Thank you. Thank you, everyone, for joining and allow me to add my welcome to that of our host today.

I appreciate your interest in the Praemium full-year results for financial year 2026. At Praemium, we acknowledge the Traditional Custodians of country, and pay our respects to their elders, past and present.

As I usually do, I draw your attention to the disclaimer that has gone out with our presentation today, although I don't intend to read it on this call. Praemium is the next-generation investment and wealth management platform trusted by financial advisers, private wealth firms, and high-net-worth investors.

Our integrated technology brings together managed accounts, portfolio administration reporting, and digital client experience, helping advice businesses scale efficiently and deliver exceptional outcomes. I'll talk a bit more about the importance of getting our strategy and product right, and how that's impacted on our results today and our outlook.

I'm joined on the call today by Emma Stanbridge, our CFO, and also in the room today is our Chief Commercial Officer, Denis Orrock. If I could turn first to the business highlights.

Firstly, I want to say that these reflect the three key areas that we've focused on over FY26 and going into FY27: leading, scaling, and transforming. Leading: we want to lead in our chosen segment, our high-net-worth solutions are driving that.

Spectrum grew 78.2% year-on-year, and Scope+, our market-leading non-custodial solution, grew 30.5%. We're seeing strong penetration of the broker segment, and we've secured multi-year renewals of our enterprise agreements with key groups, which speaks to the stickiness of those relationships.

This allows us to continue to deliver for our shareholders with strong underlying earnings growth and the declaration of a full-year dividend payment. Scaling: the revenue growth we are achieving is one part of the scaling equation.

We've also done the complex integration work that lets us grow without growing our cost base at the same rate. The OneVue migration is complete with $3 million of synergies fully embedded in FY27.

Our technology restructure is also complete, bringing a further $9 million of synergies into FY27. We've expanded our key account model to support enterprise growth.

Transforming: we're positioning the business for what comes next. Technosha is progressing well on our platform transformation, our superannuation administration changes are progressing, and we're building custom integrations to support seamless, personalized high-net-worth advice.

Across those three pillars, we're leading in our segment, scaling efficiently, and transforming for the future. Turning to the financial highlights for the year, Emma will take you through these in more detail shortly, but there are a few points I want to call out up front.

On funds, custodial and non-custodial FUA reached $77.9 billion, up 21.1% on FY25. Some of you have heard me talk before about the opportunity of being so close to $100 billion gives us as a target, and we made good progress towards that this year.

Platform FUA is up 10.8% with Spectrum generating strong organic flow and Powerwrap returning to positive net flows. Our market-leading Scope+ offering now holds $43.9 billion in FUA, an increase of 30.5%.

Our strategic focus on the high-net-worth segment continues to deliver with $1.9 billion in platform net flows for the year, which was an increase of 130%. We've delivered underlying EBITDA of $32.1 million, up 14% on prior year.

That growth reflects the increased operating leverage in the business with our underlying EBITDA margin lifting to 29.1%. As we scale, more of our revenue is flowing through to the bottom line.

Reflecting confidence in the business and its cash generation, we've declared a fully franked final dividend of 1.25 cents per share, that's $6.1 million for the whole business, taking the FY26 total to 2.5 cents. Taken together, this is a strong set of results built on a solid structural foundation: growing revenue, expanding margins, rising funds under administration, and a proven commitment to returning value and cash to shareholders.

What we've seen is sustained compound growth on both the top and bottom line. Revenue has doubled from $55.7 million in FY21 to $110.5 million in FY26, a five-year compound rate of 14.7% per annum.

That's excluding discontinued operations, it's clean organic momentum. The more important story is on the right.

Underlying EBITDA has compounded even faster at 18.1% a year, from $14 million to $32 million. The key takeaway is that earnings are growing faster than revenue, and that gap is operating leverage, which moving on to the next slide, I'll look at a bit further.

Three numbers tell the story: revenue from customers up 5.7%, underlying costs only up 2.5%, and the mathematical result, underlying EBITDA up 14.5%. When revenue grows faster than costs, margin expands, and it has.

Underlying EBITDA margin is up 4 percentage points since FY24 and now sits at 29.1%. The operating leverage comprises three parts: technology and automation, including AI-assisted coding, reporting, and QA; acquisition synergies with $3 million EBITDA uplift from OneVue fully embedded in FY27; and a disciplined cost base.

Looking ahead, there is a full year of OneVue and Technosha synergies landing in FY27. It's not just how much we've grown, it's the quality of that growth.

The growth is being led by our active loyal advisers. Their platform FUA grew 21% over the year.

Active advisers now account for 85% of platform FUA, and that group alone contributed $5 billion of FUA growth in FY26. A big part of what sits behind those numbers is the expansion of our key account management model, which I mentioned earlier.

We've deepened the way we work with our largest groups, moving beyond a traditional service relationship to genuine partnership models embedded across those groups. That means dedicated key account resources, joint planning with the licensee, and working alongside their practices on adoption, training, and how to use the platform day-to-day to get the most out of it.

