Thank you everyone for joining us today. I'm Stephen Kowal, the Chief Executive Officer of Atturra.

Also joining me today is Kunal Shah, our Chief Financial Officer, and you'll hear from him later. Today, I'm pleased to be able to talk you through both our business and our FY '26 results.

It is important that you read the information in this presentation in conjunction with the accounts were released earlier today to the ASX. Let me quickly touch on the agenda.

Today's presentation will begin with a summary of the results. I will then provide a brief business overview, including how our FY '27 priorities have shifted towards organic growth and selected investments intended to drive long-term growth.

Kunal will cover the financial performance. I will then cover our strengths and capabilities, and the FY '27 outlook.

I'll end by opening it up to those that pre-registered for a Q&A session. Let me start with the headline results.

In summary, FY '26 did not meet our expectations. However, as set out in our July trading update, Atturra expects to deliver a record revenue, EBIT, and underlying EBITDA in FY '27.

At the top line, revenue increased 17% on the prior corresponding period to $351.8 million. The increase was primarily acquisition led, with organic revenue broadly flat year-on-year, mainly as a result of reduced government spending.

Underlying EBITDA was $30.1 million, down approximately 5% on the prior year. That was in the $30 to $31 million full-year range we set at the half year.

The shape of the year matters. Underlying EBITDA in the second half was approximately $22.8 million, up 27% on the prior corresponding period.

Operating cash flow also moved from a $13.4 million outflow in the first half to an inflow of approximately $22.5 million in the second half. We now have more than 1,300 staff, including over 350 security clearances.

Critically, we achieved 78% predictable revenue, exceeding our target of 75%. A significant increase from the FY '24 when we set that target.

Kunal will cover our financials in more detail later. Looking at the results over the five years from FY '22 to FY '26, revenue has grown at a compound annual growth rate of approximately 27%, and underlying EBITDA at approximately 19%.

That reflects both organic and acquired growth. Although as previously stated, the growth in FY '26 was predominantly acquisition related.

Our revenue is diversified across energy, resources, public sector, education, financial services, manufacturing, and other industries. No single customer represents more than 10% of group revenue in FY '26.

It is important to know that our public sector revenue is now concentrated in areas that have been less affected by government spending restrictions. Based on the current mix of work, we expect limited to no significant headwinds in FY '27.

Before we jump into the financial details, I wanted to do a quick business overview and cover off our vision and strategy. Our vision remains unchanged to be Australia's leading advisory and IT solutions provider.

Our model combines deep industry expertise with technology specialization and strong delivery capability. That combination is important because clients want partners who understand both the technology and the operating context in which it must work.

For FY '27, we have an increased focus on earnings per share, operational efficiency, and we're adopting an AI-first approach. We're investing heavily in areas where we see the strongest growth and differentiation: AI, cyber, cloud, and data.

As disclosed in our recent trading update, our investment is heavily weighted to the first half of FY '27, and is expected to begin supporting growth and operating leverage in the second half of FY '27 and beyond. Atturra is seeing significant demand for AI and AI-adjacent advisory services within our existing clients.

In particular, our clients are engaging Atturra around AI in three key areas: data and AI governance and security; secondly, data readiness; and third, adoption with a focus on return on investment. Atturra expects this demand to grow for the next several years as enterprises grapple with the changing AI landscape.

In our previous half-year results, we listed several key objectives. I am pleased to say we made progress against each of those objectives.

It wouldn't be 2026 if we didn't start with AI. AI is both a client opportunity and an internal operating priority.

We're developing repeatable services and intellectual property, including AI opportunity sprints, readiness and adoption work, and we made test many of those offerings inside Atturra before taking them to the market. Internally, we're applying AI across sales, operations, and delivery, with the aim of improving productivity and margins, rather than simply increasing activity.

Secondly, at the start of the year, we highlighted Atturra's goal to grow its capability and footprint in managed services. This was primarily achieved through the acquisition of Blue Connections, which added significantly to our managed services ca- capability and capacity.

