I'd just like to introduce José from Making Science. Amazing. Can you hear me? Thank you very much. I'm José Antonio Martínez Aguilar, the Founder and CEO of Making Science. Making Science, I started the company 11 years ago. I was working for Google for 10 years before that. I worked for other companies. Basically, right now, we listed, as I said, I started the company 11 years ago. We listed in BME Growth 6.5 years ago, and we did one listing in Euronext Paris the same year. Right now we are 150 people with 100 clients around the world. We have presence in 18 countries. Last year, we did EUR 174 million of revenue and EUR 40 million of EBITDA. We have a lot of very strong engineering talent in our teams. Regarding what we do, we do anything which is relevant for digital and AI transformation of our clients. As I said, I come from Google, so we do basically everything around digital marketing, we do everything around AI and measurement, dashboarding, building assets for our clients. Our sweet spot is we, as I said, is it better here? Amazing. We are like a kind of next-generation partner for clients. Historically, you would have the advertising agencies, advertising platforms. We started in the digital wave, with Google and Meta and so on. Now, of course, we are trying to become much more AI native. Our differentiation is our engineering capabilities. We are able to understand very quickly the client pain points. For example, right now, all the clients are very concerned about what happens with LLMs, how they are relevant in ChatGPT, how they are relevant in Gemini, how they are relevant in Claude. That takes a lot of consulting, but many times a lot of technical resources as well, data engineers, AI engineers, and software engineers. We just work with big brands. In the U.S., of course, we work with mid-market companies, but in Europe, we start in Spain, France. We work with Louis Vuitton, we work with Inditex, we work with the biggest European brands. The reason we work with them is because all these companies need to transform themselves, use more AI and more digital globally. They are going to need more tech, more AI, and more advice in the next few years. In terms of what we do is basically we are a very strong partner for the global brands. Tier 1 partner for Google. I just came from San Jose. So we are partnered with Google Cloud, we are partnered with Google Marketing Platform Analytics, we are partnered as an agency and very strong partners with Meta, also with Amazon. We are a reseller of Amazon, the platform as well. Of course, with all the new Instagram and so on, and also with a lot of tech companies. We are a Salesforce partner. Basically, we make the life of our clients easier in terms of integrating technology, data, AI in the media to their go-to-market. As I said, we've been expanding a lot. So we started 11 years ago, then we went to Portugal, then we went to Italy, then we went to France. We did a lot of acquisitions. In overall, we have done 12 acquisitions in 11 years, basically expanding our footprint. We are in Latin America, Brazil, Argentina, Mexico, Colombia, U.S. We started in the U.S. three years ago and operating with that. Now we just opened Making Science Hong Kong for Chinese export customers. We just were in an event with 100 Chinese brands, and basically they want to export to global companies. In terms of the story, we started very small, myself, 11 years ago, and we have grown a lot. Initially, the first four years was basically in Spain and Portugal only. We grew very quickly. Then we listed in 2020. We expanded internationally, we grew from 12 countries. We did acquisitions in Italy, France, Sweden, Denmark, U.K., Germany. We expanded the company. Now we are in a phase where basically we are profitable now. We are expanding more gradually. We have not done an acquisition in the last three years, so basically everything has been organic, and we are making more profitable. We will be starting doing more incremental acquisitions basically to make our position very strong in the market. In terms of, if we look at the global advertising market, as a proxy of our potential. Also, as I said, we do not only media, we do a lot of data and AI with our clients. It is like a EUR 1 trillion market. A lot of the money goes to Google, Meta, and so on, the platform capture. But there is a lot of fees, like we charge money manager, we charge fees to our clients for media management or for data management. It can be, let us say, 7%-8% of the overall. There is a lot of billions to be taken in terms of fees. In terms of who are the Of course, you have the platforms, the Metas and the TikToks and Meta. Then you have the global agencies, Publicis, IPG, etc. They compete in the tier of the market. But there is also the indies, like Making Science or Monks or Tinuiti, PMG in the U.S. So companies which are 1,000- 3,000, 4,000 people, depending on how they scale, but they for the mid-market, right? Incubeta, which is Carlyle or them, these kind of companies. The market is big when you think about this mid-market. The mid of the EUR 1 trillion, 30% is for the top global 5,000 advertisers, but 40% of the market is for the mid-market. There are tens of thousands of companies in the mid-market category, which are companies that spend more than $5 million per year. That is basically where we are focused. In terms of how we compete, as I said, we are a media agency, but we are also a tech partner. For the mid-market, we compete, we can be the agency of record. We are agency of record for Mazda in Spain or for different companies. For the global brands, we can be the tech partner. We can be the Google Analytics Enterprise reseller