Bristol-Myers Squibb Company

- No explicit mention of current or planned new fundraising through debt or equity was made in the call. - The company highlights a strong balance sheet with net assets broadly flat at GBP 216 million. - Net cash position improved to GBP 29 million, consisting of GBP 44 million in cash and GBP 15 million in debt. - Capital allocation priorities include internal investment for organic growth, debt reduction, dividends, and bolt-on acquisitions. - The company expects to draw down cash in the first half of the year and build it back in the second half due to consumer list seasonality. - No announcements or indications of new stock issuance or debt raising were discussed during the Q&A or presentation.

- Bloomsbury is investing in internal growth initiatives and technology deployment, notably the "Bloomsbury brain," an AI-driven semantic search tool to enhance decision-making in publishing, marketing, and stock management. - The company streamlined and simplified its operating structure from a matrix to a vertical model to improve agility and financial performance. - Expanded direct sales capabilities in America by recruiting an in-house team of key account managers to replace previous third-party arrangements. - Digital transformation initiatives include ongoing integration and digitalization of the recently acquired Rowman & Littlefield portfolio. - Opened a base in Singapore to capitalize on growth opportunities in Asia, particularly in Academic & Professional segments linked to student population expansion. - Capital allocation priorities focus on organic growth, debt reduction, dividends, and selective bolt-on acquisitions, exemplified by the £65 million acquisition of Rowman & Littlefield in May 2024.

- Bloomsbury expects record profit delivery in the 2026-2027 financial year, aligned with upgraded expectations. - Strong growth seen in Academic & Professional (A&P) revenues, driven by digital sales and AI licensing deals, continuing into 2026-2027. - Consumer division revenue growth is expected, backed by a strong front list including two new Sarah J. Maas novels and Harry Potter-related releases. - Expansion in Asia is at an early stage but shows promise, especially in the Academic & Professional market with growing student populations. - Robust retailer support in the U.S. and global English-speaking markets, particularly for major titles such as Sarah J. Maas’s new books, indicating strong preorder demand. - New vertical operating structure and direct sales efforts in the U.S. expected to improve agility, accountability, and financial performance. - Investments in technology, such as the "Bloomsbury Brain," aim to enhance marketing, demand forecasting, and stock management, supporting growth.

- The Board has strong confidence in delivering a record profit for the financial year 2026-2027, in line with recently upgraded expectations. (Page 3) - FY ’26 profit was GBP 44.9 million, up 7%, with a margin increase of 210 basis points to 13.8% from 11.7%. (Page 2) - Earnings per share (EPS) increased by 8% to 44.57p. (Page 2) - Continued growth driven by digital sales, especially in the Academic and Professional (A&P) segment, with profits doubling to GBP 25 million. (Page 2) - AI licensing agreement is ongoing and expected to provide a revenue stream for years, as more authors opt in. (Pages 6-7) - New vertical operating structure and direct sales force in the U.S. expected to improve financial performance going forward. (Page 5) - Strong consumer front list with major new releases (e.g., two Sarah J. Maas novels) supports growth. (Page 3)

- Almost all retailer orders for upcoming books are now in, crucial for fixing the substantial print runs. - Exceptional support from the entire retail base in America is noted for the two major books being released. - Similar robust demand and orders are being replicated spectacularly in English language markets worldwide. - Preorders for Sarah J. Maas’s first book are extraordinarily high, with virtually every major retailer and even non-book mass merchandise retailers viewing it as a top product for the holiday season. - Customer preorders directly placed with retailers have reached levels higher than ever seen before.