We're also developing adjacent services in AI-readiness, security, and automation. Thirdly, we invested heavily in industry solutions, most importantly, Skoolaborate, our student information management system.

We finished FY '26 with six contracted clients, an impressive result, given the full system is not in production until September 2026. Our goal is to achieve more than 20 contracted clients by the end of FY '27.

We also have several other solutions, which I'll cover off later in this presentation. Our fourth focus area was improved capital management, which we flagged in our FY '25 results presentation and which Kunal will touch on in the finance section.

We have deployed approximately $25 million in FY '26 in share buybacks and acquisitions. The final core area called out in FY '25 was increased sales investment and the establishment of a strategic sales group.

As a result of this investment, Atturra now has a dedicated large-deal team, as well as increased sales capability in Queensland and New South Wales focused on strategic sales, and have increased our specialized sales capabilities across Australia, with specific focus on Microsoft, AI, and ERP capabilities. Next, I want to share the key industry sector trends we're seeing.

You can see from this that Atturra's investment and recent acquisitions have been very deliberate, focused on technology sectors in which there is strong and ongoing demand. You can see that the sectors in which Atturra is building capability are supported by structural demand.

For example, managed services, AI, ERP modernization, sovereign and regulated cloud, digital infrastructure, and education platforms. I will not read out every market forecast on this slide.

However, the alignment between our investments and forecast market demand is clear. Atturra already has significant footprint in several of these areas, including managed services, infrastructure, cloud, and data.

Of course, data is a core requirement of AI. In the case of ERP and student information management systems, they're key areas that we're expanding rapidly.

Let's talk financial performance. I will now hand now hand over to Kunal, who will take you through the financial results in more detail.

Thank you, Stephen. Hello, everyone.

My name is Kunal Shah, and I'm the Chief Financial Officer for Atturra. I will be presenting some more detail around the company's financial results for the 12 months ended 30th June 2026.

The first slide highlights the key profit and loss results. It compares our 12-month performance up to 30th June 2026 with the 12-month period ended 30th June '25.

As Stephen has highlighted, we achieved a 17% growth on revenue of $351.8 million, compared to the previous corresponding period. The underlying quality of the business has remained stable, with a gross percentage margin of 33% compared to 34% on PCP.

We have highlighted underlying EBITDA as an important measure of the company's performance. The underlying EBITDA result of the business has reduced marginally by 5% to $30.1 million.

To understand our underlying EBITDA, we exclude nonrecurring expenses. In FY '26, we have added back share-based payments, M&A-related transaction and retention costs, impairment of intangibles, organizational restructuring, and acquisition-related integration costs.

For the comparable period in FY '25, we had added back share-based payments, M&A-related transaction and retention costs, one-off capital raising costs, and acquisition-related integration costs. The 5% decrease in underlying EBITDA was mainly driven by the termination of a fixed-term contract together with continued investment in Skoolaborate, as we build its capability and position the business for future growth.

Earnings per share decreased to -5.88 cents. However, EPSA is positive at 3.66 cents, and is calculated using underlying NPATA.

This metric excludes the amortization of intangible assets and other one-off items, and is detailed on the next slide. This slide details underlying NPATA, or adjusted net profit after tax.

This metric provides the underlying profitability of the group, excluding the amortization impact of non-cash charges of acquired intangibles and specific non-recurring items. The underlying NPATA of the business of $13.5 million has decreased on PCP of $19.6 million.

The next slide is a summary of the balance sheet. It compares balances at the end of the current 12 months and the balances at 30th June 2025.

Our cash balance is $66 million, largely due to acquisition spend and share buybacks. We have net tangible assets of $9.9 million, a decrease of $36.8 million on PCP.