It's also leveraging our research partnership with CoreData, whom we're very grateful and thankful for what they've done, and providing practice development and education to the advisers and planners in our active groups. That approach is doing two things for us: it's lifting engagement and usage within advisers and we already have, which is exactly what 21% uplift in active adviser FUA reflects; and it's giving us a much stronger platform for enterprise growth, because when we're embedded in the group level, expansion happens across the whole network rather than one adviser at a time.

This tells us two things: first, adviser churn is low, advisers are staying and they're using us more; and second, the FUA underneath is higher quality, which means the platform revenue it generates is high quality and recurring. This is the engine that produces the operating leverage you saw earlier.

Growth built on active, engaged advisers and real partnerships with groups they sit in. That's the durable growth we aim for and the foundation on which we'll build over coming years.

It doesn't happen by accident. It rests on genuine competitive advantage, a deeply embedded platform built on foundations that competitors are still striving to replicate.

The starting point is that we were purpose-built for this, and I'm grateful to my predecessors for the legacy they've left. Praemium was built on non-custodial administration from day one.

For us, non-custody is the foundation of the high-net-worth platform, it's not a bolt-on feature retrofitted to a custody business. Our custody solutions are intentionally integrated on top of that foundation, the client gets a single seamless experience rather than two systems stitched together.

That's more than 25 years of high-net-worth expertise built into the platform, and it's very difficult to replicate quickly. This advantage shows up in four concrete ways.

First, our revenue streams are resilient. On one side, we have a scalable platform.

On the other, we have flat-fee administration through Scope and Scope+, anchored in long-term adviser relationships, we've got growth and stability in the same boat. Secondly, our relationships are deep and high-value: 80% of those top 20 clients hold multiple products.

Third, we integrate genuinely sophisticated solutions. This reflects a deep understanding of the high-net-worth segment and the breadth to actually meet what those advisers need.

Our alternatives capability, for example, is in-house, not outsourced or a generic offer stretched to fit the market. Fourth, where we choose to focus, we win.

We're ranked number one for data and integration and number one for sophisticated client offer, and we've won a number of tenders in the high-net-worth segment in recent years. An area where we're seeing considerable growth and future opportunity is the stockbroking segment.

It's a segment where we've had long-term clients and partly where we're leading this market. The opportunity is still early despite the fact that we've been involved with the market for the full 25 years of our history.

We've got relationships with 65% of Australia's stockbroking firms. We've secured multi-year renewals with two key broking firms and we're early in the onboarding of Bell Potter and Morgans.

On that basis, we see our serviceable market as two or three times where we sit today, and that's just with current opportunities. The broader opportunity is even more significant.

Our recent research suggests that the demand signals are very clear: 49% of brokers expect advice-led models to take share from transactional broking, and 79% say half or more of their clients are high-net-worth, some ultra-high-net-worth, with the largest portfolios well above $6 million. There is a sizable pool of assets in play: $3.5 trillion sits in CHESS holdings held by a segment actively looking to move into recurring revenue streams.

That takes the total addressable market to well over 10 times our position today, even if we only capture a little more than 10% of the total market opportunity. Pulling the stockbroking picture together: we already lead the segment, the structural shift towards advice-led high-net-worth models is running in our favor, and the firms we've won are only beginning to bring their high-net-worth FUA across.

The uplift ahead of us comes from clients we've already secured, not just from wins we still need to make. Stepping back to the results as a whole: a strong year built on years of consistent high-quality growth underpinned by a genuine competitive advantage that is difficult to replicate, with substantial runway still ahead of us in the segments in which we are choosing to compete.

This slide speaks to something we think is important, and we'll continue to develop and improve the platform for advisers today, at the same time as building towards our future. These two things are happening in parallel, not one at the expense of the other.

On the immediate delivery side, we've made a series of improvements that expand capability and strengthen the client experience: administration is simpler, enhanced digital signatures, cash management, streamlined account processes taking friction out of the day-to-day for advisers and investors; investment access is broader, with our Clearstream best-theme and margin lending integrations opening up new investment options; data and reporting are better, with enhanced reporting tools and stronger integrations—a number of EPI 4.3 integrations have been completed, and Xplan 4.3 is the most crucial one, helping advisers work more efficiently; we've added more support and transparency with expanded self-serve training and support around Division 296 and other budget changes. Alongside all of that, our technology transformation for the future is led by our Technosha team and is well underway, rebuilding the core architecture and modernizing the user experience.

That's the foundation for faster innovation, great scalability, and improved performance in the years ahead. The message is continuity and ambition together: keep delivering tangible improvements advisers need now, while laying the groundwork for what the platform will become in the future.

I'll now hand over to Emma, who is going to take you through the financial results in more detail. Thanks, Emma.

Thank you, Anthony. Turning now to the financial results.

Financial year 2026 was a strong year for underlying performance. Revenue increased 5.7% to $110.5 million, while underlying EBITDA increased 14.5% to $32.1 million.

