I'll just talk about our mission very briefly. Outstanding GovTech driving stronger communities and nations.

What we're going to cover this morning is the financial results summary, highlights of the year, our business line review, and our outlook. We'll talk about just in terms of percentage terms, we achieved 100% subscription software revenue, 13% subscription revenue growth, 22% SaaS revenue growth, 39% adjusted EBITDA margin.

Across our lines of business, our Information Intelligence business achieved 21% SaaS revenue growth, Planning and Building 38%, and Regulatory Solutions 14%. All in all, very, very solid results.

If we move on from those percentages and talk about them in dollar terms, revenue is up 9% to $135 million, annual recurring revenue in constant currency terms to $121 million. The final adjusted annual recurring revenue of $114 million, that was post the FX changes, which I'll talk about shortly, and the discontinued business as I've covered off in my letter.

Research and development 30% of software revenue, at $34 million, adjusted EBITDA up 11% at $52 million. Our NPAT $37 million, operating cash flow $49 million, and finally, incorporating the full-year dividend, which was $0.08 fully franked, at 26%.

Moving on and talking about the investment in R&D, I think this is something that our customers have long called out to us as being a source of great pride for them as well as us. 30% of our software revenue went back into R&D.

If you look at the chart on the right-hand side and just look at the way that this has been accelerating over the last 5 years, we have invested roughly half of the 100, the $341 million has occurred in the last 5 years. So 43% of our total R&D investment in the last 5 years alone.

That's resulted in some incredible products, which I'll talk about shortly. If we look at our SaaS revenue, it is really driving the growth.

It was 22% for the last financial year in terms of the SaaS growth, and our 7-year CAGR still stands at an incredible 27% over that 7-year period. Again, these are very strong.

A USP, again, CAGR plus 2%. That's our historical sort of maintenance revenue that people have or upgrade support prem for on-prem customers that you've seen over a long period of time, and again, it's remained very constant over the same period of time.

We think that represents a very, very strong statement of how we continue to perform with the conversion to SaaS. Again, in line with our strategic plan, the adjusted EBITDA margin was 39%, and 22% was our SaaS revenue growth as I've already mentioned.

Just talking about the bridge to the way that we've we've come to the endpoint of $114 million, starting off the year with $120 million of ARR, our our revenue our SaaS revenue growth or sorry, our ARR revenue growth of of of $8.6 million, the adjustment for the DoD USP contract, which we've mentioned before, the strengthening of the of the Australian dollar gave us an FX adjustment of of -$3.3 million. I know that some people say, "Well, why don't you hedge that exchange rate?"

Our our view on that is that we are really have a lot of in-country costs as well, whilst the headline is that we get this $3.3 million FX headwind, we also get adjustments on the cost base. An an FX hedge would really only affect the the EBITDA and NPAT lines.

That got us to $117 million and and then we have effectively a a discontinued business. One of the as as we've done historically, sometimes when we acquire other organizations, they have they have other things that are I guess not completely on on on core mission in terms of Software-as-a-Service solutions, and we've had one with with NHVR for for a long period of time that we inherited with Itree.

For reasons that are somewhat linked to issues in the Middle East resulting to NHVR's reduction in operating ability, or op- operating capital from from changes to the to the fuel levy, that contract has now concluded, which allows us to It has no impact on on SaaS revenues, of course, but will be something that we won't be taking into FY '27. We get to the conclusion of $114 million being our adjusted ARR at the endpoint for the year.

If we talk about some of the highlights for the year, I think people that know us are well apprised of the flywheel of innovation. This continues to underpin everything that we do, and of course, this year was no different, and the outlook for '27 is no different as well.

We've got an amazing number of customer relationships now, over 2,000. We've got some customers now approaching, in fact, a 30-year relationship with us, but this is really underpinned the organization for a very long period of time.

If we also talk about our products, I think coming into the end of '26 and the beginning of '27, and I'll talk about our Activate conference shortly, we've reached quite an inflection point with our product set. We will be talking about Nexus, the Nexus platform, not only during the next couple of weeks, but also in the coming months with our customer conference for Information Intelligence.

