Full Year 2026 Acusensus Ltd Earnings Call

August 25, 2026

Speaker #1: You have joined the meeting as an attendee and will be muted throughout the meeting.

Speaker #2: Acusensus, FY26 results briefing from the company today. We have the Founder and CEO, Alexander Janik, and the company's CFO, Anita Chow. Before I hand it over to Alex to go through the presentation up on your screen, I'll just remind you to ask a question.

Simon Hinsley: Acusensus FY2026 results briefing from the company today. We have the Founder and CEO, Alexander Jannink, and the company CFO, Anita Chow. Before I hand over to Alex to go through the presentation up on your screen, I will just remind you to ask a question. Analysts can raise their hand and ask a question audibly or alternatively, for others, you can submit a question through the Q&A button down the bottom of your screen. Just a quick note, anonymous questions will not be addressed, just given previous calls have had competitors on them, and we are mindful of the commercial sensitivities. With that, Alex, please go ahead.

Speaker #2: Analysts can raise their hand and ask a question audibly. Alternatively, for all others, you can submit a question through the Q&A button. Just a quick note: anonymous questions won't be addressed, as previous calls have had similar issues.

Speaker #2: Compared to those on them, and we're mindful of the commercial sensitivities. But with that, Alex, please go ahead.

Speaker #3: Thanks very much, Simon, and thank you everybody for attending this webinar today. So we're going to take you through the FY26 results, a bit of an overview, and the highlights.

Alex Jannink: Thanks very much, Simon, and thank you everybody for attending this webinar today. We are going to take you through the FY2026 results, a bit of an overview and the highlight. Anita will take you through the numbers behind the story, and then we will finish up on the outlook and then go to a Q&A session. It really has been very much a record year for us. We have had sort of record everything. We have AUD 27 million of revenue growth. EBITDA was above our guidance. Very pleasing, we had a very strong growth in our international business. It is now up to 27% of group revenue. We are sitting in a very strong balance sheet position with AUD 26 million of cash and also a completely undrawn debt facility now that is worth up to AUD 25 million, including the bank guarantee facility through Citibank. So really indicating the maturity that the business is now at.

Speaker #3: Anita will take you through the numbers behind the story, and then we'll finish up with the outlook and go to a Q&A session.

Speaker #3: It really has been very much a record year for us. We've had record everything. We have $27 million of revenue growth, and EBITDA was above our guidance.

Speaker #3: Very pleasing. We had very strong growth in our international business—it's now up to 27% of group revenue. We're seeing a very strong balance sheet position, with $26 million of cash, and also a completely undrawn debt facility now that was up to $25 million, including the bank guarantee facility through Citibank.

Speaker #3: So really, indicating the maturity that the business is now at. What I'm most excited about, though, is where we sit for financial year '27 and beyond.

Alex Jannink: So really indicating the maturity that the business is now at.

Alex Jannink: What I am most excited about, though, is where we sit for financial year 2027 and beyond. For the first year, we believe that we will exceed AUD 100 million of revenue. That is a real milestone for the business. Most importantly, AUD 97 million of that is already contracted. That does assume that the Transport for NSW Mobile Speed Camera Program extension comes through for another six months. Looking at ForeSite, we had some great news overnight with Transport Scotland releasing publicly that they were going to take ForeSite through a number of sites across their road network, in the coming months. You will be able to find that coverage even on the BBC, for example. We have had several new market segments opened up by our research and development team, and I will go into that in a bit more detail later.

Speaker #3: And for the first year, we believe that we'll exceed $100 million of revenue. That's a real milestone for the business. And most importantly, $97 million of that is already contracted. That does assume that the Transport for New South Wales mobile speed camera program extension comes through for another six months.

Speaker #3: Looking at Foresight, we had some great news overnight, with Transport Scotland releasing publicly that they were going to take Foresight through a number of sites across their road network in the coming months.

Speaker #3: And so you'll be able to find that coverage even on the BBC, for example. We've had several new market segments opened up by our research and development team, and I'll go into that in a bit more detail later.

Speaker #3: But when we look beyond financial year '27—and just to remind you, the nature of our business is government, and processes can take a long time—but they do deliver very long-term business and then very good counterparties.

Alex Jannink: When we look beyond FY27, and just a reminder that the nature of our business is government, processes can take a long time, but they do deliver very long-term business, and they are very good counterparties. We have really long-term locked-in ARR. We can see on what we have now that FY28 should already look very good compared to FY27. We are not putting our feet up. We are really focused on converting for the future. We have got the strongest pipeline of potential work that we have ever had. We are really in a position of strength for the future.

Speaker #3: We have really long-term, locked-in ARR. We can see, based on what we have now, that financial year '28 should already look very good compared to '27.

Speaker #3: And we're not putting our feet up; we're really focused on converting for the future. We've got the strongest pipeline of potential work that we've ever had.

Speaker #3: We are really in a position of strength for the future, with focus on winning the new contracts and delivering on a medium-term vision, which we're putting pen to paper on for the first time to state that we believe that we're very well placed to take this business to $100 million per annum in Australia, and also internationally in the years ahead.

Alex Jannink: We are focused on winning the new contracts and delivering on a medium-term vision, which we are putting pen to paper on for the first time to state that we believe that we are very well-placed to take this business to AUD 100 million per annum in Australia, and also in international in the years ahead. There has been lots of activity over the last 12 months. We have had wins, expansions, upgrades, and extensions. The most notable wins were in Connecticut with the five-year automated work zone speed enforcement program, the recent win in Kentucky with the statewide work zone speed enforcement program. We had the win in West Australia for fixed enforcement sites through the state. That was very quickly upgraded and expanded to have more sites under that contract.

Speaker #3: There's been lots of activity over the last 12 months. We've had WINS expansions, upgrades, and extensions. The most notable WINS were in Connecticut with the 5-year automated work zone speed enforcement program.

Speaker #3: The recent win in Kentucky with the statewide work zone speed enforcement program, and the win in Western Australia for fixed enforcement sites throughout the state.

Speaker #3: Then that was very quickly upgraded and expanded to have more sites under that contract. We also had both the West Australia and Queensland trailer-based contracts expanded, and the speed program in Queensland, the West Australia trailer program, doubled in size, in number of units.

Alex Jannink: We also had both the West Australia and Queensland trailer-based contracts expanded, and the speed program in Queensland, the West Australia trailer program doubled in size, in number of units. We had the upgrades in the ACT and in New South Wales, so a seatbelt module added to the ACT. We had, for the first time, our first customer use bidirectional and trailer-based enforcement for mobile phone and seatbelt enforcement. That was with New South Wales. I believe that is another world first for us. We had extensions in the ACT, in New South Wales, and in Queensland. When we look at that impact on total contract value, we have had a 31% uplift in our total contract value won since inception. So sitting on the most amount of future work to be delivered that we have ever had. We have got AUD 220 million of locked-in work to still deliver.

Speaker #3: We had the upgrades in the ACT and New South Wales, so the seatbelt module was added to the ACT. We had, for the first time, our first customer use bidirectional trailer-based enforcement for mobile phone and seatbelt enforcement—that was with New South Wales. I believe that's another world first for us.

Speaker #3: And then we had extensions in the ACT, in New South Wales, and in Queensland. And when we look at that impact on total contract value, we've had a 31% uplift in our total contract value won since inception. So, we're sitting on the most amount of future work to be delivered that we've ever had—we've got $220 million of locked-in work still to deliver.

Alex Jannink: So sitting on the most amount of future work to be delivered that we have ever had. We have got AUD 220 million of locked-in work to still deliver.

Alex Jannink: Internationally, we grew that business 27%. That is up from just 7% a year ago. So we had really strong, good growth in our New Zealand and US operations, and also some growth in our UK operation. Our business is based on changing behaviors and saving lives, and we actually have to put units out into the field to affect that behavior change. Pleasingly, 47% uplift in the number of units out in the field. When we look at Australia, we have retained all of our customers, and the majority of them have actually grown and expanded their contracts with us just in this last financial year. Looking at the headline financials, revenue was up 45% to AUD 86 million. Gross profit was up 36% to AUD 36 million. Adjusted EBITDA was up 49% to AUD 8.5 million. Our cash positions improved to AUD 26 million and no debt.

Speaker #3: Internationally, we grew that business 27%, that's up from just 7% a year ago. So we've had really strong, good growth in our New Zealand and US operations, and also some growth in our UK operation.

Speaker #3: Our business is based on changing behaviours and saving lives, and we actually have to put units out into the field to affect that behaviour change.

Speaker #3: Pleasingly, we've seen a 47% uplift in the number of units out in the field. Then, when we look at Australia, we've retained all of our customers, and the majority of them have actually grown and expanded their contracts with us just in this last financial year.

Speaker #3: Looking at the headline financials, revenue was up 45% to $86 million. Gross profit was up 36% to $36 million. Adjusted EBITDA was up 49% to $8.5 million.

Speaker #3: And our cash position improved to $26 million, with no debt. I'm now going to take you through our three growth engines, segment by segment.

