I would now like to hand the conference over to Mr. Brian Maher, CEO. Please go ahead. Thank you. Good morning, everyone, and welcome to Aussie Broadband's FY 2026 results briefing. My name is Brian Maher, and I am the Group Chief Executive Officer of Aussie Broadband. I would like to start off today by acknowledging the Aboriginal and Torres Strait Islander as the first Australians, and for their role as the original communicators, connectors, scientists, and carers of the land and waters across Australia. We pay our respects to elders, past and present, and to all First Nations peoples around the world who have nurtured and sustained their lands, cultures, languages, and communities for countless generations. We honor their deep knowledge systems, resilience, and ongoing contributions to the wellbeing of our planet. I am joined on the call today by Darren Rowland, our Group Chief Financial Officer, who joined us in February. Today is his first results announcement for us, and you will hear from him shortly. On page three of our deck, you can see today's agenda. We will start by going through a quick overview of the year before diving into the financials and the performance of our three segments. We will then have a look at our summary and outlook for FY 2027 before we head into Q&A. Before we go into the results in more detail, I just wanted to touch on some of the awards that we have won, which are allowing us to validate how we are tracking towards our ambition to become the telco people love. Let's turn to page four of the deck. Aussie Broadband's reputation is underpinned by the trust that our customers and partners continue to have in us. We have never taken that trust for granted, and our people continue to work hard to ensure we retain it every day. This shows in the recognition we have received from third parties. Among our many award wins that you can see, Roy Morgan once again named Aussie Broadband Australia's most trusted telco. This is the fifth year in a row we have held this honor, and we are looking forward to the impending announcements for 2026 and hopefully retaining that title. A first-time award for us this year was nPerf's Best Broadband Performance Award, which evaluates factors such as download and upload speeds, latency, and streaming experience. Other awards included Fortinet's Australian Partner of the Year and Telco Partner of the Year, and a range of others. The next section on page five has a snapshot of the group. As I mentioned, customer trust and service quality continue to be the bedrock of our business across the entire group. Our customers know the value of our locally based residential service and the premium experience they receive. Owning and operating our own assets like our two, tier 1 voice networks, our expansive Aussie Fibre network, and wholesale platforms like Carbon and Nitrogen give us that added differentiator in the market. Something that you will hear a lot about from Darren and I today are the benefits of a diversified go-to-market approach, enhanced by our strategic transactions over FY 2026. This means we can play to diverse customer cohorts with a range of offerings to suit different customer needs and having growth opportunities across the Australian communications landscape. Importantly, as you can see at the bottom of the page, all of this is brought to life by our dedicated team of game changers. Finally, on the right, there are three key segments that have each played a role in delivering across these areas. We still maintain a challenger mindset in the residential space, combining our growing scale with the same customer focus that has always set Aussie apart. That spirit is also thriving in our business sector. Our reputation in the segment grows every year, with our teams winning more clients and expanding our relationship with our existing customers. The same is true for wholesale, where our platforms and product accessibility enable the growth of other challenger brands. On page six, we can see the progression of revenue, gross margin, EBITDA, and EBITDA margin. Since 2021, revenue has grown by a compound growth rate of 30%, and EBITDA at a rate of 54%. Gross margin has steadily improved over those years, most markedly in FY 2023, following our investment in our fibre infrastructure. Since then, we have held gross margin reasonably well, but the competitive environment is fierce, and this margin eased modestly in FY 2026. Over recent years, however, we have seen operating leverage emerge. Despite those gross margin pressures, we increased our EBITDA margin by 1.2 percentage points in the last financial year. This is a trend we are looking to continue. On the right of the page, you can see our revenue and gross profit by segment and product. Residential continues to be the engine room of the business, with 59% of total revenue and 50% of our total gross profit. Our ambition is to continue to grow our market share in residential while growing fast in the other areas to maintain our revenue diversification. The relatively higher GP contribution of voice is also evident here. Let us dive into an overview of FY 2026 for Aussie, starting with the highlights for the year on page eight. Aussie has had another strong organic year in FY 2026, while also executing major strategic transactions and laying solid foundations that will materially benefit our future growth in FY 2027 and beyond. Our premium telco offering continued to attract customers and partners, delivering organic connections growth, strategic customer wins, and strong financial performance despite a competitive market backdrop. We grew revenue while expanding operating leverage, resulting in EBITDA margin expansion and accelerated earnings growth. Importantly, we also completed a number of strategic transactions that materially strengthen our growth platform. The migration of More and Tangerine connections and the acquisitions of AGL Telco and Nexgen have increased our scale, broadened our customer base, and enhanced our ability to meet the evolving needs of customers across all segments. We are partway through a step change in scale, which, when completed, will have increased our on-net connections by over 60% in less than 12 months. We've completed a significant transaction in each of our three segments, providing them with impetus to drive future organic growth. When I spoke to you this time last year, Aussie's nbn market share was at 8.4%, excluding satellite. At 30th June, our combined residential Business, Enterprise & Government, and wholesale connections makes up 12.1% of the nbn market and is still growing, with market share now passing 13% in the last month. This growth has been supplemented by increasing momentum in our mobile services. The completion of the largest nbn migration