Eagle Eye Solutions Group PLC (EYE) Earnings Call Transcript & Summary

Good afternoon, everybody, and thank you all for joining us today. I'm Anne de Kerckhove. Oh, yes, I have one slide, which, I'm the Chair of Eagle Eye. It's a pleasure to welcome you all to Eagle Eye's 2026 Capital Markets Day, and we appreciate the time you take with us today. Before I start the meeting, we've asked every presenter to actually share why they joined Eagle Eye. And so I will start with myself. I joined Eagle Eye because of the people. The team at Eagle Eye are honest, driven and are always looking for the right outcome, the right outcome for their shareholders, the right outcome for their clients, and transformative innovation. And when you put all of those qualities together and you team it with an amazing list of clients, you deliver amazing results globally. And that's what motivated me to join Eagle Eye. Now this is an important moment for the business. The world of loyalty and personalized marketing is at an inflection point with AI reshaping what's possible. And we believe Eagle Eye is exceptionally positioned for this next phase of the market because we've been spending years planning and building the technology, the expertise, the data, the relationships with our clients to achieve exactly this transformation, personalization at scale. And we're perfectly suited to help our retailers navigate, which is an interesting new phase of personalization where we have capabilities that we didn't even have 5 months ago. So if we look at what's happening across the industries, we're seeing a lot of the same themes emerge, right? Everybody is trying to embed AI in their companies, not just in their technology teams, but across the whole organization. Businesses are trying to move at pace to cope with the speed of change. And they have to do that whilst remaining focused on efficiency and outcomes. Technology for technology's sake serves no purpose. When technology is efficient, it delivers the outcomes you expect. And that's much harder to do than to actually put on a PowerPoint. Successful companies are those that put the customer still at the heart of innovation and build strong partnerships to go to market efficiently. And increasingly, companies are not looking for simple technology providers. They're looking for true partners, partners that will co-innovate with them that will understand their problems and drive solutions for the future. And that's what we try to do every day for our clients. What does this mean for the loyalty industry and Eagle Eye? The shift to personalized real-time engagement at scale is no longer theoretical. And I feel like we've been saying this for years, but it is actually happening. We can create a single personalized promotion for every single individual customer, and we can do it every day. That's an immense power, but we have to leverage it carefully. We could easily go back to just trying to create tons of messages and go back to the world of spam where everybody received a message. So it's about using the technology in a very smart way, and the team will try to focus on that today. And what's important is you combine technology with the organization, but you have to do with domain expertise, and that's what Eagle Eye have. They have a team that are from a retail background, obsessed with retailers, obsessed with the right outcome for the retailer and its consumer. And importantly, we are there to help our clients work through the answers about this revolutionary technology that's happening here today. From the earliest days, Eagle Eye has focused on applying AI-driven capabilities, data personalization. This is exactly what we've been doing for years. We just get a chance to accelerate that transformation and take it to a scale that was not possible a few years back. Our core strengths lie in the ability to price enterprise-grade technology that enables our customers, some of the world's largest and most complex retailers to deliver highly personalized promotions at scale. We help enhance the consumer experience, improve loyalty, but deliver equally a very measurable return on investment. And that's something that's absolutely critical today as we all look for efficiencies and driving our businesses forward. Technology is not enough. As I said, what differentiates Eagle Eye is really the team, the team that understands how to translate evolving consumer needs into scalable, high-impact solutions, combining an AI-first approach with deep industry knowledge. Our success with this is really reflected in the longevity of our relationships with our customers, the increased depth of relationship every day that we put forward with our clients and accelerating momentum that we're seeing in our win rates this year. You will hear today more about how the market dynamics are evolving, how Eagle Eye's platform is changing, how our AI capabilities are delivering measurable outcomes for our customers, and this will be really how we underpin our profitable growth strategy for the next 3 years. With that, I will hand over to Tim, who will run through a quick overview of the business and the agenda for this afternoon. Thank you very much.

Thanks, Anne, and thanks very much for everything you've done for us since you've been our Chair. It's been a pleasure working with you. Why did I join Eagle Eye? Well, [ Terry Leahy ] Hello? I was going to tell you one of my stories, but maybe -- no, I won't. I'll stick to. It's too early to go rogue. Terry Leahy was an early-stage investor, talking of which an early stage is Steve Rothwell, our founder, is here. Thanks, Steve, very much indeed for joining us. And Steve went to see him and managed to persuade him to put some money into the business. And Terry said to me, you got to go and have a look at this Eagle Eye thing. I used to work with Terry back in the day at Tesco. You got to go and see this Eagle-eye thing, I think it's quite good. So anyhow, Steve and I met and we met some people and they came and told us about it and then nothing much happened. And Terry said, "No, no, you really should have a look at this Eagle eye thing." He said, it's what we did at Tesco with Clubcard, but it's using technology. I think it's going to be really cool. And to be honest, we didn't do too badly with Clubcard and doing that for Tesco. So I thought it would be quite fun to put the band back together, and there's obviously been advantages in being part of band from Liverpool. So I reunited with Terry, and that's what led me to be with Eagle Eye today. I joined as Chair and then it's not quite Victor Kiam, I liked it so much I bought the company. But when they said we need a CEO, I liked it so much that I decided that I would rather be CEO and actually be in the trenches doing it with the guys than being the Chair. Not that the Chair, of course, isn't in the trenches doing it with us every minute of every day. So when we were talking about this and planning this event, Canaccord kept positioning it to me as saying, you see you've got these AI headwinds that you've got to worry about and you've got to think about and talked about the AI threat. And I said, the interesting thing is I don't think we face an AI threat. I think we face an AI opportunity. So today is all about explaining to you why we believe that AI is a huge opportunity for Eagle Eye. We'll start off talking about the market. Sarah Jarvis, our newly promoted Chief of Staff, just returned from maternity leave, having produced the wonderful Olive to join Benjie, and we're delighted to have you back, Sarah, and look forward to hearing from you in a minute. Then we're going to hear from the dynamic duo, 2 guys, one voice, they referred themselves to as yesterday, all the way from Paris, who will talk to you about the AI business that they started and how they're developing that and the opportunities. We are then going to meet Jeff for the first time, certainly live for the first time, who will be talking to you about how we're executing commercially and particularly the opportunity in the U.S. We're then going to hear from Al and Matt about the opportunity that we face with the OEM, but also with other partners and how that is increasing our opportunity for rate of growth. And finally, Lucy will wrap it all together in a bow add it up, get to 100 million and 30% EBITDA, and we can all go home happy. So that's what we're going to be doing today and to set it into context and for people who don't know the business. We've made a movie, we did one last year, but we've done new one to explain the business to you. [Presentation]

Just before I wrap up, I think the thing that I'd ask you to be looking for and thinking about is when people suggested that AI was going to fundamentally undermine businesses. There was some suggestion that the technology could simply be replaced better, simpler, cheaper, quicker and you'd be done. But that completely underestimates what we do as a business. And of course, we have data and we have technology, and they're very important, and they're incredibly valuable. But in addition to that, we have enormous domain expertise and huge distribution scale. And so what I'd like you to be thinking about as you hear from our people during the course of the afternoon is evidence of all these 3 things. And I hope by the end, what you'll agree is that they do come together to create an AI opportunity, not an AI threat. Thank you all very much indeed for your time. I'm going to hand over to Sarah, and thanks very much for coming, by the way.

