Thank you, and welcome everybody to today's call. I'm joined here today by our CFO, Ian Lynagh, and we're going to go through our first-half year results and give you an overview and some colour behind the results.

I would ask you to turn to slide 2, please, and we'll start off. As you can see from slide 2, we've had a very good performance in the half.

Subscription revenue is €41.9 million—up 15% on June '25—and 57.8% of total revenue now, in line with our strategy to drive up our subscriptions as a percentage of overall revenue. Our total revenue was €72.5 million, up 7.9% on June '25, up 7.2% to €72 million on a constant currency basis.

Gross profit €54.6 million, and gross profit margin 75.4%. Gross profit is up 6.3% on the previous corresponding period of June '25.

EBITDA €17.4 million, and EBITDA margin expanding to 24%. EBITDA is up 32.3% on June '25, and the EBITDA margin is up from 19.6%.

Again, expanding our margins in line with strategy. Net profit after tax is €1.9 million, up 254.6% on June '25, where the loss was actually €1.3 million.

Cash was up to €39 million, up 11.9% on June '25, and of course no debt. The positive free cash flow was €10.9 million, really indicating that we're continuing that momentum of positive free cash flow and cash generation in this business.

The ARR was €87.8 million, and the net retained earnings 115%. Both very strong numbers, and again indicating very strong and sticky customers who are continually buying and expanding their footprint with FINEOS.

Our ARR is up 14.9% from €76.4 million, and the NRR is up 15.3% since June '25. Overall, we're very pleased with those results and those headlines.

I suppose what's causing the kind of growth is a number of things, but certainly new name sales in the half—we had two of those: FINEOS AdminSuite for claims, the MAIB in Australia, and one other in the States. That kind of continues to drive that market leadership.

Very, very pleasingly for us, we had two more sales of AdminSuite: one to OneAmerica, and in that one, we signed a 10-year contract. OneAmerica were very keen for a long-term contract for AdminSuite because they can see themselves using this for 10 years and well beyond.

Of course, there was one other smaller client in the US who also bought AdminSuite. They didn't want to publicize their name due to being owned by a large Blue Cross Blue Shield in the States and not having the permissions.

We're really seeing the benefits of the AdminSuite now, and customers are going to see more and more opportunity to expand into the AdminSuite. Very pleasingly, again, OneAmerica licensed FINEOS AdminSuite for quote, underwrite, rate, plus FINEOS EmployerConnect, and both 10-year contracts.

I'm calling that out because both of these products are derivatives from acquisitions we made, Limelight Health and Spraoi. It's really pleasing that we've actually re-engineered and got those products in the full suite end-to-end.

We're looking forward to seeing OneAmerica really driving home now that full suite of products that we have out there. It's proved that our R&D and our strategy is coming together very nicely.

On the customer side, we've had multiple on-time go-lives with ACC in New Zealand, one of our largest clients in the Southern Hemisphere, doing a 2-year migration from an on-premise major scheme in the country to the FINEOS AdminSuite for claims. That just took 2 years, was on time, on budget, and they're thrilled with that program.

Indeed, the publicity is on our website if you'd like to go and see it. Our FINEOS CustomerConnect events have been in New York and Sydney in the last few months, and we've one coming up in Toronto, and we've another one in November in Sydney, just to let you know.

These are proving to be very useful because we're demonstrating product, we're showing our clients where the product is going, our roadmaps, and more importantly, I think, we're bringing customers with us to talk about their experiences and their transformation. This is going down very, very well.

We've got some really good case studies with Guardian and New York Life, but also other customers are joining in. Building positive momentum, and we're gaining a multiplier effect from embedded AI in our product.

With our deep domain focus and our market leadership, baking the AI in at the core is just helping us to accelerate our growth and making our product far more attractive and sticky with our clients. If you turn to slide 4, this is just a look back, and we're pretty proud of the growth we've had since we launched on the ASX in August '19.

As you can see, we very much have driven to the strategy we laid out in our IPO prospectus of growing our business in North America, which is 33% of the global insurance market and by far the biggest market in the world. If you can prove yourself in North America, you can pretty much prove yourself in every country.

North America is leading in the technology space, and a lot of the multinationals and so on are in North America—very highly competitive market. It's very pleasing to see the market growth in North America up to 80% in the previous trailing 12 months.

Of course, we also promised that we would turn FINEOS from a services business into a product company, and we're well on the route there, as you can see, over 300% growth in subscription revenues since we IPO'd. Again, is that very much down to the expansion of the product and the R&D that we've invested through our IPO and ongoing profitability in the core business, the underlying core business.

Indeed, when we IPO'd, most of our clients were on-premise; most of our clients, the vast majority, are now on the cloud or moving to the cloud. That's just one step in terms of the growth strategy.

Of course, the next step is to grow the FINEOS AdminSuite footprint across our whole customer base. Today, only four of our 60 clients have AdminSuite, the full product, the policy and billing product in place.

We have a lot of runway ahead. With the very strong customer success we've been having, our customers really trust that we can bring them to the place where they can actually finally say goodbye to those legacy systems.

Our people headcount, we put that in in this presentation every year, but it hasn't changed that much in the last few months, and it just gives you a breakdown there on page 5. The geographic mix of revenues in terms of the region for the past 6 months, again, you can see the North American market is by far the biggest space that we've been growing and where we've really doubled down on our strategy for growth for our full suite.

APAC revenues actually increased by 1.1%, and indeed, the subscription revenue in the APAC market grew by 17.6%. We are seeing good progress in the APAC market, particularly around cloud upgrades and our customers starting to move to the cloud.

In the recent event we held back in March, the FINEOS CustomerConnect in Sydney, we had a couple of clients—icare, ART—sitting on stage telling about their transformation and how they use the FINEOS in the cloud. Again, very pleasing to see that.

At that event, we also brought our EY partner from the States down, and we had Guardian give an overview of where and how they've performed their transformation. Again, very positive customer referenceability coming in there for FINEOS, really building that trust and understanding amongst our client base.

I'm going to hand over to Ian now to cover off on the financial side.

Thank you, Michael, and welcome everybody to this briefing. As Michael said, I'm going to provide a bit more insight into the financials, and we'll start on slide 8 looking at the income statement.

Firstly, as already iterated there, we've seen a substantial increase in subscription fees: 15% change compared to the previous corresponding period, and now representing 57.8% of revenue. As we move into the second half of this year, we're anticipating no client churn, and we're also anticipating some new wins.

That trajectory is going to continue, and it's obviously a key stepping stone towards the expectations we set for FY27 and a big improvement in terms of the rate of growth that you saw between this year and '25, and '25 and '24. The strategy is paying out for us in terms of growing that in the right direction.

