Experian plc

Good day and thank you for standing by. Welcome to the Experience Preliminary Results for the Year and the 31st March 2026 webcast and conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask the question during the session, you need to press star 1 and 1 on the telephone keypad. You will hear an automatic message advising your hand is raised. To withdraw a question, please press star 1, 1 again. Please be advised that today's conference has been recorded. I would now like to hand the conference over to our first speaker today, Mr. Brian Patton, Chief Executive Officer. Please go ahead, sir.

Thank you very much. Hello, everybody, and welcome to our FY26 results presentation. I'm joined by Lloyd, who will run through the financials after my initial overview, and then we'll open up for Q&A. FY26 was a strong year for Experian, a record year, in fact, where we delivered on our medium-term framework We had many important client wins and renewals, and we made really good strategic progress whilst remaining disciplined on capital. And that leaves us well positioned as we move into the new financial year. Financially, it was an excellent year. Organic revenue came in at the top of our range of expectations, with margins ahead. And just as importantly, this is our second year of delivery against the medium-term framework, demonstrating consistent execution against our objectives. Organic revenue growth for the year was 8%, rising to 9% in Q4. Margins expanded by 60 basis points for constant currency, ahead of our 30 to 50 basis points guidance. Enhanced productivity was part of that, alongside the growing scale of our product platforms. We also made substantial progress in our cloud migration, achieving the targets we set out for North America and Brazil, We now have a more agile organization, fully cloud native, with more room to invest now that these dual run costs are largely behind us. All of this led to a 15% benchmark EPS growth, which is a really strong result. We also delivered another year of really good cash generation with consistently high cash conversion. RLCE of 17.2% was up on last year on a larger capital base, illustrating the quality of returns in the business. and we're successfully combining investment in the business with shareholder returns. This is reflected in further dividend progress, and in today's announcement of an additional $1 billion share buyback, adding to the $1 billion buyback we announced in January. We continue to invest in new products, and that is fueling our growth, while our investments in verticals have supported some very strong share gains there. New products added $2 billion to revenue. This includes enhanced insights such as cash flow-based scores and broader adoption of the Ascend platform. Our consumer services membership expanded to now stand at over $215 million globally. This is a significant asset for us. In a more fragmented landscape, the power of our brand and large installed high-intensity audiences provide experience with a very strong platform for growth. It was an important year in B2B for renewals and new wins, with good sales momentum across the business. In North America, we secured 100% of the large strategic accounts that were up for renewal, with higher contract value and longer terms. That picture was similar in Brazil and the UK, and it really brings home the critical value of our data and solutions to our largest clients, with the same platform playing a key role in all of that. M&A continues to play a key supporting role. Our focus has been on transactions that enhance our data assets and extend acquisitions in key areas. In Brazil, the integration of ClearSale is going very well. It has already enhanced our very strong position in that market. AppData strengthens our position in identity, fraud, and marketing, with the addition of over 10 billion email addresses to enhance our insights. While the acquisition of OwnUp will deepen the presence of our North American marketplace in the mortgage sector, and home category. We're using generative AI to accelerate our strategy, strengthen the way we operate, build products, and serve clients. Already, we're seeing productivity gains driving career reduction and labor costs as a percentage of revenue. Cumulatively, organic FTE growth across the business has been broadly flat for FY25 and 26. We expect these gains to support faster product development cycles and improve how we build, deploy, and scale products. Beyond efficiency, AI is expanding opportunities, both deepening our existing markets and expanding new use ones. We've identified over 15 billion of incremental TAM, which we're positioned to address and in which in some cases are already delivering tangible revenue. Healthcare is a good example. We were first to market with PAT, which is helping clients reduce costs and claims denials and improving the quality and consistency of how eligibility decisions are made. and we have a strong pipeline of new healthcare applications. Additional examples include Experian Agent Trust and new extend modules, and we're also extending our distribution into LLM platforms, and we've just signed a new partnership with ServiceNow to embed and deliver our fraud capabilities using mobile contact protocol. Our venture program helps us to stay close to early stage opportunities that support and accelerate the delivery of our AI strategies. Our strategy is consistent, it's working, we're executing well, and our position continues to strengthen. Central to this are standardized platforms, which allow us to scale quickly into new opportunities. These opportunities are not unfamiliar territory to us. We're building on what we already do well and applying it into extensions of capabilities that we already have and also to new and often higher value use cases. Over the past few years, we've used our data and technology to enter new