Good morning, welcome to Altron's Capital Markets Day. My name is Ntombenhle Madonsela. Just over two weeks ago, I had the privilege of introducing Altron's management team to you at the FY 2026 results presentation. Today, I am excited to be doing the same thing again here at Altron's first Capital Markets Day since setting out its platform-led growth strategy in 2023. That journey has taken Altron from a foundational reset through a period of accelerated growth and now onto its next phase of growth. Speaking of growth, just two years back, I was sitting in a high school classroom in Soweto pondering about what the future might hold for me. This week, I get to write my second-year June examinations as a computer science student at UCT. This growth is one of the most important factors in my life, and it's what makes me proud and grateful to be part of the Altron family. Today, we will be keeping things informal. Please feel free to step out for refreshments as needed. In terms of housekeeping, the restrooms are to your left as you exit. We will begin with a strategic update from our CEO, then to the introductions of the managing directors of Altron's platform businesses. After that, you will be taken through to lunch, and then to the hands-on demonstrations of the MDs and their teams. We will close the day back in this room with an interactive Q&A session. As a reminder, today's Capital Markets Update is being webcast and recorded. You are free to ask any questions by posting in the chat box. I will now hand over to Altron's Group CEO, Werner Kapp. Thank you very much. you very much. Thanks, Ntombenhle. Good luck again with your exams, and thanks for taking the time out to come speak to us. It's incredible, eh? Our succession plan is safe. Welcome to all of you also for taking the time out of your very busy schedules to spend quite a lot of time with us today. We're extremely excited to take you through what we think is our role in the South African digital economy and why we think we're ideally positioned to continue to drive sustainable growth in this burgeoning economy. I want to spend about 25 minutes. Firstly, I wanted to show you a little bit of what we call Altron's heart. There's a specific reason why we squeezed you in here today rather than take you to a luxurious conference center or a hotel. We wanted you to come to where we work. I was telling some people early on, I made the faux pas of saying my office until I realized I don't have an office. It's just a desk. My desk is upstairs as you walk up the stairs there from the coffee shop. We really wanted you also to get a bit of a. Culture is a very important thing for us, so we also want you to just get a little bit of a sense of what we're about. I'm going to take a couple of slides just to talk to you a little bit about sort of what we stand for as a bu siness. T hen I really want to talk to you about what we see happening in South Africa's digital economy and how we think we're exceptionally well-positioned to be able to drive growth on top of that. First of all, we're going to start off with really what is most important to us as a group. Let's talk about tomorrow. Tomorrow could be so many things. It is both hope and fear. It is unrelenting. Tomorrow always comes. The question is, are you ready? Imagine how tomorrow looked for South Africa when Altron opened in 1965. Then how we grew with the nation as it transformed tomorrow into hope. In the 90s as the internet began to rewrite all our tomorrows. Tomorrow became technology as a whole new digital world was born. Mzansi has sometimes struggled with tomorrow, which is what drove us to find innovative solutions to some immensely important problems using the power of technology and South Africans' relentless ingenuity. Facing tempest in a tempest. It's been six decades of building Altron into the South African technology giant. Six decades of do what you must, and if you d on't have it, build it. At Altron, we create real solutions for real problems that really benefit people. Now and forever. Transforming today into a simpler, safer, and smarter tomorrow. Tomorrow's coming. Are you ready? I always tell my team, when that video stops giving you goosebumps, you probably shouldn't be working here. You probably shouldn't be working here anymore. When I joined Altron about four years ago, one of the things that really struck me is that we were what I believe to be the best-kept secret in the market. You probably don't even know yourself how many times a day you engage with and interact with Altron. Your children, your customers, your office. I mean, starting from you leave home in the morning, there's about a 50% chance that the electronic subcomponents in the gate controller of your garage was supplied by Altron Arrow. Hopefully, you're one of the 1 million people who's having their safety for yourself, your car, and your family s ecured by Netstar. I dropped my kids off this morning at school. They're writing exams. I'm sure many of yours might be. I don't know if you're aware of this. There's a really good chance that the exam paper that they're writing was printed by Altron. Last year, Altron Document Solutions printed almost 500 million South African exam papers. Your Smart ID card that you carry with you was printed, produced, and your ID is securely encrypted by Altron Security. If you go to the coffee shop like I did this morning, there's a really good chance that the merchants acquiring and the payment is done. I'm sure Johan will take you through it. My team is laughing at me because I sent him a photo of it again this morning. If you look for the Altron logo. When you get to work, Andrew will tell you a little bit more about it. Most of the security that's done on the internet websites that you look at is done by us. We provide the certificates for those and also enterprise-grade security for most of the mobile operators and financial services companies in South Africa. If you pop out to do a little bit of retail, probably about a 50%-60% chance that the point-of-sale systems and those retailers are supported by Altron. Should you or your family have to go see a doctor, over a 40% chance that the SMS that you get from your doctor with that appointment, the payment, the scheduling thereof is done by our private practice management system. Over 50% chance that your payment is facilitated and the payment of the dispensing of your medicine afterwards is facilitated by our switch. It's just incredible that Altron really is everywhere, and we are even more today embedded, and I'll take you through that a little bit later in this digital economy of South Africa. What's very important for us, the reason why I show that video and we show that video, we've got quarterly business reviews, I think probably in this very room next Thursday, where we really go through the strategy, what we're trying to do, and we kind of unpack how that's going, what's working, what's not working, what do we have to fix, what do we have to double down on. We always start that as a reminder that we're purpose-driven, we're customer obsessed. W W e don't always get it right. We don't always get it right, but when we don't, we'll move heaven and earth to fix it for our customers, and we're growth-focused. Where there's change, where there's problems, we see opportunity. That's the kind of leadership we want, and that's the kind of people that we want. Probably as you saw, Ntombenhle is one example of that. One of the greatest privileges we've got, whilst we are growing shareholder returns, and that's obviously exceptionally important for us, and it's a job that we take very seriously, is the fact that we are able to channel some of that into the two big causes that we've taken on. One is our partnership with Jozi My Jozi, which is really focused on the regeneration of Johannesburg. I spoke about that last year on the 1st of April on our 60th anniversary. I'm delighted to see that that is really getting a lot of attention now at a national level, and the fact that the fortunes of Joburg are inextricably linked overall to the fortunes of South Africa. The other one is education. We just recently opened our second digital-- There was the Netstar Digital Learning Centre, which is really helping teach underprivileged kids on math, science, and AI in Hillbrow. About, I think it was about six months ago when we announced our partnership with the Maharishi Invincibility Institute that's building the MIT for Africa right here in Marshalltown. I was at the opening of that digital center. As you can see, a number of graduates, a number of programs. Ntombenhle is one of our Ascent B ursary. I think we've got about 24 kids, most of whom are our employees' kids, on our bursary scheme. Solving real-world problems, of which education is probably one of the more important ones in South Africa. Just for the record, I wasn't a math buff at school. I didn't enjoy math. It wasn't fun. I knew I had to take it because I wanted to become an engineer one day. A lot of people struggle with math and science and technical ability or technical type subjects. The whole Matthew system is built around me giving you something similar to it and testing it out. Say, okay, well, you're struggling with, let's say, a red pen. I'm going to give you a green pen, and you're going to explain the green pen back to me. If you get that, then we can continue. That's a system that I designed while I was studying, and it was very, very effective, but it was very labor intensive. The one evening I said to my wife, "Well, if I can actually build this into software, we can scale it. And so many more people can actually use this concept-oriented teaching." We call it pathway in Matthew. If you struggle with something, I'm going to give you something similar. AI today can just do a lot more than that. That's where it started back in the day. If I can summarize Matthew, it's help when you need it. If you take out your phone, you can click on something, and you can get help instantly. You don't have to wait for a tutor or your teacher. Our vision is to obviously scale that to everyone in SA can have opportunity for this. I think the biggest success story that we've seen is we've had a student that came on eight weeks before finals. His marks were about on a 75. He graduated, I think, second in the country with a 99 for math and science. What the system did was it highlighted his gaps, and he started filling them one by one by one, knocking them over like a test match. What we're doing, if you're finished with that, we're actually now including