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Operator

Good morning, and welcome to the Eurocell plc Half Results Investor Presentation. [Operator Instructions]. Before we begin, I would like to submit the following poll.

I would now like to hand you over to our CEO, Will Truman. Good morning to you.

William Truman
CEO & Executive Director

Good morning, and welcome to Eurocell’s 2026 Half Year Results Presentation. As just introduced, I’m Will Truman, Chief Executive; and I’m with Michael Scott, CFO; also joined with Matt Worster who’s the CFO Designate. This morning, I’ll give you a brief overview of the half year before handing over to Michael, who will take you through the financial results in more detail before handing back to me for the strategy update. Michael will then cover the ERP upgrade, restructuring and ESG, and I will then wrap up with the summary.

As you know, I was appointed in February of this year and my reflection on this first half year’s results is that we’ve made some good progress. Alunet has continued to trade in line with our expectations, and there has been an improvement in the underlying business despite a soft first quarter to the year. The improvement in the sales momentum we saw in Q2 has continued into the second half of the year. As part of this, we have seen gains in each of the strategic initiatives, but importantly, in the underlying business as well.

Alongside this, we have made progress with further restructuring and strong cost disciplines. As a result, group revenues improved 6% in comparison to the first half of the prior year from GBP 193 million to GBP 205 million. Adjusted operating profit

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of IIPR, O, IIPR.PR.A either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

CHICAGO — A Chicago resident has died from West Nile virus, marking the first death linked to the mosquito-borne illness in both the city and the state of Illinois this year, health officials announced Tuesday.

The Chicago Department of Public Health confirmed the death alongside the city’s first two human cases of West Nile virus in 2026. The department did not disclose further details about the person who died, including their age or the specific area of the city where they likely contracted the illness.

CDPH Commissioner Dr. Garth Walker pointed to the city’s unusually wet summer as a key factor contributing to elevated mosquito activity this year.

“2026 has seen the rainiest summer in Chicago in years, giving mosquitoes ample opportunities to breed,” Walker said in a statement. “The best way to protect yourself from West Nile virus is to avoid mosquito bites and take measures to stop them from breeding around your home.”

Data on Chicago’s rainfall this year supports that assessment. Midway Airport recorded more than 20 inches of rainfall between June 1 and early August, well above the roughly 13 inches the Southwest Side airport typically sees between June and late August in a normal year. Standing water left behind by heavy rain creates additional breeding grounds for mosquitoes, increasing the overall risk of transmission for mosquito-borne illnesses like West Nile virus.

Illinois Department of Public Health Director Dr. Sameer Vohra emphasized the broader statewide significance of the year’s first fatality.

“The year’s first death in Illinois related to West Nile virus is a sobering reminder to take mosquito-borne illness seriously,” Vohra said. He noted that while most people infected with the virus do not experience serious symptoms, certain populations face significantly elevated risk.

“While most people won’t experience serious symptoms, West Nile virus can lead to severe illness in high-risk groups such as older adults, individuals with chronic medical conditions, and immunocompromised persons,” Vohra said.

Tuesday’s announcement followed a related development just days earlier, when the Cook County Department of Public Health reported the season’s first four West Nile virus cases in the Chicago suburbs. The Illinois Department of Public Health separately confirmed its first human case of the virus for the year the previous week, involving a resident of downstate Piatt County.

According to figures from the state’s public health department, Illinois recorded 10 deaths linked to West Nile virus last year, out of a total of 150 confirmed human cases statewide.

West Nile virus remains the most common cause of mosquito-borne disease in both Chicago and the United States more broadly, according to the Centers for Disease Control and Prevention. The virus is transmitted to humans primarily through the bite of an infected mosquito, with the underlying transmission cycle involving infected birds; mosquitoes that feed on infected birds can subsequently acquire and spread the virus to humans and other animals through later bites.

Health officials emphasized that human-to-human transmission of West Nile virus is extremely rare. Most people infected with the virus, roughly four out of five according to state health officials, experience no symptoms whatsoever. Among those who do develop symptoms, most face a relatively mild illness involving fever and flu-like symptoms, occurring in roughly one in five infections.

A smaller subset of cases can progress to severe, neuroinvasive disease, occurring in approximately one in 150 infections, according to figures cited by health officials. In these more serious cases, the virus reaches the brain or spinal cord, potentially causing encephalitis, meningitis or acute flaccid paralysis, conditions that can result in long-term complications or death, particularly among higher-risk populations.

Chicago officials identified the groups facing the highest risk of severe illness as people over age 60, individuals with chronic medical conditions, and those who are immunocompromised. Public health experts have noted that this risk disparity means the practical impact of the virus varies enormously based on individual health status and age, even though exposure to mosquito bites carrying the virus may be similar across different populations within the same geographic area.

There is currently no vaccine available for West Nile virus in humans, and no specific antiviral treatment exists for the illness. Medical care for patients who develop severe disease is generally limited to supportive treatment aimed at managing symptoms and complications rather than directly targeting the virus itself.

In response to the rising mosquito activity, CDPH has maintained an active mosquito control program throughout the summer, including treating more than 80,000 catch basins across the city with larvicide to kill immature mosquitoes before they mature, along with ongoing efforts to collect and test mosquito populations for the presence of West Nile virus. The department has also conducted targeted insecticide spraying in specific geographic areas when testing indicates elevated risk, deploying that response across 15 different Chicago community areas over the past several weeks, including Beverly, Burnside, Chatham, East Garfield Park, Lower West Side, Morgan Park, Near West Side, North Lawndale, O’Hare, Pullman, Roseland, South Deering, Washington Heights, West Lawn and West Pullman.

As of the department’s most recent update, West Nile virus risk in Chicago was rated as moderate, with officials continuing to encourage residents citywide to take precautionary measures against mosquito bites regardless of their specific neighborhood.

Health officials recommend that residents use insect repellent registered with the Environmental Protection Agency, containing active ingredients such as DEET, picaridin, IR3535 or oil of lemon eucalyptus, applied according to product label instructions. Additional recommended precautions include wearing long sleeves and pants when outdoors, particularly during dawn and dusk hours when mosquitoes are most active, and eliminating standing water around homes and yards to reduce local mosquito breeding opportunities.

Late August and September mark peak transmission months for West Nile virus in the Chicago area, meaning officials expect continued mosquito activity and potential additional cases in the weeks ahead as the region moves through the remainder of the transmission season. Public health officials have indicated that risk from the virus typically persists until the first hard frost of the year, underscoring the importance of continued precautions well into the fall months as temperatures gradually decline.

By Jennifer Nash

The latest employment report showed that 162,000 jobs were added in August, compared to July’s 21,000 gain. This figure was significantly higher than the projected addition of 55,000 jobs. Meanwhile, the unemployment rate was unchanged