That slide is the entire group made up of both the compute and network business. If you see this, at the top right is compute, and this is network.

This is a bit of a slide key to break it down so that we can share how each business is performing. Today we'll be going through company highlights, financial results, strategic update, and then a guidance update.

Let's just pause for a second and look back. I think it's over the past 10 months from today in November, we actually couldn't fit enough on the slide for what we did throughout the year, otherwise it'd be too big.

On 26th of November, we announced the acquisition of Latitude.sh. That was our entrance into CPU and now GPU as a service platforms totally automated.

We also announced an acquisition of Extreme IX, which is in our entrance into India with 40 different data centers landing. It's the largest internet exchange in India.

Then on the 27th of April, this has happened in a pretty short period of time, between the 27th of April and today, we've announced $1.3 billion of TCV. The first one was $35 million on the 27th of April.

Then we announced a $254 million GPU, CPU, network, and storage contract on the 14th of May. Then on the 3rd of June, we announced $458.9 million of TCV.

We also launched our GPU on demand pool. We did a capital raise via entitlement offer, which was $827 million.

The day after, we launched storage, it's been pretty busy. Then today, we announced another $506 million of TCV contracts, which were announced today.

That's obviously forward-looking, so that's not reflected in the FY '26 numbers. We've got an announcement in the ASX on that.

We've also been incredibly busy, a huge shout out to the finance team. I think a lot of the investors as we've spoken in the past have asked us about how we're looking at this from a debt perspective, how we're looking at all of our capital management.

We've shared that we've been in a process for a period of time. We're super pleased to announce we've got $825 million of new debt facility, which has been announced as of today.

That's fantastic news, which sets us up for the future. Again, the highlight here is $1.3 billion of TCV contracts signed since April 27 to today.

How does that look looking backwards? Let's talk about the FY '26 ARR chart.

You can see quick note at the top right, this is the group business. You can see that broken down is the network and then the compute business ARR as at June '26.

$395 million of ARR landed in that year, which is an astounding achievement. If you break it down from a group revenue perspective, we're at $312 million, which is a 37% year-on-year increase of group revenue for FY '26.

Networking ARR is up 27% in constant currency to $289.6 million. An incredible achievement and very, very proud of what the team has achieved here.

On network net retention, we break down the net revenue retention effect for the network business specifically separating out the compute business, I think this would be appropriate to say that that little thing doesn't represent that. This represents the network side.

We're up 5 percentage points year-on-year. That's 114% net revenue retention, probably one of the most important metrics that we've been focused in the business over the last 3 years.

This is an astounding achievement, and we're going to walk through some of those pieces coming up. The compute ARR, since the acquisition, which we announced late November, we're up 72% as at June to $105 million of ARR.

Just an incredible achievement for the Latitude business and a massive shout out not only to the founders that have joined us, but to the entire team and to all the new folks that are joining the business and helping scale. It's a story of massive execution coming out for the next year and continued growth.

Let's look at the annual recurring revenue breakdown for the network. There's the network logo up the top right.

This is representing the network annual recurring revenue throughout the year. You can see the breakdown between Americas, obviously the largest component of that, 290 at the top, 166 in Americas, $77 million in Asia-Pac, 47 in EMEA.

All regions growing. I think I want to draw your attention really specifically to the ARR incremental addition.

This is the net increase in ARR on top of the start of the year to the finish of the year. You can see in history we've been performing well, but look at FY '26.

This is a 103% increase on the largest ever year-on-year growth that we've ever seen. The largest year that we've ever seen, we've over doubled that in net ARR incremental additions to $62.3 million in FY '26.

An incredible proof point that the investment that we made actually this time last year back into the business and all those pieces we've been setting up from a product standpoint is paying off in dividends. Really exciting.

This is the compute business, and just a reflection of how the ARR has grown inside that business. Right now we're hitting sort of a little skate park here as you come up this side.

You can see since the acquisition in November '26, you can see the extreme growth that we've had here just in that very short period of time. This isn't even taking into account all of the TCV contracts that we've got in place.

I think there's a very small amount of ARR from them in there. The future is looking incredibly bright.

Again, congratulations to the Latitude team. What a magic partnership between us, and that's showing right there.

We've shared our DC cohort's ARR contribution over time before. It's a little bit of an eye chart, but it certainly reflects how important it is for us to continue to invest in building out new data centers.

I'll just sort of explain what you're looking at here. Each group here represents a cohort of data centers that we've added.

If we go back to this very first one, in FY '22 we added 26 different data centers. It started in that year with this level of revenue.

Now, what was really important is that the following year, that's when you start to see the revenue come to fruition when you invest in building out a data center. You can see it's compound interest thereon from therein on after.

Now, we sort of shared this back here. When we first came in, there was very few data centers added.

We started to say we need to continue to add. What we saw in FY '25 was we added 115 data centers.

You can see how that landed from a revenue perspective, but have a look at the following year from those data centers. Astronomical.

The point of this is every time we add these new DCs and get new revenue, it expands our TAM and helps us grow the business. It's the ongoing growth of that.

Now have a look at what we've done in FY '26. The team is on fire.

They've added 155 data centers, landed the revenue at this component. If you play this forward, you can start to see at the impact of compound interest of building out the TAM.

This is a really key part of the strategy as we constantly continue to invest in building and showcasing why we're doing that. You can see we're up 35% year-on-year in terms of data centers.

What's really interesting is we're landing new data centers with much higher ARR because we've got so many more products that we're selling into that customer base. It's a real key example of the strategy coming together.

Probably one of my favorite charts. This sort of represents what that compound interest around net retention and how it plays out in the customer cohorts.

Just to quickly look at it, whilst it looks very pretty, and it is very pretty, each color represents a cohort of customers. I.e.

let's pick a particular color. In June '22 to June '23, FY '23, this very small piece of revenue is the customers that landed.

Then what happens to them the next year, they expand, and then the year after they expand, and the year after they expand. That's actually showcasing it's incredibly sticky, but also expansive, which is your net retention number.

What we've done right up the top here is we keep stacking these on top of each other. The FY '26 cohort ARR has landed 55% higher than our previous record.

It's showing an incredible result from the go-to-market team. Again, back to all those new products that we're landing and innovating, we get more revenue, more wallet share, more TAM per customer, and we're proving that out as to how we land.

It's always great when we tell you what we were going to do and we can show you historically that we actually did what we said we were going to do. This slide is a lot of data in here.

We're putting this in the deck more for when we go through the investor roadshows. I'm not going to walk through every one of these.

In short, the execution against the strategy throughout the financial year was nothing short of astounding for what was a pretty small team. We added 155 data centers.

We've added so many different products. If you think about the strategy of the company, there are three pieces.

We build, and that is how we expand and add different total addressable market into existing products. That's where we add, if you look at it, Megaport infrastructure across 40 sites.

We built out storage hardware, we built out all this infrastructure, all these different components. We upgrade speed, 400 gig, you name it, et cetera.

