I would now like to hand the conference over to Mr. Brian Maher, CEO. Please go ahead. Thank you. Good afternoon, everyone, and welcome to this Aussie Broadband Group Investor Call. I'm Brian Maher, the CEO of Aussie Broadband, and I'm joined today by Jonathan Prosser, our Group Executive Residential, who will have operational control of the business we're going to talk about today. While we're only a couple of weeks away from the release of our half-year results, the significance of this announcement meant I thought it was appropriate to hear from me on the strategic rationale on the transaction and to give investors the chance to ask questions ahead of that time. We will not be discussing the first half FY 2026 results on the call today. We're very proud and excited to have announced an agreement with AGL this morning, which consists of the acquisition of AGL Telco and its associated customer assets, including telecommunication services under the AGL and Southern Phone brands, and importantly, an exclusive long-term partnership with AGL. This agreement represents a significant stepping stone in the execution of our Lofty28 strategy, with a material uplift in owned customer connections. It offers a new channel for growth in the residential connectivity segment through this long-term partnership with a major player in the energy sector. In the past few months, we've been able to secure both indirect and direct channels to market through banking and energy partnerships, so we're well placed to continue to drive our growth story. At the completion of migration, we estimate the AGL Telco acquisition will add 350,000 broadband and mobile connections to Aussie Broadband's user base. Those connections are broken down into an estimated 210,000 broadband services and 140,000 mobile services. It's worth noting that the current connection count is 362,000, but we've allowed for some migration loss. In addition, more than 40,000 voice services will also be acquired, but Aussie has not traditionally counted voice services as connections. Under the long-term partnership, AGL will continue to market and promote AGL-branded telco services to its 4.5 million existing customers and the wider market. AGL's existing large customer base represents an exciting growth opportunity for ABB to deliver telecommunication services through Aussie Broadband's award-winning customer service and network capabilities. We are expecting the migrated connections and voice services to generate approximately AUD 235 million in revenue and at least AUD 21 million in annualized underlying EBITDA in the 12 months post-migration, which will be EPS accretive. Excluded from this EBITDA calculation are one-off costs associated with the transaction, the migration and the establishment of the service, and any contract incentive amortization. Over the medium term, we expect AGL Telco to exceed 500,000 connections, and this will deliver further upside to our earnings and is expected to deliver an EBITDA margin consistent with our Lofty28 target of at least 12.5%. Following the migration, which will take place during the first half of FY 2027, Aussie Broadband will be responsible for managing the service provision and customer experience for AGL's telecommunication services. As part of the partnership agreement, AGL will continue marketing AGL Telco-branded products through its existing channels. ABB will pay customer acquisition fees to AGL for new sales and fund routine promotional activity. The cost of customer acquisition is expected to be comparable to ABB's recent experience. ABB will also fund the bundle discount, which is a feature of the current offering. With the AGL Telco NBN connections and the More and Tangerine connections which are being migrated to the Aussie network in the coming months, ABB expects to exceed 1.25 million NBN connections by the end of this calendar year. This would place Aussie Broadband as the third-largest NBN service provider in Australia based on the most recent quarterly ACCC reports. This would be a tremendous achievement and a testament to the continued commitment to high-quality service offering we provide to all our partners and end customers. Along with strengthening the company's financial and strategic interests as one of Australia's largest NBN providers, this acquisition will also expand Aussie's presence in the growing MVNO mobile segment through multiple sales channels. Adding more than 140,000 mobile connections from AGL will bring the total number of ABB mobile connections to almost 400,000 across all three segments. In consideration for the acquisition of AGL Telco, Aussie Broadband will issue AUD 115 million in equity to AGL, which is expected to occur in June 2026. This amounts to 22 million fully paid ordinary shares based on the 90-day volume-weighted average price to the 9th of February 2026. Those shares are subject to certain standstill and disposal restrictions and controlled