Cake Box Holdings (LSE:CBOX) — Half year results for the twenty-six weeks ended 28 September 2025

0:00 Good afternoon, and welcome to the CAKE BOX HOLDINGS PLC Results Investor Presentation. Throughout this quarter presentation, investors will be in listen only mode. Questions are encouraged, and they can be submitted at any time via the Q and A tab situated in the right corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question received in the meeting itself, and the company can review the questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to CEO, Sook Chandao. Good afternoon to you, sir. Good afternoon, everybody. Thank you for joining us today for our interim results presentation. I'm excited to share some key highlights and show you how our strategic plan is driving growth. After I wrap this up, I'll hand over to Michael who will dive into the financial details.

0:46 Strong start. We had a fantastic start to this financial year with group revenues up by 53.5%. What's driving growth? This incredible growth comes from sustained demand for our diverse cake offerings, the successful opening of nine new cake box stores, significant enhancements to our digital platform. I'll provide more details on these later. The acquisition update, you may remember that we completed the acquisition of Ambala just before the last financial year ended. In the first half, Ambala contributed 6,500,000 in revenue and naught 400,000 of EBITDA. The franchise sales growth, we've also seen like for like growth in CAKE BOX franchise sales. Our digital presence is stronger than ever.

1:31 The store network, we are proud to now have 284 CAKE BOX and BULANA stores nationwide. On this next slide, let's now talk about our strategic plan and the growth it's delivering even in challenging market conditions. Since Michael joined us, we've implemented this strategic plan, which is really starting to show results. The first half results continued a strong momentum we saw in q four of last year. We've achieved significant organic sales growth, mainly due to operational efficiencies, particularly with CAKE BOX leveraging improved operational gearing. Expanding our footprint, we've expanded our footprint with new store openings, including our first franchise and bar stores.

2:17 We've also accelerated digital sales growth to through effective marketing and customer engagement strategies. I discussed how our enhanced loyalty program is driving stronger customer engagement and growing our loyal customer database later in the presentation. On Ambala integration, we made significant progress integrating Ambala, streamlining production processes, and supply chain operations to boost reliability and efficiency. On the next slide, the integration of Bolling to our group is progressing well, aligning with our plans and expectations. We made significant strides across various integrations work streams, operation improvements with upgraded production equipment, and established partnerships with local suppliers to enhance product freshness, plus we negotiated better commercial terms.

3:12 Delivery reliability, a major achievement has been enhanced delivery reliability by integrating our supply chain with cake boxes. People and culture, we've implemented implementing new pay structures and benefits and complete recruitments for key roles. On the brand development, we rolled out our new brand. We updated packaging to elevate customer experience, plus our new optimized website launched in October 2025. It is also great to see that two of our cake box franchises have opened and balanced pool as well. These efforts are laying a strong foundation for continued growth. Now let me hand you over to Michael for the financial overview. He'll be on Mike O'Lee because of IT issues this morning. Michael, all over to you.

3:59 Alright. Thank you very much, sir. And and just to reiterate, apologies. I'm just having some technical issues this morning with my my video. So from a financial highlights point of view, this slide sets out a number of financial highlights for the year. We've got our group sales growing 53.5%. I'll go into that a little bit more in-depth after this. Our CAKE BOX franchise like for like sales grew 6.3%, up from 2% in the prior year. We opened up 11 stores in the half, two of those being Mbala and nine CAKE BOX versus seven in the prior year. Our net debt is CAD 11,600,000 at the end of the half, and it was $5,600,000 net cash at the half last year and $9,000,000 net debt at the end of the financial year last year. Our underlying group EBITDA grew to $4,600,000 from 3,500,000 in the prior year.

4:56 Underlying profit before tax was marginally down at $2,700,000 versus 2,800,000 Our free cash flow, again, marginally down from $890,000 to 800,000 and our dividend per share is up 5.9 from 3.4p per share to 3.6p per share. If we just look a little bit further into how our sales is made up there we go. So cool. Oops. Yeah. There we go. Our total CAKE BOX franchise sales, so this is our sales from our, franchisees to to customers. That increased by 14.6% year on year to 47,600,000 from 41,500,000. And that's due to, three factors, existing stores that opened up in the prior year, new stores that have opened up this year and as well as our 6.3% like for like.