areas of growth, and this is driving a steady expansion in innovation-led revenue. We've now reached a peak in our cloud program. Combined with improved productivity and increased financial flexibility, we're well-placed to build on this and move into the next phase of growth for Confluence. We have a strong position in consumer services, with large, engaged audiences on our platform. At the same time, by linking our B2B and B2C capabilities, we're creating highly differentiated propositions that are difficult to replicate. This is attracting more members and deepening engagement. Our brand and role as a valuable partner to consumers and to businesses looking to connect those consumers is a key asset which will increase the value as audiences fragment. The critical nature of our data plays a key role in this. Large organizations, financial institutions in particular, want to make our products available to their own customers. This is behind the multi-year contract we've just signed in partner solutions, and we expect more of this to come, both with traditional clients and as emerging L&M platforms seek to embed compelling and compliant consumer experiences. In B2B, we're becoming more embedded in our clients' operations. Our platforms are deepening our position in client workflows, allowing us to do more with them and opening new areas of growth. We now have over 2,300 client solutions and 37 products on the send, with engagement continuing to grow. And as clients use more of the platform across credit, fraud, identity, and model governance, the value increases for both sides. We're also seeing increasing interest in clients in new agent abuse cases. This strategy is clearly coming to fruition. Platforms are strengthening client relationships, extending contract duration, and increasing value. By integrating new capabilities and data, we'll build further on this by expanding into new use cases. Now, the success of our strategy lies not just in the data that we hold. It's also about data analytics, decisioning, and AI, all of which come together to deliver value. AI increases demand for data and drives higher decision volumes. It raises the bar for accuracy, explainability, and compliance. These are not new requirements. These are areas where we're already strong. And solutions built on our proprietary data underpin more than 90% of our revenue. But what really matters is how we combine and apply it. By bringing together credit, identity, behavioral, transactional, and asset-level data, we help clients make better decisions improving underwriting accuracy, strengthening fraud detection, and optimizing areas like healthcare reimbursement. Crucially, this all sits within regulated, auditable systems of the core client workflows. That allows real-time decisions of scale with the transparency and control that they require. And over time, the links between our B2B and B2C businesses are creating better and more connected data assets, which, combined with our distribution, are difficult to replicate. The result of this is a set of durable advances, deep integrations, high switching costs, data-driven network effects, and regulatory barriers. And as AI adoption grows, these advantages become more valuable. What we're seeing based on early adoption in client behavior is that AI is expanding our market opportunity. And we've identified an additional $15 billion of addressable market from what we've seen to date. At a simple level, decisioning is happening more frequently and in a more continuous way. Each new environment, whether it's a workflow, platform, co-pilot, agent, creates additional demand for trusted, governed data. And we see this translating into 3K drivers. First, more activity within existing markets. Second, changes to existing markets and entirely new use cases. AI, for example, is changing fraud, and it's creating a new category of agentic commerce changing and expanding your own trusted data and decision. And third, new ways to reach customers as AI accelerates new distribution channels. Taken together, these dynamics expand both the scale of our opportunity and we're investing in AI-led initiatives to catch this growth. Let me give you a few examples. Starting with Know Your Agent, which we recently announced with Visa, Skyfar, and Cloudflare. As commerce becomes increasingly agent-driven, the key challenge is trust. How do you link transactions back to a verified human? Today, there is a lack of trust, which creates fraud, risk, and liability, and acts as a constraint on adoption. And this plays directly to our strengths, trusted data that can verify identity and enable secure, accountable transactions. Second example is the expansion of Ascend. We've already introduced Model Risk Manager, automating governance processes such as documentation and monitoring for compliance. We're extending this into adjacent workflows, including fraud case management and operational reviews. Our partnership with ServiceNow is another important step, embedding our capabilities directly into their workflows via MCP, delivering identity, fraud, and compliance outcomes at the point of use, which significantly extends our distribution through their enterprise sales channel. In healthcare, our scale across providers and players gives us a uniquely deep data asset. This underpins patient access curation, which replaces sequential processes with more intelligent data-led decision. We're now extending that capability into claims and appeals, automating high-cost workflows, and improving outcomes in a market which is under pressure to reduce denials. And in consumer services, we're expanding into AI-driven distribution channels while deepening engagements on our own platforms. Through partnerships such as OpenAI, we're embedding our marketplace capabilities directly into these environments. Customers can express intent, and we can match, underwrite, and