The underlying EBITDA margin increased 223 basis points to 29.1%. The headline is that revenue growth continues to outpace expense growth, demonstrating the operating leverage in the business.

Platform revenue increased 6.3% to $88.9 million and Portfolio Services revenue increased 3.4% to $21.6 million, which we'll go through in a later slide. Underlying operating expenses increased only 2.5%, with OneVue synergies and technology savings partly offsetting investment in growth and capability.

We also revised the presentation of certain revenue items. The changes increased reported revenue by $2.1 million in FY26 and $1.4 million in FY25, with no impact on EBITDA or cash flows.

More details can be found in the appendix. Statutory NPAT was $6.5 million, and on the next slide, I'll take you through the bridge from underlying EBITDA to statutory profit.

This slide sets out the difference between strong underlying operating results and statutory NPAT. Starting with underlying EBITDA of $32.1 million, underlying NPAT increased 2.9% to $15.4 million despite higher amortization of development assets brought into use during late FY25 and into early FY26.

Statutory results were affected by acquisition, integration, and transformation activity undertaken during the year. This included OneVue transition costs, the Technosha acquisition and incentive arrangements, technology restructuring costs, and the write-off of software assets under development as we transition to a new technology platform.

These items were partly offset by the release of the OneVue earn-out provision. The tax expense was also impacted during the year when we identified a historical income tax shortfall following the review of the income tax treatment of certain expenses incurred in connection with Praemium's role as a responsible entity.

Further details on this have been provided in the appendix. After these adjustments, statutory NPAT was $6.5 million compared with a restated $11.9 million in FY25.

Before looking at revenue growth in detail, this next slide outlines the quality and diversity of the two complementary revenue engines in the business. Platform revenue represents around 80% of group revenue and includes Spectrum, SMA, Powerwrap, and Super.

Its primary drivers are adviser and FUA growth through market performance and net flows, transaction volumes, and cash holdings. This gives us a scalable growth engine that benefits from advisory expansion and stronger markets, where revenue varies with market levels and activity.

Portfolio Services represents around 20% of group revenue through Scope and Scope+. It is largely a flat fee per portfolio model, driven by the number of portfolios we administer and the complexity of the portfolio.

As a result, it is more insulated from market movements and provides a stable recurring revenue base anchored in long-term adviser relationships. The combination matters: we have a platform revenue engine that can scale with markets, adviser growth, and flows, together with a portfolio administration base that provides resilience through market cycles.

That balance supports both growth and earnings quality. It is also important to point out how this supports Praemium's integrated high-net-worth proposition.

Advisers can use our non-custody administration, custody platforms, reporting, and digital capabilities together rather than as disconnected services. This strengthens client relationships and gives us multiple avenues to grow market share.

Looking at revenue over time, the group has delivered sustainable compound growth. Reported revenue increased 5.7% to $110.5 million in FY26.

Underlying revenue growth was 9.3% when excluding the $3.8 million impact of the planned OneVue adviser exits. Since FY21, revenue from continuing operations has grown at a compound annual rate of 14.7%.

Platform revenue has been the principal driver, increasing 129% over that period, while Portfolio Services revenue has increased 29%. The key takeaway is consistent, long-term revenue growth supported by both scalable platform revenue and recurring administration revenue.

Platform revenue increased 10.8%, excluding the impact of OneVue adviser exits, supported by higher FUA, strong net flows, and continued Spectrum growth. The platform revenue margin was 27 basis points in FY26 compared to 29 basis points in FY25.

This movement principally reflects mix: as you can see, average FUA per portfolio has increased as a result of a higher portion of accounts capped under the administration fee model. Along with that, a greater proportion of growth is coming from large enterprise clients, which can have different pricing structures.

This is not driven by a change in underlying demand, and we expect to see the margin stabilize into FY27. Spectrum margins remained below the platform average as early adopters have comparatively large account balances.

As adoption broadens and average balances normalize, we expect the margin to increase over time. The key takeaway is that platform revenue growth remains strong.

Margin will move with customer mix and account balances, but higher FUA, strong flows, and continued adviser adoption provide a solid foundation for future revenue growth. Moving to the primary driver of platform revenue: platform FUA reached $34 billion at 30th of June, up 10.8% on FY25.

Spectrum was a key contributor, with FUA increasing over 78% year-on-year, and since launch in October 2024, Spectrum has attracted $2.3 billion of new business gross inflows. The OneVue transition is now fully complete, with FUA moved across to Spectrum, SMA, and Scope.

That shifts OneVue from a transition program to performance and value realization. Net flows were $1.9 billion, up 130% on FY25, with Spectrum delivering strong flows and Powerwrap returning to positive net flows.

Market movements added a further $1.4 billion to FUA. Stepping back from the annual movement, platform FUA has grown at a five-year compound annual rate of 13%.

This reflects the resilience of the core platform, the acceleration in Spectrum, and our sustained focus on the high-net-worth adviser segment. The quality of this outcome is as important as the headline growth: the planned OneVue exits are now substantially behind us, retained adviser relationships remain strong, and the platform enters FY27 with continued new business momentum.

