Thank you, operator. Good morning, everyone, and thanks for joining us today for hipages Group's full-year financial results for the 12 months ended 30 June 2025. I'm Roby Sharon-Zipser, the CEO and co-founder of hipages Group , and joining me on the call is Jaco Jonker, our Chief Finance and Operations Officer. I'll start this morning's presentation with a brief overview of the company before touching on the highlights from the year. Jaco will talk through the financial performance in more detail before I provide some more color on our strategic evolution and the outlook for FY 26. hipages is Australia and New Zealand's number one platform to connect homeowners with trusted tradies. Our purpose is to transform the trade industry, building better lives for everyone.
hipages began life as a marketplace business, but with the launch of our Single Trading Platform, or STP, that we call hipages tradiecore, we continue our evolution to a Software-as-a-Service business. FY 25 was a landmark year for the business as we delivered some key strategic milestones while delivering continued growth in our key financial and operating metrics. Turning to the highlights on slide seven, you can see our momentum continued in the second half as we reached some important strategic milestones. In Australia, we successfully migrated all 33,000 tradie customers onto our STP. In New Zealand, we shifted to a full subscription model, and we migrated customers onto new pricing plans, delivering continued ARPU growth in both markets.
From a financial perspective, we delivered strong growth in recurring revenues, ARPU, and free cash flow, further strengthening our balance sheet and giving us a powerful platform to deliver in FY 26 and well beyond. What's especially exciting is the clear step change in free cash generation you can see on the right-hand side. This reflects not only the strength of our revenue growth but also the efficiency of our operating model, even as we continue to invest in product and service innovation to fuel our medium and long-term ambitions. In fact, FY 25 demonstrated the scalability of our model. Every additional dollar of revenue translated into AUD 0.47 of free cash flow, a fantastic outcome that underscores the significant profit and cash generation potential of this business as we scale.
I'll expand further on what this means for our FY 26 targets and longer-term ambitions in the outlook section towards the end of this presentation. With that, I'll now hand over to Jaco to take you through the financial performance in more detail.
Thanks, Roby. I'll kick off by looking at the financial highlights for the full year on slide nine, and I'll note all comparisons are against FY 24. As Roby said, we are pleased to have seen continued growth in our key metrics in a year that was focused on strategic delivery and featured a significant platform migration in Australia and transition to a subscription model in New Zealand. Looking at the top line, MRR was up 14% to AUD 7.4 million, driving a 12% increase in recurring revenue to AUD 80.8 million. Total revenue grew by 10% to AUD 83.1 million, in line with our guidance from the half year. Looking at profitability, our gross profit margin remained very strong at 89%, with EBITDA up 20% to AUD1 9.6 million, reflecting a record EBITDA margin of 24%, up two percentage points on the PCP.
Net profit after tax was AUD 2.4 million, a significant increase from the prior year. Looking at the key drivers, the group subscription trade account was stable at 36,600, with 1% growth in Australia, offset by an expected decline in New Zealand tradies as we migrated to a full subscription model. Group ARPU grew by 9% to AUD 2,267, with Australian ARPU up 8% to AUD 2,381 and New Zealand ARPU up 23%, benefiting from all tradies now being on a subscription. The number of trading homeowner connections remained at record levels at 2.8 million, which reflects healthy marketplace activity. As Roby mentioned earlier, our free cash flow generation was up substantially in the year to AUD 5.6 million, which drove closing cash and funds on deposits up to AUD 26.9 million, with no debt on the balance sheet.
On slide 10, you can see the positive trajectory of all our key metrics, showing the power of our operating model to deliver sustainable growth in revenue, profit, and a key step change in free cash flow. The cash generation potential of this business is significant and growing, which Roby will revisit in detail later in the presentation. Slide 11 shows our strong MRR growth continue this year, up 14% to AUD 7.4 million. The migration to our higher price plans helped drive record new business yields, with more than 80% now migrated. We expect further upside to come, with the remainder of our customer base anticipated to migrate to new subscription packages by October this year. For our existing customers, ARPU growth continues to be driven by ascensions to higher price packages in an active market, supported by intelligent lead pricing, reflecting market supply and demand dynamics.