Thank you. Hi, everyone. Great to see you all here. I'm Sarah Jarvis, Chief of Staff at Eagle Eye. I have been in the business now for 8 years. And for the decade prior to that, I spent my life in loyalty consulting and analytics. So I've been in the game for a while. The reason I joined Eagle Eye was because I wanted to move into the technology space, and I saw Eagle Eye and I thought, God, this business must be doing something great. They're working with these much loved British brands. At the time, we were working with Asda and John Lewis and JD Sports. And they had just signed a contract to extend into Canada, working with the biggest grocer in Canada and the biggest pharmacy with Loblaw and Shoppers Drug Mart. And I joined the business and if you fast forward to where we're at today, what we have done is quite remarkable when you reflect back on it. We have really consolidated our positions as the market leaders in the U.K. and Ireland. We've built on the great work with Loblaw and Shoppers Drug Mart and have built and are continuing to build a really exciting business in North America through Canada, the U.S.A. and more recently into Mexico. We, through the acquisition of Untie Nots, are working with all of the market-leading grocers in France and have extended our reach across Continental Europe. And then we've grown our base out of Australia and New Zealand through the work we're doing with the Woolworths Group through ANZ into Asia, where we've now got clients live in Vietnam, Indonesia, Thailand and Singapore. And the thing that makes me so excited and why I come to work every day is we are still just scratching the surface. There's a big old iceberg underneath all of that, and we have got a huge opportunity ahead of us. And the reason I say that is the market is huge and it's growing. Loyalty management as an industry is worth $12 billion as of today. By 2030, it's estimated to be worth $20 billion. And when analysts look at our category, they tend to split it into 2 groups. So they look at loyalty services, which is consulting really and loyalty platforms. And what we're seeing is this transition into the platform and technology space within our industry. Platforms are driving that growth in the category, growing 3x faster than services, and that is the part of the category that we clearly play in. We've talked before about how the industry is global. It spans sectors, it spans geographies. You'll note on the chart, North America is half of the category spend. So of that $12 billion, you've got $6 billion of it coming out of North America, which is why Jeff is going to spend quite a bit of time talking about the work that we've done in North America over the last few years, but we're present in all of the well-established markets for loyalty and the fastest growing of APAC, we've got another 14% share. So we're really well positioned within the category in the right layer, in the right places to really capitalize on the growth. Now when you think about why it's growing, actually, consumers are demanding it. As of last year, research from EY, loyalty programs are the most important reason a consumer stays with the brand, and that is ranked ahead of product quality. And if you think about that for a second, it's quite remarkable. And as economic uncertainty climbs, both here and abroad, we're going to see that drive continue. Loyalty programs have been referred to as a lifeline for the consumer who is feeling the squeeze. Only this week, on Tuesday, I turned on BBC Breakfast and there was an entire segment about consumer sentiment towards the U.K.'s biggest programs. This is in the headlines because it's so important to the end consumer. If you then flip to the business view, 57% of executives agree customer loyalty is vital, but the loyalty systems are not delivering the outcomes they need. And we need to be careful. We focus in. It's not the loyalty programs aren't delivering the outcomes they need, it's the systems that those programs are run on. So when I talked to you earlier about this platform transition, it's a technological issue that is holding these businesses back from delivering the outcomes that their customers want. If you dive a bit deeper into it, EY produced a really extensive market study last year, and they outlined the top 5 challenges that leaders of loyalty programs are facing. One, you've got to make sure the program is really enticing to all of the different personas you come into your store. You've got to reward relevance and make sure that the value has a really strong perceived value so that you don't lose swipe rate. You've got to make sure people remain engaged in the program. You've got to be able to quantify the impact and you've got to be able to showcase that the program drives profitability. And when I look at those 5 things, I see one answer, and that answer is personalization. Personalization helps you make sure your program and every reward you give is not just enticing, but is created for every single individual, not a persona. It helps you make sure that everything you do is hyper relevant, built for the individual. The relevance make sure people remain engaged. You can quantify the impact of everything you do because personalization is inherently measurable. I can't quantify the value of a TV advert that I put out, but I can quantify a personalized message to a person. And we know personalization drives profitability. You do better marketing at a reduced cost that drives better uptake from the customer. So reassuring to see data from Forrester from last year that says 83% of organizations have got C-level support to go forward with personalization and 80% will continue to invest in personalization of 10% or more for the next 2 years. So things are moving in the right place, but challenges remain. We talk to businesses all the time about the fact that you can't just invest in personalization, loyalty and personalization are 2 sides of the same coin. In an omnichannel world, you build your loyalty program to generate the customer data that enables you to deliver personalization, and those 2 things work together. We call this in Eagle Eye, we talk to customers about this give to get value exchange. You need to ask the customer to give you their data in exchange that they get something in return, and that's something in return is normally highly relevant offers and rewards. What's changed the game in the last couple of years is the arrival of AI that means that you no longer have to have teams of analysts sat around crunching data. When I started working in loyalty nearly 20 years ago, I worked with highly intelligent analysts who would be building campaigns over 12 or 13 weeks to produce good segmented marketing that would go out at big bangs, maybe 4 or 6 times a year. Today, you can do that same workload in a day, in an hour, and you're not delivering to segments, you're delivering to individuals. But there is still one major challenge in the model is that you're only as clever as your ability to execute. You can have the best AI, the best data science in the world. But if you fall at the last hurdle and can't get that message to the customer when they want it, it's no good. Which is why it's very exciting. And hopefully, you saw in the video, we're delighted to be able to offer kind of the 3 key components that any business needs to deliver on this big promise of personalization. You need the engine that allows you to build the customer engagement proposition that works for your business and for your customers. We've got that. We call it the marketing toolkit of dreams. It's what every marketer wants. They can build the program that's right for them. Then we've got EagleAI, built for retail AI trained over a decade that helps you move not from to clever segmented marketing, but offers that are built for the individual. And then the secret sauce, omnichannel execution. We can get those millions of offers into the hands of customers wherever they happen to be able to engage with you at real time and at scale. We're doing 1.7 billion of those all over the world every week. So the market is ripe for all of this. And I stood up here 2.5 nearly years ago and said the market is coming towards us. And I think in that 2-year period, what's happened is that things have become more urgent from the retail point of view. And when I look at it, I think there are 4 key reasons for this. The first, we've been saying it for a long time, but loyalty is no longer a nice to have. It is recognized as P&L driving activity that can't just be siloed off to a marketing team in one part of the business. It is essential to whatever the business does, and it's the home of the relationship from the business and the customer. We know consumers spend more when they've got a loyalty membership and the best-in-class example of this is probably Tesco for our market. They've got a loyalty program that's more than 30 years old. They are at record loyalty penetration. 82% of transactions that go through the till are accompanied by a swipe. And Ken Murphy their last results presentation in April talked about the data that's generated off the program gives them an unrivaled understanding of their customer, which they use to personalize the customer's experience, which is what everyone wants to do. So when we go out and talk to people who are new into the loyalty space, we say, don't be a company with a loyalty program, be a loyalty company. The second one, we've talked about it. Personalization is a must-have, not from -- just from the consumer point of view, but the businesses want to do it, too. But the problem is technology is holding them back from delivering it. So it's not a problem of desire or ambition. It's the fact that they can't get the plumbing to work in the way that the world now works. We are very fortunate in our position working with some of the market leaders globally at delivering personalization and people like Loblaw and Woolworths in Australia talk openly to other retailers about the journey that they've been on to get there. We did the technical transformation for Loblaw in 2018, and the results speak for themselves for what they are able to deliver now and where market leaders like Loblaw, Tesco, Woolworths Go, others follow. The third is that the data that these programs generate is becoming more valuable every single day, probably for 2 reasons. One, third-party data that these businesses were used to using is becoming more difficult to use because of legislation and changes in platform. But the other thing is that this data is what fuels the AI that is so powerful and that is newly coming into these businesses. And we talk about this flywheel that becomes self-funding. So done well, if you get all the components firing, you generate your first-party customer data, that feeds your AI that gets smarter with every single transaction that gets fed into it. The AI enables you to deliver one-to-one marketing, which is the holy grail, everyone wants to do it. We know that marketing performs far better from an ROI point of view, so you can reinvest that ROI gained partially into the program and you use that relevance to drive the usage and then you keep going around that flywheel and it gets better every time. And then finally, there's another retail -- there's another revenue stream that justifies the investment into loyalty in the first place, which is retail media. We've been talking about it for a while. It's a growing industry. This year, it will be $100 billion of retail media spend in the U.S., which is 25% of all digital advertising, and that has happened in a very short space of time. And the reason advertisers are shifting into that channel is because it gets them access to the first-party data that is generated off the back of the loyalty program. Kroger reported last year $1.5 billion in profit alone from commercializing the loyalty data to advertisers. So this is not small for in a historically small margin industry. So that's the market. Why Eagle Eye and why now? I think just to summarize, we believe we're in the right market. It's a growing market, and we've got the right products, and we're in the right geographies to serve the increasing demand. We've got 57% of loyalty programs from a technology point of view, the owners of those programs feel that they're failing to deliver. We see that as a massive buying signal. The urgency to buy and make the change is growing, thanks to those 4 forces we talked to along the bottom. And if people are looking for new technology to deliver the goal of omnichannel personalization in real time, they will inevitably see Eagle Eye. We're already doing it. We're already winning with our customers, and we've got lots of customers through the rest of the day to present and talk about the work that we're doing with them. So I am now going to hand over to Cedric and Zyed, who are going to talk to, yes, we've got the right products to deliver today, but are we also going to have the right products into the future. And I hope you'll find the answer is yes.

