Good morning and thank you for joining us. As you are aware, we completed the acquisition of Mistral Data towards the end of August. Today we would like to explain why this acquisition is an important milestone in Tracsis' ongoing transformation and what it means for the future of the group. Over the last few years, we have been purposely reshaping Tracsis into a more focused software-led transport technology business with greater recurring revenue, stronger margins, and improved scalability. The acquisition of Mistral Data represents another significant step in that journey. This presentation will cover the strategic rationale for the acquisition, the fit within our portfolio, the opportunities it creates, and our priorities as we enter FY 2027 with a stronger platform for growth. I am delighted that Andy and I are joined for the presentation today by Tom Grant. Tom is the Chief Operating Officer of Mistral Data and has led the business through its recent growth story. Later in this presentation, Tom will outline the Mistral product portfolio and how this aligns with Tracsis' existing software solutions. I am really pleased with the progress we have made since I took the reins as CEO in August last year. FY 2026 has been a year of substantial strategic execution alongside delivering financial performance in line with expectations. We acquired Vesputi, enhancing our transport technology capability and strengthening our position in European markets. We completed the implementation of the One Tracsis operating model, bringing the group together under a common functional structure with greater alignment and accountability, led through a series of product lines. We also completed the disposal of our events business, sharpening our focus on software and technology markets, where we see the greatest opportunity to generate scale and recurring revenues. Most recently, we acquired Mistral Data, which significantly strengthens both our U.K. rail software position and our financial profile. Taken together, these milestones have created a more focused, higher quality business that is increasingly characterized by software, recurring revenue and attractive margins. Today, Tracsis consists of two complementary divisions. The first is Rail Technology & Services, which is our principal software-led growth engine. This business provides scalable software, technology, and hardware solutions across operations, ticketing, asset management, and safety. The second is Data, Analytics, Consultancy which delivers specialist data analytics and advisory services supporting transport, cities, and environmental decision-making. These divisions are supported by the One Tracsis operating model, which provides shared functions, common processes and stronger governance across the group. The result is a stronger foundation for integration, product development and scalable growth going forward. Mistral is a compelling strategic fit for three principal reasons. First, it strengthens our position in our core U.K. rail market. Mistral brings a highly complementary product set with minimal overlap and introduces two train operating company relationships that were new to Tracsis. Together, the enlarged group now serves 22 of the U.K.'s 24 train operating companies. Second, Mistral enhances the quality of our earnings. The business generates attractive margins of around 30% adjusted EBITDA and derives approximately 86% of revenue from recurring sources. As a result, the transaction is both earnings enhancing and margin accretive from day one. Third, it accelerates our transition towards SaaS. Mistral operates a modern cloud-native platform that enables faster product development, deployment, and scaling. This aligns very well with our One Tracsis operating model. The acquisition was completed for GBP 48 million, funded through existing cash resources and the group's revolving credit facility. Pro forma leverage on completion was around 1.5x, reducing to approximately 1x by the end of calendar year 2027 through strong cash generation. Before we consider the opportunities that arise from the acquisition, Tom will provide an overview of the Mistral business and its portfolio. Over to you, Tom. Thanks, David. As mentioned at the start of the presentation, I am the Chief Operating Officer of Mistral Data. I joined the business as Technical Director in 2021. I am delighted Mistral Data is now part of Tracsis, and pleased to have the opportunity to talk you through the business today. Mistral Data was founded in 2021 within FirstGroup and has since grown into an established U.K. rail software company. Our solutions are embedded in day-to-day railway operations and support a broad range of critical activities. Our portfolio spans customer and revenue optimization, operational planning and recovery, fleet and asset monitoring, and business intelligence and cloud services. You may already be familiar with operational planning and recovery and asset monitoring from Tracsis' existing portfolio. Commercially, our customer and revenue products help operators forecast demand, optimize fares and keep passengers informed. Our business intelligence services combine operational, customer, and financial data, providing a consistent view of performance and supporting faster, better-informed decisions. Importantly, these systems sit at the heart of our customers' workflows. They help operators manage passengers, staff, rolling stock, and commercial performance in real- time. That level of operational integration supports strong customer retention and underpins the high recurring revenue profile of the business. M