to date adds significant scale and earnings uplift from FY 2027, with approximately 269,000 More and Tangerine services added to our network by 30th June. I would like to acknowledge Andy Branson and the team at More who have been amazing collaborators in achieving this outcome. The combination of these achievements meant that we reimagined the future for the group and upgraded our Look to 28 ambitions only eight months into the strategic horizon. Our ambition will not stop there as we focus on how we deliver more profitable long-term growth beyond FY 2028. Turning to page nine for the last year's operational metrics. Looking at our operational metrics, as I mentioned, our market share of on-net nbn connections has climbed by 3.7 points to 12.1%, with group broadband connections growing by 323,000 to see us reach over 1.1 million total broadband connections at the 30th of June. We've had a strong organic start to the new financial year with 11,000 new broadband connections added, excluding connections from AGL, More, and Tangerine. The ongoing migration of AGL services, which commenced on schedule in July, have supplemented these volumes and has also seen Aussie Broadband become the third largest nbn provider. This is a milestone we originally expected to reach by the end of FY 2028, and I'm extremely proud that we've achieved it well ahead of schedule. It is important that I call out our teams for their tireless work in helping us reach this milestone, and I want to thank them all for helping to grow Aussie Broadband from a regional provider to one of Australia's most trusted telecommunications providers. Mobile has had a strong year for Aussie, with mobile services across the group growing by 48,000 - 263,000, up 22%. We successfully launched international mobile roaming and eSIMs recently to our residential and business, and enterprise and government customers, and both have seen great take-up from customers in the last few months. These new features speak to the maturation of our mobile offering as an MVNO, and we expect this momentum to carry forward into FY 2027. At 30th June, we hosted 8.3 million numbers across our Symbio and NetSIP Tier 1 voice networks, with 8.8 billion call minutes across domestic networks for the year. Our Aussie Fibre network spans 2,058 km and has 1.31 connections per building. As we advised in February, our focus has switched to winning customers within buildings already served by our network, allowing us to allocate capital to higher return initiatives. Next, we'll look a little deeper at our strategic growth initiatives launched during the year. Aussie Broadband announced three key growth opportunities in FY 2026: the acquisition of AGL's Telco business, a wholesale services agreement with More, and the acquisition of Nexgen. Our AGL migration kicked off at the start of FY 2027 when the portfolio had 350,000 services across broadband and mobile. This acquisition, when combined with our long-term partnership with AGL, provides Aussie with the growth potential of access to AGL's 4.2 million energy customers. We see earnings upside through net service growth and operating leverage over time and have a five-year target of 500,000 services. I've already discussed completion of the More and Tangerine customer migration under our exclusive wholesale services agreement, which added approximately 269,000 services. The partnership provides us with indirect access to the banking sector through the More brand, as well as the growth potential for Tangerine. Finally, our Nexgen acquisition was completed in the second half of FY 2026. The combination of the businesses has already started to bear fruit, with Nexgen offering new telephonic capability to our kit bag and enabling improved lead conversion in an encouraging start to FY 2027. We also expect to deliver cost synergies over time and earnings growth and margin expansion. These initiatives are also a core part of realizing our Look to 28 ambitions, and they will play a crucial role in creating further opportunities for adding scale and continuing to expand our operating leverage. Together, these three initiatives will create value through a diversified growth model, which broadens our customer reach and product offering and deepens customer exposure across our segments. I'll now hand you over to Darren, who will take you through the key financial figures for the year. Thank you, Brian. I just wanted to start by thanking you and the team for the very warm welcome into the business. I also want to give a special shout-out to the teams involved in pulling together the reporting suite for today, many of whom I know are listening in on the call. It's a significant effort to pull together the results, and I think they've done an amazing job. If we turn to page 12, you can see here that FY 2026 was another fantastic year for the business, which you can see from the highlights on this page with strong organic momentum across all key financial metrics. While the execution of a number of these strategic transactions kept us very busy operationally, their contribution to the FY 2026 earnings was minimal. We will see those financial impacts flow through into FY 2027. FY 2026 demonstrates the quality of the growth that we are delivering. Organic growth across all three operating segments translated into 25.8% growth in both underlying NPATA and EPSA, materially outpacing the revenue growth. Importantly, those earnings are converting into cash. Operating cash flow increased 42.5% to AUD 167 million, strengthening our financial flexibility and supporting investment in growth, shareholder returns, and future strategic opportunities. We'll turn now to the group's underlying P&L on page 13. The underlying P&L removes some of the noise caused by the strategic transactions and the associated one-off P&L impacts. As you can see, the underlying business performed extremely well with organic revenue growth translating into a 42% uplift in underlying profit after tax, and a 26% increase in earnings per share. As Brian mentioned, the competitive environment and significant promotional activity in the residential and business markets have had an impact on our gross margin percentage year-on-year. This has been more than offset by cost control and the emerging operating leverage, which has resulted in a 1.2 percentage points increase in our EBITDA margin to 12.8%. On page 14, we will take a look at what is driving the underlying EBITDA growth. As you can see on the bridge on the right, the earnings uplift for FY 2026 was largely an organic story with 9% increase in broadband connections and a 22% increase in mobile services, contributing to a 19.6% increase in underlying EBITDA. As I mentioned earlier, there was minimal net earnings contribution from our