On slide 12, you can see how our emerging operating leverage delivered a record EBITDA margin in FY 25. Sales employment costs increased over the year as we filled the vacancies and new roles to support growth in New Zealand. Marketing investment as a percentage of revenue remained stable year on year, with disciplined spend in the second half of the year offsetting planned higher spend in the first half, as discussed at our first half results. Operational and administration spend reduced by 3% of revenue, reflecting our prudent cost management. Looking ahead, we expect total OpEx as a percentage of revenue to continue to reduce, driving further profitability. Slide 13 shows how our technology spend continues to reduce as a percentage of revenue. As a reminder, the increase in previous years was to facilitate the shift to the subscription model, improve our matching engine, and develop our job management solution.
In FY 25, technology development maintained focus on the Single Trading Platform while further optimizing the marketplace. We expect technology spend as a percentage of revenue to reduce over the medium to long term as we invest to support the delivery of our roadmap. Turning to our Australian business, beginning on slide 15, hipages continues to show strong marketplace dynamics, delivering an exceptional experience for our customers. On the left-hand side, you can see connection volumes, which occur when a tradie claims a job, remain near record levels. Note that in value, connections increased by 16% compared to FY 24, as we focus on optimizing yield. On the right hand, you can see that the proportion of jobs being connected to a tradie also remains at record levels, meaning we are delivering an exceptional experience for homeowners as well.
On slide 16, ARPU growth continues for hipages Australia, up 8% in FY 25 to AUD 2,381. Key drivers of ARPU growth were new customers joining the platform on high yields, continued migration of existing customers to new plans, optimization of job lead prices, and our AI-powered matching engine, driving increased credit usage, ascensions, and lead-back purchases. The 12% ARPU CAGR over the last five years shows the long-term trajectory of ARPU growth, which we believe will continue to be driven by pricing optimization and future services. Slide 17 shows our continued growth in tradie numbers in Australia, with subscription tradies up 1% at a time when we increased subscription prices and migrated tradies to the Single Trading Platform.
We see clear potential to accelerate subscription growth, especially when taking into consideration that we serviced circa 50,000 paying trade businesses in a 12-month period, in contrast with the 33,000 at the end of June. Roby will talk more about our addressable market and the opportunity to boost tradie engagement and accelerate subscription growth. On slide 18, we highlight that MRR retention has remained stable through the STP migration, with positive signs of retention from early STP users as we continue to drive increased yield. We remain focused on driving adoption of job management features to further enhance tradie retention. Turning to slide 19, which we have updated from the half year to show that we have now migrated all Australian tradies to our new app, with 81% migrated to the new price plans. We expect further yield benefits until the price plan migration is completed by October 2025.
Now, on the right-hand side, you can see that 13% of our total tradie base is now using tradiecore features on a monthly basis, and these cohorts continue to exhibit higher retention rates. We expect increased engagement to continue to drive higher retention rates over time. On slide 20, we look at our brand and marketing initiatives on both the homeowner and tradie sides of the marketplace. We continue our investment with Channel Nine's The Block, which has provided us with more value and stronger integration versus previous years, with a total reach of 13.6 million viewers. We see increased brand awareness among homeowners, up four percentage points to 68%, and hipages remains the number one place to connect with tradies with repeat jobs up 8% year over year. As the number one platform for tradies to grow their business, hipages boasts a strong brand awareness score of 68%.
In FY 2025, we broadened our connection with tradies through a targeted multi-channel campaign. Slide 21 shows how we further enhance the homeowner experience, including launching our new AI-powered assistant to boost job posting effectiveness and help homeowners find solutions to their project needs. Other enhancements included new app designs with improved user interface, user experience, and alignment with the hipages website theme. Turning to our New Zealand business on slide 23, we delivered a key strategic milestone this year with the migration of all customers to a full subscription model at high price points. As a result, FY 2025 revenue was up by 23%, driven by higher yields, and notably, our ARPU exit run rate in June was AUD 1,536, showing material further upside potential in FY 2026 versus FY 2025.
The full transition of New Zealand tradies to the subscription model has lifted base quality, creating a strong platform for continued tradie and ARPU growth. I will now hand over to Roby to provide an update on our strategy and the outlook for FY 2026.
Thank you, Jaco. Many of you will be familiar with this slide that shows our TAM and SAM opportunity. In a market of more than 300,000 trade businesses, we view our SAM at circa 175,000, of which less than 20% are currently paying subscription customers of hipages, reflecting a significant opportunity to further penetrate the market. Slide 26 shows the total number of tradie customers we serve each year. Nearly 50,000 tradies have paid to use hipages in the last 12 months, demonstrating the broad appeal of our platform. Our opportunity is to serve these customers more deeply by evolving with additional services and features, creating stronger engagement and making hipages an indispensable partner for their business. I am confident that our strategy is the right one and that hipages is well positioned to be the tradie category winner.
