I would now like to hand the conference over to Mr. John Ruthven, CEO. Please go ahead.
Welcome everyone, and thank you for joining us for Nuix's full year 2026 results presentation. I am John Ruthven, Nuix's Chief Executive Officer, and with me today is our Chief Financial Officer, Peter McClelland. Today I will start with our key messages and metrics for the year. Peter will then take you through our FY 2026 financial performance in detail. I will return to discuss how we are scaling Nuix Neo and integrating Linkurious, before covering what we see as significant platform evolution and strategic reset. The structural changes we have made to position the business for its next phase of growth. I will then close out with our outlook before we take questions. Let me start with the highlights from the year. FY 2026 was a year of profitable growth and decisive action. ACV finished at AUD 260 million, well within our previously guided range. Nuix Neo ACV grew 179% to AUD 78.5 million across 135 customers.
We delivered strong growth in revenue on further success in selling multi-year deals. Adjusted management EBITDA saw a material expansion with revenue growth significantly outpacing cost growth, in line with our strategic objective. We achieved a very strong lift in cash generation with underlying cash flow up 154% to AUD 51 million. Here are the metrics. ACV rose 13.9%. Excluding Linkurious, ACV was up 8.6%, or 11.1% in constant currency. This represents good underlying growth despite significant currency headwinds during the year. Revenue up 18.8% or 17.1% excluding Linkurious. Net dollar retention finished the year at 105.2%, up from 101% at the half, a meaningful improvement. Adjusted management EBITDA, which is the key measure of profitability considered by management and the board, up 60.4%, or 55.1% excluding Linkurious. A strong closing net cash position of AUD 49.9 million, up 24.8% on the prior year and post the Linkurious acquisition.
Turning to slide seven. Alongside the financial performance, we have taken decisive action to position the business for the next phase of growth. These actions reflect a fundamental shift in how we go to market, moving from feature selling to platform value. We restructured our go to market and enhanced commercial capability, now operational for FY 2027. We unified product and technology under CTO ownership, backed by a one-off R&D Accelerator investment in FY 2027. Our AI strategy is advancing, driving internal productivity and capturing new revenue opportunities. The Nuix Neo migration program continues with strong momentum, now representing 30% of total ACV. The Linkurious acquisition is on track with early cross-sell success. I also want to highlight the dismissal of the ASIC case back in April, in which the federal court dismissed all of ASIC's claims against the company and individual directors.
ASIC has since appealed that decision in relation to the company with the dismissal of all claims against the individual directors not subject to the appeal. I'd now like to invite Peter to take you through the financial results in detail.
Thank you, John, and good morning everyone. As John mentioned, ACV finished the year at AUD 260 million, representing a growth of 13.9% on the prior corresponding period. Excluding Linkurious, organic ACV grew at 8.6%, or 11.1% in constant currency, representing good growth despite some currency headwinds. As you can see from the chart, this represents consistent growth over a five-year period with FY 2026, including the contribution from the Linkurious acquisition, which closed in April. Turning to Nuix Neo. In line with our growth strategies, Nuix Neo ACV grew 179% to AUD 78.5 million across 135 customers, up from 75 customers in the prior year. Performance was strongly driven by migration of customers from components to Nuix Neo, new customers, and further upsell of existing Neo accounts.
This brings Nuix Neo's share of total ACV to 30%, more than double the proportion of 12 months ago, and the migration pipeline remains strong heading into FY 2027. Slide 12 shows the key components of ACV growth during the year. Nuix Neo was the key driver, contributing AUD 50.4 million of growth, more than offsetting the decline in component ACV. Discover was a slight negative with on-premises growth more than offset by a decline in SaaS, driven by the loss of one large contract. John will talk later about how our go to market for Discover is being addressed. Linkurious contributed AUD 12 million of incremental annualized contract value during the year. Turning to NDR and churn. Net dollar retention finished the year at 105.2%, up from 101% at December half year. That improvement was driven by focused, strong upsell activity.
On churn, the figure of 6.6% improved from the prior year, although it was higher than the figure reported at the half. As we flagged at the 1H results, a single large account in APAC was in the process of winding down over the course of the year, and as such, was already captured as downsell in NDR. The ultimate churn event, when the customer formally left us and is counted as churn, occurred in the second half, which contributed to the uptick relative to the first-half figure. Excluding that single account, underlying churn revered to approximately 5%, which is more reflective of the ongoing trend. More broadly, the systematic migration of customer from the customer base to Nuix Neo is the key lever of driving NDR improvement over time. As customers move to the platform, we then see greater opportunity for upsell and cross-sell.
