Okay, I need to move back to another resolution. Apologies. That is, I thought I was going to dip out on quoting all the section numbers, but here we go. Please note that pursuant to Section 250(r)(2) of the Corporations Act requires that a resolution to adopt the remuneration report be put to the vote of shareholders, and shareholders have the opportunity to discuss the remuneration report at the annual general meeting. However, under Section 250(r)(3) of the Corporations Act, the vote on this resolution is advisory only and does not bind the directors of the company. I now move that the remuneration report of the company, as set out in the directors' report for the financial year 30 June 2024, be adopted. 2025, rather, be adopted. Before voting on this motion, is there any discussion? I'm sorry, the proxies received are displayed on the screen.
As Chairman, I will vote all undirected proxies in favor of this resolution. If you have not lodged a proxy and you are voting during the meeting, please indicate your vote in the poll on the screen now. That brings us to the end of today's formal meeting, and I declare the meeting closed. I'd like to now give you an update on the company and its future directions, and at the conclusion, I will open it up for further questions. First of all, let me just address the financial highlights for 2025.
We had revenue of AUD 124 million, annualised recurring revenue up 15% to AUD 120 million, adjusted EBITDA of AUD 46 million, net profit after tax of AUD 35 million, R&D AUD 31 million, representing 30% of software revenue, operating cash flow of AUD 46 million, cash at balance date AUD 99 million, and total dividends received of AUD 0.22 per share unfranked. If we have a look at the transition to subscription revenue, I think this gives you—I have shown this chart before in both results and also at other AGMs. Historically, I think for me and what I communicate regularly to investors is the dark blue line, which is this is revenue as opposed to bookings. I mean, we often talk about ARR, and no doubt we will talk about that again a little bit further on in the presentation. This gives you a sense of what the growth rate has been like.
In the 2025 year, we cracked through the 100 million mark in terms of annual recurring revenue achieved. 84% of the revenue was recurring, and this was against 100% being subscription revenue as well. These two charts also give you the essence of that journey over time. In the last five years, we've had a 17% compound annual growth rate in ARR growth. The SaaS revenue that you can see here, first of all, probably the bottom light blue line, the USP or the historical USP upgrade and support program revenue is still growing, albeit mildly, as you will have seen in other companies that have made sort of the cloud transition. Over time, that tails off. We would expect to see that tailing off as well in the case of Objective over time.
It is good to show that it still remains resilient as we make the conversion to SaaS. You can see here again in the last five years, the compound annual growth rate has been 28% growth in that SaaS. The non-recurring revenue, as I have outlined in other presentations, is most fortunately declining at -2%. Those of you that have been to prior AGMs or have been to any of our investor relations presentations at the half and full year will know that this is something that we have really been driving as a business. If you look at what the profit line is like, as per the STRAT plan, 39% adjusted EBITDA margin and 15% ARR growth, I think by any metric, that is a very, very strong result. If we look at the company's strategy, our mission, outstanding GovTech, driving stronger communities and nations.
I think if you walk around any Objective office, you'll see this called out in spades. If you were to attend any of our monthly company updates where we celebrate the achievements of the last months and particularly what we're doing for our customers. Also, this year, we celebrated most recently our 25 years on the ASX. We got to ring the bell, as you might have seen in other communication. There's an infographic for you. That's, I guess, the equivalent of "This is your life." That's all of our annual reports for the last 25 years since the top left-hand corner is our IPO document through to the current document that's available online today. Quite an achievement.
I’d also like to just point out that business is a team sport, and we’ve been very, very fortunate to have an incredible team contributing to all these results over the last 25 years. Again, customer relationships. Once upon a time, we had very few in the 25-year plus category. I think we’re now actually approaching some of our customers are approaching the 30-year mark. I think you’ll well appreciate that technology has moved a lot in that period of time. Customers continue to invest in their relationship with us as we do in our software for them. It’s been very much a symbiotic relationship with all of our customers. You would also, I guess, appreciate that the plus 10-year customers, this is only a small subset of the customer relationships we’ve had over this period of time.
We also did have in the last couple of months, back in July, sorry, August timeframe, we had our very first, our very most recent full Activate. This is where we get everyone together for up to a week for some of our groups, but certainly a couple of days for everyone from all around the world to come together. This comes at a fair cost, I guess you would appreciate. We found that this event, which we historically did pre-COVID, and we tried a few digital versions during COVID, as most companies did, and then in 2024 got most people back together for a little two-day event. This was the first year that we got everyone back together offsite to have Activate 2025, which was, as you can see there, fit for 2026 was the theme of the conference.