Then on top of that, there's probably a few things worth pointing out. We had 3 times the expansion in 100-gig internet locations, which is a 200% increase in market coverage.

Just one little example of going big on the products that we're seeing massive success in. We're constantly testing products and all sorts of things inside the business.

When we find success, we double down behind them and continue to expand. 67% increase in 100-gig enabled locations, for example.

58% increase in bare metal servers. Huge investment.

The innovate component is about us bringing out new products. This is our engineering teams actually building cool stuff.

We launched Cloud Storage, DDoS protection. We launched MCP, this is all the AI components that are sitting inside that, virtual machines, Kubernetes, Agent Hub.

There's so many things that came through: Cloud Router, IPsec, packet filtering, ping, traceroute. The team has delivered that in that period of time.

Each one of those steps us further away from anyone that would try and do what we do and actually adds a TAM to the component. The last piece is the investment component.

We talked through a few of those. We've acquired companies, we've added capital to it, we're investing in all the different folks, we're diversifying our capital base.

All those different components we'll take to the investor roadshow if we need to go through that. All right.

The financial results, this is the exciting part, folks. I'm going to hand you over to Leticia Dorman, our CFO.

Cheers.

Thanks, Michael. The FY '26 performance, we just have a slide here really to touch back on the guidance that we provided and where we've landed compared to that guidance.

Reported group revenue is $312 mil. That's made up of the network revenue, which has experienced significant growth over the last year, landing at 268.

Then the compute revenue, which we talked extensively about and we've landed a number of strategic contracts that largely will land into FY '27 for the impact onto revenue. However, that compute revenue against there is 44, around $44 mil.

EBITDA is above the top end of guidance at 25% made up of a variety of components, being revenue and a range of costs in there, which we'll talk through on the next slide. Then CapEx around the guidance that we had, 90 to $100 mil, which excluded any strategic contracts or initiatives landing at $98 mil.

Here we've got a fair bit of text, which is helpful for post results for a few of the folks on the call. The callouts here: revenue up 37%.

Now we did acquire two companies with revenue in those companies, Latitude and the India acquisition, but also the underlying network business itself with significant NRR growth and new logo acquisition during the year has added to that result. The direct network costs, it does reflect the ongoing investment that we've talked about extensively previously, 155 net new DCs, and we continue the 400-gig core backbone upgrades as well throughout the globe.

Employee costs are up substantially as planned and as communicated a number of times. As the business has been rebuilding, that cost has increased.

We also have incorporated the two entities and in a much bigger group, and we continue to invest in the business, particularly to support the scale of growth and opportunity in revenue. Other operating costs, there are some higher non-recurring expenditure associated with the two acquisitions in particular we're now located heavily in Brazil, India, and the US, there's a significant amount of travel as we start to merge the three entities together and some heavy marketing activity to support that as well.

EBITDA at $77 mil, which showcases that 25% margin there, is also a call out there for us. Employee costs, this is some insight into where we've invested for employees and continue to invest.

You can see that insight there largely around even the LTV to CAC of 5.8, that really just reflects even with the go-to-market investment, which continues to scale, that supports the revenue growth in line with that. We are scaling the customer support and deployment functions to enable the compute buildout.

That's a really critical component. Then we continue to invest in the product and engineering as we continue to scale out the onion rings, I think, Michael will talk to a little bit later in this around the continuous expansion of products.

Cash flow, that is up pretty materially. We did do an entitlement offer in the month of June.

The cash had landed in the balance sheet. We continue to place deposits on significant orders of GPUs.

As we start to have those be delivered, we'll continue to utilize that cash in order to start to support the rollout of the strategic contracts as planned. You can see here the operating cash flows of the combined entities.

That is driven by the inclusion of the two entities as well. This is a consolidated cash flow as with EBITDA.

It's some pretty significant changes in the business overall across the P&L, cash flow, and balance sheet that you'll see. Michael talked to this previously around the new debt facility where we have commitment letters signed by a syndicate of leading domestic and international banks.

That has been a significant process that we've undertaken over the last few months. We're really excited to announce that as part of the overall funding strategy that we've undertaken to support growth for the consolidated group.

We do continue to explore further funding strategies in line with our capital management plan. This is really designed to highlight where we see the growth, and we will continue to invest our cash in where we want to build and innovate to enable growth for the future of Megaport.

That debt facility will form a core part of the overall funding strategy for that. Back to you, Michael, on your strategic update.

Fantastic. Congratulations for a huge amount of work from the team.

Team just acknowledging the finance and HR and the legal team that have made two acquisitions come to fruition. The finance team's done all the multiple announcements since April, plus the end of the financial year results, and on top of that, a debt facility process, which has been astounding.

Tish, you're allowed to have a little break, maybe a couple of days after this. The strategic update.

For those of you who haven't been following, we are now what is a globally distributed automated infrastructure company. People are like, "Well, what is Megaport and what do we do?"

We do three things. We deploy compute, network, and storage, which are physical infrastructure assets.

We deploy them in data centers all around the world. We own that infrastructure.

We use our capital to procure that. We physically install it in the data center that we lease.

We then stitch it all together with fiber, and then we run that. Now, we run a software automation layer that we have built and managed in-house that is the sort of crown jewels of the business that automates the deployment in seconds for all compute and GPU, for all network globally, and then for all the storage elements as well.

The three pieces make up the trifecta to what is all IT infrastructure servicing any application that you have ever used in your life. You can see how we're distributed and broken down around the globe.

We are in 31 different countries. We have 330,000 pieces of physical fiber that we lease and stitch together, 3,000 network devices, 13,000-plus GPUs and CPUs and scaling at a rate of knots across 1,100 data centers.

This is an incredible business with an impenetrable moat that is just scaling at a rate of knots. Look at this thing, it's incredible.

We're super proud of what's been built there. As I say, a picture is worth a thousand words and a demo is a thousand PowerPoints.

Instead of putting a thousand PowerPoints in here, I'm just going to do a very quick demo to show you what that actually means, assuming I can switch over here. Just checking everyone can see my screen.

Is that coming through? Yay.

All right. What you can see here is planet Earth.

We obviously have two options. We have the flat Earth version, which Leticia is fond of, and we've also got the spherical version.

I'm a spherical guy. Let's zoom in.

What you've got here is every single data center that Megaport has rolled out across the globe from a network standpoint. This is specifically looking at the network part of the business.

We are compute, network, and storage, and this is the network element. If we just take a look at the United States, this is me logging into the portal as a customer.

I can see all the different connectivity and different products that we've deployed. We'll pick a clean location, and we'll just zoom in on that.

We'll take 13 data centers clustered over in this particular location. We'll keep zooming in, there's 12.

You can see all these different data centers sitting in this particular location. We've got NTT Global, we've got QTS Portland, Flexential, EdgeConneX, and we keep scaling.

We go right down here to 2, and there's Digital Realty Portland. What you've got in this very small location in Portland is a whole range of data center operators that we're currently live and active in.