Alex Jannink: I am now going to take you through our three growth engines, segment by segment. All of the segments grew strongly this year. We expect all the segments to grow again next year. We have built our position in Australia really strongly over the last seven years. I would say we really are the market leader in this market. We have more trailer-based enforcement than anybody else. We have won the majority of contracts in this decade of the ones that are in our space that we go for. We supply five major jurisdictions. We have had all the contracts through this year that were approaching their end dates have their contracts extended. The ACT, the first tranche of the Queensland program, the New South Wales Mobile Speed Camera Program. As I mentioned just before, we had 75% of Australian contracts were expanded in some way.

Speaker #3: All of the segments grew strongly this year. We expect all the segments to grow again next year. We've built our position in Australia really strongly over the last seven years.

Speaker #3: I would say we really are the market leader in this market. We have more trailer-based enforcement than anybody else. We've won the majority of contracts in this decade of the ones that are in our space that we go for.

Speaker #3: We supply five major jurisdictions. We've had all the contracts through this year that are approaching their end dates have their contracts extended, so the ACT, the first tranche of the Queensland program, the New South Wales mobile speed camera program. As I mentioned just before, we had 75% of Australian contracts expanded in some way.

Speaker #3: And we still see quite a lot more opportunity yet to come in Australia, both from the existing customers that you see on this slide, but also from customers that we don't yet have.

Alex Jannink: We still see quite a lot more opportunity still to come in Australia, both from the existing customers that you see on this slide, but also from customers that we do not yet have, such as Victoria, for example. To take you through some of the details of the Australian segment, revenue grew 14% to AUD 63 million. The Oz segment is a mature and profitable one. It has 34% EBITDA margins. Of course, this is where we aspire to take the other segments of the business as well. The details here, significant expansion in West Australia with that new AUD 20 million fixed site enforcement camera contract and a doubling of the fleet of trailers. We saw the doubling of the fleet of Queensland speed trailers.

Speaker #3: We have, such as Victoria, for example. Just to take you through some of the details of the Australian segment: revenue grew 14% to $63 million.

Speaker #3: The ODDS segment is a mature and profitable one. It has 34% EBITDA margins, and, of course, this is where we aspire to take the other segments of the business as well.

Speaker #3: The details here are significant: expansion in Western Australia with that new $20 million fixed-site enforcement camera contract, and a doubling of the fleet of trailers.

Speaker #3: We saw the doubling of the fleet of Queensland speed trailers. The ACT enabled seatbelt enforcement, and I should pause and mention that the ACT does remain in a tender process for multifunction enforcement cameras, and we do remain in that tender process at the moment.

Alex Jannink: The ACT enabled seatbelt enforcement. I should pause and mention that the ACT does remain in a tender process for multifunction enforcement cameras, and we do remain in that tender process at the moment. In New South Wales, we had the uplift of that program to include bidirectional enforcement by trailer. As I said, I think that is the first time that that has been done anywhere. It is slightly harder to do than it sounds. Also in New South Wales, we had our Mobile Speed Camera Program varied to add an extra year to that contract in the form of two six-month options, of which one of those two options has been exercised so far. I would also really like to point out and highlight the deployment in West Australia of the multifunction trailers, saw Australia's first live enforcement of transportable average speed.

Speaker #3: In New South Wales, we had the uplift of that program to include bidirectional enforcement by trailer. As I said, I think that's the first time that that's been done anywhere.

Speaker #3: It's slightly harder to do than it sounds. And then also in New South Wales, we had our mobile speed camera program varied to add an extra year to that contract.

Speaker #3: In the form of two 6-month options, of which one has been exercised so far. I'd also really like to point out and highlight the deployment in Western Australia of the multifunction trailers.

Speaker #3: Saw Australia's first live enforcement of transportable average speed, and that's something that I think all of the other jurisdictions in Australia will be monitoring closely.

Alex Jannink: That is something that I think all of the other jurisdictions in Australia will be monitoring closely. It can really help to change behavior on rural and regional roads across big stretches of the road network. West Australia is the first time that average speed via transportable units has been done and is enforcing live. I think that is something that other states will adopt over time. We have always had that goal to have Acusensus be a predominantly international company, and it has been fascinating to watch how the international revenue curve has been tracking the Australian revenue curve. It does take time to educate a market to do that early sales and business development. We have now seen that this year four of revenue in the international segment has been really a breakout year, with a significant uplift in revenue.

Speaker #3: It can really help to change behaviour on rural and regional roads across big stretches of the road network. Western Australia is the first time that average speed via transportable units has been done and is enforcing live.

Speaker #3: I think that's something that other states will adopt over time. We've always had that goal to have Acusensus be a predominantly international company, and it's been fascinating to watch how the international revenue curve has been tracking the Australian revenue curve.

Speaker #3: It does take time to educate a market, to do that early sales and business development. And we've now seen that this year, year 4 of revenue in the international segment, has really been a breakout year.

Speaker #3: With a significant uplift in revenue. And that very much matched what happened in Australia, where we had year four being a real breakout year in revenue too.

Alex Jannink: That very much matched what happened in Australia, where we had year 4 being a real breakout year in revenue too. We remain very focused on continuing to grow that international part of Acusensus. I think really key to the significant part of that growth aspiration will be the story of the United States. In the US, we are actively developing four key markets, and together those markets are worth at least $1.5 billion US per annum. Our entry point was commercial motor vehicle enforcement. We have been growing our customer base year after year, and we have several more customers that have submitted for funding, who are also waiting to adopt Acusensus real-time heavy vehicle enforcement. That is something that all 50 states, 50 state police agencies can do with our technology.

Speaker #3: And so we remain very focused on continuing to grow that international part of Acusensus. And I think, really, key to a significant part of that growth aspiration will be the story of the United States.

Speaker #3: And in the US, we're actively developing four key markets, and together those markets are worth at least $1.5 billion per annum. Our entry point was commercial motor vehicle enforcement.

Speaker #3: We’ve been growing our customer base year after year, and we have several more customers that have submitted for funding who are also waiting to adopt Acusensus real-time heavy vehicle enforcement.

Speaker #3: And that's something that all 50 states, 50 state police agencies, can do with our technology. The next market segment is the work zone enforcement.

Alex Jannink: The next market segment is the work zone enforcement, and this is a real specialty area for us with the technology that we have developed. These are state-level deals. We have the real-time enforcement deals with Arkansas and Kentucky. We have our first automated work zone speed enforcement deal with Connecticut, and we expect more and more states to come to market at a rate of at least one per annum to adopt statewide work zone enforcement. The majority of traffic enforcement in the United States, though, happens at the community level with cities and with counties, and that is the traditional intersection enforcement, red light, and speed. We are now in multiple tender processes for the first time this year, and it is just, I believe, a matter of time before we start picking up and winning community-level enforcement deals.

Speaker #3: And this is a real specialty area for us with the technology that we develop. These are state-level deals. We have the real-time enforcement deals with Arkansas and Kentucky.

Speaker #3: We have our first automated work zone speed enforcement deal with Connecticut, and we expect more and more states to come to market at a rate of at least one per annum, to adopt statewide work zone enforcement.

Speaker #3: The majority of traffic enforcement in the United States, though, happens at the community level, with cities and with counties. And that's that traditional intersection enforcement—red light and speed.

Speaker #3: We are now in multiple tender processes for the first time this year, and it's just, I believe, a matter of time before we start picking up and winning community-level enforcement deals.

Speaker #3: The fourth segment is where we've always tried to get to as a company: bringing our technology into the United States. And that's automated mobile phone enforcement.

Alex Jannink: The fourth segment is where we have always tried to get to as a company, bringing our technology into the United States, and that is automated mobile phone enforcement. That is a market that really should rival intersection enforcement in a given state over time, and we still remain confident that it will be a matter of when rather than if a state legislates to enable automated distracted driving enforcement. I think I am really proud of how we have grown our US team and the capabilities of that team now to be able to play in all these segments simultaneously and give us a real chance of winning in them. I just went through all the different segments. On this slide, I will probably just focus on the work zone enforcement, which is where we have made quite significant progress through the last year or 2.

Speaker #3: And that's a market that really should rival intersection enforcement in a given state over time, and we still remain confident that it'll be a matter of when rather than if a state legislates to enable automated distracted driving enforcement.

Speaker #3: And I think I'm really proud of how we've grown our US team and the capabilities of that team now to be able to play in all these segments simultaneously and give us a real chance of winning in them.

Speaker #3: I just went through all the different segments on this slide. I'll probably just focus on work zone enforcement, which is where we've made quite significant progress over the last year or two.

Speaker #3: Our first program was with Arkansas, and that's for real-time speed enforcement several years ago, where we displaced a competitor who wasn't able to get their technology to work.

Alex Jannink: Our first program was with Arkansas, and that is for real-time speed enforcement several years ago, where we displaced a competitor who was not able to get that technology to work. We have been able to steadily supply Arkansas with real-time work zone speed enforcement. Kentucky then watched what was happening in Arkansas and really modeled their program. They passed legislation that was almost exactly the same as Arkansas’ legislation. They ran a pilot with us through the year. They ran a competitive tender, and now we have our program with them that with the option periods will go for 5 years and really has an opportunity to expand. The Arkansas program this year, starting this year, enabled the enforcement of mobile phones and seat belts, and that is a real milestone moment for enforcement in the United States.

Speaker #3: So we've been able to steadily supply Arkansas with real-time work zone speed enforcement, and Kentucky then watched what was happening in Arkansas and really modeled their program.