It was really a way of getting all of our people together from all around the world and making sure that everyone was aligned in terms of where we were taking the business in 2026 and beyond. It has really been part of the Objective culture for a long period of time. Equally, I think every presentation I have done at an AGM or results presentations included the flywheel of innovation. Never has this been any more prevalent than it is today. Our investment comes up front. That leads to outstanding software. We deliver an outstanding experience for customers. If they like what we do, they pay us, and thus the flywheel of innovation can continue.
I think that's very clear today, especially when we're spending and investing something like 30% of all software revenues are going back into just software alone, and more revenue on top of that is going into go-to-market and other aspects of the business. You might note that we've probably changed the first box in the top left-hand corner. Once upon a time, it just said increased R&D investment, whereas today it says increased investment. I guess that's to take into consideration that we are spending and investing more in our go-to-market activities around the world. Again, just referencing that 30% of software R&D, I think the great news for both our shareholders and our customers is that we've now exceeded a compound investment of over AUD 300 million since listing publicly. AUD 135 million, 44% of that investment has been in the last five years.
The rate of investment in innovation has been rapid during this period of time. As you can see, that has manifested itself in the software we are delivering and also the results that we are achieving. A cornerstone of everything we have done has been the Objective Design Language. Even now, our acquisitions go through a phase where they get totally reimagined under the Objective Design Language. This has been really one of the pillars of what we have done from a software perspective and a user experience perspective over the past 10 years. It has really come of age over the last two years. We have a design team that designs all of the UX for all of our products centrally, which means that no matter which product your customer uses from Objective, it all has the same look, feel, and user experience.
There was a question posed earlier about AI, and probably this is the best place to address it. There will be more information about a new capability called Objective Intelligence available on our website soon. I think there's already some information there about it. Objective Intelligence is something that we've been developing as a central capability for the last couple of years now. We've been a long-term user and investor in AI before it sort of struck prevalence, going all the way back to intelligent character recognition and optical character recognition through to things like Trapeze, which have used computer vision really for many, many years now. We've also used the OpenAI API for pretty much since its inception 10 years ago for things like document summarisation.
Obviously, everyone's got sort of hot and bothered about ChatGPT and now all the other LLMs and providers that are available today. I can't do Objective Intelligence justice on the AGM call today, but what I can show you is these are all the products that we are shipping today that incorporate an AI capability that's run by Objective Intelligence. All of the RAG-based capabilities of all the products on the left, all of the automated document intelligence capabilities of an even bigger set of products, computer vision, as I mentioned, in Build, Trapeze, and RegWorks, and really natural language processing is coming to all of our products as well. There was another question that was raised earlier that's in the Q&A that I can see here. I'm not sure whether others can see it.
How many full-time staff do we currently have, and is that likely to fall over the coming 12 months with the rapid rollout of AI? We have approximately 450 staff today, and I would say that we are enormous adopters of AI, not only in the sets of products that we're delivering to customers, but also in our engineering teams. We are not looking to reduce the size of our employee base. In fact, we have many positions open today, but we are getting, obviously, an increasing level of efficiency, particularly in engineering, but really right across the business. We now have a monthly AI forum where we bring the entire organization together to discuss where they're using AI, things that they're experimenting with, where we can get other improvements and other efficiencies with AI.
There's a separate monthly meeting amongst all the leads of engineering to look at how we are leveraging AI in terms of advancing what we're doing from engineering, delivering AI capabilities for customers, but also how to drive that efficiency. No, we're not looking to actually reduce the number of people, but you could look at it through another lens and say, "We may not increase the headcount as fast as we might otherwise do as we get efficiency through the deployment of AI in all facets of our business." I think that probably, Stephen, addresses your other as well that relate to AI. I can assure you we are energetically embracing AI in all parts of the business. Just coming along and talking briefly about each of our lines of business: information intelligence, planning and building, and regulatory solutions.
Let me, first of all, start off by announcing the transition of what was historically our Content Solutions business, and prior to that, our content and process line of business. During the year, certainly during Activate 2025 and certainly rolling out now for customers, we've just completed our Seven City Roadshow around the world with our Collaborate customer conference specifically for Content Solutions, which is where we announced the change of name to Information Intelligence. It has really come about because we have a wide range of capabilities, Nexus, 360, both those products now incorporating parts of Objective Intelligence in terms of capability, plus Connect, plus Redact. We've really brought those things together in a seamless way to deliver the Information Intelligence platform. This is quite a shift for us.
You'd say it's almost as if the last 25 years have been really establishing the building blocks for leveraging all of the information that our customers are generating that can support really high-quality AI outcomes. There are some videos that were taken at our events in the last couple of weeks that we'll make available on our website over the next month. They will give you further insight into how some of our customers are incorporating the new AI capabilities in terms of what they're delivering with the Objective Information Intelligence platform. If we look at the overall performance, I think this information has been shared with you before at the full year.
