There was nothing new in the presentation compared with the Q1 update from a couple of weeks ago, but I did learn some interesting points from the Q&A.

In Q1, they added the 71 sites lost in Australia (shipped hardware to NZ). Management sounded very confident about their target of adding 500 to 700 sites. I missed whether this goal applies only to FY27 (as shown in the slides) or if FY26 is included as well. Most of the growth is expected to come from the UK (around 300 sites), with New Zealand and Germany contributing roughly 100 each.

There was an interesting discussion about the trade off in the US between sites that require no capex, which tend to be shorter term and less sticky, and the sites that do require capex, which typically have stickier customers, use SPZ's technology and analytics, and come with longer duration contracts.

In Denmark the payment amounts and payment rates are much higher than in the UK & NZ. They want to use Denmark as a base to get access to this profitable Scandinavian conscientiousness. For now, operations in Denmark are still manual rather than using automatic number plate recognition.

In Germany, they remain confident about reaching profitability soon. In Switzerland, they expect to have sites operating by the end of the year.

Overall, management was upbeat, and the chair reflected on the strong share price performance over the past decade.

My sense is that it is a well run business, but it may need some time for fundamentals to catch up with the recent share price gains. I am particularly interested to see how the US segment performs in H1 FY26.