Good morning, welcome to Sage's Results for the First Half of FY 2026. I'm joined today by Jacqui Cartin, our Chief Financial Officer. I'm going to start by focusing on three key messages this morning. First, Sage had an excellent first half as we continue to expand the value that we deliver to small and mid-sized businesses. We achieved broad-based, double-digit revenue growth driven by strength in our key products, and we accelerated our annual rate, adding new customers and increased ARR by around GBP 275 million year-on-year. At the same time, we expanded margins with mid-teens growth in both operating profit and EPS. We generated strong cash flows, allowing us to invest for the future and continue to deliver attractive capital returns. Second, we're driving growth through AI, strengthening our competitive position and making Sage inherently more valuable. In an agentic world, AI depends on trusted systems of record like Sage to reason and act, making our role more critical, not less. We're building AI for people for whom accuracy and compliance are paramount. We're making our products more powerful by embedding trusted intelligence directly into customer workflows in a way that's governed and transparent by design. We're scaling these capabilities fast. With AI-powered features now available to over 500,000 customers across the group, helping finance teams accelerate cash flows, close the books faster, and confidently turn insight into action. Finally, we're growing not only our revenue, but also our market opportunity. By building an agentic intelligence layer into our solutions, we're expanding what our software can do, addressing more financial tasks and higher value use cases. As we extend our platform further into finance and operational workflows, we're reaching new customers with more varied and complex needs. We're supported by long-term structural tailwinds. As more SMBs are created, more of them digitalize and compliance needs increase. Taken together, this is driving strong, durable growth for Sage. Now, a key question for the market is which businesses will succeed in an agentic AI world? Let me explain why Sage is well-positioned to win. Sage is embedded in our customers' mission-critical workflows. We operate the system of record for finance, for HR, and for payroll for millions of SMBs. These are regulated, high-stakes environments where nearly right is wrong. Accuracy and compliance are legal requirements, and customers cannot afford to take risks. They rely on solutions that work from a vendor they trust. Second, we combine public models with our own domain-specific models built on proprietary data and deep domain expertise. Our AI is trained on billions of real financial transactions across industries, regions, and regulatory regimes and applied through decades of practical experience. This enables a level of performance and customer outcomes that general-purpose models alone cannot deliver. Third, we're investing in trust as an operating standard. In regulated financial workflows, trust is a prerequisite for adoption. Our agents are designed for assurance, enabling governed outcomes that are transparent and verifiable. This allows customers to move faster and adopt AI with confidence. Finally, we have a powerful ecosystem and distribution advantage. Our global network of partners including accountants, developers, and resellers, extends the reach of our platform and deepens customer relationships, helping us to serve more SMBs across our markets. With new customers and partners joining, our ecosystem is growing. These strengths, embedded workflows, domain expertise, trusted intelligence, and a scaled ecosystem, are very hard to replicate at scale. It is exactly these strengths that give Sage a clear advantage as AI becomes more deeply embedded into how businesses are run. In a market full of AI promise, Sage's advantage is trusted intelligence embedded into core financial workflows, and that's what drives adoption and performance. Let me now hand over to Jacqui, who will take you through our financial performance and outlook. Thanks, Steve. We've delivered a very strong first half with accelerating revenue growth, expanding margins, and strong cash generation. At the same time, we've continued to invest in our products, particularly in AI across finance, HR, and payroll. That's increasing the value our customers get from Sage. Importantly, that investment is translating into faster top-line growth as our customers adopt more functionality on the platform, and they rely on Sage to run a broader set of their workflows. You can see that coming through clearly in the numbers. Revenue grew by 11%. This reflects strong demand from existing customers, alongside continued momentum in new customer acquisition. Operating margin expanded by 80 basis points to 23.9%, driven by operating leverage and disciplined cost management, with productivity increasingly coming through from AI and automation. Together, that is translating through into earnings, with EPS up by 16%. Cash conversion was 116%. This reflects the strength of the subscription model and disciplined working capital management. That same strength is reflected in our