Technology One Limited (TNE) Earnings Call Transcript & Summary

Good morning, everybody, and welcome to Technology One Limited's Annual General Meeting for the year ended 30 September 2025. Apologies for the tight accommodation. This is a temporary accommodation while the exhibition center has been renovated. We will be back there next year. So hopefully, there's enough seats for everybody. My name is Pat O'Sullivan and I am the Chair of Technology one. As a business with strong community ties and our mission of supporting our customers and the diverse communities that they serve, it is important that we take meaningful steps to increase our cultural awareness. I would therefore like to begin by paying our respects to the Amgen people of the Turbo and Jagera indigenous groups, who are originally an inhabit the land we are upon today. Today's meeting will be run as a hybrid meeting with shareholders attending face-to-face and via the online platform provided by our share registry MUFG Corporate Markets. This enables shareholders to participate in the meeting irrespective of where they are in the world. and I warmly welcome those of you participating online. Before we start, I would like to play a small video to introduce our new shareholders to Technology One. [Presentation]

For information provided to me by our company secretaries, I advise that a quorum is present, and I declare the meeting officially open for business. I would like firstly to introduce my fellow directors. From my right, Mr. Ed Chung, our CEO and Managing Director; Mr. Peter Ball, the Chair of our Audit and Risk Committee; Mr. Cliff Rosenberg, the Chair of Nominations and Governance Committee; Ms. Sharon Doyle; Dr. Jane Andrews, the Chair of the Remuneration Committee; Ms. Debra Eckersley; Mr. Philip Davis and Mr. Paul Robson. Let me also introduce Mr. Cale Bennett, our CFO; and Mr. Stephen Kennedy; and Mr. Matthew Thompson, our Company Secretaries. There have been no apologies tabled for today's meeting. I note our company's auditors, Ernst & Young, are represented here today by Ms. Sally Jamison. Also, we have a number of technology on staff here today in their Technology One shirts, and I would like to also thank them for helping us. I would like to recognize Cliff Rosenberg who will retire as a Director of Technology 1 at the conclusion of today's meeting. Cliff has been a Director of Technology One since February 2019. Over the past 7 years on the Board, Cliff has paid a valuable role during a period where we transitioned from a largely on-premise software business to a SaaS business and now a SaaS+ business. This period has seen incredible growth of Technology One, evidenced by the fact that the share price was $7.44 on Cliff was appointed as a nonexecutive director in February 2019. On behalf of myself, the Board and the whole company, thank you, Cliff, for all of your energy and efforts. Before we start the formal part of the meeting today, the CEO and Managing Director, Mr. Ed Chung, would like to take the opportunity to provide an overview of the company's performance in FY '25 and the strategic direction going forward. The slides you will see today have been lodged with the ASX. So let me hand over to Ed.