5:52 If we just look at our group sales then, so we have these two segments now that we report on, CAKE BOX and Mambala. If we look at CAKE BOX on its own, so CAKE BOX sales, the segment sales, our group sales increased 18.9% from $18,700,000 to $22,300,000 And the difference within that, between the 18.9% growth and the actual franchisees' 14.6 growth is that within our sales, we have what we call franchise packages, and this is where we invoice franchisees for store openings. And we had a total of $2,000,000 income in this half versus $800,000 in the prior year in the half. That in our group sales, if we include 6,500,000, the maiden contribution is where we get to a 53.5% year on year increase.

6:50 So this slide just gives us a bit of a waterfall graph in terms of how our franchise sales, CAKE BOX franchise sales have grown. We can see, going from 41,500,000. We've got 5,600,000 in the half from existing stores. So this is mature stores and stores that opened up in the prior year. Dollars 500,000 from new stores, which got us to our $47,600,000 which was 14.6% up year on year. Our like for like sales performance, so we can see that 6.3% in this half versus 2% in the prior half. Just as a recap for the full year in FY 'twenty five, we did 3%. So we did 2% in the first half, then 3.8% in the second half. We actually exited the year, the quarter four in 'twenty five with a like for like of 6.7.

7:41 So it's pleasing that we've actually continued that like for like going forward from the back end of the prior financial year. Our online sales performance, again, has been really a good performance throughout the half for us, where we are just shy of 26% up year on year. So we went from $9,000,000 in the prior year in the first half to $11,300,000 now, which was 25% of our overall franchisee sales. And in the prior year, that was 22.9%. In the second half, it was 24.1%. So we can actually see the progression through last year into this year. If we just then look at turn ourselves to our underlying EBITDA, we can see our gross profit grew in line with the franchisee sales at 14.6, our overheads and depreciation growing at a lesser rate than our sales and gross profit, which meant that CAKE BOX, the segment's underlying EBITDA, grew 23.2% in the half from just shy of 3,500,000 to NOK 4,250,000.

8:51 And Ambala's first maiden contribution on an EBITDA level was just shy of $400,000 which meant we ended the half as a group with $4,600,000 EBITDA, which is 33.3% up on the prior year. How that then goes forward to underlying profit after tax? So we can see our our from a CAKE BOX point of view, the segment underlying EBITDA, which grew 23.2%. We can see the big increase in our net finance costs, and this is due to the acquisition, the additional leverage that we had taken out, the 15,200,000 loan, and that's the interest on that loan. So that means that we moved to an underlying profit before tax position of $2,900,000 which is 5.2% up year on year.

9:45 So CAKE BOX, the underlying segment's profit after tax was up 7.1%. Ambala had a small loss at $200,000 which meant overall, our group profit after tax was just shy of $2,000,000 which is 2.7% down on the prior year. Underlying basic EPS was 11.5% down, and that's due to the full impact now of the 4,000,000 shares that was issued as part of the acquisition. So we now have 44,000,000 shares in issue versus 40,000,000 before the acquisition, so a 10% increase there. In terms of our cash generation, we can see that our net cash generated from operating activities was up 1,100,000 which was due to our underlying EBITDA going from $3,500,000 to $4,600,000 Following that, we have a net interest charge of $700,000 which means that we are in line or just slightly ahead of our gross cash flow the year before of $2,600,000 versus 2,500,000 Our CapEx was up a couple of 100,000 on the prior year, which meant that free cash flow then ends up just slightly below the prior year at $800,000 versus 900,000 This is just a graphical representation of how our opening net debt from the year end has moved from CAD 9,000,000.

11:11 We have the CAD 2,500,000 of operating cash flow after tax and interest, dollars 1,800,000 of CapEx, 3,000,000 of dividends, the final dividend for the FY 'twenty five year, which is paid. The finance leases being repaid, dollars 300,000, which means we ended the half at CAD 11,600,000 of net debt. If we look at our capital allocation policy, so from a CapEx point of view, we have spent $300,000 in tape box and $700,000 in Ambalis. Ambalis CapEx was really front loaded in this year due to us ordering most of the production equipment we need for automation within the production facility.

12:01 That all that equipment we have now received and is being commissioned, ready to be implemented for the second half. We spent a further $200,000 on the new Bradford warehouse and then $400,000 in terms of our intangibles, our website, EPOS and ERP. Dollars 300,000 sorry, million was was the dividend final dividend payment for the FY twenty five year. And in terms of new growth opportunities, Ambala is our focus now, integrating Ambala to ensure that we start to get the benefits that we that we have seen in the business. I'll hand you now back to Sikh for an update on strategic and and operations.