a bursary AI that starts looking for bursaries for you. That's got a list of the SA-based bursaries and helps you coach in getting in to these bursaries. I think the Matthew guys have really, t hey've knocked the ball out the park, right? To have a conversation with an agent around some curriculum is fantastic, and it's a really great idea. Agentic One from M atthew is actually the training platform for AI Factory. The AI Factory platform teaches you as a customer how to use it by simply you interacting with it, either via your voice or via text. If you just want a quick spot solution around how does this work, Agentic One will be able to give you that answer. How cool is that? That's just one example of an area where we've used AI to solve a training challenge at a scaled level. The AI Factory is something very unique on what they're doing. SA-based tech startups need GPUs as a service, and you can either rent it from overseas, but you're never in control of the entire pipeline. Their vision there is phenomenal. Looking forward to taking that forward. We wouldn't have been able to do this if it wasn't for companies like Altron believing in us, saying, "Okay, you guys go and do what you do. Here's our budget and here's our infrastructure. We want to make this available to you as well." Massive kudos to Andy and the team. We're very small compared to these big fish. Every SA-based citizen that lives here should get access to quality education, and that's not some political promise or I need your vote. This is something that can be done right now with how technology scales. If that doesn't excite you, I don't know what will. You can see Andy and Via share a passion for cricket, knocking it out the park and knocking them over one by one. Why is this the right moment? I actually think the Matthew case study is a perfect segue into why we believe this is a very important time and moment for South Africa and for Altron. Digitization and the uncoupling of the formal economy from the informal economy provides you with the kind of opportunities that Matthew can capitalize on. A small startup busin ess doesn't have access to significant capital. Coding in Brooklyn, in Pretoria, using the AI Factory, creating solutions at scale that they've now done an equity raise for, and turning that into a business which is solving real-world problems in South Africa because of the pressure that our public infrastructure and our public service is under. This is something that we've seen throughout the developing economies globally, right? We see that digital infrastructure ultimately decouples growth from physical infrastructure. Saw this in India in 2009 when they built Aadhaar, which is their biometric-based digital identity system. Took them a couple of years to build. From there, that then became payments, and that has increased bank penetration from 53% to 80%, and they reckon it's added about $67 billion of economic savings and economic growth. Brazil did the same thing in 2016 with Pix, put about 170 million people on their digital identities platform. Again, that became a payment platform, and 71 million people went from unbanked to being banked. Cash, which is a big factor, went down from 77% to 40% in their economy in about four years. We see those kind of trends that are happening in developing economies all over the world in South Africa today. What is it that we are seeing? Firstly, our public infrastructure and our public services are severely stretched. Not uncommon at all for developing economies, right? Our road and rail infrastructure cannot cope, and it is making life very difficult for small, medium, and light logistics operators. Our police force are stretched and under-capacitated to be able to fight the unfortunate scourge of car theft, hijacking, and more worryingly, recently, the disturbing trend of kidnapping. Our public healthcare system is under pressure. Our private healthcare system, as you've seen recently by some of the results coming out from some of the big players, are under equal pressure. I can't give you the exact number, but there are millions of people every day in South Africa that do not have access to instant credit. Why is it important that they have access to instant credit? These are daily, weekly, biweekly wage earners. Think of the gogo who's coming home at 6:30 P.M. She doesn't need credit to go gamble or buy something fancy. She needs credit to be able to provide food for her family, probably the only meal of the day that they're going to get today. She is not buying that at a big formal retailer because she cannot afford to do the scale and quantity of bulk purchases in those big retailers. She goes to the local spaza shop and buys 100 milliliter, or milligrams of maize meal as an example. That spaza shop needs cost-effective solutions to be able to provide that service to her. Tomorrow, she has to go back to work. She needs an identity to be able to work. Nothing can happen in a country, no payments, no inclusion in the economy can happen without an identity. This is what we're seeing in South Africa. What we see is that our mobile-first population and some of the tailwinds that we're seeing in regulation, the Payments Ecosystem Modernisation project, the MyMzansi project, which has been launched by the president, which is really aimed at improving digital services to citizens. You've probably heard a lot, the president even spoke as recently as, I think, Sunday evening about the change to the national identity, moving off the green card. This accelerates digital infrastructure and the opportunities to be able to fix these problems in an informal economy because of our mobile-first penetration, because of the fact that we do have world-class connectivity infrastructure and data centers, and a very digital-savvy population. This gives us significant opportunities in mobility, payments and identity, which is addressed by our multiple operating platforms. In payments, in healthcare, in digital identity, platforms that we've spent 30 years building. Transformative growth for us is not something that started three years ago or three months ago. It's something that we've been working at for over 30 years as some of the MDs will take you through. Remember that identity unlocks participation. Participation generates transactions. Transactions creates data, and data creates value. We believe data is one of the biggest competitive moats for us across and in our individual businesses. Ultimately, these multiple platforms are powered by IT services and our Altron AI Factory. That is why we have started this journey and why we've pivoted to a multi-platform company that we believe is uniquely positioned to drive sustainable growth in this digital economy. The reason why we've been able to deliver revenue growth and EBITDA growth in an economy that's growing by 1% or 2% is because this digitization and the problems that we solve for our customers and consumers through our multi-platforms is uncoupled from structural economic growth. It's underpinned by 91% annuity revenue. That means even in a bad year, on the 1st of March, we've booked 90% of our revenue for the year already. The unit economics allows you to scale this over time. That is why we have had very deliberate capital employment in this platform, in this data ecosystem. This is done by a trusted, experienced leadership team that have built up a track record over the last four years of doing what we said we would do. Of course, you're going to be meeting a lot of them. I think some of them that they wouldn't have place for in this room will also be joining us for lunch, and you'll have a great opportunity to also interact with the people in our business around some of these solutions that we are delivering. There's just by way of introduction, some of the team. I'm not going to go through it one by one. You'll meet some of them. MDs with a lot of experience and a proven track record in the business that they're in, supported by a corporate team, Marisa in marketing. Collin is our COO. Lauren, who's over there in legal, then Philippe, who joined us recently in investor relations. We really, really believe that this multi-platform ecosystem of ours is geared for transformative growth because we're in high growth markets and because we solve solutions for our customers in this digital economy that's uncoupled from structural growth. It really taps into both the formal economy, I think one of the great things which you'll see during the course of the day. For example, Johan brings enterprise-grade solutions to the informal economy, to those kasi shops, to the micro lenders. Our right to win is that we've been at this for 30 years. Rightly so, I get asked the question a lot, "Why can't other people do this?" Folks, what seems very simple to you as a consumer. Which is consuming a service, making a payment on an app, getting your medicine dispensed to you at a pharmacy. I think the MDs will take you through some of the, heaven forbid, pushing a panic button or being proactively tracked and having a chopper dispatched to either save your life, rescue you or your family from a kidnapping, or recover your vehicle. Behind that simple, what appears to be a simple act, is an incredibly deeply embedded ecosystem of technology, a number of role players, and a distribution channel. We think our multi-platform capability makes us unique. I've been asked the question so many times by people in this room, rightly so. "Why so many companies? What are you trying to do? Why don't you just focus on this one thing? Who do we compare you to? We want to compare you to these guys." We are proud today to say you can't compare us to anybody. We don't mean that arrogantly at all. We are just proud of that fact because we think this multi-platform ecosystem has no single vertical peer. The data moat that it generates and that transaction spine of what we do, that's a real slice of the digital economy. This has enabled us to have an ungeared balance sheet, a strong cash profile. We can make investments in growth in our organic platforms, acquisitorial where it makes sense, and our capital is there to compound, not to rescue. I hope that's given you a really, really good sense of what we see as the opportunity, what our role is in this. The MDs will now really take you through some of the detail in their businesses and why we think that we are uniquely positioned as a multi-platform business that provides digital solutions in this burgeoning digital economy. That where we believe growth is uncoupled from structural economic GDP