Speaker #3: They had let—they passed legislation that was almost exactly the same as Arkansas's legislation. They ran a pilot with us through the year. They ran a competitive tender.

Speaker #3: And now we have our program with them, with the option periods, which will go for five years, and really has an opportunity to expand.

Speaker #3: The Arkansas program this year, from the start of this year, enabled the enforcement of mobile phones and seatbelts. And that's a real milestone moment for enforcement in the United States.

Speaker #3: It's the first time that a state-level agency has enforced by-camera mobile phone and seatbelt offences. And of course, that then clears the way for other states and other agencies to copy that and to not have to be the very first one to do it.

Alex Jannink: It is the first time that a state-level agency has enforced by camera mobile phones and seat belt offenses. That then clears the way for other states and other agencies to copy that and to not have to be the very first one to do it. Meanwhile, we have won that deal with Connecticut, a 5-year deal for automated work zone speed enforcement. That has tremendous learnings for us in being our first sizable automated enforcement deal, and it puts us in a much better position as we now tender for more state-level automated deals and also community-level automated deals. International as a whole grew very strongly. Revenue was up more than 400% to AUD 23 million. International became EBITDA positive for the first time. We had a AUD 5 million swing delivering a AUD 3 million adjusted EBITDA for the year.

Speaker #3: Meanwhile, we've won that deal with Connecticut—a 5-year deal for automated work zone speed enforcement. That has tremendous learnings for us, being our first sizable automated enforcement deal, and it puts us in a much better position as we now tender for more state-level automated deals and also community-level automated deals.

Speaker #3: International as a whole grew very strongly. Revenue was up more than 400% to $23 million. International became EBITDA positive for the first time.

Speaker #3: It had a $5 million swing, delivering a $3 million adjusted EBITDA for the year. New Zealand was fully mobilised. And, pleasingly, we've seen offence rates halved, which means that drivers are getting the message and starting to change their behaviour.

Alex Jannink: New Zealand was fully mobilized, and pleasingly, we have seen offense rates halved, which means that drivers are getting the message and starting to change their behavior. I went into some detail about the US just before. We have had some really good progress there with a strong pipeline and a good team in place. The UK business picked up in the H2 of the year, and we now are active with several customers in the UK. Pleasingly, we had Devon and Cornwall renewed again, being really the only ongoing enforcement program for anybody in the UK. Transport Scotland is a really well-sized project with good prospects to move to enforcement in the future. We are continuing to conduct pilot activities across their road network at the moment and through this next half. We are very much an engineering-led company. We really are innovators in the road safety and traffic enforcement space.

Speaker #3: I went into some detail about the US just before. We've had some really good progress there, with a strong pipeline and a good team in place.

Speaker #3: The UK business picked up in the second half of the year, and we are now active with several customers in the UK. Pleasingly, we had Devon and Cornwall renewed again, being really the only ongoing enforcement program for anybody in the UK.

Speaker #3: And Transport Scotland is a really well-sized project, with good prospects to move to enforcement in the future. We're continuing to conduct pilot activities across their road network at the moment.

Speaker #3: And through this next half, we're very much an engineering-led company. We really are innovators in the road safety and traffic enforcement space. We're the first to market for phone enforcement and for seatbelt enforcement.

Alex Jannink: We really are innovators in the road safety and traffic enforcement space.

Alex Jannink: We were the first to market for phone enforcement, for seat belt enforcement, but we do not want to just stop there. First and foremost, our technology is here to make the roads safer, and then the flow-on effect of that is revenue opportunity. I will just talk to three of the things that we have developed and released through the year. Bidirectional enforcement just further raises that bar to make it the new flagship product for everybody else to try and copy as they do. We only have it deployed through one customer at the moment, being New South Wales, but that presents an opportunity for us to take that technology into more customers. On the intersection enforcement side, this is the first time that we are supplying intersection or red light enforcement in addition to our other suite of products such as speed, mobile phone, and seat belt enforcement.

Speaker #3: But we don't want to just stop there. So, first and foremost, our technology is here to make the roads safer. And then, the flow-on effect of that is a revenue opportunity.

Speaker #3: I'll just talk to three of the things that we've developed and released through the year. Bidirectional enforcement just further raises that bar to make it the new flagship product for everybody else to try and copy, as they do.

Speaker #3: We only have it deployed through one customer at the moment, being New South Wales, but that presents an opportunity for us to take that technology into more customers.

Speaker #3: On the intersection enforcement side, this is the first time that we are supplying intersection or red light enforcement in addition to our other suite of products, such as speed, mobile phone, and seatbelt enforcement.

Alex Jannink: On the intersection enforcement side, this is the first time that we are supplying intersection or red light enforcement in addition to our other suite of products such as speed, mobile phone, and seat belt enforcement.

Speaker #3: I think we've done this in a very innovative way. We have a truly single-pole solution that has very low capital expenditure, so we're not wasting money sinking money into concrete and conduiting and pits and all that, like most red light enforcement installations.

Alex Jannink: I think we have done this in a very innovative way, in that we have a truly single-pole solution that has very low CapEx. So we are not wasting money sinking money into concrete and conduit and jointing and pits and all that, like most red light enforcement installations. Of more significance to us, though, is that being single pole, we can put it on a trailer or a redeployable unit and move these enforcement systems around, which may be a novel way to approach the market. We have a dedicated AI team that has been continuously improving our core competencies of detecting mobile phones and seat belt offenses and also other competencies within the business. I am pleased to say that the performance that we get, you cannot just get that by any kind of an off-the-shelf model.

Speaker #3: Of more significance to us, though, is that, being single-pole, we can put it on a trailer or a redeployable unit and move these enforcement systems around, which may be a novel way to approach the market.

Speaker #3: We have a dedicated AI team that's been continuously improving our core competencies of detecting mobile phone and seatbelt offences, as well as other competencies within the business.

Speaker #3: I'm pleased to say that the performance that we get—you can't just get that from any kind of off-the-shelf model. It takes some quite significant data and training, and specialization, to get the kinds of performance that we have.

Alex Jannink: It takes some quite significant data and training and specialization to get the kinds of performance that we have. In the last few months, the Victorian Auditor-General's Office released their report into how well the program was going in Victoria, which is the program that we do not supply in Australia, and that gave us an opportunity to directly compare it to our other programs. When you look at the last reported amount of mobile phone offenses issued in West Australia versus the last reported in Victoria, we have six times more offenses issued per month, and yet we have less trailers active in West Australia than Victoria has. When you look at the human review load, we are reviewing just a fraction of referrals from the camera systems with humans in West Australia compared with the review load that has been experienced by our competitor in Victoria.

Speaker #3: In the last few months, the Victorian Auditor-General released their report into how well the program was going in Victoria, which is the program that we do not supply.

Speaker #3: In Australia, that gave us an opportunity to directly compare it to our other programs. So, when you look at the last reported amount of mobile phone offences issued in Western Australia versus the last reported in Victoria, we have six times more offences issued per month.

Speaker #3: And yet, we have fewer trailers active in Western Australia than Victoria has. And then, when you look at the human review load, we're reviewing just a fraction of referrals from the camera systems with humans in Western Australia compared with the review load that's been experienced by our competitor in Victoria.

Speaker #3: And that's really important for numerous reasons. It's important for quality and accuracy. It's important for cost. But most importantly, for privacy. And it means that really, with an Acusensus system, if a human sees that image, there's a very high chance that that image contains an offence in it.

Alex Jannink: That is really important for numerous reasons. It is important for quality and accuracy, it is important for cost, but most importantly, for privacy. It means that really with an Acusensus system, if a human sees that image, there is a very high chance that that image contains an offense in it. Taking to ForeSite, just a brief recap for those who have not followed the story too much to date. ForeSite is a road worker protection technology. Roadside work is one of the most dangerous occupations in the nation. ForeSite provides a system that detects when danger from vehicles, general public, that those vehicles might be about to hit a worker and provides a customized individual alert to the worker that they are in harm's way, giving them the precious seconds that they need to get out of the way.

Speaker #3: Take Foresight—just a brief recap for those who haven't followed the story too much to date. Foresight is a road worker protection technology. Roadside work is one of the most dangerous occupations in the nation.

Speaker #3: Foresight provides a system that detects when there is danger from vehicles or the general public, indicating that those vehicles might be about to hit a worker. It provides a customized, individual alert to the worker that they are in harm's way, giving them the precious seconds they need to get out of the way.

Speaker #3: It also then provides a layer of data and insight about each worksite, to make it safer and more efficient over time. We only launched this product about nine or ten months ago.

Alex Jannink: It also then provides a layer of data and insight about each work site to make it safer and more efficient over time. We only launched this product about 9 or 10 months ago. We have seen revenue grow up to AUD 400,000 for the year. I think more importantly, the customers that we are getting are signing on with us for the long term, and we actually have two times that in total contract value remaining with the customers that we have got. I think that really demonstrates the appetite of our customers to commit to this. The way that this is going to go is that customers will pilot this technology, will learn all about it. We also will improve it alongside them. At a certain point in time, I think we will see a customer or more customers go into much larger scale adoption.

Speaker #3: We have seen revenue grow up to $400,000 for the year. I think, more importantly, the customers that we're getting are signing on with us for the long term.