In terms of service revenues, you see it's down 0.7%. I mentioned at a roadshow for those of you that were in attendance in March that now that we're working with SIs and we have more mature products, depending on the deals that land, SIs may pick up more of the work or may pick up a little less of the work.

I did set an expectation then that we may get a toggle of about 5%. I'm very pleased that it's just 0.7%.

Now that we're in the month of August and we've already done our July month-end forecasting as well, I would anticipate that the expectation on services fees will be very similar to what it was last year. In terms of those of you doing modeling on FINEOS, I would keep it pretty flat, as opposed to any toggle down.

That's very pleasing—0.7%, it's not a lot of change, and for the full year, it should be fine. The initial license fee, as I've mentioned before, that's very much associated with those customers that are still on-premise.

As they phone us up and ask for additional licenses, we'll give it to them, it's just going to be continually a decreasing market, albeit you saw a slight increase there year-on corresponding half-year. That's the revenues, with an overall growth rate of 7.9%.

In terms of cost of sales, we have seen an increase by €2.2 million compared to 1H25. We have had some level of higher employee costs and contractor costs.

You've seen that the gross margin, in its own right, has gone down a little bit. That's partly because we brought on new resources.

We put more of them onto the sales side. We allocated their effort against that.

I would see that normalizing as we move to the full year insofar as those resources will be up to speed in the second half of the year and we won't need to double up as much. This is just part of growing pains as we've relocated resources from higher cost regions to lower cost regions.

Secondly, we've also got in place a provision for an infrastructure spend. I've mentioned this before: this is actually with Amazon AWS.

We signed up for a 5-year contract with them which completes in December 2027. We have done so well in terms of managing costs and driving efficiencies in terms of use of their infrastructure that the commitment we made in that contract we're not going to achieve within that time period.

However, we are in negotiation with them at the moment whereby for the deficit or the shortfall in that spend, what we're looking to do is actually buy forward services for beyond the end of December 2027 at a heavily discounted price. That transaction is not yet completed, and when it does take place will be in 2027, but the aim is to remove that provision from the accounts.

What you can see there, in terms of that at the moment, is that that provision is €0.5 million that's put in against that cost of sales. The plan would be that that will come out, as we move towards the full year.

That moves me on then to EBITDA. You're seeing there that EBITDA has increased significantly.

It's up 32.3% from 1H25. We set a target for FY27 of 25%, and we're already achieving 24%.

I expect that to improve as we go through the full year, simply because within the full year, we'll continue to manage costs very well, and we'll also grow revenue. All the business we gained, in addition to the traditional throughput of business, business we gained in the first half will flow into the second half, and the additional business we gain in the second half will also be registered to the extent it exists in the second half.

That EBITDA margin will increase again for the full year. Very pleasing to see the 24% when we set an expectation of 25% for FY27.

The net profit after tax, that's a very good sign in terms of our journey in terms of moving forward to be a profitable company, a cash-generative company. We don't see ourselves looking back.

Albeit it looks like a small number, €1.9 million compared to a deficit of €1.3 million, it's a very significant step. Again, if you look at the provision that we made with respect to infrastructure, Amazon AWS, another €300,000 has been added in as well there in OPEX.

That's €800,000. If you added that €800,000 back in, because it's not real money, it's not money we've spent, then you're up to €2.6 million in terms of net profit after tax.

That said, we need to get rid of the provision in terms of moving forward, but I just thought I'd point that out. If we move now to slide 9, we're looking here at, as a product company, progressively we want to grow the subscription revenues.

That very sticky customer base that we have plays a big part in terms of our ability to project revenues moving forward, and as you can see, that's constantly increasing. We're making comparisons here against the cost base, and the cost base has increased slightly against the corresponding period, but it's increased a level more against the second half of last year.

We know about the increases in fees. Michael already mentioned subscription fees and ARR and NRR.

NRR is something that we've introduced as a measurement due to requests from various investors and analysts just to show and reiterate the importance of our existing customer base in terms of upsell and cross-sell to our continuous growth as a company. We're going to keep that up in terms of relaying that from now on.

In terms of the total cash spend going up, part of that is the increased headcount in lower cost regions. As over the last 2 to 3 years, we've done a significant level of restructuring, but we also had to replace resources.

Our headcount's remaining reasonably constant, but where they are has changed significantly, as a proportion. As you can see on the people side, we've over 37% of our people in what we would deem to be lower cost regions.

This also was reflected in the comments I made on cost of sales in terms of taking on more resources. The resources, as well, are coming into the product group.

It's product delivery support is where those resources are coming in. We have had that in place.

We also provided salary increases. The overriding element there is that in terms of the costs as well is that we have moved the payment for insurance and internal software licenses, which is about €3 million, from a payment in the third quarter of the year to the first quarter.

The reason we made that shift was because up until 2024, our fiscal year started in July. We moved our fiscal year to start in January.

We wanted to make sure that when we're spending money on services in a particular fiscal year, we wanted that money spent to reflect the duration of the fiscal year as opposed to forward buying into another fiscal year. That's a one-off shift, and the important thing about that shift of that approximate €3 million expenditure is that it won't reoccur in the second half of the year.

We just move it forward to the first half of the year. That explains the shift in costs there.

It was still very very much under control, very much in line with our expectations. If we can move now to slide 10, looking at the operation expenses, so that's reflective of the cost control.

You can see that R&D is down due to lower employee costs again reflecting the lower cost regions I've mentioned earlier on. A higher capitalization of R&D—there's criteria you have to meet around higher R&D—that's happened simply because of the extent of innovative capabilities we're building out, particularly around AI now as well.

A higher proportion had to be allocated towards that capitalization side of spend. We didn't have a repeat of restructuring costs as we had in the first half of last year.

That helped in terms of reducing the costs. We're somewhat up on sales and marketing costs, and that's intentional.

As we've mentioned before, we've spent the money that you investors have provided to us into R&D, developing out that product, maturing out that product, getting our position in the market into a much more prominent space. What we're doing now is looking at how we expand out in terms of sales and marketing and sell more of the product, get more in the face of our customers and new name prospects.

This is part of that expectation. We expect to spend more also on sales and marketing as we go into the new year.

Really where you're seeing the change there in terms of expenditures is related to those events, the FINEOS CustomerConnect events that Michael mentioned earlier on. We had one last year, and we're planning out four this year.

We've had two already: one in New York, one in Sydney in March. Michael mentioned we've another one coming up in Toronto in September.

Indeed, we've another one in Sydney coming up in November. Playing out very well in terms of relaying our product strategy with our customers, getting their feedback, and also getting customer testimonial at those events as well, particularly with an audience that includes other customers and prospects where they explain the journey they've gone on with FINEOS and how that's working out for them.

