Ann: FY24 Results Announcement, page-20

The outlook statements are worse in some key parts, and I think that is why the SP fell. Expected product mix seems to matter. The pipeline increase will hopefully generate more revenues though. My opinion is at the current SP I'm willing to take my chances.

It went from July 16th "Renewals for FY2025 are expected to be weighted to the second half of the year and the full year will rely more on new business than FY2024."

To: We make the following observations regarding the FY25 trading year:
• Renewals book is softer (compared?) to the prior year and is weighted towards H2 FY25. Renewals skewed modestly towards Transact and Infrastructure clients;
• Collaborate churn expected to persist as clients migrate to a full SaaS environment;
• Current new business & upsell pipeline is up on pcp, weighted to Collaborate. Increased focus on targeting larger enterprise customers across all products and geographies; and
• The effective tax rate is expected to normalise in FY25 given brought forward R&D tax credits utilized in FY24.