Hello? One second.

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Welcome. My name is Ben Tranier, CEO of Energy One.

With me today, I have Andrew Bonwick, Chairman of the Board, and Jason Mabee, the Group CFO. Today, we're really delighted to be here.

We're going to present another year with strong results and a highly strategic acquisition that will really accelerate our ambitions. A quick housekeeping, we'll present the fiscal year 2026 results in details, but also we wanted to keep some time at the end for the acquisition proposal.

We slightly shortened the deck compared to what we published on the ASX. Now the full details obviously are available on the ASX, and this way we'll be able to keep some time for Q&A towards the end.

Let's get started. Really excited.

When I joined Energy One two years ago after spent 20 years in the energy trading and risk management software industry, I was really on board with Energy One strategy and our vision remains the same. We want to be the world's leading provider for the energy trading software and services, and that's really key now as the CEO of the company.

The vision remains and that's really what we are working towards. In term of our value proposition, it's very strong and resonates deeply with all our customers.

We not only provide broad and deep software solutions in market data, trading and risk management, workflows, which address pretty much all the challenges for our customers, we also provide highly specialized services, and that's really the combination of both that creates that unique value proposition. [Excuse me?]

Please be on mute also if you're if you're answering questions. We'll keep the question for the end.

Yes, so that's really that's what makes us truly unique and creates a big difference for for our customers, that unique combination of highly specialized trading services, advisory combined with with our set of product and software products. We as part of our one-stop shop strategy, we do not only focus on one area of the of the markets.

Our true one-stop shop really covers the full energy trading lifecycle. From the moment you trade to the moment you settle the trades, but we have actually a special focus on all the physical operations, and that's really all the short-term trading, the balancing operation and the optimization, the dispatching of all the assets, the delivery of the energy to the grid through the scheduling operations.

All of that's really It's not only the combination of all our products in a natively integrated platform, it's also the combination, as I said before, of specialized services, which are delivered actually by industry experts and by humans, and and that's very important. That's really what our customers are are looking for.

Very happy with the Energy One stop shop. It's a proven strategy, and and we're going to talk a little bit more about that today.

Fiscal year 2026, if we look back at fiscal year 2026, it wasn't only a transition year where we built the foundation for the year the years ahead. It's also been a very strong growth year.

Our recurring revenue is up 17%, right? It's high quality revenue and again revalidate our one-stop shop strategy.

We reorganized the different regions and the different teams, right? Through the all the efficiency, we really pushed our margin upwards with the PBT, underlying PBT at 51% and the underlying cash EBITDA 42%.

We're really proud of of this fiscal year, and again it's it's another year of strong of strong growth. It's really proof that the the strategy is working.

We have and really when I look at the fiscal year 2026, I mean I'm really proud of of of a few achievements which I want to mention today, right? The The one-stop shop strategy is definitively validated.

We've won key Tier 1 customers. In the fiscal half year announcement in Feb, I announced two example of this one-stop shop customers.

Today, I'm going to announce two others just to keep, proving that the strategy is really working. We also been working closely with our customers to build new solutions, and we're proud to also mention that we launched new products in in this fiscal year, products like enFuse, our time series management solutions, new solutions for battery optimization called electron tolling, and it's also resonating well with within the markets.

One of One significant achievement was the ISO 27001 certification. It's been a key achievement for us.

Cybersecurity, security is really important. It's not only important for us, it's important for the markets.

All the Tier 1 customers, they expect you to have such certifications, and that's just the validation of the strategy as we expand into bigger customers. We've been able to scale and restructure the leadership team, and again, I'm going to talk a little bit more about that, but that's very important.

We're now prepared for the next phase of growth within Energy One. I've been focusing also on the on the commercial engine, right?

That's really the the foundation of the growth. The local expertise, so as operating from two regions, Europe and Australia.

We have experts in both regions, but we collaborate, we share resources, we share expertise, and that's really how we capitalize on our global expertise. From a productivity productivity perspective and Jason will quickly cover all the financial details, but we have an excellent cash discipline.

We really have our expenditure under control. We also from an AI perspective, I don't want to talk too much about AI today, but we definitively move from exploring AI to adopting AI and industrializing AI, it's increase our our productivity.

Then, last but not least, and you've probably seen already, inorganic growth remains a large part of our strategy. I would say it's a disciplined approach.

It's not at any cost. Definitively needs to be accretive on day one for our shareholders, and it needs to accelerate our existing strategy.

As you can imagine, I'll talk more about inorganic growth at the end of that presentation. I'm going to hand over to Jason now, and he's going to run you through the financial results.

Thanks, Ben. Must say it's a pleasure to be here presenting my first results, and also first acquisition.

It's been a pretty exciting first 6 weeks for me at Energy One. Ben's already touched on some of the key financials, but I'll just elaborate on a few metrics here for the scorecard.

The first thing just starting with ARR, came in at $64.6 mil, which was up 13% on a constant currency basis, and that was in line with the guidance we provided back in May. I'll come back to ARR over the next couple of slides cuz I think we do appreciate that that was lower than we originally hoped to achieve during FY26, but I'll touch on just some of the currency headwinds as well as why we think we're really positioned well to deliver a strong result on the revenue side in FY27, and we're saying we're going to deliver at least 15% recurring revenue growth.

Net revenue retention, 106%. That was in line with guidance.

We think it's a pretty strong result, but we also recognize there's some work to do on attrition, and then I'll also come back to a slide on that shortly. Ben did touch on cash EBITDA, being very strong year-on-year result.