Turning to non-custody Portfolio Services, Praemium remains the market leader in this segment. Scope+ FUA increased 30.5% to $43.9 billion, while Scope+ portfolios increased 33.7% to approximately 12,800.

Momentum strengthened through the second half, with FUA up 15.7% and portfolios up 19.6% since December. We signed 11 new client firms during FY26, and onboarding efficiency remains a key priority so that contracted opportunities convert to revenue more quickly.

Scope portfolios reduced to approximately 56,500, primarily reflecting the managed client exits and a contract expiry. This was partly offset by portfolios onboarded during the year.

From a financial perspective, the most important point is the continued mix shift towards Scope+. Portfolio Services revenue increased 3.4% in FY26 despite the Scope reduction, and the June annualized revenue run rate reached $23.2 million following second-half onboarding.

We enter FY27 with a strong pipeline, including continued engagement across the stockbroking segment. This slide brings together the operating leverage and synergy story.

Underlying EBITDA increased 14.5% to $32.1 million, while underlying operating expenses increased only 2.5%. As a result, the underlying EBITDA margin expanded by 223 basis points to 29.1%, with the second-half margin reaching 32%.

For OneVue, we achieved $4.5 million of cost synergies in FY26. These were offset by $3.8 million of revenue reductions from planned adviser exits, producing a net FY26 EBITDA uplift of $700,000.

With the migration completed and the retained business continuing to grow, the expected EBITDA uplift increases to approximately $3 million in FY27. The technology restructure is expected to deliver approximately $9 million of annualized savings, comprising around $7 million of operating expense savings and $2 million of capex savings, of which FY26 included approximately $2.6 million of operating expense savings and half a million of capex savings.

Together with technology and automation, these actions establish a lower-growth cost base and improve the conversion of revenue growth into earnings and cash flow. Finally, turning to cash flow: reported free cash flow was $2.4 million in FY26, affected by a concentrated period of one-off transition, restructuring, acquisition, and technology investment.

The principal items were $2.6 million of OneVue transition and restructure costs, $3.6 million of redundancy costs for the technology restructure, $5.4 million of pre-acquisition technology investment at Technosha, and $3.1 million of Technosha acquisition and incentive costs, partly offset by half a million of cash acquired in the acquisition. Adjusting for these items, underlying free cash flow was $16.6 million, demonstrating continued underlying cash generation without the elevated one-off activity.

There are clear tailwinds into FY27: OneVue is fully integrated, the technology restructure reduces operating costs and internal development capex, and improved onboarding should accelerate revenue conversion. FY26 was an investment and transition year from a cash flow perspective.

We enter FY27 with the major technology restructuring and integration actions complete, fewer one-off cash costs, and underlying earnings momentum. This positions the business for improved reported cash conversion and continued shareholder returns.

That completes the financial results. I will now hand back to Anthony to take you through strategy and outlook.

Thanks, Emma, and thanks to you and your team for all you've done getting us through the results today. If I could turn to the strategy and outlook.

Before I get to our own strategy, I do want to frame the market that we're operating in, because the forces here are working for us and not against us. We are the number one platform in the segments that matter most to us: data and integration for non-custody functionality, and the sophisticated client offer for the proposition most suited to high-net-worth.

The high-net-worth market is enormous: around $4.4 trillion in investable assets in Australia, and it's underserved, roughly 8,000 advisers short of the true demand. On top of that, three tailwinds are compounding: the demand and growth for alternatives is increasing as high-net-worths look for new sources of alpha and diversification, and we've seen that in our own platform with growth in alternatives of 12% year-on-year—in fact, we run the market leader in alternatives platforms with 31% of total FUA; I've talked about the broker segment, there's a $3.5 trillion book of CHESS holdings, and all the broker firms are looking at ways to move that to revenue-generating models, recurring fee models; finally, we've got a $4.5 trillion superannuation market, and self-managed super funds are set to grow further with the locked-in growth of compulsory superannuation.

How do we capture the opportunity of these unbelievable market tailwinds? There are four ways: first, we deepen our penetration of the high-net-worth adviser segment via a strong and active sales pipeline, and by lifting the share of wallet with the advisers who are already using our platform through the relationship management model that we've recently introduced and are now improving; second, we simplify—this year is when our technology transformation lands, we're leveraging the Technosha and OneVue integrations, making onboarding materially more efficient and simplifying the operating model underneath; third way is to differentiate—we intend to continue leading in servicing sophisticated high-net-worth and indeed ultra-high-net-worth clients, expand our non-custody capabilities, offer integrated wealth management, and build a more competitive superannuation offering; and fourth, all this has to improve returns—operating leverage, cost discipline, capturing acquisition synergies, and growing cash margins faster than expenses.

Underpinning all of that, we're targeting measurable improvement in client Net Promoter Score, employee engagement, and our risk and governance capabilities. This slide sets out the technology transformation, which is fundamental to what we're doing at the moment: stronger foundations, a sharper experience, and faster delivery.

