Emv Capital (LSE:EMVC) — Virtual Meet the Portfolio – Wanda and DeepTech Recycling

0:00 Good afternoon, and welcome to the EMV CAPITAL PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time via the q and a tab situated on the right hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all 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 Ilion Ilyev, CEO. Good afternoon, sir.

0:31 Thank you very much, and welcome to this EMV CAPITAL virtual meet the portfolio presentation. Now some of you have seen us use the investment company platform to present our annual results and also our interim results. But we we've had a number of requests saying, look. That's all fine and well, but we wanna see what's under the hood. We want to learn more about the companies underpinning the portfolio where you guys are spending all your time. So we are starting this series of virtual media portfolio where we want you to meet directly the companies that are part of the EMV CAPITAL family and upon which our success is premised. Today, you're going to meet the the CEOs of Deep Tech Recycling and Wanda Health.

1:21 But before we do that, I'm going to spend just a just a few minutes recapping about who EMV CAPITAL is, for those of you who haven't who haven't met before, as well as our venture venture build program. You'll then hear from Marvin and Tom for about fifteen minutes, and then afterwards, we'll be open for q and a for both companies. So just as a reminder who about who EMV CAPITAL is, we are a venture capital investor focused on the deep tech and life sciences sectors. We've grown quite significantly over the last few years. In 2020, we started with 12,000,000 assets in the management across eight companies. Today, we have more than 100,000,000 in assets in the management, both direct on by the on the balance sheet as well as advised 70 portfolio companies across these sectors as an FCA authorized entity. We have both a fund management operation, a corporate finance operation, and as you'll hear, a venture build side of the business.

2:21 We have strong ambitions. We've we have a road map where how we get 200,000,000 AUM and and above, and so that will be with the help of companies such as the ones you're going to hear from today. Our model is a little bit different compared to other VCs. In addition to the fund management side, we also have what we call the venture built, which I'll talk about in a second, where we selectively engage with some companies in our portfolio to work with them not only on helping them access funding in the market, but also working with them to in a very hands on manner to help them grow and move to the next stage. The corporate finance practice we help helps us provide support for these companies, which is particularly important in today's market where it's just difficult for companies in deep tech and life sciences to get access to venture and growth finance.

3:12 We have a corporate finance side that helps that. We proactively manage our stakes across the full portfolio even if we don't have a bad debt to do program. And, of course, we're also driving for for routes to exit for these companies because, ultimately, this is how we, as EMV CAPITAL, realize returns both through our direct stakes and the carried interest of we have. The portfolio, as I said, is growing. We have an interdisciplinary portfolio, mostly focused in The UK, but also some US assets in the deep tech space, in sustainability, and life sciences. And that portfolio was enriched more than a year ago through the addition of Maffet Capital, which is our Cambridge focused VC funds that we manage. The combination of that provides us with a really strong platform for growth.

3:58 Now I'll tell you a bit about a bit more about our venture build program.

4:03 What we found over the years is that as a team, we had the ability to spot really interesting IP rich companies that are operating in really interesting high growth markets, but who need some strategic direction. And for one reason or another, couldn't access the mainstream VC markets. What we've been doing in this space is we've been engaging with such companies, restructuring them, either engaging with direct equity or with other sources of funding, And we've even deployed EMV CAPITAL shares where appropriate to help build those companies in the first instance. Once we enter these businesses, we work collaboratively with management to grow the companies, syndicating third party capital to get into the companies, but also providing value creation services as we help the companies evolve their finance, commercial, operational structure, and getting them to the exit ready.

4:56 We're not there forever. We help the companies evolve and graduate to the point where they can access growth capital by themselves and, of course, looking to drive for exits in the course. It's a very capital efficient model with strong embedded upside. And just some stats for the companies you're going to see today, we we own 17.5% of deep tech recycling, similar double digit percentage, 14.4 in Walmart Health. But we have also attracted significant funds from our network, and some of you are here on this call. Thank you for your continued support, which has funded the businesses as they have moved forward, and you're going to hear about the results. In the end, this is about generating shareholder returns. And with a very minimal cash and direct investment, we have had significant fair value direct fair value increases for both of these companies. But, of course, we we believe this is just the beginning, you know, with this with this more to come.

5:52 I'm going to hand you over next to Marvin, the CEO of Deep Tech Recycling, and he'll be followed by Tom Smith, the CEO of Wanda Health. Marvin, over to you. Thank you, Ilian. And it's it's a pleasure to to be here to to share with you, you know, an interesting story about our journey. Most of you would not know this, but the according to a study conducted by the the UN in 2025, an equivalent of more than 2,000 garbage trucks full of plastics are emptied into the world's oceans and rivers every single day. And, and this means that there is a there's a massive problems with plastic that cannot be ignored. It's a pleasure to be here to tell you how this massive problem is being converted and transformed today into a massive market opportunity and and the role deep tech recycling is playing in this transition that needs to happen.

