Thank you, moderator, and good morning, everyone. Welcome to the EML Payments Limited FY26 results telecall.

As stated, I'm Anthony Hynes, Executive Chairman. It's great to be here with Stuart Will, our CFO, to report our results for FY26 and provide an update on EML 2.0 progress.

Following our presentation, we'll open the call to questions. I refer you first to the ASX announcements which were issued by EML Payments Limited this morning, which formed the basis for this call.

If we can move to slide four, please, moderator.

been an incredibly busy and important 12 months at EML as we passed the halfway point of EML 2.0, the transformation strategy we presented to shareholders and the investment community in November 2024. As always, I'm going to be upfront with you all.

Our financial performance this year didn't meet our expectations. There were a bunch of reasons, but thematically, onboarding of new customers, and thus new revenues, was slower than we could have anticipated, and we had softer trading in parts of Northern Hemisphere in the second half.

I'll unpack those drivers shortly. That said, let me be equally clear on this point.

EML is a much stronger business today than it was a year ago, and that is down to the dedication and execution of our team. The sheer volume of things, and the size of some, that we've had to deal with, including the ones I believe nobody could have seen coming, should not be underestimated.

This group of people has shown, and continues to show, a resilience and determination that I haven't seen before, and it underpins my absolute confidence in EML's future. Combine that with new product and technology capability we're enabling, and I'm excited about EML and where we're headed, including running on the path of meaningful free cash flow in the not-too-distant future.

Let me touch on key themes of the year. On operations, our restructuring program is largely completed by 30 June.

Frankly, it's annoying that many of the masters of design of these issues have all been able to move on while we clean up. It's been a significant undertaking, let me tell you.

It's also pleasing to be able to tell you that 51 senior positions were refreshed during the year, and we're better led and more effective as a result. Our Global Operations Centre reached 31 full-time employees by year-end, delivering a 35% like-for-like savings, and implementation of our new CX platform is underway.

This will unify service management globally and power self-service, which is a great leap forward for our people and our customers. On the commercial front, our pipeline is strong and wins are flowing.

It's been fantastic to see the revolution in our relationship with regulators, partners, and customers alike. Implementation timelines, however, have caused much frustration, and unfortunately, they've had impact on revenue pull-through.

While some contract opportunities have been resized, there are a number of program activations that have been delayed due to client factors such as resourcing and readiness. Most notably, however, we continue to experience, as do other market participants, activation challenges with a key payment infrastructure partner in Australia.

We've talked about this for a little while now, and its impact is growing. These are topics we've discussed over the last six months and something we need to unlock, but rest assured, we're taking every step to do so.

The encouraging story is that our key clients continue to renew, courtesy of better operational performance and vastly more effective relationship management, including some of my team being involved in those relationships. On product development, this is now embedded across the group under new executive leadership, and mobility solution is advancing at pace alongside our technology partner Tangerine, and our BAU product development is now active.

As an example, our APAC team launched an end-of-year end-FBT year benefit maximizer card that saved approximately 16,000 salary-packaged cardholders almost $3 million in PAYG tax. A great result first up for something we hope becomes an automatic process across all of our salary-package programs moving forward.

Financially, a mixed result. EBITDA didn't reach target because of delayed activation of new contracts and softer trading in the second half, partially offset by good control of our overheads.

I've got to tell you, I don't like the end number, and I'm sure you don't either, but I don't want you to underestimate the cost control. It's been a very heavy lift beyond our thinking, as I've indicated, and to do so in this overhead envelope is remarkable.

In short, the restructuring is largely done, a stronger EML is emerging, and our commercial momentum is becoming infectious. Can we move to slide five, please?

Financial performance for the year is in line with our revised guidance. Stuart will take you through the details shortly, but at a headline level for continuing operations: revenue was $206.8 million, down 6% on FY25, with customer revenue of $150 million, down 4%.

That decline reflects the expected non-recurrence of previously exited customers and foreign exchange movements. Excluding these, the portfolio actually grew by 3.8%.

Interest revenue declined 11% to $56.7 million as central bank rates reduced across all regions, with our bond programming partially tempering the impact. We think FY26 represents the bottom of the cycle for the foreseeable future.

