Good morning, and thank you for joining us for our FY26 results briefing. There are four key points to focus on.

First, we delivered what we said we would. We achieved record revenue growth of 79% within guidance at $1395.9 million.

In February, we reaffirmed guidance excluding our AI transformation restructuring and divestments. On that basis, we exceeded guidance EBITDA and EBITDA margin at $585.8 million and 42%.

This was a year of real transformation and would not have been possible without the effort, resilience, and commitment of the incredible team at WiseTech. Underpinning our growth in FY26 was a sharp focus on cost and capital discipline.

Across our efficiency programs, we delivered approximately $115 million in total annualized run rate savings in FY26. That includes $64 million from e2open cost synergies ahead of the $50 million target we had set for FY27 and reached nearly 18 months early.

That alone expanded e2open's underlying EBITDA margin by 8 percentage points against FY25 pro forma. These were structural changes to how we operate with the majority of the benefits still ahead of us.

That discipline extends to the balance sheet. Having funded the largest acquisition in our history, deleveraging has been a priority, and we are moving faster than we previously guided.

We now expect to reach approximately 2.2 times by the end of FY27, ahead of our previous target of around 2.5 times, and below 2 times during FY28. That leaves us with a lower cost base, stronger margins, strong cash conversion, and a balance sheet that is rebuilding capacity.

That is the platform we take into FY27. Third, our focus on AI execution strengthens the advantages we have built over more than 30 years: our network, our automations, our data, our domain expertise, and our position inside critical supply chain, global trade, and logistics workflows.

AI turns that advantage into better products, enhanced automation, and more value for our customers faster than ever before. Our AI transformation program across product and development and customer service delivered $34 million of annualized EBITDA run rate savings.

That adds to the $17 million of annualized EBITDA run rate savings delivered earlier in the year through our focus on high performance teams and AI. AI has fundamentally changed how we build products, support customers, and work across WiseTech.

We made more than 500 role reductions globally earlier in FY26 under our high performance efficiency program, which included impacts from our early adoption of AI. We then removed a further approximately 1,200 roles globally, mainly in product and development and customer service.

We did not make these decisions lightly. These changes were needed to build the company we will become.

We also embedded AI across our business and used it to create real value for our customers. I will return to that shortly.

Lastly, we advanced our strategic priorities. Our new CargoWise commercial model, the CargoWise Value Packs, is well-established with more than 95% of customers on CVP.

Sales momentum has grown strongly with an approximately 55% increase in new SME signings, and approximately 30% overall increase in new signings. We have seen early migration from several STL commitment agreement customers.

Following the launch of the CargoWise Value Packs, our customer attrition rate remains below 1% as it has been for the last 14 years. We signed four large global freight forwarder rollouts during the year, two pre-CVP and two on CVP.

This reinforces confidence in the platform and our value-based approach. We refined the model in the second half.

This reduced the initial revenue uplift from the launch, but those refinements were made deliberately to align to customer usage and feedback and ensure CVP delivers long-term growth. During the year, we continued e2open's transition to a product-led operating model consistent with the WiseTech approach, established a clear product strategy, aligned teams to product portfolios, and created a unified roadmap across the business.

Significant progress has also been made in aligning product development, deployment, and maintenance practices while focusing on increasing product standardization and improving scalability and speed of execution. It is encouraging to see that through a year of integration, e2open has maintained leadership positions across multiple industry reports and analyst assessments in the supply chain market including Gartner, IDC, and Nucleus Research.

This is testament to the strength of the products, the team, and the value customers see in our connected supply chain orchestration solutions. In July this year, we acquired Freedom AI, an AI-powered supply chain risk and compliance intelligence platform, accelerating the development of VerifyWise.

VerifyWise is a comprehensive platform for multi-tier supply chain verification including modern slavery, forced labor, and a wide range of other compliance obligations that are increasingly becoming mandatory. It will help exporters and importers, logistics providers, banks, lawyers, accountants, and others to simplify and strengthen compliance and navigate an increasingly complex regulatory environment.

Container transport optimization went live in July this year. Building on the strong foundations and growing usage of our existing container transport solutions, including MatchBox Exchange and Avantida, we will expand the network of container transport participants in Australia and drive further adoption.

In partnership with the New Zealand Customs Service, we have created the New Zealand Community Edition of BorderWise, provided free of charge to the entire trade community, including importers, exporters, customs brokers, freight forwarders, logistics service providers, and New Zealand government agencies. We have also made substantial progress and are on track to see the New Zealand Tariff Management Portal live in production in the first half of the 2027 calendar year.

This portal will help border agencies manage the movement of goods in and out of New Zealand and is a step towards a much broader government opportunity in other markets. Our vision is to be the operating system for global trade and logistics, the mission-critical systems that connect and power global supply chains, customers can execute, comply, move goods, and make decisions faster and with more confidence.

This was a transformational year for WiseTech. We acquired e2open, launched our new commercial model with more than 95% of CargoWise customers moving onto it, and adopted AI across our own operations.

We secured government agreements delivering customs solutions for both the New Zealand Customs Service and the New Zealand trade community. We added to our VerifyWise solution, acquiring Freedom AI to accelerate supply chain compliance for exporters, importers, and the banks that finance them.

We are building out our CargoWise AI workflow engine and AI management engine to reduce the cost of global trade and logistics for our customers. FY26 marks an inflection point for WiseTech.

We delivered on our commitments, strengthened the business, and laid foundations for short-term revenue initiatives and long-term sustainable growth. Now let me take you through the numbers at a high level before Caroline goes into the detail.

Total revenue was $1395.9 million, up 79%. CargoWise revenue grew 11% to $756.9 million.

e2open contributed $541.2 million in line with our expectations. We achieved approximately $115 million in total annualized run rate savings through efficiency programs including $34 million from our AI transformation program, $17 million delivered earlier in the year from our focus on high performance teams and initial adoption of AI, along with the $64 million from e2open cost synergies ahead of the FY27 target of $50 million.

