Q4 2026 Integrated Research Ltd Earnings Call

August 27, 2026

Moderator: Your moderator for today. With us today, we have Chief Executive Officer, Ian Lowe, and Chief Financial Officer, Christian Shaw. Good morning to you both.

Speaker #1: Moderator for today. with us today we have Chief Executive Officer Ian Lowe, and Chief Financial Officer Christian Shaw. Good morning to you both.

Speaker #2: Good morning.

Ian Lowe: Morning.

Speaker #1: The, format for today is for Ian and Christian to spend about 30 minutes discussing the results that were lodged this morning on the ASX platform.

Moderator: The format for today is for Ian and Christian to spend about 30 minutes discussing the results that were lodged this morning on the ASX platform. This will be followed by a question and answer session. If you would like to ask a question, please click on the chat tab in the ribbon below and type your question into the box. With no further ado, I would like to hand it over to Ian and Christian to get us started.

Speaker #1: This will be followed by a question-and-answer session. If you would like to ask a question, please click on the chat tab in the ribbon below, and type your question into the box.

Speaker #1: And with no further adieu, I'd like to hand it over to Ian and Christian to get us started.

Speaker #3: Thank you, George, and good morning to everybody. my name's Ian Lowe, I'm the CEO of Integrated Research. The presentation that was lodged with ASX this morning will include a brief high-level business update from myself, following which Christian Shaw will take us through the financial results.

Ian Lowe: Thank you, George, and good morning to everybody. My name is Ian Lowe. I am the CEO of Integrated Research. The presentation that was lodged with ASX this morning will include a brief high-level business update from myself, following which Christian Shaw will take us through the financial results. I will provide further information, and update in relation to the company's strategy. If we move to slide 4 of the presentation. I think it is well known to many that Integrated Research has for many years provided real-time monitoring and observability of critical technology and Infrastructure to some of the world's largest organizations and enterprises. With particular strengths in the verticals that are highlighted being technology, financial services, government, health, and also in retail. Moving on to the next slide. Some of the key themes that we are going to expand on in the course of the presentation.

Speaker #3: And I'll provide further information and update in relation to the company's strategy. So if we move to slide 4 of the presentation, I think it's well known to many that Integrated Research has 4 many years provided real-time monitoring and observability of critical technology and infrastructure to some of the world's largest organizations and enterprises.

Ian Lowe: I think it is well known to many that Integrated Research has for many years provided real-time monitoring and observability of critical technology and Infrastructure to some of the world's largest organizations and enterprises. With particular strengths in the verticals that are highlighted being technology, financial services, government, health, and also in retail. Moving on to the next slide. Some of the key themes that we are going to expand on in the course of the presentation.

Speaker #3: With particular strength in the verticals that are highlighted being technology, financial services, government, health, and also in retail. Moving on to the next slide, some of the key themes that we're going to expand on in the course of the presentation: the first is continued product-led growth execution.

Ian Lowe: The first is continued product-led growth execution. We have made some encouraging progress against our new product agenda with some new AI products launched in FY26. Our product investment is ongoing with new product releases to continue, and I will expand on this shortly. Our FY26 financial performance, we saw strong cash generation and a strong closing cash balance. Christian will expand on this shortly. Today we are announcing an increased ordinary dividend and also a special dividend. Our FY26 revenue was down on the prior year. This is really driven by a softer renewals book, and in the H2, a softer new business contribution. This reflects a cautious market and protracted procurement cycles. Again, I am going to expand on this through the presentation. Moving on to slide 6, the highlights relating to our product-led growth strategy. New products were delivered, and importantly, first clients were activated.

Speaker #3: So we've made some encouraging progress against our new product agenda, with some new AI products launched in FY26. Our product investment is ongoing, with new product releases to continue, and I'll expand on this shortly.

Speaker #3: Our FY26 financial performance: we saw strong cash generation and a strong closing cash balance. Christian will expand on this shortly. And today we're announcing an increased ordinary dividend and also a special dividend.

Speaker #3: Our FY26 revenue was down on the prior year, and this is really driven by a softer renewals book and in the second half a softer new business contribution.

Ian Lowe: Our FY 2026 revenue was down on the prior year. This is really driven by a softer renewals book, and in the H2, a softer new business contribution. This reflects a cautious market and protracted procurement cycles. Again, I am going to expand on this through the presentation. Moving on to slide six, the highlights relating to our product-led growth strategy. New products were delivered, and importantly, first clients were activated.

Speaker #3: And this reflects a cautious market and protracted procurement cycles. And again, I'm going to expand on this through the presentation. Moving on to slide 6, the highlights relating to our product-led growth strategy.

Speaker #3: So new products were delivered, and importantly, first clients were activated. This included IRIS, which is our AI platform, and it's fully integrated into the prognosis product experience.

Ian Lowe: This included Iris, which is our AI platform, and it is fully integrated into the Prognosis product experience. This is really powering deeper discovery for clients, leveraging the data that is harvested and captured within Prognosis. We also completed the beta launch of our first product from IR Labs. This is an AI platform that automates software quality assurance, and again, we have activated first clients. In FY2026, we also made available Prognosis Elevate, which is really the same Prognosis product, but hosted by Integrated Research on behalf of the client. So essentially, Prognosis becomes available as a service. We also completed a full implementation of our High Value Payments product with a top 10 US bank, and we are progressing engagement with other major global banks. Our new AI products also introduce a usage or utilization-based revenue model. I will expand on this through the presentation.

Speaker #3: And this is really powering deeper discovery for clients: leveraging the data that is harvested and captured within prognosis. We also completed the beta launch of our first product from IR Labs.

Speaker #3: This is an AI platform that automates software quality assurance, and again, we've activated first clients. In FY26, we also made available a prognosis elevate which is really the same prognosis product, but hosted by IR on behalf of the client.

Speaker #3: So essentially, prognosis becomes available as a service. And we also completed a full implementation of our high-value payments product with a top-10 US bank, and we're progressing engagement with other major global banks.

Speaker #3: Our new AI products are also introduced: a usage or utilization-based revenue model. And so I will expand on this through the presentation. A usage-based revenue model supports our product-led growth strategy, which is sustainable revenue growth over the medium to long term.

Ian Lowe: A usage-based revenue model supports our product-led growth strategy, which is sustainable revenue growth over the medium to long term. Just to be clear about that, medium to long term really is a horizon of three to five years. Our product-led growth execution, we saw product and technology investment to deliver new products increased by 29%, and with cost management discipline, we are able to offset that with other cost savings. FY2026 really established this new products engine within the business around client engagement, innovation, engineering, and those cadences we are really looking to improve through FY2027. With that, I will pass over to Christian to take us through the financial update.