strategic transactions in FY 2026, with positive contributions from Nexgen and More offset by divestments of Digital Sense and Buddy Telco. There was also some one-off network cost to expand network capacity in advance of the More and AGL migrations. Overwhelmingly, though, FY 2026 was a story of organic growth, with a significant uplift in EBITDA attributable to revenue growth from new and existing customers and gains in productivity and operating leverage. If we just turn to page 15 now for a look at the CapEx investment. Capital expenditure for the year totaled AUD 59 million, which was at the top end of our guidance range, consistent with the update we put out in June. Due to the timing of spending and some pricing pressures around network equipment, we finished at the upper end of the range. During the year, we announced a shift in our fibre strategy to focus on maximizing on-net connections and winning customers in buildings that are already on our network. This shift was made to improve return on capital already invested in our fibre network, but also to allocate capital towards the modernization and simplification of our core technology systems, which have been shaped by multiple acquisitions over many years. This includes the replacement of lifecycle legacy systems and hardware, as you can see in some of the capital allocation on the chart on the right. During FY 2026, we continued to invest in the enablement platforms that are supporting our scaled and multi-channel growth. These platforms are helping us expand existing customer volumes and onboarding new volumes across broadband and mobile services. We also invested in our people experience with new office spaces in regional Victoria and Perth, reinforcing our commitment to our teams so that they can continue to provide the high-quality service that our customers have become accustomed to. We will now move to our cash flow and balance sheet on the next page. As I mentioned earlier, the increase in operating cash flow is driven by organic growth and margin expansion. The increased EBITDA has translated into a strong improvement in our operating cash flow, which has increased 42.5% to AUD 167 million. The strong cash generation underpins capital management flexibility and strategic optionality. Our debt facility was renegotiated during the year, maintaining the current facility size, but with improving margins, tenor, and terms. We would like to thank our banking partners, the NAB, CBA, ANZ, and Westpac, for their commitment to our business and support of our Look to 28 strategy. Our net leverage ratio of 0.9 x provides flexibility to execute with capacity for future growth. Let us go over the page and we will take a bit more of a look at capital management. The disciplined approach to capital management continued in FY 2026 with no material changes to our capital management strategy. One small change we would like to note is we have changed our leverage ratio tolerance to be up to 2.5x, dropping the bottom end of the range. This is just to provide clarity about where we expect to operate going forward. The increase in NPATA and operating cash flow enabled the acquisition of Nexgen to be funded predominantly from operating cash flow. We were also able to increase our returns to shareholders with a 50% increase in our ordinary dividend, which is fully franked, as well as announcing today an on-market share buyback of up to AUD 115 million, which reflects the confidence we have in Aussie's outlook and balance sheet strength. I will now hand back to Brian, who is going to go into the performance of our segments in a little bit more detail. Thanks, Darren. We are now on page 19. Residential continues to be the volume and revenue driver for our business, and FY 2026 was another strong year of organic growth with a 12.4% increase in revenue to AUD 760 million. Broadband connections were the primary driver of that result, which saw a 6% uptick in subscribers. We have also seen some revenue expansion as more customers begin to adopt the new high-speed plans that were introduced under nbn's Accelerate Great program. The residential broadband business is ably supported by a mobile multi-product strategy, which is starting to scale. We now have 95,800 total mobile services in operation in residential, up from 72,100 the prior year, a 33% increase. Our expanded partnership with Optus has really enabled Aussie to start delivering a true premium-type service, backed by our recent launches of international mobile roaming and eSIMs for residential and business users. Our gross margin grew by 10.2% to AUD 234.7 million, although our gross margin percentage declined in part due to our July 2025 pricing strategy ahead of Accelerate Great, and as our residential customer mix has shifted more towards the highly competitive, higher speed tiers. Below gross margin, we have made some productivity gains that contributed to the delivery of improved group EBITDA margin. Our customer retention over the year has also been strong, with our year-on-year relative churn rates remaining stable despite intense market competition. On the next page, we look at Business, Enterprise & Government. Revenue in this segment grew by 12.4% to AUD 237.8 million. That growth reflects the reputation we have built as a trusted telco partner to medium and large organizations across Australia, and the confidence customers are increasingly placing in Aussie Broadband to support more complex and critical communication needs. We are continuing to win new customers while also growing with existing customers as their requirements expand across connectivity, networks, voice, and managed network. At the same time, we are seeing continued demand from small businesses for higher speed broadband and bundled services. For us, the opportunity is clear: earn the trust to win, deliver the experience to stay, and build the capability to grow with our customers over time. On page 21, we look at our wholesale segment. This segment saw a 9.4% increase in revenue to AUD 297.3 million, backed by growth in data and mobile. A key milestone from the year was the migration of More and Tangerine customer connections, which we completed in June through our Nitrogen enablement platform. We expect to see a full year contribution from that migration in FY 2027. Mobile also had a strong year with 18,000 net additions through strong retention of our existing customers and some new wins. We also maintained our position in the voice market despite some intense market competition. On page 22, we will talk about our summary and outlook for the road ahead and into 2023. While I have covered most of what is on this slide previously, I think it is important to reiterate what we are working towards beyond FY 2026 now that we have executed