12:47 Great. Thank you very much, Michael. As you can see, we have a robust platform for growth, both organically and through them by acquisitions. In the next few slides, I'll cover our main operational performance, including our expanding store estate, how we're improving customer penetration across various channels, growing our customer database. Michael has already shared the numbers, and they truly speak for themselves. We're definitely heading in the right direction. On slide 19, now let's look at our store network, which continues to grow and strengthen our market presence. During the first half, we successfully opened 11 new cake box stores as of September 28. We now have a total of 260 cake box stores trading. Following the Ambala acquisition, we opened the first two franchise Ambala stores, marking a significant milestone in leveraging the franchising model for growth.

13:41 Free free Feel free to adjust any sections further and let me know. One second. I've just lost my flow there. Hold on one second, please. So we we are here. Yeah. Look at the store network. It continues to expand, driving growth and strengthening our our market presence. During the first half, we successfully opened 11 new cake box stores as of September 28. We had a total of 260 cake box stores trading. And following them, by acquisition, we've had the two first franchise stores opened. It's a significant milestone in leveraging the franchising model to support its growth.

14:28 Moving forward, will grow exclusively through franchising, bringing it into line with our proven strategy of leveraging franchise partnerships to achieve scalable and sustainable expansion. Over the past few years, we've been making strategic investments in online awareness, customer acquisition, and retention. As you can see from the pie chart on the left, online sales made up 25% of our total sales in the first half. One of the investments we made was to bring online customer acquisition for click and collect orders in house. This investment is driving click and collect growth supported by cost effective integrated marketing engine. We gained a 134 new thousand customers through targeted and effective campaigns.

15:15 We've tried to push through our loyalty program as well. Our CAKE BOX reached 138,000 subscriptions, reinforcing customer engagement and repeat sales across the business. This omnichannel approach position us well for sustainable long term growth. This slide provides us a visual proof of what I've said in the previous slide. Growth has come through launch of an innovative marketing initiatives alongside effective utilization of our new CRM system. These enhancements are driving improved customer targeting, engagement, and retention, reinforcing our digital strategy and creating opportunities for sustained growth in the online channel. The growth chart shows how we've succeeded in capturing customer opportunities online, but on a strong performance of h one last year.

16:08 A quick word on our customer database. It continues to expand significantly driven by strong new customer acquisition and the success of our loyalty program. As I said before, this has grown to a 138,000. A few more data points that may be of interest to you. You can see from the bar charts, email subscriptions grew by 29% from April to September 2025, reaching a total of almost a million subscriptions. SSM SMS subscription also increased by 32%, growing to 390,000. These gains highlight the effectiveness of our strategic focus on customer engagement and retention, further strengthening our ability to drive further growth and deepen brand loyalty. Our new product development efforts have delivered exciting innovations that continue to capture customer interest and drive sales forward. We've launched the Dubai chocolate pistachio range, which gained phenomenal traction and went viral, creating a significant buzz around the brand.

17:09 We're also expanding our single serve range with new offerings, including mini cheesecakes, chilled brownies, and the strawberry and creme sandwich. Additionally, we introduced the first ever collaborative range between Numbala and CAKE BOX, further strengthening our product portfolio and broadening our appeal across customer segments. We conclude to conclude, the group firmly remains on track to deliver year on year growth in line with market expectation despite headwinds in a consumer environment. We anticipate stronger performance in the second half of f y twenty six with revenues and profits exceeding h one performance. As we benefit from typical seasonal trading trends, the success of key celebration events and strategic investments.

17:59 Our growth strategy is progressing well with 17 new stores already opened this year, and we're on schedule to meet our target of 25 new CAKE BOX and 10 franchisees towards by year end. Add our digital sales continue to build momentum with 17.4% year on year increase in online sales for October, reflecting the strength of our integrated online and high street channels. Trade has been robust with franchise sales in CAKE BOX up 13.7% and like for like sales rising 5% since the period end, highlighting consistent consumer demand. The continued integration of Embala further strengthens our position, and we remain confident that the investments made combined with the group's innovative product offerings and strong franchise model positions us well to deliver sustainable growth going forward.