This is when we talk about deploying data center locations, this is what we do. What happens is a customer has their own compute hardware sitting in this particular data center and they need to go and connect.

Let's pick EdgeConneX here. We click on there, and we can choose what product we want to create.

We want to create a port. We want to get access from our server that we've got in that data center, and we want to access connectivity to the outside world.

We've picked the data center, we click next. We scroll down, and we choose what side, it's a port.

This is the Megaport, the 100-gig location. We'll give it a name, we'll choose whether you want to add a cross-connect, which is automated for you.

We can actually deploy that. Month-to-month terms, you name it, you can add all sort of technical details, but we'll just click next and click add the port.

What we've done is, as you'll see, it's gone blue. We now have deployed physically a physical 100-gig port in that particular location that I'm going to connect my data center infrastructure to.

I could be a bank and I'm running a server in there with all my applications. I need to connect somewhere.

We take the port, and we go and add a connection. We say I want to connect to a cloud, to a private data center, to Megaport Internet, to an internet exchange, to a marketplace, to a service key, to Megaport Storage, and we keep adding more products.

Let's say we want to connect to cloud, and we'll scroll down. These are all the different cloud locations.

We'll choose Amazon Web Services, a hosted connection. Every one of these locations is physical infrastructure that we've built out around the world, over 300 different cloud on-ramps.

You can see these are all the different connections. A blue and a red connection adds diversity.

It's that simple. Let's choose a location.

We'll choose up to Seattle. You can see how many milliseconds delay.

We'll choose a blue, we'll click next, and then we give it a name. We give it a speed, let's say 25 gig, and we just click next.

All you need to know is your AWS account ID. The platform automatically stitches into the AWS portal, gives you a piece of fiber in effect that is yours that you can access through that at 25 gig from your data center.

We click add, and then we're done. You'll see that connectivity is now live.

It's that simple. We go back to that particular location, and every time we go and add products, we grab that same product and we say we would like to connect that to say a global WAN platform, and we want to go and say connect into Brisbane, Australia.

There's NextDC. Let's go and it's 148 milliseconds all the way from the US to that particular location.

We'll click next, we'll give it a name, we'll give it a speed, scroll down, you've got all this cool technical stuff you can add in. Click next, and we've deployed.

What we've done is we've traversing across many, many different subsea cable that's already built. You're now stitched in and connecting across to Australia.

That becomes the network component of this piece, and the network stitches it together. Then we go into the compute side of the business.

The exact same thing, we look at live demo to shareholders, and we go in here and we have this beautiful thing that says create a server. When we click create a server, first of all, we've created a network.

Now we're going to create compute. You have options: you have bare metal, bare metal GPU, virtual machines, and there's a whole range of other cool stuff that the team keep building.

These are the locations that we've physically deployed infrastructure in. Imagine walking into a data center and seeing racks and racks and racks of servers all spinning, lights on, and you name it.

Let's say 70% of those servers are customers and 30% are waiting to be deployed. Let's take North America.

Here's Ashburn. That's where the home of the clouds.

We'll scroll down. You've got all these different types of servers that you can deploy on demand at the click of a button: core-optimized, memory-optimized, storage.

Let's just choose this one, RS4 Metal. You can see how much it costs per hour.

You can scroll down. We can even pre-deploy an operating system.

The platform is searching through all the servers and deploying operating systems that make sense that we expect a customer to utilize. Why is this important?

Imagine pulling an iPhone out of the box and it didn't have an operating system on it. It would now take you 20, 30, maybe 2 hours to download and then get it up and running.

We can actually pre-deploy the operating system on you, which means it deploys in 5 seconds. We can scroll down, choose hourly.

This is live. I click deploy hourly, and in effect, what it's doing is taking a server in that particular location, it's deploying it, and in less than 5 seconds, it's on.

It's on with an operating system live in Ashburn. We can click into that.

I can't tell you how complicated the software is to allow you to physically do that. Mind-boggling.

Massive shout out to Ed and his team that actually made that happen. If you have a look down here, you can see all the different options.

This is a live server. It's available.

You can ping it, you can put your own software, and do whatever you want to do. Then you can manage it.

You can see down here, look, I want out-of-band remote access, move it, install it, delete it, you name it. You can scroll down and add a database, add Kubernetes, add a network, or add storage.

This is the next pillar. What we've talked about is network, we've talked about compute that we've now deployed, and I would like to add a storage bucket onto the side of it.

If you think of it in your laptop that's sitting in front of you, you've got a compute little bit of Intel chip or something sitting in there, you've got some memory, you've got a storage, which is a little bit of hard drive, and then you've got a Wi-Fi device. That's your compute, network, and storage in terms of a laptop.

It's what we do, too. It's really that simple.

We click storage, we click object, block, we've got different options. Let's take object storage.

You can start to create a bucket. It's really simple.

I'm going to create a bucket, and I get to choose super high-performance storage delivered in seconds on our VAST platform, and then we look at our standard cost-optimized storage cross between VAST, Wasabi, and a few other components inside there. Now you can start to see where we've deployed that.

Let's look at a very low-cost storage platform that you can deploy from anywhere. Let's just say you wanted to create a backup out of your cloud to make sure that if there was a problem with the cloud, you had a full backup that's actually protected.

If say you were attacked from a cyber perspective, you've got complete control. There's North America, all the different locations, Europe, Asia-Pacific.

This is a truly global platform. Let's say Ashburn again.

All you need to do, imagine that you are trying to protect your data, if you ever heard of these sort of crypto lockers and so forth where they break into your laptop and then they encrypt all your data and ask you for Bitcoin, 70% of the time that that occurs, it actually has already encrypted your backups. Your IT team says, "Don't worry, I've got a backup."

They start downloading it, only to realize that that's also encrypted. How do you protect that?

One button from Megaport. You click this, you go right, and you've object-locked it.

You click retention, how long you want to keep it for. For governance, click 30 days.

You've got an immutable backup for 30 days. You click create the bucket.

That is compute, network, and storage, all delivered via software, all on demand. The only thing I'm going to go back to is I'm going to delete this server because what it shows you is the fact that it's on demand.

I actually want to sell this server to someone, it's live. Let's just delete this.

I'll have to copy and paste this piece so I don't fat-finger it, and I've deleted it. Now what's happened is that server has been deleted, it gets wiped 3 times, made available back in the portal.

Okay. Hopefully that gives you a perspective of what compute, network, and storage really is without 700 slides.

We go back to this I think this is probably I would say almost strategy on a page. These are the investments in strategic pillars that unlock TAM, total addressable market.

If we look here, I'll just get my laser pointer, each one of these rings, Tish called them the onion rings, each one of these onion rings or rings in effect represents a product that opens up total addressable market. One of the key pieces to continued net retention, one of the most important factors if you're investing in a tech business, is to ensure the technology is awesome, customers love it, pricing and all those components covered off, but the company is continuing to invest in new products and making thing that solve customer problems and that they love.

