Ladies and gentlemen, would you please make your way into the auditorium? Our program will begin in approximately 9 minutes. Ladies and gentlemen, would you please make your way into the auditorium? Our program will begin in 9 minutes. Ladies and gentlemen, would you please take your seats? Our program will begin in approximately 5 minutes. Would you also take this opportunity, please, for courtesy to our presenters, to silence your mobile devices. Our program will begin in 5 minutes. Data alone doesn't cut it, but data with the right context and insight, that's powerful. Octave transforms data and intelligence into decisions and action. With solutions tuned to solve challenges of any scope at any scale across the world's most essential industries, from factory floors to entire cities, from critical incidents to ongoing operations, Octave sharpens performance, elevates efficiency, optimizes impact. 45 countries, over 7,000 employees, 14,000 customers, decades of expertise, all working in concert to scale up possibilities and deliver the resilience needed to build a more unbreakable world. With Octave, every step is an opportunity. With insights sharp enough to cut through the noise, give customers an edge, and unleash intelligence at scale. Ladies and gentlemen, please welcome the Vice President of Investor Relations, Elizabeth Chwalk. Good morning, everyone. Thank you for joining us today. My name's Elizabeth Chwalk. I lead our investor relations here at Octave, and we are excited to be hosting you for our first investor day. We have a great agenda ahead. Mattias Stenberg, our CEO, will kick us off with an introduction to Octave. Jay Allardyce, our Chief Product Officer, will then take you inside the platform and product strategy, including a customer example from Mladen Stojic. We'll take a short break at 10:15 A.M. When we come back at 10:30 A.M., Tamara Adams, our Chief Revenue Officer, will walk you through our go-to-market strategy. Ben Maslen, our CFO, will follow with our business model and financial details. Mattias will then close with a few final remarks before we open it up for Q&A with the full leadership team on stage. Before we get started, I have a few things to share, so bear with me. First, the certain statements we make during this presentation may constitute forward-looking statements that are subject to risks, uncertainties and other factors as discussed further in Octave's filings with the SEC, including the Form 10. Actual results could differ materially from our historical results or our forecasts. We assume no responsibility to update these forward-looking statements other than as required by law. Second, during this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures are available in Octave's Form 10 filed with the SEC, as well as the appendix to today's slide deck. Third, today's event is being webcast live and recorded. The slide deck, along with a recording of today's presentation, will be available on our website after the conclusion of today's event. With that, I'm thrilled to introduce and welcome to stage our CEO, Mattias Stenberg. Thank you. Thank you. Thank you very much, Elizabeth, and welcome to all of you. Good to see so many people here and welcome to the people online as well. I know there are a lot of people watching online, so hope you can follow along as well. I'm super excited to be here with my team to introduce you to Octave. I'm sure some of you have maybe followed Hexagon for a long time and may know some about the company, and some are probably more new to the story. I will do my best to introduce you to the company and tell you why I think this is a fantastic opportunity. Maybe a few words about me and my background to give you some context. I've been with Hexagon for 17 years. I started there in 2009. I've done a bunch of different jobs there. I ran strategy and M&A for about 7-8 years. You could say I was clearly part of building the company that is Octave today. I also ran the ALI division, which is kind of the biggest part of Octave today. It represents roughly 60%-65% of Octave. I ran that for 8 years. I wanna say it's been great. I'm very proud of the journey we've had at Hexagon. It's a fantastic company. Certainly a very different company when I started. I think it has doubled and doubled again in terms of revenue and profit. It's been a good journey, but I'm honestly even more excited to be here and to get the chance and opportunity to lead Octave. That's the agenda today, lay out the strategy and the plans for Octave. All right. Before I go into the detail of our strategy and our customers and so on, I thought we could kick off with some basic numbers to give you the context. We generated roughly $1.6 billion of revenue last year. Roughly $1.1 billion of that was ARR or recurring revenue. If you do the math on that's roughly 66%. If you look at our customers, one key thing to understand about the company is that it's some of the biggest companies in the world that are our customers. Roughly 60% of the global Fortune 500 is on our customer list. This means that these are mission-critical industries, assets, infrastructure. It's the big companies in the world. They are important for society, for the world, and hence we are important. It said in the video there, I noticed, that we have 14,000 customers. That is true, but if you cap it at customers over 10,000 in ARR, the number we focus on is the 4,500 customers. We have a long tail of smaller customers in our Bricsys business. Okay. Another key metric of our business is our retention. It's very high. It's a very sticky business. We have about 97% GRR if you look at those 4,500 customers. We have about 105% NRR, which is a good number, but it's also a number that we want to drive north, and that is something we will talk more about later today. We have roughly 7,200 employees around the world in about 45 countries, so it's truly a global business, well-diversified around the globe. We are also a growing and a profitable business. If you look at our ARR CAGR the last three years, it's been 8%. Also a number that we want to drive north, but I think it's a good starting point. Like I said, we are a profitable business, right? We generated 31% adjusted operating margin last year, and Ben will dig into more on the details about that later. It's also a very cash generative business. We generate roughly around 20% free cash flow margin. Okay. Let's take a look at our customers, and we divide our customers, to simplify it, into three groups. The first group is the people who build the world. You see some names here like Bechtel, Fluor, Worley, Jacobs, Wood, Skanska, Vinci. I mean, these are the companies that truly build the world. Nuclear power stations, desalination plants, data centers, pipelines, big, complicated infrastructure. In those environments, there is no margin for error. When these systems fail, they don't fail quietly. The shock waves are immediate and global. To simplify it, you could say these are the companies who cannot afford to be wrong. The other big customer group is what we call the owner-operators, so companies like Shell, Exxon, Kimberly-Clark, Bayer, BASF, Pfizer, NVIDIA, Tetra Pak, the list goes on. These are the companies that own and operate these assets for decades. Think refineries, distribution centers, water systems, research facilities. Could really be any asset you can think of as long as it's usually big and it's complicated. I mean, why we are key to these customers is because we are truly the backbone of their engineering, the system of record, if you like. The key question, though, that we're gonna talk about in this presentation today: Do these owner-operators get the data, the context, the digital twin handed over to them after the design and the build phase? In most cases, the answer is no. In that handoff, the context dies, right? When context dies, that is when risk appears and compounds. If you look at our third customer group, you have to think about major cities. Our software is installed in most of the major cities around the world, Hong Kong, Copenhagen, New York, Boston, Washington, London. You can also think about national power grids, and you can think about big events like a presidential election or the Olympics. Our software protects the people, the emergency services, critical infrastructure, really provide a situational awareness around the situation, giving live updates, dispatching the right type of personnel and answer to a situation. If you look at this on a global scale, we say that our software protects one in eight people in the world, so roughly a billion people. Since we're here today in New York, we can say we're protecting all of you in this room and the whole city because the New York Police is one of our big customers. Okay. You just saw three types of customers in three very different worlds, all critical, all complex, right? They're all connected by one life cycle. The facility is designed in one workflow, it's built in another, operated for decades in a third, and protected throughout. The problem that I'm gonna be discussing today is that these industries, they did not evolve as one system. They evolved as four. We talk about design, build, operate, and protect. Each one optimized independently, and the intelligence created in one phase rarely carries over to the next. That is costing these customers in ways most of them, frankly, cannot even measure. Over the next four years, more than $24 trillion will be deployed into industrial systems. Out of that, roughly $1.2 trillion will be spent on software and digital transformation. Yet the results are not there. Studies show that roughly 70% of digital transformation initiatives fail, or at least don't give the full value expected. Only 8.5% of capital projects meet their cost and schedule targets, and less than 1% of these projects achieve all the promised benefits. What's the takeaway from all of those numbers? I mean, to me it is the world is not short on capital, it's not short on technology, but it is short on results. Why is that? Well, it's kind of like I've alluded to, right? This industry, or these industries I should say, has been built in four separate workflows, no shared context. Each one improved, each one powerful. Companies have optimized design, they've optimized build, they've optimized operate, but it's disconnected. As a result, 96% of engineering and construction data goes unused. The system has no memory, the same mistakes are repeated, the same risks are rediscovered, and the same costs are locked in time over time again. If you want to simplify it, you could say intelligence is created everywhere, but it's connected nowhere. What happens when context doesn't carry forward? Well, the cost escalates and the risk escalates. Actually, let me try to give you a real example. Let's say you have a piping specification error in a design of a chemical plant. You're still in the design phase, so you can fix that. Maybe that's an hour of work. Let's say it goes into construction, right? Now it becomes a procurement error. You might have to, you know, take out the whole line, right? Cut it out, replace. Now we're talking hundreds of thousands of dollars. Let's say it's missed in construction as well, right? You build this into the facility. Now it's not just a dollar problem, it's a safety problem, right? The worst case, people get injured or die. One error, same error, right? The only difference in the cost here is the earlier you detect it. Okay. How do we fix this, right? This can't be the end game. How do you fix a structural problem? Not with better point solutions, right? That's already been tried. That's already been built. Every workflow in this design, build, operate, protect today has good software. That's not the problem. What's missing is the connection. Since these assets need to operate as one system, the software that manages them needs to operate as one system as well, which is why we believe this market is converging to one system of record. A system where every system decision is informed by what came before and what improves on what comes next. That is what we mean when we say lifecycle intelligence. To my knowledge at least, Octave is the only company that has such a platform. Because if we take a look at what competition does, there are many competitors, many point solution providers. Like I said, each of those solutions works. They solve a real problem, but they were never designed to work as one system. So what happens there? A 3-D model lives and dies in one department. Construction starts in a separate system. You have to re-key information. Operations begin with no memory, and safety tools arrive with no knowledge of the asset. Four vendors, four databases, essentially four versions of the truth. If you compare that to what we do here at Octave, it's very different, right? The design, the digital twin is born. We carry that through the life cycle, constantly updating it. You make a change in one system, it ripples through the others. I'll describe this a bit more on the next slide. 'Cause if you look at our platform, this is not point solutions or disconnected products. Our customers, they usually start in the design. They simulate hundreds or maybe even thousand different ways of building an asset. They come up with the most optimal design, they decide on that, and then this digital twin, this design gets handed over in work packages to the different EPCs or construction companies, right, and suppliers that are building this facility or asset. They keep this constantly updated, right? If you make a change in the design, it changes your schedule, your cost, suppliers, materials, all of this connected, right? Once they've done building this facility or asset, they hand it over to an owner operator, they now have a real live digital twin. Why do they want that? Well, they wanna do asset performance, right? Predictive maintenance, optimizations, quality assurance. It doesn't stop there because once an asset is live, they make tens of thousands of changes to them every year, right? You have to think about these assets, many of them are like mini cities, right? They are huge assets we're talking about. Okay. Finally, of course, they wanna protect them. I don't think I have to mention, you know, what we see in the world going on, right? I mean, everybody's interested in having a three-sixty live view of their asset. Okay. All of this also is supported by a data backbone, a platform, if you like, where we provide an integration layer so that the customer doesn't necessarily need to know which product they are in, right? It's supported by one backbone. On top of that, we are right now building an agentic layer that we call Octave Aria. This is still in the beta mode in the R&D department, so I won't steal Jay Allardyce, our CPO. He will come out later and talk about what we're doing here. The final thing I'll say, this, we're not building a closed system here. We work with all the cloud and hyperscalers. We can connect to any competitor, any peer, any in-house system the customer might have. Doesn't matter, we can connect all of this to our system. Okay, that's the platform. That's what we do. What about the market? These are some numbers from the kinda big research companies like Gartner, IDC, McKinsey. They estimate that this market is today worth roughly $28 billion. They also estimate that it's gonna grow to about $40 billion till 2029. The reason why they believe that is because of these structural growth drivers you see on the slide here. A couple of the big ones, in my opinion, is the growing need for energy. It's very clear to me with the investments in data centers and things like that. Digital transformation in itself, it is a buzzword. It has been around for a long time, but it's still very early in this journey. Regulation is certainly a driver. I would say general modernization of public safety and infrastructure. Of course, AI. I mean, AI does not shrink this market, it expands it. I'll get back to the AI topic in a minute. If you do the math theoretically on this market, and let's say we win one percentage point of market share, that would be worth roughly $280 million in ARR. It's a big opportunity. It's a big market. Who are we in this market? Well, we are in fact the recognized gold standard in this market. You can see from the screen here, we have more than 35 different industry awards from the most respected analyst firms in our space, Gartner, IDC, ARC, Verdantix, and so on. It's not for one or two products, it is truly for the entire platform as you can see. Okay. I said I was gonna get back to AI, so I'm gonna say three things about AI. I get this question in every investor meeting, so I thought I might as well address it. I mean, the first thing I wanna say is back to the mission criticality, right? You have seen what our customers do. They build nuclear power plants, like protect entire cities. They don't need probabilistic outcomes. They need deterministic outcomes, right? You cannot tell an operator that it's a 90% chance this valve is safe, right? It's not good enough. To me, we have a big head start. We already sit on this data, right? We are the backbone of their engineering, it's our job to put AI on top of that. I see it as a great opportunity. The second point I wanna make is we sit on decades of this data, right, of context. Everything from engineering data, operational data, live data, like all of this, we sit on. I think one common misconception