Welcome all to the Gentrack FY 2025 full-year results presentation. My name is Gary Miles, CEO. Just a housekeeping note: online attendees can submit a written question at any time by clicking the Ask a Question button on your screen during the presentation. Phone attendees can listen and ask questions during the meeting. We'll take questions at the end of the presentation. So let's jump straight into it. We have our standard disclaimer, and then if we move to this key metric slide across the last five years. So I've been in the seat. We just had our fifth-year anniversary in October for the current kind of management team. Reminding everyone that we've been in business north of 35 years, coming up on 40, which is pretty amazing if you think about it. I like to think about us as a kind of a very experienced startup in that regard. I'm not going to get into all the numbers because you can read them here pretty straightforwardly, but the top two lines are something we're pretty proud of. So 22% CAGR over the five-year period for revenues and 21% for EBITDA. We look forward to continuing to perform on behalf of our customers and our other stakeholders, such as the investors on this line. Let's move to the next slide, which are our financial highlights for the year. So all indicators are green. I think it's something that is pretty clear from this slide. We do have mid-term growth targets on our top line of north of 15%, which we plan to get back to, and we'll talk more about that. We are confident in that in light of our market space and our pipeline, and John's going to talk quite a bit about the pipeline near the end of this session. So I know a lot of people are looking forward to that, so hold tight for that. Group recurring revenues up 13%, EBITDA up closer to 20%, 17.8%. We had an excellent year for NPAT, as you can see here, up to $ 20.9 million or 120% growth. And then net cash, I always end with this statement on this line, but NZD 84.8 million in the bank at the end of the period. It means that we can deliver projects well. We can collect the cash that's due to us, and we're running a tight business. The Veovo business is performing exceptionally well. We'll highlight that in a few slides on. I want to thank the team for the results during this transition year as we went international. If we look at the outlook, before I jump into the outlook, we've had several outlook statements since I've been in the business. Having trust with all of our stakeholders, including the investor base, is actually super attendant to how we run our business, and we've always met our outlook. I'd like to say that we're pleased, in this case, to have done so again. We delivered on our guidance, which for FY 2025 was NZD 230 million in revenue and 12% EBITDA margin. Based on the scale and maturity of our pipeline, we are confident that revenue growth will be higher in FY 2026 and FY 2025, but it's too early to provide further guidance. With strong and growing engagement across EMEA and APAC, our proven track record, and the market potential in which we operate, we remain confident of our mid-term guidance of growing revenue more than 15% CAGR and EBITDA margins of 15%-20% after expensing all development cost. So very consistent about that guidance mid-term. If we move to the next slide, I'm not going to spend a lot of time on this slide because I know that people want to hear from John about the details of the number, but also this is a super important slide, but I would like to use this as an opportunity to invite everyone to our strategy day, if you have not, which is a week from today in Sydney or online. If you have not registered, I would encourage you to do that to learn about the industry in which we operate and our role in it, and we're going to go into quite a bit of detail about our strategy. Customers, we have several customers that are going to be talking about us and how we help serve their transition to modernization, but if you take a look at the track record, it's pretty clear. We joined and there was a period of stabilization and really kind of leaning into our customer base, making sure that they were served well and happy. We were very, very, very determined to deliver a high-quality service to our customers. We were building G2, of which we launched G2 and the green bar here, and it did not make sense to go out and embrace our global ambitions until we'd gone live or until we'd gone to market with G2, which we did in the FY 2023. I'm proud to say that we won some business on the back of G2's capabilities, and we just went live in Genesis about a month and a half ago or a month ago with our first major all-in customer for G2. We have other customers going soon, but that's a super important milestone for this company, and it sets us up to continue to grow into our core growth areas of EMEA and APAC, and then to pursue our broader global ambitions, which is to be in north of 40 countries with hundreds of millions of meter points. That's where we're headed. So please join us on the 1st of December to learn more about that. If we move to the next slide, what's driving a lot of our growth and our success? First of all, we've had a lot of major renewals in the year, a lot of them. Big renewals around Shell and PacificLight and Castle and Marble. You can read them here. Also on the Veovo side, Brisbane, AGS, et cetera. Lots of new projects where our customers are rolling out new services and capabilities. We had some great go-lives in the period. Genesis, I spoke about Utility Warehouse. One of the things that we will talk about