istral's particular strength is the combination of deep rail domain knowledge, close and longstanding customer relationships, an innovative and customer-centric culture, and modern cloud-native technology. This combination allows us to understand complex operational problems and rapidly translate them into practical, scalable products that deliver real value for our customers. I will hand over to Andy for the next slide. Thanks, Tom. Turning now to the financials, as David mentioned in the introduction, the acquisition of Mistral significantly enhances the financial profile of the Tracsis group. You can see from this slide that in recent years, Mistral has demonstrated strong and consistent financial performance. For clarity, the numbers presented here represent the 12-month periods to 31st of March. In the last two years, revenue increased by 30%, from GBP 10.1 million in FY 2024 to GBP 13.2 million in FY 2026. Adjusted EBITDA grew from GBP 2.8 million to GBP 4 million over the same period, while margins expanded from 27.7% to 30.3%. Perhaps most importantly, the business has a strong base of annual recurring revenue, and in the 12 months to March 2026, ARR grew by 19%, reaching GBP 11.4 million and representing 86% of total revenue. This ARR growth has been broad-based across the Mistral product portfolio, as you can see on the right-hand side of the slide, demonstrating both the relevance of the solutions and the resilience of the customer base. This is a profitable, growing, high-margin software business with excellent visibility of future earnings. One question investors often ask is whether rail reform and changes in the ownership of train operators could affect demand. Mistral's customer base includes train operators that have already been nationalized and those who have yet to transition. What we find encouraging is that the business has continued to grow recurring revenue across both customer groups. In the 12 months to the 31st of March 2026, ARR from already nationalized operators grew by 14%, while ARR from operators yet to transition grew by 12%. This suggests that software purchasing decisions continue to be driven by operational need, regardless of the ownership structure. Mistral also brings the London Overground relationship. FirstGroup was awarded the operating contract in December 2025 and took over operation of the network on behalf of TfL in May of 2026. There is therefore no revenue contribution from London Overground included in the FY 2025 or FY 2026 base of Mistral's numbers. While we remain mindful of industry change, the evidence to date indicates strong demand for operationally critical software solutions from a resilient customer base. The strategic benefits of the transaction are clearly visible in the pro forma financial profile of the enlarged group. We are now back in Tracsis financial years here, and in combination with the disposal of the events business, annual recurring revenue as a proportion of sales increases from around 28% in FY 2025 to more than 45%. Our Rail Technology & Services division becomes approximately 70% of the business, up from around 46%, and adjusted EBITDA margins improve from roughly 15% to approximately 20%. This is important because the benefits of the Mistral acquisition extend beyond simply increasing scale. The combination of Mistral's recurring revenue characteristics and the disposal of events materially improves the quality, the visibility, and the profitability of Tracsis group earnings. To see how it extends our capabilities from a product perspective, I will pass back to Tom. Thanks, Andy. The addition of Mistral complements and strengthens Tracsis' existing software portfolio. It expands our operations offering through performance analytics, incident management, and frontline operational tools. It strengthens our asset management capability with fleet diagnostic solutions. It enhances our ticketing and customer proposition through customer data management and revenue optimization tools. It also establishes a stronger passenger-facing capability through communications and engagement solutions. What is particularly attractive is that these capabilities are highly complementary with very limited overlap, providing a broader proposition across the passenger, operational, and asset lifecycle. I am really excited about the opportunity this broader portfolio presents to better support our customers and about how the combined business can continue to drive innovation in the rail technology space. I will hand back to David. Tom, thank you. Having looked at how Mistral strengthens the portfolio, I would now like to turn to the formation of GBR and why we believe the enlarged group is well-aligned with the future direction of U.K. Rail. It is clear that the industry is evolving towards a more integrated and data-led railway. Rail reform initiatives are focused on bringing together infrastructure, operations, and customer information into a more connected operating environment. There is an increasing requirement for real-time decision support, predictive analytics, and integrated operational data. At the same time, the industry is seeking to move proven technologies beyond isolated pilots and into scaled deployment across the network. The enlarged Tracsis portfolio is closely aligned with these trends, and our existing customer relationships, embedded software platforms, and specialist rail expertise position us well to benefit from this market evolution as GBR forms. The U.K. rail software market remains attractive and provides substantial room for growth. The core market most relevant