The margin was 21% for the year. That was up 4%, but importantly flagged exit rate at the end of the year was 23%, and we're confident as we hit our numbers over the course of FY27 that we will hit that 30% run rate by the end of FY27.

Rule of 40, I know everyone probably has a slightly different way of calculating it. If we use recurring revenue and underlying EBITDA, we exceed it comfortably, recognizing if we use cash EBITDA, we're just a sliver under it this year, but confident with an improved result next year that we will be back above very shortly.

The next slide, I said I'd come back to ARR. I think it's just worth talking a bit about why headline ARR is weaker than the 13% constant currency.

What we've done here is we've taken the FY25 reported number, 60.4, adjusted it back to FY20 June '26 forex rates. That makes it 57, and so you can see on that basis, which is how we manage the business, constant currency is up 13%.

The forex impact down 5, and then up 13%. Hopefully that sort of clarifies why that headline result wasn't as strong.

I think it also highlights underlying momentum in the business is still pretty good, and I think that's borne out on the next slide where we've had as at 30 June, $5.1 mil of contracted ARR, and 0.4 mil they are very close to being contracted, and that's a 28% increase on what we had last year. That gives us, in our view, pretty strong momentum heading into the next part of the year.

The pipeline measured to what we had 31 Dec is up about 25%, and I think another important metric to call out is that the total size of that pipeline is about three times the ARR we're hoping to achieve over the course of FY27. I think we're really well positioned to hit that revenue target that we've given you.

Now just talking a bit about attrition. We recognize that it is an area that we'd like to improve on.

It was 5% in the first half of the year, a little higher to finish the whole year. We've highlighted here sort of four customers that churned over the half, and really together those four make about half of the full year's attrition amount.

All of them left for various reasons. There's no sort of constant theme in it at all, but what we are doing is making a really concerted effort to try to bring down attrition going forward.

Ben's hired a new chief revenue officer, who's come on board and had an excellent start to his tenure at EOL. We've also brought in a head of customer success, who will really be responsible, her and her team, for being across that customer relationship from the minute they join on an ongoing basis as well.

You can see on the side there, those are the key areas that team will be focused on going forward. Did you want to add anything on the team?

No, I think you're spot on. There is no fundamental problems, right?

It's multiple reasons. Obviously, the trading business is a complicated business, people, they don't always succeed with their trading strategy.

We had a few customers where actually they have helm-side their trading activities. The gas industry in Australia, as has been under pressure recently due to the gas prices, it had a few impacts in certain customers.

There is not structural issue with our customers or the markets, right? It's just isolated cases.

Nonetheless, we definitively are going to work closely on that and bring down the attrition to the levels where we're comfortable.

Thanks, Ben. The last slide for me on this part, and really I just wanted to highlight here the great amount of operating leverage that we're seeing coming through the business.

You can see that cash expenditure as a percent of revenue is coming down, and as we spoke about earlier, the cash EBITDA margin's going up, and we're spitting out a lot of free cash flow. I think that augurs well going forward.

Probably worth while we're talking cash flow just to point out that we're electing not to pay a dividend this year. We're going to keep those funds for use in paying the transaction costs for the GMSL deal.

We'll come back to that a little bit later though as well. I think the key message here is the balance sheet's in great shape going forward.

Now I'll hand back to Ben to talk a bit more about the business.

Thank you. What I wanted to do is to give a little bit of insight into the business.

In the half year presentation, we actually talked about two new customers, and in line with that presentation, I want to do the same this time, just talk about two different customers and two different cases, but very much aligned with our one-stop shop strategy, and it's another demonstration that our one-stop shop strategy is definitively working. In Australia, we had the case of one customer were actually using only one of our products.

They expanded their trading operations, and rather than going to the market or looking at what to do, they directly engaged with us, and we discussed how we can support them with that expansion. We not only provided more software, we also provided more services, and it resulted in an increase of ARR from $100k to $300k.

That's part of our customer-centricity. We're really close to our customers, and when they want to expand, when they have an idea, when they have a new business strategy, they definitely talk to us first, and we have all the product and solution to solve their problems.

In Europe, we've been focusing lately, not only, but as part of our strategy, on large industrials crossing the meter. Large industrials are launching a lot of energy transformation programs.

They're accessing the market rather than just procuring the energy directly from the traditional energy supplier. They access the markets, they trade themselves, they manage their energy exposure.

In this case, it's a large industrial. It's one of the largest steel producer in Continental Europe.

They recently crossed the meter to access trading markets, and they did not only need a market access solution, they really need a full natively integrated solution, right? It's not just one product.

They wanted to translate the steel production forecast into trading profiles. They wanted to manage their plant operations.

They wanted to manage their trades, deal with the workflows, compliance, send the nominations. In a nutshell, they really needed the full scope of Energy One solutions, and that's where the one-stop shop strategy is again revalidated.

In this case, the new ARR is around half a million to start with, but again we have a lot of potential to expand, especially through balancing services and trading services as they start ramping up their trading operations. In order to continue with our high growth trajectory, I restructured, strengthened our management team, right?

I've added a few truly recognized energy trading leaders in the last few months to really complement the existing team. I'm fully confident we have the right team to execute on our strategy.

We're fully prepared, I wanted to put some faces on top of the names so you know who's running the company. Now let's have a look at the performance of the individual regions.

Australia is very solid. Half year after half year, full year after full year, Australia continued to grow.