Slide 27 provides a nice illustration of how I think about it. In May this year, we commissioned an updated market analysis to better understand the hipages value proposition relative to competitors. From that work, we can see clearly that hipages provides a far greater ROI to its customers compared to alternative digital lead generation options. Indeed, hipages demands the lowest take rate versus its peers, where the take rate refers to the percentage of GMV invested by tradies on lead generation. One of our main opportunities lies in strengthening awareness of hipages' ROI benefits among our customer base and clearly surfacing the value delivered through the STP analytics and customer dashboards. Turning to slide 28, where you can see the pillars underpinning our strategy, we segment our strategy into two sides, being the tradie platform and the homeowner platform.
On the tradie platform side, we are focused on continuously enhancing our core marketplace solution that has driven our growth to date, as well as developing our job management solution within hipages tradiecore. On the homeowner side, which we currently do not monetize, our ambition is to create a platform for homeowners to do everything related to their property, from researching work, hiring tradies and managing home services. Artificial intelligence is central to our product roadmap. Our matching engine is already AI-powered, and we are now advancing towards AI-powered features that elevate the user experience, ranging from quoting to scheduling, dashboarding and other key user actions. For those of you who haven't seen our latest product vision video, I highly recommend you scan the QR code to watch it, as it provides an insight into where we are headed.
On slide 29 is an updated view of our job management solution roadmap. Having migrated 100% of our Australian tradies onto STP and with over 80% of our tradies migrated to the new price plans, as well as launching new functionality and features, we have made significant progress this year. Looking ahead to FY 2026, we are focused on enhancing the platform by going deeper into the current feature set with a specific focus on estimates, quoting, and scheduling. We plan to enhance the platform with AI integrations, customer management improvements, and new service offerings. These future services are enabled by the launch of the hipages Toolbox, as you can see on slide 30. The Toolbox is an in-app service marketplace where tradies can access trusted third-party service providers all in one place.
Over time, these services will include insurance, financing, materials, and business tools, or basically anything that tradies need to run their businesses effectively. This extends our value proposition beyond lead generation and job management and makes us the go-to resource for tradies, further driving engagement and retention. This evolution towards STP is reflected in our tech investment mix, which is expected to increasingly be weighted to the platform moving forward. In FY 2026, we expect over 30% of our investment will be towards enhancing the platform to drive adoption and engagement and expand self-service capabilities. On the marketplace side, we'll be focused on optimizing our sales funnel, implementing subscription price increases reflecting the enhanced value we provide, as well as implementing AI tools for better user experiences and improved efficiency.
All of these initiatives are expected to contribute to revenue growth and margin expansion, which brings me to the outlook and our targets for FY 2026 on slide 33. We are targeting revenue growth of 10%- 12% in FY 2026, driven by growth in subscription tradies and ARPU, benefiting from increased engagement and retention. After delivering a record EBITDA margin in FY 2025, we expect our FY 2026 EBITDA margin to be the same or stronger at between 24% and 26%. Having seen a step change in free cash flow generation, we expect free cash flow to increase to AUD 8 million to AUD 10 million, reflecting the power and flexibility of the group's operating model. A key strength of this business that the market has yet to fully recognize is its long-term profit and cash generation potential, driven by our fixed cost profile and the operating leverage it creates as we grow.
As you can see on slide 34, our relatively high fixed cost base gives us operating leverage as we grow, and we feel confident that over the long term at current growth rates, we can comfortably deliver a 30% management EBIT, effectively a cash EBIT margin. At scale, this is a hugely profitable business, and this further underpins our confidence in the strategy. Before I hand over for questions, I'd like to thank all of the hipages team for their huge effort this year. They are key to our ongoing success, and thanks to our valued fellow shareholders for your ongoing support. I feel really good about what we achieved this year and excited about the year ahead and the long-term future of hipages Group. I hope you share that excitement. With that, I'll open up for questions.
Thank you. If you wish to ask a question, please press star, then one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star, then two. If you are on a speaker phone, please pick up the handset to ask your question. Our first question will come from Jules Cooper with Shaw and Partners Limited. Please go ahead.
Hi guys, great result today and really appreciate Roby and Jaco providing that sort of overview on the long-term profitability and cash flow generation potential. I think that's a great slide. Could I just ask a question around that, I think Roby, you just mentioned there the underlying assumption around revenue growth is to sort of continue with that at your current rate. We think about that as sort of 10%- 12% because I think historically you had sort of surfaced a mid-teens revenue growth target. Is it sort of more like what you've guided to FY 2026 there in your thinking? That good operating leverage coming through.