Turning to the regional performance, growth was led by North America, with strong government agency sales and Nuix Neo adoption, and particularly strong sales from Nuix Neo Foundation and Legal Solutions. EMEA maintained momentum led by investigation solutions across law enforcement and regulatory agencies with strong new logo acquisition in Central Europe. Asia Pacific was broadly flat, impacted by the loss of that key account that I just mentioned. Although we did see successes in government agency sales and Nuix Neo adoption in the region. From FY 2027, EMEA and Asia Pacific will be combined into a single international sales grouping, which John will come to later. Revenue came in at AUD 263.2 million, up 18.8% or 17.1% excluding Linkurious. On a constant currency basis, revenue growth was very strong at 20.3%. Multi-year deals rose to 35% of revenue, up from 27% in the prior year.
This is an ongoing area of management focus, representing a deepening of longer-term commitments from our customer base. Linkurious contributed AUD 3.8 million in the 72 days from completion and also benefited from the close of a large multi-year deal account in June. Turning to research and development. Total R&D was AUD 57.8 million or 5.4% up on the prior year, representing 22% of revenue. We realized efficiency benefits during the period from the structural changes made in the prior year, allowing us to increase output while maintaining disciplined cost growth, and R&D continued to be funded from underlying cash flows. Looking ahead, John will talk to the one-off AUD 15 million R&D Accelerator investment plan for FY 2027, which targets specific areas of platform capability where we see a unique window to capture emerging demands. Turning to adjusted EBITDA.
It is certainly worth spending a moment here because this is a very strong outcome in a core measure of profitability for the group. Adjusted EBITDA rose 60.4% to AUD 59.8 million, with the margin expanding to 22.7% from 16.8% in the prior year. This result meets our FY 2026 strategic objective to grow revenue faster than operating costs and clearly demonstrates the expanding operating leverage in the business. Revenue growth significantly outpaced cost growth, highlighting the focus on profitable growth that underpins our strategy. The bridge on slide 18 further illustrates the operating leverage achieved during the year. Starting from the FY 2025 adjusted management EBITDA of AUD 37.2 million, revenue growth of AUD 41.7 million was the largest contributor, significantly outpacing the combined increase across all cost categories. R&D costs we've just discussed. S&D cost increase were mainly driven by commission plans and G&A with some executive restructure and other variable pay costs.
To the right, you can then see the pathway through to statutory EBITDA of AUD 66.9 million after capitalized R&D, non-operational legal costs, restructuring, and acquisition costs. I would also like to highlight that statutory NPAT was AUD 16.4 million versus AUD 9.4 million loss in the prior year. Turning to the cash flow. This is another slide that I'd like to draw your particular attention to. We achieved a very strong uplift in cash generation during the year. Underlying cash flow increased 154% to AUD 51 million. After those one-off type items, non-operational legal costs, restructuring, acquisition costs, the overall free cash flow was very strong at AUD 37.4 million, up from AUD 4 million in the prior year. As John mentioned earlier, the net cash position at the end of the year was AUD 49.9 million post Linkurious close. I'll now hand back to John to discuss Nuix Neo and our strategic positioning.
Thanks, Peter. Many of you will recognize this slide from the half year result. The Neo migration program is the primary driver of the Nuix Neo growth we discussed earlier. We are now in Phase 3, execution at scale. With repeatable migration processes in place and partner capability expanded globally, the program is now operating at an established cadence, structured, predictable, and delivering measurable ACV uplift across the base. You can see the shift occurring in our ACV mix as we migrate customers to Nuix Neo and as we win new customers to Nuix through the Neo offering. Nuix Neo's share of total ACV has increased to 30%, more than double the proportion 12 months ago. Discover growth has been lagging, and I will come back to our response to that shortly. The important point here is that the Neo migration program has now reached an established cadence.
We are winning new customers to the organization through our platform offering. Nuix Neo is on track to become the majority of ACV in the medium term, opening up further opportunities for growth. Our AI capabilities continue to evolve, and the ACV upsell opportunity is significant. Let me walk you through this from the bottom up. Approximately 60% of our 135 Nuix Neo customers have purchased the AI-enriched solutions library. Solutions that many of you will be familiar with: investigations, legal discovery, and data privacy. Importantly, these are not the only use cases for the powerful Nuix Neo capability, which is partly why we are making the shift from discrete solutions to broader platform capability. Moving up, Linkurious graph visualization technology, which was acquired in FY 2026. It is early days, but the cross-sell opportunities for customers to leverage graph visualization technology are significant.
