Full Year 2026 Cleanspace Holdings Ltd Earnings Call

August 28, 2026

Speaker #2: Good morning, everybody, and welcome to the CleanSpace Holdings Limited annual results webinar for the year ended June 30, 2026, or FY26. My name is Graham McLean, and I am the Chair of CleanSpace.

Graham McLean: Good morning, everybody, and welcome to the CleanSpace Holdings Limited Annual Results Webinar for the year ended 30 June 2026, or FY26. My name is Graham McLean, and I am the Chair of CleanSpace. Joining me this morning are the CEO, Gabrielle O'Carroll, and the CFO, Bree Greeff. I will make a few introductory remarks and then hand over the meeting to Gabrielle to share the key results and highlights of the year. She and Bree will then provide detailed information and perspectives on the company's performance during the 2026 financial year just concluded. At the end of the presentation, there will be time for questions from the audience. If you do have any questions, we will take these online today. To ask a question, please type in the Ask a Question box, which is just below the webcast frame on your screen.

Graham McLean: Good morning, everybody, and welcome to the CleanSpace Holdings Limited Annual Results Webinar for the year ended 30 June 2026, or FY2026. My name is Graham McLean, and I am the Chair of CleanSpace. Joining me this morning are the CEO, Gabrielle O'Carroll, and the CFO, Bree Greeff. I will make a few introductory remarks and then hand over the meeting to Gabrielle to share the key results and highlights of the year. She and Bree will then provide detailed information and perspectives on the company's performance during the 2026 financial year just concluded. At the end of the presentation, there will be time for questions from the audience. If you do have any questions, we will take these online today. To ask a question, please type in the Ask a Question box, which is just below the webcast frame on your screen.

Speaker #2: Joining me this morning are the CEO, Gabrielle O'Carroll, and the CFO, Bree Grief. I'll make a few introductory remarks, and then hand over the meeting to Gabrielle to share the key results and highlights of the year.

Speaker #2: She and Bree will then provide detailed information and perspectives on the company's performance during the just-concluded June 2026 financial year. At the end of the presentation, there will be time for questions from the audience.

Speaker #2: If you do have any questions, we will take these online today. To ask a question, please type in the "Ask a Question" box, which is just below the webcast frame on your screen.

Speaker #2: Firstly, I'd like to say, on behalf of the board, that we are very pleased with the continued progress of the business in FY26. Our strategy over the last three years has been clear and consistent, and during this time, it has developed more focus, with several key strategic objectives achieved during the year.

Graham McLean: Firstly, I would like to say on behalf of the board that we are very pleased with the continued progress of the business in FY26. Our strategy over the last three years has been clear and consistent, and during this time it has developed more focus and with several key strategic objectives achieved during the year. We believe that CleanSpace has some unique assets and capabilities that can sustain the momentum that we are now building for the long term. As Gabrielle will highlight, there were some important milestones achieved in FY26, and this gives us a high level of confidence in the prospects of the business going forward. Lastly, I would like to thank all our shareholders, our staff and other supporters. We really appreciate your ongoing support. With that, I will now hand over to Gabrielle.

Speaker #2: We believe that CleanSpace has some unique assets and capabilities that can sustain the momentum we are now building for the long term. As Gabrielle will highlight, there were some important milestones achieved in FY26, and this gives us a high level of confidence in the prospects of the business going forward.

Speaker #2: And lastly, I would like to thank all our shareholders, our staff, and other supporters. We really appreciate your ongoing support. And with that, I'll now hand over to Gabrielle.

Speaker #3: Thank you, Graham, and thank you, everyone, for joining the CleanSpace FY26 results presentation today. We will cover our FY26 performance, the key drivers across our regions, the launch of AGILE, our financial position, and our strategy and outlook for FY27 and beyond.

Gabrielle O'Carroll: Thank you, Graham, and thank you everyone for joining the CleanSpace FY26 results presentation. Today we will cover our FY26 performance, the key drivers across our regions, the launch of AGILE, our financial position, and our strategy and outlook for FY27 and beyond. In this slide, you can read a brief overview of the company, our focus markets, and the addressable market opportunity in respiratory protection for industrial markets. Our portfolio has recently been expanded with the launch of AGILE, and I will elaborate further on the key features and innovative nature of AGILE a little further on in our presentation. To start, let me provide a snapshot of our FY26 performance. FY26 was a challenging year, but CleanSpace demonstrated resilience and continued to execute against this strategy. Revenue was steady at AUD 19.8 million, despite a considerably tougher operating environment.

Speaker #3: In this slide, you can read a brief overview of the company, our focus markets, and the addressable market opportunity in respiratory protection for industrial markets.

Speaker #3: Our portfolio has recently been expanded with the launch of Agile, and I will elaborate further on the key features and innovative nature of Agile a little further on in our presentation.

Speaker #3: To start, let me provide a snapshot of our FY26 performance. FY26 was a challenging year. CleanSpace demonstrated resilience and continued to execute against its strategy.

Speaker #3: Revenue was steady at $19.8 million, despite a considerably tougher operating environment. We saw increased macroeconomic uncertainty, unprecedented government regulatory intervention, and disruption in the US, impacting the paper industry and CleanSpace.

Gabrielle O'Carroll: We saw increased macroeconomic uncertainty, unprecedented government regulatory intervention, and disruption in the US, impacting the PAPR industry and CleanSpace that also delayed our ability to launch a new product. We also experienced tighter regulatory enforcement in Australia and the UK, causing customers to reassess their respiratory protection programs. Even against that backdrop, Europe grew 8% and Asia Pacific and rest of world remained broadly stable. Gross margin remains strong at 75%, unchanged from FY25. That reflects disciplined cost management and continued efficiencies in sourcing, freight, and component quality, which helped offset inflationary pressures. Operating EBITDA was a loss of AUD 0.6 million, compared with a AUD 0.2 million loss in FY25. This reflects deliberate investment in the business, particularly in R&D, sales and marketing, and investment in systems.

Gabrielle O'Carroll: We saw increased macroeconomic uncertainty, unprecedented government regulatory intervention, and disruption in the US, impacting the PAPR industry and CleanSpace that also delayed our ability to launch a new product. We also experienced tighter regulatory enforcement in Australia and the UK, causing customers to reassess their respiratory protection programs. Even against that backdrop, Europe grew 8% and Asia Pacific and rest of world remained broadly stable. Gross margin remains strong at 75%, unchanged from FY2025. That reflects disciplined cost management and continued efficiencies in sourcing, freight, and component quality, which helped offset inflationary pressures. Operating EBITDA was a loss of AUD 0.6 million, compared with a AUD 0.2 million loss in FY2025. This reflects deliberate investment in the business, particularly in R&D, sales and marketing, and investment in systems.

Speaker #3: That also delayed our ability to launch a new product. We also experienced tighter regulatory enforcement in Australia and the UK, causing customers to reassess their respiratory protection programs.

Speaker #3: Even against that backdrop, Europe grew 8%, and Asia-Pacific and the rest of the world remained broadly stable. Gross margin remained strong at 75%, unchanged from FY25.

Speaker #3: That reflects disciplined cost management and continued efficiencies in sourcing, freight, and component quality, which helped offset inflationary pressures. Operating EBITDA was a loss of $0.6 million, compared with a $0.2 million loss in FY25.

Speaker #3: This reflects deliberate investment in the business, particularly in R&D, sales, and marketing, and investment in systems. These investments included the development, certification, and launch of our newest respirator, Agile; sales and marketing activities such as trade show participation; and the implementation of our new ERP platform.

Gabrielle O'Carroll: These investments included the development, certification, and launch of our newest respirator, CleanSpace AGILE, sales and marketing activities such as trade show participation, and the implementation of our new ERP platform. Cash and bank remained strong at AUD 10.1 million at year-end, down only AUD 0.4 million from the prior year. Working capital remained well managed, and the balance sheet continues to provide the capacity to fund our growth initiatives. Importantly, FY26 also delivered meaningful strategic progress. CleanSpace AGILE achieved certification in Europe and Australia, New Zealand late in the financial year and is already generating early sales and multiple customer trials. We also strengthened our distributor and agency coverage across all regions, improved our marketing and systems capability, and continued to position the company for scale.

Speaker #3: Cash and bank remained strong at $10.1 million at year-end, down only $0.4 million on the prior year. Working capital remained well managed, and the balance sheet continues to provide the capacity to fund our growth initiatives.

Speaker #3: Importantly, FY26 also delivered meaningful strategic progress. Agile achieved certification in Europe and Australia/New Zealand, late in the financial year, and is already generating early sales in multiple customer trials.

Speaker #3: We also strengthened our distributor and agency coverage across all regions, improved our marketing and systems capability, and continue to position the company for scale.

Speaker #3: To summarize, while the headline revenue result was broadly flat, we finished FY26 with a stronger product platform, stronger commercial capabilities, and a solid balance sheet—all of which give us confidence as we move into FY27.

Gabrielle O'Carroll: To summarize, while the headline revenue result was broadly flat, we finished FY26 with a stronger product platform, stronger commercial capabilities, and a solid balance sheet, all of which gives us confidence as we move into FY27. Finally, in recognition of the board's confidence in the company's underlying value and prospects, we announced a share buyback earlier today. Against our FY26 objectives, the headline revenue result is below our original growth ambition, but the year was important in terms of the capabilities we built across the business. Europe delivered 8% growth and Asia Pacific and rest of world remained stable despite significant regulatory transition in Australia and New Zealand. North America, including Canada and Mexico, was materially impacted by unprecedented government intervention. There was significant disruption in the US market to key regulators impacting the broader industry and our business.

Speaker #3: Finally, in recognition of the board's confidence in the company's underlying value and prospects, we announced a share buyback earlier today. Against our FY26 objectives, the headline revenue result was below our original growth ambition.

Speaker #3: The year was important in terms of the capability we've built across the business. Europe delivered 8% growth, and Asia-Pacific and Rest of the World remained stable, despite significant regulatory transition in Australia and New Zealand.

Speaker #3: North America, including Canada and Mexico, was materially impacted by unprecedented government intervention. There was significant disruption in the U.S. market to key regulators, impacting the broader industry and our business.

