Good morning and thank you for joining us. Today, we are presenting our full year results for FY 2025, the 12 months ended 31 December 2025. What you will hear this morning is a story of execution, not a story of transformation yet to come, but of a business that made commitments to its shareholders and delivered on them. Revenue grew 10% to AUD 29 million. Underlying EBITDA grew more than threefold to AUD 1.6 million at the top end of guidance. ARR now stands at AUD 34.8 million, up 16% year-on-year. We close the year with more cash, less debt, and a stronger operating foundation than when we started. This presentation will take you through our operational performance, our financial results by division, the investments we have made in Aquila+ platform, and our outlook and priorities for FY 2026.
I will be joined by our CFO, Reena Minhas, for the financial sections. Let's get into it. Before we get into the numbers, I want to ground everyone in what IMEXHS actually is. We are one company with two distinct but deeply connected businesses, united by a single mission, democratizing access to medical imaging expertise across underserved markets. The software business built on Aquila+ platform delivers RIS, PACS, universal viewer, and AI capabilities to hospitals, diagnostic centers, and imaging networks. It is a cloud native recurring revenue software business operating across 18 countries. The radiology services business operated through RIMAB provides outsourced diagnostic radiology services across 38 diagnostic centers, primarily in Colombia, but with teleradiology reach into Spain. These businesses reinforce each other. RIMAB runs on Aquila+. Every workflow improvement we build into the software gets stress tested in our own operations before it reaches our clients.
That is a competitive advantage most pure play software companies don't have. On slide 3, last year was operationally strong. At 31 December 2025, we had 564 installed sites, up from 525 at the start of the year. That is 39 net new employments in 12 months. Crucially, the growth has been sequential. Eight consecutive quarters of installations growth from 511 in Q1 FY 2024 to 564 today. During the year, we processed 8.3 million studies. Each one of those studies represents a patient, someone waiting for a result that affects their care. Scale matters here. We now have 3.6 million registered patient portal users who generated 8.2 million portal sessions during the year. That is an average of 2.3 sessions per user.
A metric that tells you these are not passive registrations. Patients are returning. They are engaging with their results, their images, their protocols. That depth of use builds the case for the portal as a core part of the clinical workflow, not a simple value add. We have introduced a formal NPS program for the first time, closing the year with a score of 42.7. For context, the global B2B software benchmark sits around 30-40. On slide 4, at the start of FY 2025, we said we expected strong revenue growth and positive underlying EBITDA, with more of the improvement weighted to the second half. At the half year, we tightened that guidance, revenue in the range of AUD 27.5 million-AUD 28.2 million and underlying EBITDA of AUD 1.3 million-AUD 1.6 million.
We delivered revenue of AUD 29 million ahead of that range. We delivered underlying EBITDA of AUD 1.6 million at the top end. We are not there yet with every metric, but on the numbers that count, revenue and EBITDA, we did what we said we would do. The second half momentum is also important context. H2 underlying EBITDA of AUD 1.3 million versus AUD 0.3 million in H1 is not a coincidence. It reflects the compounding benefit of the operational changes we made through the year. High quality contracts, tighter cost control, and improved collections. We go into FY 2026 with positive operational momentum on both the top and the bottom line. On slide 5. Let me take you through the key numbers. Revenue of AUD 29 million, up 10% year-on-year.
On a constant currency basis, which strips out the impact of the Colombian peso and other regional exchange rates against the Australian dollar, that growth was 6%. The underlying business grew in both reported and local currency terms. ARR obtained AUD 4.8 million, up 16% year-on-year, and 7% on a constant currency basis. ARR is the metric we manage most closely because it represents contracted recurring forward revenue. The gap between ARR and reported revenue reflects the growth opportunity still in front of us as ARR converts into billing. Underlying EBITDA of AUD 1.6 million, up from AUD 0.5 million the prior year. Underlying EBITDA exclude FX impacts, share-based payments, and the one-off goodwill impairment of AUD 1.7 million taken in the first half.
On the balance sheet, cash of AUD 3.3 million at 31 December, up from AUD 2.1 million at the start of the year. Debt of AUD 0.5 million, down from AUD 1.2 million 12 months prior. Net debt is effectively negligible. Turning to slide 6. The two businesses in more detail. Software delivered revenue of AUD 10 million, up 12% on the prior year. ARR of AUD 11.8 million, up 19%. Underlying EBITDA of AUD 3.8 million, representing a 39% EBITDA margin, up from 36% on the prior year. As Aquila+ deployments scale, the marginal cost to serve falls and those economics become very attractive. The numbers include investment in senior commercial leadership, our VP of Global Sales, and the broader go-to-market infrastructure we are building to drive software growth.