At the top, AI enablers such as BYO AI, semantic search, and transcription. About 20% of Neo customers have purchased additional AI enablers so far, with early upsell success following significant expansion of the offering in FY 2026. Each of these layers represents an opportunity to expand ACV per customer, and we are seeing that play out in practice. These customer stories validate our commercial successes. I will not go through them now, but they are representative of the patterns we are seeing across the base. I will move on. Turning to Linkurious. Financial close was April 26th, with integration progressing to plan. The full team in Paris office has been retained. In the 72 days from financial close to year-end, Linkurious contributed ACV of AUD 12 million, revenue of AUD 3.8 million, and EBITDA of AUD 2 million, with revenue and EBITDA boosted in the period by multi-year deal activity. The strategic rationale remains clear.
Nuix Neo processes large volumes of complex, unstructured data. Linkurious visualizes the connections within it. Together, a complete workflow from raw data to visual intelligence. The graph analytics market is growing strongly, with significant cross-sell opportunity across the combined customer base. For FY 2027, we are implementing what represents a very significant evolution in how we build, position, sell, and embed the Nuix Neo platform. The structural changes we have made in go-to-market, in combining product and technology, and in our AI strategy all flow from a fundamental shift from feature selling to platform value. This is not a minor adjustment. It is a change in how we go to market, how we develop our products, and how we engage with our customers.
Shifting to a platform model means our addressable market in enterprise unstructured data is multi-billion dollars in size, with over 10,000 ICP or ideal customer profile customers globally meeting our target criteria and current penetration of less than 10%. Let me take you through the typical ICP customer characteristics. Regulated large enterprises operating in high-compliance sectors, significant data volumes at scale, complex compliance and governance requirements across the enterprise, and ACV potential of AUD 500,000 +. Platform positioning opens up a significantly larger addressable market and deeper wallet share. This is the strategic heart of what we're building. Today, we have deep domain strength in investigations, legal review, and data privacy, proven at scale with the world's most complex organizations. This is our foundation, and it's a strong one.
We are building the trusted enterprise platform for unstructured data intelligence, providing AI-ready data and context for agentic workflows, compliance automation, and actionable business insights. The Nuix Neo platform strategy, go-to-market, and R&D are all aligned around our ICP customers. Investment is prioritized towards strengthening the platform offering. We're implementing a company-wide shift to account-based marketing, being precise in identifying and targeting accounts with ICP characteristics. This positions Nuix to meet growing demand for unstructured data intelligence at a time when enterprises are grappling with how to make their unstructured data defensible, accessible, and valuable for AI programs. This is not a theoretical positioning exercise. It reflects where customer demand is already heading and where our pipeline is building. These pillars represent the strategic pathways to unlocking our future ACV potential. Neo migration, ICP upsell, new customers, Discover growth, and partner and geographic expansion.
These are the pathways to realizing Nuix's ACV potential, and we have strategies in place for each. Our go-to-market strategy is now in place with enhanced commercial capability. The benefits, consistent, repeatable execution across two regional sales teams, focused accountability for Discover growth, stronger customer retention, and faster time to value through a dedicated Chief Customer Officer function, improved pipeline conversion through sales enablement, and new ACV contribution through dedicated partner and alliance leadership. This structure supports commercial execution across all five pillars from FY 2027. I mentioned I'd come back to Discover. We've established a dedicated commercial model to unlock Discover's growth potential, a distinct market opportunity with significant untapped potential. A new EVP reporting directly to the CEO, a dedicated commercial team, a distinct go-to-market strategy, and investment in Discover specific capability. Discover has a strong market presence with target buyers, whether cloud-based or on-premises.
Along with this go-to-market repositioning, the R&D Accelerator investment this year will mean improved Discover UX or user experience and agentic capabilities. This dedicated commercial model creates a more focused strategy for this important customer cohort to unlock Discover's inherent value potential. Turning to AI, our internal AI strategy takes a structured, measurable approach. Dedicated AI roles, model agnostic tooling, and digital FTEs as a universal measure of AI ROI. We deploy Nuix Neo on our own workflows internally, proving value before we take it to market. Focus is on scaling capacity, not reducing headcount. Critically, every AI tool deployed carries a measurable return. This is a clear reportable ROI framework for internal AI investment. Turning to the external landscape, the enterprise AI environment is shifting, and those shifts deepen our defensive mode and create revenue opportunities.
