Nuix Limited

Thank you for standing by, and welcome to the NUIX Limited Full Year 26 results. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number 1 on your telephone keypad. I would now like to hand the conference over to Mr. John Driven, CEO. Please go ahead.

Welcome everyone and thank you for joining us for NUIX's full year 2026 results presentation. I'm John Riven, NUIX's Chief Executive Officer and with me today is our Chief Financial Officer, Peter McClelland. Today I'll start with our key messages and metrics for the year. Peter will then take you through our FY26 financial performance in detail. I'll return to discuss how we're scaling NUIX NEO and integrating Linkurious. before covering what we see as significant platform evolution and strategic reset. The structural changes we've made to position the business for its next phase of growth. I'll then close out with our outlook before we take questions. Let me start with the highlights from the year. FY26 was a year of profitable growth and decisive action. ACV finished at $260 million, well within our previously guided range. Newegg's NEO ACV grew 179% to $78.5 million across 135 customers. We delivered strong growth in revenue on further success in selling multi-year deals. Adjusted management EBITDA saw a material expansion with revenue growth significantly outpacing cost growth in line with our strategic objectives and we achieved a very strong list in cash generation. with underlying cash flow up 154% to $51 million. And here are the metrics. ACV rose 13.9%. Excluding Wincurious, ACV was up 8.6% or 11.1% in constant currency. This represents good underlying growth despite significant currency headwinds during the year. Revenue up 18.8% or 17.1% excluding Lincurius. Net dollar retention finished the year at 105.2%, up from 101% at the half, a meaningful improvement. Adjusted management EBITDA, which is the key measure of profitability considered by management and the board, up 60.4% or 55.1% excluding Lincurius. and a strong closing net cash position of $49.9 million, up 24.8% on the prior year and post the Linkurious acquisition. Turning to slide 7, alongside the financial performance, we've taken decisive action to position the business for the next phase of growth. These actions reflect a fundamental shift in how we go to market, moving from feature selling to platform value. We restructured our go-to-market and enhanced commercial capability, now operational for FY27. We unified product and technology under CTO ownership, backed by a one-off R&D accelerator investment in FY27. Our AI strategy is advancing, driving internal productivity and capturing new revenue opportunities. The NUIX neo-migration program continues with strong momentum, now representing 30% of total ACV. The Linkurious acquisition is on track with early cross-sell success. And I also want to highlight the dismissal of the ASIC case back in April, in which the Federal Court dismissed all of ASIC's claims against the company and individual directors. ASIC has since appealed that decision in relation to the company. with the dismissal of all claims against the individual directors not subject to the appeal. I'd now like to invite Peter to take you through the financial results in detail.

Thank you John and good morning everyone. As John mentioned, ACV finished the year at $260 million, representing a growth of 13.9% on the prior corresponding period. Excluding Linkurious, Organic ACV grew at 8.6% or 11.1% in constant currency, representing good growth despite some currency headwinds. As you can see from the chart, this represents consistent growth over a five-year period with FY26 including the contribution from the Linkurious acquisition which closed in April. Turning to Nuix Neo. In line with our growth strategies, Newex Neo ACV grew 179% to $78.5 million across 135 customers, up from 75 customers in the prior year. Performance was strongly driven by migration of customers from components to Newex Neo, new customers and further upsell of existing Neo accounts. This brings NUIX NEO's share of total ACV to 30%, more than double the proportion of 12 months ago, and the migration pipeline remains strong heading into FY27. Slide 12 shows the key components of ACV growth during the year. NUIX NEO was the key driver, contributing $50.4 million of growth, more than offsetting the decline in component ACV. Discover was a slight negative with on-premises growth more than offset by a decline in SaaS, driven by the loss of one large contract. John will talk later about how our go-to-market for Discover is being addressed. And then Curious contributed $12 million of incremental annualised contract value during the year. Turning to NDR and churn. Net dollar retention finished the year at 105.2%, up from 101 at December half-year. That improvement was driven by focused, strong upsell activity. On churn, the figure of 6.6% improved from the prior year, although it was higher than the figure reported at the halfs. As we flagged at the 1H results, a single large account in APAC was in the process of winding down over the course of the year and as such was already captured as down selling NVR. The ultimate churn event when the customer formally left us and is counted as churn occurred in the second half which contributed to the upkeep relative to the first half figure. Excluding that single account, underlying churn reverted to approximately 5%, which is more reflective of the ongoing trend. More broadly, the systematic migration of customers from the customer base to Nuix Neo is the key lever of driving NDR improvement over time. And as customers move to the platform, we then see greater opportunity for upsell and cross-sell. Turning to the regional performance, growth was led by North America with strong government agency sales and UX Neo adoption and particularly strong sales from UX Neo Foundation and Legal Solutions. EMEA maintained momentum led by investigation solutions across law enforcement and regulatory agencies with strong new logo acquisition in Central Europe. Asia Pacific was broadly flat, impacted by the loss of that key account that I just mentioned, although we did see successes in government agency sales and UX Neo adoption in the region. From FY27, EMEA and Asia Pacific will be combined into a single international sales grouping which John will come to later. Revenue came in at $263.2 million, up 18.8% or 17.1% excluding Incurious. On a constant currency basis revenue growth was very strong at 20.3%. Multi-year deals rose to 35% of revenue up from 27% in the prior year and this is an ongoing area of management focus representing a deepening of longer term commitments from our customer base. Venturias contributed $3.8 million in the 72 days from completion and also benefited from the close of a large multi-year deal account in June. Turning to research and development. Total R&D was $57.8 million or 5.4% up on the prior year, representing 22% of revenue. We realised efficiency benefits during the period from the structural changes made in the prior year, allowing us to increase output while maintaining disciplined cost growth, and R&D continues to be funded from underlying cash flows. Looking ahead, John will talk to the one-off $15 million R&D accelerator investment plan for FY27, which targets specific areas of platform capability where we see a unique window to capture emerging demand. Turning to adjusted EBITDA, it is certainly worth spending a moment here because this is a very strong outcome in a core measure of profitability for the group. Adjusted EBITDA rose 60.4% to $59.8 million with the margin expanding to 22.7% from 16.8% in the prior year. This result meets our FY26 strategic objective to grow revenue faster than operating costs and clearly demonstrates the expanding operating leverage in the business. Revenue growth significantly outpaced cost growth, highlighting the focus on profitable growth that underpins our strategy. The bridge on slide 18 further illustrates the operating leverage achieved during the year. Starting from the FY25 adjusted management EBITDA of $37.2 million, revenue growth of $41.7 million was the largest contributor, significantly outpacing the combined increase across all cost categories. R&D costs we've just discussed. S&D costs increased were mainly driven by commission plans and G&A with some executive restructure and other variable pay costs. To the right, you can then see the pathway through the statutory EBITDA of $66.9 million after capitalised R&D, non-operational legal costs, restructuring and acquisition costs. I would also like to highlight that statutory NPAC was $16.4 million versus $9.4 million loss in the prior year. Turning to the cash flow, this is another slide that I'd like to draw your particular attention to. We achieved a very strong uplift in cash generation during the year. Underlying cash flow increased 154% to $51 million. After those one-off type items, non-operational legal costs, restructuring, acquisition costs, the overall free cash flow was very strong at $37.4 million, up from $4 million in the prior year. and as John mentioned earlier, the net cash position at the end of the year was $49.9 million post the Linkurious close. I'll now hand back to John to discuss NUIX NEO and our strategic positioning. Thanks Peter.