6:51 Plastics are strategically important in the world's economies with application in almost every sector, and they continue to be an irreplaceable material material choice in most in many, many sectors. It is our view that plastic is here to stay and that we will continue to see this upward trend in global production over many decades because there are no alternatives in many applications. But the vast and growing use of plastic generates massive volumes of plastic waste. Today, unfortunately, less than 10% of this plastic waste is recycled. This means that more than 90% of this plastic waste is managed in ways that are unsustainable and detrimental to our environment.

7:42 This current scenario and this current situation combined with changes in policy and regulation, for example, extended producer responsibility, mandates on recycled content, and pledges from packaging producers to reduce their impact is driving a need for change. Also, when you add to this the changes in the global energy landscape, which is forcing oil and refining majors to start thinking about transitioning the long term strategies from fuel production to chemicals is driving the demand for alternative feedstock, the demand for circular polymers, and the demand for recycling infrastructure, I should call it advanced recycling infrastructure to satisfy that demand.

8:31 All of this has created this new sector, this growing market, and this opportunity for those who are ready to be first movers like us. So how big is this market? So we see that the momentum for circular circularity in plastic will continue to accelerate at pace. For on the conservative assumptions, advanced recycling will, will supply up to 8% of global poly polymer demand by 2030 and up to 10% by 2040. This represents forty and seventy million tons per year by 2030 and 2040 respectively. This is an explosive growth from today's near zero levels and represents a, a market size of 40,000,000,000 during the twenty thirties and 90,000,000,000 during the twenty forties.

9:29 Looking further ahead, we see that this this growth in this market will continue aggressively as many more industries pivot away from fossil fuels and pivot away from virgin feedstocks. I'll come back to our approach, to this market in a moment.

9:51 Just a little bit on the technology. Plastic starts life as oil and gas. And in a refinery and petrochemical complex, it is converted into this fantastic material. Our approach, our technology simply reverses this process. That is we convert plastic back into oil, and this oil can be sold back into the petrochemical industry and used to make virgin quality plastics and other chemicals. This approach transforms the plastic system from linear, which is make, use, and dispose into truly circular. And and what that does is it allows the circular economy for plastic to drive the market.

10:37 So how does this approach generate value for our for our customers? For waste management customers, it turns a liability in their hands into a valuable resource, allowing them to maximize the value derived from plastics. For, polymer producers, it provides them with a reliable source of circular feedstocks, which allows them to achieve recycling content mandates and customer requirements. And for sustainable infrastructure builders, building a low carbon infrastructure, it allow it provides them with technology that would enable them to achieve their goals and growth strategies. So we have identified a market, a true need, and we have the technology to satisfy

11:21 that need. So how are we what's our approach to market? We are a technology company at our core. We have a, a capital light strategy, which means that we provide others with the technology they need to solve their problems. We specialize in engineering, project development, technology licensing, construction management, and ongoing services without necessarily taking on the long term ownership and the operational assets.

11:54 To be clear, we do not intend to build, own, and operate capital assets. Our approach to project execution is a it is an integrated partnership model whereby we work with, with partners along the plastics value chain. For example, we partner with manufacturing experts during the construction phase of projects. What that enables us to do is it allows us to to actively allocate and manage risks while still being able to to offer turnkey solutions to our customers and and keeping our burn rate quite low. We have a three step strategy to mark strategy to market. First, we have segment segmented the the vast plastic ecosystem, and we are focusing on those segments where our technology has proven competitive advantage.

12:47 Today, we are in step number two, commercial deployment. And the objective of this phase is to minimize technical risk and to demonstrate commercial attractiveness and and visibility to the market. The way we do this is by deploying a number of commercial projects in our target sectors. And in this in this area, in this step, we've made significant project progress, which we're really excited about, which I'll come back to in a moment. The third the third stage is growth, where we're building a an organize our organization's technical, commercial, and project execution capabilities to be ready to deploy our technology on a global scale. We understand that we can't do this do this alone, and then we and we have to adopt a partnership approach. That's why we are now speaking to, partners along the plastics value chain, feedstock supply companies, EPC manufacturing companies, and offtake companies to build that partnership so we are ready to scale.

13:50 So just going back to step number two where we are right now, which is where all the action and excitement is. Over the last twenty four months, we have worked really hard to build a robust pipeline of commercial projects, and these are commercial revenue generating projects that would allow us to achieve our objectives for, for step number two. I'll I'll talk a little bit about the, the first two projects where which are accelerating very quickly to, to financial close and launch. Project number one is a £22,000,000 project to build a 9,000 ton per year, chemical recycling plant in Norway.

