Full Year 2026 Eagle Eye Solutions Group PLC Earnings Call

September 18, 2026

Speaker #2: Entering webinar of attendee.

Speaker #3: Good afternoon and welcome to the Eagle Eye Solutions Group PLC Results Presentation. Throughout the recorded meeting, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time via the Q&A tab, situated in the right-hand corner of your screen.

[Company Representative] (Investor Meet Company): Good afternoon, and welcome to the Eagle Eye Solutions Group PLC results presentation. Throughout the recorded meeting, investors will be in listen-only mode. Questions are encouraged and can be submitted anytime by the Q&A tab situated in the right-hand corner of your screen. Just simply type in your question and press send. The company may not be in a position to answer every question received during the meeting itself, however, can review all questions submitted today and publish responses where appropriate to do so. Before we begin, we would like to submit the following poll. I would now like to hand you over to the management team of Eagle Eye Solutions. Good afternoon.

Operator: Good afternoon, and welcome to the Eagle Eye Solutions Group PLC Results Presentation. Throughout the recorded meeting, investors will be in listen-only mode. Questions are encouraged and can be submitted anytime by the Q&A tab situated in the right-hand corner of your screen. Just simply type in your question and press send. The company may not be in a position to answer every question received during the meeting itself, however, can review all questions submitted today and publish responses where appropriate to do so. Before we begin, we would like to submit the following poll. I would now like to hand you over to the management team of Eagle Eye Solutions. Good afternoon.

Speaker #3: Just simply type in your question and press send. The company may not be in a position to answer every question it receives during the meeting itself.

Speaker #3: However, it can review all questions submitted today and publish responses where appropriate to do so. Before we begin, we'd like to submit the following poll.

Speaker #3: I'd now like to hand you over to the management team of Eagle Eye Solutions. Good afternoon.

Speaker #4: Thank you very much indeed. Good afternoon, everybody, and thank you very much for joining us. We're going to run you through our results for year '26 today.

Tim Mason: Thank you very much indeed. Good afternoon, everybody, and thank you very much for joining us. We are going to run you through our results for full year 2026 today. What I hope we will leave you with is an impression of increasing commercial momentum, strategic progress, and clarity around the future opportunity to continue double-digit ARR growth and strong cash generation. That is the agenda that we will be following. Just a quick introductory slide from me. We are a global leader in AI-powered loyalty and personalized marketing, and we have a huge opportunity ahead of us. So why? What is it about us that gives us this position? I think there are three main things that we point to. First of all, we have a domain expertise.

Speaker #4: And what I hope we will leave you with is an impression of increasing commercial momentum, and confidence around the future opportunity to continue double-digit ARR growth and strong cash generation.

Speaker #4: That's the agenda that we will be following. Just a quick introductory slide from me: we're a global leader in AI-powered loyalty and personalized marketing.

Speaker #4: And we have a huge opportunity ahead of us. So why? What is it about us that gives us this position? I think there are three main things that we point to.

Speaker #4: First of all, we have domain expertise. We sometimes say we're a software company run by retailers. And certainly, there are a few retailers around in Eagle Eye.

Tim Mason: We sometimes say we are a software company run by retailers, and certainly, there are a few retailers around in Eagle Eye and people who have either sold or built software for retailers over many, many years. So I think putting it in sort of basic terms, we speak retail, and they like that. The second thing is that we have products that handle proprietary data and create sales promotions based upon those, which create significant value for the owners of that data, and I think that gives us a very significant seat at the table. Then finally, we have a great distribution scale. Both the customers that we have already got, look at the logo wall. If you are in that industry, it is certainly impressive. But also partners and indeed our OEM partner, and we will be talking more about those today. But we have significant scale in the market.

Speaker #4: And people who've either sold or built software for retailers over many, many years. So, I think, putting it in sort of basic terms, we speak retail.

Speaker #4: And they like that. The second thing is that we have products that handle proprietary data and create sales promotions based upon those, which create significant value for the owners of that data.

Speaker #4: And I think that gives us a very significant seat at the table. And then, finally, we have great distribution scale—both for customers that we've already got; look at the logo wall.

Speaker #4: If you're in that industry, it's certainly impressive. But also, partners and indeed our OEM partner—and we'll be talking more about those today. But we have significant scale in the market.

Tim Mason: But also partners and indeed our OEM partner, and we will be talking more about those today. But we have significant scale in the market. Domain expertise, data and AI, distribution scale, those are the three things that you can point to that give us a leading position in this market. When we met you last year, we had just recently suffered the contract loss with Neptune Retail Solutions, and it was a big and bitter pill to swallow. We explained that it was a one-off use case. It was not a reflection of the health or the opportunity of the business, but it was, to say the least, a financial inconvenience. We set ourselves some pretty Lucy will lay out now shows that not only did we do that, but we did do more than that.

Speaker #4: So, domain expertise, data and AI, distribution scale—those are the three things that you can point to that give us a leading position in this market.

Tim Mason: Domain expertise, data and AI, distribution scale, those are the three things that you can point to that give us a leading position in this market. When we met you last year, we had just recently suffered the contract loss with Neptune Retail Solutions, and it was a big and bitter pill to swallow. We explained that it was a one-off use case. It was not a reflection of the health or the opportunity of the business, but it was, to say the least, a financial inconvenience. We set ourselves some pretty Lucy will lay out now shows that not only did we do that, but we did do more than that. I think this is why we talk about a strategic reset for the business off the back of that misfortune. So over to Lucy.

Speaker #4: When we met you last year, we had just recently suffered the contract loss with Neptune Retail Services, and it was a big and bitter pill to swallow.

Speaker #4: We explained that it was a one-off use case. It was not a reflection of the health or the opportunity of the business, but it was, to say the least, a financial inconvenience.

Speaker #4: We set ourselves some. Lucy will lay out now—shows that not only did we do that, but we did do more than that. And I think this is why we talk about a strategic reset for the business off the back of that misfortune.

Tim Mason: I think this is why we talk about a strategic reset for the business off the back of that misfortune. So over to Lucy.

Speaker #4: So over to Lucy.

Lucy Sharman-Munday: Thank you, Tim. Let me just take you through the finances. Just to start, as Tim said, at the beginning of the year, we reset expectations. I think the result at the end of the year highlights us delivering key metrics ahead of market expectations. The two, ARR and SaaS recurring revenue, demonstrate the commercial momentum that we've got in the business. We delivered the EBITDA significantly ahead of expectations, and we sit with a healthy balance sheet of over GBP 16 million of cash, which has grown by over 30%. I will take you through those elements as we go through the presentation. If we start with the top line, we have been on a journey to be more SaaS over the last three years, and you can see that on the graph on the right-hand side. We have grown from 74% to 85% of SaaS revenue.

Speaker #5: Tim: So, let me just take you through the finances. Just to start, as Tim said, at the beginning of the year we reset expectations.

Speaker #5: And I think the result at the end of the year highlights us delivering the key metrics ahead of market expectations. The two, ARR and SaaS recurring revenue, demonstrate the commercial momentum that we've got in the business.

Speaker #5: We delivered EBITDA significantly ahead of expectations, and we sit with a healthy balance sheet of over $16 million in cash, which has grown by over 30%.

Speaker #5: And I'll take you through those elements as we go through the presentation. So, if we start with the top line, we've been on a journey to be more SaaS over the last three years.

Speaker #5: And you can see that on the graph on the right-hand side. We've grown from 74% to 85% of SaaS revenue. And then, if we just focus on FY26, underneath the bonnet, we've seen that professional services come down as we deliver more product.