on the 1st is how G2 is allowing us to be able to deploy solutions much quicker and go into production much faster. So Utility Warehouse, we were ready for our first customer after six months, which is a much safer path for running transformations for the industry and for our customers. We went live in Power and Water Corp, which is in the Northern Territory here in Australia. That was a super complicated program, which was all of the consumers and industry in the Northern Territory for power and water and network, all in one stack. We went live with Amber and other wins, which are noted here, which are important for us. Same on the Veovo side, Edinburgh, Melbourne, Sydney, Saudi, et cetera. On the new logos, so we talked about Utility Warehouse. We announced Essent at the very beginning of last year. We just announced Pennon on Friday this last week. We're pretty excited about that. That really kind of strengthens our position even further in the contested water or the B2B water space in the U.K. And then we have had some great wins also in VO, SEA, Infraero, which is in Brazil, Launceston, which is down in Tasmania for those that may be from Tasmania on the line, and then NAV CANADA, which I'll talk about shortly. So let's go to the next slide. NAV CANADA gets some highlights. Once again, at the strategy day next week, James Williamson, who runs our VO business line, will be at the strategy day with several airport customers and talk about our airport business and what this NAV CANADA contract and the other businesses that we have, the other new logos and upgrades that we have going on across the airports industry and how it's transforming. What's exciting about this project, besides its scale and its tenure, it's a very long multi-year project, is that it opens up a new market segment for us around air traffic control. This is not applicable to all markets, but it's applicable to several large ones. So we're pretty excited about this opportunity that it brings to the Veovo book of business. But we'll go into more details next week on this. Let's go to my closing remarks. Following a year of international pipeline development in FY 2024 for 2025, we look forward to a return to higher revenue growth this year. A strong and growing pipeline across EMEA and APAC gives us confidence in our medium-term targets. John will qualify this, as I mentioned earlier, at the end of this session. Going live at Genesis was a key milestone for the business, and as a Pennon win, it reinforces G2 is resonating well across energy and water utilities. When we talk about our pipeline, the diversity of it is actually amazing from really all aspects, and we'll come to that. Veovo has momentum and continues to win major contracts globally and grow its pipeline. When we exclude hardware sales, it's actually operating at a Rule of 50 business, which is spectacular. And we have said in the past, and we're saying now that bolt-on M&As could add products and/or capacity to provide for even stronger growth in this business line of ours. We look forward to sharing industry and sales insights at our strategy day on the 1st of December. So please join us. And with that, I will hand over to John, our CFO, to take you through more details. Thank you, John. Thanks, Gary. So first of all, looking at the group's profit and loss account, you've seen that the group's revenue is 8% higher, and within that, recurring revenues have grown strongly at 13%. Our EBITDA is up 18% to almost NZD 28 million. And what you'll see there is that our EBITDA margin, our overall margin, has increased by a percentage point to just a little bit above 12%. Within the margin, the margin before LTI costs is 16%. It's a little bit lower than FY 2024, and that's because we've increased our investment in our product, including the costs around landing our first deployment of G2 and taking G2 to market. That's been offset from a margin perspective in terms of lower LTI charges. Both the accounting charge and the payroll tax associated with LTIs is lower, as we've guided. And then when we look at our NPAT, our net profit after tax, that's actually more than double to almost NZD 21 million. So a few things to highlight within that. So our investment in our associate Amber, which is where we hold a 10% equity stake, so we bring in our share of their losses into our P&L account. And I think the thing just to call out there is that FY 2025 was the first full year of us owning that stake in Amber, and the prior year was actually a partial year, only eight months within that year. We've also had the benefit of around NZD 3 million of forex gains within the P&L below EBITDA, and that's really because of the depreciation of the New Zealand dollar, particularly against Sterling. In terms of the tax charge, the tax line, you'll see that we've actually got an income tax credit in our P&L of NZD 0.6 million. I mean, that compares to a tax charge in the prior year of around about NZD 5 million. So the reason that we've got that benefit is that in the UK and New Zealand, when shares under our LTI schemes vest, we get the tax deductions at that vesting price rather than the accounting values. It means that we've got very high levels of tax deductions. We will pay a low level of tax in those countries, and we can also carry that forward and offset it against prior year tax payments as well. Now, we've seen the benefit of that in our P&L account in financial year 2025. We'll see that come through as lower tax actually paid in our cash flow statement next year. When we just think about the effective rate, so