Speaker #3: And just to be clear about that, medium to long term really is a horizon of 3 to 5 years. Our product-led growth execution: we saw product and technology investment to deliver new products increase by 29%, and with cost management discipline we were able to offset that with other cost savings.

Speaker #3: FY26 really established this new products engine within the business around client engagement, innovation, engineering, and those cadences were really looking to improve through FY27.

Speaker #3: So with that, I'll pass over to Christian to take us through the financial update.

Speaker #1: Thanks, Ian. And good morning, shareholders. It's again my privilege to present the financial results for the year ended 30 June 2026. In conjunction with this presentation, shareholders are encouraged to read the appendix 4E and FY26 financial report, FY26 full year results, the dividend distribution, and the appendix 4G corporate governance statement announced with the ASX this morning.

Christian Shaw: Thanks, Ian, and good morning, shareholders. It is again my privilege to present the financial results for the year ended 30 June 2026. In conjunction with this presentation, shareholders are encouraged to read the Appendix 4E and FY2026 Financial Report, FY2026 full year results, the dividend distribution, and the Appendix 4G corporate governance statement announced with the ASX this morning. Let us begin with the key financial metrics for FY2026. In summary, the year was challenging. As was apparent from the July trading update, H2 trading was broadly flat to the H1, resulting in core operating performance below FY2025. Added headwinds included H1 expected credit loss or bad debts expense, together with H2 foreign exchange losses. These factors ultimately resulted in an EBITDA loss and a modest net profit after tax. Statutory revenue for FY2026 was AUD 57.6 million, down 16% on FY2025.

Speaker #1: Let's begin with the key financial metrics for FY26. In summary, the year was challenging. As was apparent from the July trading update, second half trading was broadly flat to the first half, resulting in core operating performance below FY25.

Speaker #1: Added headwinds included first half expected credit loss, or bad debts expense, together with second half foreign exchange losses. These factors ultimately resulted in an EBITDA loss, and a modest net profit after tax.

Speaker #1: Statutory revenue for FY26 was $57.6 million, down 16% on FY25. Renewals performance and revenue contribution were lower than FY25, reflecting a softer renewals book as was largely anticipated.

Christian Shaw: Renewals performance and revenue contribution were lower than FY2025, reflecting a softer renewals book, as was largely anticipated. Expansion and new client revenue declined to PCP, and this will be covered off later in the presentation. FY2026 operating expenses exceeded FY2025 and included a relatively large expected credit loss provision expense. Excluding those losses, operating expenses were modestly below the prior year. Product and technology expenses increased materially, while other expense categories reduced in line with strategy. The EBITDA loss of AUD 2.1 million and net profit after tax of AUD 1.2 million, while improved in the H2, were well below FY2025 results of AUD 15.9 million and AUD 13.4 million, respectively. Cash increased to AUD 51.7 million, net assets remain strong at AUD 98 million, and the company remains debt-free.

[Company Representative] (Integrated Research): supports our product growth strategy, which is to

Speaker #1: Expansion and new client revenue declined to PCP, and this will be covered off later, in the presentation. FY26 operating expenses: exceeded FY25 and included a relatively large expected credit loss provision expense.

Speaker #1: Excluding those losses, operating expenses were modestly below the prior year. Product and technology expenses increased materially, while other expense categories reduced in line with strategy.

Speaker #1: The EBITDA loss of $2.1 million and net profit after tax of $1.2 million while improved in the second half were well below FY25 results, a 15.9 million and 13.4 million respectively.

Speaker #1: Cash increased to $51.7 million, net assets remained strong at $98 million, and the company remains debt-free. Lastly, the company declared an increased ordinary fully frank dividend of $0.03 per share, up from $0.02 in FY25 and in addition a special fully frank dividend of $0.03 per share.

Christian Shaw: Lastly, the company declared an increased ordinary fully franked dividend of AUD 0.03 per share, up from AUD 0.02 in FY25, and in addition, a special fully franked dividend of AUD 0.03 per share. The special dividend represents a return of capital while maintaining balance sheet strength and funding capacity for future growth initiatives. We now turn to pro forma revenue, an underlying measure that adjusts statutory revenue by recognizing license fee revenue from term-based contracts evenly over the life of each contract. As license fees represent the largest component of revenue, this provides an informative view of underlying business performance. This measure smooths cyclical movements in the renewals book and allows for easier comparison across reporting periods. It is particularly relevant given the significant majority of the company's revenue is generated from contracted term-based arrangements.

Speaker #1: The special dividend represents a return of capital, while maintaining balance sheet strength and funding capacity for future growth initiatives. We now turn to pro forma revenue and underlying measure that adjusts statutory revenue by recognizing license fee revenue from term-based contracts evenly over the life of each contract.

Speaker #1: As license fees represent the largest component of revenue, this provides an informative view of underlying business performance. This measure smooths cyclical movements in the renewals book and allows for easier comparison across reporting periods.

Speaker #1: It's particularly relevant given the significant majority of the company's revenue is generated from contracted term-based arrangements. For FY26, pro forma revenue was $65.8 million, down 12% on FY25, with term-based revenue down 11% and services revenue down 20%.

Christian Shaw: For FY26, pro forma revenue was AUD 65.8 million, down 12% on FY25, with term-based revenue down 11% and services revenue down 20%. The company's product-led growth strategy is focused on delivering sustainable growth in pro forma revenue. This will occur when growth from new clients and expansion within existing clients exceeds churn and down-sell activity. The product-led growth strategy remains central to achieving that objective. This slide shows pro forma revenue by territory and product, and in FY26, the company experienced declines across all territories and product categories. The Americas, our largest market, representing approximately 68% of pro forma revenue, was down 13% on FY25. Performance in the region was impacted by declines across all products, with Collaborate broadly consistent with overall business trends, while declines in Transact and Infrastructure primarily reflected down-sell activity within the client base and a shift from up-sell driven growth in prior years.

Speaker #1: The company's product-led growth strategy is focused on delivering sustainable growth in pro forma revenue. This will occur when growth from new clients and expansion within existing clients exceeds churn and downsell activity.

Speaker #1: The product-led growth strategy remains central to achieving that objective. This slide shows pro forma revenue by territory and product, and in FY26 the company experienced declines across all territories and product categories.

Speaker #1: The Americas are largest market, representing approximately 68% of pro forma revenue, was down 13% on FY25. Performance in the region was impacted by declines across all products, with collaborates broadly consistent with overall business trends while declines in transact and infrastructure primarily reflected downsell activity within the client base and a shift from upsell-driven growth in prior years.