We will be talking about Objective Build shortly with respect to the Australian marketplace, and also talking about the maturity of our RegWorks solution with version 8. If you look right across our solution set, including other solutions, Keystone and also Connect, we've reached an inflection point of absolute product maturity, and doesn't matter which of those products you take and it doesn't matter within which marketplace you take, I think each of these products has proven out to be the aspirational product.

One of the things that we always do, whether we're trying to drive an absolutely new product outcome or whether we've got something that we're nurturing from an acquisition, we always want to reach the state where we've got a very mature product, a very high quality that is the standout product that people aspire to have. I think here at what's really the beginning of FY '27, we've now really reached that state with our product portfolio and a sense of maturity where we can claim that we have the outstanding products in this space.

Equally, there's been a lot said about defense or I guess the Department of Defence. At the same time, as I outlined in my letter and as people will understand that are in the market, we've been investing very heavily in defense and national security over the last couple of years, particularly the last year, where we've stood up an entire team dedicated and focused in this area.

We've also more recently added a new team in the UK to pursue opportunities in defense and national security as well. I can't name the customers.

We did welcome a number of new customers to the organization that are in defense and national security and in the defense industry in the last 12 months. Perhaps some of the images on the right-hand side give you some sense of those.

Equally, I think the saaspocalypse narrative is pretty much burnt away now. I know that the OpenAI CEO very recently actually talked about the saaspocalypse for enterprise software not really being a thing, and people accepting what we've been talking about for the last couple of reporting periods about SaaS and enterprise-class software is really a significant amount more than just lines of code.

You can see all the things there where we've called those things out. I think this is probably a well-trodden path now and the market is starting to appreciate that enterprise software is not going away anytime soon.

I think if we look more broadly at AI, it feels like we've been training for this period for a long period of time and really, I think if I look at the bottom of the infographic on the left-hand side, if AI is the new black, systems of record are even a darker shade of black. I think there's a sort of a well-understood position in the marketplace now that the systems of record are driving the AI outcomes in almost all organizations, especially within government.

Objective is incredibly well placed, not just through Objective Intelligence, our kind of our safe governance layer for trusted AI, but also in the other things that we do. If we look at the advantage for us, is really our core strength.

The systems of record as I've touched on, the security around systems of record. If we think about AI in the government context, the answers from LLMs that are using the systems of record of government really depend upon what security access people have to the underlying information.

This is something only systems like Objective can do. Also the sovereign capability, again, increasingly important from a governance perspective, where is our data going, who can access our data, whether it's even owned by what we would consider to be a very credible organization that's domiciled offshore.

These are all things that are front and center in people's minds now as they're looking at how do we protect our sovereign information. Of course, governance, when decisions are made with AI, who is actually governing those decisions and providing an audit trail?

Increasingly, we're being asked to be the audit trail for other systems that are producing AI outcomes as well. I can say that in at least one case which I'll probably talk to later on, we're underpinning systems like Palantir and becoming the system of governance for that particular product.

Just in terms of what our customers are saying, you can see here, we've got three customer quotes. These are all where we've been delivering AI solutions to our customers.

Across Scottish Government, Tauranga City Council in New Zealand, and the Office of the Scottish Charity Regulator. These are all AI-driven outcomes that we talk about in our results announcement.

I think that also comes back to another thing that's been very, very topical in the investment community has been user-based pricing and is it going to disappear? I think if you look across our portfolio, we've got quite a mixture of user-based pricing regimes as well as consumption-based pricing.

I think where we've moved to really in the context of AI is, what does the value for a customer look like? Increasingly, customers are willing to engage on a value- and outcome-based pricing mechanism as opposed to how many users are going to be using the software.

I think we all appreciate that in the world of agentic AI, it's really the value that gets created that people are interested in harnessing. Finally in the context of all the Objective products is Objective Intelligence.

As you can see here, Objective Intelligence is now underpinning all of our products. It really is providing the guardrails for trusted LLM access by organizations and making sure that we don't have any shadow IT or shadow AI that's occurring, and also controlling the costs.

Costs of token consumption has been a big thing in the media. It's been a big thing here at Objective.