Cloud operations, in terms of our continuous focus on reducing costs, driving efficiencies, we've seen a decrease in terms of internal infrastructure usage just through more efficient usage. The hiring of people in lower cost regions has helped drive that down.

In terms of G&A, the real factor there is FX movement. Our reporting currency is euro.

Approximately 70% of our revenues comes in US dollars, and we receive revenue in six different currencies. We're always subject to the FX movement side of things.

On the flip side, about 50% of our costs are in euro and approximately 35% of our costs are in US dollars. There's always an argument about the currency and the approach you should take, but in the meantime, there will always be FX movement for a global company like ours.

If we move on now to slide 11, again we've made a commitment, in terms of FY27 and FY29 in terms of overall R&D spend as a percentage of revenue, because obviously when we IPO'd back in 2019, as referenced above, the whole thesis there was to build out a product to service the Life, Accident, and Health industry all the way from quote to claim. We were spending very much ahead of the curve in terms of revenues coming in.

We've now rebalanced that through '25 now into '26. Our expectancy is that we'll continue to reduce the relative cost of R&D as a percentage of total revenues.

You're seeing a slight rise there as demand comes in from customers in terms of what we're delivering to them so we can secure that additional fee. We will toggle it a bit.

Some of our flexible resourcing mentioned on the people side there is also in R&D, we can toggle that up and down a bit. Overall, if you look at each half-year there, you're seeing our spend is remaining reasonably consistent.

We're keeping very strong focus on that and intend to keep that percentage moving in a general downward direction in line with the expectations set with respect to the guidance. If we move now on to slide 12, the balance sheet, the bits I'd point out would just be around trade receivables.

Obviously you're seeing that our subscription fees are going up, some services for bigger customers at a reasonable level as well, we've seen an increase in trade receivables. We are comparing against the second half of last year on the balance sheet as opposed to the previous corresponding period, 12 months in the past.

That's a good indicative sign in terms of the increased revenues that we're going to secure within the marketplace. Indeed, if you look down at deferred revenues, what you also see there is a big increase.

To put that in context, we invoice typically yearly in advance for subscription fees, monthly in arrears for service fees. With the subscription fees, almost about 40% of invoices go out in January, and about another 20% go out in the second quarter.

There's a skew in the first half of the year in terms of those subscription fees: 60% versus 40% in the second half. We do see that balancing out a bit more, and that's already started happening where it may even out a bit more throughout the year, but it's always that magnetic pull back to that first quarter as customers expand with FINEOS if their fiscal year is a calendar year, and typically it is.

They may wish to reset contracts for the beginning of the year. That works well for us because, again, just mentioned the FX volatility that any company has that deals globally.

If we can get the invoices out early on in the year, then that gives us predictability around that proportion of revenue as we look forward through to the rest of year movements. If we move on now then to slide 13, the cash flows.

This year, in terms of cash generated, you can see a decrease of 24.7%. The explanation around that, part of it was defined in the 4C for Q2, but just to provide a bit more colour around that, there's two large invoices amounting to approximately €8 million with two large US-based insurers where the payments were delayed into this quarter.

One of them was with an insurer that actually changed their online payment system. It had teething problems and that delayed payment, and that payment has been secured as they teased out those problems.

It was just a delay in payment. The second one, it was a situation again with another large insurer, and we renewed our 5-year contract with them.

It's for the larger proportion of that amount. We managed to secure an uplift in subscription fees, and that contributed towards the ARR.

The contract is signed. We also managed to change the pricing approach for the Absence product to a per-employee-per-month type basis.

As they grow, we'll grow in line with that, because previously it was on a per-user basis. That took a while to negotiate.

These things generally do when you're looking to extract more money from customers. It usually is a negotiation.

Also because of the size of the contract, because it's a 5-year contract multiplied by that singular invoice amount, it goes through a lot of sign-offs. There was about 10 sign-offs within that, and it was just frustrating for us, delayed the process, but it's done and dusted now.

If you look at that €8 million that was delayed, and you look at the €3 million that I mentioned earlier on in terms of insurance and software payments, that would have made a difference of €11 million. You can work your way down, even taking out the exchange rate, you'll see a positive impact in terms of the bottom line.

I think that will all be flushed through as we get into Q3, and of course, we're still producing quarterly cash reporting, you'll see that at the end of the quarter. We're very, very positive about that cash flow movement overall, knowing the dynamics of what happened with respect to those couple of invoices.

I'll leave it at that, Michael. I'll pass it back to you.

Thanks, Ian. Very comprehensive overview there.

I'm going to move along to the outlook and the key priorities. If you turn to slide 15, this is a new slide in the presentation, which really kind of is for our ASX investors to take a view at the investment thesis for FINEOS.

I think we're coming off a very good half. We're increasing our revenues, profit, and cash, as you can see.

We've no debt, and actually, we've a deferred tax asset which was quite significant given the losses we've had over the past several years building out the AdminSuite. That's there to be had.

I'd also point out that our headquarters is in a low corporate tax operating centre or country where the headline tax is 12.5% on profits when we do have to start paying tax, which obviously is a great position to be in as well. Recurring revenues are increasing, and as Ian said there, 57.8%, and we're on our way to the 65% we said we'd achieve in FY27.

I want to point out the strength of our customer relationships, the size of our customers—blue-chip clients who are tying up 5-year agreements, and in the case of OneAmerica, wanted a 10-year agreement with us based on GWP, gross written premium growth, and lives on our Absence product. Very long-term, sticky clients, blue-chip, who are totally reliant on the mission-critical system we provide them.

That is giving us increasing visibility and long-term profitability and growth and cash generation as a business, which means that we've got a great operating leverage ahead of us. We're already, as I said, growing our EBITDA and our cash, but we haven't cut our costs and cut everything to the bone to arrive at a margin or increasing margin.

We've continued to invest, but we are getting far greater efficiencies as we move along now going forward, and particularly now with AI. As we operate in the North American market, we tend to stay very, very current with technology trends, which is one of the huge advantages of being an American market leader versus anywhere else, because things happen just faster over there and clients want things quicker.

That gives us a competitive edge as well on a global basis. Our operating expenses are declining as a proportion of revenue, and really where we're getting that leverage is through revenue growth and continuous efficiencies that we're driving within the business.

We have a large North American TAM, and we've talked about this going back as far as November 2024, where we said there was a $200 billion premium market in North America, a serviceable addressable market that we can target with the products that we already support of $125 billion in premium. Our own clients, who are some of the most substantial customers or carriers in the employee benefits world, already account for about $50 billion of that, of which we've only penetrated just a bit more than 10% of that opportunity within those customer sites.

As I said, we've got four full-suite clients out of 60 customers. Two of the top 10 of these carriers are now AdminSuite clients, and of course, we see more opportunity to convert clients across to our full suite and really get the benefit of all the historical investment we've made.

