Welcome to the GiG Software plc Q4 Results Investor Presentation. Throughout this recorded meeting, investors will be in listen-only mode. Questions are encouraged. They can be submitted at any time just using the Q&A tab on the right-hand corner of your screen. Simply type in your questions and press send. Before we begin, we'd like to submit the following poll. I'd now like to hand over to CEO, Richard Carter. Richard, good morning. Good morning, everyone, and welcome. I'm Richard Carter, the CEO, and with me today is our CFO, Phil Richards. Today, we'll walk through GiG Software's Q4 and full year 2025 performance and our outlook for 2026 and beyond. We will start by reviewing our financial results, the drivers behind the numbers, and how our strategy and investment, particularly in AI and our CoreX and SportX platforms, are positioning us for future growth. Like our previous results presentations, I will begin by covering the key highlights from Q4 and full year 2025. Phil will then take you through the financials in more detail, including revenue, EBITDA, cash flow, and the balance sheet. Finally, I'll return to talk through our strategic progress and outlook, including our focus areas for 2026: routes to market, sportsbook, Spain, and AI in action. Then we'll open up for questions. Let's turn and look at our key highlights. Let me start with the high-level numbers for Q4 and full year 2025. In Q4, revenue grew 8% year-on-year to EUR 9.5 million, taking the full-year revenue up 18% to EUR 37.6 million, versus EUR 31.8 million in 2024. EBITDA increased by EUR 1.4 million year-on-year in the quarter to EUR 1.5 million, and for the full year, improved by EUR 7.3 million to EUR 4.3 million, compared to a EUR 3 million loss in 2024. Commercially, we maintained strong momentum with 5 new commercial agreements signed and 6 successful launches in the quarter, bringing total launches to 16 for the year. We ended the year with a solid cash position of EUR 9.9 million, and we are on track to deliver EUR 4.5 million of annualized cost savings by the end of Q2 2026. I will now hand over to our CFO, Phil Richards, who will take you through the financials. Thanks, Richard. Good morning, everyone. Starting with Q4 2025, revenue grew 8% year-over-year to EUR 9.5 million. This was driven primarily by additional custom launches during 2025 and growth from our existing customer base. Adjusted EBITDA came in at EUR 1.5 million, an improvement of EUR 1.4 million versus EUR 0.1 million in Q4 2024. This reflecting both top-line growth and a leaner cost base. Importantly, we reduced our cost base by EUR 0.7 million year-over-year in the quarter, despite the higher revenue, already showing the benefit of our cost reduction actions and operating leverage. Looking at the full year, revenue increased 18% to EUR 37.6 million, up from EUR 31.8 million in 2024, driven by a combination of custom growth and new launches. New customer launches in 2025 contributed EUR 2.1 million of revenue, and adjusted EBITDA improved to a positive EUR 4.3 million, which is a EUR 7.3 million swing from the EUR 3.0 million loss in 2024. We achieved this while reducing our cost base by EUR 1.5 million year-on-year to EUR 31.5 million, with underlying customer growth and new launches, supporting a 10% year-on-year increase in ARR to EUR 36.7 million at the start of 2026. This bridge shows how we moved from EUR 31.8 million of revenue in 2024 to EUR 37.6 million in 2025. We added EUR 3.9 million from new partners and growth with existing partners, including EUR 2.1 million from 2025 customer launches. Underlying growth was strong, with a 24% year-on-year revenue growth for platform customers, 21% for sportsbook, and 22% underlying revenue growth for our top 10 customers. All of this was achieved despite a ARS 0.7 million constant currency headwind from the depreciation of the Argentinian peso. Turning now to ARR. Our ARR increased from EUR 33.4 million at the first of January 2025 to EUR 36.7 million at the first of January 2026, an underlying ARR growth of EUR 3.3 million year on year. This EUR 3.3 million net ARR addition came from new customer growth and growth in our existing customer base. Crucially, around 90% of our 2026 revenue is underpinned by commercial agreements, giving us good visibility for the year ahead. On the cost side, operating expenses decreased by EUR 1.5 million year-on-year, despite the strong revenue growth. The bridge on this slide shows reductions across marketing, personnel, and other costs, taking total OpEx from EUR 33 million in 2024 to EUR thirty-one and a half million in 2025. In Q4, specifically, OpEx declined by EUR 0.7 million year-on-year, mainly driven by lower personnel costs. We will maintain a strong focus on cost control into 2026 as the additional EUR four and a half million annualized savings come through. This slide summarizes the EUR four and a half million annualized OpEx reduction that we're delivering through smarter operations. Around 75% of the savings are concentrated in engineering, where we're using AI-enabled productivity and process optimization to do more with leaner teams while maintaining 100% of customer delivery. We've used strategic headcount optimization, AI tools to automate repetitive coding and testing, and