Integrated Research (IRI) Trading Update summary

Financial performance and guidance

• Total contract value (TCV) and statutory revenue expected at the upper end of guidance, but both down significantly versus prior corresponding period (PCP) due to a softer renewals book.

• Pro-forma revenue remains steady against PCP, indicating stable underlying performance.

• EBITDA expected to exceed previous guidance, in the range of $3.9m to $4.5m, but down 62% at midpoint versus PCP; includes $2.1m FX benefit and $1.2m profit from sale of non-core business.

• Cash at bank remains steady at $31.1m despite restructuring costs and dividend payments, reflecting disciplined cost management.

• Customer collections remain strong, supporting the stable cash position.

Business development and strategy

• New business TCV (new clients and upsell) increased 77% to $7.6m, now 29% of total TCV, supporting the product-led growth strategy.

• Improvement in new business TCV demonstrates continued relevance of existing products for large enterprise clients.

• Renewals book is softer in FY25 and weighted to the second half, as previously advised.

• Ongoing disciplined financial management highlighted by steady cash and anticipated EBITDA.

• Further details to be provided with audited interim results on 20 February 2025.