Why it underpins earning growth. Starting with the foundations, the architecture transformation is cleaning up the code and database and rebuilding the underlying platform, which gives us better accuracy and speed, and importantly, faster time-to-market for everything we build from here.

On top of that, we're rebuilding the experience: the interface rebuild brings streamlined workflows, built-in task monitors, intuitive dashboards, compliance enhancements, and an improved view of total wealth for advisers. The trading experience is intuitive and automated across managed funds, open-open [brackets?]

and listed assets. Digital onboarding is faster and easier with automated ID verification.

Across the user experience, we're developing greater efficiency and transparency: an AI-enhanced support center and client-tested enhancements backed by a structured training program. Importantly, our own assessment has been confirmed by the recently commissioned independent technical review.

It has confirmed our new platform is fit for purpose, with genuine engineering strength and a sound underlying design. Full platform transition is expected over the next 12 to 18 months.

That underpins our expectations for continued margin expansion, additional productivity benefits, and aggressive scaling of the business. This is the engine behind the operating leverage story: a platform built to facilitate client wins and revenue growth without growing costs at the same rate.

That's how we see our entry into FY27: we're carrying strong operational and financial momentum into the new year. It is an outstanding start.

The OneVue and Technosha synergies are now flowing through to earnings. We're building real momentum in new business wins and enterprise onboarding.

Beneath all of it, the technology transformation is what makes this scalable and sustainable. It lets earnings grow without costs growing at the same rate.

If there are three things to take away today, they're the same three we opened with: leading, scaling, and transforming. We lead in the high-net-worth segment, and we're extending that position in stockbroking while the opportunity is still in its infancy.

The integration work is done and the synergies are flowing, growth is increasingly translating into margin and earnings rather than costs. The technology transformation is rebuilding the foundation, and that's what allows us to keep compounding well beyond financial year 2027.

We have strong momentum today and a business built to keep growing from here. With that, I'll pause and open up for questions.

Hi, team. Thanks for taking questions.

Can you just clarify looking into the pipeline over the next 3 years? Obviously you've acquired systems that give you a strong, kind of replacement for some of the things you've had and better infrastructure.

Just how do you think about the pipeline in terms of product development, what the new architecture gives you in terms of your ability to ramp things up in terms of functionality going forward?

Thanks, Nick. I see the biggest area of investment right at the minute other than transitioning to new platform as the superannuation offering.

Whilst we've got a platform superannuation offering and we've certainly got many self-managed super funds using the platform, we feel that's probably the major area where there's further development opportunity and we're focused a lot on that transformation. Other than that, the thing that's obvious to everyone in every industry is how much the power of technology today allows you to do a lot of things that you couldn't have dreamed of doing a few years ago.

The pace of change with those things is very rapid. A lot of what we're doing is taking the incredible capabilities we've got in technology now, particularly with the acquisition of Technosha and the merger with our technology function, and saying what do we need, but more importantly, what do our clients need to fully capture the opportunities provided by that platform.

That's working with our clients directly, and I'm very grateful to those clients who've been willing to help us pilot some of the new functionality that we've already built and say, right, what does it do to help us run the business better, but what would it do to help you expand your ability to service the market? Because without any exaggeration, if every adviser suddenly could double or triple the number of clients that they can manage, there'd still be a shortage of advisers.

We're trying to work out with our clients how to utilize our capabilities and the capabilities in technology generally to expand our offer. That's why the integration is so important.

Some of the developments will be advisers themselves building out their functionality, because AI is a very powerful technology, but it's very accessible. The integration with what we're building becomes critical to thinking not just how can we do what we do today better, but what does the adviser of the future look like, what does their technology infrastructure and technology stack look like?

Cool. Thank you.

Maybe a question for Emma just around the revenue margin on the platform side. I think you reported there 27 bps for FY26.

Just how to think about the exit rate, what might that have looked like in June, and the compression year-on-year, I presume, largely driven by higher account balances into Spectrum? Just some unpacking on the revenue margin.

The margin in of itself is an annualized margin as you see, and it would have been impacted through the year with the market movements that we saw through Q3 heavily dragging on FUA and revenue. Coming out the back end of the year, we were seeing some improvements in the margin.

As I said, we do have those large account balances, particularly in Spectrum with the early adopters. We do anticipate as time goes on and we broaden that adoption base to a wider set of advisers and investors that we would see those account sizes trend down over time, which would have a positive upward trend on the margin at the same time.

Thanks. Then in terms of the underlying opex run rate into next year, I think you've given us the slides on that, but maybe just to reinforce how to read slide 23 in terms of the full year opex, the thinking of FY27, I guess, on the pro forma, or whatever that the black bars indicate in terms of the costs coming out.

The waterfall that we've provided on FY20, sorry, on slide 23, really talks to the costs that we had coming out of FY26 of $78.3 million. We will have cost reductions, about $6 million sitting on top of that coming into an FY27 run rate, which will then obviously be impacted by inflationary outcomes into FY27.