How do we get the most optimized cost of AI, as well as where in terms of whether it's sovereign or whether it's even on-demand AI capability. All these things are within the purview of Objective Intelligence.

Just to call out how confident that we are about the year ahead, 3 weeks ago, we had our Activate 26. It was the biggest international event for our staff that we've had in all the years we've been in business.

We had everyone together from around the world. I think this, talking about our software solutions that I was talking about before, demonstrating where we are with Objective Intelligence and the portfolio of products we have, but more so the opportunity from a go-to-market perspective.

I think historically, and I call this out in my letter to shareholders, historically, we've probably been slightly undercooked on just the size of our go-to-market team, and that's something that we've been progressively addressing during 2026, and certainly continuing to address in 2027. It's about reach, it's about distribution, it's about having stronger presence and stronger domain presence in the markets that we're in, and that's certainly playing out in terms of our engagement with customers.

If we look at each of our business lines and sort of give a couple of highlights of each. Calling out Information Intelligence.

I think it's fair to say that Information Intelligence had a particularly strong year with Nexus and 360. Again, we've touched on the AI projects or the AI-powered Objective Nexus projects that we've done at Tauranga Council in particular, the Scottish Government again in particular, where we've been doing and supporting public inquiry projects.

The establishment of the Defence and National Security team, the updates that we've been doing to the Objective Nexus platform, which you'll hear more about in the next couple of months, and equally, the other things that we've done within Connect and Keystone for FSI. Nexus has been particularly strong, and certainly achieved or solved all the goals that we've set for the year.

Again, just a couple of quotes from Gartner to give context. You don't need to rely on just me saying it.

Gartner says it as well, that the government information is growing faster than governance. I think the other thing just to sort of follow on from my previous comment was really that it is the information within government systems that are driving the AI outcomes that we are focused on very much today.

Talking about Nexus, we've spoken about previously ECM, the move to the cloud, Objective 360, Objective Redact, Objective Connect. These are all coming together with the Objective Nexus platform, and also underpinned, of course, by Objective Intelligence.

You can see on the right-hand side here, how we're positioning this product. As I've said, we will unveil the full breadth of Objective Nexus at Collaborate, our customer conference, in October, but certainly become the foundation for trusted and responsible AI in the customers that we have today.

In fact, we've probably seen more demand driving from our customers than we've ever seen before in terms of Objective being the source of truth that they want to drive these AI outcomes. As we said, these are probably some of the use cases just in Information Intelligence: document intelligence at massive scale, for public inquiries, enabling responsible AI, leveraging private RAG in high-security environment, and automating redaction.

These are the primary use cases that we've seen in the last 12 months, and I'm sure when I'm here in 12 months' time, we'll be talking about this at a much greater scale than what we're already talking about this year. We've also historically talked about the Nexus conversions and these have continued.

The uplift case as it continues to be proven out between 1.5 times and 2.5 times. The existing USP contracts is working at still to in every case where it's landed.

As you can see still here we are in going into FY '27, where we've got $25, $24 million of USP revenue that's still available to convert into these uplift cases. If we move on to Planning and Building, we've highlighted this before.

2026 was really the transition year where we finished or are in the process of finish a lot of the conversions in New Zealand over to Objective Build. We've now got 35 customers live on Build in New Zealand, which is just over half of all of New Zealand councils.

We've got many more to go. At the moment, I think we're at 40, we've got 43 BCAs moving to the Build platform.

We also launched Build in Australia and I think this is sort of been one of the highlights for the year with North Sydney coming on board as our first Objective Build customer. That project has commenced at the moment.

We've also got development going on for Victoria and Queensland and WA, where they've got slightly different planning jurisdictions. I think we're really thrilled with the way that the platform is playing out.

I'll talk to that in a couple of slides' time. Further to that, we've also done a whole bunch of work with I-Plan, the business that we acquired last year.

I-Plan Professional is due out very very shortly, and that coupled with Build and Trapeze really completes the great end-to-end picture. This is a bit of a view of the number of stakeholders that are involved in Build.

We've obviously got the government themselves, but there's a whole bunch of other organizations that build on this ecosystem. Everybody that's been engaged with Build across New Zealand has been telling us what a difference it's made to their environment.