Lucy Sharman-Munday: If we just focus on FY26, underneath the bonnet, we have seen that professional services come down as we deliver more products. Also we use SIs to deliver our professional service in conjunction with us. The metrics that you would hope for us to move forward nicely, the AIR revenue and the EagleAI revenue have both done that. That is important as we are getting more SaaS revenue coming through, that it will drive our direct margin as we go forward. If I spoke to you this time last year when we just lost the NRS contract, we sort of said one of the important targets for the year ahead was to try and recover that GBP 10 million of ARR that we lost from that contract, which was a big task. I do not think we delivered that level of new ARR during the period before.

Speaker #5: And also, we use SIs to deliver our professional service in conjunction with us. The metrics that you would hope for us to move forward nicely—the AIR revenue and the Eagle AI revenue—have both done that.

Speaker #5: And that's important as we're getting more SaaS revenue coming through, that it will drive our direct margin as we go forward. If I spoke to you this time last year, when we had just lost the NRS contract, we sort of said one of the important targets for the year ahead was to try and recover that £10 million.

Speaker #5: Of ARR that we lost from that contract, which was a big task, I don't think we delivered that level of new ARR during the period before.

Speaker #5: But actually, what we've done this year is we've achieved that, and we've overachieved against that, both from winning new customers and from deepening our existing customer base.

Lucy Sharman-Munday: But actually what we have done this year is we have achieved that and we have overachieved against that, both from winning new customers, but also from deepening our existing customer base, and we achieved that 31% growth as a result. The customer concentration has come down. It is now gone from 64% to 60%, and we have one customer above 10%, which is Loblaws, that is renewed in the period for another five years. If we look at the income statement, I do not go into the details of this because actually the comparatives as a result of the loss of NRS makes the comparison a bit meaningless. But actually, if we just take a step back, despite that, we have delivered over 20% of adjusted EBITDA and our EPS is positive. But most importantly, as we move forward, we expect to move forward in a step change against those metrics too.

Speaker #5: And we achieved that 31% growth as a result. The customer concentration has come down—it's now gone from 64% to 60%. And we have one customer above 10%, which is Loblaws, that has renewed in the period for another five years.

Speaker #5: If we look at the income statement, I don't go into the details of this because, actually, the comparatives, as a result of the loss of NRS, make the comparatives a bit meaningless.

Speaker #5: But actually, if we just take a step back, despite that, we've delivered over 20% adjusted EBITDA, and our EPS is positive. But most importantly, as we move forward, we expect to make a step change against those metrics too.

Lucy Sharman-Munday: But most importantly, as we move forward, we expect to move forward in a step change against those metrics too. The most important thing for this year, I think, is to explain what we have done in terms of delivering ahead of those expectations and the steps that we have taken. First of all, that commercial momentum has driven a much stronger direct margin as a result of that over-performance on sales. We had to make some difficult decisions at the top, and we made some savings in terms of restructuring some of the senior leadership team.

Speaker #5: The most important thing for this year, I think, is to explain what we have done in terms of delivering ahead of those expectations, and the steps that we've taken.

Lucy Sharman-Munday: The most important thing for this year, I think, is to explain what we have done in terms of delivering ahead of those expectations and the steps that we have taken. First of all, that commercial momentum has driven a much stronger direct margin as a result of that over-performance on sales. We had to make some difficult decisions at the top, and we made some savings in terms of restructuring some of the senior leadership team. In addition to that, if we look down the organization further, we have made some careful management of people costs, but particularly in the area of professional services, that as we are transitioning to be more SaaS, we have removed people who are effectively surplus to requirements as the revenue has come down in accordance with that. Those are the key things that we have done in the year.

Speaker #5: So first of all, that commercial momentum has driven a much stronger direct margin as a result of that overperformance on sales. We had to make some difficult decisions at the top.

Speaker #5: And we made some savings in terms of restructuring some of the senior leadership team. Then, in addition to that, if we look down the organization further, we've made some careful management of people costs, but particularly in the area of professional services. As we're transitioning to be more SaaS, we've removed people who were effectively surplus to requirements as the revenue has come down in accordance with that.

Lucy Sharman-Munday: In addition to that, if we look down the organization further, we have made some careful management of people costs, but particularly in the area of professional services, that as we are transitioning to be more SaaS, we have removed people who are effectively surplus to requirements as the revenue has come down in accordance with that. Those are the key things that we have done in the year.

Speaker #5: So those are the key things that we've done in the year. In addition, we got some savings in terms of timing from sales and marketing.

Lucy Sharman-Munday: In addition, we got some savings in terms of timings from sales and marketing, so they are not sustainable savings. I think at the H1, due to our performance, we said we needed to invest for growth. We wanted to invest more in sales and marketing, particularly in the US. We have started that in H2. As we come into Q1 2027, we will have completed that investment. As we move forward, we continue to focus on driving the EBITDA forwards, and I will talk about that in a couple of slides' time. A moment on cash. The cash position is strong, as I said up front, over GBP 16 million of cash. We generated cash of GBP 3.8 million in the period. Our free cash flow as a percentage of EBITDA was at 116.

Speaker #5: So they're not, sort of, sustainable savings. But I think at the half year, due to our performance, we said we needed to invest for growth.

Speaker #5: We wanted to invest more in sales and marketing, particularly in the US. We’d started that in H2, and as we come into Q1 ’27, we will have completed that investment.

Speaker #5: So, as we move forward, we continue to focus on driving EBITDA forward. I'll talk about that in a couple of slides' time.

Speaker #5: A moment on cash. The cash position is strong, as I said up front, over $16 million of cash. We generated cash of $3.8 million in the period.

Speaker #5: Our free cash flow as a percentage of EBITDA was at $1.16 million. That excluded the share buyback profit we effectively got during the period, which was worth about half a million.

Lucy Sharman-Munday: That excluded the share buyback profit we effectively got during the period, was worth about a half a million. So really the key metrics in terms of driving cash forward we demonstrated in the year. Just to reiterate the cash allocation principles, which if anyone attended the Capital Markets Day, we went over that at that point. Our focus is in investing for growth, particularly in US sales and also in innovation, particularly around AI data scientists. Our inorganic activity, we have done two M&A deals in the last three years. We continue to look for opportunities. Our focus is expanding the product offering, geographical reach, and looking across the ICP, which is our ideal customer profile. Both deals that we have done had that connection of delivering for grocers, and that continues to be a criteria that we look at when we look at potential opportunities.

Speaker #5: So really, the key metrics, in terms of driving cash forward, we demonstrated in the year. Just to reiterate the cash allocation principles—which, if anyone attended the Capital Markets Day, we went over at that point.

Speaker #5: Our focus is on investing for growth, particularly in U.S. sales and also in innovation, especially around AI and data scientists. In terms of inorganic activity, we've done two M&A deals in the last three years.

Speaker #5: We continue to look for opportunities. Our focus is expanding the product offering, geographical reach, and looking across the ICP—which is our ideal customer profile.

Speaker #5: Both deals that we have done had that connection of delivering for growth, and that continues to be a criterion that we look at when we consider potential opportunities.

Speaker #5: And now that the share price has recovered, and we've got the cash on the balance sheet, and the facility that's untapped, it gives us more optionality around M&A.

Lucy Sharman-Munday: Now that the share price has recovered and we have got the cash on the balance sheet and the facility that is untapped, it gives us more optionality around M&A. The share buyback program, as I said, we did our first share buyback in the year. It is something that we will keep an eye on as we move forward. We are reiterating our medium-term targets of GBP 100 million of revenues, i.e., to double the business, and also restating it over 30. If we look at the progress against the top line and these key channels to drive the top line forward, the deepening opportunity remains real. The top 10 delivered NRR of 113. At our best, we have been at 120, and we continue to push in that area as we go forward. Wins, as we said, there is a big focus in the US.