Thanks, Pat. Welcome, everyone. It's good to see a whole lot of familiar faces here, and welcome to everyone also down the camera. Before I jump in, I would just want to remind everyone of the Tech One strategy because it's this strategy that enables us to have that strong consistent growth that we've delivered, and we'll continue to live out in the future. Firstly, we make [ LiveSimple ] for our community it's very powerful and it's very meaningful for all of us at Tech One and for our customers. And you'll notice that there's nothing in that vision about ERP software because it's about what ERP software makes possible. We take the complexity out of ERP and turn it into clarity. And this enables our customers, local government and higher education, et cetera; to do their jobs well for all of us in the community. That's councils reinvesting in roads, in housing, in services, universities delivering world-class research and unforgettable student experiences and for government and health community service organizations, large infrastructure providers; all these essential industries that keep our well turning, they can operate better, they can scale and they can serve more for all of us. Every innovation we deliver in our software puts more resources back to where it matters at that front line gives them back more money, more time. And we create mission-critical products. These are products and solutions that power local governments. They power universities, they power governments, they couldn't operate without that software. And our staff, you can see them in the tech on Tech One shirts, we all live, work and play in the communities we serve. So we have a very, very deep connection with that mission. And our strategy, it hasn't changed over the last 38 years. at all, but how we execute that strategy. Of course, it evolves and changes quite a lot as we respond to shifts in technology, and we're going to talk about that in a minute, as we listen to our customers, as we see competitors as the market changes, of course, we evolve that strategy. And it's this clear strategy that resonates with our customers and why we win against our competitors. Now once we land a customer, they expand with us over many, many, many years, taking more products and more modules to streamline their business, it's why they stay with us forever. And it's what fuels Tech One's strong, consistent and steady growth over time. And you see that in annual recurring revenue growth. And here are the elements to our strategy. You can see them up there on the screen. The first is one experience for our customers. We believe in one fully integrated solution, it's very, very broad. If you remember that video ago right back to an Agripower the company in '87, we had 1 product. If you pass forward to 2008, we had 11 products, go all the way to today, there's 20 products. And each product has over 20 to 30 modules. So there's like 500, 600 modules. And we continue to invest in R&D to build even more and more functionality, more products, more modules to make life simple for our customers. And it's all on one platform. one user experience, one upgrade path, one security posture, one source of the truth, all locked up in a very safe and secure environment. Now no one comes close to our focus and our deep commitment to the markets we serve, the vertical markets we serve. In those markets, we have the deepest functionality by far. And we're [ hope ] focused on those markets. and we only focus on those handful of industries, and we're not all things to all people. In fact, I have an investor come up to me, large Insto, every road show saying here's $0.5 billion get into manufacturing, and we say we can't speak that language. We are hyper focused on the markets we serve. And we bring, therefore, 38 years of really, really deep industry expertise into those markets. We compete and win against the best-of-breed providers and -- with ERP, but we're much, much more. We don't follow the standard path that everyone else follows. We don't flight in the red ocean. We call it the Blue Ocean. We've created a different place by having core ERP for those vertical markets. And it's mission-critical software. It runs the council. It runs the university. It runs government. It's very, very deep. It's very powerful. It operates those organizations. And we're innovation-driven company. We believe in evolution, not revolution. We leverage new emerging technologies at every step of the way. for our customers. We invest 20% to 25% of revenue each year back into R&D. That's at the leading edge of software companies globally. And when you count up all those dollars over the last 38 years, it's over $1 billion, it's probably over $1.5 billion invested back into R&D. And so we have a proven track record of investing that money into R&D, and the success we're having today is from those investments we made yesterday and 5 years ago. And the fourth generation ERP, we know it is CI Anywhere or CIA for short. It's available anywhere, any device, anytime. And it is totally reengineered the ERP for the fourth time in 38 years. And if you look at the other ERP providers in the world, you probably won't find any that have done it once, let alone the 4 times that Tech One has done it and think millions and millions of lines of code. And this fourth generation, it has got streets above the highest level of cybersecurity certification of any ERP provider on the planet with the most trusted ERP. And we were the first ERP provider to get IRAP protected. And this is for the types of organizations in Australia that if I told you, I'd have to kill you the very secret squirrel. And it's not feasible for organizations to individually spend the millions, hundreds of millions of dollars they need to keep at that very highest level of cybersecurity. So we do it once and applies to every customer in our customer base. And we'll continue to invest million dollars, millions of dollars each year into elevating that and raising the bar for cybersecurity. And with the power of one, you know this, we build market, sell, implement, support and run our software for our customers and it's very unique. No one does what we do because we own that whole cycle at every stage, when we get feedback or need to improve, that goes back into our product. And there's this huge IP engine for us. And we have that direct relationship with our customers. We own the relationship from end to end. And we do it, and it's hard and complex, and there will be issues from time to time. And there are always issues in ERP software, and it's better for our customers. because in the traditional model, which is pretty much in the whole world, you buy software from a vendor and you get implementation done by implementer, the third parties, the big 4 companies like IBM and Accenture. And when stuff goes wrong, and it always goes wrong, they point the finger at each other and the customers left carrying the can, but not with Tech One. With the power of One, we're 100% accountable. We own the entire relationship, and we will always make it right for our customers. It's one of the reasons we've got 99-plus percent retention over the last 38 years. Now SaaS+ is a game changer in our industry, and it is moving the industry. It's where we get rid of long, complex, risky expensive implementations that overrun and we deliver it in 1 single fee for our customer. No one else does what we do. And it's in our DNA to drive that implementation time frames down to customers go live faster because they don't buy software to go through long, complex implementations. They buy software to streamline their business. And through the power of One, we are the only organization in the world that's able to deliver this because we have the software because we have the deep industry expertise and because we have our in-house consultants who know the software and the industries deeply. You put those three things together, we're the only provider in the world to deliver SaaS+ and do what we do. And so we've got two not-so-secret secret weapons now, SaaS+, that game-changing approach to how we deliver ERP; and then AI and Plus, which we launched at our showcase in October in Melbourne. Our software, like everyone else has, has thousands of screens. We've replaced thousands of screens with one screen, no clicks, no screens, just a conversation. two secret weapons that are not so secret. Let me explain. So this is an older slide, but it's a very important slide. This is what it used to be like on-premise. You'd come to Tech One and say, "I want to buy software, financial minded, [Audio Gap] but we would say you need amount of servers, you need racks, you need databases, you need operating systems, you need memory, you need compute power. That was the old way of doing software for ages. And then SaaS came. SaaS said, you don't need any of that complexity. We'll deliver all of that for you as a service. That changed the industry. And Tech One became a SaaS provider as our fourth generation. Now Today, you have SaaS, but our industry says a [Audio Gap] is it the big 4? Is it Accenture? Is it [indiscernible]? when we are there, us your project managers, let's talk about project plans we need to have business analysts, subject matter experts. We're going to talk to you about configuration, configuration design documents testers with test scripts and test rail and data migration and integration, is just blah, blah, blah. The list goes on and on and on. And that's the complexity that our industry traditionally gives to our customers. and that's the operating model today. But with SaaS+, we take all that away from our customers, just like SaaS. We take all that complexity away. We do it all for our customers, and we do it for one single fee. And we are changing the world because tenders are coming out just asking for SaaS+. And who can deliver SaaS+? Only one organization can. Now that is the Plus screen. Imagine Tech One software, 20 products, 600 modules, thousands of screens. That's complex. I couldn't tell you how to navigate all those screens. We've replaced it all. One screen to operate the entire ERP. Tesla changed the market for cars, Uber changed the market for how we order cabs. Tech One has the market for ERP. Now in those October showcases, I would have spoken to 40 or 50 customers, and I was talking to an independent researcher in Sydney actually and also Macquarie University. And he said to me without prompting, "You have just changed the ERP market with Plus. No one has done what you've done." You've just leapfrogged everyone. So now I'm going to run you through the highlights of the year that was FY '25. For the 16th consecutive year, TechOne delivered record ARR revenue and profit, and we beat the guidance that we set in May for that year. Now that was built on that strategy that was talked about just executing well on that strategy. And if you look at the results, they talk for themselves. We started the year celebrating 25 years as an ASX-listed company, and we ended the year as an ASX 50 company. SaaS+, I won't go into that again, but that is our game-changing offering, which is changing the world and has changed the world. It's fueling our growth. That with our ERP is fueling our growth. And this, in turn, enabled us to deliver 18% ARR growth to about $555 million and profit growth of 19% to $181.5 million. And for those that follow us have been with us a long time, we had an ambitious target, and that target was $500 million ARR, and we delivered that 18 months early in the first half of FY '25. And of course, in the Tech One way, we set the next ambush this goal, $1 billion-plus ARR by FY '30. So as we highlighted, we delivered strong growth and an increasingly common metric to measure SaaS companies is the rule of 40. And what that is, is your revenue growth and your cash profit margin. And there's no really strict definition of what is the rule of 40. And we got some feedback that we're measuring it wrong, that we were using post-tax profit when we should use in pretax profit. So we said, okay, let's update it. It made our rule of 40 year result even stronger. And so you can see there that it's a result of 59, and that puts us in the top quartile of software companies in the entire world. We're incredibly proud of those results. And our Board signed up on the final dividend of the year, and that was $0.20 per share in addition to a special dividend of $0.10 per share, taking the final dividend up 63% to $0.366 per share. We're extremely proud of that success, and it's because of the confidence in the future and our growth that we were able to give that dividend to shareholders. We have a very strong balance sheet. You can see there, $320 million of cash with no debt. And as you would expect, our free cash flow is very strong, growing in line with profit. So to summarize that, we achieved record ARR profit and revenue, ARR up 18% to $555 million. U.K. ARR, U.K., the flow is turning, up 49%, sales, ARR up 52%, Profit at $181.5 million, that's up 19% and beat that guidance that we that in May of 13% to 17%. And we have a very strong balance sheet, which allows us to continue to invest in R&D up 20%, building the next generation. Now I'm going to slow right down and spend some time, some deep time because the market is asking whether [ AAP ] or software companies. And I'm here to show you why Tech One is actually getting stronger with AI. We have $555 million of recurring revenue, 99-plus percent [Audio Gap] plus ARR by FY '30. Those numbers aren't just historical or they're the foundation of what comes next. And so if you look at this slide and think about the last 38 years and all those technology shifts, our focus in Tech One has always been, it's deep in our DNA to leverage these ships for our community. It's actually why we called Technology One. And we always focus and plan on the long term. And we've been working on this next technology shift for some time. And we've invested a lot in R&D, over $1 billion, $1.5 billion to take advantage of these latest tech shifts. And we're entering what we call the fifth generation of Tech One's ERP, that's the AI generation and also the SaaS+ generation. And at each generation, it's far more than technology for us. We reinvent our entire organization. That's our technology, our structures, our processes, everything. Everything gets reinvented, and we're really excited about this new future. And the success we're having today is from the R&D we made 5 years ago, and the success we have tomorrow is from the R&D that we're investing today. So this is the fifth generation, right? It's the SaaS+ generation, and it removes the need for long, complex, risky implementations that the consulting firms are known for. And we have a goal -- and typically, they take thousands of days. We have a goal to do it in 30 days, and we are using technology and driving down to implement ERP software in 30 days. That's unheard of. People have told us it can't be done, and we're proving that we are driving those days down. And if you look in the corner there on that slide, see that little powered by AI. This strategy was thought up years and years and years ago. We needed a few things to come together, and we launched this strategy in '23. So AI is not new for Tech One, this is just a taste of some of the AI that we've been using and just a validation point of how we're leveraging AI for our future. Now today, I'm going to walk you through why AI is an accelerant for our business, not a threat and why short-term movement in markets, they're not a concern to us. We structured this presentation around 5 core themes because not all SaaS companies are created equal. And I want to take some time now to walk you through this. The first is I'm going to take you through the macro. What's actually happening in SaaS and AI? Then we're going to get into a resilience framework that separates the winners from the losers. Third, I'm going to tell you when Tech One fits in that picture, our customers, our strength. Fourth, I'm going to show you how AI actively makes Tech One stronger through our enabled products through Plus and some other things that we're going to launch in London next week. And fifth, I'm going to take you through our long term, our 5-year view. And finally, I'm going to take you through our upgraded guidance for FY '26. Now we are increasing the guidance, and it's not optimism. It's confidence in everything we've been doing. It's confidence in our pipeline in Australia, New Zealand and the U.K. It's the momentum of SaaS+ that we've talked about, and it's a response to Plus in our AI-enabled products that will be launched shortly. So I'm going to get into the first part, and show you what's really happening in SaaS. So have a look at this picture here. People in the market are saying that SaaS is dead, but there's a very specific type of SaaS that's going to die, a very specific type of software business. So on the screen here is traditional SaaS. This is the model that's been around for the last 15 years or so, and it's a very simple playbook. Companies would find a common business process build a workflow, build a really good user interface, add some integrations around it and charge per seat per month. And then they would defend their position with switching costs and minor tweaks to the product. That is the playbook for SaaS companies over the last 15 years. And so what's changed? Well, AI has changed, coworkers changed. And you've seen and probably read about AI plug-ins that allow AI to log directly into your systems, for example, your CRM, your customer relationship system; and perform entire workflows autonomously. And you would have read lately [indiscernible] brought out that legal analysis, and that has spooked the market because there's no human in the loop, and this is the part that's really frightening everyone. Now because if an AI agent can do the work inside your systems, why do you need 15 different SaaS companies or providers with pretty dashboards sitting on top? If AI agents can do the work of employees, you don't need hundreds of SaaS subscriptions. And in our well, that's commonly known as seats. So if AI agents don't kill the software directly, it kills the head count that uses the software, which kills the per seat revenue model, which kills that software business. So what's changing? Let's look at the picture on the right. Right now, value is getting sucked up to the top, that agent layer. That's actually executing the work that people used to do and downward into the system of record. That's the data, the workflows, the compliance, the security, the infrastructure. Everything in what's called that thin middle, that's the SaaS user interface, the dashboards, the screens. That's where you click that gets crushed. That's why you're seeing valuations, valuation multiples dropped significantly against the world's largest SaaS companies. It's not because people don't need what they do, it's because the investors realize that the moat around having a nice user interface and some integrations is paper thin and the AI agent can bypass that user interface totally. The interface used to be the product. Now it's just a shell. That middle layer, that SaaS user interface, it's getting squeezed from both directions, the top and the bottom, The value moves up to the agent layer, and the value moves down into the system of record because here's the thing, AI agents are only as good as the data they can act upon. And that needs trusted, [ authoritative ] data, the workflows, the delegations, the compliance, the security infrastructure, and that's in the system of the record at the bottom of the slide there. And that's exactly what Tech One is. So we've created the AI agents, the world's first and simplest user interface, that Plus interface. We've already done that, and we have the system of record. So when people ask, is SaaS dead? The answer is it depends where you sit in that diagram. If you're a screen interface, you should be worried. If you're a system of record, you've probably been never more valuable. Okay. So these are the three implications from the shift and they're all playing out in real time right in front of us. First, the users and interfaces are being disrupted. AI agents are replacing traditional SaaS users, their routines, their workflows. And conversational AI like Plus, which we've already launched is replacing complex screen navigation. Two layers at the top of the stack there are being fundamentally disrupted and fundamentally reshaped. And this is where the market far comes from. And for companies sitting in those layers, it's legitimate. Second, the per-seat pricing is under pressure. If AI agents do the work of employees, you need fewer software seats. It's quite logical, right? That per se model that built SaaS companies and built SaaS fortunes is structurally threatened. And IDC, a research house in our tech spaces, by 2028, that's gone. That's the per-seat pricing model. We saw this coming decades ago. We've never been per-seat pricing model, and we don't charge per seat. We're going to show you how we charge in a few moments. And third, and this is the critical one, the systems are record with proprietary data, the workflows, the delegations, the compliance, the security, the infrastructure with mission-critical platforms and deep domain expertise and businesses with the outcome-driven pricing; they're going to gain from it, not lose remote. And that third point, that's Tech One. Let me show where we sit, and there's going to be a framework that we're going to go into to make this more concrete. So I've said the macro. I've set the macro of what's killing SaaS companies. Now let's look into this framework you used to assess SaaS companies and their resilience to AI disruption. Now this framework comes from Jarden, It identifies 7 dimensions that determine whether a software company thrives or struggles in this new era, this AI era. Now I'm going to go through each one of those and how Tech One fairs. The first one you can see there on the screen is AI capability investment. Now we're not bolting on AI as an afterthought. AI agents and Plus is already deeply embedded across all of Tech One software. We demonstrated it in our showcase in October last year. And we're launching some even more exciting things next week in our London showcase. Now that investment in AI allows us to build even more software even faster with the developers we have, making us more productive, giving us more value to our customers or within our guidance. It doesn't change our guidance at all. The second is proprietary data. We have 38 years of first-party operating data from mission-critical contacts and mission-critical processes. We hold the source of the truth that third-party AI simply can't access securely. We have insights across over 1,000 customers, hundreds of councils, hundreds of units and governments that create a data advantage that no one else can match. -- all hosted within secure countries, secure jurisdictions that comply with the highest level of cybersecurity certification on the planet for our customers. The next two there is domain expertise and regulation. I can't stress enough, it's mission-critical products that run a council, run units, run governments, highly regulated in the industry. We have deep knowledge of how they operate, compliance, workflows, delegations, the regulatory framework. And foundation models simply can't replicate that. This is decades of accumulated knowledge, complexities of counsel, complexities of units, all baked into our software. And then customer embeddedness. We have 99-plus customer retention over the last 38 years. We are the system of record. [Audio Gap] The next is [ switching ] costs. We've got deep and broad functionality, think 20 products, 600 modules. That means we used across multiple apartments in accounts, multiple apartments in an organization with long-term committed contracts. You can't simply just pull a piece out now without reengineering all of