the P&L effective tax rate in FY 2026 and beyond, that eventually we will move back towards the statutory tax rates, 25% through to 28%, but it's going to take us a couple of years to get there. We'll see the benefit of that to come for a little while longer. Looking now at the utilities revenue, we can see that that's grown by 7% to just over NZD 193 million. Strong growth in recurring revenues, which was partially offset by lower project revenues. They're 5% lower. That's really just a reflection of the very high levels of project work we had in that prior year. We also disclose how our revenue splits by region. I think the point here just to highlight is that we've actually reorganized the way that we face off to the market in the utilities business into two wider regions, APAC and EMEA. And what we see in FY 2025 is that our growth has been led by very strong growth in EMEA with APAC being flat. Moving to the utilities cost base, I'm trying to give a little bit more detail here than we have done previously. Now, you can see that in FY 2025, we've really stepped up that investment in our product, including the costs around taking G2 to market and landing the first deployment, NZD 37.4 million. So it's around about 19% of our utilities revenue. We continue to spend more in sales and marketing. And both areas, both product and sales, are areas that we're going to continue to invest in strongly because they'll drive faster revenue growth in the future. Now, what we have seen and what we do see with that revenue growth is that we do benefit from operating leverage. So other operating costs have actually increased more slowly than revenue in FY 2025, and we think that that's the nature of our business. In terms of then our LTI costs, you can see they were lower in FY 2025. When we look forward into FY 2026, I think we expect those costs to be at a similarish absolute level, but it will be a reduction as a percentage of revenue in FY 2026. Looking at Veovo, its revenue is close to NZD 37 million, about a 15% growth over the prior year. But Veovo has had another very strong year. It's continuing to grow. It's winning new customers. It's renewing existing customers, and it's delivering more projects than ever before. It's really benefited from some major contract wins in the prior year in FY 2024 in the U.K. and the Middle East, as well as upgrades across APAC. When we strip out the impact of fairly lumpy hardware sales, hardware that sold as part of the implementation projects for one of Veovo's product lines. When we strip that out, we can see that Veovo has actually grown by an underlying growth of 30%. It's really had a very strong year, and that incorporates excellent growth in recurring revenues. They're 18% higher. Looking at our cash flow, cash at the end of the year was almost NZD 85 million. That's NZD 18 million higher than the start of the year, and we continue to have no external debt. We have strong cash conversion in our business, which demonstrates the quality of our earnings, I think, as Gary opened to earlier. In fact, our underlying cash generation, it's round about 83% of EBITDA, and that follows off the back of a year where it was more than 100%. Within that, we see working capital outflows for employee-type accruals, and that's really just the payment of payroll taxes on LTIs that we accrued for in FY 2024, and we start to pay out in FY 2025. Now, as I mentioned earlier, in terms of the tax line itself, you pay tax with a lag. So the benefit of that low P&L tax credit you see will be seen in FY 2026 with quite low levels of tax being paid. We also invested a further NZD 4.9 million in our associate Amber. We really value the partnership there, and we can see they're making some great progress, so we were quite keen to, we were very keen to take part in the funding round they had this year, which other existing investors and new investors took part in, but that retained it in line with our 10% stake, and then lastly, cash that we hold outside of New Zealand in our subsidiaries did benefit from that lower New Zealand exchange rate when you convert it back, so lastly, I wanted to share our thoughts on revenue growth in the year we just started, FY 2026, but actually just as much how that then translates into where we see ourselves going into FY 2027. So first of all, in terms of the utilities growth, I've called out here that our recurring revenues, we do expect our sort of software and support revenues, our annual fees, support services to grow around about 10% year on year in FY 2026, following several recent go-lives and others planned. It's a little too early to forecast how managed services will grow, which is the other component part of utilities recurring revenue. In terms of non-recurring revenue, so this is the projects services revenue, we do plan to grow that, and that would be from new customer wins that we've targeted in FY 2026. So just thinking about our new customer pipeline and how that really moves us towards our medium-term growth target of more than 15%. What I've called out here is it's a subset, actually, of our wider new customer pipeline. It's where we're most advanced in, and that pipeline has matured considerably. Currently, we are a preferred vendor at three prospects. We're shortlisted in a process at another three, and we are well placed in another four where we believe there'll be a 2026 decision. Now, these 10 opportunities represent around 30 million meter points, and it's a very diverse range of opportunities. It includes deals in Europe. It includes deals in Asia. It includes