ARR. Renewal rate by value increased to 102%. This reflects strong retention alongside targeted price increases and higher sales to existing customers through tailored add-ons. As Steve mentioned earlier, we're also seeing the benefit of the rollout of Sage Copilot and our specialist agents, as we embed AI into customer workflows in the systems that they already trust to run their businesses. Alongside this, new customer acquisition increased to GBP 200 million, up from GBP 190 million at H1 last year. Overall, ARR increased by around GBP 275 million to GBP 2.7 billion, and that's up 11% at the half year. Looking now at the P&L. Total revenue grew by 11%, underpinned by recurring revenue, which also grew at 11%. As a reminder, 97% of our revenue is now recurring. That really speaks to the quality and resilience of our business model. Operating profit grew 15% to GBP 326 million, reflecting strong revenue growth and margin expansion. Profit after tax increased by 10% to GBP 224 million, driving underlying EPS growth of 16% to GBP 0.237. We've increased the interim dividend by 8% to GBP 0.0805. Underpinning all of this is the continued expansion of our cloud portfolio and this remains a key driver of growth. Sage Business Cloud revenue grew 15% in the first half, with acceleration across both cloud native and cloud connected. Cloud native increased by 25%. This was particularly driven by Sage Intacct across both new and existing customers. Cloud connected growth, that was led by Sage 50, where our customers are benefiting from bundle functionality, new AI features, and continued migration to the cloud. With all of that, subscription penetration is now at 84%, and this continues to increase. This performance is also broad-based across our regions. In North America, growth accelerated to 14%. The U.S. was particularly strong here with 15% growth. Here, Sage Intacct continues to build momentum, particularly through our vertical go-to-market approach. We're seeing strong demand across sectors including not-for-profit, construction, and financial services, alongside increasing adoption of AI-powered modules, such as Accounts Payable automation. Growth in the region is also supported by Sage Intacct Advisory. This enables outsourced accounting and virtual CFO services on our platform. We also saw good growth in Sage 50, as well as in Payroll and HR and Sage 200. In Canada, revenue grew by 9%, with Sage Intacct continuing to scale rapidly, alongside further strength in Sage 50. In the UKIA, we saw sustained momentum, with all regions growing by 10%. Sage Intacct continues to perform strongly, and this was supported by good execution across our partner ecosystem. Sage 50 also made a strong contribution, accelerating as we bundle additional capabilities, including Sage Copilot, to deliver higher value solutions to our customers. Our Small Business suite, including Sage Accounting, perform well. We're also building momentum in Sage Sole Trader and embedded services, where we are partnering with UK banks and fintechs to win customers earlier in their lifecycle and support Making Tax Digital readiness. Across Africa and APAC, growth was driven by strong performance in Sage Accounting, Sage Payroll, and Sage Intacct. In Europe, revenue grew by 7%. France also grew by 7%, with strength in accounting solutions including Sage X3 and Sage 200, alongside increasing traction in Sage Intacct. In Iberia, revenue grew by 9%, driven by Sage 200 and solutions for accountants, which was supported by compliance tailwinds in this region. Sage 50 also contributed through strong retention as well as higher pricing. Finally, Central Europe, which grew by 4%, led by Cloud HR and Payroll and Sage 200, primarily through sales to existing customers, along with early traction in Sage Intacct. Across the business, we're focused on delivering this growth efficiently. As we scale, operating leverage, disciplined cost control, and productivity gains are allowing us to invest and expand the margin. In the first half, that translated into a margin expansion of 80 basis points to 23.9%. G&A was broadly flat year-on-year at around 8% of revenue. At the same time, we continued to invest. R&D remains stable at around 15% of revenue, and we're making efficiency gains here and reinvesting to accelerate delivery. Sales and marketing spend, that was around 40% of revenue, reflecting targeted investment for growth. Overall, our platform-led model and increasing use of AI is enabling scalable and efficient growth. All of this flows through into earnings. Operating profit increased by 15%, driven by revenue growth and margin expansion. Net finance costs were higher following recent debt issuance, while the effective tax rate remained stable at 24%. Taken together and including the benefit of share buybacks, EPS increased by 16% to GBP 0.237. Cash generation remains strong. We generated GBP 378 million of cash from operations in the first half, with cash conversion of 116%. Free Cash Flow was GBP 241 million, net of interest and tax. This cash generation underpins a robust financial position. We have GBP 1.1 billion of available liquidity, providing both resilience and flexibility. Our leverage ratio