streamline workflows to improve code quality and speed. This is about working smarter, not doing less, positions the business for scalable growth. This chart shows the bridge from negative EUR 3 million adjusted EBITDA in 2024 to a positive EUR 4.3 million in 2025. The improvement is driven both by revenue growth and a tighter cost base, with revenue adding materially, COGS remaining well controlled, and OpEx coming down. In Q4 alone, we delivered EUR 1.5 million of adjusted EBITDA, compared to EUR 0.1 million in Q4 2024, thus demonstrating the operational gearing in the business as volumes scale. Moving now to cash. This slide shows the Q4 2025 cash flow waterfall, where we continue to reduce cash outflows quarter-on-quarter, and we benefited at the same time from proceeds of EUR 11 million from directed share issues during the period. We saw a EUR 1.2 million year-on-year improvement in operational cash flow, excluding working capital and investments, and we finished the quarter with a healthy cash resilient position of EUR 9.9 million at the 31st of December, 2025. For the full year 2025, operating cash flow continued to improve. Our operating cash flow, excluding working capital and investments, reached EUR 3.3 million in 2025. This includes EUR 1.2 million in Q4, which was our strongest quarter since the IPO. This represents an improvement of around EUR 8 million compared to 2024, reflecting both a stronger profitability and tighter working capital and cost control. Turning now to our guidance, we reiterate our 2026 financial guidance as per our trading update. We expect revenue in the range of EUR 44 million-EUR 48 million and EBITDA of EUR 10 million-EUR 13 million. We're targeting to be cash generative by the end of H1 2026. The guidance is underpinned by our current ARR base, expected revenue from launches in 2025 and 2026, a steady quarterly revenue ramp through the year, supported by 12-14 brand launches in 2026. With that, I'll hand back to Richard for the strategic update and outlook. Thanks, Phil. Now I'll take you through our strategic progress and outlook, including how we see the opportunity in 2026 and beyond. Looking forward, we see significant opportunities for profitable growth around four key focus areas. First, expanding our routes to market. Second, accelerating Sportsbook growth. Third, further capitalizing on the opportunity within our Spanish operation. Fourth, embedding AI across the business. Our first focus area is expanding our routes to market with both new and existing clients. For existing customers, our investment in technology, product, and operational improvements has led to increasing customer trust, and that is paving the way for incremental growth opportunities as we help them expand into new markets and upsell products such as SportX, DataX, and LogicX. For new customers, we are targeting operators entering new markets using our licensed and compliant platform, land-based operators moving online, media companies wanting to monetize their audiences, and lottery operators entering either online casino or sports betting, as well as selective strategic investments where they support our strategy. Let's turn and look at how our new partner launches are underpinning growth in 2026. We delivered 16 brand launches in 2025, including 6 in Q4 alone. We expect these 2025 launches to generate around EUR 7 million of revenue this year. For new launches in 2026, we plan 12-14, with a focus on Q2 and Q3 delivery. We have more than 60% of these already commercially agreed. These launches span attractive regulated markets, including our core markets of the U.K., France, Canada, and Spain, across our CoreX, SportX, and SweepX products. Our second focus area is Sportsbook, which forms a core part of GiG's offering. SportX is our proprietary B2B Sportsbook solution, launched as a core component of the X-Suite just over two years ago. Over 40% of our clients currently use our Sportsbook, contributing around 10% of revenue. We see continued growth potential as we deepen penetration here with existing clients, receive an expected boost from this year's World Cup, and target new client wins. Our third focus area is our Spanish business, where we have strong foundations for growth. Spain is an attractive market, with stable gaming taxes and relatively low online penetration, creating long-term growth potential as players continue to shift from land-based to online. Around 20% of our 2025 revenue originated from Spain, making it our largest market. In addition, the online gambling market in Spain is forecast to increase at a compound annual growth rate of 7% from now until 2029, providing a very attractive backdrop. As well as having strong underlying structural growth drivers, Spain is also one of the markets with the biggest opportunity for GiG as we transition operators from our legacy Lira platform onto our new CoreX platform. Migrating to CoreX provides a more dynamic, scalable, and personalized technology stack, allowing for deeper use of our LogicX tools and faster deployment of games content and features. It will also allow us to eliminate duplication and streamline processes, and we are targeting annualized savings of around EUR 1.5 million-EUR 2 million by the end of 2026, with around EUR 