Underlying EBITDA was $48.3 million and within our revised guidance range, and overheads were well well-managed at $104.1 million, down 3% on the prior year. Our statutory result improved materially with a net loss after tax from continuing operations of $19.7 million compared to a loss of $53 million in the year prior.

Cash at year-end was $77.8 million, down $21.6 million over the year. This reflects outflows for legacy matters—and yes, I'm as sick of these as you all are—including the class action settlement, repayments to the PFS liquidator, and investments in Project Arlo and Tangerine, our mobility technology and go-to-market partner.

Importantly, these outflows are largely non-recurring and their conclusion underpins the free cash flow trajectory I'll come back to in the outlook. Can we move to slide six, please, moderator.

Moving to EML 2.0 and our progress, I want to walk you through each pillar. Starting with our global operating model and strengthening leadership, we've significantly strengthened the leadership across all of our markets.

A global HRIS platform has been deployed, replacing five separate systems, and a single global performance management framework is embedded, aligning individual accountability with our strategic objectives. As I mentioned, our Global Operations Centre offshore is realizing a 35% cost saving with 31 FTE now in place.

This sort of thing really ought to be BAU, but the state that we found this company in versus where it's at today is akin to comparing a foot warmer and a six-seater. Moving to revive revenue engine: the pipeline continues to build, $109 million at report date, with pleasing conversion rates.

Top 30 renewals are continuing, with nine extensions during the year. We've strengthened our commercial and product leadership with new regional heads appointed in Europe and APAC late in the second half.

Local leadership, particularly in commercial, remains a critical performance enabler, and while we didn't get this right at the start of last year, we have now and it's reflecting in our new business performance. The final pillar, our single platform, aka Project Arlo.

Arlo is advancing at pace through the build phase and an initial pilot has been deployed in the UK with testing underway, including client testing. A migration planning team is established and in deep planning, with UK migration to commence in FY27.

I'll say more about Arlo in the outlook. Can we move to slide seven, please, moderator.

Let me now give you a more granular view of business development, which I know is front of mind for many of our shareholders. A new program pipeline stands at $109 million, as I said, of annualized revenue at report date: $69.6 million in North America, $23.5 million in Europe, and $16 million in Australia.

Approximately $50 million of that pipeline—and this is important—is in client tender or final decision phases. In terms of contract signing, since 1 July 2025, we've won contracts with an annualized revenue forecast of $15.8 million.

Of that, $7.2 million has launched and is already generating revenue, and a further $8.5 million is to launch, with $6.3 million, or 74% of it, due to launch within 60 days. A portion of this will be realized this financial year based on start dates and ramp dynamics.

What's working? Pipeline build remains on track, our FY26 conversion rate of 35% is strong, margins are holding, and our digital programs have been re-energized, mainly in North America.

Digital program revenue is probably the most difficult to pin down and we've had a number of opportunities that were softer than first thought in FY27, but are ultimately bigger revenue opportunities over a three-year cycle by a number of factors. What's not working?

Sign-to-revenue timing. It's a mixture of partner and client dependencies, as I've flagged, but enhancement work is well underway.

Europe was lagging, but we've appointed a new regional commercial lead there who is joining shortly. We've recalibrated the opportunity size for several accounts, contracts we believe will, over time, prove at least as valuable as originally anticipated.

Can we move to slide eight, please. This slide speaks to our existing client base, or getting more from the core.

Our renewal performance continues to be strong. Nine of our top 30 contracts were renewed in the last 12 months, including three of our top five.

That is testament to improved operational performance and a step-change in our relationship management. Product innovation is now front and center with many of our key clients, which we see as a leading indicator of the quality of these partnerships.

I touched on our salary package Benefit Maximizer in the opening. We're also very active with merchant reward and discount solutions as an additional benefit for programs in Australia, and this will feature in Arlo for global rollout.

On trading, the second half was softer in the Northern Hemisphere across our gift and incentive programs and some UK government programs. Existing client customer revenue, excluding interest and previously reported terminations, was down 4% half-on-half.