for some of the resellers for NetJets in the U.S. We are the reseller of Google Analytics for Enterprise. The global enterprise will pay us a tech partner for midsize company. We partner with them, and they are the agency of record. As I said, there are tens of thousands of marketing companies in all the markets that we compete. AI, we have been investing in AI a lot. We invest like EUR 5 million in R&D every year building our own technology. I mean, EUR 5 million for the U.S., it can be not a lot, but we have a hub of software engineers in Georgia in Eastern Europe. Basically, with this EUR 5 million, we have almost 100 engineers full time because the cost in Georgia of the software engineer is like 25% or less than the U.S., even 1/10. We have 100 engineers doing R&D all the time. We acquired this company in Georgia five years ago. We have a very good cost advantage in terms of talent. We can source talent. We have talent in Georgia. We have talent in Thailand, in Colombia, we have talent in Spain. We are able to source a good software engineer in AI is very challenging if they do not have the cost. We have software engineers for a lot of years of engineers in Georgia for EUR 16,000. We are able to make our capability is to build software. That is why we are the number one Google partners in the world because if you want to have 100 engineers in the U.S. or have a significant one, it is very complicated. We have been building a lot of technology and that is basically why we got the Google badge in the U.S. as this Google Marketing Platform. There are only 14 resellers in the U.S. and most like flexible or technological capabilities. AI, there is now a lot of discussion of what happens with AI professional services companies and all the view, but basically we are doing it, we are using it for three things. First is to optimize existing processes like reporting, insights, back-office processes. We are using to automate all the internal processes. We are also using to launch adjacent opportunities that were not economically good for us, and we are launching new products. For example, we have launched a few new platforms this year which are able to adapt possible effects of AI, for example, like you do a lot of predictive analytics with a lot of structured data, with numbers. It was very difficult to do analytics with structured data with images, with video, with large amount of data. Now we are able to provide, for example, analytics service on video, analytics service on images from our partners. That is additional value that we are providing to all clients. Overall, we are becoming, and you will see later, a much more efficient organization. We think nobody knows what is going to happen with AI professional services. Our thought is we are going to become 30%-40% more efficient. Right now, when we look at our tracking hours, 60% of the work is human to human. It is internal meetings with clients, meetings with partners. We do not think the human to human is going to be reduced. It is going to be augmented because of AI. 40% of the time is used in tasks like reports, analysis, these programs, domains. And we think that is going to be optimized by 75%, so we reduce 25% of the time, the same amount of work. We think overall it is going to be a 30%, 40% efficiency. That is basically what we are doing. What we are doing is we are flooding people. We have been flooding people in the last two years, and we think we can be flooding people in next year while our business is growing 20%. We have the luxury that we are hiring people because we are still growing. Basically, we are doing the transformation with AI, with the growth, keeping the amount of people. It is great. I think we have a very good opportunity for the future. In terms of growth, as you said, the global advertising market is $1 trillion. If we exclude China, the U.S. is 50% of the market. We just came to the U.S. three, four years ago. For us, the U.S. is 5% of the market. For any of our competitors, Monks, Jellyfish, Incubeta, all the U.S. is 40% - 60% of their revenue because it is 50% of the global market. It is big deal. China for us is 5%. We are growing. We have 30 people now in the U.S. Grow over the years. We have the Google credentials, which is very, very interesting. Which is very good. Again, since we are a certified Google reseller, we just work with top clients. So we work with Nike, with Banco, with Vista. We do not work with SMB, right? So we work for companies that want the enterprise software from Google for analytics. So we do not go in the U.S. going into SMB, we go into the U.S. in the enterprise platform, because we have the credentials. Actually, if you go into the official Google portal, Making Science is the number one ranked globally reseller for Google Analytics, ahead of any U.S. company because capabilities, cases, training, it is like if you are a financial advisor, you need a lot of certifications in order to be able to provide your advisory services. It is the same thing, Google. You need to have the credentials. Basically, we certified our engineers every year in everything, Google Development. So we are number one ranked Google globally as a partner. More than 100 case studies published, GMP award winner, for the award from Google. We continue to grow, basically, we should be continuing to grow in the U.S. for many, many years. Probably, we will do some acquisitions here right now in the U.S. We have not done. We have not done. We did a small acquisition in 2020 in Florida. We started a lot of operation here. But yeah, our objective is to keep growing. In terms of financials, this is H1, this is our results. So, we keep growing organically. This is