OSB Group Q2 2026 Earnings Report

OSB Group EPS Results

• Actual EPS: GBX 38.80
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

OSB Group Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

OSB Group Announcement Details

• Quarter: Q2 2026
• Date: 8/6/2026
• Time: Before Market Opens
• Conference Call Date: Thursday, August 6, 2026
• Conference Call Time: 4:30AM ET

OSB Group (LON:OSB), through its subsidiaries, operates as a specialist mortgage lending and retail savings company in the United Kingdom and the Channel Islands. It provides private rented sector related buy-to-let, commercial and semi-commercial mortgages, residential development finance, secured funding, bridging, and asset finance services. The company also provides buy-to-let and specialist residential mortgages, mortgage servicing, administration and analytical, mortgage originator and servicer, and retail savings products; and back office processing services. OSB Group Plc was founded in 1847 and is based in Chatham, the United Kingdom.

OSB Group Q2 2026 Earnings Call Transcript

Key Takeaways

• Negative Sentiment: 2026 net interest margin guidance was reduced to 215–220 basis points from approximately 225 basis points, reflecting persistent retail deposit competition and higher funding costs. Full-year RoTE is now expected to be around 12.5%.
• Positive Sentiment: The loan book grew 1.3% to £26.3 billion, supported by £2.3 billion of originations, while management maintained its expectation for 2026 growth broadly in line with 2025. Credit performance remained resilient, with a 12-basis-point loan loss ratio and three-month-plus arrears improving to 1.6%.
• Positive Sentiment: Shareholder returns remain a priority: the interim dividend increased 5%, and approximately £69 million of the announced £100 million buyback had been completed. CET1 remained strong at 15.2% before the full effect of Basel 3.1 and shareholder distributions.
• Positive Sentiment: The transformation program is on track, with the new platform improving pricing agility, broker service, automation and processing times; investment is expected to continue through 2027. Management also cited early AI benefits, including a 35% reduction in contact-center note-taking time and prevention of approximately £8 million in fraudulent applications.
• Positive Sentiment: Despite near-term funding pressure, management reaffirmed its medium-term targets of mid-teens RoTE in 2028 and the upper end of mid-teens RoTE in 2029. Expected drivers include back-book roll-off, lower MREL funding costs, lending diversification and operational leverage from the transformation program.

Presentation

[Andy Golding, CEO at OSB Group]

Good morning, and thank you for joining OSB Group 2026 half-year results presentation. This morning, I'll take you through the key highlights for the first half, providing view and outlook for the remainder of 2026 and beyond, before finishing off with insights into the macro drivers supporting our business. I'll hand over to Victoria for the financials in more detail, before returning for concluding remarks.

[Andy Golding, CEO at OSB Group]

Starting with a high-level view of the business, in March 2025, at the investor update, we set out our strategy to remain the number one specialist lender and also our plan to improve RoTE in the medium term. I'm pleased with the resilient financial and operational performance the group has delivered in the first half.

[Andy Golding, CEO at OSB Group]

We have done what we said we would do, particularly against the backdrop of ongoing macroeconomic and geopolitical uncertainty, rising oil prices, and the resulting volatility in swap rates and the impact on retail cost of funds. This slide highlights our three familiar themes. Firstly, we continue to deliver against our lending growth plan. Net loan book growth of 1.3% reflects our discipline in maintaining attractive returns from new lending.

[Andy Golding, CEO at OSB Group]

Due to strong demand, we wrote more than a billion of new business in buy-to-let at the first half at sustainable margins, and this sub-segment therefore remained at 68% of the portfolio. Despite that backdrop of macroeconomic uncertainty, originations in our higher-yielding sub-segments also grew moderately. As expected, net interest margin reduced compared to the prior period. I'll come back to that shortly.

[Andy Golding, CEO at OSB Group]

The strength of our underwriting expertise continues to be demonstrated in our low loan loss ratio, despite recent volatility, remains in line with our long-term average. Secondly, we've maintained our cost discipline and efficiency while also creating capacity for investment. Our culture of challenging cost helped contain core costs, which were down by 0.4%.

[Andy Golding, CEO at OSB Group]

Cost to income and managed ratios reflect our investment in the transformation program and are in line with our expectations. Finally, delivering attractive RoTE and capital returns to shareholders continues to be our primary objective. The GBP 187 million of profit before tax translates to a first-half RoTE of 13.3% and TNAV per share of GBP 5.84, up from GBP 5.79 at the year-end. Our commitment to rewarding shareholders is underlined by the 5% increase in the interim dividend.

[Andy Golding, CEO at OSB Group]

In addition, the GBP 100 million share buyback program that we announced in March is progressing well, with circa GBP 69 million of shares repurchased so far. This will bring total capital distributions to shareholders over the last 18 months to GBP 360 million, demonstrating the strength of our capital generation and our commitment to shareholder returns. In summary, I'm pleased with our resilient performance in the first half and the progress we've made on transformation.

[Andy Golding, CEO at OSB Group]

Turning to our portfolio in greater detail, we remain disciplined in how we grow, balancing volume, capital allocation, and returns. Those of you who've been following us will be familiar with our graphic equalizer concept that demonstrates our progress in delivering our lending growth plan. Our buy-to-let franchise performed well, enhanced by the launch of the Rely brand towards the end of last year.

[Andy Golding, CEO at OSB Group]

Residential originations were broadly flat in the first half, although we expect momentum to build in the second half following the full rollout of our residential proposition on the new platform. Originations grew moderately in our higher-yielding sub-segments, despite the uncertain macroeconomic environment and the impact of higher mortgage rates on borrowers' purchase decisions. That said, our commitment to optimizing and diversifying the loan book remains unchanged.

[Andy Golding, CEO at OSB Group]

This journey won't be linear as we continue to manage the business to optimize risk-adjusted returns. Taken together, I'm pleased with how we've responded to the challenging market conditions while continuing to execute our plan. We've made good progress in the first half and continue to expect full year growth to be in line with 2025. We're on track with our transformation program.

[Andy Golding, CEO at OSB Group]

Management actions taken continue to deliver tangible benefits across the group, with the investments we've made over the last three and a half years now translating into stronger commercial performance, better customer outcomes, and greater efficiency. As you can see from the chart, the new platform gives us greater pricing agility, helping us respond more dynamically to market conditions in both savings and lending while maintaining our focus on returns.

