CoinShares PLC

Thank you.

Good morning everyone and thank you for joining us. Before we begin, CoinShares would like to remind everyone that statements made on today's call and webcast will include forward-looking statements, including statements about plans, goals, expectations and aspirations for the company. Such forward-looking statements are based on current expectations and assumptions and are not guarantees of future performance or success. The statements are subject to risks and uncertainties, and actual results may and often do materially differ from those expressed or implied in the forward-looking statements. For a discussion of these risks and uncertainties, please refer to the CoinShares Annual Report on Form 20F for the fiscal year ended December 31st, 2025, and other filings with the SCC. CoinShares undertakes no obligation to update any forward-looking statements except as may be required by law. In addition, during this call, CoinShares will refer to certain non-GAAP financial measures. The non-GAAP measures may not be comparable to similar measures disclosed by other companies because not all companies and analysts calculate these measures in the same manner. Management believes these measures provide useful supplemental information but they should not be considered substitutes for financial measures prepared in accordance with the US GAAP. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in our earnings press release and investor presentation, which has been filed with the SEC and are available on our investor relations website. Today's earnings call will be delivered by John-Marie Manetti, Chief Executive Officer, and Richard Nash, Interim Chief Financial Officer. John-Marie, over to you.

Thank you, Geri, for this legal disclaimer. So, this is a particularly significant release for CoinShares. It is our first result presentation since completing our US listing, and it marks the beginning of our ongoing communication with the market as we settle into our life as a US NASDAQ listed company. I'm going to start with the headline story of the first half, and then Richard will take you through the number in more detail. The first half of 2026 was, in many ways, a stress test for our business model. Digital asset markets experienced one of the sharpest contractions in recent years. Bitcoin ended the period down approximately 32% since the beginning of the year. Ethereum was down approximately 48% and our asset under management declined by approximately 25%. But what matters to me is how the business performed through that environment. And I think there are six proof points worth double-clicking on. First point, our clients stayed with us and we generated positive net flows. Despite the significant decline in asset values, CoinShares recorded approximately $28 million of net inflows during the period. That distinction matters. Our AUM declined because market declined, not because clients were leaving the platform. Second point, our flows materially outperformed the market. While the broader industry experienced meaningful reductions, CoinShares generated positive organic growth. Within that, our physical platform in Europe, our growth engine, attracted approximately $156 million of net inflows, demonstrating the continued migration and strength of our core European franchise. Third point, the economics of our asset management business remain resilient. We generated $40 million of management fees during the half. Revenue declined primarily because lower digital asset price reduced average AUM. We also continue to see the product mix of our European business shift from our legacy XBT products toward our newly physical platform and block index, continuing our product diversification. In other words, the principal pressure on asset management revenues came from the market environment and associated change in product mix, not from a deterioration of the franchise. Fourth point, capital market remains strong through an exceptionally difficult environment. Capital markets generated approximately $15 million of segment revenue and gains during the half. That result reflects the way we manage this business. We reduce lending activity and maintain a conservative approach to balance sheet deployment as market conditions deteriorate. Fifth point, the underlying operating businesses remain profitable despite the severity of the market correction. We generated $21.6 million of segment EBITDA during the first half. This figure also includes several one-off costs not taken through equity in association with the listing and US GAAP conversion, totaling a circa $4.9 million. Segment EBITDA adjusted for these amounts would be closer to $26.5 million. The difference between that underlying segment performance and our reported GAAP loss is important. The reported result includes the unrealized loss on the group XBT pricing differential, cost associated with completing our NASDAQ listing and transition to US GAAP, the settlement of our historic share option plan, and below operating income, the mark-to-market impact of our digital asset treasury position. And sixth point, we entered the second half with both the balance sheet and the platform position to benefit from a recovery. On June 30th, we had approximately $453 million of net assets, no long-term debt, having repaid our loan to Intesa Bank, and approximately $440 million of available capital. Since then, digital asset markets have begun to recover. Bitcoin increased approximately 34% between June 30th and August 31st, and our AUM had recovered to approximately $6.9 billion by the end of August, moving back toward December 2025 levels. So when I step back from the individual numbers, the message from the first half is relatively simple. The market contracted sharply and we weathered the storm well, as we have done many times in the past. clients continue to allocate to us, our core asset management segments remain profitable, our capital market segments remain profitable, we preserve capital when conditions warranted it, and we finish a period with a very strong balance sheet. That is what we mean when we talk to our investors during the pre-IPO roadshow about our resilience, not avoiding market cycle, but having a business model built to navigate through them. And importantly, we are not standing still. We are continuing to build beyond passive listed product across active strategies, staking, on-chain infrastructure, and new investment exposures with one objective to make the frontier investable. It is again that backdrop and with that balance sheet strengths that our board has put forward a proposal for a multi-year share rebushes program of up to 25% of shares outstanding. We will ask shareholders to approve this at our upcoming EGM tomorrow. With that, I'll hand it over to Richard to take you through the financial performance in more detail. Richard, over to you.