Thank you for standing by, and welcome to the RPM Global Holdings HY 2025 half-year results briefing. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question via the webcast, please enter it into the Ask a Question box and click Submit. I would now like to hand the conference over to Mr. Richard Mathews, Chief Executive Officer and Managing Director. Please go ahead. Good morning, everybody, and welcome to the first half 2025 investor call. I've been looking forward to this one, as you can probably imagine. I guess today we're going to get to speak a little bit more about the advisory business than we normally would. Hopefully, everyone on the call has seen the announcement this morning that we've agreed a deal to sell our advisory business to SLR Consulting. I did want to talk about that a little bit today so you can understand some of the rationale behind it and what it really means for the business going forward. We might just start on slide three. I guess another great half-year, record profit and record revenue at AUD 58.2, highest EBITDA, underlying EBITDA AUD 8.2. It's sort of more of the same as you can see from those charts below. Revenue just keeps knocking up half on half. We're starting to get some of that leverage coming through from the movement from perpetual to subscriptions. Underlying EBITDA is lifting. It's nice to have a couple of halves where there isn't any abnormals or one-offs. You'll see in that table above in H1 2024 for the shareholders who were around at that time, there was that one-off royalty sale. But again, another nice clean half in terms of underlying performance. You will see the restructuring and transaction costs number popped up. And as you'd expect, we've been working with the Moelis team on this advisory transaction for a while now, so there was really some costs coming through in relation to that. But in terms of the software sales, at the first half, we're 37% up on the prior corresponding period. And you'll see a little bit later when we start talking about software, when we close the January books, that 37% increase has moved to 64% increase. So we're selling a lot of software. We're selling it to good customers, and it's sort of the software which has the large transactions they use associated with it. So another really good half, a good finish, and a really good start to the second half as well. So if we move to the next slide, James, just for the people on the call, we're all in different locations, so there'll be a little bit more of that than normal. The advisory division, I guess back in 2021, we sort of started our ESG journey. We bought a couple of businesses at that time, and we really have embraced the ESG journey. Putting the ESG team with the technical team seems to have gone really, really well, and customers are looking at us much more as a one-stop shop, so it wasn't any surprise to me that when we started the process, and I'll talk a little bit about it in a couple of minutes, there was a lot of interest in our advisory business. We had obviously stayed in mining. We didn't go outside of the mining space. I think that was actually a very valuable thing in terms of the offers that we received because it was pretty hard to get into mining given our dominance in that space, so hence the reason that there was a lot of interest in that business. A couple of things worth sort of pointing out, I guess, and investors will understand this in terms of timing. If you look at that table, bottom right, contribution margin percentage, obviously we haven't allocated any of the corporate costs to either the software division or the advisory division. But once you get up into those 27%-28% profit margins on a people business, an advisory business or a consulting business, by definition, those are really high percentages. You really are running on all cylinders. So that business has been running well for a number of years, but certainly if you look at calendar year 2024, those numbers are really, really high. So I guess that was one of the reasons that the board decided that the time was right to look at interest in that business. We were really running that business really well and really hard. A couple of things. We'll talk a little bit about the multiples, because obviously it's a pretty impressive multiple that we picked up, but probably worth pointing out that direct third-party cost line in that table. We hire in real specialists, people that are specialists in trees, birds, frogs, all those types of things where you just can't afford to have those skill sets. But SLR, obviously a huge organization, a massive consulting organization. I'll touch on it a little bit later, but they have those experts all around the world. And I think when you look at we picked up 2x revenue for that business, which for consulting business is obviously a really good price. There's a lot in it for the SLR team as well. So they do have those skill sets. So I wasn't surprised with the offer that came in, given everybody from a financial perspective will do really well out of this transaction. In terms of the transaction itself, if we go to page five, it's a full share sale and effectively a divisional carve-out of the advisory business. Quite a complicated transaction, as you can imagine, because we've got operations all around the world. So in terms of