I think the results speak for themselves in terms of the conversions over to Build, and I think we've also got plenty of positive media attention in that country. Just giving you a sense of where we are I guess from a marketplace perspective.

I appreciate New Zealand's not quite as big as that, but just so that we can show it on the infographic. Trapeze has an incredible footprint.

Objective Build already the majority share of New Zealand BCAs installed just as we speak. In terms of I-Plan, again, the majority of councils in New Zealand using that platform, and it is almost every Southeast Queensland council has that I-Plan solution for strategic plan management.

I think it wouldn't be overstating it to say that we are the dominant player or the leader in this market across ANZ. I've probably spoken a little bit about North Sydney Council.

I think it's also would be reasonable to say there's a lot of councils that form part of our foundation program that we're expecting to onboard and or contract and onboard over the next 6 months, but the uptake and the interest in this product has been very, very strong. If we look at the paths to growth for Build, obviously, Build Australia is our focus in the short term.

We've been working on the solution for this market for the last 2.5 years. We've got a fair bit to go, but we've got a product launched here now, particularly for New South Wales, but increasingly, we're engaged in the other eastern states.

That is really the focus for FY '27. Whilst we are being contacted by a number of other countries that are understanding from what we've achieved down in New Zealand and they'd like to achieve that, and we'll talk more about those things as they happen.

Really at the moment, the opportunity is so great in Australia that that's where we're focused. Additionally, New Zealand, there's still a fair bit of white space to go, especially in the large metros, and again, we're continuing to drive that out.

As well as the move from the existing version of I-Plan that was very functionally rich to an Objective I-Plan version or I-Plan Professional version that we are in the process of releasing into the market. Then of course, Build, whether it's Trapeze, whether it's Build itself or whether it's I-Plan, all three of those products are really benefiting from agentic AI.

Anyone who's a user of those platforms or has seen the new versions of those platforms that are being released in the next 6 months will see enormous uses of AI and proven out use cases of AI. It's fantastic for customers and fantastic for our teams to see.

If I move on to Regulatory Solutions, it had a little bit of a quieter year for a number of reasons. We were building out go-to-market capability both in Australia, in the UK as well, and we've been increasingly looking to Canada.

Whilst the sales revenue is up slightly and ARR up slightly, as I mentioned, we do have a discontinuing contract, which is not RegWorks related, but our bespoke services contract that has been around for a long period of time. Equally, the highlight for us for the year was being selected as the platform of choice for DECQ, national obviously part of the federal government.

It really allows us to continue to deliver what we're doing, what we've started doing there, across 18 of its agencies over time. That was a major new contract win during the year.

On top of that, Objective RegWorks V8 is just in the process of being released, that's version 8 as opposed to an engine. It is the culmination of all the things that we've learned over the last 5 years.

It really is a step-change product. It's very, very rich in capabilities.

It incorporates, again, agentic AI alongside all of the other Objective applications. We'll be delivering that to customers progressively over FY '27.

Equally, we've spent a lot of time working on how to get the cost of deployment down, and our RegWorks Accelerate package has really been highly commended by customers as a fast path to get them going. Again, this is something that we're using as we go into the other regions, the UK, Canada, etc.

It's a global opportunity. We are pretty much still focused on i5 Five Eyes countries, as can be seen by these regulators here.

I think there'll be more to say as time goes by in terms of what we're doing in the other jurisdictions. Now with V8, we really have a regulator in a box type concept.

Across licensing and registration, compliance and monitoring, enforcement, investigation and prosecution, and finally, education, we've got all this now as standard COTS application for customers where there is really nothing other than customer configuration required to be than to get up and running. All in all, we think RegWorks is really an unbeatable value proposition today.

If you look at the competition, they're generally based in ERP or CRM. For us, it's all about domain-specific workflows, onboarding faster, anywhere where we've needed feature parity with the platforms, we've got it, and all, a very fast way to deliver a regulatory outcome to world best practice.

I've probably touched on V8. You can go to the website and see more about what it's all about, but they're kind of the five big things that are in that release.