growth. Of course, we have a very strong unit economics and a great annuity base and a very strong balance sheet that supports all of that. Thank you very much for listening. By the way, if you've got to go, you've got to go. I think Ntombenhle told you where the bathrooms are. This is quite a long session. I'm now going to hand you over to Warren to take you through the Netstar business. Thanks for listening. Good morning, everybody. It's a pleasure to be here today. For those of you who don't know me, my name is Warren Mande. I've been with the Altron group for 23 years now. I've been across a few of the opcos, worked in our international operations, and have worked alongside Grant Fraser and the leadership team at Netstar in the role as the COO for the last nine months. Most recently, before that, I joined the ADS team and helped with that turnaround in that business. Today is the first time I get the opportunity to address you in my new role as the incoming managing director of Netstar, and it is an absolute privilege. We've got 15 minutes, I'm going to whiz through things to some extent. We've got a demo session and a Q&A. I look forward to engaging with you during the course of the afternoon and during lunch. I think for me, the three things that I really want to try and communicate today is the enterprise momentum Netstar has built over the three years in terms of the track record that Grant and the team have built, and how that really sets us up for executing on the strategic drivers and the pillars for us as we look forward towards the next three years. Then finally, capping it off as to what is our right to win, what makes Netstar different, what makes Netstar unique, and why we feel we're incredibly strongly positioned for that. Again, in the demo today, you'll see a little bit more of that in action. I'm going to take us through it at a high level today. You will have all seen the results, I won't belabor too much of the financials and the details on the screen, and I do believe you have a pack. Again, building on what Werner talked about, we know that there are big things expected of Netstar. It's a business that has got high expectations both from within the organization and from the external communities. Again, when big things are expected, there's that old saying that culture eats strategy for breakfast, and I think Werner actually told me that lunch and dinner is also on the menu. Organizational culture is key critical for us. What sits at the heart of culture really is purpose. For me, as a subscriber of Netstar and as the leader of this business, tapping into that purpose is absolutely vital. I've had some personal experiences with some family members where Netstar has been the deciding factor between actually life or death. When I take on this role and we look at the purpose that is fundamental for us at Netstar, protecting people, protecting lives, protecting livelihoods is key critical for us, and it gives our clients the opportunity to focus on what matters most. There's a chair there. I guess that's my chair, but there seems to be a chair there. We always talk about leaving a chair in the room for the customer. It's vital to Toyota. We spend a lot of time with Toyota. You leave that customer chair there, it always helps really give you an insight as to what people are thinking, and hopefully some of you in the room are customers of ours today. Moving ahead. It all really starts with our smart mobility platform. That's really the place where our proprietary hardware, our software really comes together for us to be able to generate and deliver services to three very distinct groups of cohorts of customers. We have our consumer value proposition. That consumer value proposition has demonstrated over the last three years double-digit CAGR growth. We have a big investment in terms of our MyNetstar app, which again, we'll talk to you about a little bit later in the demos. It really is an important part of our business in terms of acquiring the scale that we have to deliver services like stolen vehicle recovery, emergency services, which are vital to the economy. Moving down layer into our commercial business. That really is a part of the business that Netstar has been really leaning into over the last three years. Grant and the team put a lot of effort and work into generating substantial growth. That's why you see the higher CAGRs. It's a very attractive market for us. It's a high growth market. It's a market with higher ARPU, it's something that we are really leaning into as we look forward. Again, we still deliver the stolen vehicle recovery and emergency services. It also delivers real intelligence to organizations that you have fleets of vehicles and are looking to either optimize their fleets, drive savings, drive return on investments. We are, and we'll talk a little bit later about how we're moving beyond vehicles into asset tracking, and that will also span our consumer business, but we'll lean in a little bit more heavily this afternoon in the demos as to the practical applications in the commercial space. Then finally, we have our OEM relationship, our Tier 1 relationship with Toyota as an OEM. This is a relationship that started six years ago. It started with Netstar and Toyota in a partnership to enable Toyota drivers, they call them guests, customers, to be able to access free Wi-Fi in their vehicles. Netstar provides the units that provide the free Wi-Fi but also has inbuilt telematics into those units. That's important because that was the starting point for Toyota's journey and Netstar's journey into this world of OEM telematics. OEM telematics is actually the major disruptor that is going to be impacting this telematics marketplace. As Netstar, that deep relationship, that deep integration with the world's largest motor manufacturer that spans both South Africa and Malaysia, is one of the key reasons why we believe we are well-positioned to accelerate into this OEM growth connected vehicle marketplace. Economic engine. Absolutely vital for the people in this room. This is really where we talk about this enterprise momentum that Netstar currently enjoys. At a subscriber, annuity, EBITDA level, all double-digit CAGRs. Also pleasingly, 92% of our revenue comes from our annuity base and from a metric perspective, our South African business meeting that rule of 60 criteria. Strong enterprise momentum. You will have seen our results. I am not going to spend too much time on this, but happy to take any questions you may have in the breaks or a little bit later on today. As we start looking forward, we really start thinking about the strategy and the execution. We've broken up our strategy into four key elements, four key dimensions, and we looked at it very strategically. We wanted to pick areas that we know there is headroom for growth, both in the market and competitive displacement. The first area for us is really market penetration. Some of that Ansoff Matrix. Makes sense, right? We've got these products. We do not have to create anything new. All we need to do is execute better. What does that mean? Investments in brand, investments in marketing, sharper value propositions. Creating products and services within that ecosystem that will differentiate us in the market. You see we talk a lot about fleet telematics. High growth and accelerated adoption. We're really leaning into that space. Why? High ARPUs, higher ARPUs, the opportunity to drive some of those products for growth. When we flick across to the products for growth, that is the ability for us to upsell and cross-sell into our existing base and lead with ease. What does that mean for us? That means the opportunity to increase our ARPUs through things like insurance telematics, which is the basis really for UBI or user-based insurance, something that we do very well with a couple of the insurers at the moment. We also are offering video telematics solutions. Those are the front-facing and cab-facing cameras. I will show you applications for that, but a really strong opportunity for us in our existing base. We talk about the big pool of opportunity that sits in asset tracking, people and vehicles. For us, this really does give us the opportunity to scale our business. These products, service, and offerings are already being executed by Netstar. This is not something that we have to develop. This is not something that we need to bring to market. They are live today. Leaning into product technology, execution. That really underpins the investment that we're making in our business in terms of our technology stack internally, but also bringing in new technology and technologists in our business. The OEM connected platform I touched on earlier. I will not spend too much time in this session on it, but it is really the major shift. The shift being that telematics units are now coming inbuilt into vehicles. The telematics unit and the module that allows them to connect up to their own platform sits within the vehicle. The ability for telematics providers to put their own devices into those vehicles is now changing. It's shifting. The goal is shifting. This is the disruption that we talk about, this is why we believe Netstar is incredibly well-positioned to take advantage in this disruptive market. We often say we talk about winners and losers. If you're just doing the same old thing that you did yesterday and you're not already deeply ingrained with an OEM, it's going to be a lot harder for you as an organization to win in this new market, and we have that benefit. Finally, acquisitions, this question comes up a lot. We'll be patient, we'll be selective, and we'll do so from a position of differentiation, but it is absolutely on our strategic growth roadmap. The market opportunity is great. I think just a couple of call-outs because it's a very data-heavy slide. The first one is our strategy for growth and our growth areas are all underpinned by high CAGR growth markets. We're not spending and expending time, effort, and energy in markets that don't have the opportunity to give us headroom to grow, and in addition to that, differentiate ourselves so that we can grow at higher than market CAGR rates. The piece around OEM that I just wanted to make clear, if you have a look at that first slide, the two sort of bubbles there. The OEM telematics marketplace is growing at a high CAGR, 17%, but it is not substitution, it's not cannibalizing the existing aftermarket stolen vehicle tracking marketplace. Again, two markets, often people think that the one is cannibalizing the other. Although the stolen