Plus500 (LSE:PLUS) — 2025 Preliminary Results

0:00 Good afternoon, and welcome to the PLUS500 LTD 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 received 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 Owen Jones, head of investor relations. Good afternoon,

0:30 sir. Thanks, Lily. Good afternoon, everyone. My name is Owen Jones. I'm PLUS500's Group Head of Investor Relations. Delighted to be presenting to you all again. We issued our 2025 preliminary results last week, which you may or may not have seen in across different media outlets, and that will form the basis of today's presentation. PLUS500's globally diversified multi asset offering drove strong operating momentum across several key strategic initiatives during the year, which I will highlight to you today. Our differentiated customer offerings, which are powered by our proprietary technology, provide us with compelling competitive advantages, and we remain committed to delivering seamless and innovative access to financial markets worldwide.

1:26 The structural growth opportunities in our end markets are substantial, and we are seeking to maximize our opportunity set within them. We have started 2026 well, and we look to the remainder of the year and beyond with confidence. So starting on Slide four. There are five key takeaways from today's presentation, which I hope to get across to you. For the year as a whole, so I'm talking about 2025, twelve months to the end of December, we increased the positive operating momentum we have across the group significantly both in our OTC and our non OTC businesses, which I'll come back to shortly.

2:13 The focus of our strategic objectives remained our key priority. This includes product and market growth innovation and the acquisition and retention of higher value, more sophisticated customers alongside our retention and monetization initiatives. We secured additional regulatory licenses and clearing memberships, enabling the group to deliver important structural growth over the coming years. And our excellent strategic positioning and our proprietary technology drove strong financial results for 2025, which were ahead of market expectations at the time of publication, including growth in revenue and EBITDA. Those are both year on year, respectively. We announced groundbreaking strategic partnerships in our fast growing U. S.

3:02 Futures business. We expanded into new markets, and we demonstrated the increasing strength and attractiveness of PLUS500 as a trusted partner with a focus on institutional collaboration and provider of market infrastructure services. In an exciting development, we also entered the fast growing prediction market space, which I will come back to in greater detail in a few slides time. And finally, we announced additional shareholder returns of $187,500,000 which comprises dividends and share buybacks, which adds to the $165,000,000 that we announced with our interim results in August 2025.

3:51 And so for the twelve months for 2025 as a whole, we announced total shareholder returns of GBP $365,000,000, which is comfortably north of 10% at our closing market capitalization at the end of December. And even with those attractive shareholder returns, the group ended the year in an extremely healthy financial position with more than $800,000,000 of our own cash on our balance sheet. So turning to Slide five. The strong results that I've alluded to but haven't gone through in full detail yet, 2025 extend our significant track record that stretches back to our IPO, which took place in 2013.

4:41 Since then, PLUS500 has generated $3,800,000,000 in cash from operations, dollars 3,100,000,000 in accumulated net profits. And of that, the company has returned approximately $2,900,000,000 to shareholders through dividends and share buybacks, including the $187,500,000 that we announced last week. These shareholder returns, combined with a strong share price, have resulted in PLUS500 being the best performing share in the FTSE All Share Index over the last thirteen years on a total return basis with a cumulative total shareholder return of over 8700%, which really is a remarkable achievement.

5:33 And it was a reflection of this strong performance that saw the company and its shares join the prestigious STOXX Europe six hundred Index in early twenty twenty five, which is a really important benchmark for many European investors. And this really we saw it as an important recognition of the compounding value creation we have delivered for shareholders in recent years. On to Slide six. This shows some of our operational drivers and outputs. During 2025, we continue to focus on some of our strategic road map objectives, and we've accelerated the delivery of meaningful progress across lots of different aspects of these objectives.

6:21 The drivers and outputs that you can see on the slide here are all underpinned by our market leading proprietary technology, which is a key competitive advantage for PLUS500. And it is this that really allows us to grow our business globally whilst creating deeper engagement with our customers on a local level by maintaining a robust, secure, seamless and reliable trading experience for them. As a result, 67% of our OTC revenue was derived from customers who have been trading with PLUS500 for over three years. And over a five year period, the same metric is a remarkable 50%, which has itself has more than doubled in the last three years.