Speaker #3: And we actually have two times that in total contract value remaining with the customers that we've got. And I think that really demonstrates the appetite of our customers to commit to this.

Speaker #3: The way that this is going to go is that customers will pilot this technology, will learn all about it, and we also will improve it alongside them.

Speaker #3: And then, at a certain point in time, I think we'll see a customer or more customers go into much larger-scale adoption. And that's when the revenues of this business segment are really going to grow.

Alex Jannink: That is when the revenues of this business segment is really going to grow. In the meantime, we are getting this technology adopted across more and more customers. We have more and more people joining for pilots each month. We brought forward the internationalization of ForeSite because of the demand that we saw in Western Europe and in the UK. Just overnight, we have seen Transport Scotland really publicly commit to deploying and using this ForeSite protection technology, which is really pleasing to see. Now I am going to hand you over to Anita, who is going to take you through the numbers behind this story.

Speaker #3: In the meantime, we're getting this technology adopted across more and more customers. We have more and more people joining for pilots each month. We brought forward the internationalisation of Foresight because of the demand that we saw in Western Europe and in the UK.

Speaker #3: And now, just overnight, we've seen Transport Scotland really publicly commit to deploying and using this Foresight Protection technology, which is really pleasing to see.

Speaker #3: Now I'm going to hand you over to Anita, who's going to take you through the numbers behind this story.

Speaker #1: Thanks, Alex. I'll take you through the financial year 2026 numbers, and then hand back to you for the outlook. Some context on the trajectory first.

Anita Chow: Thanks, Alex. I will take everyone through the financial year 2026 numbers and then hand back to you for the outlook. Some context on the trajectory first. Revenues compounded at 69% a year since FY21, and it has flowed through. Gross profits compounded at 60%, and adjusted EBITDA has moved from a AUD 2 million loss in FY21 to AUD 8.5 million today. The pattern this year is that the growth is broadening. Australia has kept growing and international has scaled up alongside it, and it is increasingly converting to improved EBITDA performance. As Alex mentioned earlier, FY26 was a record on all three. Revenue AUD 86.2 million, gross profit AUD 36.2 million, and adjusted EBITDA at AUD 8.5 million. The step-up is a direct read-through from the recent contract wins and expansions and sets us up well for the years ahead. Let us dive a little deeper into the profit and loss for FY26.

Speaker #1: Revenues compounded at 69% a year since FY21, and it’s flowed through. Gross profits compounded at 60%, and adjusted EBITDA has moved from a $2 million loss in FY21 to $8.5 million today.

Speaker #1: The pattern this year is that the growth is broadening. Australia has kept growing, and international has scaled up alongside it. And it’s increasingly converting to improve EBITDA performance.

Speaker #1: As Alex mentioned earlier, FY26 was a record on all three: revenue of $86.2 million, gross profit of $36.2 million, and adjusted EBITDA at $8.5 million. The step-up is a direct read-through from the recent contract wins and expansions, and sets us up well for the years ahead.

Speaker #1: Okay, let's dive a little deeper into the profit and loss for FY26. Revenue grew 45% to $86.2 million. This was driven by new contract wins in Australia, as well as internationally, but also expanded scope from existing customers—predominantly in Australia—and then indexation.

Anita Chow: Let us dive a little deeper into the profit and loss for FY26.

Anita Chow: Revenue grew 45% to AUD 86.2 million. This was driven by new contract wins in Australia as well as international, but also expanded scope from existing customers, predominantly in Australia, and then indexation. I will touch upon this further in the next slide. Gross profit rose 36% to AUD 36.2 million. Margins did moderate 80 basis points to 42%, but this is predominantly a mix effect as international grew faster and carries a higher share of speed enforcement revenue, which has lower margins. Adjusted EBITDA was up 49% and operating leverage is visible. D&A rose 61%, reflecting the capital deployed into fixed assets for new and expanded contracts, combined with new car and property leases. The statutory result was a loss of AUD 24.3 million, but this was driven predominantly by the AUD 16 million litigation settlement, as well as AUD 2.7 million related legal fees. These costs are non-recurring in nature.

Speaker #1: I will touch upon this further in the next slide. Gross profit rose 36% to $36.2 million. Margins did moderate by 80 basis points to 42%.

Speaker #1: But this is predominantly a mixed effect, as international grew faster and carries a high share of speed enforcement revenue, which has lower margins. Adjusted EBITDA was up 49%, and operating leverage is visible.

Speaker #1: DNA rose 61%, reflecting the capital deployed into fixed assets for new and expanded contracts, combined with new car and property leases. The statutory result was a loss of $24.3 million, but this was driven predominantly by the $16 million litigation settlement, as well as $2.7 million in related legal fees.

Anita Chow: The statutory result was a loss of AUD 24.3 million, but this was driven predominantly by the AUD 16 million litigation settlement, as well as AUD 2.7 million related legal fees. These costs are non-recurring in nature.

Speaker #1: These costs are non-recurring in nature. Okay, let's dig a bit deeper into the $26.8 million of revenue growth. If you look at it by segment, you can see that Australia added $7.8 million, which is up 14%.

Anita Chow: Let us dig a bit deeper into the AUD 26.8 million of revenue growth. If you look at it by segment, you can see that Australia added AUD 7.8 million, which is up 14%, and then international added AUD 18.7 million, which is over 400%. International now contributes AUD 22.9 million or 27% of group revenues, up from 7% a year ago. This is a real testament to the strength of our international expansion strategy. If you look at it from a customer perspective, new contracts drove majority of the increase, AUD 23.6 million, with New Zealand Mobile Speed, Connecticut, and WA accounting for roughly 93% of this increase. Existing contract expansions, such as additional units for both the Queensland programs and ACT Turning On Seatbelts added AUD 3.6 million. It is important to keep in mind that the majority of our revenue is contracted and recurring in nature.

Speaker #1: And then international added $18.7 million, which is over 400%. International now contributes $22.9 million, or 27% of group revenues, up from 7% a year ago.

Speaker #1: This is a real testament to the strength of our international expansion strategy. And then, if you look at it from a customer perspective, new contracts drove the majority of the win.

Speaker #1: The majority of the increase, $23.6 million, was due to New Zealand mobile speed, Connecticut, and WA, which accounted for roughly 93% of this increase. Existing contract expansions—such as additional units for both the Queensland programmes and ACT turning on seatbelt—added $3.6 million.

Speaker #1: It's important to keep in mind that the majority of our revenue is contracted and recurring in nature. And then, in relation to the revenue growth, it converted into a 49% lift in adjusted EBITDA, from $5.7 million to $8.5 million.

Anita Chow: In relation to the revenue growth, it converted into a 49% lift in adjusted EBITDA from AUD 5.7 million to AUD 8.5 million. Australia added AUD 1.8 million, delivering AUD 21.6 million EBITDA at 34.4% margin. The biggest swing was international, as Alex mentioned earlier, moving from a AUD 1.6 million loss to AUD 3 million of profit at 13% margin. This was even after additional investments in sales in the US. ForeSite ran a AUD 2.3 million loss as we invested to grow that business, and we can see that our outlook is positive. Shared costs increased in dollar terms, but it fell from 19% to 16% of revenue. This is our key indicator of operational leverage. This slide provides the segment details behind the revenue and EBITDA bridges I have just presented. You can see both enforcement engines are continuing to grow. Australia lifted revenue to AUD 62.8 million and international to AUD 22.9 million.

Speaker #1: Australia added $1.8 million, delivering $21.6 million EBITDA at a 34.4% margin. The biggest swing was international, as Alex mentioned earlier, moving from a $1.6 million loss to $3 million of profit.

Speaker #1: At a 13% margin. And this was even after additional investments in sales in the US. Forsight ran a $2.3 million loss, as we invested to grow that business.

Speaker #1: And we can see that the positive outlook is positive. Shared costs increased in dollar terms, but fell from 19% to 16% of revenue.

Speaker #1: This is our key indicator of operational leverage. This slide provides segment details behind the revenue and EBITDA bridges I've just presented. You can see both enforcement engines are continuing to grow.

Anita Chow: You can see both enforcement engines are continuing to grow. Australia lifted revenue to AUD 62.8 million and international to AUD 22.9 million.

Speaker #1: Australia lifted revenue to $62.8 million, and international to $23.9 million. Together, they added $26.6 million of revenue, and $6.4 million of adjusted EBITDA.

Anita Chow: Together, they have added AUD 26.6 million of revenue and AUD 6.4 million of adjusted EBITDA, while shared costs fell 340 basis points as a share of revenue. The simplest way to read the group is that we have an established Australian business which is still growing and generating cash, which is funding a scaling international business, which now has positive EBITDA and a strategic investment in ForeSite, which we have chosen to carry. Now to the balance sheet. The balance sheet positions us well for the pipeline ahead. A few things I want to call out. We closed the year with AUD 26.2 million of cash, including term deposits.

Speaker #1: While shared costs fell 340 basis points as a share of revenue, the simplest way to read the group is that we have an established Australian business which is still growing and generating cash.

Speaker #1: Which is funding a scaling international business, which now has positive EBITDA, and a strategic investment in Forsight, which we've chosen to carry. Now, to the balance sheet.