We have working capital of $5.3 million, a decrease of $60.5 million from 12 months ago, largely due to the reclassification of borrowings from non-current to current, due to the end of term of our banking facility, which is in the process of being renewed. Inventory increased materially during the period, mainly as a result of the acquisition of Blue Connections.

The acquired business carries a significantly large inventory base as part of its hardware and supply chain operations, which has been incorporated into the group balance sheet. Borrowings have increased to $29.4 million from a PCP of $18.8 million, due to the acquisition of Blue Connections.

Lease liabilities increase following the acquisition of Blue Connections, reflecting the addition of office and warehouse facilities associated with that business. This cash flow slide is a summary of the sources and the applications of funds.

It compares cash flow from the current periods to the 12 months ended 30th June 2025. As mentioned previously, our cash position at 30th June 2026 is $66 million.

Overall inflows and outflows from the period include operational cash inflow of $9 million. Whilst this is a decrease on PCP, it represents a significant improvement from first half, where some one-off nonrecurring items have resulted in an operating cash outflow of more than $13 million.

Seasonality and timing factors affect operational cash flow and tend to be slightly volatile and may show large movements from period to period. Cash outflows include $23 million in investment in subsidiaries.

This is comprised of subsidiaries acquired in FY '26, $17 million, plus earnout payments made to previously acquired subsidiaries of $6 million. This compares with the investment in subsidiaries made in FY '25 of $47 million.

In the current period, cash inflows include $16 million drawdown of our loan facility to fund acquisitions, $5 million of which was a part for a revolving facility that was paid back during the year. Approximately $8 million of the reduction in cash during the period reflects capital return returned to shareholders through our on-market share buyback program, consistent with our disciplined approach to capital management.

Now, I'll hand back to Stephen, and we'll be pleased to answer any questions in the Q&A session. Thank you.

Thank you, Kunal. I'll now quickly talk about some of our strengths and capabilities.

Want to briefly touch on how AI is reshaping priorities and how this plays to Atturra's strengths and how it fits with our overall capability. The Australian, New Zealand opportunity for AI is substantial, but the market is still at a very early stage of scaled adoption.

The latest ABS data shows only around 12% of Australian businesses used AI in the workplace in 2024-2025, rising to 35% among large businesses. That tells us the constraint is not awareness, it's the work required to move from experimentation to secure, repeatable deployment.

The Australian Government's National AI Plan focuses on smart infrastructure, local capability, scaled adoption, and trusted use. It also identifies data governance, privacy, human oversight, and legal compliance as foundations for deployment.

Those priorities map directly to Atturra's capabilities, especially across data and integration, cloud, cyber security, applications, managed services, and change. Our commercial model therefore has three parts: we are converting early demand through AI opportunity sprints and readiness adoption services, we are using AI internally to improve delivery, productivity, and margin, and we are capturing the adjacent services required to make AI work in practice, including data preparation, integration, cloud modernization, and secure operating environments.

Put simply, our what to win is the ability to operationalize AI end-to-end: identify the use case, prepare the data, build or configure the solution, manage security and governance, drive adoption, and support it in production. We are also deliberately reducing single-platform risk by working across the hyperscalers and technology partners Atturra already has.

Next, a key investment area for Atturra is our intelligent platform for schools, called Skoolaborate. Skoolaborate is designed for schools, built natively on Microsoft Dynamics 365 and Power Platform.

It offers a single connected platform that supports the entire student and staff lifecycle, and is one of Atturra's key strategic growth investments for FY '27. Skoolaborate is a deliberate strategy to develop Atturra-owned intellectual property and generate more predictable recurring license and support revenue alongside onboarding and implementation revenue.

This initiative builds on Atturra's reputation, experience, and relationships in the Australian education sector. Also, AI is central to this opportunity, because Skoolaborate connects data and workflows across the school.

It is well-positioned to benefit from Microsoft's continued investment in Copilot and agent capabilities within Dynamics 365 and the broader Microsoft offerings. Using these capabilities, we are successfully reducing repetitive administration, making information easier to find and understand, materially improving school processes, and enabling better-informed decisions.