[Andy Golding, CEO at OSB Group]

The combination of the new platform and the Rely brand has significantly enhanced the broker experience. For example, we can now deliver an agreement in principle in under 10 minutes and complete cases in as little as two hours. We're also seeing meaningful operational benefits with higher levels of automation and accelerated processing times.

[Andy Golding, CEO at OSB Group]

For example, automated valuations are now being used for around 10% of our cases originated through the new platform, compared with none previously, improving both efficiency and customer outcomes. In savings, we continue to expand the range of products on the new platform. Technology is enabling much faster execution, with actions that previously took weeks now completed in around an hour. Importantly, these benefits extend well beyond operational efficiency.

[Andy Golding, CEO at OSB Group]

Over time, the platform will enable us to respond more quickly to changing market conditions, improve customer and broker retention through a better service proposition, and generate greater operational leverage as the business grows. Together, these capabilities strengthen our ability to protect margins, improve productivity, and deliver sustainable returns over the medium term. Looking ahead, momentum continues into the second half.

[Andy Golding, CEO at OSB Group]

In savings, we'll continue to broaden the product offering, complete the migration of Kent Reliance customers onto the new platform, and prepare for the transfer of Charter Savings Bank onto the new platform as well. In lending, our residential mortgage proposition, which is currently in soft launch phase, will be rolled out more broadly to our broker network under the Precise brand, bringing the benefits we've already seen through the Buy-to-Let Rely launch to our residential customers.

[Andy Golding, CEO at OSB Group]

Overall, I'm pleased with the progress we're making. The program remains on track, key milestones are being delivered successfully, and costs are absolutely in line with the plan. The investment I described are also creating the foundations for our adoption of AI. In our contact centers, AI is reducing note-taking time by around 35% and saving colleagues time on complex calls.

[Andy Golding, CEO at OSB Group]

AI is also helping us reduce fraud and support document verification, preventing fraudulent applications worth approximately GBP 8 million. We're also using AI to support brokers by helping colleagues navigate complex credit policies more quickly and consistently, while internally, we're seeing productivity improvements across software engineering and routine administrative tasks. Importantly, this is not about replacing the expertise that differentiates OSB.

[Andy Golding, CEO at OSB Group]

Specialist lending will always rely on human judgment. We see AI as a tool that supports our people, helping them make better informed decisions and spend more time focused on our customers. Looking ahead, we'll continue to build on the data and technology foundation we've created, exploring opportunities in areas including pricing, customer service, and back-office efficiency. While still at an early stage, we believe AI can further enhance the strengths that already differentiate OSB and support improved outcomes over time.

[Andy Golding, CEO at OSB Group]

Looking at what we can control in our business, we've made good progress in the half. We set out our plan in March 2025. Our guidance was based on stable funding costs and a more favorable set of macroeconomic assumptions. This slide highlights the elevated cost of retail funding, as well as the volatility in the rates that we saw in H1 2026.

[Andy Golding, CEO at OSB Group]

It also shows how the macro environment has significantly changed since the planned start point in March 2025 and for 2026 and more so at 2027 across GDP growth, HPI, inflation, and interest rates. The top right-hand chart shows the spread between average top quoted pay rates on one-year fixed-rate deposits versus one-year fixed swap rates. The spread was widest in February and then narrowed briefly in March to provide a short window for more attractive funding costs for us.

[Andy Golding, CEO at OSB Group]

Since March, the rate has widened again, and now it is at similar levels to February, resulting in higher than anticipated costs of funding in the market. We've highlighted a number of times, and most recently at the full year 2025 and Q1 2026, that our ability to deliver the full year 2026 NIM of circa 225 basis points would depend on three factors: front book margin, back book dynamics, and the cost of retail funds, with the cost of funds being the most uncertain and hardest to forecast. The cost of funding in H1 2026 did average a circa certainly of +30 basis points in line with our full year expectation.

[Andy Golding, CEO at OSB Group]

However, the volatility in funding costs in the half and market competition effect on the savings back book recycling was a headwind on NIM, with an H1 NIM of 223 basis points versus 226 basis points for the full year 2025. As we stand here today, we see no indication that the cost of retail funds will normalize this year.

[Andy Golding, CEO at OSB Group]

On this basis, we've revisited our NIM guidance and no longer assume normalization of cost of funds. We've updated our 2026 NIM guidance to 215 basis points-220 basis points from 225, preferring a range rather than a single number to reflect that level of uncertainty in the market. As a consequence of this change, we're now expecting to deliver an RoTE of closer to 12.5% for 2026.

[Andy Golding, CEO at OSB Group]

However, as we look into the medium term, the mechanical nature of factors which enable an RoTE uplift together with the management actions underway, mean that our guidance of mid-teens RoTE in 2028 rising to the upper end of mid-teens RoTE in 2029 still stands. Let me spend some time taking you through the return drivers together over the plan to 2029 and why we have confidence in this delivery. We see five key drivers.

[Andy Golding, CEO at OSB Group]

The first driver has a near-term impact and is market driven. It is the cost of retail funds. As I explained, as a consequence of the funding headwind, we now expect 2026 RoTE to be closer to 12.5%. If the funding cost pressures seen so far this year continue, this could result in a modest impact on our 2027 mid-teens RoTE aspiration.

[Andy Golding, CEO at OSB Group]

Beyond 2027 and into 2028 and 2029, there are four positive drivers that we have already discussed with you. The first two in green are mechanical. Back book roll-off. The high margin back book will roll off this year, and the low margin back book will roll off into 2028, and this becomes increasingly supportive by 2028. Next, MREL debt with call dates in September 2027 and January 2029 will reduce our cost of funding.

[Andy Golding, CEO at OSB Group]

Both of these result in a mechanical uplift in our RoTE outlook as the drag from these factors disappears. The next two in blue are within management's control, and hence, also areas we are confident about. The return-enhancing portfolio diversification into higher margin areas as the buy-to-let book reduces to 60% of the loans over the period is a driver of RoTE enhancement, as is our transformation program.

[Andy Golding, CEO at OSB Group]

Investment will conclude in 2027 with increasing benefits accruing thereafter, bringing the operational leverage benefits we are already seeing from the Kent Reliance savings of Buy-to-Let Rely to the rest of the business. The operating environment has become more volatile than we anticipated when we first laid out our medium-term aspirations. Interest rate expectations, swap rate movements, and customer behavior have all become slightly less predictable.