Speaker #1: APAC was down 7% on FY25, while Europe our smallest market was down 11%. Both regions experienced smaller reductions across all products, with ongoing customer churn and contraction being partly offset by new business activity.

Christian Shaw: APAC was down 7% on FY25, while Europe, our smallest market, was down 11%. Both regions experienced smaller reductions across all products, with ongoing customer churn and contraction being partly offset by new business activity. Turning to products. Collaborate, which represents near on half of our pro forma revenue, declined 11% for the year, which was similar to the trend in the prior year. Churn and down-sell activity, while stable, continued to outweigh contributions from new business wins and client expansion. Transact, representing 23% of pro forma revenue, declined 14%, primarily due to down-sell activity and the effect of an end-of-life product. A smaller impact was felt from lower services revenue. Infrastructure, representing 28% of pro forma revenue, declined 11%.

Speaker #1: Turning to products: collaborate, which represents near on half of our pro forma revenue, declined 11% for the year, which was similar to the trend in the prior year.

Speaker #1: Churn and downsell activity, while stable, continued to outweigh contributions from new business wins and client expansion. Transact, representing 23% of pro forma revenue, declined 14%, primarily due to downsell activity and the effect of an end-of-life product.

Speaker #1: A smaller impact was felt from lower services revenue. Infrastructure, representing 28% of pro forma revenue, declined 11%, a small increase to the first half, while downsell activity accounting for the majority of the decline and reflecting the annualized effect from late FY25 of two large contract renewal outcomes that were downsold.

Christian Shaw: A small increase to the H1, while down-sell activity accounting for the majority of the decline and reflecting the annualized effect from late FY25 of two large contract renewal outcomes that were down-sold. The largest of which was JPMorgan Chase, as advised to the market in March 2025. Despite some early progress in product-led growth initiatives, churn and customer contraction continue to be the primary factors constraining a return to pro forma revenue growth. This slide shows FY26 statutory revenue of AUD 57.6 million, down 16% on FY25. The reduction reflected lower revenue recognized both at a point in time, which decreased to AUD 38.8 million from AUD 44.6 million, and over time, which reduced from AUD 18.8 million from AUD 23.7 million. The primary driver was lower license fee revenue, which declined 13% versus FY25.

Speaker #1: The largest of which was JPMC, as advised to the market in March 2025. Despite similarly progress in product-led growth initiatives, churn and customer contraction continue to be the primary factors constraining a return to pro forma revenue growth.

Speaker #1: This slide shows FY26 statutory revenue of $57.6 million down 16% on FY25. The reduction reflected lower revenue recognized both at a point in time, which decreased to $38.8 million, from $44.6 million and over time, which reduced from $18.8 million from $23.7 million.

Speaker #1: The primary driver was lower license fee revenue, which declined 13% versus FY25. License fees remained the largest component of statutory revenue and the result reflected a combination of a softer renewals book and the timing of contract closures across new business activity.

Christian Shaw: License fees remain the largest component of statutory revenue, and the result reflected a combination of a softer renewals book and the timing of contract closures across new business activity. Maintenance revenue declined 12%, while the smallest component, subscription revenue, decreased 54% after a non-scalable solution was discontinued in the prior period. Services revenue declined 17% following the sale of the testing business during the prior year. As a reminder, statutory revenue is largely comprised of license fees recognized upfront rather than over the life of the contract. Accordingly, statutory revenue can be inherently lumpy and tends to track closely with total contract value or TCV, which remains our primary sales metric. That is included in the appendix to today's presentation. The key objective of the product-led growth strategy is to increase recurring and consumption-based revenue streams over time.

Speaker #1: Maintenance revenue declined 12%, while the smallest component, subscription revenue, decreased 54% after a non-scalable solution was discontinued in the prior period. Services revenue declined 17% following the sale of the testing business during the prior year.

Speaker #1: As a reminder, statutory revenue is largely comprised of license fees recognized upfront rather than over the life of the contract. Accordingly, statutory revenue can be inherently lumpy, and tends to track closely with total contract value or TCV, which remains our primary sales metric and that's included in the appendix to today's presentation.

Speaker #1: The key objective of the product-led growth strategy is to increase recurring and consumption-based revenue streams over time. As that mix evolves, revenue should become less dependent on individual contract timing and demonstrate greater predictability.

Christian Shaw: As that mix evolves, revenue should become less dependent on individual contract timing and demonstrate greater predictability. The timing and magnitude of the contribution from these initiatives remains uncertain. The next slide highlights FY26 EBITDA, a commonly used non-IFRS profit measure. For FY26, EBITDA was a loss of AUD 2.1 million, compared with a profit of AUD 15.9 million in FY25. The result primarily reflected lower revenue, together with a sizable increase in expected credit loss provision expense and foreign exchange losses. The key drivers follow. Firstly, statutory revenue declined 16% to AUD 57.6, reflecting lower license fee, maintenance, subscription, and services revenue. Revenue continued to move broadly in line with total contract value and the timing of contract activity. Second, expected credit loss expense for the year as provided for almost entirely in the first half of AUD 5 million, compared to AUD 100,000 in FY25.

Speaker #1: The timing and magnitude of the contribution from these initiatives remains uncertain. The next slide highlights FY26 EBITDA, a commonly used non-IFRS profit measure. For FY26, EBITDA was a loss of 2.1 million dollars compared with a profit of 15.9 million dollars in FY25.

Speaker #1: The result primarily reflected lower revenue, together with a sizable increase in expected credit loss provision expense and foreign exchange losses. The key drivers follow.

Speaker #1: Firstly, statutory revenue declined 16% to 57.6, reflecting lower license fee, maintenance, subscription, and services revenue. Revenue continued to move broadly in line with total contract value and the timing of contract activity.

Speaker #1: Second, expected credit loss expense for the year has provided for almost entirely in the first half of $5 million compared to $100,000 in FY25.

Speaker #1: Approximately 3.8 million of which related to a single client. And consistent with previous commentary, this reflected changes in the client's credit profile and was unrelated to software performance.

Christian Shaw: Approximately AUD 3.8 million of which related to a single client. Consistent with previous commentary, this reflected changes in the client's credit profile and was unrelated to software performance. Thirdly, operating expenses, excluding expected credit losses and depreciation amortization, were AUD 53.1 million, down 2% on FY25. This reflects continued cost discipline while maintaining investment in strategic growth initiatives. New product expenditure continued in accordance with the company's growth strategy and no R&D expenditure was capitalized during the period. Finally, other losses of AUD 1.6 million compared with a gain of AUD 2.1 million in FY25. FY26 included AUD 2.7 million of foreign exchange losses, whereas FY25 benefited from gains associated with the sale of the testing business and favorable currency movements. Importantly, excluding credit losses, the company continued to demonstrate cost discipline while investing in product innovation and growth initiatives.