If you don't do that, you don't earn the right to get your net retention, your growth starts to slow. This is this sort of continued investment.

You can see in the past 3 years, we've gone from what was a cloud connectivity company in Virtual Edge, adding global WAN, Data Center Interconnect, DC internet, NAT gateway, and a whole range of security that we've just launched in the last however long, including DDoS and IPsec, and you name it. That represents the network part of the business.

The compute component, which is CPU and GPU elements, came with the Latitude acquisition. That team innovated incredibly fast and added storage to that pillar.

You can do two things. You can continue to add rings and you can also expand the ring.

The expansion of the ring is building. That's when we added new data centers that I talked about before, new markets, new countries, taking the same product set and landing in new locations, or even just expanding capacity, going from 10 gig to 100 gig, from 100 gig to 400 gig.

That will actually expand the ring. That's the build-out.

The innovate, all the developers and engineering teams sitting there building awesome compute products, network products, storage products, AI products, and security that you'll see continually invested in that space. You should expect from us constant updates around what we're bringing to market to solve customer problems.

The last one is where we invest. We expand product and engineering to constantly invest in that space around innovation.

We expand the go-to-market, cuz the last piece that you have is when you build beautiful, cool products, you need to go and tell the world about them and take them to your customers. The last piece is you can build that either internally with your innovation team or you can look to acquire strategic acquisitions.

Latitude and Extreme are great examples of that. Actually they represent two things.

Latitude adds a new ring, whereas Extreme expands the existing ring. You're actually seeing acquisitions that hit both expanding a ring and adding a new ring.

If you had to ask what our strategy is, we're adding rings and expanding them. Then you'd say, "Well, what constitutes a focus from a product standpoint?"

These are the guiding principles specifically for product or an acquisition that we are looking at. We're very disciplined around what we look to acquire.

If you look at Latitude, we acquired a company, the same as Megaport, total automation, super important. That gives you the ability to be instantaneous.

You saw us deliver that server in less than 5 seconds. If you can automate the infrastructure, you can build it at global scale.

If you can make it incredibly resilient, I can do something that you can't do as a customer. I can do it much much much more resilient than you could do yourself.

Make it flexible, you can turn it on, turn it off, add it, change it month-to-month, per hour, whatever it is, you can make it super flexible. If you make it self-service, you can add this magical thing called product-led growth where people jump on the platform and start to add products and you reduce the amount of team that you need to service it.

If you make it super easy, just that alone is what you have actual entire companies existing just because they're easier than something else. Add the best support, make sure the pricing is super disruptive, and make sure that the whole thing is profitable, and you have the ingredients for an incredible company.

That's Megaport, that's Latitude that we've bought into the business, and everything else will scale from there. Every single product lives and breathes off that.

We've done some very, very large strategic deals, whatever it was, $1.something billion that we've gone and announced. A lot of folks are looking to say, "Well, how does that play out?

What is the timeline? What does it look like cuz it's different to what you've ever done?"

What we've sort of broken down is just so that you can have a sort of an understanding of the processes that we go through. There's sort of sales, finance, and legal, procurement, and then operations.

It's pretty obvious. You can sort of play this through, but I think we get a lot of questions about how it sort of works.

We'd have a customer that we would talk to that either come to us or introduced to us, they're an existing customer, and they'd say, "We want to do a whole range of CPU, a whole range of GPU, whatever it may be." Now we don't have it in the portal or the platform, these are custom strategic deals.

We would work on pricing, which is pretty tricky because pricing is only available for a very short period of time because of what's happening from a market perspective around supply-demand, particularly memory if you're across it. Sort of 2 weeks and pricing changes, you got to be very, very fast here.

Contract negotiation can happen in parallel or very quickly. This is a very quick process.

That can happen incredibly quickly, too, or for sort of traditional enterprise a bit longer. You need to operate very quickly in this environment because by the time you've gone through your sort of contract negotiation, your pricing could have gone up, everyone moves fast.

We need to ensure we're funded. We can't announce or do a landed deal that's not fully funded, which is what we've gone and put from a debt perspective.

Before that was the capital raise, before that was the debt, et cetera. We then land signature and we announce that obviously if it's material to the market, which is why you've seen those announcements.

Separate to that, we look at DC contracts. We have to procure the hardware and then we also at the same moment need to make sure it's got a home to live in with power.

That is a very fast process to land actually the data centers that we're going to land in. In many cases, we're pre-talking to hundreds and hundreds of data centers anyway because we live there, but that's a very fast process to land that contract.

Then we would say there's an equipment delivery period of time. This is where I think it's just worthwhile being aware, this can take time.

I think we've called it out on the next sort of slides, 6 to 9 months for delivery and all these different components can play out. To be clear, you don't deploy the CapEx until it's sent, but you do have deposits that you pay prior, and we still have to announce the full thing fully funded as how we've played that.

We've got GPU, CPU gets ordered, network gets ordered, and storage. These are the pieces of the puzzle that make up the AI data centers that we're building out, mainly for inference and also some, you can look at that for training and so forth for smaller pieces.

This becomes the inference cloud, in effect, that our customers procure. The team then builds out the data center.

The data center actually has to get delivered on their side from a data center perspective, which is the buildout, the ready for service components, putting all the power, making sure it's available, getting the racks actually physically installed. The team then rack and stack.

It's a very fast process because we're only talking about small numbers of servers. It's a fast process, call it a week to rack and stack and then a month to get the whole thing sort of set.

Depends upon the size, the scale, the complexities, so that would take time. We test, make sure it's up and running.

We hand over and give delivery to a customer. From that moment, it instantaneously starts billing.

That's why you'll see sort of step change jumps in our ARR throughout the year as we turn on the take-or-pay, which is the entire cluster, then it's just starts billing, and then we have a live customer and we continue to manage from an operations perspective. Spent a bit of time on it because I think it's important.

These are pretty sizeable deals that we're doing. We're rolling them out in many different locations and executing many different contracts to many different customers, but the team is on fire.

Quick update on the strategic contracts in the GPU pool. Strategic contracts, what we have, as we pointed out very specifically, you need three things: you need the power, you need the network, you need the compute element.

You also need storage. You need to sort of procure all the infrastructure, get that power.

Lots of questions around whether we have access to that, et cetera. Just clearing the market here, we have equipment, space, and power has been procured for all contracts prior to today's announcements.

Delivery and deployment is progressing through FY '27. The addition of these new long-term contracts brings $1.3 billion of TCV and a total ARR of these long-term contracts, once deployed, remember as we deploy them and it will take time, we'll add $435 million of annual recurring revenue.

Then we've supported that with $826 million of capital expenditure. That sort of breaks down the strategic contracts.

On the right side, we're building out a GPU pool, which we've spent a lot of time sort of taking the market through. It's basically exactly the same infrastructure in clusters that we build out.