0.7 million of these cost savings expected to be realized this year. At the same time, the migration provides significant revenue upsell opportunities through improved commercial terms and enhanced capabilities. Our fourth focus area is AI, and this slide showcases our AI-powered Game Recommendation Engine is positively impacting player engagement. Our GRE uses AI-driven technology to personalize game configuration, suggesting the right casino game at the right time to the right player, and has so far demonstrated sizable improvements across the key player metrics when compared to players who did not engage with personalized content. For example, over a 3-month, 50/50 A/B test, we witnessed sustained behavioral improvements with users exposed to the GRE, resulting in an 8% increase in average playing days per user, a 16% uplift in average monthly turnover per user, and most importantly, a 9% increase in average monthly revenue per user. The plan now is to embed this feature into our platform for future clients and then to start to backfill existing clients. Now, beyond revenue, AI is also helping transform how we operate internally. On this slide, you can see how our mobile team have been using AI tools to transform software development life cycle and thus dramatically increase productivity. We can clearly see this productivity impact with cycle time, which is the total time taken to complete a specific task, having reduced by 50%, highlighting the increased efficiency of the team and their workflows. We also saw the AI share of committed code going from 0 to 69% during the 3-month POC, clearly underscoring the opportunity at hand. These actions and learnings are being rolled out and are already contributing directly to the EUR 4.5 million of annualized OpEx savings, while maintaining quality and delivery for customers. Looking ahead to 2026, we have a clear roadmap for AI across the business. In the near term, we'll be onboarding and training more departments, including our product teams, in the use of generative AI to not only boost productivity but to also drive faster and more informed decision-making. Thereafter, the next phase will focus on embedding agentic AI, starting with our mobile team. Through the second half of 2026, we will further expand AI-driven product features, such as our more personalized lobby experience based on our new Xsite front end, as well as extending the functionality of GiG Assistant, our internal AI knowledge base. By the end of 2026, we'll have commenced the wider agentic AI rollout throughout the business, with the goal of making GiG more agile and more innovative. To summarize, 2025 was a landmark year of growth and profitability for GiG. We delivered double-digit revenue growth and a significant improvement in EBITDA, underpinned by 16 launches, creating a solid foundation for future growth. We start 2026 with good visibility on our revenue pipeline and launch cadence and announced this week our partnership agreement with Jupiter Gaming to undertake a platform and sportsbook migration, further expanding our UK market presence following the recent launch of ITV Win. We have a clear focus on achieving underlying cash flow generation by the end of H1, 2026, supported by EUR 4.5 million of annualized cost savings, while continuing to invest in CoreX, SportX, and our AI ecosystem. We are reiterating our FY 2026 revenue guidance of EUR 44 million-EUR 48 million and adjusted EBITDA guidance of EUR 10 million-EUR 13 million. Backed by a solid balance sheet with EUR 9.9 million of cash at the year-end, the executive committee is actively reviewing strategic investments and M&A opportunities, and we remain very confident in GiG's future growth prospects. That concludes the presentation today. Thank you for your time, and we're happy to take questions. That's great, Richard, Phil, thank you very much indeed for updating investors. Ladies and gentlemen, please do continue to submit your questions just using the Q&A tab. Before we go into the Q&A, I'd just like to remind you that the recording, along with the slides and the published Q&A, will be available via your dashboard. Richard, Phil, you've had a number of questions from investors today. Thank you to everybody for your engagement. Perhaps, Bob, if I hand back to you, if I could kindly ask you to moderate us through the Q&A, and then I'll pick up from you at the end. Thanks. The first question then really is focused on the company's ability to support customers. Really, this highlights that the customer base has grown substantially, yet your expense base has reduced slightly. People are just wondering whether, you know, your customers are going to get the quality of service going forward. Do you want to take that? I mean, as we talked about during the presentation, it's about doing more and smarter with the same amount. When we're looking at the cost optimization, it's all about using, as we said, AI to do things better and actually have a better performance for our customers. It's not only going to, not impact, but it actually be a positive impact for our customers. What we're doing as a business and how we're using AI to improve what we're doing, streamline processes. You can see it already in action this year. You know, we've stripped