your core operations, so there's high switching costs. And then, of course, pricing power. Our revenue is not linked to seats. Our revenue is linked to ratable properties in a council. So when the council grows, our revenue grows. Our revenue is linked to students in a university. So when the student grows, our revenue grows. And when we launched AI embedded in our products and Plus, we introduced transaction-based pricing. So as they use more of AI and Plus in interactions and conversations, our revenue grows. And in the U.K., we're launching something new and core, which is advertising revenue, which we're going to share with our customers, but more about that after next week. The next and last one is the network effect and scale. We're niche, we're the market leader in Australian, New Zealand and U.K. public sector and highly regulated industries. We don't just have one council or one government or one unit. We have hundreds. We have 1,000 customers, and that data is highly, highly valuable in training our AI models, and there's also high barriers to entry for others because of regulation and trust. Now these 7 dimensions show how we are embracing AI to provide even more value to our customers as well as their customers, which are you and I as a resident and a council or our kids as students in a university. Now at every dimension on that Jarden framework, it favors Tech One. Now I'm going to go even further and say let's compare different ERP companies now. So if you see this slide here on the left-hand side of the slide, this represents the higher-risk ERP company for AI disruption, that is horizontal, general-purpose software, single application, low regulation, simple switching costs; these companies have probably the highest total addressable market and the simplest investment case and they sell to commercial buyers, but they're also the most exposed. Now on the right, this is a more lower risk of AI disruption, vertical-specific, mission-critical platforms, deep multi-department workflows, highly regulated, complex switching costs, outcome-based pricing. Now the total addressable market is relatively smaller, still large for us, the investment case is far more complex. This is complex software, but the buyer is a public sector or highly regulated. They're risk-averse, they're measured, they're deliberate and they're incredibly sticky. Now Tech One firmly sits on the right. every single characteristic in that right-hand column, which you see on the screen there, describes Tech One's business, vertical, mission-critical, regulated, long-term outcome priced. So when the market sells off broadly all software stocks because of fear of AI, they're painting with far too broader brush. Companies on the left should be worried. And for us, AI is creating opportunity for us at Tech One. Now let me show you who our customers actually are. This slide is important because that explains why our 99-plus customer retention over the last 3 years, it's more than just a number, it's structural. Now there are two types of buyers of ERP, were purpose built for the public sector and for highly regulated industries. Now the public sector and highly regulated industry buyers, they're accountable and they're risk averse. They value trust and proven solutions above all else. They tolerate longer procurement cycles because they believe in getting at right matters more than getting it fast. They prioritize vendors with security, compliance and a proven. And critically, they're measured by outcomes, not by cost savings. Commercial buyers, they're very different. They're more risk seeking, cost driven, fuel constraints. They'll try new tech if it offers a competitive advantage and they expect rapid return on investment. Now Tech One is built for the first group. These are councils, these uni's, government, health organizations, large infrastructure providers, entities that serve the public serve you and I, and they cannot afford any failure. And when they choose a system and when they choose the system of record, they're choosing for a decade or more. And if you believe the hype, our customers are coming to us and asking for shorter contracts to jump ship. But just to be clear, they're asking for longer contracts and they're looking for certainty. This is why AI disruption needs to be measured differently in our market. A council isn't going to rip out their financial system or their asset system just because that ChatGPT exists. They need trusted compliance, sovereign software and proven software, and that's what Tech One provides. Now we've established a macro. We looked at the Jarden framework, we've looked at who our customers are. Let's take it even deeper inside Tech One, our competitive strengths and how AI makes these even stronger. So our strategy, our investments and our resulting mode even before AII was incredibly strong, incredibly deep. We built that verticalized software, that mission-critical software for the world's most demanding customers, is mission-critical. And there's only a handful of vendors in the world that do what we do. We have the highest level of cybersecurity certification. We have the world's first SaaS+ model where we go live faster in 1 single fee. We've been telling our investors and investment community for years that cloud is war, and we won that wall. And what that means is when you're on our cloud, our customers are taking more and more of our products to streamline their business, which means we have more and more of their data. And we've built this tremendous data like, and that information is so rich and so valuable for AI. Now these aren't marketing claims. They're structural and they talk decades and decades to build. No start-up and no horizontal tool, no foundation model can replicate what's on that slide overnight. But here's what excites us. AI, if we execute well and we will execute well, doesn't erode us, it makes us stronger. It amplifies and I'm going to show you now. All right. So we just go back for one second, Tech One is changing the market with I showed you that plus screen before on screen, which replaces the thousands of screen in Tech One software. That's deeply embedded. AI is deeply embedded with our products and modules, no clicks, no screens, just a single conversation. And we're launching a new product in the U.K., which is similar, we call it business-to-business to consumer. It's for the residents, it's for the students. And at every step of evolution, we've not only created or leverage technology for our customers. We've reinvented our whole business. But we've also made it frictionless and remove the barriers of adoption for our customers. So I just want to remind everyone of what we've done. So we started all the way back as an on-premise company, but we went power of one, and that was to remove the third-party implementers. And by being 100% accountable, we removed the friction and the barriers for our customers and ensure they could go live fast. We then became a cloud company to remove the barriers for faster adoption of our product. We pivoted to become a SaaS company. And we're the first to be IRAP protected certified, which removed the barriers associated with cybersecurity risk. We became a SaaS+ company and removed long, complex, risky implementations for our customers it's what's fueling our growth in the U.K. And now we're leveraging AI by creating the fifth generation of our ERP for our customers. Now our customers love having the certainty of the product benefits -- productivity benefits that our AI brings, but the uncertainty around costs that AI brings. So next week, we're introducing a new advertising revenue share model at our London showcase to remove any cost barriers for our customers. It's in our DNA. Now I'm going to provide an example of the competitive strength in actions. And this was demonstrated to our customers in the showcases that launched in October. So you and I, we're a resident of any council in Australia and New Zealand. It doesn't matter, and you want to build a [ grandy ] flat. As we demonstrated in the showcase, you're going into one screen and ask our AI-enabled property and rating product in natural language to submit an application [Audio Gap] what we refer to in that picture is that top line, if you remember that top layer. Now [Audio Gap] our counsel, this is what we call the bottom layer, that system of record. And this is where all the value lies in ERP. It's not the agent layer, but bottom layer because that's the rules, the delegations, the workflows, the compliance of security, And it goes deep into our products. Firstly, it looks at, for example, spatial and it goes where do you live, and it knows where you live. It can then go into the property rating software and go what are the rules for your area to build that Grandiflat? You can then go deeper and go what has been assessed outside of those rules by those planning department in that council. We'll go into the financials and give you a bill, and you'll pay that permit using enterprise cash receipting. And it'll also look at enterprise content management for those rules and for your application and secure it securely, So you can see that AI gets all that information. But now it utilizes the business rules, the policies, the standards, using AI to go and approve that application for you. Third-party tools and bolt-ons can't do that. they don't have access, they don't know the rules, they don't have the authoritative data. Sure, a third-party agent, you can do, I can do it can go find out the rules in your area. But that's all it can do. Now you'll get your building permit issues like that completed through the AI that's embedded in Tech One's deep and broad ERP. Our entire stack supports the entry. All of that, including AI, is open and controlled. All customer data is secured. We have achieved ISO 42001, which is the world's first global standard artificial intelligence systems. These are for regulation, not for hype. And when we showed this to our customer base, I remember a conversation I had in New Zealand, we showed the council that time saving on one application, times by the thousands of applications they do per month. And the CIO of one of the councils came to me and said, "You're kidding, Ed. It's better than that." So the productivity benefits for our customers is huge, leveraging the AI that's embedded in our products. That was just one tiny example of what our software can do. Now think of the thousands, tens of thousands of functions that our software can do across uni's, across councils, across government, health care, students, you name it, applying for uni course, selecting your study, scheduling a class, getting your bins picked up applying for a granny flat, doing an infrastructure defect, bucket loads of function all already AI enabled for our customers. Now as the niche market leader for public sector and local government, higher education in Australia and U.K. We don't just have one council or one uni or one government department. We have hundreds. And that data is highly valuable in training our AI models. And there's huge barriers to entry for our -- any competitors because of regulation, because of trust because of cybersecurity certification. We have the domain knowledge for each of those vertical markets. We know the workflows. We know the business rules, and we have the business processes that our customers need. Now it's in our name, Technology One, we take care of technology for our customers so that they can focus on their core business, which is serving you and I. And we can share those common business practices and share that data anonymized across councils, across uni's so that they can become more efficient. And you're going to hear me say over and over and over, we are our customers' AI strategy. Now this is the slide that answers the key investor questions of how does AI actually make Tech One stronger? And the answer is in everything I just [Audio Gap] Plus that conversational screen gets rid of 1,000 screens. And what we're about to launch in London next week is part of why we come out stronger. Now Plus in our agentic AI platform, it's built in. It's embedded across all 20 products, 600 modules. It's not a bolt-on. It operates within our customers' own data, their permissions, their governance. Every customer's AI gets smarter with every transaction that they provide. And because it's built in, customers don't need to pick third-party tools that could reach sovereignty, et cetera. It's all built in. And we've done this for all of our customers in all verticals. And we're going to launch a new AI-powered resident portal in the London showcase. Again, it's conversational AI, no screens, no clicks, just a conversation. And we're going to launch that with a world-first advertising revenue share. So imagine a council or a uni having to pay for AI, but getting a revenue stream that potentially comes with it as well. So it transforms us from not only focus on the back office, but on the thousands of users in a council or a union, we've become a platform business. Now look at this right-hand side, that's the five ways the economic moat deepens, broadens. The switching costs increase because AI is trend on customer data, and it becomes uniquely more powerful to our organizations that we serve. The data mode widens because every transaction creates more proprietary data in the models. New revenue streams are unlocked, as I discussed. We've never been seat-based. Ratables for councils, students for a university, transactions for AI and an ad revenue sharing model. So we described this as both a sword and a shield, a shield because it protects us from third-party AI incursion and a sad because it's opening up new revenue streams through end user monetization for us. This is why we say AI strengthens our position and deepens our moat. Now look at this slide, just updated through what I just showed you. Everything on this slide was already strong. But with Plus and our new AI-enabled products on top, every one of these gets even stronger. Our verticalized software has embedded AI, our mission-critical apps now have an AI interface. Our customer retention strengthened further because we are their AI strategy, not just their ERP. Our investment in allows us to build even more software, more features, more functions, even faster for our customers. making us more productive or within our very open and public guidance parameters. The moat was wide before. With AI, it gets deeper. Now I just want to pause a little bit and land this central message of this presentation. Our customers in public sector and highly regulated in industry, it's just like everyone else in the business world, they're under the same pressure to leverage AI every day to make their life more productive so that they can provide better services to us, their stakeholders. We are their AI strategy. Now we're not a company that needs to figure out AI to survive. We're a company now that's leveraging AI. We've been working on it for the last 5 years to become even more essential to our customers. We own the data, we own the products, we own the platform, and now we own the AI layer too. SaaS is an dead, but value is shifting and it's shifting towards exactly what Tech One's built over the last 38 years. And the proof is in the pudding. So the first metric we can share with you is the early adoption of Plus, that nice user interface I showed you. In the short time that we launched Plus, only in October last year, so I think that's probably only really 2 months of selling with Christmas in the middle there; we have 20-plus customers, marking Plus as the fastest selling product in our history and the fastest to go from $0 to $1 million-plus ARR. That's a pretty remarkable achievement for something that was only launched a couple of months ago, and it's not even in our customers' hands yet. They get it in the end of February and early March. So we've covered a lot so far in this presentation. We've covered the macro framework, the Jarden 7 things, our position, our AI strategy. Now I'm going to change gears and show you our 5-year view, starting with our track record. Now over the last 38 years, as we say, we've invested a bucket load in R&D to take advantage of the latest technology for our customers. And we're entering that fifth generation. That's AI generation and the SaaS plus generation. And for us, it's more than just a technology shift. We reinvent our entire organization, our tech, our structures, our processes, our systems, absolutely everything. And if you came was a fly on the wall in our business, you'd feel the buzz, you'd feel the excitement. And the success we're having today is from the investments we made yesterday and the success we're going to have tomorrow is from the investments we're making today. We'll continue to double in size every 5 years, and our goal is $1 billion plus ARR by FY '30. This chart tells a very simple story. Tech One has doubled roughly every 5 years. consistently through every market cycle, every technology shift. And at 15% compound, you double every 5 years. We're targeting 18%. So it's not just a hockey stick projection, it's a pattern we've delivered for over a decade. The math for us is straightforward. It's the execution which matters. And you see that through our software, you see that through our customer excitement. You see that through our customer feedback. And of course, our track record of consistently doubling every 5 years, this gives me and us high confidence in our trajectory. What's different now is AI creates even more growth vectors for us. Plus will drive deeper usage and stickiness -- it will introduce new revenue streams. The AI products we're going to launch next week in London, an entirely new revenue stream. These are additive to the organic growth that Tech One has already proven. Now we're projecting $1 billion-plus ARR by FY '30. It's not just a round number, it's because of math and the momentum in our business supports it. All right. We're in the final section now, folks. Let me share our upgraded guidance. It was published early this morning and close with the key message that I want you to take away. We talk about heartbeats and rhythms in our business for as long as I can remember, it's drummed into me by Adrian. We do this because we're disciplined, we're focused and we have a history of delivering. And as we've transitioned from on-premise to a SaaS company and now a SaaS+ company, we've been able to carefully and surgically increase that heartbeat and rhythm in our business and upped our guidance from the traditional 10% to 15%, which it must have been for 35 years, profit growth. Then in FY '24, we went from 12% to 16%. And than in FY '25, to 13% to 17%. And you can see from that slide, we have a track record of always delivering above at the top of guidance. And we have those 2 not-so-secret weapons, SaaS+ and AI. And the markets we serve, they're resilient. We're not impacted by the current geopolitical issues. We've got that mission-critical software with deep functionality in the markets we serve. We focus on the ERP and tech for our customers so that they can focus on you, the residents of a council or the students of the university. Our customers are independently verified by moving to Tech One SaaS and TechOne SaaS plus they say 40-plus percent. SaaS is driving our pipeline and driving more opportunities for us, and we have a very strong view on the pipeline for 2026 and we'll continue to benefit from our single global -- single instant global SaaS ERP, which will help us deliver that margin growth to our bottom line. So when you put all this together, we announced profit before tax growth for FY '26 of 18% to 20%, upgraded from last year's 13% to 17%. ARR growth is forecast at 16% to 18%. And to be really clear, we're targeting the top end of that for both profit and ARR. And we're not expecting to beat it, like the market has seen us do over many, many years. So a company growing consistently at 20% is quite an amazing feat. So our goal is to hit the top of both those ranges. Furthermore, all of the R&D investment we're doing in AI and products and SaaS plus, it's all factored into that profit before tax guidance, and we will see immediate benefits of AI to our bottom line. In terms of the phasing between half 1 and half 2, our FY '26 deals, as always, are second-half weighted. So as normal, there will be a bit more ARR growth in the second half than the first half. For the full year, our free cash flow generation is expected to equal net profit after tax. That's the health of translating that accounting profit to cash. It will be 100%. And we've invested in our AI showcases in Australia, New Zealand and next week in London. And these are big investments. It's a big event with a very clear commercial opportunity, somewhere in the order of $8 million to $9 million, and that's going to hit our first half profit. So we're expecting high single-digit percentage growth in the first half because of that investment we made in those showcases in the first half. Now half 2 profit will be robust, and that's how we're going to deliver that 18% to 20% upgraded guidance. We're increasing guidance it's not optimism, it's competence. It's competence in our pipeline in Australia, New Zealand and the U.K., the momentum of SaaS+, the response to AI and Plus and the excitement of what's yet to come. We've earned that -- sorry, and the earned and what we've earned and delivered over the last 38 years, we don't guide up unless we can see it in the numbers. So I just want to now close where we started. SaaS isn't dead, but value is clearly shifting from users and interfaces to outcome-based models. And that shift papers everything that TechOne's built over the last 38 years. We own the data, we own the products, we own the platform and now with Plus and AI built in and what we're launching in London showcase. We owned the AI layer 2. 38 years of consistent delivery, 99-plus percent customer retention, 90% recurring revenue, a very clear path to $1 billion ARR by plus by AI 30 and upgraded guidance for the current year FY '26 of 18% to 20% profit growth. We've never been more confident in TechOne's position. The AI era doesn't threaten us. It validates 3 decades of strategic choices. And TechOne is our customers' AI strategy. Now finally, moving to our people and culture, an important part of the culture of Tech One, is the DNA of Tech One is our foundation supporting great Australians doing great things, doing great work, both locally and international -- our Tech One foundation will continue to grow as TechOne's bottom line grows because we've signed up to the 1% pledge. That's 1% of profit, 1% of product and 1% of our time goes to those charities we serve. The foundation is shaping and will continue to shape our people, our staff and the DNA of the company. And our goal, like everything, a big goal is to lift 500,000 kids and their families out of poverty by FY '31. As I said right at the very beginning, our people, you see them around here, perhaps in yellow shoes or in the Tech One T-shirts. They have a really deep connection with our mission, with our purpose because they, their brothers, their cousins, their families, their kids, their sisters, their family, work, live and play in the communities we serve. They are the ones that live and breathe the Tech One. They are the ones that create those mission-critical products, they are the ones that deliver those solutions that power our customers. So none of these results would be possible at all without those talented and committed people that make up TechOne. Our people are in a role that have energy that have momentum. We would like to thank all of the people in TechOne here and all over the globe. Thank you for your time today. FY '25 has been another amazing year. FY '26 and beyond is very exciting for us. We'd also like to thank you, our shareholders, for your continuing support. To end, I'd just like to play a mash-up [Audio Gap]. [Presentation]