We are reporting on an underlying basis which excludes M&A costs, restructuring costs, gains or losses from divestments, and acquired amortization. This makes the underlying performance of the business more transparent.

We updated underlying NPAT to align with this and restated the FY25 comparative. Underlying EBITDA was $644.5 million, up 56%, with an underlying EBITDA margin of 46%.

Reported EBITDA was $558.4 million, up 46%, with a reported EBITDA margin of 40%. Underlying NPAT was $313.5 million, up 29%.

Statutory NPAT was $178.7 million, down 11%. The board determined a final dividend of 8.8 cents per share fully franked, a payout ratio of 17% of underlying NPAT.

The takeaway is discipline. We grew, integrated the biggest acquisition in our history, changed how we work, and generated strong cash.

Caroline will now take you through the detail.

Thank you, Zubin, and good morning, everyone. It's great to be speaking with you today.

I'll start with our financial performance for the full year. We grew total revenue by 79% on FY25 to $1.396 billion, driven by the e2open acquisition and growth in CargoWise.

Total recurring revenue was 95% of total revenue, down 3 percentage points on FY25, reflecting e2open's higher mix of professional services and other non-recurring revenue. Total CargoWise revenue was up 11%.

This included $14.2 million from FY25 and FY26 M&A, and a $9.3 million FX headwind partly offset by second-half refinements to the new commercial model. Gross profit was up 62% on FY25.

Gross profit margin was 79%, down 9 percentage points largely from consolidating e2open. e2open carries a higher mix of professional services which puts more headcount into cost of revenue.

Reported EBITDA was up 46% to $558.4 million, with the corresponding EBITDA margin of 40%, down 9 percentage points. This reflects the consolidation of e2open, restructuring costs, and the loss on the divestment of Expedient, partially offset by lower M&A costs.

As Zubin mentioned earlier, we will report EBITDA and EBITDA margin on an underlying basis going forward to present a more transparent measure of the group's operating performance by excluding items associated with restructuring programs, M&A, and gains or losses on divestments. Underlying EBITDA was up 56% to $644.5 million, with underlying EBITDA margin of 46%, down 7 percentage points on FY25 reflecting the consolidation of e2open.

EBIT was up 21% with depreciation and amortization increasing by 127%, predominantly from e2open acquired amortization, as expected. Net financing costs increased to $133.6 million, reflecting interest expenses on the debt facilities drawn to fund the e2open acquisition.

We manage this exposure through interest rate swaps which provides more certainty over future interest expense. Underlying net profit after tax of $313.5 million was up 29% on FY25.

The reconciliation to statutory NPAT is in the appendix. Underlying EPS was up 28% to 94 cents per share.

Turning to our FY26 segment results. WiseTech, excluding e2open, generated revenue of $854.8 million, up 10% on FY25, in line with the CargoWise growth just outlined.

e2open contributed $541.2 million to total revenue, reflecting 11 months since completion. We continued to execute e2open integration initiatives during FY26, including the transition to a more product-led operating model and commercial alignment activities aimed at improving customer retention and recurring revenue.

Subscription revenue attrition continued during the year, reflecting the time required for these initiatives to take effect. With a continued focus on recurring revenues and transition to the WiseTech partner network model, professional services revenue reduced in the year, as expected.

Underlying EBITDA of WiseTech, excluding e2open, was $451.2 million, up 9%, with underlying EBITDA margin of 53%, flat on FY25. Underlying EBITDA margin for e2open was 36%, up 8 percentage points from FY25 pro forma, reflecting early delivery of integration cost synergies.

This slide splits between recurring and non-recurring revenues, and CargoWise, non-CargoWise, and e2open revenues. Recurring revenue grew 72% or $550.7 million, driven by $497.4 million from FY25 and FY26 M&A including e2open, large global freight forwarder rollouts, and increased usage by new and existing customers, annual price increases to offset the impacts of inflation, and our new commercial model, CargoWise Value Packs, launched in December 2025.

Recurring revenue growth also includes $12.3 million in FX tailwinds. CargoWise revenue was up $74.7 million or 11%.

Of that, $56.6 million was organic. $38.5 million came from existing customers and $18.1 million from new customers, with $8.7 million from FY25 and FY26 M&A, and a $9.3 million FX tailwind.

Non-CargoWise revenue included $6.1 million from FY25 M&A, and continued contraction of earlier acquisitions, as expected. Here you see overall operating expenses for FY26.

As expected, e2open has changed the shape of our cost base mainly in lower product design and development, which reflects e2open's sales-led approach. This is evolving as we transition them to a product-led model.

Looking at the group's overall cost base, we expect benefits from driving efficiencies over time, accelerated by the restructuring programs. On an underlying basis, operating expenses as a percentage of revenue was down 2 percentage points on FY25.

Product design and development expenses increased by $68.5 million in FY26, driven by e2open consolidation. These expenses represented 13% of revenue in FY26, down 2 percentage points on FY25.

This reflects the impact of e2open's approach to R&D, which has a lower proportion of product design and development headcount and a lower R&D capitalization rate compared to the rest of WiseTech. Excluding e2open, product design and development expenses increased $3.3 million in FY26, reflecting continued investment in CargoWise development, partly offset by restructuring program exits.

Sales and marketing expenses increased by $42.8 million on FY25, reflecting the consolidation of e2open. General and administration expenses were 19% of total revenue, up 2 percentage points on FY25, reflecting $67.1 million from restructuring program costs and the loss on the Expedient divestment, partly offset by lower e2open M&A costs.

Underlying G&A expenses as a percentage of revenue were 13%, flat on FY25, reflecting ongoing legal and advisory costs including the shareholder class action defense and other legal and board advisory matters, offset by e2open cost synergy benefits. Next, our continued R&D investment in product innovation, a key differentiator and value driver for the group.

Our investment rose $76.9 million or 29% on FY25, reflecting the e2open acquisition. We reinvested 24% of revenue into R&D, down 9 percentage points on FY25.

45% of R&D investment was capitalized, down 10 points on FY25. e2open's model puts more weight on sales so it invests and capitalizes less than the rest of WiseTech.