We are the market leader in this employee benefits space in North America, and we're really driving the customer success. We're driving those partnerships to deliver more revenues, more trust, and more kind of new business in terms of opportunity to work with our carriers and our partners.

It's a cloud-native product, and again, we were early into the cloud because we were very much competing in North America, who had the cloud well before any other country. Many countries didn't go into the cloud until much later because of data residency and the technology itself had to move to them.

Our cloud is very much built on the AWS Cloud, which is secure, scalable, and future-proofed. Because we've embedded AI in the product safely, it's right there at the heart of the core.

Everything we're doing in our base product, we can take advantage of AI more and more, and we're showing that to customers, which is coming through very loud and clear. The embedded AI for FINEOS is a real advantage.

We see it across our whole suite, and of course, our suite is now in production with New York Life on a $5 billion book for group, voluntary, and absence management. We are implementing very, very quickly now in terms of deployments, and really we've shifted the focus to maximizing the benefits of FINEOS when it's already implemented.

We immediately talk about operating models and so on with our clients and how we actually help them really transform and help their bottom line. As I said, AI is an accelerator.

Where we see the advantages in FINEOS, it provides more intelligence and assistance and automates a lot of stuff to our agentic side as well. Our AWS partnership is really good for FINEOS, and we have a strategic partnership on a global basis, very much at executive level, at technology and engineering level, and at sales level as well.

Our SIs are becoming more and more confident and are growing the teams on FINEOS. As Ian said, we give them as much services as we can, and we're pretty okay and open with them around how do we cut the cake in terms of services.

To be quite honest, we're not looking for services, and we are upping the kind of quality of services that we do in terms of helping customers to maximize the benefits of the product. The services revenue ultimately in total would have grown on FINEOS surely in terms of the new business growth and the subscription growth, but we've given a lot of it away to our SI partners, who really appreciate it and indeed who work closely with us.

Then we're building B2B partnerships as well that are complementary and that help our customers. Overall, I think feeling very positive about the business.

If you turn to slide 16 on our key priorities for the second half, we definitely want to get OneAmerica up and running as quickly as we can. That's going very well.

Of course, our other AdminSuite client as well, they'll go live early in 2027. We've also continued to scale with Guardian, and really hitting at that legacy system now where we've actually developed the FINEOS Migrator tool, and that will assist them to get off that legacy.

That one is going well as well. Upselling to existing large clients: again, we've got customers who've got mega portfolios spread across multiple legacy systems, and we're well down the road with that as well in terms of growing their FINEOS footprint and migrating stuff across to FINEOS.

We also want to grow our new business sales, as Ian indicated. We definitely want to invest more in sales and marketing.

We want to progressively embed the AI across the whole platform and expand the internal use of AI as well within the company, which obviously gives us great efficiencies and so on, and we're already seeing the kind of uptick in terms of what that is doing for our bottom line. All very positive.

Then, of course, FINEOS Absence for employer: we're working with some carriers as well around how do we work and get this product into the employers in parallel and in partnership with some of our carriers as well. Again, the employer market is very much small deals, but really our main focus is with our carriers who are our partners in this growth trajectory of FINEOS.

I'll move on to slide 17 and talk about the outlook and the guidance. Again, as you can see, we're well on target to hit the range in terms we gave at the start of the year.

As Ian says, we're reiterating that we will be within the range with a healthy number at the end of this year, supported by strong pipeline and locked-in long-term revenues with existing clients who are scaling on the FINEOS AdminSuite and fully committed. We're growing profitably and generating cash through the year.

Indeed, we want to drive the North American employee benefits domain on the sales side. We want to explore opportunities, too, of new product lines where carriers are actually talking to us about various product lines that they'd like FINEOS to look at.

Again, that'll be another expansion opportunity and will be more revenue for us as well. Then, as we said, invest in the marketing: more events, more case studies, more customer success stories, and indeed more sales and revenue.

If I turn to slide 18, before I talk about this slide, I want to go back to November '24 when Ian and I visited Sydney, and we made some declarations and promises to you as investors in FINEOS. We said by the end of 2025, we would be cash flow positive, free cash flow.

We delivered. We are saying that in FY27, our subscription fees will make up 65% of our total revenues, and as you can see, we're well on target.

We'll bring the R&D investment into a 30% range in terms of total revenue in terms of spend and investment, and our gross margins will be 75%, which as Ian has already said, we've achieved that last year, and we're on it again this year, and EBITDA margins of 25% moving up to 40% in FY29. We reiterate that guidance around what we want to do, particularly in FY27.

Hopefully you see that we're delivering on our promise, and you see FINEOS as a good investment. Thank you.

I'll open it up for questions.

Hi, Michael. Hi, Ian.

I have three questions. Just first one: very strong ARR growth, right?

Just want to confirm that this includes the new wins and the cross-sell that you called out, like OneAmerica?

Hi, Siraj. Yes, it does.

It does.

Because I was just confused because your NRR growth is actually higher than the ARR growth, I wasn't sure if it includes some of the new wins. That's good.

Just looking ahead, right, Michael, your comments sort of indicate the pipeline is very strong. You just had a very strong half of ARR growth.

Do you reckon you can repeat that in the second half, or is that a bit too tough?

I think we'll see, Siraj. We're optimistic about the second half and into next year as well.

As we have got a business that is long-term, lumpy deals, and it does take time to kind of get deals through some of the very largest carrier companies in the world. We've given a prediction that we're well within, and we'll see how it goes through the year.

As I said, we're optimistic. We've come in with a very good half, and as you say, the ARR is heading in a very positive direction.

I'll leave it at that for the moment. Thank you.

Michael, the second reason I'm asking that is you sort of need your ARR growth to pick up to get to your FY27 targets, right, which, like Ian mentioned, needs to accelerate from here, sort of needs to get to 20%-plus subscription growth. Can you help us build that bridge, right, from where you are right now to FY27 to get to 65%?

Do you want to do that, Ian?

Yeah. Your start point obviously is the ARR at the half-year.

As I was speaking earlier on, we expect to get a level of new win during the second half of the year; we expect no churn during the second half of the year. That'll be a higher figure.

The services fees for next year will, in terms of our expectation setting, will either be in line with what we achieved this year—and I indicated earlier on that that will be in line with what we achieved last year—or it could toggle by 5% next year. Again, that SI bit really makes a difference as deals flow.

If there's more SIs involved and they become more versed in our product, they may take on more services. The reason we allow them to do that is that they influence buyer decisions.

It's not that we're giving it away; we're giving it away in exchange for them helping us make greater sales. If we toggle up and down that services bit in your modeling a little bit, then you know that what we need to achieve in terms of the subscription growth is probably bringing it up to about €107 million, €108 million in terms of actual revenues for next year.