Concentration remains well-managed. Our top client represents around 8% of revenue, our top five around 23%, and our top 30 around 47%.

Moving to slide nine, please. Turning to mobility, our first strategic product initiative and one I'm spending a good deal of my time on.

We're building a digital-first global mobility solution that replaces legacy fuel cards with a state-of-the-art open-loop offering. No more plastic cards, no more three fuel cards in your car, even when it's an EV, no more 3.5% surcharging.

This is a large and growing market. Global mobility payment volumes represented around $1 trillion in 2023 and is forecast to reach $2.1 trillion by 2033, 11% compound annual growth rate.

It's a hot space and EML is active, not just in Australia, but globally and with the right partners. We've partnered with Tangerine, a digital-first enterprise mobility tech group, to revolutionize this market.

The solution combines what each partner does best: EML brings program management, issuing and processing across closed and open-loop, regulatory and payment rail licensing, ledger and funds management, and a large existing client base. Our partner Tangerine brings global fuel retailer integrations, enterprise solutions for own-brand programs, control and configuration capability, and deep domain expertise, together with a new business pipeline through its go-to-market.

Reflecting the strategic importance of this capability, EML made a $7 million equity investment in Tangerine during the second half, representing a 28% interest, which may grow over time as the solution and market develops. With that investment comes joint go-to-market and co-development of market-leading functionality.

Platform build is well underway and launch client engagement is advancing to plan. We will use FY27 to test the platform ahead of a full commercial launch towards the end of the year.

Beyond mobility, we see large-scale product synergies across several verticals, which speaks both to positive market dynamics and to EML's capability to engage at this level. Can we move to slide 10, please, moderator.

As Arlo moved into the second phase of core build, vendor integration, and readiness planning, new executive and project leadership was injected. We're now deployed for testing in the UK region and will be underway with migration in the second half.

We expect Australia deployment mid next calendar year and a similar process of initial testing ramping up to new client onboarding and migration of existing customers. As I've said before, we're taking a measured and staged approach to migration to avoid disruption both internally and for our clients.

Based on an updated view of migration time and the full functionality we want to build in, which now includes mobility and bringing a number of external vendor capabilities in-house, the timeline extends and with it the investment profile. Between Arlo core build and operational implementation, we forecast non-recurring expenditure of approximately $15.7 million this financial year, $2.4 million next year, and $1 million the year after.

Importantly, our updated planning reaffirms not less than $12 million of annualized overhead savings on full Arlo deployment. The payback is near the medium term.

In summary, we've accomplished a lot in 12 months, but have a lot to get through in FY27 with a big focus on commercial performance and Arlo, as I've mentioned. We're encouraged by green shoots and the opportunity ahead of us.

I'll now hand over to Stuart to take you through the financial details.

Thank you, Anthony. I'll start with slide 12.

Beginning with the group's key operating metrics, FY26 was a challenging year from an earnings perspective, with underlying EBITDA declining 18% to $48.3 million. Revenue was impacted by three key headwinds: the non-recurrence of $10.8 million of FY25 customer revenue for programs previously terminated but in runoff mode, which had been communicated to the market previously; foreign exchange movements; and lower interest revenue following reductions in global cash rates.

As Anthony noted, our expectation is that FY26 was the bottoming out of the yield curve for the medium-term cycle. Our European business also felt the impact of softer trading across two large customers in the second half of FY26.

Trading with these customers has stabilized and is expected to remain at current levels into FY27. Excluding these factors, underlying performance remained broadly resilient, underpinned by strong cost discipline.

On a reported basis, customer revenue declined 4%, driven by Europe and North America, partially offset by growth in Australia. Excluding the headwinds noted earlier, the portfolio was up 3.8%.

Moving to interest revenue, we saw an 11% decline, reflecting lower central bank rates across all regions. Our bond portfolio continued to perform as expected, and we plan to make wider use of bond instruments to drive interest yield over the coming year.

Net overheads decreased by $3.5 million as efficiencies were realized in both internal and external resourcing, while investment continued in commercial capability and the go-to-market team. Cash decreased by $21.6 million from June 2025, with outflows relating to the class action settlement, repayments to the PFS liquidator, Project Arlo build, investment in Tangerine, and restructuring payments.