It's not because we have a large part of the market share that it stopped growing. We keep selling ETRM to the new entrants.

With the batteries and all the new assets, we're still seeing new entrants in the Australian market, it's not stopping, and we sell them our core ETRM. We also expand into our customer base for our one-stop shop strategy.

We get into new emerging markets and batteries or energy storage, and that's really key because it's a blueprint for our global expansion. We also have the ability to really upsell and cross-sell our products within our customer base.

So 15% revenue growth, 10% ARR. Again, we had a few delays on recognizing or billing the ARR, but as Jason mentioned, we have strong tailwind with $5.1 million ARR already contracted.

In a nutshell, that Australia very solid, continued to grow, same expectation for the upcoming years, it's not stopping. In terms of Europe, we finished fiscal year 2026 with timing delays as you already know, but we're seeing very strong demands.

We continue to scale. I've now established a very solid lead generation function together with our new Chief Revenue Officer.

We signed multiple Tier 1 customers, one-stop shop. Again, even if it delays a little bit the billing of the ARR, then it's really a great wins because it strengthened our position in that market.

The reorganization is fully completed, we should also see higher efficiency in this upcoming year. Really excited.

Strong year for Europe, strong year for Australia. When we look ahead, what we're seeing is really the market is growing.

The structural market is growing. The target market is increasing.

The expectation over the next 3 years is really to almost double the renewable capacity. Big expansion of full adoption of the battery storage with 4x expected in the next 3 years globally, it's not only Australia, it's also obviously Europe.

With the adoption of the algo trading and automated trading, the intraday trade volumes are really exploding, and we're expecting 5x in the next 3 years. It was already growing exponentially in the past few years.

When you start bringing trading volumes, obviously you increase the need for training solutions. The way we also look at our market size is we have our core market, which is all the utilities, integrated utilities, trading firms, the usual players, generations, or the gentailers of this world.

This market is also growing. We see new traders joining the market every month, but we also see additional complexity.

We see higher volatilities. They need more system, more advanced and sophisticated solutions.

For example, with the expansion of the trading hours in Europe, they also need more services. Our core market is growing.

The cross-meter expansion is about all these large consumers who are traditionally sitting behind the meter and procuring energy from utilities, we're seeing them crossing the meter and joining the energy trading markets. The example of the customer I've just presented a few slides before, it's a good example.

It's a large consumer crossing the meter, and really it's increase our market size. Then, last but not least, the energy markets.

The energy market is not becoming simpler, it's actually increasing in complexity. We're seeing new molecules with carbon capture storage, CO2 being very real.

We expect hydrogen to pick up in the next couple of years. It's a little bit early now, but we definitely expect it to come.

We're also seeing new business models, the famous DERMs, the decentralized energy management systems, also called VTP in Europe, virtual trading parties, DSOs in Germany. They are joining the markets.

They have a different set of business processes and problems, dynamic optimization of that demand. Again, it's increasing the market size, and I think that's a very positive message on that slide.

Now we've definitively realigned our go-to-market strategies and product roadmaps with the market increase and with the market dynamics. We stay close from our customers.

We work together to better understand their challenges, and we're really focused on four core go-to-market strategy. We target asset optimization, the asset optimization vertical with the different set of products.

We provide energy trading suite for people who wants to go and start trading. We have solution already ready for the new molecules, and we're actually had some quite a few successes in this new vertical.

We continue pushing for the industrial and the integrated solutions, we're really fully aligned with the market expansion. That's really the key message.

Now I'm talking about roadmap, innovation, staying aligned, but I couldn't do that without mentioning AI and the AI transformation. In the last 12 months, we truly embraced AI, but again, not at any cost and always in a very controlled way with strong governance, and that's very important.

We started with a small group within Energy One for a discovery phase. Spent a couple of months really playing with AI, trying to use it as a human collaboration.

We train our staff to engage with five experts and we started providing that training to our staff, producing line of codes, basically as a extended capability of our development team. We went for lessons learned analysis, and we selected four pilots, we call it the targeted programs.

We looked at technology upgrades. We started another one to fully refresh our user experience in a couple of our products.

We used one pilot to develop a completely new product to solve a very specific problems in the industry. We also used one of the pilots to increase our QA automation, the code coverage.

We finalized it or we're about to finalize the results, analyzing the results, and the goal for the fiscal year 2027 is really to scale, fully adopt AI, and we set some targets in terms of AI adoption. We want to deliver faster, 40% faster, and we want to deliver higher-quality.

Now again, it's not at any cost. We're engaged with our customer.

Our customer, they have very strong expectation in terms of AI usage and AI deployment within our solutions. We definitively engage with Tier 1 customers.

Our CISO is in discussion with multiple of our customers to agree on how we're going to implement AI, the guardrails, the governance. We have security committees, and we're getting aligned with the new ISO certification around AI adoption for software company.

AI transformation, definitively. We see big benefits using AI, but we want to do it properly with a strong governance.

This is really the engine which is behind our fiscal year 2027 ambition. We definitively invested in customer excellence and in sales capabilities in fiscal year 2026.

It's now a commercial engine that works end-to-end. We hired new sales directors, we're expanding our marketing capacity, we moved our business development in-house, and obviously it takes a bit of time to see the results, but after 12 months now, we definitively can see that, and it's a strong foundation for fiscal year 2027.

When we look at the metrics without getting into too much detail, we are paying a special attention to feed the demand on the top of the funnel through brand awareness, through providing more content on our websites, providing more content on LinkedIn. We're building very solid pipelines with very high quality physical marketing events.