Radiology services delivered revenue of AUD 19 million, up 8%. An ARR of AUD 23 million, up 14%. Underlying EBITDA of AUD 1.3 million, representing 7% of the revenues, is a significant result. 12 months ago, RIMAB was at break-even. Through disciplined repricing, cost reduction, and early-stage automation, we have returned that business to profitability. It is now a cash contributor to the group. Corporate costs of AUD 2.7 million, flat from the prior year. The consolidated result, AUD 29 million revenue, AUD 1.6 million underlying EBITDA. That is the shape of the business. Two operating divisions with very different economics, both improving, and a corporate function that is investing in future growth. On slide 7. ARR is the lens through which we see the future.
Total ARR of AUD 34.8 million at 31 December 2025 is up 16% versus AUD 30 million at December 2024. On a constant currency basis, that is holding exchange rates constant to remove Colombian peso and Mexican peso movements, the growth was 7%. Both measures reflect a business with growing sticky contracted revenue. The software ARR of AUD 11.8 million is up 19% year-on-year from AUD 9.9 million. This growth is coming from a mix of new enterprise deployments, module expansion within the existing base, and renewals at higher contract values. The Salud Total renewals, for example, contributed AUD 348 thousand of new ARR, demonstrating the value expansion possible within our existing enterprise accounts. Radiology ARR of AUD 23 million is up 14% from AUD 20.1 million. The Oncolife contract in Colombia is the standout here.
Contracted at an expected AUD 1.4 million of ARR, it has grown to AUD 2.1 million in actual billings. On slide 8. 2025 was a financial turning point for our business. On the left side of this slide, you can see the specific actions we took during the year. We tightened credit terms. We moved aggressively on collections discipline, focusing our energy on clients who pay on time and exiting relationships where we're absorbing the cost of a slow payment. We implemented AI-orchestrated call center workflows in RIMAB that significantly reduce service delivery costs. We optimized cloud and storage architecture. We automated across admin and help desk functions. In radiology, we made the delivery decision to exit sub-scale contracts where the margin and credit dynamics didn't justify the operational overhead. On the right side, you can see what that delivered. Revenue up 10%.
H2 EBITDA of AUD 1.3 million, 4x the H1 rate. Cash up from AUD 2.1 to AUD 3.3 million. Debt down from AUD 1.2 to AUD 0.5 million. These outcomes reflect the cumulative impact of operational decisions made with discipline over 12 months. Slide 9. Let me shift now from what we delivered to where our focus is right now, the work in progress that will determine our 2026 outcome. This section covers our two commercial priorities, scaling the Aquila+ software business and continuing to expand radiology services margin through discipline and automation. On slide 10, the Aquila+ platform is ready to scale. The product is live and including new agents for the most important points of the workflow. It is running in production across teleradiology environments, hospital groups, and multi-specialty clinics. We have 99.9% uptime.
One-click tenant anti-activation in under five minutes. When a new customer signs a contract, we can have them operational in the same day. That is a deployment speed that our competitors, most of whom still require on-site infrastructure, simply cannot match. On the commercial side, we have strengthened the partner channel significantly. We now have 27 active partners across 12 countries. These partners are not passive resellers. They are embedded into their local markets, running their own sales motions. The proof points are real. We regained OMNI Hospital in Ecuador, a client we had previously lost to a competitor, through the MobiHealth partnership, delivering AUD 86,000 of new ARR. We renew and upgrade Grupo San Pablo in Peru through KLD Perú, delivering AUD 88,000 of new ARR. Farilu in Colombia renewed for 36 months at AUD 162,000 of ARR. On slide 11.
Let me explain why Aquila+ matters. At its core, Aquila+ is an agentic AI platform. The system is not just providing tools for human users, it is completing parts of the clinical and administrative workflow at autonomously. The most tangible example, we have reduced call center costs by 80% through AI orchestrated scheduling workflows. It is not a project, it is delivered, running in our own operations today at RIMAB. For radiologists, we have achieved approximately 40% faster worklist processing, fewer clicks per study, embedded voice recognition for report dictation, AI agents that assist with reporting, drafting, translation, and evidence summarization. For our radiologists managing high volumes of studies under time pressure, these are meaningful productivity improvements. For IT and hospital administrators, the value proposition is different but equally compelling.