[Andy Golding, CEO at OSB Group]

While this can influence the pace at which margins recover quarter to quarter, it does not alter the strategic action we are taking or our confidence in the medium-term earnings power of the franchise. Mechanical and management control positive RoTE drivers give us high confidence in our 2028 mid-teens RoTE and 2029 high end of mid-teens RoTE aspirations. Our objective remains to sustainably deliver mid-teens returns on tangible equity. The question is one of timing rather than destination. With that, I will hand over to Victoria for further insights into the financials.

[Victoria Hyde, CFO at OSB Group]

Thank you, Andy, and good morning, everyone. The first half delivered resilient financial performance in line with our expectations. I will now walk through the detail. Turning first to the P&L, let me call out a few key items. Net interest income was GBP 340 million for the first half, up 1% compared with the prior period. I will provide more color on the NIM dynamics on the next slide.

[Victoria Hyde, CFO at OSB Group]

The fair value loss on hedging activities reduced to GBP 2.5 million, compared to GBP 14.3 million in the prior period. The key driver behind the loss was, again, fair value movements on our mortgage pipeline swaps. Total administrative expenses, of which core costs were GBP 117.4 million, increased by 4% as we continue to invest in our transformation program. However, our core costs were down 0.4% compared to the prior period.

[Victoria Hyde, CFO at OSB Group]

This resulted in a 5% increase in profit before provisions and impairment to GBP 204 million for the first half. An impairment charge of GBP 16 million was recognized this half year. I will cover this charge in more detail later on.

[Victoria Hyde, CFO at OSB Group]

Finally, profit before tax for the first six months of the year was GBP 187 million, down 3% on prior period, and basic EPS grew to GBP 0.384 per share, up 3% primarily due to the lower weighted average number of shares. Looking at the NIM movement from H2 2025, NIM reduced by 3 basis points to 223 basis points this half year. Higher cost of funds caused downward pressure as our retail savings book continued to recycle onto more costly spreads to SONIA compared to those in the second half of 2025.

[Victoria Hyde, CFO at OSB Group]

The higher cost of retail funds was partially offset by lending spreads as back book dynamics rolled through in parallel to another six months of new business written at sustainable margins. We have also shown NIM excluding liquid assets, which was 262 basis points in the first half. This presentation of our NIM better reflects the performance of the underlying business. It also allows for a more meaningful comparison with our closest peers.

[Victoria Hyde, CFO at OSB Group]

As Andy mentioned, we have updated our 2026 NIM guidance to a range of 215 basis points-220 basis points. The new guidance is based on the assumption of SONIA +40 for retail funding costs in the second half of 2026. This is an increase from our previous assumption as a result of strong competition and volatility we are currently seeing in the market. Our updated NIM guidance is shown on the right-hand side of the chart.

[Victoria Hyde, CFO at OSB Group]

This slide provides an overview of our funding franchise. The overall makeup of the group's funding remained broadly unchanged. As at the June 30th, 89% of our total funding came from retail deposits that we raised under our two savings brands, Kent Reliance and Charter Savings Bank. Retail deposits grew by 3% in the first six months of the year, reaching nearly GBP 25 billion.

[Victoria Hyde, CFO at OSB Group]

The proportion of our fixed rate bonds versus easy access accounts remained broadly unchanged compared to year end, with fixed rate savings accounts representing 55%. The remainder of our funding came from debt and wholesale issuance, providing diversification and adding duration to our funding requirements.

[Victoria Hyde, CFO at OSB Group]

As at the June 30th, central bank funding reduced to GBP 250 million, providing us with significant capacity and flexibility to draw more in line with our funding requirements and improve our overall cost of funds as we manage our way through the final nine months of deposit migration to our new, more flexible platform. Moving on to costs.

[Victoria Hyde, CFO at OSB Group]

A key part of our plan is that we tightly manage our cost base to allow us to invest in transformation. We demonstrated that we achieved this in the first half of the year. This and the following page highlight our cost discipline and transformation spend. Administrative expenses were in line with expectations at GBP 136.5 million, up 4% compared to the first half of 2025. The main driver of the growth was the cost of the transformation program, with a GBP 5 million increase compared to H1 2025.

[Victoria Hyde, CFO at OSB Group]

On the next slide, we provide more detail on our spend to date. I am pleased that the core costs reduced by 0.4% compared to the prior period as we optimize our U.K. real estate footprint. The cost to income ratio remained broadly flat at 40.1% compared to 40.3% in the prior period. The management expense ratio was unchanged at 88 basis points.

[Victoria Hyde, CFO at OSB Group]

Looking forward, for 2026, we continue to expect administrative expenses of circa GBP 280 million, excluding the costs of our new CEO. We remain disciplined in our core cost management and will continue to invest in our transformation program in line with our plan. Andy outlined earlier the benefits of three and a half years of investment in transformation.

[Victoria Hyde, CFO at OSB Group]

On this slide, we summarize our expenditure since the start of the program for your reference. There is no change to the expected spend on the program until it completes at the end of 2027. On a semi-annual basis, you can see that the total transformation spend, including intangible asset movement, has passed its peak in H2 2025. This slide presents the progress against our lending plan, combined with a disciplined approach to risk that we presented at the investor update in March 2025.

[Victoria Hyde, CFO at OSB Group]

Net loan book grew by 1.3% in the first half to GBP 26.3 billion, with Buy-to-Let sub-segment representing 68% of total gross loans. We remain committed to our medium-term loan book diversification strategy and continue to see opportunities in these sub-segments. The growth in the loan book was supported by originations of GBP 2.3 billion, an increase of 10% compared to the first half of 2025.

[Victoria Hyde, CFO at OSB Group]

We saw strong new business volumes in our core sub-segments of Buy-to-Let and residential. Originations grew moderately in our higher-yielding sub-segments despite macroeconomic uncertainty in elevated mortgage rates. For 2026, we continue to expect net loan book growth to be broadly similar to that achieved in 2025. The next slide provides a waterfall of the movement in the impairment provision in the first half, as well as the credit quality metrics of our secured loan book.

[Victoria Hyde, CFO at OSB Group]

As you can see from the chart, balance sheet ECL provisions increased in the period due to a net charge of GBP 7 million. The charge was the result of an increase in provision for macroeconomic scenarios, accounts with arrears of three months or more, new lending, and individually assessed provisions. These were partially offset by provision releases for model enhancements and PMA updates, as well as stage migrations.