These outflows were funded through operating cash flow and a drawdown of debt. More on that later.

Moving to slide 13, we show the financial performance of Europe. Europe remains our largest segment with just under 500 customers across the UK and the broader European region, operating across government, financial services, and human capital management.

Europe revenue was down 14% on FY25, reflecting the non-recurrence of certain customer programs and lower interest revenue. Customer revenue itself declined 16% to $65.4 million.

This reflected $9.7 million non-recurring FY25 revenue from exited customers and a $3.2 million impact from softer trading across two large customers, which were down 21% versus the prior corresponding period. Trading has stabilized in Q4 and is expected to improve over FY27.

Against those headwinds, key existing customers, which comprise 55% of FY26 revenue, delivered 7% underlying growth, demonstrating the strength of the portfolio. Interest revenue declined 11% as falling central bank rates were partly tempered by a shift towards higher-yielding bonds.

Net overheads reduced 10% in the region following the group's transition to a more centralized operating model. Overall, underlying EBITDA for Europe was $35.7 million, down 22% on FY25.

Gross profit was in line with the prior year, while EBITDA margin was impacted by the revenue pressures. Moving to slide 14, we show the performance of the Asia Pacific segment.

This comprises our Australia and New Zealand business, which are predominantly general purpose reloadable products with a strong human capital management presence, and just under 200 customers overall. Total revenue was up 8% in FY26 to $56.5 million.

Customer revenue increased 14% to $47.6 million, with the human capital management vertical leading the growth. Salary packaging active benefit accounts were up 14% on FY25, and this is a strong developing vertical for EML.

We're pleased to have secured several key client renewals over the last 12 months, which creates a great runway for the team to advance their innovation agenda with these growth-orientated client groups in FY27 and beyond. Interest revenue was down 14%, reflecting Reserve Bank of Australia rate reductions through FY26.

Net overheads increased in Asia Pacific as part of the group's transition to a more centralized operating model. Overall, group costs reduced, the increases in Australia reflect the rebalancing of the operating model rather than an increase in the group's overall cost base.

Underlying gross profit increased 5% to $35.9 million, while underlying EBITDA declined 19% to $10.4 million. Gross profit margins were in line with the prior corresponding period, while EBITDA margin was impacted by the uptick in overheads.

Moving to slide 15, we show the performance of the North America segment. North America operates predominantly in retail gift and incentive products, with participation in financial services via open-loop products and some exposure to gaming.

The segment has just under 500 customers. Customer revenue declined 2% to $37.1 million, and this was driven by a $1.6 million foreign exchange impact when using FY25 rates and a $1.2 million impact of non-recurring FY25 revenue from exited customers, partially offset by solid growth from the remaining portfolio.

Consistent with other regions, North America experienced lower interest revenue as cash rates declined. Underlying gross profit increased 1% to $28.6 million and net overheads fell 12% following the group's transition to a more centralized operating model, and underlying EBITDA rose 74% to $7.1 million.

Moving to slide 16, which provides further detail on the group's overheads. Underlying overheads were $104.1 million, $3.4 million lower than the prior corresponding period.

This reflects cost optimization measures and benefits from EML 2.0 efficiencies continuing to be realized. Cost savings were delivered across employee entitlements and professional fees, partly offset by investment in ICT and higher irrecoverable VAT and GST charges.

Employee entitlements were $3.7 million lower than the prior period, reflecting operational efficiencies and lower short-term incentive costs. As shareholders would expect, there is a clear link between performance achieved and incentives paid.

These costs are expected to normalize in FY27 to around $110 million, consistent with previous guidance. Technology cost increases reflect targeted investment in the current platforms and the broader new global operating model.

All other costs remained broadly in line with the prior year. Project Arlo costs expensed in FY26 were $4.2 million, relating to the build, and these were excluded from net overheads and underlying EBITDA consistent with previous guidance.

Moving to slide 17, we show the group's treasury management position and interest income performance. Stored float was $2.2 billion at 30 June 2026, and by currency, the largest exposures were GBP at 46%, followed by the AUD at 24%, and Euro 21%.

