AJ Bell Stock

Hello, and welcome to AJ Bell's 2026 Interim Results Video. In just a moment, you'll hear from our CEO, Michael Summersgill, and CFO, Peter Birch. But first, let's take a look at some of the key numbers from the first half.

Platform customers increased by 79,000 in the first half to close at 723,000, increase of 12%. Platform assets under administration closed at GBP 108.7 billion, up 5% in the period. Platform net inflows were up 27% versus the prior year at a record GBP 4.2 billion. Revenue was up 19% to GBP 183 million, driven by strong recurring ad valorem and transactional revenues. Total costs, excluding exceptionals, increased by 21% to GBP 106.2 million. Overall, there was a 15% increase in underlying profit before tax to GBP 79 million and an underlying profit before tax margin of 43.2%.

On capital returns, the Board has declared an interim dividend of 5p per share, an 11% increase from the prior year. In addition, the Board has approved a further share buyback program of up to GBP 15 million in addition to the previously announced GBP 50 million program, returning surplus capital to shareholders in line with the company's capital allocation framework. You can find full details about these results on our website.

Now let's hear from Michael and Peter and get their insight into what's behind these numbers and their expectations of the second half of the year and beyond.

When you consider everything that's been going on around us in the 6-month period, it's quite a chaotic environment. We started back in the autumn with another budget in the U.K. And then by the end of that 6-month period, the market volatility from the Iran war was in full swing.

But if you look at our performance within that environment, it's been fantastic. So we've seen record growth in customer numbers. We've seen our customers put more assets onto the platform than they ever have done in the 6-month period before, and our staff have continued to deliver fantastic service to our customers. Really strong performance from the team in quite a chaotic environment. There's still a huge opportunity in the U.K. platform market.

So the market's grown about 11% a year since we listed the business. And if you look in recent years, that growth has actually accelerated. So it's still a very attractive space to be in. And I think it will carry on growing for years because there's still a huge amount of money in the financial services system that could be in the platform market, but is not in the platform market as we sit today. The growth opportunity is certainly there. We're gaining market share. Our inflows every year are far higher than our existing market share. And we're doing that by, yes, giving a great service to our customers day in, day out, yes, by having great products in the market, but by investing in the right areas. So we're continuing to invest in our brand and continuing to invest in our products to make them the very best products that they can be.

The growing importance of AI has been a much discussed topic in the industry over the last 6-month period. We're big fans of the technology at AJ Bell. I think it's a hugely powerful technology, and we're deploying it in numerous areas. So we're already using it at scale in our operations, and that is accelerating our operational gearing. It's becoming increasingly important in how we attract customers in the direct market, and we've been exploring lots of ways in which we'll bring it to the fore in our product set, both the direct and the advised market.

There's a couple of key things there. Number one, it's not always the right tool for the job. It is one tool in the kit from a technology perspective. And two, it has to work alongside the important human relationships that exist in financial services. Trust is key and, whether that's key moments in the customer service journey, whether it's people being delivered, complex financial advice, face-to-face, that will still need to happen going forward. So it's how we mesh those 2 things together effectively that will be the key to getting the deployment of AI in our industry.

When we think about our product strategy, there are always 4 things at the forefront of our mind. First of all is building trust with customers. And second is giving them great service, and that reinforces and retains trust over time. And we think about the design of the product, it's about making it as easy as possible to use and making sure that it's priced at the right point. Because of our dual-channel model, we're in both the advised and the direct-to-consumer market. And those things have different priority and mean slightly different things in the 2 different markets, but it's always those same 4 focus areas.

In the advice market, there are 2 key focus areas for us. The first is automation. And there, we're focusing on automating the movement of cash on the platform, the instruction of investments on the platform, those everyday tasks for advisers and making them as efficient as possible. The second area is the transfer of wealth through the generations. So whether that's being driven by demographic reasons, whether it's being driven by government tax policy, it means the same things ultimately for us as a platform business. It's making sure that we've got bonds, we've got trusts available on the platform and that the journeys between different tax wrappers and the technical support around them is as strong as possible.

So those have been big areas of development for us in the period, and that will continue in the second half of the year as well. With both of those focus areas in mind, we're now changing our approach to AJ Bell Touch. So we've had fantastic feedback from advisers on the customer journeys that we built on the capabilities that we've developed for the Touch platform.