Capitalized development is expected to increase as e2open moves towards a product-led model. Excluding e2open, 30% of FY26 revenue was reinvested in R&D, down 4 percentage points on FY25 from restructuring program exits.

52% of R&D was capitalized, down 3 percentage points on FY25 from a one-off product alignment. The WIP development cost balance decreased by 54% to $39.2 million at June 2026.

Over the past few years, WIP built up as we invested in large multi-year development projects. In FY26, a number of those products were commercialized, and as a result, costs moved out of WIP.

This is the normal path of R&D: prior period spend converts from WIP into commercial products while development continues. In FY26, we delivered 1,827 new product enhancements on the CargoWise application suite, an increase of nearly 50% on FY25.

That brings total enhancements to more than 6,500 over the last 5 years from more than $1.1 billion invested. Moving to the balance sheet.

Our strong liquidity position provides a solid platform for future growth, supported by a cash position of $343.5 million as at 30 June 2026. Receivables increased to $103.3 million, reflecting the consolidation of e2open and CargoWise revenue growth and the new commercial model transition.

Intangible assets grew by $2.2 billion, mostly from the e2open acquisition with $1.4 billion of goodwill and $0.9 billion of acquired intangible assets such as intellectual property, partly offset by amortization. We entered into a $3 billion unsecured syndicated debt facility to complete the e2open acquisition, refinance existing debt, and provide additional working capital.

$2.2 billion was outstanding at 30 June 2026. The $87.7 million increase of new share capital mainly funds our employee equity program.

Disciplined capital management, together with the benefits of our restructuring and efficiency programs, has enabled us to accelerate our deleveraging pathway. Net leverage is now 2.7 times as at 30 June 2026, beating our previously stated approximately 3 times target and down from 3.2 times at the half year.

We will look to deleverage to approximately 2.2 times by the end of FY27, ahead of our previous target of approximately 2.5 times, and to less than 2 times in FY28, earlier than our previously targeted timeline of 31 August 2028. Operating cash flows increased by 29% on FY25 to $564 million.

Underlying operating cash flow increased 46% on FY25, demonstrating our highly cash generative operating model. Underlying operating cash flow conversion ratio of 100% was down 7 percentage points on FY25, reflecting large one-off working capital changes due to commercial contract arrangements which have created a short-term impact on cash flow conversion.

Free cash flow was up 43% to $410.7 million. Underlying free cash flow was up 67% to $489.6 million.

Underlying free cash flow conversion was 76%, up 5 percentage points on FY25. We continue to reinvest cash into long-term growth.

$153.3 million went mainly to product development and building out our data center capacity. Adding total revenue growth and free cash flow margins, we delivered a Rule of 40 of 108% in FY26, up 57 percentage points driven by the first-time consolidation of e2open.

On an underlying basis, Rule of 40 was 114%, up 62 percentage points. Excluding e2open, underlying Rule of 40 was 45%, down 7 percentage points on FY25.

To sum up, we met revenue guidance and exceeded guidance EBITDA and EBITDA margin. We delivered e2open cost synergies well ahead of plan, plus $34 million of annual run rate EBITDA savings through the AI transformation program.

Importantly, our restructuring and AI-driven productivity initiatives have established a more efficient operating model and a structurally lower cost base, providing a strong foundation for continued margin expansion. We exited the year with a strong liquidity position and an accelerated deleveraging pathway, giving us flexibility for investing in longer-term growth.

I'll now hand back to Zubin.

Thanks, Caroline. I'll spend the rest of my time on strategy: where WiseTech is heading, how we get there, and why we are confident in the opportunity ahead.

Let me start with why our position strengthens as AI becomes more capable. One of our biggest advantages is the network we have built over more than 30 years: a global, connected ecosystem inside mission-critical, live, regulated trade, supply chain, and logistics workflows.

Look at what that means in practice: our customs solutions cover around 80% of the world's manufactured trade flows across 193 countries; we track more than 95 million ocean containers; we connect over 500,000 enterprises, more than 400 airlines, over 160 ocean carriers, and every Class 1 railroad in North America. AI cannot recreate what we have built.

These are commercial relationships, government integrations, complex workflows we are embedded in, and rich datasets that took decades to build. As AI grows more powerful, our network grows more valuable.

We have a strong starting position. Automation has been deeply embedded into our solutions, including CargoWise, for many years.

AI builds on that base. It strengthens the network, data, and workflows we already operate at scale.

Combined, this means we deliver more value to our customers faster. That is why our position gets stronger as the technology advances.

Customers want trusted systems, not just software. The businesses best placed to benefit from AI share a few traits.

WiseTech has all of them. You need to be a system of record and execution, part of the work itself, not an application beside it.

Our platforms sit inside and run the end-to-end workflows where the work gets done. We operate mission-critical logistics and supply chain operating systems where trust is essential.

In our industry, mistakes stop shipments, breach regulations, or delay payments. That creates a significant advantage for established platforms like ours.

Unique proprietary and aggregated data is another. We hold deep, transaction-level data generated daily through live workflows.

That gives us unique visibility into global supply chains no one can simply download. You also need a commercial model built for an AI-led world.

The CargoWise Value Packs do exactly this. CargoWise Value Packs price on the value available to customers, the transactions and work flowing through the platform, not the number of people logging in.

When our customers grow, move more freight, and win more business with the help of AI, we grow with them. We share in efficiency gains that AI unlocks for our customers.

Over FY27, we will apply the same value-based approach to e2open. We will simplify commercial models, align pricing to customer usage and value, standardize product-led solutions, and build bundled solutions across e2open, CargoWise, and the wider WiseTech portfolio.

This slide shows how AI is changing WiseTech and delivering measurable results. It's important to recognize that AI builds on what we have been developing for many years: automation, machine learning, and workflow orchestration.

AI accelerates those capabilities, allowing us to automate more complex tasks, improve decision-making, and deliver the valuable products our customers need and want. I covered the $34 million of annualized EBITDA run rate savings from our AI transformation.