The annual recurring revenue bookings were up 12% for the year, which we thought was particularly strong, the highlight being the Scottish Government that is moving 18,500 users from its on-prem ECM solution to Objective Nexus Cloud. That was certainly one of our tier-one customers embracing the future of Nexus Cloud. I will not read through all of these for you. Just call out 360 was deeply integrated with Objective Intelligence for using Microsoft's Copilot for curated data. Objective Connect brought new customers onto the platform, and Keystone added to its portfolio of Australian superannuation funds. Overall, the revenue was up only 4%.
I think we've explained this by really trying to reduce the services line for the company, which we've done, I think, a very good job of with the team to make sure that onboarding new customers is becoming increasingly efficient and financially effective for customers. If we look at the market drivers here on the left-hand side, this is a new infographic that we've introduced for each of our lines of business. On the left-hand side, what's really happening on the regulatory side and governance side? Compliance, complexity, information and process management, which has been at the core of what we're doing. Even though we've had a rebranding to information intelligence, that doesn't mean that we've left anything behind from what we've done historically.
Customers still expect us to provide great information governance and process management solutions, secure collaboration, and that strong privacy and protection that we've provided over a long period of time. On the digital transformation side, faster responses, AI automation, which we can discuss ad nauseam, the ability to scale resources, and also what government expects from AI, which is perhaps something that's a little bit different than what other non-government customers are looking for from AI. I'm sure you've seen plenty of information in the press about sovereign AI and private AI. These are all things that are somewhat different for us than what they would be for people that have got general AI propositions. I touched on this before. Moving Nexus in the Scottish Government, 5,000 citizens served, 18,500 users. Moving along to planning and building. Again, this was strong highlights for the year.
Our ARR was up 31% on the prior year, a 6% sales revenue change, and again, quite a material drop in the services revenue. We're onboarding a lot of new customers onto the Build platform at our cost, but you'll see that this ARR bookings come through, obviously, in the sales revenue for the 2026 year. Objective Build was launched in Australia earlier this year as a soft launch at the PIA conference in Darwin. Again, we're still very much on track for delivering that solution into the domestic marketplace at the end of March 2026, and we've got in excess of 10 foundation councils on the Eastern Seaboard now. In New Zealand, we continue to focus on developing out what we consider to be the national platform. We're out to over 40 councils now signed up, and you can see there are 29 councils already live on Build.
We expect probably at the end of the current half to be well north of 40 that have signed up for that platform as well. That's more than 50% of that market by a number of councils. Finally, Trapeze now used by 280 local government customers across Australia and New Zealand. We also had 50 expansion opportunities during the year as well. All in all, planning and building had a stellar year in 2025. Again, if we look at the market drivers, mounting pressure caused by DA approvals on the regulatory side, rapid regulatory changes. We are taking care of all of the changes that come through on the regulatory side, particularly now I'm talking about New Zealand with the large number of councils that are live. As the regulatory changes come through, we change the software to do the changes effectively for customers.
There is an industry shortage of planning professionals, and there's often complex approval pathways. Nothing in the regulatory space seems to be ever particularly straightforward, and that's just really what the government expects or what citizens expect of the government. On the digital transformation side, a huge part of what Build does is provide transparency. It also provides a lot of additional now intelligent lodgement, vetting, and compliance checklists. Clearly, that comes about through the use of great AI tools, and it really is this specialised industry-wide platform that's driving the value for us. We think that Build drives enormous value for customers.
Again, if you go and talk to any of our customers, you'll see the proof points not only in terms of the transparency, but just the throughput and the fact that we provide all the regulatory updates for customers as being things that are particularly valued. One of the other things during the year was Isovist joined us. Again, this was a relatively small new member of the family, and already I'd probably say that it's shaping up as probably one of the best acquisitions that we've made. I think it looks for me a lot very similar to the journey that we went on with Trapeze. Although the transition to Objective Trapeze took a couple of years, the transition to Objective IsoPlan is going to be done much faster. It's quite a strategic piece. It fits very broadly into our planning and building end-to-end process.
If you go to our website, you'll see great infographics and videos there of just how it fits into that end-to-end piece. The combination of IsoPlan with Build, with Trapeze, we think is an outstanding proposition for both councils in Australia as well as New Zealand. Moving on to regulatory solutions, sales revenue was up 6% for the year. ARR was up 17%, which again was probably slightly under our expectation, but still a very strong result. That will follow through into the 2026 sales and profitability numbers. The highlight for the year was really being selected by West Australia's LGRS organization, which is the largest regulator in the state for its new compliance and regulatory system. In New Zealand, MPI went live with the Fisheries Observer solution.