accommodation and people and those types of things, we have to carve all those sort of things out. The SLR team, obviously, have bought a lot of organizations, so they really are good at the M&A. And obviously, we've done a lot as well. So it was a transaction that we were able to work through the details well. So all of those organizations that are around the world, which will be separated in terms of the advisory and the software, obviously the people will go with the advisory business and the customer contracts. But it is for all of the advisory business. And they are taking all of the advisory business, so all of the people and some of the corporate folks who work on advisory projects only. I guess one of the reasons we made the decision to divest the advisory business is not many advisory-type businesses are listed entities. Normally, they're partnerships, private partnerships, or they're owned by private equity organizations. SLR is owned by a private equity organization and Ares Management, capital management. And when I talk to investors and some of the other investors on the call who have been on this journey all the way through, they're always asking me, "Is that advisory business? How critical is it to your software business, given the types of margins that you can generate out of it?" And given that each of the transactions are sort of standalone, they're not really recurring type revenue transactions. And particularly when I talk to U.K. investors and U.S. investors, they really love the software business and the way it's running. Norway is not so keen on the advisory business. It's worked really well for us in terms of the advisory business. Some of our best ideas in terms of software products have come out of that advisory business. But when we ran the process, we got such a good offer that it was quite clear that it was the right thing for shareholders. 2x revenue of a business that's running flat out is a good result. As I put in there, obviously it is 8.1 x the profit contribution, but you want to be careful about that number because we haven't allocated any of the AUD 12.5 million of corporate costs to either the software division or the advisory division. So probably easier to talk about the revenue multiple. We expect the transaction to close pretty quickly. It'll be early quarter four in April, we think sometime. There is the normal closing and conditions and preconditions. All of those are within our control. So we're pretty comfortable with that. It really is a binding agreement. It's not technically a binding agreement, but we expect the transaction to actually occur. As you'll see there, it is a transaction where there will be an adjustment at the end based on balance sheets and so forth, just normal stock standard process associated with that. And as you probably noticed on that slide, five down right in the far right-hand corner, we are going to be able to use up all our carried forward capital losses and 2/3 of our carried forward income losses in Australia. It is an Australian transaction. So from a tax perspective, it's really, really tidy. The process was a confidential process. We started it sort of mid to late last year. I do make a comment at the end of the presentation in relation to the current market buyback. We stopped that buyback just prior to the announcements associated with our ASX 300, which we popped into. And then relatively quickly afterwards, we started the process. So for the investors who have been asking me, "Why have you not bought shares since the 1st of August last year?" You know I have your answer. And it's been just as painful for me as anyone else seeing the share price slide over the last week while on no news. As I said earlier, the SLR folks are taking all of the advisory team. We'll keep the brand, the RPM brand, and all of the team going forward will be operating under the SLR brand. There's a Transition Services Agreement. So there will be a transition approach where we've done a lot of work on this already, but for a period of time, some of the systems will need to be transferred across some of the third-party licenses. We still got a lot of work to do in terms of the accommodation. Some of our, we expect SLR to take all of our stuff into their accommodation, but there will be a period of time where we will be subletting offices and so forth. So a lot of the work's sort of been done on that, but some of the decisions are still outstanding. So we believe, or the board and myself believe certainly that with the advisory business transactional divestment, we think software investors, it should, as far as I understand, remove, I guess, the one impediment that they have in terms of investing in the software business. It should make the business a lot easier for investors to understand and to appreciate. Certainly, when I do my investor calls, once every six months, we do spend a bit of time on the advisory business. Obviously, from a market cap perspective, it's a smaller part of the business. From a profitability contribution, it's a bigger part of the business. But it certainly is, with having that business divested, should make understanding the business and appreciating it for the recurring revenue that has a lot easier going forward. In terms of SLR, huge organization. We compete with them in many engagements. We work with them