Pipeline increase, that's a result of the brand awareness and the lead generation. Sales excellence through using a very solid sales methodology for reducing the sales cycle, increasing the conversion rates, maintaining the win rates, faster conversions.

Then, I think as Jason mentioned earlier, the pipeline coverage is very, very strong, right? It's a greater than 3x our fiscal year 2027 targets.

If I have to really summarize, we had a strong fiscal year 2026 results, right? We revalidate our one-stop shop strategy.

It's proven. It works.

The value proposition resonates well within the markets. The market is growing.

The market is not stagnating. It's definitely growing, and we're seeing some emerging opportunities for the future, and I'm really excited about that.

Then we have the right team, we're positioned to scale. We're keeping our ambitions to reach close to 30% of cash EBITDA on a run rate basis at the end of fiscal year 2027, and to continue growing our recurring revenue above 15% in this fiscal year.

As I wanted to keep a bit of time for the GMSL acquisition because I'm really excited about that, we're going to jump straight into it. You will find more information on the presentation we posted on the ASX in the appendix, but it's the same, just a little bit more details.

Now let's go directly into this GMSL announcement. One minute.

It's obvious, but I'm really, really pleased to announce the acquisition of GMSL. It's been a lot of efforts.

It really started long time ago, and it's really part of our strategy. Right?

It's really a strategic milestone for me, and it's really how we're going to accelerate our strategy to become the leading European trading operations and software provider. That's very important.

It's a unique opportunities. The value it brings, as I said, it really accelerates our strategy.

It's not a new strategy. It's fully part of that strategy.

Right? We have the capability, we're going to expand the capability with more products, more services.

We'll be able to reach a broader market because we'll have more specialized products and services, and then customer access. We're doubling the European customer base through this acquisition, it's quite unique, and I'm really, really excited about that.

If we look at the rationale, growth acceleration, again, through expanded market access, broader capabilities, broader software. We'll have the ability to accelerate growth.

We'll be the market leader in Europe for short-term energy trading operations, market access, nominations, scheduling, and all the trading and balancing services. Immediate revenue synergies, we don't have to wait.

We'll have the ability to cross-sell and upsell all our products from day one. We have customer access, but that customer access in more than 300 customers to be able to go and upsell.

Also, if you remember one of my last slide of the presentation, our commercial engine. We built the commercial engine and it's now ready.

We have all the tools, all the products, and all the processes to really execute on the revenue synergies. On the operational leverage, that will give us immediate access to experts.

That's very important, right? We have growth ambition, we have a strategy, we'll be able to execute on that strategy without additional investments in people.

We'll have all that access on day one. Last but not least, we'll welcome one of the largest infrastructure owner in Europe as a shareholder and strategic partner, and that's very important.

That would unlock plenty of opportunities and we can discuss that a little bit later, but it's one of the key rationale for the acquisition, too. In term of the key terms, shareholder value impact, what you will get out of it, well, first of all, it's a very accretive deal on day one.

35% EPS accretion on a pro forma basis. We'll be doubling our market share on day one.

We'll increase our focus on Europe, and as you could have seen in my leadership team slide, most of the ELT team is actually based in Europe, that will increase our focus in Europe. We'll be having about 30% of market share in Europe, and we'll have the right focus in Europe.

Then a lot of potential synergy benefits, again, that we can quickly realize in the first 18 months, and I'll go over that. In term of cost, the estimated value or the implied value of GMSL slightly below 100 million.

The shares on issue would be about 7 million shares, would result in 9.4 EBITDA multiple, and Fluxys post-transaction would have a 18.26% ownership in EOL as a strategic shareholder and strategic partner. Energy One combined, this is actually where 1 + 1, it's not equals 2.

1 + 1 is greater than 2. GMSL has a large Tier 1 customer base, blue-chip customers.

We'll have immediate access to this Tier 1 customers. With a combination of Energy One and GMSL, we have a broader software and services coverage.

We'll be able to expand. We'll reinforce our strategy and our one-stop shop value proposition with software and services.

We'll have the strategic alignment with Fluxys, and that will unlock, as I said before, opportunities to get into new markets, new geographies, and also validate our industrial strategy. Really exciting.

I'm going to hand over to Jason, who's going to cover some of the financial aspect of the transaction.

Thanks, Ben. Look, I was really excited to join Energy One recently, and then when I started and saw what the guys have been working on, I became doubly as excited about the future because it really is transformational and I think a great deal for us.

Touching on the financials, I think a really impressive attribute of GMSL is just the high quality, resilient revenue streams. It's around 2/3 weighted to 24/7 operational services and about 1/3 to software.

Now they don't sort of publish the exact same metrics that we do or look at things the same way, but I think it's safe to say their recurring revenue is a fair bit higher than ours, percentage of total, which was 91% for us, these guys are in excess of that. Very diversified customer base.

You can see a couple of the pie charts there, but the top 50 customers cover around about 90%, and the largest customer, which is Fluxys, is around about 10% of total revenue. The CAGR's been 7% over the last few years, and I know some might say, "Well, that's kind of a lower growth trajectory than what EOL delivers," but I think what's really important to know is that they haven't been a massively sales-focused organization previously, but we think once we put our sales engine behind it and get those cross-sell opportunities, you'll really see that lift off.