vehicle market is growing slightly lower, it is still a high CAGR double-digit growth market. Just underpinning everything, I won't call out all the numbers. It really does support our view that there is a lot of headroom in our South African market for us to grow our business without the need to do anything too off-piste. I think maybe just I'm going to spend one or two minutes on this slide. This is really where things start to get a bit interesting. We talk about the products, and we talk about the services, but actually, it's the data that underpins those that is actually the value here. Because if you think about what we're doing, we're taking data, and we're using that data to create product solution services that help our clients. Particularly in that large enterprise and medium-size enterprise space where we want to really drive out the fleet services. Remember I keep saying this word higher ARPUs. That's really where we want to be. We leverage Altron's AI Factory. We leverage that factory to be able to process all of those billions of data points that we see every single month in our organization to create products, solutions, and services that help our clients solve their bespoke problems. If everybody's problem was the same, it would be easy. Each business is unique in the way they operate, and each organization wants to do something slightly different. Having the ability to customize those solutions is not so easy, and it's quite expensive if you do it through hyperscalers. Our ability to have a cost to serve at a much lower price point by leveraging our internal AI Factory gives us the opportunity to be more competitive when we're in situations where we're either trying to retain a customer or win a customer from someone else. In the last week, we've just taken two large customers from direct competitors on that basis. It's all about execution. This then, this data flywheel effect starts to happen. As we see more kilometers come into our platform, so our insights get better. As our insights get better, we're able to do better predictions. With better predictions, we're able to drive better outcomes, and better outcomes enable us to be more competitive. That more competitiveness, that competitive advantage allows us to win more customers. Virtuous circle. Again, just sort of looking at the scale at the top there, no, those are not the top five in the world. Just to give you a context that the amount of data points that we're ingesting relative to some big names that you should know, Netstar is an absolute standout player in the space. I think I just got the five-minute rule. I'm not too far away from finishing, I promise, Phil. Finally, a right to win. Again, when you start to put it all together, when you start to look at where our market is moving into the future, when you start to think about some of the disruption that's coming, when you start to think about what is happening, we start to consider the impact of AI and this data explosion. That compounding data moat with the far right-hand side, that Altron advantage, really puts us in incredibly strong position to do more with that data at a lower cost. That, for us, gives us a bookend of real competitive advantage. As you come to the two middle ones, we have the enterprise momentum on our side. The team have done amazing work, so we're not coming off a low base and restarting. It's a phenomenal amount of momentum in the business as it stands. The scale of our distribution. We're not just known for one thing. We're known across the categories. Yeah, we want to do a lot more in the enterprise and fleet space, absolutely. Our Tier 1 status with Toyota, our deep integration in the motor channel, the insurance channel, and a number of them are exclusive to Netstar, really put us in a strong position. Closing it out, Phil, because I know I'm getting there. I think just for me, I'm going to talk a little bit about what I'm committing to you in the room. When I say something, I'm going to be transparent. If I make a commitment, I'm going to follow through with it. What you know with me is I'll always deliver on the promises that we make as Netstar. For you in the room, it's crystal clear what you need. Your expectations are revenue growth, clearly operating leverage, capital discipline, and shareholder return. I understand deeply what this community needs from me and from my leadership team. Ultimately, and if you are Netstar customers, I just want to leave you with this thought. In that moment of need, God forbid you are ever in that crisis, if you call us, I will make sure that this business is the best at what counts, protecting and saving lives every day. Thank you. Johan. I just want to check out where the minute keeper is. Are we good to go? Good morning. Welcome to Altron today. Yes, the turnout was marvelous. Thank you, Phil, for getting all the people herded into the room. Thank you team for coming out this morning. We'll later on see our team give you a sense of what we are doing as fintech. I want you to focus first on the left-hand picture on that slide. I want you to put yourself into the mind frame of what goes through your mind when you see that picture on the left. What is the first thoughts that enter your thinking? What the hell is that? Isn't that it? The second thought perhaps could be, this is extremely complex. This is an international and a domestic doughnut or a pie chart of all the players internationally and domestic. Altron FinTech only do not work in the bottom, I would say the four o'clock two blocks there. We don't interact with chipsets at all. The rest of those players, we somehow have got a relationship as a third party, or directly and indirectly. We integrate into all of those environments. This is extremely complex environment that we trade in. Picture the following, that we overlay this now with compliance, certification, and regulation. That is not only domestically, it's also internationally. We have to comply with the Payment Card Industry's international certification, and we have to do that certification every year. We also have to do EMV, Europay, Mastercard, and Visa certification, and we have to do that every year. All of our systems have to comply if we want to be participating in this ecosystem. Put all of that in a smoothie liquidizer. You mince all of that together, and you get a smoothie that is one molecule away from nuclear waste. That's what we have. Put yourselves in the shoe now of a merchant or a consumer. All they want to do is they want to buy something, and they want to get some goods for it. Or they want to pay for a service and get some goods for it. This is what we solve for our customers and our consumers. Simplifying complexity. That's our why. Our why is simplifying complexity. To give you a sense, one of those 220 billion transactions, excuse me. One of those 22 billion transactions, the round trip from you inserting or dipping your card or tapping your card on a machine is anywhere between 15 and 20 seconds. That is domestic and international transactions. It sometimes touches about 70%-60% of the blocks on that left-hand side. That's what happens in the dig ital domain. One of those 50 billion debit orders authorizations that we do get also takes between 15 and 20 seconds. That touches about 30% of the blocks on the left-hand side. We have to disperse the funds, the loans, and what has to happen there? When you apply for a loan, you want the money immediately, not two days from now or three days from now. To Werner's earlier point, I'm in dire straits here. I have to get access to money. We have to transfer that money instantaneously. We're using the PayShap rail to do the disbursements of money, and that money is instantaneously available in our consumers' accounts. This is the ecosystem that we integrate into. Supporting that ecosystem is a team, a dev team. Our development team is about 30 to 40 people, depending on if we subcontract or contract in some services. They make sure that platform run with a mindset of an always-on thing. There must be resilience. It must be architected for high-performance days, and that's their holy grail. All of that is our intellectual property. We've got a compliance team. We've got between eight and 12 different compliance activities that we have to perform all year round. Our compliance team is in compliance mode for 12 months of the year, because FinTech cannot exist if we do not adhere to the compliance domestically and internationally. Most importantly, we need to have somebody to increase the ZAR 320 billion. That's where our sales teams come in. We've got three separate sales teams. W e've got our enterprise sales teams, our SME sales team, and recently added our Kasi Squad sales team. Just to give you some metrics around the sales teams. Our enterprise team, every member of that team has to see, visit five new customers every week. That's the targets that we set for our enterprise team. Our SME market, every one of those team members, they have to promote our products, 10 new customers every week. That's their target. Our Kasi Squad, they have to see 50 new customers every week. You can multiply that over the 52 weeks and what is our challenge there is converting those leads into customers to grow our ZAR 270 billion that we got on our product set. We've been at this for 30 years. Werner mentioned that Altron has been around for 65 years. Half of that is what FinTech is about. The people understand the domain. We embed it in the domain, and we're not going to go anywhere. For us, the major challenge here is to get rid of the cash, the large cash economy. Depending on which body you look at for research, GG Alcock has got research. They say the informal economy is about between ZAR 500 billion and about ZAR 1 trillion, ZAR 500 billion, and ZAR 1 trillion. That's a huge chunk of money. That's why the Kasi Squad sales team and squad was created. We have decided with the Kasi Squad that we are going to employ people from Soweto, from Ekurhuleni, from Khayelitsha, and we are next frontier now is Port Elizabeth. Those people have to live, eat, sleep, breathe in those communities, and they have to sell our products and services in those communities. There's a level of trust here that we have to engender because there's a huge distrust in this community about banks. The saying in that community goes, "You're eating my money." We have to get rid of that. We have to make a dent in this instant gratification of a cash transaction. A cash transaction, I give you ZAR 20, you give me something, the ZAR 20, the parties