on many engagements. They have a very strong focus on ESG. They got in very early to that. We've been really, really impressed with them during the DD process. Very straightforward, very honorable folks. They really do have the same sort of culture as us in terms of one team and being able to use their consultants all around the world for the benefit of their customers. Very customer-centric organization as well. As you'll see in that slide seven, they've got offices all around the world. They've got over 4,500 employees, and they provide environmental engineering, scientific advisory skills. So we've done a lot of work with them in terms of where people fit, and there's a really nice, I guess, fit between the business. And it will certainly give the SLR folks the leading advisory business in the mining space. So maybe before I, James, maybe before I start moving on to the software, if you've got any questions there associated with the advisory business and advisory transactions, maybe it's just worthwhile talking about that as you've got any on the portal. Yeah, there are a couple, Richard. So like you say, we'll raise them now. The first was, when you say the sale of the advisory business will remove the impediment for software investors looking at RPM, are you referring to fund managers, potential acquirers of the business, or both? Yeah, well, certainly for potential investors, for current investors, actually. A lot of people on this call have decided they'll be very happy. I'm sure I'll get a few calls that are up there saying, "Oh, well done. Great price, but also strategically it's the right thing to do." Certainly from potential investors, the same thing. If they look at the great business, the advisory business, and they want to talk it down and all that type of thing, but from a pure investment vehicle type return, it's not the sort of product that would normally be listed on the boards. So I know there'll be investors who I've spoken to in the last six months, obviously not aware of any transactions, but they will see it as a really good thing. To the second part of that question, I guess there will be software companies and large manufacturers in the mining space who will also see the business as a lot simpler and easier to understand. Very, very seldom do you have an advisory business sitting inside a software business. Very uncommon. And anything that's uncommon to the market is generally disliked. So you'd have to say that any people or organizations that are interested in our business, you'd expect to be more interested, I guess. I can't see this transaction being a negative for anybody interested in the business going forward. Thanks, Richard. And there are a couple more. I'll answer this next one, which was from someone that goes, "You indicate there are conditions precedent for the divestment. Is it a binding agreement, and are those largely in your control?" So I can confirm it is a binding share sale agreement that has been entered into. The transaction will conclude on completion of customary conditions precedent. Those conditions are inside the control of RPM and SLR to complete very standard conditions, as Richard indicated earlier, expecting those to be resolved effectively to enable completion to occur hopefully in early April 2025. Yeah, it might have been part of it. Sorry, Richard. It might just jump in there. Maybe the word resolve is probably not the right word. Just process followed rather than resolve. There's nothing to resolve. Has the company decided whether the sale proceeds from the advisory division sale will be distributed via dividend or share buyback or some other method? Oh, yeah. Sorry. I should have said that right from the start. Forgot I was talking to the investors. Just got off the phone with all the employees. Yeah, so we're going to be giving it back as a capital return. You see that on that slide. As I said, in terms of the tax position, it's a very, very favorable tax position. We're not even using all of our tax credits and so forth. So it'll be a very healthy number. Obviously, there'll be some transaction costs which jump in there, as you'd expect. But we'll be looking at returning all of the net proceeds to shareholders once the transaction closes. So once the transaction closes, the board will meet. We'll decide the number, but it'll be a pretty chunky capital return. And the last one at this stage, Richard, on this part. Hello, thanks for selling the advisory business. Just a quick question. Do you think the advisory business was important for the software sales funnel, and will there be any disadvantages of selling it? Yeah, good question. I've always said, I guess, to investors, there's a loose handshake between the two organizations. Both divisions sell completely different services. They sell it to the same customers, so we've all got relationships with BHP, as an example. But they'll be selling to a different person in BHP for a different type of engagement. With the software team, we'll be selling to a different person in that business and for a different set of services. One's sort of transactional in relation to one-off transactions. The software is obviously much more recurring in nature, and there's much more, I guess, operational dependence on the software business, so the two businesses have been operated separately