Speaker #3: We maintained gross margin at 75% and kept operating expense growth to 3%, while deliberately directing investment into the areas we believe will support future revenue growth.

Gabrielle O'Carroll: We maintained growth margin at 75% and kept operating expense growth to 3% while deliberately directing investment into the areas we believe will support future revenue growth. Sales and marketing investment increased materially as we strengthened our commercial teams, strengthened distributor and agency coverage, increased our presence in priority end user markets, and built more data-driven marketing processes to support lead generation and sector-specific campaigns. We also continued to invest in R&D, most notably in the development, certification, and commercial launch of CleanSpace AGILE. That investment has expanded our product portfolio and opens material new addressable opportunities in Europe and Australia, New Zealand with key enterprise customers. In parallel, we invested in the systems and infrastructure required to scale the business.

Speaker #3: Sales and marketing investment increased materially as we strengthened our commercial teams, expanded distributor and agency coverage, increased our presence in priority end-user markets, and built more data-driven marketing processes to support lead generation and sector-specific campaigns.

Speaker #3: We also continued to invest in R&D, most notably in the development, certification, and commercial launch of Agile. That investment has expanded our product portfolio and opened material new addressable opportunities in Europe, and in Australia and New Zealand, with key enterprise customers.

Speaker #3: In parallel, we invested in the systems and infrastructure required to scale the business. This included the implementation of the new NetSuite ERP platform, strengthening reporting and operational capability, as well as investment in core functions including finance, risk, and occupational health and safety.

Gabrielle O'Carroll: This included the implementation of the new NetSuite ERP platform, strengthening reporting and operational capability, as well as investment in core functions including finance, risk, and occupational health and safety. The benefits of these investments will be ongoing and are already impacting our operations positively. While FY26 did not deliver the revenue growth we initially targeted, we believe the disciplined investment made in the company's commercial, product, and operational capabilities position CleanSpace more strongly for FY27 and the medium term. The regional picture in FY26 was quite varied, and each market had a uniquely different set of drivers impacting their overall performance. In Europe, revenue grew 8%, with the strongest contribution coming from Western Europe, where France continued its established growth trajectory, supported by repeat distributor business and expansion of orders from key accounts.

Speaker #3: The benefits of these investments will be ongoing, and are already impacting our operations positively. So, while FY26 did not deliver the revenue growth we initially targeted, we believe the disciplined investment has made the company's commercial, product, and operational capabilities position CleanSpace more strongly for FY27 and the medium term.

Speaker #3: The regional picture in FY26 was quite varied, and each market had a uniquely different set of drivers impacting their overall performance. In Europe, revenue grew 8%, with the strongest contribution coming from Western Europe, where France continued its established growth trajectory.

Speaker #3: Supported by repeat distributor business and expansion of orders from key accounts. The Nordics also continued to perform well, with ongoing growth, which helped offset softer conditions elsewhere.

Gabrielle O'Carroll: The Nordics also continued to perform well, with ongoing growth, which helped offset softer conditions elsewhere. The UK was more challenging because of changing regulatory requirements, while DACH remained softer as we continued rebuilding and strengthening distributor coverage. Importantly, AGILE certification in Europe at the end of the year have now created multiple sales opportunities that we were previously unable to address, particularly in the UK. Asia Pacific and Rest of World revenue was broadly flat versus FY25, but again, there were unique underlying factors driving that performance as well. Australia and New Zealand were affected by a regulatory transition with tighter silica and fit testing requirements, causing customers to reassess their respiratory protection programs and thereby slowing their purchasing decisions.

Gabrielle O'Carroll: The Nordics also continued to perform well, with ongoing growth, which helped offset softer conditions elsewhere. The UK was more challenging because of changing regulatory requirements, while DACH remained softer as we continued rebuilding and strengthening distributor coverage. Importantly, AGILE certification in Europe at the end of the year have now created multiple sales opportunities that we were previously unable to address, particularly in the UK. Asia Pacific and Rest of World revenue was broadly flat versus FY2025, but again, there were unique underlying factors driving that performance as well. Australia and New Zealand were affected by a regulatory transition with tighter silica and fit testing requirements, causing customers to reassess their respiratory protection programs and thereby slowing their purchasing decisions.

Speaker #3: The UK was more challenging because of changing regulatory requirements, while DAC remained softer as we continued rebuilding and strengthening distributor coverage. Importantly, Agile certification in Europe at the end of the year has now created multiple sales opportunities that we were previously unable to address, particularly in the UK.

Speaker #3: Asia-Pacific and Rest of the World revenue was broadly flat versus FY25, but again, there were unique underlying factors driving that performance as well. Australia and New Zealand were affected by a regulatory transition, with tighter silicon fit testing requirements causing customers to reassess their respiratory protection programs, and thereby slowing their purchasing decisions.

Speaker #3: Countering this, Southeast Asia grew strongly, with revenues up 76%, despite lower-than-expected volumes in our key Indonesian markets, where a major landslide caused the shutdown of some activities at a major global mining customer's operations.

Gabrielle O'Carroll: Countering this, Southeast Asia grew strongly with revenues up 76%, despite lower than expected volumes in our key Indonesian market, where a major landslide caused the shutdown of some activities at a major global mining customer's operations. In South America, performance was broadly flat as a key customer moved from a large initial deployment order in FY25 into a more normal recurring replenishment pattern. Across the region, we took the opportunity to strengthen distributor and end user relationships and refine our go-to-market approach with AGILE certification in Australia and New Zealand secured just before year-end. North America was the most challenging region in FY26, with revenue down 29%. The key issue was unprecedented disruption in the US regulatory environment by the US government administration.

Gabrielle O'Carroll: Countering this, Southeast Asia grew strongly with revenues up 76%, despite lower than expected volumes in our key Indonesian market, where a major landslide caused the shutdown of some activities at a major global mining customer's operations. In South America, performance was broadly flat as a key customer moved from a large initial deployment order in FY2025 into a more normal recurring replenishment pattern. Across the region, we took the opportunity to strengthen distributor and end user relationships and refine our go-to-market approach with AGILE certification in Australia and New Zealand secured just before year-end. North America was the most challenging region in FY2026, with revenue down 29%. The key issue was unprecedented disruption in the US regulatory environment by the US government administration.

Speaker #3: In South America, performance was broadly flat as a key customer moved from a large initial deployment order in FY25 into a more normal, recurring replenishment pattern.

Speaker #3: Across the region, we took the opportunity to strengthen distributor and end-user relationships and refine our go-to-market approach, with Agile certification in Australia and New Zealand secured just before year-end.

Speaker #3: North America was the most challenging region in FY26, with revenue down 29%. The key issue was unprecedented disruption in the U.S. regulatory environment by the U.S. government administration.

Speaker #3: The suspension and downscaling of the US regulator, the National Institute for Occupational Safety and Health, and delays to the Mine Safety and Health Administration's silica ruling created unprecedented disruption and uncertainty across key industrial end markets, and this resulted in our customers deferring their purchasing decisions.

Gabrielle O'Carroll: The suspension and downscaling of the US regulator, the National Institute for Occupational Safety and Health, and delays to the Mine Safety and Health Administration's silica ruling, created unprecedented disruption and uncertainty across key industrial end markets, and this resulted in our customers deferring their purchasing decisions. We also cycled through some large non-repeat FY25 sales, which affected the year-on-year comparison. Against that challenging backdrop, we continued to build out and invest in strategy. We expanded distributor and agency coverage, broadened our first responder activity beyond fire investigation into law enforcement and emergency medical services, and saw growing adoption for our PAPR equipment in heavy industrial applications. In summary, while the regional results were uneven, the underlying message is one of CleanSpace continuing to build market access, customer relationships, and distribution capability across all key regions.

Gabrielle O'Carroll: The suspension and downscaling of the US regulator, the National Institute for Occupational Safety and Health, and delays to the Mine Safety and Health Administration's silica ruling, created unprecedented disruption and uncertainty across key industrial end markets, and this resulted in our customers deferring their purchasing decisions. We also cycled through some large non-repeat FY2025 sales, which affected the year-on-year comparison. Against that challenging backdrop, we continued to build out and invest in strategy. We expanded distributor and agency coverage, broadened our first responder activity beyond fire investigation into law enforcement and emergency medical services, and saw growing adoption for our PAPR equipment in heavy industrial applications. In summary, while the regional results were uneven, the underlying message is one of CleanSpace continuing to build market access, customer relationships, and distribution capability across all key regions.

Speaker #3: We also cycled through some large, non-repeat FY25 sales, which affected the year-on-year comparison. Against that challenging backdrop, we continued to build out and invest in strategy.

Speaker #3: We expanded distributor and agency coverage, broadened our first responder activity beyond fire investigation into law enforcement and emergency medical services, and sought growing adoption for our proper equipment in heavy industrial applications.

Speaker #3: In summary, while the regional results were uneven, the underlying message is one of CleanSpace continuing to build market access, customer relationships, and distribution capability across all key regions.

Speaker #3: The end result is that we enter FY27 with much stronger foundations in place to build on our recent innovative product developments and increasing brand awareness and recognition by our customers.

Gabrielle O'Carroll: The end result is that we enter FY27 with much stronger foundations in place to build our recent innovative product developments and increasing brand awareness and recognition by our customers. Now, I'd like to spend a few minutes discussing CleanSpace's latest innovation, CleanSpace AGILE, a product we believe has the potential to significantly shift our growth momentum over coming years and a product that was developed concept to launch in only 2 years, a result unheard of in typical industrial market product development. CleanSpace recognized the regulatory headwinds that were emerging in developed industrial markets and positioned our engineering and product development teams to capitalize on this opportunity with a product that meets the market's changing needs, a product that is hallmark of this company's innovation DNA. Developing AGILE presented a significant engineering challenge for our product development team.

Speaker #3: Now, I'd like to spend a few minutes discussing CleanSpace's latest innovation, CleanSpace Agile—a product we believe has the potential to significantly shift our growth momentum over the coming years, and a product that was developed from concept to launch in only two years, a result unheard of in typical industrial market product development.

