Investment Case Summary - The A$2.5m annual minimum converts Algho pipeline into a contractually committed revenue floor for three years. - URBANnext gives Vection instant reach into European public sector accounts it could not access as efficiently direct. - Real catalyst is orders visibly exceeding the floor inside twelve months, otherwise it stays a structural win only. A committed A$2.5m annual floor turns European smart cities into a structured Algho pipeline Vection Technologies (ASX:VR1) has signed a three-year framework agreement with Switzerland-based URBANnext SA to deploy the Algho AI platform across European smart city, infrastructure and urban services markets. The deal carries a minimum annual purchase commitment of A$2.5 million and a minimum aggregate value of A$7.5 million over the initial term. This is a different shape of contract to what Vection investors have been reading about for most of FY26. The recent flow has been firm orders, mostly recognised inside FY26, driven by the defence programme and a growing sweep of Algho enterprise wins. This one is a channel agreement with a committed floor and an open ceiling that scales with how many projects the partner actually delivers. The way to read it is not as a single A$7.5 million contract win. It is the first sizeable framework that gives Algho a durable revenue base outside defence, plugged into a partner that already sells into European municipalities and infrastructure operators. Why the A$2.5m floor matters more than the A$7.5m headline The committed annual minimum is the number investors should anchor on. It is not a forecast, it is contractually required purchasing across the three-year term. That converts a chunk of Algho revenue from pipeline into something closer to a booked schedule. Smart city programmes almost never stay at their initial scope. Pilots expand, cities add adjacent departments, and infrastructure