Then finally, if I talk about our outlook, I guess we've had a lot of our institutional shareholders asking us to stop talking purely about ARR and get back to earnings, and for us, obviously, we've got an adjustment as a result of the defense contract, which we've highlighted some time ago, but that our outlook is for an adjusted EBITDA number in FY '27 of at least $40 million. That's taking into account all of the investment that we're making in go-to-market, the ongoing investment in R&D, and some other strategic capabilities for IP ownership and development.

For the very first time, in terms of our outlook, we're putting investing in go-to-market first. We think we've got incredible product leadership now.

There's not a customer where they say, "We don't think your products is not as good as anyone else's" or they don't think our product is in fact the market leader and the aspirational product in market. I'm very proud of what the team has achieved from a technology perspective.

Investing in go-to-market and getting a higher return on the investment that we've made in R&D is very much our focus as an organization. As a GovTech player, we're always focused on our profitability.

I think we haven't tried to productize services as many have. Our focus has been on how do we reduce the time and cost to market for our customers because at the end of the day, that's what drives faster uptake and gives us capability to engage in I don't want to just say partnerships, but a broader distribution for our products.

It's really been about how to actually reduce that deployment cost. We've seen that particularly through Build, we've seen it through Information Intelligence, and we've seen it with the Accelerate program now with RegWorks.

That continues to be a focus. We are still very active in M&A.

I think now that a lot of the private equity firms have left the sector, some of the pricing at this point in time is pretty attractive, and we certainly want to get in because we think there'll be a post-saaspocalypse bounce, and so now's the time to be I guess fairly active in the M&A on the M&A side of what we're doing. All in all, they're the four things that we're very focused on as an organization.

We've still got a bit to go. I know there'll probably still be some outstanding questions around what's the future with defense, but I can tell you that defense, the defense industry, and the national security industry are very foremost in our minds today.

With that, I believe that we'll be opening up to questions.

Thanks, Tony. We have some presenters online, who we are moving to, with the first question here is from Josh Kannourakis from Barrenjoey.

Hi, guys. Can you hear me okay?

We can. Thanks, Josh.

Yeah.

Great. Thank you.

Just a few questions. Firstly, I'll just jump to around the outlook.

Can we just talk about just with the legacy contract with the National Heavy Vehicle Regulator? Obviously that just came in there.

Was that expected? Was that unexpected?

Are there any other, I think people will obviously want to know, are there any other legacy contracts that can roll off that you see on the horizon into '27 or should we expect a more normalized year in terms of that and a return to growth ex the, obviously those adjustments that we've seen?

Let me backtrack. Firstly, when the fuel excise came off fuel several months ago as a result of what was happening in the Middle East, NHVR had a pretty material challenge in terms of what that meant for them, financially.

I can't go into it into the exact numbers that they had, but it was very material. They went into I guess from a systems perspective, very much a hibernate mode in terms of the projects that they were working on to the point that it didn't kind of really make any sense for them to continue what they've been historically doing with us over what was, my understanding is, a 20-year period.

We went through the same process with with two councils in New Zealand when we acquired NBS years ago where we acquired NBS for to get GoGet, and then we had the contracts with Tararua and Manawatu councils that were outsourced services council outsourced services and not particularly profitable. They came to an end and we exited those contracts.

The same applies to NHVR. Whilst we remain helpful where we can, when we acquire these businesses, we don't want to upset the customer by coming in and just saying, "Hey, we don't want to do this anymore."

They do always tend to go to their natural conclusion. To answer the other part of your question, do we have any more?

We have another one with New South Wales Transport, but Transport is a much bigger portfolio customer of ours. They have a lot of our technology, and the historical camera system that we do for the Department of Transport where we are anticipating that we will be moving that to a RegWorks to a RegWorks platform.

Again, it's a much smaller contract than the NHVR contract. That's, I believe, the only other one.

Got it. That's helpful.

Just in terms of Build, some good momentum there in terms of those initial foundational customers, especially in Australia. Just to help the market and investors understand, though, my understanding was initial sort of customers obviously get some discounts, so as we look at across '27, how should we think about scaling up and monetization both across '27 and I guess exiting '27 in terms of that profile?