Interest revenue decreased 11% to $56.7 million. This reflects, as previously mentioned, lower cash rates and a 6% 6% reduction in float balances, with Europe accounting for the majority of the decline as a result of its trading headwinds.

Of the total stored float, $1.5 billion was held in cash and $0.7 billion in bonds. The bond portfolio contributed 52% of total interest revenue, or $29.4 million, with an average term of 2.5 years and an average yield of 4%.

The annualized yield in FY26 was approximately 3.2% compared with 3.6% in FY25, with an exit yield of approximately 3.3% at 30 June 2026. Turning to slide 18, we show the key cash flow movements for FY26.

As mentioned, cash decreased by $21.6 million during the year. Key outflows included the class action settlement of $40.9 million, one-off items including restructuring costs of $20.4 million, and Project Arlo investment capitalized of $13 million.

These were partly offset by strong underlying operating cash flow of $47.8 million, with the balance funded by $54.4 million debt drawdown. There remains $35 million of undrawn debt capacity under the syndicated debt facility, subject to covenant compliance in the ordinary course.

The facility is due for renewal September '28 through September '29. Underlying EBITDA of $48.3 million translated into underlying operating cash flow of $47.8 million, demonstrating solid cash conversion underpinned by favorable working capital movements, including, but not limited to, the collection of previously accrued interest and some improvement in aged debtors.

With historical one-off outflows behind us and following the strategic actions taken over recent periods, we remain focused on improving cash conversion and strengthening cash flow management to support financial stability and improve shareholder value creation. In FY27, we'll maintain a strong focus on cash flow management alongside continued investment in the Arlo project.

In concluding and in summary, FY26 was impacted by known revenue and interest rate headwinds, some late in the year trading softness in specific Northern Hemisphere programs. However, the business delivered strong cash conversion, reduced net overheads, and continued to invest in the operating model and platform needed to support future growth.

As noted earlier, on a pro forma basis, absent non-recurring cash outs expected to roll off in FY28, the business would generate $30 to $35 million of free cash flow and equivalent reduction in net debt, leaving it to the range of $15 to $20 million by the end of FY28. I'll now hand back to Anthony to cover the FY27 outlook and key priorities.

Thank you, Stuart. I'm sure everyone like myself is waiting till this scripted part is over and we can get into the business of Q&A.

As we look to FY27, our priorities are pretty simple: turn wins into revenue, activate Arlo, and renew our key clients. On the commercial front, success is closing new business deals, improving contract-to-revenue time, growing the pipeline to circa $150 million by year-end, renewing several key contracts, continuing our innovation drive across the top 30, and the new mobility solution being live by mid-calendar year.

On efficiency, we'll continue to grow our Global Operations Centre, working closely with our Arlo implementation team on a workforce shape into the future, mindful of digitization and automation benefits we expect. We'll also accelerate agentic AI and unified CX management across our operational teams.

On technology, we're taking a measured and staged approach to Arlo to optimize its adoption. The UK migration will advance during the year with new clients onboarding directly to Arlo, and our APAC deployment is planned for the last quarter, ready for FY28.

On guidance, we're guiding to underlying EBITDA in the range of $50 to $54 million. This factors in improvement in both customer and interest revenue, with interest yields forecast to improve around 20 basis points, and overheads at the longer-term average of approximately $110 million.

Importantly, as the bulk of the Arlo transformation and legacy remediation expenditure falls away, we forecast pro forma free cash flow of $30 to $35 million in FY28. That is the prize and we see a clear path to it.

Naturally, if we shift from a pro forma lens to an actual FY28 earnings forecast underpinned by ticking off the objectives I've shared today, then we would expect that to be higher. Our focus is the here and now, and we've got lots to close out this year.

Transformations of this scale are never easy and they never run perfectly to plan, but we're more capable today than at any point in EML's history, and expect our commercial performance to improve through FY27, laying a solid foundation for FY28 and beyond. Alongside the unflashy foundation build, we're also working on exciting near and longer-term opportunities with some great clients, partners, and brands.