[Victoria Hyde, CFO at OSB Group]

Overall, the P&L charge totaled GBP 15.8 million and represented a loan loss ratio of 12 basis points compared to 2 basis points in the prior period. It was broadly in line with a long-term average loan loss ratio of 10 basis points. You can see that our balance sheet total coverage ratio increased to 50 basis points at the end of June, compared with 47 basis points at the end of 2025.

[Victoria Hyde, CFO at OSB Group]

Our provision balance continues to be more than 10x higher than the average yearly write-offs in the last five years. Moving on to arrears, for the first six months of 2026, three months plus arrears decreased slightly to 1.6% from 1.7% at the end of 2025, as more Stage 3 accounts exited our 12-month cure period. We remain comfortable with our risk profile and our impairment provisions.

[Victoria Hyde, CFO at OSB Group]

We show here that if we were to move our IFRS 9 weighting 100% to our downside scenario, that our ECLs would only increase by GBP 19 million. Next, capital. This half demonstrated another period of strong capital generation. Group CET1 ratio remained robust at 15.2% at the end of June. Our profitability net of loan book growth in the period was 90 basis points, up 10 basis points compared to the prior period.

[Victoria Hyde, CFO at OSB Group]

Before the effect of the GBP 100 million share repurchase program announced in March, the CET1 would've been 16%, and the share repurchase had a 0.8% impact on the ratio. The group continues to generate enough capital to support loan book growth and a progressive dividend. The Board remains committed to returning excess capital to shareholders as we progress towards our new CET1 target, 13%-13.5% post-Basel 3.1. This slide presents movements in net loans and RWAs.

[Victoria Hyde, CFO at OSB Group]

In the first half of 2026, loan book grew by 1.3%, and RWAs increased by 1.1%. The chart on the right shows that loan book growth accounted for a GBP 0.2 billion increase in RWAs, while mix and other items had a neutral impact on RWAs in the period. We continue to expect the implementation of Basel 3.1 rules as written would reduce the CET1 ratio as of the June 30th 2026 by 1.2% as a result of a 9% uplift in RWAs.

[Victoria Hyde, CFO at OSB Group]

This is compared to just over 1.3% and 9%, respectively, as at the December 31st 2025. This would mean that after the impact of Basel 3.1 rules, the pro forma CET1 ratio as of the June 30th 2026 would be 14%. From this pro forma position, the drivers to our 13%-13.5% post-Basel CET1 range will include RWA growth and shareholder returns underpinned by our profitability. I will now pass back to Andy.

[Andy Golding, CEO at OSB Group]

Thank you, Vic. In summary, the group has delivered a resilient performance in the first half, despite that macroeconomic uncertainty. We have continued to grow and diversify the loan book at sustainable margins, leading to attractive RoTEs, and we prioritize returns to shareholders. Looking ahead, as we have explained this morning, we have updated our 2026 full-year NIM guidance to reflect the competitive pressure we have seen in the retail deposit market.

[Andy Golding, CEO at OSB Group]

As a result, we have updated the 2026 RoTE guidance to circa 12.5%. However, we remain confident in the earnings power of the business. That confidence is underpinned by the mechanical benefits from MREL and back book roll-off, alongside the strategic actions we are taking to diversify the lending book and the benefits the business will realize from the transformation program. These positive RoTE drivers give us confidence in our 2028 mid-teens RoTE and our 2029 high-end mid-teens RoTE aspirations. With that, we will now turn to Q&A. Operator, could we please have

[Operator]

Thank you very much, Andy. As a reminder, if you would like to ask a question, you can raise your hand, and we will allow you through to unmute and ask your question. Our first question comes from Benjamin Toms. Benjamin, if you could please unmute, go ahead and ask your question.

[Analyst]

Morning, folks. Can you hear me?

[Andy Golding, CEO at OSB Group]

Operator, can I just check if we have a technical glitch? We can't hear anything coming through at our end.

[Analyst]

You can hear me? I think my colleague can hear me, I'm not sure whether it's just Victoria and Andy that can't hear me.

His mic is live.

[Operator]

Andy, can you hear Benjamin?

[Analyst]

Testing, testing. Hello, can you hear me now?

[Andy Golding, CEO at OSB Group]

Well, I guess we hear you, but.

[Analyst]

Testing.

[Andy Golding, CEO at OSB Group]

Yeah. I think it's possible that participants can hear us here in the boardroom. Unfortunately, we can't hear anything coming back from the operator. We have just been asked by the technical company to stand by.

[Analyst]

Testing, testing.

[Operator]

Our apologies. One moment. We will get this sorted. Benjamin, if you could go ahead again and see if we can be heard in the room at Whitfield Street.

[Analyst]

Can you hear me, guys? Victoria and Andy, can you hear me? Sounds like there's still an audio problem.

[Operator]

We still have a bit of an audio issue. One moment. We will get this sorted.

[Analyst]

Great. See you by tomorrow if we can actually go forward with this.

[Operator]

One moment. Benjamin, if you could please go ahead and ask again.

[Analyst]

Hello, can you hear me now?

[Operator]

Our apologies, Benjamin. They can't hear you. Excuse me. Can the room at Whitfield Street hear me?

[Analyst]

Yeah, I think probably I got another call. Yeah, you ready?

[Victoria Hyde, CFO at OSB Group]

Hi, everyone.

[Analyst]

[audio distortion]

[Andy Golding, CEO at OSB Group]

Benjamin, please go ahead again and see if we can hear. We can be heard in the Whitfield Street.

[Analyst]

Hey, can you hear me? [audio distortion] Testing, testing.

[Victoria Hyde, CFO at OSB Group]

I can do if I could be of help. It's like expenses and stuff I can do in the background. [audio distortion]

[Andy Golding, CEO at OSB Group]

Ben, can you now hear me through.

[Victoria Hyde, CFO at OSB Group]

Yeah

[Andy Golding, CEO at OSB Group]

the line?

[Analyst]

I can hear you, Andy. Can you hear me?

[Andy Golding, CEO at OSB Group]

I can, actually the tech appears to have failed, so I'm now doing it through a laptop that we have managed to lag onto the system. I think, apologies everybody because I hate being let down by technical issues. Ben, I think you were first with a question, so why don't you dive in and we'll try and get it fixed while we do it this way around.

[Analyst]

Morning, both. I think if this is the last time we hear from you, Andy, all the best in your future endeavors. I guess parting gift is two questions on net interest margin, which maybe Victoria will pick up. I appreciate the management were really clear that deposit competition was a key risk to NIM. However, your new 2026 NIM guidance implies an exit NIM of 207 basis points to 217 basis points, investors will need to decide how much of that to flow into 2027.