to Tracsis is estimated at approximately GBP 185 million and covers operations, customer and revenue systems, asset monitoring, and safety software. Within this market, Tracsis is estimated to hold around 17% share and Mistral approximately 5%. Together, the enlarged group has an estimated market share of 22%. Importantly, that means we have meaningful scale in a market we know extremely well, while still having significant opportunity to increase penetration. Beyond this core market, there are considerably larger adjacent opportunities across rail software services and the broader U.K. transport technology sector. The key message is that we have strong customer access today, combined with substantial runway for future growth. The rail software market is fragmented. At one end are narrow point solution providers with strong specialist capabilities but limited breadth. At the other are large global incumbents with extensive resources but often less agility and rail-specific focus. The enlarged Tracsis occupies an attractive position between these two extremes. We combine broad coverage across the rail software workflow with deep rail expertise and the agility of a specialist provider. Mistral further strengthens that position by adding complementary products, cloud-native technology, and established customer relationships. The market also benefits from significant barriers to entry, including long procurement cycles, embedded customer relationships, proven reference sites, and deep operational integration. These factors create strong competitive advantages and support long-term customer retention. FY 2026 represents tangible progress against our growth transformation strategy. We delivered trading performance in line with expectations, completed the One Tracsis operating model, strengthened our international platform, acquired Vesputi, exited Events, and acquired Mistral Data. As a result, the reshaping phase is largely complete. Our focus now moves to execution and scale. The priorities are straightforward: integrate, standardize, and scale. We will integrate Mistral and the wider software portfolio, standardize technology around a common architecture, and build increasingly repeatable growth in the U.K. before extending selectively into international markets. At the same time, strong cash generation and disciplined deleveraging remain key management priorities. To conclude, we have a clear strategy and have translated that strategy into action. FY 2026 was a year of significant execution. One Tracsis completed, the Events business sold, and both Vesputi and Mistral Data acquired. Mistral strengthens both our platform and our financial profile through highly recurring revenue, cloud-native technology, and complementary capabilities. The enlarged group now serves 22 of the U.K.'s 24 train operating companies while holding only around 22% of the core market, demonstrating both strong market access and considerable future opportunity. The portfolio is now largely in place, and the next phase is about execution, integrating, standardizing, and scaling the business to drive sustainable higher-margin growth over the longer term. The key investor takeaway is simple. Tracsis enters FY 2027 as a clearer, stronger, and higher-quality software-led business with meaningful headroom for growth. Thank you for your time. Andy and I are now available to answer any questions that you may have. Thank you. We have had a number of questions pre-submitted and submitted live. Just as a reminder, if you would like to ask a question, please type them into the Q&A box situated on the right-hand side of your screen. Our first question is: what made Mistral worth GBP 48 million to Tracsis, and why do you expect the acquisition to generate better returns for shareholders than buying back your own shares at a substantially lower multiple? Yeah. Let me pick that one up. I guess, touching first on valuation. We obviously assess this very carefully against relevant software transactions, other similar deals. Our view is that this is an attractive price for what is, and hopefully you've seen that in the presentation today, a high-quality vertical software business with a very high level of recurring revenue, 30% margin, strong historic growth, and a modern platform that arrives with a low level of technical debt. This is a very high quality, pure play software asset, and we believe the enterprise value is a fair reflection of the quality of that. Then you can imagine as a Board, we assess the acquisition opportunity against the returns we think it will deliver, as well as the strategic benefit that it can generate for Tracsis shareholders. As you've seen, we think this will be materially into earnings enhancing and margin accretive immediately. Importantly, when we've looked at the investment case as a Board, we've based that on Mistral's standalone earnings and business. We haven't baked any revenue synergies into that analysis, even though we feel confident that those synergies exist. Opportunities to acquire an asset of this quality and at this level of strategic fit are scarce. As a Board, we concluded that this offered a really attractive opportunity to create sustainable long-term value. Our focus is on reducing the leverage quickly, which as you've seen, we think we can achieve within a 12-month period. That doesn't restrict us from considering other shareholder returns as part of our broader capital allocation framework. Thank you, Andy. Our next question is: what's the biggest growth opportunity you see across the combined software platform? Yeah, I think, look, we