Ann: 1Q 2025 Trading Update, page-16

"Brownie point for rehashing FDV management cherry picked data - Total Centrify vs Iris revenue 1Q24 vs 1Q25." - The company reports quarterly. The normal practice for every company is to compare their results with the prior corresponding period and/or prior corresponding quarter (if they are not/less seasonally affected). FDV's revenues are seasonally affected. The last period being reported on is Q1 2025, so the pcp is Q1 2024.

If there was something to criticise, it would be if the company like you, just picked out a random quarter that is neither the prior quarter, or pcp to compare it to. Check with every other company reporting on the last quarter, and you'll find them all reporting the same way.

For some reason, you cherry pick a previous period that is not comparable to compare, which is what I pointed out. No one else does this with good reason. If I'm a 'fanboy' for sticking with reasonable convention, then you are going to find a lot of fanboys out there, even those who are shorting companies, simply because they are comparing results with the prior corresponding period for comparable results like every other sane person out there.

Might as well go compare the sales of a florist in February vs November, and ignoring the seasonal factors and events such as valentines day.