for quite a period of time. We'd always had, for quite a while, thought about a carve-out, so therefore, we had, from a corporate structure perspective, had separated two businesses quite a long time ago, and it was really just about timing. When would be the right time to sell the advisory business, and for anyone who's involved in M&A, you always want to sell a business as it's going up rather than going down, including our businesses going up, so from a timing perspective, it was quite straightforward. We don't think it will have little impact on the software business. Certainly won't have any impact on the software, software sales, software implementation, software performance, any of those types of things. So we don't see it as having a big negative impact at all. Yeah, and that was the last question at this stage, Richard, on the part of the divestment. Okay, well, thanks very much, everyone. Maybe we'll go on to the software business. I guess it shouldn't be lost on anyone that it's obviously a great price we picked up for the advisory business, but at the end of the day, it's 10% of the market cap of the whole business. So sort of, again, helps put it into perspective. Into the software business, it's going to page eight, Matt's team. So yeah, as you can see, we're now at the end of or middle of February when we close the books. We're at 64% up on last year in terms of software sales. So really, things are going really well. AMT is performing well. Actually, all the software products are performing well. One of the things, I guess, that the call-out on that slide is how well the American software sales team went in the first half. I've been talking about those folks for a while now, and I've been saying to people, "Look, we've got some great people in. We're rebuilding. It's going to go good, trust me." And pleasingly, you can see by those numbers, really, they had a great half. They've got a great pipeline going forward. They sold AUD 16.1 million in the half, which was 79% up on everything that they sold last year. So they're going to have a great year. Interestingly enough, there's very little AMT in that number. So that was really scheduling and financials. They're building their pipeline really nicely in the AMT. That's obviously been quite a focus of the new management team. So lots more to come from those guys. But they wanted to have a team in place by the start of last half. They did, and they executed exceptionally well. The other thing to point out is, while we're 64% up on last year around the same time, we only sold AUD 1 million in perpetual software sales. So there'll be some people who can't read the accounts, don't really understand what we're doing, and they'll go, "Oh, my goodness gracious. That's terrible. A million bucks down." But that's actually a really good thing, right? So what we're really saying is we'd obviously you never know what that number sort of pops around at the end of the half, but we have moved the customers on to subscription licensing. We're just a rounding error now. Hopefully, that will sort of continue going forward, and people will continue to buy subscriptions. Obviously, with perpetual licenses, there are some geographies that we do sell perpetual licenses in because we're worried about collection risk and those types of things. There will be some where customers just want to use their CapEx rather than the OpEx and so forth, but again, that's AUD 1 million down on the half last year, and it's actually a good thing. We've got three large projects on the go. I've been sort of talking about those, so a project in our mind is where we're working with the customer. They're testing the software, you need to run that back slide back, thanks, Matt, and we're sort of working with them. Generally, we're putting it into one of their sites so they can see the value that they can get of it. We've got three large pilots going at the moment. We don't recognise any of the revenue for the pilots. Once the pilots finish, there'll be some time materials that we'll pick up and so forth. But it's really about proving the software. We've got three there, one big XECUTE one, which is going well, and then two AMT ones. Again, as you can see, ones in America or in Canada and ones in Asia, but both are really big organizations. So you've got Rio Tinto, Kinross, and Freeport. So all of those pilots will finish in this half, and we would hope that they're successful and good software revenue would flow from that going forward. And we always have a big run to the end of the year, so we're expecting that to be the case this year. We haven't had sort of pilots, which is really an addition to that finish to the year. So yeah, we're pretty excited about the second half. We can see we've got some milestones in our minds. We've had a couple for a while now. Yeah, I won't say AUD 2 million because then you'll lock me in and you'll say you didn't achieve your milestone. But things like AUD 200 million in contracted non-cancellable software revenue is a target that we've had for a while. So you can see we're 183 odd at the moment. So we've got a good chance to get somewhere there or thereabouts. So software's going well. The transition's gone well. We did have a pretty good finish to the end of the year in terms of conversions. A lot of the shareholders who I've spoken to