Speaker #3: CleanSpace recognized the regulatory headwinds that were emerging in developed industrial markets and positioned our engineering and product development teams to capitalize on this opportunity, with a product that meets the market's changing needs—a product that is a hallmark of this company's innovation DNA.

Speaker #3: Developing Agile presented a significant engineering challenge for our product development team. We were creating an unconventional, loose-fitting architecture, but we had to demonstrate its performance against certification protocols largely designed around traditional puppets with belt hoses and head tops.

Gabrielle O'Carroll: We were creating an unconventional, loose-fitting architecture, but we had to demonstrate its performance against certification protocols largely designed around traditional PAPRs with belts, hoses, and headtops. At the same time, we pursued certification under 2 regulatory regimes in parallel: EN 12941 for Europe and the UK, and the new ISO-based standard for Australia and New Zealand. Achieving both certifications late in FY26 was therefore an important technical and regulatory milestone for the company. Certification to Australian and European standards opens significant new market opportunities for CleanSpace. AGILE allows us to serve a broader range of workers and applications and creates opportunities to increase our share in markets where we already have established sales teams, distributors, and customer relationships. In particular, we see significant opportunity across mining, infrastructure, construction, and quarry in UK, Australia, and New Zealand.

Speaker #3: At the same time, we pursued certification under two regulatory regimes in parallel: EN 12941 for Europe and the UK, and the new ISO-based standard for Australia and New Zealand.

Speaker #3: Achieving both certifications late in FY26 was, therefore, an important technical and regulatory milestone for the company. Certification to Australian and European standards opened significant new market opportunities for CleanSpace.

Speaker #3: Agile allows us to serve a broader range of workers and applications, and creates opportunities to increase our share in markets where we already have established sales teams, distributors, and customer relationships.

Speaker #3: In particular, we see significant opportunity across mining, infrastructure, construction, and quarrying in the UK, Australia, and New Zealand. Agile truly represents the next evolution in CleanSpace innovation.

Gabrielle O'Carroll: AGILE truly represents the next evolution in CleanSpace innovation, the development of an innovative, loose-fitting PAPR solution that is a direct response to changing trends in the market. Respiratory protection standards are tightening, fit testing requirements are becoming more rigorous, and workforces are becoming increasingly diverse. These changes are driving greater demand for loose-fitting PAPR solutions that provide high levels of protection without dependency on facial fit testing and clean shaven policies. Our new product was designed from what our teams were seeing in the field, particularly in Australia and the UK. Importantly, we wanted to solve that market need without losing what makes CleanSpace different. AGILE retains the unique CleanSpace design principles of breath-responsive technology, lightweight construction, and freedom from belted hoses while removing the dependency on fit testing. The early response has been very encouraging.

Speaker #3: The development of an innovative loose-fitting PAPR solution is a direct response to changing trends in the market. Respiratory protection standards are tightening, fit testing requirements are becoming more rigorous, and workforces are becoming increasingly diverse.

Speaker #3: These changes are driving greater demand for loose-fitting PAPR solutions that provide high levels of protection without dependency on facial fit testing and clean-shaving policies.

Speaker #3: Our new product was designed based on what our teams were seeing in the field, particularly in Australia and the UK. Importantly, we wanted to solve that market need without losing what makes CleanSpace different.

Speaker #3: Agile retains the unique CleanSpace design principles, a breadth of responsive technology, lightweight construction, and freedom from belt-fit hoses, while removing the dependency on fit testing.

Speaker #3: The early responses are very encouraging. We saw sales within 24 hours of European certification, and we're now supporting trials with key end-users across multiple sectors in both Europe and Australia.

Gabrielle O'Carroll: We saw sales within 24 hours of European certification, and we're now supporting trials with key end users across multiple sectors in both Europe and Australia. AGILE demonstrates 2 key aspects of our innovation approach. Firstly, our ability to solve a difficult technical challenge, and secondly, the value of our innovation strategy in opening new avenues for growth. In conclusion, we're extremely excited and motivated about the opportunity that AGILE presents for our business looking forward. I'll now hand you over to Bree to take us through the FY26 financial results in more detail, including the profit and loss, balance sheet, and cash flow position.

Speaker #3: Agile demonstrates two key aspects of our innovation approach. Firstly, our ability to solve a difficult technical challenge; and secondly, the value of our innovation strategy in opening new avenues for growth.

Speaker #3: In conclusion, we're extremely excited and motivated about the opportunity that Agile presents for our business, looking forward. I'll now hand you over to Bree to take us through the FY26 financial results in more detail, including the profit and loss, balance sheet, and cash flow position.

Speaker #2: Thank you, Gabrielle.

Bree Greeff: Thank you, Gabrielle. Revenue was steady at AUD 19.8 million for the year, with growth in Europe offsetting weaker performance in North America and a broadly flat result across APAC and rest of world. Gross margin remained strong at 75%, consistent with FY25. That was an important outcome given the external cost pressures we experienced during the year. The price increase implemented in the second half, together with the continued production sourcing and inventory efficiencies, helped to offset higher freight and inflationary costs. Operating expenses increased by 3%. That was a deliberate and carefully managed increase rather than a broad-based escalation in the cost base. We invested more in sales and marketing, continued to fund R&D, including AGILE development and certification, and implemented the new ERP system.

Bree Greeff: Thank you, Gabrielle. Revenue was steady at AUD 19.8 million for the year, with growth in Europe offsetting weaker performance in North America and a broadly flat result across APAC and rest of world. Gross margin remained strong at 75%, consistent with FY2025. That was an important outcome given the external cost pressures we experienced during the year. The price increase implemented in the second half, together with the continued production sourcing and inventory efficiencies, helped to offset higher freight and inflationary costs. Operating expenses increased by 3%. That was a deliberate and carefully managed increase rather than a broad-based escalation in the cost base. We invested more in sales and marketing, continued to fund R&D, including AGILE development and certification, and implemented the new ERP system.

Speaker #3: Revenue was steady at $19.8 million for the year, with growth in Europe offsetting weaker performance in North America and a broadly flat result across APAC and the rest of the world.

Speaker #3: Gross margin remained strong at 75%, consistent with FY25. That was an important outcome given the external cost pressures we experienced during the year. The price increase implemented in the second half, together with continued production sourcing and inventory efficiencies, helped offset higher freight and inflationary costs.

Speaker #3: Operating expenses increased by 3%. That was a deliberate and carefully managed increase rather than a broad-based escalation in the cost base. We invested more in sales and marketing, continued to fund R&D—including Agile development certification—and implemented the new ERP system.

Speaker #3: These investments were intended to strengthen the commercial and operational platform, and improve our ability to scale revenue, without a corresponding increase in capital intensity.

Bree Greeff: These investments were intended to strengthen the commercial and operational platform and improve our ability to scale revenue without a corresponding increase in capital intensity. Operating EBITDA was a loss of AUD 0.6 million, compared with a loss of AUD 0.2 million in FY25. That movement reflects continued investment in the business against a broadly flat revenue base and is the clearest read on underlying trading performance for the year. EBITDA was a positive AUD 1.5 million, compared with a loss of AUD 0.4 million in FY25. That swing was driven by a AUD 2.8 million non-cash gain from remeasuring the NSW Health loan liability to nil. A one-off item, not a reflection of trading performance. Net loss after tax was AUD 1.2 million, compared with AUD 0.5 million in FY25, after an impairment in the deferred tax asset of AUD 2.6 million.

Bree Greeff: These investments were intended to strengthen the commercial and operational platform and improve our ability to scale revenue without a corresponding increase in capital intensity. Operating EBITDA was a loss of AUD 0.6 million, compared with a loss of AUD 0.2 million in FY2025. That movement reflects continued investment in the business against a broadly flat revenue base and is the clearest read on underlying trading performance for the year. EBITDA was a positive AUD 1.5 million, compared with a loss of AUD 0.4 million in FY2025. That swing was driven by a AUD 2.8 million non-cash gain from remeasuring the NSW Health loan liability to nil. A one-off item, not a reflection of trading performance. Net loss after tax was AUD 1.2 million, compared with AUD 0.5 million in FY2025, after an impairment in the deferred tax asset of AUD 2.6 million.

Speaker #3: Operating EBITDA was a loss of $0.6 million, compared with a loss of $0.2 million in FY25. That movement reflects continued investment in the business against a broadly flat revenue base and is the clearest read on underlying trading performance for the year.

Speaker #3: EBITDA was a positive $1.5 million, compared with a loss of $0.4 million in FY25. That swing was driven by a $2.8 million non-cash gain from re-measuring the New South Wales Health loan liability to null—a one-off item, not a reflection of trading performance.

Speaker #3: Net loss after tax was $1.2 million, compared with $0.5 million in FY25, after an impairment in the deferred tax asset of $2.6 million. That impairment reflects an assessment of our ability to utilize the DTA against future taxable profits.

Bree Greeff: That impairment reflects an assessment of our ability to utilize the DTA against future taxable profits. It is a non-cash item that can move in either direction depending on our profit outlook rather than a one-off. Taken together, operating EBITDA is the better measure of underlying trading performance for the year. Overall, the result reflects a business that maintains strong margins and cost discipline while continuing to invest in the product, commercial, and systems capabilities required to support future growth. The balance sheet remains strong at year-end, with cash and term deposits of AUD 10.1 million, down 4% from AUD 10.5 million in FY25. That movement reflects the continued investment we made through the year in sales, marketing, R&D, and systems, while still maintaining a healthy cash position. Trade and other receivables decreased by 8%, broadly consistent with lower Q4 sales compared with the prior year.

Speaker #3: It's a non-cash item that can move in either direction, depending on our profit outlook, rather than being a one-off. Taken together, operating EBITDA is the better measure of underlying trading performance for the year.

Speaker #3: Overall, the result reflects a business that maintains strong margins and cost discipline, while continuing to invest in the product, commercial, and systems capabilities required to support future growth.

Speaker #3: The balance sheet remains strong at year-end, with cash in term deposits of $10.1 million, down 4% from $10.5 million in FY25. That movement reflects the continued investment we made through the year in sales, marketing, R&D, and systems, while still maintaining a healthy cash position.