14:36 For this project, we have assembled partners with aligned goals in an SPV structure that is aligned with our business model, where we provide technology, a license, and services, and our partners provide, feedstock, construction, and operation of the facility. For this project, we have secured an offtake agreement with Shell for the oil at a very attractive price, which dramatically improves the financials of the project. Last month, the, the project achieved a key milestone. We we received the final approval from the Norwegian government for 11,000,000 in debt financing. So this covering effectively 50% of the total project cost. This is a significant milestone.

15:26 So when added when added to the, the 4,000,000 in assets that Deep Tech will be contributing to the project, this means that we now have 70% of the financing in place for this project. This is significant. Our partners are now working towards a financial close for the remaining 30% in quarter one next year, which means that we will be in a position to launch this project officially in quarter two of next year. This would mark another significant milestone for the project and for the company. The second really exciting part about this project number one is that it is the first phase of a much larger project to, to build a facility to recycle 40,000 tons of mixed plastic waste per year on the same site.

16:18 This means that the first project will lead very nicely to the second project. And and this sort of helps us to enhance our future pipeline of projects. While engaging with stakeholders in the plastic value chain in in Norway, this led us directly to project number two in Norway as well. And this time with an established waste management company. The objective of project number two is to build a commercial facility for the waste management company that will enable them to combine their mechanical recycling operations with our chemical recycling plant to be able to maximize the value they derive from the plastic waste that they manage today. And then this will ultimately make that company very profitable by buying a plant from Deep Tech Recycling.

17:08 So what we have done today on project number two is we have now signed an LOI for the first phase of that project, which is a 5,000,000 pound initiative to build a 700 ton per per year commercial demonstrator that would demonstrate the concept. Mhmm. And after this first phase, then that would lead to the next phase, which is the the the larger scale plant for for the waste management company. Again, this strengthens our future pipeline of projects. So what does all of this mean for for deep tech recycling?

17:46 So by leveraging a capital light and capital efficient strategy, if structured partnerships and with support from EMV CAPITAL, we have been able to set up this structure for the business, and we have been able to build a, a resilient pipeline of revenue generating commercial projects. And and that has put the company in a very strong position today. If progress continues as anticipated over the next few months, then we will be in a position to be generating revenues during 2026 and be cash positive during 2027. This will be a significant position of the company because we will be able to deliver significant value for our shareholders.

18:32 And, and we and we think that's, that's imminently possible with the market tailwind behind us and a proven approach. To achieve all of this, we have, assembled a a team of experts. So far, we've kept our, our our team of permanent staff really, really low, and we've been supported by EMV CAPITAL and and experts. And also, we have been supported by Jonathan Seville, who is a technology expert. He's a professor from the University of Birmingham who has been working with us and this technology for more than ten years. So we believe that today, we have a technical capability to go and achieve those projects. Obviously, once we launch the projects, we'll need to scale up our teams accordingly.

19:20 Thank you. Lauren, thank you very much, and absolutely fascinating story. As we all know, it is a gigantic market that is developing. It's also a gigantic social problem dealing with plastic waste, and we believe that deep tech recycling is providing a timely, pragmatic, and financially attractive solution to this problem. We very much look forward to the next steps. Please, if you have any questions, log them in into your in into the website, into the q and a section, and at the end, we'll come back to that. And now handing over to Tom, who is working in a very different space from deep tech recycling, but unequally and perhaps even more important socially in terms of helping us develop sustainable health care systems in The UK and internationally. Over to you, Tom. Thanks, Ilian. So my name is Tom Smith, and I'm the CEO of Wanda Health. It's a pleasure to be here and to introduce you to the work we're doing to reshape the future of chronic disease management, cardiometabolic care, and drug cost reduction for health plans.

20:30 I've personally spent more than two decades in digital health working at organizations such as Galaxy Smith Klein, Lexmark Fujifilm, and, lastly, I was running IBM's Watson Health. That's their AI business for Europe, Middle East, and Africa. Throughout my career, my focus has been on scaling digital health platforms, integrating advanced analytics and AI into real world care delivery, and leading teams through high growth and high complexity environments. All of that experience has helped shape how we've built Wanda, a company designed to tackle one of the most urgent and financially unsustainable problems in health care today whilst delivering meaningful and measurable improvements in outcomes for participants and health care providers alike.

21:14 Before I continue, I want to just take a moment to acknowledge Ilian and his team at EMV for their support throughout ONE's venture build program. Their partnership has been instrumental in accelerating our product development, shaping and pivoting our commercial strategy, and really enabling us to execute far more quickly. We simply would not be where we are today without their commitment and collaboration. Wanda as well, just for clarity, is a UK based company by design. It gives us access to world class clinical expertise and a highly efficient and experienced technology talent base. However, our go to market is firmly focused in The United States, and that's because this is where the problem is most urgent and where one that can have the greatest impact.