It's quite exciting that despite not being fully released yet, as of the 30th of June 2026, Skoolaborate had six contracted clients. The platform is already operational at Brisbane Grammar School, which Microsoft recently featured in a global customer case study, providing a strong external proof point as we introduce Skoolaborate to the broader education market.

The actual formal release of Skoolaborate's full 12-module platform is scheduled for September 2026. However, multiple client onboarding projects are already underway, with broader deployment planned for 2027 school year.

This marks an important milestone as Skoolaborate moves from a development focus program to a scalable product business. A clear product road map is in place with further capabilities and enhancements and modules planned throughout FY '27 and beyond.

To support this transition, Skoolaborate is operated as a dedicated Atturra business unit since 1st of July this year, with its own governance, financial ring-fencing, and dedicated capabilities in product development, onboarding, deployment, support, and sales. Skoolaborate currently has a pipeline of approximately 40 schools, and we are targeting more than 20 contracted schools by the end of FY '27.

The sales cycle for a student information system generally ranges from six months to two years. However, once implemented, these platforms become integral to school operations.

With an observed replacement cycle of about 13 years, Skoolaborate can foster durable client relationships and generate long-term recurring license and support revenue for Atturra. The combination of Atturra-owned intellectual property, Microsoft technology, connected school data, and emerging AI capabilities create a stronger foundation for sustainable growth.

Next, today, I'm going to cover our products in more detail than normal, as our IP portfolio is a core element of our value-creation strategy in the medium to long term. Following Skoolaborate, I want to widen the lens and briefly walk through some of the other products on this slide.

Yes, Skoolaborate is our largest strategic product investment, but it sits with a broader portfolio of Atturra-owned and partner-enabled offerings. I want to be clear that these five offerings are not not all at the same stage or the same scale.

The Atturra Cloud Platform and our data center capability are established platforms. E-planning and Mobile Action are repeatable solutions built around markets and technologies that we know deeply.

Signal AI is an early-stage product that we are now bringing to market. What connects them is the commercial model.

We start with a problem we see repeatedly in our client base, and if we determine the addressable market is large enough, we combine Atturra's domain knowledge and technical capability into a reusable solution, and then earn value through a mix of subscription, or managed revenue, implementation, integration, and ongoing support. That gives us differentiation from our pure-services model and, over time, the potential for more predictable revenue and growth with minimal increase in our cost base.

Let me start on the left: the Atturra Cloud Platform. For those long-term investors, you would be familiar with this, or ACP.

It is a managed service layer for running our client's core system and workloads across private cloud, Azure, or AWS. It can also support data and AI workloads and a growing set of partner platforms, including Boomi, [Nuix?]

, Infor, and Denodo. The important point is that a client is not simply buying raw infrastructure, they're buying an integrated solution with core Atturra IP that provides an operating outcome, including architecture, migration, security, monitoring, cost control, support, and where required, disaster recovery.

ACP can be deployed as a point solution or as part of a hybrid environment, which allows the client to begin with one workload and expand over time. I'm pleased to say that ACP has now grown to more than 60 clients.

Commercially, it is attractive because it generates recurring managed revenue for Atturra, and also pulls through implementation, integration, and ongoing managed-services work. Next is our data center capability.

Although it is closely related to ACP, it is a distinct client proposition. ACP is the managed platform, the data center provides sovereign infrastructure, colocation, private hosting, and a connectivity layer underneath it.

Atturra operates five primary data centers in New Zealand and uses leading Tier 3 and Tier 4 colocation providers across six Australian locations. That gives clients a local option for workloads where data residency, security, resilience, predictable costs, and access to local engineers matter.

It also allows us to connect private infrastructure to Azure, AWS, and client networks, clients do not have to choose between private and public clouds. Access our cloud and data center services.