We do have further synergies from OneVue and the technology restructure that will impact into FY27. What we do see is that 32% margin that we see on the left-hand side of the page for H2 2026 maintaining and then trending upwards into FY27 from those synergies that we'll see come through.

That's cool. Then I think your contemporary platforms that have reported already made some commentary around the first seven, now probably for you guys eight weeks of the year in terms of the slower momentum.

Obviously, things are a bit challenged in terms of some uncertainty around tax environment and tax structure and things. Do you see similar trends to that which has been reported by HUB and Netwealth?

Look,

Nick, I know what they said, and you know me, I don't like getting into flow reporting more often than quarterly. I'm happy with that cycle.

I'm not going to disagree with their observations in the market. Of course, that's reality.

We've entered FY27 coming out of FY26 with momentum that we were happy with, not totally happy. We would always like it to be faster.

Nothing's happened to cause great concern about the prospects for continuing to grow the business strongly over the next few years.

All right, thanks.

Thanks, Nick.

Good morning, team. Thanks for taking my questions.

Just firstly, a follow-up on Nick's question to revenue margins going forward. You called out sort of a return to normal, and I just want to unpack that a little bit.

When you say return to normal, we don't have a huge amount of full-year data since you repriced SMAs, I'm trying to get a sense of where do you mean by what's normal on an annualized basis? Sort of what's the timing should we expect for those balances to come down and then return the revenue margin to this normal state?

Look, it's a good question. What we would expect to see is FY27 to continue around that 27 basis points for the majority of the year, and then start to trend up towards and into FY28 as those account sizes start to normalize through the back end of the year, particularly with where we can use our platform technology development to work into other segments.

Thanks, that's helpful. Just want to touch on depreciation, amortization, and tax.

Obviously, had a fair bit of influence on the underlying NPAT result. Is this a new sort of level of depreciation and amortization schedules and, going forward, how we think about that given the internal capitalizations, or what sort of cadence should we expect there?

We did have a higher depreciation, as you'll note. A large part of that, about $5.8 million, was related to a one-off write-off of depreciation for the old platform development that hadn't been put into use.

Where we see depreciation going forward through FY27, we will do some accelerated depreciation for the legacy platform. Going forward, once the legacy platform is fully depreciated, we would expect depreciation to come down given the level of investment that we're working through.

With the new Technosha and technology platform, it's based on that model cost base after the $9 million savings through the years.

Perfect, thanks. Just one final one: with the new technology or the new superannuation platform you're planning on launching in FY27, I just recall when we launched the new Spectrum platform, we had a sort of slightly elevated marketing and launch cost for a half or for a period.

I just wanted to see whether we should expect any sort of one-off temporary step change with costs launching that new platform and whether that should be sort of second-half skewed or how we think about that?

That's a good pick-up, and I would expect that we will make an investment in the launch. We were very happy with the way that the launch events around Spectrum went, and we think that certainly helped the momentum hitting the market pretty hard.

This is every bit as exciting for us as the launch of Spectrum, I would expect that there will be some elevation, but I don't expect it would be any more than what we had in terms of the elevated marketing spend around Spectrum. We've learned a lot from that, that was very well managed, in my view, by our team, and so we've got some good lessons about another big event for the adviser community.

Great. Thanks for taking my questions.

Thanks, Tom.

good morning and thank you for the opportunity to ask some questions. Can I first kick off on the Portfolio Services revenue and the components that led to the organic growth?

Because you've got quite a few big transitions coming through. When can we expect that to step up in a more meaningful way?

Can you just remind us where the Asgard revenue, is that rolled off yet, or that's still in the mix?

The Portfolio Services revenue, as we've noted in the presentation, a lot of that revenue is coming on the back end of the year, we do have a run rate coming out of 2026 that's much higher than the 2026 revenue presented. What that does reflect is the onboarding of portfolios in the latter part of the year, with big onboardings related to some key client wins that we had.

Then we do, yes, have the contract expiry for the Asgard. There is still revenue ongoing in respect of that contract, and we expect that revenue to continue in the first half of FY27 and then taper off from there.

Can you just quantify how much that is? Look,

I know that would be nice for people, but we've never quantified the exact size of the Asgard, in part out of respect for the commercial sensitivity of the relationship for them as well as for us. The reality is some of it's come off and it's coming off in a gradual way.

It's rolling off over the balance of the year, over the balance of FY27.

Sorry, I think some of your predecessors have quantified it. It's in the millions, like $3 million, $4 million-odd.

You guys may not have, but it has been disclosed in the past and so it seems like it's going to take away a lot of the underlying growth that you're achieving elsewhere in the business in the Portfolio Services.

No, I don't think so. We've got a pretty bullish outlook for the overall Services part of our business.

When any predecessors may have disclosed it, which I'm not aware of, but I don't dispute that they could have, whatever the revenue was at the time they disclosed it, it's been diminishing over time. That the enterprise nature of that relationship means they've been able to gradually negotiate a lower and lower price over time.