transaction voting restrictions, and account for approximately 7.5% of the current issued capital in our company. Using the estimated underlying EBITDA for the first 12 months of post-migration ownership of AUD 21 million, we are acquiring AGL Telco on a multiple of approximately 5.5x. This excludes the value attaching to the long-term exclusive partnership with AGL. AGL will become a substantial shareholder in the company through the issuance of ABB ordinary shares. We have further incentivized AGL to deliver future net growth in connections, as AGL will also be eligible for an issue of up to a further AUD 10 million in ordinary ABB shares in tranches of 2 million each, contingent on meeting net connection growth over time. These tranches will be issued at the prevailing 90-day VWAP. Once the 10 million has been issued, future growth incentives will be negotiated subsequently. We are incredibly proud of what this deal represents for our company and our Lofty28 ambitions and the prospects it presents for the years ahead. We're excited to expand the Aussie brand even further through this acquisition and partnership, and we look forward to sharing more on our current trading performance with the release of our half-year FY 2026 results on February 23rd. I'd also like to thank our new partner, AGL, and all their team that worked on the transaction. These agreements require extensive negotiation, and we appreciated their collaborative manner. We look forward to working closely with them to deliver mutually positive outcomes into the future. But for now, we're ready to take your questions on this latest announcement, and please note, as our half-year results are just around the corner, any questions not related to our agreement will be answered on our February 23rd investor call. Thank you. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Liam Robertson with Jarden. Please go ahead. Thanks, team, and congratulations on the deal. Just two questions from me. I mean, I might focus on the outlook and the ambition to grow those subscribers from 350,000- 500,000 over the next five years. I guess NBN, Brian, is your bread and butter. So if I look at that component of the ambition, if we assume growth, if there's a slight skew to NBN growth, it sort of infers you're looking to add close to 20 net new NBN subs per year. Conservatively, if I assume sort of 2% monthly churn, that number is closer to 70,000 growth. So I guess my question is, have you got enough confidence in the market and the competitive environment to suggest that that's realistic to achieve in a profitable manner? Maybe my second question, I'll ask them upfront, just keen to understand the telco infrastructure that exists within Southern Phone, I guess, is it fair to assume that the focus for incremental synergies post-deal completion will be around the network components of that business? I mean, from our perspective, probably assume that there's nothing your current network can't already handle from an additional traffic perspective. So if you can just provide some color on that, that would be great. Thanks. Thanks, Liam. Yes. I mean, if you give a look at the history of AGL's telco book, I think it's stayed relatively small, and I think it's grown to, well, almost 360,000 in five years. So there is a track record there of that, in fact, high level of growth being achieved. As we all know, as your book gets bigger, you've got to sell more to it to grow, so we understand that. We've had extensive discussions with AGL about what we think we can achieve, and we're confident in those numbers. Otherwise, we wouldn't share them with the market. So having said that, it's five years, and lots can change in five years. But as we sit here today, we're confident in that outlook. In terms of the Southern Phone telco infrastructure, that's sort of not a material issue for us. The connections will be being brought onto our network. We've been upgrading our network this year in anticipation. Initially, obviously, the more Tangerine onboarding, but we also had one eye on the potential for this agreement to be finalized. We're about halfway through that upgrade at the moment. It will be complete in the second half of the year, and that gives us plenty of capacity for growth over the next few years. We're reasonably comfortable about that. In terms of the synergies question, the network costs, sort of your own network costs, have sort of a sawtooth effect, which is the highest unit cost will be this year when you put all the new capacity on. You've got a lot of capacity, extra capacity that you're not using, and then you grow into that capacity over time. Your unit cost metrics actually improve over years until you then get to the next point where you have to reinvest again and you get the sawtooth effect. That's how we see the future on the network costs. Right. Thank you. The next question comes from Jonathon Higgins with Unified Capital