will know that we changed our comp plans this year at the end of the year to try and encourage customers to move from maintenance contracts to subscription contracts. We did that because once you're on a maintenance contract for a long period of time, the risk is that the customer can get quite stale. So we had a good finish this year in relation to that. You'll see churn popped up from what's normally an average of 3%. I know it's a small number up to about 5.6% this year. We had a reconfiguration of a license, which is allowed under one of our GFAs. So we didn't lose any revenue. The revenue just sort of slid from ARR to TCV type thing. So no issue there. Software development costs have peaked in Q1. And the reason I mention that is because, and I think I said on the last investor call, our development costs coming into the half were more than the total value for the half last half. So what that really says is that we have been able to get our development costs down. So it peaked in Q1. We've finished the software products other than the work that we're doing with our customers. So you'll expect to see that sort of slowly slide down as well. So another, in a lot of ways, boring half. Every year's up. Perpetual's down. Subscriptions up. Maintenance is converting. Software consulting is thereabouts. They're paying costs the same. And then development. So again, more of the same. If we jump maybe to the next slide, slide nine, thanks, James. We did sign another four global framework agreements. I've spoken about that before. Yeah, they're pretty big deals. They're good things to have. It really means that you are or have become and are a sort of trusted sort of vendor to these organizations. It's quite a long process that you go through in terms of procurement agreements, in terms of legal agreements, in terms of looking at our software, looking at cybersecurity, all those types of things. So since the 1st of July, we have signed four more: Barrick, Kinross, Newmont, all very large gold companies, and First Quantum Minerals, which has operations all around the world. So that brings our number of GFAs to 10. And we're continuing to work on those. We think they provide a real competitive advantage, significant competitive advantage to us. In terms of software products, we're still putting out new products or new versions of products. So we've now released our mine design product. We've started showing customers that product. So that's a product which parametrically effectively builds the mine, the practical mine and all the complex ramps, networks, and so forth, which really gives the mining engineers the opportunity to look at different objectives and constraints, all done electronically. Significantly different from what our competitors have. They have nothing that even looks like that. So it's been very well received. We only just recently released it, and it's been trialed currently by Atlas, Mineral, and Rio, who are all putting it through its paces at the moment. We quite like this trialing by customers because you do get a different set of eyes. We've obviously got product experts who think it should look like this, and they think it should run like that. And then you've got developers who think it should look like this and think it should run like that. But at the end of the day, it's what the customers want. So we get a lot of really handy tweaks and changes to logic and so forth. So once those three organizations have put it through its paces, it'll be people can buy it now, but it'll have a lot more credibility, I guess, in the industry. Fleet Optimiser. This is the, what we think, is a very smart application, which we've set up in the cloud, which really optimizes the allocation of mining trucks. That's being trialed and put through its paces by the Freeport folks. We're talking to them about extending some of the functionality to really get the best out of SOT optimization and AI and those types of things. So it's early on in the journey, but when that product is fully in market, it'll be the exact same as I think everyone who has XECUTE will just buy it as an extension of. And in the cloud, that's probably gone better than we thought it would in terms of its testing, its development process, and it's being trialed by Barrick at the moment. So obviously, a big organization who are putting it through its paces with a lot of data, and they're already using XECUTE significantly. So they can see the value in it as well. So it's getting through its paces as well. So from a product perspective, we're still building new product, smart product, and product which is being accepted by the industry. In terms of a few other highlights, I don't very often put competitors' names on a slide, but I thought it was worth sort of pointing out that with our Fleet Optimisation Tool, SOT, which was the product we bought from the universities and then expanded it, we had seven customers, very large customers, who have moved their software and support agreements from Deswik to ourselves because we used to sell that through Deswik to the market as well as other competitors. So yeah, it's a product which people love and they really want the vendor who built it to be supported in sort of going forward. The world's largest miner. We're in line with AMT and all its global operations. So if you're ever going