But they don't just want those capabilities for a small cohort of their clients for their younger clients. They wanted to apply across the client book. So we're taking the team that has developed Touch. We're redeploying them to a new challenge of taking those capabilities and putting them into the AJ Bell Investcentre platform, and we're retiring the AJ Bell Touch sub-brand.

In the direct market, we have 2 key focus areas right now. So the first is the development of an all-new mobile application. There, we'll be looking to serve customers with more personalized content, provide more intuitive journeys and we'll also roll out our new brand identity, which will bring the feel good brand promise to life.

The second focus area is the development of the ready-made pension journey. What we see with new investors is that the decision to invest for the first time, what investment product they should pick, is a high area of dropout. So we're looking to use the new targeted support permissions to help customers more to guide them through that process and make the product easier to use.

The investment in brand has been an area of real success for us over the last few years. It has helped to build trust in the AJ Bell name for new customers, and it's boosted our brand awareness in a sustained way through that 3-year period. We said when we set out in this journey that ultimately, we need to be able to attract a whole load more customers or we need to be able to attract customers with a lower cost per new customer than we were doing at that point in time. And one of the great successes of the investment that we've made is we've been able to do all of those things.

So in the period, we've attracted a record number of new customers, but brand awareness has continued to increase, and we've actually seen the cost of acquiring customers reduce as you leverage that stronger brand awareness over time. So it's been an area of real success for us, and we're going to carry on making that investment as we move forward into the second half of the year.

Our business model is highly scalable and it's well set up to support our growth ambitions. We have a dual-channel single operating model. So we operate in both the advised and the D2C markets, which gives us bigger coverage of the target market opportunity. We serve those customers and advisers using a single technology stack. There's inherent scalability within that setup.

In terms of the tech stack itself, that comprises 3 layers. So there's an outsourced back office. There is proprietary user interface. And then we have an integration layer that sits between the two. The benefit that gives us is it means we've got a scalable platform. We've got full control over product development, and we've got the ability to integrate new technologies such as AI and robotics into the operation of the platform.

Importantly, the business and the model is already scaling. We have GBP 100 billion of customer assets on the platform. We've got scale benefits coming through. We're reinvesting in the growth drivers of the business, whilst also keeping the cost to serve a customer low. That low cost enables us to keep pricing at a competitive level, and that in itself also drives future growth.

AI and automation have a significant impact on scalability. Both, however, do need to be deployed in a well-controlled, well-governed and sensible way. From an AI perspective, we've built our own GenAI-as-a-Service platform, and that's enabling us to deploy AI into various areas of the business, including proposition development and into our operational activities.

In terms of the latter, I'll give you a couple of examples there. So within our customer services team, they have a number of AI-enabled tools that enable them to deal with customer calls and customer e-mails in a more efficient way than they have done in the past. They're dealing with about 150,000 of those sorts of interactions in a month. The other benefit of deploying AI in that way is that we get good sentiment analysis from customers. We can understand how they're feeling about things, any of the problems that they're having, and we can feed those back into either proactive customer engagement or future proposition development.

So the business is scaling really well, and there are some great examples from the first half of this year. We onboarded a record number of new customers and there's a significant increase in activity on the platform year-on-year. Whilst we're a digital-first platform, it is important that customers and advisers can speak to a human being or interact with a human being when they've got something that they particularly need to talk to us about.

Despite the significant increase in activity, 94% of our calls were answered within 20 seconds. And actually, in March itself, which is a really busy period leading up to tax year-end, the average time to answer a call was only 8 seconds. Despite all of that increase in activity and inbound calls and interactions with customers, we retained our 4.9 market-leading Trustpilot score through the period, and we also became a 'Which?' recommended provider for the eighth consecutive year.

I think if you take all of that in the round, you've got a substantial increase in activity, stable headcount in our operational teams and market-leading service scores. I think that's good evidence that we're scaling effectively.

We delivered record financial performance in the period with revenue up 19% and underlying profit before tax up 15%. The drivers of the increase in revenue were twofold. The transactional revenue was up 37%, driven by high levels of customer dealing activity and in particular, overseas dealing activity, which impacts FX revenue.

Within the recurring ad valorem revenue line, we saw higher market levels, which translated into higher custody fees and higher cash balances, which translated into higher net interest margin. So costs before exceptional items were up 21% in the year. Within costs, we have business-as-usual costs, we have business investment costs, and we have performance-related variable costs. So just taking each one of those in turn. The business-as-usual costs remain well under control. They're increasing at a lower level than things like customer numbers. We're getting good operational gearing coming through there.