our M&A. In our revenue, we have a percentage of that is media or technology. It is Google technology that basically we put a small margin into that. Then it is gross margin, and then EBITDA. Our EBITDA gross margin is around 20%, and it will, as I said, this year, because of the seasonality, H2 is typically 55% - 60% of the year, we should do $15 million in EBITDA. In terms of debt, we do not have a lot of debt. Our net debt is $8 million, so 0.50% of our EBITDA, so we do not have a lot of leverage. Basically, we can also get that in order to continue our expansion in terms of acquisitions and that. This is basically like also published results, how it is evolving. Basically, we are growing. You can see in the revenue side, we continue to grow quarter-on-quarter. Our gross margin continues to grow quarter-on-quarter organically, and our staff cost, which is this one, is flat. We have the same people. We need to give some raises, but basically it is flat. Our OpEx is also flat. The trend is like we can generate much more EBITDA, much more net profit. Last year, we did $10 million EBITDA. This year, we can double. Yeah, basically that is the trend of the company. We are getting a lot of operating leverage because we have already done the investment of opening all the subsidiaries in all the markets. Those are already paid. We are basically growing with the revenue. That also gives you an idea of the distribution by country. Of course, Spain is our biggest market. We are the biggest player there by far. We have been growing in France, Italy, Nordics, U.K., Germany, and U.S. U.S. again is our market number seven or eight. Every year it is going to be moving up. This year, we surpassed U.K. Next year, we surpassed Italy. The following year, we surpassed France. The following year, we surpassed the Nordics, and eventually North Italy. We should be able to because of the, since we, Spain is like 10% of the global advertising power. We have a very big percentage of our revenues there. In the other markets, we have still a lot of room. Again, we have the credentials of the vendors. For us, I would not say it is easy, but we have very good credentials in each market. Yeah. Basically, our company right now, we do not trade very, very expensive. We have like 5x earnings, 5x operating income. But we have a huge potential, very huge, because we are profitable. We do not have a lot of leverage. Although there is a lot of discussion of what is going to happen with general services, with Accenture, you still need people at the end of this. You need to invest. Companies just need very efficient organizations and very skilled people. Those will be the winners, and the survivors will be much more profitable. The ratio of personnel cost to revenues will be reduced from 70%, which is around personal services, maybe 60%. In terms of what we are doing, the company, basically we are business growth through AI, so creating more solutions for our clients. Because we are evolving in terms of AI and data science engineering, we can create more solutions. AI as an internal efficiency driver. We are getting people is doing much more proposals. They are taking care of much more clients. Growth across all the markets and international expansion. We are just Making Science. Now we are getting all the equipment back and also in the database. But in terms of cap table, we have a few institutional investors. JANA is a family company of Making Science. It is an aggressive asset manager, and we have two or three funds. I own 5% of the shares. In Atlanta, we have 50%. We have two companies doing research for us in Atlanta. That's all. Thank you very much. I don't know if you have any questions. Thank you. Do we have any questions? Do we have one at the front? You should be mic now. A very interesting presentation. Do you think your company is more like a higher media type of revenue and margin, or you're leaning towards more like an AI? Because when you look at the margins, it's a great business, but it seems low margin as compared with other SaaS or AI company. As far as you see your company transforming your business model, in addition to M&A, acquiring new customers, but from the profitability growth perspective and growth perspective, can you explain that? Yeah. No, definitely. We should go to 30% + margin, 30%-40% EBITDA gross margin. Right now, an increasing percentage of our revenue is more AI and tech than it's going to be in the future. Also, if you look into Spain, which is the mature market, our EBITDA gross margin is 30% + because we are at scale. If you separate the mature markets with the non-mature markets, it's bad. Because I would say I need to pay the managing director and the management of France the same money if they sell, not significantly more, at least the fixed cost. We need to go from 30% - 40% and transform to be. Right now, we are 75% of our business in terms of media, 25% is tech. That should grow to 40%. Obviously, you need to have people doing those things. When you go into, let's say, Mazda in Spain. We manage everything offline, online. They invest EUR 50 million now selling all their cars. We use 40 media partners, Google, Meta, Snapchat. But there is a long list of other places where we need to make a reach, and we need people to. You can automate some of that. It's like trading. You don't just have the stamp duty in the U.K. You have the stamp duty in media. So you are going to need people. Of course, that automation is going to be much more efficient and people will be super fine, but you need people. But of course, we want to be much more efficient, much more effective. All right. Thank you very much. Thank you. Thank you, Sam. Thank you.