Partners. Please go ahead. Hi guys. Well done on doing the deal and investing alongside it and such. So maybe just a couple from me. Just firstly, I mean, sort of 12 months ago, we didn't really have—we obviously didn't have the More and Tangerine deal. We had more just a pure-play sort of RSP business of yours. You had the Buddy brand, which you're now looking at obviously exiting to those guys. Maybe just stepping it back a bit, can you tell us a little bit about how you feel your acquisition channels are set up now from a retail, high-speed, and sort of more wholesale manner? Thank you. Sure. I mean, I think it's a number of ways to look at it, Jay. Obviously, we restructured back in July into three business segments: residential, business, and ENG, and wholesale. Those two transactions you referred to are really fueling growth in two of those segments. So this deal adds momentum to the residential segment, and the More Tangerine deal adds momentum to the wholesale segment. So that's sort of consistent with our Lofty28 strategy and remedy structure. But there's also then, how do we look at the market and how do we segment the market, obviously? So we've now got multiple sort of channels and approaches to the market. We've got an energy partner now in AGL. We've also got our existing arrangements with REA. We've got essentially an indirect banking partnership through More Tangerine, and they're all talking to different segments of the market. AGL has AUD 4.5 million customers for us to sort of still penetrate, and they've only got 350,000 of them at the moment, [360]. We've got multiple limbs to how we're going in the market. I don't know, Jonathan, whether you've got anything to add to that in terms of how you look at the market. Thanks, Brian. Awesome question, Jonathon. Thank you. And again, fantastic name. The way that we look at this is having access into what is more price-sensitive components of the market through both the AGL partnership and obviously indirectly through Tangerine and More is an incredibly important part of our longer-term strategy. It's important for a bunch of reasons, but one of them is that it will enable us to maintain a premium position with the main brand as well. And so we have quite a multipronged attack now in terms of how we can go to market, how we can attract different types of customers into the broader Aussie Broadband network and enjoy that experience. I think the other really important part to this as well is we continue to find ways to really demonstrate the exceptional customer service that we can provide both to our own branded customers and now to non-branded customers as well. So really putting that out there in the market as a point of difference. Excellent. Couple more, and appreciate some of the context there in regards to the less reliance, obviously, on the direct NBN channel for yourself. Just one more qualitative one, and then I'll ask a financial one. But on the qualitative side of things, can you tell us a little bit about where their subs currently sit in terms of tiering? And you guys obviously over-index on ultra-high-speed subs. Do they have more exposure to the lower end? They do have a skew to the lower end of the market versus where we sit. But what is also important in that skew is it's a greater reflection of where more of the mass market transaction activity is happening. So in terms of where we play in the NBN acquisition marketplace, as you know so well, we do skew to the right in terms of the higher-speed end of that marketplace. When you look at the pure volume of transactions that are done week in, week out within the NBN market, there is still a huge amount of volume that flows through on the 25 and the 50 plan, which is where we as the main brand are underrepresented. AGL currently has a very strong holding in their base within that particular plan suite, and obviously, that's a really important part for us to really understand how to increase growth overall. So really, what we have now is a shape of a business that reflects where a lot of the market activity really sits and gives us more opportunities through using different bundling and discounting mechanisms and promos through the AGL Broadband brand to really go after a very high growth cycle within those portfolios. Excellent. Last question from me, and this might have been partially answered by Liam, but in terms of in answering his question, sorry, but in terms of you've obviously called out the initial 12 months following the transition sort of earnings. Is there any reason based on volumes and the like that if you looked to effectively take the subs from where they're at up to 500,000, that the earnings wouldn't tier in the same sort of manner over the longer term? No. I mean, we've called out that we think we can, it's currently a low gross margin business, and we're very sort of conscious that you don't go and change that overnight. We think we can