Operator

Good morning, everyone. Before we begin the official remarks, I will read the cautionary note regarding forward-looking information. Certain information to be discussed during this call contains forward-looking statements within the meaning of applicable security laws, including, among others, statements concerning the company’s objectives, the company’s strategy to achieve those objectives as well as statements with respect to management’s beliefs, plans, estimates and intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts.

Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management and is subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated. Please refer to the cautionary statement and the risk factors identified in our filings with SEDAR for a more detailed explanation of the inherent risks and uncertainties that could affect such forward-looking statements.

Following the presentation, we will conduct a Q&A session. I would now like to turn the conference call over to Simon Cairns, Chief Executive Officer.

Simon Cairns
Chief Executive Officer

Thank you, Steve, and good morning, everyone. Thank you for joining us for illumin’s Fourth Quarter and Full Year 2025 Earnings Call. 2025 was a year in which illumin repositioned the business and our platform towards AI-assisted decision-making and not just campaign spending. This marks a significant shift from how illumin has historically positioned itself and its brand.

A significant rise in quarterly sales on a year-over-year (YoY) basis indicates strong business growth and increased demand. Among the NSE midcap segment (excluding banking and financial stocks), the top 10 companies recorded over 50% sales growth in the December 2025 quarter compared to the same period in 2024, according to turnover scan data from StockEdge.com.
This substantial increase in quarterly sales indicates strong business expansion and demand. This trend showcases a company’s capacity to attract and retain customers, suggesting potential for continued success. However, it is essential to evaluate the sustainability of this growth.

The Reserve Bank of India stepped up its government bond purchases from the secondary market to a record level in the week ended March 6, data showed on Friday, as the central bank tried to stabilize the market roiled by the Middle East war.

The ‌Reserve Bank ⁠of ⁠India net bought bonds worth 572.10 billion rupees ($6.20 billion) over the four ​trading sessions in the week, making it the third consecutive week of purchases. ​The settlement of the transactions takes place one day after the trade.

* Infusing liquidity is the main purpose of bond purchases, but ​they also impact yields

* RBI had bought ⁠bonds worth ‌99 billion rupees in the week ended February ​27 and ​28.15 billion rupees in the week ended February ⁠20

* RBI had bought bonds worth 173.95 billion ​rupees in January, 41.55 billion rupees in December ​and 272.80 billion rupees in November, taking aggregate secondary market purchase to 1.19 trillion rupees for the financial year

* “From a demand vs supply narrative, markets have remained well supported as RBI has continued to undertake on-screen as well as scheduled OMOs,” Basant ‌Bafna, head of fixed income at Mirae Asset Investment Managers (India)
* “With supply for the financial year having been ​completed, support from ​RBI has helped ⁠anchor yields.”* RBI has bought bonds worth a record 8.53 trillion rupees so far this year

* Total liquidity infusion, including other measures this fiscal is at 13.33 trillion rupees

* Traders say, the central bank was an active buyer in the secondary market in the current week, and also anticipate purchases to continue till the end of the financial year

($1 = 92.3320 Indian rupees)

A survey from Cardiff Council shows strong support for a visitor levy

Cardiff could become the first place in Wales to charge visitors to stay in the city after a 12-week consultation showed most people in the city approved of a proposal to introduce a visitor levy.

The levy proposed by the council would see anyone staying in the Welsh capital for 31 nights or fewer, including in hotels, guesthouses, hostels, Airbnbs, campsites and temporary event accommodation pay a fee.

More than 1,500 people responded to the consultation from Cardiff Council that began on December 1, with the results showing support for the proposed levy, with 62% in favour, 33% opposed and 4% neutral.

If approved, the fee will be £1.30 per person per night for most accommodation types or 75p per person per night for campsites and shared rooms such as hostels.

READ MORE: Welsh Government invests £8m in deep water turbine platform firmREAD MORE: Explosive minutes of Ospreys meeting released for first time as WRU accused

Cardiff council’s cabinet will meet on Thursday to consider the recommendations contained in the report. It is estimated £3.5m will be raised annually through charging visitors to stay in Cardiff.

There will be exemptions for people under 18 staying on campsites or in shared rooms, people staying more than 31 nights in a single booking, and those in emergency or temporary accommodation arranged by the council.

While positive feedback was given by residents who believed that a modest charge could help support tourism in Cardiff, some respondents raised concerns.

Issues included the potential impact on visitor numbers, the risk of revenue being absorbed by administrative or unrelated budgets, and the additional burden on accommodation providers.

A statement from Cardiff council reads: “Across all the responses there was a strong call to ring-fence the income raised, with clear accountability, so the revenue from the levy is visibly reinvested to improve Cardiff as a tourist destination, as well as address any impacts of increased visitor numbers.

“The areas attracting the strongest support for investment include the promotion and marketing of the city, visitor infrastructure and making the city welcoming for visitors.