leave, and it's all sha na na between the two parties. A digital transaction, sometimes you got a day, a two-day inertia unit before the merchant gets their money. That's what we have to get rid of. I'm going to take you through some customer journeys here of what we do as a business. Consumer rocks up at one of our microfinance customers. They apply for credit. They have to produce their ID, utility bill, their payslip. We put all of that into our platform. We do a credit bureau inquiry, do a HANIS inquiry. We mince all of that together. We then drop out with an affordability of what the consumer can afford. If they agree on the number and agree on the payment period, we then have to disburse the cash. We disburse the cash on our physical product, which is NuCard. The card is an association-branded card, Mastercard, and they walk out the front door there. Money is in the card. They can go to an ATM and go into a retail pay point and transact at that pay point. The digital version of that is our NuCash platform, where we make use of the PayShap. The money is disbursed into the loan owner's account instantaneously. That's how we get rid of the risk and the security for our customers in the branches. That contract is handed to our payment and collections engine. Store that contract in our payments and collection engine. On agreed date, we go and collect the money between 12:00 and 2:00 in the morning from the consumer's account. We aggregate those into all our customers' accounts. We settle between 6:00 and 8:00 in the morning. You might ask, why do we settle so fast? Cash is the stock of the microfinancier. If they do not have cash in their account, they cannot run their businesses. It's imperative for us that that window, we like walks every morning. Just to give you a sense of what we collect on a monthly basis, about ZAR 4 billion. Some mornings, we settle between ZAR 200 million and ZAR 500 million in that window that we settle in the morning. Those two businesses really go like hand in glove. They contribute about 80% of our revenue. We move off into the integrated transaction solutions. This is really a business that sell or rent terminals, payment terminals. We've got an integrated switch there, always on switch, connected to all six banks. The commercial model there is you can rent it, you can buy it from us. The switch, you can buy a transaction, you can buy a bucket or eat as much as you want for a certain set fee in a month. We collapse the service for some customers as well. We don't really have a go-to market prescript on how we want to engage with our market. For us, that's flexibility. The main need for that business is to underpin our payments and collection engine because we use the rails of our switch to get to all the banks without having to have another point-to-point integration between our payments and collection engine and the bank. Then we see there's a move and a shift to retailers to be bank agnostic. We're capitalizing on that move to wean ourself off the banking rails. We also see now with a new range of terminals that the retailers are now seeing this device as a business tool and not anymore just as a credit and a debit card acceptance device. We're deploying more apps on this device. There's more business tools on this device. The most frequent one, people who fly FlySafair, they use that for the manifest, and they use that to see how much food and beverages they have sold during the flight, and then they connect that back into the base, and it updates the ERP system. The device in FlySafair, incidentally, is the device that we imported into the market. Our last line of business is our card personalization and issues business. Your Smart ID card with a chip on it, we have been producing that for the last 15 years. We're supporting and maintaining and looking after those engines, and we're enhancing those engines. We have now upgraded the software on those engines to start producing the driver's licenses. Perhaps from the 1st of July, you'll be able to have driver's licenses that we will produce out of that facility. It's run by the Government Printing Works, and we've been supporting them for the past 15 years. In the commercial side, the retail side, two banks in the country has got instant issuance of cards in their branches. Once you've opened your account and they give you that card with your name on it, we've personalized the chip on the card. You walk out the front door, and you can use the card in an ATM or in a retail space. That's really what the card personalization engine did. Those two businesses combined do about 20% of revenue, and all the business together generates about 88% annuity revenue for FinTech. Now, compliance and regulation is huge. All those yellow blocks and all those lines of business, we have to have compliance as a cornerstone of this business. Just to give you a sense of the compliance bodies that we have to work through, it is POPIA, KYC, AML, PEP and PEP sanction screening, FICA. I'm getting there. NCR. Just to name a few. Those are all the bodies that we have to satisfy domestically on a yearly basis. We go international and we hop across the pond, people come and audit us for PCI and EMV. Regulation in all those sectors are. It's an imperative. FinTech can't run their business without that. We've been working closely with the SARB on the Payments Ecosystem Modernisation program. Yes, this has been a two-year journey for us. We're finally at a point where they've published the exemption notice for activity-based framework. Final comment's in, I think, end of this month. Public participation three months from now, Hopefully before Christmas, we'll have the exemption notice tabled in Parliament and signed off by Parliament. This is huge for us, team. It's huge. This framework will allow us, as FinTechs in the country, access to the national payment system without having to run those services through a sponsor bank. It's going to give us direct access. You can imagine how huge that is for us. Just to give you a sense, 80% of our cost of sales is bank fees. Bank fees in the country. If we can nibble at that, you know what we can do for our customers and for ourselves. This is huge. Our team is slaving away now at making sure that we are ready to put in our application, and they will have that done and dusted before the ink is dry on the signing off in Parliament. Just to get you back to what we are going to do. We are going to continue servicing our enterprise and SME marketplace because we believe there is an awful long runway still for us. Friction, process, complexity, we have to simplify that, and that is what we are doing in those market segments. The Kasi market segment is our informal segment that we are approaching. We are going to have a hell of a lot of learnings from that. Just to give you a sense of the learnings, Brandon earlier touched on the spaza store owner. They enter into a credit agreement for selling them the 100 grams of flour. On Friday, they have to repay that 100 grams of flour's fee. Now we are introducing a debit order there. It is actually a repayment plan. We collect the 200, 300, 400 bucks that they owe the spaza owner. Similar with Uber repair shops on the sidewalk. They repair those things on credit. The credit has to be collected. We are introducing our products there. Hair salons, nail parlors, they all do services on credit. We are introducing our products there to collect their outstanding fees there. Backroom rentals is a cash transaction today. They want to regularly collect those things over a three, four, five-month period, depending how long the rental is, and we are going to collect that information. Our runway in the informal sector is a learning runway. We believe we can certainly eat into the 500 billion ZAR as FinTech. Thank you. Thank you. Morning, everybody. By way of introduction, I am Leslie Moodley. Been with Altron just over eight years, and roughly half the time, I have taken care of the HealthTech business. Before I take you through our business, I want to give you a sense of just the environment in which we operate, because I think once you get an understanding of this environment, you will see why we are so well-positioned. The big statement is private healthcare supports about 15% of the population in South Africa. That is roughly using about half the budget for health in the country, and that is roughly about 330 billion ZAR, right? Every single interaction of that has to go on a digital platform. To give you a sense of this diagram, these are the stakeholders that we mainly deal with, and that really run private healthcare in the country. Altron HealthTech is fully entrenched in these sectors. The funders, there are about 71 of them now, covering about 9.2 million insured lives. We call them members. They are going through some really strong structural pressures, right? Most of the stories out in the press around private health sector talk about the stress and the financial burden on the funders. I will talk about how we are solving that. The funders, obviously, are running what we call a claim negative system. For every 100 ZAR that they collect, about 96 goes out in paying claims and about 6 ZAR goes to the administrative overhead, right? You are 3 ZAR negative. Think about the solutions that we can put in to support them. The managed care organizations in our ecosystem are critical. They make sure that you and I are well taken care of in case of chronic conditions, making sure that you follow a very specific health pathway linked to medications, authorizations. These DSP networks, designated service providers, provide the service at the right price and at the right time. All of it I will talk about just now. The providers, who you and I know quite well, are the doctors, are the specialists, are the hospitals. They really are the backbone of the healthcare system, globally known for high healthcare knowledge and really breakthrough technology and innovation when it comes to healthcare. Roughly 40% of that runs on our systems. There is about 50,000 registered practitioners in the country. That is including all of these players, plus what we call the auxiliaries, your physios, your OTs, et cetera, and 40% of that runs through our system. The standard pharmacies, all of them are our customers because we have to switch from the pharmacy to the funders to make sure you can receive your medication and they get paid, or you got to do a co-payment or full payment. All of that is us. In this structural sort of pressure that goes in, the most important person, you