Speaker #3: Trade and other receivables decreased by 8%, broadly consistent with lower Q4 sales compared with the prior year. Inventory was also tightly managed and reduced slightly, which helped preserve working capital and demonstrates continued discipline in aligning stock levels with demand.

Bree Greeff: Inventory was also tightly managed and reduced slightly, which helped preserve working capital and demonstrates continued discipline in aligning stock levels with demand. Our liquidity position remains a real strength of the business. Our current ratio stands at 5.3 times, which is very robust for a MedTech manufacturing business, reflecting a working capital base that comfortably covers our short-term obligations. That matters more than usual in the current environment. Against the backdrop of macroeconomic uncertainty and ongoing inflationary pressure, having a strong liquid balance sheet gives us flexibility and resilience rather than exposure. A notable movement in the balance sheet was the reduction in borrowings to nil. This followed the remeasurement of the NSW Health Administration's loan liability of AUD 2.8 million, as repayment is no longer considered probable. Separately, we recognize an impairment of the deferred tax asset of AUD 2.6 million.

Speaker #3: Our liquidity position remains a real strength of the business. Our current ratio stands at 5.3 times, which is very robust for a manufacturing business, reflecting a working capital base that comfortably covers our short-term obligations.

Speaker #3: That matters more than usual in the current environment. Against the backdrop of macroeconomic uncertainty and ongoing inflationary pressure, having a strong, liquid balance sheet gives us flexibility and resilience, rather than exposure.

Speaker #3: A notable movement in the balance sheet was the reduction in borrowings to nil. This followed the remeasurement of the New South Wales Health Administration Loan Liability of $2.8 million, as repayment is no longer considered probable.

Speaker #3: Separately, we recognize an impairment of the deferred tax asset of $2.6 million. Deferred tax assets are assessed at each reporting period, and this assessment involves significant estimation uncertainty.

Bree Greeff: Deferred tax assets are assessed at each reporting period, and this assessment involves significant estimation uncertainty. During the period, management reassessed the appropriate forecast horizon used in determining the recoverability of deferred tax assets and reduced this period from five years to three years, reflecting increased uncertainty associated with forecasts beyond that period. Overall, the key message is that CleanSpace enters FY27 with a strong liquid balance sheet, zero borrowings, and well-managed working capital. That combination gives us both the capacity to keep funding investment in product development, commercial capability, and growth initiatives, and the confidence to introduce a share buyback without placing any pressure on the balance sheet or our liquidity position. Turning to cash flow, net cash from operating activities was slightly negative at AUD 0.1 million, compared with a positive AUD 1.1 million in FY25.

Speaker #3: During the period, management reassessed the appropriate forecast horizon used in determining the recoverability of deferred tax assets and reduced this period from five years to three years, reflecting increased uncertainty associated with forecasts beyond that period.

Speaker #3: Overall, the key message is that CleanSpace enters FY27 with a strong, liquid balance sheet, zero borrowings, and well-managed working capital. That combination gives us both the capacity to keep funding investment in product development, commercial capability, and growth initiatives, and the confidence to introduce a share buyback without placing any pressure on the balance sheet or our liquidity position.

Speaker #3: Turning to cash flow, net cash from operating activities was slightly negative at $0.1 million, compared with a positive $1.1 million in FY25. The main driver of this reduction in operating cash flow was a combination of broadly flat revenue and the deliberate investment we continue to make in sales, marketing, R&D, and the implementation of our new ERP system.

Bree Greeff: The main driver of this reduction in operating cash flow was a combination of broadly flat revenue and the deliberate investment we continued to make in sales, marketing, R&D, and the implementation of our new ERP system. Importantly, receipts from customers remained strong at 4% year on year. The greater cash outflow was largely on the payment side, reflecting the investment in capability and operating activity during the year rather than a deterioration in collections. It is also worth noting that trade and other receivables included prepayments made to suppliers for inventory components as we position stock ahead of the AGILE launch. That is a deliberate investment in working capital ahead of growth, and we expect it to convert into sales through FY27, which we are already seeing. Net cash from investing activities improved materially to an outflow of AUD 0.3 million from AUD 0.8 million in FY25.

Speaker #3: Importantly, receipts from customers remained strong, up 4% year-on-year. The greater cash outflow was largely on the payments side, reflecting the investment in capability and operating activity during the year, rather than a deterioration in collections.

Speaker #3: It's also worth noting that trade and other receivables, including prepayments made to suppliers for inventory components, increased as we positioned stock ahead of the Agile launch.

Speaker #3: That's a deliberate investment in working capital ahead of growth, and we expect it to convert into sales through FY27, which we are already seeing.

Speaker #3: Net cash from investing activities improved materially to an outflow of $0.3 million from $0.8 million in FY25. That reflected $0.5 million lower investment in term deposits, partly offset by $0.1 million higher interest income and a further $0.1 million invested in plant and equipment.

Bree Greeff: That reflects a AUD 0.5 million lower investment in term deposits, partially offset by AUD 0.1 million higher interest income and a further AUD 0.1 million invested in plant and equipment. Net cash used in financing activities also improved to an outflow of AUD 0.4 million from AUD 0.6 million in FY25, primarily because of the lower lease repayments. While overall cash was slightly negative for the year at an outflow of AUD 0.8 million compared with AUD 0.2 million in FY25, that movement needs to be viewed in the context of continued investment in the business. We finished FY26 with AUD 10.1 million in cash, disciplined working capital management, and a balance sheet that continues to support our growth plans. Back to you, Gabrielle.

Speaker #3: Net cash used in financing activities also improved to an outflow of $0.4 million from $0.6 million in FY25, primarily because of the lower lease repayments.

Speaker #3: So, while overall cash was slightly negative for the year, at an outflow of $0.8 million compared with $0.2 million in FY25, that movement needs to be viewed in the context of continued investment in the business.

Speaker #3: We finished FY26 with $10.1 million in cash, disciplined working capital management, and a balance sheet that continues to support our growth plans. Back to you, Gabrielle.

Speaker #2: Thank you, Bri. I'll now return to our strategy and outlook. The key message is that CleanSpace enters FY27 with a stronger platform, a broader product portfolio, improved systems, deeper distribution capability, and a focused growth strategy.

Gabrielle O'Carroll: Thank you, Bree. I will now return to our strategy and outlook. The key message is that CleanSpace enters FY27 with a stronger platform, a broader product portfolio, improved systems, deeper distribution capability, and a focused growth strategy. Our FY27 strategy is about taking the product platform we have built and converting it into profitable, scalable growth, given our low capital intensity business model. We have four areas of focus. The first is portfolio and products. AGILE is the immediate commercial priority in the UK and Australia and New Zealand, but it is also part of a broader product roadmap. We will continue developing future releases so that the portfolio becomes increasingly relevant across more markets, sectors, and user needs. CleanSpace has exciting new product releases and enhancements at various stages of development in our R&D pipeline planned over the next few years. The second area of focus is smart intelligence.

Speaker #2: Our FY27 strategy is about taking the product platform we have built and converting it into profitable, scalable growth, given our low-capital-intensity business model.

Speaker #2: We have four areas of focus. The first is portfolio and products. Agile is the immediate commercial priority in the UK and Australia and New Zealand, but it's also part of a broader product roadmap.

Speaker #2: We will continue developing future releases so that the portfolio becomes increasingly relevant across more markets, sectors, and user needs. CleanSpace has exciting new product releases and enhancements at various stages of development in our R&D pipeline, planned over the next few years.

Speaker #2: The second area of focus is smart intelligence. In FY27, we will work with selected sector accounts to develop real-world use cases and usage insights around our data platform.

Gabrielle O'Carroll: In FY27, we will work with selected sector accounts to develop real-world use cases and usage insights around our data platform. The objective this year is to learn with customers, validate where the greatest value lies, and build the foundations to scale that capability in future years. Ultimately, we see an opportunity to monetize the data insights over time. It also creates a much stickier customer relationship. Our third area of focus is commercial and market execution. Our core market focus is not changing. We will continue to concentrate on the industrial markets where we already have traction, while deepening both end user and distributor engagement. We also want to make better use of our CRM, strengthen product launch execution, and incorporate AI-enabled tools where they can improve productivity and customer engagement. Finally, we are focused on organization and capability.

Speaker #2: The objective this year is to learn with customers, validate where the greatest value lies, and build the foundations to scale that capability in future years.

Speaker #2: Ultimately, we see an opportunity to monetize the data insights over time. It also creates a much stickier customer relationship. Our third area of focus is commercial and market execution.

Speaker #2: Our core market focus is not changing. We will continue to concentrate on the industrial markets where we already have traction, while deepening both end-user and distributor engagement.

Speaker #2: We also want to make better use of our CRM, strengthen product launch execution, and incorporate AI-enabled tools where they can improve productivity and customer engagement.

Speaker #2: And finally, we're focused on organization and capability. Growth needs to be supported by the right internal capabilities. So we will continue strengthening our core function, building our analytics capability, and identifying and assessing partnership opportunities that may accelerate our strategy.

Gabrielle O'Carroll: Growth needs to be supported by the right internal capabilities, so we will continue strengthening our core functions, building our analytics capability, and identifying and assessing partnership opportunities that may accelerate our strategy. Taken together, these priorities are designed to do one thing: turn the investments we have made in products, systems, market access, and capability into sustainable revenue growth and profits over time. CleanSpace is confident in its ability to deliver compound annual growth of 20% or more over the medium term, supported by new products, regulatory and market tailwinds, broader distribution, and deeper penetration of priority end user markets. In FY27, our focus is on converting the capabilities we have built into revenue growth and market share gains.

Speaker #2: Taken together, these priorities are designed to do one thing: turn the investments we have made in products, systems, market access, and capability into sustainable revenue growth and profits over time.

Speaker #2: CleanSpace is confident in its ability to deliver compound annual growth of 20% or more over the medium term, supported by new products, regulatory and market tailwinds, broader distribution, and deeper penetration of priority end-user markets.

Speaker #2: In FY27, our focus is on converting the capabilities we have built into revenue growth and market share gains. Agile's launch and commercialization is a key plank underpinning this expected growth, particularly in the UK and Australia and New Zealand.