Thank you for that presentation, Ed. For those who have been here before, obviously, Ed took a bit longer than normal, but we thought it was important in a world of uncertainty and opportunity that we give you a sort of deeper insight and understanding as to how we are thinking about this company. We'll come to questions shortly, but I just want to explain if you're a shareholder, I would like to ask a question through the online platform, could you please click on the Ask a Question tab at the bottom of the screen and follow the instructions provided. We will endeavor to answer as many questions as we can. You can submit those questions now or at any stage during the meeting. You do not need to wait until the relevant item of business. We will then seek to address your question during the discussion on the appropriate item of business. questions being sent through the online platform may be moderated to avoid reputation. And if the questions are particularly lengthy, when we may need to summarize them in the interest of time. We have been advised by the registry services provider that while shareholders have been provided the ability to register to ask questions via a phone line at this meeting, we have not received any registrations for this service. As such, we will be responding to questions put forward in the room and in writing online only. We will provide time for questions on each item during the meeting, but I would now like to provide the opportunity for shareholders to raise any questions they may have specifically regarding the content of Ed's presentation. So if you're in the room and you have a question, I ask that you raise either your yellow voting card or your blue registration card, and we'll have one of our staff come over and give you a microphone. Questions in the room. Paul?

[Audio Gap] Association. I'm holding proxies from shareholders totaling about 443,000 shares First forth, thanks, Ed, for the fantastic presentation. It really did a good job of highlighting some of the perceived risks and your moat against those risks. You talked a lot about genic AI, but one of the other risks we hear a lot about is via coating, where you can use AI-assisted tools to help code software yourself. And there's the stream that customers can build their own software in a house. So obviously, building something like your product would be a massive undertaking, probably not realistic. But there's always going to be a niche that software teams have internal software teams, your customers to build things. Do you provide any way for your customers to not replace but augment your product in-house?