fulfill within that flow. So overall, we've made significant strategic progress, scaling our platforms, deepening client relationships, and expanding into higher value areas, all of which positions as well for the next phase of growth. Let's look in detail now at our FY26 performance, starting with North America. We delivered organic revenue growth of 10%, which was led by B2B with a standard performance in financial services. As I mentioned earlier, we had an excellent year for client renewals. We renewed over half of our top 20 clients in this financial year and several more in our top 20. We retained all of those clients, which is 100% renewal rate, and we also retained them with higher contract value and longer durations. This reflects the breadth and depth of those relationships, the critical nature of our solutions, and the success of our strategy across in itself. With this, it's really helping us to capture more value. Growth is also supported by increasing demand for differentiated data, particularly in areas such as cash flow, where we provide solutions clients can't really source anywhere else. App data further strengthens our position, adding a large proprietary email intelligence asset to our identity capabilities. Verification services also made good progress, expanding both data and adoption. And following the recent FHFA announcement, we've begun delivering Vanity Score 4 to lenders participating in the initial FHFA pilot. The profile of verticals, performance was strong, automotive was a standard, AutoCheck is now the exclusive provider across nearly every major U.S. auto online shopping site, and healthcare momentum was also strong. led by patient access creator, which we mentioned earlier, with strong demand for automation as providers look to reduce costs and improve reimbursement outcomes. Our strategy in consumer services is consistent and clear. Grow our audience, enhance the experience, and drive growth. We have a large installed audience, scaled assets that is increasingly valuable to clients, and our membership base expanded again this year. We're also continuing to improve the member experience. AI-led capabilities like Eva move customers from insight to action. Own-up is another important step, extending us into the mortgage space and enhancing Home Hub. And as with Gavi in insurance, it gives us a great entry point into a very large marketplace. What sets us apart here is our ability to connect these products with our B2B assets, which include housing data, to create customer experiences that are very difficult to replicate and open new revenue streams. In partner solutions, the underlying performance of the business is very strong, masked by the volatility of the data breach business. This year, we are managing the roll-off of two large, long-term data breach contracts. At the same time, we have signed a significant new five-year agreement with a leading U.S. lender, extending a long-standing relationship This has identified the contract as multi-year, recurring, and expected to build over time as the client launches a new identity protection program alongside premium credit services during FY27 and beyond. It reflects the ongoing shift we're seeing towards more high-quality, recurring revenue based on long-term agreements with leading industry brands. Turning to Latin America, growth by 8% reflects a much-improved B2B trajectory into the airport quarter. and consumer services continues to be an important growth engine. In Brazil, B2B, we had a strong close to the year, driven by new business wins. Post-acquisition of ClearSale, we have a wider set of capabilities across credit, fraud, and identity, allowing us to meet more of our clients' needs and expand our footprint across major accounts. The integration of this acquisition has gone really well, with several large Brazilian banks buying our combined identity and fraud products. And we're seeing potential to address new industry segments and emerging areas like agentic commerce where trusted identity and decisioning will be increasingly important. In consumer services, we're seeing good momentum across the business, driven by membership growth, higher engagement, and the expansion of products. Limp and Nill continues to scale well alongside our credit marketplace and premium offerings. Now, there are a number of expansion initiatives underway, most immediate being insurance, where early progress has been encouraging. Overall, it's been a year of significant strategic progress, materially expanding our addressable opportunity and positioning us strongly for the next phase of growth. At the UK and Ireland, we've delivered a solid performance alongside good strategic progress across B2B and consumer services. In B2B, despite a subdued market backdrop, we secured a number of important competitive wins and new logos and are seeing increasing traction of clients. We've seen a career shift towards higher value, longer-term contracts, supported by our differentiated data and solutions. Ascend is a key driver here, and we are building on initial sandbox deployments with further to come. Consumer services was a highlight. The introduction of the 1250 score has been significant, driving audience expansion and strong engagement. And Activate continues to expand the range of card and loan exclusives, supporting strong marketplace momentum. Across the near and Asia-Pacific, we also delivered a solid performance with 5% growth and total revenue of 17%, and more than doubling of EBIT supported by the successful integration of ILEON and delivering of synergies. Innovation remains a key focus area with strong contributions from scores and attributes and fraud and identity. We've also established a strong foundation for Ascend, which we expect to become a more meaningful contributor in this region after 2017. So with that, let me turn it to Lloyd for the financial overview.