is that customers are looking to cut the software cost. I mean, it's not what I see at least. I mean, we are a tiny fraction of the cost of one of these customers, right? Their big cost in the P&L is the project, right? How do they make their project, their asset 1% more efficient? That could save them $hundreds of millions, right? It's not about looking at the software spend. I think we have a great position. The final thing I'll say, I'm super excited about AI. We're using it internally a lot, and Jay will talk about this a little bit later. We have around 2,500 developers, and it's frankly super exciting to see the productivity that we've started to gain here, I would say really within the last year it's dramatically improved. Not to reduce the head count, that's important to say. We believe we can shift money from, let's say, maintenance, bug fixing, documentation, stuff like that, into innovation to really dramatically improve our innovation, improve our competitiveness, and ultimately, of course, change our growth trajectory. Okay. Sounds all good, hopefully. How does this work in practice, you might ask? Let me show you a few examples of some real customers. The first one I wanna talk about is one of the world's largest oil and gas producers located in the Middle East. This is, or actually, the biggest deal we have ever won. We announced this in the third quarter last year. We say it's in the very high $ tens of millions. To give you, maybe start with why did we win this? Well, this customer wanted to digitalize all of their assets. Not one, right? All of them. To give you an indication of the size, their biggest facility is the size of 50 Disneylands. Right? When you think of a plant, right, it's not a mini city, right? Big customer. Again, why did we win? Well, we were the only ones that could provide a connected system from A to Z, which is what they wanted. Other than the revenue itself, why is this interesting? Well, because when one of these big owner-operators standardizes on our technology, that sends ripple effects into the industry because EPCs, construction companies, suppliers, they get, let's say, very incentivized to get on our platform, right, if they wanna work with these big owner-operators. It's a great win and a great story. The second example I'm gonna show you is very different. We also work with Formula One. We're a technology partner to the Visa Cash App RB Formula One Team, and you might think, okay, you put a logo on a car, so what? That is not what we're doing. Well, we are doing that, but that's not the point of it. We are truly a technology partner to them. You might think of Formula One as a sport. To me, it is 11 technology companies competing, right? Every two weekends, let's say, they test the absolute limit of engineering, manufacturing, and logistics. They go to 24 different cities. It's basically a lift-and-shift traveling circus, right? You can imagine the parts, the logistics. Something breaks on Friday. It's analyzed, shipped, you know, manufactured, back on the track Saturday, right? It's a very impressive operation. What do they use from us then? Well, they use our EAM, our asset management system to manage all the different parts and assets, and they use our quality management software in their quality process. It's not just a sponsorship, it is truly a partnership. The last example I wanna show you is our software on the biggest stage with the biggest crowds, right? No? At the 2025 presidential inauguration, our technology was deployed across 7 agencies, 11 operation centers around the District of Columbia. Local police, federal agencies, military, all sharing real-time information in a single platform. Our customer here was Washington's Office of Unified Communications. They actually won something called the APCO Technology Award for this installation, which is, as far as I understand it, kind of the greatest honor you can get in public safety. The cool thing about that is that another customer, potential customer, Arlington County, home to the Pentagon and the Reagan National Airport, they saw this installation and got very impressed. Now earlier, well, say late last year, they went live on the platform as well. To me, that's an example of we win one, the neighbor, the region sees it, and we expand that way. I've shown you the life cycle. I've shown you what happens when context connects across it. You have seen it working in energy, in Formula One, and in public safety. Now I want to show you some numbers. That's why you're really here, right? Let's do that. Because the deeper a customer goes into this life cycle, the more valuable obviously the data, the context, or platform becomes. I think that's very clear when I show you the economics as well, that this is not really a growth strategy, it's more a structural outcome of how we operate. If we start with this one, if you look at this chart, this is our retention split by customer size. You can see here, the larger the customer, the higher the retention. Among our largest customers, the one over $1 million in ARR, we have a gross retention of 99%. That's a pretty impressive number, right? If you think about those kind of large enterprises, they have whole departments, procurement teams, their job is to find alternatives, right? Yet they stay every year. Why? Why is that? Obviously because we are critical to them. You look at our smallest tier, under $250,000, our retention is 92%, right? The base is very stable, and it is growing. If you look at our average ARR, recurring revenue, it's gone from $214,000 to $250,000 over the last few years. The most interesting point on this slide is if you look at the difference between a customer who has one workflow versus two, versus three or more, right? If they're only in design, or if they're in design and build and so on, you can see if they're in one workflow, the average ARR is $150,000. At two workflows, it's a little more than $500,000, and at three workflows, it's slightly over $2 million. That's a 15x multiplier. The follow-up question I usually get from that is, "Okay, how many customers are on one versus two versus three," right? And the answers to that is that 14% of our customers are on more than one workflow. 14. Those 14% represent almost half our ARR. What's the conclusion from that? We have an 86% runway, right? We can get more percent of the customers adopting more workflow. We have a huge growth engine sitting in our installed base. That's the point I wanna make. We also, of course, wanna have new customers, so let's look at that. What does that look like if you look at the front door? We won 400 new customers last year, so pretty decent number. What's also good is if you look at the average size at landing, if we look two years ago, that number was 71,000 for a new customer. Last year, it was 85,000. We managed to sell bigger from the start. The other good news is that if we look at those customers two years ago, on average, they are 40% bigger today. They land, and they grow. What does this mean if you sum this up? This becomes harder and harder for anybody to displace every year, right? Switching costs increase, more workflows deployed, and a larger ARR base to expand from. Okay. Why now, you might ask? Why is now the time for Octave to stand alone? Well, I would say everything I just showed you more or less was built inside Hexagon in siloed divisions. Now, we're gonna do this with one team, one P&L, one roadmap, all R&D focused on this life cycle. To me, the question is not whether the model works. The question is, what will it produce when we focus and point everything in the same direction? To summarize kind of the investment highlights for you guys, the market is large, it is growing roughly at 10% CAGR. We have a very solid installed base with low churn. Our recurring revenue keeps expanding. It was roughly 58% four years ago, today 66%, and Ben will talk later about what our target is for the next coming years. But yeah, it is definitely higher than 66%. Right, Ben? Yeah. Good. AI is not a threat. It's an amplifier. It expands our TAM. It's a good thing. Like I showed you, in our industries, we are the recognized market leader. Finally, like I said, I think the independence gives us focus and lets everybody unite under one mission and one goal. Right. With that, I'm gonna invite my team here on the stage soon, or start with Jay. What these guys are gonna do is basically lay out the proof for the vision and strategy that I've hopefully given you here. Jay is gonna show you how this works inside the product, inside the platform. Tammy will come up after the break and show you the go-to-market engine and more data on the sales. Finally, Ben will come and wrap this up into a financial model. With that, thank you very much, and welcome, Jay. I'm back. I gave it to her. Yeah. Thank you, Mattias. How's everyone doing? Good. All right. As Mattias mentioned, my name is Jay Allardice. I have the privilege of being the Chief Product Officer for Octave. I will go into the product here shortly. But a little bit about myself, as I've been now seven months into Octave. Been 25 years in technology, started as an SAP basis developer in HP, and over the years, eventually became Vice President and Chief Operating Officer of HP Software, which is a $4 billion software portfolio, not so much unlike Octave, with innovation and acquisitions, and helped to transform that portfolio, which was a large contribution to HP at the time. Left that and went to GE. I was recruited, and it was partly because I got a spark doing some work in HP Labs about real-time energy management within data centers. How do you look at hot aisle, cold aisle containment and the way things worked? I said, "You know what? Where can I go learn?" This is all during the carbon credit days and trying to understand sustainability. Is there a market there? I went to GE to understand the industrial landscape and helped to build one of the most successful businesses in power and water, specifically as their digital business, and then had a short stint as the CMO and CPO of GE Digital before recruited to Uptake. That's not on this list. I say that as they have an intent to be acquired by Bosch, so a big congratulations to that team. I further spent time at Alphabet in the Google Cloud division, with a pure focus that either you're building infrastructure for AI, you're building AI-native applications, or you're helping companies reimagine their applications using AI. In that leading solution engineering, worked deeply with C3 AI and with Palantir to go into vertical markets, very similar to some of the aspects of where Octave is today. Last but not least, smaller company, but I think it's relevant for this closure for myself, is a company called GenAI Works. We realized during AI, this entire hype, it is about technology, but much more it is about a cultural shift, a mindset shift. It is here to stay. It's a mission-based company helping people to discover, learn, and grow through all things AI. That is our biggest opportunity. You may ask, "Why Octave?" It's very simple in my mind: to make Octave a household name. You heard Mattias talk about exactly what we do for our customers, but more broadly for society. Everything you and I touch that we depend on, in many ways sometimes take for granted, Octave has helped to power, and I think there's the greatest opportunity to bring the next generation of innovators and engineers, first principles plus data, to come work in one of the coolest industries for decades to come. You heard Mattias talk about this notion that we have a structural failure. Information is not flowing throughout a life cycle. The context is broken. I wanna really make this very clear. This inflection point is not a marketing slide. This is a point right now of a market that is being reimagined, and I've seen these patterns, and I'm grateful to be a part of this. To illustrate it, first up is this productivity illusion. Every company has bought technologies, SaaS solutions, what have you. These point solutions derive specific value, but they lack the context of how a business runs. That has forced every organization to take investment and become an IT organization to rethink how their workflows work. That's a challenge. Second to that is the demographic. Our parents, our grandparents, friends, colleagues, many who are in this great industry that we support are retiring. That tacit knowledge is walking out the door. That context is leaving us, and at the same time, we don't have as many people coming in. There's over 300,000 unfilled jobs just in construction alone. How do we encourage this next generation to be data first and really working in an industry we care about? Last should be no surprise to anybody is AI. This is not a fad. This is not a "this will too pass." This is foundational. We are absolutely creating a plateau in the market across all industries that we see that is gonna allow companies to reimagine the way they work, not simply plug in yet another technology in their stack. I wanna paint this picture 'cause we are in the great city of New York, and many of you came here by plane, trains, bus, automobile, maybe took a Lime scooter. I appreciate you are here listening to us and sharing this passion and vision that we have, but I'm sure you passed across a lot of that infrastructure and took it for granted that it's just there. Right? You might think, in many ways, these are just disconnected assets or silos or systems as companies and that as how they work. Mattias talked about the orchestration of how the city has a heartbeat, how NYPD is supporting us, that is managing the safety for all of you and I to go from this event to get back home to our loved ones. Let's just dig a bit deeper to understand context-wise how we think about this. First up are our builders. As you are designing these great assets, be it a building, a roadway, transportation, LNG plant, the mere fact, as Mattias said, we're going through a significant amount of design changes, and it's great to be able to do that up front to avoid that cost variation that goes downstream. There's a tremendous amount of information going into this, and every change is cost. But the cost of getting this wrong is catastrophic. We sit here in a building on the second floor, which is 25 floors above us, knowing that is safe, structural, and secure. That's context. It's understanding something with grounding. As that design is finished, it goes into a much more complex phase. Every builder has to deal with materials, labor, timeline, all things that are significant to their schedule, their costs, and how they run. All those signals will have variations, but we don't wanna have to spend time trying to assemble this project over project. That complexity and that data continues and compounds. Third, it's much like taking the keys to a new house or an apartment. You have that digital twin. You have that design. You have all the information of how that was actually built. From first-day commissioning into perpetuity, you can run this with confidence. Their world's very different. It's situational. Events happen, so you have to react, you have to manage. Last, but certainly not least, is how we protect it, whether that is through surveillance, supported information, incidents, public safety. Can't hear it right now, but as said, NYPD is using our capabilities to help keep us all safe. It keeps the heartbeat of this city running, and it can be any city globally. The reality is this inflection point, in my view, is unlocking an entirely new market. If you think about these data silos in an enterprise, and we all do 'cause we live in companies where it's hard to share information 'cause you're in different departments, think of the same way as an Octave city, of how assets and systems and people and how they operate, and how we can be far more efficient to redefine a life cycle of how to work. You've seen this before. We're gonna dive a lot deeper into this. Our portfolio. It first starts with applications from the design, build, operate, protect, the continuity, the consistency of being able to take information all the way through this life cycle and enter it at any point and be able to have that consistency. Why this is unique and why Octave has a leading position is when you start with applications, you are embedded in the workflow that your customers care about. You're in the business that they run. Now, the opportunity for us is building out the platform that is in support, because that drives not only new context for existing customers, as Mattias talked about, but it also allows us to go after new customers. It allows us to rewire or rethink the way the business processes work, and that is the fundamental problem and opportunity we have with AI today. We'll go into this here in a deeper view. But before I do, as a product leader, if I and our team from product and R&D are not sitting here thinking about who we serve daily, we should think about that twice. These are our heroes, our builders, our operators, and I'll call them our guardians, our public safety leaders. We have to think day in and day out of how we make their jobs and their lives easier, not how they become IT professionals. First up, let's dive into the builders, EPCs. They live in a project life cycle time and time again. They're trying to optimize this. They're optimizing for margin, project delivery, and ensuring that they can manage this time and time again and bring