Thanks for your question. Yes, vibecoting is d1 of those new buzzwords, these where people can use AI fun on one hand, it's unrealistic on the other to connect it to highly secure systems and then for someone to maintain it and keep it going. But to answer your question, yes, so maybe 2 showcases ago, we launched a thing called App Builder, which allows people to extend our software, using their brands, their smart, their knowledge of councils or unis and to extend our software. And so that's out there in a few customer sites right now. We're going to iron out of a few bugs and get it really robust to do that thing. And that's the way that we allow customers to extend our software.

And the flip side of that, if I can. Not so much of Boating but developers using AI tools to improve their productivity. Are you using tools like that in-house? And have you seen any performance uplift as a result?

We definitely have. So we, like every company, like Al Council customers asking our staff, how do we get productivity benefits using AI. And one of the earliest places is in R&D. So although we invest quite a lot in R&D, I think what you'll see is more and more features just come out faster for our customers as we leverage AI for our own use or within our guidance parameters that we set in the market.

I just wanted to check, since the presentation you did in October with AI. The share price dropped quite markedly. Listening to today is a totally different thing in terms of positive outlooks. Is there a communication issue with how the AI presentations appeared to the market, resulting in...

The simple answer to that, and as former educated people in the red to talk to this, is the markets do what the markets do. At the moment, the market is seed when it comes to anything to do with AI. And most of us in this room have around a long time. We've seen cycles like this. At the end of the day, the good will rise or -- well.

Thank you very much for your presentation and a brilliant -- any plans to expand into the U.S.?

Say, yes, I'm in trouble I've not have told this story before pre over, we did have plans, and I think we might have even tried to do our tender here and there. But what we realized as an organization, focus and discipline is what gets the results. And so if you look at the amount of time, effort, bloods wet end years we put into not only Australia and New Zealand, but the U.K.; that's where our focus is. The market is huge, the opportunity is massive. We deserve to be in the U.S., I think, but our focus is really executing well and delivering for the customers. And of course, therefore, shareholders in the [Audio Gap]

Any questions online?

Yes, Pat. We've got 3 questions online. The first is from Jeff Rogers. He says, "Hello, Ed, thanks for the results in the presentation. What do you see as the growth path for T&E? Will the rate of growth increase in the future, i.e., super compounding?

No pressure. I think -- thanks for the question. We talked about that heart beats, token growing at 10% to 15%, getting to where we are consistently 20% year in, year out. That's, in my words, mind boggling that any organization can do that over and over and over. And doing it at those rates is, in fact, doubling in size faster isn't it than 5 years, it's probably 4 if you do the math. So I think we'll just stay at those rates because in the end of the day, we have to still deliver for our customers, right? And so you got to get the balance right of growth and delivery for your customers. And so I'll just finish there. Thank you.

The next question is from Stephen Mayne. He says the share price has bounced almost 10% today, but at $23.50, it's still a long way below the record high of 42 in June last year. We've clearly been hit by the global AI disruption fairs, just like the Chair's other ASX 100 company car Group. What is the Chair, Pat O'Sullivan, personally doing to upskill on the AI threat? Has he traveled to Silicon Valley many times since the release of ChatGPT? And who are his key external advisers on the AI threat in such a fast-moving environment?

Thanks for the question, Stephen. So I'm blessed to chair 3 wonderful Australian technology companies, and I couldn't be surrounded by better people that educate me every single day.

And the next question we have is also from Stephen. He says, do Australian councils ever band together and deal with us collectively in order to strengthen their buying and negotiating power? Or do we pick them off one by one? How strict are the privacy provisions in our local government contracts? Are these suitably tight that counselors are now allowed to talk to each other about our technology services and pricing? And how common is our practice of signing single contracts that apply to multiple councils?

I know where to go with that. We are most government panels, and that's where most of our customers buy from. I've almost forgotten the question. SK, can you ask that again?

Yes. And how strict or the privacy provisions in our local government contracts regarding discussion between...

Purchasing our government customers, as you can imagine, are not competitive. They talk to each other all day every day. The value of our product talks for itself. And so yes, they talk to each other. Yes, they talk to us, but we deal with each individual counsel individually.

Are there any other questions there?

Yes, sorry, 1 more from Stephen. He's shares in corporate travel management has been suspended since August 22 last year over accounting irregularities with talk that it may be broken, Their founder and CEO quite 12 days ago. On December 8, our Chair and CEO made an ASX announcement defending, our CFO, Cale Bennett, who spent 4 years as Deputy CFO or CFO of Corporate Travel Management before joining us. as 2 years ago. Please provide an update on the situation.

So as we said in that release, for those in the room aren't familiar so Cale Bennett, our CFO, worked at Corporate Travel Management a number of years ago. He's worked for us for a few years. And since he's joined us, he's done a really good job of helping the company grow to be an ASX 50 company. Ed and I've spoken to Cale a number of times about what's happened and is happening at corporate travel management, and we've looked at what the public disclosures are from corporate travel management and we've got confidence in Cale at this point. But as we said in that release, we will continue to monitor the public announcements from corporate travel management.

Well, for the presentation this morning. My question relates to data storage. Obviously, the growth in data storage just for the company is going to be immense. But big competition for storage around the world now. Just wonder, is it an issue for the company? And how do you handle data storage? .

Thank you. deep in the bowels of the TechOne SaaS platform. It's powered today by AWS and Amazon Web Services. And so we are one of their most important customers from this side of the world, and we work with them a lot in leveraging new technologies to provide faster, cheaper, better and more secure services to our customers. Data story is just being one of them.

Thank you for your presentation, Ed, very illuminating. I'd just like to ask you, you said you had 22 customers already on your AI, which you released in October. Is that 1 of the main components driving your upgraded second half?

It's really just the confidence in everything we're doing, the competence in our pipeline, the competence in SaaS+, and it is the competence of AI as well. So it's one key part of it.

A few people have mentioned the share price, and I appreciate you don't control that. But given that there seems to be a major disconnect between operational performance and market sentiment and the share price, are you considering a share buyback to take advantage of the undervaluation?

So we consider capital management the whole time for. As you know, we've got a lot of cash. We think about what we do with that. There's lots of opportunities around the world at the moment. And we will, in time, decide how we scan that cash

Okay. Thanks. Thank you, Ed, for your presentation. I've been a long-term Tech One shareholder, going right back to Adrian to mark those days in Tuan. My question to you is in relation to the U.K. strategy. I think going forward, you've been invested in the U.K. for a number of years. And I guess you just through last year's results, getting some momentum there. With the showcase coming up in the next couple of weeks and you alluded to a new product on launch, what's your expectations or what can we consider for the U.K.? Because it seems to me at the moment, the U.K. is going to be the growth engine rather than Australia. Is that -- and are you confident that you way forward into Burrows and education sector in the U.K.?

We're confident in both regions. So this side of the world will grow as much. It will grow and so will the U.K. The U.K. is growing faster off a much smaller base. I'll give you a taste in the showcase that we're running next week. I think it's like 2, maybe 3x the amount of attendees that we had 2 years ago. And so it's 50-50 split between higher education and local government, but it just shows you that the brand and the momentum, everything is going well for us in the U.K.