We support more than 1,000 clients across Australia and New Zealand. For investors, the value is the predictability of these relationships.

Once core workloads are secured and connected and managed on our infrastructure, the relationship can extend beyond with the network, cyber, backup, disaster recovery, and broader managed services. That creates recurring revenue and meaningful client stickiness.

The third offering I want to cover is Atturra's e-planning solution, which has been successfully delivered to many New South Wales clients, and is a practical example of turning deep local government expertise into repeatable solutions. It connects the New South Wales planning portal with the major ERP, property, and rating systems used by councils.

Today, Atturra has helped New South Wales councils improve the lodgment process between local and state government, through 2-way API integration and automated notifications. E-planning moves development application information between planning portal and a council's core system, without staff having to rekey any information or manage the process through paperwork or manual handoffs.

The client outcome is straightforward: faster processing, improved data quality, clearer communications, and stronger compliance. Importantly, e-planning is delivered as a managed service, Atturra maintains the integration as government requirements change, and as ERP vendor release schedules change.

Atturra is about to release Phase 2 of e-planning. Atturra is working to extend e-planning into the application initiation phase.

Through our partnership with [Dox AI?] , we're developing an AI-enabled document review and validation capability that can assess submitted documentation more quickly, thoroughly, and consistently.

The solution will identify missing, incomplete, or potentially non-compliant information earlier in the process and support an automated return to resolve workflow. Applicants can then be advised of the issues and given the opportunity to correct their documentation before the application progresses further.

This will reduce manual review effort, improve application quality, and help councils process development applications more efficiently. Currently, a very hot topic.

This is the commercial logic we want from our industry IP: we solve the integration and document processing challenges once, then reuse the product and implementation methodology across councils or multiple clients, while supporting it on an ongoing basis. It generates its own revenue, while also creating broader opportunities across local government, for example, in ERP, cloud, data, AI, and automation services.

Next, I want to touch on is Signal AI. This is a product at an early stage, a modern example of a niche product.

Signal AI is our approach to making AI practical inside of Infor M3. Rather than offering a general purpose chatbot or asking a client to fund a large standalone AI program, Signal AI uses focused agents aimed at defined operational problems.

Those agents can work with M3 data, other enterprise sources, approved public information, to auto-surface insights, reduce repetitive work, and support decisions across areas such as customer service, procurement, planning, supply chain, and manufacturing. The design keeps people in control, an agent can recommend an action or prepare an update, but the user approve approves execution before the ERP is changed, otherwise known as human-in-the-loop.

This makes the entry point lower friction and lower risk. A client can start with one use case, prove the benefit, and then add agents and workflows over time.

Version 1 has just launched and already has two customers, and the intended commercial model is recurring subscription revenue, expansion by customer, agent, and use case. The opportunity is meaningful, because it can be taken first into the global Infor M3 installed base, and then if the model proves repeatable, into adjacent ERPs and enterprise software markets.

I highlight this example, as it is one of many opportunities we have with our combination of industry and technology specializations. Finally, Mobile Action.

Mobile Action brings the same productionalization approach to the warehouse and the shop floor. It extends Infor M3 to the point where work actually happens, using RF guns, tablets, ruggedized devices, and supported terminals to capture and update transactions in real time.

The customer benefit is reduced paperwork and manual entry, better inventory and production accuracy, faster onboarding, and a more current ERP record. For Atturra, Mobile Action gives us a repeatable solution to sell into our existing and new M3 client base, with implementation, configuration, and support revenue around it.

It takes decades of M3 experience and manufacturing experience and warehousing experience, and turns that experience into a product that can be deployed repeatably. In closing, when you look across the slide, the portfolio has a deliberate shape.

ACP and the data centers give us scaled recurring infrastructure and managed services relationships. E-planning and Mobile Action convert deep industry and ERP expertise into repeatable solution.