stands at around two times, which is at the upper end of our target range of 1 to 2 times, following recent share buybacks. All of that brings me to capital allocation. Our priority is organic investment, you see that coming through in our continued R&D spend. Alongside that, M&A remains an important growth lever. We're focused on tuck-in acquisitions that strengthen the portfolio and add capability where we need it. You've seen that in the first half. We've acquired Criterion, which strengthens HR and payroll for Sage Intacct in the U.S. We acquired Akao, building out e-invoicing in France. Post the period end, we acquired Doyen AI, which supports faster AI-enabled implementations. At the same time, we remain committed to shareholder returns. We continue to grow the dividend in line with our progressive policy. We're returning surplus capital, with GBP 600 million of share buybacks announced and around GBP 350 million completed during the first half. Overall, we're allocating capital to grow the business, build capability, and invest for the future while continuing to deliver strong returns to our shareholders. Finally, turning to the outlook. Building on the momentum that we have in the first half, we now expect organic revenue growth for FY 2026 to be above 9%. We expect operating margins to continue to trend upwards in FY 2026 and beyond as we focus on efficiently scaling the group. Overall, it's been a strong first half. We're executing well. We're seeing the benefit of our investment come through. We're delivering growth that is both sustainable and disciplined. With that, I'll hand back to Steve. Thanks, Jacqui. Our strong financial performance has been driven by sustained, focused execution and the strategic choices we've made. This includes focusing early on AI, long before it became a boardroom topic. We've been growing our specialist teams of engineers and data scientists, building infrastructure, and putting governance in place for nearly a decade. We were the first major accounting software provider to include real-time, AI-powered outlier detection, and one of the first to launch a commercial copilot. Through successive waves of technology, predictive automation, generative, and now agentic AI, we've moved at pace to increase the value that we deliver to customers. Our strategy is rooted in our customers' needs and they consistently tell us they want technology that solves real problems, works reliably, and can be trusted in regulated, high-stakes environments. In research backed by Sage, over 70% of finance leaders said they would reject an AI system if it cannot explain its outputs. Assurance is at the heart of finance. That's why our focus is on building AI you can trust, based on three pillars. Confidence. Confidence means that our AI outputs are explainable and verifiable. Control. Control means agents operate within customer-defined guardrails with human approval where it matters. Accountability. Accountability means that actions are logged, traceable, and auditable. Last month, we were with over 4,000 customers and partners at our Sage Future Conference in San Francisco. At that event, Scott Krug, SVP and CFO of the New York Yankees, told us he was proud that Sage gives his team clarity, insight, and the confidence they need to make the big calls, such as when they sign players for hundreds of millions of dollars. This is how we meet the real-world needs of CFOs, controllers, and business owners, and why customers want to adopt AI through Sage. Enabling our AI strategy is the Sage platform, the secure, scalable foundation that connects our products, customers, and partners. By centralizing identity, data, and security through the platform, we can innovate quickly and deploy AI consistently across products and geographies. As adoption increases, the scale of our intelligence engine is growing rapidly. In November, I told you our models were generating 3.5 billion predictions annually. Since then, that number has already gone up by around 25%. Scale is only part of the story. We also focus relentlessly on accuracy and cost. As a result, some of our models cut error rates in half and are significantly more cost-efficient compared to off-the-shelf alternatives. This engine is powering our solutions like Sage Copilot, which has delivered more than 75 million insights and answered over 300,000 customer questions in the last year. Importantly, our agents are live and delivering real value for customers today. Take our Close Agent, which accelerates the month-end close. It acts as a digital coworker, guiding finance teams through the close process. Although it only launched in November, it is already live with over 500 customers. Our Assurance Agent proactively monitors financial data in real time, detecting outliers and catching anomalies before they are posted. In the last year, it identified over 6 million potential errors, enhancing accuracy and trust. Our Accounts Payable Agent handles invoice processing, approvals, and reconciliation with speed and accuracy for customers across the group. It is processing invoices worth over $3.3 billion per month. That's up nearly three times in the last year, saving customers more than 5 million