7:09 Both of these achievements highlight the benefits of our focus on driving higher customer lifetime values by providing a best in class trading experience. Customer deposits increased significantly once again to $6,500,000,000 which sets a new record for the group. And this equated to a record of approximately $27,000 per active customer, again, which has increased meaningfully in recent years. And the strength of our mobile offering was once again highlighted with 89% of OTC revenue being generated by customers using either a mobile or tablet device. And that just really highlights the strength of our offering for a mobile first customer base.

7:56 Moving to Slide seven. Four years ago, roughly, at our Capital Markets Day, we introduced a set of strategic roadmap objectives. And since then we've made really good progress I think against these ambitious targets. And in doing so, we have transformed PLUS500 into a more resilient and scaled business with much more diversified earnings streams. This transformation has had a significant positive impact on the quality of our earnings and underpins our focus on innovation, growth and continued diversification through the development of new products and our expansion into new markets. In addition, a central part of the group strategy is to deepen customer engagement and enhance customer retention by investing in and developing our customer retention technologies and initiatives, which is something that we have done very successfully in recent years.

8:58 Collectively, we expect our objectives within our strategic road map to position PLUS500 to continue delivering sustainable compound returns for shareholders for many years to come. Moving to Slide eight. This shows a snapshot of what we do basically today, and I'll try to highlight how that has changed over recent years. So part of our proprietary technology or part of the strength of this allows us to quickly develop new offerings or adapt for new strategic partnership opportunities. And this has enabled PLUS500 to evolve from being a single product provider into an established multi asset fintech group, which you can see on the slide.

9:45 We're also now a trusted global provider of market infrastructure services and proprietary trading platforms. And we certainly have a broad and diverse customer base, which has diversified in and of itself in recent years. So today, PLUS500 provides a wide range of products, services, and instruments across OTC futures, options on futures and share dealing verticals. And to that, as I mentioned, we have recently added prediction markets, which is an area where we continue to see surging demand for event based trading contracts. We operate in attractive growing end markets with powerful structural growth drivers as well. So our OTC business, which is where the business was formed in 2008 and really forms the core of the company today, This is covering seven asset classes in total.

10:39 And our futures business, which you can see on the middle of the slide, can be split further into B2B and our B2C offerings, so institutional and retail, respectively. This provides execution and clearing services across a growing range of global exchanges, and it also includes our prediction markets offering, as I mentioned, which is an addressable market with significant potential. We also can see on the slide here PLUS500 COSMOS, which is an industry leading client portal for our B2B futures customers. And this has become a meaningful source of both customer onboarding but also improved customer retention within our B2B business. On the right hand side of the chart, you can see our share dealing platform, which is called PLUS500 Invest, which enables customers to buy and sell shares directly.

11:32 The diversification of our business remains a key part of our overall success and that's something that we will continue to drive as an agenda in the coming years as we see attractive growth opportunities in core and adjacent markets. Moving to Slide nine. Here, we show the increasingly important role that PLUS500 plays as a provider of accredited, trusted institutional market infrastructure built on our proprietary technology and our regulatory expertise. Our role has evolved significantly as the group has diversified its operations, and we now sit at the heart of the financial ecosystem. What that means is we connect institutional customers and retail customers to more than 30 different exchanges and clearinghouses, and we provide mission critical market infrastructure to a global customer base, which includes individual customers, institutions and different types of businesses.

12:29 Our futures business, which I'll come back to in more detail in a minute, continues to outperform our expectations and performed exceptionally well during 2025. So on to Slide 10. The Prediction market space represents a compelling and fast growing market opportunity for PLUS500. Driven by retail engagement, regulated exchanges and next gen trading tools, this new financial asset class has experienced rapid growth over the past year. Thanks to the unique strengths of our proprietary technology and our trusted institutional infrastructure, we are well placed to maximize the opportunity in front of us in this particular market. Prediction markets, for those not familiar with it, enable customers to trade on real world outcomes within a fully regulated CFTC framework, underpinned by advanced technology and infrastructure that makes the process seamless and highly intuitive.