out one and a half million out of our cost base, whilst growing revenue 18%, and that's only gonna accelerate going forward as we manage to leverage the business, and you'll see that coming through into our margins going onwards. Absolutely, we, our customers actually get a better service by the changes that we're making going forward, which should accelerate their growth as well. I think I'd just add also on top of that, you've got to remember that, we've only been a standalone business since 2024. We came out of a parent company, there's been access to, we've had access to a lot of opportunities to sort of streamline processes and to really sort of embed a different culture into the organization. I think this is also partly cleaning up some sort of legacy cost issues. As Phil said, you know. We've really focused on the team's performance, getting more productivity out of them. I think, you know, given where we are today, we have the ability to support a much bigger client base with the current cost base we have. That's great. The second question is more so I guess for Phil. It's looking at the two different revenue lines, the ARR and the total revenue, both seeing quite different growth rates this year. Can you explain what the difference is or what has driven the difference between the two growth rates and whether this is gonna continue in 2026? Absolutely. I mean, to take the second bit first, no, well, we see the growth rates will be much more aligned to ARR going forward in 2026. In 2025, we had a combination of, you know, we had good underlying growth, but we also had a couple of one-off revenue streams. For example, there were a few times, and we talked about this previously in a few presentations, where, for example, customers maybe didn't go live in the sweepstakes market, for example, and there are then termination fees relating to that, and that obviously doesn't contribute to our ARR, but it contributes to our revenue in 2025. Our main metric is growing ARR and growing that in line with our top line revenue growth as well, going forward. That growth should only accelerate going through to 2026, but there were a few in 2025 when it's not been dropping through to ARR because there was certain non-recurring revenue that happened during the year. However, I'm really pleased with our underlying ARR growth and how our customers are growing. You know, I talked about these metrics before, about particularly, you know, the top 10 customers growing by 22%, and I think that's a really strong metric for us. If you look at what's happened with the Argentinian peso, that's obviously also been slightly detrimental to our ARR because that's pulled back my assumptions for how that customer's gonna grow in the future. The ARR growth, despite some of those headwinds, is looking really good, and we're going, you know, we're going into 2026 with, you know, visibility over 90% of our revenue for 2026, and that's recurring as well. Yeah, I'm really pleased with how that profile is shaping up. The next question really, is a topical one focused on AI. There's been lots of talk in the markets recently about AI disrupting enterprise software vendors. A lot of the share prices taking significant hits. Just wanna know, maybe, Richard, if you could address this, how GiG's applications are positioned against this trend? Yeah, I think that's a very pertinent question, and obviously, you know, it's a risk that everybody faces in, in the software industry. I think when we look at our business, I think we see obviously the implementation and the embedding of AI into our business as a, as a big opportunity to accelerate growth and to, you know, reduce cost. Now, in terms of the risk, I think if you look at our businesses, clearly, I think with all of the regulation, the licenses, and everything that goes into creating a business like ours, it sort of gives us insulation in terms of this. I think if you're just sort of focused on the sort of dot-com arena, where there is no licenses, there is no regulation, then I think that area probably is probably ripe to be impacted. I think given where we are, given the licenses, given the regulation, given the scale, and I think also if you look at this industry, a lot of it is built on trust. For new entrants to come in, you know, has created the software in their bedroom, to then sort of onboard enterprise-sized clients, I think is gonna be challenging. Obviously, you know, it's definitely a risk, and we're obviously very mindful of that, and that's why, you know, over the previous 12 months, we've been sort of embedding AI into our business to help obviously protect us from those type of risks. Great. Obviously, just a follow-up is that you're definitely benefiting from increased efficiency in your operations from AI. Is this in any way going to be passed on to customers in terms of pricing, or do you see any signs of that at all? I mean, I think it gets passed on in terms of our ability to deliver more product features, to deliver more ways of allowing our clients to generate more revenue. You know, we talked today about the Game Recommendation Engine. We're also doing a lot of work around bonus abuse, around fraud abuse. Again, giving these models to our clients to enable them to generate higher