Thank you. Good morning, everybody. My name is Ian Lowe. I'm the CEO of Integrated Research. Welcome to our FY 2025 Full Year Results presentation. The presentation that we're going to reference today was published by ASX earlier this morning. I'd like to move into the presentation, starting at slide number two. This is a summary of Integrated Research's capability and value proposition. Some of what you see will be familiar to many of you. The space that we operate in is broadly referred to as observability. What we mean by that is that we provide technology that harvests real-time data signals from within large business-critical IT ecosystems, and we play those signals back to clients in the form of real-time reporting, analysis, notifications, and alerts. The value that this creates includes the optimization of the performance of those IT ecosystems, the reduction of downtime, helping clients to meet compliance hurdles and service-level standards, and improving the user's experience of that technology. You'll notice that for the first time we're referencing the inclusion of AI as part of our capability. AI allows us to supercharge the insights that we can extract from the data that we already harvest within prognosis. It presents a really significant innovation opportunity for the company. More broadly, AI is really about transitioning from observability, which is a passive condition, to discovery and helping our clients extract value from that journey. Moving to slide three, the world's leading organizations trust Integrated Research. We have formidable strength across multiple verticals with our client base. Those verticals include technology, financial services, health, government, and retail. Moving to slide four, I just want to provide some important context for our FY 2025 results to help us understand where we are on our journey. What would characterize where we've come from? Historical revenue performance has been overly reliant on contract renewals, and the value of those contract renewals fluctuates each year. Revenue from new clients and expansion of existing client contracts has been inconsistent and ultimately insufficient to offset fluctuations in the renewals book and the impact of churn. Underinvestment in new products over recent years has compounded this reliance on renewals and ultimately constrained new business growth. If we move to slide five, IR has reset its strategy to focus on product-led growth. Product-led growth is a recurring theme throughout this presentation. What does it actually mean? It means that we're making significant investment of available capital and future cash flow to develop and commercialize new products. These new products are focused on building new revenue opportunities, and we see those new revenue opportunities in terms of new clients in existing and/or new markets and expansion of revenue from existing clients. Our investment in product-led growth is designed to position the company for sustainable growth. We think about this over the medium to long term, and it's also expected to reduce profit performance over the short to medium term. Moving on to slide six, I'm pleased to be able to say that the execution of our product-led growth strategy is well underway. In August 2024, the product-led growth strategy was announced. I commenced in the CEO role on the 1st of October 2024, and over the last eight months, the company has worked hard to realize multiple new products and highlights. Some examples of those include the release of High-V alue Payments. This is a new product that sits under our Transact product portfolio and reduces compliance and liquidity risk specifically for banks. I'm pleased to say that we signed a top 10 U.S., bank to this new product on a five-year contract. Prognosis Elevate. The release of Prognosis Elevate allows clients to access all the benefits of Prognosis, but it is hosted in this case by Integrated Research ourselves. What this achieves is it removes a lot of the activation and the maintenance complexity for our clients and ultimately reduces their cost of ownership. We also recently made a beta release of a product called Iris, and Iris is the company's new AI product. This is a natural language query interface that provides clients with greater insights and is powered entirely by AI. I'll expand more on this through the presentation. Our dedicated AI and machine learning innovation team, IR Labs, also completed the validation of a new idea and a prototype for an AI-powered standalone product offering. Significant progress for product-led growth was achieved in FY 2025. Moving on to slide seven and some more general observations. The first of which is that observability inside the enterprise-grade organization continues to be a non-discretionary item. What we mean by this is that the IT ecosystems that are being run by these organizations are more complicated, and with it, the need for observability is expanding, not contracting. We also see AI and machine learning as an innovation and value accelerator from which we will benefit. Importantly, the benefits of AI and machine learning are really unlocked or are only as good as the data that feeds them, and Prognosis harvests high fidelity and highly granular data that is market-leading. The company DNA is really as a pioneer of observability, and our blue-chip client base we've already touched on. In terms of challenges, the duration of our client contracts for Collaborate specifically is likely to continue to reduce, and this is in line with a more general trend where large enterprises are looking to reduce forward contract commitments across their vendor mix. Enterprise-grade organizations continue to pursue cost efficiencies more generally. As already stated, our new client revenue and our expansion revenue is not yet sufficient to offset persistent churn. We also note that FY 2026 renewals are softer than FY 2025. I'm now going to hand over to our CFO, Christian Shaw, to walk us through the financials. Thank you, Ian. I'm on slide nine. The headline financial information is summarized here, with further