13:27 We are thrilled to have been able to bring this engaging, exciting, fully regulated offering to our U. S. Customers following the groundbreaking launch of event based contracts for our own B2C trading platform earlier this year, which I'll come back to in a minute. And on to Slide 11. On the back of a strong 2025, we entered 2026 with positive strategic operational and financial momentum. And here, I show or we show some of the operating highlights, which I'll run through very quickly. So significant strategic progress across both our OTC and non OTC businesses, demonstrating the increasing strength and attractiveness of PLUS500 as a trusted counterparty with a focus on institutional collaboration as we entered new markets and offered new innovative products for our customers.

14:21 Reflecting this status during 2025, we announced two exciting partnerships in the B2B U. S. Future space, one with Topstep and the other with CME and Fanjul, which I'll come back to. We continue to enhance our existing OTC offering with innovative new products, services and licenses. And as I mentioned earlier, we have entered the production market space both through the B2B and B2C channels. So in summary, 2025 was a year of strong achievements, and we are extremely excited about 2026 and beyond. So turning to the next slide. The operating review section I'll go through very quickly will include an outline of our operating performance in 2025 as well as a closer look at our growing futures business, including the British market space.

15:11 So on Slide 13, we show here a snapshot of the group. So we offer our services to approximately 33,000,000 registered customers in more than 60 countries. This global scale, combined with a tailored localized offering, is an important source of both current and future value as we focus on driving activation, retention and monetization of our global customer base by leveraging our highly innovative and agile proprietary technology to drive customer engagement with our compelling multi asset product offering. Our global product set is further enhanced by our localized solutions, which include tailored product and support in a customer's native language and our best in class customer service, which includes our premium customer offering.

15:59 On Slide 14, we show some of our operating KPIs. As the group has consistently demonstrated historically, new customer acquisition and deeper engagement with existing customers lays the foundation for future growth, making it an investment today to drive value creation over the medium to long term. And as we have demonstrated in recent years, our increasing focus on more sophisticated high value customers means that we are well positioned to drive sustainable, high quality growth over the medium to long term. In 2025, as you can see on the slide, we onboarded roughly 105 new 105,000, sorry, new customers, reflecting our continued focus on attracting and retaining high value customers, and active customers remain broadly stable at 242,000.

16:50 On Slide 15, we show customer tenure and longevity. Here, over recent years, we have made significant improvements in our customer retention technologies and premium account programs, increasing longevity of our customer base materially. We have a deeply embedded philosophy of driving long term relationships with our customers by providing technology enabled retention initiatives and by consistently providing our customers with a wide range of products and services supported by our robust, secure, intuitive and reliable training platforms. These improvements are working well. As you can see here in the pie charts on the left hand side of the slide. For example, in 2025, 87% of OTC revenue was generated by customers who have been with us for more than a year, while 50% of OTC revenue was generated by customers who have been with us for more than five years, which is an excellent achievement and has more than doubled the since the equivalent metric in 2022, as you can see on the right hand side.

17:57 Over the next few slides, I will highlight the impact that our non NTC business has had on the business as a whole, in particular, the futures business and how that has impacted the group's revenue, customer mix and other KPIs. So moving to Slide 16. Earlier this month, we completed the acquisition of MetaEquities in India, which opens up a number of exciting strategic initiatives for us to pursue over the next couple of years. MetaEquities provides us with immediate access to the world's largest and fastest growing derivative market, operating under an established regulatory framework. It will also allow us to generate meaningful synergies between our existing futures operations in The U. S. And our position in India.

18:47 Slide 17 sets out how our revenue, new customers and total deposit mix have evolved in recent years. And again, this is driven by the growth in our non OTC business. In the last two years, our futures businesses have established themselves and grown quickly, reflecting the strength of our offering both to retail and institutional customers. And this status is reflected in its contribution now to the group's overall performance. So for 2025 as a whole, the non OTC business accounted for approximately 14% of the group's total revenue, which was equivalent to more than $100,000,000 which highlights the increasing importance of this vertical. And actually, this is the first time that the business has generated more than $100,000,000 in a single annual period.

19:38 From a customer perspective, 17% of new customers came from the non OTC business. And this business continues to outperform our expectations and we are extremely pleased with the progress we've delivered in this area. For FY 2025 as a whole, again, aggregate customer deposits increased significantly to $6,500,000,000 which is a record level for the group. And this really reflects our increased breadth and scale of operations and the rapidly growing trust that we have built with our customers. And over the last four years, the average deposit per active customer has grown by over 400% to approximately $27,000 for 2025, as I mentioned, which again is an excellent achievement. We have done this by strategically focusing on high value customers, leveraging our superior marketing technologies and providing a localized offering to customers, which includes local payment solutions and exceptional customer service.