deals in some of the countries we operate in. It's both energy and water. It's both B2C and B2B. It includes Tier 1s. It includes quite a range of sizes and mix. And that really demonstrates, I think, the strength of Gentrack in terms of how our platform can appeal to quite a diverse customer base in many different parts of the world. Contracting three to four of those would set us up to grow strongly at the back end of this year, but more importantly, it sets us up to go strongly in FY 2027. And then finally, when we think about our Veovo, our airports business, for FY 2026, we have a high visibility that we can match the growth that we've seen in FY 2025 of 15%. But we have a very strong pipeline, so we've got a pipeline that we would love to see accelerate that. Both Veovo and utilities are both very strong businesses. So that's what I wanted to talk through in this presentation, and that brings us on to the Q&A section of today. We're going to firstly take calls that we have received, people that we've received by phone, and then after that, we will move on to online questions. And again, just to note, online attendees, if you want to ask a question, please click the ask a question box to send in your questions. And for phone participants, I think press star one now, and then the operator will help provide instructions. Your first question comes to the line of Jules Cooper from Shaw and Partners. Your line is open. Thanks, guys. Strong results and really appreciate that additional disclosure on the pipeline. Just one question around that, John. I wondered if you could maybe elaborate. Is that opportunity set you've described there as a subset just the new business opportunities, or does that include G2 upgrades of your existing customer base? Or when you refer to subset, are you sort of talking about this being reflecting new business opportunities? Jules, so yeah, just to clarify, the 10 opportunities, they're all new customers. And when I talked about it being a subset, it would be a subset of other new customer opportunities too. We do have a separate pipeline for existing customers for upgrades, for new projects. What I was trying to give some more transparency and color over, though, was our new customer pipeline. Yeah, no, that's excellent. That's certainly helpful. And then just, I suppose, a follow-on there is let's assume that you're successful in contracting three to four of those, and you've sort of said that would set the business up to grow strongly in FY 2027. I assume that would be a comment that includes any non-renewal of customers that have been announced already, such that you're looking at strong growth in FY 2027 irrespective of those previous announcements? Yeah, look, we believe so. So contracting three or four from that range of opportunities really does set us up in FY 2027 to grow strongly, regardless of potential for churn. Yeah. Excellent. All right. Thank you very much, John and Gary. Very helpful. Your next question comes to the line of Owen Humphries from Canaccord. Your line is open. Good one. Hi, guys. Just a question around the guidance statement. So revenue growth higher than FY 2025, so greater than 8%. I guess the subset of that is Veovo is kind of targeting another, call it 15-odd%+ in FY 2026. So it backs out to be utility growth, call it 6%. Just inside that, call it 6% or greater than 6%. How much of that 6% requires new contract wins of the 10 opportunities? Is that additive? Yeah, look, I think what we were trying to do was draw a little bit of a line under where we think the results would move to. And I'll sort of turn to the statement we sort of make in terms of our non-recurring revenue. I mean, we were planned to win that. We were planned to grow that from new wins in FY 2026. So that's really the thing that has an impact and would change the level of the FY 2026 result. It has most impact, of course, we believe, in the following year, which is why we talk about moving towards those medium-term targets with success across that pipeline. So just to clarify there, if you didn't secure any of those 10 opportunities, would the growth rate still be 6+% in utilities? Look, I think we would expect there to be quite a balance of things that we would win from our existing customer base. So we still have things that are contracted and things to close. But I think we can grow strongly with winning new business in FY 2026, but we would still grow if we secured new business later in the year, for example. Good one. And then just on the R&D spend, so getting G2 live, I guess in your presentation that you've talked about a NZD 37 million kind of product investment on R&D, you could say, which now that G2 is live, can you just talk through that level? Is that meant to unwind going forward, or it'd be reallocated? So look, I think this is looking at the utilities cost base slide. And I think the point here is that we've got choices. So we've stepped up that investment. We don't have to grow that investment as fast as revenue grows. We want to continue to invest in our product. So I think it's really around what level do we take it to from here as opposed to thinking that we're going to sort of scale back on our plans to invest in the business. And you've used the word strong growth in FY 2027. Now, strong means has different meanings to different people. What's your view of strong? Can you kind of give us a broad range? Yeah, look, what we're trying to do is to give an indication of how do we move back towards our medium-term target, which is greater than 15% CAGR. So for us, that's the