Member Info for RunS4

A few tidbits from a quick read-through of the AR/Our world docs...Please feel free to share yours too.

- UK headcount dropped from 304 to 245 - circa 20% cuts here vs 11.5% globally in 2025. Mostly in Q4 I'd think. And that speaks to the guidance for EBITDA margin guide to increase by 100bps vs 2025. And it isnt a strech to say that most cuts in Q4 25 were in high cost regions Still, conservative I suggest.

- SC Johnson was confirmed as one of the CPG clients picked up in H2 2025. That's a good name to have on our client roster and a good diversify away from Tech in 2026.

- Even though on the face of it you can argue that working capital management was what drove most of FCF in 2025, the level of AR/AP is about the same for 2025. S4 did a good job with collecting cash when they had to!!

- A bit of commentary that they're seeing hyperscalers also look at Marketing spend as opposed to a focus only on AI capex.. This could just be what determines whether we end with a 1-3% revenue growth versus a 5-8% growth in 2026.

C'est ca!!

Ha haa!! They're down below the 0.5% reporting threshold to a 0.48% short position and won't be reported anymore, but we do wish those 3.5m shares short outstanding will cause them much more grief. ;-) |The tide has turned and the early signs are positive indeed.

You may well be right, NigeCo. I'll need to walk back my comment that Marybr being part of the Swing with the trend crowd. No offense, marybr.

We knew it was lse2000 the tripe artist who got caught with his shiite predictions. Throw in MildLaddie the master trader gloating over his 1p profit when he sold at 20p and Glowacki, the perennial downbeater whose only joy in life is write 'hold' or 'sell' on message boards of beaten down stocks, unfairly so in many cases just because of the trend on this tripe exchange we're listed on!!

On another note, Semis in the US are 'on a tear' as the yanks would love to say - the SMH index up 30% in 16 straight up sessions, and these shares were near enough to highs prior to this!! Will we get a similar second wind to match after the Q1 call next month? We can hope!!

"Was your prediction 10p or 6p ? Can't remember."

Oh well - Marybr is an integral part of the whichever way the wind blows crowd!!! :-) That's the lot that moves the SP in one direction or the other in the near term and they accentuate price movements in both directions and to me, reflect the shallowness of this tripe market we're listed on!! That fundamental reality hasn't still changed just because we're up 100% in a month.

Keep this going Monks!!

https://www.linkedin.com/posts/hcowling_fifth-times-the-charm-share-7452503280590565376-ULga?

Good luck with your investments, Pencil. I'm not here to spend more time than needed to debate non-relevant shares on this message board. And I'm not here to debate your opinions about not just me but about AI failing miserably to deliver (god, where's my pillow).

"Only on SMS terms. It won't come cheap" This is 100% right, Nige. At the bottom late last year and even early March when we fell below 20p, the market was desperately discounting (as it does almost always) a high probability of a debt default/going under. That was a BS assessment and hence I put my mouth where my mouth is and built a position that way exceeded my own internal portfolio limits in a single stock - I was well over 50% of my portfolio value in SFOR even when it was at the lows. And it's now even more skewed. :-)

OK, enough about my holdings though :-), but the reality here is that a genuine price pivot that takes SFOR above the low/mid 60s that we hit back in the summer of 2024 can only truly come about on a sustainable basis if there's the revenue growth metric that comes to fruition. I'm genuinely optimistic that this will come about in 2026. And when it does, the SP will take care of itself - what with the massively lowered cost base!!!

Good luck longs!!!

Except that THG is friggin pathetic with the management/governance (or lack of) at the top reflecting the state of play with the stock - their focus on vanity metrics is nothing to crow about. I'm glad I bet my house on SFOR and that's paying off. We're firmly anchored now to the prospects of the US economy and that's a massive positive.

I should've indeed said North America, but I can't imagine that the Canadian market is bigger than 5% of our revenues, given the entirety of EMEA is about 15% of our revenues!!

"May be because sfor are 50’percent in the tech market ?"

Nope, that's not the reason really.

