I would now like to hand the conference over to Andrew Menz, Chief Executive Officer. Please go ahead. Good morning, and thanks for joining us today for the betr Entertainment Limited FY 2026 full year results investor presentation for the 12-month period ended 30 June 2026. I am Andrew Menz, CEO of the company, and I am joined today by our Chief Operating Officer, Bill Richmond, and Chief Financial Officer, Blake Matthews. Starting on slide 2, FY 2026 was a year of deliberate investment followed by disciplined execution. In H1, we strengthened our brand, product, and ability to monetize our high-quality customer base, relaunching betr under The GOAT, launching Sky Racing ahead of the Spring Racing Carnival, and delivering a category-first Live Tracker. That investment landed alongside a circa AUD 7 million impact from industry-wide customer-friendly results over the Spring Carnival, leaving H1 FY 2026 normalized EBITDA at a loss of AUD 13.2 million. In H2, and consistent with the guidance we outlined to the market, our earnings model inflected. Wagering margins returned to historical levels. We delivered additional integration synergies and our improved brand drove stronger engagement and better customer economics. We closed H2 FY 2026 with normalized EBITDA of AUD 6.1 million, within our AUD 5 million- AUD 8 million guidance range, and an improvement of AUD 19.3 million from the first to H2. Critically, that earnings turnaround is now showing up in cash. Q4 operating cash flow was AUD 2.6 million, a AUD 3.6 million improvement on the PCP, and the first quarter of operating cash generation since 2021. That is a decisive turnaround in both earnings and operating cash generation, and it is the platform we carry into FY 2027, as we outline on slide 3. Our confidence in our FY 2027 normalized EBITDA guidance of AUD 13 million- AUD 19 million is underpinned by five key areas, which we will take you through today. Firstly, H2 FY 2026 turnaround, our fast start to 2027, strengthening customer economics, our product edge, and finally, our readiness for regulatory reform. Today, we also announced that we expect to be operating cash flow positive for the full year with normalized operating cash flow expected to broadly mirror our normalized EBITDA, again weighted to H2. As with our FY 2027 EBITDA target range, our guidance is a full-year measure. On your screen, you can see our expectations of operating cash generation, where customer investment is weighted to H1, and earnings and operating cash flow expected to be weighting to H2 of the year, which is consistent with this business historically and the broader Australian wagering industry. Turning to slide 4, we are pleased to see that momentum already playing out as we open FY 2027. In the seven weeks since year-end, turnover is up more than 20% on the PCP, and first-time bettors have almost doubled against the PCP. Whilst gross win margin is currently tracking slightly below our target range, continued improvement in customer activity metrics, bet frequency, and Same Game Multi turnover give us confidence that we are engaging the right customers on the right products and will convert this activity into meaningful value as we head into the peak wagering period. We will continue to see net win margin in our 10%+ range. Importantly, we have achieved these results at the same time as making material efficiency gains with cost per acquisition and customer promotion costs each coming down versus PCP. It is an early signal but a genuinely fast start, and it gives us real confidence heading into our most important season with Footy finals and the Spring Racing Carnival getting underway. Turning to slide 5, where we show how our focus on customer economics is translating to outsized market share gains. Average net win per user, our best measure of customer value, grew 6% in FY 2026 despite the well-publicized customer-friendly results across the industry in H1. Net win per cash-active customer increased 6% despite those results. In H2, betr's net win grew 5.3%, nearly twice the estimated 2.8% growth for the digital market. Together with stronger frequency and turnover per customer, these measures demonstrate improving economics alongside critical market share gains. On slide 6, we are very excited to introduce Wildcards, our first-to-market live Same Game Multi product, which will be available to customers on tomorrow night's AFL game between the Dogs and the Pies. Wildcards is genuinely a first-to-market product that gives customers greater control as the live event unfolds, creating a distinctive interactive experience. Wildcards' brand and mechanic can move beyond Same Game Multi into racing and other multi-products. It is designed around our priority customer segments, creating shareable moments and cross-sell opportunities that support share growth in our highest contribution products. This is innovation that has been devised, designed, and developed in-house onto our own proprietary technology. It follows our launch of Live Tracker, another first for the category, as significant developments in our desire to differentiate our