[Andy Golding, CEO at OSB Group]

Yeah.

[Analyst]

Can you just provide some color on what has to happen to be at the top and bottom end of the guidance range for half two? If pricing went back to SONIA +30 basis points today, does that get you to..that was my first question. Should I go with my second?

[Andy Golding, CEO at OSB Group]

Yeah, sorry. The first one is what are the factors that get us to the top and the bottom end-of the implied exit rate? Victoria will cover that one in a minute. What was the second one, Ben?

[Analyst]

Just more of a broader question, really. What's driving deposit competition? Do you think it's structural hedge tailwinds for the bigger banks? If that's the case, could the headwind persist until 2030, which is the date when structural hedges stop being additive to the big banks' top lines? Thank you.

[Andy Golding, CEO at OSB Group]

Yeah. Why don't I tackle the second one first and talk about some of the generic factors, and then we'll come back to Vic on more specifics around the numbers. Look, we're in a position at the moment where normally we can duck and dive a bit in terms of deposit competition. We are doing a number of things as a function of the transformation program right now.

[Andy Golding, CEO at OSB Group]

You can see from our numbers, we've skinned down the amount that we're borrowing from the Bank of England on long-term repo, and that's because we want to have lots of collateral headroom for the point when we get to doing the migration of the Charter Savings Bank portfolio, which is a significant retail savings portfolio across onto the new system.

[Andy Golding, CEO at OSB Group]

We'll not have products on sale under that brand for a period, so we'll need to have additional sources of liquidity. That's why we've created that headroom. That's a bit of a headwind to us, because actually, long-term index repo funding is a little bit cheaper than where the retail market is right now. That's having a bit of downward pressure for us.

[Andy Golding, CEO at OSB Group]

The market is, there is a lot of competition. There's quite a few new providers that are piggybacking on the back of other people's banking licenses, et cetera, and with a view to pulling in retail funding with high, shiny rates and then hoping they can convince the savers to become bond customers, et cetera. I think everyone is just making sure that they've got plenty of liquidity.

[Andy Golding, CEO at OSB Group]

We're in a position where we are just about to migrate all of the Kent Reliance ISA customers across onto the new platform. That's the last of the Kent Reliance migrations, which means for a little while, we haven't really had ISA products on sale, and ISAs are one of the cheaper forms of retail funding. We've been at a slight disadvantage, or we're at a slight disadvantage as we come into half two, that is having a bit of tailwind impact, sorry, headwind impact in terms of the overall NIM.

[Andy Golding, CEO at OSB Group]

As we move through 2027 and complete that migration, we'll be in a much more BAU position and can get back to ducking and diving and optimizing as we go through the market. Hopefully that gives you a bit of a steer in terms of the competitive dynamic and some of our positioning in it right now. Vic, do you want to touch on the other ones?

[Victoria Hyde, CFO at OSB Group]

Hi, Ben. In terms of your question about the range, yes, as you say, mathematically that is the sort of NIM range you would come to. The reason we've gone for a range is just due to the amount of uncertainty that there is there around cost of funding in our NIM guidance.

[Victoria Hyde, CFO at OSB Group]

As we've talked about before, there are three main drivers of our NIM. We will continue on writing sustainable front book margins. The back book dynamics, as we've talked about before, we have got some of the high margin rolling off in 2026, and then the low margin starts to roll off in 2027 and beyond. The main reason, as we sit here today and look at what's going to drive where we exit and how that rolls into 2027, is going to be that cost of funding.

[Victoria Hyde, CFO at OSB Group]

That comprises, we have front book, which we have said is that sort of SONIA +40 level. If we look back at that average in H1, we were up at that level at the start of the year. It came down for a month to sort of SONIA +10. It is very volatile out there, and that's why we've gone with the range. We have got the retention mix, and also you've got back book churn.

[Victoria Hyde, CFO at OSB Group]

Part of that in H1 is we saw, probably, it's the last year for ISAs, we saw more of the back book people churning from perhaps lower rate, easy access into more of the fixed rate bonds. It is hard to predict, and I guess that's why we've gone for a range. Top or bottom, predominantly will be driven by that cost of funds.

[Victoria Hyde, CFO at OSB Group]

We have pointed out, as you say, that if it really is too early to tell for 2027. There's a lot that can happen between now and year end. Hence, we sort of just pointed out, look, if that funding persists, it's a slight downward pressure on our 2027 aspiration of that medium term, mid-teens RoTE.

[Analyst]

Thank you both.

[Andy Golding, CEO at OSB Group]

Thanks, Ben. We have next question.

[Operator]

Our next question comes from Rob Noble. Rob, if you could please go ahead, unmute and ask your question.

[Analyst]

Morning. Can you hear me okay?

[Andy Golding, CEO at OSB Group]

Yes, we can. Thanks, Rob.

[Analyst]

Good stuff. Just a few small questions. I see you paid down central bank facilities substantially in H1. Given that cost of retail funding you've just been talking about, what's been stopping you using it more extensively this half, and can you use it more extensively going forward? On the EIR gain, in H1, I think there's a gain at group level, and there's a loss in CCFS book.

[Analyst]

What's actually going on there? How long are you now assuming customers spend on the reversion rates in each of the books? Just on costs. I see the cost guidance as a footnote excluding the CEO buyout cost. Can you give us an idea of how much they are? I presume it's sort of more than GBP 5 million for it to be literally explicitly separated from the cost guide. Thanks.

[Andy Golding, CEO at OSB Group]

Yeah. Okay. Thanks, Rob. I'll touch on the first one in terms of central bank. We have got bucket loads of collateral lodged with the Bank of England ready to draw on. We are using that for safety and security from a liquidity management perspective when we have to effectively shut acquisition down under the Charter Savings Bank brand, and do the migration across to the new platform.

[Andy Golding, CEO at OSB Group]

We're just basically creating a surety and a safety, set of headroom by having paid down the facilities now, at the point that we don't need the liquidity, and then we'll ramp that facility back up, at the point that we can't gather liquidity through the Charter Savings Bank brand while we do the migration. That's the logic behind that one.