I think that's borne in both the revenue synergy guidance that we've given, and then we're also saying that once the deal's fully integrated, post FY28, from FY29, we believe we can deliver 15% plus recurring revenue growth off the combined base. That confidence we can see that revenue growth lift for GMSL.

Probably the other point to mention just on EBITDA, it's been very stable, that's for sure, but I think you could also point out that you haven't seen a lot of operational leverage showing through. I think what I would say there is that GMSL has invested a lot in broader capability, and certainly on the software side over the last few years, they kind of reinvested in the business, and so you haven't actually seen the fruits of that reinvestment come through in the leverage just yet, but I think they're on track to have that shine through going forward.

I think certainly with us combined, it will really take off. Also worth pointing out a lot of that investment they've made into their product hasn't been capitalized on the balance sheet at all.

Then I think also worth pointing out just that cash EBITDA margin is around about 32%, so that's above the 30% that we're chasing over the next year. Then we've put this slide in just to give you a snapshot of what the combined entity will look like.

As Ben mentioned, if you look at just FY26 pro forma, so as if the business for the whole year with the share dilution, it's about 35% EPS accretive, but I think important to flag a couple things on that front. One is that it doesn't include any purchase price acquisition-related amortization, but then it also doesn't include any synergies at all.

I also mentioned, they don't capitalize any development costs, whereas our policy is to, so that's worth taking on board. That probably all that's going to cover.

Happy to take more questions later once we get to the Q&A. Back to you, Ben.

Thank you, Jason. When I said it's a unique opportunity, it's actually truly a unique opportunity.

It's a unique opportunity because we're talking about three parties aligned. It's not only two, it's actually three.

I talked quite a lot about value creation and I'm sure you will have plenty of questions on value creation, which I'm more than happy to answer. Now also to mention GMSL is not a startup.

GMSL is a very well-established company. They've been in the business for more than 20 years, and a lot of their employees have been within the company for very long tenure, they are truly experts in the industry, and that's very important.

I'm aware you may not have heard about them in Australia, but everyone knows about GMSL in Europe, and I actually worked as a partner with GMSL in my previous role like pretty much everyone in the energy industry, that European energy industry did, so that's very important. Same with Fluxys.

If you ask about Fluxys in Europe, everyone knows about them, right? That's one of the key pipeline operator in the Benelux, Belgium, Netherlands, and you also have a lot of details on their website and we also attach a presentation of Fluxys in the appendix.

I think that's why it's important. It's a three parties fully aligned.

I covered the value creation, which is cross-sell, upsell, and operational leverage opportunities, but all of that is very real and it will happen very very soon after the completion. What's quite unique is the combined strength, the "B" on that slide, is Energy One will closely work and partner with Fluxys to identify opportunities and accelerate growth.

It could be for recommendations, it could be by accessing new markets together, it could be by providing services or software one to each other. Plenty of opportunities to be unlocked from the partnership between Energy One and Fluxys.

Then, ultimately, GMSL has been providing critical services to Fluxys for 20 years, and GMSL will continue to provide these critical services to Fluxys after the deal. That's why it's a unique opportunity and we're sharing the same objectives and the same ambition.

Really excited about that. In term of the synergies, obviously, that's one of the questions.

Revenue synergies, we model it, how we can actually apply our commercial engine to GMSL, because GMSL again was really largely focused on providing services to Fluxys customers. We truly believe that with our commercial engine, we'll be able to upsell and cross-sell Energy One products into GMSL customer base and vice versa, GMSL products into Energy One customer base.

We expect to realize in full the synergies by the end of fiscal year 2028. In term of operational synergies, as Jason mentioned, then the focus has not been on operational efficiency, but we'll definitively identify synergies through, first of all, expanding the margin, sharing common back office services, the IT contract, IT platforms, cloud providers, infrastructures, our marketing spend for physical events and how we investing in go-to-market investments, but also as part of our fiscal year 2027 budget and our expansion in term of investing in more people and experts, now we'll be able to use directly the experts and the people from both companies, so that should also unlock operational synergies.

Estimated one-off integration costs around 2.5 million over 2 years, really to support the execution, the messaging, and to be able to extract all the revenue synergies. Key terms, you want to cover it?

Sure. I think most of them were pretty well covered off earlier in the pack, but obviously we intend to fund this through an all-scrip deal.

Probably just flag that the $5 mil of transaction costs will be funding out of cash and then a sliver of our debt facility. Mentioned earlier that we won't pay a dividend, and so that, at our 40% payout ratio with last year, that would be just over $3 mil, so that will be used to help fund those transaction costs.

Key conditions, be going to a shareholder vote. There'll be notice of meeting sent out in the next sort of 10 days, and hoping to have that meeting by the end of September.

Fluxys will need FIRB approval to make the acquisition, and, hard to stick exactly when that'll happen, but we're hoping by kind of mid-November we'd have that solidified, and then targeting completion at the end of November. Probably all I'll mention there.

Yeah. Just as summary of everything that was said, GMSL acquisition is a unique opportunity.

It will accelerate our proven strategy, and that's why I wanted to start with our fiscal year results because the strategy is already proven. It creates immediate value to shareholders, 35% pro forma EPS accretion, already identified EBITDA synergies that we're very comfortable with in terms of execution, strong focus on Europe, 70% of the combined revenue will come from Europe, and again, I'm truly, truly excited about that opportunity.

The last slide is just about timelines that Jason mentioned, you shouldn't have any surprise. We announced today, we'll plan to dispatch the notice of meeting in the next 10 days, call for vote end of September, and after receiving the FIRB approval, we'll be issuing the shares.