Thanks, Brian. Good morning, everyone. As you've seen, we've delivered another strong year with performance at the upper end of our expectations and strong strategic momentum you just heard from Brian. Revenue from ongoing activities increased by 13% at actual rates and 11% at constant rates with organic revenue growth of 8%. And that reflected another year of broad-based strength across the portfolio and continued execution against our medium-term framework. Benchmark EBIT from ongoing activities also grew strongly, up 15% at actual rates and 13% at constant rates, to over $2.4 billion. Benchmark EBIT margin increased to 28.6%, with organic constant currency margin expansion of 90 basis points, again beating our midterm framework. Reported total margin was up 50 basis points at actual rates. This translated into strong earnings growth with benchmark EPS up 15% at actual rates and 13% at constant rates. Cash generation was good with benchmark operating cash flow of over $2.2 billion. We delivered another year of very strong returns on capital employed at 17.2% on an expanding capital base. We remained strongly financed with significant financial flexibility and we ended the year with net debt to benchmark EBITDA of 1.7 times. And given the strong performance and outlook, the Board has approved an increase in the full-year dividend of 11% and a further $1 billion share by that program. And FY26 continues our track record of delivering strong growth. Looking back at our performance since FY20, we've delivered significant growth across all key financial metrics. During this time, we've added $3.2 billion to our annual revenue and added over $1 billion to both annual operating profit and cash flow. And over this extended period, this represents 8% compound growth in revenue and double-digit growth in profit, cash flow, and earnings per share, reflecting the significant strategic progress and momentum we have as a company. And this performance has been delivered across a period that's included the pandemic, rapid interest rate rises, weaker lending conditions in several markets, and significant technology transformation. Turning back to FY26 and starting with the revenue growth trend, the chart here shows the consistency of our growth delivery over the last three years as we've continued to strengthen and broaden our business with investments in new products, data assets, platforms, and consumer propositions. In FY24, again, revenue growth was 6%. In FY25, this increased to 7%. In FY26, we delivered 8%. And we've also continued to deploy capital into value-adding acquisitions, strong returns on capital, which is added to our revenue growth. Looking at FY26 in more detail, this has been a record year of growth. We delivered nearly $1 billion of incremental revenue during the year, with growth across all regions and verticals, with particular success in our new and scaling products, as you saw earlier. North America had a very strong year, growing revenue by over half a billion dollars to $5.6 billion. Total revenue grew 11%, with broad-based organic growth of 10% across our diversified business. North America financial services grew 14% for the year, excluding mortgage. Our core financial services business grew consistently well at 9% in each half, and improved slightly to 10% in the final quarter as we made strong progress with our Ascend propositions. As you've heard from Brian, our largest clients continue to deepen and extend their relationships with us, given the unique depth and strength of our innovative propositions. Mortgage revenues were 45% for the year on a slight early decline. And our North America verticals business grew well and now represents a revenue base of over $1.5 billion, with a long record of delivering strong and consistent growth. We saw continued strength in our health business, powered by our AI-native solution, Patient Access Curator, which helped drive another year of five-single-digit organic growth of 9%. Automotive had another excellent year of double-digit organic growth at 13%, and with continued strategic success in auto check, credit, and value recovery solutions. Our North America consumer services business grew well, to over $1.7 billion in revenue, an organic increase of 6% for the year. Just over half of the consumer services business's paid membership, which grew 2% for the year as a whole, and followed its normal pattern of more moderate growth at times of expanding credit supply. During Q4, we saw an increase in new sign-ups and expected sustained moderate growth in FY27. Our North American marketplace business is around a quarter of the North American consumer service business, and this grew strongly, up over 20% for the year as a whole, and reflecting the expanding credit supply. In the fourth quarter, and against a very strong comparative, marketplace grew modestly, and we saw some credit card clients adopt a more cautious approach as the quarter progressed, reflecting events in the external environment, whilst personal loans continue to grow well. Trends over the last few weeks have been stable, and we expect to start the year with stable marketplace revenues year over year. And part of the solutions, which represents the remaining quarter of the consumer services business, was down modestly in a year and in the fourth quarter. In the fourth quarter, we began to wind down the two long-term data breach services contracts, associated with two large-scale historic data breaches. These represented quarterly revenue of around $20 million, about half of which dropped out in the fourth quarter, and the rest reducing in early FY27. And as Brian referenced, we've also signed a major new partnership with a leading global financial institution, which we expect to contribute meaningfully from FY28. The Latin America business added $231 million of revenue in the year, with 8% organic growth and a strong