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.

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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.”

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