Morning, Mark. How are you?

Great. Right.

Thanks, everyone. I appreciate everyone joining us here today.

For those that don't know, I'm Michael Shirley, I'm the Managing Director and CEO of Veris. Steve Harding and I today will talk you through our FY 2026 full year results.

We're going to talk a bit about how our strategy is playing out, turn to our numbers, and then, hopefully, we'll leave some time at the end for questions and discussion. For those of you who are less familiar with Veris, we're an integrated digital spatial data advisory and consulting firm.

We act as trusted partners to our clients, and we've delivered that through our survey, our consulting and advisory services, and our proprietary spatial solutions. All of these are aimed at solving complex asset-specific and spatial problems for the clients.

We work across a range of sectors including transport, utilities, property and buildings, government, defence, and energy and resources. It's a genuinely national business, and that footprint really matters to our clients as they're increasingly needing consistent delivery across multiple jurisdictions.

We're one of the few firms that's really positioned to offer that for them. If I look at our strategic focus here, it's really about transforming Veris into a spatial data advisory firm with a growing digital revenue stream.

This strategy rests on the five pillars, and I'm going to come back to evidence of each of these as we go through the results today. First of these is our diversified revenue, expanding beyond our traditional survey work into consulting, advisory, digital solutions, which then opens up a high-margin revenue stream for Veris.

Second is being value driven, and that's shifting away from commoditised, volume-based pricing towards value-based pricing that actually reflects the strategic impact of our work. The third of these is staying anchored in our spatial data.

This is our deep domain expertise. It's our data assets, and they're the foundation for the unique insights we can deliver to clients.

The fourth pillar is our digital point of difference, which is all about embedding advanced digital tools and solutions across our professional services so we can deliver smarter, faster, and more scalable solutions. The final one is about strong capital management.

It's about pursuing disciplined, accretive M&A while continuing to deliver consistent returns for our shareholders. I'm now going to hand over to Steve, who's going to talk through a more detailed discussion on the financials for the full year.

Steve.

Thanks, Michael. Yeah.

FY 2026 saw the group record an increase in revenue of almost 5% to $102 million, and generate underlying EBITDA of $10.3 million, which was also a small increase on the prior year. This was a pleasing result in the face of a number of significant macroeconomic and key market headwinds faced during the second half, such as the backdrop of rising interest rates, geopolitical conflict and resulting uncertainty in supply chain and cost increases, as well as the changing landscape for the federal taxation of property assets, and generally softer state economic conditions in markets such as Victoria and Tasmania.

Whilst dealing with each of these, Veris was able to deliver targeted revenue growth, maintain our profitability, continue to increase our forward order book, and also maintain a strong cash balance. Importantly, this has underpinned our ability to continue to invest in attracting high-level talent and skill sets, which will provide the base for the future execution of this strategy.

Also importantly, for the outlook of the business, we now have seven AI-enabled proprietary digital solutions that have been commercialised and developed in-house, and are now in the market generating increasing revenues. These have been developed over the last couple of years by our in-house teams that we've invested in attracting and developing as part of our strategic transition to a spatial data advisory firm.

These platforms and the expanding skill sets and talents of our team underpin the continued growth in FY 2026 of our digital and spatial revenue as a proportion of Veris's total revenue once again this year. These digital solutions are continuing to move us away from a commoditised, highly competitive landscape that then, in turn, create more repeat revenue and value-adding opportunities.

We turn to the next slide. As I've touched on, FY 2026 presented some external challenges, which essentially represented a tale of two conflicting the账matics for us, where we had continuing growth in our digital and spatial revenues to circa 28% of our total revenue being offset by challenging conditions and macro headwinds impacting some traditional survey markets in the property and engineering sectors.

We responded quickly and proactively to these emerging challenges, and were able to pivot our approach to some of these affected markets. This enabled the business to preserve our capital strength and maintain our profitability throughout the year.

The smallest drop in underlying PBT reflected a slight increase in depreciation charges related to some new equipment investments, and as well as the commencement of a new right-of-use lease asset in connection with our new Sydney office. Our reported PBT of $0.6 million reflects the taking into account of the one-off transaction costs associated with the acquisition of Mesh during the year, some restructuring and relocation costs, as I've just touched on, as well as the non-cash amortisation of acquisition-related customer relationships and some R&D assets.

On the next slide, the pleasing aspect to many of the next slide here is the demonstration that the execution of the strategic plan to transition to a higher-margin business that was put in place in 2022 is now demonstrably being reflected in the financial results and trajectory of the group. In FY 2022, we generated just over 10% of our revenue from our digital and spatial service offering.