22:03 I'm a true believer that this combination of UK innovation and US market demand that uniquely positions Wanda ready for scale. So at the center of our value proposition is an intelligent virtual care platform. That's a unified cloud based platform designed to ingest different types of biometric data, behavioral and symptomatic information, and combine all of that creating meaningful insights for health care participants, the health care provider, and ultimately, the payer. Health care systems have struggled for decades with fragmented kind of siloed data and an inability to operationalize insights at scale. We've designed Wanda to change that paradigm entirely.

22:52 The platform really combines three pillars. That's biometric monitoring, personalized and structured behavioral change, and then guidance delivered through our coaching and care teams. What makes our approach more different is that everything is integrated. Rather than having separate vendors delivering different apps, different devices, different web applications and portals across multiple disease areas, Wander is a single environment that connects members, care teams, benefits managers, health plans around one shared source of truth and ensures that care is proactive, personalized, and more importantly, measurable.

23:32 So let's talk about the problem we're directly solving, and that starts really with the sheer scale of chronic disease in The United States. Seventy six percent of all adults have at least one chronic condition. Sixty six percent of all adults are on prescription medications, and often, the majority of those are lifelong drug regimes, and forty two percent of all adults are clinically obese. These numbers alone illustrate the size of the challenge and the scale of the opportunity for change. Chronic conditions are now the dominant driver of health care utilization, pharmaceutical spend, and long term cost exposure for those that pay the bills in The US.

24:18 This widespread disease burden translates directly into huge costs. Chronic conditions account for ninety percent of The US total health care spend, and that's now reached a peak of four point five trillion dollars annually. And cardiometabolic diseases, includes diabetes, obesity, hypertension, sit at the center of this crisis. Cardiometabolic spend alone is projected to reach over $200,000,000,000 by 2030, and this is all creating an immense pressure on health plans, employers, and health care providers alike.

24:56 And then layered on top of this is a rapid, escalation in GLP one medication use. GLP ones are this new miracle drug you may have, for for weight loss. You may have heard of Ozempic or Wegovy or Mounjaro. Other brands are available. But GLP ones have become the fastest growing category in US drug spending, and they now represent over half of the annual drug spend with the average annual cost per member per year exceeding $10,000.

25:29 And this is where rising medication dependence becomes a critical issue. GLP ones were originally actually designed for diabetic management, but their use has expanded into weight management across vast populations. The challenge is that discontinuing this medication often leads to relapse, weight gain, blood sugar instability, and behavioral kind of backsliding. And this creates dependency rather than durability in these programs, and many members also begin combination therapies, and this further increase costs. So the employers that are often paying for these health plans are demanding quicker results. Members are expecting immediate progress, and the health plans can't absorb the long time long term financial exposure without a structured evidence based approach to managing adherence, behavior, and sustainable lifestyle change. And this is exactly the structure that Wanda provides.

26:31 Our program support members through the the whole

26:33 treatment life cycle from initiation to monitoring to taping and even optimizing their medication pathway, and this enables plans to reduce the unnecessary u unnecessary utilization while ensuring members remain stable and on sustainable health trajectory.

26:54 So how do we how do we do all this? The Wanda platform itself is built for scalability from its cloud based infrastructure, integration, and intelligence. At its very core, it's a data layer that ingests disease specific datasets across biometrics, biomarkers, program adherence, and coaching interactions. And these kind of data streams come together to build personalized care models that help our coaches and clinical teams identify health trajectories and intervene more effectively. Our co designed mobile app creates behavioral and symptomatic inputs from our members, and our clinical engagement portal allows care teams to monitor trends, engage in virtual consultations, and tailor any potential interventions.

27:44 We also have seamless, interactions with Apple Health and Google Health and a wide array of biometric and connected devices, some of which are on the bottom of the slide there for you to see.

27:55 And finally, our insights engine, that is built to support high volume health plan populations, ensuring that data moves in a frictionless way from the member to the care team and then the care team to the payer in a way that is actionable and measurable.

28:16 So our cardiometabolic management programs are really is, you know, the the, where the platform is brought to life, and these programs are delivered in collaboration with either health plans, employers in The US, or pharmacy benefit managers. And the journey really starts, with the member being onboarded where they receive their devices, education, and a personalized, program plan. From there, the blood pressure cuff or the weight scale capture biometric data, behavioral and symptomatic data is captured through the app, and then health coaches actively monitor each member's progress, responding and working to a work list, and then they conduct virtual consultations to reinforce medication adherence, lifestyle, and behavioral and personal goals.

29:09 As members progress through this program, the level of support adjusts, ensuring that care is dynamic and responsive, and our insights engine generates near real time reports for the health coaches, the benefits managers, health plans, highlighting things like adherence patterns, risk trajectories, medication utilization, and any kind of projected return on investment from the health sponsors as well.

29:37 The outcome is a program really that not only supports the member's success, but then also creates measurable financial value for those payers. The Wanda LaVista mobile app is actually one of the most engaging components of our platform. It was designed to make daily behavioral changes simple, intuitive, and personalized. Members can log meals through things like photo capture. They can track their biometrics, again, their weight or their blood pressure amongst other things across multiple conditions. They can review their own progress charts, receive personalized daily check ins and educational tips and content from leading health care organizations that we partnered with such as the American Heart Association or the COPD Foundation.