Gabrielle O'Carroll: AGILE's launch and commercialization is a key plank underpinning this expected growth, particularly in the UK and Australia and New Zealand, where certification has expanded our addressable market and created opportunities to reach a broader range of users. We will also continue to leverage the distributor and agency networks established across our regions with a greater focus on converting that expanded coverage into sales. At the same time, we are prioritizing larger enterprise accounts, opportunities in mining, heavy industrial, and first responder markets, where we are seeing stronger regulatory drivers and growing acceptance of both our respiratory products and our data capabilities. We will also continue to invest in sales, marketing, and product development while maintaining a scalable operating model and disciplined approach to cost.

Speaker #2: FOR certification has expanded our addressable market and created opportunities to reach a broader range of users. We will also continue to leverage the distributor and agency networks established across our regions, with a greater focus on converting that expanded coverage into sales.

Speaker #2: At the same time, we're prioritizing larger enterprise account opportunities in mining, heavy industrial, and first responder markets, where we're seeing stronger regulatory drivers and growing acceptance of both our respiratory products and our data capabilities.

Speaker #2: We will also continue to invest in sales, marketing, and product development while maintaining a scalable operating model and a disciplined approach to cost. Finally, we'll build on the data-driven marketing capability developed in FY26 to include agentic AI enhancements and continue progressing our product pipeline.

Gabrielle O'Carroll: Finally, we will build on the data-driven marketing capability developed in FY26 to include Agentic AI enhancements and continue progressing our product pipeline so that the growth we generate in FY2027 also strengthens the platform for future years. Our focus remains firmly on executing against these priorities and delivering sustainable and profitable growth over the medium term. I would like to thank the CleanSpace employees for their commitment and hard work throughout the year, our customers and partners for their continued trust and support, and our shareholders for their ongoing confidence in the company. We enter FY27 with a stronger platform, clearer priorities, and real momentum, and we look forward to building on that together. I will now hand you over to Graham.

Speaker #2: So that the growth we generate in FY27 also strengthens the platform for future years. Our focus remains firmly on executing against these priorities and delivering sustainable, profitable growth over the medium term.

Speaker #2: I'd like to thank our CleanSpace employees for their commitment and hard work throughout the year, our customers and partners for their continued trust and support, and our shareholders for their ongoing confidence in the company.

Speaker #2: We enter FY27 with a stronger platform, clearer priorities, and real momentum, and we look forward to building on that together. I'll now hand you over to Graham.

Speaker #1: Great, thank you very much, Gabrielle and Brie, for the presentation. We're now able to take questions from the audience, so if you do have any questions, please type them in online.

Graham McLean: Great. Thank you very much, Gabrielle and Bree, for the presentation. We are now able to take questions from the audience, so if you do have any questions, please type them in online. I will be monitoring those questions and asking them to Gabrielle and Bree as appropriate. As a reminder, if you want to ask a question, please type in the Ask a Question box, which is just below the webcast frame on your screen. We will pause there and look for questions, and we will take those questions over the next few minutes. Thank you. Okay. We have some questions coming in. I will endeavor to highlight those questions and ask Bree and Gabrielle as appropriate. Where there are questions that are probably common, I will probably amalgamate some of those questions together. Thank you for sending your questions in.

Speaker #1: I will be monitoring those questions and asking them to Gabrielle and Brie as appropriate. As a reminder, if you want to ask a question, please type it in the Ask a Question box, which is just below the webcast frame on your screen.

Speaker #1: So we'll pause there and look for questions, and we'll take those questions over the next few minutes. Thank you. Okay, so we've got some questions coming in.

Speaker #1: So I will endeavor to highlight those questions and ask Brie and Gabrielle as appropriate, and where a question is probably common, I will probably amalgamate some of those questions together.

Speaker #1: So, thank you for sending your questions in. We've got a few coming in, and please do send more in. So, I will start with the first question.

Graham McLean: We have a few coming in and please do send more in. I will start with the first question. Gabrielle, we have talked in the presentation about regulatory changes in Australia and Europe. Can you talk to some of the challenges and how we have responded to those?

Speaker #1: Gabrielle, we've talked in the presentation about regulatory changes in Australia and Europe. Can you speak to some of the challenges and how we've responded to those?

Speaker #2: Sure, and thank you for the question. Over the last few years, we've really seen a trend in Australia and the UK, particularly in terms of European markets, towards—

Gabrielle O'Carroll: Sure. Thank you for the question. Over the last few years, we have really seen a trend in Australia and the UK, particularly in terms of European markets, towards loose-fitting PAPR units, and that was really underpinned by tighter management of silica risk in different workforces. Also more stringent requirements for fit testing and diverse workforces that really require organizations to maintain clean shaving policies which is a level of rigor for organizations that can be a little bit challenging as well. That put a strain on our portfolio before CleanSpace AGILE, because our portfolio before CleanSpace AGILE is qualified as tight-fitting respirators. That is why it was really critical for us to hear that from the market, understand that need from our customers.

Speaker #2: Loose-fitting PAPR units. And that was really underpinned by tighter management of the silica risk in different workforces, also more stringent requirements for fit testing, and diverse workforces that really required organizations to maintain clean shaving policies.

Speaker #2: Which is a little rarer for organizations and can be a little bit challenging as well. So, that put a strain on our portfolio before Agile, because our portfolio before Agile was classified as tight-fitting respirators.

Speaker #2: And so that's why it was really critical for us to hear that from the market, to understand the need from our customers. And what we're really pleased about is having been able to develop Agile, which addresses that market need for a loose-fitting PAPR unit that is a good fit for any worker that requires respiratory protection.

Gabrielle O'Carroll: What we are really pleased about is having been able to develop CleanSpace AGILE, which addresses that market need for a loose-fitting PAPR unit, that is a good fit for any worker that requires respiratory protection. We were able to develop a product that is clearly unique and CleanSpace unique. We have retained the principle of breath-responsive technology, AirSensit, light, easy to put on and off, no belts and hoses, and compatible with other PPE. I suppose that hopefully answers your question around the regulatory challenges, which in the short run, prior to the launch of CleanSpace AGILE, really were more of a catalyst for organizations reviewing their respiratory strategies, the portfolios or the products that they would source. Now that we have CleanSpace AGILE, we are able to present a CleanSpace product and keep them in the portfolio and give them the value proposition that the brand is known for.

Speaker #2: And we were able to develop a product that is clearly unique and CleanSpace unique. So we've retained the principle of breath-responsive technology—air-sensitized, light, easy to put on and off, no belts and hoses, and compatible with other PPE.

Speaker #2: So that, I suppose, hopefully answers your question around the regulatory challenges, which in the short run prior to the launch of Agile really were a catalyst for organizations reviewing their respiratory strategies, the portfolios, or the products that they would source. Now that we have Agile, we're able to present the CleanSpace product to keep them in the portfolio and give them the value proposition that the brand is known for.

Gabrielle O'Carroll: I suppose that hopefully answers your question around the regulatory challenges, which in the short run, prior to the launch of CleanSpace AGILE, really were more of a catalyst for organizations reviewing their respiratory strategies, the portfolios or the products that they would source. Now that we have CleanSpace AGILE, we are able to present a CleanSpace product and keep them in the portfolio and give them the value proposition that the brand is known for.

Speaker #1: Okay, thank you. And I should add that we will be recording the session, so if you have to leave early, you'll be able to catch up online later on.

Graham McLean: Okay. Thank you. I should add that we will be recording this session, so if you have to step out early, you will be able to catch up online later on. Okay. The next question is around AI, which is obviously very topical at the moment generally. Do we have any plans to incorporate AI features into future mask designs? Gabrielle?

Speaker #1: Okay, so next question is around AI, which is also very topical at the moment generally. Do we have any plans to incorporate AI features into future mask designs?

Speaker #1: Gabrielle?

Speaker #2: Sure. So today, we already have our data insights platform incorporated in some of the products in our range. The software behind that platform is, in part, powered by AI in terms of its development, and it allows us, of course, to develop that software for the future as well, and at a faster pace.

Gabrielle O'Carroll: Sure. Today we already have our CleanSpace Insights platform incorporated in some of the products in our range. The software behind that platform is in part powered by AI in terms of that development, and allows us, of course, to develop that software for the future as well at a faster pace. The CleanSpace Insights platform itself monitors data unit performance in real time and also extracts compliance-relevant information that is useful for safety managers, but organizations more broadly as well. That is where I think I see the value of the AI coming into in the next months and years to really help us derive really useful insights for organizations as they are trying to maintain their safety programs, their respiratory programs, and glean the data out of their own usage in their own conditions, through the use of the CleanSpace portfolio.

Speaker #2: The data insights platform itself monitors data unit performance in real-time, and also extracts compliance-relevant information that's useful for safety managers, as well as organizations more broadly.

Speaker #2: And that's where I think I see the value of AI coming in over the next months and years—to really help us derive useful insights for organizations as they're trying to maintain their safety programs, their respiratory programs, and glean the data out of their own usage in their own conditions through the use of the CleanSpace portfolio.

Speaker #1: Great, thank you. So the next question is going to be for Brie. With the AUD stronger against some currencies last year, can you quantify the FX impact on revenue?

Graham McLean: Great. Thank you. The next question is going to be for Bree. With the AUD stronger against some currencies last year, can you quantify the FX impact on revenue?

Bree Greeff: Yes, sure. On a constant currency basis, the impact of exchange rates on our revenue for the full year was negligible. It was a roughly AUD 20,000 impact. Despite Europe representing 65% of our revenue, FX had minimal effect on our top line.

Speaker #2: Sure. So, on a constant currency basis, the impact of exchange rates on our revenue for the full year was negligible. It was roughly a $20,000 AUD impact.

Speaker #2: So, despite Europe representing 65% of our revenue, FX had very little effect on our top line.

Speaker #1: Great, thank you. Okay, so let's talk about the US next. You mentioned, Gabrielle, the challenges with NIOSH and the challenging administration environment. How long do you intend to assist with our strategy in the US?

Graham McLean: Great. Thank you. Okay, let's talk about the US next. You mentioned, Gabrielle O'Carroll, the challenges with NIOSH and the challenging administration environment. How long do you intend to persist with our strategy in the US?