Speaker #1: The balance sheet positions us well for the pipeline ahead. A few things I want to call out: we closed the year with $26.2 million of cash, including term deposits.

Speaker #1: This includes, and we also have, a $5 million Citi Bank facility which remains fully undrawn, with an accordion for a further $10 million. Plant and equipment increased $8.8 million, net of depreciation.

Anita Chow: We also have a AUD 5 million Citibank facility, which remains fully undrawn with an accordion for a further AUD 10 million. Plant and equipment increased to AUD 8.8 million net of depreciation, and this is mainly for trailers and cameras for new and expanded, and future contracts, with AUD 3.3 million still work in progress. Contract assets rose AUD 2.8 million, mainly on mobilization costs for Connecticut, New Zealand, and Western Australia. Receivables and payables both grew broadly in line with the business growth. Turning to the cash flow bridge. Operating cash flow, excluding litigation settlement, was AUD 3 million. This was down on the prior year's AUD 8.3 million, and the key driver of this is actually working capital. Inventory levels have increased, and this year's contract assets from mobilizing new programs did not have the same extent in mobilization payments from customers. The AUD 6 million litigation settlement payment is shown separately.

Speaker #1: And this is mainly for trailers and cameras, for new and expanded, for new and expanded and future contracts, with $3.3 million still work in progress.

Speaker #1: Contract assets rose $2.8 million, mainly on mobilization costs for Connecticut, New Zealand, and Western Australia. Receivables and payables both grew broadly in line with the business growth.

Speaker #1: Turning to the cash flow bridge, operating cash flow excluding litigation settlement was $3 million. This was down on the prior year's $8.3 million, and the key driver of this is actually working capital.

Speaker #1: Inventory levels have increased, and this year the contract assets for mobilizing new programmes did not have the same extent in mobilization payments from customers.

Speaker #1: The $6 million litigation settlement payment is shown separately. On investing, we spent $16.5 million on planned equipment—around 65% of that is for trailers, and 15% for motor vehicles and motor vehicle cameras.

Anita Chow: The AUD 6 million litigation settlement payment is shown separately.

Anita Chow: On investing, we spent AUD 16.5 million on plant equipment. Around 65% of that is for trailers and 15% for motor vehicles and motor vehicle cameras. These were mainly for Connecticut, New Zealand, and the two Queensland programs. Most of our CapEx is for revenue growth that we have seen in FY26, but also to support the revenue growth in FY27. Less than 10% of this CapEx was spent on maintenance. The December equity raise contributed AUD 28.5 million net of expenses. To close, the equity raise and cash on our balance sheet went into revenue-generating assets to be used for long-term contracts. We start financial year 2027 with AUD 26.2 million of cash, an undrawn debt facility, and AUD 97 million of revenue already contracted. I will now hand back to Alex for the outlook.

Speaker #1: These were mainly for Connecticut, New Zealand, and the two Queensland programs. Most of our capex is for revenue growth that we've seen in FY26, but also to support the revenue growth in FY27.

Speaker #1: Less than 10% of this capex was spent on maintenance. The December equity raise contributed $28.5 million, net of expenses. So, to close, the equity raise and cash on the balance sheet are going into revenue-generating assets to be used for long-term contracts.

Speaker #1: We start financial year '27 with $26.2 million of cash, an undrawn debt facility, and $97 million of revenue already contracted. I'll now hand back to Alex for the outlook.

Speaker #2: Sounds good. Thanks, Anita. So we're pretty confident to be delivering over $100 million of revenue in financial year '27. And with that revenue growth, we do expect EBITDA to increase in '27.

Alex Jannink: Sounds good. Thanks, Anita. We are pretty confident to be delivering over AUD 100 million of revenue in financial year 2027. With that revenue growth, we do expect EBITDA to increase in 2027. Most importantly, though, we want to win new contracts. We have got a strong pipeline, the strongest that we have ever had, and we want to convert that. With ForeSite, we are going into our second year, and it is scaling further, still with another AUD 800,000 of contracted value remaining before any new wins that we get. We have had continuing investment in research and development and will be continuing to bring new products into the market that could be used both with our existing client base and to get new clients as well. The USA, though, is a key engine for FY27 and for beyond. We are going to continue to invest and support in the team there.

Speaker #2: Most importantly, though, we want to win new contracts. So we've got a strong pipeline—the strongest that we've ever had—and we want to convert that.

Speaker #2: With Forsight, we're going into our second year, and it's scaling further, with another $800,000 contracted value remaining before any new wins that we get.

Speaker #2: We've had continuing investment in research and development, and we'll be continuing to bring new products into the market that could be used both with our existing client base and to get new clients as well.

Speaker #2: The USA, though, is a key engine for FY27 and beyond. We're going to continue to invest in and support the team there. We see it as a really great team.

Alex Jannink: The USA, though, is a key engine for FY27 and for beyond. We are going to continue to invest and support in the team there.

Alex Jannink: We see it as a really great team, and we have that early effect that goes into education, lobbying, and further market opening that we hope will then see us convert across those three or four different US market segments. All after 2027, as I said, AUD 97 million of revenue already contracted. We are forecasting to grow revenues by around 20%, somewhere between AUD 100 million and AUD 106 million. With that, I might hand you back to Simon, who will conduct us through the Q&A. Thank you for your attention so far.

Speaker #2: And we have that early effect that goes into education, lobbying, and further market opening that we hope will then see us convert across those three or four different US market segments.

Speaker #2: And so, all up for '27, as I said, $97 million of revenue already contracted, with forecasting to grow revenue by around 20%, somewhere between $100 million and $106 million.

Speaker #2: And with that, I might hand you back to Simon, who will conduct us through the Q&A. Thank you for your attention so far.

Speaker #3: Alex, and thanks, Anita. First up, we've got Jasper Stroeg at Canaccord. Jasper, please go ahead.

Simon Hinsley: Alex, and thanks, Anita. First up, we have Jasper Struik at Canaccord. Jasper, please go ahead.

Simon Hinsley: Alex, and thanks, Anita. First up, we have Jasper Struwig at Canaccord. Jasper, please go ahead.

Speaker #4: Wonderful. Thanks, Simon. And thanks, Alex and Anita. Well done on the result today. Really good to see the numbers. Just a couple of questions on the international business.

Jasper Struik: Well done on the result today. Really good to see the numbers. Just a couple of questions on the international business. It is good to see that it has actually swung into EBITDA profitability over FY26. Could you potentially just give a quick comment on the US contribution of that? I would imagine it was still negative.

Jasper Struwig: Well done on the result today. Really good to see the numbers. Just a couple of questions on the international business. It is good to see that it has actually swung into EBITDA profitability over FY26. Could you potentially just give a quick comment on the US contribution of that? I would imagine it was still negative.

Speaker #4: It's good to see that it's actually swung into EBITDA profitability over FY26. Could you potentially just give a quick comment on the US contribution to that?

Speaker #4: I'd imagine it was still negative?

Speaker #1: Yes, the majority of that increase was driven by New Zealand.

Anita Chow: Yes. Majority of that increase was driven by New Zealand.

Speaker #4: Right. And then, I guess, just sort of continuing into FY27, would you expect the US to sort of still be an EBITDA headwind, or could you sort of expect this to sort of shift into profitability based on the contracts you've already signed, just sort of trying to understand, I guess, the level of investment going into that part of the business?

Jasper Struik: Right. Then, I guess just continuing into FY27, would you expect the US to still be an EBITDA headwind, or could you expect this to shift into profitability based on the contracts you have already signed? Just trying to understand, I guess, the level of investment going into that part of the business.

Jasper Struwig: Right. Then, I guess just continuing into FY27, would you expect the US to still be an EBITDA headwind, or could you expect this to shift into profitability based on the contracts you have already signed? Just trying to understand, I guess, the level of investment going into that part of the business.

Speaker #1: Yes, so from an investment perspective, as Alex mentioned earlier, we are continuing to invest in sales in the US. We have ramped up the sales team in the second half of FY26, which will then impact FY27.

Anita Chow: Yeah. So from an investment perspective, as Alex mentioned earlier, we are continuing to invest in sales in the US. So we have ramped up the sales team in the second half of FY26, which will then impact FY27. So in terms of FY27, it will still be negative, but in terms of FY28, we believe that it will then turn positive.

Speaker #1: So, in terms of FY27, it will still be negative, but in terms of FY28, we believe that it will then turn positive.

Speaker #4: Right.

Speaker #1: And Alex, do you want to say anything else?

Jasper Struik: Right.

Jasper Struwig: Right.

Anita Chow: Alex, do you want to anything else?

Speaker #2: I think you've said that really well.

Alex Jannink: I think you have said that really well. Yeah.

Speaker #1: Yeah.

Speaker #4: Perfect. And then just lastly on slide 5. You sort of mentioned that you’re pretty well placed to surpass $100 million in revenue in each of Australia and the international business over the medium term.

Jasper Struik: Perfect. Then just last question. I believe it is on slide 5. You mentioned that you are pretty well-placed to surpass AUD 100 million revenue in each of Australia and the international business over the medium term. Could you potentially, just to the extent that you can, comment on the actual timeframe of that, given, I guess, consensus has you, I guess, less than AUD 130 million out to FY30 pretty much?

