues to change rapidly, and in particular as agentic AI functionality improves, We will remain at the forefront of that change with our data at the core. So the previous slide focused on AI and the desktop. But let's zoom out a bit and look at how we are incorporating AI into our products, our processes, and how our people work. We have over 20 live use cases in our business today, with a further 100 in development. On products, you've already heard how we're putting AI to work. from advanced dealing and the analytics API to the new Workspace Teams app and soon in Workspace AI and in various agentic AI tools. For our processes, the addition of AI tools is also making us more efficient and agile. I'll give you a few statistics, but please keep in mind that while we are moving quickly down the path of widespread AI adoption, it is still relatively early days. More than 80% of customer queries are now resolved using AI customer support tools. That's already helped us significantly improve resolution times, and there's further to go. We're also deploying AI tools to ingest data more quickly and accurately. The sourcing failure rate on our automated data retrieval has decreased by 95%, significantly reducing the need for human intervention. And then, on our people... We believe it's important that we insource more of our engineering talent and train all staff to operate in a modern AI tooling environment. Not only does that ensure we keep winning in the war for talent, but it will maintain our agility and reduce our time to market. And there is a direct line from this transformation to what you are seeing in our margin improvement. We are becoming a modern, more efficient, more skilled, and scalable business. As you saw in H1, we have built a business which is strategically aligned to a number of powerful growth drivers. We are investing and innovating to deliver on those opportunities, powering near, medium, and longer-term growth. You've heard from Matt how we're doing that in a more efficient way, ensuring our top-line growth is reflected in earnings. And we continue to generate a lot of cash, supporting returns to shareholders and investment in growth. while giving us optionality to continue to consider bolt-on M&A that meets our strategic and financial hurdles. One last point. We announced this morning that we'll be giving our shareholders a more in-depth look at the new products across our business at our Innovation Forum for Investors on November 10th. I feel more confident about the strength of our offering, particularly our innovation and new product delivery, than at any time over the last seven years, and I look forward to sharing some of that with you at November's events. And with that, I'll hand to Peregrine for Q&A. Thank you, David.