Speaker #2: Yes, so we still see the US as a significant market opportunity for CleanSpace. Certainly, the last 12 months have been a challenging environment across the board.

Gabrielle O'Carroll: Yeah. We still see the US as a significant market opportunity for CleanSpace. Certainly the last 12 months have been a challenging environment across the board. What we've done in the meantime is really build on the foundation. Our strategy in the US from an industrial-facing perspective is still very new. We're approximately 18 months down the track with a new team and a new focus on industrial markets. Even in the last 12 months, where there were certainly some challenges with both the regulator and the silica ruling that delayed adoption of PAPRs in general, and impacting CleanSpace as well. What we've done during that time is really build out our strategy. We onboarded new distributors. We signed up with sales agents as well that can help us multiply our efforts in the field.

Speaker #2: But what we've done in the meantime is really build on the foundations. Now, our strategy in the US from an industrial-facing perspective is still very, very new.

Speaker #2: We're approximately 18 months down the track with a new team and a new focus on industrial markets. Even in the last 12 months, there were certainly some challenges with both the regulator and the silica ruling.

Speaker #2: That delayed adoption of PAPRs in general impacted CleanSpace as well. But what we did during that time is really build out our strategy—we onboarded new distributors.

Speaker #2: We signed up with sales agents as well, who can help us multiply our efforts in the field. In progressing our strategy, we've also developed a sales pipeline for FY27.

Gabrielle O'Carroll: In progressing our strategy, we've also developed a sales pipeline for FY27, and I do believe we have a very strong team in the US, very focused on the end user markets where we can be successful. I think taking those key learnings from FY26 so that we can be more targeted in this coming year is really important. So we're really looking at where we can best be successful with the portfolio we have today in markets like first responders, mining, and heavy industrial applications. We also have a pipeline of new product development for the US for the medium term. With all of that said, of course, we continue always to monitor conditions and to assess our plans. But for the moment, we'll stay focused on executing our strategy in the US market.

Speaker #2: And I do believe we have a very strong team in the US, very focused on the end-user markets where we can be successful. I think taking those key learnings from FY26 so that we can be more targeted in this coming year is really important.

Speaker #2: So we're really looking at where we can best be successful with the portfolio we have today, in markets like first responders, mining, and heavy industrial applications.

Speaker #2: And we also have a pipeline of new product development for the US in the medium term. So, with all of that set, of course, we continue to always monitor conditions and to assess our plans.

Speaker #2: But for the moment, we'll stay focused on executing our strategy in the U.S. markets.

Speaker #1: Okay, thanks. And then, just the other angle on the US is the impact of the US tariff regime on your products. Do you think it's been impacting US sales at all?

Graham McLean: Okay, thanks. Then just the other angle on the US is the impact of the US tariff regime on your products. Do you think that's been impacting US sales at all?

Speaker #2: I think the US tariff situation has, if you will, been stable over several months now. We haven't seen necessarily any direct impact to our business in the US.

Gabrielle O'Carroll: I think the US tariff situation has, if you will, been stable over several months now. We haven't seen necessarily any direct impact to our business in the US. We did put in a price increase on 1 January. We've been able to globally maintain our margins. I think the impact in terms of share gain is more related to the economic conditions that I've referenced already, rather than directly the tariff situation. Again, we'll have to continue to monitor the situation. It's fairly dynamic still, and we'll be able to make adjustments accordingly if necessary.

Speaker #2: We did put in a price increase at the first of January. We've been able to globally maintain our margins, and I think the impact, in terms of share gain, is more related to the economic conditions that I've referenced already rather than directly the tariff situation.

Speaker #2: But again, we'll have to continue to monitor the situation. It's still fairly dynamic, and we'll be able to make adjustments accordingly, if necessary.

Speaker #1: Okay, thank you. So the next question is around the 20% growth guidance for the medium term. The question is: I'm struggling to reconcile the 20% growth guidance for the medium term against the regulatory headwinds.

Graham McLean: Okay. Thank you. The next question is around the 20% growth guidance for the medium term. The question is: I'm struggling to reconcile the 20% growth guidance for the medium term against the regulatory headwinds, and the challenges you've just talked about in the US. How long do you expect those headwinds to impact short-term growth?

Speaker #1: And the challenges you've just talked about in the US—how long do you expect those headwinds to impact short-term growth?

Speaker #2: My view on our outlook is based on several factors. There are positives in our business, of course, and these give me confidence from different angles.

Gabrielle O'Carroll: My view on our outlook is based on several factors. There are positives in our business, of course, that give me the confidence in this from different angles. Firstly, of course, as you know, we just launched CleanSpace AGILE, which presents immediate opportunity for us in Australia and the UK. There are other markets as well where this product will be relevant, but we're hyper-focused on those two, in those two areas because of the very clear need that we see in the market and how we can address it directly with CleanSpace AGILE. We recently announced, of course, a major order with an Indonesian partner. That was essentially a business that we've been working on now with them for a couple of years, and their expansion of their operations has increased their demand for CleanSpace.

Speaker #2: So, firstly, of course, as you know, we just launched Agile, which presents immediate opportunity for us in Australia and the UK. There are other markets as well where this product will be relevant, but we're hyper-focused on those two areas because of the very clear need that we see in the market and how we can address that directly with Agile.

Speaker #2: We recently announced, of course, a major order with an Indonesian partner, and that was essentially business that we've been working on now with them for a couple of years.

Speaker #2: Their expansion of operations has increased their demand for CleanSpace. So we're partnering with that end user and their distribution partner to fulfill that business.

Gabrielle O'Carroll: We're partnering with that end user and their distribution partner to fulfill that business, and that will translate to consumable repeat business over the next months and years as well. Our European strategy, as an example, has a very well-established base in several markets. Part of the growth strategy is to capitalize on that position and continue to work closely with our distribution partners and our end users, and really parlaying that experience in end user markets to larger enterprise accounts and solidifying our business across those larger accounts from an initial specification point of view, and then, of course, for the consumable revenue that follows. I think those are a couple of platforms for our growth that are emerging for FY27 and beyond that give me confidence in the outlook that we've provided.

Speaker #2: And that will translate to consumable repeat business over the next months and years as well. Our European strategy, as an example, has a very well-established base in several markets.

Speaker #2: And so, part of the growth strategy is to capitalize on that position and continue to work closely with our distribution partners and our end users, really parlaying that experience and end-user market to larger enterprise accounts, and solidifying our business across those larger accounts from an initial specification point of view, and then, of course, for the consumable revenue that follows.

Speaker #2: So, I think there are a couple of platforms for our growth that are emerging for FY27 and beyond that give me confidence in the outlook we've provided.

Speaker #1: Great, thank you. Okay, so the next question is for Brie. A couple of people have asked: can we provide any more details on the $430,000 impairment charge, which is in trade receivables?

Graham McLean: Great. Thank you. The next question is for Bree Greeff. A couple of people have asked: Can we provide any more details on the AUD 430,000 impairment charge, which is in trade receivables?

Speaker #1: Brie.

Bree Greeff: Yeah, sure. I will start off by saying that CleanSpace historically has very good trade receivables collection rates. This particular impairment largely relates to one customer, and we are currently undergoing legal proceedings against that customer, so I cannot divulge too much information on that.

Speaker #3: Sure. So I'll start off by saying that CleanSpace has historically had very good trade receivables collection rates. This particular impairment largely relates to one customer.

Speaker #3: And we are currently undergoing legal proceedings against that customer, so I can't divulge too much information on that.

Speaker #1: Okay, thank you. So, the next question is back to Gabrielle. Back to Europe. So, how is the French market performing, Gabrielle?

Graham McLean: Okay. Thank you. The next question back to Gabrielle O'Carroll. Back to Europe. How is the French market performing, Gabrielle?

Speaker #2: Yeah. The French market, as I've said before—as you may remember—is our most established market. We've had a longstanding team there that continues to execute our strategy.

Gabrielle O'Carroll: Yeah, the French market, as I have said before, you may remember, is our most established market. We have had a longstanding team there that continue to execute our strategy, and we have seen very positive growth in FY26 ongoing in the French market. Largely off the base of an established distribution network, sales agencies that have worked with us over many years and represent the brand, and help us represent the brand and sell the brand across the market. Looking to the future in the French market, maintaining that growth momentum with a higher focus on larger enterprise accounts, a key account management strategy, and pivoting our approach from the strong base towards key accounts so we can continue to drive growth momentum in France. Indeed, that would be the strategy that we would employ across other markets.

Speaker #2: And we've seen very positive growth in FY26 ongoing in the French market, largely off the base of an established distribution network. Sales agencies that have worked with us over many years represent the brand and help us represent and sell the brand across the market.

Speaker #2: And looking to the future in the French market, maintaining that growth momentum with a higher focus on larger enterprise accounts, a key account management strategy, and pivoting our approach from this strong base towards a key accounts so that we can continue to drive growth momentum in France and indeed that would be the strategy that we would employ across other markets and so establishing our distribution network, building agency support networks as well then furthering that into end-user market penetration.

Gabrielle O'Carroll: establishing our distribution network, building agency support networks as well, then furthering that into end-user market penetration.

Speaker #3: We also increased the headcount in France.

Bree Greeff: We have also increased our headcount in France.

Speaker #2: That's true. So, we will continue to make headcount investments as we grow, and that is one area where we've also invested for FY27.

Gabrielle O'Carroll: That is true. We will continue to make headcount investments as we grow, and that is one area where we have also invested for FY27.

Graham McLean: Great. Thank you. The next question is: Do you have a qualified pipeline, and how many months out does it represent, and how does it compare to the prior year's pipeline?

Speaker #1: Great, thank you. Okay, so the next question is: Do you have a qualified pipeline, and how many months out does it represent? And how does it compare to the prior year’s pipeline?

Speaker #2: So we manage the pipeline on a weekly, monthly, and quarterly basis. The expectation for all of our salespeople is that they maintain their territory pipeline in line with their sales targets and beyond.