Speaker #1: Thirdly, operating expenses excluding expected credit losses and depreciation amortization were 53.1 million dollars down 2% on FY25. This reflects continued cost discipline while maintaining investment in strategic growth initiatives.

Speaker #1: New product expenditure continued in accordance with the company's growth strategy, and no R&D expenditure was capitalized during the period. Finally, other losses of 1.6 million dollars compared with a gain of 2.1 million in FY25.

Speaker #1: FY26 included 2.7 million dollars of foreign exchange losses whereas FY25 benefited from gains associated with the sale of the testing business and favorable currency movements.

Speaker #1: Importantly, excluding credit losses, the company continued to demonstrate cost discipline while investing in product innovation and growth initiatives. While revenue performance remained below the prior year, management continues to invest in products and capabilities designed to support future growth and strengthen the long-term earnings profile of the business.

Christian Shaw: While revenue performance remained below the prior year, management continues to invest in products and capabilities designed to support future growth and strengthen the long-term earnings profile of the business. Turning now to balance sheet and cash generation. We finished FY26 with a strong balance sheet and cash of AUD 51.7 million, up 27% from the prior year, while remaining debt-free. Cash increased by AUD 11.1 million during the year, demonstrating the resilience of the business and our continued focus on cash generation. Operating cash flow was particularly strong, with net cash generated from operating activities of AUD 12.6 million, compared with AUD 8.7 million in FY25. While customer receipts were modestly lower year on year, this was more than offset by disciplined cost management and lower income tax payments.

Speaker #1: Turning now to balance sheet and cash generation. We finished FY26 with a strong balance sheet and cash of 51.7 million dollars up 27% from the prior year, while remaining debt-free.

Speaker #1: Cash increased by 11.1 million dollars during the year, demonstrating the resilience of the business and our continued focus on cash generation. Operating cash flow was particularly strong, with net cash generated from operating activities of 12.6 million dollars compared with 8.7 million dollars in FY25.

Speaker #1: While customer receipts were modestly lower year on year, this was more than offset by disciplined cost management and lower income tax payments. Importantly, we continue to invest for growth, increasing product and technology expenses by 29% while offsetting that increase through savings across sales and marketing and general and administration expenses.

Christian Shaw: Importantly, we continued to invest for growth, increasing product and technology expenses by 29%, while offsetting that increase through savings across sales and marketing and general and administration expenses. As a result, we strengthened operating cash flow without compromising investment in our product-led growth strategy. Turning to the balance sheet. Net assets closed at AUD 98 million, with total assets of AUD 119.4 million and liabilities of AUD 21.4 million. Cash and receivables together represent almost AUD 110 million of total assets, highlighting the quality of the balance sheet. Overall, we remain very well capitalized. The combination of a debt-free balance sheet, AUD 51.7 million of cash, and being cash flow generative provides the flexibility to continue investing in our growth initiatives while supporting the board's decision to declare a final fully franked dividend of AUD 0.05 per share, including the AUD 0.02 special dividend. My final slide today, capital allocation framework.

Speaker #1: As a result, we strengthened operating cash flow without compromising investment in our product-led growth strategy. Turning to the balance sheet, net assets closed at 98 million with total assets of 119.4 million dollars and liabilities of 21.4 million.

Speaker #1: Cash and receivables together represent almost 110 million of total assets, highlighting quality of the balance sheet. Overall, we remain very well capitalized. The combination of a debt-free balance sheet, 51.7 million dollars of cash, and being cash flow generative provides the flexibility to continue investing in our growth initiatives while supporting the board's decision to declare a final fully frank dividend of 5 cents per share, including the 2 cent special dividend.

Christian Shaw: Overall, we remain very well capitalized. The combination of a debt-free balance sheet, AUD 51.7 million of cash, and being cash flow generative provides the flexibility to continue investing in our growth initiatives while supporting the board's decision to declare a final fully franked dividend of AUD 0.05 per share, including the AUD 0.02 special dividend. My final slide today, capital allocation framework.

Speaker #1: My final slide today, capital allocation framework. Our capital allocation framework remains centered on investing for product-led growth while balancing shareholder returns, strategic flexibility, and appropriate capital reserves.

Christian Shaw: Our capital allocation framework remains centered on investing for product-led growth while balancing shareholder returns, strategic flexibility, and appropriate capital reserves. As we move into FY27, the framework provides a clear allocation of capital to support growth ambitions and long-term value creation. Management remains focused on disciplined ROI driven and milestone-based capital deployment. The first priority is innovation investment, including continued development of the Prognosis platform and IR Labs, the company's first AI innovation initiative. Over the medium term, we expect 30% to 35% of available capital to be allocated to product innovation. The second component is flexibility reserves, with between 20% and 35% of available capital maintained to support opportunistic growth initiatives, including strategically aligned acquisitions that complement our product roadmap and growth objectives. The framework also maintains a strong focus on contingency reserves, with 30% to 35% of capital allocated to supporting working capital and future liquidity requirements.

Speaker #1: As we move into FY27, the framework provides a clear allocation of capital to support growth ambitions and long-term value creation. Management remains focused on disciplined ROI-driven and milestone-based capital deployment.

Speaker #1: The first priority is innovation investment, including continued development of the prognosis platform and IR labs. The company's first AI innovation initiative. Over the medium term, we expect 30 to 35 percent of available capital to be allocated to product innovation.

Speaker #1: The second component is flexibility reserves, with between 20 and 35 percent of available capital maintained to support opportunistic growth initiatives, including strategically aligned acquisitions that complement our product roadmap and growth objectives.

Speaker #1: The framework also maintains a strong focus on contingency reserves, with 30 to 35 percent of capital allocated to supporting working capital and future liquidity requirements.

Speaker #1: Finally, the framework continues to support shareholder returns. The dividend policy targets a minimum distribution of 25% of free cash flow and is subject to board discretion, as demonstrated this year with the dividend increase and the addition of a special dividend.

Christian Shaw: Finally, the framework continues to support shareholder returns. The dividend policy targets a minimum distribution of 25% of free cash flow and is subject to board discretion, as demonstrated this year with the dividend increase and the addition of a special dividend. Importantly, while the company remains committed to delivering shareholder returns, the immediate priority continues to be investment in product-led growth opportunities that enhance organic growth, strengthen competitive differentiation, and create sustainable long-term shareholder value. Management will continue balancing these objectives while maintaining financial flexibility and a prudent capital position. Thank you, Ian.