revenue, generate more money, and then generate more money to us, I think. I think from that perspective, we sort of see it as a big opportunity 'cause we're obviously a SaaS business on a revenue share. You know, the more features we produce, the better quality product we give the client, that gives them the ability to compete stronger and therefore, hopefully generate more revenue, and then us to generate more revenue. I think it's sort of a win-win. I definitely, I mean, it's still very early days, but we're definitely not seeing any sort of pricing pressure, if that's what you're saying, in terms of renewals or new sort of business development. Great, thanks. The next question really is focused on the capital raise that you guys did in the second half of last year. Just the question is focused on whether, and this is probably for you, Phil, is whether this gives you greater flexibility with negotiating different partnership arrangements? Yeah, absolutely, it does, and I'm sure Richard will pitch in afterwards as well. But yeah, we've seen, you know, historically, and I think we've actually talked about this historically, like the need to have a very strong balance sheet, to go into some of these partnerships, to capture a greater share of the economics. It's not only that, but, you know, say, for example, if you look at, like, lotteries, for example, they want, you know, a really strong balance sheet. You know, maybe they will look at all of these things. This gives us the ability to go after much larger customers, tier 1 customers, and not only that, but if we want to invest in partnerships, we also have that flexibility as well. You know, a few opportunities that came along in 2025 that we weren't able to take advantage of because we didn't have that flexibility with the balance sheet, with our cash position, and that will then allow us to be partners with these very, very key players in the market, and therefore share greater, you know, greater share of economics back to us and generate more revenue for us in the long run. If you wanted to add anything? No, I think, you know, we've touched on this subject, I think in our last results. I mean, it gives us optionality. We, we discussed last time that during 2025, we got approached with certain big operators who wanted us to potentially put some capital into projects, which would have been very meaningful. We didn't have the capital at the time, and I think obviously also, Phil just touched on, I think when you're starting to partner with much bigger operators, they are increasingly looking at your balance sheet, the strength of your business, and so it just gives more confidence as well. You know, Phil also touched on the lotteries. Again, you know, the lotteries, will want to see the balance sheet, and, you know, these are long-term contracts, you know, 5 to 10 years. I think it just gives us that optionality to be able to close those deals. Then, on the sort of strategic sort of M&A and investments, I think, you know, these are around sometimes making small sort of, capital investments. To, for us to get a big share of sort of, you know, a future project where we would be capturing the SaaS revenue, and then also sharing in the sort of, you know, equity upside. Which would, we believe, create very material shareholder value for GiG. We haven't done anything yet, we're still looking, hopefully, that sort of gives you some sort of background about, what we're looking at there. Great. Just another focus question focused on cash is that you guys said that there was going to be a target of cash flow positive by the half of this or the middle of this year. Just want to know how you see the mechanics of that coming together and what's driving that in this first six months? It's gonna be driven by two things, really. I mean, one of them is gonna be the cost efficiency, as we talked about. That's gonna drop straight through to cash generation, and those changes have already been made in the business. We're starting to see that flow through already, and it will be realized during Q2 to a maximum extent. That's gonna be one part of it. The second part of it is gonna be, you know, the customers that we launched at the end of 2025 that are gonna be generating cash in 2026. It's gonna be the launches that we are doing in the first half of the year as well. If you look at the revenue growth, less the cost we're taking out, that is where you're getting this dropping all the way through to cash flow. It should, you know, for us, that is an absolute key metric for us. By the end of June, underlying cash flow positive, I mean, for sure, there'll be working capital movements that you can't always foresee. When we strip it out, that's what we're looking at as a key metric for us, and that's what, you know, myself, Richard, the rest of the management team are fully focused on. You know, it's cost optimization, but also driving the top-line growth, which is dropping through then into operational cash generation. Great. That leads us to the next question really, which is about revenue growth and what the key drivers you see pushing that up in 2026. Yeah, I mean, revenue growth is gonna come both from existing operators and from our new launches. You've got the full years of 2025 launches. You