incrementally edge that gross margin up over time, which will contribute towards that EBITDA margin we referred to, 12.5%. But we also want to balance the churn impacts of that and also the interests of our partner, AGL. But we do think there's room for us to move the gross margin up over time. And then we touched on earlier, some of the network costs we will grow into, but then there may be another investment down the track. And there's a range of other initiatives where we think we can get more efficient, not only in this part of the business but in our overall business as well. That's good context. Thanks, guys. The next question comes from Ian Munro with Ords. Please go ahead. Hi Brian. Hi Jonathan. Congratulations on the acquisition and our partnership. Just maybe to clarify, just looking at the EBITDA guidance for 12 months post-integration, just checking that AUD 21 million is after allowing for marketing expenses above the line. And then secondly, just interested in terms of that marketing input from Aussie, just the discounting portion, purely just checking that that purely relates to the telco portion of the plans. And also interested in whether there's any kind of revenue-sharing arrangements under the agreement. Thank you. Thanks, Ian. Yes, to your first question, that's after allowing for what I've left as direct marketing costs or the fees we'll be paying to AGL for marketing. It's after any promotional discounts, and it's after any bundle discounts. But it's before any amortization of any contract incentives or growth incentives. Ultimately, that will go into the calculation of shares, so it'll be unfair to count both the cost and the increase in shares from an EPS perspective. Sorry, I missed your second point. What was the second question? Just trying to clarify whether there's any revenue-sharing agreements within this. Then also, yeah. Okay. No, that's fine. No, there's no revenue-sharing. But we own all the economics of the customer. We're also accountable, well, sorry, so there we are. We have agreements to support the routine promotional discounts. That does not preclude AGL from time to time offering to invest in additional promotional discounts, but that would be at their expense, not ours. But that's not committed to. But we cover, if you like, the routine running of the business and all the pricing. Just one follow-up, please, with respect to the churn rate that's been observed through the AGL customer mix. Take your point that it kind of more resembles the overall NBN profile in terms of customer speeds and demand. Just trying to understand, I guess, that churn profile and how that's performed, you think, more recently in the kind of heightened competitive environment. Thank you. Yep. So I think historically, the churn in this book was relatively high, and there's different profiles between the two brands, but the AGL brand was particularly high. The AGL team's done a pretty good job in bringing that down over time. It's still a bit higher than ours, and so we're hopeful, and AGL are hopeful, that we will be able to mitigate that further over the next 12, 24 months. Excellent. Thanks, Brian. Cheers. The next question comes from James Wilson with Macquarie. Please go ahead. Hi guys. Thanks for taking my question. But just first, you mentioned it earlier and in your most recent answer as well, just around Aussie bearing the cost of customer acquisition, including bundling. Are you able to give us a little bit more detail maybe about some of the guardrails or price floors that you have built in to determine what is extra-normal and would be borne by AGL as opposed to being borne by Aussie Broadband to protect your margins and returns, particularly given AGL's now being incentivized on growth? Yep. We have complete control over pricing and bundle discounts. There are some obligations in there, as in they can't be. There's a requirement that we have a bundle discount, and there's a requirement that it can't be trivial. But beyond that, the pricing discounts, the gross price, the raw pricing, and the bundling discounts are our decisions to make. We will naturally do that in consultation with that partner, but we have the complete control of our own financial performance. So yeah, I guess that's probably the answer. Yep. Thanks. That's clear. And just one more from me. Apologies if it's been touched on earlier as well, but does the AUD 21 million of EBITDA that you've spoken to, has that already been adjusted to be stripped out of the wholesale charge currently being paid by AGL to Superloop, or is that incremental to the AUD 21 million that you've spoken to? The AUD 21 million includes the cost of running our own network, running those customers on our own network. So it's inclusive of that inverted comma saving. It's not a saving to us because we were never incurring it, but it includes the cost of servicing those customers on our network. Okay. Great. Thanks. And just