Martin Sorrell
Executive Chairman

So good morning, everybody. I'm in Madrid. We're all spread all to the 4 winds. Radhika is in London and Scott, I think, is in Singapore. So welcome to our Q1 update. Radhika is going to take us through the trading update, and then Scott is going to take us through a brief client analysis. And then I'll come back just to do a brief summary and outlook, and then we'll take questions.

So Radhika, over to you.

Radhika Radhakrishnan
Group CFO, Company Secretary & Director

Thank you, Martin. Good morning. I will start with the financial headlines for the first quarter of 2026. Performance in the period has been impacted by the volatile global macroeconomic conditions and ongoing client caution. Despite these pressures, the annualized impact of the 2025 cost-out actions and the continued strong focus on working capital management has resulted in the Q1 operational EBITDA meeting expectations.

Revenue was GBP 164.8 million, down 7.5% reported and 3.7% like-for-like. Net revenue was GBP 149.2 million, down 8.9% reported and 5% like-for-like. Quarter end net debt was GBP 111.8 million, reduced GBP 33 million from GBP 144.8 million at 31st of March 2025 and GBP 45.6 million like-for-like.

Leverage has improved to 1.4x pro forma 12-month operational EBITDA compared to this time last year at 1.7x. The company repurchased its Term Loan B at a discount with a total of EUR 85.2 million repurchased to date. The outstanding loan now stands at EUR 289.9 million with a target reduction to