clearly see that in a couple of areas. I think first and foremost, within our core home U.K. rail market. As you've seen from some of the market assessment work that we've shared with you, we now have a combined position of scale, but also a position to leverage the respective positions and drive some cross-sell opportunity across the respective portfolios. For instance, the Mistral team bring two new train operating companies that are not customers of Tracsis today. So we obviously expect to be able to position the Tracsis portfolio into those customers. Equally, Mistral was serving around seven or so of the train operating companies, and Tracsis now bring access to another 15 or so. So there's definite cross-sell opportunity, and that will be something that the teams immediately focus upon. We would expect to see some immediate opportunity that the respective teams can pursue. As well as then thinking perhaps more medium term, where we bring together the product roadmaps and start to more tightly integrate, I think as Tom sort of indicated in his section, opportunity to bring the broader offerings together a bit more joined up and how we then present them into our core home market. So they're two examples to consider. We also believe that as we think about internationalizing our business, which is one of our growth strategy dimensions for Tracsis going forward, that the acquisition of Mistral will actually help enhance and potentially accelerate some of that, given the cloud-native readiness of the portfolio. What that then means is that your ability to translate and position that into international markets is going to make it a little easier for us. We see that more of a let's focus on the U.K. to start with, and then as we target selectively internationally, we will bring both the Mistral portfolio alongside the Tracsis portfolio, as we look to position into opportunities in those international markets. Thank you, David. Our next question is: if London wasn't online in FY 2025- FY 2026, can we assume all the growth in Mistral over the past few years was selling more to existing? Yes. There has been a really strong track record in Mistral of organic growth from selling more to its existing customer base. That has included the growth and development of the open access operators within the FirstGroup portfolio that Mistral supports as well. Hopefully, as you saw from the slide, what's really attractive for us is that growth has been broad-based across the portfolio, both from a product perspective and a customer perspective. So, really strong track record of organic growth, combined with the London Overground opportunity, and as David's just touched on, some growth synergy opportunities that we see here as well. Thank you. Next we have, how much cross-selling opportunity is there between Mistral and Tracsis' existing customers? Yeah, well, I guess we'd sort of maybe touched on that already, and hopefully you're getting a sense of where we see that opportunity as you look across both the product portfolio and the access to the customer group here in our core market. We're in week four, I think, since owning the business, so still early days of bringing the teams together, getting to understand each other, compare pipeline of opportunities, for instance. We're already identifying those cross-sell opportunities. I think when we get to results in November, definitely an area that we can help our investor community sort of understand with a little bit more definition as we start to crystallize and size what those opportunities could look like. Hopefully you do get a sense that we are creating a scaled position with a breadth of portfolio that, as Tom mentioned, covers everything from passenger through operations, through to asset life cycle. The opportunity that that presents in our market as it evolves into GBR, we believe is still of significant interest to us. How we size that and how we see what that cross-sell opportunity could look like, early stages for us, and therefore we did not include in our investment case, as Andy has mentioned to you. But certainly come results, I think we'll be in a position to give you a little bit more insight as to the progress that we are making and how we see that opportunity develop for us through FY 2027 and beyond. Thank you, David. We've had a few on GBR and reform. As GBR takes shape, what changes are you seeing in procurement, and how do you think greater centralization could affect pricing, margins, and the adoption of new technology? Yeah. We felt important that we started to share with you how we're seeing GBR start to develop and crystallize around us, and hence the material that we shared in the presentation today, and the sort of emerging view that we are getting as a result of that. It's been great to connect with Tom and his team to compare notes on collectively what we know, relationships we have, understanding a direction of travel, et cetera. It is clearly an important aspect for us. I think worth stating that this has still got some ways to go. The Railways Bill, for instance, is still going through Parliament and is yet to be cast in stone. So there's clearly water still to flow here. What we are starting to see through the development of the DfTR, for instance, which is where the Train Operating Companies that have been nationalized are kind of sat in terms of ownership as kind of a precursor for where they will ultimately end up as part of GBR. We also have the formation of things like GBRX, which is the technology arm which is considering how to adopt technology more broadly, at a faster scale, so