Urbanise.com Limited ($UBN)

Good morning, everyone, and welcome to the Urbanise Strata Platform Webinar. [Audio Gap] Executive Chairman; Simon Lee, Chief Officer; and Brent Henley, Chief Financial Officer. [Operator Instructions] I will now hand over to Darc.

Thank you, Francoise, and good morning, everyone. We're very excited to be sharing what we've been working on today, and we appreciate you taking the time to join us. For those of you who are new to urbanize and we are an ASX-listed, cloud-based SaaS business operating across 2 industries: strata management and facilities management. Today's webinar is focused specifically on the strata platform, and we believe that what we are about to talk you through represents a genuine step change in both the capability of the platform and the commercial opportunity in front of us. Everything we build starts with simple questions: What would make our strata managers' business genuinely better? How can we help them succeed? That focus on customer value is what has shaped every capability we will talk you through today. We spent the past year building something that we believe directly addresses a structural problem that has existed in the strata industry for a very long time, and we are now at a point where we can outline what we have built and where it takes us. The presentation today covers 3 areas. The market opportunity and financial pathway, which I will take you through the platform innovations in detail, which our CEO, Simon, will cover; and next steps and outlook, which our CFO, Brent will close on. Before the main agenda, Brent will first provide a brief overview of where Urbanise sits today.

Thank you, Darc. Before we get into the market opportunity, let me give you a quick snapshot of where Urbanise sits today. Urbanise is a cloud-based SaaS platform operating across 2 segments: Facilities Management and Strata. Both segments serve property and building management markets and both operate on a recurring subscription model. As at December 2025, the group had $13.2 million of ARR and $13.6 million of contracted ARR. The business is well capitalized with $12.5 million of net cash as of 31st of December 2025, no debt and a cost base that we have been actively managing. The Strata segment currently sits at $7.9 million ARR. The Facilities Management segment contributed to the balance of group ARR and continues to operate as a stable recurring revenue base. Importantly, the platform investments we are announcing today are focused on strata. The development is nearing completion, with a pilot scheduled and the commercial pathway clear. So today, we're focused on the strata platform. And before we walk through the product, we want to set the context, the scale of the market opportunity and the financial pathway that underpins our strategy. I'll now hand over to Darc.