our strategic transactions and upgraded our Look to 28 ambitions. At a high level, our overarching ambition remains to change the game and be the telco people love. In February, just eight months into the strategic period, we upgraded our ambitions as per the slide, as it became apparent that we would achieve our original ambitions early. We are focused on strengthening our market position, expanding scale, and delivering accelerating returns. As I have said, FY 2026 was a big year. We positioned ourselves strongly to grow through Accelerate Great, continued our organic growth story, and concluded significant transactions to create growth platforms across all three segments. With the foundations from FY 2026 firmly in place, the focus for FY 2027 now shifts from executing transactions to realizing their benefits as we leverage increasing scale, broaden customer acquisition channels, and strengthen capabilities to drive continued organic growth. The aim is to be delivering a full year effect of all these early initiatives in FY 2028, with scale driving further efficiencies, the realization of the opportunities presented by the recent transactions, seeing those improved margins from productivity initiatives, and ultimately delivering on our ambition. As Aussie has grown, our technology has grown with us, and we touch on this on page 24. In FY 2026, we started to lay the foundations for simplifying our technology stack for the years to come. This is a program that will span across the next few years. We have already laid the roadmap, defined our future state, and established a governance framework to get there, and we have already begun modernizing our operational support systems, or OSS, which will improve the operations of our network, inventory management, and network orchestration. By the end of FY 2027, we will have established that network orchestration and inventory capability. We will have completed a detailed design architecture for our future business support systems, while our new OSS systems will have undergone testing and operational readiness. The spending for this body of work is already factored into our forecast guidance range. By FY 2028, we aim to be delivering our new business support systems or BSS, which will modernize our customer, product, sales, and support platforms. This will allow us to simplify our sales, support, product, and customer journeys, giving us the ability to launch and manage products at even greater scale and pace. From FY 2029, that foundational work will provide even greater returns. Our staff will have less manual work by removing some of the complexity from our legacy platforms. Having simpler product and support journeys will allow Aussie to provide an even better customer experience while launching products faster than before. The business will also have the flexibility to enable future growth and acquisitions because of the disciplined platform that we've built. We also want to stress that our margin ambitions for our Look to 28 strategy are not dependent on this modernization program, with the true benefits of this work to be delivered from FY 2029 onwards. One piece of that platform will be AI. Let's turn to page 29 for what that looks like at Aussie. There is a lot of excitement and hype around AI and automation. At Aussie, we've used automation very successfully over a number of years across our networks and customer journeys. So we're excited to implement AI while managing the operational and brand risks. In the short term, our priorities are to organize our data and to grow our AI capabilities across the business through broad-based literacy and specialist experience. We will also continue to leverage existing pilot programs to firm up targeted use cases that have clear customer, operational, and financial benefits. As we outlined at our investor day last year, our aim is to evolve our digital tools and the digital experience to be equal partners to our in-person customer experience. As part of that, we've embarked on some pilots across the business to find better ways in which we can empower our people, systems, and services through different applications of AI. In our customer call center, we've been able to improve engagement with our customers by leveraging AI to improve the performance of our customer-facing service stack. It's early days, but we are excited about the opportunities. We've also embedded some AI capabilities into our observability stack, which allows us to better identify early warning signs for issues with network performance or consistency. In addition, our developers have been able to accelerate the delivery of core products for our AGL project through the use of AI assistant development. We want to continue improving the quality and productivity of our service, the efficiency of our business, productivity, insights in our operations with AI, but only where it makes sense and where there is clear human oversight and accountability. This will be an ongoing body of work that will apply across our business. AI is part of our journey to delivering leverage, which we consider further on page 26. In FY 2026, we surpassed our original Look to 28 ambitions of 12.5% EBITDA margin by achieving 12.8%. As this slide shows, initially, the new AGL acquisition has a dilutive effect on EBITDA margin, represented here on a full year pro forma basis for FY 2026. We see opportunities to improve the performance of the AGL portfolio itself through reduced churn and improved cross-sell, as well as business-wide productivity initiatives and a lower unit cost to serve from our network scale. Beyond AGL and following the execution of all of our strategic transactions, we have laid the foundations to grow our operating leverage and achieve our upgraded ambition for FY 2028 of 13.5% EBITDA margin, with potential further gains beyond that timeframe. Let us now take a look at our guidance for the year ahead and the work we have already completed in FY 2027. Our underlying momentum across all our major metrics for FY 2027 is positive. The business is on track for an underlying EBITDA range of AUD 205 million-AUD 215 million, representing growth of 24%-30% on the prior year. You can see from the bridge on the right that next year's growth is a mix of continued organic growth and the impact of the strategic transactions completed in FY 2026, which include a full year for More, Tangerine, and Nexgen and a part year impact for AGL, and net of the impacts of the divestment of Buddy and Digital Sense. We have already added around 11,000 net broadband connections since 1 July 2026, with more than 7,000 of those coming from our residential segment, excluding AGL Telco. We anticipate the AGL Telco migration will be fully complete in the second quarter of FY 2027. To date, we