That adds to the $17 million of annualized EBITDA run rate savings from our first-half efficiency program focused on high-performance teams, automation, and AI. Today, more than 75% of our people use AI in their day-to-day work, and that translates into measured productivity gains.

More than 90% of our code is written or assisted by AI. Engineering productivity rose 45%, measured through our productivity acceleration and visualization engine, and customer service completes support tickets 22% faster with AI.

Usage of early AI capabilities launched with CargoWise Value Packs has increased substantially since launch in December 2025. As you will see on the next slide, we have a strong pipeline of AI agents already underway.

The value for customers is real and measurable. As we have said previously, CargoWise AI capabilities are targeted to provide up to approximately 50% labor cost savings for logistics service providers.

For some of our larger customers, even a 10% reduction in labor cost represents approximately $180 million to $300 million in annual savings. We continue to engage with our remaining large STL customers on moving to CargoWise Value Packs and our AI capabilities.

Given the scale and complexity of these organizations, adoption takes time. We have a proven track record of supporting large global customers through complex transitions.

As we continue to demonstrate the value available through CargoWise Value Packs and our AI capabilities, we remain confident in the opportunity. This slide shows the next stage in the evolution of our CargoWise AI capabilities: AI-powered workflows that move from assisting work to performing work.

Across our platforms, AI already ingests and understands documents, assists with customs classification and compliance, benchmarks freight rates, improves demand sensing, optimizes inventory, supports onboarding and exception handling, and helps users work better. Here you see how these capabilities work together inside workflows from data ingestion through to managing exceptions, not just as standalone tools.

A good example is our smart auto request agent. Rather than just helping an operator decide what to do next, the agent monitors a live shipment, identifies missing information, creates and sends requests to the right parties via multiple channels, including CargoWise Neo, receives responses and documents, and brings the outcome back into CargoWise.

The customer sees a single workflow. Behind the scenes, multiple AI agents work together across a sequence of decisions and actions, with a substantial reduction in the need for human intervention.

The same principle applies across the agents on the slide. Document checking and validation, product research, operational intelligence, digital assistants, automated job creation, and track-and-trace automation all reduce manual work.

Compliance is where agentic AI creates the most value for our customers, and it is also where the bar is highest. We have already proven the building blocks.

Our document ingestion AI is available across customs and finance workflows, and our smart auto request agent operates in operational workflows end to end. CargoWise AI agents that relate to compliance will be trained across a wide range of countries, commodities, and real customer transactions, then refined further by shadowing experienced operators in live workflows.

Statistical and functional evidence of agent performance will provide customers and regulators confidence in outcomes. The threshold is deliberately high, and our agentic capabilities ensure skilled human operators conduct final reviews and decisions when a compliance obligation is being actioned.

This is a substantial undertaking. The training data, industry data, domain expertise, and customer network required to succeed are exactly what WiseTech has built over three decades.

Every capability we build applies across more products, more workflows, and a larger customer network. Customers gain efficiency, which aligns with our value-based pricing.

As customers realize that value, WiseTech can capture our share of the value created while delivering compelling returns for our customers. That leads to our next slide.

AI strengthens today's products and accelerates our expansion into new markets. We have expanded beyond logistics execution.

Today, we are building the operating system for five markets. This is central to our long-term sustainable growth.

Each is a large market where we already hold the customers, connectivity, and proprietary data that defend our position. The first is logistics and transport, anchored by CargoWise.

This market underpins more than $12 trillion of global goods movements, and growth opportunities remain. We will migrate our largest customers onto the new commercial model.

Agentic AI now automates a growing number of tasks across forwarding and customs workflows. We will continue to build out our native global customs coverage, and container transport optimization creates a new long-term revenue opportunity.

The second is connected supply chain orchestration, accessed through e2open. Here, we orchestrate supply and demand across planning, procurement, channel, supply collaboration, and associated logistics.

Already a leader in the supply chain space, we will continue to consolidate e2open's portfolio into one integrated platform and apply the same product-led discipline that built CargoWise. This is the largest expansion of our addressable market in WiseTech's history.

Next is trade finance and banking. Over 90% of world trade relies on trade finance, yet a financing gap of around $2.5 trillion remains.

Part of that gap is a verification problem: a financier needs confidence that the underlying trade is genuine. We hold the physical evidence of that transaction: the order, the documentation, and the electronic bill of lading.

This capability traces back to our Bolero acquisition. Fourth is customs, border, and government agencies.

Our customs solutions already cover approximately 80% of the world's manufactured trade flows. What is new is government becoming our direct customer.

In New Zealand, our BorderWise platform serves the entire trade community. Through our solutions, we are digitizing the relationship between trade and government, replacing fragmented processes, emails, documents, and data formats with integrated digital infrastructure.

That position is very hard to replicate. Fifth is verified identity, trust, and data through VerifyWise.

This opportunity spans every market I have described. Every participant across global supply chains and trade must be able to verify exactly who they transact with, and regulation is tightening that obligation.

In July, we announced the strategic acquisition of Freedom AI to accelerate this capability. Freedom AI maps supplier networks well beyond the first tier, drawing on more than 6 billion trade records to enable our customers to manage increasingly mandatory compliance regulations, including modern slavery, forced labor, sanctions, embargoes, denied parties, and many other regulatory schemes.

Of the five markets, I want to spend more time on VerifyWise. Revenue will begin in FY27, and we see a large opportunity emerging over time.

The premise is simple: around the world, regulations are raising the obligation on companies to know who they do business with, where products come from, and what risks sit within their supply chains. This goes beyond compliance; it's about keeping access to markets while enabling greater visibility for ethical and sustainable business practices.

What makes this opportunity attractive is the way it spreads. Every company has suppliers.

Those suppliers have suppliers. Each faces the same obligation to show they are safe and compliant to do business with.

When one organization adopts VerifyWise, it has a direct incentive to bring its suppliers onto the platform because its own compliance depends on it. Those suppliers can then use that verification with other customers who bring in their own suppliers.

As more participants join, the platform gains value. We gain wider visibility across supply chains, richer data, and stronger verification, which benefits every participant already connected.