30:27 The app also includes things like meal planning tools, restaurant recommendations, and gamified progress, you know, to help the members track and keep motivated. Members can also schedule virtual consultations directly within the app, making it easy for them to stay connected to their coaching team. And unlike traditional remote monitoring apps, which tend to be kind of more passive data collectors, our app creates a active and immersive experience that reinforces long term habit formation, the key to the sustained cardiometabolic improvement.

31:06 The Wonder Insights Engine is one of our core differentiators. It's a unified analytics and AI layer that transforms all our platform, coaching, device, behavioral data into a targeted actionable insights. It provides role specific dashboards for care teams, program managers, and health plans. It tracks things

31:29 like medication utilization, the member's progress, adherence drivers, lifestyle patterns, and the overall impact of the program across populations. And for payers, the n the insights engine delivers population level reporting,

31:47 return investment calculations, projected off ramp opportunities, and high risk member identification. So rather than simply presenting data, the insights engine answers the most important operational question, and that is what should we do next, and how do we show success? It directs attention to the individuals or cohorts who need intervention and identifies the behaviors that are driving the outcomes, whether that be positive or negative. So the last twelve months have really been transformative for Wanda Health from a commercial standpoint. We've successfully launched our GLP one weight management program, expanding key partnerships with pharmacy benefit managers and multiple health plans in The United States.

32:37 We've released our insights engine and rolled out our newly enhanced cardiometabolic mobile app. Notably, we have outcompeted several billion dollar competitors to win multimillion dollar contracts, demonstrating that payers see true differentiation in our approach, and our growth has been exponential. We have double digit growth month for month expansion for the last twelve months, and we're on track to exceed $5,000,000 in ARR by the end of twenty twenty six. I think, personally, what is most encouraging is that much of this growth is being driven by the payers proactively seeking longer term sustainable alternatives to rising drug costs, and we're being increasingly viewed as a strategic partner, not just a technology vendor.

33:29 So to summarize, you know, Wanda Health brings together biometric data, behavioral insights, connected devices, and coating coaching interaction into one integrated intelligent virtual care platform. We empower members with personalized support. We enable care teams with predictive insights, and we equip payers with the tools they need to re reduce drug dependency and improve outcomes.

33:57 The huge markets we operate in are chronic disease, cardiometabolic care, and GLP one optimization, and these are among the largest and fastest growing segments in health care. And our early commercial traction momentum underscores the strength of our model and the urgency of the problem we solve. We are reshaping virtual care to be personalized, preventative, and accountable.

34:24 Thank you for your time and attention. I'm incredibly proud of the team we've built, the technology we've delivered, and the impact, we're already having across these diverse populations. Thanks, Ilian. Tom, thank you. And just a a quick note from us. I mean, you might be wondering, as a hardware developer or as a sorry. As a hardware investor, an investor in, you know, where where does Wanda fit within our focus. And what originally attracted us to the Wanda proposition when we invested is that

34:52 Wanda was tying up and simplifying the absolute jungle of the medical device providers out there who have an incredible promise for transforming health care and people looking after themselves and communicating with the hospital and the doctors and the nurses. But it's a jungle, and it's unmanageable by stretched hospital systems, whether it's in The UK or The US. And what Tom and his team over time have taken that multiplicity of hardware out there and built it into a workflow platform, which through very, very detailed

35:27 iteration and pivoting from a product perspective, have gotten it to the point where it's now sticky and really attractive in the market. And we all say, look, the dev it's a great start, but the dev is in the details. And Tom has been devilishly focused on the detail to build a product that is now so attractive. I'm going to turn now to the q and a session. And what I'll do is I'll be reading out the questions and directing them either to Tom or to Marvin. And please feel free to to add more. So starting with the question to both companies from Matt, with both companies entering scale up phases, how does EMV CAPITAL look to prioritize capital,

36:13 and what leverage do you see you can assist with in accelerating growth? I'll first answer for EMV, and then I'll I'll let Mark Marvin and Tom answer themselves because they're facing different funding submarkets, if you will. From EMV's perspective, when it comes to the venture built businesses, we built in the early stages of their development double digit stakes, which then enable us, you know, more or less through minimal follow on investment to maintain a significant stake in influence while also attracting the rest of our syndicate that also that is also involved. Now as the companies are getting to the next stage, the reality is that with the model we have, we cannot we're not the ones that will provide the growth and scale up for funding.