It takes 6 to 9 months to sort of procure, get that deployed, and then you've got a ramp. Once we physically deployed it, we ramp that to the market.

That could be 3 to 6 months from deployment, and then you look at your average paybacks sort of distributed through that for the on-demand platform. We're one of the very few companies in the world that I think will deliver true on-demand B300s, as an example, to the market.

All right. We've shared this slide in the past, and this is sort of like, "Yeah, okay.

Jeez, Megaport's changing and what's happening and where have you come from, where have you been?" It's funny because when we look back, we've had so much transformation in this year, but if we bring ourselves back to this moment last year, I asked or in effect we told the market that we were going to actually invest more in building out the go-to-market teams and start to grow.

We went through this period, we were building the company. There was that period where the world caved in and we said, "Look, let's prioritize profitability."

We saw a decline in net retention, the entire world sort of tightened post-COVID. We then did this massive transformation where we said, "All right, we're going to start to invest in the company because we're seeing all the net retention stabilize, we're seeing opportunity for growth."

We invested in the last year to continue to scale that and to see that revenue to start to scale. Now we said that's what we would expect.

We had a transform and reset, and in FY '27 to '29 we'll see an acceleration in revenue. You can see that we're ahead of it.

We're already seeing incredible growth from those investments that you allowed us to do as our shareholders, and we're returning that to you. Next year is continue to accelerate revenue, capitalize on all those prior investments, continue to expand the TAM, execute all these contracts, aggressively grow that market share, and we're going to continue the investment with revenue growing faster than costs, as we promised.

We've accelerated the revenue through the reinvestment as well. What you've seen is actually our revenue has been accelerating, and I showcase that by the incremental ARR, the net retention, the growth rates.

Everything's to plan. Okay.

Cool. Then what's in the future?

What's beyond that? FY '30 and beyond, if we continue at the rate of scale that we're at, which you can see how we're performing just in the last sort of since April, you'll see us to continue to build out this business.

We're going to be at significant scale in FY '30 and beyond. At that point, your growth off that base is so large.

We'll be a global leader in automated infrastructure as a service, and you'll sort of sustainable 20-plus percent growth. When you grow at that rate with infrastructure, you become highly profitable and you convert a huge amount of that scale into free cash flow.

We're in sort of still an investment phase to get ahead of it, but as we get up to that point, it starts to spit out cash, that's sort of the future on that side. Here's the guidance update.

I know you're all waiting for this. We get to sort of talk through the success of what we've built and get really proud about that.

You've probably all just flicked to the last page. I'm still excited about the previous.

Now let's give you the full guidance. This is pretty astounding, actually.

We're going to call group revenue for FY '27 between $620 million to $730 million. That is 100% to 130% year-on-year growth from a revenue standpoint in guidance.

You can see the breakdown between the two businesses. The network business is 315 to $325 million, and the compute business is 305 to $405 million is the contribution of those two businesses in there.

Our EBITDA is moving to 38% to 40% of the revenue that lands. Then you can see the CapEx that will be deploying inside that year to service a lot of those existing contracts that we've just announced.

That's where we're at to date, so that's a pretty exciting, I think, finish. Then we'll hand over to questions.

Tish is going to join us, and look forward to taking some questions from the audience or our analysts.

We will now begin the Q&A session. As a reminder, if you would like to ask a question, please use the raise hand feature to be placed in the virtual queue.

Attendees are limited to one question before you can rejoin the queue to ask a follow-up question. We ask that you keep your questions short and sharp.

Given the time constraints today, unanswered questions will be responded to post-event. Our first question comes from Siraj Ahmed with Citi.

Please unmute your line and ask your question.

Morning, Michael and Tish. Can you hear me okay?

Yes.

Yes.

Great. Just so two-part question.

You were not able to procure kit for two contracts, can you just expand on that? Looking at the FY '27 CapEx guide, it does seem like it's a one-off issue because correct me if I'm wrong, but that $1.3 billion would mean you are essentially procuring all the kit for all contracts and the GPU pool.

Right? Can you just confirm that?

Thanks.

Yes, you are correct on the CapEx. That's the plan for the CapEx piece.

You'll see that the only time it triggers CapEx is actually when the equipment is delivered. That's when you have to pay a deposit upfront.

Then once it's procured, it then converts into CapEx and you pay the remainder. Say, for example, you might pay 20% upfront deposit and then once you deliver the kit, then your CapEx actually triggers at that point.

Or just answer the second part. In terms of the contract announcement we made on the previous ones, I'll probably leave that to Michael to describe because I think there's a little bit nuance to that.

It's largely around technical specs.

So. We're rolling out lots of different technology for our customers.

We've got lots and lots of different contracts that we've been rolling out. One particular contract was associated for a particular hardware that we weren't comfortable with the spread of the different hardware for the automation system, we changed that with multiple customers in effect to a larger TCV and a much better contract for a specific infrastructure that we would deploy for the automation system globally, and that was done very quickly and so we've announced that in effect inside these pieces.

We continue to deliver more ARR, more TCV, and then we've got more contracts on top of that as we continue to deploy. It just shows the robustness of the market at the moment, and that the fact that actually we have sort of this unbelievable amount of demand in the industry at the moment across not only just CPU, GPU, and storage, but also the network elements to sort of stitch it all together.

It's an incredible time to be in the industry.

Got it. Can I ask a quick just follow-up on this?

If you are spending all the CapEx, that would mean that FY '28, when you enter FY '28, essentially run-rating the whole ARR from the contracts, which is 540 or compute ARR of 540 and the GPU pool, right? Is that fair or is that too aggressive?

The GPU pool, you've deployed the CapEx for that and there is a period of ramp. I think that's why I think this is important that we shared this slide, and we'll just sort of go back to this because I think there's a lot of questions that come out.

If

Two is helpful.

Yes, but I think the point is if it's a GPU pool, once you've got deployment, let's say we hand over here, this is the GPU handover, but the handover is to the pool and from that moment forward you would have a ramp period as all the GPUs start to get taken up, which is different to a strategic deal. The strategic deal is instantaneous, which is what I was saying.

The strategic deal is take-or-pay the entire piece as soon as it's delivered, it instantaneously starts revenue-ing. There's just a nuance between the two pieces of that.

Everything in these strategic contracts as soon as they're handed over the ARR will hit at that moment in time. Just reminding, folks, ARR is different to revenue.

I.e. ARR, let's say ARR hits at the December mark, we'll only get 6 months of that booked in revenue.

Timing is a huge piece to this puzzle and there's lots and lots of pieces that sort of make up that timing, which is why we're sharing this component. By the way, to get to this handover, every single one of these components must have occurred to hand it over.

If one of these delays out, then you can see how that changes and moves, which is why it's tricky to land on the exact moment of time that everything starts revenue-ing, which is also why we've got a range from a guidance perspective. Hopefully that helped.

Super helpful. Thank you.

Thanks, Suraj.

Your next question comes from the line of Eric Choi with Barrenjoey. Please unmute your line and ask your question.