that it can be deployed more widely across the industry. They are sorts of things that are happening around us as the market shapes and forms into what the future of Great British Railways is going to look like. Still a little bit of gazing into the future as to where this is ultimately going to land. But the sort of direction of travel is starting to emerge for us. I think what is true is that given the stated ambitions from the Secretary of State of how we are looking to run this combined track and train railway going forward, with the emphasis placed on the passenger and the experience, driving productivity and efficiencies through their operations, is undoubtedly going to create a market for technology businesses like ourselves to help them deliver against those outcomes. What we do expect to see is that there will be fewer procurement opportunities in the future, and they are likely to be of larger scale as they look to deploy technologies across the industry. We are coming from a backdrop of high levels of fragmentation, where essentially the operators have gone and done their own thing, good or bad. So we will see a level of consolidation across the suite of use cases that we serve. Importantly, we feel that the acquisition of Mistral, in combination with Tracsis' own position, gives us that real strength of capability, both in breadth and depth and competitor positioning that we have shared with you today, for us to be well positioned to capitalize on the opportunity as that market develops. So apologies for the long answer, but hopefully you are starting to see our emerging view and insights as to what is going on in the U.K. rail market and the importance of the acquisition of Mistral and how we look to integrate and position the combined group to really capitalize on the opportunity in front of us. Just to be clear, although there are still some areas of uncertainty in front of us right now, and we have been very cautious in the guidance that we have put out to our investors, and we continue to do that, we remain over the medium term, really excited about the opportunity of what U.K. Rail will bring to this Tracsis business. Thank you, David. I've next got four questions from one person, so I'll get through those. The first one is, how concentrated is the Mistral customer base from a revenue perspective, and how would you describe the risk of customers switching to competitor software? Then, to what extent did FirstGroup ownership hold back growth with other TOCs? Why do you think that purchasing is likely to remain at the TOC level despite the renationalization of TOCs? Finally, why no earn-outs or contingent element to de-risk the transaction? Okay. I'm just furiously writing those down so that I don't forget. So if I start from a customer concentration perspective, obviously, we don't disclose down to that level of detail, but it's broad-based across Mistral. So there isn't a high dependency on a single customer. Again, part of the attractive financial profile of the business. Clearly with London Overground coming on board as well, that will only further improve that diversification. In terms of the FirstGroup impact, difficult for us to really say, and I won't put Tom Grant on the spot by asking him to talk about commercially sensitive things like that. But we think there's a net opportunity here, from Mistral as a pure play rail software business being part of a broader transport technology group. In terms of our go-to market offering, what we can offer to not just the FirstGroup or ex-FirstGroup stable of TOCs, but the whole industry offering and our ability to serve that community of customers, but also be part of the leadership of where rail technology goes in the future. So that we think is a positive. As David touched on from both sides of that equation, it brings immediate customer access for parts of the product portfolio that we hadn't previously had. Forgive me, I forgot the number three of the question. So I'll go on to the fourth bit. In terms of the contingent consideration and the structure of the deal, this was a transaction that we got to exclusivity with FirstGroup pretty quickly. We obviously knew about the Mistral business and had watched its progress with interest for a number of years. Clearly FirstGroup as an existing customer is an an organization that we have existing links with. So the opportunity from both sides of this equation for us to acquire an asset that we were really interested in, and for FirstGroup to divest of an asset that was increasingly less core to them, particularly as the TOC nationalization happened, this was a sort of mutually beneficial opportunity that we seized on and moved at pace with. The deal structure, as we said, was one that we were comfortable that carving the business out, bringing it into Tracsis, having a clean break, at a valuation from enterprise value perspective, sort of 12x EBITDA, just over 3.5x revenue we thought was quite attractive for a high-quality software business. The overall structure we are comfortable with, and it means that we can now get on quickly with the process of integration, and really starting to access some of those growth synergy opportunities that David has touched on. Evie, forgive me, you might have to remind me of what part three of the question was. Yeah, no problem. The third question was, why do you think that purchasing is likely to remain at the TOC level despite the renationalization of TOCs? Yeah, look, I think this is somewhat part of the crystal ball gazing of what GBR is going to look like. But our read of this is that the GBR is