that tacit knowledge for every project they do globally. I wanna illustrate it with Fluor, a very large EPC, one of our customers, that has worked globally across multiple programs, and being able to manage multiple construction efforts. How do they think about this in this life cycle? From a design basis, construction through to sustaining engineering. But as you can see, they have some challenges. Every project is managed in a margin window, some greater, some less, depending on the company. The backlog is important. If you think about this for an average EPC between $10 billion and $50 billion, if you add up every construction company out there, this equates to well over $1 trillion. There's one other great market right now that we all know that is over $1 trillion in backlog, somewhere around maybe $1.4 trillion, I believe, and that is AI. The market is healthy, the backlog is there, our customers are thriving, but more importantly, we're embedded to support them. You bring this all together, I wanna dig into a couple areas so you understand just how our solutions drive this impact. I'll first start with detailed engineering design. This is our heritage. This is the bedrock of Octave. We invented this space. From 2D to 3D drawings, bringing all things that would make the structural integrity of the design of this building to be precise, accurate to standard code, and doing it in a way that drives simplicity, and more importantly, drives greater productivity and value for the engineers that all work to deliver that. What's great through all this, it has a viewpoint of being the basis of the start of that digital twin, and knowing how these capabilities and disciplines come together. Every one of our EPCs, as we work with them, we're constantly trying to optimize how this can get better and better using AI, both in 3D rendering as well as geospatial analysis. That all helps to the support of these capabilities going forward. Second up is materials management. We talk about this notion of, you know, time on tool. We want people to spend more time working on the project versus spending more time finding the material that they have. Two great things about this, one of which is the material management, where it's right part, right labor tying to the schedule, so you can optimize that cost, which is the biggest cost object for any EPC out there. The second is the reference ability. We manage a reference library that every EPC uses to manage their procurement, supplier, vendors, codes, information. It is an industry standard for which as well the industry adopts. You can think about this as a very large and powerful way for us to manage the most costly input from supply shocks and variations, material densities, all these things that change that ultimately tie back into how a design might change. We bring that together in true system of action. Tia's talked about system of records, but really when you think of what companies care about is, can I act upon something? Not, did I archive it, but can I act on it and make it valuable for what I do today in support of my customers? That is engineering information management. This is category leadership in a way that brings together the efficacy of that design, the construction material to a true digital twin, and constantly maintaining that so that you know what you've built, how you've built, and how it supports what it is that you've constructed. To cement this, today, we manage over 90 billion engineering points, if you will, under management. That is significant just for this alone. The beauty of this kind of allows us to then go into our next persona, and that's our facility owners or operators. Those operators, they'll take those keys, they'll take that digital twin, and they have the clarity from the first start of a new building or a new power plant or a roadway into how they manage it in perpetuity. That information continues to compound and build. If you thought about it before, you have this break in silos, you have handoffs. That is a tremendous amount of waste. We continue to be in the life cycle of how our builders operate and handing it off to the next great constituent, which are the operators. Their world is vastly different. They live in a world of constant change, information's flowing. They have to manage maintenance, quality, potentially cybersecurity. For them, it's all about uptime, reliability, the availability of that asset, making sure they can manage it more efficiently, and doing so in a way that it supports their overall financial objective, whether they are a facility operator or a manufacturer. Let's dive into a couple areas real quick. First up is the preventative maintenance. Vitally critical because you know the cost of your asset, and that is on the books. How do you manage that, maintain that, extend that life, knowing truly how things perform versus what was slapped on as an OEM spec for that piece of equipment? EAM is another system of action, and what is powerful here is we have companies across the globe, one of which many of us know, perhaps might not know by the name, but what they provide, be that of Huggies or Scott Towels, and that's Kimberly-Clark. They've been around for a considerable amount of time driving an impact in the household name. For them, not only managing their facilities that they grow as they manage, but they're also managing what they produce, and also, more importantly, their brand. We've seen such the biggest impact that as you go from enterprise asset management on through to other parts of the business, it may have a catastrophic impact of what you're delivering. One thing I wanna highlight here is the extent of how large this system of action is. We manage over 550 million work orders annually, so at the heartbeat of every owner-operator in their facility. As I mentioned in terms of quality and compliance, this is not a nice afterthought. This is not something you should have. We all know that every sort of defect has a direct impact to the bottom line or as well as top-line revenue. We know for food and bev or regulated industries that anything that hits into the consumer market and has a recall may have a catastrophic impact to your brand. This is a strategic asset that our facility owners and operators use in how they manage the delivery of their capabilities and goods and services into the market. Last, but certainly not least, are our guardians or our public safety command and control centers, living as well in a constant sea of change. It is about having the right bit of information in the right incident at the right time, so you can identify, remediate, and address. This can be an individual, it could be an incident, it could be a misplaced piece of information, an object, what have you. How do you bring together monitoring and surveillance, crisis management, and that coordinated response? The economics are clear, but there is no price to the loss of human life. We have to, as Octave, realize what we carry and what we have to support and the criticality of what we build for our customers has to be top-notch delivered in a way that they can go and support any one of us in the cities across the globe in how we manage our lives and the safety of those environments. What I do wanna highlight is our third system of action, Octave On Call. As Matthias mentioned, NYPD is a customer and a user and a great feedback advocate to us for us to continue to make this better and better. As we continue to roll this out, it's all about dispatchability. You can think of this not only in a city like that of Rio de Janeiro with over 17 million citizens, but you can also think about cities such for manufacturing. Very large manufacturers have their own zip code. Incident response is fundamental in terms of how they manage a plant, the safety, the material, who's on the yard, what environments that they are in. The applicability of this spans across our customer base. This is really intelligence at scale. It is for the physical world. It's where intelligence is modeled, where it materializes, where it compounds, and ultimately where it becomes durable. Throughout this connected life cycle, this workflow, we have the ability to reimagine this. What I'd like to do, though, is highlight the fact that across the customers I explained, whether it be Fluor, Kimberly-Clark, or Rio de Janeiro, the entry points of where they work within any parts of our workflow can expand as they do and continue to grow with them. There's one here that I'd like to pass it off on VGF to introduce our Chief Architect, Mladen Stojic, to talk a little bit further about that. Mladen. He'll be here in a second. Good job, Jay. Thanks. Yeah. Good morning. My name is Mladen Stojic. I've had the pleasure of being with several companies and now of course, with Octave, working with Jay and the rest of the leadership team, focused on taking ideas and ultimately igniting and delivering innovation across many of the solutions and industries that we operate in today. I'm gonna build off the message, but specifically focus on one industry that nicely tells and articulates the story associated with integrating multiple workflows and ultimately delivering solutions in mission-critical environments, and that's rail. Rail networks are one of the key arteries, if you think of a body, that connect society, but also connect global economies. Over 1,500 rail networks around the world are responsible for transporting over 5 billion people and are also responsible for the transport of up to $9 trillion of goods annually. As Octave, we enable agencies to design, operate, and ultimately protect the people, the property, and the assets that are participating within this life cycle. Let's start with design. We have an uncanny ability to ingest multi-source content, whether it's from satellites, whether it's from drones, and ultimately produce AI-ready data that feeds downstream workflows, particularly those workflows associated with building complex rail networks and rail network models, storing necessary data to facilitate AI workflows downstream. Once we've designed a rail network, now we move to the operation workflow. Having these systems connected allows us to support the asset in the field through field inspection workflows, ultimately improving the performance of that given asset. Lastly, protection. Given the amount of people and the value of goods that are transported annually through these rail networks, we need surveillance and monitoring capabilities that allow us to detect and quickly respond when something happens, whether it's an incident or a threat along a rail network. As Octave, we are the only company in the world that can not only connect to these systems but also deliver one system of action. Think of it. Instead of having to go to three different vendors to get this solution, you go to one vendor, and that vendor is Octave. Let's see it in action, and I'll kinda talk you through what you're looking at here. It starts with change. Agencies spend a lot of money collecting new content to reflect reality, and that content can come from a satellite. It could come through a drone that's flying and scanning that linear network. It could come from different real-time sensors. Ultimately, we have the ability to fuse all that multi-source content and produce a real-time digital twin, not only of what has happened, but of what is happening, establishing a system that facilitates downstream workflows. Beyond that, we start connecting systems. We have an ability to connect the digital twin to the Enterprise Asset Management system, offering a bi-directional information bridge that allows workers across different silos and across different departments to look at an asset and ultimately update that asset whether something has happened in the field. Surveillance and monitoring. We use video and lidar sensors to detect incidents or potential threats. Now, other companies do that as well, but what makes Octave unique? Because we're connected to all these systems, we have the ability to not only connect to the digital twin, but also all that asset information stored within our enterprise asset management system. You're not having to open and knock on different doors and different systems. With Octave, we connect all of this together. What you're looking at here is our 3D and linear detection capabilities through the use of lidar technology. It's a new innovation. When coupled with AI, we have the ability to detect threats and incidents and immediately dispatch a response team, which is what you have here with OnCall. With on-call, we can take that incident, manage it look at all of the resources close to that area where that incident has occurred and quickly route and dispatch a response team, taking into consideration traffic or any other information that may get in the way of getting to that response as quickly as possible. Once again, as Octave, we're not only building these capabilities, but we're connecting them through this lifecycle intelligence for rail. I've just given you one example of rail, but it doesn't really stop there. The same model, the same idea of lifecycle intelligence can be established and applied to roads where city, county, and various states have robust road infrastructure that needs to be modernized and maintained. They need design, build, operate, and protect systems that work in concert and together. Airports and seaports also support our global economy through the transport of goods and people. These require not only asset management and design capabilities, but severe protection capabilities to protect the assets that are being managed in and out of different seaports. Moving beyond that to utility networks, whether they're utility, electric, telecom, or water. The distribution of power and all of these utilities is important to be designed, maintained, and protected. These are long linear networks, and through the use of new sensing technology, we could transform all that data into a digital twin that can be used in downstream workflows. You can see a common need and a common thread across all these different markets. What makes Octave unique is the comprehensive lifecycle intelligence capabilities that we have that not only design, build, operate, and protect these capabilities that provide one system of action, and that's where Octave comes in. Thank you. Jay. Yeah. Right behind you. Oh, there you are. Howdy. I was looking down. Thanks. Good job. All right, thanks Mladen. Hopefully that gives you all a bit of perspective of how our solutions come to life and how we support our customers. It's significant, it's impactful, it is supporting the way they work, so it's great to partner with Mladen and the entire product and R&D team. I wanna switch gears a little bit, okay? It's really talking about this notion of scaling with context. This is our opportunity at Octave. But first, there are three traps, if you will, that are kind of limiting why industry is not yet scaling. Let's talk through this. First is the co-pilot trap. I know everybody here probably uses some form of AI. I encourage it. Keep doing it because it's muscle memory. You're having to build new skills. You're having to remove biases of how you've worked before 'cause it is simply not a bolt on. If you're doing work and then going to that and coming back, you're not integrating it into your workflow and how you run yourself day in and day out and so forth. If you think of this way, it's that many organizations simply think, "Hey, yeah, I've got an AI strategy." If you not have the opportunity to fundamentally rewire or rethink how your business processes work, that is your rate limiter. The second is data silos. We talked about this. Now, technically, there are ways to manage multiple disparate environments in a federated way to allow data to come about, but that context is absolutely essential. Why certain information interacts with other information. It's no different than how all of you might operate as a team, of how you know how somebody works in marketing, sales, procurement, what have you. Once you build that institutional knowledge, you can execute, but oftentimes the data is simply just data trapped in various environments. The last is essential, and this is the interface trap. Let's just put a parallel to this. We all went from web to mobile, and we saw how powerful that was to go from a much more complex interface to perhaps the five, six, seven, eight capabilities that you need in a mobile phone. To do what? The things that you need to. We're at a 100x jump of this. An opportunity where you're actually being able to work with information that is a part of you, not something that was in a form or a database or a table that you just simply retrieve. Being able to ask a first, secondary or tertiary based question on what it is you're trying to solve. You fundamentally have to rethink the workflow. You have to rethink the process to apply AI for the effectiveness that it really does have. Where are we in this evolution as Octave? As Mattias talked about, our portfolio extends. Yes, we've gone from bespoke applications to some data sharing, and where we are now is that digital thread. How are we connecting information across those workflows to create that life cycle, to create greater context, to unlock new value? I will submit today and then tomorrow, if you will, we are in this shift. A true context-driven platform for the physical world. How do we think about that? It comes back