Okay. There'll be no more questions at the moment. I will turn to the formal part of the meeting. The notice of meeting was issued to all registered members on the 13th of January '26. I propose the notice of meeting provided to all members be taken as read. Everyone present here today is required to have registered at the front desk. This includes shareholders, proxy holders and visitors. If you're not already registered, I would please ask you do so now with a representative from MUFG. All proxies that have been received, have been inspected and all those validly lodged have been accepted and registered. A register of proxies received is also available. I've been advised that 563 valid proxy forms have been received, representing more than 235 million votes being approximately 73% of available votes. We will now go through the procedure for today's Annual General Meeting. We will be conducting a poll for each resolution at today's meeting. Shareholders and proxy holders intending to vote would have been given a yellow voting card on registration, which they will need to use at the time of voting by completing the voting card at the appropriate time, either in favor, against or abstaining on a resolution. Shareholders that have already voted prior to this meeting will have today been given a blue card on registration. For those shareholders participating in the meeting via the online platform, you can cast your vote using the electronic voting card you received when you validated your registration. If you have any questions about casting your vote online, please refer to the online platform guide. Those registered shareholders attending the meeting online today will have the functionality to vote and ask questions on the devices. I will consider the questions submitted online after I've taken questions from the floor on each of the motions. Please note that visitors are not eligible to vote or to ask questions as this is a meeting for shareholders, is welcome to stay and observe the proceedings visitors would have been given a red card at registration. We will now move on to the items of business for this meeting as set out in the notice of meeting. The first item of business. We will now move to the first item of business today, which is to receive and consider the financial statements and reports of the directors and the auditors for the year ended 30 September 2025. The annual report, including the financial statements was distributed to members of the 13th of January '26 and has been held by the members for a time that meets the statutory period. This is not an item that requires a vote, but it's now an opportunity for you to ask any questions that you have on the annual report. Are there any questions on the annual report in the room?

The 2.7% drop in operating margins was attributed in part to the transition to SaaS+, specifically upfront consulting income is foregone in return for higher annual revenue because the implementation costs are baked into the SaaS plus subscription price. And then those costs are spread over number of years. Can you explain a bit about that margin compression? Is it a permanent thing? Or does it bounce back later on as the contract matures.

Thank you. I think as we sell more and more SaaS last contracts, we expect a drag on profit margin. Having said that, all within the profit guidance we've given, which is positive, just as it was when we moved from license fees to SaaS. Somewhere in the next couple of years, that bottom will bottom out, if you like, and you'll see increased margin expansion. But I've got to stress that this is a deliberate strategy to be best from one-off consulting revenue to the higher-quality annual recurring revenue, and it's all within the guidance we give, for example, which is 18% to 20% profit growth. Thank you.

From Stephen Mayne. He asked, thank you for disclosing the proxies early to the ASX and well done for receiving strong support on all items, including this remuneration report vote. Given the disruptive and potentially existential threat of AI to something...

I'm just going to stop you. We'll do that on the rem report. That's okay, All right. Any other questions in the room? Okay. If not, we will move to the resolutions to be voted on. As previously discussed, we will undertake a poll for each resolution at today's meeting. Shareholders and proxy holders intending to vote will have been given a voting card on registration, which they will use to record the vote either in favor or against a resolution. If you need assistance were completing your voting card, please ask 1 of the MUFG corporate market staff who are in the room. I now declare the poll open. You may cast your votes at any time from now until the close of the meeting. A representative of MUFG will act as a returning officer for the purpose of conducting and determining the results of the poll. The official results of the poll will not be available by the close of the meeting. The results of the poll will be released to the market on the ASX company announcement platform as soon as they are available, which will be later today. Given the large number of proxies that have been registered for today, we expect to be able to provide a clear indication if a resolution is likely to pass or fail. Resolution 1 to 6 are ordinary resolutions and, therefore, require more than 50% of the votes cast in favor by members entitled vote on the resolutions for the resolutions to be passed. Resolution 1 is the adoption of the remuneration report to consider and if for fit pass the following resolution in accordance with Section 250R2 of the Corporations Act that the remuneration report is contained in the annual report, be adopted. The intention of the remuneration report is to describe the linkage between the company's strategic initiatives, remuneration principles and remuneration framework and how these in turn drive shareholder returns, continuing executive key management performance remuneration -- key management people remuneration continue to be aligned with shareholders' value creation in FY '25. Total continuing executive, I've got to use the acronym KB remuneration, excluding one-off long-term incentives and short-term incentives grew by 21% between 2024 and 25 [Audio Gap] has averaged 14%, while net profit before tax growth has averaged 17%. Short-term incentive outcomes across our continuing executive KMP were up 18%, driven by the 18% growth in net profit before tax. The long-term incentive plan with hurdles based on EPS growth and total shareholder return relative to a basket of technology companies resulted in 100% of at-risk LTI vesting over the same 3-year vesting period, our total shareholder returns were close to 250%. In FY '25, no positive or negative discretion was exercised by the Board in respect of vesting incentives. In FY '26, we are making some changes to remuneration. Following a benchmarking exercises, indicating that the executive KMP were below the 50th percentile of our peer group. The long-term incentive offer has been increased. But as part of that change, the EPS hurdles for the long-term incentives will be made more challenging. In FY '25, the long-term incentives had an EPS growth hurdle where they vested between 8% and 20% growth. In FY '26, this EPS hurdle has been increased to 10% to 22%. And the LTI hurdles have been rebalanced to 25% based on relative TSR and 75% based on that earnings per share. Section 250 of the Corporation Act requires that the company's members vote on whether or not the remuneration report should be adopted. This vote is advisory only andthe outcome will not be binding on the Board. Please note that the directors and key management personnel are excluded from voting on this resolution. I can also confirm that any proxy vote votes submitted by directors and key management personnel have been excluded from the proxy cap. Are there any questions in the room on that resolution? Sorry, Paul?

More a comment rather than a question. So your remuneration report largely aligns with ASX's guidelines with a few minor deviations, which we've raised previously. But this year, we noted two small but positive changes. So I just want to call them out. So previously, 100% of the short-term incentive was -- short-term incentive was paid as cash. To understand it now, 20% deferred portion is now paid as equity, which is more aligned with our guidelines. And so when shares are granted to employees now buying them on market. Previously, you just issued new shares. I think all the technology companies try just issue new shares. So buying the one market is much more shareholder friendly. So just congratulations on those two changes.

To continue with Steven's question. Given the disruptive and potentially existential threat of AI to some software providers, have we inserted any specific AI-related KPIs and into the KMP's incentive arrangements? Or are we planning to increase emphasis on resisting and defeating the AI insurgency in future incentive arrangements?

Yes. So we continually look at the incentives remuneration for executives. And as Paul pointed out, we do listen to what shareholders say or proxy advisers say, and we make changes where we deem them appropriate. Clearly, in terms of innovation, which is what AI ultimately is. This company is an innovation company and has been for 38 years and will continue to be. We think the management have got fair but stretched targets this year. Ed and the team are working very hard to deliver on the new guidance. and that's the way our incentives have been set up. We will now vote on this resolution. The proxy votes received prior to the meeting are now displayed on the screen. I will now ask you to complete your voting card with how you intend to vote on this resolution. And from the proxies, as you can see on the screen, we expect this motion will pass. I'll now move to Resolution 2, the reelection of Dr. Jane Andrews as a Director. To consider and thought fit pass the following resolution as an ordinary resolution that Dr. Jane Andrews, who retires by rotation in accordance with Rule 19.3 of the company's constitution and being eligible, be reelected in accordance with Rule 16.2 of the company's constitution. I would now like to ask Jane to address the meeting and provide a brief background on yourself and the experience she brings to the Board of Technology One.

Thanks, Pat. I'd actually just like to start by saying what an incredible privilege it's been to serve on the board alongside Pat and fellow directors, both past and present, and to work with Ed and the team really has been an immense pleasure. In terms of my background, my training is in biotechnology. I have a PhD in genetics and embryology, combined with training in finance and investment. I've enjoyed working with a number of different enterprises, and I'm attracted to businesses that use innovation to make a substantial difference to customer outcomes and in the case of Tech One, developing compelling products to solve customers' problems. In those kind of businesses, I'm accustomed to taking a long-term strategic view, and I recognize the need to invest in research and development, both to grow and protect market share. And also the need to take calculated risks that balance opportunity with appropriate safeguards. But ultimately, I recognize that any venture is dependent on the quality of the team running it. In terms of my experience at TechnologyOne, I've served on the Remuneration Committee, the Nominations Committee and the Audit and Risk Committee since 2016. And it's been my great pleasure to chair the Remuneration Committee since 2020. I've really enjoyed the opportunity to talk to investors and proxy advisers about the company's strategy, about our governance and about our remuneration. Although Ed has talked a bit about TechOne's philosophy of focusing on evolution rather than revolution. As a former geneticist, I'd have to say that we've evolved pretty rapidly over the 10 years I've been on the Board. Not only have we made the shift from being a legacy software company when I started to being a true SaaS business. This is an evolutionary leap and it impacted all operations for the company. From a governance point of view, we experienced the retirement of our founder Adrian Di Marco. And I think we've managed very smoothly the succession first to Ed as CEO and then to Pat as Chair, and they've both been exceptional replacements. As was touched on, our U.K. operations have taken a little longer to evolve, but we're in such a strong place now. And we've got great referenceability, and we're really seeing that profitability churn now. We've made some [Audio Gap] have been really valuable both in terms of expanding our product depth, but also providing an expanded customer base from which we can land and expand. And as Ed has touched on, the introduction of SaaS+ has been a revolutionary business model change that derisks implementation for our customers and provides us with a recurring self revenue. And more recently, the development of Plus, our AI-based tool and the other auglented AI products will provide our customers with a simpler and more engaging experience. So there's been a lot of significant change. And I think what's really impressive is throughout those changes, we've delivered a strong and consistent history of profit growth while continuing to invest strongly in research and development. which is, of course, as Ed said, the engine of our future performance. It's been a really exciting time, and I'm super impressed by the team and their strategic and also their operational strength. So whilst our financial performance has been strong and consistent, it's also been really gratifying to see the team's performance on other metrics. So in 2018, we were sitting on an employee and NPS score of 1, and we've set a target of hitting 50 by FY '26. So it's a really substantial uplift. And so it's really pleasing to see our NPS score come in at 43 in FY '25, obviously well on the way towards that target. And we've also seen continued growth in diversity across the business, both at Board and management level over that time. Shortly after I started, the TechnologyOne Foundation was formed back in 2016. And it's been really rewarding to see the significant impact that, that foundation has been able to have on the business on our communities, delivering just in last -- over the last year, $1.2 million. And we're well on our way to achieving our target of raising 500,000 children and their families out of poverty by 2032. And we've assisted nearly 150,000 families so far. It's been a very exciting time and a privilege, as I said, to work on the Board, and the pace of evolution isn't slowing. If reelected, I look forward to continuing our focus on delivering software that exceeds customers' expectations in terms of ease of use, security and reliability. As a shareholder, I'm really excited about the many levers of growth that we have for the future, and I'm really optimistic about the ongoing performance of the company. Thank you.