maybe just one more from me then. Just on sort of the tax and the D&A expectations for the business, are we right to think that in terms of tax, it would be paying a similar rate to the Aussie group rate? Is that a fair assumption? Not certain. I've spent a lot of time thinking about it. I think yes would be the easiest answer for me to give, but I haven't looked at it very closely. Okay. And similarly, I mean, I think in Liam's question, you touched on in your answer that potentially you guys will now be using the Aussie Broadband network and infrastructure rather than the existing infrastructure. Are we right to then infer that the D&A to sales of this business will be significantly lower than the existing Aussie group? Well, I mean, we'd only be attributing incremental CapEx to this business. The incremental CapEx will be relatively modest. The first year will be the highest. We've got a bit of investment in setting up a new billing company and those sorts of things. There's a little bit of upfront cost just to get enough. I won't bore you with the technical details, but hardware boxes on the network that are volume-driven, so we've got a bit of cost there, and then they just increment over time. So in terms of what the D&A looks like for this business, we're looking at about, I think, in early years, it would be around AUD 1 million-AUD 1.5 million, maybe going up to about AUD 3 million over the five years that we've talked about. Thanks. That's very clear. Thanks for your time. No problem, James. The next question comes from Eric Choi with Barrenjoey. Please go ahead. Awesome. Hey, thanks, Brian. Maybe just two as well. First one, just to follow up on the walkthrough of the AUD 21 million EBITDA to NPAT. Sorry, can I just confirm? I think given you haven't called out any cash rebates like the More deal, just wanted to confirm there's nothing like that in this. So really, we've just got to take away the D&A that you just called out. So the dirty math would be like AUD 21 million of EBITDA, take away AUD 2 million of D&A, gets you AUD 19 million pre-tax and then post-tax. That's like a close to 20% NPAT uplift, call it, by means. This is one question. That would make so it depends how you want to treat it. If you exclude any treatment of the growth incentives and things like that, that's not included in those numbers, the equity tranches, which I would exclude because you're going to get the share uplift for that. So yes, the AUD 21 million is after we've paid all the marketing fees to AGL, and then the only other thing they're entitled to after that is that growth incentive. Got you. But if I exclude that growth incentive, then it looks like it's like a very high teens NPAT uplift versus a high single-digit share count increase, which means on an FY 2026 basis, this is like 10% EPS accretive. Obviously, less than that at the NPAT story. That's broadly consistent with our own caps. Yeah. Okay. Great. Just next question. You've said you expect significant earnings upside from sub-growth. Gallant Synergy has also said it's consistent with your 12.5% margin target. I just wanted to confirm this means you expect the AGL deal to eventually reach 12.5% margins. Great. And then I just wanted some help to see if we're thinking about what that eventual upside looks like because if you get 150,000 subs, and let's say you get 100,000 of them NBN at AUD 20 GP per sub, and you get 50,000 single-dollar digit per subs, that's AUD 30 million of GP by itself. And even if you're putting in some extra marketing costs, whatever, we're probably talking AUD 20 million of EBITDA add-through. So your end EBITDA for this could be north of AUD 40 million once you hit those 500,000 sub targets, and I haven't really put in network synergies or anything else. Am I thinking about it the right way? Your logic seems sound to me. Okay. Last one. I didn't want to ask this, but no one else has asked it. Just SLC, can you comment on if your deal today impacts any of their existing deals? And apologize if it's not really for you to comment on. I think you should ask SLC that question. Okay. Okay. Thanks, Brian. Your next question comes from Benjamin Jones with JP Morgan. Please go ahead. Morning, guys. Thanks for taking the question. Congrats on the deal. I just want to ask on the sale process. I mean, could you just talk us through the discussions you've had with AGL and if there was any consideration at any point for this being a wholesale contract rather than a full acquisition of the telco business? We've had many conversations over a very extended period of time, and this is where we landed. Cool. Got it. Got it. And then just on the one-off costs that you've mentioned, could you just talk us through what those one-off costs and if you can provide a quantum of those costs and maybe some timing of the cost you'll expect to incur? What we're just trying to do is try and get to a normalized position. So when you're