Thank you, Brent. I'd like to provide some perspective on the core metrics of the Australian strata market. As shown on the slide, there are approximately 2.15 million managed strata lots across Australia, managed by around 750 body corporate management companies. These are the companies that use strata management software, and the lots they manage for the basis on which Urbanise charges its software license fees. That's an important point. Urbanise's license fee model is based on number of lots managed through the platform, not on the number of users. That has always been very deliberate. The objective is to help strata managers manage more lots with fewer users, and that becomes even more important as automation and AI become more embedded in the industry. The Australian strata market is also unusual because a substantial part of the market still operates on non-cloud legacy systems, and that creates a significant disruption opportunity for a cloud-based SaaS provider such as Urbanise. The industry is under increasing pressure. Strata managers are dealing with margin compression, staff turnover, rising service expectation from owners and communities and the growing need for stronger security, automation and digital capability. The expectations of their customers are changing. They increasingly expect the same digital convenience and service standards they receive from other modern platforms and service providers, one of the very few industries left that still operate with such a large legacy base and one that is very ripe for disruption. It is also relevant to consider the estimated $10 billion to $15 billion in strata funds held on deposit by banks. That is not because Urbanise is a bank. We build and license software but in the strata industry, banking integration is critical. A body corporate management company typically manages a large number of owner corporations and each owner corporation may have multiple banking cuts. As a result, the body corporate manager manages approximately 500 bank accounts on average. That makes banking integration core operating infrastructure for this industry. Without deep integration between banking systems in strata management software, the administration is significant. Payment reconciliations, bank statements, supplier payments and account transitions times 500 all become fragmented and expensive when using legacy systems. Historically, the strata market has had very limited banking choice when it comes to integrated strata software and banking infrastructure. For the past 30 years, it has operated at or near monopoly levels with only 2 banks offering integration to strata management software systems that built on technology that is just as old and creates a parallel and reinforcing disruption opportunity. Urbanise has now built modern integration technology intended to bring banking choice to the strata market, and we'll provide more detail on that later in the session. The company hasn't previously provided estimates of the overall signs of the Australian strata market. previous references have focused on the specific banking integration opportunity in strata. But today, we're providing a broader view of the company's estimate of the addressable market. In our assessment, the relevant market comprises 2 major components: strata management software license fees and banking integration license fees. Together, Urbanise estimates that, that combined opportunity represents between $70 million and $100 million in annual recurring revenue. With that market context, let's now turn to the specific opportunity for Urbanise. Until now, Urbanise's strata business model has been structurally constrained by a unique characteristic of the Australian strata market, Urbanise's 2 main competitors are either owned by a bank or closely aligned with the bank in a way that allows strata management software license fees to be subsidized by the economics of strata banking deposits. Urbanise has not, to date, benefited from a business model that leverages that without the same structural banking benefit, Urbanise has historically charged software license fees that are 3 to 6x higher than its main competitors. The fact that Urbanise has still been able to build its existing market position speaks to the strength and depth of its platform. However, even with a strong product, it's difficult to sustain a large pricing premium in a market where competitors are able to subsidize software pricing through banking economics. Urbanise has now monetized its banking and payments integration software capability. The company remains a pure-play software company, charging license fees for software and that gives the company the ability to narrow the pricing gap while still charging a very justified premium for our modern cloud-based best-in-class strata platform. And this revised dynamic model creates 2 major opportunities for the company. The first opportunity is within Urbanise's existing customer base. By rolling out the new communities announced to the market on the 4th of June, Urbanise has a potential path to materially increasing strata revenues from its existing customers without those customers incurring additional cost. That is a very compelling proposition. Existing customers can benefit from modern banking integration, automated workflows and an intuitive mobile-first, owner payment experience while Urbanise benefits from the new software license economics created by the banking integration capability. Importantly, this is not asking customers to pay more for incremental functionality it's offering them stronger technology, better operational outcomes and a path to commercial upside within a broader solution. The transition process is also designed to be low friction. The new bank-to-bank transition capability allows customers to move progressively without hard switchovers for owners and without the level of administrative disruption that has historically made banking transitions difficult in the strata industry. That is why the company sees existing customer base penetration as its fastest high-margin growth path. The second opportunity is disruption of the legacy strata software market. With a new business model in place, Urbanise is now well positioned to target the more than 40% of the Australian strata market still operating on non-cloud based legacy systems. The proposition is materially stronger than it has been historically: a premium price point that is no longer such a stretch for customers, banking choice enabled by technology integration for the first time in 30 years, and a market backdrop that is increasingly supportive of platform modernization. The 2026 Macquarie Strata Industry Benchmarking Report shows that 69% of respondents identified implementing technology as a key focus area, second only to improving operational efficiency. That is the market context into which Urbanise is now selling. The scale of the opportunity is material. Based on current economics, Urbanise would need to capture only 180,000 legacy lots to double its current strata ARR. Approximately 10% of that target has already been sought as we referenced in the company's 4th of June ASX announcement. And while a data point does not constitute a trend, early indications are encouraging and pointing to a legacy conversion opportunity that is real and materializing. The company is moving at pace to capitalize on this opportunity. Among other initiatives, it is building a dedicated sales execution capability evidenced by the recent appointment of Adam Vidal as our new Chief Commercial Officer. Adam has already put runs on the board and is now appropriately scaling a more professional sales capability to support the next phase of growth. Together, these 2 phases; expansion across the existing customer base and targeted disruption of legacy systems, provide the pathway that you see on the slide. Urbanise strata ARR was approximately $7.9 million as at December 2025. Successful execution across the existing customer base would create a potential path towards approximately $16 million in strata ARR. The further legacy disruption opportunity provides a conservative potential path toward approximately $24 million of strata ARR. Those outcomes remain subject to execution, customer adoption, stage rollout but they show the scale of the opportunity now available to Urbanise under its revised economic model. So with that market context and financial pathways established, let me walk you through how the platform is built to actually capture and capitalize on that opportunity. What we're introducing is not a collection of separate features. It's a staged rollout of 3 integrated capabilities designed to work together as a single system commencing in July 2026. Let me describe each of them in brief. The first is the Urbanise NAB Integration Service. This is the direct integration between the Urbanise platform and NAB's banking infrastructure. It enables real-time levy payment processing, automated reconciliation and direct supplier payments all from within the platform, all on modern architecture. This removes the manual file handling and separate banking workflows that the strata managers currently have to deal with using the legacy infrastructure currently in place. For strata managers, this means less time on administration, more confidence in the accuracy of their financial records. For owners, it means faster processing and more transparent payment tracking. And the second capability is then the Owners Portal. This is a white-labeled, mobile-first experience that sits within the strata managers own brand, not a generic platform interface. It gives owners a modern digital intuitive view of their levy accounts, notices and payment history and it extends the strata manager's relationship with their clients into this digital channel. The third capability is a suite of upgrades to the core strata management platform, branded communications, enhanced supplier payments, automated reconciliation all underpinned by dual banking support, which Simon will return to shortly as it is actually central to our competitive positioning. Together, these 3 capabilities form something the strata industry has never had: a single system that connects the owner's experience, payments, banking infrastructure and day-to-day operations end to end. And what that enables, for the first time in this market is genuine banking choice. Strata managers and their clients are no longer locked into a single bank. They can move progressively and without disruption to their operations. Simon will now take you through each capability in detail.