offering by giving customers products and experiences they love, and also decreasing our exposure to commercial and regulatory headwinds. Before I hand to Blake, a word on the federal government's recently announced advertising reforms. betr supports effective evidence-based measures that promote safer gambling and protect children and vulnerable people from exposure to wagering advertising. That has been our longstanding position, and that was the basis upon which we engaged with the federal government on these reforms. In that sense, we see the reforms as a missed opportunity to address the real issue causing concern in our community, and that is broadcast advertising in and around live sports, where no opt-out or age-gating mechanism can be applied. Notwithstanding that there remains some final regulatory implementation detail that is yet to be settled. betr is well-placed to operationalize the proposed changes that will commence from the 1st of January. Our existing compliance controls across safer gambling and advertising are deeply embedded across the business, and our advanced data and AI capability already supports customer-level marketing controls, monitoring, and reporting. As you will have seen through our relentless focus on innovation, our strategy is built on differentiated product and a genuinely compelling customer experience. These reforms support our product-led model and reduce reliance on advertising and inducements where many of our competitors have historically played. Against this backdrop, we are well-placed to support an orderly transition to the new regulatory setting and will continue to engage constructively with policymakers and remaining implementation detail as it is finalized. I will now hand over to Blake to take you through the financials. Thanks, Andrew. Turning to slide 9 and our key trading metrics for the full year. Turnover grew 12.3% to AUD 1,594 million, up from AUD 1,420 million in FY 2025. Gross win increased 10.1% to AUD 215 million, while net win margin of 9.9% was down 0.5 percentage points on FY 2025. That margin outcome reflects the impact of industry-wide, customer-friendly results in H1, which reduced EBITDA by approximately AUD 7 million. Importantly, our added scale offset that impact and net wins still grew to AUD 158 million for the full year, despite those one-off results in H1. We closed the year with 156,000 active customers, with a greater representation of repeat, high-quality recreational customers in that base than in any prior year, as Andrew outlined earlier. H2 FY 2026 normalized EBITDA of AUD 6.1 million, delivered against our guidance and underpins our confidence in the FY 2027 guidance of AUD 13 million-AUD 19 million and positive operating cash flow for the year. Turning to slide 10. FY 2026 delivered a normalized EBITDA loss of AUD 7.1 million. Gross profit of AUD 60.5 million was down 1% on the PCP, representing 42% of wagering revenue, compared with 45% in FY 2025. This reflects our investment in the introduction of Sky Racing partway through the year, together with customer-friendly Spring Racing Carnival results. Advertising and marketing expense for the year was AUD 28.2 million, up 45% on the PCP, reflecting increased investment in the betr brand, the Spring brand relaunch, and customer acquisition. That was a deliberate, largely non-recurring step up to build the brand, and we would expect it to normalize as a share of revenue as we move through FY 2027, consistent with our disciplined approach to capital allocation. Employee benefits expense of AUD 22 million was up 7% on the PCP, reflecting business integrations ahead of synergy realization. We have delivered AUD 5 million-AUD 6 million since of annualized cost out through those integration synergies, and we exit the year with a leaner, more sustainable organization. Turning to slide 11. Turning to the balance sheet. At 30 June 2026, we held cash and cash equivalents of AUD 27.6 million, down from AUD 104.9 million at 30 June 2025. This reflects investments made through the year, including AUD 41 million in share buybacks. Our balance sheet also carries our strategic equity interest in PointsBet Holdings, a 27.7% stake carried at AUD 90.1 million at year-end, which continues to give us meaningful strategic optionality. Net assets closed the year at AUD 133.2 million. We remain well-positioned to capitalize on the investments made through FY 2026 and to fund profitable organic growth in the year ahead. Turning to slide 12 on cash flows. Net cash used in operating activities was AUD 25.7 million for the year, compared to AUD 19.3 million in FY 2025, reflecting the investment phase of FY 2026. Net cash used in financing activities was AUD 42.6 million, primarily the AUD 41.3 million in share buybacks completed during the year, compared with net cash generated from financing of AUD 169.6 million in FY 2025, which included proceeds from our capital raise. Cash and cash equivalents closed the year at AUD 27.6 million, down from AUD 104.9 million at the start of the financial year. As Andrew set out, that trajectory has turned. We exited FY 2026 