Signal AI gives us a focused way to commercialize AI, beginning with problems and customers that with problems that customers have and that we understand. We do not need a long list of products, we need a focused portfolio attached to our existing client base and measured against clear commercial gates: paid customers, go-live economics, recurring revenue, retention, gross margin, services pull-through, and cash payback.

Where the evidence is strong, we will scale and invest; where it is not, we will refine and stop. That discipline is what gives this portfolio the potential to improve revenue quality, deepen client relationships, and support growth, without requiring head count to increase in the same proportion.

Atturra's success is enabled by our broad partner ecosystem and recognized capabilities. Atturra is proud of its well-recognized expertise.

In recent years, we have received more than 50 awards and recognitions across our partner ecosystem, including award-winning streaks spanning five consecutive years in three countries. Awards are not a financial result, but an independent evidence of the depth of our technical capability and the quality of our relationships, the platforms on which our clients rely.

For those that have more interest, you can go to our website and have a look at all the details behind the awards. Let me close with our outlook for FY '27.

Following the integration of several businesses over the past 24 months, our focus is firmly on organic growth and process optimization. Atturra expects to deliver record revenue, EBIT, and underlying EBITDA in FY '27.

We are not providing specific numerical guidance for FY '27 at this stage, however. As disclosed in disclosed in July, the earnings profile is expected to be materially weighted to the second half of FY '27.

The first half carries significant planned investment, which in many cases, the benefits will not start to materialize until the second half. Some of the investments are here.

Firstly, AI. We disclosed an additional $3 million of AI investment in FY '27, with an expected negative earnings impact of approximately $2 million in the first half of FY '27.

In the second half of FY '27, we expect growth generated from this AI investment to offset any incremental expense. The primary return is operating leverage, increased delivery capacity, and supporting growth without a proportionate increase in resources.

This does not mean we'll get our full back payback by the second half of FY '27. It means the investment is expected to stop burdening earnings in the second half and begin supporting a more scalable operating environment.

Skoolaborate is the second major investment area. We expect to invest more than $4 million in FY '27, and after capitalization, record a loss of approximately $2.4 million, mostly in the first half of FY '27.

We currently expect Skoolaborate to reach breakeven in FY '28 and deliver meaningful profit in FY '29. Third, we are continuing to increase our sales and solutioning capability, with a focus on AI, cyber, cloud, and data and ERP.

The objective is to convert capability and pipeline to profitable organic growth. The fourth area is financials, more of a focus area.

We're prioritizing EPS and cash conversion. Buybacks remain one option, but they are not automatic.

The board will consider them where it represents value, and where liquidity, investment requirements, and financial capacity permit. I do want to close out in summary: as disclosed in July, FY '27 is forecast to deliver record revenue, EBIT, and underlying EBITDA.

However, this is expected to be materially weighted to the second half. Thank you everyone for the opportunity to present to you.

I'll now hand back to the operator for Q&A.

Hi, guys. Can you hear me okay?

Uh

yes, I can.

Great. Thanks, Stephen.

Um just first question, just in terms of the guidance, and I know you obviously you're not giving anything numerical than, uh, the record numbers. Maybe another way to look at it just in terms of, I guess, the organic versus inorganic growth profile.

Um can you give us any context as to whether you still expect to grow, I guess, or I guess organically net of any of the acquisition contributions that will come through in period and annualize? Is there any, um, is

yeah,

is there any sort of extra context you can just give around that?

Yeah. Look, good good question.

Look, our our focus is definitely on organic growth uh in FY '27. Um so, yeah, we we expect the record results, uh, and that's excluding any acquisitions that may happen.

The focus this year is is really bedding everything down, uh, investing in that AI and other activities in the first half and driving organic growth.

Yep, got it. Um, the second question, just with regard to some of the segments.

Obviously, um, the they were the write-downs in there, but just keen to maybe get a little bit more detail around as you look to the, um, the the forward pipeline, the working hand, what you can see from some some of the longer-term customers, have you seen any changes in decision-making or delayed decision-making across any of the particular segments? Um, and yeah, just keen to get a little bit more context of how you're sort of seeing the the pipeline of work shape up versus previous years.