Speaker #1: Importantly, while the company remains committed to delivering shareholder returns, the immediate priority continues to be investment in product-led growth opportunities that enhance organic growth, strengthen competitive differentiation, and create sustainable long-term shareholder value.

Speaker #1: Management will continue balancing these objectives while maintaining financial flexibility and a prudent capital position. Thank you, Ian.

Speaker #2: Thanks, Christian. I'm going to move into the next section of the presentation. Product-led growth update so if we look at slide 16. This really talks about the product-led growth strategy and introduces some of the observations that we're seeing in the business today.

Ian Lowe: Thanks, Christian. I'm going to move into the next section of the presentation, product-led growth update. If we look at slide 16, this really talks about the product-led growth strategy and introduces some of the observations that we're seeing in the business today. Investment in new products is absolutely essential to establishing sustainable growth over the medium to long term, which is the horizon that we've communicated. Today, Integrated Research has a mature product set, and we operate in a really competitive global market. What this speaks to is the strength of the product market fit, and we recognize that this needs to be improved, and investing to build new products is how we do that. The investment increase of 29% that we've alluded to in product and technology in FY26 did see us deliver new products. As mentioned previously, we're able to activate first clients.

Speaker #2: So investment in new products is absolutely essential to establishing sustainable growth over the

Speaker #1: Of a medium to long term , which is the horizon that we've communicated today . I are has a mature product set , and we operate in a really competitive global market .

Speaker #1: And so what this speaks to is the strength of the product market fit . And we recognize that this needs to be improved .

Speaker #1: And investing to build new products is how we do that The investment increase of 29% that we've alluded to in product and technology in FY 26 , did see us deliver new products .

Speaker #1: And as mentioned previously , we're able to activate first clients . We're now capturing feedback from those clients . And in the process , we've established usage based revenue models The introduction or emergence of AI has inevitably led to some market disruption Now for IR , this this emergence of AI really presents both risks and opportunities The risk that we've seen has manifested in protracted procurement cycles .

Ian Lowe: We are now capturing feedback from those clients, and in the process, we have established usage-based revenue models. The introduction or emergence of AI has inevitably led to some market disruption. For Integrated Research, this emergence of AI really presents both risks and opportunities. The risk that we have seen has manifested in protracted procurement cycles. Clients are taking longer to make decisions, and in tandem with this, they are committing to contract terms that, on average, are shorter. Really what these dynamics translate to is a more cautious enterprise mindset. On the opportunity side, AI presents significant benefits to Integrated Research. It allows us to expand and accelerate our program of product innovation. It allows us to deliver greater value within the products that we already have by introducing AI and enhancing features. At an operational level, it allows us to target productivity benefits.

Speaker #1: Clients are taking longer to make decisions and in tandem with this , they're committing to contract terms that , on average , are shorter And so really , what these dynamics translate to is a more cautious enterprise mindset On the opportunity side AI presents significant benefits to IR .

Speaker #1: It allows us to expand and accelerate our program of product innovation It allows us to deliver greater value within the products that we already have by introducing AI and enhancing features .

Speaker #1: And at an operational level , it allows us to target productivity benefits So the product and technology investment program continues our investment in product and technology continues .

Ian Lowe: The product and technology investment program continues. Our investment in product and technology continues. Our program to deliver new products in return for or as a result of that investment also continues, and all of this aligns to the sustainable revenue growth objective over the medium to long term. If we go to the next slide on the growth metrics, this is really reflecting the themes that we have already established around longer decision-making cycles coming out of large clients and shorter contract terms. The new client revenue and the expansion revenue, these metrics are the license fee components that we extract out of new clients and expansion revenue from existing clients. Again, we saw slower decision-making coming out of clients that impacted these metrics year on year. We also saw shorter contract terms being committed to.

Speaker #1: Our program to deliver new products in return for or as a result of that investment . Also continues . And all of this aligns to the sustainable revenue growth objective over the medium to long term If we go to the next slide on the growth metrics , this is really reflecting the themes that we've already established around longer decision making cycles coming out of large clients and shorter contract terms So the new client revenue and the expansion revenue , these metrics are the license fee components that we extract out of new clients .

Speaker #1: And expansion revenue from existing clients And so again , we saw slower decision making coming out of clients that impacted these metrics year on year .

Speaker #1: And we also saw shorter contract terms being committed to . Now , despite all of that , we did have some significant new client wins , particularly in verticals including government in the US , health and finance across multiple geographies and on expansion , revenue .

Ian Lowe: Despite all of that, we did have some significant new client wins, particularly in verticals, including government in the US, health and finance across multiple geographies. On expansion revenue, our wins were strongest in the finance vertical, and this is aligned to our Transact product. Moving to slide 18, this is really just a visual representation of some of the themes that we have already shared. In FY26, we delivered some foundational new products. We created this engine where working closely with clients, building innovative new products, and then releasing those products to drive first activation, and building the sales pipeline off the back of those product releases. In FY27, our attention turns to continuing with that effort. So continuing to build new product enhancements. We will release new products in FY27, and we are going to expand and deepen our client engagement.

Speaker #1: Our winds were strongest in the finance vertical . And this is this is aligned to our transact product So moving to slide 18 .

Speaker #1: This is really just a visual representation of some of the themes that we've already we've already shared . So FY 26 we delivered some foundational new products We created this engine where working closely with clients , building innovative new products .

Speaker #1: And then releasing those products to drive first activation and building the sales pipeline off the back of those product releases FY 27 , our attention turns to continuing with that effort .

Ian Lowe: In FY27, our attention turns to continuing with that effort. So continuing to build new product enhancements. We will release new products in FY27, and we are going to expand and deepen our client engagement.

Speaker #1: So continuing to build new product enhancements We will release new products in FY 27 , and we're going to expand and deepen our client .

Speaker #1: We think that that's particularly important as it validates the new product projects and helps us with the business cases that justify the investment in those new products .

Ian Lowe: We think that that is particularly important, as it validates the new product projects and helps us with the business cases that justify the investment in those new products. In parallel with that, having launched some usage-based products, we are really focused on driving the adoption and the utilization of those products. As we increase that adoption and utilization, that will contribute revenue growth. So observations, moving to the next slide. I have talked about AI being both a disruptor and an enabler, and our response is to incorporate AI and embed it into our product offering. Iris is an example of how we have done that in FY26. Building new standalone products that are born AI-enabled. We have talked about the IR Labs beta release and integrating AI tooling into the operations of the business for productivity and cost efficiency.