The graph on the left demonstrates the deliberate transition that was at the core of our strategy when we embarked on this in FY 2022. This was centered on investing in our skill sets and digital solutions development whilst moving away from commoditised, low-margin, small survey projects where we didn't have a key point of difference.

By effectively cutting off this tail and focusing on key national clients and generating digital solutions for our large-scale, asset-related spatial problems, we are now seeing the trajectory of better quality revenues and improving margins. Looking forward, we expect our core survey and spatial data capture and analytics solutions to increasingly form together part of our differentiated market offering.

We'll have a full year of revenue and margin contribution from the newly acquired Mesh team, and we expect to demonstrate further growth in our digital and spatial platforms and consulting and advisory services. Underpinning this continuation of our strategy will be our strong balance sheet and cash conversion.

There's further details of our balance sheet in the appendix to this presentation, which you can view on the ASX announcements platform. For now, I'll hand back to Michael to provide some more insight into our approach to executing on this strategic plan.

Thanks, Michael.

Thanks, Steve. Let's now move from the numbers to how we're actually executing on this strategy on the ground.

Survey remains and will continue to remain a core of our business. It gives us access to data, to markets, and capability.

Our strategy is really to create value through this spatial data and capability, using our digital solutions and advisory skills. We're pursuing that with three strategic moves: moving up the value chain, scaling our digital and spatial capability, and deepening our consulting and advisory expertise.

All of this is supported by targeted, accretive M&A. There are concrete outcomes I can point to already.

Our digital and spatial revenue, as Steve just touched on, is up to 28% from just 17% two years ago. The partnership we have with Oktave is adding recurring revenue, and our application development team delivered strong revenue growth and margin over the prior period.

We've strengthened our digital advisory and environmental skill sets. We're seeing a growing government advisory pipeline creating opportunities in the future.

We've completed the Mesh Advisory acquisitions this year, and this builds out our capability and presence in those sectors, whereas the Spatial Vision acquisition is now an integration that's successful, and it's continuing to accelerate our spatial and consulting capability build across our Veris markets. Data access allows us to maintain sticky client relationships, and from these, we can solve problems, deliver value, and hence really grow margins at the bottom line for the overall business.

This slide is really about how the two elements of our business reinforce one another and are inextricably linked. Our advisory insights fuel our digital solutions, and digital engagements, in turn, open the doors for our strategic advisory work.

On the digital side, we have platforms, for example, Roadside, Bridgeside, Parcel, that plus our application development and software sales and spatial capability. All of these are generating revenue from analytics, licensing, subscriptions, and managed services.

On the other side, on the advisory side, we're offering planning, urban design, survey, property consulting, and environmental services. These services are all generating project-based advisory and government contract revenue, providing growth and stability across the markets.

The value of this integrated model is it gives us recurring revenue from the solutions and high-margin advisory engagements at the same time. That combination is what drives sustainable growth and margin improvement for the overall group.

It's also what makes our client relationships strong. We're not just selling tools or advice in isolation; we're building solutions that evolve with our clients' needs and follow that value stream with them.

If we look at our suite of proprietary cloud-based, AI-enabled digital solutions, they really allow our clients to easily visualise and interrogate spatial data for their most important assets. I'm not going to go through all of the solutions here in detail.

What we have, though, is Roadside and Bridgeside, and they're focused in the growing transport asset condition market. We've got Parcel, Vantage, Digital Urbanism, and they support our property clients to make good decisions on their development opportunities.

Then we've got PhotoNavigator, which provides a visualisation asset condition solution, and it's worked for us across multiple markets and in different sectors. All of our solutions capitalise on AI-driven analytics to accelerate delivery of insights provided through these cloud-based platforms for our clients.

We just see AI as a huge opportunity to accelerate this development and these analytics. For us, it's this opportunity, not threat, that we're grasping through AI in these solutions.

The solutions are developed, tested, they're in-market, and gaining traction. It isn't some sort of research and development sitting on a whiteboard thinking about going somewhere.

It's a live, commercial deployment generating real revenue for the business and real revenue for today. If I turn now to some of our recent M&A, the integration of Mesh's advisory skill sets and the Parcel technology is now delivering results in the live projects across our business.

Mesh really has accelerated our consulting and advisory skill sets and margin growth, and added specialist planning, urban design, landscape architecture capability in sectors where we previously haven't had scale, whereas Parcel adds a scalable, subscription-based, recurring revenue stream to our digital portfolio in a different sector. It's complementing our consulting services and reinforcing the overall strategy of doing these advisory skill sets leading to our digital revenue, and back the other way.