Thanks, Darc, and good morning, everyone. It is very exciting to announce the stage pilot launching in July 2026, which is only next month, bringing together 3 integrated capabilities that work as a single system. So the first is a direct secure NAB banking integration that facilitates real-time levy processing and automated reconciliation or from within the platform. Second is the BCM Owners Portal. So BCM stands for Body Corporate Manager, the Australian industry term for strata manager. The property owners are the strata managers' customers. The portal is a white-labeled, mobile-first experience that lets property owners view balances and make payments under the strata manager's own brand. The third is a set of core platform upgrades, enhanced reconciliation across multiple funds, improved supply controls and dual banking support that enables seamless bank-to-bank transitions. So together, they do something no other platform in this market does: connect the owner experience, payments, banking and day-to-day operations into a single seamless system. That is the step change. Our existing customers have been very closely involved in building this and the demand to move across this genuine and growing. So let me just take you through each capability in turn. So to contextualize the scale of what we're talking about, the Australian strata industry is a significant pool of managed capital. There's approximately $10 billion to $15 billion of strata funds held on deposit with banks across the Australian market at any given time. And that capital flows through strata management businesses every day. It performs levies collected, supply payments made and funds are reconciled. Until that flow that -- managing that flow has required strata managers to work across multiple systems. The strata platform, a banking portal and a disjointed payment authorization process all running in parallel. The Urbanise NAB integration collapses all that into one seamless experience, and the integration covers the full financial picture of levy payments, supply payments and deposits reconciliation or processed directly within the platform. Combined effect has a material reduction in back office processing overhead. It means strata managers can handle more buildings with the same team, reduced areas and spend less time chasing pay discrepancies and more time growing their businesses. So following our progress, our stage pilot lease is targeted for July 2026 next month. At the owner level, we introduced a mobile-first portal branded for strata managers. The decision to carry the strata managers brands rather than a generic platform brands is a well-considered one. The design itself is a product of extensive testing with strata managers and owners. And so for the strata managers, the ability to offer branded digital experience to building owners is a genuine point of competitive differentiation. It's not just a feature, it is something that we can lead or they can lead with when pitching for new buildings and new customers. The portal sits entirely in the strata manager brand. So every interaction an owner has with their levy account reinforces the strata manager's service proposition. It's a deliberate design choice, one granted directly what we've heard during testing with both groups. From owners, the consistent message coming back from them was about simplicity and confidence. They want to be able to access the information easily and pay their levies without friction or uncertainty. From strata managers, the feedback was clear. The white labeling matters because the in relationship sits with them and not with us. So overall, we provide the infrastructure, strata manager owns our relationship and the brand equity. And as a business translates or will translate into increased lot volumes on our platform, then we will benefit. In terms of functionality, the portal gives as a clean modern intuitive view of their levy account balances, notices and payment history, all in the mobile-first experience. For owners, this is a significant improvement on the fragmented experience of managing their levies across disconnected systems. Slide 10 covers the third capability, so upgrades to our core strata management platform itself. And these are fundamental improvements to how strata managers run their day-to-day operations and the benefits that will ultimately flow to their customers. And again, in the spirit of branding for the strata managers, the first benefit is branded comms, communications. So levy notices go out the strata manager's brand from their domain with deep links straight to the payments. Owners get a professional experience. Strata managers get a communication channel that reinforces their brand. The second is enhanced supplier payments. Authorization and submissions happen directly within the platform, with no file handling or separate banking logging required. Third is automated reconciliation and dual banking support. Reconciliations run continuously across transaction and confirmed balances. And dual banking is the foundation for the bank transition capability I'll cover next. Taken together, these upgrades materially reduce manual processing for every strata management business on the platform, which translates directly into lower operating costs, fewer compliance risks and the capacity to take on more buildings without adding headcount. It's worth noting that the Owners Portal and these platform upgrades are Urbanise' intellectual property software we have built, which adds directly to the proprietary capability platform. So these capabilities were built directly with our strata management customers and not designed in isolation. We've already contracted pilot customers committed to the July 2026 release and they've been active participants in shaping what we've built. That customer engagement is meaningful validation. It tells us the industry sees real view in what we've built. And the value they see is tangible, platform that saves them time, reduces operational risk, gives them the tools to win new buildings in a competitive market. Let me turn to the capability that we believe is critical to converting the legacy market opportunity quickly. One thing that's been missing from the strata industry for a long time is not just the banking choice, but also the ability to change banks without significant disruption to the owner experience. Switching banks should be simple. It is simply not something that happens at scale alone in this industry. Strata managers avoid changing banks as owners to save their payment information and set up automatic payments, recurring transfers with their bank. Previously, BCMs had to chase each owner to update payment instructions on a fixed timetable, which is terribly disruptive and expensive. Transitions often result in missed payments, misdirected funds, owner frustration significant BCM workloads. And so dual banking changes that. The platform runs two accounts simultaneously, reconciling across both, processing payments for both and progressively migrating owners across without a hard cutover. So owners who have updated the instructions move to the new bank. Owners who haven't continue paying into the old one. The platform happens both with full ledger integrity throughout. For those still paying to the old bank account, the system triggers automatic reminders and the transition happens much smoother at the owner's own pace. Result is a transition strata managers can actually execute without the operational headache or owner experience impacts that has historically made it so difficult. For strata managers, that means they have a genuine choice the ability to move to a bank that offers better terms, better service or a better relationship. With that, the operational cost that has always made it impractical as a real and lasting improvement to how they run their businesses. From Urbanise's perspective, making that transition easier is how we convert more customers faster and easier to their bank of choice. I'll hand over to Brent to close on outlook and next steps.