Just as importantly, we are not starting from zero. Freedom AI brings multi-tier supplier mapping and real-time risk scoring built on more than 6 billion trade records with prebuilt frameworks across major due diligence regimes.

Combined with BorderWise, denied party screening, global knowledge, and our rich logistics and trade datasets, that becomes VerifyWise, a single platform for multi-tier verification. We will take it directly to more than 20,000 customers and over 500,000 connected enterprises already on our network.

Our FY27 guidance assumes an initial contribution from VerifyWise with a larger long-term opportunity. The five markets I've just talked about connect through the same industry participants, the same data, and the same network.

That is what makes this strategy work. We will extend the infrastructure we've built over more than 30 years across a much larger part of global trade and supply chains.

The long-term opportunity across these five markets is significant. In FY27, we will drive growth from the products and customer relationships we already have.

In CargoWise, we will pursue large global freight forwarder rollouts, wider adoption of CargoWise Value Packs across all markets, including SMEs, and more customer usage and monetization as we deliver more AI-powered capabilities into workflows. In e2open, we will continue to invest in our leading products, strengthen the value we deliver to customers, and build on the leadership positions the portfolio holds today.

Alongside this, we will improve customer retention, increase adoption, and introduce scalable, value-based commercial models. We will also bundle solutions across CargoWise, e2open, and the wider WiseTech portfolio, increasing the value we deliver to customers.

We will also monetize new growth initiatives. VerifyWise gained strength through the Freedom AI acquisition, and we expect an initial contribution in FY27 while also continuing to build on our value-based pricing across our products through the productivity and efficiency benefits we deliver for our customers.

Together, they give us multiple avenues to grow in the near term while we build the foundations for much larger opportunities over the longer term. This brings me to our outlook for FY27.

Assuming there are no material changes to these assumptions and no unforeseen events that arise prior to 30 June 2027, we expect to deliver total revenue of $1.48 billion to $1.54 billion, representing growth of 6% to 10% on FY26. The range reflects our view on adoption of the CargoWise new commercial model by customers, further delivery and adoption of agentic AI in CargoWise, and the launch and adoption of new products including VerifyWise.

These levers have customer dependencies, and at the lower end of guidance, we are assuming growth in line with FY26 and modest adoption of new initiatives, and at the upper end, assumes accelerated adoption. We expect CargoWise revenue growth of approximately 12% to 20%.

This will be driven by further agentic AI feature delivery in CargoWise and the initial launch of VerifyWise, alongside large global freight forwarder rollouts and growth from new and existing customers. Our guidance assumes a CargoWise revenue skew of 45/55 between the first and second half, reflecting the timing and expected uptake of new products and AI features.

For e2open, we expect revenue to be flat as we focus on integration, product and revenue synergies, and shift away from lower-margin legacy revenue. FY27 includes an additional month from full-year consolidation and absorbs an approximately $5 million headwind from the Expedient divestment completed in June 2026.

Turning to underlying EBITDA, we expect to deliver $725 million to $780 million, representing growth of 12% to 21%, and an underlying EBITDA margin of 49% to 51%, an expansion of 3 to 5 percentage points on FY26. Taken together, our FY27 guidance reflects a business with stronger margins, a more efficient cost base, and a growing pipeline of product and commercial opportunities.

Our focus now is to convert those foundations into further revenue momentum and greater value for our customers and shareholders. To summarize, FY26 was transformational.

We delivered record revenue growth, we exceeded guidance EBITDA, integrated e2open, and reduced our cost base by approximately $115 million on an annualized run rate basis. We enter FY27 a stronger and more disciplined company.

We now operate across five deep, regulated markets connected by one network, one dataset, one customer base, and one talented global team built over more than 30 years. AI strengthens that position, and our commercial model means that as our customers benefit from what our solutions deliver, WiseTech shares in it.

FY27 is about momentum: delivering large global freight forwarder rollouts, increasing CargoWise Value Pack adoption, converting AI-driven customer value into revenue, accelerating e2open integration and synergies, and scaling VerifyWise in market. We are confident about the path ahead and excited about what comes next.

Thank you. We'll now open for questions.

Hey, good morning, Zubin and Caroline. Can I just check the thesis that you're building product momentum first and then maybe monetizing later?

I say that just because industry feedback suggests some freight forwarders are now passing on CargoWise costs to end customers, and some of them are using features like Neo to save on other software like Logicor, and Zubin, you're kind of flagging VerifyWise as well. My broad point is, it seems like LGFFs are benefiting from new cost savings, and so I'm just wondering, are you assuming monetization of this cost benefit in your second-half FY27 guidance?

Maybe, I don't know, could it incentivize remaining LGFFs to come across or could you price to value for these additional benefits across the broader base?

Thanks, Eric. Good to hear from you.

Look, we are seeing more customers pass on the CargoWise Value Pack fees to their customers, but it's important to remember that that's an optional feature and at the discretion of our customers. Actually, whether they pass it on or not really isn't a driver of growth.

What is a driver of growth is that the CVP model makes it far easier for customers to adopt CargoWise. We're seeing an increase in signings of 30% since the launch of CVP.

We're seeing an increase in signings of SME customers by even 55%, and that's typically a segment of the market that we didn't do very well in, in that SME space, because of our prior commercial model. You're right on the second-half '27 skew and on the focus there.

There is a skew towards the second half, and that's driven largely by three things. The first is STL to CVP conversion for the remaining 5% of our customers.

The second is the delivery of efficiencies to our customers through automation, obviously including AI, and then how we take a small slice of that based on the value we deliver. The third is the adoption of VerifyWise.

Now all of those initiatives are typically second-half skewed simply because of timing. VerifyWise is a relatively new product.

We have many of the building blocks. We've acquired Freedom AI, we have BorderWise, we have our global knowledge and our datasets, but monetizing that will fall more into the second half.

Also you talk about sort of on the AI efficiency. I talk about how we will monetize that.