Speaker #1: In parallel with that , having launched some usage based products , we're really focused on driving the adoption and the utilization of those products .

Speaker #1: And as we increase that adoption and utilization , that will contribute revenue growth So observations moving to the next slide , I've talked about AI being both a disruptor and an enabler .

Ian Lowe: So observations, moving to the next slide. I have talked about AI being both a disruptor and an enabler, and our response is to incorporate AI and embed it into our product offering. Iris is an example of how we have done that in FY26. Building new standalone products that are born AI-enabled. We have talked about the IR Labs beta release and integrating AI tooling into the operations of the business for productivity and cost efficiency.

Speaker #1: And our response is to incorporate AI and embed it into our product offering . Iris is an example of how we've done that in FY 26 .

Speaker #1: Building new standalone products that are born AI enabled . We've talked about the IR labs data release and integrating AI tooling into the operations of the business for productivity and cost efficiency I think it's important to recognize that while AI does present disruption and disruption generally , IR does have some leverage The observability solutions that we provide today remain critical to large organizations around the world So the need for that observability remains Secondly , the data that we harvest often lies deep within the client's technology stack .

Ian Lowe: I think it is important to recognize that while AI does present disruption and disruption generally, Integrated Research does have some leverage. The observability solutions that we provide today remain critical to large organizations around the world. The need for that observability remains. Secondly, the data that we harvest often lies deep within the client's technology stack, and it is difficult to access. Integrated Research has been an incumbent with a number of our clients for 10 or 20 years, and we are deeply trusted deep within that tech stack and trusted with that data. On the flip side of that trust equation, AI really is an open consideration for most of our clients, particularly those that operate in highly regulated verticals such as finance, government, and health. Verticals in which we have a strong representation.

Speaker #1: And it's difficult to access IR has been an incumbent with a number of our clients for 10 or 20 years , and we deeply trusted deep within that tech stack and trusted with that data .

Speaker #1: On the flip side of that trust equation , AI really is an open consideration for most of our clients , particularly those that operate in highly regulated verticals such as finance , government and health .

Speaker #1: Verticals in which we have a strong representation And the final point I'd make is that the data that we harvest is inherently complex .

Ian Lowe: The final point I would make is that the data that we harvest is inherently complex, and over many years, we have built highly specialized capabilities understanding and interpreting that data. From a product strategy perspective, in recognition that clients are making decisions more cautiously, we also are responding by building products that minimize the deployment friction. So products that are easier and faster to both deploy and adopt. Our usage-based revenue models also minimize price friction. Clients do not need to commit to upfront contract terms and upfront fixed costs. The cost to the client is purely based on their usage, and this links to our focus on driving that adoption and driving that utilization. Then thirdly, minimizing contract friction. The contracting process with large enterprise, particularly in these regulated verticals, is significant.

Speaker #1: And over many years we've built highly specialized capabilities , understanding and interpreting that data From a product strategy perspective . In recognition , the clients are making decisions more cautiously We also are responding by building products that minimize the deployment friction .

Speaker #1: So products that are easier and faster to both deploy and adopt Our usage based revenue models also minimize price friction . Clients don't need to commit to upfront contract terms and upfront fixed costs .

Speaker #1: The cost to the client is purely based on the usage , and this links to our focus on driving that adoption and driving that utilization .

Speaker #1: And then thirdly , minimizing contract friction . The contracting process with large enterprise , particularly in these regulated verticals , is significant . But by incorporating new products into client contracts , where their usage based , it avoids additional contract cycles , which responds specifically to the protracted decision making that we're we're observing So if we just move to the next slide , just to summarize , some of the points that we've touched on today FY 26 fully franked dividend of $0.05 per share , which Christian has spoken to comprising of an ordinary dividend of $0.03 per share This is an increase of the FY 25 ordinary dividend of $0.02 per share , and a special dividend of $0.02 per share , on top of that , our lower FY 26 revenue performance reflects both the softer renewals .

Ian Lowe: By incorporating new products into client contracts, where they are usage-based, it avoids additional contract cycles, which responds specifically to the protracted decision-making that we are observing. If we just move to the next slide, just to summarize some of the points that we have touched on today. FY26 fully frank dividend of AUD 0.05 per share, which Christian Shaw has spoken to, comprising of an ordinary dividend of AUD 0.03 per share. This is an increase off the FY25 ordinary dividend of AUD 0.02 per share and a special dividend of AUD 0.02 per share on top of that. Our lower FY26 revenue performance reflects both a softer renewals book and a softer new business contribution, and we have talked about that being a reflection of a more cautious market, protracted decision making, and reduced average contract term.

Speaker #1: Book and a softer new business contribution , and we've talked about that being a reflection of a more cautious market , protracted decision making and reduced average contract term Continued cost management discipline in FY 26 , which saw us with a strong cash generation result , a strong closing cash position .

Ian Lowe: Continued cost management discipline, in FY26, which saw us with a strong cash generation result, a strong closing cash position, and in FY26, we released our first new AI-powered products. Looking forward, it is really about continued product-led growth execution. We are going to continue to invest to build new products. That investment will impact our profit performance over the short to medium term. We are going to get closer to clients and engage more deeply with clients to inform our innovation agenda and in support of our new product development. A continued focus on our sales and our new product commercialization is really about minimizing churn and securing a growing contribution from new client expansion and SaaS revenues. These are the three growth metrics that I highlighted earlier. We also note that the FY27 renewals book is weighted to the second half.

Speaker #1: And in FY 26 , we released our first new AI powered products Looking forward . It's really about continued product led growth , execution We're going to continue to invest to build new products that investment will impact our profit performance over the short to medium term We're going to get closer to clients and engage more deeply with clients to inform our innovation agenda and in support of our new product development A continued focus on our sales and our new product commercialization is really about minimizing churn and securing a growing contribution from new client expansion and SaaS revenues .

Speaker #1: And these are the three growth metrics that I highlighted earlier . And we also note that the FY 27 renewals book is weighted to the second half So that concludes the presentation .

Ian Lowe: So that concludes the presentation, in terms of the slides that were published earlier today. I will just hand over to George. I think we have a few minutes available to answer any questions.

Speaker #1: In terms of the the slides that were published earlier today , I'll just hand over to George . I think we have a few minutes available to answer any questions .