know, we launched 16 during the year, so we got the full year realization of the revenue from those. On top of that, you've got the 2026 launches they're gonna be driving rev, meaningful revenue contribution throughout the year of 2026. We expect our existing customers to grow as well. We expect existing customers not only to grow but also to go into new markets, and look at, you know, potentially taking our sportsbook, for example. We're seeing a strong pipeline generation. You know, Richard touched on earlier that we signed with Jupiter Gaming, for example, to launch this year. There's a lot of exciting momentum. There's quite a few growth pillars that are in there. You know, there's existing customers, there's 25 launches, 2026 launches, new markets for existing customers. All of that put together gives us really good visibility over the year, and those are the key revenue drivers we're looking for for 2026 and beyond. That's great. Let's just focus a little bit on one of the partners that you did sign. Like you said, you just announced this week, that new partnership. Just wanted to get some more details on that. Maybe, Richard, you can highlight, some of that. Yeah, I mean, sure. Jupiter Gaming is a business that has run a multi-brand strategy, incredibly successful team, highly skilled in marketing. They've run this sort of multi-brand strategy for many, many years. They've used other platforms as well. We're very, very excited to partner with these guys. We think it offers a very significant opportunity for us. They'll be looking to migrate their brands over to our CoreX platform. They'll also be looking to launch new brands. Yeah, we're very excited, and we're very hopeful that once we've launched in the UK, they'll also be looking to grow into some of our other European markets. We're very, very optimistic about this client. Great. Next question is, diving into a little bit of detail for you, Phil. This is on, non-recurring revenues, and, just a question on exactly how that got built up or the change in it. Yeah, absolutely. I mean, there's a few different components within that. We charge set-up fees, for example, as non-recurring revenues, so that forms quite a part of it. You've also got, as I was talking about before, there are some customers we had during 2025 that decided not to launch in specific markets, because we've got very strong contractual agreements underpinning our relationships, they then had to pay to terminate the contract, for example. Those are really the key drivers within non-recurring revenue. This is something, you know, we talked about with, you know, closing the gap between ARR and revenue growth. For us, as we mature as a business, you know, Richard mentioned, you know, that we've only been going on our own for, you know, just over a year and a bit now. As we mature in a business, we want to dial back, you know, the setup fees but actually create better partnerships with our key customers, and less reliant on non-recurring revenue. You know, whilst it's a component, you will see it becoming an ever-decreasing component in our business as our ARR grows, and we're then less reliant on that top bit. That's what comprises it in 2025. Great. Next question focuses on, one of the, cost-saving benefits that, you guys have highlighted, which is the migration of Alira onto CoreX. You talked about this before. Just want to get an update on the progress you guys are making and whether, we're getting more commitments from customers for the migrations. Yeah, I'll tell you that. I mean, yes, I think, in terms of where we stand today, the majority of the customers have agreed to migrate. Actually, what we're finding is some of the customers that we didn't expect to migrate are actually now looking to migrate. I think probably by the time we come back, in May to talk about Q1, I think hopefully we'll have a more positive narrative and story around the Spanish Alira clients. I think the most sort of promising aspect of this migration is just recently, in Barcelona, ICE, meeting with our Spanish clients. They're now talking about adding new brands. One client recently assigned to take our sports product and also to launch a new brand. Those conversations are ongoing with a lot of our big clients, and they're also now talking about potentially going into overseas markets. I think that just gives you a flavor of moving from Alira legacy platform onto the new CoreX platform. It's just building more confidence with our clients, and, you know, we've highlighted Spain today because we think that there is a real big opportunity here to not only increase our market share in Spain and drive that business, but also, I think we'll start to see our Spanish clients looking to expand with us outside of Spain. Now that's more of a 2027 story, but it's sort of a very, very exciting new developments within the business. Great. Just on that, there's a question here, focus on the sales pipeline. I guess they're looking for just a bit more detail on what you expect to be driving it and how it's looking compared to the previous year in terms of the outlook for this. Yeah, I think if you look at our pipeline now, over the last six months, we've definitely started to focus on bigger clients. You know, I just spoke about