We do have a number of agents live already, but in our industry, given the significant focus on compliance, it's not just about releasing agents and saying we have 10 agents or 15 agents or 30 agents. It's about really building agents that are stress-tested and solve some of the most complex issues in the industry, and that takes time.

Again, that's why that is second-half skewed.

Just a super quick follow-up, Zubin, if that's okay. Thank you so much for confirming your price to value in the second half '27.

I was just wondering, how does TPP play around with the mechanics? Cuz, obviously, TPP reduces costs for some customers and increases it for others.

My question is, do you assume the removal of that in guidance, and would that be a net positive or a net negative?

Transitional Pricing Protection, TPP, it's not really a driver when we talk about growth. You've seen in the past as we've transitioned commercial models every 10 or 12 years, that transition can take 2 to 3 years for all customers to move across.

Now TPP is entirely at our discretion and it's something that we will look at regularly and regularly evaluate, but it's not really a factor when you consider CargoWise growth.

Thanks, Zubin.

Thanks, Eric.

thanks, Zubin and Caroline. My question is around FY26 organic CargoWise revenue growth, because it did slow to 8%, and I think you mentioned those refinements that were made in the second half.

Just wondering if you can give us some color on what these refinements were and if they weren't made, would you have been able to hit the low end of your previous CargoWise guidance range of 14% to 21% or would you have landed towards the midpoint? Just trying to work out what that delta was.

Thanks, Lucy. Look, you're right.

We landed at 11% growth for CargoWise, and we had put an assumption in we'd land at 14% to 21%. It's important to obviously note that we did land within the revenue guidance range, which was very important for us.

You're right that the refinements that we made to the model in the second half really drove that slightly lower CargoWise growth. Now these refinements were important refinements to make and they were based on customer usage and feedback as we rolled out the CVP model to the 95% of customers.

Now this is something we've done every 10 to 12 years, and keep in mind that this commercial model change was quite substantial. We were moving from quite bespoke and individual pricing arrangements to community pricing.

You can understand that in a transition like that, there will be things that are discovered along the way that we need to refine. It's not an unexpected outcome for us.

It's also important to note that these refinements we've made are critical for medium- and long-term growth of CargoWise, and we are very focused on how we grow in the medium and long term, despite some impact in the short term.

Will those refinements unwind in second half '27, and hence that kind of second-half skew you mentioned before?

No, these are refinements that are part of the commercial model. These are refinements that will live with the commercial model for as long as we stay with this commercial model.

These were important changes to really ensure that CVP was a medium- and long-term success for all of our customers.

Right. Sorry, can I just tease that out just a little bit more?

Was that like a rebate or a price Are those the types of refinements where

No,

no, no.

These were not rebates or incentives or anything like that. These were changes to how the commercial model actually works in terms of timing of billing and operationalizing of how the commercial model works for our customers.

These weren't financial incentives that we gave to customers.

Okay. Thank you.

Zubin, just following up from those questions, because the key question and debate is whether, because you've got growth slowing to 6% in the first half implied by the guidance and then an acceleration, right? On those three points you mentioned, can I just double-click on that?

You mentioned STL to CVP But we just saw in second half, and you just mentioned, refinements, right? Do you still expect the larger forwarders to pay you more?

Second thing, in terms of AI efficiency, how does it work in the CVP mechanism? Are you going to put that as a new module or do you just put pricing up for the packages?

Third thing, you're saying standard price increases in the appendix for your guidance. I don't think you've increased prices when I look at the list prices, are you putting up pricing first Jan, and so there's a second-half skew?

Just the building blocks would be really helpful. Thanks.

Sure, thanks, Siraj. You're right.

There are three building blocks for that second-half skew, as I mentioned: VerifyWise, AI efficiency, STL to CVP conversions. You focused on the last one.

Yes, we are still working very hard to convert the remaining 5% of customers across to CVP, and as we convert them, and obviously there'll be some transitionary arrangements in place, as there have been with prior commercial model changes. After those transitionary arrangements are over, yes, there is a significant revenue uplift for us from moving those 5% of customers across.

Remember that these customers will ultimately move across to community pricing, and that means a lot of the volume discounts and so on fall away. That's the whole point of community pricing: it puts everyone on a level playing field.

Again, there will be some transitionary arrangements that are in place. Now on the AI efficiency, I think the right way to answer that is that AI is just another way for us to do what we've done for 32 years, and that is to deliver automation, efficiency, and productivity for our customers.

Of course, AI is a significant unlocker of that, and it's probably the most significant in our lifetimes. How we monetize that is ultimately by taking a small slice of the value that we deliver to our customers.

Even taking a small slice of that value, given how large that value and efficiency could be to our customers, could be quite significant to us in terms of incremental revenue. We quoted a figure in the results deck, Siraj, where we said that for some of our larger customers, even a 10% labor saving could be $180 million to $300 million saving for those customers.

Even if we took a tiny slice of that, you can see how meaningful that would be for WiseTech.

What about the standard price increase? Is that now 1st Jan or something, cuz I don't see a price increase on the website?

Siraj, look, we've not disclosed the timing of the price increase, but I think most people will be aware that we did not put a price increase through for a number of customers on CVP on 1 July, and so that's obviously had an impact on the CargoWise growth rates in the first half.

That's an assumption into the second half then. Okay.

All right. Thank you.

Thanks.

Thanks, guys. Can you hear me?

Hello? Can you hear me, guys?

We can hear you.

Oh, perfect. Thanks.

Just a quick clarification on the margin guidance. Does a return to over 50% underlying EBITDA margin in the second half of '27 imply that the first half would be below 50%?

Then just a quick sort of follow-up to that. If I look at the underlying EBITDA exit margin, it's quite strong versus your guide for '27.

You've announced a little bit of extra cost out, appreciate another month of e2open, but you're also exiting some of those lower-margin consulting revenues. Can you just help me reconcile these drivers to the comment around greater than 50% group EBITDA margin requires accelerated adoption, are there more cost-out opportunities, and how should we think about the cadence of that first-half, second-half in '27?