18:49 Thank you very much for listening, and we'll now go to you the q and a, and we'll read out the question and answer it as well. Right. So we we are q and a, And the first question is how successful is CAKE BOX on the French market? We it's still a test. In the next couple of weeks, we will be launching the French website that will enable us to click and collect, order online, have arranged to all our our products, and pay online. So that will in further enhances the the profitability, the turnover, which we will report to you at the next set or next full year results.

19:41 Michael, you wanna do the next one? Yes. So I think what perhaps if we look at the segment analysis in the in annual reporting, the CAKE BOX revenue on its own was $22,300,000 So I think maybe just missed the fact there because you've I've taken off the 6.3% gives you the 15.8 But actually, it was the CAKE BOX revenue on its own was 23 sorry, 22.3% versus 18.7%. So that was 18.9 up, and Bala was six and a half on its own. So the total group was 28.8, not 22.3. In the next question, is interest costly? Only thing that have depressed PBT.

20:28 Any way you can control this, negotiate with your lenders? So, yes, so we could see after after EBITDA, we we have the now the the new line of the increase in our leverage costs following the 15,200,000 additional loans we've taken on. Those loans the margin is set for the duration of the term of the loans, which is split between seven years and ten years. So the the interest rate will will only move at at Sonia plus 2.75% margin. So those will only move if Sonia does come down. At the moment of acquisition of Mbola in March 2025, you stated that it would be immediate earnings enhanced.

21:21 The half year results show a limited EBITDA contribution, a net loss for Ambola. Is Ambola performing up to your expectations? Can you give some more information on realized and expected synergies and growth opportunities? So so what should we when you say immediately earnings, it would be for the next financial year. We've added on with the EPS at the moment, it's calculated based on 44,000,000 shares, which we've only had half a year. So we need to look at it on an annualized basis. In terms of the synergies, said there would be 1,000,000 worth of synergies on an annual basis. We have actually in the first half, we've unlocked those synergies, and we'll see a full six months of those synergies coming through for half two.

22:14 And it's very much the profit in Ambal is very much weighted on the second half, driven by the two main celebration of Diwali and Eid. And actually Diwali, we have seen that we have generated the returns that we expected for that as Diwali was in October. So we now have sight of the results from that period. And the next big one will be Eid, which is in March, which is probably two, two and a half times bigger than than the volume in terms of sales and profits. Please, can you provide some color on the percentage evolution from revenue? Plus 53 to gross profit, plus 58% to EBITDA, plus 30% to earnings per share of minus 15%.

23:06 Please, can you mention the drivers causing these deteriorations? So in Slides 12 to 13, so this is where we walk forward the underlying EBITDA. If you look at CAKE BOX, so the 53.5% increase in sales, that includes this maiden contribution from Mbala for the first six months. So if you just look at the CAKE BOX segment, so on Slide 12 again, you can see that actually our revenues, as we said, went up 18.9%. Our EBITDA has gone up by 23.2% for the actual CAKE BOX segment. So we can see a good progression in terms of the profitability of the underlying CAKE BOX business.

23:53 Dunkin' Donuts makes good profits with beverages. Why does CAKE BOX not offer any tea or other beverages? I believe this could increase profits as beverages usually have higher margin than many customers would likely add one to their purchase. We have tried putting coffee and tea in in some test stores, And what we found that it just did not work because customers go to establish Costa Coffee or Starbucks or Niros if they wanna if they want a coffee. And or it also detracted the the staff from serving a customer where a k a eight inch cake takes five to six minutes to make and ten minutes to serve. It took four four minutes to make a coffee so that we found it was detrimental to overall customer experience.

24:44 But we did find that we did not just don't get any much sales uplift with coffee. What is the progress with the franchising of the corporate stores? The gross profit margin increased, but the operating profit margin decreased by 400 basis points compared to h one twenty six. What is the reason between behind this, and what is your margin target for the remainder of the fiscal year and the long term? So in terms of the progress of franchising the corporate stores, so we did say the corporate stores would look at this over probably a twenty four month period. Our first priority now is and with our existing franchise, CAKE BOX franchisees, is to drive the awareness and the increase in the number of franchise Ambarella stores, which is why we're looking at 10 this year and 10 next year as well.