challenge. That's the target. When we think about strong growth, it's moving. It's that target. It's moving to that target. Good one. Thanks, guys. Your next question comes to the line of Joshua Dale, Oak Creek Investment Partners. Your line is open. Hello, Josh. Thanks very much, Gary and John. Hello. Of the ten prospects in the pipeline, is there any indication you can give around whether they might land in the first half or second half of FY 2026, or perhaps more broadly, any indication of expected timing? Josh, it's a good question. It's one of the things that's why we're holding back on a very firm forecast or outlook statement for the year. Things take a long time to contract. That's the way it is in the industry. We're finding that the pipeline, as it matures, just takes some lumpiness out of it because it's getting broader and there's just more deals, so that'll benefit us. We also see that the pace of transformation is accelerating in general across the globe. But to say exactly when these contracts will be inked is something that we have not come out with at this point. I would tell you that generally, with the number of deals that John's talking about, most of them will be mid to back year. It's probably realistic. Thanks. And with 30 million meter points, would each of them be large enough to warrant their own separate announcement to the stock exchange from you guys, or perhaps not? Josh, not large enough to warrant it. We'll look at them on a case-by-case basis. There's clearly some that would. I think also, you've got to think about, do they get contracted in stages? There's a whole range of things that we'd look at at the time. But certainly, there's things that we would like to come and talk to the market about in time. Okay. Thanks. Just last one. When might you have confirmation that you've retained Genesis's B2B business? Right now, all the focus on Genesis is on the B2C book. So the priority for both businesses is to get the whole B2C book live. Obviously, we have conversations about B2B, but that's not the focus of either company at this moment in time. So I think we'll let them speak to their shareholders about that. But it's not something that's having a discussion either way. It's not being in or being out. It's just not the focus right now for the business from our conversations. I don't want to speak on behalf of their focus areas for their business. Okay. Thanks very much, guys. Yeah. Thanks, Josh. Your next question comes to the line of James Bales of Morgan Stanley. Your line is open. Hi, James. Just wanted to understand, thanks for taking my question. I just wanted to understand the constant currency growth that was achieved in FY 2025 and to provide some context in terms of the sales acceleration you're expecting in '26. So when you say that, sorry, the sales acceleration in FY 2026 from a, I mean, I think when we plan forward in FY 2026, I think we think about things in today's currencies. Certainly, when we're sort of forecasting through, that's what we do. We wouldn't sort of and the basis of. So yeah, yeah, totally get that. I guess I was trying to understand if we looked at the 8% growth in 2025, if that was on a constant currency basis, what sort of run rate are you expecting, or what sort of run rate did that translate to, and how much acceleration is sort of baked into the forecast? Look, so I think if we think about FY 2025, well, I mean, we haven't quantified it in the presentation, would have benefited from strong sterling. It's a little hard to tell, actually, because we've got sources of revenue in FY 2025 that just didn't exist in the prior year in terms of the way that the organization moves into new geographies or even does things like sell some of that lumpy hardware. It's a different profile year on year. So we've had a number of things. I think we probably had benefit from a strong sterling. We've had a tailwind from just selling less lumpy hardware, and then we've also had some projects, I think, that have sort of been stretched out, perhaps into FY 2026. I think we find the FY 2025 result is actually a fairly fair reflection of performance and where we thought we would get to in terms of our guidance. As we translate that into FY 2026, again, I think we can see just at today's exchange rates how our recurring revenue, for example, in utilities can grow 10% year on year. The Veovo business can match its growth in FY 2025. That's the way that we've thought about it in terms of a currency position. Okay. That's helpful. Then maybe on G2, can you help us understand the milestones that we should be watching and what your prospects care about in terms of referenceability? That is, what do you have to deliver for Genesis before prospects really take notice and it moves the needle on conversion rates for your pipeline? James, I'll take that. Obviously, getting their whole book of business and to Josh's point, the B2B also across will only help us. But Genesis is super, super supportive. They're taking reference calls. I mean, we've got this pipeline list that John's referred to that want to talk to Genesis. So we appreciate Genesis stepping up and giving a positive reference based on our positive deliveries. The results really are fantastic for their people, for the outcome-based value that we're bringing them. I mean, you can see our call handling time going down, first call resolution going up. There's all kinds of usability things that make G2 a positive experience for the people on the ground. So not only are references talking to executives, but they're talking to users. I