hours of work. You can see other examples of agents that we've launched on the slide, and there are more to come. These are practical tools delivering tangible time savings, more accuracy, and better outcomes for customers. Don't take it from me. Let's hear from some of our customers. Sage AI Close Agent in one word would be game-changing. It's hyphenated. It's one word. Byler Holdings is a holding company that oversees five primary divisions of materials, recreation, entertainment, real estate, and then general holding operations. We have 30 different companies in Sage Intacct, so making sure we are closing accurately is a very, very big deal for us. Instead of 10 different people in finance, there is just one person going in, posting the checklist tasks every month. We've easily cut our time down over our department by 100 hours a month or more. It has made us so much more efficient and accurate. We're able to focus more on the things that matter. It is saving me so much time and so much energy. If Sage AI Close Agent disappeared on me, I would be hunting someone down potentially. We're the professional medical society of about 18,000 members, advancing endocrinology research, the clinical practice of endocrinology in the U.S. and throughout the world. One of the goals of the finance team is safeguarding the assets that the 18,000 members of the society provide. For a small finance team, the biggest benefit of Sage AI is having an additional layer of internal control, which has an enormous impact. Outlier detection will see unusual combinations of accounts or amounts, senses something that's not consistent. When someone records a journal entry, they almost get a second chance to review, make sure that everything they entered was correct. Outlier detection provides another layer of quality control for us. Having the extra time that the AI tools give us to develop a cash flow projection that's more precise has been very beneficial. Dazed Media are a global media agency. Ultimately, we are three magazines. There's a real requirement for our reporting to be created quickly. AP, in a business like ours, is incredibly busy. We get hundreds and hundreds of invoices through every week. The speed that we're required to work is probably one of the main reasons why errors are made. There's just so many things could go wrong with manual uploads. The biggest difference that Sage AI has made for our team has been the time saving in relation to processing AP invoices and the accuracy that that data goes into the system. The automation, being able to email the PDF and have it auto-upload, probably saves us a day a week. The time that we've saved, we're able to put more time into processes outside of transactional processing. It's night and day how much difference that has made. Sage was definitely integral to making that happen. As you've heard, our AI is delivering significant benefits, saving customers more than 100 hours a month on tasks that used to take days, and freeing up time to plan and to grow. It's not just about agents built by Sage. We're also building our agentic ecosystem to increase innovation and customer choice. Since launching the Sage AI Gateway, we've received over 300 applications to develop or deploy third-party agents on our platform. This enables solutions like DataBlend to integrate with Sage Copilot, bringing insights directly into finance workflows. Through our MCP server, partners can build and connect intelligence that extends and enhances Sage solutions deployed through our agent marketplace. We've introduced more flexible revenue models, supporting revenue share and consumption-based pricing to drive adoption and monetization. We're also using AI to accelerate deployments for new customers, making it easier and faster for them to switch to Sage. In partnership with PwC, we're embedding intelligence directly into the implementation process, removing manual effort across design, configuration, and testing. Following our acquisition of Doyen AI, we're making data migrations faster and more accurate, reducing complexity and speeding up time to value. Finally, through an expanded collaboration with AWS, we're accelerating the migration of customers from connected solutions like Sage 50 to a cloud-native environment. This supports faster cloud adoption, greater AI readiness, and stronger lifetime value. These capabilities are driving revenue growth and expanding our market opportunity. We're building an agentic intelligence layer to make our products more powerful, productive, and valuable. We're extending our platform to automate more financial tasks, growing in areas like accounts payable and receivable, expense management, and payments. We're expanding vertically through industry-specific solutions and modules. All this is enhancing the value that we deliver to our customers, driving growth in key products such as Sage Intacct with U.S. ARR up by more than 20%. Outside the U.S., ARR grew by about 50%, with a particularly strong performance in the U.K. In Sage X3, where we've just launched a cloud-native version with AI capabilities, growth across all regions was around 15%. Beyond the mid-market, we're also investing in the