Yeah, that's correct. Everything you said, thanks Jules for the compliments as well. We're very pleased with the results. That last slide is the new slide we introduced this year just to tell the profitability story of this business. We've had a major change over the last two to three years, and the year to come is more of the same in terms of that increasing operating leverage and profitability. We've taken a conservative approach to that long-term view. If we accelerate that revenue growth, then the timeline for what we term as long-term gets shorter. We've also taken a conservative cost growth approach to that as well, probably even slightly more elevated to our current cost growth. That's not necessarily our intention. We're very good at managing the costs of the business as we've demonstrated over the last couple of years.
Got it. I'm sure we can do the math, but maybe just to help us in that area, long-term, can you give us sort of a, you know, when you mathematically roll that forward, how far out are we potentially talking there? Maybe, you know, in a broad range, I'm not going to hold you to anything.
Yeah, definitely. Long-term can mean anywhere between, I think if you do a survey in a room, people will say anything between five and ten years. I think that's broad enough. In terms of the underlying metrics to get that timeline to a shorter, obviously, goes without saying, and for the audience, if our growth is, our revenue growth is faster and our cost growth is a little bit more easier, that's the shorter long-term. If it's more of the same thing with a slightly more higher cost, that's more longer term. Sorry if that's a bit condescending or simple for everyone, but yeah, that's probably the best way I can explain it.
Great. Just one more question. I noticed on slide 19, you've provided a view on monthly active users of your job management features. There's a decent step up, if I'm reading that correctly, July 25 on June 25. I just wondered, is that anything seasonal or is there particularly some things coming through from your roadmap, etc., that's sort of driving that broader adoption?
Yeah, as you know, the year that passed, 2025, was a year to get everyone onto the platform, which we successfully achieved. Now that we have all the customers and all new customers joining on the platform, when we roll out features, we have a much larger database of customers to apply that and message to consistently. The year that passed was really, we obviously grew nicely. We went from 1200- 3800 engaged active customers in the platform. In the last month, that was a big step up. It is not seasonal. We have structured the business a little bit different. We have two teams effectively working on the job management solution. One team is rolling out features, and another team is working purely on adoption. Historically, we were getting the two teams working on migration.
Now that we've got two teams working on this with clear different mandates, we're hoping to see that acceleration continue.
Excellent. All right, thank you. I'll let someone else ask a question.
Your next question will come from Richard Harrisberg with Canaccord Genuity. Please go ahead.
Hey guys, can you hear me okay?
Yeah, we can hear you loud and clear, Richard.
Great. Yeah, some graphs on the results, really strong numbers you guys have put out. I'm just curious, looking at, you know, the ARPU growth, you've had really strong growth over the last few years. I think 12% CAGR was mentioned. How are you sort of tracking on the pricing migration since 30 June? Maybe you can just unpack how ARPU sort of develops going forward, you know, once that's complete.
Sure. I'll hand that one over to Jaco to go into a little bit more detail on, but the headline is that it's going well. We have already another pricing change rolling through as of 1 July for customers that had already migrated to the old pricing model. Maybe Jaco could provide a little bit more color on that.
Yeah. I can expand on that. We're getting to the back end of the migration to the new price plans that incorporate the job management features. We've got about, as of the end of June, we only had 19% of that cohort left to migrate, and that's going to be finished by the end of October. As Roby mentioned, we started rolling out price increases for new customers on top of what we have done in the previous cycle from July. In November this year, we are applying price increases again on the cohorts that got introduced to the original job management price increases in November last year. We're continuously pushing through annual price increases, Richard. We pretty much have three cohorts in flight at the moment: new customers from July, old existing customers from November this year, and the finalization of the migration to job management.
There are a couple running at the moment. That should help us support that ARPU growth and yield for the next year.
Thank you, Jaco. Just to add a little bit more color on that, it's not just the cycle of increasing prices. That research and the summary of the data and where we sit compared to competitors in the market clearly illustrates that we're providing phenomenal value to our customers. There is a gap between us in terms of pricing where we are actually cheaper in terms of value creation. We obviously want to still be competitive and better, but there's still a gap there. We're bridging that gap with some of these pricing changes that we're doing and not really seeing any impact on retention.