Yep, sure. On the first part of your question, and in relation to the second half and getting to underlying EBITDA at 50%-plus levels, the reason why we're saying it's second half is because alongside the driver of where we get to in the revenue range, [coughs] it's similar to where we get to in terms of the EBITDA rate range.

It's really dependent on our ability to accelerate the delivery and adoption of new initiatives. In terms of whether we get there in the first or second half, it really depends on the rate of adoption.

We've been quite clear to say that at the bottom end of the range, it does require some adoption of the new initiatives, and getting to the top end essentially requires us to accelerate that timeline. Then I think on your second question, you were talking about the underlying exit rates.

I think it's important to note that if you look at the exit rates coming out of the group for FY26, it was essentially at 47%, and that's the EBITDA margin rate that we're going to carry with us into the first half of FY27, and you'll see the pickup in the second half, about 7 to 8 percentage points at the top end of the range, again dependent on the accelerated adoption of the new initiatives. I'd say there's more dependency in terms of customer uptake and adoption and delivery of new initiatives.

There is obviously still some ongoing cost restructuring that will happen in FY27, and we've provided the numbers that we're expecting it to be net savings of approximately $10 mil in FY27.

Perfect. Thank you.

Then maybe just one super quick follow-up. You've obviously rolled AI out to a few function expenses in a lot of detail, $10 mil of net cost out next year.

Is it reasonable to assume that there are maybe other opportunities in some of your other function expenses? Appreciate you're not guiding to it, but are you guys looking at that, Caroline?

Absolutely. Look, when we announced the AI transformation program in February, we did say that we were first focusing on product and development and customer service because those are the functions where we had seen the most success with AI, but we also did say that as part of building our high performance teams and embedding the business in terms of AI-led thinking, we were going to be taking that mindset across the rest of the business.

Yes, some of the savings that we're expecting in FY27 are in other teams that are not just product and development or customer service.

Thanks.

Oh, hi. Morning, all.

Just like to circle back to CargoWise revenue growth in FY26. When I look at your second-half CargoWise revenue growth, it was roughly about 10%.

I'm just wondering what's the exit rate of that growth towards the end of FY26? You mentioned about some of the refinements that you've made.

Just like to get some confidence that you can deliver to that 12% to 20% in FY27. Maybe just to clarify, do you include the contribution of Freedom AI in CargoWise revenue going forward?

Thanks.

Yep, sure. The exit rates for FY26 in the second half are about 10%, as you said, and so in the first half of '27, if you look at, I guess, the midpoint of the guidance, it is coming down slightly at around 9%, but it's essentially the same growth rate.

Yes, we are including FRDM in CargoWise growth going forward.

Sorry. Yes, so that's great.

You're not assuming any contribution from things like CTO? That's more longer term.

In FY27?

There was some noise there. On CTO, as we've said today, we are now live with CTO, and the product has been complete for some time with a number of optimizations around dead-leg removal, live leg compression, and so on.

The interesting point to really raise here is that given we have a number of the building blocks here to make this very successful in the medium and long term. We already own MatchBox Exchange, and through the e2open acquisition, we own Avantida, which are two providers of container transport optimization solutions.

We already have revenue in the CTO space. We already have customers in the CTO or container transport optimization space, and we already have significant domain experience here.

The opportunity here is significant. It isn't necessarily a material driver of FY27, which is why we've talked about the three very specific levers.

It is a medium- and long-term growth lever for us, and I think it's important for us to have short-, medium-, and long-term growth drivers for the business.

Got it. Thank you.

Thank you for the opportunity for questions. Just on the cost guidance, I'm just trying to work out the moving parts.

I must admit it does appear a bit conservative to me. On an underlying basis, you're effectively guiding to flat costs, but you're obviously benefiting from the annualized savings from your restructuring programs, which were second-half weighted to an extent, as well as those AI savings.

I know you've got that extra month of e2open in there that might add $30-odd million to your cost base, but just what else is getting you back to flat? Thanks.

Hi, Tom. In relation to the underlying EBITDA margins, we are expecting a 3 to 5 percentage point margin expansion in FY27, I guess from our perspective, that's a very strong story around the momentum that we've managed to build from the programs that we carried out in FY26, which as we stated, delivered approximately $115 million of annualized run rate savings.

Now, a decent portion of that obviously came from e2open, which was carried out much earlier in the year, and so therefore, the run rate savings getting to '27 is a bit lower for those ones, but in relation to the AI transformation program, that happened at the end of FY26, so that's where a lot of the momentum is going to come into FY27. We are expecting some additional cost out in FY27.

We've said approximately $40 mil in annualized run rate savings. I guess the other aspects to remember as well is that we are continuing to invest in AI.

The investment in '27 is going to be higher than FY26, and so that's one aspect on the cost side that we need to take into account.

Thank you.

I think we lost you, Paul.

about in prior results that looks like it's dropped away and I thought was sort of the overarching strategy behind the e2open acquisition. It's just sort of wanting to get an update on sort of what's going on with the concept there, maybe you changed the name of that or is it sort of been replaced by a different strategy, yeah, thanks.

Paul, sorry, we missed the first probably one sentence of your question, we don't have the context. Could you just repeat that again, please?

Oh, sorry. Sure.

I was just hoping to get sort of a bit of an update on the tradewise.net concept that you guys had talked about in prior results, and sort of cuz you haven't mentioned that in this slide deck, and I thought that was sort of the overarching strategy behind buying e2open from a product perspective. Just have you guys renamed that or sort of tweaked what you're doing there?

What's sort of the context for that not being represented today?

It's a great question, Paul. Nothing has changed in terms of our product strategy with e2open.

We talked about the three horizons, obviously, when we acquired the business. The first horizon was very much about cost synergies and integration, which we achieved earlier than target.

Second is really also about further cost synergies, but also starting to lay the foundations for growth in that business and product synergies, which we're working on as we speak. The third is really then about monetizing those growth synergies.

TradeWise continues to be the vision for our orchestrated supply chain solutions, that brings together supply, demand, channel, planning, and all of the assets that e2open have. How we brand that, we'll work on that and announce that at the right time, but that product strategy has not changed at all.