to our customers, our builders, our operators, our guardians, our public safety leaders, and I talked to you about three different systems of action. As we look at this, it is really bringing two worlds of data together. Precision engineering that has to be right to how something was designed, constructed. Because it's held to engineering standards, codes, regulatory bodies, all things that are commissioned. For what? The safety and the efficacy of how something is constructed. Second is situational awareness. This is the end-to-end problem. Things happen. How do you manage information when a new bit of information comes in? What do you need? You need context. When you always talk to a team member, you always ask questions about something, you say, "Yeah, can you give me more context about that?" Sound familiar? This is what this is all about. For us at Octave, we're not starting from scratch. The data gravity is paramount, and I've seen the patterns throughout my career of whether you start with a platform or you start with applications, we're in the best position as Octave to deliver and unlock an entire new market. The data speaks to itself. As we bring this together, we are in private preview right now with the Octave platform. Really, how do we scale this lifecycle intelligence across the pillars, across those workflows to have context and have value? I'm gonna walk through this a little bit, and first up is a bit on the data governance and integration. This is paramount. You can think of bespoke applications, and you can go from data integration to an experience, but there's no reason to do that multiple times over. Having a hardened backbone of information that allows you to connect structured, semi-structured, unstructured data, or, in our world, IT and OT data, but doing that is role-based, secure to user needs, such that that data foundation is right. If we're not spending the time building this, fundamentally, it doesn't matter what else you have on top of the stack. Second is the context engine. This is where the intelligence comes in for us to support how our graph-based technologies align across those various systems of action and how the lifecycle actually works. In addition to this, because of the Octave portfolio, we have great things that we can contribute. Mladen shared one with respect to geospatial and some of the rendering capabilities. How do these become consumable engines in support of applications that a customer might need? Other ones such as scenario planning, modeling, dispatching, supplier reference, all things that are fundamental to what can be used to answer specific questions in a workflow. The third is really bringing the lifecycle intelligence together across that value chain because that is where the work takes place, as we've talked about. Also then introducing Octavia, a true multi-agent based framework that allows for reasoning and knowledge across an entire lifecycle. I wanna kinda paint a picture of how this works. As you think of it in a refinery, if an issue happens, do you send a single individual to go fix that issue? No. You send a team, specialists who understand codes, standards, chemicals, safety. That team works to solve a particular problem. No different in a multi-agent framework. That is true digital labor that has intent and understanding that allows for human-in-the-loop interactivity of how that lifecycle might remediate a particular problem. The power of this is complementary to the domain knowledge that we have within Octave and how we support our customers. The great thing of this, any cloud, any system, any model. We have to realize the value that we bring has to be in support of the application and the end use that our customers use and have to be able to run on these fabrics as they continue to evolve. We partner deeply with many of these providers to help us scale and drive reach into the markets that we serve, which you'll hear Tammy talk a little bit about further later. As I go into this, it is really about scaling AI to an autonomous lifecycle intelligence. We've been doing a lot of great work with Octave Assist. It's over 2 million assists per day. The assistant shows more information that a user can dive into their specific application and interact with data, not in the form of a table, but in a much more natural language interaction. The second of that is the embedded AI. We've invested heavily in this because in our world, people don't wanna spend time switching screens left and right. You want to bring the intelligence, whether it's prescriptive, predictive, or some sort of generative output that can support the way they work right there in the application. Doing so means more time to the focus, more time to doing the work you need to, and less time managing different systems and different information sets. We continue to invest deeply, which drives a greater moat and focus for our customers that are with us today, and an opportunity to differentiate the products that we have, leading as well. Where does it go? The Octave platform, as I've talked about before, it's an opportunity for not only existing customers to continue to leverage what they have today but extend this into new opportunities as well, which gets us into Octavia, as I mentioned, in private preview as we go forward. The beauty of this is allowing customers to do one fundamental thing, step out from how they operate their business today and ask a first principles question of how would I build this knowing I can attack this market tomorrow? Let's take an example. For those builders, they manage hours. They have a very large cost structure, how they manage those hours to deliver something into a given market. That cost structure might not work if they wanna go down market to enter into something that is far more nimble and has a very different margin profile. This gives them an opportunity to access all that domain knowledge and context that they've had to think about a new market that they might enter. Very powerful. This is a complete game changer in the way that people work and how they interact in support of their business. More on this as we go forward. All right. Mattias talked about AI for our customers, a little bit about what we're doing. This is a very exciting area for myself, for Mladen, our entire product R&D team, is how do you take AI and using this to build and ship products faster? I want to point out two dimensions, right? One is from the concept to idea. How fast can you compress this? How do you get into a sprint-based mode where you can go from months to weeks to have production-ready code? This constraint, if anything, is forcing everybody to become a builder within software. As roles blend, job functions define and evolve, this is allowing us to bring new innovation even faster to the market, and being able to work with customers far more quickly to get their feedback and input to say will they be a consumer of it. The old ways are gone. Second to this is how do we actually deploy it across our software development lifecycle from a build, QA test, production delivery, and actually being able to look back at very large code bases that we've had for years and reimagine those AI first? Extremely powerful for us as an organization, and more importantly, how do we use this innovation to reinvest into what we're building in the portfolio to drive new organic growth? As you can see, we've been just moving ahead in a great way, shipping almost 4,000 features here in the last 12 months alone. Two of the things I wanna highlight as we scale with Octave. One significant input variable, as I talked about, is education. We've been at the forefront to help our users who are using our software get better and evolve their jobs. Also at the same time, how do they upskill? How are they evolving in this world of AI? We simply can't provide the technology. We need to help them transform as well. One of the greatest opportunities for us is, as we said, is how do you encourage the next generation of innovators from high school, vocational, two-year, four-year college, anyone who wants an opportunity to get into what we will believe is one of the coolest industries for decades to come. Second to this is Octave Collabs. We talk about people, process, technology. We've talked a lot of the technology, but AI is fundamentally about how you reimagine a process and how do you retool your people. For us, it's an opportunity to partner with leading customers and helping them to think and rethink their business purely in an outcome base. Because the value of AI is not a tool. The value of AI is how can I apply it to the economics of how a business runs and how I can constantly optimize that in supporting them. At a great customer meeting this week, very large Canadian EPC, and we just started walking through. They were very advanced in terms of the data foundation, and it's wonderful to see. You can see where they were stuck, and that is which use cases matter most? What ones will drive the greatest economic value? Then the harder question, how do I make them stick? Because the management of change, the behavioral change, it is the hardest thing that is in front of us, and it really means removing the recency bias that you've had of what you've learned. It is so much of what you have to learn as it is what you have to unlearn. We have a number of customers working with us as they're part of the platform in Octave on this journey, and we're excited to continue to partner with them this year. Let me bring it to close. Why do customers choose Octave? From really the Apollo launch to industrial AI, it's three things. Domain first. You have to understand the business. You have to understand how you operate in a given setting. Two, it's workflow essential. Understanding the applications of how it's actually embedded in the way they work versus do you have an IT system that they have to go configure and figure out how to work in their environment. And last but not least is context-driven. If you do not have this context that goes across an entire lifecycle, that compounding effect stops. The breakage is there. The opportunity is missed. Customers have partnered with us for decades. In so doing, we are grateful for their partnership and the continued partnership going forward as we help to transform one of the greatest market opportunities that I've seen in my career. Thank you, everyone. We're gonna now go to a break, and we'll come back afterwards, and we'll hear from Tammy Adams, our Chief Revenue Officer, and Ben Maslen as our CFO. I think we have about 10 minutes. Pull the music down. Thank you. Pull the music down. Give me the- Ladies and gentlemen, would you please return to the auditorium? Our program will begin in five minutes. Ladies and gentlemen, would you please take your seats? Our program is going to begin momentarily. Please take your seats. Our program will begin momentarily. Ladies and gentlemen, please welcome Chief Revenue Officer Tamara Adams. All right. Good morning, everybody. Welcome back from break. I'm Tammy Adams. I'm Chief Revenue Officer here at Octave. A little bit about me, I started my career in finance and moved into sales leadership positions, at Oracle. I've spent the last 20 years in finance and in sales and looking at running global sales organizations across the enterprise suite of software products at companies like Honeywell, Oracle, managing billion-dollar P&Ls, global sales organizations, which include services, marketing, and channel organizations. I've been part of 2 exits, specifically to Danaher, and most recently with Dotmatics to Siemens. My focus as CRO has been really to emphasize around turnarounds, partnerships, and hypergrowth organizations. I've seen a lot of go-to-market models, and what I found here as a business, they've earned the market position really the hard way. Deep customer relationships built over decades. Industries where failure has real consequences to them. This is not something you build over years. This is something you truly build over time and over decades. When I looked at this opportunity, I saw something that I've never seen before, and I wanted to share with you a little bit this morning on kinda how I look at it. Let me be really direct on kinda what I saw when I walked in the door. $1.6 billion in revenue, over $1 billion in ARR, 97% gross retention, and new customers who land bigger and grow over time. This is not your typical enterprise software story. Most CROs like myself walk into a situation where it is 100% turnaround, and I have to fix a lot of things. To be honest with you, this product is differentiated. It's already differentiated in the marketplace. The vision that Mattias has laid out this morning is abundantly clear. The customer relationships really run deep here. The sales organization that I actually inherited has decades of domain expertise in the industries that we already serve. My job is really not to reinvent this. My job is really to kind of focus and find the next level of opportunity and growth on top of a model that already exists. The levers that do this are already in place in the existing business, and we just need to pull those levers a little bit harder. Let me show you who we're building for. We have a strong global reach. We're in over 140 different countries, Americas, EMEA, and Asia Pacific. I spent the first couple of months. I've been here a little bit shorter than Jay. I've been here about five months now. I really wanted to get to know our customers, walk on their plant floors, sitting in their control rooms, watching dispatchers route for emergency calls and services in real time, and to really understand our sales motions and really what makes sense and really what's meaningful to our customer base. I came to understand quickly that the biggest opportunity in our business isn't just the geography, it's the depth. While we are in 140 different countries today, we've captured only a fraction of what the market cap is offering us. There's a lot more visibility and a lot more opportunity in this market. What strikes you immediately about our customer base is that the list is extremely deep. These are not software subscriptions where somebody could actually swap this over a weekend. We are inside engineering workflows. We are inside maintenance facilities. We are inside of emergency response infrastructure. In many cases, we have already been there for decades. These are not discretionary buyers. These are organizations for whom downtime revenue isn't a problem, it's really a safety problem. That's the environment our software operates in, and that's why our retention looks the way it does. What makes us different from any enterprise software company I've ever worked at, to me, this is a true opportunity. The depth of these relationships that our sellers have, the criticality of what the software touches, and the fact that we have barely scratched the surface in what we can sell into this is actually truly amazing. When you look at the workflow that Jay actually described and laid the foundation for us this morning, you can see the growth rates clearly. Build is our fastest-growing workflow, up over 20% year-over-year. Three years ago, it was $67 million business. Today, it's $113 million. The growth is actually coming from construction efficiency, SaaS adoption, and new demand alternatives in energy. Design is our most mature market, still growing, though at a slower pace. It's really being impacted by some macro headwinds that we're seeing with major project slowdown. However, it is still growing. Operate is our second-largest workflow, and it is accelerating. Over 10% year-over-year growth at $362 million. This is where our most mature SaaS products live, and it's where our margin profile actually is the strongest. Build and Operate are mostly recurring revenue ARR for us today, and as the mix shifts towards them, we will gain better visibility into the business, into the insights. As a CRO, I focus on a lot of things, but this is the key areas that I focus on day in and day out. We wanna be able to continue to retain and protect our customer base. We wanna be able to upsell to that customer base. We wanna be able to cross-sell. Think about the product and portfolio that we have today. It's extremely rich. As we acquire new companies through M&A, we'll wanna bring them in quickly from a cross-sell motion perspective. Most importantly, we wanna be able to land new logos because we wanna be able to put them into the cycle to put them back into retain, upsell, and cross-sell. Let's break it down a little bit. Mattias actually showed you the growth model this morning. My job is gonna be to show you how we're doing to accelerate each lever. This model, as it sits today, drives about 8% ARR. 97% gross retention means the base is not eroding. Our current NRR is at 105 and is the opportunity to get us to 108 through continued pricing discipline and enterprise expansion. 