We're going to be going in to the new year with 80%, 85% of that achievable will be the target we're setting ourselves. Then we've got to bridge that gap.

We have a number of customers then, in terms of, as we've always said, upsell is the key element for us, and that really is scaling what customers already have as opposed to trying to sell them something new. As they move their legacy across to FINEOS, we see that has been the biggest growth area.

If I look back at the last 12 months and look at that ARR growth and just look at it through the lens of upsell, cross-sell, and new name, the upsell element of that growth is about 80% of the growth. The cross-sell is about 15%, and the new name is about 5% as it comes in.

Then, obviously those new names become existing customers moving forward. We see a significant amount of that coming through upsell, and we see a significant amount of that coming from a handful of customers.

We've very much a line of sight of how to achieve that in terms of those particular trajectories.

Sure. Just last one, in terms of just confirming two things: Ian, as you mentioned, services flat for the year, which should imply that second half is slightly up half-on-half.

Secondly, your FX assumptions for the revenue guide is 1.175. Spot is right now 1.15, just confirming that that should be a maybe €1 million benefit to your revenue number?

Thanks.

Yes. The revenues in the second half of the year traditionally are higher than the first half because the second half benefits from deals closure and increases in the first half.

Plus the fact as we win more deals, then the services will go up as well. Definitely, the services and the overall revenue expectations for the second half of the year will be greater.

Sorry, what was the second part of your question there, Siraj?

Just on FX, right? I think your guide assumes 1.175, right?

The spot rate is 1.15, there should be a benefit if this holds, right, in terms of the second half?

Far the benefit would be about a million, €1 million or thereabouts. As I said earlier on, the more we invoice, particularly for subscription fees, when the invoice is actually released, that's when the FX is set in terms of what we put out there.

It's about €1 million to date, but I don't know what's going to happen in the second half of the year.

Sure. Okay.

All right, thank you.

Hi, guys. Thanks for taking my questions.

Just a couple: just can I confirm on your medium term, FY27, FY29, their percentages across the year rather than exit rates, just to make sure?

The guidance that we set, Tim, in terms of—

The 65% subscription fee in '27 and 75% in '29.

That's at the end of '27 and at the end of '29.

That's an exit rate rather than the percentage across the year, to be clear?

Because of the lumpy nature of our business and the lumpiness of the invoicing cycles, so that's—

For the full-year revenue, for the full-year revenue, when we look back at the end of the year, we'll say 65% of that was subscriptions.

Sorry, okay, that's where I'm getting confused. The way you say that, Michael, I'm assuming, therefore, across the full-year FY27, the number that you report, 65% of that will be subscription fee, rather than looking at the mix on the day you leave the year?

No, correct. We'll be on the 65% as we look back.

It's across the full year. That's right.

That's good.

Just pick up— Okay.

Yeah. Just pick up on the pricing changes.

You talked about a contract you renewed and renegotiated and a bit of a slow payer, which, it's good to get price increases even if they pay a bit late. Can you talk about what that might mean if you applied that across your book?

How much do you feel like you've got existing contracts that are underpriced, effectively?

That's an interest—

No, go ahead, Ian.

Around about 4 years ago, Tim, we switched the pricing to GWP and per-employee-per-month. Obviously, what would have happened in the interim is we had already signed up to 5-year duration contracts with customers, we couldn't make that switch in the middle of that 5-year period.

We had to wait till we got to the end of the term to make that switch. In the interim, as we gained new customers, we put them straight onto a new model.

There has been other customers that we have in the mix that have come towards end of term. One of them was mentioned earlier on in terms of that delayed payment where we went through that switch, because they were on a per-user basis prior to that.

At this point in time, the majority of our customers are on that growth model, value-based pricing as opposed to per-user-based pricing. Per-user-based pricing was always something over the last 5 years or so that we hit against just in terms of general automation, but the need to move away from it with the advent of AI has been accelerated, and customers get that as well.

They may haggle over pricing, et cetera, but they understand, particularly with the advent of AI, needs to happen. We're materially across the line.

I would say let's call it 90% or thereabout across the line, and the rest should be resolved within the next 12 months.

That's helpful.

To add to that, Tim, we do have other contracts that are coming up for renewal, and so we can get increases on those as well. The vast majority of the growth we see, '27 and beyond is already in our base.

Okay. It sounds like only about 10% of that remains to get repriced, it's probably not going to have a huge material impact?

Not that end of it, no. There's other contracts, though, that are due for renewal, and again, we can crank up pricing based on their GWP usage and indeed the lives.

We still see an opportunity to continue to do that. Of course, as we lay in new products and features and stuff, sometimes we'll charge some extras as well for those.

The AI is a good example. There's continual opportunity to cross-sell and upsell.

Yep. Then just with the ACC renewal, when we look at the APAC revenue growth, it's been broadly sort of around that sort of €10 million, €11 million sort of euro number for quite a number of years.

Does that reset cause that number to grow into the next half? Have we seen the sort of full annualization of that repricing impact or that contract impact?

Albeit the revenue has remained at that type of level or grown a little bit year-on-year, the mix of that revenue has changed quite materially. Initially within the market, going back to the IPO days and slightly beyond, the majority of revenue we were getting from the market was services revenue.

What we're seeing is that we're getting more high-quality recurring revenue in terms of subs. ACC, in its own right, we've effectively doubled what we were getting out of them, but that contract was signed 2 years ago, and we got an uplift when they went live in April.

It's higher quality revenue that we're getting there. Again, we're working with partners in the region also, they're picking up some of the services, we're splitting that out.

It's much more sticky, and particularly as they move to the cloud, and we're starting to see that movement now in the region. We've got a number of customers that are in the cloud or in discussion with us about moving to the cloud.

Yeah. The subscription revenue for ACC would have doubled, but the overall total revenue would not have doubled.

Is that the message?

Correct. Correct.

Okay. Just staying on sort of revenue, I've got one more question after this as well.

Just you talked about the sort of broadly flat services partly because you're passing more work to SIs. Do you have a feel for if you combined the SI sort of take and what you're still writing, how much is that actually growing by?

How much are they actually doing with you, the SIs? Because ultimately that's what's going to drive your confidence in the subscription number.

Are you asking what kind of revenues are the SIs getting for our implementations? Yeah.

It certainly would be combined double digits, Tim. We don't know the exact numbers because they contract directly with the customer, but they will be looking after significant tranches of work that historically FINEOS would have performed, such as program governance, integration, data conversion.

It'd be double digit and would make a difference—

Double-digit millions, you mean? Double-digit millions, like €10 million?

Double-digit millions,

yeah. Okay.

Yeah. I think for us, and again, it's a message we keep on reiterating: it's a very, very sticky client base.