Speaker #5: The share buyback program—as I said, we did our first share buyback in the year. It's something that we'll keep an eye on as we move forward.

Speaker #5: So we're reiterating our medium-term targets of $100 million of revenue, i.e., to double the business, and also restating it over three years. If we look at the progress against the top line and these key channels to drive the top line forward, the deepening opportunity remains real.

Speaker #5: The top 10 delivered NRR of $113; at our best, we've been at $120. And we continue to push in that area as we go forward.

Speaker #5: Wins, we've said there's a big focus in the US. Tim's going to come back and talk to you and show you really where we see the opportunity there.

Lucy Sharman-Munday: Tim's going to come back and talk to you and show you really where we see the opportunity there. We've had nice logos in the H1 for signing for us for this full year. EagleAI grew by 35%, and we'd expect that to continue to grow at that sort of +30% level as we move forward. The OEM signed two new logos in the period, and again, Tim will talk to you about what we see the opportunity going forward. If we just take a moment to look at where the margin can go as we move forward, there's sort of four key areas that we're highlighting here. First of all, we've done a lot of work in the period looking at how we can make the platform more efficient.

Speaker #5: We've had nice logos in the first half—four signings for us for this full year. And Eagle AI grew by 35%, and we'd expect that to continue to grow at that sort of plus-30% level as we move forward.

Speaker #5: The OEM signed two new logos in the period. And again, Tim will talk to you about what we see as the opportunity going forward. If we just take a moment to look at where the margin can go as we move forward, there are four key areas that we're highlighting here.

Speaker #5: First of all, we've done a lot of work in the period looking at how we can make the platform more efficient. And actually, the work that was done in the period led to £150,000 savings, June to June comparative.

Lucy Sharman-Munday: The work that was done in the period led to 150K savings June to June comparative. We'll see the benefit that a couple of percentage points coming through in FY27. We're currently looking at the equivalent project that we've got going on for 2027, which again, will take a chunk of the year to come through. Again, I would hope to get more efficiencies in the platform. We're currently delivering a direct margin of 70%. I would aim over the medium term to sort of move that forward nearer 80%. Everybody's talking about AI efficiencies. We are too. We're using AI within the business operationally, but also from a coding perspective. What we're seeing now is an improvement in our throughput of about 75%. We're using that at the moment to deliver more stuff.

Speaker #5: We'll see the benefit of a couple of percentage points coming through in FY '27. We're currently looking at the equivalent project that we've got going on for '27, which again will take a chunk of the year to come through.

Speaker #5: But again, I would hope to get more efficiencies in the platform. We're currently delivering a direct margin of 70%. I would aim, over the medium term, to sort of move that forward nearer to 80%.

Speaker #5: Everybody's talking about AI efficiencies. We are too. We're using AI within the business operationally, but also from a coding perspective. What we're seeing now is an improvement in our throughput of about 75%.

Speaker #5: We're using that at the moment to deliver more stuff. As we move forward, one, we're going to invest some of that back into new skills for the organization.

Lucy Sharman-Munday: As we move forward, one, we're going to invest some of that back into new skills for the organization. In addition, we want to invest into security. We've got to pay for the tools that we use, and we'll take some of that to the bottom line as well. We're going to take the year to use all those, look at all those different combinations, and what we sort of said, this year we'll make sure that we're not spending more than what we did last year in a combination of those things that I talked about, including the tooling. These things are important to drive the bottom line, but also to allow us to invest for growth. I've touched on that in the previous slide. We want to continue to invest.

Speaker #5: In addition, we want to invest in security. We've got to pay for the tools that we use, and we'll take some of that to the bottom line as well.

Speaker #5: We're going to take the year to use all those, look at all those different combinations. And what we sort of said for this year is we'll make sure that we're not spending more than what we did last year, in a combination of those things that I talked about, including the tooling.

Speaker #5: These things are important to drive the bottom line, but also to allow us to invest for growth. I've touched on that in the previous slide.

Speaker #5: We want to continue to invest as a result of that. That can drive more operational leverage if we can get the top line moving as well.

Lucy Sharman-Munday: As a result of that can drive more operational leverage if we can get the top line moving as well. If I was to summarize, we've got a clear line of sight to the 130. We've got a considerable TAM opportunity, and for those of you that saw us at the H1 or at the Capital Markets Day, we showed you this slide, which we're illustrating basically our TAM opportunity that we see ahead of us, which is significant. We've got this increasing revenue quality to be more SaaS. Our cash generation is good. We've got a strong balance sheet with our facility that's untapped. We've got double-digit underlying growth, and we want to continue that momentum around that going forward.

Speaker #5: So if I was to summarize, we've got a clear line of sight to the 130. We've got a considerable TAM opportunity. And for those of you that saw us at the half year or at the Capital Markets Day, we showed you this slide, which was illustrating basically our TAM opportunity that we see ahead of us, which is significant.

Speaker #5: We've got this increasing revenue quality to be more SaaS. Our cash generation is good. We've got a strong balance sheet with our facility that's untapped.

Speaker #5: We've got double-digit underlying growth, and we see that continuing going forward. The margin has progressed significantly from the expectations at the beginning of the year, and we're going to kick on and move the margin forward again as we move into '27.

Lucy Sharman-Munday: The margin has progressed significantly from the expectations from the beginning of the year, and we are going to kick on and move the margin forward again as we move forward into 2027. On that note, I will hand over to Tim, who will take you through the strategic areas of the business.

Speaker #5: So on that note, I'll hand over to Tim. He'll take you through the strategic areas of the business.

Speaker #1: Thank you very much, Lucy. And thank you for your stewardship through what had the potential to be an incredibly difficult year, and for making such great progress.

Tim Mason: Thank you very much, Lucy, and thank you for your stewardship through what had the potential to be an incredibly difficult year and made such great progress. I am going to start off by talking about the market itself. It is a big market and it is growing, and speaking from personal experience, I can tell you it is a hell of a lot easier to grow a business with the wind at your back than the wind in your face. This is very definitely a business that has got the wind at its back. It is accelerating, I think. The reason that it is accelerating is because there is a greater realization that personalization is the answer because of the improved return on promotional investment that personalization gives, and the very obvious fact that AI leads to the personalization opportunity. So 43% of businesses are saying their tech is not up to it.

Speaker #1: I'm going to start off by talking about the market itself. It's a big market, and it's growing. Speaking from personal experience, I can tell you it's a hell of a lot easier to grow a business with the wind at your back than the wind in your face.

Speaker #1: And this is very definitely a business that's got the wind at its back. And it's accelerating, I think. And the reason that it's accelerating is because there is a greater realization that personalization is the answer.

Speaker #1: Because of the improved return on promotional investment that personalization gives, and the very obvious fact that AI leads to the personalization opportunity. So, 43% of businesses are saying their tech's not up to it.

Tim Mason: So 43% of businesses are saying their tech is not up to it. Well, that is our opportunity. We had a strong year in terms of wins across the Eagle Eye world, a nice win at Z Energy and a great renewal in APAC, some super logos and new verticals in EMEA, and we are really starting to penetrate the middle market of US grocers, of which what the next slide illustrates is there are very many. That is a huge, it is not the only opportunity that Eagle Eye has got, it is not even the only organic opportunity that Eagle Eye has got, but it is a huge opportunity that we face, and we have got new people, new staff, new energy, in that market, and we have just started to make some real progress, I think, and there is more to come, I am sure of it.