Definitely and we've said this in past presentations, the headwinds that we've got on Portfolio Services, a couple of accounts that were going to roll off—Asgard was one and there was another one—were going to be more than offset by the wins. We're still of that view, we're still definitely of the view that the offsets of the wins and the revenue uplift from the wins in our Services business more than offset the two significant losses that were both, again, they were losses that were coming because two competitors who are using our Portfolio Services solutions, Scope, felt that they could build that themselves and do better.

Asgard are the latest, there was one before them. The one before them, I don't think that's been a particularly happy experience for their clients, and we don't yet know how well it will work out for Panorama as they build that.

As I've said earlier, it's not easy, it's 25 years of IP has gone into building that Scope and now Scope+ that advisers really depend on. Nevertheless, to your point about it's in no way likely to see a reduction in the Services revenue, on the contrary, we would expect the Services revenue can grow.

Services revenue doesn't, as we've said, have the same tailwind of market uplift automatically driving revenue growth.

Got it. I understand, point taken.

Can I just move on to the Technosha CEO resignation within six months? Bit of a surprise.

Can you just talk us through what happened there, and why, and is the technology going according to plan?

Taking the second one first, technology is absolutely going according to plan. We're delighted.

We commissioned an independent review at the time we made changes in the Technosha management, and we're very happy with how that technical review has gone and the insight that's given us. In large part, it confirms the roadmap that we're working to in terms of the transition.

We couldn't be happier with the work that we're doing on the technology front and obviously, we're the beneficiaries of some great opportunities that are provided in the way technology can be delivered now thanks to developments globally about how well AI and machine learning are progressing your ability to deliver technology and develop technology. In terms of the structure, when we did the original negotiations, there was a sense that some of the team and the two key architects behind the system were likely to want to move on once they've built the core engine for Praemium and do other things.

We structured the deal in that way. As we reached the point where we were able to say, right, you've delivered the core, we would like to talk to you about what happens next.

There's two parts for that: one part is for you to hand over to the rest of the team, the other 35-odd people in the team, so that we can manage it and develop it going forward; and the second part is what do you do next, what else do you move on to? When we did the business, there were conversations about arranging things, some which were very heavily focused on financial services and building out opportunities there, and others less so, things like data centers and medical research were some of the things that they were interested in.

As it turned out, the span of interest was more than we wanted to invest capital in. We want to invest capital in financial services.

We had tested the market, and from what we talked to a number of our shareholders about if we gradually expanded what we offered given the capabilities of these people, what's your appetite for that, we suspected we knew the answer, but the resounding view came back: we don't want you to expand outside financial services. The business has failed before for expanding too far outside its remit, we would rather you stuck to your knitting.

In those conversations, we said, right, we don't have the appetite for capital allocation to things outside financial services, and that's what led to the renegotiated arrangements. As part of that, Daniel, who had stepped into an executive director role, had been in that role to do both the things I mentioned: one, to help the transition into the Praemium world, but secondly, to expand the opportunities and look for commercial opportunities in the broader range of areas that those principles could deliver.

With the transition now well underway, we don't need Daniel other than for the next six months of his notice period to help with the Praemium-related activities, and for the external and non-Praemium growth opportunities, we're letting those go. Daniel's role is no longer required and we bring the business into the current traditional management structure that we've got.

I get that, but it just seems odd that to go with the fanfare and putting the appointment in place, now to have a CEO walk away within six months does seem odd despite all of what you've just said. Can I move on to the one-off costs?

There's quite a lot in the second half including that $5.8 million write-down for software. Can you give us a little bit more color on what features were built that you've now no longer decided to go ahead with and why?

Can you give us an idea on what level of one-off costs we can expect going forward? Is it going to be elevated for a little while, because there's a lot of stuff that you're doing that seems out of sync.

Thanks.

Taking your first part of the question, one of the challenges we had with the technology and why we brought Technosha in is that we felt that our development cycle was slower than it should be, we weren't getting the full bang for our buck. The $5.9 million, which is on an accelerated depreciation schedule, some immediately written off and some depreciated more rapidly, reflects the fact that there are elements that we've built that we will decommission earlier than the original depreciation schedule would have allowed, which was typically over about 3 years.

Going forward, we expect that if we invest another $5.9 million, we'll get a lot more for that $5.9 million. Some of the constraints and some of the tech debt that we're working with go away once we transition to the new platforms.

We can get a lot more bang for our buck going forward. As for what we do going forward, we're clearly going to invest in our platform transition from the current platform to the platform that we've built.

A large part of that expenditure will come from the existing team. It shouldn't be lost on anyone that we've not only reduced the size of our tech team, but they're developing a new platform and they're running an existing platform.

That team will do a lot of the heavy lifting. Having said that, to the extent that we feel we need independence, we've done that with the review.

We said we'll go outside and get an independent third-party assessment from a world-leading technology advice firm, and there could be further investment like that. We haven't yet quantified it, but certainly not causing us any concerns or thought, "Oh my God, we underestimated what we've got in front of us."

On the contrary, we think we've estimated pretty accurately and we're talking confidently about strong tailwinds on the cash flow side.