Recurring revenues is where the future growth is. The subscription fees are key, 5-year contracts.

Once you're embedded, we're replacing systems, as we've said before, that are 20, 30, 40 years old. Sometimes we get the sense that services is valued the same as subscription, but in our mind, it's not.

It's very important for us to stay very focused on that subscription and just accept the services yield to the SIs as being part of the way we grow forward. Yeah.

Then

just last question for me, and thanks for the answers. They're really helpful.

You a bit of a comment in the pack talking about explore opportunities to expand product lines and new markets for FINEOS AdminSuite. Is that dental, and is that with one of your key customers?

Does that mean that you think they're progressing down a path to use you for that product, and is that what's driving the interest in the comment in the pack?

Look, there's a few lines of business, not just dental. Things like stop-loss business, vision business, we're very close to those lines of businesses as well.

Other variants of the life side in terms of, the various types of life insurance. Just adding more and more tweaks to the product that allows us to grow the kind of footprint of the TAM and indeed the opportunity with the clients.

Dental is not something that we have on our horizon at this stage in terms of the claims side, but we will see obviously Guardian coming towards FINEOS on that side on the dental side with the admin side. Look, there's just going to continuously these are incremental add-ons that, we can do and just tuck it under into the R&D budgets and so on and work with the clients.

I think as well, when you look at the subscription growth, I just want to point out as well that, subscription versus services: given the global situation in the markets, and particularly the frothy investment going into AI startups and AI this, AI that, if there's any kind of a turndown, our subscription revenues will stand up. We're locked in, and that's why we're going after subscriptions.

Services will just be wiped out immediately if there's any kind of a downturn. Just, if from us from our perspective, like we're locking in certainty on these numbers and with these clients.

That's why, we're happy to kind of continually build up our SIs as well and let them take the risk around services and us basically drive that long-term growth and that product revenue.

Yep. Can I just clarify you talk about the sort of the R&D budget, the opportunities that you're looking at to expand product lines and new markets, et cetera, does that fit within the R&D budget that you're talking about, because you've got medium-term targets of that R&D investment as a percentage of revenue?

We're not seeing incremental R&D spend; that would be captured within that envelope?

In the main, Tim. Yes, the answer to that is in the main.

We are putting more and more of our R&D into the AI and into the innovation side. We're growing our investment in that.

We could easily cut back our R&D now because we've kind of hit a plateau in terms of the product and we've got ourselves to where we wanted to be. Obviously with AI coming in over the last 3 or 4 years, we bought Spraoi, and then we've been investing in the AI and rewriting the Limelight and Spraoi products into our base product.

We're continually innovating so that the product stays modern and ready. Then in terms of the extra business, in most cases, we can tuck that in on our R&D number, and we won't be increasing our R&D numbers.

If we have to, the client will basically pay us, and we'll do some kind of partnership where they'll pay us for the services or whatever or the product revenues for that extra line of business. We can easily carve that out and show it to you if we do do that, if there's a big spend in any particular year.

It'll be well covered, and it's outside the thesis that we've set ourselves for FY27 and '29. Yep,

that's great. Thank you very much.

Thanks, Tim.

Hi, guys. Done on the strong ARR print.

Just a question around the GP margins. Ian, I know you mentioned it in the prepared remarks, but yeah, just want to understand: we're seeing sort of a decline in GP margins, despite you guys having higher subscriptions as a percentage of revenues.

I know you mentioned the AWS provision. Does that come from the GP margin line?

If you could just help us break out that GP margin.

Over to you, Ian. It's about the decline in our gross profit margin, which is small, as against the big growth in ARR and why that is, the decline.

You might cover that off.

Hi, Jackson. The AWS provision you already have, you see the amount that's there that has impacted.

The second reason I mentioned as well, and that is we've taken on a lot of new resources, particularly from lower cost regions, and what we were effectively doing during the first half of this year is we were doubling up on resources for a number of projects. We had to allocate that cost against our cost of sales during the first half of the year.

Those individuals now are skilled up throughout the first half of this year, we don't need to do that hand-holding, that double up of resources going to the second half of the year. I would expect that by the time we've done the full year for the entirety of the year, we'll see a gross margin which will be roughly reflective of what we achieved last year and also ahead of expectation that we set for FY27 at 75%.

Great. Just a quick one on sort of AI: most of your sort of software peers in the small-cap space have sort of seen their headcount decline, but I think you've added sort of 40 in the half.

Sort of are you seeing any AI sort of benefits internally, and do you expect this number to keep climbing?

I can take that one. Yep.

We are seeing benefits from the AI internally, and we've very much a focused program on making sure we extract those benefits across our teams. We have increased the headcount.

As Ian said, we've increased headcount because we've doubled up in some headcount on lower cost countries, he's basically mentioned that to you already. We will see a less headcount needed for what we're doing today as we move forward.

There is a cost, of course, to the AI which needs to go back in. We're moving faster now, developing features quicker and turning quality product out faster as well through our investment in the AI within our engineering and SDLC.

Yes, we definitely get more bang for our buck out of our engineering and testing teams and across the organization. Again, our business is growing, though, and therefore with new name and existing cross-sell, upsell, and extra features and functions we're doing, we're kind of we are where we are, but we do see that we're gaining the efficiencies from the investment we're making in the AI.

That's going to continue. Any further questions?

Hi, Michael. Can you hear me?

Yep. Hi, Jules.

Hi. Look,

I just wanted to say thank you for putting the slide on page 15 in the deck. It's a great overview of the business, and I loved the passion that you could hear in your voice as you were going through it, well done on that.

My question was really about one of the boxes there, which was the embedded AI, and I wondered if you could just talk to us a little bit about the interest and the engagement that you're seeing from your customers, whether asking you about what you're doing, how they could utilize the AI embedded in the platform just to sort of gauge where the sort of interest and the demand is. Then also, we've definitely noticed an improved deal cadence, and I just wondered, is that, in your mind, do you think related to your customers starting to think about if they are going to move into this sort of agentic era about tightening up the core system?

Is that actually driving benefits from you not just in AI itself, but in selling the core and upgrading customers in readiness?

Thanks, Jules. Great questions.

In terms of the AI, at our event in New York where we brought together eight CIOs in a room of our biggest clients, we had a discussion around how do we partner, what are the common themes, what would you want us to focus in on and double down on, and AI, AI, AI: where are the answers? There was kind of an interesting perspective from them.

They want us to help them to make AI safe, they were all interested in FINEOS leading out on compliance and AI compliance given that we're global as well and European Union has brought in some AI legislation as well, we're able to take all that on board, and we have a compliance team in FINEOS. We've doubled down on the compliance side.