Speaker #1: Well, that's our opportunity. We had a strong year in terms of wins across the Eagle Eye world—a nice win with Zed Energy, and a great renewal in APAC.

Tim Mason: Well, that is our opportunity. We had a strong year in terms of wins across the Eagle Eye world, a nice win at Z Energy and a great renewal in APAC, some super logos and new verticals in EMEA, and we are really starting to penetrate the middle market of US grocers, of which what the next slide illustrates is there are very many. That is a huge, it is not the only opportunity that Eagle Eye has got, it is not even the only organic opportunity that Eagle Eye has got, but it is a huge opportunity that we face, and we have got new people, new staff, new energy, in that market, and we have just started to make some real progress, I think, and there is more to come, I am sure of it. Moving on to scaling routes to market.

Speaker #1: Some super logos and new verticals in EMEA. And we're really starting to penetrate the middle market of US grocers, of which—the next slide illustrates—there are very many.

Speaker #1: And that is a huge—it's not the only opportunity that Eagle Eye has got. It's not even the only organic opportunity that Eagle Eye has got.

Speaker #1: But it is a huge opportunity that we face. And we've got new people, new staff, new energy in that market, and we've just started to make some real progress, I think.

Speaker #1: And there's more to come, I'm sure of it. Moving on to scaling routes to market, the second big driver for growth that we have is what we call the OEM.

Tim Mason: Moving on to scaling routes to market. We have the second big driver for growth that we have is what we call the OEM, and this is a partnership of 600 go-to-market people. They have an existing on-premise loyalty product that has about 5,000 customers. That is being sunsetted. It is a huge opportunity for Eagle Eye. It will unlock new geographies, new sectors, and I believe it has the potential to double our business. If you look at this slide here, this shows the loyalty product set within the middle of the marketing stack with the idea that it is the central point that moves all the data around the marketing stack.

Tim Mason: We have the second big driver for growth that we have is what we call the OEM, and this is a partnership of 600 go-to-market people. They have an existing on-premise loyalty product that has about 5,000 customers. That is being sunsetted. It is a huge opportunity for Eagle Eye. It will unlock new geographies, new sectors, and I believe it has the potential to double our business. If you look at this slide here, this shows the loyalty product set within the middle of the marketing stack with the idea that it is the central point that moves all the data around the marketing stack. That looks very similar to a schematic that we have produced over many years for the likes of Loblaws, those of you who have been following us long enough and go back to that era of investor presentation.

Speaker #1: And this is a partnership. Six hundred go-to-market people. They have an existing on-premise loyalty product that has about 5,000 customers. That's being sunsetted. It's a huge, huge opportunity for Eagle Eye.

Speaker #1: It will unlock new geographies and new sectors, and I believe it has the potential to double our business. If you look at this slide here, it shows the loyalty product set within the middle of the marketing stack, with the idea that it's the central point that moves all the data around the marketing stack.

Speaker #1: That looks very similar to a schematic that we have produced over many years. For the likes of Loblaw, if you—those of you who have been following us long enough and go back to that era of investor presentation—it's a very, very similar version of that.

Tim Mason: That looks very similar to a schematic that we have produced over many years for the likes of Loblaws, those of you who have been following us long enough and go back to that era of investor presentation. It's a very similar version of that, but this is the OEM, so they're all their products. That's how it all sits and fits together. It's a very significant undertaking. It's a powerful product, and if you want to get it all from one vendor, soup to nuts, this is the place to get it, and it is the best on the market because it's got our loyalty platform at its core, and our loyalty platform is the strongest in the world. They've already won 2 clients for this product. They're in advanced discussions with a further 40 within the pipeline.

Tim Mason: It's a very similar version of that, but this is the OEM, so they're all their products. That's how it all sits and fits together. It's a very significant undertaking. It's a powerful product, and if you want to get it all from one vendor, soup to nuts, this is the place to get it, and it is the best on the market because it's got our loyalty platform at its core, and our loyalty platform is the strongest in the world. They've already won 2 clients for this product. They're in advanced discussions with a further 40 within the pipeline. Our estimation is that within the next 12 months, we will win something of the order of 4 to 8. Conservative, but better to start there, but with a view that this really does have the potential to double the size of Eagle Eye.

Speaker #1: But this is the OEM, so they're all their products. And that's how it all sits and fits together. So it's a very significant undertaking.

Speaker #1: It's a powerful product. And if you want to get it all from one vendor, soup to nuts, this is the place to get it.

Speaker #1: And it is the best on the market, because it's got our loyalty platform at its core. And our loyalty platform is the strongest in the world.

Speaker #1: They've already won two clients for this product. They're in advanced discussions with a further 40 within the pipeline. Our estimation is that within the next 12 months, we will win something on the order of four to eight.

Tim Mason: Our estimation is that within the next 12 months, we will win something of the order of 4 to 8. Conservative, but better to start there, but with a view that this really does have the potential to double the size of Eagle Eye. Moving on to other sorts of partnership. A couple of years ago, maybe slightly more, we acknowledged the fact that we were weak in terms of partners and said that we were going to set out to build a network of partners to help us build our pipeline. We've now got to a point where 35% of the wins that we generated were in some way influenced by partners. We said that we thought that 50% was possible. I think that's absolutely possible. It may be more than that.

Speaker #1: Conservative, but better to start there—but with a view that this really does have the potential to double the size of Eagle Eye. Moving on to other sorts of partnership.

Tim Mason: Moving on to other sorts of partnership. A couple of years ago, maybe slightly more, we acknowledged the fact that we were weak in terms of partners and said that we were going to set out to build a network of partners to help us build our pipeline. We've now got to a point where 35% of the wins that we generated were in some way influenced by partners. We said that we thought that 50% was possible. I think that's absolutely possible. It may be more than that. So, keep going. It's going well. It's making good progress, particularly Photogenic, BCG brought us easyJet. I don't think without a partner, I don't think we'd have got it. We wouldn't have been on the shortlist. Once they got us onto the list, we were able to win it.

Speaker #1: A couple of years ago—maybe slightly more—we acknowledged the fact that we were weak in terms of partners, and said that we were going to set out to build a network of partners to help us build our pipeline.

Speaker #1: We've now reached a point where 35% of the wins we generated were, in some way, influenced by partners. We also stated that we believe reaching 50% is possible.

Speaker #1: I think that's absolutely possible. It may be more than that, so keep going. It's going well; it's making good progress. Particularly photogenic—BCG brought us EasyJet.

Tim Mason: So, keep going. It's going well. It's making good progress, particularly Photogenic, BCG brought us easyJet. I don't think without a partner, I don't think we'd have got it. We wouldn't have been on the shortlist. Once they got us onto the list, we were able to win it. That's, if you like, the third route to market. You've got organic, got the OEM, you've got partners, and now let's look at the product and how that's improving. The first thing is, if you look at the AIR product, and people say, "Why does AIR win these great big supermarket businesses?" It's because of the scale.

Speaker #1: Well, I don't think without a partner, I don't think we'd have got it. We'd have been we wouldn't have been on the shortlist. And once they got us onto the list, we were able to win it.

Speaker #1: So, if you like, the third route to market—you've got organic, you've got the OEM, you've got partners—and now let's look at the product and how that's improving.

Tim Mason: That's, if you like, the third route to market. You've got organic, got the OEM, you've got partners, and now let's look at the product and how that's improving. The first thing is, if you look at the AIR product, and people say, "Why does AIR win these great big supermarket businesses?" It's because of the scale. It's because it's what we do. When I said earlier on we speak retail, one of the things is we speak in tens of thousands and indeed millions, which you have to be able to do to cope with the sorts of volumes that they live with every day. Most people are just not used to that.