Before opening the floor to questions, I want to take this opportunity to thank our hardworking team, including members of our local and global boards, our partners, our customers, and, of course, our shareholders for their continued support of EML. Thank you for listening to our presentation this morning.

We're happy to take questions. Thank you, moderator.

Hey, guys.

Quick question on your free cash flow forecast, the $30 to $35 for FY28. What do you expect the FY27 base to be, and some of the moving parts that fall away in that year?

Sure. FY27, Elise, we'll continue to invest in Arlo to the tune of about $17 million, and we have a range of liabilities already recorded on the books that will result in cash flow out in FY27, and they total approximately $19 million.

Of the guided number of 50 to 54, they are the two largest components. First on top of that, below EBITDA, we clearly have interest expense of in the order of $8 to $8.5 million, a range of other capital projects.

Essentially, we expect cash generated by the business FY27 to largely be utilized in cash outflows in non-operating costs. No expected borrowing drawdown and no expected material improvement in net debt in FY27.

Cool.

Thank you. Then just talking about some of the other investor proof points that we can get as investors.

I know previously there were a few goblins that were under the hood when you were looking at cleaning up the business. How confident and what are some of the signs that we can take that we know what we're looking for in FY27?

Are you asking if there's any more surprises? Is that essentially what?

Just confidence, because you've really gone through the business and just [unclear] under

the hood. Look, honestly, as best we can tell, and I've mentioned this in my script, it's been a lot of hard work and some real heavy lifting.

Of all of the things that we saw initially, and the things that we've uncovered, we think we've bottomed out.

We

had in the first quarter of last financial year, we had this issue with the platform which we've talked about previously. I've been doing this for 25 years, Elise.

There's no way that we could have seen that coming. My only caveat is we don't know what we don't know.

I'd swear to you, we've got, I think, world-class people in all of our key roles. We have done an incredible amount of assessment and digging to try and uncover as much as we possibly can.

Of the things that would be genuinely knowable, we know about them, we've fixed them. We are as well-prepared as anybody, I think, to be able to deal with whatever comes at us.

The reality is we don't know what we don't know. I don't think there's anything enormous that gets thrown our way, but I don't know what else to add to that.

Because

you can see, right, we're prepared to talk about how we return to free cash flow. We wouldn't be doing that unless we thought we've solved for all of the key issues.

I think you should take that as a positive.

Just on the customer conversion, because that's a key way of getting there. You say the conversion rates are on target, but then there were some client delays and challenges in this half.

Is that finished now? The client delays?

The customer conversion predominantly,

and

the pipeline, and how much that's going to convert to revenue.

Over the past year, I've talked a bit about the three things that have an impact on our run to revenue from contracts. Our conversion in the pipeline from pipeline to contract is definitely on target.

The move from contract to implementation, and I've talked about this before, but there are typically three things that impact that. One, which was a real problem a year ago, which was us, that's no longer really a problem.

The second one is client readiness or capability. Could be anything from an internal project timeline gets moved, or a priority changes, or whatever it might be.

The things that are totally out of our control, that are customer-led, and they will always be an issue. The size of that issue will ebb and flow depending on the customer and the time of year.

We know there are certain time frames where nothing's going to happen. For example, over the sort of Christmas, New Year period, we know we're never going to implement anybody new in the G&I space because that's when they're really busy.

We know that, in Australia, we're not going to add anyone new in the sort of March time frame because of FBT years. There are windows where we know nothing's going to happen, but there are equally windows where, despite the best of planning and communications, and our relationships are immensely, immeasurably better than they used to be commercially, sometimes plans change within customers and that has an impact on implementation.

That's a perpetual state, as in it'll ebb and flow, we can't control it. The third one, which has really had quite some impact in the last half, is our partners, some of our partners.

I've joked before that something goes wrong at Visa or Mastercard, I can get on the phone to the C-suite, but I can't get on the phone to Tim Cook at Apple. There's just certain partnerships that we rely upon, and we can't influence the way we'd like to.

There's a difference between conversion of pipeline to contract and then contract to implementation. Implementation has those three elements that can impact.