We're seeing, and and I'll comment predominantly out outside of public sector. We're not seeing any great change in decision cycles.

Uh, the pipeline's pretty solid, probably more solid than we're used to in terms of managed services. Um, AI's an interesting one, because it tends to be lots of small deals uh in pretty quick decision cycles.

We're not seeing any great slowdown. When it comes to the to public sector, um it's been a slow cycle for probably two or three years and we're not seeing any change in that at all.

No change from prior years is probably the way to look at it, and um that's what we've taken into account when making our forward-looking statements.

Got it. Just final one for me, just in terms of the investments, thanks for obviously the context there which you flagged previously.

Um, can you just give us a little bit extra in terms of how we should be looking about those investments? I imagine most of those you mentioned are sort of operating ones, but just in terms of the opex versus sort of capitalized components and how how we should be thinking about, um, the capitalized investment framework into into next year, given you're sort of focused on some more of your proprietary IP products as well?

Look, good good question. Uh, in terms of uh capital investment, Skoolaborate, we've explicitly called out um the capitalization we are going to be doing around that.

Um the yeah, there's probably another half a million in capitalization around other products. The rest of it, we actually expense um going through.

We're not We've got no major change to our policy of expensing most of our early stage precommercial proof point. Um, we only really capitalize uh a product once we're really really confident it's got a kind of a long-term future.

We'll maintain the majority expense profile.

Got it. Just the year-on-year versus '26 versus '27 sort of capitalized headline, have you got a feel for where that'll probably land today?

Uh,

look, I'll I'll get back with the exact It'll be slight increase in capitalization, but not much.

That's great. I'll give someone else a go.

Thanks, Stephen.

No problem.

good morning. Thanks for taking my calls.

Hey, no problem, Nick. Um,

yeah. Um, I guess firstly, it was great to see those margins bounce back in the second half after what was obviously a really tough first half.

Um, and and I guess I'm just trying to get some guide rails um how to think about the building blocks into FY '27. Appreciate you're not providing specific guidance.

Um, but we're obviously comping a really volatile um FY '26. I guess, is the right way to think about um the seasonality, um, historically you've booked something like 45% of your full-year EBITDA in the in the first half, um, and you're calling out obviously some material investments in the first half.

It should be a bigger second half skew than usual this year. Is that the right way to think about it all?

It would be a very

Yeah, that's that's absolutely the right way to think about it. It will be a a material difference to the normal 45/55.

Um, gotcha. Okay.

Um, and then just generally speaking, um into FY '27, you've talked about margins, um, gross margins stable um this year. Um, just trying to unpick, I guess, the kind of one-off um deals there.

Should we think about margins pretty much normalizing um for the full year or or are we still like is that first half going to drag margins down? Look, I

Yeah, because um when we bring a lot of extra resources and activity and we we do put that uh before the gross margin, you will probably see gross margin deterioration in the first half, but then returning to normal or better in the second half. That's just purely if we're bringing on future billable resources, our ramp up in in AI team and some of those things especially, that does have a an impact on gross margin.

I know some other companies put that below there, um, but yes, I'd say probably slightly lower gross margin uh in the first half, and then back to normal or better in the second half.

Thanks, Stephen. Um, and then just um just to confirm obviously well, not obviously, just to confirm the impairment um that has come through this year is specifically linked to that um contract dispute and and hasn't got a um hasn't had a knock-on effect or related to underperformance in other parts of the business?

No, it it's actually more linked to, advisory and advisory-related work in the public sector, really since the PwC tax event a few years ago. The last few years we've called down kind of the drag that that's had in our business.

Actually the impairment's more heavily weighted to those, what I'd call those legacy Canberra-led business that we just don't see coming back.

Gotcha. Okay.

Thank you for clarifying.