Yeah, that's great. Really appreciate all the color there. It makes a lot of sense. Just touching on hipages tradiecore, obviously I know it's still pretty early days. You've got a lot of monthly active users now growing quite quickly. Could you maybe give a little color on, you know, a difference in retention rates that you're seeing maybe across those hipages tradiecore users versus those that aren't using the job functionality just yet?
Yeah, absolutely. As you said, the data sample is still relatively small at 13% adoption. Remember that to see that wash through in retention, it does take time. It can take up to 6- 12 months to see the cohorts coming through. What we have got is a smaller sample. It's not material enough in terms of numbers to really move the needle on the overall retention rate for the business. However, in terms of what I'm connecting the dots for, what I've communicated at the H1 results, I alluded that retention was sitting at around circa 70% compared to a 58% retention for the broader customer base. That data at this point in time for the last dip in analysis of that is consistent with previous communications. That's very positive.
What we do know is that if a customer obviously engages with the technology, whether it's a quoting or invoicing capability, the more instances that they are using the different features that are available in the software, that retention rate goes very high. Obviously, setting up the mechanics in terms of how the business is operating, engagement and additional engagement. If a customer's already engaging with one feature, how do we get into three or four features where we start to see real step changes in retention of those customers is a really important operational change in the business. I'm really excited to communicate more broadly in the next 6- 12 months those metrics in more detail with cohort analysis and things like that. Watch this space, but yeah, still consistent to what I messaged to the market in H1.
Yeah, that's great. Maybe just on that, is there sort of a specific functionality that you're finding is really getting adopted or most used out of the new functions, and something you guys can sort of focus on?
Yeah, what we're finding is that the quoting function is the most highly adopted feature, which makes sense because it's the next action effectively that comes from accepting a lead through the marketplace. That is definitely the highest functionality. What we're identifying is new features that come either before that or after that or on top of that that make that whole quoting experience for the tradie very seamless. That makes it more compelling, exciting, and engaging for the tradies to use that more and more. We definitely are putting a lot of effort into how that quoting function can be done quite seamlessly and will continue to do so going forward.
Great. Maybe just you touched a little bit just on sort of the future, obviously longer term monetizing. You guys don't really monetize the homeowner side of things yet. Maybe you could just give a bit of color on what that could look like, maybe if you're planning on doing that in the next couple of years or so.
Yeah, so I think in terms of just allocating priorities and what we can do, right now we are trying to make the homeowner experience on the app and on the web consistent. We've got an AI helper that needs more enhancements, but we've got it out there as a prototype. We'll do a little bit more work on that in terms of just more on the experience side for the homeowner. From a monetization opportunity, the ideas are still embryonic.
What we'll do in FY 2027 is look to see what we can do to start introducing some products for the homeowners, but really finding more and more reasons for homeowners to stay in our application to use our services, whether it's for content, cost guides, information around their property, ideas for their property, and ultimately doing opportunities in there, looking at opportunities to help improve or monetize things in that flow. We do have an early stage product, which some of you may have been aware of, which is hipages Energy. We think that's a nice adjacency around the home energy consumption and the things that are attached to it, whether it's solar panels, battery, or making your home more energy friendly. I guess I made that one up to say, don't quote me on that. Energy consumption friendly is probably a better way of saying that.
We're monetizing a little bit on that, but that's really, really early stages. We'll try and scale that up a little bit more in FY 2026. As that starts to develop, we'll probably talk more to that.
Great. It seems like you guys are hitting a strong inflection point here, double-digit revenue growth and 40% plus incremental free cash flow margin. So well done. Thanks again for the questions. I'll let someone else jump in.
Thank you.
Again, if you have a question, please press star, then one. Our next question will come from Olivier Coulon with E&P . Please go ahead.
Yeah, hi guys. Congrats on a really solid result. Can you just talk about the shape of the sub additions in FY 2025? I understand that I think you had a little bit of disruption during the second half with the extremely wet weather on the Central Coast, etc. How are those subs looking on a more short-term basis? The cadence key is the American terminology that everybody likes to throw around.
Absolutely. I'll take that one. Thanks, Ollie, for the question. We did have a little bit of a surprise in March. To be transparent, we were disappointed with the subscription count movement in FY 2025. We would have liked to have seen improvements in those counts, but that disruption threw a bit of a spanner in the works for us. It does not happen too often. It is like once in a three or four-year event where literally a cyclone that affected northern New South Wales and Queensland disrupted a critical month for us towards the end of the financial year, which is unfortunate. Having said that, we saw a really strong surge in custom accounts in June. That came good, and we were pleased with that. That is continuing into the new financial year.