running through migration as a whole, you've got things you've got to do. We've got project teams to set up and all these sorts of things. So there's a range of things. What we're just trying to do is ultimately, the market wants to know, what does this business look like once it's trading as normal? So it's anything that occurs that won't reoccur when we get to the end of migration and carry on going forward. Got it. Cool. Thanks, guys. Your next question comes from John Campbell with Jefferies. Please go ahead. Thanks, guys. Just a couple. Firstly, just back to the D&A charge. So am I right in saying you don't have to amortize the value of the acquired customer base? No, we will. We will, but we're focused on NPAT, not NPAT. Right. Okay. So we're talking NPAT. So when you gave us those figures, you're talking NPAT. Which figures? I gave you D&A. Yes, sorry. D&A. The D&A. Yeah. Okay. Okay. Cool. Because the amortization of the customer contracts will be a big number. Yeah. Yep. Got it. I think you've amortized. But if you do that, then you can't add the shares into the EPS calc either because effectively, they're the same thing. The cost of the shares is what goes through that line. Yeah. Yeah. Yeah. Sure. Understand. No, that's fine. That's just to clear up. And sorry, given that you've described the termination events relating to this agreement, are we right in thinking that this is a perpetual partnership unless a termination event is triggered on either side? That's correct. Okay. So that's probably different to the More Telecom arrangement? Yes. Well, now they're completely different. So More owns its own customers, sorry, I don't like saying owning customers. Owns its own customer contracts. We own our customer contracts in this instance. The partnership with AGL is a marketing partnership, well, marketing and brand. So we get to use their brand. They do the sales and marketing services for us, and it is perpetual until terminated. Until there is a termination event. So we can assume, I mean. Termination. That's correct. Yeah. So all those termination events look pretty unlikely, so this looks like it's a very long-term partnership. It did. And as often came up through our negotiations, forever's a long time, so. Yeah. Yeah. Indeed. Okay. That's terrific. That's most of the other questions I've been asked, so thanks for that. Thank you, John. Thank you. Your next question comes from Evan Karatzas. Yes. Please go ahead. Thanks. Maybe this one for Jonathan. Can you just provide some perspectives on how you're thinking about the pricing or promotional offers for the AGL telco product going forward, just given the AGL unit economics would be a fair bit different to Aussie's, given the bundling or the churn reduction benefits they received in their unit economics equation? It's a great question. So what we've been doing through this process is learning from their history in terms of where they've done well versus where they really haven't got the volume penetration that they've needed through discounting. And there's a lot in that. You can also learn a lot by what other similar players are doing in the market at the moment. What we need to be able to find through this is, yes, price will play a very important role, particularly in the bundled realm. We know that that price post-bundle will need to be lower than what we have for our own ABB-owned brand. The big question that we now need to go through - and really, it's going to be a little bit of an experiment for the first six or so months - is understanding how not to really lead that price pressure further down in the overall market. So we're very aware of the price sensitivity that is out there. We're very aware of the current promo cycles, which are kind of diluting the value that's available in the market. We do think that we have an opportunity here through the right pricing strategy as well as the right proposition approach in partnership with AGL to start to turn the course on that value dilution overall in the marketplace. Okay. Good one. Thank you for that. It's good perspective. And then just help me bridge out in a bit more detail how you expect the AGL telco margins to go from sort of the 9% today to 12.5% by, I guess, end of FY 2028, please. Well, I think I've touched on that earlier. It's currently a low gross margin book. We think the scope, in the context of Michael Omeros's answer just then, to gradually increment gross margin up over time. As I also said, we've got control over the pricing. We've got the growth into the network costs that I referred to. There's a range of other initiatives that we're doing in our service area that we hope will make us more productive and efficient over time. And then there may be other elements in terms of mix and things like that. So I don't know if you want to touch, Michael Omeros, on the broad strokes of your productivity initiatives. There are quite a few broad strokes in those