Thanks, Simon. We have walked you through the platform, the NAB integration, the Owners Portal, the management layer and the dual banking capability that enables genuine banking choice for the first time in this industry. The product is built, the pilot is contracted and the commercial case is clear. Let me close with some commentary on where we're headed and what to expect from here. The progressive staged pilot is targeted for July 2026. We have contracted customers committed to it. and the development is largely complete. The pilot is structured specifically to allow us to demonstrate the commercial model in a real operating environment with real customers, real transaction volumes and real outcomes. The data coming out of the pilot will be important for 2 reasons. First, it will validate the revenue model, confirming the economics of the banking and payments layer in practice. Second, it will serve as a reference point for sales because when we are talking to legacy system customers about migration, being able to point to a live working deployment is far more compelling than a product demo. In terms of cash flow, we are being transparent about the near-term profile. We expect continued investment in operating cash outflows through FY '26 as we complete the integration build and ramp up the commercial effort. This is deliberate and planned. It is the cost of building a platform capability that we believe creates significant long-term value. However, we are targeting a return to positive operating cash flow in FY '27 as adoption of the new capabilities built and the revenue models mature. The business is well positioned to fund this investment from its existing balance sheet. As of the 31st of March 2026, the company had $12.3 million of net cash and no debt. The important point for investors to understand is the risk profile here is execution risk, not funding risk. We have the capital, we have the product and we have the customers. The question is how quickly Urbanise can convert the pipeline into ARR and demonstrate the financial leverage that comes from scaling a platform with high recurring revenue and increasing transaction-based income. I'll now hand back to Francoise to open up for questions.