[Andy Golding, CEO at OSB Group]

I think it is just a good liquidity management decision, and I think, well, I hope shareholders would rather me, as the CEO of this bank, worry about making sure we've got access to plenty of cash, than one or two basis points of NIM here and there. That's the thinking behind that one. I'll ask Victoria to cover the EIR gain, and probably wouldn't be appropriate for me to talk about CEO cost, so I'll ask her to cover that one as well.

[Victoria Hyde, CFO at OSB Group]

Thanks. Thanks for those questions. Yes, as you say, there was a GBP 4.6 million gain on EIR. We always look at each half at the latest behaviors, and some of that is the alignment to current behaviors. As you've noted, yes, there was an up down between CCFS and Kent Reliance, our two entities.

[Victoria Hyde, CFO at OSB Group]

We continue enhancing our modeling, so some of the work we did in this first half is we were down to the fine lines around what point people pay in the month around reversion, and really looking to align how we model and build those curves going forwards. I would say, whilst we also did the behaviors, we are looking to sort of really refine and build out our modeling so we've got the best sort of balanced forecast and views of this going forwards.

[Victoria Hyde, CFO at OSB Group]

It was that second sort of modeling piece that gave us more of the up down and some of the tail assumptions on Kent Reliance versus Precise. In terms of where those weighted average lives are now. The most sensitive historically we've had was the five-year Precise Buy-to-Let portfolio. That's down to about three months now. It's just under.

[Victoria Hyde, CFO at OSB Group]

I think previously, last year when we updated, it was 3.6, so that's down at just under three. Kent Reliance has always been, it's about 2.2 months. That hasn't really moved much in the four years that I've been here. That's at 2.2. We're still noting, you see the sensitivity to that two-month move, is down to about GBP 16 million and it's really this year's cohort and some of next year's that's the most sensitive.

[Victoria Hyde, CFO at OSB Group]

It is chipping down. As you're seeing now, we're down to that sort of three-ish months. Kent's at two. We expect that variability to keep on reducing. That was the EIR. Cost of the new CEO, we haven't disclosed that as yet, as he's not arrived. It will be in the DRR report in next year's ARA. You will notice we have kept cost guidance at GBP 280.

[Victoria Hyde, CFO at OSB Group]

There's a lot happening in H2, including new CEO arrival. We've got go live of the residential and ISAs, residential mortgages and ISAs in our transformation. We will always be looking at to absorb what we can into that GBP 280, but it's all too early to commit at the minute. That's why we've kept it to GBP 280, and we will comment on the CEO transition costs as we get closer and he arrives.

[Analyst]

Great. Thank you very much.

[Andy Golding, CEO at OSB Group]

Thanks, Rob.

[Operator]

Thank you very much, Rob. Our next question comes from Grace Dargan. Grace, if you could unmute, go ahead and ask your question.

[Analyst]

Hi. Good morning. Thank you for taking my questions. Again, just to reiterate the comments, I guess, best of luck, Andy, going forward.

[Andy Golding, CEO at OSB Group]

Thank you.

[Analyst]

On my two questions, maybe firstly, just on the transformation. I know you just talked about the Charter Savings change. I guess looking forward, should we expect any other disruptions? How long will you be out the market on that savings product, and is there anything else we should be thinking about? As a result of those transformations, do we have another lever to help support 2027 RoTE? On the second side, just thinking about lending, maybe you could talk about the pipeline into H2 on the specific areas. Thinking about development finance, asset finance, etc., what you're seeing there. Thank you.

[Andy Golding, CEO at OSB Group]

Sure. On transformation, we are trying to, and the board have a very low risk appetite for getting it wrong. I think you've heard me say it before, Grace, none of us want to do a TSB where you do a system change and everything falls over, and your customers get very annoyed with you, which is why we are doing it product by product set, cohort by cohort. As I said, ISAs is the one from the Kent Reliance brand which is occurring at the moment. Charter will be done in blocks, but there'll be relatively large cohort blocks of product type, and therefore, some products will be off sale for a month or so.

[Andy Golding, CEO at OSB Group]

We won't have ISAs for a month and a bit, then we won't have easy access for a month and a bit, we won't have bonds for a month and a bit. Once it's done, all bets are back on, basically, and the entire range, with app functionality, and with a significantly enhanced customer proposition, and that ability to broaden the product range and price much more agile style across the entire range, that will be there as soon as it's done.

[Andy Golding, CEO at OSB Group]

That does give us operational benefit in terms of being a bit more selective about how we fund and where we fund. We think it will also give us a strong customer retention benefit. Once we come out the other side of it, I think that's a tailwind to net interest margin in terms of helping us manage the funding cost going forward.

[Andy Golding, CEO at OSB Group]

I think that's the first thing I'd say, which is very positive. You asked me about pipeline. Our pipeline's very good. You specifically mentioned development finance. That's one where the opportunities that are being popped in front of us, if they are from an existing borrower who's got plenty of cash to put in the scheme, we can see the salability of the scheme.

[Andy Golding, CEO at OSB Group]

We're still lending. The team in development finance will make good money this year, in terms of their contribution to the group's overall profit. We are not out there, looking at schemes where there's not a lot of cash around and the resale doesn't look good and all of that sort of stuff.

[Andy Golding, CEO at OSB Group]

We're just being a little bit risk off on it because the market's pretty soggy right now for trading stock out, and we've seen some of the large house builders having to heavily discount or end up with tail-end rumps of schemes that they're just really struggling to sell. We're obviously being a bit careful. The commercial market softened in the first half of the year, but we've picked and chosen our way through that, and have grown the commercial book a little bit.

[Andy Golding, CEO at OSB Group]

The bridging market is still active because when there is sogginess in residential transaction market, as there has been, sometimes bridging is the solution to that particular problem. We want to continue to drive that up, particularly, once we switch over all of our residential proposition under the Precise brand to the new platform.

[Andy Golding, CEO at OSB Group]

That will just give us much quicker product development pricing, ability to drop into the components of the market. Our pipeline looks healthy. We're going into the second half, or we're well into the second half now with a healthy pipeline. The teams are very focused on that diversification play. Buy to Let has continued to be a stalwart where our borrowers have wanted to refinance, and some of that's come to us on the way through. It looks in pretty good shape.

[Analyst]

Perfect. That's super helpful. Thank you.

[Andy Golding, CEO at OSB Group]

Thanks, Grace.

[Operator]

Thank you, Grace. Our next question comes from Ed Firth. Ed, if you would like to unmute and go ahead and ask your question.

[Analyst]

Sorry. Hi. Does that work?