Multi-tenant cloud architecture means no on-site service, no local IT support required, disaster recovery, and long-term archiving built in. The marginal cost to serve per new SaaS tenant is approximately 70% lower than a traditional deployment model. As we grow the tenant count, the economics improve. That is the structural advantage of the architecture we have built. ISO 27001 certified. Most of our competitors are not. In a healthcare environment where data sovereignty and security are increasingly non-negotiable procurement criteria, that certification is a meaningful commercial differentiator. Going to slide 12. Onto our marginal agenda for the next 12 months. There are three levers we are pulling simultaneously, and they are already in motion. The first is pricing and terms discipline.
We have completed a full segmentation review of our software target market, dividing it into four distinct customer segments with different value drivers, different cost to serve profiles, and different willingness to pay. Here, the expected impact is an increase of 30%-60% in average contract values for new customers from 2026 onward. The second lever is automation and unit cost reduction. AI orchestrated workflows are already reducing service delivery costs in remote. We are extending these across cloud and storage optimization, helpdesk automation, and admin processes. The third lever is portfolio mix. In radiology, this means continuing to prioritize high-margin creditworthy contracts with well-funded counterparties and exiting or repricing those that don't meet that bar. In software, it means prioritizing enterprise deployments and higher margin volumes over volume-based growth at thin margins.
The combined impact of these three levers is why we expect continued EBITDA improvement in FY 2026 and beyond. Slide 13, working capital was one of our most important FY 2025 achievements. The Colombia healthcare environment creates structural pressures on collections. Government adjacent payers and large hospital groups routinely stretch payments. Healthcare reform added further liquidity stress to the system during the year. We responded systematically. Enhanced credit controls at contract origination, proactive collections managed from day one rather than waiting for invoices to age, milestone-based invoicing on new contracts, and selective exit of relationships where the credit profile didn't justify the exposure. The outcomes speak for themselves. Debt down to AUD 0.5 million from AUD 1.2 million. Cash up to AUD 3.3 million. Entering FY 2026, the Colombia policy backdrop remains fluid. Presidential elections in Q2, ongoing healthcare reform.
Our response is already embedded. Tighter credit, rephased collections, pricing discipline. We are not waiting for the environment to improve. Slide 14. Another win was Omni Hospital in Ecuador. We had lost this account to a competitor. We won it back. AUD 86,000 of new ARR at annual run rate. This shows the product has improved to a point where customers choose us over an incumbent. In Peru, Grupo San Pablo renewed at and upgraded through KLD AUD 88,000 of new ARR. In Colombia, Farilu renewed for 36 months at AUD 162,000 of new ARR. The Salud Total renewals, Clínica Los Nogales and Centro Policlínico del Olaya, are the template for what enterprise expansion looks like at IMEXHS. Cloud migration, new AI modules, voice recognition at 30% per story rate increase and AUD 348,000 of new ARR in aggregate. Slide 15. Radiology services.
Twelve months ago, RIMAB was at breaking. Today is delivering a 7% EBITDA margin with two consecutive quarters of positive underlying EBITDA in H2 FY 2025 and ARR of AUD 23 million. The strategy is selective growth, larger clients with stronger margins. The Oncollife contract grew from an expected AUD 1.4 million ARR to AUD 2.1 million in actual bills, incorporating IMEXHS enterprise risk packs, patient portal, and AI layers. The cost program is producing real results. AI orchestrated scheduling and call center workflows have materially reduced cost to serve. We have exited subscale and slow paying contracts. On the large previously disclosed opportunity, the scope has grown since first disclosure. We expect that determination in H1 FY 2026. The client remains engaged. No certainty of signing, but it is a live and progressing conversation.
Let me hand over to Reena Minhas, our CFO, for the financials.
Thank you, German. I will now run through the FY 2025 financial performance of the company, starting on slide 17. FY 2025 revenue of AUD 29 million was up 10% versus PCP and up 6% on a constant currency basis. FY 2025 underlying EBITDA, which excludes share-based payments, expenses, foreign exchange movements, and the impairment charge in the first half was AUD 1.6 million, up versus AUD 0.5 million in PCP. Pleasingly, the second half FY 2025 underlying EBITDA of AUD 1.3 million was up versus AUD 0.3 million in the first half. Moving to slide 18, the balance sheet. At 31 December, the company had a closing cash balance of AUD 3.3 million, and net assets were up to AUD 15.9 million.