Thanks, Brent. We have received a few questions in advance by e-mail. So I'm going to start with those first. And the first couple will come from [ Matt Walker ], a retail shareholder. His first question is, at the first half FY '26 results, you talked about a strata market opportunity of $30 million to $54 million. Is that still accurate? And how does it relate to today's $70 million to $100 million TAM?

Yes. Thank you, Matt, for that question. So it's important to clarify, the reference to the $30 million to $40 million was an estimate of the banking integration opportunity. So in monetizing our banking integration software capabilities and the license fees associated with them, that $30 million to $40 million was associated to that number. As I shared during my presentation, there are 2 elements to the market. There's the strata management software and the banking integration software. Those 2 flow into each other, so to speak. They go together to the same customer, but they're paid by different licensees. And so what we've done is to provide a broader view is we've taken a holistic view of the market, and that's where we estimate the $70 million to $100 million. So it isn't so much that the market has grown. It's that with today's announcement, Urbanise moves into a market that we weren't playing in before, and that combined element comes together in that $70 million to $100 million market opportunity.

Yes. I think as Darc outlined in this presentation, Urbanise addressed that structural constraint of being software only. And so that TAM, the $70 million to $100 million, is the opportunity in front of us now.

Thanks, gentlemen. Our next question from Matt Walker is, how do each of the integrated platform capabilities impact the 2 ARR buckets?

Yes. So the combination of the 2 actually reinforce each other. We do today sell strata management software, and we get license fees for that. Now we have the opportunity to offer to those same customers a choice in banking by virtue of the banking integration capabilities that we've built. And in so doing, we then generate software license fees for the banking integration software that we've built. So it reinforces it in the existing customer base. As we go to the disruption of the 40-plus percent legacy base in the strata market, we've been constrained. We've been constrained by virtue of the fact that we did not have that banking additional license fee element that our competitors were capitalizing on and essentially cross subsidizing in a way that Urbanise's strata management software is best-in-class, and we're very comfortable selling it at a premium, but it's very difficult to justify a 3 to 6x premium. A 50% premium is acceptable. But now with the combination of the 2 elements, we're in a position to get closer to market rate, charge justifiable premiums and now bring modern cloud-based SaaS capabilities to a market that has been using this legacy software for the past 30 years. So I think the short answer is these 2 really reinforce each other and create a completely new business model, frankly, for Urbanise's economics for the benefit of the market.

Thank you, Darc. Our next question comes from [ Mike Formosa ]. And he asks, how do you expect your competitors to react?