37:00 What we've helped the companies to do, hopefully, successfully is to prepare them to be able to access scale up funding from the market. What I'll say from the other side is that there is no the market is quite interested in companies at the stage of development of of my colleagues here, which are now showing clear mark product market fit, early revenues, or accelerating revenues, and and and the proof that that the market wants their product. And, Harvey, may maybe if I start with you, how how you see the funding problem both for deep tech recycling level, but also for the plants you're partnering with for your for your with your with your partners. I mean, one of the the the good things we did very early on EMVC, when EMVC came and and and got the company, was that we we looked at how we want to approach the strategy to market.

37:53 And and and we said we we do not want to to buy capital assets. We do not want to own capital assets. We want to leverage the the work that has been done in the past, and we wanna bring that technology to those that need it. And what that means is that that gives us a model where we can fund the the company separately, and the financing for the projects will be done separately. You know, we are in a business of high capital assets. So so by doing that separation, then we can make sure the funding requirements for the company is is minimized, and we can leverage our partnerships and customers to fund the projects separately. So so with that model, that limits the amount of capital we need to get us to the point where we can scale up the technology.

38:39 Within the company, we have a vision, and our vision is that by 2029, we want to be in a position where we can scale up the business massively, and we can have the capability within the organization to go and deliver three, four, six projects a year. And but but to get to that point, we want to limit the amount of capital we need at the company level to avoid our current shareholders being overly diluted. So our model really gets us to that point because we can invest in in making sure the company has the resources and people to execute on projects, and we can work with partners and with customers to fund the projects separately. Now it is worth mentioning here because this is an important point, that every project that we develop becomes a revenue stream for the company because we provide services to the project.

39:29 We provide a license to the project. And once the project gets operational, we get royalties. So every project, every commercial project that's operating means continuous revenues for deep tech recycling through royalties. K. Marvin, thank you very much. And you're focused on helping your partners access funding for building plants Correct. From you're in a in the digital health care sales space. It's a different fundings ecosystem. So how how do things look look on your end? Thanks, Ilian. Yeah. I think from from our perspective, we also have taken a capital light approach to this position that we currently find ourselves and finding ourselves in a market whereby, the demand is always there with health care.

40:18 Unfortunately, people are, you know, living longer and getting sicker. But I think we've seen increased adoption of new plans and then actually looking more akin to the return on investment of the money spent in this large marketplace. So I think from our perspective to date from a funding and capital allocation, point of view, I think, really, for us now, we're a product company. We're a tech company. We are gonna double down on bringing some of the outsourced operations that we've got in house and look to transition them in house to drive greater efficiencies for our, shareholders, and also operational efficiencies for our customers as well. I think, from a capital perspective now, our immediate focus is around execution on some of the commercial success we've we've had, and some of the pending go lives we have. So I think, accessing capital, this way around, particularly in The UK or The, US, given our commercial traction, should be a lot easier than most other organizations in this space at this given time.

41:27 Thank you. And, Tom, maybe if I just start, in the VC space, in terms of the scale of funding, reaching key milestones such as $1,000,000 annual recurring revenue, $2,000,000 annual recurring revenue, and 5,000,000 annual recurring revenue, it it tends to be accepted to the point at which larger funds, especially from The US, become interested in investing and and perhaps even m and a. Tommy, if we if we stay with you, another question for Wanda specifically. What's the single you you talked earlier about winning against a billion dollar plus companies. What's the single biggest differentiator of the Wanda platform that helps you win such contracts? Is it the technology? Is it the clinical outcomes? Is it your personality? Which one is it?

42:16 All of the above, William. No. Really, it's the platform. It's the breadth and the depth of the the platform. So our heritage with, Wander is from UCLA, a spinout from there, and some of the clinical knowledge and expertise that went into the initial code. And, actually, some of the other markets, Ilian spoke about the venture build program and how we've been iterating, consistently, really, and the fact that, actually, we've come from more of a clinical space into this GLP one weight management space. So lots of the other clinical applications, hypertension, diabetes, we're actually, in such a good place, and we already deliver to health care providers in The US across those independent or those siloed clinical work streams. So by taking a broader approach and actually saying we're not just focused on one, we're focused on the whole cardiometabolic approach, that's really enabled us to differentiate. Unfortunately, you don't treat a patient in a siloed approach.

43:21 You say, what conditions and what comorbidities do you have? And that's where we've really, sort of won out. We have, taken clinical, treatment pathways at the forefront of our kind of strategy, and lots of our vendors have been focused on either a device that they're selling in, you know, a blood glucometer, or, maybe it's just one discrete, clinical area. So it's that breadth and depth that's, helping us to to beat competitors. Thank you, Tom. I'll try to consolidate some questions for Deep Tech, which is which is somewhat related. One is, Marvin, what are your competitors? What techno competing technologies to your applications are there on the horizon? I I would say that our our primary competition today is incineration and landfill because that that represents 70% of the plastic waste generated globally today.