still going to have a regional structure. Track and train will be brought together under regional leadership as well as supported by a central services function, if you like, in the organization. That has got a long way to play out. When you get under the skin of this, there is an awful lot of complexity around individual working practices, operations, software suites, and tools that individual regions are using. We think there will be two elements to this going forward. There will be some central procurement and there will be some opportunity for GBR to streamline and work with vendors to establish some common systems and processes. We think that will be accompanied by some regional decision making for what is right for that part of the network and that part of the organization. For us, that is an attractive space to be in terms of level of opportunity, the customer engagement and relationships that we bring. As David touched on, we thought for Tracsis, important to have scale and breadth of offering as that new environment takes shape. Thank you, Andy. Our next question is: how would you compare and contrast Mistral's and Tracsis' technology architecture? Will Mistral help accelerate the modernization of Tracsis' tech stack or products? How long will it take to standardize? Yeah. Clearly, this was key part of diligence for us to get comfortable on all of what you've just described there, Evie. Quite honestly, the diligence performed really well. What came through from that was the modern cloud-native architecture, reference architecture that the guys have developed. As Tom said, business formed handful or so years ago, so isn't necessarily dealing with the legacy of what came before. So a real opportunity to start with a clean sheet, if you like. So we very much like where the guys have got to from both an architecture standpoint, and the product suite that they've developed on the back of that. As we then look at how that translates into the combined world, although again, early days of practically what does this mean and how do we start to bring together technology roadmaps and product roadmaps, we clearly see opportunity to tightly work together. Quite honestly, learn and leverage a lot of what the Mistral team have done to both help us accelerate the direction of travel that we're on here, and capitalize on some of the work that has already been done within the Mistral portfolio. So again, probably little early days to give clear definition around what that means, but definitely lots of opportunity to leverage, accelerate, learn, build from, and bring together a Tracsis reference architecture that underpins the suite of software offering that we position into our markets. For those familiar with previous conversations that you've had with Andy and I, that's very much part of the growth transformation strategy for our business as well. Remember, we're on this journey to become an application software product business. A part of what we did like about Mistral is that it gives us a leg up and certainly helps accelerate the pathway toward that. So yeah, good question, because we really did like everything that we saw in that regard. Probably also worth mentioning that the Mistral team have a mature third-party offshore developer community, which has got some serious scale as a sort of 80 developers through a third party in India with a mature relationship of how to define requirements, get product code developed and tested, and then ultimately commercialized and released into the market. That's something that Tracsis doesn't have today. Another area of capability that we really do like, and we will be looking at how can we capitalize and double down behind that as we bring the businesses together. Thank you, David. Our next question is: could Mistral's products be sold to Tracsis' existing international customers, and could they help the group become a larger international rail software player over time? Yeah. We think the short answer is yes on both those fronts. As part of the commercial diligence work we did, we did look at the assessment for internationalization, and how this could help, again, accelerate our strategy to position and grow in our international markets. Hopefully that is becoming a little clearer to everyone given, again, the fact that it is cloud-native, it is modern software product. That means that you can translate and position into international markets who quite frankly have the same challenges that our U.K. customers face. If you think about our rail market being around operations, assets, safety, and ticketing, now with the passenger component to that as the Mistral portfolio brings, all of that translates internationally. That is what is nice about this. The fact that we have got modern product, we do feel that will give us a helping hand in terms of how we look to grow in those chosen international markets. Thank you. Following on from that, does the Mistral acquisition strengthen Tracsis' ticketing position, and what is the near-term outlook of that product group under GBR? Yeah. Ticketing less so. The Mistral portfolio brings more of the passenger customer side than back office ticketing technology that is core to the Tracsis offering. I would say complements and builds on the customer/passenger side of the rail market. More the Vesputi acquisition has brought technology to support our ticketing portfolio, specifically in the international markets, of course, because that was our first acquisition into the German rail market. Yeah, less so for Mistral, but ticketing still very much a key part of our positioning