Speaker #2: All right . Well thank you , Ian , and thank you , Christian , for the very detailed presentation . We'll move to the Q&A session now Again , if anyone's got a question , please type your question into the chat box below and I'll ask it on your behalf The first question here says the IR product led growth plan has been in the works for a few years now How has the go to market structure changed during that time , and what IR products can be brought through this type of motion ?

Moderator: Well, thank you, Ian, and thank you, Christian, for that very detailed presentation. We will move to the Q&A session now. Again, if anyone has got a question, please type your question into the chat box below and I will ask it on your behalf. The first question here says, "The IR product-led growth plan has been in the works for a few years now. How has the go-to market structure changed during that time, and what IR products can be brought through this type of motion currently?

Speaker #2: Currently ?

Speaker #1: Yeah , thanks , George . So quite rightly , product led growth is really about saying we want our products and and the enriched features within those products to be accessible and usable by clients without requiring necessarily standalone direct sales effort .

Ian Lowe: Yeah. Thanks, George. Quite rightly, product-led growth is really about saying we want our products and the enriched features within those products to be accessible and usable by clients without requiring necessarily standalone direct sales effort. Really what we are executing to at the moment is, with the existing product set, the direct sales go-to market continues. That is targeting both upsell to existing clients and also new clients. In parallel with that, we are activating a go-to market that incorporates digital sales channels and digital communication to existing clients and prospects, where these products can be adopted more seamlessly and may not require direct sales activity.

Speaker #1: So really , what we're executing to at the moment is with the existing product set , the direct sales go to market continues .

Speaker #1: And that's targeting both upsell to existing clients and also new clients in parallel with that , we're activating a go to market that incorporates digital sales channels and digital communication to existing clients .

Speaker #1: And prospects , where these products can be adopted more seamlessly and may not require direct sales activity So it's it's a hybrid of the two and as we're able to increase the contribution coming out of new products , our expectation is that we will we will focus more on the digital channels where the , the go to market model doesn't require the same level of direct sales activity

Ian Lowe: It is a hybrid of the two and, as we are able to increase the contribution coming out of new products, our expectation is that we will focus more on the digital channels, where the go-to market model does not require the same level of direct sales activity.

Speaker #2: All right . Great . Thank you for that . Next question . How quickly can the new AI products generate meaningful revenue ?

Moderator: All right. Great. Thank you for that. Next question. "How quickly can the new AI products generate meaningful revenue?

Speaker #1: Yeah . Thank you George . I'm happy to take this question . So I think the first thing we're taking a portfolio approach to building new products , particularly AI enabled products .

Ian Lowe: Yeah. Thank you, George. I am happy to take this question. I think the first thing is we are taking a portfolio approach to building new products, particularly AI-enabled products. This is balancing enhancements to our existing products with investment in new products through our innovation team, IR Labs. Some of those new products are very closely aligned to the core business, and some of those will explore entirely new markets and new use cases. We look at the commercialization of these investments very much over the medium to long term, which I think, as I mentioned, is really a three- to five-year horizon. The timing and the scale of the revenue contribution from those new products will really depend on the profile of the customer adoption. That is what we are focused on moving forward as a critical component of the product-led growth strategy.

Speaker #1: So this is balancing enhancements to our existing products with investment in new products through our innovation team in our labs . Now , some of those new products are very closely aligned to the core business .

Speaker #1: And some of those will explore entirely new markets and new use cases . And we look at the commercialization of these investments very much over the medium to long term , which I think , as I mentioned , is really a 3 to 5 year horizon .

Speaker #1: Now , the timing and the scale of the revenue contribution from those new products will really depend on the profile of the customer adoption .

Speaker #1: And that's that's what we we are focused on moving forward as a critical component of the product led growth strategy .

Speaker #2: Great . Thanks , Ian . Next question . How differentiated are Iris and Agentic s ? I think it says SQA versus generic AI tools

Moderator: Great. Thanks, Ian. Next question. "How differentiated are Iris and Agentic SQA," I think it says, "SQA versus generic AI tools?

Speaker #1: That's a that's another very good question . So I'm happy to happy to take that one . So perhaps we start with the IR labs data release of a product called Agentic .

Ian Lowe: That is another very good question, so I am happy to take that one. Perhaps we start with the IR Labs beta release of a product called Agentic SQA. A lot of the AI tooling that developers use today are about writing code faster. The IR Labs product really does the opposite. It is checking whether the code is actually correct. It raises issues that may be associated with the code before it is deployed, and it verifies the code with evidence before an engineer actually ever sees the code. Think of this as the difference between an assistant who drafts a piece of work and an independent auditor who proves that that work is valid. Building that proof layer is technically challenging, and that is what this product achieves. That is something that more generic tools are not able to achieve.

Speaker #1: SQA . So a lot of the AI tooling that developers use today are about writing code faster The I o labs product really does the opposite .

Speaker #1: So it's checking whether the code is actually correct It raises issues that may be associated with the code before it's deployed , and it verifies the code with evidence before an engineer actually ever sees the code .

Speaker #1: So think of this as the difference between an assistant who drafts a piece of work and an independent auditor who proves that that work is valid , and building that proof layer is technically challenging .

Speaker #1: And that's what this product achieves . And that's something that more generic tools are not able to achieve In relation to , I think the question also asked about Iris So in relation to Iris , first of all , this is an AI capability .

Ian Lowe: In relation to, I think the question also asked about Iris. In relation to Iris, first of all, this is an AI capability that is embedded into the Prognosis platform. Every client that uses Prognosis on version 13.2 or 13.3 has access to Iris, and it allows them to ask specific questions and extract very specific insights from the data that is captured within Prognosis. I would make the point that the data that is captured within Prognosis is not available, and it is not We have an integrated AI, or should I say that, Iris is the only AI capability that is integrated into that Prognosis data. We also have the benefit of many years of experience harvesting and working with these complex data sets. Iris applies contextual interpretation which reflects those many years of our experience.

Speaker #1: That's embedded into the prognosis platform . So every client that uses prognosis on version 13.2 or 13.3 has access to Iris . And it allows them to ask specific questions and extract very specific insights from the data that is captured within prognosis .

Speaker #1: So I'd make the point that the data that is captured within prognosis is not available , and it's not . We haven't integrated AI or should I say that Iris is the only AI capability that is integrated into that prognosis data We also have the benefit of many years of experience harvesting and working with these complex data sets .

Speaker #1: So Iris applies contextual interpretation , which reflects those many years of our experience . So what that means is that AI iris and the , and the AI that powers iris is tuned to derive insights that generic models are not tuned to achieve .

Ian Lowe: What that means is that AI Iris and the AI that powers Iris is tuned to derive insights that generic models are not tuned to achieve.