44:19 So so our initial objective is is to displace incineration and landfilling of plastic waste. Then once you go beyond that, because this is an exciting market and this is a growing market, you have other companies that are developing technology as well. And and the and the key differentiator is in the reactor technology. So we have developed an approach that is very flexible and that enables us to be able to compete in in this vast plastic waste ecosystem. And and while we can compete in single streams and mixed streams and laminated packaging. So the core difference is in the reactor technology. So we see companies in The UK like Plastic Energy or Neurotechnology. They have different types of reactors. What we have done and the approach we have taken, which is what I highlighted as step number one, was segmentation.

45:13 We spent quite a lot of time identifying those markets where we can compete, where we have a competitive position. And some of that is not just based on our analysis. Some of that is based on work that was done by by major corporates that assess our technology versus others in the market and said we were more competitive, and they gave us the reasons why. And one of those companies I can name here, because it's a public domain, is INEOS Styrolution. So so what we have done is is really focused on those areas initially where we can compete because we know we can win. Once we have deployed our technology commercially in those segments, then we're gonna start going after the other segments, and that's our approach. Thank you, Marvin. Mhmm. And one more for you, which is to do with the the road map of progression of your project from concept through to through to going live.

46:05 Yeah. Which are the key technical or regulatory milestones that determine when a project moves from feasibility to a signed contract and beyond? So in in I'll just give an overview of of the key steps for a a typical project. Normally, when we start with a with a new client, we do a proof of concept, which is some very quick testing on a small pilot that we have, which is currently in this facility where I am today. Then we go to the feasibility study for the bigger scale facility, and and then we go into the project development phase, and then the construction phase and operations. So in in the first phase where you're doing the the proof of concept testing in the small pilot, the objective there is to understand the plastic waste that is a problem for the customer.

46:55 And the objective there is to understand the how this plastic waste converts to the product, what yield, and what quality of output it produces, and what is the value in the market of that output. So once we've demonstrated that, and we we're able to put together a case for the customer saying, this is a good thing for you to do, and here are the reasons why, then we go into the feasibility stage of the project. The objective of the feasibility stage is to make sure that the customer has enough plastic waste, that there is a there is a site and and you can get regulatory permits on the particular site, and that you have a good price for the product from the site. Then you're building a a case, a a financial case for that particular project.

47:41 Then you go into the product development, which is all about definition. And the the objective of the project development phase is is to is to get to a a project definition for the plot plus or minus 10% of the cost. Then the you you give the, the customer enough detail to be able to make the financial investment decision, FID, to go into the construction phase. And then does that answer the question? It does. And I think I think what I'll add is a from a from a value investor hat on is what we found attractive with Marvin's strategy is that it's not deep tech recycling that has to deal with all of this. It is the owner of the plant that has to deal with all of this. It's the owner of the plant who's gonna be a waste manager or a corporate with a waste stream. They're the ones that know the local rules and a lot of regulatory.

48:33 What Diptech Recycling cares about is, as we understand as investors, is selling more projects. And having a pipeline of projects means that, you know, they'll work at their own basis. Yeah. And just add one thing to that, Aileen. And the beauty about this approach is that it it allows a customer to minimize their risk upfront. So every every stage, they they have to spend less, and they're getting better definition and better confidence in the project before they can go and make the high CapEx investment to go and build a commercial facility. And for us, deep tech, every step of the way, then it's a it's a it's revenues for the company as we move past every milestone of the project. Thank you, Marvin. And, Tom, back to you. So the the several questions here to do with your distribution model. For instance, a question from Brandon. You could go on Android or Apple and download one, but but my understanding is that the effective distribution is through the service providers.

49:37 Is that is that fair to say? Correct. Yes. So we utilize, pharmacy benefit managers in The US. They have access. They actually sit at the intersection between pharmaceutical manufacturers and companies or the distribution arms of those and the, pharmacy chains themselves. So we have access to a distribution network via pharmacy benefit managers that cover more than a million lives, hundreds of thousands worth of pharmacy chains. And, actually, the way that we, deploy is we white label our app, directly to those health plans via those pharmacy benefit managers. So that's, we we take more of a channel approach in The US because of the scale of a lot of these health plans and the you know, sometimes there's there's hundreds of thousands of employees under each health plan.

50:32 They want to have, obviously, their own white labeling associated with it. So we take a we take a an indirect channel approach. And, Tom, another summarizing several questions into one. Congratulations on your growth from from Andy. But how much how are you going to sustain the growth? This is really crazy growth in terms of the the rates that you're seeing. What is the implication for CapEx investment, for service? How sticky do you think ARR is? Yeah. I think, actually, the some of the numbers I shared were more on the conservative end of the estimate because of the access to these pharmacy benefit manager channels we have and just the kind of, in all honesty, the mind boggling quantum that is United States.