Gabrielle O'Carroll: We manage the pipeline on a weekly, monthly, quarterly basis. The expectation for all of our salespeople is that they maintain their territory pipeline in line with their sales target and beyond. We measure the pipeline and assess the quality of the pipeline for the quarter and the next quarter, and we have specific targets for each member of our team accordingly. This really gives us assurance that we understand our confidence in the business from a quarterly perspective. It also helps us plan in terms of our components and our unit builds so that we can make sure that we have the product ready as those products flow through. Of course, then it helps guide our marketing and sales support efforts before and after the sale as well.

Speaker #2: And so, we measure the pipeline and assess the quality of the pipeline for the quarter and the next quarter, and we have specific targets for each member of our team accordingly.

Speaker #2: This really gives us assurance that we understand our confidence in the business from a quarterly perspective. It also helps us plan in terms of our components and our unit builds, so that we can make sure that we have the product ready as those products flow through. And of course, it helps guide our marketing and sales support efforts before and after the sale as well.

Speaker #1: Okay, great. Thank you. So, we've got a couple of questions on Agile, and since you brought up that we're launching, I'll just kind of summarize both of those.

Graham McLean: Okay, great. Thank you. Okay, so we've got a couple of questions on AGILE, the new product that we're launching. One is: Can you tell us about the revenue contribution you expect from AGILE in 2027? The second one is: How is the product being received on the market? Do you have trials, demos, and a pipeline for AGILE?

Speaker #1: First, can you tell us about the revenue contribution you expect from Agile in 2027? And second, how is the product being received in the market?

Speaker #1: Do you have trials, demos, and a pipeline for Agile?

Speaker #2: I would say yes to all of those. So, we've had a very good early response to the launch of Agile, both in Australia and in the UK.

Gabrielle O'Carroll: Yes, I would say yes to all of those. We've had a very good early response to the launch of AGILE, both in Australia and in the UK. We have trials in place at the moment with customers across mining, infrastructure, pardon me, construction across Australia and UK, as I said. So we're encouraged by the early signals from the end-user markets. We've had very strong support from our channel partners, our distributors, since the launch of AGILE, and we've had initial sales through our distribution partners as well in both those markets.

Speaker #2: We have trials in place at the moment, with customers across mining, infrastructure—pardon me—construction, across Australia and the UK, as I said. So we're encouraged by the early signals from the end-user market.

Speaker #2: We've had very strong support from our channel partners—our distributors—since the launch of Agile, and we've had initial sales through our distribution partners as well in both those markets.

Speaker #2: We expect Agile to be a flagship product for Australia, New Zealand, and the UK, directly responding, of course, to the market trends in those markets; the need for loose-fitting PAPR's and the performance that our product is certified to.

Gabrielle O'Carroll: We expect AGILE to be a flagship product for both Australia, New Zealand, and the UK, directly responding, of course, to the market trends in those markets, the need for loose-fitting PAPRs and the performance that our product is certified to, the ease of use that customers will experience, the differentiation and, of course, as well, the data insights which are soon to be launched for AGILE as well.

Speaker #2: The ease of use that customers will experience, the differentiation, and, of course, as well, the data insights, which are soon to be launched for Agile as well.

Speaker #1: Great, thank you. Next question is around the FY27 outlook, which you might have kind of covered off already. You mentioned it's a very encouraging start.

Graham McLean: Great. Thank you. Next question is around the FY27 outlook, which you might have covered off already. You mentioned it is a very encouraging start. Is that a reflection on actual sales or customer feedback or both?

Speaker #1: Is that a reflection on actual sales, or customer feedback, or both?

Speaker #2: So, we have had an encouraging start to the year. Of course, with the launch of Agile, which has created some immediate momentum, in particular in Australia and the UK—two of our core markets.

Gabrielle O'Carroll: We have had an encouraging start to the year, of course, with the launch of CleanSpace AGILE, which has created some immediate momentum, in particular in Australia and UK, two of our core markets. We have also, of course, announced the order from the Indonesian partner, which is obviously material to our business now. That order comes off the back of several years of working very closely in that market and with that customer as well as our distribution partner. I think it is the outcome of a lot of hard work by our team and as well as CleanSpace demonstrating the value and the capability that we have to support larger enterprise customers and the relevance of our portfolio as well in those contexts.

Speaker #2: We've also, of course, announced the order from the Indonesian partner, which is obviously material to our business now. That order comes off the back of several years of working very closely in that market and with that customer, as well as our distribution partner.

Speaker #2: So, I think it is the outcome of a lot of hard work by our team, as well as CleanSpace demonstrating the value and the capability that we have to support larger enterprise customers, and the relevance of our portfolio as well in those contexts.

Speaker #2: So I think there are positive indicators of the capabilities of the company: the relevance of the portfolio and the alignment of our strategy to the market conditions.

Gabrielle O'Carroll: I think there are positive indicators of the capability of the company, the relevance of the portfolio, and the alignment of our strategy to the market conditions.

Speaker #1: Thank you. Okay, so the next question is for Brie. Will the company receive an R&D reboot? And if so, what do you expect to receive?

Graham McLean: Thank you. Okay, the next question is for Bree Greeff. Will the company receive an R&D rebate? If so, what do you expect to receive?

Speaker #3: Yes, the company will. The calculation done for year-end is roughly at the $900K mark, and we'll commence the submission of that process. So hopefully we'll get it in the next few months.

Bree Greeff: Yes, the company will. The calculation done for year-end is roughly at the AUD 900K mark, and we will commence the submission of that process to hopefully get it in in the next few months.

Speaker #1: And that's the cash reboot? Yeah. Okay. Great. Next question, which I'll take, is on the buyback. So, how does the board justify spending up to a third of the company's available cash?

Graham McLean: That is a cash rebate?

Bree Greeff: That is a cash rebate, yes.

Graham McLean: Yeah. Okay, great. Okay, next question, which I will take, is on the buyback. How does the board justify spending up to a third of the company's available cash when it is already in a liquid share on the ASX? Just to give some context around this, I think most of you will be aware that small caps share valuations have been in the doldrums for a while. We have a view at the board that the current share price, which is around 40 cents, fundamentally undervalues the company and our prospects. We have determined that we will undertake a share buyback, and we have announced that this morning. We are allowed to spend up to 10% of the company shares as part of a buyback over the next 12 months under Section 257A of the Corporations Act 2001.

Graham McLean: Yeah. Okay, great. Okay, next question, which I will take, is on the buyback. How does the board justify spending up to a third of the company's available cash when it is already in a liquid share on the ASX? Just to give some context around this, I think most of you will be aware that small caps share valuations have been in the doldrums for a while. We have a view at the board that the current share price, which is around AUD 0.40, fundamentally undervalues the company and our prospects. We have determined that we will undertake a share buyback, and we have announced that this morning. We are allowed to spend up to 10% of the company shares as part of a buyback over the next 12 months under Section 257A of the Corporations Act 2001.

Speaker #1: When it's already in the liquid share on the ASX. So, just to give some context around this, I think most people are aware that small-cap share valuations have been in the doldrums for a while.

Speaker #1: And we have a view at the Board that the current share price, which is around $0.40, fundamentally undervalues the company and our prospects.

Speaker #1: So we've determined that we will undertake a share buyback and we've announced that this morning. We are allowed to spend up to 10% of or up to 10% of the company shares as part of a buyback over the next 12 months.

Speaker #1: Under Section 257 of the Corporations Act, we will take that one small step at a time and see how we go, and learn as we go how effective the share buyback is.

Graham McLean: We will take that one small step at a time and see how we go and learn as we go how effective the share buyback is. To another question of why have we decided to do that versus a dividend, this allows us to take one small step in terms of capital management going forward, and we will assess this as we go through this 12-month period. Okay, next question for Gabrielle O'Carroll. We probably might have covered some of this off already, but are you seeing any improvement in the economic or regulatory environment in each of your major regions?

Speaker #1: To another questioner, why have we decided to do that versus the dividend? This allows us to take one small step in terms of capital management going forward.

Speaker #1: And we'll assess this as we go through the 12-month period. Okay. So, next question for Gabrielle: We probably might have covered some of this already, but are you seeing any improvement in the economic and regulatory environment in each of your major regions?

Speaker #2: Well, I would say that there are positive indicators in some of the sectors that are most relevant to our business, across mining and other heavy industrial sectors.

Gabrielle O'Carroll: Well, I would say that there are positive indicators in some of the sectors that are most relevant to our business across mining and other heavy industrial sectors. I think the fact that there are strong regulatory environments in the countries that we are most focused on is effectively a tailwind for the organization and for our vision for the company. I think the fact that we have been able to demonstrate the innovation of CleanSpace AGILE as a direct response to the way that the regulations and the enforcement thereof have evolved over time is an indicator as well of our capability to continue to innovate to capture more of the opportunity in the market. I believe that the respiratory space will continue to grow and to be an ever-pressing requirement for more and more markets to focus in on.

Speaker #2: And I think the fact that there are strong regulatory environments in the country that we're most focused on is effectively a tailwind for the organization and for our vision for the company.

Speaker #2: I think the fact that we've been able to demonstrate the innovation of Agile as a direct response to the way that the regulations, and the enforcement thereof, have evolved over time is an indicator as well of our capability to continue to innovate to capture more of the opportunity in the market.

Speaker #2: I believe that the respiratory space will continue to grow into the ever-pressing requirement for more and more markets to focus in on. The opportunity is ever-present, and it will continue to be an attractive space for us.

Gabrielle O'Carroll: I think the opportunity is ever-present, and it will continue to be an attractive space for us. Importantly, we have a pipeline of R&D innovation stretching out for the next five years that is in response to where we think the trends are going to take the different markets and will allow us to be a more relevant player across them as well.

Speaker #2: And importantly, we have a pipeline of R&D innovation stretching out for the next five years that is in response to where we think the trends are going to take the different markets and will allow us to be a more relevant player across them as well.

Speaker #1: Okay, thank you. So, back to regions and countries around the world, can you comment on what's happening for CleanSpace in the Americas outside of the US?

Graham McLean: Okay, thank you. Back to regions and countries around the world. Can you comment on what is happening for CleanSpace in the Americas outside of the US? I guess Mexico, Canada, South America.

Speaker #1: So, I guess Mexico, Canada, South America.