Jasper Struwig: Perfect. Then just last question. I believe it is on slide 5. You mentioned that you are pretty well-placed to surpass AUD 100 million revenue in each of Australia and the international business over the medium term. Could you potentially, just to the extent that you can, comment on the actual timeframe of that, given, I guess, consensus has you, I guess, less than AUD 130 million out to FY30 pretty much?

Speaker #4: Could you potentially just, to the extent that you can, comment on the actual time frame of that, given, I guess, consensus sort of has you at, I guess, less than $130 million out to FY30 pretty much?

Speaker #2: Yeah, I don't think right now I'll be making a rod for my own back by putting a specific date on that. It will take several years.

Alex Jannink: Yeah. I do not think right now I would be making a rod for my own back by putting a specific date on that. It will take several years. I think there is just very strong growth opportunity in both of the segments, though. Either segment could get there in a shorter timeframe or a longer timeframe. It really will depend what kind of deals we are able to secure and win in either market, actually.

Speaker #2: I think there is just very strong growth opportunity in both of the segments, though. So, either segment could get there in a shorter time frame or a longer time frame.

Speaker #2: It really will depend on what kind of deals we're able to secure and win in either market, actually.

Speaker #4: Understood. Thanks, guys, and well done.

Jasper Struik: Understood. Thanks, guys, and well done.

Jasper Struwig: Understood. Thanks, guys, and well done.

Speaker #2: Thank you, Jasper.

Alex Jannink: Thank you, Jasper.

Speaker #3: James, affiliates at Morgan's. James, please go ahead.

Simon Hinsley: James Filius at Morgans. James, please go ahead.

Speaker #4: Simon, and thanks. Thanks, guys, for taking my call, for taking my questions. I just wanted to unpack, you know, obviously, the gross margins. For the full year, they've pulled back 280-odd basis points.

James Filius: Simon, thanks guys for taking my call, taking my questions. I just wanted to unpack, obviously gross margins, for the full year have pulled back 280 odd basis points. H1 on H2, they actually stepped up 230 odd basis points. I guess the exit rate is sort of about 43% gross margins. Is that a reasonable starting point to assume that carries forward into FY27, or do we expect much movement, I guess, off that base into 2027?

Speaker #4: But half-on-half, they're actually stepped up 230-odd basis points. So I guess the exit rate is sort of about 43% gross margins. Is that a reasonable starting point to assume that carries forward into FY27, or do we expect much movement, I guess, off that base into '27?

Speaker #1: No, I think that's a good base in terms of going into FY27. So, I guess if you want to go into the detail of that, we've had benefits in both Australia and internationally.

Anita Chow: No, I think that is a good base in terms of going into FY27. I guess if you want to go into the detail of that. We have had benefits in both Australia and international. Australia is mainly due to, for example, some of our programs adding additional features to it. For example, ACT turning on seatbelt and New South Wales turning on, switching to a bi-directional, which has improved margins, and then some of the contracts have increased in scale, which is then driving some of the margin improvements. Then also from, in terms of international, it is predominantly driven by New Zealand, where the contracts, the H2, actually ramped up a lot more and we were actually benefiting from higher margins.

Speaker #1: Australia is mainly due to, for example, some of our programs adding additional features to it. So, for example, ACT turning on seatbelt and New South Wales switching to a bidirectional, which has improved margins, and then some of the contracts have increased in scale.

Speaker #1: Which has then driven some of the margin improvement. And then also, in terms of international, it's predominantly driven by New Zealand, where the contracts in the second half actually ramped up a lot more and we were actually benefiting from higher margins.

Speaker #4: Understood. Sorry, Alex.

James Filius: Understood.

Alex Jannink: That is really

James Filius: Sorry, Alex.

Speaker #2: But that was a really good answer, guys. Just so I might, Australia, where we get to double the number of trailers there and add fixed sites, really provides an opportunity to reduce costs per unit and improve margins.

Alex Jannink: That is a really good answer. Just so I might add also programs like West Australia, where we get to double the number of trailers there and add six sites, really provide an opportunity to reduce costs per unit and improve margins. You see some of that as well, I think.

Speaker #2: And you see some of that as well, I think.

Speaker #4: Understood. And I guess you called out that shared costs across the group as a percentage of revenues declined, but there's been a slight step up in the shared costs across the group year on year.

James Filius: Understood. I guess, you called out that shared costs across the group as a percentage of revenues declined, but there has been a slight step-up in, I guess, the shared costs across the group year-on-year. As we look forward to 2027, how much extra, I guess, investment and development are you looking to put into the business, in the year ahead, and how should we think about, maybe both in real terms, but also as a percentage of revenue?

Speaker #4: As we look forward to '27, you know, how much extra, I guess, investment and development are you looking to put into the business in the year ahead? And how should we think about that, maybe both in real terms, but also as a percentage of revenue?

Speaker #2: I might go first.

Alex Jannink: I might go first.

Speaker #1: Yeah.

Speaker #2: So, in terms of investments, mostly investments you're actually going to see are in the segments. So, yeah, investments in Foresight will appear in the Foresight segment.

Anita Chow: Yeah.

Alex Jannink: In terms of investments, like most of the investments you are actually going to see in the segments. The investments in ForeSite will appear in the ForeSite segment. Investments in growing the US business will appear in the US segment. Those won't really sit into the shared cost segment. I think something that didn't really come through the deck, but maybe you could shed some light on, like foreign exchange.

Speaker #2: Investments in growing the US business will appear in the US segment, so those won't really sit in the shared cost segment. I think something that didn't really come through in the deck, that maybe you could shed some light on, is foreign exchange—there's a bit of foreign exchange in our shared costs this year as well.

Anita Chow: Yeah.

Alex Jannink: There was a bit of foreign exchange in our shared costs this year as well.

Speaker #1: Yes. So from an FX perspective, you're probably aware that the Australian dollar strengthened, which then has impacted the international currencies. So, in the shared cost, there was $500,000 of adverse FX impact.

Anita Chow: From an FX perspective, you are probably aware that the Australian dollar strengthened, which then has impacted the international currencies. In the shared cost, there was AUD 500,000 of adverse FX impact. I guess to go back to your original question in terms of shared costs, in terms of going to the future, we do expect that percentage to continue to decline as the business gets larger and benefits from it. I guess as Alex talked about earlier, most of the investment to support the growth in the business, particularly US and ForeSite, you will see in the segments, not in the shared segment.

Speaker #1: But I guess, to go back to your original question in terms of shared costs and looking ahead to the future, we do expect that percentage to continue to decline as the business gets larger and benefits from it.

Speaker #1: And I guess, as Alex talked about earlier, most of the investment to support the growth in the business, particularly U.S. and Foresight, you'll see in the segments, not in the shared segment.

Speaker #4: All righty. And then just one more from me. You know, with foresight, it's pleasing to see a few extra names on the list of customers.

James Filius: All righty. Then just one more from me. With ForeSite, pleasing to see a few extra names on the list of customers. Obviously, you mentioned that you've pulled forward, I guess the international expansion. Scotland came out overnight talking about the product. Can you maybe unpack the broader international demand that you're seeing that's caused that pull forward?

Speaker #4: Obviously, you mentioned that you've pulled forward, I guess, the international expansion. Scotland came out overnight talking about the product—can you maybe unpack the broader international demand that you're seeing that's caused that pull forward?

Speaker #2: Yeah. So the story behind this, James, was at the Intertraffic Conference earlier this year, in March, we demonstrated Foresight to a targeted list of potential clients or customers that might be interested in that Western European region.

Alex Jannink: Yeah. So the story behind this, James, was at the Intertraffic conference earlier this year, in March this year, we did demonstrate ForeSite to a targeted list of potential clients or customers that might be interested in that Western European region. We got much higher interest actually than we were expecting from such an early foray into the market. So that then led us to actually put somebody on permanently in the UK. Also had to move forward some costs for us. There's obviously various EU regulations and compliance and some changes to the product that we had to make. So that'll all sit into part of the reason for the EBITDA loss in the ForeSite product line. The particular customers, I won't name them publicly until they've gone public themselves.

Speaker #2: And we got much higher interest, actually, than we were expecting from such an early foray into the market. So that then led us to actually put somebody on permanently in the UK and also had to move forward some costs for us.

Speaker #2: You know, there are obviously various EU regulations and compliance requirements, and some changes to the product that we had to make. So, that'll all tie into part of the reason for their EBITDA loss in the Foresight product line.

Speaker #2: And the particular customers I won't name them publicly until they've gone publicly until they've gone public themselves. But we have advanced four specific customers across Scotland, England, and Netherlands to the point where I would expect all of those to be in pilot with us before the end of the calendar year.

Alex Jannink: But we have advanced four specific customers across Scotland, England, and Netherlands to the point where I would expect all of those to be in pilot with us, before the end of the calendar year.

Speaker #4: Fantastic, thanks. I'll jump back in the queue.

James Filius: Fantastic. Thanks. I'll jump back in the queue.

Speaker #2: Thanks, James. To submit a question, Alex, is it possible to give some more insight into the tender book in terms of size, jurisdiction, and timing?

Simon Hinsley: Thanks, James. Just submitted questions. Alex, is it possible to give some more insight into the tender book in terms of size, jurisdiction, and timing?