Business investment costs were the bulk of the cost increase, and principally, that was the distribution investment that we made and we signaled at the beginning of the year and which has reaped significant rewards for us in terms of new customer acquisition and net inflows in the period.

Performance-related variable costs will be slightly ahead of what we originally indicated. And again, that's for good reasons. We've got high levels of customer transaction activity and performance-related pay for our people will be higher than we originally planned because our performance is ahead of what we guided.

We had net exceptional items of GBP 13.8 million in the period, and that comprised 2 items. The first being the profit on disposal of the Platinum SIPP and SSAS business. We disposed of that in November, and the profit is in line with what we previously communicated. Separately, we have a GBP 7.6 million charge going through the exceptionals line in relation to the write-down of the Touch intangible asset following the decision to redeploy our capability there onto the Investcentre platform. That decision from a capital allocation perspective gives us a benefit in terms of being more efficient going forward with our deployment of resource into technology development and brand and marketing.

The business remains highly profitable and highly cash generative, and we've seen really strong growth in the period, and that growth has exceeded our original expectations. So that sets the context for the shareholder returns that we're announcing today. So we've already distributed GBP 77.3 million to shareholders in the period, which is a combination of dividends and share buybacks.

Today, we're announcing an additional GBP 15 million share buyback to sit alongside the GBP 50 million that we announced at the beginning of the year. And then we're also announcing an interim dividend of 5p per share, which is an increase of 11% on the interim dividend last year.

Given the government's stated aim to increase participation in retail investing, you think that policy formation in our market would be in a good place. Sadly, I don't think that's the case at all. Attracting first-time investors is all about reducing complexity and helping to overcome that confidence barrier that they have.

For me, any changes that are being made to policy should all be about simplifying rules. And if you can't achieve that, then just offer the stability of maintaining what you have. Sadly, what we're seeing is a whole load of complexity being introduced to the market and a whole load of uncertainty. We wanted to see ISAs simplified. We know that's not what we're getting. We're going to get complexity. So it's now about how we manage the introduction of that complexity in the best possible way.

We want to stay focused on first-time investors because stocks and shares ISAs are about the best products that a first-time investor can take out. But there are some key features that we risk losing, namely the tax-free status and the ability to invest in low-risk assets like money market funds. We need to make sure that any of the anti-avoidance rules that the government bring in are considerate to those first-time investors and don't diminish the attractiveness of the stocks and shares ISAs to those customers that we all say that we want to attract into the market. So we would like to see a public consultation to make sure that it's a very evidence-based approach that is taken.

There's actually a lot to talk about with pension policy at present, but that's not my main focus in the pension market. It's the way that the U.K. budgets are being run and the impact of the long drawn out rumor filled buildup to those budgets is impacting on customer behavior. So we've seen over the last 2 years the same pattern playing out that in that period leading up to the budget, people are worried about the tax treatment of their pensions changing and they're withdrawing huge amounts of money that they otherwise wouldn't.

We've seen over GBP 1 billion of excess withdrawals from pensions simply for that reason over the last 2 years, and that's a pattern that's been repeated across the industry. And it all comes down to the uncertainty around tax treatment. So this is why we continue to call for a pensions tax lock to provide some certainty around that tax treatment, allowing people to make sensible long-term financial decisions rather than knee-jerk reactions to rumors.

We're upgrading our guidance for FY '26. That's because we're expecting revenue margin to be higher. The higher levels of transaction income and the higher levels of ad valorem income that we've seen in the first half, it will result in us delivering a revenue margin that's above what we guided at the start of the year.

Alongside that, we've seen really strong returns from the investments we've made in brand and marketing, the economics of the customers that we're acquiring, the levels of growth that we're seeing is the right thing to do is to invest more than we originally planned in that area in the second half as well. However, overall, we do expect both profit before tax and profit before tax margin to be ahead of what we originally guided with profit before tax margin being above 40%.

In terms of the sort of more medium term beyond FY '26, we would expect revenue margin to moderate over time and there are various reasons why that's the case. We will continue to reinvest in pricing, and we've done that historically. And we expect things like cash balances and overseas dealing levels to moderate and normalize over the future period. We will keep business as usual costs well under control, but we do retain the flexibility to reinvest in growth drivers as we have done, things like brand and marketing and proposition development. So there is underlying an opportunity to increase margins over time, but we do need to be forward thinking in terms of where we deploy our investment spend.