As AI spend increases and accountability rises, the differentiator is customer control over their data. Our defensive mode is strengthened by data and workflow ownership, full auditability, and building for interoperability. Balancing AI innovation with accuracy and defensibility is complicated and right at the heart of our competitive positioning. Our customers have complex requirements that can be massively improved by AI innovation, and simultaneously, their outcomes must withstand legal scrutiny and regulatory examination. Nuix Neo provides a secure, auditable AI data layer, BYO AI flexibility, customer control over their data, and amplified ROI through enterprise-scale processing, combined with advanced AI reasoning. As we saw earlier, our pricing models are evolving and adapting to AI. With AI adoption directly expanding customer spend, Neo Agent and MCP Server are important signals of where we're heading next. Agentic workflows and ecosystem interoperability that keep Nuix embedded as the AI landscape evolves.
Here you can see how it all fits together. The full Neo platform in an enterprise context. The architecture is layered, and as you move upwards through these layers, the AI monetization opportunity expands. Each layer up represents additional value capture and expanding ACV per customer. Turning now to product and technology. The product and engineering teams have been unified to accelerate delivery and strengthen platform capability. The benefits, clearer accountability from strategy through to delivery, improved roadmap discipline, and roadmap priorities directly connected to customer needs and commercial outcomes. Combined with the FY 2027 R&D Accelerator investment, this positions us to deliver faster with greater platform capability. Our product focus for FY 2027 is organized around three key principles: intelligent user experience, a unified platform deployable in any environment, and AI-powered expansion through open APIs and ecosystem integration.
This slide builds on those principles with specific initiatives across three horizons: now, next, and future. We have an ambitious roadmap that creates a compounding capability advantage over time. Lastly, the R&D Accelerator we've alluded to a few times today, a AUD 15 million one-off investment for FY 2027 targeting five areas: enterprise integration and connectivity, agentic AI capabilities, cloud platform acceleration, unified UI/UX, and accelerated innovation cadence. This is an important investment that allows us to capitalize on the convergence of AI, increasing data complexity, and sovereignty concerns. It positions Nuix to capture demand already emerging in our pipeline, with benefits to revenue growth from FY 2028. Turning to our outlook for FY 2027. We are guiding to an ACV range of AUD 285 million-AUD 300 million, driven by further momentum from Nuix Neo.
With the migration program now in an established cadence, we expect further good dollar growth in ACV terms, but clearly lower percentage rates of growth given a vastly higher base now. FY 2027 adjusted management EBITDA is expected to be similar to FY 2026, primarily due to the R&D Accelerator investment I just mentioned. Recall that adjusted management EBITDA incorporates the entire R&D spend, both expensed and capitalized. So while we do expect further underlying operational leverage, in FY 2027, that will be offset by the one-off accelerator investment, which will set us up well for further profitable growth. As in previous years, you should expect growth to be weighted to the second half, underpinned by our renewals book, further contribution from upsell attach rates, and new customer growth. Before we move to questions, let me reflect on the year. FY 2026 was a year of profitable growth and decisive action.
Financial performance was strong across key metrics. Nuix Neo continues to scale as the primary engine of profitable growth. We have made the structural changes required to shift from feature selling to platform value. These were decisive actions to position the company to capture a significantly larger addressable market. Looking ahead, with enhanced commercial capability in place, continued investment in platform and AI capabilities, and a clear strategy for profitable growth, we are well-positioned to capture the significant opportunity ahead. With that, I will now hand back to the operator for Q&A.
Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up a handset to ask your question. Your first question comes from Sinclair Currie with MA Moelis Australia. Please go ahead.
Hi, and thanks for the presentation. I was really interested to understand a bit more about the migration pathway into Neo. Just to make sure I understand it correctly. At the moment, you are getting most customers onto the foundation layer, and that is delivering you that 30% + ACV uplift. The next layer is to upsell further some of these AI tools. Can you give me some indication of what the uplift would be in ACV on a full suite sale?
Yeah, thanks for the question. Your modeling of it is right. Bear in mind that the Neo contribution comes from not only migration, but also winning new customers straight onto the Neo platform. In terms of the uplift to the AI enhanced capabilities and then ultimately the addition of Linkurious, we have not done full modeling or we do not have enough track record to be able to put a number in market, but we expect that uplift obviously to be quite a significant part of that growth opportunity.