Speaker #2: I probably don't want to go too much deeper than what I've already done. I think we have a number of tender submissions under evaluation in the United States, as I already mentioned, across three different segments, being the commercial motor vehicle, work zone speed, and community-level enforcement.

Alex Jannink: I probably don't want to go too much deeper than what I've already done. I think we have a number of tender submissions under evaluation in the United States, as I already mentioned, across three different segments, being that commercial motor vehicle, work zone speed, and community-level enforcement. In the Australian region, there are tenders under evaluation. It's public knowledge that both there's the New South Wales Mobile Speed Camera Program and the ACT road safety camera program. Those are both in evaluation. Then there'll be some others smattered across international segments that I haven't alluded to here. But the main ones to watch for now will be the US and the Australian ones.

Speaker #2: In the Australian region, there are tenders under evaluation. It's public knowledge that there's both the New South Wales mobile speed camera program and the ACT multifunction enforcement program.

Speaker #2: Those are both in evaluation. And then there'll be some others smattered across international and some other segments that I haven't quite, you know, that I haven't alluded to here. But the main ones to watch for now will be the US and the Australian ones.

Speaker #5: And are you expecting a more formalized and longer data contract with Arkansas?

Simon Hinsley: Are you expecting more formalized and longer-dated contract with Arkansas?

Speaker #2: The Arkansas program just got renewed. The way that these U.S. programs operate is that, unlike in Australia, they tend to operate on yearly funding cycles.

Alex Jannink: The Arkansas program just got renewed. The way that these US programs operate is that unlike in Australia, they tend to operate on yearly funding cycles. Most of our programs in the US, while they might be a five-year deal, they technically will get renewed each year. Just the US agencies aren't actually able to forward commit beyond that particular budget cycle.

Speaker #2: So most of our programs in the US, while they might be a five-year deal, technically get renewed each year, just because US agencies aren't actually able to forward-commit beyond that particular budget cycle.

Speaker #5: Some of the technical questions here are about the level of public support or perception of the programs. Can you talk about what this looks like for Acusensus programs versus traditional speed and red light?

Simon Hinsley: Some questions here about the level of public support or perception of the programs. Can you talk about what this looks like for Acusensus programs versus traditional speed and red light?

Speaker #2: Yeah. So, mobile phone enforcement has very high public support as far as traffic enforcement goes. In New South Wales, Transport for New South Wales surveyed the public and found roughly an 80% approval rating.

Alex Jannink: Yeah. Mobile phone enforcement has very high public support as far as traffic enforcement goes. In New South Wales, Transport for NSW surveyed the public and found roughly an 80% approval rating, so 80% of people surveyed were pro automated enforcement of mobile phone use. That level of support has actually carried through even as the population was well-enforced. It is quite well accepted by people that using your phone is exceptionally dangerous. We are now seeing those same surveys being conducted in New Zealand as well. The AA in New Zealand has released 5 recommendations going into the next New Zealand election, which is at the end of this year. Recommendation 3 is for mobile phone and seat belt enforcement.

Speaker #2: It's that 80% of people surveyed were pro-automated enforcement of mobile phone use. And that level of support has actually carried through even as the population was well enforced.

Speaker #2: It's quite well accepted by people that using your phone is exceptionally dangerous. We're now seeing those same surveys being conducted in New Zealand as well.

Speaker #2: So the AA in New Zealand has released five recommendations going into the next New Zealand election, which is at the end of this year.

Speaker #2: The recommendation of three is for mobile phone and seatbelt enforcement. And when I met with the AA a few weeks ago, they mentioned that amongst their members—and they have a lot of members in New Zealand—the vast majority were very clearly pro-enforcement.

Alex Jannink: When I met with the AA a few weeks ago, they mentioned that amongst their members, and they have a lot of members in New Zealand, the majority of members, a very clear majority, were pro-enforcement for this. It really is one that the public is on side with.

Speaker #2: So there's— and so it really is one the public is on side with.

Speaker #5: That's it. In terms of you've mentioned state by state approval in the US. Do you envisage UK Home Office type approval for heads up enforcement at some point?

Simon Hinsley: Answered. You mentioned state-by-state approval in the US. Do you envisage UK Home Office-type approval for Heads-Up enforcement at some point?

Alex Jannink: I guess I have to answer that from two perspectives, one being a US perspective and one being a UK perspective. We do have systems alive in both markets at the moment without a formal approval process as it currently stands. I think something different about a mobile phone or a seat belt offense is that you can clearly see in the evidence and the imagery whether the offense has occurred. A human can look at the photograph alone to determine, yes, that is somebody touching a phone illegally. Where type approvals are much more important, I think, is when you get into speed enforcement, where you cannot look at the photo and know that the enforcement camera system has accurately determined that speed or that the timing in an average speed system was completely accurate, and that is where that independent testing becomes really important.

Speaker #2: I guess I have to answer that from two perspectives: one being a US perspective and one being a UK perspective. We do have systems live in both markets at the moment, without a formal approval process as it currently stands.

Speaker #2: I think something different about a mobile phone or a seatbelt defense is that you can clearly see in the evidence and the imagery whether the offense has occurred.

Speaker #2: You know, a human can look at the photograph alone to determine, yes, that's somebody touching a phone—illegally. Where type approvals are much more important, I think, is when you get into speed enforcement, where you can't look at the photo and know that the enforcement camera system has accurately determined that speed, or that the timing in an average speed system was completely accurate.

Speaker #2: And that's where that independent testing becomes really important. But for phone and seatbelt, I think probably we won't see something like a Home Office-type approval process for this.

Alex Jannink: For phone and seat belt, I think probably we will not see something like a Home Office-type approval process for this. They will just be individual jurisdiction by jurisdiction testing and evaluation.

Speaker #2: There will just be individual, jurisdiction-by-jurisdiction testing and evaluation.

Speaker #5: Two questions here. To what extent is Acusensus being a co-creator of solutions with governments versus a pure supplier? It sounds like many of your innovations are providing governments with new ideas.

Simon Hinsley: Two questions here. To what extent is Acusensus being a co-creator of solutions with governments versus a pure supplier? It sounds like many of your innovations are providing governments with new ideas.

Speaker #2: Yeah, I'd like to think it's quite a collaborative approach—that our government clients, or even partners, work with us together to try and solve this road safety problem.

Alex Jannink: Yeah, I like to think it is quite a collaborative approach that our government clients or even partners, with us together to try and solve this road safety problem, and that we can bring new ideas to them and that they can bring new ideas to us. Yeah, I think having trailer-based enforcement proliferate across Australia was very much an Acusensus innovation. For example, there was very little trailer-based enforcement of any kind before we said to Transport for NSW, "Hey, we have also built a trailer. We would love to do this anywhere, anytime across the road network." Whereas something like bi-directional enforcement actually was much stronger coming from the customer side to say, "Hey, we are on these rural regional roads.

Speaker #2: And that we can bring new ideas to them, and that they can bring new ideas to us. Yeah. I think having trailer-based enforcement proliferate across Australia was very much an Acusensus innovation, for example.

Speaker #2: There was very little trailer-based enforcement of any kind before we said to Transport New South Wales, hey, we've also built a trailer—we would love to do this anywhere, anytime, across the road network.

Speaker #2: Whereas something like bidirectional enforcement actually was much stronger coming from the customer side, to say, hey, you know, we're on these rural regional roads.

Speaker #2: Like, why can't we do both directions? And, of course, you first have the technical argument of why you can't, but, you know, we listened and then adapted to work out, okay, let's actually solve this problem.

Alex Jannink: Why can't we do both directions? Of course, you first have the technical argument of why you can't, but we listened and then adapted to work out, okay, let's actually solve this problem.

Simon Hinsley: Last question. How much impact has securing Kentucky and Connecticut major contracts had on negotiations with other US states? Is there an increasing confidence and sense of validation among prospective clients based on those wins?

Speaker #5: A lot of questions. How much impact has securing the Kentucky and Connecticut major contracts had on negotiations with other US states? Is there an increasing confidence and validation incentive among prospective clients based on those wins?

Speaker #2: I do think that success breeds success. I think the stronger example of this would be, how did we get the win in Kentucky? And that's because of the program that we delivered in Arkansas.

Alex Jannink: I do think that success breeds success. The stronger example of this would be, how did we get the win in Kentucky? That's because of the program that we delivered in Arkansas. You see it through the commercial motor vehicle enforcement as well. If you look at the map and you plot out which states adopt, often you get neighboring states adopting. So North Carolina adopts it, then Georgia watches North Carolina and adopts it. I think this really is a momentum kind of game, that your first customer is the hardest, then customers 2 and 3 get a bit easier, then it just gets easier and easier the more you have.

Speaker #2: And you see it through the commercial motor vehicle enforcement as well. Like, if you look at the map and you plot out which states adopt, you know, often you get neighboring states adopting.

Speaker #2: So North Carolina adopts it, and then Georgia watches North Carolina and adopts it. So I think this really is a momentum kind of game, that your first customer is the hardest.

Speaker #2: Then customers two and three get a bit easier, and then it just gets easier and easier the more you have.

Speaker #5: This is a two-part question. Are you seeing any improvement in the capital cost of cameras or trailers as volumes grow? And if so, do you anticipate using those lower capex fixed cameras for deployment across all new contracts?