initiatives. I think one of the most important things is overall bringing these customers into our Aussie, particularly the customer service environment, will give us productivity benefits overall at a group level. That's a really important part to this deal for us in terms of the economies of scale that we now get. There's a natural benefit there. We also know that we have a great opportunity to drive down the inbound calls that we get through that current base based on the understanding we have of why they are calling currently into AGL. We believe we can solve for a large proportion of that. We also know that we have a very powerful omnichannel solution right now in terms of our ability to service customer demand and query through live chat, which is an increasingly important channel overall for us as Aussie and has marked efficiency differences between the telephony-based channel versus the live chat channel. The third element is really the innovation that we're continuing to push through our app. So all of the app features that we have available to our Aussie Broadband branded customers will also be available to the AGL Broadband customer base. The driving of self-service into that customer cohort isn't something they've had previous access to and is, again, something that we believe will, in the very near term, really help from a productivity perspective. Now, none of that then talks to the broader initiatives that we have across really the customer service domain, again, where we are actively experimenting right now with how do we use AI in our tooling to really help better understand call demand, call deflection, increase our agent's capability during an interaction. As all that experimentation is going on right now, we are still not yet seeing the deployment of that at scale. And when we do, again, we think there's productivity benefits flowing through there as well. Yeah. Yeah. Okay. And I appreciate you expanding on that. Just one more quickly, if I can. Is there any chance you can give us that split between the broadband and mobile just so we can, I guess, better forecast the earnings contribution going forward for those two different subscriber bases? I don't have that to hand, I'm afraid. Okay. No problem. No problem. Thanks for your time. Appreciate answering the questions. Thank you. Your next question comes from Brian Han with Morningstar. Please go ahead. Brian, just a quick question. Can I please ask who initiated the conversation to make this deal, or was there some sort of a solemn auction? I can't remember, to be honest. It was quite a while ago. I actually don't know the answer to that, but there was certainly no auction. Right. Okay. Just a second, very quick question, Brian. Can I just confirm that the current last 12-month EBITDA margin for these AGL assets, they were an 8.9%, was it? The current performance? Yeah. Current EBITDA margin of those AGL assets that you're buying, was that 8.9%? Because I know you're. That's an AGL number. Sorry. That's an AGL number. That's That's an AGL number. That's That's an AGL number. That's not for me to disclose, I'm afraid. Right. Because the 8.9% target that you're given, that's your projection 12 months out after you've migrated them. Correct. Okay. Okay. Thank you. Thank you. Your next question comes from Nick MacLean with Surrey Asset. Please go ahead. Apologies, we've just lost Nick's line. Your next question comes from James Wilson with Macquarie. Please go ahead. Hi, guys. I didn't realize my hand had been raised again. But seeing as I'm up, just maybe one more from me. So Superloop have come out and said that they're expecting that there's a AUD 4 million gross profit hit to them in the event that subscribers run to zero on their wholesale contract. So just to confirm, there's no penalty to AGL or Aussie Broadband in the event that the agreement with Superloop is terminated early before 2029, which is, I believe, when it expires? We have no contractual relationship with Superloop over these customers. That's a question that should be addressed to AGL in terms of their contractual arrangement. Understood. Thanks. Thank you. There are no further questions at this time, and I'll hand back to Mr. Maher for closing remarks. Thank you. Thank you all for joining us. Really appreciate it. I know it's a busy time for you all, and I look forward to seeing you in a couple of weeks. We're really excited by the opportunity that's presented itself with this acquisition. We're really looking forward to working with AGL. I think they're going to be great partners, and we think we can deliver really outstanding results both for our business financially and also for AGL in terms of creating stickier and stickier customers because they're getting such an outstanding telco service from Aussie Broadband. Thanks very much for your time. That does conclude our conference for today. Thank you for participating. You may now disconnect.