Speaker #2: Sure. So in Canada and Mexico, we're approaching those markets through distribution partners and agents, so we don't have our own salespeople based there at this time.

Gabrielle O'Carroll: Sure. In Canada and Mexico, we are approaching those markets through distribution partners and agents. We do not have our own salespeople based there at this time. We have had some early success in Canada last year, establishing a distribution network and hiring some agents and starting down the path with this level of our strategy. Similarly, in Mexico, we only had our product regulatory approved in the later parts of FY26. That is an effort that is recommencing now in terms of being able to activate the distribution network outside of North America, if you will. We have recently realigned our South American business to our North American sales leader to capitalize on any synergies there, whether they be time zone or indeed US-based manufacturers or companies operating out of South America.

Speaker #2: But we've had some early success in Canada, last year establishing a distribution network and hiring some agents, and starting down the path with that at this level of our strategy.

Speaker #2: Similarly, in Mexico, though we only had our product regulatory-approved in the later parts of FY26. So that is an effort that's recommencing now in terms of being able to activate the distribution network outside of North America, if you will.

Speaker #2: We've recently realigned our South American business to our North American sales leader, to capitalize on any synergies there—whether they be time zone, or indeed U.S.-based manufacturers or companies operating out of South America.

Speaker #2: And in that region as well, we operate through distributors and agents, and have several trials underway as we speak, in particular in the mining sector, which is the main sector of interest for us, specifically in South America.

Gabrielle O'Carroll: In that region as well, we operate through distributors and agents and have several trials underway as we speak, in particular in the mining sector, which is the main sector of interest for us, specifically in South America. We do have a longer-standing customer that is already in place in South America, and we are looking to replicate that success in other parts of that region.

Speaker #2: So, we do have a longer-standing customer that's already in place in South America, and we're looking to replicate that success in other parts of that region.

Speaker #1: Great, thank you. Okay, so we'll just cover a couple more questions to run through. So, Gabrielle, you mentioned the $1.9 million deal in Indonesia—a key mine.

Graham McLean: Great. Thank you. Okay, we have just got a couple more questions to run through. Gabrielle, you mentioned the AUD 1.9 million deal in Indonesia at the mine that we are working with. Is this deal a recovery of sales that were lost due to the landslide last year, or is it genuine new business with that customer?

Speaker #1: That we're working with. Is this deal a recovery of sales that were lost due to the landslide last year, or was it genuine new business with that customer?

Speaker #2: So, it's genuine new business with that customer. We had expected that that volume of business would flow through, at least in part, in FY26.

Gabrielle O'Carroll: It is genuine new business with that customer. We had expected that that volume of business would flow through, at least in part, in FY26. Then when the landslide, of course, occurred, that shut down that part of their operation. We continued to service other areas of their operations and hence the growth that we saw in Indonesia over FY26, though not in the volumes that we had initially anticipated. Their operations are now ramping up post the landslide, and that was the trigger for the most recent order that we announced, and we have had several engagement opportunities with the end user and the distributor to put everything in place to support them as they ramp up that operation.

Speaker #2: But then, when the landslide occurred, that, of course, shut down that part of their operations. We continued to service other areas of their operations, and hence the growth that we saw in Indonesia over FY26—though not in the volumes that we had initially anticipated.

Speaker #2: Their operations are now ramping up post the landslide, and that was the trigger for the most recent order that we announced. We've had several engagement opportunities with the end user and the distributor to put everything in place to support them as they ramp up that operation.

Speaker #1: Great, thank you. Okay, so this is the last question I have at the moment. It's kind of a summary of how FY27 looks and your view on that, Gabrielle.

Graham McLean: Great. Thank you. This is the last question I have at the moment, which is a summary of how FY27 looks and your view on that, Gabrielle. You talk about a 20% revenue CAGR over the next three to five years. Should we expect that to be a similar number in FY27? Can you comment on where you expect the key growth drivers to come from?

Speaker #1: So you talk about a 20% revenue CAGR over the next three to five years. Should we expect there to be a similar number in FY27?

Speaker #1: And can you comment on where you expect the key growth drivers to come from?

Speaker #2: Sure. The key drivers will come, in the very short run, from Agile— from implementing our strategy in the markets where we have our sales teams.

Gabrielle O'Carroll: Sure. The key drivers will come in the very short run from CleanSpace AGILE, from implementing our strategy in the markets where we have our sales teams. So continuing to leverage our distribution network, our sales agents, and of course, our own efforts within end-user markets, pivoting towards a greater focus on specific markets, for example, in the US, but also in areas of Europe where we can really leverage our brand in larger enterprise accounts. We will be leveraging as well the capability of CleanSpace Insights to be more attractive to those larger enterprise accounts and also to be stickier within their business once we have been specified in. So our strategy is globally scaled and has different contributions based on the different market conditions.

Speaker #2: So, continuing to leverage our distribution network, our sales agents, and of course, our own efforts within end user markets. We're pivoting towards a greater focus on specific markets, for example, in the US, but also in areas of Europe where we can really leverage our brand in larger enterprise accounts.

Speaker #2: We'll be leveraging, as well, the capability of data insights to be more attractive to those larger enterprise accounts and also to be stickier within their business once we've been specified in.

Speaker #2: So our strategy is globally scaled and has different contributions based on the different market conditions. We've got Agile in the UK and Australia, the Indonesian business, the prospects in South America, and ongoing growth in our core focus core markets with our core strategy in Europe.

Gabrielle O'Carroll: CleanSpace AGILE in the UK and Australia, the Indonesian business, the prospects in South America, and ongoing growth in our core markets with our core strategy in Europe will all contribute to the growth expectations that we have for CleanSpace in FY27 and beyond.

Speaker #2: We'll all contribute to the growth expectations that we have for CleanSpace in FY27 and beyond.

Speaker #1: Okay, thank you. We've got a couple more questions I'll just pop in. The first one is: Do you expect that Agile will cannibalize other products in the portfolio?

Graham McLean: Okay. Thank you. We have a couple of more questions that have just popped in. The first one is: Do you expect that CleanSpace AGILE will cannibalize other products in the portfolio?

Speaker #2: Yes, so I think Agile is really a product that addresses a gap that we had in our portfolio. And so I think that any cannibalization or impact to the rest of the range will be far outweighed by the overall opportunity that we have.

Gabrielle O'Carroll: Yeah. Agile is really a product that addresses the gap that we had in our portfolio. I think that any cannibalization or impact to the rest of the range will be far outweighed by the overall opportunity that we have. We believe that CleanSpace AGILE will be an attractive part of our portfolio, but also give an opportunity to users who have already been using our range to expand their usage of a CleanSpace unit based on the value proposition that is real across our range. Being lightweight, breath-responsive, no belts and hoses, compatible with other PPE. Being able to realize that value across a broader organization's requirements for respiratory safety as well as across different market sectors, I think will be overall accretive to the business.

Speaker #2: And we believe that Agile will be an attractive part of our portfolio, but also give an opportunity to users who have already been using our range to expand their usage of a CleanSpace unit, based on the value proposition that is real across our range.

Speaker #2: So, being lightweight, brush responsive, no bells and whistles, compatible with other PPE. So, being able to realize that value across a broader organization's requirements for respiratory safety as well as across different market sectors.

Speaker #2: I think we'll be overall accretive to the business.

Speaker #1: Okay, thank you. And the last question is: What EBITDA margins do you expect going forward? I think I'll ask Gabrielle, but Brie, would you like to comment on that?

Graham McLean: Okay. Thank you. The last question is: What EBITDA margins do you expect going forward? I think I will ask Gabrielle, but Bree, would you like to

Bree Greeff: Yeah. I will do it.

Graham McLean: comment on that?

Speaker #2: Yeah. So for a business with our cost structure, high gross margin, and a cost base weighted toward R&D, sales, and marketing rather than variable production or heavy capital equipment, incremental margins on additional revenue are typically well above the group's current EBITDA margins.

Bree Greeff: For a business with our cost structure, high growth margin and a cost base weighted toward R&D, sales, and marketing rather than variable production or heavy capital equipment, incremental margins on additional revenue are particularly well above the group's current EBITDA margin because a large part of the cost base doesn't need to scale one-for-one with revenue. Businesses of our kind with a margin profile, high-growth margin consumables, efficient operations tend to operate in the high 20% to mid 30% EBITDA margin range at scale. We'd expect our incremental margins to trend toward and support that kind of range as revenue grows.

Speaker #2: Because a large part of the cost base doesn't need to scale one-for-one with revenue. Businesses of our kind, with high margin profile, high-growth margin consumables, and efficient operations, tend to operate in the high 20s to mid-30s percent EBITDA margin ranges at scale.

Speaker #2: We'd expect our incremental margins to trend toward and support that kind of range as revenue grows.

Speaker #1: Great, thank you. Okay, so we've gone through all the questions. Thank you to the participants for your high-quality questions on a whole range of subjects.

Graham McLean: Great. Thank you. Okay, we've gone through all the questions. Thank you to the participants for your high-quality questions on a whole range of subjects. I hope you have found that informative and helpful. Thank you very much for your time and for joining today. This presentation and the Q&A will be available on our website as a recording, probably in a couple of days' time, if you wish to access it again. Thank you to Bree and Gabrielle for your time and preparation for this meeting. At this point, I'll bring our annual results presentation to a conclusion, and thank you all for your time. Our next formal presentation is the AGM, which is due to be held at the end of November, and you'll hear more information on that in due course.

Speaker #1: I hope you have found that informative and helpful. So, thank you very much for your time and for joining today. This presentation and the Q&A will be available on our website.

Speaker #1: As a recording, it will probably be available in a couple of days' time if you wish to access it again. And thank you to Brie and Gabrielle for your time in preparation for this meeting.

Speaker #1: So, at this point, I'll bring our annual results presentation to a conclusion. Thank you all for your time. Our next formal presentation is the AGM, which is due to be held at the end of November.

Speaker #1: And you'll hear more information on that in due course. Obviously, if you have any questions about the business in the meantime, please feel free to get in touch.

Graham McLean: Obviously, if you have any questions about the business in the meantime, please feel free to get in touch. Thank you very much for your time today, and have a great weekend. Thank you. Bye-bye.