They all saw that FINEOS has the opportunity at the core to drive agentic AI and automation in terms of our workflows and orchestration of our core system, and indeed the insights that we can present in terms of the deterministic and the assistive-type AI that we can present into case managers, whether it be on the underwriting or on the claims side or in the service side. They all see that as FINEOS having a big jump.

That is encouraging them to kind of come behind us, and it will encourage more AdminSuite deals because of that, because they can see the multiplier effect we get by having AI at the core and across the full landscape of our suite, and obviously it being safe. That's where it really comes down to.

The CIOs have experimented with AI. They have been working in POCs and developing stuff themselves and bringing in consultants, some very expensive ones, to help them to get their heads around where they can use AI.

They're concluding that the data is the most important aspect of being able to drive AI, followed by a really modern workflow system which can be automated, and indeed agentic can be implemented within the core to orchestrate the business. It's a step-by-step process, though, because they obviously are in a regulated environment and they want to test everything.

They want to be absolutely sure an agent couldn't go AWOL and do things on them on their core system, on their business, that would get them into big trouble. Again, it has to be done in a compliant way.

I think ultimately we all see the advantages of FINEOS being a core system, a system of record which is crucial to having the modern data set for a business like an employee benefits carrier, but also crucial in terms of being a system of intelligence and a system of automation and orchestration. That's where we're going, and I think what you'll find with the AI is that it's going to be a huge benefit.

Honestly, I see the AI becoming a commodity. You can see what's going on in the world on AI in terms of more and more models coming out and the competitive environment.

Watch this space is my view. It hasn't played out yet.

In the long term, where it will play out is that systems very much will be much more intelligent at the core. Indeed, they need to be compliant.

It should leverage up time then for carriers to really focus in on their clients and change their business models. I'll talk about that in November when I come down for the event in Sydney.

I do believe that there's a huge opportunity, and there's going to be big winners and losers in this market in terms of the carriers we have versus other carriers.

Thank you very much, Michael. We'll look forward to seeing you in November.

Thanks, Jules.

Hi, Michael. Hi, Ian.

Congrats again on a great result, and thanks very much for taking my questions. Just wanted to ask on the Guardian legacy migration and how that's ongoing.

Maybe you could give us a bit of colour. I wanted to ask you about the ARR number that you put out of €88 million.

I'm assuming that doesn't include the Guardian legacy aspect, maybe you could just give us any colour around when that starts to hit in terms of revenue, the implementation type timeline, yeah, any detail that would be great. Thanks.

Richard, good to hear from you again. Sure.

The first thing is the number doesn't include the legacy. Our Guardian number hasn't shifted in terms of our licenses yet.

They are driving all their new business onto the FINEOS AdminSuite for the lines of business that we currently serve. They are going to expand lines of business and do more with us.

Then the legacy side of things, we have been working with them and helping them to line up the legacy data in terms of it coming across to FINEOS. Indeed, they're using AI on the legacy migration side, on that old legacy mainframe.

We've developed the FINEOS Migrator product, which again is an automated product around reading in the business and the employers into our suite. Again, we will be able to assist them and go.

They're kind of lined up now to do it, and over the next few months, we'll start it. As in, we've started it; all the prep work has already been taking place, and we'll start taking data across in the next few months, and it'll come across in increments.

We expect that that's going to pick up through 2027, and towards the second half of '27, we'll start to see that legacy kind of data starting to make a big impact on FINEOS.

That's really helpful. Just to be clear, it is kind of an incremental, over time you should start to see revenue benefits from that sort of in the second half of FY27.

It's not sort of a light-switch moment where you flick a switch and then it's a big lump increase?

Correct. It'll be through second half '27 into '28, '29, and that should kind of conclude it.

It's a big process. They have a multi-billion book, it's not a light switch, as you say, in a complex business like this.

No, that's really helpful. Thanks.

Then I guess I just wanted to ask as well on the penetration rate that you guys have in existing customers, just over 10%. Obviously, it would be nice to say you'd like to get that to 100%, but do you guys sort of have internal targets, the next 2 to 4 years?

What's a reasonable number of how you sort of start to think of the cross-sell opportunity, and where that penetration rate might get to at some point in the future?

Look, I couldn't give you a percentage in terms of penetration within that base, but what I can tell you is that each one of them is targeted, and Ian carries all the spreadsheets and it's in our Salesforce as well. Each one of them is targeted around AdminSuite and additional product, cross-sell, upsell, more lines of business coming over, migrations, and so on.

We have that trajectory, particularly with our big guys, the six. We've two of them, as I said, as full AdminSuite users, New York Life being our original partner.

We have an opportunity in a few years' time to reprice that, but that won't be until just beyond 5 years' time. The others are all basically lined up, and they don't have any other option except to look at us.

It wouldn't make any sense for them to go off and try and buy a policy and billing system over the last few years where a number of players moved in with policy and billing and tried to cut us off. Those days are over.

Those companies have not been successful. We're back to a kind of a steady trajectory now where, as we prove ourselves, whether they use us for claims or claims and absence, they are thinking, what are we going to do with the legacy, and what's next, and so on.

Of course, we're having the discussions as well. More lines of business, which is kind of going across their org, and then more product in terms of going end-to-end.

That's the opportunity with these carriers. They've all got legacy in the back end, and they all need to change.

They've all realized as well that the data is the key to the operational efficiency and customer success.

Yep, no, absolutely. Good one.

Maybe I'll just ask one more question just around the AI and the capabilities you're putting into the product, and obviously I understand there's a slow process of customers being very careful and cautious in how they implement that. Have you started to have discussions around pricing of the AI element specifically?

Is there going to be sort of a price for AI usage within the modules? Is that going to be sort of all-inclusive?

Is that coming to contract negotiations as well, which we kind of touched on earlier today? That would be great.

As of '25, our release 25, which is 2025 release 4, 25.4, all our clients can easily move to the full AdminSuite. As I said, most of the clients are still using claims, 50 whatever it is of them just use claims or claims and absence.

Also, as of 25.8, they have the AI core at the heart. That release of our platform has the AI built in.

We can start to open that up to them. As I said, they are very cautious and they want it all tested and so on, yes is the answer.

Now, as I said earlier in the answer to Jules, I do believe that it's going to become an expectation that a system like ours is driven by AI. As we move forward, we do price today by usage and we put a margin on that, but look, as time goes on, as I said, as these things become more and more commoditized—and I do see AI like workflow was 25 years ago—and I think that over time we'll build all that pricing in.

Yes, we'll see the uptick in our numbers through the AI, but as we sell new deals, we will be expected to have the AI embedded, and we will be expected to show AI and the automation and also the insights in the system. I see it very much as a competitive moat expander for FINEOS to drive ahead and to go hard at the market.