Intangible assets of AUD 6.7 million consist of goodwill of AUD 3.3 million for the radiology business, software assets of AUD 2.4 million, and AUD 0.8 million for customer contracts. Receivables were up AUD 3.1 million due to a change in the major customer payment timing during the year and an increase of AUD 1 million in tax receivables due to timing of tax payments and refunds. Debt of AUD 0.5 million at 31 December was down from AUD 1.2 million at the end of last year. Slide 19 summarizes the cash flow. The cash balance of AUD 3.3 million was up versus PCP balance of AUD 2.1 million. Net cash inflows from operating activities was a cash inflow of AUD 0.6 million, up AUD 1.2 million versus a AUD 0.6 million outflow in the prior year.
Net cash used in investing activities was AUD 1.2 million, with AUD 0.9 million invested in software development and AUD 0.3 million in PP&E. Net cash from financing activities was AUD 1.6 million, with AUD 2.4 million raised by a placement during the year to strengthen the company's balance sheet and to support growth. This was partially offset by de-debt repayments of AUD 0.7 million. I will now hand back to German to take you through the outlook and priorities for the coming year.
Thank you, Reena. Four priorities this year. Software is the primary growth lever. The platform is ready, the pipeline is stronger, the partner channel is maturing. 2026 is the year we convert that investment into accelerated ARR. The new segmentation-based pricing model, the refreshed sales leadership, the partner program are the three mechanisms. Mexico is showing real traction. Radiology grows selectively where margins are right and counterparties are trustworthy. Margin expansion continues. AI orchestrated workflows, cloud optimization, pricing discipline on renewals. We expect software margin improvement to show through on a six to nine month lag from actions already taken. Working capital remains tight. Colombia's policy backdrop is fluid. Elections in Q2, reform discussions ongoing. Our controls are in place, we are not dependent on macro improvement to deliver the plan. Platform proven. Team stronger. Execution improving.
FY 2026 is about converting FY 2025's foundations into faster, more profitable growth. Slide 21, four guidance statements. We expect to exceed FY 2025 underlying EBITDA. We expect to be cash positive for the full year. We expect software revenue to grow faster than in FY 2025, and we expect more of the growth in revenue, earnings, and cash to occur in H2. On the H2 weighting, it is structural, not a hedge. The Latin American procurement cycle has a natural second half bias as institutional budgets confirm and contracts execute. Our commercial initiatives, new pricing, partner expansion, pipeline conversion, take time to move from sign to billing. Contracts won in H1 typically start generating revenue in H2. We will provide more specific guidance ranges at the half year as we did in FY 2025.
We enter FY 2026 with more contracted revenue, a better product, and a more efficient operating model than at the start of any prior year. The trajectory is bright. We intend to continue it. Finally, thank you to our 435 employees, the clinicians, engineers, and operations team who process over 8 million studies a year and make sure results reach patients who need them. The work is demanding and consequential. I am proud of this team. To our board and partners for the engagement, discipline, and trust that makes this business function. To our shareholders, we are committed to earning your continued support. We look forward to updating you at the half year. We will now open it up for questions. You know, do we have any question?
Yeah, I'm just having a look. I'll read out the questions. I may combine any similar questions, and if we are running short of time, we might have to come back to you separately after the call. There is one here, Germán. How do you think of capital allocation as cash begins to get generated?
Let me read that. How do you think of capital allocation as cash begins to... Sorry-
I think, like, I mean.
For understanding. Yeah.
I think the board balances the need for growth and, investing in the business versus, you know, paying dividends. I think it's, you know, the board's assessing that continually.
Well, our main focus for the moment is to accelerate growth. That requires from us to keep investing, but always protecting the profitability balance for the company. We would like to accelerate the growth of the software business. More investment in marketing essentially and sales activities, but always being very cautious of not breaking the equilibrium, the financial equilibrium of the company. For the moment and for the current year, this is the priority growth, protecting profitability.
There's another question. Who are the primary competitors you are facing? Who has best in class software alternatives?
In the region we are operating, cities, the Latin American region, the main competitors are more or less the same global main players, like Carestream, EPPA, Fujifilm. There are some new brands emerging from some markets like Mexico and Argentina. Mainly we face strong competition at the public tenders levels and bigger private deals against to Carestream, the former colleague. We are in a very strong position, and we have significant advantages, let's say a local provider with help desk and post-sale services in the same time zone, with the possibility to support our customers in the same language as well.
Beyond that, our product is more well adapted to the Latin American requirements, that is creating an advantage, and that is not leaving behind the high-end functionalities that we can offer that are at the same level and in some cases superior to those of those brands that I mentioned before.
Thanks, Germán. Are there any other further questions? Just give it a few moments before we sign off. I think that's all, Germán. There's no further questions.
Well, thanks again for making the time this morning for our FY 2025 result presentation call. Thank you very much.