20:39 Over the previous few slides, I've highlighted the quantitative impact that the growth in our futures business has had. Now starting on Slide 18, I'll focus on some of the operational highlights for this business. Over the last three years, PLUS500 has established itself in The U. S. Futures market with a B2B and B2C offering, as I mentioned, both of which performed extremely well during the year. Across these two businesses, we grew customer segregated funds to over $900,000,000 as of the end of December twenty twenty five versus approximately $350,000,000 at the end of twenty twenty four, representing growth of over 2.5 times, which is a fantastic achievement. This reflects both the onboarding of new customers and increased trading activity from existing customers.

21:27 During 2025, we secured new clearing memberships with IceClear U. S. And IceClear Europe as well as with CauchyClear, and these allow us to further enhance our institutional product offering and holistic clearing services to a global customer base. In our b to c business, our trading platform PLUS500 Futures offers a unique Omniset solution. This continued to set us apart from our competitors, and it is clear that our customers value the seamless trading experience we offer. Turning to the next slide. During the year and in the early part of twenty twenty six, we expanded our futures business, taking it into the increasingly popular prediction market space, leveraging our existing infrastructure and superior proprietary technology to capitalize on a high growth opportunity for us.

22:22 We have done so directly via clearing membership with Kaushi and also as the clearing partner for the joint venture between the CME Group and Fanjul, which is part of Flutter Entertainment. Through this exciting new product category, PLUS500 customers in The U. S. Will be able to trade on a wide range of event based outcomes, including economic indicators, financial events, geopolitical developments and other measurable real world scenarios, all cleared directly by PLUS500. By integrating this fast growing offering, we have further enhanced product choice for our customers at a time when prediction markets are seeing a surge in interest and trading volumes are continuing to increase significantly.

23:10 We are really excited by our prospects in this market segment. We have the proprietary technology and regulatory expertise to cater to increasing activity from prediction markets, and our capabilities extend further to include treasury, risk and other services as well as best in class customer service for both B2B and B2C customers. The combination of our clearing memberships, proprietary technology, institutional infrastructure, order routing and strong financial foundations leave us extremely well positioned to capitalize on the growth opportunities in this expanding market segment. And on Slide 20, we highlight the B2B partnerships that I mentioned. So in December 2025, we announced our appointment as a clearing partner for FanDuel Prediction Markets, which is the name of the joint venture between the CME and FanDuel.

24:01 And before that, in October 2025, we announced that we had entered into a strategic partnership with Topstep, which is a leading U. S.-based trading education and evaluation platform, under which PLUS500 will exclusively provide clearing and technology services to Topstep. Through this partnership, Topstep's large and active trader community will gain direct access to live CME Group markets via PLUS500's institutional clearing order routing and risk management technology. Being chosen as the strategic partner for these groundbreaking initiatives is really a landmark achievement for PLUS500. They reflect just how far we have come and how our status as an accredited trusted market infrastructure provider, which is built in our proprietary technology and regulatory expertise, allow us to drive institutional collaboration.

24:53 It also demonstrates the superiority of our operational processes and status as a global multi asset fintech group on the international stage. So moving to the next slide. As we touched on earlier, worldwide interest in both futures contracts and prediction markets has led to the creation of an exciting new asset class. This is a market with very powerful structural tailwinds as millions of people choose to access the financial markets through event based contracts. At PLUS500, we are performing a critical role through the power of our market leading B2B infrastructure and retail customer expertise to unleash the democratizing power of prediction markets.

25:40 For retail customers, as you can see on the slide, our new uplifted mobile platform creates an intuitive personalized user experience, opening up this new financial asset class. This new financial prediction markets offering includes economic indicators, financial events, geopolitical developments, and other measurable real world scenarios. Moving ahead to the next slide. Our U. S. Operation is regulated by the CFTC and is a member of the National Futures Association and the Futures Industry Association. Our futures operation also holds exchange and clearing memberships with the CME Group, the Minneapolis Grain Exchange, UREX, which is part of Deutsche Borse, IceClear US, IceClear Europe, and most recently, Cauchy Clear, as I mentioned.