Speaker #1: The first thing is, if you look at the AIR product and people say, why does AIR win these great big supermarket businesses? It's because of the scale.

Speaker #1: It's because it's what we do. As I said earlier, we speak retail. One of the things is that we speak in tens of thousands, and indeed, millions.

Tim Mason: It's because it's what we do. When I said earlier on we speak retail, one of the things is we speak in tens of thousands and indeed millions, which you have to be able to do to cope with the sorts of volumes that they live with every day. Most people are just not used to that. The amazing thing is that we can, not only do we cope with these volumes, but we can adjudicate a basket of goods and work out all the points in, points out, promotions in, promotions off, all the earnings in 15 milliseconds. So literally, in less than the blink of an eye, it can be sent to the cloud, adjudicated, and sent back.

Speaker #1: Which you have to be able to do to cope with the sorts of volumes that they live with every day. Most people are just not used to that.

Speaker #1: And the amazing thing is that not only can we cope with these volumes, but we can also adjudicate a basket of goods and work out all the points in, points out, promotions in, promotions off—all the earnings—in 15 milliseconds.

Tim Mason: The amazing thing is that we can, not only do we cope with these volumes, but we can adjudicate a basket of goods and work out all the points in, points out, promotions in, promotions off, all the earnings in 15 milliseconds. So literally, in less than the blink of an eye, it can be sent to the cloud, adjudicated, and sent back. As far as the customer is concerned, they don't ever see it happening. Whatever goes on under the bonnet, they're not aware. But apart from the fact they walk out the store with the right points total, the right discounts, and having been charged the right amount. It has phenomenal uptime because it has to, because it's part of the key retail system of checking out. Moving to the AI business. When we bought the business, it had one product, Personalized Challenges.

Speaker #1: So, literally, in less than the blink of an eye, it can be sent to the cloud, adjudicated, and sent back. So, as far as the customer is concerned, they don't ever see it happening.

Tim Mason: As far as the customer is concerned, they don't ever see it happening. Whatever goes on under the bonnet, they're not aware. But apart from the fact they walk out the store with the right points total, the right discounts, and having been charged the right amount. It has phenomenal uptime because it has to, because it's part of the key retail system of checking out. Moving to the AI business. When we bought the business, it had one product, Personalized Challenges.

Speaker #1: Whatever goes on under the bonnet, they're not aware. But apart from the fact they walk out of the store with the right points total, the right discounts, and having been charged the right amount.

Speaker #1: And it has phenomenal uptime, because it has to—because it's part of the key retail system for checking out. Moving to the AI business: When we bought the business, it had one product—personalized challenges.

Speaker #1: It's now got four, and I'm just going to take you through that evolution. The business has grown by 35% this year, led by the Challenges business.

Tim Mason: It's now got four, and I'm just going to take you through that evolution. The business has grown by 35% this year, led by the challenges business. Challenges are continuity promotions. What I see wherever they're implemented, wherever we go in the world, is that there are a group of customers who completely get continuity promotions. They get this idea that if I'm prepared to spend a bit more, you'll give me a bit better price. This is the way to do that. This concept, you go to the market, you say, "Okay, that's how much you'll give me for one goat. How much can I get two goats for?" Since time immemorial, this is a way that people are used to bartering and buying goods. The trouble is, in a self-serve, high-tech environment, you can't do it until now, and now you can. People like it.

Speaker #1: Challenges are continuity promotions. What I see, wherever they're implemented, wherever we go in the world, is that there are groups of customers who completely get continuity promotions.

Speaker #1: They get this idea that if I'm prepared to spend a bit more, you'll give me a bit better price. And this is the way to do that.

Speaker #1: I mean, this concept—you go to the market, you say, 'OK, that's how much you'll give me for one goat. How much can I get two goats for?'

Speaker #1: I mean, since time immemorial, this has been and is a way that people are used to bartering and buying goods. The trouble is, in a self-serve, high-tech environment, you couldn't do it until now.

Speaker #1: And now you can. People like it. There's a group of people that do it. If you don't have this type of promotion, you're just leaving that money on the table.

Tim Mason: There's a group of people that do it. If you don't have this type of promotion, you just leave that money on the table. That's the selling message that we take to people, and we've just improved the product. It's a machine learning-based product, algorithms developed over about seven or eight years. But we've now put a transformer neural network on the top of it, and you can start to see there in the green bubbles, the difference that that has made, the improvement that that has made, 3% nice, 6% not bad. Able to find products that you have never bought, that you are likely to buy, with 22% more chance of getting you to buy something than its predecessor. That is a pretty significant step forward, and I think an indication in a small way of what AI is capable of doing.

Speaker #1: So that's the selling message that we take to people. And we've just improved the product. It's a machine learning-based product, with algorithms developed over about seven or eight years.

Speaker #1: But we've now put a transform our neural network on the top of it. And you can start to see there in the green bubbles, the difference that that has made, the improvement that that has made 3% nice, 6% not bad.

Speaker #1: Able to find products that you have never bought, that you are likely to buy, with a 22% greater chance of getting you to buy something.

Speaker #1: Than its predecessor. That is a pretty significant step forward, and I think an indication, in a small way, of what AI is capable of doing.

Speaker #1: On the right there, some of the brands that have bought this product this year. The next stage is personalized promotions. Now, this is where what we're doing—you don't have to do it this way.

Tim Mason: On the right there, some of the brands that have bought this product this year. The next stage is Personalized Promotions. This is where what we're doing, you don't have to do it this way, but what we're offering is we can bring the AI data analytics capability and marry it with the AIR execution capability. So you get the personalized list, and you get the Eagle Eye real-time execution. That is the best way of doing Personalized Promotions in real time, cash off now. That is the next stage that we can offer to people in a roadmap, and we're starting to see early indications of the improvement in return on investment of targeted versus mass promotions. The next product is what we call offer ranking. Basically, your local supermarket will have something of the order of 1,000 promotions in store now.

Speaker #1: But what we're offering is, we can bring the AI data analytics capability and marry it with the air execution capability, so you get the personalized list.

Speaker #1: And you get the Eagle Eye real-time execution. That is the best way of doing personalized promotions in real-time cash-off now. And that is the next stage that we can offer to people in a roadmap.

Speaker #1: And you're starting to see early indications of the improvement in return on investment of targeted versus mass promotions. The next product is what we call offer ranking.

Speaker #1: Basically, your local supermarket will have something on the order of 1,000 promotions in-store now. You won't see most of them, and you certainly won't see all the ones that are relevant to you.

Tim Mason: You won't see most of them, and you certainly won't see all the ones that are relevant to you, and you'll see some that are not at all relevant to you. What this does is it uses your data to say, of that 1,000 products, the 10 that are likely to be most attractive to you, or the 20 that are likely to be most attractive to you, are these. So we're not going to show you a meat product if you're a vegetarian, for example. We're not going to show you nappies if you haven't got babies. Clearly, that is it at its simplest level. But it becomes more sophisticated.

Speaker #1: And you'll see some that are not at all relevant to you. What this does is it uses your data to say, of that 1,000 products, the 10 that are likely to be most attractive to you, or the 20 that are likely to be most attractive to you, are these.

Speaker #1: So we're not going to show you a meat product if you're a vegetarian, for example. We're not going to show you nappies if you haven't got babies.

Speaker #1: So, I mean, clearly that is it at its simplest level. But it becomes more sophisticated. And what you can see there as a result of doing that, the retailers are doing it.