small segment to drive platform growth. As Jacqui said, we've made strong progress delivering embedded services into the financial apps and platforms that small businesses already use every day. Partners include major banks and fintechs like HSBC, Monzo, Tide, and SumUp, who trust Sage to help drive innovation. Along with strength in Sage Accounting and Sage Sole Trader, this is leading us to win more new customers earlier in their life cycle. We are also transforming Sage itself through AI and automation. Our use of AI tools in R&D is now well-established, enabling our engineers to save over 160,000 work hours in the last six months, helping to drive faster delivery. In sales, AI is saving time for our go-to-market teams and improving lead quality and conversion rates. In customer support, it's handling four times more interactions than a year ago and driving a 70% resolution rate at lower costs. More broadly, every leader across Sage has been tasked with embedding AI into their function, helping to increase productivity and efficiency. Let me recap on how Sage is creating sustainable long-term value. We do this by growing revenue and by doing so more efficiently over time. We have a clear strategic focus, strong brand, global products, broad geographic reach, and deep domain expertise, underpinned by trust built up over decades. We're committed to meeting our customers' needs, including by delivering AI you can trust, centered around confidence, control, and accountability. Our resilient financial model is built on high-quality recurring revenue, providing stability and visibility with growth driving both investment and margin expansion. To close, we delivered an excellent first half performance driven by focused execution, and we're carrying strong momentum into the second half. We are using AI to create more value for customers and for Sage, delivering trusted solutions at scale today. Our market opportunity continues to grow as we broaden our reach, scale global products, and engineer intelligence into core business workflows. Thank you for watching, and Jacqui and I would be delighted to take your questions. Thank you. Thank you. We will now go to our first question. Our first question today comes from the line of George Webb from Morgan Stanley. Please go ahead. Hi. Morning, Steve and Jacqui, and well done on the strong numbers. A couple of questions, please. Firstly, as we look back on that robust growth in the first half on both the revenue side and on ARR, could you maybe just tease out a little bit on the key drivers of that growth acceleration and how you'd frame the momentum you're seeing versus the macro and demand backdrop? Secondly, as you pointed out, the renewal rate by value ticked up to 102%. Could you perhaps break down for us what you've seen in the components of that in the first half between pricing churn and cross and upsell, and the extent to which you see that uptick in the renewal rate as sustainable as you look forward? Thank you. Yeah. Thanks for the question, George. If I just give you a high-level overview of how we're seeing the acceleration drivers, and then I'll give you a little bit more color in terms of the renewal rate by value piece. Yeah, it's been a good, strong first half performance. We have seen underlying total revenue and ARR growth of 11%, which is very much in line with our plan at this stage. As you know, we exited FY 2025 with strong momentum, and we have carried that through the first half, which is pleasing. That is underpinned very much by strong underlying demand in the business from our customers, and also high-quality execution. Importantly, we are now starting to see the benefits of AI monetization coming through, and you can see that reflected in that uptick in renewal rate by value, which I can walk through in a bit more detail. Within that, I would just call out some regional drivers. North America, we accelerated there to 14%, up from 12% in FY 2025. That's really supported by the investment that we have now been making over the last 18 months or so in our vertical strategy there, our go-to-market motion, and our leadership in that territory. Alongside that, in the UK IA, we saw growth accelerate to 10%, up from 9% in FY 2025. Across both of these regions, we have seen strength across Sage Business Cloud. With good growth coming from both Sage Intacct and Sage 50, in those territories. Overall, strong performance with broad-based drivers across the piece and gives us good confidence in that guidance that we've set out today and the durability of the growth moving forward. If I just give you a little bit more color on renewal rate by value, that has ticked up to 102%, up from 101% in the prior year. Within that, a few things to call out. The H1 contribution from pricing was around 5.5%, which is in line with where we were in FY 2025. That very much reflects the continued fair value exchange for as we roll out product enhancements and additional features and functionality in those base product offerings. That includes things like Sage Copilot, which we launched in the U.K. during FY 2025, and we also launched in the Intacct business during the first half of this year. That's included in