Hey, Michael. Hey, Tish.

I'm so sorry, Michael, cuz I have to ask them on guidance if that's all right. Could I just confirm the bottom end essentially assumes minimal GPU pool and the very, very dirty math is, you're guiding to network revenues of 320, your base compute ARR is 91.

If we assume your new contracts only come in in the second half, that's still another 190. So 320 plus 90 plus 190 is pretty close to that bottom-end revenue guidance.

I've essentially assumed no GPU pool.

We need an AI bot to respond to you as you're throwing all these numbers at us. Come on.

Let's not specifically answer to your numbers cuz I don't want Tish to sort of do that math. Let's just sort of answer the general piece of your question.

Maybe we'll answer that piece.

Eric, timing is key in this. I would just build out a broad range of assumptions on that.

This is not just a Megaport. It's the industry-wide is everything has to align perfectly to then deploy to happen perfectly from a GPU pool standpoint.

It's really just around timing when it's deployed and when it's taken up and the price that customers are paying at that point.

It's tricky for us to give you guidance within the year really specifically, because let's say 1 month delay makes a material difference to It's

material.

Also the thing that we also can't control is exactly the ramp of a pool, which is why we give sort of this guidance here or sort of insight here to say it takes 3 6 to 9 months to procure and then deploy. Then once we've deployed it, there is a 3- to 6-month ramp, which as you can see if you roll that through, we announced those in this financial year.

Did we? Just at the end of last financial year.

If you play that forward, yeah, I don't know what your exact maths were, but in short, we're not expecting a whole range of that pool to be revenue-ing this financial year.

I think just look at the range within the guidance. We've built in some timing elements to that, and that's the real driver of that range.

Super helpful. Can I do a really, really quick follow-on, which is if you look at the difference between the bottom and top end of your guidance range, it's about $50 million of EBITDA.

If the GPU pool might be the bulk of the difference, it sort of suggests the bottom and your top end has got 3 months of different GPU pool utilization, if you like. Sorry, one other follow-up is FY '27 is a bit of a weird year because you've got partial contributions from your new contracts and you've got partial contract from the GPU.

Can I just check if we hypothetically assumed 12 months for all of your new contracts and all of your GPU pool, I reckon you're run-rating above $600 million of EBITDA now on a run-rate basis. Could you help with that, please, Tish?

Eric, I would just focus on what guidance we've provided here. What we've provided is really the timing on the range for revenue is driven by timing of strategic contract delivery and then the EBITDA is a fall through of that.

Don't forget we're also building the business, we have to keep reinvesting in the new group business, you don't just drop every single dollar to the bottom line. That EBITDA we feel pretty comfortable with in terms of a range and it is dependent on revenue.

Just you can see this breakdown. The network revenue is tight

and

there's a broader range for compute revenue because of the sheer difference between how it ramps. The network business is all this recurring revenue very, very tight thing that you can sort of predict.

It really changes between that net retention component, whereas the compute is really a mixture of when we deploy and hand over or in the pool when we deploy and then adoption. I think we've given some pretty good insight to the business here in covering those ranges so that we're conservative and how we approach both ends of that.

We don't want to set the market up for something that's not achievable. That's what I think is where we see it at the moment.

Remember there's risk associated to all those components, because as we remind you all, each one of these components needs to be delivered in order to turn on the paying component. If any of that delays, which as you know is a massively supply chain challenged world at the moment across all these elements, it can move it.

That's why we go back to we feel comfortable at this guidance and all these components that break it down. I think we just keep pointing back to that.

Makes sense. Thanks, guys.

Pleasure.

Next up is Tim Plumbe with UBS. Please unmute your line and ask your question.

Hi, guys. Sorry.

For me it's another question around the new contracts that are there. Just apologies if I've missed it, but can you talk about payback period or the GP margin that you're expecting out of that?

If I think about that $435 million of long-term contracts and you sit there and you say average GP or average incremental margin at 80% gives you $350 million. Then if you assume reinvestment, every 10% is kind of $35 million.

I appreciate your comments around reinvestment back into the business, but you're starting to talk about some pretty large numbers. How do we think about what is a reasonable expectation for reinvestment of incremental contracts back into the business, please?

Just reminding you that this is FY '27 guidance, and so yes, you're saying $435 million of ARR, which we've said here, but that depends on when you deploy that. If we're talking specifically about the guidance for FY '27, it goes back to the same statement.

We Sorry,

not the guidance for FY '27. Just in general, how should we be thinking about reinvestment?

In the future beyond FY '27, or what

Just reinvestment of the 430 reinvestment within the $435 million of ARR that's been generated to date through the strategic contracts.

Yeah. I think Tish can just quickly hit on that.

I think we've shared this component. Yeah.

In terms of margins there, Tim, in terms of the future for those, the business is changing and evolving. Yes, you get to a quantum where it doesn't make sense to kind of you would start to see a high margin, but I wouldn't necessarily be baking that in at this stage.

The guidance for '27, Megaport will continue to reinvest where we see opportunity to build, innovate and continue to build out the product set, go-to-market, and also making sure that the customer support is there as well for the across the board for these new product sets. I wouldn't necessarily just start baking in huge dropping down to the bottom line, but we will.

We will continue to be profitable. With a higher CapEx in business, you would expect to see higher margins over time, but give it time to grow.

We've shared that again consistently for the past, I think, year around we accelerate revenue through reinvestment, yes, but we will continue investment with revenue growing faster than costs. Then we also say, well, what is the long-term future, FY '30 and beyond, where is sustainable 20% growth after we've had sort of these injections of incredible growth.

We're going to do 100%-plus in revenue next year. Then you get to a point where, okay, well when that winds down, you're very highly profitable.

Then you convert all of that, or a huge amount, not all, but converting huge scale into free cash flow at that point. We're not going to give forward-looking guidance on those numbers, but you can look through the business and do some math and definitely catch up with the team to talk through your modeling after.

Very hard for us to do modeling with all the numbers just on a call and we do not want to give the wrong impression around it. I think definitely spend some time with the detail with the team after.

That's useful, guys. Thank you.

Sorry, just one last back to the point in terms of payback period for the new contracts, is there a way for us to think about that?

They're consistent with what we've previously announced, and they meet our internal thresholds.

I think we've stated that in the announcement. Yeah.

Okay. Great.

Thank you very much.

Thanks, Tim.

Your next question comes from the line of Roger Samuel with Jefferies. Please unmute and ask your question.

Oh, hi. Good morning.

I've got a question about your funding requirements. You obviously you've yeah, been using a mix of debt and equity to fund future growth.

If I look at your upsized debt facility plus the cash on the balance sheet plus the operating cash flow that you generate in FY '27, looks like you just have enough to cover the CapEx requirement in FY '27 of $1.3 billion. I'm just wondering what other options you have to fund future contracts in compute and whether you're prepared to increase your gearing ratio

even more?

Yep.