It's obviously different to last year. I think it's going to be progressive.

The most important thing is to get the budgets into the council's budget for the next financial year. Look, in the case of North Sydney, they're able to actually go to the council and say, "There's nothing like Objective Build.

We've been engaged with Objective since the beginning. We just want to buy it."

They got council sign-off to do that. It's on public record.

We've got a number of other councils that are trying to go through that same path. However, to your point, probably the price point that we gave North Sydney Council is not the price point we're going to be giving everybody, but given that they were so actively involved with us in the foundation program, and given that they are literally one physical block away from us here in North Sydney, it just made a lot of sense to get them on board and get them moving as a proof point.

We just need to now roll out here in New South Wales. We're pretty active in Queensland, and we're progressively more active in the southern states.

Again, I think it's a matter of us getting making sure that we're getting in councils' budgets for the next period.

Great. Final one from me, just on the investment that you noted in period.

Obviously we don't have all the granularity around that in terms of how much is there, but it does sound reasonably significant and you're obviously maintaining the R&D to continue the product road map and AI initiatives. A lot of people are talking about AI efficiencies and other things like that.

How should we think about, maybe two parts, one about the investment this year, how much of it is continuing into the future as well into the cost base versus, what's the counter on that in terms of potentially other AI-related efficiencies within the business and how we should think about that margin profile medium term?

Yeah. We are like everybody, we're trying to get to the truth in terms of if I break it up in two parts, first of all, address sort of the internal efficiency.

We are extraordinarily active in how do we drive out internal efficiency without compromising quality, and there's been plenty written and spoken about in the media. That's a very, very active conversation here, even within the CTO office as well as within development teams.

Then there's what do we deliver to customers, which is a very different thing. We will the increase in the cost base within engineering we are trying to moderate, but at the same time, when we look at the opportunity that we've got as a business, it's kind of you need to have one eye on growth as well.

A good example would be there's some things we need to get done to deliver Build in Victoria. My attitude to that is we've got to do what we've got to do to make sure that we address that market opportunity.

I'm not going to save $0.5 million and go, "Oh, look at us. We've done a good job of not growing the cost base, but we've missed out on the market opportunity."

It's a case of just tempering those two things, I think. We are very deep in terms of what AI is and isn't delivering in terms of efficiency within engineering.

Perhaps we haven't I don't want to AI wash a profitability exercise or a downsizing of engineering saying, we can do it far more efficiently because of that. I would say across the business our view is how do we accelerate our road maps with AI.

There's no other way to put it.

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

Thanks, Tony. Thanks, Ben.

Thanks, Josh.

The next question is from Jules Cooper.

Hi, guys. Can you hear me okay?

We can.

Good. Tony, I wonder if you could just talk a little bit more about the go-to-market investment you're planning.

What does that look like in terms of teams, personnel? Have those hires come into the business already, regions?

Anything that we can sort of better understand that investment you're making, and also how you think about the usual return on go-to-market investment and when you sort of see that coming, when you would expect to see that come back into the business in terms of increased sales activity, etc.? Yeah.

Okay. Great question.

Look, unfortunately, the reality of selling is there's a latency between investing and getting that return. I think that return, I think as we know in the enterprise space is, 9 to 24 months.

We have had a pretty reasonable return with the increased capacity in '26, probably with the exception of the RegWorks or Regulatory Solutions line of business, where we did have a fail. More broadly where we've been, the last 3 months, we've brought on a lot more capacity across, look, every jurisdiction, really, sorry, with the exception of New Zealand.

Certainly here in Australia and the UK, there's been quite an investment made.

Okay. All right.

If we look at the cost base in FY '26, I think it sort of moved up about 8% if you think about it from a all-in capitalized perspective and lease costs, etc., really the cash cost of the business. It seems like you're signaling a greater level of investment than that, but I just wanted to sort of test that with you.

Is this more business-as-usual or are you clearly sort of making an additional investment here where we'll probably look back over the history and see a little bit of a bump in this year and understand why?

I think when we look at it, I think we're really confident about the products and what's driving the products. If you think about, without giving a really long answer, if you think about why some of the AI bubble, if I can call it that, come about, I think you'd have to conclude that the global tech leaders have kind of run out of newer ideas, and so this was the next big opportunity to kind of drive the next wave of spending.