Thank you very much and it's 10 minutes for questions now.

I'll facilitate that. I'm just going by order I've got here, but first off, Cam from Canaccord, did you want to ask a question?

Yep. Can you hear me okay?

Yep.

Excellent. Hi, team.

Done for the result and GMSL. It was a bit of a surprise, so.

Maybe if I can just I think sort of in the interest of time, I'll probably just keep it to two, since I think we're running a bit long in the session, but perhaps just the first, like just with your targets for the 15% recurring growth and then also your 30% cash EBITDA, just given like G MSL's such a big acquisition, can I just confirm those targets are both organic basis, just to clear that up?

Yeah. No, that's correct.

The guidance, the 15 and the 30, are all relating to our existing business, not GMSL, although we are saying that '29 and beyond, that 15% sort of target applies to the broader business. You're right, just organic for those first two.

Cool. Cool.

Then I suppose the other kind of major one I'm keen to ask is, I suppose when you look at the consolidation of both businesses and you think about that cross-sell opportunity together, perhaps one for you, Ben, is there any major platforms you see within the Energy One business that you could see that would really suit their European customer base?

Yes. If you look at the platform from Energy One that we can expand into GMSL, that's the ETRM, the energy trading and risk management.

That's a unique software. There are a few providers in that space, and GMSL doesn't have an ETRM, so that's the most obvious expansion.

The other expansion would be algo trading. We do have an algo trading for the European market and a market access, which is very complementary.

They have very strong, we'll say, energy delivery solutions, but they have less focused on trading software, energy trading and risk management and algo trading.

Yeah. Actually, if I can just squeeze in one last one.

Just as we sort of enter August, I suppose you've put a pretty good bridge there, I think, around the ARR and then obviously the near circa $5 mil that's I think been contracted but yet to bill. Could you just help people, I suppose, think about is much of that $5 million started billing as we enter this first half?

Is there still a little bit of a period to go? Just a bit of help there would be helpful for us all.

Thanks.

Sure. Actually, some of it already materialized.

We're pretty proud with the start in July, we had a 2% increase. Actually if we had looked at July first instead of June, then we'll be in a better position, but that's a good start for fiscal year 2027.

Now, I would say most of that revenue will come in I would say the third quarter of fiscal year 2027, probably around Jan and Feb. That's when most of the project will go live, especially in Europe, the go-live are mostly aligned with the calendar year.

If we're lucky, we can start the billing in December, if not, then that will start in January. I want to mention that we're talking about contracted ARR, it's not an estimation.

It's inked, it's on the contract, and it's part of the ramp-up. At the start of the project, we started billing a percentage, let's say 20%, then at completion, that's when the first phase, we go to 50%, and the second phase, let's say 100%.

It's really a contracted amount.

I might just add to that, just to mention that our budget currently has relatively steady ARR growth over the course of the year. That might change as we move through the year, but just to flag that that results in us reaching our target.

Given the growth this year was weighted to the first half of the year, you expect the opposite next year, the year-on-year growth rate will be a bit lower in the first half, but then higher in the second half, still getting to where we need to get to.

That's more or less what I was asking as well. Thanks, Jason, and thanks, guys, again.

Done.

Thank you.

Thanks, Cam. I've got Caleb up next.

Oh,

hey, guys. Congrats on the solid start to the year and the acquisition.

I'll keep it to two as well. Just on the pipeline being three times I guess the ARR target, does that include the battery module being shipped to Europe in this financial year?

It's a mix. I would say not yet because that's in progress.

Also when I talk about the 3x coverage, I'm also talking about qualified pipeline. Qualified by they have budgets, they have the authority, they have a timeline, and they have the need.

It's a basic BANT qualification, but it's qualified pipeline. I think that's important to mention.

No, it doesn't include BESS yet, it's in discussion. We're seeing adoption in Australia and now we're planning the expansion into Europe, but it's not part of the qualified pipeline yet.

Yep. Just to provide some color on how much I guess BESS contributed to Australian growth over the past few halves maybe?

It's increasing. In term of percentage, well, I will need to confirm that.

It's definitively growing, let's put it that way, and we're pretty exciting in the future. Now to see the exact growth, we'll need to get back to you on that.

We don't tend to disclose product by product.

Yep. Maybe just some color on the churn.

Is that mostly in services or is it a bit of sort of scheduling and ETRM or how should we think about I guess what product is getting churned the most?

It's a mix, really. In terms of the European customer who downsized the activities, they had multiple product and they downsized the activities, a couple of products impacted.

The second European customer, they got acquired by another company, and after 2 years, they integrate the ETRM into their ETRM. In Australia, then that was mainly on the gas services because, as explained, the impact on the gas prices on industrials.

Yep. Gotcha.

Again, the gas services in Australia doesn't represent a large part of our revenue.

Yep. All right.

Thank you, guys.

Thanks, Caleb. Evan, you're up next.

Yep. Thanks.

Hopefully you can hear me. Just the recurring revenue growth target of 15% for '27, could you just also give some perspectives on the ARR growth for '27 as well?

Is it fair to assume that it should be above the recurring revenue growth just taking into account that the already signed 5.1 mil of ARR, which is obviously pretty clearly a solid starting point?

Sure. What I can say is the target is 15% or more for recurring, but this stage, we expect to hit 15% or more on both total revenue and ARR as well.

Good one. Then just coming back to the customer attrition please.