to if you want to tick off, is AMT scalable? Can we run in different operations all around the world? It's got a big tick there. So it's a transaction we did quite a while ago. It was a big implementation project, very successful. They did a great job. They did an absolutely stunning job. And they're getting the benefits of that now. We also have one of the largest miners in the world purchase an enterprise license for the full MinVu suite. So that's really on the operational side. We built some new data in March. We built a bunch of things for that product and have standardizing on that product now for all the open pits all around the world. Really good transaction. But again, just legitimizes the robustness and the scalability of that product going forward. So I think that product's got a great story. It was one that we bought quite a while ago. We've done a lot of work on it since. And the customers who put that in love, and you wouldn't get a stickier product. It's just not possible to. I talked about the software projects, two AMTs and one XECUTE. We are concentrating really hard on making sure those projects are successful, very large projects. So we'll see where they end up. Surely the investor will keep asking me about those. That's all I really want to talk about at this point in time. And then during the half, MINExpo was held in Vegas. Now, the front page of my presentation, I want to do something different. That's actually the booth at MINExpo. So we went all out this year. Definitely, as a software vendor, had the biggest booth by far, a pure software vendor. We were inundated by miners all around the world wanting to talk about all the different products. We had all the different streams there. We had all the product managers there. We invested about AUD 500,000 in that event, and we think we've got great value for money when we look at the pipeline that came out of it and the opportunities that came out of it, particularly for the America folks. From a cost perspective, we obviously won't have that cost in the second half, but it was a big endeavor for us, and we think it went really, really well. So we're really pleased with how that went. New product adoption slide. We won't talk about that. Obviously, some great customers buying all the new products, four framework agreements at the bottom. And then guidance. Okay. Everyone ready? All right. Guidance. So as you can imagine, this advisory business has a huge impact on the results of the company. We don't know exactly when it's going to close. We think it's going to be soon, but when it closes, that will finalize where we're going to end up for the year probably, or certainly from a guidance perspective. So we'll have a much better idea. But there's going to be a lot of changes within our business after that investment. So all of our corporate expenditure, as I said earlier in the presentation, is about AUD 12.5 million there that we adjusted to staff costs, people that move across. Office costs are going to be. We're working through that office by office. I think there's like 13 or 15 offices that will be impacted in one way or another. Insurance, obviously, a big change. Professional fees, big change. Information technology costs, all the kit goes across. Third-party software costs, management incentives, obviously, they won't be at the same levels. So a lot of above-the-line changes in expenditure. There's also the Transition Services Agreement where effectively the SLR team are buying services off us, either on a cost-plus or on a needs basis. There's quite a lot of streams, I guess, implementation streams associated with that. So we don't really know what that's going to look like or what the cost is going to be of that until it completes. And then obviously, because it's a sale of a division/asset/business, I suppose you'd say, there's going to be major adjustments to depreciation, amortization. There'll be a big change. There'll be some transaction costs that have come through when it's occurred. And obviously, we've got tax consequences all around the world. But as I said earlier, from a pure profit-on-transaction perspective, we're in great shape in terms of being able to use up tax losses which we've incurred in past years. So because of all that, we don't feel that we're in a position to update guidance. There's just too many moving parts. So we're withdrawing the current financial guidance, and we'll reissue it once the transaction closes. So probably early in Q4, we'll have a much better understanding there of what the final cost structures look like and what the timing is when the actual transaction closes. So yeah, there'll be a lot of people that are upset and rush out and sell stock, but I hope they understand that we're going to put it out if we want to get it right. Obviously, you look at the software numbers, you look at the costs that are going to come out. It's going to be a good year. Outlook. We will be able to focus solely on the software business now. There's a lot of things you've got to think about in terms of advisory, conflict of interest, sanctions. There's lots of stuff in there, visas. There's a lot of things that need to be supported. They won't just make the numbers easier to understand and also simplify the business in terms of what's happening there. The market acceptance of the software