25:35 We will be looking to move on the corporate stores over that sort of twenty four month period. We are looking at right now how commercially we'll do that. We want our franchisees to be putting their capital into new Ambarella stores right now to get that brand awareness and and to grow the store estate before we actually move on with the corporate stores. What is your goal regarding the repayment of borrowings, and do you expect the year end cash position to be higher? If a new investment opportunity arises in the coming months, would you be willing to take on additional debt, Or is your primary objective now to integrate embola and pay down debt as quickly as possible? So our debt paid down at 2,000,000 a year from now on, including this year. So we paid down 1,000,000 already by the half year.

26:28 So that deleverages pretty quickly. Our primary objective right now is to integrate Mbala. So we will evaluate. We have had one or two potential Opportunities. Opportunities come across opportunities come across our our desk. But right now, our main focus is on integrating Mbala, getting the synergies from Mbala. And then as we go along in the next couple of years, we'll we'll deleverage the business and put ourselves in a position to to take to take up any potential opportunities going forward. Why was the profit before income tax for Ambala negative? So the the main reason for that is that it it's their profit is very much second half weighted.

27:23 We also had a we took a number of additional costs in the first half relating to restructuring and reorganizing the business, which we won't have in the second half. And we will have the benefits of the synergies we've identified for the full six months in half two. So the profit is very much half two weighted for this year. Leo Pold asks you, what's the motivation behind the new Luxe hook? I'm not sure if you're talking about a cake box or umbrella, but I'll answer both. The cake box, we've now got new branding, new contemporary look because we're expanding out of our homeland Asian homeland into non Asian homelands.

28:09 And so we felt that we needed a new, fresher look. We've had the same look for the last fifteen years, and, so that is working really well. Where we've opened with the new look, we found an increase in sales, and when we refreshed the new look into a new look, we found it increases sales. From Bala, they've had a very dainty brown looking image. We've updated that with classy or midnight blue with the amber green inside, and that gives a much classier or much higher, look, and it brings it a much fresher look. A for the new generation to embrace the the sweets and be seen as quality and modern.

28:59 Area k, can you quantify the amount of OPEX investments you made in Mbola this period? I think which you meant CapEx. I I know. Well, I think probably what what we can do both. I mean, OPEX, was additional of about 250,000 of spend, included the restructuring of the team at Ambala. In terms of CapEx, there was 700,000 which included improvements. We we sold improvements we made to the the production facility as well as the purchase of of all the production equipment that we need. Does Ambala have the same EBITDA EBIT EBIT margin as CAKE BOX? And what should that margin be?

29:50 At the moment, it doesn't, but it it it will grow into a similar margin to to CAKE BOX. And then we've our projections are that, that should be around the sort of once we get through this first period, around the 15% and then grow to similar margins that CAKE BOX have. Tiller wants to attend the next general annual meetings. We haven't set a date yet. Please keep an eye on our website, and we will announce it as soon as possible. Holly, hi. Can you give me more detail on how the sales and customer feedback has been on the cheesecakes? What are the margins on that products compared to other cakes? The cheesecakes has been growing more and more every week. We're really impressed by how good the product is and how good the sales have been.

30:45 And the margins on the product compared to the other cakes is just as the same. We give we give a very similar margin. A k. What is the long term EBIT margin for CAKE BOX? Is that is it just CAKE BOX on its own? It does. Well, I suppose you give it for both because it's gonna be one group, isn't it? Yeah. So the the long term for the for the group is sorry. I just can't. The long term for the group is gonna be north of of 18%. I I don't wanna we we've got what's in our our notes. We can see that the short note has got that at if if you've got access to that.

31:44 But it's, yeah, sort of north of 18%. Yeah. We will we will upload that to our investor website so you can have a look at that. Or how is the CAKE BOX store in France performing? Are you planning on opening up more stores in France? The French store is doing well. We're gonna launch the, the French website in a few weeks' time. That would enhance its earnings, and then we're gonna reevaluate in three months time on further expansion in, France. And similarly, do you have plans to open cake box stores in The US? We will eventually hope to go to Canada, to France, or to America, and eventually to India as well. Alex f asks is, how do you plan to finance the Bradford depot? Would you use borrowing? If not, would that impact dividend payout?