Thank you very much, Sarah. Hello, everyone. 2 guys, one voice. Unfortunately, it comes with a French accent, so you're going to have to cope with it. My name is Cedric Chereau. And the reason I joined Eagle Eye is for what Sarah just mentioned, the amazing client roster that we have, working with those amazing retailers all around the globe and building partnership with them, helping them to make the best of the data that they collect in the loyalty program is what is motivating me every day. And today, I stand here with my friend and partner in crime for 20 years now, Eagle Eye CTO, Zyed Jamoussi.

Hello, everyone. My name is Zyed. Very nice to meet you all. So I'm the other Co-Founder of EagleAI, the engineer of the couple. And we founded Untie Nots that has become EagleAI recently with Cedric to have that AI engine to do the personalization at individual level. We built that start-up based on 10 years of consultancy in this space. We worked on data with retailers in Europe, in the U.S. for years to get to that point. And so we built this ability to personalize at individual level. We grew the business. We were profitable. We had most of the French market, and we started to expand internationally, but we had a blind spot. The blind spot was to be able to execute the outcome of our AI in real time everywhere in-store and online. So we could have built it, and we thought why don't we build it? But the challenge is at several dimensions. There's an engineering challenge. There is a maintenance and run challenge, and there is a trust challenge. You can't improvise yourself as something plugged into the holy grail of every retailer, which is the point of sale. It's too risky for them to work with someone who doesn't have a reputation, the solid reputation in that ground, particularly. So rather than building, we decided to join forces with the best solution out there, which was Eagle Eye. And since I become the CTO of the group 1 year ago, my obsession was to get to the point where those 2 things got connected together, the AI and the ability to execute on the personalization it delivered in real time. So we made it happen in September. September last year at Morrisons, people started redeeming coupons that were designed just for them individually in real time. They could keep the offer while they were queuing in store and get it executed as before they paid instantly in the blink of an eye. That's what happens when AI creates the right offer for every individual and AIR executes on it in real time in-store and online. And we make this happen in a very simple manner. No files to get from one system to the other, no armies of analysts, no checking if it works really, no loading online and offline and checking it's all synchronized and delivering the same message. Now it all flows naturally as part of a single pipeline. Why it's so important? It's very important because personalization without the ability to execute is just a list of nice things for lots of people. In parallel to that, if you execute without a brain, without the ability to personalize, it's just Sam. You create noise and people no longer listen to you. And you don't have the ROI that you could expect. And that brings value. That's what brings value. As Sarah mentioned earlier, that's how the Tesco and the Loblaw create so much value, personalizing and executing in real time based on that personalization. While most of the industry talks about personalization, most of them actually personalize by segment, family with kids, healthy living people. Personalization done by segment outside of the system, then we take the file, load it here, load it there, again, it becomes a huge project. In our case, we don't personalize by segment. We personalize by individual. And when we say individual, we mean every one of the 10 million customers that the Carrefour will be targeting. Every one of the 16 million customers that the Tesco would be targeting. And we use AI to do that and achieve ratios like 99.7% of customers -- of 10 million customers receiving unique offers. it's very difficult to find 2 people having the same set of offers with that output. We use an AI that has been developed over 10 years working on this data, optimizing, tuning the parameters, A/B testing permanently. And it contains some of the most sophisticated neural network, transformer neural network that we've embedded in the product that is at the core of the product. Transformer neural networks, I'm not going to bother you with too much data science, but ChatGPT, the GPT is a transformer. So that's the sort of chain of neural network that will transform every transaction into a signal. every basket, every behavior into a signal. That signal is not about Jeff bought bananas, he likes bananas. No, is there any symptom of liking bananas? Is he behaving differently? And more importantly, can we guess -- from his pattern what he should like and what he doesn't buy yet and how much more he can spend into it. So all of that is captured in our AI that will be able to personalize on multiple dimensions using that proprietary data that retailers who trust us make available to us. What is very important for us is not tech for the beauty of the tech. What is very important is what it delivers. And you will hear our clients saying how our personalization engine increase their click rate by threefold. I mean, not 10% or 20%. It's 3x what they had before using our tech. That's how you build an audience. And everybody is about audience and everybody is about monetizing the audience and retail media. That's how you get that audience to be active because we want an audience that is actually listening and relevance will create that. Audience is a thing, but you need to be able to create value with that audience. So our AI enables incrementality. So you see the numbers that we are able to generate in just 2 of our markets, and it's growing every year. That's real value for retailers, and that's why they trust us with that data.

Thank you. Two years ago, when we stand up in front of you for the first time, Untie Nots had only one product challenges, personalized challenges, the gamified continuity offers designed to reward incremental behavior. Over the last 2 years, we released 2 more products, personalized promotions, personalized coupons, personalized offers and offer ranking, the ability for retailers to rank all the mass offers that are available at a given time for each individual customer because we're all interested in different products at a given time. And right now, we're working on the fourth product. Give me a few minutes, and we'll come back to the last one. But first of all, what I wanted to do was to share with you how it looks like from a customer perspective, what is the customer experience at Morrisons, where you can find 2 of our products, personalized challenges and personalized promotions. So this is the Morrisons app. And as a customer, I can access the app and I scroll down and I see my personalized offers, and I scroll down and I see all the personalized promotions that are available to me. And one of them, if I continue to scroll down a little bit more, is My Point Boosters, which is the name Morrisons gave to Personalized Challenges. And here, I can see how easy it is to participate in the program, and I scroll down and I just need one click to activate my favorite boosters out of the 20 that are designed just for me. I scroll down, I see the brands that are here very relevant to me. I activate the offers. I see the different threshold that I need to reach to get specific rewards, then I come back. And by the way, I forgot to activate one offer that I'm interested in, energy drink, activating the coupon. And there we go. I go to a store, put the products in my basket. Of course, I don't forget to present my loyalty card as usual. I pay, everything is okay. And thanks to AIR, everything happens in real time. And if I reopen my app, all the coupons and offers are redeemed in real time, and I can see all the reward that I collected during that transaction. And if I also go back to my different offers, I scroll down and I see that my energy drink has been redeemed, so perfect. And if I check my boosters, I scroll down just a little bit, and I see that I made some progress on my challenges, not enough to get to the first threshold, but I will come back next week at the Morrisons store, and I will get my rewards on that one. Everything happened in real time. So this is what's happening at Morrisons. I was talking about the amazing client roster that we have. Morrisons just one of them. At Tesco, just to illustrate the scale of what we're doing, last year, we helped them to generate more than GBP 130 million of incremental sales just with challenges. That's the magnitude of what we can achieve with them. And we're not at the maximum, Carrefour, we've been working with them since 2018, and it keeps accelerating. If I compare what we -- what the customers spent over the last 6 months compared to the same 6 months last year, it's almost doubled, plus 82% and what is also great is that we can see that we're replicating this model everywhere. We just launched a campaign with the U.S. Midwest grocer and the first campaign launched only on 0.5 million customers generated in a month $1.1 million. So if we multiply this by the whole audience that we could target, we imagine that the impact that we could have.