[Andy Golding, CEO at OSB Group]

Hi, Ed. Yeah, we can hear you.

[Analyst]

Morning. Hi. Yeah, thanks very much. I suppose just a couple of supplementary questions. The one, in terms of the central bank funding, because that's obviously a marked divergence with some of your peers or one of your peers in particular.

[Andy Golding, CEO at OSB Group]

Yeah. I think I have explained why, though, Ed.

[Analyst]

Yeah, no. Absolutely. It makes complete clear. All I wanted to ask was, have you got a sense as to what that impact was on your margin? If you had been able to fully utilize that as you would have done in a normal business-as-usual manner, have you got some sort of sense as to, was that a 5 basis points, 10 basis point hit to margin, or just some quantum would be super helpful for us to try and understand exactly what that difference makes. That's-

[Andy Golding, CEO at OSB Group]

Yeah. It's not a set of numbers we've published. If I did the fact pack, it maths right now.

[Analyst]

Yeah.

[Andy Golding, CEO at OSB Group]

We've got two and a half billion GBP worth of drawing capacity that we could utilize under the index long-term repo scheme. ILTR is SONIA +15 basis points. At the moment, the planning assumption for retail is SONIA +40. That gives you an idea of the delta.

[Analyst]

Yeah, that's very easy. That's absolutely perfect. Thanks very much indeed. Okay, that's very helpful. The second one was, in terms of your chart, that very helpful bridge chart you showed, slide nine, to the mid-teens RoTE.

[Andy Golding, CEO at OSB Group]

Yeah.

[Analyst]

In terms of the cost of funding that you're assuming there, are you assuming the cost of retail funds remains as it is today, or are you assuming some sort of normalization or benefit going forward? I'm just trying to sense, is that mid-teens RoTE, is that like a business as usual today that you can hit it or we do still need some benefit there?

[Victoria Hyde, CFO at OSB Group]

Well,

[Analyst]

Yeah, sorry. Fire away. Yeah.

[Victoria Hyde, CFO at OSB Group]

Sorry. Yeah. Sorry, Ed. Yeah, that mid-teens, I guess, there's a range in that. I suppose we are, as we look, we're pretty confident in the other four drivers that can drive benefit to get into that range, and that would include a slightly higher, not as high as SONIA +40 all the way through for the next four years. A more elevated cost. Naturally, we will strive to optimize as we go through in the other four, and it's those other four that give us that sort of confidence to delivery, despite some more elevated cost of funds. That will deliver us within that range of that mid-teens.

[Analyst]

I suppose the question I'm asking is, if the world stays as SONIA +40, we can look around the market and see some very big beasts that are offering amazing savings rates at the moment, I can't see them going anywhere in the next three or four years. If we stay at SONIA +40, I guess the question is that mid-teens still deliverable, or should we be assuming there's going to be some haircut on that?

[Victoria Hyde, CFO at OSB Group]

Mid-teens, as you say, is a range. Yes, we would say it's still deliverable. I guess we would look it's that position in the range. If it stays at SONIA +40, I'm sure Andy would have a view as well of there is that piece of we are looking at the lending book diversification-

[Analyst]

Yeah

[Victoria Hyde, CFO at OSB Group]

Asset margins. Ultimately, you would pass some of that on. I don't think for years everyone can sustain just having that....squeeze margin. We can work through that.

[Andy Golding, CEO at OSB Group]

Yeah, I would just also say that once we've done the transformation, a better platform and better customer set experiences means that you're not always pricing your back book to the maximum within the market, because actually your customers are valuing the convenience and the proposition that you're offering. There's something there that is a bit different.

[Andy Golding, CEO at OSB Group]

Clearly, we would be making use of central bank facilities. OSB, while funding is a massive input cost to us, we make our money out of the lending that we do, and we have a clear diversification plan that means long term, the business has a sustainable future, even if we are in a SONIA +40 world on retail funding, because we can move our margins as we replatform everything on the lending side and compensate for that.

[Analyst]

Yeah, because I suppose that's one of the concerns is I've always felt that you had pricing power in your core buy-to-let market. Are we saying that that's probably not as evident?

[Andy Golding, CEO at OSB Group]

Absolutely

[Analyst]

A three or four-year period, if it stays at SONIA +40, you're very strong in the buy-to-let market, can't you reprice the buy-to-let loans to offset that?

[Andy Golding, CEO at OSB Group]

Yeah, no, absolutely we can. That's why in the first half of the year, we actually did a bit more buy-to-let than we'd originally planned to do, because we felt the margins in it were decent. We have, particularly since we launched the Rely brand, and it's such a fantastic broker proposition.

[Andy Golding, CEO at OSB Group]

Actually, the convenience play of doing business with the Rely brand for a broker and the broker's customer is superb, and that does give you the ability to control your pricing in the upward direction. Once all the resi's on the same platform, once the commercial's on the same platform, resi includes the bridging, which is highly remunerative, then we've got a bigger pricing control stick to beat on those aspects of the asset side of the equation as well. There's lots of good stuff to come.

[Andy Golding, CEO at OSB Group]

It's just we're right in the midst of the journey. I can't give it to you yet. It's there, which is why I think I've reiterated this morning, that kind of 2028/2029 vision where there are some structural things like MREL disappearing and other elements that are super beneficial in terms of NIM.

[Andy Golding, CEO at OSB Group]

Actually, we'll have completely done the job of work on transformation. We'll have a more stable retail savings franchise that enables us to focus on the retention of the back book in a slightly different way. We'll have much better platforms across the entirety of the lending range, and that stands us in really good stead.

[Analyst]

Yeah. Okay. That's great. Can I ask still one more question? Is that all right? Have I got time?

[Andy Golding, CEO at OSB Group]

Yeah, you could.

[Analyst]

Yeah. I guess the final one is, if I look at the sort of whole challenger bank space, I don't know, a McKinsey consultant looking at it would say, "Why are you guys all separate? You should all be getting together. Some of you have got cheap funding. Some of you have got good asset pricing." Arguably, there are questions about whether some or others have got critical mass. What would be your comments around that or your view about that?

[Andy Golding, CEO at OSB Group]

Firstly, I think we have got critical mass. The OSB balance sheet is a pretty big balance sheet, right? We are probably one of the only organizations in the market that has experience doing some of that get-together trade. While you undoubtedly inherit a bunch of benefits and some scale for doing those kind of trades, you always inherit a few things that you didn't quite anticipate in the DD process, et cetera.