Simon Hinsley: We have a two-part question. Are you seeing any improvement in the capital cost of cameras or trailers as your volumes grow? If so, do you aim to start using those lower CapEx fixed cameras for deployment across all new contracts?

Anita Chow: I'll answer the first question. In terms of the capital cost for our cameras, the better way to think about it is that we've got a product development team. One of the things they think about is product innovation, but they're also thinking about actually the cost of manufacturing it. That is something that the business is looking at, and we are developing a new generation of trailers where they're thinking about the actual cost it takes to manufacture it and how to actually do that at a lower cost. Then in relation to deploying, I think the question's in relation to the fixed site CapEx?

Speaker #2: I'll answer the first question.

Speaker #3: So in terms of the capital cost for our cameras, the better way to think about it is that we've got a product development team, and one of the things they talk about—one of the things they think about—is sort of product innovation, but they're also thinking about the actual cost of manufacturing it.

Speaker #3: So that is something that the business is looking at, and we are developing a new generation of trailers, where they’re thinking about the actual costs it takes to manufacture them and how to do that at a lower cost.

Speaker #3: And then in relation to the deploying, I think you—I think the question is in relation to the fixed site?

Speaker #5: Yeah. The question was, do you understand using the low-capex fixed cameras for deployment across all contracts—new contracts?

Simon Hinsley: Yeah. The question was, do you aim to start using the low CapEx fixed cameras for deployment across all new contracts?

Speaker #2: So, when we talked about the low capex, we were really specifically talking about intersection enforcement, where the traditional traffic enforcement market with intersections has a very high capex cost. Most providers have to install multiple bits of equipment at a site, and that's where we can avoid all of that civil construction cost.

Alex Jannink: When we talked about the low CapEx, we were really specifically talking about intersection enforcement, where the traditional traffic enforcement market with intersections has a very high CapEx cost, where most providers have to install multiple bits of equipment at a site, and that's where we can avoid all of that civil construction cost. Yeah, taking the point that Anita's been raising is, we are also continuing to have engineering improvements in our broader portfolio of products that does, over time, reduce the CapEx in terms of how much it costs to manufacture a unit. Although at the same time, part of what we're doing is also assessing what is the maintenance costs of our program and the OpEx that we're exposed to.

Speaker #2: But yeah, taking the point that Anita's been raising, we are also continuing to have engineering improvements in our broader portfolio of products that does, over time, reduce the capex in terms of how much it costs to manufacture a unit.

Speaker #2: Although at the same time, part of what we're doing is also assessing what the maintenance costs of our program are and the opex that we're exposed to.

Speaker #2: And so those two sometimes are, you know, in opposition to each other in that we will rationally make the choice to increase CapEx, because we know, having run so many programs across so many jurisdictions, that we can then reduce our operating expenses across the life of that contract.

Alex Jannink: Those two sometimes are in opposition to each other in that we will rationally make the choice to increase CapEx, because we know, having run so many programs across so many jurisdictions, that we can then reduce our operating expenses across the life of that contract.

Speaker #5: So, are you seeing any backlash to programs similar to those in the US, i.e., mass surveillance flock cameras?

Simon Hinsley: Thanks. Are you seeing any backlash to programs similar to the US, i.e., mass surveillance Flock cameras?

Speaker #2: There has been a lot of media attention on Flock in the last couple of months in particular. So far, that narrative has been separated.

Alex Jannink: There has been a lot of media attention on Flock in the last couple of months in particular. So far, that narrative has been separated. The automatic enforcement hasn't really been tarred with the same brush as Flock. I will explain to others on the call what is Flock. Flock is license plate recognition cameras. Flock is the venture-backed company that's supplying that. There are a number of unique key differences between what we supply and what Flock supplies. I think the first to really be aware of is that Flock puts the camera out, they collect and own all the data from that camera, and then they will sell on to agencies lookups of where did this license plate go across this fast network.

Speaker #2: The automatic enforcement hasn't really been tarred with the same brush as Flock. I'll explain for others on the call what Flock is. So, Flock is license plate recognition cameras.

Speaker #2: Flock is the venture-backed company that's supplying that, and there are a number of unique key differences between what we supply and what Flock supplies.

Speaker #2: I think the first thing to really be aware of is that Flock puts a camera out. They collect and own all the data from that camera, and then they'll sell on to agencies, like, lookups of where did this license plate go across this vast network.

Speaker #2: While we collect data on behalf of our clients, the data that we find is, number one, for somebody who is already breaking the law—not people who are not breaking the law—and then, two, we don't own that data; our client owns that data.

Alex Jannink: While we collect data on behalf of our clients, the data that we find is, number one, for somebody who is already breaking the law, not people who are not breaking the law. Then two, we do not own that data. Our client owns that data, so then we cannot onsell it. We are engaging with a number of US clients as well who are very interested in being armed with the right material, to be able to head off these sorts of challenges and association with that Flock camera network.

Speaker #2: And so then we can't on-sell it. We are engaging with a number of US clients as well, who are very interested in being armed with the right material to be able to head off these sorts of challenges and associations with that Flock camera network.

Speaker #5: And just last question from Marla Ferris at Orb Minette: Could you talk to the impact of being able to deliver bidirectional enforcement? Does this open opportunities on single or small-lane roadways that previously weren't feasible?

Simon Hinsley: Just the last question from Milo Ferris at Ord Minnett. Could you talk to the impact of being able to deliver bidirectional enforcement? Does this open opportunities on single or small-lane roadways that previously were not feasible?

Speaker #2: Yeah, I think bidirectional is a competitive advantage for us, in that it's not that easy to do bidirectional and do it well, just because of the positioning of the cameras, the A-pillars on the cars—you know, the AI to do that as well is different.

Alex Jannink: Yeah. I think bidirectional is a competitive advantage for us in that it is not that easy to do bidirectional and do it well, just because of the positioning of the cameras, the A-pillars on the cars. The AI to do that as well is different. It means that when we position for a customer from now on, that deploying one of our assets can basically be twice as effective as it was before on a rural and regional road. It is, I think, continuing to raise that bar, to place Acusensus first when a client is considering who should they go to for advanced traffic enforcement.

Speaker #2: It means that when we position for a customer from now on, deploying one of our assets can basically be twice as effective as it was before on a rural and regional road.

Speaker #2: And so, I think continuing to raise that bar to place Acusensus first when a client is considering who they should go to for advanced traffic enforcement.

Simon Hinsley: That concludes the Q&A segment. If there are any questions that have not been directly answered, we tried to bundle them together. With that, Alex, I might just hand it back to you for closing remarks.

Speaker #5: That concludes the Q&A segment. If there are any questions that haven't been directly answered, we've tried to bundle them together. With that, Alex, I'll hand it back to you for closing remarks.

Speaker #2: Thanks, Simon. And thanks, everybody, for your attention in this quite long session today. I think something to realize is that our customers are all government customers, and they run through processes that can take quite an amount of time.

Alex Jannink: Thanks, Simon. Thanks everybody for your attention in this quite long session today. I think something to realize is that our customers are all government customers, and they run through processes that can take quite an amount of time, and that we cannot control how long that takes. That can result in periods of quite low news flow like we saw through the H1 of this year. That does not mean that nothing is happening. There is a lot of activity in this company. Some of these announcements can happen in quite quick succession. We saw a year ago that in the space of 6 weeks, we made three major announcements after having had no announcements for quite some period.

Speaker #2: And we can't control how long that takes, which can result in periods of quite low news flow, like we saw through the first half of this year.

Speaker #2: That doesn't mean that nothing is happening. There's a lot of activity in this company and, you know, some of these announcements can happen in quite quick succession.

Speaker #2: We saw a year ago, in the space of six weeks, we made three major announcements, after having had no announcements for quite some period.

Speaker #2: So just to, I guess, explain that, yes, the procurement cycles are long, but then off the back of that, we get great counterparties with long-term contracts at very stable and reliable revenue.

Alex Jannink: Just to, I guess, explain that, yes, the procurement cycles are long, but then off the back of that, we get great counterparties with long-term contracts and very stable and reliable revenue. I think this particular set of results, like I said, it has been a record year of revenue growth, of seeing the operating leverage come through. We have got multiple new products released to market. We have internationalized the business. We have got basically all of 2027 locked in. So we are not resting, not putting our feet on the desk. We are continuing to go out there. We have got the strongest pipeline that we have ever had to date. We are very focused on converting that and to deepening and adding to that. So I think the future looks really bright for us as we see it right now.

Speaker #2: I think this particular set of results is, like I said, it's been a record year of revenue growth. I've seen the operating leverage come through.

Speaker #2: We've got multiple new products released to market with internationalization. The business, and we've got basically all of '27 locked in, but we're not resting, you know, not putting our feet on the desk.

Speaker #2: We're continuing to go out there. We've got the strongest pipeline that we've ever had to date. We're very focused on converting that, as well as deepening and adding to it.

Speaker #2: So I think the future looks really bright for us as we see it right now.

Speaker #5: Thanks so much, Alex. Thanks, Anita. And thanks all for attending.

Simon Hinsley: Thanks so much, Alex. Thanks, Anita, and thanks all for attending.

Operator: Goodbye.

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