Roger, we did the capital raise right in June, which is slightly inconvenient timing. Yes, you've got that as at 30 June, but then we have the following retail entitlement offer that landed on the 2nd of July.

You'll see that in the actual annual accounts as well. I know it's another

one

on it's reporting, but yeah.

It's missing a big portion of that capital raise.

Yeah. We're comfortable with our funding that we're covered for what we've announced.

We're not necessarily going to go, "This is funded exact thing by debt for this contract." That's not how it is.

We've got a general corporate facility for those purposes.

I suppose my question now is is that are you prepared to increase your gearing ratio going forward? Maybe to something like 2 times

You mean from a debt facility, is that what you're saying? use of

debt, yeah. Oh yeah.

Us- using more debt as opposed to raising equity.

We're well-funded, we'll continue to manage within thresholds. We've only just got the commitment letters at this stage.

That's what we've announced today.

We'll adhere to the strict covenants associated with that, and then we'll assess strategic deals as we go forward. We have now a very flexible mix of capital that we can access, which is something I think the market was asking us a lot of was getting this debt facility.

We obviously did a capital raise most recently and we'll continue to assess strategic opportunities based upon what we can service.

Roger, I think the question that I probably hear from that is we're going to grow into the debt rather than just from day one, Roger Samuel:

Oh yeah, but at the end, yeah. that's a key distinction.

I suppose at the end of FY '27, you'll yeah, you'll you have more debt on your balance sheet. If you are to win more contracts, yeah, if you were to win more major contracts, then you probably need to fund, yeah.

Depending upon new contracts that we haven't yet shared here, obviously, yeah, we would need to constantly look into that.

This is just step one in or step feels like 100, but step one in our capital management framework plan. That's what we've been building over the last few months.

I think we've shared that a few times since we've come to market in the last few months.

That debt facility is sizeable as well, we've got runway here. I'm not sure what your math was saying that we're out.

I think maybe catch up with the team after and just go through it. It might be misleading around the 435 that landed in June 30, but there's a remainder that came from the retail offering that landed after that that we can't report on.

Maybe it's worth just sort of ducking through those components.

Okay. Thanks.

Your next question comes from the line of Ware Kuo with Bank of America. Please unmute and ask your question.

Hey,

morning, team. Just on the compute side, just wondering who are you mostly coming up against in tenders today?

The reason why I ask is I think we've seen a number of sort of CDN players, edge infrastructure providers all pivot into the AI compute space. In tenders, are you seeing this bucket increasingly come up, or is it still other neo cloud providers?

Just wondering how do you see yourself position versus some of the CDN players that also have a very distributed network globally?

Haven't come across any of the CDN players that I'm aware of. I think the space is just an unbelievable demand scenario.

Deals are constructed incredibly fast because of the pressure around pricing. If you think through a traditional IT enterprise procuring IT, where they run a 6-month process, they run an RFP and they get pricing and they spend their time going through it, getting board approval, whatever, and they finally go and deliver upon it.

Every 2 weeks the pricing changes. The whole world has had to change.

Materially, you can probably if you map just memory pricing between November last year and today, every few weeks the pricing changes. Vendors have gone away from long pricing, they'll give you about a 2-week window, and it still doesn't even guarantee it, it can move.

Customers have had to change because imagine you're running a process, you get some budget, you say let's say it's $1 million, by the time you go through the process, it's now $1.2 million, your budget is not approved, you go back to get the approval, you go and run the process again, only to find that it's now $1.4 million, and then it just continues in this cycle. What happens is significantly faster because of the environment.

There's no tenders, to speak. You're dealing with customers very quickly to land what they need when they need it.

It's a timing game, and then it's how quickly you can get access to the capital, to the data center space, and the delivery of the chips and get them running operationally. Then that's depends on the location that they're looking for.

I'd say there's multiple factors. I'd say the pie is expanding so rapidly and so large that there's plenty of pie for anyone and everyone in this space at this point in time and for the foreseeable future.

It's less around competition, it's more about what you can actually execute against as a company, and the same for everyone. Which is why the debt facilities and these components help us project forward opportunities to continue.

That's why all these pieces of that puzzle is really, really important.

Next up is Fraser McLeish with MST. Please unmute your line and ask your question.

Hi. Great.

Just huge year for you. I just want to say congrats on all the progress you've made.

My question's really just on the acquisition that you've kind of looking at that you've called out today. Just wondering why when you say it's early stage, why you've sort of chosen to call it at the moment and whether it's in the network or the compute space.

Also just you also announced that a partnership, I think, on storage recently, whether that gives you everything you need in storage or whether that would still be an area you'd potentially be looking for acquisitions if something comes up? Thanks.

I think I'll draw you back to this slide. We're constantly and forever looking to innovate to add rings and expand rings.

We can do that via acquisition or via internal build. We're constantly exploring a huge range of options that would look for that internally.

We make decisions on whether we can build this style of product set and how quickly we could deploy that. In effect, from a storage element, I would say we are comfortable with what we have today for everything, but uncomfortable in that we need to constantly add more and more innovation to it.

We will be always looking to add more rings or even differentiate the rings that we have in there. It's just this constant process that you'll see from us.

That's why I think we're sharing the component around these three pieces and we're constantly exploring options in that space, and we will forever be exploring options in that space, and we'll announce more detail if and when any of those come to fruition. By the way,

that

will be across each group. This is the network element, this is the compute, and this is the storage.

We'll be constantly exploring each one of those elements.

The acquisition you've highlighted in the release today?

Which area?

Oh, I think it would be the network and security space.

Great. Thanks.

We're continuing to build each part, it's not just a focus on GPUs, for example. It's important to note that this isn't just a compute business here.

This is a giant network business that will continue to invest in, a giant CPU business and a GPU business, and then with the storage elements that come with it as well.

Great. Thank you.

Your next question comes from Paul Mason with E&P. Please unmute your line and ask your question.

Hey, team. Just one for me on technology for cooling and stuff.

Next year, it sort of looks like it's going to be harder to deploy a GPU into a air-cooled environment cuz I think Vera Rubin's going to require liquid cooling. Just how are you thinking about the plans for trying to grow Latitude from there?

Are you going to have to maybe start procuring data center space on spec a little bit in order to support growth and get liquid cooling built in time, or are you thinking about a longer lead time, or you thinking about just sticking with B300s for the foreseeable future, which can do air conditioning?

It will be a mix. I think as we've sort of progressed into this space, we've started progressing appropriately for the opportunities that we've had.

Now, all those at the moment, if you look at the market, there's very little liquid-cooled data centers that have been physically built, as you're sort of alluding to. There's a number of reasons for that.

They actually need to change the CDUs in there, the chillers, and all these components. The actual data centers themselves, I don't know what it is, 99 9.1% of data centers are not built for liquid cooling.

There's this sort of transformation happening in the industry. NVIDIA is pushing that by releasing more and more liquid-cooled components.