86% of our customers are on a single workflow, which means the cross-sell runway is enormous. Roughly a third of our growth comes from net new, which means we're adding on top of an already solid base. What changes under Octave is the rigor, the commercial discipline, the data-driven account planning, and each one of those levers is moving. My job is to make sure that they're all moving in the same direction at the same time with the same discipline. Let me show you how. We're gonna start with upsell. We are rolling out a global deal desk with greater rigor, removing money that was previously left on the table, creating consistency, making it easier for forecasting abilities, transparent anchors for discounting, discipline at annual price increases, and AI insight tools for the sellers so they can identify where we truly can expand. As customers grow, we tend to move from a seat-based pricing model to an enterprise-wide license agreement. The result is 186 $1 million tier customers, up from 142 three years ago. That now represents 51% of our total ARR, and that tier is growing double digits last year alone. The customer base is also moving up market. Every group is growing, and we should see more as this global deal desk that we've turned to roll out is implemented and starts to take hold and during 2026. Now, here's what the pricing discipline is actually producing. $296 million in SaaS revenue. That is up 17% year-over-year. Our customers choose SaaS because it delivers faster time to value and better commercial structures in the way they buy. We are also seeing pockets of small customers who have been on perpetual-based licensing for a period of time choosing to move over to SaaS-based models, and it's on their own timeline. We acknowledge we are not pushing them, but it's because the SaaS model actually drives more value. Every tier is growing, the largest accounts are growing fast, and the million-dollar-plus tier grew over 40% in just one year alone. Our business is really focused on large, complex customers. The foundation of everything is retention, and ours is exceptional, not by accident. At the $1 million+ tier, we have 99% logo retention. At the $500K tier, we have 98%. These are not numbers you get by having a good product. You get these numbers by being embedded in the actual business unit itself. Let's think about what the customers actually do. They manage thousands of engineering changes. They handled millions of emergency phone calls. They run physical assets where the cost of failure is measured not by revenue or in dollars, but by safety and security. When you're deep in the customer operations and when your data model knows their asset class, knows their asset history, and their workflow exceptions, and their regulatory requirements, switching software isn't a decision, it's an operational risk that no operator actually wants to take. The relationship with our customers is deepening at every level, including the sales organization. These customers are now asking us to help them build AI applications for a system of record. Very similar to kind of what you saw Jay described earlier. That is a new commercial model servicing on top of an already sticky base. The $1 million tier is also growing in our share of business from 48% in ARR in 2022 to 51% today. Our most valuable customers are getting more valuable, and that's the foundation that we're actually building on. Let me show you what this looks like in practice. Customer example. This is a global German chemical company, 160-year-plus strong history, and has been with us for many years. This customer story is about kind of the adoption of our solutions and how they grew into a multi-pillar workflow. When they first came to us, they were on a single design workflow, but over the years, they've expanded into build, then operate, and recently added OnCall solution from the product pillar portfolio. That progression from a one workflow to four is exactly a land and expand strategy that we're looking to build at scale. The most recent OnCall win really kind of strengthened our position in the industrial public safety market, expands our footprint in mission-critical areas and infrastructure, and demonstrates that Octave is uniquely positioned to deliver next generation, fully integrated CAD and communication solutions. Their ARR reflects it from the initial landing of a small opportunity to over $3 million in ARR annually today. Now let's talk about cross-sell. This is where I see the single most largest untapped opportunity in the business. Let me give you the economic architecture because this piece is really important. A customer on 1 workflow averages $147,000 annually in spend. Move them to 2 workflows, they're worth 3.4 times that. You move them to more than 3-4 workflows, it's 15 times. At that depth, retention is exceptional. Now, look where we're at. 86% of our customers represent 51% of ARR are on a single workflow, and 60% of our larger customers are already on multiple. That's not a problem. That's an opportunity. That's the roadmap to revenue. Actually, that's why I'm here at Octave. Another customer that speaks to our cross-sell strategy within a single workflow pillar, 'cause that's an opportunity for expansion as well. This is a brand new logo that we just secured in the last several weeks. It's a Fortune 500 company, a global leader in motion and control technologies. They were interested in EAM, which is our enterprise asset management solution, and through the solution discovery and value-based messaging, we determined that the cross-selling motion of ETQ, our quality management solution, was actually going to be needed to kinda help resolve their business needs. The sales motion was entirely based upon value. The deal grew from $200,000 with one solution to over $1.1 million with the second. They are now live with 120 sites with over 600 users. Here's the commercial system we're building to capture that conversion market. First, we're gonna focus on target account list, data-driven scoring on every account by workflow and readiness. Second, we're looking at value-based sales methodologies. We're not leading with feature functions. We're leading with business outcomes. Just as an example, you know, what does a design error cost when it reaches construction? What is the operational cost of unplanned outages? These are conversations that are door openers. When you show with a product-only demo, it doesn't win. Third, the platform integration is a commercial accelerant. These are new releases that make workflows more connected. As Jay and team expand our workflow portfolio, it will continue to be more and more connected, which means the value of a second or third workflow for every year we grow will continue to invest in that platform. We know the economics of this actually work. 15x at three times the workflow, we're now building this machine to get more customers faster. This is a systematic approach to go to market, and it's one we firmly believe in. Now let's look at the fourth lever, land and expand. About a third of our ARR growth comes from net new customers, and we have significant room in that given that we have a strong landing motion across all four workflow pillars. There's three vectors. The first is geographic expansion. As I mentioned, we're in 140 different countries and our presence also excuse me. Our penetration in the Middle East, Latin America, and high-growth APAC areas are relatively small to the given opportunity, and we see tremendous areas of opportunity to expand in those three regions. Channel. We have over 1,500 reseller and marketplace presence with AWS and Azure. Our indirect channel is roughly about 10% of our business today, and that honestly is a little underweight for a company and scale of Octave. I see a lot of room to grow in this area, and at a minimum, we should be double in the channel market. We are building infrastructure for a channel business that will scale, partner portal, Octave University for enablement, and marketplace presence globally. The foundation is being laid now. Verticals are third. When you look at data centers, defense, pharmaceuticals, nuclear, food and beverage, we have a strong foundation in these verticals. However, there is plenty of room to grow in each one of these and as we look at the TAM overall. The customer example is all around land and expand at scale. This is a global technology infrastructure company, manages highly secure, reliable, and scalable cloud systems and infrastructure with over 900 sites worldwide. You can probably guess who it is. They started with our EAM solution with 350 data centers for enterprise asset management for around $1 million with over 10,000 users. They expanded into the Building Information Modeling systems for a total of $9 million in ARR annually. Land and expand is really critical to our go-to-market strategy overall. One of the core changes that we're making on how we drive is the commercial engine. Under Octave, we are gonna consolidate to one system, one pipeline, one process, deal desk, globally, as well as revenue operations. Value-based pricing is now the standard. Published pricing, standardized volume discounts, enterprise-wide license agreement, and discipline around new renewal increases as well. No more ad hoc deals with undervalued, what the platform delivers. Every point of discount that we provide does count towards our growth. Customer success is now our revenue engine, not a support function any longer. Today, there are over 700 accounts, which is roughly 90% of our ARR. Customer success is also driving proactive expansion, upsell opportunities, migration opportunities, as well as contributing to our overall pipeline. Channel growth is a vector, not an afterthought. We are laying a strong foundation, as I mentioned previously. Let me leave you with really kind of four things. First, the customer base is our foundation. Large, complex customers with decade-long relationships. We are embedded in how they operate, and that does not erode. Second, the largest customers are getting larger. NRR is at 105 today, and we can get to 108 through continued pricing discipline, enterprise tier expansion opportunities, and the cross-sell motions that we are building systematically. SaaS growth today is at 17% and accelerating. Third, 86% of our customers are on a single workflow and is the largest single growth opportunity in this business. The economics are proven. Three workflows mean 15x of the value. The motion is now systematic. This is not a theoretical white space. This is identified, quantified, data-driven opportunity where we're executing against that. The fourth is 8% ARR growth. That is the floor. That is not the ceiling. We are here to fine-tune it with the commercial discipline and the unified operating model and our go-to-market rigor that will turn 8% into 10%+. This is really a great business, and we're building the team and the systems to be able to help us get there. With that, I'm gonna turn it over to Ben. Thank you. Thank you, Tammy. Good morning, everyone. I'm Ben Maslen, CFO of Octave. Prior to this, I've been the head of strategy for Hexagon, for over eight years, responsible for strategic projects, M&A, and investor relations. This means I've been, like Mattias, heavily involved in building the business that we're here today to present to you, as well as working on what's been a very long and extensive separation project. Prior to Hexagon, I was an equity analyst with Morgan Stanley and Bank of America, and I trained as a chartered accountant with PwC. Very excited to be here, and involved in the next chapter of, Octave's development. I'm gonna focus on the financial profile of Octave, including how we got here, recent financial performance, and our strategy for future value creation. Some of you will have followed Hexagon for a long time, and you will know the Octave business and assets well. For others, this will all be fairly new. Here what we have is a brief recap on how the business has changed under Hexagon's ownership and what that means for Octave's financial outlook going forward. When Hexagon acquired Intergraph in 2010, you had the state that is on the left-hand side of this chart. The business was focused primarily on design tools. It had a customer base that was heavily weighted to oil and gas and EPCs, with a focus on large project activity, and it generated around 40% of its revenues from services. Since then, under Mattias' leadership, we've invested to grow and protect this core business and at the same time develop and strengthen the platform to set it up better for the future. We've increased the focus on owner-operators and the entire asset life cycle, where the business is more predictable and sticky. We've diversified the end market exposure into new verticals, we've increased the addressable market size, and we've moved the revenue mix away from services towards software, SaaS, and recurring revenue. As we start life as an independent company, Octave has a much stronger financial profile to build upon. Now, Mattias has talked about the rationale for the separation already, but it's worth underlining again how being independent will impact the financial outlook for Octave. Hexagon remains a great success story, and we're very proud to have been part of that journey. As an independent company, Octave will have the autonomy to focus on its own strategic priorities with greater management attention. More specifically, we'll be able to more tightly integrate Octave's platform and businesses together to drive greater revenue and cost synergies. Mattias and Tammy have already given some customer examples to show how that is already taking effect. Being independent will also allow us to accelerate the shift of the business towards subscription and also attract and retain a stronger pool of talent. Finally, Octave will have its own independent capital allocation strategy to reinvest and drive the business forward in a more focused way. We believe this greater focus will allow us to deliver improved financial performance at Octave going forward in terms of growth, profitability, and cash generation. Having talked a bit about how we got here, we now have a few slides which recap recent financial performance. Here we can see the consistent strong growth in subscription revenue that Octave has delivered since 2022, as well as the increasing share of subscription revenues, which reached two-thirds of the total last year. Now, we've increased the focus on driving subscription revenue and ARR harder, and in the last year have changed the incentivization of the sales teams to focus more on SaaS bookings. Now, this shift from perpetual to SaaS obviously has a near-term drag on overall growth. You lose the upfront revenue from that initial perpetual license, and it takes a few years for the stack-up of subscription revenue to offset that. This partly explains the lower growth we've seen over the last year or so in non-subscription revenues. We've also seen a decline in overall service revenues over the last two years, and this has been driven by both the disposal of the federal service business that we did last year, which had around $90 million of revenues overall, and a deliberate decision to exit some business lines which are now part of the Octave perimeter that were previously reported in other Hexagon divisions. As you can see, this revenue mix shift accelerated in 2025 as we started to actively prepare for the separation for Hexagon to set Octave's business up better for the future. This divergent growth trend can be seen in more detail on a quarterly basis, with the decline in perpetual licenses and services being the main driver of the slowdown in organic growth that we saw over the last few quarters. Against this, we've seen a continuation of the strong and consistent growth in subscription revenue over the same period. This positive trend in subscription revenues has been underpinned by a record level of SaaS bookings in 2025, which also provides a good starting point for us as we go into 2026. Here we break out the different constituent parts of our subscription revenue stream, split between SaaS revenues, maintenance, and subscription licenses, which we also break out in more detail on the right-hand side of the slide so you can see the trend. Subscription licenses are contracts where the customers are able to flex up and down their consumption of our software tools on a monthly basis, depending on the number of large construction projects that they're actively working on. As you can see from the slide, although overall subscription growth for the group was strong last year, we did see a slowdown in growth from the subscription license revenue stream throughout 2025. This reflected uncertainties in the global economy, which fed into a lower level of customer project activity and software consumption for us. Now, this dynamic is expected to remain a slight headwind to growth as we go through the first half of 2026. However, we do see a sequential stabilization in license usage, and we expect renewed growth later in the year as comparatives get easier. Turning to profitability, one feature of the last few years has been a steady increase in gross margins, which reached 75% in 2025. There have been a few drivers of this, including the gradual exit of low-margin service business that I described earlier to focus our business on higher-margin software. This has dragged on growth, as we've seen, but has structurally improved the margin profile of the group going forward. We also show here our non-GAAP adjusted income from operations. Here you can see we showed good improvement in profitability in both 2023 and 2024, illustrating that the improvement in the gross margin that you see does drop through to the bottom line, and it gives us confidence in the underlying margin trend for Octave going forward. Now, this upward trend paused last year, which reflected two things. Firstly, we had a slowdown in overall revenue growth, which