contribution from the acquisition of Quercel. The business ended the year very strongly, with organic revenue growth of 17% in the fourth quarter. B2B growth across the year of 3% reflected macro conditions, but improved meaningfully to 12% in Q4, supported by fraud, identity, telco wins, biometrics, and new product momentum. Consumer services continued to perform very strongly with growth of 33% in Q4 and 23% for the full year and grew to over $300 million of annual revenue. With the improvement in B2B performance and with a strong pipeline and our scale in consumer business, we expect Latin America to be back to around double-digit growth in the causes ahead. The UK and Ireland grew 2% for the year. Consumer services delivered double-digit growth in all four quarters, reflecting strong marketplace performance, higher engagement, and product enhancements. B2B also improved modestly through the year, reflecting subdued overall economic conditions. EMEA in Asia-Pacific grew 5% for the year, with the region benefiting from new product innovation and the integration of ILEAN. Turning out our EBIT margin, this is the second year of our medium-term framework, and each year we've outperformed our organic constant currency framework, delivering 90 basis points of organic constant currency margin expansion. And that reflects the strong operating leverage we're generating as the business scales, and we gain productivity benefits from deploying AI tools across the group. Across the two years, acquisitions have represented around 50 basis points of temporary headwinds margin, but FX represented an effect of 30 basis points. After these effects, reported margins increased by 100 basis points across the two years, 50 basis points in each year. A key driver of our margin progression has been significant improvements in labor productivity. As we scale the business, we continue to generate strong operating leverage. When this is combined with the benefits of technology from our cloud transition and automation through the deployment of AI tools across the group, we continue to deliver strong growth without needing to scale our employee base. Over the past two years, revenue has grown at a 9% compound rate, while organic headcount has been stable, and labor costs have grown at a compound rate of around 4%. As a result, labor costs as a percentage of revenue have reduced by over 300 basis points. And this progress has been delivered while fuel run costs associated with our cloud migration have increased during that period. With cloud transformation in North America and Brazil excluding health now substantially complete, fuel run costs peaked in FY26 and will trend down from FY27. This gives us increased flexibility to continue investing in innovation while sustaining good margin progression. Looking at margin by segment over a longer period, both parts of our business have been performing well. B2B margins have remained consistently strong at around 31%, despite the impact of technology-dual run costs, recent acquisitions, and the effects of FICO mortgage royalty. And this reflects the quality of our data analytics and software business and the operating leverage we can generate from scale platforms such as Ascent. And as a reminder, new acquisitions are generally margin dilutive, but typically scale to group average margins over around three years post-acquisition. Consumer services margins expanded significantly over this period from around 22% in FY20 to 30% in FY26, and is now broadly in line with our B2B margin. And that reflects the scaling of our global membership base, now over 215 million free members, and the expansion of higher value propositions across marketplaces premium services, and partner solutions. Turning now to earnings per share, benchmark EPS increased by 15% in actual rates and 13% in constant rates. Benchmark EBIT from continuing operations was the largest driver, reflecting strong revenue growth and margin expansion. Interest expense of $185 million increased as expected and continues to benefit from our rate-edging program with the average interest rate of 3.6%. The benchmark tax rate was 25.5%, and our weighted average number of shares was 913 million. Since our January announcement, we've been executing on the $1 billion share repurchase program. By 31st of March, we've spent roughly half of that program, with the FY26 closing share count down to 899 million shares. Overall, the result demonstrates the strong conversion from revenue growth into EBIT and then EPS growth. Looking at the reconciliation of our benchmark, the statutory profit before tax. Benchmark profit before tax increased 15% at actual rates to 2.2 billion. Acquisition and disposal expenses were reflecting acquisitions recently completed and the associated integration activity. Amortization of applied intangibles was $271 million, up from $711 million last year, reflecting recent M&A. Restriction costs were $28 million, lower than the prior year. And non-cash refinancing remeasurements were favorable by $87 million, compared with an adverse movement last year, principally relating to Brazilian intergroup funding and other financing fair value movements. And as a result, statutory profit before tax increased 26% to $1.95 billion. Looking now at the contribution from M&A, we continued to deploy capital selectively into strategic acquisitions. During FY26, we completed four acquisitions, ClearSale, Convented, KYC360, and Updata. Post-year-end, we completed OwnUp and Confer, O-NOT gives us an AI-driven mortgage platform in North America, expanding our consumer access to affordable lending options, confer ads, further digital verification capability through open banking, payroll, and tax integrations. And together, these acquisitions strengthen our data assets, extend our fraud, identity, and verification capabilities, and expand our consumer marketplace opportunities. And we