Thank you, Jane. Are there any questions in the room of Jane?

Someone else can ask questions as well, Dan. A question for Dr. Andrews. You're now the longest-serving independent director at that time, you've seen the Board [Audio Gap] the mix of skills and experience is very different to what was when he joined. Do you think that process is at the end now? Or is there still more work to do to change the mix of Board members?

I think we're in a really great place right now. Obviously, as time goes on, the requirements of the company will change, and I'm sure that Pat and the team will continue to look at that. But I think we're in a really fabulous place right now.

We have 1 online from Stephen Maine. He's asked, could Jane Andrews and the chair comment on whether they support the principle that public companies should release their full year results before the deadline closes for board nominations. Tech One follows this principle, but the majority of ASX on on new companies with September 30 balances don't. Can TechOne guarantee that we won't switch to a rushed pre-Christmas AGM live that of NAB, Westpac, ANZ, elders, et cetera.

Yes. Thanks, Dave. Great question. Any other questions?

That's it.

We will now move to vote on this resolution. The proxies received prior to the meeting are now displayed on the screen. I will ask you to complete your voting card with how do you intend to vote on the resolution. From the proxies we have and you can see on the screen, I expect this motion should pass. Resolution 3 is the election of Deborah Eckersley as director. To consider and have thought fit pass the following resolution as an ordinary resolution. The Deborah Eckersley, who having been appointed Director on the first of October 25 and in accordance with Rule 19.2 of the company's constitution, be elected as a director of the company in accordance with Rule 19.2. I would now like to ask Deb to address the meeting and provide a brief background on ourself and the experience she brings to the Board of TechnologyOne.

Firstly, thank you for the opportunity to address you today and provide some further background on me. So I have over 30 years of experience in professional and financial services. And my career is really being built at the intersection between finance, strategy and people. I'm a chartered accountant, former and current consultant and a former people and culture executive. So I bring a combination of commercial acumen, disciplined risk management and an understanding of our organizations ultimately succeed through their people. My career started as in financial accounting and tax at EY and then PwC. Over time, though, I became increasingly drawn to the critical importance of people in organizations and their culture with the right human capabilities to deliver on ambitious strategies and the optimal culture to enable and encourage those people to operate at their best within an organization, strategic and risk settings. I was the leader of PwC's people and change practice across Asia Pacific, and I worked with companies and boards across all sectors on some of their most challenging projects and transformation agendas and was the Board of remuneration adviser for many of Australia's leading ASX companies. Almost 8 years ago, I left PwC and joined the Bank of Queensland as the group executive people and culture here in Brisbane. I was there for 5 years where I gained more practical experience about talent management, culture and capability development, risk management and a bit of industrial relations as well within the context of a highly regulated industry and a company going through significant change. As many of you would know, these organizations did experience serious failures. These experiences have given me deep insights how such failures can occur even in well-established long-term companies. And the critical importance of independent Board-level oversight of culture and risk, clear accountabilities and an open speak-up culture and of course, robust processes and controls. I now enjoy more of a portfolio career [Audio Gap] Committee and on the Advisory Board of Get Skilled Access, which supports companies in disability inclusion and accessibility. I also today advise Boards and HR teams in the alignment of strategy, performance and remuneration. Through this work, I partner with companies again across all sectors, helping to align remuneration with strategy, strengthen governance and sometimes navigating sensitive people and performance matters. Across all these roles, focus has and is on asking the right questions, simplifying the complex and helping organizations and their people navigate periods of significant change for their sustainable future. I've been a longtime watcher and admirer of Technology One and its people, including I have been a shareholder for about 20 years. So I have been watching for a while. Serving on a Technology One Board is an opportunity to bring my strategic and operational expertise and insights and allow me to contribute to what I see as TechOne's continuing success. With your support, I look forward to the opportunity to work alongside my fellow directors, the executive for you, our shareholders. Thank you.

Thank you, Deb. Questions for Deb in the room. Thanks for that presentation?

Deb. You mentioned PwC and Bank of Queensland. Could you give us a bit more background about what your role was at those organizations and how you fill in with respect to the part the organization that we're getting into difficulties?

Sure. Thank you. Thanks, Paul. So at PwC as a consulting partner. So as I said, I've led their people and change practice. From 2012 to 2016, so a fair way ago, that in those years, I was managing partner for human capital there, so on their executive and I had HR responsibility for employees there. So not the partners, but the employees. I wasn't in the tax practice where those breaches occurred and I certainly wasn't aware of those -- that league. I left the firm in 2018, so almost 6 -- sorry, was that almost 8 years ago now. And 5 years before [Audio Gap] and there are in first full undertakings announced in that year. what I'm doing now, really. There's no doubt those experiences have influenced me as a nonexecutive director now. And so maybe I'll just call out kind of three things that I learned from that. Firstly, that culture is what you tolerate. It's not the words on a poster. It's what you tolerate day-to-day. -- and culture is certainly more than HR programs. Boards, every Board has looked a lot beyond what's stated and actually get underneath whether the spars culture is actually what's being lived every day. Secondly, I would say that open 2-way dialogue and debate is actually really critical in any organization and people being feeling free to speak up and raise issues is critical and that the quality and stability of leadership whether that be the executive or Board level is really a driver of this. And then thirdly, I would say that risk culture is -- requires diligence from all of us, led by the executive and with oversight for the Board. So I think those experiences, even as I said, I left PWC a long time ago now, really kind of practical experiences that I've had that are more than theoretical about what can go wrong. And so I do absolutely understand the importance of asking uncomfortable questions really to understand what's really going on.

Steven any questions online?

Yes, we have 1 here from Steve and it's basically 3 questions in one. The first part is which recruitment firm assisted with the search that led to Debra and Phillips appointment to the Board? And secondly, what sort of board processing onboard process did we run for them? And did they know any other directors before they were appointed?

So the firm is confidential. So I'm not revealing that. I was actively involved in the recruitment process of Deb. Deb did know Jane professionally prior to joining this Board. And the third question was in terms of onboarding. We can have a chat over coffee, Stephen, but the same way, most directors are onboarded on the company's I chair, which is active engagement with the executive with the other directors and speaking and meeting with anybody they want whenever they want to. We will now vote on this resolution. The proxy votes received prior to the meeting are now displayed on the screen. I will ask you to complete your voting card with how you intend to vote on this resolution. And as you can see from the proxies we have, I expect this motion should also pass. Resolution 4 is the election of Philip Davis as a Director. To consider and if thought fit pass the following resolution as an ordinary resolution, that Philip Davis, who having been appointed a Director on the first of October 2025 in accord with Rule 19.2 of the company's constitution, be elected as a director of the company in accord. I would now like to ask Phil to address the meeting and provide a brief background of himself and the experience he brings to the Board of TechnologyOne.