partly reflects that shifting revenue mix that I talked about. This obviously weighs on profitability in the short run, but it sets Octave up better for the future. At the same time, we started adding in the additional costs we needed to make Octave an independent company, such as additional legal, tax, marketing, investor relation, and listing costs, as well as company and product rebranding, like you can see around you and in the foyer, which is significant cost to bear in the short run. This impacted profitability last year. It's also relevant for 2026, as I'll come on to in a moment. It's important to remember as a takeaway from this slide that the underlying margin trend is a positive one, which we're confident will reassert itself once Octave is set up as an independent company. We see a similar trend here in terms of free cash flow, which has consistently delivered margins over 20%, supported by solid recurring revenue growth, an asset-light business model, and negative working capital. In this slide, we bridge free cash flow to adjusted income from operations. In it, you can see the positive impact R&D capitalization has on our non-GAAP profitability. This obviously creates higher reported profitability levels. As a management team, we look at the margin development excluding this benefit of capitalization because we feel it's a better proxy for underlying cash flow. Looking ahead, as we move more of our product suite to SaaS on a pattern of continuous development and release, we expect to steadily decrease our levels of capitalized R&D. This change in development approach will be a drag on adjusted income from operations, but of course, it's gonna have no impact on free cash flow margins, which we expect to consistently increase going forward. As we begin our journey as an independent company, we feel we have a very strong starting point for future growth. We have growing subscription revenues, which accounted for 2/3 of the revenue base last year. We have a balanced exposure across our design, build, operate, and protect platform pillars, which as Matthias and Tammy have already described, offer great scope for increased cross-selling. We have a balanced global footprint, which is not too dependent on the outlook of any one specific region, and it gives us the scope to focus our investments on those geographies that are growing more quickly. We also have a diversified end market exposure now, clearly shown here by the 2025 breakdown by end customer, which shows a strong presence in almost all asset-intensive industries. This comprehensive footprint brings Octave three financial benefits. Firstly, we have a focus on mission-critical industries, which are sticky and bring a large install base for upsell and cross-sell, which will help drive growth. Secondly, we have a balanced exposure, not overly dependent on any one particular geography or segment, which over time will reduce cyclicality. Thirdly, we have a diversified and strong customer base in terms of type and size, which also brings financial stability. If you like, that was the retrospective and setting out the starting point for Octave. Now we move on to our strategy for value creation over the next few years. As a management team, we see five key pillars to drive value for our stakeholders. Firstly, we need to protect and grow our share of a large, healthy and growing end market. Secondly, to drive the shift to ARR and subscription revenue and accelerate our ARR growth rate from the 8% we've seen historically. Thirdly, once we've fully separated from Hexagon, we'll balance the investments we need to make with cost discipline to drive a resumption in our upward margin trend. Fourthly, as an independent company, we can take full ownership of and bring greater focus to improve our cash flow generation. Finally, we can bring disciplined capital allocation to make sure we invest that strong cash flow to maximize shareholder value. If we start with growth, as Matthias said, we believe we're well-positioned in growing markets that have strong, secular external tailwinds. An overall SAM of $28 billion growing at around 10%. Mattias, Tamara, and Jay have been through these individual growth drivers in detail already, so I won't dwell on them. We'd like to note that these medium-term growth rates reflected in the SAM obviously don't reflect short-term cyclical dynamics or geopolitics, which can drag on growth in one year and boost it the year after. They don't really reflect the impact of transitioning a perpetual software business to subscription. Over time, this is a market growth rate we believe in, and we think we're already progressing towards, especially in terms of our recurring revenue. We think being an independent company will set us up better to capture this growth going forward. Mattias and Tammy have talked about how we aim to increase our ARR growth rate from 8%, which we've done over the last 3 years, to sustainably over 10% over the medium term. Here I provide on a slide an overview of that plan. By medium term, I mean the next 4-5 years. Overall, we still see great opportunity for expansion within our existing customer base, particularly by driving adoption of more products across the design, build, operate, and protect pillars. Going forward, we expect that to drive around two-thirds of our ARR growth. Growth retention is already very high, so we aim to maintain that and move more customers to the large customer category that Mattias described, which is where our relationships are even more sticky. Next, as Tammy laid out, we think a more focused approach on cross-sell and upsell, including Jay's new AI-driven applications, plus a better execution around pricing that can increase our net retention by a few hundred basis points from the 105% that we've delivered historically. New customer wins remain a big focus, too. As Tammy has laid out, we see scope to increase our win rate by investing in new growth areas by expanding the partner channel to increase our overall coverage in terms of both geography and customer segment. Finally, we'll use bolt-on M&A to add new technology and channel capability where appropriate to support our growth objectives. Overall, there's not one big thing that drives us to consistent ARR growth of 10%+. It's rather a combination of a number of smaller drivers which will all contribute and will compound over time. In terms of revenue mix, we expect the transition to subscription revenue to continue over the next few years. As we show on the slide, over the medium term, we expect this to increase to around 75% of overall revenues. Within the business mix, we expect perpetual license revenue to decline as a percentage of the total by around half as we transition new and existing customers to SaaS versions of the product. Not all customers will transition. Some geographies and customer groups, like nuclear or emergency services, may still prefer to buy perpetual licenses or remain on-premises. We don't expect this to be a dramatic effect, more of a slight drag on profitability and growth over the next few years as perpetual software revenue becomes a less significant part of our mix. We also see some opportunity to transition perpetual maintenance revenues to SaaS, but we also expect this to be fairly gradual and an effect that will build up over time as we develop and release new SaaS variants of our products with comparable feature parity. Overall, we expect SaaS revenues to be over 30% of our revenues by the end of the decade. This continued mix shift will help make the business more predictable. We think it will accelerate growth and provide a much stronger base for us to improve profitability and cash generation going forward. Moving on to 2026. Here we provide a high level of framework for what we expect this year. We're gonna give more detailed financial guidance for 2026 with our second quarter results in August, but this would help probably understand some of the moving parts until that point. In terms of revenue growth, there is obviously more uncertainty than normal in the economic backdrop at present, but we have good visibility on two-thirds of our business, which is recurring. We'll continue to incentivize SaaS bookings over perpetual where possible, which, as I've said, will have a slight drag on the overall growth rate. All this feeds into our current expectation of 3%-4% organic growth for 2026 as a whole, which I've said earlier, will be slightly back-end weighted, given our subscription licenses will face more difficult comparatives in the first part of the year. In terms of profitability, we expect 2026 to be a transitional year. As we said with the Q4 Hexagon results, we expect to see a similar profitability trend this year to what we saw last year with the revenue mix shift and additional costs needed to set up and launch Octave as a separate company likely to drag on profitability in the near term. The cost-saving program announced by Hexagon in Q3 will offset some of this, but overall, we expect a small net drag on profitability up until the point of separation. However, as I've said, once the spin is completed and the cost base is fully stood up, we expect the upward trend in margins to continue. Our confidence in and our commitment to the upward trend in margins is summarized on this slide, where we break out the different tailwinds and headwinds we see to margins beyond 2026. In terms of gross margins, we still expect a gradual improvement with internal efficiencies offsetting the drag we expect from having lower perpetual software sales going forward. Across sales and marketing and G&A, we expect cost synergies from more tightly integrating the Octave business and a normalization of some of the launch costs we've had this year to become tailwinds to profitability in 2027 and beyond. In terms of research and development, as Jay's described, we think greater adoption of AI tools can bring much greater productivity to our development organization. However, given the market opportunity of combining AI with our software tools to drive a bigger TAM, we're in the near term focused on reinvesting those savings into the product development and into accelerating organic growth. In terms of overall R&D costs, we expect gross spending as a percentage of revenues to remain at a similar level that we have today at around 19% of revenues. We will capitalize less going forward, as I've said, as we move more of our products to SaaS and continuous release cycles. This change will drag on the reported profitability but have no change to underlying cash flow generation. Overall, for 2027 and beyond, and if we exclude the change to capitalization, we plan to drive the business to deliver 50-100 basis points of underlying profitability improvement annually. We know that this is one of the KPIs that will feed into manager remuneration going forward. Building on that, I'll now connect those drivers to our framework for 2026, as well as our medium-term objectives using our 2025 actual numbers from the Form 10, as the reference point. Looking at 2026, which I discussed previously, we do see this as a transition year to really set the foundation for our future as an independent company. We expect 3%-4% organic growth overall, driven by ARR growth of 6%-8% and a slight decline in adjusted operating margins. Beyond 2026, we expect greater upsell and cross-sell to drive a steady acceleration in our ARR growth, which we aim to consistently reach over 10% in the medium term. This acceleration, plus the ongoing shift in the revenue mix, i.e., moving to 75% subscription revenue, will drive an acceleration in Octave's overall organic growth rate. In terms of profitability, as I've said, we expect to consistently improve beyond 2026. This is obvious in our medium-term projection for Octave's adjusted operating margin, which is expected to remain at around 30% level. You have to remember, this will face the drag of a lower level of R&D capitalization going forward. If we bridge down to free cash flow, you can see this effect clearly with a lower level of capitalization going forward and ongoing low levels of tangible CapEx, supporting an upward trend in free cash flow margins of between 50 and 100 basis points annually. I'd also like to highlight here our estimated framework for stock-based compensation. This is still being finalized by the board, but we expect it to increase over the medium term from the current 1% of revenues within the Hexagon framework to around 4% of revenues in the medium term. We believe this is a very competitive level compared to other software names that you may look at. If we move on to the balance sheet, here we show the target level of financial leverage we expect Octave to begin life as an independent company. We expect that at the completion of the distribution, Octave and Hexagon will have similar levels of financial leverage of below one times. In absolute terms, we expect Octave to start with net debt of around $450 million, with an undrawn revolving credit facility on top of that, available for an additional $500 million of capacity. This is subject to the debt raise process that we're going through at the moment, but is on track. This strong balance sheet will give Octave the capacity to make the investments we need to drive growth forward, both organically and in terms of M&A. It'll also give flexibility for Octave's board of directors to evaluate returning capital to shareholders, including introducing a potential share buyback program after separation to offset the dilution from stock-based comp. This is something the board will review and come back on in due course. In terms of potential M&A, as you know, Octave has a strong history of accretive bolt-on acquisitions. We show on the left-hand side of this slide some of the businesses that we've acquired over the last few years, which have both enhanced our technology leadership and provided opportunities for cross-sell into our customer base. For example, CONET was a recent bolt-on we did to allow our European project customers to more easily integrate mobile, social media, video data, and lots of other things into their control rooms to have better situational awareness. ITAS is a provider of APM software, which is very easy for us to integrate and cross-sell into our Enterprise Asset Management software customer base. j5 was the provider of digital operation management tools, which helps automate shift handovers, incident management, and safety procedures in very large industrial facilities. Again, very easy for us to integrate and sell down our channel. Going forward, we'll be disciplined. We will assess potential acquisitions against alternatives, including developing a product ourselves and other potential uses of cash, including share buybacks, and we'll naturally focus on the most synergistic opportunities we see across the group. To conclude, we feel Octave as an independent company has a very exciting future from a financial perspective. We have a large and growing end market and customers that value our partnership, and that'll help underpin our growth trajectory going forward. We have multiple levers to pull internally to drive our AR growth from a historical 8% annual to over 10% sustainably. We have margin tailwinds that'll assert themselves after we separate and feed into improving medium-term profitability and cash flow generation. We'll be disciplined in terms of capital allocation to both drive growth and deliver an attractive ROI for our shareholders. With that, thank you very much for your attention and your time, and I hand back to Mattias for some closing remarks. Right. Thank you. All right. Thank you very much, Ben. Thank you to, also to Tammy and Jay and Mladen. I think you all hopefully agree with me that we have assembled a very strong team. I'm very proud of the management team. Yeah. Normally in these kind of investor presentations, you don't talk too much about the team, but I wanted to spend a few minutes here at the end to do that. Then I'll wrap up, I'll promise. You've heard a lot of PowerPoint here. Like I said, I'm very proud of the team we have assembled. Some of these people, as you've heard today, have come from much larger companies. Some of them have been here 15, 20 years and chose to stay. Some of them have come from Hexagon. So yeah, super proud of the team. I think it's quite rare, the team we put together. Frankly, much more important than me and those guys is all the people behind that, right? We have roughly 7,200 people around the world, and it's hard, you know, to describe, but they are super talented. We have among the lowest attrition in the software industry. At the same time, we have among the highest engagement scores. I say this every time, that is our most important asset, is the people. I wanted to take 30 seconds here because I know probably a lot of them are watching this online to say thank you to the team. You are the guys who make this possible and deliver it to our customers in this mission-critical industry. Thank you to the team. All right. Thanks. Four things I've told you today, or we've told you today. We told you that it's a structural flaw in these industries, and it's an opportunity that is enormous. We've described to you how we have the platform to deliver the context that we believe is unique in this market. We've also told you about how we think the independence we will have as Octave on a standalone basis will align all the forces behind. I think we've proven this in my