26:36 And following the completion of Meta of the Meta Equities acquisition, we have added six Indian exchange and clearinghouse memberships as well. We will continue to target additional clearing memberships going forward, and this objective will be supported by our proven track record, our robust financial position and our expertise in applying for and securing new clearing memberships. Thanks to our proprietary technology, financial strength, customer service and strategic collaborations, we have grown rapidly in a short space of time within the futures business to become an established player. Additionally, as part of our B2C offering, we are proud to have PLUS500 Futures, which has gained good traction with customers with our Omniset solution and T4 Pro, which is our trading platform for slightly more professional customers.

27:30 Overall, our expansion into non OTC markets was a key pillar of our strategic road map and one against which we are delivering real and accelerated growth. On to Slide 24. Our technology supports all of our domains from our operations, product, marketing, right the way through to customer service, and it is our key source of competitive advantage. This means our technology delivers a broad range of services within each of the areas I just mentioned, for example, search and data analytics and marketing, payment processing, and customer onboarding solutions.

28:12 All of our domains are built using our proprietary technology, and they are integrated and optimized with one another, giving a holistic view of our systems from a customer perspective. Our system architecture, therefore enables us to operate both with resilience and agility in highly regulated markets and underpins our global best in class multi asset offering. Moving to Slide 25. Our this technology that I've just mentioned also allows us to support customers at every stage of their journey from the point of acquisition right the way through to our customer service and back office functions, which includes payments and proprietary cashier functionality as well. PLUS500 is focused on developing and delivering the most innovative and established technology, which provides our global customer base with localized intuitive and secure trading experiences.

29:07 Moving to the next slide. This then links into our diverse product offering. We have over 2,005 different underlying products across more than 60 countries in 30 languages via our OTC share dealing futures and options on futures offerings and now our prediction market offering as well. As you can see on the slide, the user interface and overall user experience across our product offerings is seamless, which enables greater levels of customer satisfaction and engagement as they move between those different product offerings. On Slide 27, we cover some of our holistic technological solutions as well. Our new technology stack for The U. S.

29:52 Futures market, which is available across various different platforms, serves both retail, professional and institutional clients. This includes PLUS500 Futures, T4 Pro, and PLUS500 Cosmos, along with advanced clearing, risk management, middle office, and execution technologies as well. And as evidenced by our new strategic partnerships, which I mentioned earlier, we can offer bespoke API connectivity and other services as required in order to meet the needs of prospective partners. And for retail clients, our mobile technological solutions offer intuitive trading experiences, making futures trading accessible to all applicable customers. And for our institutional clients, we offer enhanced control over the end to end process.

30:37 PLUS500 COSMOS really leads industry innovation in this space as a customer portal featuring advanced risk management tools and trade monitoring services, as I mentioned earlier. And we now offer for B2C customers in The U. S. A wide range of Calci event outcomes in a seamless way via the PLUS500 Futures platform, which is shown on the slide. Moving to Slide 28. Shown here is our full suite of OTC products in the Japanese retail market. At the beginning of 2025, we launched our proprietary multi asset trading platform for the Japanese market, including OTC products across FX, indices, equities and ETFs as well as knockout options. Then in June of last year, we secured an additional commodities license, meaning that we now offer a full range of OTC products to the important Japanese retail market, which is a large and well established market offering significant potential to PLUS500 over the medium to long term.

31:41 Moving to Slide 29, it's also worth highlighting what we do in terms of our off line activity as well. And shown on Slide 29 is our some examples of what we do in Singapore, The UAE and in Japan, which are all markets where we see strong long term growth potential. Each of these offline campaigns has been carefully tailored to local audiences, reflecting differences in customer behavior and media habits. So in Singapore, for example, we focus on reaching an urban engaged audience in a premier commuter lifestyle locations.