Yes, if you want to deliver Vera Rubin, you'll need liquid-cooled elements just because of the sheer heat that they create in that space. What we're starting to see is the data centers are catching up.

We're seeing that more and more are coming with liquid-cooled capabilities. We will constantly procure and deploy upon what our customers are requesting of us, what the market's demanding, and so we'll cross all of those different areas.

There'll be elements of liquid-cooled, there'll be elements of air-cooled distributed all around the globe depending upon where the requests are. The answer is yes to deploying liquid-cooled.

It's sort of the obvious path. You can also deploy B300s liquid-cooled, you can take a data center that's liquid-cooled, deploy all the stack in there.

Yes, Vera Rubin specifically, it's quite dense in terms of what they deliver. You can look at Rubens and so you can also look at that component as well.

If you look at it today, GB300s don't sit in an air-cooled facilities, but B300s sit in there. There's still B300s.

One has the Grace Blackwell and 72 in one rack. The other you can put eight in a server and you can distribute them from an air.

We build depending upon what makes sense.

Just a quick follow-up one, it hasn't been mentioned for a while, but could you make some comments on just the rollout of the new compute platform? I think that was meant to be a multi-year program of upgrading data centers in order to have the new software in your historical install base, how has that sort of gone?

Sorry, which the Latitude side, or you're saying No,

on Megaport the new compute platform On Megaport, you're saying on

the MVE platform? Yes, I think that's 2 years ago.

No, we rolled all of that out. I think we have 100 and something-plus sites or locations that deploy Virtual Edge.

If anything, that equipment is probably getting old, and in the future we'll look to replace that as we scale that through. In effect, that is the compute platform to support all the network edge, and that's been performing incredibly well.

You can see actually inside, well, I don't know if the metrics are in there, but basically that business is continuing to scale. That supports our MVE and our MCR platforms in all the different countries and locations at the edge.

Yes, I think we told the market we were investing in and delivering that, and that's been done.

That's in place.

That gives us that 400-gig connectivity up and then 100-gig opportunity to run. It was a significant increase in what we can deliver at the edge.

Super important.

Oh, thanks.

Your final question comes from the line of Andrew Gillies with Macquarie. Please unmute and ask your question.

Good day, Trev. Good day, Tish.

Can you hear me?

Gotcha.

Thanks very much. Just kind of one final one from my end on the customers, sort of customers for new contracts, just feedback from clients around concerns that potentially the larger side of enterprise is the sort of long-term riskier space for customers.

Can you maybe share some of the points that give you confidence that the customers you are signing up in Latitude on these compute projects are, yeah, quality counterparties? Then also underneath that, sort of how you're seeing sort of that take-up of initial testing on pulled capacity, how the rollouts going on the initial compute contracts as well?

Are the customers happy? Have they got any feedback?

Yes, customers are very happy because they keep asking us for more. We've been disciplined around how we accept more because in effect, you'd be very careful.

You could just sell everything to one customer and you end up with this concentration risk, but we also want to make sure we're growing and servicing our customers here sort of having these two components play out. We're already as you can see even in some of the slight amounts of ARR before June 30, but you can start to see that we're deploying a whole range of GPUs across well, and CPUs and storage for these contracts as we press out.

We're hitting the time frames that we're telling our customers, and I think that the industry is full of folks that are telling people things and that they can't execute against. One of the important things to remember is that Latitude and Megaport combined, we run 26 data centers plus that we keep adding for compute infrastructure as well as 100 and something 1,100 physical data centers all around the globe with automated platforms.

That's what we do for a living. When we add all these components in there, I think other folks out there in the market haven't been able to deploy as quickly as they've promised or they've had challenges around how to operate and run that.

Remember we have a huge automation software platform that delivers that, it's not just as easy as installing a thing and handing the keys over and just saying good luck to you, which I think a lot of entrants in this space have done, which is created a really bad taste in the mouth of many, many customers. When they see how we deliver and we deploy, it's the good old-fashioned: you tell someone you commit to doing something and you deliver against it.

In this world right now, it's so important and that's what we're seeing. Then I think you asked the next question around counterparty risks and so forth.

We have a vast range of customers, and I think the important part about adding the pool is to constantly diversify our customer base and then continue to scale with those customers. Then we also spend time, great time, looking into the customers and the details that we've got.

Now there's a mix. Tish actually looks through financials.

We look through, do all the checks. I think you could probably articulate that component.

We do a mix of credit checks, obviously speak to the customer, understand the financials. Then we also just make sure along in terms of the contract, it will be a mix of terms, but a mix of upfront payment and then payment in advance.

How they're funded and all those components. Then you do multiple things: you diversify the customer base and then you actually have diversified the risk associated as well.

Remember everything that we deploy is deployed fully automated, which is what's so important. When you deploy the automation platform, you can instantaneously make it available to the market or to a pool in seconds rather than sort of having to send humans back to go and do an installation or a handover.

We have a giant market that services that. If you think of a lot of folks that are entering this space that are really doing a finance model to go and deploy some GPUs without the tech side, they don't have that ability to deliver that.

I think there's multiple elements there, which is why I think showing you that demo that I showed before hopefully gives you the perspective of the diversification of how the business operates and the strength and the power of having an automated software platform across the top. Hard to automate software by software physical infrastructure.

It's very difficult.

Thanks, guys.

That brings our Q&A session to a close. I will now hand back to Michael for closing remarks.

Team, what an outstanding result. I just want to take the moment to thank our shareholders for continuing with us on this incredible ride.

The company has transformed significantly. I'll draw you back to the very first slide.

Firstly, there's the first slide. How often do you get to see front page like that?

I think let's focus here. In the last 10 months, the execution of this company has been unparalleled.

Look at where we've come from to where we are. It is a monumental change in the business, and we're incredibly excited about taking advantage of what is the hottest market I've ever seen in my history from an AI perspective.

It's out of control, the growth. The opportunity is long-term because what you have is natural rate-limitings on physical infrastructure, physical data centers.

That actually this will continue for the foreseeable future and you can look through all the different fabs. At the end of that growth piece, you end up with consistent percentage growth on top, no different to how the cloud market built out.

We're in a really unique position because of the platform that we've built globally and the skill set that we have along with the software infrastructure. You can already see that.

We just announced another half a billion dollars of TCV today, and in that period of time, 1.3 billion from where we were in April where we hadn't looked at any of those components and it was just the on-demand pieces. Important to keep the on-demand continuing and these contracts, you blend them together and you have this incredible business for the future.

Super excited. Want to spend 1 second to shout out to the team.

The amount of effort and energy from the team that's gone in over those past 9 months has been unbelievable. We were firing pass before, but just to look at what this team has achieved is phenomenal, and I want to thank each and every individual.

When you run fast, you work long hours, it's tough, all those components, but everyone here leans in, and that's what's so exciting to be in this business. Thank you for all the support, and we're hiring.

If you know people, send them our way. It's an exciting place to be.

Thanks, team. We'll see you on the roadshow.