The positive is the ones that we can impact, we've solved for, and we're a lot better at today than we used to be. The other two are in the hands of our customers or our partners, and we can't always control those things.

Great. Appreciate your time, Anthony and Stuart.

Thank you.

Hey, Anthony. Hey, Stewart.

Congrats on getting through what's been a difficult restructuring and getting the business to where it is now, and ready for growth going forward. Just a few questions from me.

Firstly, just a comment on the pipeline. See it sitting at $109 million now.

I believe your previous target was $125 million at June. That's sort of slightly below your expectations, or is the delta there just some of the wins that you've announced which obviously get taken out because that pipeline is as of today, right?

It's more about the wins, mate. It's not like that we're certainly not going backwards.

I think the pipeline's growing and we're converting as well as we would have hoped from, as I said, from pipeline to contract. Some of that's reflected in the new leaders that we've put in place in APAC and Europe.

That's helpful clarification. I guess just on that, the new sales team that you've put in, obviously that's kind of really taken place over the last 12 months, and there's a lag to sort of seeing the fruits of that as they get momentum.

Would you say sort of the team's now in place for what you need to do to execute, and how much of a difference are you seeing in that translation to pipeline growth and conversion from them? How much of a difference are they really making?

Look, it's relatively early days. The guy what we've got in APAC has been in the seat for three months, and the new European lead is still a few weeks out from starting.

Mate, look, I think we definitely got it wrong in Europe a year ago and we knew that. I think we've taken our time seemingly to get that right, but I'm confident we've got it right.

We should expect to see some positive uplift from that. I think we're already seeing some positive uplift from our APAC hire.

Absolutely, that's really good to hear. Then also on the pipeline, the $50 million sort of close to tender completion that you kind of referenced, that sounds really exciting.

How competitive are some of those opportunities? What's your sort of confidence on and timeline of when you might be able to make some announcements over the next sort of six to 12 months?

Is that the right way to think about it?

I think thematically it is. There's a mix of some of that is in tender and that's obviously competitive, and there's others that are in contract phase.

We feel pretty good about the next 60 days. In terms of announcements, as I flagged, is many of our significant customers don't want us making announcements about them because they themselves operate in competitive spaces.

It's a little bit of a challenge to name names, for example. I feel like the things that we've got in the pipeline, and the way the guys are managing it, and the better quality people that we have today is starting to show the fruits, which is really positive.

I think the conversion piece I talked about is from pipeline to contract, that's important. Our real focus has got to be on the point from contract to implementation and how we solve for that.

As I said, in respect of Australia in particular, there's a partner here that we can't influence, and timelines for what was challenging previously is probably gone from three months to four and is hurting us. There are other markets where we don't necessarily have that problem, and we've got activities in place to try and solve for some of those things that otherwise are outside of our control.

We continue working with customers to ensure that, as best we can, we can plan around what they believe they can do. We've been doing that all year, but every now and then something happens at a customer level and we can't solve for it.

We'll continue working with customers to ensure that we've got clarity around when and how we can implement. We'll keep working with our partners to try and ensure smoother execution.

I think right now the way that we feel about that $50 million that we talked of, we feel pretty good. The tender piece you never know, but generally speaking, I would say to you that we're in a much better state than we have been.

Our relationships are better, our product is more stable, our offering is better, our pricing is always competitive, so as I sit here today, we feel pretty good about it.

That's great. That really covers the growth prospects nicely.

I guess on the client renewals, congrats on the renewals you've secured so far. There's obviously a lot to get through.

Could you just comment on sort of the size of the two that didn't renew, and obviously you mentioned they didn't go to competitors, so that's always positive, but what were a couple of the reasons for that? Then also, just on the conversations that are underway for FY27, how those are progressing, and also if you're going to sort of try and smooth out the lumpiness for future in terms of contract lengths, and so you don't have sort of this big renewal year happening again?

Both of those were sort of, I think, $1 to $2 million a customer. One closed the program down, and the other one has gone to self-issuing, which is a prospect for a small subset of our customers, I guess.

They are self-issuing here in Australia, which frankly is a whole lot easier than trying to do it elsewhere. I don't think it's a huge or systemic threat to us.