We are very, very excited with the AI revolution. I think that's the battleground of our industry. Everything about loyalty and promotions in general will be about AI, and it's super cool because we've been doing this for the last 10 years. I don't know how much you see -- you imagine this, but we have people in our business. Coding -- working with agents who orchestrate plenty of other agents to build an agent that will call another layer of AI to execute predictive -- predictions on retailers' data that go into a pipeline for execution. So we have 5 layers of AI working together. So we are not on the surface of AI for the sake of doing AI. We are not doing basic machine learning or segmentation. We are doing AI at scale and layered at multiple level with the expertise of the business that we acquired working with these people. And again, it's AI that is only relevant because it has been fueled and optimized with data coming from retailers, and we only have access to that data because they trust us. They trust us because we know what they want, we deliver results and we keep into that virtuous cycle with them. The other very, very important thing is the AI is actionable. AI will deliver promotions, will deliver loyalty. We measure it, we prove it and we continue again. That's how we maintain the cycle. Finally, it's not ad hoc work. It's not something we do for Florence because we like Florence much. We do -- we interact with our clients to understand not what they want us to do, but what they need for their business so that whatever we capture from them becomes a standard for the industry. And when we go to see a retailer in the Midwest with what we've learned from Leclerc, finds it relevant because we caught the essence of the need and not the expression of what they asked us to execute for them, which would be a project actually. And that's how we make Florence and Leclerc's wildest dream true. And if we make Leclerc's wildest dream true, while it's a $50 billion retailer, you can imagine that the opportunity ahead of us is huge, and Jeff will tell you more about that.

Thank you,. I cannot wait to show that agent to more of our customers. Literally, I can't wait. My name is Jeff Baskin. I'm the Chief Revenue Officer here at Eagle Eye. I've been here a little bit over a year, and I joined a little bit over a year ago for 2 reasons. First, the purple culture that Tim and the team have created over the last 20 years or so is real. The group of people that you've heard from and then you'll hear from soon. It is an incredible team and has created an incredible culture, and that goes down to not only our employees, but to our customers and their customers, all the way down. The second is the opportunity in North America specifically, but the opportunity all over the world. I knew of Eagle Eye when I first started the process. I didn't know much about them. And as I called retailers to learn more, they told me, wow, what incredible technology we're using. The team is unbelievable. Great references that I used to kind of when I was investigating Eagle Eye. And I thought to myself, so Eagle Eye is kind of in North America is an early-stage type of start-up, but it has incredible technology. It has incredible referenceable customers already in the region. And I thought to myself, I think I can help here. So with that being said, I joined a year ago. I've been doing retail technology and go-to-market for about 25 years now. No, go-to-market strategy is the same at any one company, not a SaaS company, not a loyalty, a marketing company. But -- so I have some things that I do. And one thing I did when I first joined was I got different people from all across the organization, from all across every region within the company, and we together build a revenue journey. And that is our go-to-market strategy. It's how we go about doing business with our customers. Part of that I realized early on was we needed to create a very consultative approach, a consultative sales approach. And what came out of that was, if we were the customer, what would we do if we were in their shoes. We have tremendous people that have deep retail experience, have come from retailers, have years and years in retail technology. And so that was what we implemented. Focus on our core ICP. There's such huge opportunity still remaining in grocery and convenience and fuel that we really needed to focus on that in FY '26, and we've done that. The other thing was we needed to keep those referenceable customers, referenceable, and in good standing. Not only that, but how do we get them to grow? How do we get them to grow with us and learn that they have created value from what they currently have and then hopefully grow and buy more from us. And that's what we've done through our customer success team. We've completely reinvented that role, and that's had a tremendous impact on our current customers. From a marketing perspective, so that the fact that we can get everyone to realize that there's a tremendous opportunity, specifically in North America, I'd like to use the term flood the market. We needed to let people know who we are. We need to let people know what we're doing. And the great part about that is it is the only company that I've been at where you can look at our logos and if someone -- if you're in a sales meeting and someone asks you for a reference, you can say, you can choose one, and we can call them up for you, and they'll tell you how great the program is. So that's very rare. One of the things that we did was we looked at the team and we reshaped that team. We had some B and C players that I would say, that have left the business, and we replaced them with A players. We took A players that were currently in the business, and we rose them up to leadership positions. And then we hired people, but we didn't just hire people that knew SaaS. We hired people that knew SaaS, but also came from the industries that we're selling into or had deep retail technology experience like the current team. That has had a tremendous impact. You can walk into a grocer, an operator in the U.S., and they know that you know their business. And that's extremely important to every retailer that we go into. So we've done a really good job of, I would say, upgrading the team and diversifying the team a little bit. The sales advantage and what you heard Cedric and Zyed talk about in the one platform, that is an advantage that we have over virtually every other company in the world. A lot of people have loyalty platforms, and we have -- believe we have the best in the world in core loyalty and promotions and doing real-time transactions very, very fast. We've done that really, really well for a long time. When you take that and you combine it with AI personalization, I think Zyed or Cedric said it, most of the retailers out there today or most everyone in loyalty is doing segmentation or I'll use the American term bucketizing. You're basically selling to -- you're putting together offers and you're putting out to thousands of people. That's not personalization. Personalization is from me to Matt or me to Zyed, and that's how we're selling that. And when you put that together, that is extremely powerful. And that is a platform that I don't believe anyone else that it does not exist anywhere else in the world. So it's a huge advantage. So I mentioned the opportunity in North America. When I joined a year ago, I looked out, we had Giant Eagle, Loblaw and I think Winn-Dixie in North America. We just really needed to get the word out. We needed people to know. You may have just seen a press release that went out yesterday or maybe even this morning on Kwik Trip, which I believe is the sixth largest convenience store chain in the U.S. And we launched them with Personalized Challenges, so the program that Cedric just took you through. What the one platform messaging allows us to do from our salespeople is I can go into any retailer and talk to them about personalization. I can talk to them about real-time performance and real-time loyalty, but I have a myriad of things that I can then sell to them. If I go in and talk to them about real-time loyalty, but they're not ready for another 2 years to send an RFP, great. I can talk to you about AI personalization. We can launch challenges in 8 weeks. How about that? So that's what we did with Kwik Trip. They're not ready for real-time loyalty yet, but they're taking advantage of personalized challenge. If you read that press release, they're using that in order to get CPG funding ahead of time before they even launch. And so telltale sign that they are jumping in full speed and doing that. The one that you see here is a $50 billion grocery retailer in the state just in the state of Texas. So they're doing -- they're that large just in that one state. So it gives you the sense of the size of that of the market. And they're just using us for omnichannel promotions right now. So we're in the process, and we'll talk a little bit about the 1-to-3 concepts and how we're going to take customers like that where we get in with one thing and then we can start selling them more products as we continue to build on. And then same thing with Hy-Vee. Hy-Vee is a very large retailer in Des Moines, Iowa, right in the middle of the country. And we've launched with Personalized Challenges and personalized offer ranking. And so far, it's going extremely well, and we'll continue to talk to them about our other products. And then it brings you to Wakefern. So Wakefern, we went into an RFP for real-time loyalty, and we came out with a deal that virtually they bought everything. So we went in with one thing. We talked to them about AI personalization. We showed them what they can do. We showed them the power of bringing all this together. And they said, we got to have that. So it gives us the flexibility of this one platform messaging to really do a lot of different things with a lot of different retailers. I talk a lot about -- personally about unified commerce and what that means to -- in the retail world. And what is changing, I think, in the landscape is that retailers want best-in-class solutions in everything that they do. So they want a best-in-class CRM. They want a best-in-class mobile app, right? We don't do those things, but we are the best at loyalty, and we are the best at AI and personalization. So AIR is connected to the POS. They don't want 20 different things connected to their POS. So as I think Zyed mentioned, Eagle Eye AIR is that brain, right? We can connect all of those things and connect that data directly to the pause and make it very clean for the retailer. And if they want to -- if they have a CRM provider, they don't like anymore, they can unplug it and plug something else back in, but it's all going to go through us. I talked a little bit about Wakefern. Wakefern is a very unique retailer in the sense that they are a co-op. They have 8 different banners. They have 21 different member organizations that are owners in that. So it's very complex, and you need to have a complex system that can handle that type of those orders. There's all kinds of different orders coming in. Members or owners can create different types of loyalty programs. And AIR, I think at the end of the day, when we went through the process, AIR is probably their only choice. There was no other company that can actually handle the complexity of their business. And when we showed them personalized challenge and personalized promos, they already had some sort of like a little bit of AI data science that they were trying to do on their own, and they said, this is way further ahead than where our internal team is. So they went ahead and they got all of that. And you can see from Darren Caudill, the Chief Sales Officer, who has, again, very nice things to say about us in the decisioning process and not only Darren, but you'll hear from Becca Gottlieb, who is their Head of Loyalty and AI and Data Insights when we were just there a couple of weeks ago for their kickoff.