We also want to, maybe it is worth calling out that counts was not necessarily a massive focus for us in FY 2025. We know that there is quite a lot of eyeballs on counts. I think what we are trying to talk to is that the business manages its costs well, its cash generation still generates revenue growth. We are able to do that. In FY 2026, we definitely are putting more teams in the business to focus on increasing the count. Focus in the business is now shifting towards counts. Historically, when we put focus towards things and put teams around a specific goal, we should see movement in that number.
Terrific. In terms of monetization or other monetization options, where maybe you're clipping the ticket on suppliers and things that tradies might buy on platform down the track, like accounting products or whatever it happens to be, is that in your thinking in the short term or is that more FY2027 and beyond type revenue opportunity?
Yeah, we've been talking about participating in the broader ecosystem for a number of years. I'm excited to say that in FY 2026, in the next few months, we'll be launching what we refer to in the tech, just we call the slide number, it was 20 or 30. Slide 30, we talked to what we call the Toolbox. Now inside the platform, tradies can access Toolbox. Sorry, they will be able to access the Toolbox in the next couple of months. We'll go live with four or five partners, hopefully a little bit more, and continue to add more partners into that. We're looking at offering at the beginning insurance products where we'll participate in some rev share.
We also have uniform logo design, and we're looking at a bunch of other things around accounting services as well, looking to launch that in the next couple of months as well. We haven't put any revenue upside in our numbers for that or anything material for FY 2026 as we're just getting started and learning. We want to launch that and get that going as another revenue channel to drive ARPU in the future.
Okay, terrific. At what point do you expect to see the tradie app or the job management app, sorry, strong enough that you could offer it separately? Obviously, there's always going to be a cohort of tradies who don't need to advertise, they've got word of mouth, but they potentially could use a really best-in-class kind of software system that allows them to run their business more efficiently.
Yeah, so that's, that's, remember I said in the earlier question, talked about counts. What we, and I answered and I said, oh, we've got teams allocated to work on counts. One of the teams is actually to create as a standalone product, the job management solution. Why that's exciting is that I also in our presentation talked about the, in terms of the SAM, I said, oh, you know, our addressable, the TAM is AUD 300,000 and the SAM that we think in lead generation is about AUD 175,000. This software now opens it up not just more broadly to the AUD 175,000, but the whole AUD 300,000. We'll be actively promoting and pushing that as well in FY 2026. We've only put again for FY 2026 a conservative upside from that. We want to see how we go in FY 2026.
Hopefully if it does go well, then we can see that count number accelerate beyond 2026.
Yeah, no, terrific. Maybe just the last one for me, New Zealand, you know, really strong kind of build back in those sub numbers. How are we seeing momentum there, and what is, you know, appears to be from the outside a horrendous economy?
Yeah, so we're interestingly seeing some different things in that business in New Zealand. Obviously, we're taking advantage of the opportunity that the business has historically not charged appropriately for its services, just not having the right commercial model. It took us a number of years to make that change, but we did that change quite quickly. You can see on the exit run rate that the ARPUs are exceptional, and that's continuing. We're expecting really nice things from New Zealand in FY 2026. In terms of what we're seeing as well, the job volume in New Zealand is up 30% year -on -year. I think sometimes these types of businesses, they're almost like the, you know, not to be too cliché with this analogy, but you know, the canary in the mine shop, certainly seeing some upside and improvements. Obviously, we are also increasing our marketing spend in New Zealand.
We have to fill the commitments in those subscription products that our customers are paying for in New Zealand, definitely seeing massive increases in job volume year over year. That's also starting to reflect as well in the ARPU numbers. We're very bullish on New Zealand. I think that's going to go really well for us this year. We're just really replicating the strategy that we've executed really well on in Australia and New Zealand. They're a little, they're a year or so behind us, but there's more upside, a lot more upside to come in New Zealand.
Perfect. Thanks, guys.
Thank you.
There are no further questions at this time. I would like to turn the call back over to Mr. Sharon-Zipser for closing remarks. Please go ahead.
Thank you. I think as you've heard from the questions and general feedback and from management, we're really pleased with the results of FY 2026. Just closing, three or four remarks: exciting new products to improve adoption and engagement with our customer base. We've demonstrated now two years and given indications and targets for the third year of that increasing operating leverage and strong financial and free cash generation. It's a high growth business with high profitability and higher growth potential. We've entered FY 2026 with good momentum and excited about the year ahead. Thank you everyone for your time today.
This concludes our conference call for today. Thank you for your participation. You may now disconnect.