51:23 We were only just starting to scratch the surface with with this growth. So, actually, we already, have another four, five contracts with health plans going live in January, which will be deployed and scaling up over the course of 2026 and into '27, allied to the growth that we've seen from the health plans that we've deployed, and gone live within 2025. So we're going to see this kind of compounding affecting growth numbers into the second half of twenty six and beyond. So I'm very confident we can sustain the the growth numbers. I think, clearly, when it comes to GLP one optimization and utilization, this is now becoming a huge, huge problem, and that's just gonna continue to grow. I think from a clinical standpoint, the, application and the use cases for GLP one medication are ever expanding as well now into other cognitive, diseases like Alzheimer's, for example. So the continued growth will be there. I think the stickiness comes with the fact that we're white labeling, and deploying this discrete service into the top line and then also the fact that we are enabling and deploying an inventory of devices into these health members as well just makes us very, very sticky.

52:50 Tom, thank you. I'm mindful of time, so I'll do one last question. But I want to flag this quite a few really, really good technical questions and detailed questions, which we we will look to address separately, but equally the companies can provide more information to those of you who want to learn more directly from from the businesses. So last question, which is the big one. What are the what are the likely exit pathways for your business, and what are the evaluation comparables or targets for yourselves? It's the easiest question that you've gotten so far. So, Marvin, I'll start with you. Yeah. So so we we see the the the exit being an IPO or m and a. And and what we what we see in the in the progress of the company and the and the valuation of of comparables is that within three to four years, we will be we will be close to exiting the company at a valuation of 100,000,000.

53:52 And we're looking for a 100,000,000 plus valuation by 2029, which is our current target. And and and I say that not just by picking numbers out of the year is because we have actually looked at where we are today and the projects we have in the pipeline. If we if we take the projects we have in the pipeline today and the projects approaching execution and and we take a 40% hit rate, so we're not assuming that all the projects we have in the pipeline will materialize. But if we take a 40% hit rate on the projects we have today, then then we see that by 2029 and 2030, we would have three to four projects that are installed and in operation. And each one of those projects would mean recurring revenues for the company. And and from an organization standpoint, by that time, we would have set up an organization that can deliver four to six projects a year. So when you look at that that when you do that forward projection of a number of projects you can deliver a year and the revenues you generate for each of those projects, then that justify our valuation by that point of a 100 plus million.

54:55 And and we have the detailed calculations behind this. If you want to learn more, as Ilyan say, then feel free to reach out to me directly, and we can go through the details with you. Thank you, Marvin. And I can add more here, but I won't because because of my position. But I'll just say we're really excited about the prospects of deep tech working in a really, really problematic from a user perspective space that really has a demand for this type of product. You know, there's just as far as we can see, there is not many alternatives to solving the delta of the problem plastic space plastic waste except for chemical recycling. And Deep Tech Recycling is one of the few providers of chemical recycling globally.

55:40 So it's for for us, it's really exciting. And, Tom, over to you. What what are your thoughts on the the product value growth exits? Thanks, Ilian. I think, for us personally, we have got clear sight to, you know, the best part of a $100,000,000 worth of revenue over the next five years. I think comparables in this space, some of the multiples that they're going at are, you know, nine, ten, 11 x ARR. And, clearly, we're beating these billion dollar companies to some of this business as well. So I'm extremely bullish in our prospects just with the pharmacy benefit managers that we have contracted with today. We're already we've only really scratched less than 1% of their captive market that they're already delivering other services into.

56:32 So it's a case of us, getting round and enabling that channel, as much as possible to get the revenue on board to then facilitate the the multiples that will come with this kind of high growth trajectory. But we're we're seeing, you know, really, really, bullish numbers. So, you know, we're confident that we can become a billion dollar company. Thank you, Tom. And maybe I'll say a few words from EMV side. By now, you you're probably getting a sense, and it's kind of helpful that both Deep Tech and Wander are so different, yet both of them share the capital light investment approach in this iterative way of of developing the business and and getting getting other pay other people, not the investors to pay for a lot of the of of the forward development.

57:20 From our perspective, what we don't talk about unicorns internally, we find talking about unicorns is not helpful in our focus because our focus is very much focused on the the day and now and getting the company to the next stage. So from that perspective, you know, we have a solid investment strategy working with the teams to get them to the next stage. Having said that, the companies we invest in, such as Wanda and Deep Tech, all operate in massive global problem areas where success is rewarded handsomely. So from that perspective, there is there is huge upside, but the focus both of ourselves and the teams, which is always very, very pragmatic. You know, what's the next step? Get to the next step. You keep going. So, look, I I hope this has been helpful in your learning about two of our companies. I wanna thank Tom and Marvin for for taking the time out to share with us our story.

58:16 If you've got any additional questions, please send them after this call. And, of course, any feedback on how we have designed this session, we're keen to hear from you, and we're for you to meet more of our businesses. Thank you very much, and have a good rest of the week. That's great. Thank you all for updating investors today. Kindly ask investors not to close the session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations? This will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team of EMV CAPITAL PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all.