Tim Mason: What you can see there is a result of doing that, the retailers that are doing it, they are getting a higher click rate, and people are basically looking and then acting because it is useful information, because it is relevant. If you add all of those things together, I think that they do make a considerable step forward in retailers' ability to personalize off the back of their own data. But the issue is, if you are going to do Personalized Promotions, you have to do an awful lot of them. In order to be able to do an awful lot of them, you just have to do a lot of execution.

Speaker #1: They are getting a higher click rate, and people are basically looking and then acting because it's useful information—because it's relevant. So, if you add all of those things together, I think that they do make a considerable step forward in retail's ability to personalize off the back of their own data.

Speaker #1: But the issue is, if you're going to do personalized promotions, you have to do an awful lot of them. And in order to be able to do an awful lot of them, you just have to do a lot of execution.

Speaker #1: So this agent is all about helping people to execute more—identifying opportunities, identifying things that are relevant and interesting: seasonal, topical, new—things they want to push.

Tim Mason: This agent is all about helping people to execute more, identifying opportunities, identifying things that are relevant and interesting, seasonal, topical, new, things they want to push, but then allowing the AI to create the promotion and make them as relevant as possible. This is cutting the amount of time it takes to set up a Personalized Promotion by about 80%, so very significant. That is the first of a number of agents that we will be launching during the year. So there we are. That is it. I started out by saying that I hoped you would agree that we should be confident about our return to double-digit revenues, both revenue and EBITDA, and I think there is an accelerating opportunity for Eagle Eye. I thank you for your interest. I thank you for your time, and we have now got time for questions.

Speaker #1: But then allowing the AI to create the promotion and make them as relevant as possible. This is cutting the amount of time it takes to set up a personalized promotion by about 80%.

Speaker #1: So, very significant. And that's the first of a number of agents that we will be launching during the year. So, there we are. That's it.

Speaker #1: I started out by saying that I hoped you would agree that we should be confident about our return to double-digit growth in both revenue and EBITDA.

Speaker #1: And I think there is an accelerating opportunity for Eagle Eye. I thank you for your interest, I thank you for your time, and we've now got time for questions.

Speaker #2: Fantastic. Tim Lucy, thank you very much indeed for the presentation. Ladies and gentlemen, do please continue to submit your questions by using the Q&A tab situated in the right-hand corner of your screen.

[Company Representative] (Investor Meet Company): Fantastic. Tim, Lucy, thank you very much indeed for the presentation. Ladies and gentlemen, do please continue to submit your questions just using that Q&A tab situated on the right-hand corner of your screen. Just while the team take a few moments to review those questions submitted today, I would like to remind you a recording of the presentation along with a copy of the slides and the published Q&A can be accessed by your investor dashboard. As you can see, we have had a number of questions throughout today's presentation, so thank you very much indeed for investors for submitting those. Perhaps if I may just ask you to click on that Q&A tab, where appropriate to do so, read out the question and give your response, and I will pick up from you at the end.

Operator: Fantastic. Tim, Lucy, thank you very much indeed for the presentation. Ladies and gentlemen, do please continue to submit your questions just using that Q&A tab situated on the right-hand corner of your screen. Just while the team take a few moments to review those questions submitted today, I would like to remind you a recording of the presentation along with a copy of the slides and the published Q&A can be accessed by your investor dashboard. As you can see, we have had a number of questions throughout today's presentation, so thank you very much indeed for investors for submitting those. Perhaps if I may just ask you to click on that Q&A tab, where appropriate to do so, read out the question and give your response, and I will pick up from you at the end.

Speaker #2: But just while the team take a few moments to review those questions submitted today, I'd like to remind you that a recording of the presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard.

Speaker #2: As you can see, we've had a number of questions throughout today's presentation, so thank you very much indeed to investors for submitting those. Perhaps, if I may, just ask you to click on that Q&A tab.

Speaker #2: It may be more appropriate to do so. Please read out the question and give your response, and I'll pick up from you at the end.

Speaker #3: Great. I'll be quizmaster then, Tim, shall I?

Lucy Sharman-Munday: Great. I will be quizmaster then, Tim, shall I?

Speaker #1: OK. And if I don't like the cut of its jib, I'll send it back to you.

Tim Mason: Okay.

Lucy Sharman-Munday: Okay.

Tim Mason: If I do not like the cut of its jib, I will send it back to you.

Speaker #3: OK, sounds good. So, the first question was around the acquisition by Kroger of Giant Eagle. Giant Eagle is one of our customers—just to note there, roughly 1.5% of our revenue.

Lucy Sharman-Munday: Okay. Sounds good. The first question was around the acquisition by Kroger of Giant Eagle. Giant Eagle is one of our customers. Just to note there, roughly 1.5% of our revenue, so not a significant customer in terms of we would classify them. They are not in the top 10, for example. Tim, do you see that as a threat or an opportunity for us?

Speaker #3: So, not a significant customer in terms of how we would classify them—they're not in the top 10, for example. Tim, do you see that as a threat or an opportunity for us?

Speaker #1: It's probably both. I mean, I think it's a threat. Acquisitions, roll-ups—it's a threat. But actually, it may take a little bit longer to materialize than people might think.

Tim Mason: Well, it is probably both. I think it is a threat. Acquisitions, roll-ups, it is a threat, but actually may take a little bit longer to materialize than people might think. When they buy a business like this, there are a lot of things to integrate, and top of the list is not necessarily the loyalty program. We have a good relationship with Kroger. We talk to them quite often. This will be another opportunity to talk to them again. We have a very good relationship with Giant Eagle. They like us a lot. The head of marketing and trading at Giant Eagle, who I am sure Kroger will regard as being a talent that they are looking forward to bringing into their business, I am sure would speak very highly of us. So you never know.

Speaker #1: When they buy a business like this, there are a lot of things to integrate, and top of the list isn’t necessarily the loyalty program. We have a good relationship with Kroger.

Speaker #1: We talk to them quite often. This will be another opportunity to talk to them again, and we have a very good relationship with Giant Eagle.

Speaker #1: They like us a lot. And the head of marketing and trading at Giant Eagle, who I'm sure Kroger will regard as being a talent that they are looking forward to bringing into their business, I'm sure would speak very highly of us.

Speaker #1: So you never know.

Speaker #3: After achieving 21% revenue growth, if we exclude NRS, can we reconfirm that we're confident about the future? How does that compare to the broker's forecast?

Lucy Sharman-Munday: It is after achieving 21% revenue growth if we exclude NRS, and that is reconfirming that we are confident about the future. How does that sit versus the broker's forecast? I think the first thing to note is actually from a consensus perspective, growth is at 13% for the next 12 months. We would obviously try and overachieve against that, and that has always been our mantra to overachieve against expectations. I think we have still got some winning to do this year, but we are getting more confident as the months progress against that. So watch this space for updates on our performance as we progress through the year. The next question, I think, is for you, Tim. In the CEO report in 2025, we talk about the channels to market representing revenue opportunities of greater than the market forecast and GBP 100 million revenue target.

Speaker #3: I think the first thing to know is, actually, from a consensus perspective, growth is at 13% for the next 12 months. We would obviously try and overachieve against that.

Speaker #3: And that has always been our sort of mantra to sort of overachieve against expectations. And I think we've still got some winning to do this year.

Speaker #3: But we're getting more confident as the months progress on that, so watch this space for updates on our performance as we progress through the year.

Speaker #3: The next question, I think for you, Tim: In the CEO report in ’25, we talk about the channels to market representing revenue opportunities greater than the market forecast.