into the rail market, building off of the Tracsis technology and the more recently acquired Vesputi technology. That will start to form the ticketing roadmap as we progress forward. Thank you, David. Our next question is, how has the logic of the Vesputi acquisition played out to date? Are Vesputi's domestic markets the obvious markets for the group to expand an integrated offering into? Yeah, look, Vesputi's performed well since it joined the group in April. We will clearly provide the full detail of that as part of full year results in November. We are really pleased with the progress of that business. Little ahead of our expectations and our investment case, which is great. It does give us that first foothold into Germany. Germany is one of the markets that we have targeted and we have talked about before as being of interest for us, as opportunity for the wider Tracsis portfolio. That has not changed. We have got a niche position there from a ticketing perspective with Vesputi, and then it is part of our broader European go-to-market strategy now of how we can look to land and expand in Germany as well as some of the other targeted European markets that we are focused around. We are actually at InnoTrans later this month, which is a German trade show for the rail industry globally. It happens every couple of years. We are hurriedly pulling together the Mistral offering to showcase alongside Tracsis in the booth presence we have and also the speaking slots that we have at that show. Really excited about what is going to happen here in the next couple of weeks and really start to get some immediate reaction and response from the global market, but specifically German customers and those other regions in Europe that Andy touched on, that we are focused on as part of our go-to-market organic growth strategy. Look, really exciting times ahead and would have been nice to get a little bit more breathing space, but we are working hard with Tom and team behind the scenes to make sure that we can present the Vesputi, Mistral, and Tracsis combined portfolio at such a really important worldwide event in the next couple of weeks. Thank you. Our next question is, does the Mistral acquisition change your appetite for M&A over the next couple of years? Look, M&A is still an important part of our growth strategy. Clearly, in terms of size, this is the biggest deal the group has ever done. We have funded it through debt. Hopefully you have seen with the numbers we have shown today that we are confident we can get the leverage position of the group back to one times or below within 12- 15 months, simply through free cash flow generation. I do not think this precludes us from continuing to pursue the M&A agenda. We are now organized as a product-led organization supported by a functional organizational structure. Looking for those product lines that we can add to the business, whether that is smaller bolt-on types or larger strategic deals. That is still very much front and center of our growth ambition as we go through this growth transformation phase for the next strategic window that we have talked about previously. Still very much part of where we are focused. Thank you, Andy. Who are your main competitors? Well, the competitor landscape we thought we would share in the materials here, given the complexity of what that looks like when you consider the fragmentation that is in the market, certainly historically, and how you then look at the smaller players that are perhaps competing in a particular part of our portfolio. So take assets, for instance, where today now we are doing both wheel slip analytics on the rolling stock assets as an example, and we are also doing the remote condition monitoring of the points infrastructure. So, that particular area of our business has specific competitors, either directly in those use cases or indeed looking at other use cases such as, some of you may be familiar with Cordel, which is an AIM-listed business that has technology to monitor the health of the infrastructure. That being one example case of a point competitor that is looking at a particular part of what we do. Versus then on the other end of the spectrum, where there are the larger organizations such as the Siemens, the Mitsubishis of the world, sorry, the Hitachis of the world, I meant to say. Who are the larger players covering from rolling stock all the way through to various infrastructure and software that comes with all of that. We sort of see ourselves as somewhat unique now in terms of scale, breadth, and depth of capability across the areas that we serve in the market with that inherent and intrinsic combination of we're a software business with deep understanding of the application use case of the knowhow of the sector, combined with the agility that we have as a company to position and compete across that broad landscape. Not a straightforward answer because it really does depend upon any particular part of our portfolio. But a landscape that is described in that way is how we think about it. Clearly now as the combined group looking at the value proposition and the messaging and the positioning that we present into our market, particularly again, as we see the formation of GBR. I think let's be honest, GBR is going to start to engage with technology providers of scale that have the breadth and depth and not necessarily continuing the fragmented approach of having lots and lots of smaller players serving a subset of their requirements. So that's how we think about it, and hopefully that's starting to help you think through why Mistral is such an important