Together, these acquisitions strengthen and expand our market position. They broaden our client base in strong and growing sectors.

Importantly, this isn't just integration on paper. The teams are now co-located, they're already collaborating on live projects and opportunities across the Veris business.

This is what genuine M&A execution looks like in our style of business. Let's now look at a newer part of our story.

Veris recently announced that we've been appointed the authorised geospatial distributor across Australia and New Zealand for Oktave, a large global software intelligence business. Just to give you some sort of sense of the scale of that relationship we've entered into, Oktave's existing global annual recurring software revenue exceeds $1.1 billion US, and it's across more than 4,500 existing customers.

For us, there's four growth levers we're focused on in Australia and New Zealand. There's software sales, licensing, and support renewals as existing Oktave accounts transition across to us at Veris.

There's consulting, training, implementation revenue. There's cross-sell into our existing service offering and this implementation.

There's system integration, data consulting, and advisory. Finally, there's active access to Oktave's Tier 1 industry and government client base.

This starting point is a partnership is an in annual revenue starting base of $1.1 million per annum derived from the geospatial software sales and support with real potential to scale meaningfully from that base over time. Strategically, what this gives us is capital-light, high-margin, recurring revenue that deepens our strong client relationships, provides us pathway for us to scale that annual revenue significantly beyond that initial base of $1.2 million, both in the recurring revenue and the ongoing advisory services, plus also the growth into broader Veris services with this new client base that Oktave provides.

Now let's just look at FY 2027 and that outlook. As we enter FY 2027 with a healthy pipeline, we've got a secured forward workload of $65 million, provides a strong foundation of committed work over the medium to long term.

That workload has been strengthened by significant infrastructure project wins alongside a number of our digital and spatial projects. This project mix demonstrates the link in our strategy from our core survey business through to our advisory and digital services.

Beyond that secured base, our unsecured pipeline has a weighted value in excess of $195 million across these markets. Our M&A activity has expanded our workload, our client base, our capability, and also our pipeline of opportunities across key industry sectors.

I do want to be candid about the environment in which we're operating. We've faced some real macroeconomic and market headwinds that Steve touched on, things like softer state market conditions in the Victorian and Tasmanian economies, rising interest rates, and geopolitical conflict.

I think what we've done well as a team, we've responded really quickly and proactively to reposition the business and provide a strong outlook and take that forward into this year. We're positioned across a range of core sectors, from our transport, our property and buildings, government, utilities, defence, and energy and resources sector.

Each of these have a meaningful serviceable addressable market at scale, and most with double-digit compound annual growth rates projected through to 2034. The growth drivers really differ by sector.

For example, the asset life cycle investment and digital engineering, they're important for us in the transport sector. We've got urbanisation and housing shortages driving property and buildings.

The data centre investment that we're capitalising on and renewables integration is core for us across our utilities clients. The ongoing investment around AUKUS and broader defence infrastructure is a growth driver for us in the defence sector.

We continue to see strength and stability in the government sector, and this underpins a range of our other growth markets. It is clear about the strength and stability of our client base as we've shown here on this slide.

Our transformation, we're now aligned with blue-chip and growing clients. We're seeing structural, multi-year investment across all of our focus sectors, and our end-to-end capability is spanning the full asset life cycle and reinforcing Veris's shift to higher-value digital and spatial, and also advisory services.

I want to bring this together to finish on six points, cuz I think this slide really captures the whole investment proposition for Veris. First, let's focus on the underlying earnings and margin quality.

Our revenue grew 4.9% to $102 million, pushing us past $100 million. The underlying EBITDA increased 2.8% to $10.3 million, and our underlying PBT after one-off costs was $2.2 million.

This shows the strength of our strategy, our ability to pivot, execute, and continue to perform even in uncertain times. This structural shift to higher-margin growth continues.

Digital and spatial revenue has jumped from where it was in FY 2023 of only 11% to 28% this year. It shows the successful execution of our digital strategy, shifting that mix of revenue.

Our digital and spatial revenue is now a material element of the business, driving growth and margin strength. In addition, there was continued growth in consulting and advisory services, and this part of the business now has scale, and is providing strength in margin and further opportunities for growth across our business.

Third, our proactive response to these market headwinds that we've touched on has really positioned the business strongly into quarter four and now into quarter one of this year. We've met these factors with quick, proactive response, and aimed at continuing the profitable growth of the business and maintaining a really strong underlying balance sheet position.

I think the results demonstrate the strength of this execution. Our Oktave partnership, our application development capability, and our proprietary digital solutions are all building capital-light, technology-enabled revenue streams for Veris.