the pricing uptick. Alongside that, we have seen an uptick in cross-sell and upsell, as we've seen additional bundled functionalities of adjacent capabilities, things like expense management. Alongside that, we also are adding AI functionality like AP automation, which we referenced in the presentation, which is being charged for on a stand-alone basis. That also sits together with a slightly improved churn, which comes together to give us good, durable and robust growth, and gives us confidence as we move forward. Importantly, really underpins the confidence that we have in the guidance that we've set out today. That's great. Thank you. Perhaps just one final question. It was interesting to see the Doyen AI acquisition. Obviously, a little bit different compared to kind of a tech tuck-in. Could you just talk a little bit about where you expect to see the benefits of that? Yes, it's Steve. Thanks for the question. It's really around enhancing migration tools. Whether that be bringing customers in from other providers and migrating them to Intacct or whether it be our own Sage 50 base and migrating those customers also to Intacct. Using Doyen and also our own internal capabilities to make those migrations and implementations run smoother. That's perfect. Thank you, and good luck for the second half. Thanks. Thanks, George. Thank you. We will now take the next question, and the question comes from the line of Frederic Boulan from Bank of America. Please go ahead. Hey, good morning, Steve and Jacqui. Two questions, please, on my side. Firstly, on your Gen AI product pipeline, would be great to have an update on what's next after the U.K. and the kind of Intacct offering, any specific areas where we should expect further launches in the coming 12 months. If you can spend a bit of time on the monetization. You mentioned different models there, on the pricing side, any specific impact you can call out. Secondly, on the competition side, if you could give us an update on competitive intensity, any changes there, any increasing pressure from some of the Gen AI native players that seems to be more active in some segments of the market, including software. Thank you very much. Sure. Thanks for the question. The things that we watch out for really over the next 12 months is to the products like Intacct and X3, both of which we have already obviously have a strong presence in markets like the U.S., the U.K., but also South Africa, Australia, et cetera. We have launched in Europe, so we've always had X3 in Europe, but we have now fully launched Sage Intacct in both France and Germany. Those products take a while to get some traction, get your reference sites, that sort of thing. Continue to watch for progress there and also, obviously, continuing to enhance the agentic capability of both of those products. Although we already have launched things like the Close agent, things like AP automation, et cetera, but you can expect to see more of that. Then also on the smaller side, we're particularly pleased with the progress that we're making on embedded services. So in the U.K., signing up with the likes of HSBC, Monzo, SumUp, Tide, et cetera. You'll expect to see more of that, and that is something that we will also do in Europe. Then in terms of the monetization. Look, I think along with what a number of other players have said in the industry, I think it's going to be a combination of things. You're going to see us using it within the existing packages to increase prices by offering more functionality, so embedded within the suite, if you like. You're also going to see more consumption-based pricing on top of that. So, in Intacct, for example, we are already monitoring usage which we tend to offer within bands. You get a certain amount of usage within Tier 1 of the package, but if you increase your usage, well, then you'll need to pay overage charges or go into Tier 2, et cetera. I think you're just going to see that continuing to develop. As far as competition's concerned, look, I think, we get asked a lot about the competition from native Gen AI players. Of course, there are a number of players coming onto the scene, but the thing I always emphasize is we are also native AI, right? We have been working on AI for the last eight years. We set up the Sage AI Labs when I first became CEO. We're doing what we think customers want, which is we're embedding AI into their workflows, into their ways of working, and we're delivering to them solutions that they can trust and that are producing accurate outcomes. I think my kind of final thought, which I will always come back to, is in our industry, nearly right is wrong. Whether it be payroll, whether it be financial, it has to be right, and these systems and processes are run by finance professionals who have personal responsibility for making sure that they're right. The combination of the large language models with our domain expertise and with our trusted platform is what produces that outcome. As you can see from our results today, that people continue to come to Sage for those trusted solutions. Okay. Thank you very much. Thank you. Your next question today comes from the line of Charles Brennan from Jefferies. Please