I'll take that one. So like we acknowledge there's competition in the markets, what we outline today is in terms of the opportunity in front of us is there's legacy software providers from what we observe that would need to invest significantly more to meet the capabilities that we've outlined today. And in addition, we need to invest. We have a platform that has automations that has integration capabilities. We've touched on AI today as well. So this is a significant R&D investment we believe the legacy software providers would have to invest in, which places us quite well. We acknowledge there is cloud-based solutions and I think Darc had talked earlier about the structural issues that mice had in terms of banking associations with competitors. Now that's now been fixed. We have an opportunity in front of us to scale up. I think it's also important to recognize the investment, not only to the product strategy, but the go-to-market investments. And a combination of the go-to-market, the banking partnership and the product strategy, we think, will allow it and use to grow well into the market share relative to the competition. I think it's important to also recognize the dual banking capability that we've had outlined earlier in some detail because that allows us to inverse and scale quickly into the market share.

It might be worth adding, when you look at the legacy providers in the marketplace, there are essentially 2 who hold that market share. One of them has no stated or public plans to actually build any cloud or SaaS-based capability. So that's not a risk. The other is a part of a PE-backed organization. And there is a stated intent to build a cloud-based capability, but the funding is coming directly out of that organization after the profits are taken. So the investment capability, we believe, is somewhat limited, and that pop is probably 2 to 3 years away. We the pet strike that we've got now, plus we've got the next 2 to 3 years to continue building on that. And then the final response that we've seen, and we actually saw that beginning in May last year when the announcement was made that we were moving forward with the strategy, and that is one of the major competitors has basically gone out and offered the strata management software for free. And they've done that to the market. They've done that to our customers. And certainly, in our customer base, it's had little to no impact at all. And so where the competition goes from there, is anybody's guess, but I don't know how much more you can do than try to offer something free and people are still willing to pay for real value, real capability, best-in-class cloud-based SaaS solutions that actually give their customers great outcomes and help them as a business to scale and grow margin profitably.

Thank you, Darc. Our next question comes from [ George Contos ]. And he asks, what has happened to strata market growth over the past 5 years?

Brent, do you want to take that one?

Yes. I think it's probably one simple thing to keep in mind, if we're referring to Urbanise's strata growth, and that is, the company has struggled with a 3 to 6x price premium, which has been a more than a bright speed of block, it's been a block to its growth potential. I think from a market perspective over the last 4 to 5 years, the national market has grown at about 2% up to a total strata title lot count of $3.2 million. Going forward, growth depends on building starts and property development dynamics, and we are cognizant of that as a company. Our primary focus is on market share, the legacy disruption and existing customer expansion opportunities as we outlined in today's presentation.

Thanks, Brent. I'm now going to turn to the live chat, and we have a question from [ Anup Kalram ]. And he asks, can you give a feel for the estimated cost savings or efficiency gains that the new platform will provide to strata managers?

Really good operational question there. You may recall an announcement we did a couple of weeks ago for those who follow the products that our AI instance, which we will be looking to release to beta in the next month or so. Based on validation from our customers, some of the user group customers would deliver some 20% to 30% time saving on tasks. We'd expect that this is something that we always bear in mind when we produce product it's going to be meaningful savings to customers' time and efforts as well as the accuracy and convenience of managing the data. So in that range, I think in terms of the particular to associated with the banking recs, the authorization of payments, it is in that sort of range of 20% to 30%. We're always looking around that. It has to be a meaningful time save for the strata managers. I think, again, I think Darc it opened up with the main focus for the business, which is that simple question, what would make our strata managers' business genuinely better? Well, those sorts of metrics around time saving, accuracy or those things that we lead our product philosophy. Darc, I don't know if you want to add to that?

That's a great summary. And we worked on the portal, for example, to create an environment where owners can sell service. They can do it in a way that generates as a few questions for the body corporate managers as they possibly can, and that is a philosophy that we're going to continue to aggressively pursue, how much more can we put into the owner's own domain of self-service because every time we do that, we create convenience, we create better experience, real-time capability for the owner and we take that workload off of the deck of the body corporate managers. And so as we look to the future, this is the first step -- well, the first of many steps and will continue going down that path. And yes, we've seen -- we've got a number of ROI studies that are out there from some of our existing customers who have saved considerable amounts of time. I invite you to go to our website and look at those studies, they've been able to collect money faster, lower their costs with AI. Early indications, very early indications from those that have participate in testing that there's a potential reduction in the 30% workload on the specific tasks that they're interacting with AI on. So it really is in an industry with lots of margin pressure, increasing wage costs, high staff turnover, these kinds of automation and self-service capabilities, the things that we focus on.