I'm Becca Adam. I oversee customer loyalty and insights at Wake Food Corporation.

Great. Becca, can you describe Wakefern is little bit different than most regional grocers here in the U.S.

Yes, absolutely. We are the largest retailer-owned cooperative in the United States, and we are the largest grocery retailer in the Northeast of the United States. So Wakefern is a centralized business function, and we're cooperative comprised of 46 different member groups that own and operate grocery retail locations across our trading area. And we predominantly operate under the banner brand called ShopRite, but we have 8 different banner brands under our leadership.

So it makes running the business a little bit more complex.

Very complex.

Yes. So with that complexity, how do you view your current loyalty and personalization strategy?

So for the last 40 or so years, we've really operated under a very structured old legacy loyalty infrastructure, which has been fine. However, as our cooperative has grown and as our customers have evolved and technologies evolve, we really need to make sure that we have the right infrastructure to grow and evolve with us in a nimble and flexible way that allows us to keep pace with the way our customers move and behave in the rapid evolution in technology that they expect and also making sure that our infrastructure supports the uniqueness of our business.

Right. So hence, the reason moving off of your current kind of POS loyalty solution. What made you choose Eagle Eye after a pretty lengthy RFP process?

We did have a very long RFP process. And I actually feel like we were talking to Eagle Eye for many years before we actually ended up selecting as our partner, which we're very happy about. We chose Eagle Eye because we really -- first of all, when you guys came in as part of the RFP process, you came in and we instantly felt like you were an extension of our team. And that really spoke to the partnership that we envisioned with the new partner we were bringing on board. But beyond just the relationship aspect, once we saw the technology and what it would be able to provide to us in an agile and nimble way, it almost felt like a no-brainer. I remember we sat amongst ourselves, and we almost were looking for reasons why we did not choose Eagle Eye. It was so obvious. Just the flexibility and the breadth of the product made it very clear to us that you would be able to support where we need to go within our complex structure and how we need to move our business and our tech infrastructure to support that.

What else about the AI personalization engine part of that weighed into your decision?

A lot because our data and our technology infrastructure is so fragmented and our data historically has been so fragmented. And knowing that Eagle Eye has been able to come in and instantly understand what our challenges are, but then also how to solve them and how to help us solve them and fix them has been really important because that enables us to deliver personalization and AI-driven experiences at scale, right? Our personalization and our AI is only as good as the data that powers it and having a partner that's been able to come in and understand that in order to best impact the customer experience has been really helpful as we move forward.

How was that different from some of the other competitors, I guess, that you saw during the RFP process?

Some of the other competitors we saw didn't really have as much of an understanding about what our challenges are, first and foremost. And it was a lot -- it seems like it would have been a lot of -- too big of a learning curve to hit value immediately, which in grocery is an incredibly fast-moving business, like you need to be able to hit value immediately. So having a partner that could come in and hit the ground running, which you very clearly have done. I think you guys wanted to move faster than we were ready to at one point. But now we're working in tandem, which is great, has been very important. And just, again, really having an understanding and a vision for where you could help us bring loyalty and leading with a customer-first perspective and not being led by the technology, but being -- having the mindset of being led by, well, what's best for the end user, what's best for the customer because that's how we approach business as well in our business. And again, just like I said, you guys came in and you felt like you were partners right away and having the same mindset.

That's great to hear. How do you see Eagle Eye now that we've had our 2 days of kickoff here, how do you see Eagle Eye continuing to support your growth as you go through kind of the process to get live and then once we get live, continue to build out your loyalty solution?

Yes, absolutely. So as I mentioned, in grocery in such a fast-moving business, speed to value is so important. And so far, as we've been working together, we're parallel pathing 2 things, right? We're parallel pathing a replacement of a 40-year-old legacy infrastructure, which has a really long lead time and is a very complex project. But as great partners, you're not leaving us in the dust to wait on that long time line. I think it's been great to know that there are aspects of the Eagle Eye product that will allow us to build in speed-to-market opportunities, for example, with challenges to hit that value sooner while we're still building out some of the bigger, more complex programs. So knowing that you're helping us -- you're helping our business by figuring out how to deliver value, both short term and long term.

So AI personalization engine can get you live faster, start seeing benefits earlier...

Absolutely.

While we're getting the AIR platform going to replace that legacy product.

Absolutely.

That's great. And thus far during the process where now we're still in the middle of, what have been the benefits that you've seen from Eagle Eye and the team that you've been communicating with?

From like the team perspective?

Yes.

So the Eagle Eye team has been amazing to work with, again, like just understanding our business and the complexities of it and in the moments where there have been challenging things to work through, showing up as a partner and willing to roll up your sleeves and work through it with us. We've historically -- we have -- Eagle Eye is a very agile business, right? You plan in an agile and nimble and flexible way, which is how we want to evolve to, right? We're a big legacy grocery retailer. And this has been a new process for us to work in an agile way. So it's been really helpful to know that your team is helping to push us in the right direction, but being patient enough with us and our teams knowing that we're moving with a new direction. So it's been great to work through everything so far. And honestly, it's moving a lot faster than I thought it would.

That's great. That's great. Well, thank you so much, Becca. Appreciate it.

Thank you.

I get every time I watch that. Mainly because when we -- again, when I came in and we talked about that consultative approach and being partners, there's not a lot of companies that do that. And the team obviously has done that with Wakefern. I mean it shows through the relationships that we've been able to build. And speaking of relationships, Giant Eagle has been with us since 2022. And this kind of shows our deepened strategy, meaning that we're going to -- I talked a little bit about those retailers that bought certain things from us and then we're going to look to help them grow as we create more of the partnership. Giant Eagle joined in 2022. They got rid of an old legacy POS system, and they put in Eagle Eye AIR and then that was just base points. And then they've gotten more and more complex over time. And what AIR really gives them, it gives their marketing team and their data analysts. It gives them the ability to be creative. They can actually do marketing to their customers in a personalized manner. And so you can see some of the things that they've done all the way up through January '25, and this -- it would continue to go over here from discussions that we're having with them recently. They recently won -- just a few weeks ago, we were in Atlanta, Tim and I for the International Loyalty Awards. They won a big award there for, I think, it was best retailer -- or best international grocery retailer. And you see what kind of Justin Weinstein here has said as well. So we don't have Justin, but we do have Greg Jackson, who is the Director of their loyalty to talk a little bit more about us. Sorry, Brian Marzullo.

Brian Marzullo, Senior Director of Loyalty, Digital Marketing and Media and In-store Communications for Giant Eagle. Giant Eagle is a regional grocery chain operating in Ohio and Pennsylvania communities with a focus on fresh food and pharmacy and fuel. What does loyalty mean to Giant Eagle? Loyalty is the center of our customer relationships. We believe that loyalty is the mechanism that can drive personalized value to our guests and keep them coming back. We've been working with Eagle Eye since 2022. And why did we work with Eagle Eye for a number of reasons, but the most important was to unlock personalized value. Eagle Eye has allowed us to stretch beyond earn and burn mechanics and really drive a unique personalized experience for our guests. Well, internally, great team, always willing to jump in and help out. And I would say from our perspective is they've moved from just a technology team to a thought partner, a strategic seat at the table for us and helping us shape and craft our loyalty program. Our relationship with Eagle Eye is going to continue to expand. We have a big desire to move even further into the personalization space and really drive value for our guests, and we see Eagle Eye playing a really critical part for us in that moving forward.

Great. And then another customer that's been with us for a very long time from 2019 is the Winn-Dixie Company. They have about 130 stores, primarily in Florida, but they span kind of that Southeast part of the country. Again, very similar thing. We replaced a legacy POS system, and they have grown with us over time and have just done a great job. And I'll let Greg -- I will let Greg Jackson now tell you a little bit more about that.