expect completely acquisitions today to contribute around 1% at each point growth in FY27. We continue to generate significant cash flow as a business with a sustained level of benchmark EBIT cash flow conversion above 90%. We've added more than $1 billion of annual operating cash flow since FY20, enabling significant flexibility to invest for growth, return capital, and maintain balance sheet flexibility. Whilst we've continued to invest in the business and in acquisitions, we finished the year with a net debt to EBITDA ratio of 1.7 times, below the bottom of our guidance range. Given this strong financial position and flexibility, we announced a $1 billion share repurchase program in January, and today I have announced a further $1 billion program. Adjusting our year-end leverage on a pro forma basis to the uncompleted parts of that $2 billion in share repurchases, and our announced acquisitions, our year-end FY26 leverage would have been 2.3 times net debt for EBITDA on a pro-form basis. And we've announced a second interim dividend of 48 cents, taking the total FY26 dividend to 69.25 cents, up to 11%. Onto our cash generation and return on capital. As you've seen, in FY26, we generated $2.8 billion of funding capacity, including $2.3 billion of funds from operations and around half a billion increase in net debt. The use of these funds was balanced across our key capital allocation priorities. We invested $0.7 billion organically through capital expenditure and product development, and this represented a capex-to-sales ratio of 8.6%. reducing in line with our long-term guidance, and we expect this trend to accelerate given our cloud migration progress. We've also deployed capital into disciplining the value-creating acquisitions, with $0.8 billion invested in acquisitions and minority investments that strengthen our data, fraud, identity, and verification capabilities. At the same time, we return cash to shareholders with $0.6 billion paid in dividends and $0.7 billion through the share repurchase program. And importantly, we continue to deploy capital in a disciplined manner so that we continue to deliver very strong returns on capital on a growing capital base. On the right-hand chart, you can see that we've grown the capital base significantly since FY20, whilst maintaining very strong post-tax returns of around 17%. Turning now to our FY27 modeling considerations, as you've seen in our announcement, we expect to deliver another year of double-digit benchmark EPS growth with strong revenue growth and margin expansion. We expect total reported revenue growth of 8% to 11% at actual rates. We expect organic revenue growth of 6% to 8%, which is in line with the initial guidance we gave for FY26, and we expect to start the year around the middle of this range. At the central point of that guidance, it takes account of the lapping of the one-time volume crew-up in North America consumer in Q2, as well as the wind-down of the two-mega breach contracts in North America consumer services. And the 6% to 8% range reflects a prudent approach to the potential macroeconomic scenarios associated with the ongoing situation in the Middle East. Acquisitions already completed are expected to contribute around one percentage point to revenue growth And as usual, this only includes completed acquisitions and will update if further acquisitions complete. We expect benchmark EBIT margin, progression of 50 basis points at constant exchange rates, which is at the top end of our medium-term guidance range. This is supported by operating leverage, productivity benefits, scaling of consumer services, and the reduction in technology or dual loan costs. And includes the headwind from FICO mortgage royalties, and the breach contract point down. Based on rates over the last month, we expect foreign exchange to be a 1% to 2% benefit, revenue, and benchmark EBIT. We expect net interest of $250 million to $260 million, reflecting an increase in average net debt and the average cost of debt. We expect the benchmark tax rate to be around 26%. And capital expenditure is expected to be around 8% of revenue in line with the trajectory in our mid-term framework. And we continue to expect benchmark operating cash flow conversion above 90%. As we previously said, we've announced a new $1 billion share repurchase program and therefore expect one-offs to be in the range of 880 to 885 million shares. And we expect the resulting closing share count at the end of FY27 to be around 870 million shares. And with the performance and guidance we've reported today, we continue to deliver strongly against our mid-term financial framework. Organic revenue continues to grow at high single-digit rates as we scale our diversified product range and invest in new data sets and product innovation. We've outperformed our medium-term guidance on margin, having delivered 90 basis points of organic constant margin progression in both FY26 and FY26. Combined with our guidance of 50 basis points in FY27, we expect to accumulatively achieve 230 basis points of organic constant currency margin progression. This represents delivery at the top end of our five-year medium-term framework in three years. And we continue to drive sustained good margin progression as the business scales. We benefit from our cloud migration and as we deliver AI-enabled productivity improvements across the group. CapEx as a percentage of revenue continues to trend down towards our goal of 7%, and we expect to achieve 8% in FY27, now that the cloud transformation is substantially complete. And finally, we continue to deploy capital, maintaining discipline across our organic and inorganic investments, achieving consistent, strong returns on capital. And with our consistently strong cash generation, we expect this to continue into FY27 alongside the completion of our buyback programs. And with that, let me hand you back to Brian.