details to follow in subsequent slides. We've chosen to simplify these metrics and highlight product-led growth metrics separately later in the presentation. In summary, in FY 2025, our performance was reasonable, though ultimately challenged. The renewals book was down against a strong prior year. Expansion or cross-sell and upsell revenue lagged. Whilst new client revenue grew, some key opportunities were delayed into FY 2026, which ultimately dampened what was otherwise encouraging progress. Statutory revenue for FY 2025 was $68.3 million, down 18% to the prior year. Expenses were contained, yet being largely fixed in nature yielded lower profits, with EBITDA of $15.9 million and net profit after tax of $13.4 million, down 35% and 51% respectively. Fundamentally, IR remains well-positioned, with pro forma revenue holding near steady at $74.3 million. It flows under multi-year contracts, and our balance sheet remains strong. We closed FY 2025 with $40.6 million cash at bank, no debt, and net assets in excess of $100 million. We have active product-led investment plans with execution accelerating. For FY 2025, the directors have determined a fully franked dividend of $0.02 per share, consistent with the prior year. Moving on to slide 10. Performance revenue is an underlying measure that alters statutory revenue by apportioning the license fee revenue evenly over time based on the life of client contracts. This is the company's preferred view of revenue as it provides the ability to look through cyclical swings of the renewals book. For FY 2025, pro forma revenue was $74.3 million and down 1% to the prior year after a $1 million currency gain. 91% of the company's pro forma revenue is represented by term-based, non-cancellable contracted revenues. In the medium term, IR is targeting sustainable growth in pro forma revenue, which will be driven by new clients and expansion of existing client business. Slide 11. The Americas, being our largest market at approximately 70% of pro forma revenue, is up 3% off the back of new business sales, including a key new business win with an anchor client for a new product stream in Transact. We completed the year with a 91% net revenue retention rate. APAC, our strongest growth market in recent years, was down 6% due to churn in Collaborate, despite realizing a large new five-year client. Europe, the smallest market, underperformed with its pro forma revenue being down 10% amidst a market refresh. Slide 12. This highlights that Collaborate, which represents 46% of our pro forma revenue, declined 10% to the prior year, demonstrating that new business uplift was more than offset by churn. Contrasted against Transact, representing 24% of pro forma revenue, which increased by 29%, driven by new business and new clients and upselling to existing clients. Infrastructure, our third product, in 30% of pro forma revenue, was up 3% and driven by upsell. Further information is available in the appendix to this presentation on pro forma revenue. Slide 13. FY 2025 statutory revenue was $68.3 million and down 18%. It trends with our primary sales measure, total contract value, or TCV, because accounting policy requires the vast majority of the value in our client contracts during the license fees component of our on-premise software offering to be recognized as revenue upfront. Given renewals are dominant in our business makeup today, their cyclical nature means that the company's statutory revenue can fluctuate between reporting periods. In FY 2025, the decrease in statutory revenue primarily reflected the software renewals book compared to the prior year, delays in closing second half new client business, which was anticipated to close and pushed into FY 2026, and low levels of expansion or cross-sell and upsell business to existing clients. Noting that statutory revenue trends with TCV, the company has decided to report TCV information in the appendix to earnings presentations from this year on. Further information is available there on TCV. Slide 14. The next slide highlights FY 2025 EBITDA, a common non-IFRS profit measure. This was down 35% to $15.9 million and reflects lower statutory revenue performance driven by renewals and the company's largely fixed cost base, which reduced by $3.4 million or 6% for the prior year. During the year, the company's EBITDA result benefited from $2.1 million of non-operating gains, comprising foreign exchange of $0.9 million and $1.2 million from a non-core business sale. It should be further noted that there was no R&D capitalization during the year, consistent with the prior year. In FY 2026, we expect strong acceleration of innovation investment through increased R&D expenditure. Further information is available in the appendix to this presentation on the company's operating expenses. Slide 15. Moving now to IR's net cash flow, which for the year increased by $8.7 million or 27%, leading to a closing balance of $40.6 million at 30th June. Our operating cash flow moderated for the year to $8.7 million. Our client receipts were $5.7 million lower than the prior year due to a softer renewals book and timing. Our payments to suppliers and employees were down by $4.9 million, despite including $1.3 million of non-recurring people and office move costs. Notably, payments for income tax increased by $3.4 million as a result of the increase in the company's effective tax rate subsequent to the expiration of carried forward and unused R&D tax offsets, which were available in the prior year. Further information is available in the appendix on the company's operating cash flow. Investing activities contributed a net $4.1 million cash inflow, comprising interest receipts, proceeds from sale of non-core testing business, a net contribution across deposits, and payments for property, plant and equipment due to relocating the Sydney office. Net financing outflows of $5 million included a $3.5 million payment for the FY 2024 final dividend and $1.5 million in lease payments, which were significantly reduced during the year upon the company relocating its head office in Sydney. Exchange rates