My name is Greg Jackson. I'm the Vice President of Customer Experience and Marketing. So the Winn-Dixie Company, we own all of our Winn-Dixie stores, primarily in Florida. We have about 130 stores. So we are a regional grocer. How Winn-Dixie views customer loyalty, it's one of our most important pillars as far as delivering value to our customers. We initially started working with Eagle Eye back in 2019. And the reason why is we needed a technology partner that could help us accomplish our goals, but also grow with us as we grew the loyalty program. Yes, I'd say the biggest change is at the beginning, we kind of saw Eagle Eye as a technology partner, but lately, they've become more of a strategic partner, helping us really grow the program and making sure that we're delivering that value to their customers. So really, Eagle Eye's technology has allowed us to truly give our customers a highly personalized experience. Before, we were always limited by the technology. We have big ideas of things we wanted to do with the program, but we were always limited by the technology, and Eagle Eye has allowed us to basically do whatever we want with that.

That's great. So you can kind of see the creativity that we give someone like Greg and his team the ability. This is a picture of us at the International Loyalty Awards. If you look really closely, you can see some safety pins holding up my pants because they were about a foot too long. But we had a great time. You can see that the partnership that we have with our retailers, we were there together, and we had a great few days of talking. We also -- Giant Eagle Winn-Dixie woolies in Australia and Z Energy also in Australia, won awards with Eagle Eye powering the program. I talked -- when I first started talking, I talked about the opportunity that I saw, and I want to try and quantify it for you here is it's a $1.4 billion market overall. And if you look at our core ICP, which is really just grocery and convenience and fuel, you've got about $800 million in there. So the opportunity is tremendous. And I think we have 13 or 14 customers currently in the U.S., not just in grocery. We have [ Petco and Staples ] and specialty retail and other types of retailers. So when you go down, it's even bigger. It's that $1.4 billion number. We're just scratching the surface of this opportunity, which is why I'm so excited. And what makes that even more exciting is you can see the 3 retailers that we've been working with for quite a while. The 4 over here have just been with us for 6 months or so since they've launched or since we've signed contracts with them. They're not just any retailers. As I mentioned Kwik Trip is, I think, the sixth largest convenience store chain in the country. Other retailers look up to these retailers to what they're doing. They are innovators in this space. So that helps us influence all of these other retailers in this middle of the park. And you probably don't recognize many of these names. But Raley's, which is in Sacramento, California, is an $8 billion retailer. Meijer, which is in Grand Rapids, Michigan is a $48 billion retailer. These are not small retailers, and this is the regional grocery market in the U.S. and there's a lot more just sitting there for us. So this is the opportunity just in our core ICP of grocery. This doesn't even include convenience. So we're really excited about going after this and including these in our pipeline. We're not just focused on North America. There are still huge opportunities here in the U.K. and all over EMEA and in APAC, and we're proving that with new customers that we've brought on in both regions. We've got new focus on different regions here in EMEA as well as in APAC, as Sarah mentioned earlier. But as excited as we are about North America and the opportunity there, there's still plenty to do around the world. Those are net new TAMs, net new opportunities. We have so many customers that are sitting here today. And now with the addition of our AI personalization engine and those products that we're bringing on, we have plenty of potential. If we didn't sell one net new customer, which, by the way, we're not -- we're going to a lot. But if we didn't, we'd have $42 million that's sitting there for us to take with products that we can sell our existing customer base today with the AI personalization engine and vice versa, those that have our AI personalization and that don't have air. So the team is really focused not only on net new, but on our deepen opportunities as well. So to summarize real quick, we have to focus and we are focused on North America. We're not losing focus on the rest of the world. We still have a lot of people in that space that we're going after. And we have to take advantage of this 1 to 3 scenario where we get in with certain products and then we deepen and expand that relationship, both from a revenue perspective and from a product perspective, and we keep going. I'm super excited about what the guys are doing on product innovation. It's in the year that I've been here, we've innovated a ton. Again, I can't wait for that agent. It's going to be great to show other customers, and we're going to continue that. And then the revenue journey that we put in place a little over a year ago continues to evolve. It's not just a go-to-market strategy that's staggering that stays in place. We're continuing to do that. We're using our own AI technology to help us become more efficient and do things faster. And so we're going to continue that. We're going to continue on the revenue journey, and I'm really excited to continue the overall Eagle Eye journey with the team and all of you. So thank you. And I'm going to hand it off to Al.

Hi, everyone. My name is Al Henderson, not AI Henderson. That's too good to miss. I'm kicking off this section to talk through an overview of the OEM partnership that we've signed. I take a few minutes there, and then I'm going to pass across to my colleague, Matt, to talk through how the wider activities of the partnerships team underpin the organic sales strategy that we've got. So we really approach this twofold. Before I do so, though, I just wanted to talk a little bit about my journey here at Eagle Eye. Steve will know it well, he's gone for my bit. I joined the business back in 2014, a much younger business as were we all back in 2014 in Guildford. And I joined as account manager #1. And that was -- the role there was really to focus on what really the customer success team now do at scale, make sure our customers are getting value from the investment they've made in the technology, but also increase revenue. After a successful in that role, I was stepping into the leadership role to lead go-to-market globally for sales and marketing, selling to some of the largest retailers, some of those that Jeff has just articulated there. And it was really during that time that we recognized that through the course of a typical contract term, typically 3 to 5 years, we were seeing as customers are switching on the technology, layering on a different use cases, running more transactions through that they were spending more in year 3 -- 3x more in year 3 than they were in year 1. And in some cases, as we're layering on the EagleAI capabilities, that ratio was growing to 1:5. And that really does show the stickiness and the adoption of the technology that we're talking about today. The opportunity to license our platform, the AIR platform specifically I'm talking about today, the execution layer arose to license that to one of the world's largest enterprise software companies. Unfortunately, I can't name them. But they are known as one of the -- or the digital backbone for global commerce with thousands, hundreds of thousands of customers around the world. They had the need because they sunset one of their on-premise pieces of technology to move those customers to the cloud. And they needed an enterprise-ready loyalty and promotions platform to plug that gap because they'd already announced the sunset of that. So they were on a time line. They attempted to build. They were unsuccessful for the reasons that the guys have spoken about today, the complexity that we've got within the platform and the ability to scale. So they were on a time line. After a thorough global search, I'm pleased to say that they selected for the reasons that you've seen today, the AIR platform and Eagle Eye as a partner to do so. Now my role is to cascade that domain expertise that Tim mentioned earlier today to their thousands of go-to-market professionals. This is a specialty area that needs domain expertise to be credible to some of these largest retailers and businesses in the world. So my role is to make sure that we cascade that, embed that and they can be successful. Ultimately, the more successful they are, the more successful we will be. We've been busy working to embed the platform into their portfolio, and they've integrated that horizontally through their portfolio through e-commerce platform, CDP, stock control solutions. It's a different go-to-market than we have from our organic strategy. So there's different selling reasons or buying reasons that you buy that platform from them. And we've really worked on 4 key areas to make that a success. The first one, clearly critical. They're not selling our product to their customers. They're selling their product to their customers. They needed to build their own branded experience, their own dashboard around the core platform that they're taking from us. So all functions of the platform that we sell as air can be consumed through APIs and they've built their own experience around that. The second part, we're not talking about setting up greenfield loyalty schemes onto this platform for the first time. There are thousands of customers with schemes already live. Sarah mentioned 57% of those are unhappy with how they're executing. We needed to migrate those customers on to the platform. So we're now able to do that at scale without Eagle Eye's intervention or manual intervention to do so and do that at speed. And the third part, which Matt will speak to in a bit more detail, is that this partner doesn't deliver their own solutions to those consumers. They do that through a network, a global network of third parties, system integrators. And we've now enabled our platform to be delivered by third parties to do so. For those 3 reasons, that's not -- we've done that for the benefit of our business to scale. So yes, we've done that as a byproduct for the partner, but actually, Jeff and the team can use that for the organic strategy to grow that as well. So it's time well spent. And then the fourth component is Jeff spoken about our focus and -- focus on the ICP, specifically in North America. There's so much to go at, doing what we're great at, repeating our successes. But this partner, 60% of their business is in B2B business is not B2C. So those functions that we've got within the business needs to be evolved to make sure the platform can deliver for those and they can migrate on to it. And I'm pleased to say the platform or the program is delivering. So we launched on to the price list in December last year. And within 5 months, we've already booked GBP 2 million of ARR. And there's no reason why the transactional components we see in our existing customers as they layer on more use cases, shouldn't grow in the same way. They are incredibly proud and excited as are we with the progress that have been made to date. And from the pipeline data that I see, we can see that they're already selling into new verticals. So the potential is already gaining traction, airlines, manufacturing, luxury fashion, hotels and even consumer electronics. And because of the scale of this partner that we're working with, they're able to take us where we've not had people on the ground, places like Korea, Japan, South Africa, Switzerland, Germany and also give us additional traction in markets where we do have people, places like Singapore. Thanks for your time today. I'm going to now pass across to my colleague, Matt, who's going to take us through the rest of the show.

