WeShop Holdings Limited

Good day and thank you for standing by. Welcome to WeShop's full year 2025 financial results conference call. At this time, all participants are in a listener-only mode. Please be advised that today's conference is being recorded. I will now hand over the company to begin.

Thank you, operator, and welcome everyone to the WeShop fourth quarter and full year 2025 earnings call. With me today are WeShop's founder, John Garner, CEO, Paul Ellerbeck, and CFO Johnny Hickling. Certain statements in this call are forward-looking statements. You should not place undue reliance on forward-looking statements as actual results may differ. We do not undertake any obligation to update any forward-looking statements we make today except as required by law. For more information about the factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today, as well as the risks and uncertainties described in our most recent filings with the SEC, including our registration statement on our Form F-1 and in other filings we make with the SEC. We have published our earnings press release and corporate presentation to our Investor Relations website earlier this morning. The company's annual report on Form 20F for the year ended December 31st, 2025 remains subject to final auditor sign-off and will be filed with the SEC shortly. With that, let me hand it over to founder John Garner.

Thank you, operator, and thank you everyone for joining us. This is our first earnings call as a public company. But more importantly, it's the first time we're formally introducing a new model for commerce at scale. I would like to start with the core idea behind WeShop. Ownership drives loyalty. We believe that when consumers own part of the platform they shop through, they behave fundamentally differently. They're not just customers. They're participants, advocates, and long-term stakeholders. WeShop is built around that premise. At a structural level, WeShop is an asset-light marketplace. We do not hold inventory, we do not process payments, and we do not manage fulfilment or customer services. Instead, we sit on top of existing retail affiliate infrastructure, connecting consumers to retailers and generating revenue through retail affiliates commissions and advertising placements. What's important here is the separation between cash revenue and equity rewards that are non-cash items. Our revenue is cash-based, but our user incentives are equity-based. That allows us to rethink one of the biggest challenges in consumer technology today, customer acquisition cost. Instead of spending heavily on paid marketing, we are reallocating value back to the users in the form of ownership In fact, 50% of the business is being given back to the users over time. And that 50%, the shares are already outstanding and sat in the WeShop Community Trust based in Delaware. This model has already been tested in the UK. During our pilot program in the UK, we processed over £100 million in GMV through an invitation-only platform. And what this validated for us and for shareholders was critical. Number one, share back works as an acquisition hook. Number two, referrals drive organic growth. Number three, incentive structures can be tuned through share back rates. And number four, community behavior compounds over time. This wasn't just usage. It's behavioral proof that ownership changes how people engage with commerce. To bring this model to the United States, we were required to complete a direct listing on NASDAQ. We did so without raising primary capital, preserving our ownership structure and enabling Shareback to function as designed. This was a foundational moment for the company and potentially for the broader market. Since November 2025, WeShop has been actively testing and refining its platform in the US, an important milestone that wasn't possible prior to us becoming a publicly traded company. During this period, we focused on onboarding a strong roster of retail partners. Even in this early phase, we've seen validation of the concept. We're excited to share more soon, including the announcement of key partnerships across both the US and the UK. We are now actively building in the United States, which we prioritised due to its deep culture of retail investing, high familiarity with equity ownership, large-scale adoption of brokerage platforms, and significant retail and advertising market depth. Our approach here is very, very deliberate. From a retailer perspective, the value proposition is clear. Performance-based customer acquisition, incremental revenue generation, and alignment with customer incentives. WeShop is not just another channel. It's a different economic model for demand generation. Another important layer of our model is data. Because we aggregate transactions across multiple retail categories, travel, apparel, electronics, and more, we are building a cross-retailer view of consumer behavior that typically exists in silos. Over time, this creates cross-category behavioral insights and new value for both retailers and users. And this becomes a hugely strategic asset as we scale. I'm now going to turn over to Paul Ellerbeck, our CEO, to discuss how we are laying the groundwork for the next phase of our scale.