The outlook for AJ Bell is hugely positive. Whilst I have my views on policy formation and there's some things there that I think could be significantly improved, actually, what really drives the market is customer behavior and people understand the need to invest to take control of their finances. And so the market has grown, is continuing to grow, and that provides a huge opportunity for AJ Bell. As a business, we're in great shape. The results in this period speak for themselves.

What's really important for me though is that, yes, we're continuing to invest in the areas that we've talked about, brands, technology, the products, but we're doing it with a great base. We've got a great team of people here. We give our customers great service day in, day out, and we've got a fantastic culture in the business. It's that combination that makes me excited about the future.

Hello, and welcome to AJ Bell's 2025 Annual Results Video. In just a moment, you'll hear from our CEO, Michael Summersgill; and CFO, Peter Birch.

But first, let's take a look at some of the standout numbers from the year. Platform customers increased by 102,000 to close at 644,000, an increase of 19%. Platform assets under administration closed at GBP 103.3 billion, up 19% in the year, driven by record platform net inflows and positive market movements.

Revenue was up 18% to GBP 317.8 million, driven by strong recurring ad valorem and transactional revenues. Total costs increased by 15% to GBP 185.9 million, whilst net finance income totaled GBP 5.9 million. Taken together, this resulted in a 22% increase in profit before tax to GBP 137.8 million and a profit before tax margin of 43.4%.

On capital returns, the Board has recommended a final ordinary dividend of 9.75p per share, taking the total ordinary dividend for the year to 14.25p, the 21st consecutive year of ordinary dividend growth.

In addition, the Board has approved a further share buyback program of up to GBP 50 million, returning surplus capital to shareholders in line with the company's capital allocation framework. You can find full details about these results on our website.

Now let's hear from Michael and Peter and get their insight into what's behind these numbers.

2025 has been a brilliant year for us, and I feel like I'm saying the same thing every time we do one of these videos. But if I look at the achievements in the year, some of the records that we've broken, we've taken over 100,000 new customers onto the platform in the year, a record net inflows figure, and that's taken us through GBP 100 billion of assets on the platform. There are so many just in those achievements for the team to be proud of. So a really strong year for us.

Our growth has been sustained over a number of years now. If you look back over the last 5 years, we've broadly doubled the size of the business by most key metrics in that time. And that growth has come from really 3 areas. So we've got a growth opportunity just from our existing customers. So our existing customers contribute more to the platform every year. On average, they're contributing about GBP 13,000 a year, and we keep customers for 17 or 18 years on average. You can see there's a significant opportunity there.

You then look at customers who are already in the platform market, but have not chosen AJ Bell as their platform. The market is GBP 1.2 trillion now in total value and the small number of customers who do move between platforms every year represent a bigger opportunity as the years go by. We've got about an 8% market share, but we've taken 16% of the net inflows available to the market over the course of the year, which shows that we are generally winning that competitive battle. And then you add to that the assets that sit outside the platform market that can be well served on a platform, and there's another GBP 2.5 trillion there approximately in things like personal pensions and legacy workplace pension schemes that can be consolidated onto a platform.

So you add all of those together, and you can see why we're confident in the future growth prospects for the business. And so we're going to carry on investing in the areas that we have been for some time to carry on driving that organic growth.

So the business is very scalable. We have a dual channel platform. It operates off a single operating model. Alongside that, we are continuously automating aspects of our business and automating key processes. You take those things together, and we've got a very scalable model that will absolutely support our growth ambitions.

There are 2 principal benefits to operating at scale. The first is that we can become more efficient over time and keep the cost to serve customers lower. That then is a benefit we can pass on to customers through reduced prices. This year, our cost to serve actually reduced from 16 basis points down to 15 basis points. The second benefit to operating at scale is that we can then generate the resources we need to invest in the future growth drivers of the business. And we've done that successfully in the period as well. We're getting good returns on the investments that we're making. And that investment has been centered around our market-leading customer service, our trusted brand and our easy-to-use propositions.