Obviously looks like a big chunk of those were in-housing. Do you want to just speak to how you're managing that going forward?

How you're trying to manage that in-house churn especially please? Thanks.

There is nothing really I can do if a customer goes bankrupt or the trading strategy doesn't pay off as he expected. Now what I can do is enforce contracts and increase the renewable period and the term of the contract.

I think it really helps to smooth the attrition. Then it's also getting closer to our customer.

I think if we get closer to our customer, we have the opportunity to resell or revalidate or represent our value proposition, and I think that's key. The second aspect is also through upsells and cross-sells.

The more products, the stickier our solution gets.

That's clear. I'm just going to sneak one more in.

You sort of gave some comments around the low-hanging fruit for the revenue synergies, but when we think about some of the upside of the next sort of 2 to 3 years, what products or modules really start to underpin more of I guess an upside case for that revenue synergy number that you're thinking of?

I think one of our strength is actually we're diversified, and we're not focusing only on one product, and that's also how we're able to sustain our growth, because there's always something happening in the energy markets, but we're positioned across multiple verticals, it's not only one product. In the I would say very near term, we definitively see a lot of potential in the ETRM markets and the market access through algo trading, but in the near future, it can change and that can becomes BESS and our ability to sell our Australian BESS solution, enFlow, the workflow automation tool, also that we actually migrated to a better technology and start bringing agentic options to it, then could also play again in the next 2 years.

The answer is not a single product. It's right now for the near term, yes, we identified a few, but mid-term and longer term, that's really the mix.

Yeah. Okay.

All right, good one. Thanks.

I'll pass it on.

Thanks for that. John from Unified, you're up next.

Hey, guys. Thanks for taking the questions today.

Congratulations, both of you, on presenting the full set of results. The couple from me.

Firstly, just on GMSL, the original inception of Energy One's business in Europe was obviously several years in the energy space. It consolidated in Australia.

You've got a large exposure to gas. This business looks like it is strong in gas.

Can you talk about the existing Energy One business's exposure to gas versus electricity markets and GMSL, and where that blends you out at versus Australia, for example?

GMSL started with gas, and that's true. Now GMSL also pivoted to electricity about 10 years ago, the exposure of GMSL is not gas as it started, but now it's a more balanced exposure across gas and electricity.

Also, and I think I would answer the question that I see on screen at the same time, if you compare to our existing gas business from EGSS, GMSL is actually a bit different. GMSL is really focusing on services and specialized services.

Provide services on trading, balancing services, but also operating infrastructure. GMSL has the only license to actually operate some of the UK assets on behalf of customers.

Even if you look it from above, you say, "Well, it's two gas businesses." In reality, it's not.

The business in Belgium, EGSS, they actually also were providing a lot of services and solutions to operate assets, gas assets, but literally power plants and the power produced by the power plants, it goes into that direction. On GMSL, it's more on providing highly specialized services to operate infrastructure, manage, for example, the LNG, very strong with the LNG and import of gas in Europe, which actually become increasingly relevant since Europe doesn't have any supply by pipeline from Russia anymore.

I think it's different. Then GMSL is not gas-only.

They diversified the revenue from gas-only to power about 10, 15 years ago.

Thanks. A couple more from me.

This one-stop shop concept, or whether it's the real sort of one-stop shop, we've seen sort of non-recurring revenues sort of coming through sort of or the transactional sort of size across the group coming through sort of pretty flat year-on-year. Just talk about the importance of services in driving that uptake and acceleration in ARR that you're seeing, cuz this business looks a little bit heavier in the service side.

I truly believe that services is going to play a very big part in the energy trading space in the future. The reason is everyone talks about AI and automation, but someone will have to monitor the assets, someone will have to send the nominations.

When something is going wrong, you need to have someone to operate a battery, or if you go one step further, you need to have someone monitoring a nuclear plant, right? In France, 70% of the electricity production is coming from nuclear plants, you can't fully automate that.

We're even seeing that from big Tier 1 customers. They're actually requiring more and more trading services and balancing services because they've automated most of it, but they still need someone to monitor and act, a human, when something goes wrong.

Actually, I truly think that's going to play a big part of the expansion in the one-stop shop strategy.

Particularly if you get customers other than the traditional utilities that have done that all their life?

Correct. No, and that's that's absolutely right.

When you have an industrial who is crossing the meter, to fully staff a 24-hour 24-hour roster or shift, you need six, seven FTEs, and that's a lot of cost, especially if you can automate most of it, but you still need to have someone available 24/7. The more the smaller, when you start having smaller participants crossing the meter, accessing the the markets, they still need to monitor the assets, dispatch the assets, and react to market conditions.

That's truly the value that we're providing with with these services and the acceleration with the GMSL acquisition.

Understand. It's an interesting concept and look like you're a bit ahead of your time.

I'm just going to sneak one more in, probably for Jason. Underlying expenses in the second half decreased, and that's against a larger business there.

Just should we assume that that's a good run rate with some margin increase to come into the second half? I think previous commentary's been we'll grow revenues at twice the rate of what we're growing costs.

Is that a good basis to take into next year, rather than usually flowing into the first half? Just your comments there.

If you look at sort of the cost split, it was roughly equal, I think, but yeah, a bit lower in the second half. We did a lot of our hiring early, and so didn't have to add more to the FTEs in the second half.

I think going forward, I would say half of revenue is a reasonable sort of forecast for cash expenditure going forward. Thanks, guys.

Got a couple more questions. Claude Walker, you're up next.