Speaker #3: And the £100 million revenue target— is this still the case in terms of being confident about achieving that in the medium term?

Lucy Sharman-Munday: Is this still the case in terms of being confident about achieving that in the medium term?

Speaker #1: Yeah, I think absolutely. I mean, and I think the follow-up question, which is: are you still confident in SAP's—oops, sorry, the OEM's—opportunity to deliver? I mean, the answer to both questions is yeah, I remain absolutely confident.

Tim Mason: Yeah, I think absolutely. I think the follow-up question, which is, are you still confident in SAP's— Oops, sorry, the OEM's opportunity to deliver. The answer to both questions is yeah, I remain absolutely confident. That's why when we had the setback last year, we came out and said, "Don't worry, don't panic," when the share price was down at GBP 2 or something. There's no reason to change the view. I'll bounce

Speaker #1: That's why, when we had the setback last year, we came out and said, don't worry, don't panic. When the share price was down at £2 or something. So, yeah, there's no reason to change the view.

Speaker #1: I'll bounce the next one back to you, Lucy, which is: How are you actively looking for M&A, and what sort of opportunities?

Lucy Sharman-Munday: Yeah

Tim Mason: the next one back at you, Lucy, which is, are you actively looking for M&A, and what sort of opportunities?

Speaker #3: Yeah, I mean, I think I covered that in my presentation, which highlighted the types of things that we're looking at.

Lucy Sharman-Munday: Yeah. I think I covered that in my presentation, which highlighted the types of things that we're looking at. Geographically, I would say the focus is in Europe. We're big in the UK, we're big in France, but there's lots of Europe that we're not present in, and that's a focus for us. Clearly, the US could be an opportunity for us as well. But yes, we're continuing to actively look. Now that the share price has recovered and the balance sheet is strong, it remains a focus for us. Next question is, have we won any new OEM contracts in the last six months, and do you think that's going to change in the next six?

Speaker #3: Geographically, I would say the focus is in Europe. We're big in the UK, we're big in France, but there's lots of Europe that we're not present in.

Speaker #3: And that's a focus for us. And clearly, the US could be an opportunity for us as well. But yes, we're continuing to be actively looking now that the share price has recovered and the balance sheet is strong.

Speaker #3: It remains a focus for us. Next question is: Have we won any new OEM contracts in the last six months? And do you think that's going to change in the next six?

Speaker #1: No. And yes, I think we're as confident as we can be from what we hear and what we are told that there will be more wins between now and Christmas.

Tim Mason: No and yes. I think we are as confident as we can be from what we hear and what we are told that there will be more wins between now and Christmas.

Speaker #1: And we're acutely conscious that shareholders are waiting for that. They're keen for it to happen. So are we. But I believe it will.

Lucy Sharman-Munday: Yeah.

Tim Mason: We are acutely conscious that shareholders are waiting for that. They are keen for it to happen. So are we, but I believe it will.

Speaker #3: Thank you. The next question came in sort of mid-presentation, around—I think when we were doing the technology bit—which was, I think it's a statement more than anything, but I guess the FOMO is a factor with growthers in terms of the technology that others have.

Lucy Sharman-Munday: Thank you. The next question came in mid-presentation around, I think when we were doing the technology bit, which was, I think it is a statement more than anything, but I guess that FOMO is a factor with grocers in terms of the technology that others have. Comment on that?

Speaker #3: Comment on that?

Speaker #1: Well, I think that's right. And I think that's really the point about the middle market—the sort of mid-size American growthers.

Tim Mason: Well, I think that is right. I think that is really the point about the middle market, the mid-size American grocers. Slightly twisting it, we won QuikTrip, which is not a grocer. It is actually a convenience store, fuel-based convenience store. Which again, is clearly a very adjacent sector to grocery, but it is not grocery. It is a big sector in the US, and we won QuikTrip. QuikTrip said we want to do quite a lot of PR around this because we want the suppliers to be keen to take part of funding the promotions, et cetera, so let us get everybody excited. So we did quite a lot of press releases. The whole of the convenience industry is then circling around Eagle Eye saying: What is going on here? How come you are doing that with them? What are. That led to pipeline development and other things. So I think yes, absolutely.

Speaker #1: Once you—I mean, sort of slightly twisting it—we won Quick Trip, which isn’t a grocer. It’s actually a convenience store, a fuel-based convenience store, which again is clearly a very adjacent sector to grocery.

Speaker #1: But it's not grocery, but it is a big sector in the US. And we won QuickTrip. QuickTrip said, we want to do quite a lot of PR around this because we want the suppliers to be keen to take part in funding the promotions, et cetera.

Speaker #1: So let's get everybody excited. We did quite a lot of press releases, so the whole of the convenience industry is then circling around Eagle Eye saying, what's going on here?

Speaker #1: Well, how come you’re doing that with them? And that led to pipeline development and other things. So I think yes, absolutely. And the beauty of the U.S. market is that there are a lot of people who know each other, who meet each other at conferences, who are not competitors.

Tim Mason: How come you are doing that with them? What are. That led to pipeline development and other things. So I think yes, absolutely. The beauty of the US market is that there are a lot of people who know each other, who meet each other at conferences, who are not competitors because they operate in completely different geographies. So they can just ring them up and ask them, and they do.

Tim Mason: The beauty of the US market is that there are a lot of people who know each other, who meet each other at conferences, who are not competitors because they operate in completely different geographies. So they can just ring them up and ask them, and they do.

Speaker #1: Because they operate in completely different geographies, they can just ring them up and ask them. And they do.

Speaker #3: Great, thank you. Next question is, who's implementing the two SAP sales? The answer to that is system integrators. SAP work with a whole range of different system integrators.

Lucy Sharman-Munday: Great. Thank you. Next question is, who is implementing the two SAP Sales? The answer to that is system integrators. SAP work with a whole range of different system integrators. Tim, you might want to touch on your time spent with them in a minute. Is there any functionality missing from the OEM version versus what is in the branded version? The answer is yes. So the OEM version is purely promotions and loyalty. It does not have any of the EagleAI products currently. Any comment on the SI-

Speaker #3: Tim, you might want to touch on your time spent with them in a minute. And is there any functionality missing from the OEM version versus what's in the branded version?

Speaker #3: And the answer is yes. So the OEM version is purely promotions and loyalty. It doesn't have any of the Eagle AI products currently. Any comment on the SI?

Speaker #1: Yeah. Al and I did a series of three meetings with SIs around the world. I think we met over 100 SIs in what were basically, I mean, we were guests of the OEM product team.

Tim Mason: Yeah. Al and I did a series of 3 meetings with SIs around the world. I think we met over 100 SIs in what were basically- We were guests of the OEM product team, talking about the opportunity in the market and how it works. Clearly, they put some quite significant effort into that, and we have taken part in it.

Speaker #1: Talking about the opportunity and the market and how it works. Clearly, they put quite significant effort into that, and we've taken part in it.

Speaker #3: Great, thank you. OK, next one. It wasn't clear what functionality or customer success was required for the company to address the $1.4 billion US market.

Lucy Sharman-Munday: Great. Thank you. Okay, next one. It was not clear what functionality or customer success was required for the company to address the 1.4 billion US market. Just a bit of background, how we have come to that. First of all, we have looked at our focus. So we are looking at grocery, convenience, sectors that we are in already, not looking at the whole of the retail space, so that is the first point. That really is the criteria to get to the 1.4 billion market. So hopefully that addresses your question.

Speaker #3: Just a bit of background on how we've come to that. First of all, we've looked at our focus, so we're looking at grocery, convenience—sectors that we're in already. We're not looking at the whole of the retail space.