The reason that service is so important to me is that trust is crucial in financial services. Now on a platform, first and foremost, that means getting the digital service right. So it needs to operate at scale. It needs to be easy to use. It needs to be reliable. And you can see from some of the figures that we've delivered in the year that that's what we've built at AJ Bell. So we processed about 12 million trades for our customers. We've processed about 3 million payments in and out of the products that they have on the platform.

But the thing that you've got to get right in addition to that is offering human support when it's required. So there might be something that a customer doesn't understand. There might be something that they only come across very infrequently in their investing life cycle, and they just want to talk that through with somebody and make sure that they've understood the system properly, they've understood their options properly. And that's where I think we excel at AJ Bell.

We've handled about 450,000 calls over the course of the year, and 96% of those have been answered within 20 seconds, and that's connecting the customer to a member of the team here at AJ Bell within that 20-second time period and then giving them the support that they need. And that's a big part of our service reputation and I think a big part of the reason that we've got our 4.9 star Trustpilot rating, which is the very best in the industry.

The investment in brand is crucial. There's a huge growth opportunity for us still in the market, but we need a powerful brand if we're going to carry on driving that organic growth. People need to have heard of us if they're going to join the business for the first time. So there's lots of activity that we're undertaking there. We have a strong PR team. We create lots of technical content, and that helps us to support media institutions and to answer questions that customers have and to be that industry expert. You've then got advertising activity, and we've been doing more in that space over recent years. So more TV advertising, more radio activity just to build the brand awareness.

And then we have sponsorship as well. So the great run series is the key event that we sponsor, a great feel good event and one that we're really proud to be a part of. And all of that activity is about trying to build the brand awareness. And we've done that very successfully over recent years. The brand awareness is as high as it's ever been. But ultimately, that is about building awareness to attract more customers to the business. So you either have to be attracting more customers at the same cost of acquiring a customer or you have to drive down the cost of acquiring a customer.

We've actually done both of those things over the last 2 or 3 years. And in 2025, we saw a record number of new customers join the business. So that investment in brand is certainly paying off. And given the growth opportunity that we still see in the market, it's an area that we're going to carry on investing in. We're continually investing in our platform products. It's an ever-changing market, and we need to make sure that we're always responding to adviser and consumer demand. The first thing that we focus on is making sure that we can deliver as much change as possible as quickly as possible.

So for a number of years now, we've been investing in our change capability, new processes and more engineers into the business to deliver more change more quickly. But then crucially, it's about what we're actually delivering to market. And that's different between the advice market and the direct-to-consumer market. So for advisers, it's really about their efficiency so that they can then spend more time focused on the end client and deliver a better service to the clients. So that's had us focusing on things like data integrations and on more automated processes on the platform.

In the direct-to-consumer market, it's really about the customer journey. The user of the platform is the end customer. It's about making things as easy for them as possible. So that's seen initiatives like a new public website launched in the year, and we're now focusing on our mobile app reworking the journey and the technology there to make sure that it's as slick and experience as possible for the customer.

So this has been a year of record financial performance for the business with revenue up 18% and profit before tax up 22%. We've got a well-diversified set of revenue streams, and they were all firing on all cylinders during the year, in particular, transactional revenue, which was up 50% in the year as dealing activity returned to long-term average levels, and we saw heightened levels of FX revenue around the time of the U.S. election and the tariff announcement.

Ad valorem revenue, which comprises custody fees and net interest margin, both of those were up as a result of higher AUA balances and higher cash balances. So costs were up 18% in the period before exceptional items. Within the overall cost increase, 6% of that came from business as usual costs. This is where we're increasing headcount to support the growth of the business, but also having to absorb things like the national insurance increase and higher levels of FSCS levy. We actually also delivered GBP 2.9 million of annualized cost savings through that category this year, just to highlight that we are focused on efficiency.

Business investment costs accounted for 9% of the overall cost growth. This is where we're investing in things like brand and marketing and also proposition development. Those investments are really paying off for us at this point in time. And so we went a bit harder on brand and marketing than we had originally planned in the second half of the year. So those costs are slightly higher than what we originally guided to, but the returns are excellent.

The final cost category is performance-related variable costs. Those account for 3% of the overall increase, and that was driven by 2 things. The first is high levels of customer dealing activity and the second is high levels of variable pay. So we're generating very strong shareholder returns. As we sit here today, we've returned GBP 100 million to shareholders over the last 12 months in the form of dividends and share buyback program. Today, we announced a 14% increase in the total dividend for the year, alongside another share buyback program of GBP 50 million that will take place over the next 12 months.