Okay. In terms of when you do get that uplift, is there a similar outcome in terms of margins, or should we take into account some greater pass-through costs with some of that uplift if you do get those AI related sales?
No. Generally, the uplift, the same level of margin is applying. We are still seeing that growth from component to foundation, but that's not the exclusive path. We are seeing also from component straight through to full Neo. Some customers find it an easier path to go from component to foundation and then to full Neo. We're also seeing, pleasingly in the results at the moment, that in our Neo suite, we are seeing existing customers starting to buy additional AI services, and that migration from one to the other. So we're seeing increased upsell and cross-sell opportunities once we get customers onto the Neo platform, but the margins are maintaining where we've been looking at historically.
Brilliant. Thanks for that. Just, sorry, just one last question. Apologies. Just looking at the environment in the year ahead, you had some down-sell in the past related to, from what I understand, less activity, fewer big scale investigations, et cetera. Is there anything on the horizon to suggest that normalizes, stabilizes, or even maybe we'll see a little bit of uptick potentially in activity coming down the pipe?
No, we're not seeing any additional or change in trends. As we've spoken about through the year, we did see a number of larger service providers, with some of their models, you were seeing down-sells as member organizations also headed off in different paths. So as we look forward, we're not seeing any major structural change to the way customers are buying our product today. There'll always be some where you'll get that natural step down from an end of a project. New projects will start up along the way, and then global organizations also will have differences in their buying patterns year on year. So the teams work really hard at the relationships with the customers to try to understand what they see coming over the horizon. But we're not predicting any major structural changes at the moment.
Great. Thanks a lot for that.
Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Andrew Johnston with MST Access. Please go ahead.
Good morning, gentlemen. Two questions. First up, just around the divisional outlook or the performance for the three geographic segments, and then the outlook. Do you expect those trends to continue? U.S. was very strong. Europe was still pretty good. And Asia PAC was soft to flat, if I've got those numbers correct. Can you just talk about how you see the outlook for those segments?
Yeah. Thanks, Andrew. In terms of the restructure of the business, which is referenced, we've maintained three go-to-market motions. However, we now have combined APAC and EMEA into a single international go-to-market. And then we've broken out Discover into its own go-to-market, and those moves and changes are to address growth. So we expect APAC to return to growth. You'll see in the slides that it was broadly flat this year, and Discover was slightly down. So the intention of the moves we've made is to return those two go-to-market motions to growth.
That's probably a good segue into the Discover commentary. Can you just step back a bit and provide a little bit more perspective on where Discover sits in terms of size of contribution to the business, and yet how it fits from product perspective, where it actually fits into the portfolio?
Yeah. So we look at it, and one of the key themes around the strategic reset is from feature to value selling, and the platform. So circa 80% of our business is platform Discover, I think in round numbers is about AUD 50 million, and we'd like to see that return to growth. It was slightly down this year. The positioning of Discover is very much around a specialist capability in e-discovery, and we see several growth opportunities there. One is a major competitor who's leaving the on-premise world. That's a very strong point for us. You'll see in the AUD 15 million accelerator investment that we're investing in the UI/UX and the agentic capabilities with Discover. So we expect that we will not only be able to maintain and grow with existing customers, but with new customers.
Okay. On slide 34, you talk about Nuix Discover being not just for e-discovery, but you give a couple of highlights with a global trader as well as a major bank. I thought it was mostly an e-discovery product. Are they just different applications of the e-discovery product, or is there actual different use of the Discover product?
It's still, broadly speaking, in terms of use cases, e-discovery, whether it's used by a large regulated organization, financial services, or a dedicated legal services company, or in fact a law firm. The basic use case is still around e-discovery.
Right. Okay. If I can slip in one extra one around AI. Good to see that you're focusing on the use of AI to drive innovation and performance rather than headcount. Can you just, in terms of where you see the threats from AI and where you're putting your focus on to defend the business from AI competition in a very broad sense, if we think about, and I'll go to slide 38. If you think about the various components, I think you've got value built in various components of the business. Where are you spending most of your time thinking about where the threat from AI is going to come from? Is it the bottom level, or is it actually up at the top? Once customers have produced the outputs from your products, do they begin using their own AI rather than relying on your products?