go ahead. Yeah. Hi, good morning. Thanks very much, guys. Can I just do two quick questions? Firstly, over the past 12 months, we've seen a very nice progression in both NRR and NCA to drive the improving growth. From here, can you talk about the growth drivers across both of those components going forward? Do you think it should be balanced across both of those, or is it going to be biased more to one or the other? If the growth drivers are going to be balanced across both of those, is it then logical to believe that we've been in a 9% to 10% growth cadence for the last few years, but if we're seeing contributors to growth across both of those, are we at the point where we can start to break out of that 9% to 10% range? Secondly, just as a quick number follow-up, you're normally pretty good at giving us a sequential ARR progress. I haven't been able to calculate it myself yet this morning. Can you just give us what the Q2 sequential was? Thank you. Thanks, Charlie. I'll take the first part, then I'll hand it over to Jacqui, who can make some more comments and talk about the sequential. I think look on the drivers, yeah, I see it as balanced. I think both are really important, and I think it's important both at the smaller end of the market and also in the mid-market, that we continue to attract new customers. It's also very important that we continue to offer value to our existing customers and get them to adopt the latest technology. I think, balanced is the right way to think about it. I think, you know without giving. Jacqui will tell me off if I give any medium-term guidance, this is obviously an aspiration. You've heard me talk about it before. I'm determined to get Sage into a place where we are consistently growing double digit and doing so in the balanced way that you described. Jacqui, any further thoughts? Yeah. If we take a step back at the broader guidance piece that feeds into that. As Steve references, we've had a strong first half. All of those factors really do set us up well as we enter the second half, and we are very focused on that balanced growth and the opportunity that that creates across the different parts of our customer base. Those factors are very much reflected in the modest upgrade to guidance that we've set out today of above 9%. Of course, keep in mind that we do start to lap slightly tougher comparators in the second half of the year. That guidance for FY 2026 very much reflects the balance of these factors. Good, strong progress, but clearly we will continue to update you through Q3. In terms of sequential growth, we posted 2.5% sequential growth in Q1, which was up from 2% in the same period last year. In Q2, it was also around 2.5% with a slight acceleration versus the same time last year, underpinned by the factors that we have set out. That gives us good, strong momentum and underpins that guidance that I've just reiterated. Perfect. Thank you. Thank you. Your next question today comes from the line of Balajee Tirupati from Citi. Please go ahead. Hi. Good morning. Thank you for taking my questions. Firstly, congratulations on your results and two questions from my side, if I may. On market view, I appreciate the elevated degree of uncertainty. Based on the demand and pipeline view you have and the building AI commercialization tailwind in place, do you see Sage is operating in a stable, accelerating or moderating environment? In that context, if the updated fiscal 26 growth outlook is conservative or realistic? The second question on AI side, Sage has retained momentum in terms of announcements across AI value chain, from AI agents across workflows to development tools, as well as new commercial models you announced earlier. Could you kindly share insight on how the adoption from your customers as well as partners evolving versus your own momentum? In that context, a year after commercial launch of Copilot, is the group's go-to market motion focus still primarily towards supporting adoption or monetization of AI features building pace in parallel as well? Thank you. Yeah, thanks for the question. I think the way I'd characterize the market is, I think if you take a multi-year view, my view is that the TAM is expanding, but it's expanding in an inconsistent way across different markets and different cohorts of customers. Really, and this kind of leads into your second question, we're going through a phase where people are very interested in the new technology and the new capability that's available. Going back to the mission-critical accuracy, compliance, et cetera, it means that people take a somewhat cautious view of trying things and seeing how it works out. We are focused on making functionality available to people. You take Copilot and the AI features, we have deliberately made that available as wide as possible. What you're trying to do is to get people to try the features, to adopt things like AP automation, the Close agent, et cetera. As they use it more and you can embed more features, then the monetization follows that. We have some monetization because, as we've said in the press release, we have over 500,000 customers that are using AI features, including Copilot. You can see in the renewal