would say in terms of win rates and having nobody that we could reference G2 being live, obviously made it harder to sell G2. Now that we have Genesis live, that helps. ASIN's going live in the very short term. That'll further help on the B2B side. But the main thing that helps with wins is our other wins. Winning Pennon and then getting preferred. And there was just a big event in Europe, and one of the preferred was there talking about Gentrack and things like that. So all of that actually is the industry talks. And that helps us more than, I think, having X number of additional consumers rolled over on Genesis. That's the most helpful thing for the win rate and momentum. Great. Thanks, guys. I appreciate the help. Okay. Thank you, James. Your next question comes from the line of Guy Hooper from Jarden. The line is open. Yeah. Morning, Tim. Can I just ask about what it means to be the preferred vendor versus being shortlisted in terms of the sales cycle and perhaps how many other vendors are still live in that process at those stages? So preferred is when they've basically said that they've selected us. And then there's some steps to get that contracted. Sometimes it's scoping, sometimes not, or contracting and board approval and just normal types of steps. It means you've gone. It really always means we've gone through a competitive process and wound up in the state of the retailer intending to contract with us, but it's not signed till it's signed. That's what that means. Shortlist is usually two. Sometimes you could say three. Usually, it's the incumbent and us and maybe one other kind of new age player. That's usually what it means, or two. Yeah. Thank you. The types of competition that you're coming up against in those shortlists, I mean, is it largely the same players and expected players in those other markets? Yeah. We keep, I will use that as an opportunity to say once again, I actually think that the bench of competitors to go after this sizable opportunity isn't that deep. We see where we're in the shortlist. We see a couple kind of existing players out there, but not some of the ones that we regularly go up against, interestingly. Yeah. I mean, it varies. I would say there's four or five contenders for this space, maybe, and weirdly enough, we see one or two of them fairly regularly and the rest not so regularly. Interestingly enough, in these shortlist environments, the ones that we usually run up against, we're not seeing in those deals or they've been moved out of that process. But it's difficult to be. We like to answer very concretely, but when you're in a competitive environment, we prefer not to get into too many details. Yeah. That's good color. Thank you. I suppose just one last one then on the competitive front is where you've, well, I suppose you've come out of contention or lost customers. Can you give any feedback on what it is that was, I suppose, needed to be more competitive or where you might have lost those customers? I think that having, as James referred to, having G2 live is definitely something that was important for us in that process or for the customers. I mean, it's a cautious group. That's one thing. The second thing is when you come out with a new stack, the longer it's installed, the more value points that you have to talk about, the slicker the front end becomes, the better the documentation is, the better the demos are. It's a transition. I mean, if you look at some of the competitors out there that have been building stacks for four or five years, three, four hundred people making these stacks, we were able to do that, I think, very, very effectively. That's why we called it a transition year, though. I mean, I think it was just factual on what was happening. And that's only going to improve for us. But those are the important things: referenceability, slickness of the, and full readiness of the stack and people being confident about it. And I think we've made a huge leap with that G2 milestone, which is important. Great. Thanks, Gary and John, for taking questions. Maybe I'll add a little bit. We'll talk more about it. If I may, I'll just add another comment. We'll talk more about it in the strategy day, but a lot of retailers out there have a sizable investment in Salesforce, and this is important for them. They don't want to write it down. They're emotionally connected to it. That also plays to our strength when we go in and we can say, "Hey, you've got this investment that you made. Now you need to unlock it and leverage it, so there are several things that we have in our competitive." We have a lot of weapons in the arsenal, so to speak. We've been around a long time. We know how to deliver projects. So I think in this regard, we're in good shape. We just needed to get G2 out and hardened and get it on the market and then start showcasing it around the shop, and that's always been the plan. I think we're pretty clear about it, and it's not an easy, necessarily a linear approach, but that's what's going to drive our global ambitions. Yeah. Are we going to the line? We got it. Shall I take questions now? Yes. Okay, so moving through to some of the questions that we've received online. There's a few more questions here around about the pipeline. I'll take some of them, and we'll talk a little more, and then I'll try and make sure that we cover the breadth of questions that we've received, so there's a question about the value in terms of recurring revenue or what 30 million meter points might actually mean. That's a common theme, actually, across a number of the questions. Or