and I, the patient, has really been forgotten, and that is the sad thing. A patient can go to a GP, gets referred to a specialist. The specialist asks for some blood tests. That goes through a pathology lab. The pathology lab then comes back to the specialist, and you go and collect maybe your medication at a pharmacy. Nobody can tell you an integrated view of what is happening with the patient. Well, except HealthTech. That is the power of the platform I am going to talk about. Some bragging stats, ZAR 259 billion dispensed by the schemes in FY 2024/2025, approximately half of it goes through us. That is 107 million transactions without skipping a beat. Can you imagine sitting at a desk at month-end and the system goes down? That would be chaos. That system works like clockwork and has deep technology and huge investment to make sure that we protect this digital backbone that Werner talks about. Of the 50,000, about 20,000 practice numbers run through my software. At any given stage, that is about 5,500 concurrent users hitting our systems to make sure that a patient can be seen, the clinical notes can be taken, you can be admitted into a hospital or referred to a specialist, or even manage all the payments that go through your member benefits. All of that happens seamlessly through our systems. Of course, when we built this data moat around our business, we saw that we had 15.6 million. Now that, for me, is quite remarkable because there is only 9.2 million insured lives in the country. Therefore, we are beginning to see a lot of the cash patients that are going through the private sector as well. That is 25% of the population. I spoke about the structural stresses, right, in the ecosystem. The funders are running a claim-negative system, and of course, they are looking for solutions to lower costs. To understand what is happening to their patients, to making sure that the patients are compliant, to making sure there is no fraud in the claim solutions. That requires a data business. Our data business provides that. Our managed care organizations make sure that you need proper clinical data, and that with, for example, oncology, will make sure that you are following the right regimen for drugs. In that regimen, we must make sure that you complete your therapy so that you're not adding burden to the funders by being admitted to hospital. Our systems and our data platforms do that. The providers cannot see patients without our systems. It makes it possible to see a patient, to look at their clinical record and make sure that they are being looked at not only for now, but in the entire journey of their health. The pharmacies, if you're following, are completely reinventing themselves. Follow the Dis-Chem Retail story, and that is based on our systems. The growth drivers are quite clear, right? If you look at our business, I want to be deliberate in saying we're not a software company. We are a proper business platform company. We look at providers or provision of the goods and services that comes into our system. These guys produce value that our pharmacies, our funders, our managed care organizations consume. The more they produce, the more patients they see, then the more it gets consumed to add value into the system. Our strategy has three main parts. Our core business, which is really our practice management and our claim switching, together with our corporate wellness, which is underpinned by our occupational health, has really been our mainstay. Over the last few years, we've introduced our oncology solution. This is a proper ecosystem play. We've taken all the different parts of oncology, and we've written technologies to bring it all together so we can orchestrate. Now, if somebody launches a solution in oncology, it is really an island. We can make sure it comes together. It's virtually impossible to then be outside our ecosystem, and that's the logic of what we're doing on our platform. All of this soaks into our data business, where we're diversifying our revenues and solving really complex problems, both in healthcare as well as into adjacent industries like financial services, retail, large pharmaceutical, and the like. The key growth drivers for me is clear. It's volume. Do more with what you have, so we will always protect that base of our practice and our switch, and we are growing at a really good rate. Our churns, since we've invested, our churn has come right down, and we, in the direct market, almost two to one. That means we are adding two practices for every one that closes, either through retirement, lost to competition, immigration, et cetera. We are really in a good position on that side. Of course, we want to get a higher yield from what we have, and so we will make sure that we can continually add value to our core. New revenue and expanded revenue is all what we're about. We've already launched our data asset, and that data asset is already starting to plug into adjacent industries as well as into healthcare to really start building some of these great solutions. Then we want to expand our oncology solution. We launched our base oncology solution about 18 months ago. Of the 70 large oncology practices, 38 are running on ours. We want to expand that by adding data solutions to the large pharmaceuticals for, obviously, the drug compliance. We want to add a patient app that brings the patient into the oncology ecosystem. Then we want to add visibility to the schemes so that they can manage this huge cost. Of course, we want to be a good player into the government with NHI coming along. We are the first company that really used our systems to access the government databases and have been certified for that. If you look at it, what is our right to win? We have no real one answer. It is a compounding impact of successive moats over 30 years. I spoke about our data moat. That data moat really allows us to solve complex problems, but also diversify the risk of our revenue streams. The scale is phenomenal. 40% market share in practice management, 65% market share in claim switching. We run 100% of the managed care organizations for oncology. That gives us the ability to make sure that nobody can replicate, without huge difficulty, what we're doing. Real-time capturing all this data. I spoke about solving these complex problems for data. For example, data is a wonderful proxy of credit score, right, in the health space. If you're now looking into financial services, data in health can help with digital underwriting for life insurance, and we are building all these models to be able to diversify the business. Of course, we are built to scale. I want to double down quickly on the data asset. I've spoken a lot about it. It's already in production. It's in the early stages, so we have current revenue going through. That 15.6 million unique patient records is growing. It's a good proxy for what's going on in the country, and therefore, we are really optimistic to grow this. To bring it to life, I want to take you through a simple example. Our platform systems with our transactional systems, our data, and focus on patient, means that we can look after the patient throughout their journey, not only when they were sick. That is our old business. Our new business is we can add value throughout this. When a patient is sick, of course, our systems kick in, but that's only less than 5% of your life. The other 95% plus means we can add considerable value to you in terms of preventative health. Everybody is wearing wearables. Everybody wants to look at their health, whether you are exercising, gym, cycling, all of this comes into preventative health, a huge market, and our data is critical in that. Of course, employee health, any organization wants to have a sense of what's going on with their employee base. With our data, you can get a sense of what's driving absenteeism, productivity, and then do very specialized interventions. Of course, if you get sick, that's when we really come into our own, and that's the 30 plus years of systems and solutions that we have. Of course, a patient may want to eat healthy, so we've partnered with the leading retailer in the country to look at healthy basket of goods because we know what chronic conditions go through our systems. If you need to go into financial services, we can now widen the spectrum to use health data as credit scoring. The logic goes on as you get into the wider ecosystem. I look forward to then talking to you later and discussing a lot more about the business. Thank you very much for listening. I'm going to hand you over to Andrew and talk about security. It's almost time for lunch, security is the topic, I promise you, this is the interesting security today. Werner made a bet with me that I couldn't do this session and not use an acronym, I'm going to try really hard. There's one acronym I need to start with. Today's topic is about trust across the digital transformation conversations that we've been having. Without trust, there's not going to be any commercials behind it, right? Trust is easy in the brick-and-mor tar world because we can see each other, we can validate who we are by using our minds and our eyes. In the digital world, there's no trust, right? If you think back to the internet in its burgeoning days, it was anonymous. That's much of its value proposition. Today, it can't be anonymous. For any of the things that we've been speaking about, we need to have an ability to create trust. For the 20 years in my career, I've been working at Altron Security for 25 years across many of the different portfolios in the business, five years leading it. For much of that time, I wasn't able to explain to my parents what it is that we did and how we created trust. I'm going to take a stab at doing it now, I'm really lucky in that it's much easier these days because we're all interacting with this stuff every day. If I give you a few use cases, it will become immediately apparent. That one acronym that I'm going to have to use, Werner, unfortunately, is called PKI, Public Key Infrastructure, that's something that we've been leading the African market in for the last 26 years. Again, going back to the example of Leslie, in the online world, if we want to be able to know who Leslie is, there's a simple way of doing it, we can use encryption. Leslie can choose a key, he can share that key with me, he can encrypt some data and send it to me, it must have come from Leslie because he gave me that key and he encrypted the data. I know I'm talking to Leslie. The problem, though, is we could get someone in the middle of that