32:23 In The UAE, campaigns target a diverse internationally mobile audience across high traffic commercial and leisure hubs. And in Japan, activity is highly localized, emphasizing trust and repeated exposure in everyday environments. Together, these examples demonstrate how well executed offline campaigns can serve as powerful drivers of brand recognition and customer acquisition, supporting sustained growth in markets with good long term potential. On Slide 30, mobile trading space has become more and more important for retail customers, and we work extremely hard to maintain our leading position in this field. Many of our customers have a mobile first approach to trading, which is why our customer experience is seamless between mobile, tablets or web, and each interaction is designed to have the same look and feel.

33:19 This provides a more consistent trading experience for our customers, which is extremely important. And as a result, 89% of OTC revenue was generated from customers trading with us on a mobile or tablet device, and 85% of OTC trades took place on a mobile or tablet device in 2025. Moving to the next slide. We now cover some of our financial highlights and operational highlights for the year as a whole. The group delivered revenue and EBITDA growth of 32% year on year, respectively, which is a strong result. On a constant currency basis relative to our EBITDA outcome for 2024, the EBITDA outcome for 2025 would have been approximately 8% higher, underscoring the EBITDA potential within the group.

34:15 Our focus on the training attracting and retaining high value customers enabled by our sophisticated marketing technology investments led to a significant increase in the average deposit per active customer approximately $27,000 as I mentioned earlier, which reflects a group record of $6,500,000,000 in total customer deposits for the year as well. This kind of progress would not have been possible without the strong foundations we have in place of best in class customer service and our robust, reliable trading platforms, all enabled by our proprietary technology. We also grew the average revenue per customer by 8%, which is also a record for the group. And our spend per customer in terms of our acquisition spend reduced by 13% year on year, both of which highlight our sophisticated multichannel marketing approach and our ability to attract and retain high value customers.

35:11 On Slide 33, we can see the financial performance PLUS500 has delivered in recent years. For 2025, our total group revenue amounted to $792,000,000 representing growth of 3% year on year. And our EBITDA outcome was extremely robust at $348,000,000 which you can see on the slide. The strong delivery, combined with the ongoing share buyback program during the year, led to a basic EPS of $3.93 representing growth of 10% year on year. The next slide shows our disciplined approach to capital allocation. We always seek the right balance between maximizing shareholder returns, making strategic investments to drive future growth and carrying out highly selective bolt on acquisitions as we develop a more sustainable business for the long term.

36:05 On the slide, we show two broad categories of within our capital position. One, which you can see on the left hand side of $550,000,000 which includes regulatory capital, working capital, clearing and risk management funds. And on the right hand side is the surplus capital, which was approximately $250,000,000 at the end of twenty twenty five. Both of these categories are there to support the ongoing day to day activities of the group, including our growing clearing business in The U. S. And enhanced shareholder returns. And I'll now cover those in more detail on the next slide. So our shareholder returns policy states that at least 50% of net profits are to be distributed to shareholders by dividends and share buybacks, and at least 50% of those distributions will be made by way of share buybacks.

36:55 This policy will continue to apply to net profits on a half yearly basis and will continue to be based on a 23% corporate tax rate for both interim and final distributions. And with our results last week, we announced new shareholder returns totaling $187,500,000 comprising $100,000,000 in new share buyback programs, which actually started this morning and $87,500,000 in total dividends. So moving to the last few slides, starting on Slide 41. So as we've shown in 2025, it was another excellent year for group with accelerating strategic operational and financial progress, and we have started 2026 in a similar fashion.

38:00 The announcements that we've made to date regarding Cauchy in the prediction market space and Meta in India are examples of this ongoing progress, and we have extended our track record of delivering significant returns for our shareholders, which goes back to our IPO in 2013. As I mentioned at the beginning, this has propelled us to be the best performing share on a total returns basis since our IPO, with a total shareholder return of over 8700% since that date. And on to the next slide. This is our compelling investment case. In recent years, PLUS has evolved significantly and diversified its operations, as I mentioned at the beginning. This has led us to become a leading multi asset fintech group, providing trading platforms and critical market infrastructure, all supported by and enabled by our leading proprietary technology and unique system architecture.

38:58 Over a thirteen year period as a public company, PLUS has delivered unrivaled sorry, an unrivaled track record of growth, innovation and attractive shareholder returns. And we have maintained our high margin, highly cash generative business model as we have grown, expanded and diversified, and our financial position remains extremely strong with significant levels of cash and no debt on our balance sheet. This supports our ambitions to pursue growth both organically and inorganically whilst returning funds to shareholders. And with our strong strategic positioning in growing markets, we remain extremely well placed to capitalize on and seize the growth opportunities as they emerge. And to conclude, looking ahead, on the next slide, the opportunity for PLUS500 and the growth runway has never been more significant as we currently see it.