The regulatory and legislative landscape is ever changing. So there's always something to consider. The U.K. budget is probably the most recent example of that. And it's worth highlighting there because there were a number of, I suppose, anti-business and anti-capital measures in the budget, but there was nothing that is particularly detrimental to AJ Bell as a business. Yes, we're about helping people to build retirement savings and to save and invest over the long term. So there could be some concern there given what I've said, but there's a long-term societal need that we're fulfilling with that service. And so some hazard policy intervention is not going to detract from that long-term need. And there's nothing there that concerns me about providing the core services that we do to the market.

Plenty of missed opportunity, but nothing that concerns me. More positively, as we've known for quite some time, there is the implementation of targeted support coming in 2026. And that will mean that we are able to give more support, in particular to our direct-to-consumer customers. There we'll be able to give some guidance, some nudges and just give them more specific support to their circumstances without straying over into the world of financial advice. So a positive development in regulation there that will help us to ultimately help more people going forward.

There were a number of changes to the ISA market announced in the U.K. budget. And honestly, I've been with the business for 18 years now, and I've not seen a more confused and misguided set of interventions into the ISA market. Having said all of that, the key point to make is that there's nothing that detracts from the core service that we offer to our customers. As we sit here today, our customers can invest GBP 20,000 a year into the Stocks & Shares ISA and get the benefits of long-term investing. And even after all these changes are implemented over the next few years, our customers will still be able to invest GBP 20,000 per annum into the Stocks & Shares ISA and invest over the long term. So really, this is about a missed opportunity. There's no negative impact on what we do today, but a missed opportunity to improve the ISA landscape for consumers over the long term.

There was an extended period of uncertainty leading up to the 2025 budget, actually even worse than we saw in 2024. That period of uncertainty was more damaging than the content of the budget itself, and it is something that I think needs to be managed in a very different way going forward. The bit that caused us particular concern and caused our customers' concern more importantly, with the rumors around the removal of or reduction of tax-free cash on pension commencement lump sums. It's a material -- has a material impact on someone's retirement plans. And so you can understand people at that point in their life being very concerned about it. We engage with the treasury and with government, and we've been campaigning for a Pensions Tax Lock to try and get some more certainty and more stability around that aspect of the pensions market. It's something that we'll carry on campaigning for as we move into 2026.

So the outlook for revenue is that we expect revenue margins to moderate slightly during FY '26. And that's a factor of 2 things. One is the heightened levels of FX activity that we saw this year. We expect those to moderate during FY '26. We also expect cash balances as a percentage of assets under administration to be a bit lower during the course of FY '26 as well. So those 2 things together do reduce the overall margin.

The other factor that impacts revenue next year is that as we wind down our non-platform business, the revenue from that business reduces. So there was GBP 12.7 million of revenue this year that won't recur in FY '26. So we're expecting costs to increase by around 16% in FY '26, and that's comprised of 2 principal areas of increase. The first is around business investment costs. Those are expected to account for about 8% of that overall increase. And this is where we're investing in brand and marketing and proposition development. We're having a lot of success in those areas, and that's causing us to feel confident about investing further.

In addition to that cost category, we have business as usual costs there also expected to grow at around 8%. That is really just caused by the growth of the business. We expect profit before tax margin for FY '26 to be between 39% and 40%. That's a reduction on the FY '25 PBT margin. That's deliberate and reflects the additional investment activity that we're making, and that's because we see the opportunity to accelerate growth in the business. We've always said we would reduce margins if we saw the opportunity, and that's what we've chosen to do. The fact that we've got underlying costs well under control means that we can, should we choose to, allow profit margins to increase in future years and that opportunity remains.

The other item that we'll feature in FY '26 is that we'll have an exceptional item relating to the disposal of our Platinum SIPP and SSAS business. That transaction has now completed. And so there'll be an exceptional item of around GBP 21 million, which will be a profit in FY '26.

As ever, I'm very positive about the broader outlook for the business. We've had a very strong year in '25. We're still in a very attractive market. It's growing well. There's lots of opportunity there for us in 2026 and beyond. I think the crucial thing for me is I feel like we've got everything in place here. We've got a great culture in the business, got lots of fantastic people. We've got strong products. We give great service to our customers. I've got a great senior team and a very supportive Board. So I think everything is in place there for us to take that opportunity that we can see in the platform market.