products, obviously. What did I say? 63%-64% ahead this time last year. There wouldn't be many software companies in the world that could say that. They're good customers, and they're good products, and they're good transactions. Again, we've got AUD 182 million in contracted non-cancellable software revenue, which will flow in. So the business is on a very, very steady footing in relation to that. We're still working on some new modules. That's probably the best way to describe it, with some of the biggest mining companies in the world, productivity improvements. I said, I guess, six months ago that we pretty much finished the software suites. We'll obviously add some depth and breadth associated with those. But now we've got the opportunity to really work with the big guys on productivity improvements. We want to become the really respected go-to software vendor for the global mining industry. For some customers, we're there already, but there's more to be done. But certainly, we're in a very nice spot. As I said earlier, we think the divestment of the advisory business will remove a major impediment to investors and other people who are interested in the organization going forward. I did talk about the buyback. We will restart that. Clearly, we're very careful about those sort of things. So anything which could potentially be market sensitive, we'll stop buying. And now that there's nothing out there that we don't know about, we think that the stock's undervalued. We'll introduce that back. And so a strong balance sheet, healthy cash flows, competitive software offering. Had to take out advisory. I normally have advisory there, but I took that out. But we're really optimistic about the year ahead. The business is performing really, really strong. And I'll just touch on the cash flow at the end. I do this every time. Obviously, we always have cash outflow in H1, big cash flow inflow in H2, maintenance again, 1st of January every year that comes out. So you pick up all the revenue in H2. Recurring, we've got 73% of our recurring software subscriptions are during the second half, so again, revenue flows in one out of the other. Last year was obviously a great year, so there was short-term incentives and sales commissions accrued in the second half, paid in the first half. And then we spent almost AUD 7 million last year on company share buyback, so there's nothing to look at here in terms of cash flow. It's all the same exactly as in previous years, and we've got a cash balance of about AUD 23 million with no debt, so very, very solid balance sheet. Business is ticking along really well, so what I might do is I might see if there's any questions. Jimmy, if you could take one question for me while I just get a glass of water because I'm a bit parched here. So, just looking at the screen now, Richard, we've got about five questions. Two of them are a little bit around how we might price our products. So this is just by way of a reminder, a public call. So we know from the attendee list that there are some competitors on the call. So welcome. We hope you're having a great day as well, but we'll respectfully decline to answer those on this particular call. So one we'll answer and then hand a couple more to Richard. So this one, regarding the reduction in maintenance revenue from AUD 6.5 million in 1H 2024 to AUD 5.1 million in 1H 2025, what was the driver behind this? Were these maintenance customers converted to subscription customers? Yeah. So thanks, James. Yeah. So it's really maintenance agreements. So maintenance agreement, where the perpetual agreement comes with sort of maintenance, that every year customers purchase it and it buys them two things. The first thing it buys them is bug fixes and so forth, if there is any. And also the ability to upgrade to newer versions of the software. So we started this transition from maintenance, I guess, perpetual to subscriptions five, six years ago. We have just let that run its course, I suppose. But we were starting to get just a little bit concerned that some of the customers were getting a bit stale in terms of their contract. So software is very sticky in our world. So most customers will keep the same software for more than 10 years. But if they are going to go out to look at the market, it's somewhere probably between seven and nine years. So at the end of this year, leading into the end of this year, we spent more time talking to them about some of the benefits of moving to a subscription licensing in terms of fee setting and all those types of things. So yeah, you'll see in the second half of this year, not a huge drop, but probably a larger drop than you've seen in past years in relation to maintenance. But again, we think that's a really good thing rather than a bad thing. Because what customers are doing is they're committing to five years of revenue rather than one year. In maintenance, they're committing to one year and things change. Not many things change in one year, but a lot of things change in five years. Thanks, Richard. Another question. How do you look at the subscription revenue contribution in the second half of 2025 from the first half 2025 TCV sales of AUD 36.4 million? The report states that only AUD 0.6 million of revenue was recognized in 1H 2025 due to the majority of agreements only being concluded in December 