Yeah. I don't want this to come across as glib, Andrew, but we're more focused on where AI helps us grow versus where it is a threat. That said, we made commentary around, we believe our competitors' moat in terms of what we do is strengthened by embracing AI, and so we've got several things in play. One is our BYO AI, and so that allows our customers essentially select their LLM of choice and using our platform provide defensible forensic, et cetera, curated data that can then be further enhanced through the use of AI.
Then similarly back to the accelerator investment, you'll see that part of that is around the development of an MCP layer, et cetera, so that our customers, again, from the outside in, whether they're using Anthropic or OpenAI or any of the big LLMs and the big AI organizations, they can again bread us into their enterprise architecture, as the data intelligence layer. Unstructured data is our core strength, and then they can use their own AI to leverage the capability of, again, the curated data that our platform provides them.
Okay, great. Thanks very much.
Thanks, Andrew.
Again, if you have a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Evan Karatzas with Jefferies. Please go ahead.
Good day, morning. Just firstly, on the EMEA region, just interested post the big contract win late last year in Germany, just how your overall, I guess, brand recognition and just product positioning has changed after that contract win. I know you delivered a pretty strong 23% ACV growth for EMEA in 2026. So yeah, just sort of you can expand on how you are seeing your product positioning and brand recognition in that market. Thanks.
Yeah, thanks, Evan. Just, on the EMEA result, just to be clear, that also includes-
Okay. Yeah.
Linkurious. Just want to make that clear. In terms of our brand recognition, it continues to be very strong in EMEA and the DACH region, particularly in those highly regulated government agencies like tax authorities, law enforcement, and certainly the win that you are referring to has been a significant part of that. But, if you looked at the German tax structure, for example, there is both the national tax body as well as 12 - 14 provincial authorities, and we count a number of those as customers as well.
Okay. Good one. Then just final one, just around how you are thinking about the go-forward operating leverage of the business. I know 2027 has got the bigger investment, but as we get through 2028 to onwards, just how you are thinking internally about some of the incremental margins, this business can continue to deliver, provided you continue this top line type of growth. Just medium term thoughts around, yeah, that operating leverage on a go-forward basis.
I think we certainly have a strong mindset to, one of the underlying themes was to make sure that we grow revenue faster than costs. You do see that as a thematic coming out into this year's results. You can sort of back solve a little bit where we have given guidance around the impact of the accelerated spend, keeping this year or, sorry, the future years EBITDA around the same level as this will imply that we are continuing to see ongoing operating leverage in the organization. It remains a key focus of our strategy to make sure that we look at our overall algorithm, if you want to call it that, as to making sure that we can drive operating growth, while also making sure that we can convert that into strong cash flows, which you also saw this year.
Yeah. Okay. Good one. I will pass it on. Great result, guys. Thanks.
Thank you.
There are no further questions at this time. I will now hand back to Mr. Ruthven for closing remarks.
Thanks, operator. Just to recap, I mean, for us, looking back on FY 2026 and excited about FY 2027. FY 2026 was profitable growth. The second key theme there is around decisive action. Those actions have played into FY 2027 and set us up for success going forward. But looking back again, ACV at AUD 260 million was well within the guided range. It was profitable growth with a good adjusted management EBITDA result. Nuix Neo, in terms of growth levers, continues to be a core part of our growth, contributing roughly 30%, and very strong growth in FY 2026, but that is a combination of not only migration but also the ability to win net new customers. In FY 2027, we are very excited about those new opportunities that it opens up for growth. Just as importantly as the FY 2026 result is the work we did to strategically reset the business.
Out of the headline level, we talk about feature to value. What does that really mean? We have reset our go-to markets to optimize them for growth. We have focused the business around ICP or ideal client profile. We have got a well-defined TAM, so we know where our opportunity is. We have lined up our marketing and sales effort around account-based marketing, very targeted. We have combined our product and tech businesses to streamline our ability to bring new capabilities, new features, new innovation to market quicker. Then we have put money behind that with the R&D Accelerator of AUD 15 million to really accelerate our product roadmap. Then just to close it out, again, we have put in market that our expectations come at year-end FY 2027. We will have ACV in the range of AUD 285 million -A UD 300 million.
Adjusted management EBITDA, probably similar to this year, noting that, we have got the AUD 15 million of accelerated spend. Finally, as in previous years, where we have strong contribution from our renewal book, we expect the year to be weighted to the second half. With that, operator, I am happy to close out the call.
That does conclude our conference for today. Thank you for participating. You may now disconnect.