investment for us and how that strengthens our position as we face into our markets. Thank you, David. We only have time for a couple more questions. If anyone has any questions that weren't covered today, please email the team who will get back to you at another time. Our next question is, do you see any cost synergies following Mistral acquisition, and what do you think these synergies are? Yeah, look, candidly, we do think there will be cost opportunity as well as growth opportunity. Similar to as David was describing on the revenue side, probably early days still to really firm that up. We haven't sized those from an external perspective yet. But we're working hard to identify and realize those, and we'll be able to give you more information of that around that with the full year results. But we do think there's opportunity, including as David touched on the outsourced software relationship that Mistral brings that's really interesting to us. But we're really focused on, from an integration perspective, realizing the strategic benefit of bringing the two businesses together here. So making good high-quality decisions that allow us to access that growth opportunities as well as continuing to operate with a lean and rationalized cost base. Thank you, Andy. Finally, if underlying market growth is 5% out to 2029, how should we assess the company's ability to outperform the market over that period? Yeah, I think this is an area that remains a real focus for us as a leadership team here. Through FY 2026, we have returned back to growth versus what has been relatively flat over the last two or three years for this business. We remain, I think our number one priority as you sort of zoom out here is to how do we really unlock the organic growth within our business. That comes in the form of our core home U.K. rail market, as well as our position internationally in the U.S., which is starting to gain traction, as you guys have seen with the recent new logo we announced earlier in the year. Then how we think of positioning internationally into some of the European markets really forms the basis of what organic growth will look like for our business. We certainly have expectation to outpace market growth. We are being relatively cautious in how we guide that at this point in time. Some of that is due to just what we have been experiencing through the U.K. rail market, particularly with CP7, some of you will be familiar with. The sort of delay in some of the capital deployment through that has had an impact on our business. Again, looking forward, we see real opportunity here to get organic growth into more of a high single digit, starting to outpace market growth. It is going to take a bit of time. This is an industry that is not cyclical, which is great, but it can move at a pace that we do not always like in terms of technology adoption, et cetera. Hopefully you start to get a sense that the underlying tailwinds here are very favorable. They remain favorable to us. In terms of the strategic direction and the investments that we are making in our business, gives us that greater strength and ability to start to drive that organic growth towards the sort of levels that I think we would all like to see. We are very clear that that is a really important key, we feel, to sort of unlocking the next stage of growth, and how the market sees Tracsis as really a true software technology company. Hopefully from today, part of the reason we did the webinar today was to help our investor community start to see that this business is now taking a form and taking a shape, and is executing strategically towards developing a high-quality software transport technology business that serves our key home U.K. rail market and has opportunity to grow both domestically and as we position selectively on an international basis as well. The market opportunity is there. We believe we are shaping the portfolio in the right way to position us to compete there, and that will then result in the organic growth levels that we truly believe we deserve, but have clearly got work to do to be able to demonstrate that to everybody. Thank you, David. That is all the questions that we have time for today, so I will hand back over to the management team for any closing remarks. Yeah, look, Evie, I think that last question kind of helped summarize in some ways today. I truly hope you found it both educational and interesting, and you can see clearly the rationale for why we have invested in Mistral. We know what our priorities now are in terms of how we look forward into FY 2027 to ensure that we truly do integrate, truly start to drive some scale from the platform that we now have and drive the growth on the back of that. We look forward to meeting with you again now in November, not too far from now, when we present full-year results. As we have touched on today, we will give further insight as to progress we are making through the integration and how we are learning more about the combined capability. Hopefully be able to size more of the prize in terms of growth synergy opportunity as we lean forward here. So thank you for your attention and the questions, really good questions for us. As I say, hopefully you found that of use and we look forward to seeing you again in a couple of months' time. Thank you to David, Andy, and Tom for joining us today. That concludes the Tracsis and Mistral Data Investor webinar. Please take a moment to complete a short survey following this event. The recording of this presentation will be made available on Engage Investor. I hope you enjoyed today's webinar.