Thanks, Pat, and thank you all for the opportunity to introduce myself today. My career spans the last 35 years, focused only on the technology industry. It's a journey that's taken me from engineering foundations in California as you can hear by the accent, not from around here, to leading global operations for some of the world's most influential AI, cloud, software-as-a-service and infrastructure companies. I'm an engineer by training, graduated with an electronic engineering degree from small public university on the Central Coast of California, Cal Poly, Salobo -- and also minored in speech communication, which is not something you usually see an arts and an engineering degree kind of combined with 1 another. But I actually think that unique combination laid the groundwork for my career long focus on bridging the gap between complex technical subject matter and clear strategic execution. In my early years, including a first job washing dishes in my hometown of Fresno, was still a deep value for hard work, for humility and the importance of teamwork. And I don't care if you're running a restaurant or you're running a multi-hundreds of millions of dollars of business if you don't execute as a team, it's ultimately the customer that feels that. And it's 1 of the things I love about technology. One is the customer centricity. I began my professional journey in the semiconductor industry in the Silicon Valley with Texas Instruments before being lured into the high states world of pre-IPO companies. I had the opportunity to be at 4 different pre-IPO companies. I went to 1 and we promptly went public on NASDAQ. -- thought that's pretty cool, pretty easy. I followed the CEO to a second one, and we promptly ran out of money. And so maybe it's not also easy and so fun. But I did go to 2 other ones, which both were acquired by much larger companies. And I think that founder lens experience was really pivotal. And that taught me to scale businesses rapidly navigate the risks of hyper growth and the necessity of building products that solve real-world customer problems. From there, transitioning to executive technology leadership roles at global scale at Dell and Hewlett Packard Enterprise and managed multibillion-dollar P&Ls and led massive transformation, most notably at Hewlett Packard Enterprise where I was President of the Hybrid IT business unit that was a $24 billion global business unit end-to-end with 45,000 people on the team. [Audio Gap] Last several years, my focus has been on the forefront of the cloud revolution, a leading Amazon Web Services for Asia Pacific and Japan based out of Melbourne, where my wife is originally from, and then most recently serving as Vice President of Google Cloud. I've had a front-row seat to how cloud and SaaS are democratizing technology for organizations of all sizes. Living and working in Singapore for a decade give me a true international perspective on market diversity and the critical role of innovation in terms of driving global outcomes. My philosophy as a leader and a director is really, I think, kind of centered around 3 pillars [Audio Gap] is diverse backgrounds, diversity of thought, are really critical to getting better outcomes and better answers, Customer obsession, like the addressed references multiple times, I believe, in outcomes that provide general -- genuine value to the customer, ensuring that every strategic investment is aligned [Audio Gap]. I've seen both cases where you've had have for scale and it's been successful. And then you've invested too much in the revenue didn't come, and it didn't work out. I think a balance that is like that is especially critical as we move into the era of artificial intelligence. [Audio Gap] became an Australian citizen in July of last year, and that's a tremendous honor to be a part of the Australian community. Joining the Technology One Board is a wonderful opportunity to blend my background in global operation scale and my expertise in SaaS, AI and cloud strategy, and I look forward to working with the executive team to ensure we continue to solve complex problems for our community while driving sustained long-term growth for our shareholders.

You've got a very impressive resume there. So -- thank you. Thank you. Can you give us some specific insights into sort of things you've learned at those mega tech companies. So in sort of the guidance you might give to the Board and executives about how Tech One navigates the current turbulent times finds itself in with the threat of AI, which has done such a good job of reviewing?

Yes. I think one is, when you look at the last 35 years in the technology industry, we've seen these massive inflections -- and some companies have actually gone to new heights as a result of that and some have gone the way of the dinosaur as a result of that. And I think what's important in those is working backwards from what the customers are trying to solve. And it's the companies that embrace those new technologies or capabilities to better solve customer problems that are going to win. I'll give an example where you go back 25, 30 years ago, everybody had on-premises infrastructure. And it was painful, right? You had to go procure [indiscernible], to procure software procure networking then somebody had to configure it, manage it and then you had to cybersecurity. The reason SaaS on as a model is all that went out the window. You didn't need to do that anymore. And software companies that didn't make the move to SaaS aren't real relevant today. And I think the same is going to happen with AI, right? The reason customers are embracing AI is that Nobody wants to type on 52 different screens and learn the command line interface of every software package. What they want to do is it's like Star Trek, right? They want to talk to the software and just have it go do things. And that's why I'm so excited about what we're doing in terms of embedding AI and everything we're doing because I think that's what customers want. They want to be able to just interact with like you and IR right now.

Okay. And a follow-up question. the annual report says you didn't have any shares in TechOne when you joined. Have you been using the recent price correction to establish a holding?

I don't even know what I can answer on this question. I'm bullish on the company, and we'll make sure I come up the withholding requirements well in advance of the 36 months.

We will now vote on this resolution. The proxy votes received prior to the meeting are now displayed on the screen. I will now ask you to complete your voting card with how you intend to vote on the resolution. And again, from the proxies, you can see we expect this motion should pass. Our second last resolution, Resolution 5 is the approval for increases in directors' fees to consider, and if thought fit, pass the following resolution as an ordinary resolution, but the maximum aggregate amount or value available to be paid or provided as remuneration of the nonexecutive directors of the company for any financial year from and including the financial year ending 30 September 2026 be increased by $500,000 from $2 million per annum to $2.5 million per annum. The current director fee pool of $2 million was set 3 years ago. The Board believes that the proposed increase in the director fee pool is reasonable for the following reasons. As the company has grown to become an ASX 50 company, the increase allows us to attract and retain the caliber of directors required to ensure appropriate expertise and skill levels on the Board. The company now has an independent nonexecutive director being me -- sorry, nondirector Chair being me and consists entirely of independent nonexecutive directors. 3 new independent directors have been appointed in recent years, which now allows only a small capacity remaining within the existing directors fee pool. The proposed increase to the fee pool is consistent with the recent shareholder approvals obtained by other ASX 200 companies. As the directors have a personal interest in the outcome of Resolution 5 that make no recommendations as to how the shareholders should vote on this resolution. Are there any questions in the room on this resolution?

You've explained the rationale behind the increase in the pool and it all makes sense. And also you can only ask for an increase every 3 years. So I understand why you'd ask a big jump, but 25% seems like a large increase. Do you think that's successive?

Do I think it's excessive? I wouldn't recommend a successful fall. So it's bit of a louder question really. I mean we've done our work. We've shown you the benchmarks against other companies. You follow a lot of other companies. And I'd like to think that the shareholders have heard from a number of directors today and can see the quality of the directors before them. We will now vote on this resolution. The proxy votes received prior to the meeting are now displayed on the screen. I will ask you to complete your voting card with how you intend to vote on this resolution and from the proxies we have, again, we expect this motion should pass. Our last resolution is resolution 6, which is the grant of awards to Ed as the CEO. To consider and if thought fit, pass the following resolution as an ordinary resolution. That approval be given for all purposes for the grant of equity awards to Mr. Ed Chung, the company's CEO and Managing Director, under the TechnologyOne Omnibus incentive plan rules are set out in the explanatory notes to this notice of Annual General Meeting. If shareholder approval is obtained a deferred STI equity rights and the LTI options will be granted to the CEO within 5 business days of the company's AGM. If shareholder approval is not obtained, then the above equity awards will not be issued and subject to the achievement of the performance conditions described in these explanatory notes, the CEO will receive a cash payment equivalent in value to the equity award he would have received at shareholder approval being obtained. The purpose of the STI and LTI equity awards are to assist in retaining high-performing executives, help further drive long-term management alignment with shareholders, fostering a long-term mindset among executives and ensure ongoing management values and behavior alignment. Prior to vesting, the Remuneration Committee considers whether there are any irregularities or other factors that would affect the payment or vesting of that award, potentially utilizing the mouse provision or generally exercising discretion. Are there any questions in the room on this resolution? Any questions online?

We have one question online from Stephen Maine. He's asked, could the CEO summarize his past LTI grants as to whether they have vested or lapsed? Also, has ever sold any ordinary shares in the company or bought any on market without relying on an incentive scheme to build his equity position in the company? He's requested us not to say don't just look it up in the annual report. He said it's complicated, and the CEO could actually summarize the situation in 62nd [Audio Gap] that's he has experience.

Thank you, Stephen. I -- the significant amount of my well to my family's wealth is in tech on stock. And it has come through the time I've been here in TechOne all the way from 2007. I can't remember other parts of the question. I have got those stocks as part of the long-term investment in Tech One -- LTI plan in Tech 1.

We will now vote on this resolution. The proxy votes received prior to the meeting are now displayed on the screen. I will ask you to complete your voting card with how you intend to vote the resolution. And once again, based on those proxies, we expect this motion should pass. I'm conscious we've been here for a little bit longer than other years, but I would like to offer to the floor. Are there any other questions that we haven't given people a chance to ask today on any topic you would like to raise? Are there any other questions online?

Yes. Pat, we have one online from Stephen Mayne. He has asked -- he was surprised when the Chair file delivered share addressed today and the CEO was on his for 55 minutes starting just 5 minutes into the CGM into the AGM. The 3 director candidates [Audio Gap] day gave longer speeches than the Chair did. Some of like to speak at AGMs. And will the new Director, Phil Davis, encouraging him to speak more at next year's AGM.

Thank you, Stephen. I'll or prepare our speech for next year, so we could all come please prepared for the bathroom stops and get those out of the way early, that would be great. If anybody would like me to speak, I'm happy to speak as much as you want, but -- yellow voting card, if you're not a redone, as we'll be closing the poll at the end of this meeting. As you leave the meeting, please place your voting card in one of the ballot boxes. Voting online on all items, we will close in 5 minutes. So effectively at 12:30. So we're not done so already, please submit your electronic voting card. As mentioned, the official power results will be published to the market via the ASX company announcements platform as soon as practical, which is expected to be early this afternoon. I would like to advise the meeting that we will retain the proxies and voting cards from this meeting for a period of 6 months, after which time they will be destroyed unless there is a reason for them to be kept longer. Before I close the meeting, I would just like to reiterate a few things that Ed touched on. Firstly, to the management team and all of the staff at TechnologyOne. you do an outstanding job and your continued support and enthusiasm is very much appreciated by the Board. I would like to acknowledge and thank my fellow directors for their hard work and look forward to working with David and Phil as our new directors on the Board. I would like to thank you, our shareholders, for your continuing support and faith, believe in what's good. We are a highly integrated strategy. Our current momentum and technological vision and our strong financial position puts us in a really good place. For those of you here today, I invite you to join me, my fellow directors and management for refreshments in the [indiscernible] side. And for those shareholders and visitors attending online, we are pleased that our technology enabled your attendance today, and thank you also for joining us. I now declare the meeting closed. Thank you all.