Speaker #3: So that's the first point, and that really is the criteria to get to the $1.4 billion market. So hopefully that addresses your question.

Tim Mason: Just in terms of what do we need to do, it is not that there is anything missing. We just need to get out and talk to them. There is a lot of people to talk to. Of course, you have got to talk to them at the right time, because particularly if you are either installing for the first time or upgrading your loyalty platform, you only do that once a decade max. So you have got to be there at the right time. There is a whole outbound marketing program, et cetera, that is being built and being developed. The conference season is starting. Literally as we speak now, the US sales team is arranging meetings for next week's meeting, which is in Vegas. Groceryshop is in Vegas next week. The reason why they are doing it today is because that is just the way it works.

Speaker #1: And just in terms of what do we need to do, we need to get it's not that there's anything missing. We just need to get out and talk to them.

Speaker #1: And there’s a lot of people to talk to. And of course, you’ve got to talk to them at the right time, because particularly if you’re either installing for the first time or upgrading your loyalty platform, you only do that once a decade.

Speaker #1: Max: So, you've got to be there at the right time. So there's a whole outbound marketing program, et cetera, that's being built and being developed.

Speaker #1: The conference season is starting, and literally, as we speak now, the US sales team is arranging meetings for next week's meeting, which is in Vegas.

Speaker #1: The grocery shop is in Vegas next week. And the reason why they're doing it today is because that's just the way it works. So you've got to be on the phones, on WhatsApp, on email today arranging the meetings for next week.

Tim Mason: You have got to be on the phones, on the WhatsApp, on the email today, arranging for the meetings for next week.

Speaker #3: Thank you. We still have time. I think we are. Next question is, how many salespeople have we got on quota worldwide—roughly about 20? About 50 people in the sales team globally?

Lucy Sharman-Munday: Thank you. Are we still okay for time? I think we are. Next question is, how many salespeople have we got on quota worldwide? Roughly about 20. About 50 people in the sales team globally, but that includes CSMs, partnership people, marketing people. What are sales productivity targets, and are they measured in ARR or some other basis? They are all targeted. They have all got ARR quotas individually and as a team target. So hopefully that makes sense. What are the staff numbers of UK versus USA and around the world? There is about 250 people across the globe. About 130 of those in the UK, about 50 of those in the US. The balance rest of the world. Rest of the world for us is mainly APAC and France.

Speaker #3: But that includes CSMs, partnership people, and marketing people. What are sales productivity targets? And are they measured in ARR or on some other basis? They all have ARR quotas individually, and there's also a team target.

Speaker #3: So hopefully, that makes sense. As for staff numbers—sort of UK versus USA, and around the world—there are about 250 people across the globe, about 130 of those in the UK, and about 50 in the US.

Speaker #3: The balance, Rest of World. Rest of World for us is mainly APAC and France.

Speaker #1: Yeah, I mean, I guess the point about that is that the core engineering function is here, and that's what drives the numbers here.

Tim Mason: Yeah. I guess the point about that is that the core engineering function is here, and that is what drives the numbers here.

Speaker #3: The shareholder base—what we'd like to know about the shareholder base. The presentation is on the website; it's one of the last slides in terms of the shareholder base.

Lucy Sharman-Munday: The shareholder base. What would you like to know about the shareholder base? The presentation is on the website. It is one of the last slides in terms of the shareholder base. The top institutions, two top institutions have got over 9%. They are heavily or majority UK-based.

Speaker #3: The top two institutions have got over 9%. They are heavily, or majority, UK-based.

Speaker #2: Fantastic. I was going to say, you've covered all of those questions often. Of course, if any further questions come through, we'll be able to publish responses where appropriate to do so.

[Company Representative] (Investor Meet Company): Fantastic. I was going to say, you have covered all those questions off. Of course, any further questions come through, we will be able to publish responses where appropriate to do so. I see one has just come through from Jonathan. Lucy, I do not know if you want to have a quick look at that before we just ask Tim for some closing comments.

Operator: Fantastic. I was going to say, you have covered all those questions off. Of course, any further questions come through, we will be able to publish responses where appropriate to do so. I see one has just come through from Jonathan. Lucy, I do not know if you want to have a quick look at that before we just ask Tim for some closing comments.

Speaker #2: I see one's just come through from Jonathan. Lucy, I don't know if you want to have a quick look at that before we just ask Tim for some closing comments.

Speaker #3: How do you compensate sales on SAP Sales?

Lucy Sharman-Munday: How do you compensate sales on SAP sales?

Speaker #1: I mean, I think, in a way, they have their own compensation for their own salespeople, and we have our own internal program.

Tim Mason: They have their own compensation for their own salespeople, and we have our own internal program. I think only a 10% close rate because got to wait and see, be conservative, and hopefully it will be better than that. We just do not know. There is no point in. Theoretically big, but we just do not know until it starts closing out. Hopefully, as you have sort of indicated, it will be better than that.

Speaker #1: And I think only a 10% close rate, because we've got to wait and see, be conservative, and hopefully it'll be better than that. We just don't know.

Speaker #1: So there’s no point in, theoretically, but we just don’t know until it starts closing out. Hopefully, as you have sort of indicated, it’ll be better than that.

Speaker #2: Fantastic. Great note to end on. Look, thank you very much indeed for taking all those questions. Just before redirecting investors to provide you with their feedback—which is particularly important to you, Tim—if I may, just a few closing comments, please.

[Company Representative] (Investor Meet Company): Fantastic. Great note to end on. Look, thank you very much indeed for taking all those questions. Just before redirecting investors to provide you with their feedback, which knows will be particularly important to you, Tim, if I may, just a few closing comments, please.

Operator: Fantastic. Great note to end on. Look, thank you very much indeed for taking all those questions. Just before redirecting investors to provide you with their feedback, which knows will be particularly important to you, Tim, if I may, just a few closing comments, please.

Speaker #1: Yeah. Well, as I said, I think the business had a good year, so thanks to everybody for pushing hard. I think we have more opportunity than we've ever had for growth.

Tim Mason: Well, as I said, I think the business has had a good year, so thanks to everybody for pushing hard. I think we have more opportunity than we have ever had for growth. We are clearly demonstrating that we are able to deliver that growth profitably and as we scale to improve our profitability. So thank you for your support. Thank you for your interest. If there is anything more that we can do for you, please don't hesitate to reach out. Thanks for your time.

Speaker #1: And we are clearly demonstrating that we are able to deliver that growth profitably. And as we scale, to improve our profitability. So thank you for your support.

Speaker #1: Thank you for your interest. If there’s anything more we can do for you, please don’t hesitate to reach out. Thanks for your time.

Speaker #2: Fantastic. Tim, Lucy, thanks for updating investors today. Now please ask investors not to close the session to be automatically redirected to provide your feedback in order the team can better understand your views and expectations.

[Company Representative] (Investor Meet Company): Fantastic. Tim, Lucy, thanks for updating investors today. Now, please ask investors not to close the session. You should be automatically redirected to provide your feedback in order the team can better understand your views and expectations. This will only take a few moments to complete, and it will be greatly valued by the company. On behalf of the management team of Eagle Eye Solutions

Operator: Fantastic. Tim, Lucy, thanks for updating investors today. Now, please ask investors not to close the session. You should be automatically redirected to provide your feedback in order the team can better understand your views and expectations. This will only take a few moments to complete, and it will be greatly valued by the company. On behalf of the management team of Eagle Eye Solutions

Speaker #2: It's going to take a few moments to complete. And that'll be greatly valued by the company. On behalf of the management team of Eagle Eye Solutions.