have 116,000 AGL broadband connections on our network, and the completion of that migration and our continued organic growth means we expect to have more than 1.3 million connections on our network in Q2 FY 2027. Our mobile product continues to evolve as well, and we expect continued growth from mobile throughout 2027. On to page 28. In summary, FY 2026 was a year of portfolio reshaping with strategic transactions delivered that are core to realizing our upgraded Look to 28 ambitions and represent a significant step in the evolution of the group. Underlying momentum remains positive across all of our three segments, with continuing organic growth in residential and momentum building in mobile. AGL Telco, once migrated, will also provide a platform for future residential growth. For business enterprise and government, we had a strong year. Key enterprise wins have grown our customer base, and existing customer relationships have been expanded. We have an encouraging opportunity pipeline as we continue to build our reputation as a trusted connectivity partner. On the wholesale front, our enablement platforms like Nitrogen allow us to scale growth across products, enabling existing and new players in the space and further building on our portfolio diversification. FY 2027 will be underpinned by delivering continued organic growth, completing the migration of AGL Telco, and realizing the opportunities from our strategic transactions. It is an exciting year ahead, and we have started very well. I would like to close by once again thanking our amazing team. Completing four material transactions in six months while simultaneously executing the largest migration of connections on the nbn network to date is simply exceptional. The credit, as always, belongs entirely to our amazing people here at Aussie. Thank you for your time and thank you for our shareholders for your continued support, and we are now available to take your questions. Thank you. If you wish to ask a question via the phones, you will need to press the star key followed by the number one on your telephone keypad. If you wish to ask a question via the webcast, please type your question into the ask a question box. In the interest of time, we do ask that you please limit your questions to two and rejoin the queue if you have any further questions. Your first telephone question comes from Jonathon Higgins with Unified Capital Partners. Hey, guys. Thanks for taking the time today. Great set of results, FY 2026. My first one, just in regards to the year-to-date trading. It looks like you've started the year, obviously well there on year-to-date trading. I'm wondering if you can just provide some context. Is that something that you think you can continue to deliver? Has it been a bit patchy around the price rises? It looks like it's been pretty rational around that period. Just any overarching thoughts that you have there, firstly. Thanks, Jonathon. Yeah. I think you'd be able to see from the numbers that the June quarter was pretty tough with the price rises going through, and obviously that intense market competition. When we compare our churn experience year-on-year, we actually increased more prices this year than last year. But the churn rate has stayed relatively consistent with last year. That was encouraging. We've started the year well. We've had a look at sort of the mix of our marketing spend, if you like, looking at, we've done well over the last few years in building our brand. We've got very high brand recognition now. So, we're sort of reconfiguring some of our marketing spend to sort of ease off on the brand spend a bit and more be what we term performance marketing, which we're seeing good results in so far this year. We'll remain active in the market, keep monitoring the market and keep doing what we can to continue our growth. Understand. The second question, just around the FY 2028 targets. You presented a consolidated earnings number with the acquisitions and movements you have done on the wholesale front and various moving parts. As you stated, there are a few things there. It implies efficiencies or price or margins or such to get there. I am certainly none of those targets just yet. I think most of the market is not. Can you just talk towards the levers that you are looking to pull and maybe perhaps your confidence on those 2028 targets at the earnings level? Yeah. They are strategic ambitions by their very nature. We are still very optimistic that we can get there. We can see avenues for organic growth. We can see opportunities in the wholesale and business space that potentially can add some revenue and margin. We think we have got a way to go on our leverage journey as well. We have got a number of projects in train to focus on productivity and efficiency in our business, and part of that journey will be with how AI helps us along the way as well. We see, it is a combination of top line and cost management, and continuing the journey we are already on. I think we have shown good progress. And we remain optimistic about our ambitions. Thanks for that. Your next question comes from Entcho Raykovski with E&P. Hi, Brian. Hi, Darren. Entcho. My first question is also related to near-term trading, but more specifically, you've put through price increases for the 100 and 500 plans, whereas a lot of other operators haven't. Can you perhaps talk us through the rationale for that increase and whether you think this will impact your subs both near-term or in fact, given you've said churn's stabilizing, you think that's something that the market can absorb quite easily? I've got another one, but maybe I'll wait for the answer to this one. Sure. The try to answer is, the rationale for the price increase is nbn put their prices up, and there's a fairly significant cost imposed there that the whole industry has to wear, and we decided to pass some of that on through price increases. More broadly, in terms of the market itself, as I said, churn rate was pretty similar to the prior year. Yes, churn is always elevated during that period, but it was no more elevated than previous years. We started the year strongly. Ultimately, we've got to either, well, both of these things, actually. We've either got to get our pricing right and/or drive cost out of the business or become more productive over time. Our aim is that we can grow revenue faster than we can grow our OpEX line. Even faster again than any squeeze on gross margin over time. I think when you look at some of the pricing in the market, it's essentially at wholesale prices. That makes life very difficult for everybody. Okay. Got it. That is good color. I have got a question around the rationale behind the buyback announcement, whether we should read into it that there is less focus on