positively impacted closing cash by $900,000. Lastly, IR's balance sheet is clean, robust, with no debt, and tangible net assets of $100.6 million or $0.567 per share, which is up 14% from the prior year. I'll now hand back to Ian. Thanks, Christian. Slide 16 outlines the license fee growth metrics that are an important focus within our product-led growth strategy. We focus on license fee revenue because it constitutes a majority of total revenue, as per Christian's outline. We highlight here three metrics which align directly with our product-led growth focus. The first of these is revenue from new clients, which we can see contributed $6.7 million in license fee revenue, which was up 31% on the prior year. The second metric is expansion revenue. This simply means revenue that we're able to capture from existing clients. In FY 2025, this contributed $3.3 million, which was down 51% on the prior year. The third, subscription fees, is consumption-based revenue. This simply means clients paying for what they use. Consumption-based revenue has the potential to contribute organic growth over time, which is why it's considered a license fee growth metric. We can see that consumption-based revenues, or subscription fees, improved by 77% on the prior year to $3.9 million. The company intends to continue to monitor progress across these three growth levers. I'll just hand back to Christian to cover capital management. Thanks, Ian. I'm now on slide 18. Our capital allocation framework is centered on investing for product-led growth, while balancing the need for sustainable shareholder returns and preserving a prudent minimum capital contingency. Where in FY 2025 the product-led growth investment the company made was foundational, this is expected to significantly accelerate in FY 2026. A disciplined, ROI-driven, milestone-based approach to capital deployment is aligned to medium and long-term value creation with a critical focus in the coming year. The company has clear objectives for, firstly, delivering new differentiated products and capabilities focused on establishing new revenue streams. Secondly, securing new clients and expanding existing accounts. Lastly, selectively introducing consumption-based pricing to lift organic revenue growth over time. For clarity, in the short to medium term, cash generation and profitability is expected to reduce as we transition fully and accelerate into our stated product-led growth strategy. I'll hand back now to Ian to finish up today's presentation. Thank you, Christian. I'm moving to slide 20 under the section titled Key Takeaways. Slide 20 is really a restatement of where we have come from. Our historical revenue performance has been inconsistent and reflects the fluctuating value of our renewals book, revenue from new clients, and expansion revenue from existing clients, which has been insufficient to absorb fluctuations in the renewals book and churn. Underinvestment in new products in recent years is compounding the company's reliance on renewals and constraining new business growth. Slide 21, similarly, is a restatement of our product-led growth strategy and focus. Critically, our capital position now provides for significant FY 2026 investment. We accelerate development and commercialization of new products. Our investment in product-led growth is designed to position the company for sustainable growth over the medium to long term and is expected to reduce profits over the short to medium term. Important work was done in FY 2025, which was foundational in nature, and some early progress was achieved with the launch of additional products, including High Value Payments, signing of a top 10 U.S. bank, Prognosis Elevate, Prognosis hosted by IR, the first beta release of our AI product, Iris, and IR Labs completing the prototype of a new AI-powered standalone product offering. In conclusion, moving to slide 22, what does product-led growth mean? It means the company is positioning for sustainable growth over the medium to long term. Our investment of capital and future profits will be disciplined, milestone-based. It's an ROI-led approach. Correspondingly, profit performance will dampen over the short to medium term. Softer FY 2026 renewals book and investment in new products contribute to that. Thank you. That concludes management's presentation this morning. I'll hand back to the moderator. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. We ask that you please limit yourself to one question and one follow-up. If you are on a speakerphone, please pick up the handset to ask your question. The first question today comes from Chris Savage with Bell Potter. Please go ahead. Morning. I've got two questions, but I'll politely ask if I can ask the second one subsequent to the first. The first one I'll pick probably more for you, Christian. Slide 14, it was $54 million and change in FY 2025. You've obviously flagged an uplift there. Can you give us any idea what that uplift will be? Will it be $5 million, $10 million, $15 million? Chris, thanks for your question. You'll notice that we haven't provided a specific number. The reason for that is that management have a Board-sponsored mandate for flexibility as it relates to that capital allocation in FY 2026. As Ian's talked about, the foundations for that were built in FY 2025, and the opportunity now is for acceleration. That being said, we've indicated that we see some significant increase there, and it's important to note that at all times the company will retain a robust capital contingency to ensure that we're prudent in our management. At this stage, we have stopped short of providing any specific number because we simply don't have one. Okay. Can I ask my second question, or should I just get back in the queue? Sure. Go for it. I'll flip to revenue. Thanks, Ian. You flagged the softer renewals book in 2026, but obviously you've got some new products coming out, Prognosis Elevate and Iris, et cetera. Do you expect revenue to grow or go backwards overall in FY 2026? Thanks, Chris. Look, we haven't provided any guidance on this. We've got a full year to