communication that could steal the key. How do I know that that was Leslie's key? We introduce a third party, a trust service provider, Altron Security, someone that has Public Key Infrastructure. We run and host and are accredited by the South African government and other governments internationally to be able to offer these services. Leslie's key is broken into two pieces, one that he creates that only he ever keeps, and the other half of the key that he created, he gives it to the trust authority. If I want to communicate to Leslie, I come to Altron Security, I request his public key, and whatever Leslie encrypts with his private key must have come from Leslie because only I can decrypt it with the public key. This sharing of cryptographic information is the very core of what we do. We do a lot of it. Our trust infrastructure services underpins all of our platform capabilities. If we look at the Smart ID card that Werner mentioned, we built for the South African government the trust infrastructure that issues the private and public keys into that card, and then we keep with government those public keys so that whenever you use that card, for example, when you go and fetch it at a bank branch, you're going to stick that card into a machine, validate who you are, and the keys are going to be validated to ensure that that is, in fact, your card. We built that infrastructure for the South African government. We've recently, last year, been appointed by the Zambian government to build their national Public Key Infrastructure that they will operate. We're building it for them and transitioning it to them. That'll underpin all the initiatives in their country around digital signing and in the future, their implementation of digital identity. Then in the private sector, telecommunications companies in South Africa leverage our managed PKI environment. They don't want to run this themselves. We operate it for them, and this provides the authentication in their radio area network and all the encryption of the communications across the telecommunications space. The plumbing of what we do is a 26-year history. Highly regulated and a whole bunch of firsts that we've been able to achieve in the country that sets us apart. There are only two players in this market here in South Africa. There's a third, the post office, not currently delivering those services. There's really only two players in this market today. The exciting stuff that I'm here to talk about is really what we're now building on that trust infrastructure. When the ECT Act mandated the ability for individuals to be able to get a digital signature that could be used under law, what we in South Africa call an advanced electronic signature, globally a qualified signature, there were trust service providers that could register to be allowed to issue those signatures. We're one of them, one of the two in the country that are able to issue advanced electronic signatures. We also have a document signing platform, we created all of this before COVID. What a tailwind that was because overnight, what was allowed under law suddenly became necessary because no one could sign a document with legal standing physically during that time. What's been amazing for us is that that growth that we saw during COVID has continued. We really now see signing using cryptography to create a document that's non-repudiable and stamped with your identity as being public infrastructure. It's been baked into everything we're doing, and I'll talk a little bit later about some of the initiatives at the Deeds Office. As part of the Electronic Deed Registration System, there's a move now to have a digital title deed signed, just as one example. You hear about it everywhere today, but digital identity is the next wave that we're investing in and building capabilities. We're already providing the critical services that underpin digital identity for nation-states, for private sector, for many ecosystems that have presented today from healthcare to IoT to payments. We're working with the South African Reserve Bank to see how they use trust infrastructure in the new payment system. We're really excited about the future that we have around digital identity. You use this already in many, many ways throughout your day. If you're going to a website and it's one of the banks in South Africa, there's a good chance that the padlock that you see that proves the identity of that website that you're visiting, that those certificates were provided by us. If you're using your Smart ID card, the identity that's in the card, the digital identity that you're already carrying around. We use the horrible word physical digital identity, as opposed to one day a mobile digital identity, that's using our trust infrastructure. If you're signing a document with legal standing, probably using one of our signatures. We have our own signing platform. We also provide to the signing providers, the signing platforms in South Africa, their advanced electronic signatures. We're working with the Deeds Office in a proof of concept at the moment where conveyancers will be able to take that pack of information and upload it to the deeds system, the new EDRS platform, and for that then to return a digitally signed title deed. Banking transactions in the new payment ecosystem is going to require a way of identifying people if there isn't a bank account behind it. Digital identity and trust infrastructure is going to be critical to that future. As I mentioned, we're seeing this become part of digital public infrastructure across government. Many, many use cases from matric certificates to health information requires the trust services in digital identity and document signing. We had a wide range of firsts across Africa. We were the first people in Africa to achieve the audit accreditation that you need to be able to supply this infrastructure. The standard is called the WebTrust Audit. We undertake this every year. We've done it 10 consecutive years. We're the only company in Africa that has passed a WebTrust Audit 10 times in a row. It's really rigorous and ensures that the way that we're identifying people, machines, and companies is infallible because it's a critical element of knowing that the person we gave these keys to is in fact who they say they are, and of course, all the infrastructure that we use to verify that. We were the first people approved by Adobe to join their trust list, which means that the Adobe ecosystem trusts the documents that we sign. If you open up in a PDF brow ser one of the digitally signed documents, you can validate it. We were the first to be accepted into the Microsoft trust list. All Microsoft operating systems trust our trust infrastructure. We're a member of two very important consortiums, the PKI Consortium and the Cloud Signature Consortium. These are the two industry bodies globally that are driving the signing and the trust services industry. I'm really excited to show some of this to you in action later today. We'll introduce a fictional Naledi who has a digital identity and a Smart ID card but would love the ability to get away from a lot of the KYC physicality that we still require when opening accounts in regulated environments. We're going to do just that. We're going to show you how you could use a one-day government-issued digital identity and be able to open an account, do KYC, and then be able to receive credentials from that organization that you can then use to log in and to be able to transact. We'll also throw signing into the mix and show you how that would work in the future. Our right to win is a vertically integrated platform built on strong regulatory moats at its lowest level. We have platform economics built into the model from the top to the bottom. We're selling per transaction, per verification, per user issuance. Something that I haven't mentioned that we'll touch on in the room later, is that this whole industry is about to have, I used the word in the dry runs, cataclysm. Maybe cataclysm is too strong a word, but there is an epoch moment arriving in the next five y ears. In that quantum computing breaks the cryptography that is in place today. The algorithms that we're using can be broken by quantum computers if they get a bit stronger. That's why we say perhaps five years' time from now is a realistic timeframe for these computers to be strong enough. We have a gargantuan effort to undertake over the next decade to ensure that the system as a whole is quantum resilient. This is not something that we're waiting to do. These are investments that are already being made. Again, a differentiator for us is our readiness to be able to handle post-quantum attacks. What do the next three years look like for us, the major five actions that we're investing in? We see digital signing becoming public infrastructure. It's going to be required across public interactions with government. We see national digital identity being a critical enabler for the African continent. It's not just us that see that. The World Economic Forum has an initiative around implementing digital identity as a way to just skip over physical identity that many, many African countries don't have yet today. In fact, the World Bank is putting funding behind many countries' current initiatives to implement trust infrastructure and digital identity. There's a frenzy of activity across Africa at the moment to be able to take that funding and use it for real change. We see identity and signing being a single value proposition. We see only one company positioned to offer the identity and signing capabilities. We're ready for the post-quantum challenge. We're investing in it significantly. Really, an accelerator to the business beyond this is that much of our conversation, because it's easier to explain, is around giving identity to people. AI is going to mean that identities have to be extended into the non-carbon world, the silicon world. Grappling with how we prove the model that was behind creating content and sign it and linking it to the information that was used to train the model is going to be an explosion behind the utilization of our trust services. I'm really excited later today to unpack some of this to you in more practical use cases. Look forward to seeing you there. Thank you. I'll hand over to Dr Mabaso. All right. Good. Is it still morning? Good morning, everybody. I know it's been a marathon of presentations, so one last time, I hope that you can give me your attention. Everybody fondly calls me Dr Bam. I was born in Limpopo. To tell a little bit about how I grew