acquisition activity and greater focus on capital returns, or I wonder if it simply means or simply reflects your updated leverage comfort range. As part of that answer, I know in the past you have said that your Look to 28 ambitions do not factor in any further acquisitions, if you can confirm that that is still the case. Thank you. Entcho, it is Darren here. I might jump in on this one. I will answer the last part first, which is, yes, the upgraded ambitions do not factor in any further acquisitions. But flowing on from that, it is not to say that we will not look at further acquisitions. We will, but they would be incremental. The rationale for the buyback really is we have had obviously a very busy period on the transaction front. There is an element of work to do to integrate those transactions into the business, and we do not have any particular additional transactions imminent at the moment. Adding to that, the significant improvement in cash generation in the business gave us the opportunity to announce the buyback without increasing leverage too much. Because the buyback will be completed over the next 12 months, it will be largely funded from operating cash flow in FY 2027, so the leverage ratio will not really move too much. The tweak to the leverage ratio was really just to, I guess, send a signal that we do not intend to gear up just to get within the range. The top end of the range is exactly where it was before, and we will operate somewhere below that going forward. Okay, got it. Thank you. Your next question comes from Siraj Ahmed with Citi. Sorry. Morning, Brian and Darren. Just the first question is a two-part question. Just on the 4Q performance, can you just touch on, because like you said, churn's been stable, but ARPU's come down, and net adds were slower, right? Just keen to understand, does that just mean the back book, you had to give up pricing to keep those customers? Is that what you saw? Second part to that, in terms of the start to the year, 11,000 is down from 12,000 in the last year, but it seems like Resi is doing well, so there's the other parts that's not doing as well. I can also see that wholesales were down year to date. Can you just clarify that as well? Thanks. Okay. That is two questions, by the way. That's not two part question. Sure. Second one first, I think your numbers are wrong. At the same time last year, we said 12,000, not 20,000 adds. Importantly, that 12,000 included 2,000 from Buddy, which we no longer have. So excluding Buddy, the equivalent number last year was 10,000, and this year is 11,000. Okay. With respect to wholesale going backwards, I think what we've talked about there is that More and Tangerine have faced some headwinds with migration challenges. Not challenges, but during migration, you do get elevated churn. They also put prices up on 500 like us, so they've faced more churn. Ultimately, questions for More and Tangerine are for them, not for us. That's the impact in wholesale. I didn't quite understand your first question, so could you recap that, please? Yeah, just trying to understand that slowdown in the ARPU decline or ARPU gross margin decline in the second half, right? Are you saying that market is competitive moving to the higher speed tiers, so you're just do some discounting to keep your existing customers? Is that what you saw in the second half? Right. The margin on the slower speeds is slightly higher than the margin on higher speeds. So if we got proportionally more people on higher speeds, that impacts on the average margin, albeit increases the dollar margin. And yes, and promo activity in the front book also impacts on that margin as well. Just clarifying, so we just assume that similar trends continue into 2027 in terms of. That's a third question, but the market remains tough. Okay. All right. Thanks. Thank you. Your next question comes from Liam Robertson with Jarden. Oh, thanks. Morning. Hi, guys. Just one firstly on OpEx. I mean, good result for the year, only up 1%. If I compare that to inflation, obviously doing a really good job. I guess over the next couple of years, sounds like you've got a number of levers at your disposal. You're talking to AI adoption, but then also the tech modernization, which sounds like it's an FY 2029 story. But I guess, in the absence of that, if I look at your guidance, it infers that you'll be able to keep OpEx flat year- on- year or roughly flat year on year into 2027. Then I was just wondering, as part of the 2028 ambition, do you think you can actually see OpEx decline year on year into 2028 without the benefits of tech modernization? Thanks. When you say OpEx decline, you mean in dollar terms or in percentage terms? In absolute dollar terms. On an organic basis, obviously. Yeah. Yeah. That feels stretchy to go backwards in absolute dollars. We've got labor increases and those sorts of things. We do think we can get leverage, as in the OpEx lines will increase at a slower rate than revenue. But I don't have numbers in front of me, but I'd be surprised if going backwards in absolute dollars is achievable given the scale of the revenue we're adding. If you think about the connections we're adding, we've still got another 100,000 or so AGL connections to go that all require servicing from customer service and things like that. So I think that feels a stretch, but we do think we can get OpEx as a percentage of revenue down over time. Was there a first part of the question I missed there, I think? No, that is all right. Okay. I guess my second part, just changing tack slightly onto Symbio. Noticing your 2027 bridge, you are still calling out the full AUD 3 million impact from the ACCC voice determination. Has there been anything you are able to do, I guess, to mitigate that? The reason I am asking is because I am just conscious into 2028 with how you previously announced you are expecting that impact to double to AUD 6 million. Can you just talk to some of the mitigants that you have been able to potentially pass through? Yeah. I think if you go back to the announcement we made on that was after mitigants, was the AUD 3 million. We are still holding that we have mitigated it to get to the AUD 3 million. So there is no change to those numbers. Okay, great. Thank you. Thanks, Liam. Your next question comes from Annie Zhu with Barrenjoey. Good morning, Brian and Darren. My first question is, could you talk us through what sort of Resi gross margins you are assuming in the FY 2027 guidance? There is quite a few moving parts with your AUD 15 promos going on at the moment, and price increases you put through in July, and then also continued scaled benefits. Can we assume broadly the same gross margins as in FY 2026, or have you conservatively assumed a little lower than that? I'm not going to guide