Let's face it, we're dealing with clients that have been abused, and really some of them have spent hundreds of millions going down wrong roads and continue in some cases. Really we've got to prove to these clients that we have a better approach and we're trustworthy, long-term, good partners for the industry.

Look, we do see pricing increasing, but it's probably not the most important thing to me. The most important thing is that we get the product right and that we use it to pull more business into us, totality-wise, get rid of that legacy.

Great. Thanks for that, Michael.

Done again. Good momentum heading into next year's targets, congrats.

Thanks, Richard. Much appreciated.

Michael and Ian, I hope you can hear me okay?

Yep.

Yep.

Done, firstly. Just a quick question, maybe a follow-up on the pipeline and the sales cycle.

Something we might have seen with other software companies and off the impacts of the Middle East war and AI just generally that customers are potentially sitting on their hands a bit more. Have you seen that trend, or you see that maybe normalize to sort of last year where the nature of needing to migrate from their legacy systems is forced them to stay on the process?

Look, I think the war side of things has settled down, strangely enough. I think we all feel that it's kind of a weird place to be globally in terms of the geopolitical setup, but I think that's settled down.

Our clients are really fighting for business, continuing to try and drive their OPEX and growth. They're just as aggressive and focused on modernization as they've always been.

I think the AI has been a disruptor, and it's probably the biggest technology change since the World Wide Web, and let's face it, it is a complete game changer. I think that it has been a disruptor because the usual thing happens: big consultants go in and tell them that they can build new systems for them around AI and whatever else, and POCs have begun.

A lot of that is starting to kind of be put away. If anything, I'd see that they're kind of getting sensible now around the focus.

I think we probably see things calming down in terms of back to, yes, you do have to replace your legacy, you'll get the AI in there, and you'll be better off doing that than spending lots of time and money on different point systems and various technologies. It's been a learning curve, and IT teams have been very keen to get out there and do things on AI and show what they can do, and as they've kind of done things and then they see the kind of complexity and the risks and they see the maintenance factors and the costs, they're kind of coming back in a little bit, because the business are saying to them, 'Okay, what's the benefit of what you've done?

Yes, you've been a year doing this. Yes, you've been able to do that a little bit faster or whatever, but what's the ultimate benefit?

What are we getting out of this? What's the bottom line?'

The business are actually starting to bring the IT people back in and really focus on a strategic focus around AI.

Just one more quickly: just interested in, yeah, how you're using AI to speed up and migrating legacy books, and then maybe also onboarding customers. Interested to see if there's anything you can reference how, as your product becomes a bit more off-the-shelf and more developed, how quick you can onboard a customer now versus maybe 18 months ago?

Very good question. If you look back, it took us 7 years to build the AdminSuite, 2 years to onboard and bring New York Life's $4 billion book over to FINEOS in terms of migrations and everything else.

Guardian went live in a year, then they've basically got it fully rolled out and connected up everything in the second year, and we're doing the migration now. OneAmerica will go live within a year, and they're going end-to-end in terms of quote to claim, and they've basically got the AI core in there.

Effectively, as we move more towards more new deals, they get the latest version of the product, which is kind of easier to start on and faster to go on. There's that kind of natural trajectory that's making it easier to onboard, do upgrades, and do the migrations as well.

We do see a momentum picking up, because a lot of our clients have already upgraded to the platform, as in FINEOS AdminSuite for claims, and they're well positioned now to do the upgrade to the AdminSuite and take on the AI core. Some of them may stay on claims, and they can have the AI core there, and we can do the document summarization, case summarization, all the things we do around insights and automation.

That's just going to make them feel more that they need to leave the legacy behind, because the gap will grow between what they've got in their hands on FINEOS and what's behind. The AI gives us a really strong opportunity to completely rewrite the whole of the UX, the user experience, the customer experience, and gives us that opportunity to drive more margin for them and leverage our business as well.

Internally, we're getting some great results with the AI as well. Again, we are really focused in now more and more on innovation, and you'll kind of see that coming through in FINEOS in the next few months.

We may make an announcement or two during the next few months that will show you that. As I said at the start, we're a North American high-tech core system that's very focused on a niche space, and that gives us those competitive advantages that we talked about over the years in these updates.

Appreciate it, guys, and yeah, well done again.

Thanks very much.

Hi, thanks taking the question, and sorry, I know it's late. Just one question around the new business underwriting and quoting: just be interested to understand how you see the scope of that as an add-on or a cross-sell to one of your large clients, and what you see as the sort of sales cycle with that?

Is it something which you can get in people's hands relatively quickly, a quicker decision for your clients to make?

Hi, Sinclair, and good questions. The new business quote and underwrite is a crucial part to the business.

Most carriers are really big into their customer service and their claims service. Obviously, they make their money through the claims service and really being efficient around that.

They get the growth from the quote and underwrite and how that integrates into their kind of new business environment. Again, it's a very hot area.

We do expect we'll be selling that standalone and obviously as part of the full suite. As part of the full suite, it gives a carrier real benefits in that the quote, underwrite, and rating kind of goes straight into the billing and onto the policy admin.

There's massive benefits. Today, they don't have that.

They've broken up kind of core systems, and the quote, underwrite, rate is usually separate. They do put a lot of investment into that because they're looking for that frictionless new business coming through.

Again, we're putting a lot of focus into it now to cohesively integrated into the suite, which we've done, and then look for those differentiators that we have as a full suite for that quote, underwrite, rate. We've kind of got this bookending approach that we can easily do with clients.

We've obviously got the strongest claims and absence system in the carrier market in North America, and now the quote, underwrite, rate is coming hard and fast on our new technology platform, which is true SaaS and really very lightweight and has the AI and everything embedded. I do think that's going to be a grower for us, and it's a Trojan horse-type approach.

You basically move in and say, 'Where have you got your problems in the claims area, the underwriting area, or should we just take the whole enchilada? What do you want to do first?

Is it a line of business you want to go into the full enchilada on, or where are your pain points? Where are your problems?'

Most carriers have a few of those, and then they start prioritizing. It all depends on budgets and return and so on that they can get.

It takes time to set up a deal, as because they have to get budgets, and because these budgets need to obviously take into account their own work and retirement of legacy and everything else and the cycles around that. We do see the quote, underwrite as very much a compelling proposition going forward.

Thanks a lot. Appreciate your time.

Thanks very much, and I appreciate everybody staying on. I know we've overran a little bit.

We're pretty passionate, as you can see, about this business. Ian is travelling down tonight to talk to investors and analysts over the next week or so.

We'll both be down in November, and we'll be running an event as well, again similar to what we did before earlier this year, and we're also running a customer event in Sydney. Looking forward to that, and very happy to have any follow-ups or whatever.

Either of the two of us are available for investors and analysts. Thank you very much.