39:49 This is underpinned by our robust balance sheet, highly cash generative business model and multiple structural growth drivers across product verticals, and we are well positioned to continue to deliver strong operational execution, innovation, growth and attractive shareholder returns. Over the past twelve months, we have further diversified our business, expanding into highly attractive markets and reinforcing our position as a trusted provider of institutional market infrastructure across our growing non OTC business lines. And in our OTC business, our portfolio of international licenses, continued product innovation, expansion into new markets and deepening customer relationships give us unique advantages upon which to build. We look to the future with confidence and we are absolutely focused on executing with precision against our strategic priorities to deliver growth and value creation.

40:44 So that marks the end of my presentation. And I can see that I've had some questions submitted as I've been speaking. So can I'll move on to cover those now. Owen, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the Q and A tab situated on the right hand corner of your screen. Just while the company take a few moments to review those questions submitted today, I'd like to remind you that recording of this presentation along with a copy of the slides and the published q and a can be accessed by your investor dashboard. As you can see, we have received a number of questions throughout today's presentation. Can I please ask you to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end? Great. Thank you.

41:31 So first question is is about our revenue model. So in The US, we we the way we generate revenues is commissions, clearing fees, and and interest on on client funds. The question asks, do we make any or generate any revenue via payment for order flow or similar mechanisms? The answer is no. So our revenue model is pretty straightforward, just commissions, which is on a per trade basis, clearing fees and interest on client funds. Second question is also relates to The U. S. So with our growing presence there, would it make sense for us to have a listing on the NASDAQ? This is something that we have spoken about before as an area that we have looked at. I think with that growing business in The U. S, it starts to make sense. At the moment, obviously, we're very happy with our London listing as something that we might look at in the future, but currently no plans for this.

42:37 Next question. How big is the opportunity within Prediction Markets? And how big can this become for PLUS? It's a good question. It's obviously very early days, both for prediction markets themselves, been around for a couple of years, but really the growth has taken off in the last six months or so. And obviously for us, it's an even newer and more nascent opportunity. So at this stage, we're not putting numbers on how big we think it can be either from a market perspective or for PLUS500, but obviously it's a very exciting area. It's an area where growth and interest from consumers continues to grow.

43:23 And I think the important thing from our perspective is that we are really well positioned to cater and to maximize on the growth opportunities in this market, both from a B2B and B2C perspective. So the B2B perspective is via the partnerships that I've talked about, so the CME and FanDuel partnership, but also from a direct B2C offering with the launch of those products now on our own platform. We are really well placed to go in either direction or indeed in both directions as the market evolves going forwards, which we think is a unique part of our investment case. I'll just pause for a second. Another question here. The 67% of OTC revenue being derived from customers who've been with us for three years or more, do we see this increasing over time?

44:17 It's increased in recent years. What's more difficult to predict is where that can get to. But obviously, what we're focused on is doing just that and maximizing that level of contribution. But it's difficult to put a number on that specifically. But the progress that we've made over the last five years, as I pointed out in one of the slides, we've made really significant progress and we're really, really pleased with that. So the I suppose the challenge for us is to keep that level of growth going forwards. And I think, Lily, that's all the questions that I've had through. So I'll hand back over to you to close the call. Thank you. That's great. Thank you for answering those questions you can from investors. And of course, the company can review your questions submitted today, and we'll publish those responses on the Investor Meet company platform.

45:08 Just before redirecting investors to provide you their feedback, which is particularly important to the company, can please just ask you for a few closing comments? Yeah. Thank you very much, and thank you everyone for for joining me today, and I hope you found that presentation useful. As Lee said, if you continue to submit any questions, we can we can look to follow-up directly through the platform. Thank you very much. Have a good day. Owen, thank you for updating investors today. If I please 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 may take a few moments to complete, and I'm sure it'll be greatly valued by the company. On behalf of the management team of PLUS500 LTD, we'd like to thank you for attending today's presentation, and good afternoon to you all.