on individual line items of the P&L. We've given you EBITDA guidance. I'll just say what I've reiterated, which is market is tough. There's a trajectory there that you've seen over the recent years across the industry in terms of margins. We would hope that pricing rationality returns at some point, but there's no sign of it currently. Okay. Thank you. My second question on More and Tangerine. You seem pretty confident in a return to growth in the second quarter. Just wondering if this is purely based on migration disruption passing, or are there other specific initiatives or promos, and does that include any of the marketing and customer acquisition that you've previously called out? Really, questions for More should go to More. But the discussions I've had with them is that the recent experience has been sort of the perfect storm of migration, price increases, particularly in that 500 product, and the very competitive front book market as well. That's what's impacting in the short term. I think they did last week announce some new initiatives with CBA around Yello points. I think there's a few things in there that's happening for them that they're encouraged by in terms of their future growth. But ultimately, I'm not here to talk on behalf of them, and the questions for them should be addressed to them. Okay, thank you very much. Your next question comes from Evan Karatzas with Jefferies. Hi. Morning. If I take your 2H EBITDA that you have delivered, the AUD 90.6, and just annualize that is sort of AUD 181 million. We add in AGL, AUD 10 million. More Tangerine, that is AUD 12 million. Nexgen contribution probably offset by Digital Sense. Take off the AUD 2 million or so of one-off costs. That gets us to a bit of a sort of starting point of AUD 205 million. You have given some targets for organic growth in 2027, which look pretty healthy. I guess just a question, is there anything I have missed there in my maths or wrong in my maths that I need to be taking into account for FY 2027? Hopefully that all made sense there. It is Darren here, mate. Broadly, that all made sense. I will probably have to pick up the individual maths offline. I was trying to do that on the fly there. But yeah, nothing really stood out there to cause us concern. Okay. All right. It sounds like a pretty good starting point as we get to 2027. All right, and then just second question. I may have missed this in the detail, but the metric you guys have been speaking to was that the frontline staff to connections and the improvements you were doing there, I think it was up 14% in the first half. Any sort of color you can provide on where that is now and just if you still see further opportunities over the next 12-24 months to continue to optimize and maintain the solid growth rates you have been delivering in that? Yeah. Not the best period for us to talk about that metric, particularly because we had the preparation for AGL. So, we brought some staff on that we needed to train ahead of AGL coming on. So, the metric got a bit noisy because of that. But the underlying trend is still positive. Yeah. Okay. All right. Fair enough. Thanks. Yeah. Your next question comes from William Park with UBS. Good morning, Brian and Darren, and thanks for taking my question. Just question on AGL Telco. I appreciate that you've provided some color around, I guess, the EBITDA margin for that business. Is it fair to assume with all these initiatives and operating leverage and improving unit cost to serve and so forth with respect to AGL Telco, can you just give us a steer on, I guess, the improvement trajectory that you're sort of internally factoring in for that business? Do you expect that to mirror the group level? Just wanted to kind of get your thoughts on how you're thinking about that pathway, improvement pathway, please. Yeah. I'm not going to guide every sub-part of our business in detail. I think at half when we made the announcement, what we talked about was some of the, and this will be incremental over time. We're not going to turn it around overnight. Some of the AGL pricing is very low in market, and so we think there's the scope for us over time to gradually increment up that to a more normal pricing level over time. So that will add some margin to it. We think we can probably get some improved churn metrics in that business as well that will help. Then over the overall operating model that we're running, we're not running a separate business for AGL. The same service model is being delivered across both. So, whatever we do to help the whole business will help with the AGL business. Ultimately, AGL will become a brand within the residential segment, and we'll deal with it as a whole segment, not just as a particular brand. Thank you. Just across the industry, clearly there's some headwinds with respect to some of the cost items that's coming through on a regulatory side and obviously credit card surcharges and so forth. Can you just step through how you're thinking about that in the context of, excuse me, in the context of, I guess the cost out or, OpEX as a percentage of revenue kind of declining and how you're sort of thinking about absorbing those costs, and how that sort of flows through to margin. Just any steer you could provide will be appreciated. Thank you. Sure. One easy one I could cover off is the credit card surcharges. We've always absorbed those. So that has no impact on us. In terms of regulation, yes, it's becoming more and more onerous. That's another benefit of our scale. It'll become harder for some of the smaller players, I think, in this space. As we're getting bigger, we're better able to sort of absorb some of those costs. But it is difficult, there's no question. The industry as a whole, I think is under pressure. We're relatively well-placed in that regard. But I won't pretend it's going to be any, but I'm not going to put numbers on it. Thank you. My apologies in advance because I am going to ask you a numbers-based question. Business, Enterprise & Government, obviously half and half margin step-back. You sort of talk to, I guess, the competition and some of the lower margin. Business mix there. Just comment on how you are seeing sort of the margin trajectory from second half levels. Is it fair to say that should be sort of a floor that we should be thinking about, an improvement from here on, or are there additional sort of headwinds that we should be factoring in? Thank you. Yeah. It is a complicated market, that one, because it is so diverse and every deal is obviously bespoke for each particular client. So, it is a little bit difficult to say exactly where margins are going to go going forward. Certainly, I would be loathe to ever call a floor. In terms of the strategy itself, going in broadband led as, I