why is it something that we don't disclose? What's the sort of value of that 30 million meter points new business pipeline opportunity? And the context here is really to think about it in terms of those 10 opportunities, the recurring revenues. It's fairly similar, really, in sale and scale, I think, in sort of scale to the current recurring revenues of the utilities business. That's the opportunity ahead of us. Now, of course, we're not saying that we're going to win all of those 10 opportunities, but it's a good, deep, and strong set that we have ahead of us. We're then asked about—if I look down—James Lindsay, you've asked a question on the possibility of acquisitions. So is there anything being looked at currently given the cash balance? So look, I think we referenced in Gary's part of the presentation really are thinking in terms of how bolt-on acquisitions, for example, in Veovo could really, really help improve the growth and capacity and range of that business. That's certainly an area that we have looked at and would love to do something on in the future. And I think more generically, more generally, it's something that we are, it's something that we're increasingly giving more focus and sort of purpose to as part of our, as part of our sort of business going forward. But the cash balance that we have would be an ideal bolt-on acquisition, for example, in Veovo would be something wholly afforded by our current cash balance. Yeah. And also, say, and we'll talk about it on strategy day, but we've got a micro that has come out of leading our EMEA business and is running M&A and strategy for us. So we have more capacity to look at strategic things. And there's a lot to do in the energy tech space. That's pretty exciting. So we're thinking about this space, but we will be cautious about it. Question by Ron Shamgar. Can you comment on the competitive pressure on pricing in the sector and whether you need to adjust pricing to win new customers or new clients? So there's two types of, well, interestingly enough, there's the SAP and Oracle of the world or the incumbents, so to speak, have relatively affordable software. Cost a lot to run that software. So when we try to compete against that, we really try to take a lens on total cost of ownership and do a business case for cost out that is pretty compelling. But when you're dealing with procurement departments, they like to segment and try to compare apples to apples or software to software. So that's always part of the discussion. Then in the, let's say, new entry space, some of the players that we compete against don't charge much to land a program to do the actual migration and transformation, but have pretty high recurring revenue cost. We're actually, as we've said clearly with G2, we're moving that direction. And we'll talk a lot about that on December 1st. And then you have some newer, smaller entrants that are coming in that are pretty affordable right now, but we don't really see them getting very far in the process. But it would, over time, there will be more entrants that come into this space to pursue this opportunity because it's a large opportunity. As we mentioned, there are not that many players that are well-positioned to tackle it right now. But the gist of it is we would like to drive down our upfront cost and move to more recurring revenues. You also have to keep in mind, in this space, some of the customers are government-owned and prefer CapEx to OpEx. So we just need to bear that in mind as part of the energy and water transition. And we have a question here from Nick Basile. Can you share some color on G2 platform market positioning? So what aspects of G2 have resonated with Pennon and with Genesis? And what are the features that put us on the shortlists or put us well placed in future wins? Yeah. It's interesting because as we talked about before, it would have been irresponsible for us to throw away a lot of our IP. So you can go into almost any corner of our industry to find edge cases, and we can do them. Our stack can do them. I mean, literally all of them. I'm pretty convinced it's the most functionally capable stack on the planet. One of the things that we needed to refresh with G2 was our front end, our whole kind of customer digital look and feel. So we've done that. We decided to do that with Salesforce. As I mentioned earlier, that is also resonating. So if a customer is a Salesforce shop and they've been trying to make it work on their legacy stack and it doesn't really work that well because it's batch-based and there's APIs that don't flow through and all these types of things. And those stacks struggle sometimes to do new battery and solar and flex type of time-of-use charging. So then the logical thing is, well, let's upgrade the billing. Well, you want to upgrade the billing and CRM together and use agents and agentless type of technologies. So all of that is part of G2. That was very necessary for us to compete because some of our new-age competitors have a really slick front end and a kind of front-end facing story. I don't think they have as much, I'm sure they don't have as much capability on the back end. So bringing the front end is a sharp and sexy thing as part of G2, which we embrace. I hope I answered the question. Yeah. Just to sort of follow on there in terms of what areas might require more investment in or where we might take the product further. Look, that's why there was a question about our R&D investment levels. There's work to be done here. Documentation is always something that we need to always improve on. Working