opinion that the economics are already visible. We want to improve them. We're not done, but we do think the ground signals are there. You may or may not feel that you've heard four presentations here today. I would argue that you've really heard one. I talked about the industry and the structural advantage. Jay showed you the portfolio, the platform, how this all connects. Tammy showed you the proof in terms of the numbers, how we land and expand more and more customers. Finally, Ben gave you an accounting lesson here at the end, right? If you think how these things connect, right, the context deepens the platform, the platform enables the go-to market. The go-to market generates the financial results, and the financial results allows us to invest some of that money back into the platform and the go-to market. This is not a cycle that slows down. It accelerates. That is truly one compounding system. This morning I told you, right, that the industrial world is not short on software. It is short on results. In order to get results, you need intelligence. You saw the platform, how we connect throughout the design, build, operate, and protect. I would argue you saw that proven. You saw it in different industries, the world's largest energy facilities in Formula One, presidential inauguration, in rail, with the hyperscalers, and many, many more examples. I would argue that you saw it proven at scale. That, ladies and gentlemen, is what we are all about here at Octave, intelligence at scale. Our first day of trading here on the Nasdaq in the U.S. will be May 28. We'll start a few days earlier in Sweden on May 25. I hope that many of you will join us on this journey as shareholders and owners of this super exciting company. With that, I'll say thank you very much, and we'll do a Q&A session here in a minute. Thank you. Yeah. That's fine. I'll go here. Go. All right. Do we have? Yeah. Emily? All right. There we have one. Yep. Thanks again for doing this. My name is Matt Hedberg from RBC. A really exciting presentation and opportunity here. It feels like there's a lot of long-term drivers, especially to drive the business to kinda that 10% growth with expanding margins. I wanted to focus on AI. A lot of us in the audience, that's the question that we get, you know, time and time again, and it feels like there's a real compelling value play for you guys to monetize AI. I guess a two-part question for Tammy and Jay. I guess from Tammy, from your perspective- How do you expect to monetize AI in the future? Is it from selling additional features? Is it a consumption element? You know, some element of that. For Jay, you know, you guys sit on a ton of data. I'm wondering, is there a network effect where the community's data benefits the entire, you know, sales or models, or is it still contained more or less on a company-specific basis where their data is used for their models, or is there more of, like, a network effect from an AI perspective? Do you wanna start with the You guys go. Yeah. Okay, I'll start with the pricing piece. Sure. Okay. I think we need to kinda look at, determine really kinda what the data elements are that we can actually monetize, right? I think that's part of where Jay and I are gonna be working together. You know, we do start with everything from a per-seat pricing model today, even our lower tiers, and we graduated to enterprise license agreements. Assuming it's gonna follow the same model, in that regard, especially for potentially some super users, and then we'll be potentially looking at maybe more of a consumption-based model based upon the quality of kind of what we're looking to achieve with that data set. Yeah, building on Tammy's points, it's really on the pricing side. It starts with the value-based pricing. If we can be clear on the outcomes that we can deliver for a customer, if you're improving some sort of KPI by a certain percentage, it's a clear demonstration back to where we think we can charge. How do we add that to the pricing levers we have today? Kind of a plus one. To your question on the network effect, yes, smiled a bit because there's a tremendous opportunity, but first and foremost, customers own their data, and two, there's contention as to do they wanna contribute to model development and evolution. You can think of economies of scale, and if you think of supply chain as probably one of the most opportunistic areas where every construction builder is procuring. You have supply shocks, you have impacts because of, you know, impending wars and just material availability. How do you think about pricing as a leverage that can benefit the entire ecosystem here? That is just one particular example, but there are many more, and this is where this unlock happens because the life cycle, if you look at it independently, they're solving it for their own context. If you can step out and say, "I can think an entire material movement management across an ecosystem," then you have a very different procurement engine. I think there's just a complete tapestry of opportunity here, but to directly answer the question, customers own, and then we have to help them understand where they could be a force multiplier by participating. Hi. It's John DiFucci from Guggenheim. Mattias, you and your team did a great job here today. It was really informative. Everybody did, and it's a really impressive business with some of your financial characteristics. One of them, I think when Ben you mentioned 8% growth, but I think the organic growth is about half that. Ben put a slide up there that showed that. I guess two questions to that. One is why is it so much lower than the organic or the growth of the market? I think you said that was about 10% today. Tammy gave a lot of the levers to really pull on and push on to get to that 10%, but you know, the guidance for next year is still about 3%-4%. So when is it that we can expect to get to that about 10%? The reason I ask is 'cause you know, there are a lot of investors that are gonna look at this and see those characteristics, but once you get to that double-digit growth, it actually opens your eventual stock to a whole other class and additional investor. Thank you. Thank you. I'll hand it over to you, Ben, probably. You're right. I mean, first of all, to me, when we talk about 10%+ growth, we talk about the ARR, right? What is hard to predict is the perpetual revenue, how fast that will shift. I mean, we're incentivizing it, we're driving it, but it's also a customer behavior and adoption, right, how fast that will go. We're talking about 5, 6, 7 percentage points of revenue. I mean, it's not that dramatic, right? That will take, let's say, a year or two, right? You have the shift that's going on from maintenance to SaaS. Roughly 30% of our revenue is maintenance. That will take a lot longer time to shift to SaaS, right? It's dependent by product. You have to almost go one by one, right? Or which ones are ready and so on. The third element that you explained, but we maybe didn't go in too much detail. We have one portion of our subscription revenue that is kinda monthly usage based, right? Roughly, what is that, Ben? 15%-20% of revenue. Yeah. There we have seen a macro downturn, I would say, the last, call it, 12 months. It's mainly on the design side, kind of the EPC business, big capital projects. I'm not gonna give you a new forecast other than the one we gave, but those are the three elements you kind of have to model. Yeah. Thank you guys for the presentation. Keith Weiss from Morgan Stanley. Maybe starting from a big picture question, the industrial logic about bringing together all these these processes makes a ton of sense, right? The integrated life cycle and just the cost slide that you put up of going to 1-500, the cost to correcting errors. That industrial logic has been around for a while. That's been in existence for a while, and the industry has been very slow to consolidate, and there's a lot of structural reasons behind that, some of it having to do with the physicality of the industry, some of it just a lack of impetus. What changes that? 'Cause even within your own organization, only 14% of customers have more than one workflow. What are gonna be the catalysts to allowing you guys to get the industry to get on board with this broader vision that is kind of necessitated to get that up-sell and get that cross-sell dynamic going? Yeah. No, it's a great question, and I guess if I knew fully I would have done it faster. The real answer is when I started in this business eight years ago, I really thought it would have gone much faster, right? It's. I always say it's not a technology problem, it's not a, you know, capital problem, it's a people problem, right? People don't like change. It is uncomfortable doing something different tomorrow than what you did yesterday. It is dramatically different today than eight years ago. Eight years ago, still arguing with customers about if this was the right strategy. That is not a discussion anymore. I mean, they're all. If you go talk to one of our customers, you will hear a very similar strategy. They're on board with the strategy. It is getting them. You can chime in here, Jay, right? Yeah. It's getting them take that leap and take the next step. Yeah, I think we're just at the beginning of it. It will happen. It will take time, but those 14% you mentioned, I mean, they also represent half the ARR, right, so. Yeah. Maybe, Mattias, I'll build on that. I think you have to borrow from other industries to see kinda the shifts happening. You know, with the rise of AI, it is very clear now that anyone can build applications or insights or products and monetize that. The harder thing that people have to do now is the distribution. How quickly do you get the consumption flywheel going and the usage of that? Because of that market happening in, say, a consumer-based world and happening in B2B, it's coming this way from an industrial. I think back to the 3/4 kind of point I said of the systems and the retirement and how fast people can build, many companies are now just, "Whoa. I have to change. I have to think about this in a different way." For us, we wanna be a catalyst in supporting them in that shift. Whereas before, I don't think it was as much of an option. It was an intent to do so, we gotta do it, but now I think it's an imperative. If I can sneak in one technology competition-focused question. A lot of what you guys are talking about is bringing together the data from these various life cycles, these various processes, going into what oftentimes are siloed datasets, older datasets. As investors in the room, I think the one name that pops into our head is Palantir, right? The name that's been most successful in going into these heavy process industries or old legacy architectures and pulling together all this data. Is Palantir a competitor for what Octave is trying to do? If so, how do you compete against a vendor that's been so successful in being able to be that integration, that ontology layer for what seems like your core customer base? Yeah. Yeah. Right. I mean, I'll let you chime in. Yeah I would say, are they a competitor? No, not right now. Could they potentially be? Yes, right? I mean. Yeah. Yeah. Yeah, fair point. So, you know, we have many customers that will, you know, entertain and have interest in them. They have very different cost structure of how they operate. And all kudos to them. I think they've done a tremendous job in shaping a market. And if you think about, though, what there are things that are lacking is the domain understanding of how things work. But there is an opportunity to understand the behavior of things based on data and data signals. But I would say very much that you have to understand the workflow, the domain, the process, and the value outcomes, but ultimately how that embeds back into the work cycle. You can't just do that alone by data itself and answer a question and say, "Here's a, you know, 10X improvement in a particular area," without that change management back into how things operate. It's a double-edged sword. We're actually playing from a complete strength, area of strength. You know, I think it's great 'cause it's validating a market that, we know and we own. When I say own, meaning that we have the right to go position even faster. It's great. You know, we applaud it. Thank you, guys. Fantastic. Thanks for taking the time today. Ken Wong from Oppenheimer. A question for Mattias or maybe Tammy. I think one of the more impressive slides is when you guys showed the compounding effect of the multiple workflows. You know, when you think about the revised or the refresh go-to-market you guys are gonna have, how much of it is just accelerating the timeline for customers to get on multiple workflows versus potentially increasing the number of products that your customers are actually using? Just another on just the subscription transition. You mentioned you're not pushing customers at this stage, but, you know, as you guys separate from Hexagon proper, I mean, should we assume that we'll see more sticks go along with carrots in the near future? Yeah. I wouldn't call it sticks, to be honest. I mean, you need to make the case attractive for the customer, right? The way to do that is by having a new version that is a lot better than the old version, right? It's a win-win for them and for us. That's why I'm saying it, you know, you're gonna move this gradually. We don't believe in enforcing the customer into some product or give them massive discounts just to move them into another model, right? We wanna do it with a product upgrade. Your first question, I mean, the honest answer is both, right? That's fair. I mean, you chime in there. We need to increase our speed. But yeah, we also need to get them on more workflows, and I think from personal experience, when I sit in customer meetings with the salespeople and so on, we always prepare, you know, before we go there, "Look, what do they have today?" Right? Like, they have three products, five products, eight products. Which ones are the ones that are, you know, we can upsell them on and get them bigger value and so on? Yeah, definitely. That's why I mentioned earlier about using AI technology within our sales methodology, right? It's gonna be critical that we understand some of the business needs and kind of what's occurring in their business model today, and those insights help us move faster, right? Where we would have to do a lot of research, you know, kind of prior methodologies, AI is actually gonna help us move and accelerate. We're able to do the research quicker, and it's a value conversation, as I mentioned during my presentation. It's not about just kind of showing up with additional products. We're able to kind of resolve real business problems and get them to be stickier and move quicker. That's where we think the acceleration will be to get them to do more cross-sell and upsell within an existing workflow. Yep. Mm-hmm. Thanks for having us. This was a great presentation. It's Andrew DeGasperi from BNP. Just wanted to ask a question on the design portion of your business because I noticed it is one of your biggest, and it's growing 4%. Just curious to know if in the long term you expect that to improve, as it relates to your midterm targets. Then a second part of the question is, I noticed you have quite exposure to energy and chemicals. I think you said the largest deal in the UAE was- Yep. I mean, that area is clearly under focus, so just wondering how, what's your exposure there and what assumptions you built for this year. Thanks. Yes. Sorry. The first one was energy, UAE, the first part. Design. Yeah, design. Sorry. Yeah, so the design, yes, it is true that it was, you know, had a mediocre year last year. I mean, like I alluded to earlier, we had definitely a weaker year in terms of the capital projects, right? If you look at number of capital projects started, I mean, I don't think the uncertainty around trade and tariffs and so on helped, right? If you look at it longer term, I do expect eventually some of that noise will go away, right? I think the outlook is more positive for this year. But it's also true that I think fundamentally it will be a slower market than build or operate or so because simply because of the fact that we already have such a high market share, right? I don't think it's a declining market or anything. I mean, I still think it's a good market to be in. Yeah. On the UAE and the Middle East, I would say with that particular customer, it is almost business as usual right now. I mean, they are back to work, but obviously the situation is very uncertain or to predict is definitely not good. I mean, when things like this happen and the uncertainty for our customers. Let's see. I mean, if it's a short-term thing, I think, you know, we can move on. Obviously, if this drags out for longer, it will be a problem. How big is that business? I would say roughly $50-$60 million. Yeah, it's about 5% of revenues overall, Middle East. Yeah. Yeah. Something like that. Yeah. Lots of room to grow. Hi, guys. This is Peter Burkly here on behalf of Kirk Materne with Evercore. I wanna touch on the concept of the lifecycle intelligence and just sorta how that end-to-end process flows really when it comes from a buyer perspective or again sort of that network effect perspective. You guys gave the really good example of you know sort of the EPC comes in has their whole design has the project you know and then the