I won't comment too much more on that. I think that's well exercised in the media.

I think from Objective's perspective, when we look at where the results are coming from in AI, they're really all being fueled off data and off unstructured data. If you look at our heritage, what we've been building for the majority of our customers is these huge corpuses of unstructured data.

They're really the fuel for where people are actually getting meaningful outcomes with AI today. That's not to say that that won't evolve over the next few years.

Where we are today, where we can deliver the true outcomes that people are getting value from is there. It makes sense for us to double down on the investment and coming back to sort of the outlook statement, there's no point in us holding back and going, "We missed the opportunity.

We had the products, but we didn't have the sales and distribution." I keep talking about distribution because I think that's an important part of of what we haven't done a good job of to date.

I think, again, if being brutally brutally honest, if you look at our overall sales performance over the last few years, it hasn't been where it needs to be. Some of that's been product immaturity if I think about the promise with Build, but equally, if I look more broadly now at where we are with Nexus, it's a changed game from where it was 3 years ago.

That's been driven by AI. I'd love to say that 20 years ago when we started, we knew this day would come and we knew we'd be able to leverage all this information.

Where we are today, I think we're in a great place. It makes sense to press on the accelerator now in the go-to-market space.

We know we've got these products, but we've underperformed in terms of go-to-market, and that requires more capacity.

Okay. All right.

Thank you very much for the questions.

Thanks, Jules. Tony, we've got some questions which are in relation to the defense contract and just as an update on elements of that.

Can we understand the status of the deployment of the software at the DoD and any further conversations that are ongoing around the number of licensed users?

The status is, yes, Department of Defence continues to happily use our software. That probably says more about the quality of the software than anything else.

Yes, we are having further discussions about the software license. Look, I don't think I can really say much more than that at the moment, but I think there's a general acknowledgment that there's a problem.

Okay. Also, just in terms of the AI use cases that were highlighted in relation to Information Intelligence, is it too early to understand how this translates to revenue and to profits or is that already something that we understand?

I think it is going to be a major driver of revenue and profits. If you look at what's driving Nexus at the moment, it is AI.

That is what is driving a big part of Nexus. I certainly wouldn't say solely, but a big part of what's driving the use cases around Nexus are AI.

I'd equally say it's so intertwined within Build and what we're doing within Planning and Building that in fact, all those products, I couldn't call it out as being, when we think about AI, it's in the DNA of the products. We're not talking taking our products and adding roofracks and bullbars.

It's in the core DNA of the products and that's the way they've been built. I think you've got to look at it holistically and say, is AI driving uptake within Planning and Building for that solution set?

Of course, it is. Will that bring further profit?

Of course, it will. I think it's very hard to sort of start saying AI is driving x% of profit.

I think because the edges of what is AI and what is not AI in those particular products is not that distinguishable. Certainly in terms of the marketplace engagement in those two products, AI has been a major part of what's been engaging in those products.

RegWorks less so. At this point in time, whilst there are AI capabilities, they are more extensions to what we're already doing, but I think if you come back and we're talking about this in 12 months' time, you'll see that AI is indeed driving configuration amongst other things within RegWorks, and is actually an intrinsic part of how do we get more customers onto the platform and how do we get them self-configuring and having a very reduced cost of time to value.

I think, yeah, I know from an analyst's point of view, it would be wonderful to be able to put a line in a spreadsheet and go, "AI is driving 1 1.4 times sort of what it would have done historically." You can't make that entry in the spreadsheet unfortunately.

It's underpinning so much of what we're doing today.

Just an update on the buyback program. I think, well,

up until today, we've been in our own blackout period. I think we've still got a balance sheet that could support buybacks.

We've got a balance sheet that could support M&A, and I think over the next month, I guess we'll be reassessing at board level what we're going to do with that.

Okay. Thanks, Tony.

I think we've addressed the online questions.

All right. Look, thanks very much for everyone's attention this morning.

I know I'll see some of you during the day and I look forward to having a further chat. Thanks again.

Appreciate your support.