on kind of AI and the front end for agentless experiences and automating capabilities in the back end continue to be a focus area. There's some super interesting areas around battery and flex and things like that. I don't want to get into too many details because it's part of our competitive map on buy-build and partner. But this is a dynamic space. We do believe the best technology wins, and we're playing the long game here. So we need to keep that in mind. Yeah. I think that's as far as we'd like to take that. A nd then in terms of a question here in terms of the Salesforce relationship. So there's no mention of Salesforce in the pack. How is the relationship? How many of the 10 customers, the 10 opportunities, I think that's referring to in our pipeline that we disclosed, came from that relationship? And how can it accelerate the pipeline and conversion? W ell, Salesforce is an inherent part of our stack. It is our front end, our single pane of glass to the entire capabilities of the stack. They're a global leader. They're a good partner. They have a lot of products, and we don't promote all the products in our stack. But as part of that ecosystem, our customers can leverage those capabilities. I would say that they are fundamental towards the vast majority of those deployments. They're a great partner, and that's kind of the heart of it. We have a question. Sorry. Just add one other thing. And I've talked about this before. As you go into a global play, we have big people centers in Australia and New Zealand and India and the UK. But we're not polyglots and speak all the languages across Europe and in the future, Latin America, etc., etc. So relying on Salesforce to help discover opportunities and take us into those, and then we'll be able to go really deep on energy or water is important. And then to be able to work with integrators and consultants to expand into those new areas is also part of a strategy that is fundamental towards our global ambitions. Question here just on Amber from James Lindsay. Understanding that Amber has raised a fair amount recently, but it's loss-making. Do you think that you'll need to put more cash in Amber this year or next? Amber's raised a good amount of money. It's kind of coming at them because they have a super, super compelling offering both for the Australian market as a retailer. They're getting a large share of the control battery uptake in Australia. The new subsidies are just making that business go from strength to super strength. So we feel very good about the investment. But once again, we are not a VC type of investor. Taking a minority position is not really what we want to do as a default. We also invest in them because they bring us innovation and capabilities for our global story, which has worked out well. It's worked out well for us. They will be presenting also next Monday. So I would encourage you to come here for firsthand what's happening with not only the home battery market, but the electric vehicle market, which is really taking off across Europe and is a super, super exciting space. I can say that hands down, in my view, they are the best product in the world. So probably time for just another couple of questions here. We've got a question here on, does your implementation headcount in the second half of FY 2025 include capacity to onboard a number of shortlisted and preferred tender opportunities if you were to win them? Look, managing a very light bench is always a trick. We're pretty good at it. I got to say, once again, when you look at the competitive landscape and the number of energy billing and customer care providers that have grown in our space and then disappeared in the last three or four years, it's because selling technology into other markets is hard. Delivering it is 10 times harder. Spinning up teams in other countries, knowing how to run a bench, not bleeding out on projects is very, very, very hard to do. We do it really well. And that's something that I'm confident we will manage. We get a wall of business. We'll deliver to the wall of business. It's kind of who we are. So yeah. And then I think we have maybe just a couple more. Can you talk about the risk of churn potentially with Kraken entering in the C&I segment? The C&I segment is super, super complicated in many ways. It's much more complicated than B2C. I think it'll take them a while to get to parity. They do have a marketing machine, so they will push that story pretty hard. We are taking a lot of steps to make G2 really hum around B2B for a lot of reasons. But it's a competitive space out there. So we're fighting it out, and we'll continue to fight it out. I think that we've had a churn event here in Australia that got a disproportionate amount of focus. We're a global company, and that was part of being a little bit delayed with G2. But I wouldn't read that into any kind of global phenomenon. I don't think that makes sense. And then the last question to end on. Based on pipeline, can you get back to 15% revenue growth in FY 2027? So I mean, look, a short answer is yes. I mean, it's a very large pipeline. It certainly shows us the pathway back to our medium-term guidance of more than 15% CAGR. Yeah. I think John said it pretty clearly. No comment. Sounds good. Is that it? Right. So I think we have a closing remark. I think that's maybe it from. So we want to thank everybody for their continued support of the business. And we look forward to hopefully seeing a lot of you virtually and even more face-to-face at the event next Monday or through the course of the week. Thank you.