Thanks, Al. Hi, everyone. I'm Matt Smallpage, and I look after our broader partnership ecosystem here at Eagle Eye. I've spent, I can't believe it, but 2 decades working in the loyalty industry. I know I don't look at I've spent a long, long time working in this world. And I've worked for the likes of Nectar, Aimia, Sainsbury's and Avios. And so I've seen firsthand this shift in demand towards loyalty technology that Sarah spoke about up top. Also being in the industry, I've always been aware of Eagle Eye as the best-in-class provider in this space. So 3 years ago, I had the chance to come and join now, and I jumped at it to build out our partnership ecosystem to help us capitalize on this growing demand. And I guess my headline message to you today is that we've built that ecosystem and that it's already delivering. And we can substantiate that in 3 ways. We're attracting the best partners, those partners having impact across our sales cycle, and they are helping us to unlock new verticals and markets. So partners are helping us across this sales cycle. This year, they have driven 1/3 of our global pipeline by either referring or creating net new sales opportunities for us or by influencing our existing deals to move forward with their clients. And partner marketing is a really important way of us driving this pipeline and doing joint events and joint content with the likes of Deloitte and Google Cloud drive credibility and sales opportunities. Our partners are also highly effective in helping us to close these opportunities. 28% of our closed-won ARR year-to-date has been referred or influenced by our partner network, and I'll come on and talk a bit more about this in the next slide. When we win these deals, we obviously need to deliver our platform. And our system integrator partners provide this as a service option alongside our professional services team. Just this year, 8 partners have invested their team's time in training on our platform. Now for some of these partners, they've done this even ahead of joint sales opportunities, which I think really illustrates the revenue opportunity these businesses see in working with us. And partners are helping us to win in new verticals and new markets. And the examples that you see on this slide are just from this financial year-to-date. And they've all closed except for the airline opportunity that you see here, which is in our advanced pipeline. Now the reason I want to talk about this is because I think it is a brilliant example of how the partner ecosystem should work and the role that different types of partners can play in winning an enterprise. In this particular deal, BCG referred us in to their client and ensured that we are in the short list of vendors in the RFP. When this business reviewed our technology stack, they saw that we were already integrated with 2 major platforms that they use for their marketing, mParticle and Braze, seeing that this will save them time and money later on in getting our platform up and running. And finally, we're able to augment our professional services team with Infosys Resource. In this model, the SI acts as a bench, allowing us to meet fluctuations in demand for that resource around the world, which means that we don't have to carry such a large professional services team. So in summary, we've built this partnership ecosystem that is already delivering. We are attracting the best partners. Those partners are helping us across the sales cycle, and they are helping us to unlock new verticals and markets. So today already, you've heard about our product leadership, our go-to-market momentum and U.S. traction and now our partnership ecosystem. So these together, taken together, provide us with a clear and credible path towards the financial targets that we're setting out today. And with that, I can hand to Lucy, who's going to talk about how we're going to get there.

Thanks, Matt. Hi, everybody. Nice to see you all. I'm Lucy Sharman-Munday, I'm CFO, for those of you who don't know me, I started my journey at Eagle Eye 12 years ago, quite a long time with Al in a very small room in Guildford in a Regus office with Steve, who put his trust in me to do the finances of the business. And at that time, I joined for the opportunity that I really saw ahead of us. We've come a long way since then. At that point, we were turning over a couple of million quid. We were burning a lot of cash, and we weren't profitable at all. And when I sit here today and sort of look at the team that we've got around us, we really have come a great way. And I hope you feel really excited about the opportunity from listening to the guys today because I definitely do, and that's really why I'm still here today for the next chapter. So just talking about some of the numbers and where we've been over the last 3 years. These are some of the key KPIs that we talked to you investors about really demonstrate the strength of the underlying business. Our ARR is growing really strongly, and we've seen great momentum in the first half, particularly in the U.S. with Jeff and you've heard from some of that progress there that we're making in the U.S.A. We set our ambitions to be more of a SaaS business. And you can see there in terms of the progress we've made in the last 3 years, we've gone from 72% SaaS to 85% SaaS, which is our license and our transactions, and we're going to continue to make progress as we move forward. We've got a really strong net cash position. You can see the progress that we've been making in that 3-year period. And I'm proud of that plus the facility that we've got untapped and sat on the balance sheet. So the balance sheet is really strong. The guys have talked to you today are really about the opportunity, the size of the market. When we've spoken to you in the past, we said the market is massive, don't worry about that. But recently, we've done a lot more work around really identifying which is the real target we're going for. Jeff talked to you about just taking our existing customers and selling what we've got, not doing anything different or innovative around new products, but what can that be worth and it can double the size of the business that we have today. We then heard from Jeff around the opportunities just in the markets that we're operating today. And that adds and accumulates to GBP 1.9 billion of opportunity, focusing on the ICP in the same geographies that we're operating in. Many heard from Al, and he very, very prudently laid out an opportunity for the new partner we have with the OEM for those of you who are eagle eyed on the numbers. But I've put, again, a very conservative number, an opportunity there of GBP 1.4 billion added to the direct sales channel, which gives us, I believe, a SAM of around GBP 3.3 million (sic) [ GBP 3.3 billion ] which is huge in terms of our sort of midterm opportunity of getting to GBP 100 million, where I believe that we can get there, both through the opportunity through NRR and also ARR growth. I've laid out to you a lot before the sort of medium-term plan of the GBP 100 million and the 30% EBITDA and the ways that we're going to get there. We plan to get there through deepening our existing accounts. In the last 3 years, our average NRR has been at 118%. At its best, it's been at 140, and that's because of that 1 to 3 model. So we know that we can do well there. We've heard from Jeff in terms of the focus on winning, but particularly that huge market that Sarah had highlighted upfront in terms of the size of the market and really the opportunity for us to grow there. And again, as Matt nicely pointed out, the opportunity with partners to support us. EagleAI has been growing at 30% growth rate. And I'm pretty confident, especially even without looking at those new innovative products that we've got that we can continue growing at that rate in that space, with all that core technology we've got. Al's laid out the OEM opportunity. We said we expect to close between 4 and 8 deals. We've done 2 this year. The year is not up. There's still plenty of time for more sales to come in. So I'm pretty confident that, that really does pose a really, really significant opportunity for us. And when we saw you sort of at the end of the first half, this was our progress. Our top 10 customers have delivered 115% NRR. We signed 4 new wins in the U.S.A. across the momentum that we've had across the group. The EagleAI business had grown at 24%. I'm pretty confident in terms of what I'm seeing that we're going to get back up to 30% by the end of the year. And the OEM had closed 2 deals. And again, I'm pretty confident we're going to see some more progress and traction over the next months. So I think good progress, and it just gives me confidence around where we're going and the strategy that we've laid out is absolutely the right one for us to deliver on. In terms of our margin, if we just take a moment to talk about that, we've made good progress on our margin over the last 3 years. And as most of you know that we lost a significant client at the beginning of last year, and we had to reset our market expectations for EBITDA that we laid out to be 13% for the year. We acted fast on that to make sure that we could recover as fast as we could. And I've laid out to you my expectations that I wanted to drive the business to deliver an exit rate of 20% EBITDA, which is a significant ask, but that's the task that we set and at the half year, we ended up at 18% for the full half. And where I sit today, I feel pretty confident that we're going to deliver on that promise for the end of the year. So if we look beyond that to the 30%, we didn't change our expectations around that, and I'm still very confident about that. How are we going to do it? So first of all, our direct margin. Zyed and the team have been doing a significant amount of work during this year to make sure our platform is more efficient, more scalable, better for the big customers that we're sort of signing up both through the OEM, but also the great activity that Jeff is doing in the U.S.A. as well. And I think there's more to come on that. So I'm sort of conservatively putting 5 percentage points against that activity. We're all talking about AI efficiencies. We're all thinking about what impact that's going to have. And we're seeing that already in Eagle Eye in terms of the efficiencies we're getting in co-development. We're going to invest some of that back into the business, particularly around security. It's an area that we all need to be thinking about investing in. So then again, in terms of net-net, I'm assuming that we'll get a 5% improvement in margin for that. We want to invest into sales and marketing. You've heard from Jeff, the real opportunity in the U.S., and we want to back in and support him to make sure that we can optimize our top line growth. So I've assumed that we're going to try and spend a bit more on that. At the moment today, we spend about 13% of sales in sales and marketing. I think if you look at SaaS businesses globally, they're more around the 20% plus of sales. So we want to continue to invest in there for growth. And then as we go, naturally, we'll get operational leverage of our fixed cost base. So you can see quite easily how we can get to that 30%. And hopefully, I'll be able to update you in July where we get to at the end of this year. I thought it's worth just sort of refreshing on the capital allocation principles when I see you guys when we go around, we sort of touch on this. But the most important thing is that we're a growth business. We're a platform to grow, and this is where we're prioritizing where we're spending our money. First of all, we've done a small share buyback. We spent about GBP 1 million on the scheme this year. We're going to keep that under review, but it served us well in the activity that we did. The priority for us is organic growth. We're going to spend more money on sales and marketing, particularly in the U.S. And the other area that we want to continue to invest in is around data science. You've seen today really the innovation that we're doing in that space, and we want to continue to support it and invest in it and to sort of also keep ahead of our competitors. We've done 2 acquisitions in the last couple of years. The Untie Nots deal was the first one where Cedric and Zyed came from, a great acquisition for us and then recently, a PPS, both very successful deals. In terms of M&A criteria as we look forward, these are some of the things that we're thinking about adding to the product that we have today, adding technical capability, adding to our geographic reach and in addition, thinking, and this is a really important one, thinking about the ICP that we both serve. So we have a very specific ICP in terms of big grocer, big retail and the ability to cross-sell and upsell in the -- in an acquisition is really, really helpful. And we've seen that from both of the acquisitions that we've done. And then not mentioned on here, which I think is really important that we shouldn't overlook and hopefully, you've got a theme of today is the people and the culture. It's really important when you buy a business that they're a great fit. And we've got that from the 2 deals that we've just done. So it's another additional factor that we'd add in. So to summarize from me, we've got increasing revenue quality and cash generation. We're returning to double-digit underlying growth. We've shown you the margin progression, and we're going to continue to do that and get it scalable for the future. And we demonstrated the significant TAM opportunity to make sure that we can deliver against our expectations in the medium term of the GBP 100 million and the 30%. So I sort of illustrated to you the numbers. Now I'm going to hand over to Tim, who's going to talk to you about why he believes the market opportunity and our excellent products means that our opportunity today is exceptional.