I think historically, with particularly legacy software, the focus on system of record was okay a while back. But for the strata managers, that margin compression, you'll find that in the Macquarie report, is now is now forcing the industry to have to look at systems carefully and to pick the ones that have the compelling time saving as well as the interaction with the owners because that is a big part of the convenience for them not having to answer questions on the phone or manually via e-mail with owners. And that whole integration piece, each of those integration capabilities comes each other in order to deliver that saving. And look, we'd encourage our investors to keep an eye out for our media releases on our products. That's something that we've invested some time in the last 6 months to outline the product road map, not only to the investors, which will be hopefully brings that to life as to what we actually deliver for our customers as well as to where we're heading to with the AI system, it's the integration. And so we'll be sharing more and more about the functionality as we progress.

Thanks, Simon. We have a follow-up question from Anup. And he asks, do you think the savings will pay for the cost of the platform?

Yes. Look, that's -- I think Darc had just mentioned that some of our competitors are offering free software licenses. And we know this because some of our customers have told us, and they've told us in the same sentence are saying, but we don't want to change because of the value proposition that the platform delivers for them. So they're good look at that how they actually run their businesses from an operational perspective and there's a return on investment on the license fees alone. And when we build a product, we do focus on that might the structural issue in the base is important for us to succeed and to scale. But the license fees are in and what we charge at rec rates is covered many times over in terms of the actual benefit that strata managers have, right, from our platform, and that is through automation. There is a system of record there, we do have a payment, a sort of portal capability. Yes. And so yes, in simple terms, we have some of the recent wins that we've seen with under Adam Videl have made that decision based on license fees alone, but we do know that the banking part of it is also important from. So we have quite a lot of validation there already. And look, we've grown despite not having what we have, we have a significant customer base. Despite not having a banking partnership in place for many, many years, and that really goes to strengthen the platform.

Absolutely.

We have no further questions at this time. So I'm going to hand back to you, Darc, for closing remarks.

Well, super. Thank you very much. And just stepping back, let me leave you with a couple of key points from today if there was anything you were to remember for today's session. First, the market opportunity is very real and it's large. There are $10 billion to $15 billion conservatively in strata funds in the Australian marketplace. More than 40% of the industry is running on the legacy systems, and there is an addressable market of $70 million to $100 million in annual recurring revenue that is structurally underserved. Second, Urbanise is now in position to address that opportunity in a way that it has not been before. The combination of cloud-native software, direct banking integration with NAB and a genuinely differentiated owner experience creates a platform that we believe is meaningfully ahead of any alternative in the marketplace. And third, the path to value is very clear. We have contracted pilot customers, largely completed development program, 180,000 legacy lot target with 10% already signed up. We have a customer base with an incredibly compelling value proposition where we can but our current strata ARR revenues by rolling out it to that base. And we have a balance sheet that funds the journey without additional capital. So the fourth -- and there is a fourth, the strategic wedge to making this penetration of the legacy base easy is this dual banking support capability. It's a capability that directly addresses the single biggest structural barrier to change in the industry because it impacted users and owners' experience and we've overcome that. What we've built is something that solves a problem that has prevented banking competition in strata for decades. And that is no small thing. Urbanise is investing behind a clear structural opportunity in the strata industry by integrating operations, payments and banking infrastructure into a single platform. we believe we've materially strengthened the business and its competitive position. So this sets us up well for the next phase of growth. We look forward to updating the market as staged pilot progress and commercial outcomes become visible. And with that, I'd like to thank you all very, very much for your time today. It's been exciting for us, and we hope it's exciting for you.

Thanks very much.

Thank you.