Jupiter Gaming. We think that's a big opportunity, that will be one of our biggest clients, undoubtedly, pretty quickly. I'm very excited about near term. We're very close to some other deals, hopefully will close in the next few weeks. I think in terms of where we stand today, we're very excited about the current pipeline. Yeah, we're really optimistic about as we go through this year, the quality of the customers we're now targeting and looking to sign, which we think will have a much bigger, more instant impact on the business. Yeah, so far so good in terms of the pipeline for 2026. That's great. On a topic that hasn't been discussed, just yet, is on acquisitions. I think, people are looking for just some sort of update on what sort of areas you're looking into in terms of technologies and markets. At the moment, we're not sort of looking at acquisitions. We're just really focused on our day job of just obviously driving the business forward. We have a separate committee that are looking at certain investments, but we're certainly not looking at acquisitions as of now. There are lots of small, little sort of investment opportunities, some bigger, and they will be predominantly, the focus will be on complementary technologies or products, and also geographically looking to complement our current sort of geographic makeup. I think we'll probably be in a position in May to give a little bit more detail about that, but at the moment, I think it's still sort of baby steps, and we're still very much in the early days of that. Great. Next question's on guidance. Looking for a bit of detail on how conservative or what risks there are in the guidance. Questions around, are there any single contracts or dependence on a certain contract coming through? Maybe how much growth is assumed in the existing clients to reach your guidance. That's trying to get a feel for what drive- Yeah, I'll take this. Yeah. I think, if you look at the presentation, I think, we've been very transparent about the makeup of this year and where the growth is coming from. If you just go through the sort of building blocks I talked about in my presentation, in terms of where we are, in terms of signings for 2026. I think we've got roughly around 90% probably higher than that, actually, now, if you include Jupiter Gaming, depending on when they launch this year. If they launch sort of, you know, around the half year, we're probably, you know, 92%, 93% in terms of what we sign this year. I would say the big delta is gonna be around timing on launches. If we miss out slightly on launches and they get delayed for whatever reason, and there are lots of reasons, then that would sort of suggest we're gonna be at the bottom of the range. If we are on time, then we'll be sort of in the middle of the range. To get to the top end of the range, you'd expect, 'cause the assumptions we're making are predominantly around minimum fees. Once clients start to get through the minimum fees and start to ramp up, which is very difficult for us to predict, and that will then sort of drive you to sort of the top of the range. I think, yeah, the real outcome of this year is around timing on client launches and just how quickly our 2025 and then the early 2026 launches ramp up. That's gonna be the sort of the key deltas. Great. Last question here, and one focused, somewhat on the share price. The shares are very attractively valued right now, and the question really is around what catalysts or milestones do you see driving a re-rating of the stock? Well, I think there are a couple of things, clearly. I think cash flow positivity, I think that's obviously a key metric for us. I think, you know, once we get to cash flow sort of positivity, I think the whole investment case is sort of discounted. I think that's the real key sort of metric, and then it's a case of, you know, we announced Jupiter Gaming is sort of onboarding them and ramping them up and getting them to deliver. I think it's a case of, you know, delivering the clients this year, launching them on time, hitting the numbers, and then getting to that sort of cash flow breakeven. I think, you know, if we do that, then I think, you know, the rest will take care of itself. That's great. Bob, thank you very much indeed for taking. Thank you. T hrough the Q&A. Thank you to everybody for your engagement. If there are any further questions, we'll make those available to you post today's call. Richard, Phil, I know investor feedback will be particularly important to you both. I'll shortly redirect those on the call to give you their feedback. Perhaps, Richard, just a couple of closing comments, and then I'll send investors for feedback. Yes, I'd just like to thank everybody for joining us this morning, and I'd just like to say a big thank you to all the GiG employees for going above and beyond in 2025, and we're really looking forward to updating you on our Q1 progress in May. Thank you for listening this morning and joining us. That's great. Richard, Phil, Bob, thank you once again for updating investors. I please ask investors not to close this session, as we'll now redirect you for your feedback. On behalf of the management team at GiG Software, we'd like to thank you for attending today's presentation. Good morning to you all.