Speaker #2: Great . Thank you for that question . For Christian , why did the board decide to increase the dividend ? Look , the board .

Moderator: Great. Thank you for that. Question for Christian. Why did the board decide to increase the dividend?

Christian Shaw: Well, the board were mindful that the company generated a large amount of operating cash flow or free cash flow, should I say, in FY26. As part of our standard capital planning, and with reference to our capital allocation framework, we looked at our immediate operational and investment opportunities and determined that there was some excess capital available. On that basis, we decided to make an incremental return to shareholders in line with that capital allocation framework.

Speaker #1: Were .

Speaker #2: Mindful that the company generated a large amount of operating cash flow or free cash flow , should I say , in FY 26 .

Speaker #2: And as part of , you know , our standard capital planning and with reference to our capital allocation framework , you know , we looked we looked at our immediate operational and , and investment opportunities and determined that there was some excess capital available .

Speaker #2: And on that basis We decided to make an incremental return to shareholders in line with that capital allocation framework . Okay , great .

Moderator: Okay, great. Thank you. This one is quite long, so I am actually going to summarize it. It says observability and Collaborate is one of the most competitive enterprise B2B software categories in the market. How confident is Integrated Research that they can compete in this space going forward?

Speaker #2: Thank you . This one's quite long . So I'm actually going to summarize it . It says observability and collaboration is one of the most competitive enterprise B2B software categories in the market .

Speaker #2: How confident is IR that they can compete in this space going forward ?

Speaker #1: Thanks , George . Well , we're very confident I should point out that , you know , we have the benefit of of a number of things that will help us improve our product market , fit .

Ian Lowe: Thanks, George. Well, we are very confident. I should point out that we have the benefit of a number of things that will help us improve our product market fit. It is a competitive space. Integrated Research is a deeply trusted brand with clients that are some of the most significant organizations in the world, and many of those clients have worked with us for years, in some cases, decades. So we have a level of trust around the business today that I think is hard-earned and not easily replicated. We also have DNA in the business around observability generally that is the outcome of those many years of building the business. Again, that DNA is not easily replicated. Really, that provides a foundation through which we need to innovate to improve our product market fit. That is the product-led growth strategy.

Speaker #1: It is a competitive space . IR is a deeply trusted brand with clients that are some of the most significant organizations in the world .

Speaker #1: And many of those clients have worked with us for , for , for years . In some cases , decades . So we have a level of trust around the business today that I think is hard earned and not easily replicated .

Speaker #1: We also have DNA in the business around observability generally , that is the outcome of those many years of of building the business and again , that DNA is not is not easily replicated really , that provides a foundation through which we need to innovate to improve our product market fit .

Ian Lowe: We also have DNA in the business around observability generally that is the outcome of those many years of building the business. Again, that DNA is not easily replicated. Really, that provides a foundation through which we need to innovate to improve our product market fit. That is the product-led growth strategy.

Speaker #1: And that is the product led growth strategy , not just the , the revenue model and not just the go to market , but improving the product market fit through product innovation and doing that by working very closely with some of our largest clients .

Ian Lowe: Not just the revenue model and not just the go-to-market, but improving the product market fit through product innovation and doing that by working very closely with some of our largest clients. Personally, I am very confident that this business is able to return to sustainable growth, but it also takes time. Building new products, driving the adoption of those products, the sales cycle, these are things that take time. That is why we have been clear about the medium to long-term horizon for achieving sustainable revenue growth.

Speaker #1: So personally , I'm very confident that this business is able to return to sustainable growth , but it also takes time building new products , driving the adoption of those products .

Speaker #1: The sales cycle , these are things that that take time . And that's why we've been clear about the medium to long term horizon for achieving sustainable revenue growth .

Speaker #2: All right . Great . Thank you . Look , I am aware of the time . I know you guys have to race off at 1115 .

Moderator: All right, great. Thank you. Look, I am aware of the time. I know you guys have to race off at 11:15 AM, so just two quick questions. Look, any questions we do not get to answer today, we will definitely come back to you offline. But question for you, Christian, or possibly Ian, actually. Has the board considered a share buyback?

Speaker #2: So I'll just just two quick questions . Look any questions we don't get to answer today . We'll definitely come back to you off offline .

Speaker #2: But question for you , Christian or possibly Ian actually has the board considered a share buyback

Speaker #1: Yeah , I'm happy to take that one . So look , the board reviews all of the ways in which shareholder value can be realized .

Ian Lowe: Yeah, I am happy to take that one. The board reviews all of the ways in which shareholder value can be realized and returned to shareholders on a regular basis. This has been looked at along with a range of other things, and that is an ongoing process. Today, we have announced an increase in the ordinary dividend. We have also announced a special dividend. Those decisions were the outcome of those same discussions.

Speaker #1: And return to shareholders on a regular basis . So this this has been looked at along with a range of other things . And that's an ongoing process .

Speaker #1: Today we've announced an increase in the ordinary dividend . We've also announced a special dividend . So those decisions were the outcome of those same discussions .

Speaker #2: Great . Thank you . And look we'll finish on this question . I'll direct you , Christian , do you think that the free cash flow will be as high as last year going into this year .

Moderator: Great. Thank you. We will finish on this question. I will direct it at Christian. Do you think that the free cash flow will be as high as last year going into this year?

Speaker #2: Oh , sorry . We're talking about this year . Yeah . Yeah . Well look , the company doesn't give guidance . I mean that's a long established theme for our company .

Christian Shaw: Oh, sorry. You are talking about this year?

Christian Shaw: Yeah.

Christian Shaw: Well, look, the company does not give guidance. That is a long established theme for our company. What I will say is that remaining cash generative is a priority for the business. Whilst we would expect that to be the case, it will ultimately depend on our capital deployment and some of which relates to business casing and what investments we find and green light on that journey. Yeah.

Speaker #2: But what I will say is that that remaining cash generative is a priority for the business . And whilst we would expect that to be the case , it will ultimately depend on our capital deployment and some of which relates to business casing and what investments we find .

Speaker #2: And green light on that journey . Yeah . Right . All right . Look , I think we'll leave it there , given the time giving , you guys have to race off .

Moderator: Great. All right. Look, I think we will leave it there, given the time, given you guys have to race off. But Ian, Christian, thank you very much for your time today. It was a very insightful presentation. Also to everyone else attending, at this point, I now invite you all to disconnect. Thank you.

Speaker #2: But Ian Christian , thank you very much for your time today . It was very insightful presentation . And also to her on also attending .

Ian Lowe: Thank you.

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Q4 2026 Integrated Research Ltd Earnings Call

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