run on both release of new products and taking those to market. The nature of the renewals book with the benefit of those new products is that we certainly are targeting improvement in growing or expansion revenue, growing the revenue contribution from our existing clients as well as signing new clients. It's just worth noting that all the foundations that allow us to improve the cadence of new product delivery, those foundations were built in FY 2025. The accelerated investment in FY 2026 is really about leveraging the benefit of those foundations, keeping in mind that new products also need to wash through the sales cycle, and that sales cycle is a little bit different for an existing client versus a new client. We haven't provided any guidance as it relates to revenue performance for FY 2026 on the basis that there's still a lot of things in play here and establishing our progress on those three growth metrics that we highlighted earlier. It's very difficult for us to be accountable for understanding where that will land. The next question comes from Peter Cooper with Teami nvest. Please go ahead. Good morning, Ian and Christian, and thanks for taking my question. It's a bit of a two-part question. On slide 16, we talk about subscription fees. Can we consider those akin to software as a service fee? Thanks for your question. Look, in principle, yes. This is where a client might pay for some or all of their access to Prognosis based on their consumption. This might be the scale of the deployment across the organization, their level of utilization of the product, or a combination. In those instances, we would typically charge quarterly, and we would do a true up based on their actual level of utilization in arrears. It is, in principle, akin to a SaaS model. I would also just point out that the release of Prognosis Elevate, a portion of that model is under a consumption-based revenue model. This is one of the reasons we've flagged that particular subsegment, because we believe that consumption-based revenue has the potential to deliver us organic revenue growth over time. Okay. Thank you. Ian, a question for you. It's a bit of a generic question. How will shareholders be informed that the product-led strategy is working and is sustainable? In the course of our regular disclosures, we would be providing updates. I think what we've done today is put together and shared a framework that's pretty clear in relation to our priorities. We would expect to keep the market updated in terms of our progress at the regular intervals. Anything that would trigger a disclosure obligation, clearly, we would also be providing information as it relates to any of that. This presentation today, I think, gives us a framework. We've got some growth metrics. We've really consolidated some of the financial metrics to focus on the metrics that we believe give the best understanding of the underlying performance of the company. We will continue to provide updates on those metrics. The next question comes from Peter Storer, a shareholder. Please go ahead. Hello. Thanks for taking my question. In a couple of times during the presentation, you've talked about profit reducing over the short to medium term. Those particular terms mean a lot of things to different people. Can you give us an idea of whether this profit, whether we're talking sort of a couple of halves or a couple of financial years, do you have any feel as to when this is likely to see some profit growth in the future? Thank you for your question. In relation to short to medium term, the company envisages that being the case for somewhere in the order of two to three years. This relates to our investment and what that looks like specifically. We can't give precise guidance, of course, because that will depend on our capital investment program. Two to three years is what we mean by those terms. Oh, that's great. That's really good clarification. I noticed that the EBITDA margin obviously went down fairly significantly this year, but you have reduced your cost base with the smaller premises, et cetera. How do you see the EBITDA margins going forward? Are they likely to stabilize around that 23%, or is it just too hard to call? Look, what we've said is that we're largely a fixed cost business. That is before we look to accelerate investment. On that basis, our EBITDA margin will decline necessarily. The last question today comes from John Banos with Banos Asset Management. Please go ahead. I'd like to make a question on capital management, probably to the CFO. Just as a background, I see IR as having, on the problem side, no growth in the last 10 years. On the benefit side, I've seen brilliant return on equity and fantastic profitability of IR. The challenge I see for the year ahead, when you talk about lower renewals and lower earnings over the median term, I see the risk that maybe I'm a little bit surprised that there's no talk of additional capital management, possibly a share buyback to give the market a little bit of offset in this time that you're investing, at least buy back shares at the total bargain price. I note your balance sheet is now about $100 million net assets. Excluding the $40 million in cash, there's not a lot there. At what stage would you consider doing a share buyback, even with rapid acceleration in investment in the next two years? Thank you for your question. It's Christian here. The company has pretty clearly stated that the preference is for investing in product-led growth. Without being specific, because we don't have that ability to do so at this point in time, our capital base, when you allow for the contingencies that we maintain, we think is going to be largely consumed by our growth intentions in the medium term. For that reason, whilst capital returns is certainly something that forms part of consideration in our capital management, it isn't a priority as we stand today. I just want to make clear, if I haven't already, that our focus is investing for growth. Okay. That does conclude our conference today. Any investors with remaining questions are invited to reach out to the.