All right. Great.

Thank you.

Thanks for let us have follow-up question around e2open. In the remarks you mentioned that you're moving towards a more value-based commercial model.

Just wondering, any learnings you've had from this recent CVP experience, and what will take way into that e2open transition? How should we be thinking about kind of the growth that could come from the transition as well in the medium to longer term?

Look, I think the CargoWise Value Pack launch was quite a unique proposition. It was at a time when AI was suddenly becoming quite widely adopted in the industry and changing how licensing had to work.

Charging by seats was simply not a proposition that we could manage to do anymore. The idea of charging based on value or based on transactions is very aligned with our thinking, and that's exactly what we intend to do with the e2open really great products and assets.

It's part of what we would call the WiseTech Way. It's how we adopt the WiseTech Way, the way that we've built CargoWise to be so successful, and apply that into the e2open products as well.

A big part of that is standardization of those products rather than the current focus on customizations.

Lucy, I might also add a point as well to say that with e2open, we're taking the approach where, as Zubin has just mentioned, the initial focus is more moving the business away from the sales-led model towards a product-led model, doing the standardization. I'd say the first step in terms of the commercial alignment we've done is not necessarily to move them straight onto the WiseTech or the CargoWise traditional way of billing.

Many of the e2open businesses still bill in the traditional sense in terms of subscription revenue that isn't necessarily value-based. It can be a fixed price for a year.

They're often multi-year agreements, and so for us, we're making commercial decisions about, yes, where it's possible, where it makes sense, and where it's a benefit to the customer in terms of retention, we're moving them towards a value-based model, monthly billing in arrears similar to CargoWise. For those where the customers are a little bit more complex, or there's other issues that we need to manage first, I'd say first and foremost, we're focusing on the product-led approach and customer retention, and the move to the commercial model can happen a bit later.

Great. Thank you.

Zubin, can I just check on the AI features or the agentic features you're launching? Seems a bit delayed than what I'd expected.

When do you expect to release those features in terms of timeframe, or the key ones you're thinking in that slide? Secondly, just on VerifyWise, you've had some issues in monetizing products a bit.

It takes a bit longer, right? Just confirming the confidence in the second-half contribution.

Do you already have customers lined up to actually give revenue in the second half? Thanks.

Thanks, Siraj. That's a good question.

No, I wouldn't say that we're delayed at all on the CargoWise AI agents. We talked about having four agents in very early release the last time we spoke at the half year.

We have rolled out two quite significant additional agentic capabilities. It's not really correct to call them two agents.

It's actually made up of many agents, but it's two capabilities. As I was saying in one of my earlier answers, we are not necessarily focused on putting out numbers like we've done 10 or 15 or 20 agents just for the sake of that.

We are very focused on building really robust, compliance-focused agents that are well-tested and are sort of stress-tested against real data, against real commodities, and against real country data as well, and also shadowing real operators in the industry. That does take time, but that's the only way that we can be successful here.

We are not in a rush to just put more and more agents out into the product. Now we have a very deep operational plan and roadmap for the delivery of those agents, as we showed at a high level on that slide.

As we've also said, as we roll out those agents and deliver even more efficiency into our customer base, there's a real opportunity there for us to take even a small slice of the value that we deliver. Now on VerifyWise, we do have all of the building blocks, and yes, we do have customers.

The Freedom AI acquisition, obviously, they have customers as part of their platform that we can further monetize. We obviously have a large number of customers through the CargoWise ecosystem, and we also have an even larger number of customers through the e2open ecosystem.

All of those customers, every single one of those customers, and every single one of our carrier connections, airline connections, banking connections, and so on, all of those organizations have the potential to be VerifyWise customers. Yes, there is risk here.

There's always risk when we're innovating, and that's why we've explained the building blocks of how we go from sort of the lower end of FY27 guidance, which takes into account some modest adoption of these initiatives, up to the upper end, which is where there's an accelerated adoption of these initiatives.

Got it. Thanks.

Just a quick question as well. On I think you mentioned you removed 1,200 headcount as part of the AI transformation.

I think from memory, you're sort of supposed to remove 2,000 heads. Is there more to come or have you actually reduced the potential there?

Thanks. Thanks, Siraj.

Yes, we as part of that transformation, we've removed 1,200 roles from WiseTech globally, and that's about 50% of product and development and customer service. When we announced that program at the half year, we did say it would be across the entire business and that it would run into FY27.

Whilst there are other functions that we are still looking at, it's very important that we understand we're doing that more as a BAU focus on high performance teams and further adoption of AI. We also said in that 2,000 number that a large number of those 2,000 were actually made up of e2open professional services teams, and we had spoken before about how that wasn't necessarily a part of the business that we wanted to own, whilst very important for the industry, and we're continuing to evaluate how we would potentially transition those professional services teams to partner networks and so on.

Thank you.

Hi. Can you hear me okay?

Yes, we can.

Yes. All right, perfect.

Thanks for taking my question. On the bringing new AI capabilities, there's a target of the 50% labor cost savings, but I was wondering how much labor savings your most AI enthusiastic customers are already seeing?

How that's evolving, and I'm sure you benchmarked this for sales purposes, a number would be great.

Thanks, Roy. Good to talk to you.

I will also just call out this is the last question. Look, we aren't disclosing the percentage saving that we're at now.

I would say that we are progressed on rolling out those agents as we've talked about on the slide, but there is substantially more work to be done here to really make those agents robust and work in a very regulatory- and compliance-driven industry. That's not to say that it will take substantially more time.

There's obviously work to be done there, but we are not in a rush to roll those out. Our focus is on getting them to be robust and then releasing them to market, in testing, in pilot, and then making them more and more robust as we shadow real live operators.

There isn't a specific number I can give you there, Roy, but I can say that our target of 50% remains our target over the next sort of 18 months to 2 years, and that a 50% labor saving would be quite substantial for our customers of all sizes.

Okay, 18 to 24 months. Great.

Thanks.

Thanks, Roy. Thank you everyone for your time.

We appreciate the interest and the discussion.