rate by value that we're getting some uptick, some of which is caused by the availability of those AI features. To answer your second question directly, the prioritization is to make the features available, get customers to adopt them, and I'm reasonably patient about the pace at which that then monetizes. Our number one priority is not to extract as much value as we can from our customers in the short term. It's to get them to use the technology, for them to gain the value, and then we will monetize over time, which gives me a lot of confidence about our medium-term outlook. Very clear. Thank you. Thank you. Our next question today comes from the line of Toby Ogg from JP Morgan. Please go ahead. Hey, morning, Steve and Jacqui. Thanks for the questions. Perhaps just coming back again, just on the AI monetization side, could you give us a sense for what sort of contribution to growth you're seeing now from AI specifically? I know, Jacqui, you talked about 5.5% pricing contribution in H1, which is similar to FY 2025. What sort of contribution from AI are you seeing? Just on the organic ARR trajectory, that's obviously been accelerating now for a number of quarters. Any reasons to think that trend wouldn't continue? I know Q4, you have a more difficult comp, but as we think about the next quarter or so, any reasons in Q3 to think that wouldn't continue to accelerate? Thank you. Yes, I'll make a couple of comments, and hand over to Jacqui. I think on the AI monetization, I think the way to think about this is we don't go to our customers and say, "Look, you must buy this AI module from us." We don't say, "Come and buy AI." What we say is that we have technology, AI and other technology, which enables us to deliver to you things that save you time, give you insights, et cetera. I think the way to think about this is it's making an initial contribution in that it is making, particularly for existing customers, that renewal rate. It's underpinning that renewal rate. It's giving people confidence that by staying with Sage, they are accessing all of the capability and latest solutions, right? Our competitors, when they're obviously selling against us, particularly the newer competitors, they will say, "Well, you need to come to us because we're AI native. We have all the technology, and if you stay with someone like Sage, you're not going to get access to the latest technology." That is simply untrue. We have access to all the same technology that everybody else does. We're using the large language models. The big advantage we have is that we combine that with our domain expertise and all of the data, et cetera, that we have, so that we produce a solution you can trust. Now, over time, we will implement more and more agents, which we then seek to monetize more directly. We will be able to point to, look, this particular agent, whilst it may, again, we may do some bundling but we'll be able to say that is driving a particular growth. What we're doing at the moment is we're using it to enhance the overall attractiveness of being with Sage and giving you the confidence that you will get the trusted solutions that give you what you need going forward. The level of direct monetization is very modest. There's some, because we are charging for AI. We are charging licenses, we're charging developer licenses, we are charging some consumption. It's relatively modest. The way to think about it is it is underpinning the confidence for the future. Yeah, I think, Toby, the other thing to point to here is that the acceleration that you're seeing here today, there is, as Steve said, a component that is coming from this AI monetization, and it is growing, but it is also supported by those trends around demand from our customers as they look to us as their trusted system of record to effectively say, "Help me get those productivity benefits." You're seeing that reflected in those territories where we have rolled out that functionality, Copilot, and these sort of standalone agents and AP automation type capabilities in both North America and in the U.K. You've seen the increase in the growth rates in those territories. Alongside that, as I referenced earlier, a slight reduction in churn as well. Those factors are coming together to support acceleration and trajectory. In terms of the go-forward trajectory on ARR, as you know, we don't guide to ARR, but just to reiterate what I said earlier, the modest upgrade in the guidance that we've set out today to above 9%, it balances the momentum that we've talked about in today's call, together with the impact, as you referenced, on those tougher comps in Q4 of last year with that strong exit rate that you had. Importantly, we are making good progress in the early stages of Q3, and that underpins the confidence in the guidance that we've set out. Of course, we will come back and give you further detail in Q3. That's great. Thank you. Thank you. That is all the time we have for questions. I will now hand back to Mr. Hare for closing remarks. As always, just thank you very much, everyone, for dialing in. Obviously, Jacqui and I look forward to seeing you again in July when we report our Q3 results. For today, thank you very much.