The rules in Australia around licensing are different to anywhere else that we know of or operate in, and that is that the schemes themselves are responsible for licensing as opposed to in all the other markets we operate in and anywhere else I can think of, the regulators are involved. It's not a systemic threat to us.

Since I've been here, I think we've had one customer that's closed down an entire program, and that's the one we're talking about. Again, not a systemic threat.

Great. Thanks.

Really appreciate the color. Maybe just one last one, just on the mobility product.

That obviously sounds really exciting and just sort of the go-to-market strategy and when that sort of all starts to kick off, and your client sort of engagements. What sort of the opportunity?

Obviously it's a $1 trillion market, but in terms of let's say over the next five years, how big do you think this can really get percentage of revenue for you guys?

Let me go in reverse order. My CFO is sitting here going, "Turn it down, turn it down, Ant.

Turn it down." Let me go in reverse order.

I've said this before that I think that the business that we run today, or that've been running, becomes a segment of our reporting. That gives you a sense of where I think mobility takes us.

What's really exciting, particularly in the last month or so, is the engagement we're having in multiple markets. I said probably eight or nine months ago that you shouldn't think about EML entering new markets.

I recant that now and tell you that we will. What's particularly exciting about this capability is that it doesn't rely upon us necessarily being in the money flow.

This is a particularly relevant product offering that is largely software-driven. It solves for a whole bunch of problems that occur in this industry, not just moving away from magnetic stripe cards and going to a digital capability where we go to sort of a credit-only offering to a prepaid or debit or a credit offering, a physical, but most importantly, a digital-first offering.

It's a capability that we have an integration with that to our knowledge is unrivaled in terms of the integration with forecourt controllers and the data that's required to solve for issues in this industry. Equally, the fuel card industry, on its own you could talk about for a little while and highlight the current deficiencies in it, and in that it's all closed loop and it really only relates to fuel, you can't necessarily understand total cost of ownership of a vehicle unless you've got probably half a dozen systems in today's world.

That all changes. Equally, there's opportunity around not just solving for the data and the controls of spend, particularly in an open-loop environment, which by that I mean Visa or Mastercard or something similar, which typically hasn't happened before.

I've talked in the past about things like customizable reporting for our customers, think fleet managers, and controls for corporate expenditure, equally customizable offers for our cardholders, think drivers being able to be directed to a particular brand of service station on a particular day given a particular discount from that vendor. There's a whole bunch of capability that we bring to bear, or will start to bring to bear here, that the industry just hasn't seen before.

You're right to be excited about it, because I'm pumped.

It sounds like it, definitely. Love the enthusiasm.

Thanks so much for taking the questions and all the color, and look forward to hearing more, and well done again on getting the business ready for upward trajectory. Thanks, guys.

Yeah. The other thing I just wanted to pick up on, sorry, Rich, was the comment about the customer that we lost to self-issuing.

That is, not only is it difficult outside of Australia, but I think inside Australia it's about to become much harder under stored-value changes that are coming. As I said, it's not a systemic threat, but I'm feeling increasingly confident that it's a one-off.

We're not going to see much of it at all. Yep.

Good one. Understood.

Thank you, everybody, for your time. As I said a couple of times during my script, not a fantastic year financially in terms of our results, but this company is in a much better state today than it's ever been in my view, certainly much better state than it's been in my time here.

We have a cracking team of people, not just at the executive level, but now below them, that are executing, collaboratively working together, operating as one team, which again didn't occur until we arrived. There are, we hope, no skeletons left in any closets.

We feel like we've cleaned the place up, but we've got some exciting opportunities ahead of us in terms of our new product capability and our new technology, which is awesome. Some of the stuff we're seeing in new verticals, which I've talked about in the past, is super exciting, and you can feel the energy and enthusiasm amongst our team.

With a bit of luck, you'll start to see that, A, in our results, B, in our share price, and certainly for those of you attending over the next couple of days, you should see it in our faces and our voices as we come to meet you all over the coming days. Thank you all for your time.

Look forward to seeing those of you we're going to see, and otherwise, we'll talk to you in November for our AGM. Thanks, everybody.