I'm not quite sure that I understood that, but thank you.

Hi, yeah. I was just following up on the same theme there with Daniel departing.

I guess, yeah, knowing the timeline might have been within 12 months, probably suspected that the appointment made may not have needed to have been made myself. I guess just where the outlook is for that Technosha business and given the firm has become grown, Daniel has been there 10 years, being a good board member, moving on.

How do you see Technosha now operating within the business? Is it just part of the technology team, or is it a Technosha band in there still that will operate somewhat a step aside?

Thanks, Warren. The team is integrated with our tech team.

With $9 million cash coming out of the business, part of opex—we've talked a little bit about some of that is capex, less capex, and some of it is less opex—but for a shareholder who is interested in cash generation, the merger of Technosha has taken $9 million costs out of our business from the pre-Technosha levels. That in itself is a very significant return on investment.

That alone would justify the acquisition and the work that we've done with Technosha in a financial sense, let alone the opportunity it creates for a stronger technology stack going forward and better technology architecture, which is what we've got. We're very happy with it.

When we did it, and again, in very simple terms, when we bought the business, we knew that there was a couple of individuals in particular who would, once they completed the tech build for Praemium, look for other things. They're builders.

They're not managers, they're builders. They're very good builders, extraordinary is what they've built for us.

We always knew they would build other things. There were two ways that could go: one is we could say let's build other stuff in financial services, and the other was let's find other things that you'll build if you've lost interest in financial services.

If you find other things, it's possible we will want to invest in that. We looked at what we might do, but there wasn't great appetite for that.

There wasn't great appetite for saying, look, Praemium's now got technical capability that is rare, and it should capitalize on that by investing in things like data centers or medical research. We accept that.

We thought that was a possibility. When we bought, we thought they might do more work in financial services or they might do outside.

If they do outside, we might go and find ways to fund that, set up some funds or something like that. In the end, their preference was work outside financial services, and our preference was not to find a way to invest in it.

We've said what you've delivered is already huge for us, and we take that and we move forward. The Technosha business, in addition to building an incredible system that's been verified by our independent report, has brought together a team of outstanding individuals, both previously Praemium employees and people who have come in through the Technosha acquisition.

We've got an outstanding team. I'm very grateful for the quality of that team, and so absolutely what we want to do is we want to capture the value that that team now brings, that Technosha or that Praemium together, and we haven't killed off the brand.

We've still got a Technosha brand, but we want to continue to be seen as an employer of choice for highly capable technical people. We still believe that people make the difference, and that if you can get the most capable tech people, you'll continue to win the years in the future.

Whilst AI is incredibly powerful, we still think that the top developers and scientists working with AI will produce better results. We want to continue to nurture that environment as a employer of choice.

We're very happy with it, we're very happy with the team we've got now, and we're very happy with the recruitment that we've been able to do bringing talented developers into a world where they know they're going to be embraced and knowing they're going to have the intellectual challenge of working with other people who are just as highly skilled and capable as they are.

Just thank you for that. I guess just maybe one framework just to crystallize the synergies to come through.

So $3 million annualized for OneVue, $700,000 last year, we're looking for another $2.3 million this year and another $4.4 million from the technology benefits. So $6.7 million sort of a starting point.

It was at $7.7 million before the impact of inflation and other things that might pare it back in an absolute sense?

I think that's the tailwinds we talked about in addition to where growing as well, obviously. If we continue to grow revenue, if we can continue to make sure that that revenue growth has positive jaws, and we've got some tailwinds of some synergies that have only been partly reflected in FY26 and you get a full-year run rate in FY27, it's not lost on us what that does to the models.

People will invariably come to us and say, "Oh, these are the numbers I got." We don't give guidance, but we are covered by a lot of analysts, including you, Warren, and so we do keep an eye on consensus and make sure that we're not about to deliver surprises in a few months' time when we do a half-year result, for example.

All right. We're comfortable with 6.7 to 7.7 probably drops in next year, then there's a bit of back and around that to get the sort of consensus.

As I say, we won't know the updated consensus following this result for a while, but hopefully, we won't be surprised and thinking, "Oh my God, what have we got to deliver to make consensus?" Hopefully, we'll say if we keep doing what we're doing, we'll be able to meet it.

All right. Thanks, Anthony.

Thank you, Warren.

Thank you once again. Again, I do want to say thank you to everyone who has joined the call and for your interest in the company.

We are very happy not only to have some great shareholders, but also to be covered by some very good investment analysts in the market. It does allow us to think about how we're running the business and think about why people ask the questions they ask.

We always benefit from having an active shareholder and analyst community. We talk about the three major stakeholder groups of shareholders, clients, and employees, and certainly the interaction we have with analysts and shareholders always gives us food for thought about other things we might think about.

There's never been a better time to be open-minded and challenged about the way you're running the business because the opportunity is wonderfully bright at the moment. Thank you again for your interest, and I hope you enjoy the day and look forward to interacting with you in the coming months and with our AGM in the not-too-distant future.