[Andy Golding, CEO at OSB Group]

I don't want to mention the EIR adjustment that you know full well about it, but those kind of things you do find as you start to open cupboards in a business that wasn't your original business. I guess regulation is a bit of a hamper to it. Any of the banks that you would put into our peer group, the Shawbrook, the Paragon-us, et cetera, you put any of those two together, you immediately drop that bank back into the MREL threshold, that is a bit of a pain, and we've experienced the pain of the cost of those issuances.

[Analyst]

Yeah.

[Andy Golding, CEO at OSB Group]

Therefore, you have to think carefully about whether, as you start to get near to those thresholds, actually, is it better to create and trade a few assets out and keep the balance sheet scale managed, or is it better to double down and blow through the threshold? I think at the moment, most people are in the former camp, not the latter one. My successor will do a strategic review, I'm sure, with the board at some point in the future, and that may well change. I don't see everyone clamoring to get together in the market as it currently stands.

[Analyst]

Okay. That's great. Thanks so much. Thanks so much-

[Andy Golding, CEO at OSB Group]

Pleasure

[Analyst]

for your help over all the years.

[Andy Golding, CEO at OSB Group]

No. Yours too. Thank you.

[Operator]

Thank you very much. Our next question and last question comes from Gary Greenwood. Gary, if you could please unmute, go ahead and ask your question.

[Analyst]

Hi. Thanks for taking my questions. I've just got two probably quite short ones, actually. First one is just on your-

[Andy Golding, CEO at OSB Group]

Yeah

[Analyst]

In respect of NIM. You've given a sort of point guidance in respect of the RoTE. Is that because they think there's things that will offset variability in the NIM, levers that you can pull elsewhere to home in on that 12.5%, or am I reading a bit too much into that in terms of the circa? That's the first question. The second question was just a clarification on the Basel 3.1 CET1 ratio range of the 13%-13.5%, and whether that takes into account any potential Pillar 2A offset, or whether that could get further reduced in time if that was to come through. Thank you.

[Andy Golding, CEO at OSB Group]

I'll let Hyde take those ones.

[Victoria Hyde, CFO at OSB Group]

Yeah. I guess, Gary, on the circa 12.5%, again, there is the, as we've talked about, the cost of funding element. I would say, as we entered this year, we didn't anticipate all the swap market volatility and debates around where the macro is going to land. We have said circa mainly just because, again, as we look forward, we'll get macroeconomic assumptions for ECL in December.

[Victoria Hyde, CFO at OSB Group]

Swap rates get extremely volatile and it can drive gains and losses on our mark-to-market pipeline swap. The circa really, again, is just back to that. We've still got five months to go. A lot has happened in the last three months that we didn't anticipate four or five months ago, so we almost don't want to pin it down too tightly when there's so many moving parts. That's all.

[Analyst]

It's more the opposite, really, in that the RoTE guidance seemed to be a little bit more focused than the NIM guidance.

[Victoria Hyde, CFO at OSB Group]

Well, I guess we've said circa on both, so I guess it's the range. I guess, we said low teens that we saw as the 13, so we spun down slightly. Whilst NIM will give us some variability, hopefully things like costs, we will be looking hard at to year-end, and come back to you. Yeah, that's the reason for why we've said the circa 12.5. Then, the 13-13.5, I guess when we set it, we knew that the Pillar 2A offset was coming. I suppose we'd made an estimation of that.

[Victoria Hyde, CFO at OSB Group]

Once we get our fully calibrated, revised Pillar 2A under Basel, and we go through that for half year, obviously the board naturally, we always looking at evaluate where our capital target stands and how that compares to our requirements. At the minute, no view to change, but we will come and update you if there's any board discussion and that moves. But we didn't-

[Analyst]

When do you expect to hear from the regulator on that? I think some banks have already heard, haven't they? But-

[Victoria Hyde, CFO at OSB Group]

Yes. We're going through a fuller process. I guess the banks that are the most impacted by Basel, and we have flagged to the regulator for a few years that it is a heavier impact. Instead of having the sort of estimated that most banks are getting, we're having our biannual SREP process. We will, in H2, have a fuller evaluation and get that view more, probably towards right at the end of the year. Whereas what they're doing for all the banks that are less impacted is doing that Pillar 2A estimated calc until they get their full capital review.

[Analyst]

Great. Thank you very much.

[Andy Golding, CEO at OSB Group]

Gary, I think I would just add, because I know where you're coming from with the question. Look, I leave at the end of this month, right, as the CEO of this organization. If I were the incoming CEO to this organization, we all know there are levers you can pull on equity. One of the levers I'd be pulling post-Basel 3.1, I think, is to really reflect and review on where our capital targets are, because ours are somewhat higher than some of our peers.

[Andy Golding, CEO at OSB Group]

Therefore, if you lower your capital target slightly, once you've gone through that process, then you can buy back more of the stock and that helps from an RoTE perspective. Two, I think we should continue to evaluate as an organization whether we want to early buy out and clear the decks on the MREL instruments.

[Andy Golding, CEO at OSB Group]

I think there is potentially some optionality for the board to consider that one, but that's one for the new CEO and the board to make. There are always levers you can pull on supporting RoTE, and I thought it was just worth making that point.

[Analyst]

That's great. Thanks, Andy, and best of luck for the future.

[Andy Golding, CEO at OSB Group]

Thank you very much, Gary. I think that was our final question. I just would like to do two things in closing. One is to apologize for the debacle of the technology that ended up doing all your ears in with that horrible echoing and inability for us to hear you, et cetera. We managed to scan our way around it with a laptop, and now I'm looking at its battery.

[Andy Golding, CEO at OSB Group]

It's just about going to last, I think, till the end. Finally, I wanted to say, thank you all for the support and the interest you've shown in the group over the years. I've been the CEO of this organization for 14 years. I'm immensely proud of it. I have worked with a very talented bunch of colleagues. Those colleagues are staying on to keep this organization moving forward.

[Andy Golding, CEO at OSB Group]

I leave here confident the group has a strong strategy, clarity of thinking, and a leadership team that are capable of taking it on to an even better future. Thank you for your support. Of course, I wish this group every success in the future because my interest for quite some time will be aligned with our shareholders. Thank you very much

Participants

Executives

• Andy Golding, CEO
• Victoria Hyde, CFO

Analysts

• Analyst
• Analyst
• Analyst
• Analyst
• Analyst