up, I actually grew up playing cricket. I was a batting all-rounder. I could bowl, fast medium which was pretty good. When this fast ball called AI started coming at everybody, and I think every single organization had to suddenly decide, "How do I play this ball called AI?" Right? We got together as a leadership team and we said, "How do we do this?" Right? We needed the wits of an opening batsman. Opening batsman knows how to assess the threat, knows how to counter the attack, and then ultimately build a solid foundation from which you can win. We came up with these very simple four pillars that we believe are very important in terms of how we will adopt AI or, in fact, are adopting AI. The first thing that we did is we said, "You know what? We need to start with our people," because the biggest disruption is your people, right? That's where they get very confused. There's all these tools that get deployed everywhere, and we realized that we needed to intervene at that level. That's why the first thing, before we deployed AI anywhere in our operations and in our customer base, we started with our people. That's the first thing. The second thing that we realized is AI doesn't necessarily change your business. If you're a bank today, you're still going to have customers. If you are a healthcare provider, your primary job is still to provide healthcare services. It's not going to change. What AI does, though, is it enables you to do those things a lot better. You can respond to your customers a lot better. You can provide your banking services a lot more swiftly. That's the second realization that we came across. To ensure that we don't get blockers from the top, it was actually in this very room. I know that it looks different. This is how it normally looks, by the way. It was in this very room that we trained our entire exco. There's not a single person from the CFO, CEO in the leadership team of Altron that has not been trained on AI. They know how to use it, and they use it on a daily basis. That was very, very important for us to do that. The second thing that we did as well is we also extended it to what we call extended exco or our top 100 leadership. Every single person that's one down from any of these leaders here has also been equally trained in how to use AI. This is everything from the ethical use of AI. How do I use it in my day-to-day job? How do I use it for strategic planning, et cetera? This has all been deeply embedded within the leadership team, and this has been running like this for more than a year now. The second thing that we did as well is we then looked at the entire employee base, right? We've got roughly 4,500 employees within Altron. You can imagine the amount of risk that comes now because of this fast ball called AI, right? There's lots of data exfiltration risks that we had to go and assess. When we started then, this number is probably a lot bigger now, but there were over 120 AI tools that were being used, unsanctioned, by the way, by various people within the organization. I promise you, it's happening in your organization too. I can give you that for free. We had to decide, how do we then look at this, assess it, and then decide on the two tools that we are going to standardize on as Altron? We did that work. We looked at all the policies of all the various organizations, and we standardized on the two that we then are using right now. We codified all of this in a policy. We've got a policy that I manage, a monthly AI forum. Every single thing that we do around AI, we make sure that it's correctly governed as we go along. We launch courses through Udemy, et cetera, where we started training our employees at large to ensure that they can then get certified in terms of how they use AI. To give you an idea, just last month, we generated over 30 billion tokens of AI content. 30 billion tokens of AI content is roughly around 250,000 full-size novels. That's the amount of content that people have generated. Now I can see some of the concern in your eyes going, "What if it's slop? What if your people are actually not really using it for what they're supposed to?" Well, the top three use cases, by the way, is, one, code generation, two, deep data analysis. For example, we found a lot of people using it to analyze incident logs, security logs, to help them to find what is the issue a lot faster than what they used to before. Things like correlating across multiple documents, which would typically take a person a week to do, now they can do in less than a day. Those are the top use cases. There are smaller things like generating reports, summarizing an email. When we actually look at the stats, those things don't generate much of the consumption at all, which means that our employees are actually starting to generate and use the tools for the right reasons. That's why, by the way, that we've taken a stance as Altron that for us, AI is about empowering people. We don't see us ever having to let go of people because of AI. We'll let go of people because of regular course of business. Let that be a business decision. It's not going to be because of AI. For us, AI is about how do we empower employees to do more with what they have. The third thing that we then did is, okay, fine, we've taken care of the leadership and the employee layer. How do we now embed this within the platform businesses? This is a very important one. We're going to be showcasing in the demos how we've embedded AI in the platform businesses. You've heard Warren. Warren is going to showcase something there. You'll see Andrew, you'll see Leslie. Also in the AI Factory demo, I'm going to show you some of these that are highlighted in yellow. The main reason for this is the AI Factory is primarily deployed so that we can accelerate the platform businesses. Remember, AI is not the business. The business is the mobility, it's the healthcare, it's the payments. We are very clear what the business is. AI is what enables that business, and we expect that to accelerate those businesses. That is the point. We don't lose our heads around now AI, suddenly we must do something different. We know what our business is about, and we can use this tool to accelerate those businesses. I look forward to hosting you in the AI Factory demo room where I can show you a little bit of these demos. We launched the AI Factory last year in October. Although we firstly launched it so that it can be an enabler for our platform businesses, we also opened it up to customers outside. I'm very excited to share that we've got enterprises already that we are deploying to in their environments and helping them to leverage AI appropriately. Some of the things that we have done is we've partnered with NVIDIA, we've partnered with Teraco as well, where we can look at a secure environment that is sovereign, that is secure, that is fast, where we can deploy our applications in a safe manner. The six things that we are focusing on, I'm not going to go through them because when we go through the demos, I'll go through in a lot more detail. In summary, that's what we are doing around AI. Top leadership, all trained, all using it on a daily basis. Secondly, all our employees, all trained, using it on a daily basis. When we look at the actual stats, what they're using it for, very highly productive use cases and finding very few of the ones that we would say is slop generation, et cetera. The third thing, it's there to empower the platform businesses. To ensure that we can do payments, healthcare, telematics, et cetera, a lot faster, a lot better than what we were doing before. Lastly, we are just in the early stages of commercializing it through Altron Digital Business and opening up this platform to our customers as well. Thank you very much. What I'm going to do is I'm going to hand back to our esteemed leader, Captain Werner Kapp. Thanks, Andy. I was a number three batsman that benefited from openers like you seeing off the new ball. I just made a couple of notes here that I just wanted to share with you as we close off. Then we go have a well-deserved lunch that I sort of took out of these presentations and for us as a business overall. The first one, as you saw, is that globally, digital adoption is accelerating growth. What we see within a South African context is that the public infrastructure and the services are under pressure. We have a large and growing informal economy where we're seeing rapid adoption of digitization, which is supported by this mobile-first penetration that we have. By the superb connectivity infrastructure that we have in South Africa, and also some regulatory tailwinds that I think a lot of our folks took you through, and you can see that they really understand this landscape. Our multi-platform ecosystem offers the digital solutions that is then uncoupled from structural economic growth that is adopted by our customers. Both our enterprise customers, small-medium enterprises, and also the informal sector. This stuff is complex. This stuff is complex. We've spent 30 years building these platforms, the distribution systems, understanding the regulatory environment, the trust that's embedded in this global and the local accreditation. Over the last couple of years, data is becoming an increasingly competitive moat for us in this space. We have an experienced and committed team. I think hopefully today you've seen people that could not be more passionate about what they do. We have a track record of delivering returns. Our platform businesses, as we said, is something that we think is unique. It's supported by 90% annuity revenue, strong unit economics, an ungeared balance sheet, and multiple industry exposure. We're really excited about what we're doing. We're r eally excited about how we think our unique combination of multi-platform businesses can continue to drive rapid digital adoption in the South African economy. We're very clear about what it is that we're trying to do for the betterment of our customers, our country, and our people. We really believe that whilst doing this, we can deliver sustainable growth and returns or continue to do so for our shareholders. We're super excited, and we're super committed to this journey, and we feel we've only just begun. As proud as we are of what we've achieved so far, we think there's a lot more to go and really looking forward to the team and their people being able to unpack this with you in more detail. I think Phil, which will be after lunch. With that, I think we're going to go out for lunch. Thank you very much for listening so far this morning.