2024. Yep, that's true. Yep, whatever reason. The last week of Q4 is their biggest week by a bloody margin, followed only by the week before Christmas and New Year. And obviously, the Americans don't work between that period, and that's why you see some of that sort of flowing in. So yeah, there was a lot of that software revenue occurred in the second half of the year, so right at the death. So what happens, of course, is all new revenue, you get all the benefit of that for the second half. So that's why it's such a small number that 1.6 just really means that it will flow through into future halves and future years. So we try. Having said that, if you look at what we sold since January, that'd be rocket science to do that because you take one number from the other one on the slide. You can see that we sold a lot of product, and a lot of that's new stuff. So it'll be a good software subscription half, for sure. There's a question with respect to whether we can provide a bit more color regarding the three large software pilot projects and a question also about what TCV opportunity might come from those, which of course is a bit forward-looking. But in terms of providing color for the three large software pilot projects, is there anything more that you wanted to add there from what you've already said? Yeah. Obviously, we've got respect for customers as well. So no, I'm probably pretty comfortable with what we've said there. We've still got to finish it, finish the projects. Then the customer will decide whether to go or no-go for a transaction which is more enterprise in size and length. But no, I don't really want to talk about those because it's between us and the customers. Perfect. So we've got a question, and that's come in just now to say, can we give any more detail regarding the likely size of reduction in corporate costs following the advisory sale? Yeah. No, I can't really because we've just got to work through all the details. There'll be some areas which will be impacted, and then there'll be other areas that aren't impacted. So once we know, we'll talk to the shareholders about it, but I don't really want to speculate on it. Right. Any color on development costs? You mentioned it peaked. Is that peak an absolute dollar value? And if so, does it stay around this range going forward or fall drastically? That's not going to fall drastically, but it's going to fall. So we're not letting people go in the development space. The average length of employment in that space is very high. But through natural attrition, when someone does resign, we look very hard at whether we can move someone else into a different role, give them a different role, sort of juggle the big tiers around. And that's sort of what will continue. So it will certainly come down. There's no doubt about that because the run rate coming into this half is a lot lower than the run rate coming at the first half of 2025. But you shouldn't expect it to go from AUD 10 million to AUD 7 million. Thanks, Richard. Somebody's asked, they missed it, but can we confirm we now have 11 GFAs? So I'll answer that. As per the slide, we've got 10. We have taken one out, which was Volkswagen. That is an advisory services GFA rather than a software one. So we're resetting that at 10 rather than 11. But good question for those keeping count. Well done. Well done. done. Someone's got anything? Yep. Yep. How much step-up in subscription revenue from flipping perpetual maintenance revenue should we expect to see? Thank you. Yeah. We actually have a there is a step-up. I think for it was 1.1 to 1.36 this time around. But you want to be really careful before you analysts on the call using that because some of them are much higher than that. Some of them are less than that. In some situations, when they're converting from maintenance to perpetual, they're taking the opportunity to say, "Well, we've sold that business, so we're not using that software anymore." And so there's an adjustment to licenses. It certainly goes up, and it certainly goes longer. But just be careful when you put that number in your spreadsheet because there's lots of examples where it's 2x and more. And there's some situations where it's closer to 1.1. Thanks, Richard. And there are two more questions on here, but they fall squarely into the guidance ones around EBITDA forecast and another one around EBITDA margins after divestment. So for now, we'll leave those. And that's it on the portal. Okay. Thank you, everyone, for your time. It's a pretty big day for us. I've spoken to the advisory employees this morning. They're pretty excited. They know SLR. They're excited about the opportunities that it provides for them going forward and to work on projects all around the world and in different areas. They'll get the opportunity to move outside of pure mining. I've been pretty mean. I've made them stay in mining since I've been here, and that's sort of 12 years, 13 years. It's been really well accepted by them. I know SLR are really excited about the business. You can see that in terms of the price that they paid. Again, I think it will simplify our business and make it much easier for software investors to understand and appreciate and potentially invest in. Thank you, everybody, for your time. And I'll look forward to speaking to a lot of you in six months' time. Thanks.