Hi, Ben, Jason, and Andrew. First just want to say thanks very much for adding the slide on page 13 on attrition.

It's great to see the focus on that metric, a really important one. My question was first focusing on just the acquisition.

I know you can't know what someone else is thinking, but do you think the vendors intend to hold all their EOL shares in the long term? Also, what kind of investors are they?

You've got Fluxys, if I've understood correctly, are the majority, but you've also a few percent like there will be a couple of percent of the company held by other vendors, if I've understood correctly?

No, the discussion with Fluxys was around funding the acquisition. I don't see an organization the size of Fluxys having a specific interest in increasing or decreasing its shareholding, I think you would say that stays stable.

Yes, we don't know what they think in their soul, but they're a

pretty

stable bunch, Stephen. Yeah.

Cool. All right.

Just also staying on the acquisition, given GMSL has a fair bit of exposure to the European gas market, and I was just wondering, because the European gas market in particular can be disrupted from time to time, has big price fluctuations, does that create risks that earnings from GMSL are a bit hard to predict, or is it still a fairly steady in terms of how much is earned year-on-year?

I'm going to answer the first part. GMSL is not focusing on gas.

Historically it's common in the gas business, but GMSL is providing expert services and specialized services and software to power and gas. Now, when you look at the history of the revenue, you can actually see that there is no disruption.

When you look over the last 5 years, we had COVID, we had the Russian war with Ukraine, we had the pipeline which actually blew up in the North Sea, we had 50% of the LNG coming from the US. That's a lot of disruption for the gas market, and we also had all the electrifications in Europe.

Still, GMSL revenue has been stable and growing.

Cool. All right, that's what I thought.

I just wanted to pry that a little bit. Thanks a lot for the presentation and yeah, all the comprehensive information in those slides.

Welcome. Thanks, Claude.

Amelia, you're up next.

Awesome. Thanks, guys.

Just a couple quick questions from me. The first one is, could you just do the bridge for us from the 23% cash EBITDA margin to the 30% in 2027 and just sort of the key levers to get from one to the other?

Sure. Just to clarify, the 30% is on a run rate by the end of the year.

If you were to sort of look at the 23% run rate, put in the 15% revenue growth, and just think about the trajectory, you should get pretty close to that 30% or you should get to the 30%. Our current budget basically has us getting there if we flatline revenue and put in that cost sort of I'm not going to call it guidance, we're not giving guidance on costs, but if you were to assume half growth of cash costs to revenue, you should be able to get pretty close to it.

Okay. What kind of growth level in the cost base then are you budgeting for?

If you assume roughly half of revenue, you should get there.

Right. Thank you.

That's helpful. Just on the net new installs, I think you ended the year at 443, which was slightly down on last year.

Obviously, there's a churn element to there, too. If you sort of calculate or approximate it out, you end up about I think sort of in the high 10s versus if we look at previous years, sort of in the 50s.

That's just obviously approximating from the churn levels and the revenue growth. Is it sort of now you've got much larger customers and therefore you expect the number of installs that you're doing to be much lower, or is this year a little bit unusual?

I can drop a few numbers and then, Ben, you can jump into it. What I've seen is, yes, we're definitely getting higher-value customers on board.

If I look at that ARR per customer, that was up around 14% this year, and I think the ARR per new deal even higher than that, about two to three times that amount. Definitely a transition to larger customers.

Ben, you know how to elaborate.

Yes. That's one of the key aspect is we're actually signing bigger deals, right?

In especially in Europe, we used to sign small new entrants with a few traders, and now we're signing Tier 1 customers. Obviously, that's a big impact in revenue, but not a big impact in the number of installs.

Right. Thank you.

Then last question, this is a little bit cheeky, but Ben, obviously, you were sort of running the European business and you're a sales leader by sort of I guess history and experience. Do you feel like the sales team is at a point where they're sort of up and running at full ramp yet since you've kind of moved into the CEO role, or a bit of work to go to kind of get that going with you out of the sort of hands-on day-to-day?

I hired a new Chief Revenue Officer in June. I worked with him in the past.

We worked in a global company. He's actually Australian, but's been living in Europe for the last 15 years.

We have the right team in place, right? We're strengthening the processes, but as you could see, the lead generation, it's already starting to show results.

I'm really comfortable with the team now. We also hired a new head of sales in Australia.

The team is where it needs to be and the commercial engine is running almost full speed.

Perfect. Love to hear it.

Thanks, guys. Appreciate it.

Thanks, Amelia. Lucky last, we have Stephen Scott from Veritas.

Go ahead, Stephen. Yes,

good morning. I'm old enough, I'm going to be cheeky.

Update on Volue? Can you say anything or we're just waiting for process to play out?

Thanks.

Look, there's nothing that I can do to control or influence a player like that. I think the role of the company is to deliver superb shareholder and customer value, and I think that I can say that my observation is that senior management of this company and the employees have kicked both of those out of the park, both with the organic activity this year and the GMSL acquisition we've been working on for the last couple of months.

Thank you very much.

Okay. That's it for the Q&A.

Really appreciate your time today. Sorry, Ben, if you want to wrap up.

Nothing really.

If you have any follow-up questions, get them through to Forward Transitioning. I know we're catching up with some of you later, yeah, appreciate your interest in Energy One.

Thank you very much. We're truly excited, both by the results, the looking ahead for fiscal year 2027, and obviously by this unique opportunity brought by GMSL acquisition.

Thank you all for attending the call. Thank you.