guess, a way to open the door and then giving ourselves the opportunity to onsell the additional services, that is the strategy, and that may result in margins being different to what has been reported in the past. The shift, though, is really around a focus on return on capital in that business. So, if the gross margin itself is slightly lower, but it adds incremental return on capital in a dollars term, then certainly those are the sorts of deals that we would be happy to look at. The other part of that segment. Thank you. There are sort of two elements, that segment. One is the E&G, which is what Darren referred to earlier, is the smaller business side, which is sort of more akin to residential in some ways and faces the same pricing and margin pressures that the residential faces. So, it just depends on the mix. Ultimately, it matters, well, if we're growing new business faster than the growth in upsell, then the margin will be slightly diluted. If and when that changes and goes the other way, and we manage to grow upsell quicker than new business, then the margin should improve. Thanks very much. Your next question comes from Ian Munro with Ord Minnett. Thanks, Brian and Darren, for taking my questions. Yeah, first one's just on that business enterprise segment. You just noted sort of momentum heading into FY 2027. Perhaps just elaborate a little bit around existing customers that are going to contribute for the full 12 months of 2027. Perhaps just trying to get a sense of the back book of new customer growth that you're carrying to start July with. You also noted the tender opportunities that are out there. Just trying to get a sense of whether any of that can contribute for this financial year as well. Thanks, Ian. I do not have with me any of the detail on how much sold revenue is out there that has not been provisioned yet. I do not have that data. I know it is reasonably healthy, although we have been doing a lot of work on actually speeding up the gap between sale and provisioning. We still have some ground to go there. The pipeline is comparatively healthy for new business, i.e., deals we are working on that we have not won yet. That looks healthy compared to previous years. As you know, because we have talked about it many times, sometimes these deals take quite a while to land. We have had quite a good success in increasing services on deals we have already signed. So, we have expanded all the services we are providing to Bunnings, for example. So some of those existing. Some of those deals are yielding that result, like we said, which is you go in broadband to go hard, and then you try and sell voice and things like that. That is happening. Our rate of growth on the front book is faster, therefore, we end up with this margin pressure. Just a second question, I guess a little bit more broader, but as a management team, how are you seeing the, I guess, diversity of revenue and earnings across the segments? There is residential, you obviously got AGL, More, Tangerine. We have got business with Nexgen in it now. And then, Symbio. So, no one segment in isolation can materially reduce or increase the overall trajectory of your guidance. Just interested in how you are seeing that. Diversity and also, whether there is any glaring gaps that you are focused on. Thank you. Yeah. The interesting when you are less diversified, when everything is going really well, you are pretty happy. But when you have got the portfolio, if something does not quite go so well and something else goes well, you get the balance of it. It is an interesting environment to be in where to be shooting blocks out everywhere would be rare. But what we have done in the last year, so we have given each of those segments, so More is actually in wholesale. So, we have got More in there. We have got AGL and Resi, and we have got Nexgen, in BEG. They have all got, in inverted commas, shiny new toys to play with. But give them really good chances to grow further and diversify that revenue. Obviously, it was a deliberate strategy, so we are pretty happy we have got this diversification. Now our aim is to try and get them all singing and dancing at the same rate, so we can really accelerate growth into the future. Thanks, Brian. Your next question comes from Benjamin Jones with JPMorgan. Morning, guys. Thanks for taking the question. Just a question, because we have seen the declines post-migration in subs on More and Tangerine. Just curious what you are expecting to see from the AGL book when we go through that migration process in the next couple of quarters. Yeah, I think, you see that in every migration. I think, when Origin was migrating off, I think the peak we had to make was 150,000. I think it ended up being about 130,000 that migrated off. We would hope it would not be as big a falloff as that. There will be a falloff. We are also in this period, just because we have got a lot of new customers coming on board, there is a lot going on, with AGL, not going super hard on sales in this period. That makes it a little bit harder. But we are in the middle of discussions with them about what happens post-migration, what are the campaigns we are going to run to start to boost that growth into the future. In many ways, the way I think about it is, yes, we will try and minimize short-term pain as much as we can, but this is a forever relationship we have. It is a very long-term relationship. What happens in the next few months is not going to define the future of this business. Fair to say that would have been factored in when you gave that initial guide on AGL. Yeah. We've not changed. We've not indicated anything to the market about different financial expectations yet. Got you. Just a broader question. Obviously, as a function of the price changes that we've seen versus, like your price changes versus the market. Are you expecting any change in the composition of gross adds in the book and there's like potentially fewer gross adds at that 500 tier, maybe more growth elsewhere? How do you expect that would play out? Well, we're happy to take adds in any speed. 500 is the main game, though. In many instances, 50 is no longer on websites. So, it's a big gap between 25 and 500. So, I believe 500 will remain the principal driver of growth. 500 and above, should I say. Very helpful. Thanks for the call. Thanks. That is all the time we have for questions today. I will now hand back to Mr. Maher for closing remarks. Thank you. Thank you all very much for joining us today. We are very pleased and happy with our results for FY 2026 and very excited about FY 2027 and even more excited about our ambitions for FY 2028 and beyond and looking forward to delivering fantastic outcomes for our shareholders. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.