on-call solution on the back end on the public safety side to monitor it and react and whatever that may be. I'm curious just in terms of the network effects there. If I'm an EPC and I wanna have a project in New York, and you guys are already working with the NYPD, are those buyers talking to each other where, you know, it becomes a competitive advantage for one of those EPCs looking to get the project to get into New York if they're using Octave? Or is there a push or a pull from one side of that, you know, one customer segment to another? Just anything on the dynamics of how that all comes together would be super helpful. Thanks. Yeah. The general answer is yes. Maybe not that specific example because an EPC wouldn't have much contact with the project side of it, right? If you would change the example to an owner/operator, it's very much that's the case, right? I usually say we have to work this market from two angles, right? Like I said in my example, the owner/operator is very influential, right? If they standardize on your technology, it sends ripples in the EPC industry. At the same time, the EPCs are very influential as well, the big ones, right? They get asked by owner/operators, "What is your advice? What is the best way to build this, to design this?" You really have to work both angles. I would say that we work a bit as a, you know, the glue in between, right? We hold industry forums, we do workshops. Yeah with executives. Like, I mean, we try to bring the industry together to solve the problem together. Hi. Lachlan Brown from Rothschild & Co Redburn. Just with Octave being a system of record, could you dive into the unique data that it houses on behalf of customers? You mentioned that it's an open platform, so would it be fair to assume this would be the same for MCP access? If so, how do you weigh up supporting customers and your ecosystem versus protecting that system of record moat? Thanks. Yeah. You wanna take that one, Jay? Sure. Absolutely. Yeah, let's give some context to how things are structured. One, when we talk about an open ecosystem, we have to work with third-party applications that our customers have also consumed, right? The opportunity for us to go to a CIO and be able to explain how they've integrated in our tools is just paramount to support how it's kind of a build to their efforts. With respect to data, it varies across different parts of the life cycle. P&ID information, work order information, maintenance records, what have you, right? Owned by the customer and how that is actually manifested. The opportunity there is how are these creating symbolic alignment across how behaviors work? What I mean by that is, you know, a P&ID, lifecycle of that as it goes through that design or that construction phase into operations, how is it sustained, how it's used in the field. It's not in terms of now this is exposed. We use MCP, secure MCP interfaces to interact with our systems, but we don't expose that openly, freely to our customers. You think of it just more as you would rate limit an API. If someone wants to use an interface, they can. If they wanna use an API, then we'll charge for that. Opportunities as this market's evolving right now is how do we collaborate in a way that can be more open, can be more supportive of standards? It goes back to the earlier point that Matthias was mentioning to the previous question. It is this push/pull where we have to be thought leaders in the market of what should be open standards. There's many that the owner-operators have done together to try to make data sharing easier. We just need to contribute to that and help the industry evolve. Hey guys, Tomer Zilberman, BofA. As you think about the 86% of customers that are in a single workflow and the opportunity to expand that, actually, let me maybe ask you in reverse. In the 14%, what is the adoption rate in terms of going from maybe design to build to operate to protect? Are you seeing them by one and then the other one at a time, or are you seeing more opportunity to maybe cross-sell several of these at once? Good question. I don't know if we have any data on that, Ben, prepared, to be honest. No. No. I think we have to pass on that one and come back to you, to be honest. Because yeah, I don't know the exact number. No. I know we have the data, but I think it's better we take that afterwards and we can come back to you. Got it. Maybe as one more follow-up, you mentioned. Sorry, I lost my train of thought. No worries. I'll come back to you later. I'll come back to you. Okay. We both come back later. Hi, good morning. Thank you. Gabriela Borges from Goldman Sachs. One question for Ben, which is, what are the macro indicators that we should be tracking that best predict and inform your business? A question for the broader group, which is, we can see the vision on what an industrial company operation should look like if they fully commit to the Octave suite and all of the ways that that improves their operations. Are you hearing or seeing a change from your customers in how they allocate budget to software and digital transformation because they recognize the urgency and the potential of AI? I'm asking in the context of we know that your customers tend to move sometimes a little bit more slowly, and I'm curious if you're seeing an inflection in their willingness to commit to digital transformation with Octave because of how AI is evolving. Yeah. In terms of macro indicators, I mean, I think you have to look at a few different things. Part of the business is driven by EPCs, as Mattias mentioned, so I think you can look at their funnel, their backlogs, you know, how their outlook is. I look at specific segments, if you remember the customer breakdown, that are most important to us. So power generation, you know, the amount, the build-out for data centers, you know, how that feeds into demand for nuclear, gas turbines, and things like that. These obviously have very long lead times and they're long cycles, but that helps us set the expectation for where those segments can grow in the future. Yeah, you know, as Mattias said, there is a portion of our business that is more macro sensitive. We're only two-thirds recurring at the moment. Anything that affects GDP or geopolitics is obviously still relevant to that non-recurring piece. I think you can look at it segment by segment. Mining, high oil prices are obviously good for part of our business if they're high because people believe they stay high and it's a good reason to invest. There are some of the macro things that I look at. Maybe, Ben, I'll just add onto your second part of your question. We are seeing a shift. I've probably spent the first seven months, probably have had over 100 customer conversations, interactions. What's unique is you're creating a space where they can have a conversation about how they would retool a business. As an example, if they have an existing cost structure to run a large, you know, project, it's labor hours, it's cost and they know how to run that very well. But if they wanna attack downmarket into a cost structure that's very different, you wouldn't simply take the existing process, you'd have to re-engineer that. But they've never had that space because they go from project to project as fast as possible. The Octave Collabs gives that sort of opportunity to rethink a model. How would you redefine a process and do it in a very hyper-focused, just like how we develop software now? That impetus for change is absolutely happening right now and we're excited to see where it goes. Hi, guys, how are you? Arseny on behalf of Josh from Wolfe Research. Kind of a question really on when we're thinking about the 86% that are on one workflow, what's addressable when it comes to of that group to get to that 3 workflow adoption rate that gets that actual expansion? Kind of to size that path moving forward, given it's such a large base of your customers. Then just as a follow-up for Ben mainly, when I'm thinking about the medium-term target getting to that 6%-8% revenue growth, is there a ladder when we're thinking of after 2026 we should anticipate some small acceleration facing easier comps, getting more of that actual recurring revenue working through our actual base, just to understand the timing of that 4- to 5-year midterm outlook? Yeah. Maybe I'll take the first one. I mean, I don't have a scientific answer for you. I honestly don't know if there's a way to calculate one, how many of the 86% would be addressable. What I would say from just personal knowledge would be the very large percent, right? I mean, it's hard to think of a customer that wouldn't benefit from having another. I'm sure there are some, right? Small ones. Yeah In specific niches, but in general, I would say a very large percentage. I would add that we are creating a methodology around that. I spoke to you that we are putting them into different tiers based upon the qualification criteria of their business needs, and that's how we're prioritizing them coming into the top part of the market. We know kind of the calculations based upon the opportunity that we're going after. We are going through the install base deeply to determine which ones we would prioritize first to get to move quickly. In terms of the growth profile, I mean the main driver of that overall acceleration is the ARR growth growing from 8%-10% and subscription revenue becoming a bigger piece of the pie, right? You end up averaging up the overall growth rate for Octave. I think that's the main driver, and as we've talked about over the day, there's no one big thing driving that. It's a combination of lots of different factors. I would expect it to be fairly linear. Obviously, 2027 could be a good macro year, could be bad. 2028 could be better. In the bit of our business that is non-recurring, you know, there is gonna be a little bit more volatility, and we'll just have to see how it pans out between now and then, basically. The ARR acceleration is the main lever for the overall organic growth rate going to 6%-8%. Yeah. Hi, two questions for Tammy, please. It's Ben Castillo from BNP Paribas. Just on the go-to-market. First, you know, a third of your ARR growth to come from new customers. You know, could you give us some color on where the lower hanging fruit is there, you know, by pillar perhaps? You know, what are the most dynamic or which of those pillars do you expect to contribute more strongly to the new net new revenue generation? Then the second question is really around the channel mix, so doubling that from roughly 10% towards 20%. Could you just help us understand, you know, what does that take from your side to cultivate? What sort of time frames do you envisage in that materializing? Thanks. Great. Okay. Yeah, you go. Okay. All right, kind of on the first piece of it, or actually I'll start with the channel side of the equation. We are going through an evaluation of all of our channel partners now. As I mentioned, we're looking to kind of baseline everyone. They are global. There are 1,500 across all of our business units. We are exiting some partners now where we don't see that there's a whole lot of revenue value, and then we're also recruiting new partners into countries maybe where we have not a huge population of sales revenue coming from those. Right now that's how we're thinking about how we're gonna get to double-digit growth. We're also thinking about creating a marketplace opportunity beyond Azure, as well as AWS, that we can take some of the lower-hanging transactions and put them through the marketplace, which would actually reduce our overall CAC. We see it as a tremendous opportunity to kind of be running through a true channel model. That will take time to build, that's why I mentioned earlier. I do see double digit coming from those areas, but that's gonna take us a little bit of time to get that foundation moving. I'm sorry, what was the first part of the- I think it was which is the kind of biggest opportunity if you look at the. Oh We call them pillars. Yep ... in terms of new customers. Yeah. We, you know, we're seeing a lot more in energy just because of the nature of what we're seeing actually obviously with AI. When we say energy, we are looking into more like the data centers and the nuclear side of the equation, where we hadn't seen a huge uptick in those areas previously. There's a lot of scheduled projects that we're getting visibility into, and a lot of it is around facilities management, but on the nuclear side as well, 'cause the energy costs and rates are gonna be in high demand. There's a lot of projects that we're seeing coming online in those areas. I would say the energy sector is probably the biggest opportunity for us right now. In terms of just to connect to his question, I mean, a lot of that would be in the operate- In the operate model. what, facilities and data centers and things like that. Yeah. Mm-hmm. Hi. Hi. Mikael Lassén at DNB Carnegie. I have a question about the you position the company as a unified platform, sort of lifecycle intelligence. I was curious sort of where you are today in sort of the integration of all these different software offerings that you have. Yeah. Where are you today, and what is the vision, and how much do you have to, from a tech perspective or product perspective, improve the sort of integration? Yeah between the different offerings to improve the upselling and cross-selling opportunity? Yeah, I'll hand over to Jay in a minute, but like, since I know you've followed Hexagon a long time, right? I mean, the history is, as you know, 65% roughly of Octave consists of the Hexagon ALI division, right? That was one fully integrated company. Another 20%-25% roughly, it was the Hexagon SIG division, right? That was also one fully integrated division. Then we have 3 smaller businesses, right? ETQ, Bricsys, and Projectmates. Those three are not integrated fully. They're kind of, let's say, halfway there. That would be kind of from a historical perspective, and then I'll pass. Yeah I mean, it's kind of a little bit what you talked about. Yeah with the platform earlier. Yeah. Yeah. Yeah, from a technological perspective. First off, as you know, ALI quite well. Playing from an area of strength already, where the integrations across engineering and construction, and then to operations, has a pretty strong base thus far. As Matthias mentioned for some of the other applications that we launched the Octave platform vision back in November or beginning of December, I should say, so it's not been too long back. Every team moving at an accelerated pace of looking at where you can start to drive some of the data integration. In particular, in the operate space, if you bring together EAM and some of the operational procedures and safety procedures, pretty easy and fairly quick to do. Some of the aspects, as we're talking on the protect side, are now kind of new use cases we're bringing into that. I expect through this year that the team is continuing to build those use cases and foundations, and then we'll have some pretty exciting stuff to share coming at the new year. Hello. Andrew Thomas from Gates Capital. I was hoping you could talk a little bit more about your target leverage range midterm in terms of net debt to EBITDA and maybe the max leverage range you would take on for a deal. Kind of related to that, how is the M&A pipeline today in terms of deal size and, you know, just activity level? Finally, could you clarify the capital return opportunity here in terms of share repurchases versus dividend? Yeah. I mean, in terms of leverage, we're going through that process at the moment. It should be completed in the next few weeks. I think the maximum leverage headroom we'll have is 3.5x net debt to EBITDA, with a spike to 4x for a period of time if you do a larger deal. That's what the capacity will be. Obviously, we're not gonna run the company with those kind of leverage. It will be significantly below that. We haven't given a kind of target as to whether that's 1x, 2x, 2.5. We'll come back on that. It'll be way less than the capacity that we have. Yeah. On M&A? Yeah. M&A pipeline. I mean, the pipeline's actually quite big because, as you can imagine, running a spin project for 18 months takes a lot of management's time. Doing acquisitions in that period messes with all the numbers you have to submit to the Form 10. It's deliberately been quieter over the last year and a half within Octave. Yeah, John, the head of M&A, is here. You know, I think he has a busy pipeline and, you know, I think there's a lot of good ideas that we could look at post-spin, if we want to. Maybe it didn't come across that, you know, I think the areas for M&A to operate, build and protect where we see the most opportunity. Yeah, the pipeline's healthy. Yep. Hi, this is Ian Black with Needham & Company on for Scott Berg. For the volume-based side of your business, how much visibility do you guys have into the starting and ramping of large contracts and projects? Yeah. I would say pretty good. I mean, we get a live score every month, right? In terms of the usage-based license set. We know fairly well, and it usually, I would say, moves on a call it 18-month cycle. We are pretty good at predicting it, I would say, generally speaking. Okay. Thank you. That was our last question. We're at time. Thank you all for coming. We have demos outside and food, so we'd love for you all to join us out there. Thank you, guys. Thank you. Appreciate it. Thank you so much. Thank you.