1. We're a circa 80% US revenue business. We're not stuck with the high-tax, no-growth UK market.

2. We've had plenty of job cuts last year and that marginally boosted EBITDA margins in 2025. That margin should grow more this year, even if there isn't any revenue growth for us in 2026. We'd be off to the races if we do growth and that's what the market is betting on as a 2026 theme.

"Wonder how much Was Spent on redundancy’s payments."

Verney/Sickie - You're missing the big picture, IMO. It's not like 75% of employees are based in the UK/Europe that we need to consider applying UK/EU type redundancy payout metrics consistently. Redundancy payments in the US where a large % of employees are based is peanuts. Employees in India/Latam don't cost as much and I'd wager neither do redundancy payouts - however I don't believe this is where the cuts are being made big time.

The US is where the cuts are being more and they don't bear the redundancy cost burden we do in the UK/EU.

"Hi good to see the share price climb not sure of the financial metrics but does anyone have an idea what the SP might be by Dec 26 & Dec 27?"

Unless you've come back to the end of 2026 in a time machine, I can't imagine how anyone can even guess what the price would do at that time. If you pose questions like this on a MB, you'll get silly answers - it;s not worth making your investing decisions on what a bunch of unknown people on here espouse with price targets.

Look at fundamentals, look at potential revenue/earnings growth metrics, and then apply a reasonable valuation metric whether that's FCF yield multiple OR EV/EBITDA multiple or such. That should be your target and on this silly stock market, you'd be lucky get anywhere close to that.

Good luck classie!!!

First it was the turn of agencies, then it was SaaS companies, then financial service providers...It's just Wall Street panicking and the du*mb fu*cks this side of the pond following suit. It created wonderful opportunities for the brave ones/bottom pickers though!!

The AI fear will blow over (as it is now) for our sector when they realise that we're using all of that AI investment from the hyperscalers to actually generate a hell of a lot of ROI for our clients, and in turn our business turns around!! I don't care if the hyperscalers don't make good returns from all that capex, but I'm sure S4 will, eventually.

What do they say about one man's loss? Shiite happens to the impatient - a great example of an apt oxymoron though!!!

Not to get ahead of myself with outlandish (currently) price targets, but momentum, both in business as well as SP turnaround, is a weird thing.

A meaningful break above the mid-60s would take a solid turnaround in the business trajectory and that may yet happen in 2026 and if the market sees signs of that coming to fruition, we could well have that Rolls Royce part deux that Mary just bandied. But, it's a wait and watch for now.

There goes the 30p handle, finally!!!

Https://lbbonline.com/news/McArthurGlen-Monks-Strategic-Creative-Partner

We're now the strategic creative partner for McArthurGlen, the outlet mall company, in Europe. Not sure about the commercial scale of this win, but adds to the roster of clients outside of the Tech sector.

"This has to be takeover talks"

Unlikely at this stage, IMO. I don't want or need to be a pumper on these boards because I want this.to keep moving up to a target of mine.

A far more realistic reason is that we were priced to fail and with that now effectively being taken off the table, we're rating to a level that reflects a not more the FCF generating ability of the business.

There'll be ups and downs, but the direction of travel is clear, even if there are the usual bumps in the road with a 15 to 20 % drawdown in between.

Growth needs to be back on the agenda before we rerate bigly.. Talk of Acquisitions at this stage - - a pumper's pipe dream!!

To me, it's not so.much the Q1 update that matters - we know it'll be down on last year, but more signs of green shoots that indicates we finally might be on YOY growth trajectory on a significantly reduced cost base.

This is what market is anticipating and set us on this path higher since the last update. We'll probably get to the 40s as the direction of travel seems unidirectional for now.

It was good that the management decided to chop by the degree they did in q4 and still generated plenty of FCF.. I wouldn't wager against net debt being wiped out by H1 2027, well ahead of the 2028 August payment deadline for the Euro debt.

Enjoy the ride and mind those inevitable swings!!

Sick....have you given up on retiring at 39p? Greed does that to people, and don't get me wrong I'm at the front of that queue!!!