“The money raised, estimated at £3.5m each year, would be paid to the Welsh Revenue Authority which would then pass the levy on to local authorities. The funding would be used to support Cardiff’s visitor economy, with a new visitor levy partnership forum established to advise on how the funds would be used.”

Councillor Russell Goodway, Cardiff council’s cabinet member for investment and development, said: “The responses to the consultation on the proposed visitor levy are very helpful as they clearly set out what businesses and residents want us to focus on.

“If the proposal is approved by both cabinet and full council, a memorandum of understanding will be agreed and signed between Cardiff council and UKHospitality and a visitor levy partnership forum will be set up to advise on how the funds are used and help shape Cardiff’s tourism strategy.

“This income would bring additionality to the services and promotions we can provide, improving the experience for visitors and residents alike. The proposed charge, set out in legislation, is significantly lower than the typical charge seen across Europe.”

Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life.Be the first to know! Sign up for Invesco US Blog and get expert investment views as they post.Disclosure for all Invesco US articles: Before investing, carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. The information provided is for educational purposes only and does not constitute a recommendation of the suitability of any investment strategy for a particular investor. Invesco does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. Federal and state tax laws are complex and constantly changing. Investors should always consult their own legal or tax professional for information concerning their individual situation. The opinions expressed are those of the authors, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE All data provided by Invesco unless otherwise noted. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail products and collective trust funds. Invesco Advisers, Inc. and other affiliated investment advisers mentioned provide investment advisory services and do not sell securities. Invesco Unit Investment Trusts are distributed by the sponsor, Invesco Capital Markets, Inc., and broker-dealers including Invesco Distributors, Inc. PowerShares® is a registered trademark of Invesco PowerShares Capital Management LLC (Invesco PowerShares). Each entity is an indirect, wholly owned subsidiary of Invesco Ltd. ©2015 Invesco Ltd. All rights reserved.

Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life.Be the first to know! Sign up for Invesco US Blog and get expert investment views as they post.Disclosure for all Invesco US articles: Before investing, carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. The information provided is for educational purposes only and does not constitute a recommendation of the suitability of any investment strategy for a particular investor. Invesco does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. Federal and state tax laws are complex and constantly changing. Investors should always consult their own legal or tax professional for information concerning their individual situation. The opinions expressed are those of the authors, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE All data provided by Invesco unless otherwise noted. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail products and collective trust funds. Invesco Advisers, Inc. and other affiliated investment advisers mentioned provide investment advisory services and do not sell securities. Invesco Unit Investment Trusts are distributed by the sponsor, Invesco Capital Markets, Inc., and broker-dealers including Invesco Distributors, Inc. PowerShares® is a registered trademark of Invesco PowerShares Capital Management LLC (Invesco PowerShares). Each entity is an indirect, wholly owned subsidiary of Invesco Ltd. ©2015 Invesco Ltd. All rights reserved.

Capital markets regulator Sebi on Friday issued new conditions for intraday borrowing by mutual funds to address temporary liquidity mismatches while putting in place safeguards to ensure investor protection. The new framework will come into effect from April 1.

Sebi said mutual funds often face intraday timing mismatches between redemption payouts and inflows from investments. Typically, redemption payments to investors are processed during the morning hours of the settlement day (T+1), while funds from instruments such as TREPS and reverse repo transactions are received later in the evening.

To bridge this temporary funding gap, mutual fund schemes sometimes rely on short-term borrowing arrangements from banks or other financial institutions. The regulator said the new rules formally recognise this practice while placing clear limits and operational conditions.

Mutual funds are generally allowed to borrow up to 20% of the net assets of a scheme for a maximum period of six months for purposes such as meeting redemption requests, paying income distribution or settling certain trades. However, this 20% cap will not apply to intraday borrowings, provided they meet specific conditions laid out by the regulator.

Sebi clarified that intraday borrowing can be used only to facilitate repurchase or redemption of units, interest payments or income distribution payouts to unitholders.

The regulator also capped the quantum of intraday borrowing. The amount borrowed cannot exceed receivables guaranteed on the same day from institutions such as the Government of India, the Reserve Bank of India, and the Clearing Corporation of India.
Eligible receivables include maturity proceeds from TREPS, reverse repo transactions, government securities, treasury bills, state development loans, STRIPS, as well as interest payments and sale proceeds from these instruments.To strengthen oversight, Sebi has mandated that each asset management company’s board and trustees must approve a formal policy governing the use of intraday borrowing facilities, which must also be disclosed on the AMC’s website.

The regulator further said that any cost associated with intraday borrowing must be borne by the asset management company, not by the mutual fund scheme or its investors. Similarly, any losses arising from delays or unforeseen issues in receiving expected funds must also be absorbed by the AMC.

Sebi also addressed borrowing by equity-oriented index funds and exchange-traded funds (ETFs). Such funds will be allowed to borrow funds in cases where sell trades are not executed on time, but only to facilitate participation in the closing auction session of stock exchanges, which will become effective from August 3.