I believe that there's a video case study that's on our website if you want to hear more about that. The New Zealand Firearms Registry, which I think was an ongoing success widely. There was wide concern at the time in New Zealand about this policy and regulation. I was in New Zealand a couple of weeks ago and met with the New Zealand Firearms team, and I think it's been, again, whilst a tough project, one that's been very well received broadly in the community. Certainly, the performance of RegWorks for that solution has been outstanding. We're growing a lot of capacity, both domestically and internationally, in terms of go-to-market. We delivered a lot of R&D. There's a lot more to come, both now and in the there's both a release before Christmas and another after Christmas in terms of RegWorks.
The product is really being extraordinarily well received by customers. At the same time, there's a lot gone into marketing. We have been the headline sponsor of both the NRCOP, the regulatory body for practitioners here in Australia, as well as the IRR conference in the U.K. I think our brand has become very synonymous with the regulators in Australia, New Zealand, and the U.K. Finally, New South Wales Transport Safety, we delivered a lot of enhancements to that system during the year, which I'm sure some of you have done some field testing for us with seatbelt cameras and mobile phone cameras. Thanks for that.
Again, if we look at the regulatory solutions market drivers, again, it's all purpose for existence, increasing levels of regulation that we all know regulation is a growth industry, accountable for protecting the community, and I guess that constant mantra of doing more with less. On the digital transformation side, it's really a greater opportunity for efficiency. A lot of new regulators that get stood up certainly come and look to us for guidance. I think that's been an area where we're specialised. Just most recently, we've gone live at the U.K. Gambling Commission. Again, our first go-live in the U.K. and the first of many, I'm sure. A good outlook for the RegSolutions team. I think I've covered most of these. I should also mention the Modern Regulator.
If you haven't been to the Modern Regulator, it is really a news portal for all things regulators that we established during the year. It's actually run out of Canada, but it is, I guess, an independent industry voice that we've put together to celebrate successes for regulators. If you haven't been there, I'd encourage you to go and have a look at what we're reporting there. Finally, we've become known for our regulatory technology survey. We've got another one coming out shortly as well, which will take probably a little bit of a different slant this year. That's been, again, a hallmark of the Australia, New Zealand, and the U.K. markets in terms of the use of regulatory technology to support regulators. Just some of the customers that we have. I think you've probably seen many of these before.
Those are frequent flyers here at the AGM or our results announcement days. Yeah, if I can just sort of round out and talk about the strategic priorities. First of all, the good thing is our STRAT Plan process that we outlined last year is working really well. You can see here, essentially, every business plan and objective gets driven from this overall framework, which sets out, I'm not going to read it for you. This will be available on the ASX. You can see here what drives our mission, our ambition, and drives our energy is the five pillars: investing in people, building outstanding products, achieving the go-to-market plans, delighting our customers, and being ready to scale. It doesn't matter which line of business or which supporting central business service we have internal at the organization, they all line up against this strategic plan.
I think that's showing through in terms of the results. We've shown this graphic before. This is our path to our target. You can see here the targets that we have for the year. Historically, these have been internal targets, but somehow they've slipped out into the wild. We want to kind of be true to where we see the growth coming from. You can see in the boxes there, these were the numbers that we achieved in the FY2025 year, the numbers on the top being the range numbers for the 2026 year across policies, should say information, intelligence, planning and building, and RegSolutions delivering us our 2026 target. Final slide, the outlook. We've mentioned the internal growth target previously at 15% of our growth. Scaling profitably has been a big thing for us.
I think historically, you know that we try to get the balance right between achieving the ARR growth target and making sure that we're also getting the balance right between increasing profitability and investing. That's something that goes right to our DNA. Our R&D investment's going to continue to expand. I've mentioned this before, at 30%, we're probably at the upper limits of what we're likely to see. I would not think that that's going to be falling back markedly anytime soon. I think we're still powering on. I think in each of our lines of business, whether it be information intelligence, planning and building, or regulatory solutions, they each have an extremely bright future, and we've got to lean into investment in that bright future. At the same time, we are actively pursuing acquisitions as well. M&A has been a part of our heritage. As you can see by the things that we have acquired historically, they all are on mission. They all are part of the strategic mission of each line of business. We do not get outside of our swim lanes, and we are certainly uninterested in roll-ups. We are very active today looking at opportunities. Again, we cannot announce things before they occur, of course. I think IsoPlan, what we are already doing with that IsoPlan business, the metrics that you would apply to that acquisition means that it is going to be a great outcome for shareholders, if not already. With that, I will open up to questions. If there are any questions, I will be glad to take them now. Ben, do we have any questions?
We do not, Tony. Not those that you already addressed.
Okay. Once again, thank you very much for attending the AGM today. We hope that's given you a little bit of insight, and I look forward to talking to you again at the first half results announcement in February. Other than that, have a great festive season. Thank you.