32:38 So we we went and be using borrowings. It's a excuse me. It's financed over over twenty four months, with the developer. We will have less CapEx, in the business now from a maintenance CapEx point of view, and it won't impact on on dividend or dividend growth. Did the team consider interrupting the dividend to reduce the amount of debt required to perform the acquisition? Sorry, sir. Can you just Did did the team consider interrupting the dividend payments to reduce the amount of debt required to perform the acquisition of Ambala?

33:24 No. No. No. We did not. We we wanted to continue with our progressive dividend policy, for our shareholders. Are your new umbrella franchisee the existing CAKE BOX franchises? Yes. They are. We've also got two new external franchisees, and we've seen a good mix of existing and new franchisees interested in the umbrella and the cake box franchise opportunities. Andrew PLC says, could you break out the mix of online and delivery sales? What percentage is from cake box, and what percentage is from the aggregators like e Uber Eats and Deliveroo? You previously provided something similar in the 2022 annual report.

34:13 So in terms of our our online sales is is 24 CAKE BOX is 25%, then the the aggregators is, another six six to 8% of of sales. How many of the new and violent franchise stores will be operated by existing CAKE BOX franchisees? We've had a lot of interest in the our existing franchisees are taking on the umbrella. So whoever's interested in within a viable area, we will we will allocate that to them. Do you have any plans to convert the corporate and bar store to franchise stores in the short term? If so, do you see any interest from current CAKE BOX and bar franchisees take over these stores? So, not in the short we long term, we do foresee that we move on the corporate stores into the franchise market, but not not over the short term.

35:10 Was Ambala SSSG in h one negative? Do you expect to turn positive in h two? So, Ambarella's system Ambarella's sales, same same system same store sales growth was negative was negative, margin negative in the first half. We saw some really pleasing results following the first half during Diwali, and we're now seeing that gap narrow. And we are looking forecasting that we'll actually get to pursue positive growth by the year end. Holly's asking, did you try putting chairs and tables in those test stores with coffee machines too? In the cake box stores, they're too small to have any tables with chairs in.

36:00 In in some of them, have got tables and chairs, we've got coffee machines, which are not too successful. We're replacing those with tea machines. But in CAKE BOX, it's not practical to have, tables and chairs in. Leopold asks, is there a way to access them via financial number years from previous financial years? Yes. If you go into Companies House, you should see the the previous financial statements have been submitted and and lodged on Companies House. Yeah. Yeah. It's at if you look for Ambala Foods Limited. Holly H, do you have any medium term financial goals? Yes. We do. In in terms of, you know, our our goals are are still very much to drive the CAKE BOX business and to open 25 stores a year.

36:57 And then from an IMbola point of view is to open up at least 10 stores a year and then drive IMbola's EBITDA to get close to what, in percentage terms, what CAKE BOX is delivering for the group. Alex, if okay. How how is franchise's profitability evolving this year compared with last year? So their profitability is up this year, and that's due to the fact that they are seeing this phenomenal sales increase we've seen at the moment in 6.3%, last year then had 2% up. So they've all costs are pretty stable.

37:47 We haven't passed on any material cost increases to the franchisees. So their food, the cost that they're paying for their input in food and boxes and boards, etcetera, has remained pretty stable, which means that they've been able to take advantage of this increase in in sales. Can you provide a email address for follow-up questions? Please send it to [email protected] with the subject line investor meet company questions, please. That's all the questions we've got at the moment. If anybody wants to ask anymore, please do so.

38:35 That's great. Well, so, Michael, thank you very much for answering all those questions from investors. And, of course, the company can review all the questions submitted today, and we'll publish those responses on the investor me company platform. But just before redirecting investors, provide you their feedback, that's particularly important to you both. So could I just ask you for a few closing comments? Yeah. I think we're well positioned for growth and both in CAKE BOX and in Bala. We are the number one, leaders in CAKE BOX, and we aim to maintain the number one position of Mbala as well. By opening more stores, we get more coverage, more sales. We've just relaunched the umbrella website. It's easy to navigate, easier to order. We're gonna have the the choose your own mix facility in the few next few weeks as well. And buyers are doing 3% online. Our CAKE BOX is 25.

39:28 So we're aiming to get to that level in a ballot as well. Thank you very much for listening, and we'll see you at the the full year results. That's great. Well, thank you once again for updating investors today. Could I please ask investors not to close the session as you now be automatically redirected to provide your feedback in order the management team can better understand your views and expectations. Past management team of CAKE BOX HOLDINGS PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all. Great. Thank you very much. Thank you.