Not a problem.

Hey, team. Uh, thanks very much for taking the question, and thanks also for all the additional color and context in the presentation um this year.

Really appreciated that. Um, again, I'll I'll be the third one to say uh I know you're not providing numbers around FY '27 guidance, but just to get a sense of, organic growth expectations, is is 5% to 10% like still a reasonable way to think about it?

Obviously, won't pin you down to a specific number, but um is that a reasonable expectation for us to have? Um, and then also, understand the skew, first half to second half, uh from an EBITDA perspective, but but margin-wise, do you think um, notwithstanding these extra investments you're making, we could expect flat to maybe slightly lower margin than than you saw in FY '26?

I want to be a good politician and have lots of words and giving you no answer. Um, yeah, we're not we're not talking specific percentages um at this stage.

Now, we we may do that later, by the way. Uh, but at this stage, we we just know we're going to have record numbers.

A little bit of clarity around that, um we are seeing a bit of a uh a revenue mix change with AI coming through. Some of that exact growth number's hard to predict, but we are actually seeing higher-margin work, but lower revenue on some of those things.

We know that as an organization we're definitely going to grow, we're just not exactly sure where that percentage is going to end as we see kind of a a reshaping of some of those revenue streams. That's the reason we're not giving guidance, uh, but it's also the reason we're really confident that, we'll be record across those three three metrics.

Uh,

fair enough. Um, had to give it a stab.

That makes a lot of sense. May- Maybe just on on the cloud uh platform growth specifically, um obviously, really strong results in in FY '26.

Do you kind of see that continuing to grow at similar levels and is there sort of any when do you reach your capacity for growth um based on your available resources in that space?

Look, I think there's there's a lot of room for cloud to be strong growth over the next few years. Um, the the mix of exactly what's in that cloud revenue between our kind of GPU and AI-type activities versus some of the historic, it's probably a bit harder to predict, but no, we we still see strong demand in our cloud environment.

Great. Um, then maybe I'll just ask a bit of a more broader question as well, just on government and defense, and I know you guys are diversifying the book of work that you do and and moving away from that.

We've seen it across the industry. It's not specific uh to you.

Um, but could you comment, where where's that work actually going? If it's being stopped altogether, is it your sort of view that, it builds up as a backlog of work over time that needs to sort of get completed and and come back in a few years' time?

Um, maybe just with your experience in the industry, any color would be great.

Look, I I do actually expect a slow build back over time. The the reality is, and I haven't got the exact numbers in front of me, but I think I think the current government has actually reduced like that consulting and services spend around 75% over the last three years.

The whole the whole market's disappeared. It's not gone to other people.

The area we play in has disappeared, which is why we're diversifying. When you see those headline defense numbers that you're seeing, you're talking about capital platforms, AUKUS uh and other platforms, frigates, and so on.

There will be a natural increase at some stage, but under the current government, there really is a strong push to minimize spend with services companies, both Australian and non-Australian.

That makes sense. Appreciate the color, and uh appreciate the questions.

Done, team.

Thank you.

Look, the got a few actually. Obviously data, um, and I say data intentionally, not AI, cuz, AI is really interesting for us, but they actually tend to be really small, low-revenue projects, but they pull through things like cloud and data.

Our data business, we expect strong growth. Um, our cloud business, we expect strong growth.

Uh, and interestingly enough, we we actually see pretty strong demand in managed services, and I think that's a result of organizations, focusing more on AI and business apps uh internally, um and then looking at doing almost traditional outsourced managed services. We're seeing strong demand in those areas.

Also because our um SAP business is is starting from a relatively small business, and at a percentage level, that should get very strong growth this year as well, but that's more a reflection of the size of our SAP business than the SAP market itself.

Look, uh very simple. Thank you very much, everyone, for uh attending.

I know it was a slightly longer presentation, a little bit more detail than normal. Uh, thank you very much, and uh we'll call it a close.