Thank you very much indeed, guys. Well done. Very good. I hope everybody enjoyed it. I'm sorry, it's long, but I hope you feel it's worth it. I think some of those -- feedback in the moment, some of those client interviews are a bit long, but there's real diamonds in there if you just let them talk. And that's really what I'm going to try and do now is I'm going to try and tease out the things that I hope you will have noticed from this presentation that makes you feel and agree with me that what you're looking at here is a tremendous opportunity and not a business that is under threat. I mean, first of all, the market is growing. And one of the reasons it's growing is because of AI, and it's coming towards us. And as -- I mean, we said 2.5 years ago, it's coming towards us. It doesn't change, but it is going faster. I think Sarah neatly laid out the objective of personalization, that loyalty data is the source, that AI is the enabler of deeper insight and rapid execution. So if you want to transmit personalized messages at scale, and this is why the traditional Eagle Eye business is so important, you need AIR. You need Eagle Eye AIR to be able to do it. You're generating millions and indeed billions of pieces of information. You've got to get it there. EagleAI offers analytics and execution capability, which has been enabled by 10 years of ML experience. And I think you feel that when you see Zyed talk. It's now being improved by transform and neural networks. And the day we switched those on and suddenly more people started signing up for more offers. It was like, wow, this stuff really works. It was really amazing. And now you can see the agents starting to -- I said the agents they are coming, starting to come through. You had a little preview of that today. When you look at the broadening of the suite of products that's been going on and as Cedric laid out and personalized promotion offer ranking. Offer ranking is an amazing thing. Just so you're clear, I'm a grocer. Next week, I will have 1,000 or 1,500 promotions in my shop. They're all negotiated. They're all paid for, they're all there. I then rely on you as a consumer finding them by luck. Now what I can do is I can say, of that 1,500, these 15 really would suit you. And they're not ground beef, Heineken, Doritos, all the things that you would normally get, they are actually things that you go, well, I buy that. They've done that for me. 3x an improvement in the click rate as a result of making that change, just reorganizing the data that they've already got. That is unbelievably valuable. And I think one of the things that's happening, and we're going to get better and better at articulating is the substantial outcomes that we're delivering for retailers. We talked about it, the amount of money that is going through. I mean these are -- they're starting to be really big and meaningful. We gave you a little insight into how we develop products, the little fireside chat with Florence and Cedric. They're developing a product there. The other thing is you listen to the -- I mean, one of the reasons I show you these bloody films is because these people are all buying product on these films, aren't they? That's what they think. Oh, yes, I'll have one of those. And if you could just -- I'm surprised Jeff doesn't get his order book out at the end of the movies and sign them up. I will do a little -- in 1994, running into '95, we've been given the green light to launch Clubcard. And suddenly, the marketing department of Tesco House on Delamare Road was the epicenter of the Tesco world. It never had been ever. It was the shops and everything else. They all wanted -- and we knew that we got it. We knew we were going to win, and it was an amazing feeling. And you heard it today. You absolutely heard it today. Zyed calls them strategic growth advisers. But an AI that looks at what your shoppers are doing and says these people are lapsing. You need to do something for them this week. And it runs in the background, everybody getting a personalized experience, millions and billions of personalized things going on every week that means you don't lapse. They are starting to be able to predict to a 95% level of accuracy whether a client is going to lapse. That is unbelievable. That is gold for a retailer. And I am absolutely convinced that when we start unveiling this product, they're going to go -- so as I say, I think you heard it here today, and hopefully, I will be proven right, and we'll come back and talk to you in the coming years about how it's transforming the way people create audiences, do relevant actions. We've seen the huge opportunity in the U.S., so that was great. Al, I called him AI last time, which is I think why I said. Al showed you the game-changing opportunity offered by the OEM. Clearly, we have to be very respectful. It's their business, it's not our business, but please. I mean it's -- as one of our shareholders said today, come on. It's pretty clear that this has the opportunity to be just extraordinary for our business. Jeff and Cedric, both going back to my point about what it takes to be a business, showed the domain expertise and the partnership approach and this really incredible relationship that Eagle Eye has with its customers and with its partners. They really -- and to be honest, it started with Steve, and it's thanks to the DNA that he put in the business, they really, really like us because of the way we behave and the value that we deliver for them. It's all -- I thought it was interesting that Matt said, I'm an industry specialist. I've been doing this for 20 years. I decided to join Eagle Eye. And in his presentation, he said, by the way, they look at us and they join us because they work out we're the best. And that's why they want to be with us. And I think these are sort of people don't watch their lips, watch their feet. And I think people are coming to this business because they recognize how good they are. And then finally, the one of us you all know best, maybe some of you know me, but the one of us you all know best, Lucy, I'm sure she fills you with confidence. She's an unbelievable teammate. She keeps us all in order and will ensure that we do deliver for you as she says we will. I think we are all -- we had a Strategy Day with Anne and with the Board yesterday, and we are all absolutely committed to the GBP 100 million and 30% and more -- and we've got huge energy and huge excitement for the opportunity ahead.