It's a fundamental element of our transformation, and it's now a real revenue stream which provides scale in margin for us going forward. We're in a position where these digital revenue streams are of scale to be strong drivers of margin growth in future years.

Fifth, we've got a strong cash position, and our cash balance is $13.3 million. We've met net cash of $11.1 million, and it's supported by $8.1 million of operating cash flow for the year.

Our operating cash flow is after funding the Mesh Advisory acquisitions this year, the dividend from FY 2025, our ongoing share buyback, and our capital management strategy has provided a strong, stable base to fund and support our ongoing transformation strategy. We're not trying to grow by eroding cash, not generating sustainable margin.

We're managing this balance of transforming while, at the same time, being a profitable-based business generating cash going forward. Finally, we've had a strong FY 2027 outlook.

The secured forward workload rose to $65 million. Our weighted opportunity continues to expand beyond $195 million.

This outlook is strong, it's diversified across six core sectors, provides a mix of growth and stability, and it should give confidence in the outlook for Veris. The team have been really confident in the progress of our strategy, and we think the execution is showing the strength in the performance and the outlook that we've got as business.

I thank everyone for your time this morning, and Mark, Steve and I are happy to take any questions.

Look, that's an important element of the detail below that pipeline, because if you looked at our pipeline five or six years ago, it would have been dominated by some of the more traditional low-margin, sort of high-volume revenue streams, whereas now we've been able to shift even those traditional areas to a stronger margin base. You can see now with the growth in the digital and spatial revenue, the growth in the advisory, they make up over half of our pipeline looking forward, which is a really large element for us and provides that different mix in margin growth.

That's been a really important shift. I think over time we'll now start seeing where these recurring revenues grow out for the year, both on the Oktave partnership, our application development work, and the digital solutions that we've touched on a couple of times, Mark.

I think that pipeline mix is shifting significantly, and what's pleasing is the margin element in that is significantly greater. I think that's the indication for us that the strategy is working going forward.

Look, it's good to understand where this has come from. Over the last number of years, probably four years, we've had a very strong relationship with Hexagon as one of our global technology partners, and we've worked very collaboratively with them on both the hardware and software we've used as we've evolved the business.

Oktave was a spin-off from Hexagon, they took all of their software elements and moved them into this Nasdaq-listed entity, and through our broader global relationship, they came to us and said, "Look, we don't sell and support software at a local level in any other market, and Veris is the obvious partner for us. Do you want to get involved in this?"

It's been a really strong collaborative relationship. They see the opportunity for us to both grow the sales of their software, but leverage it into our broader digital solutions and into our consulting base.

A number of the Oktave software solutions underpin some of our digital solutions, so that we're linked together there. They've also been an avenue both through themselves and Hexagon to take our solutions offshore into Asia and the Middle East, and we've talked about some of those projects in the past.

For them, they see the benefit, they see us as being the leader in using their software applications and hence our ability to go beyond that, and I think that's been the strength in the partnership about how we can grow that revenue stream.

Look, we've been really strong over the last couple of years, Mark, of saying we need to have an organically growing business to add our acquisitions to to give it strength, and I think we've demonstrated that, both firstly through the Spatial Vision acquisition where we were able to take a business into a growing business and really execute on that, and you've seen the benefit in last year's numbers with those skill sets they've added, and now Mesh into that. We're continuing to be active in the acquisition space, and I think the next step beyond the smaller ones we've got in or medium-sized ones we've got in front of us at the moment is we're now actively looking to say where are the transformative acquisitions that really let us build from the platform we've got now, because we have a stable, growing platform and quite a differentiated revenue stream in the digital area.

We'll be continuing the organic growth, adding to it with our continued acquisitions, and then looking to that step-change.

Thanks, Mark. It's probably a moot question in that we haven't, I guess, set internal targets or external targets for that.

We know there's future growth there, and we'll see that continuing in the next financial year. It's really about extracting the margin that comes from that growth.

I think it's not really an either/or in terms of the revenue mix either. I think there's opportunities that arise for the survey component and the offering that we've got for our traditional survey clients out of our digital revenues as well, and so we see it really as intertwined where one feeds off the other, and likewise, there's opportunities where we've generated digital sales and revenues out of some of those relationships and projects that have emanated out of that survey base.

That's really that sort of integrated sort of mix and position we want to get to is where they keep feeding off each other. We think there's strong outlook for both growth in the digital sales, but also in the digital and spatial sort of sales and revenue outlook, but also, that'll provide opportunities for that better quality, higher-margin survey-based revenue as well.