with positive operating cash flow in Q4, and we now expect to be operating cash flow positive in FY 2027 with cash generation weighted to H2. I will now hand back to Andrew. Thanks, Blake. We are entering FY 2027 from a genuine position of strength across the five components I flagged at the outset. The H2 FY 2026 turnaround, with guidance delivered, positive normalized EBITDA in H2 and positive operating cash flow in Q4. Our FY 2027 momentum, the fast start that I described earlier, with strong early growth in turnover, engagement and customer acquisition, alongside more efficient promo and acquisition costs. Improving customer economics, our frequency, engagement, and net win per customer continue to strengthen, translating directly into market share gains at the net win line. Our product edge with the example of Wildcards today, which extends our proprietary product advantage into high-contribution Same Game Multi products. And regulatory readiness. The established controls and advanced data capability within this organization support our transition to the new regulatory settings. Together, these factors underpin our confidence in our normalized EBITDA of AUD 13 million- AUD 19 million and positive operating cash flow for FY 2026. FY 2026 was about proving the model. Deliberate investment followed by disciplined execution, converting into a decisive turnaround in earnings and cash generation. The scale we have now built, together with a strong exit rate from FY 2026, has moved betr through a critical inflection point. We are now building towards sustainably self-funded, profitable growth, and the board and management team are focused on converting that momentum into sustainable returns for our shareholders. Thank you for your continued support. We will now open the line for 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. Your first question comes from Phil Chippindale with Ord Minnett. Please go ahead. Good morning, gentlemen. Thanks for your time. A couple of questions. Just on slide 3, you have given a really useful guide on the operating cash outlook, indicating that operating cash in H1 for FY 2027 should be positive, albeit a more modest contribution and then H2 weighted. Should that basically match up with the EBITDA profile for FY 2027 as well? Thanks, Phil. Blake here. It should, Phil. As we work through that EBITDA guidance range, the modeling cash flow suggests that it is going to track that. We have obviously got a range out there that varies, and as such, we expect cash flow to move in line with that. But, yeah, as we move up through the range, and management's certainly targeting the top end of that, we expect cash flow, from an operating standpoint, to largely track that. Okay. Thanks. Just in terms of investment required for FY 2027. I think your investing cash flow for the last 12 months was about AUD 9 million. What does that number sort of look like for FY 2027? Is it sort of a similar level of investment required? Yeah. We are acutely aware, as you would expect, Phil, of our cash investment in our product development. The Wildcards launch that we have made recently has been a big carry by the team and an excellent product that we are excited about. We are acutely aware of cash. So our expectation of investment in a product for the year ahead is marginally ahead of where we were in FY 2025, largely offset by that operating cash flow that we expect to generate. It is that investment, Phil, into the product, that we think gives us the long-term sustainable competitive advantage. It allows us to move away from that high-cost generosity line, increasing our net win margin. It also sets us up for success in a world where regulatory reforms are really going to make this a product-led game. Investment in products, reusable product on our proprietary technology stack, really should be where our investment is going to be focused to continue that differentiation strategy and set us up for long-term profitability. Yeah. Understood. Just on that product you mentioned, Wildcards. Can you just talk a little about what you are expecting to see in terms of key metrics on the back end of this? Presumably, you will see levels of engagement rise. It is obviously in the Same Game Multi channel. So I imagine the margins are quite reasonable. So yeah, just be interested to see what you are expecting to see on the back end in terms of outcomes here. Then another question is sort of, how did this product come about? Maybe you can talk a little bit about the genesis and without giving away too much of your secret sauce. Yeah. Do you know what is really interesting, Phil? I am really happy to talk about it. The genesis of the Wildcards idea actually came from one of our hack days, which is where we get the entire organization in a room and spend two days working out of our day jobs and into what great new experiences for our customers can look like. This was a winning entry from our hack day last year. I think it is a really important staff engagement tool to say that we take the products that our people come up with, who understand our customers really well. We take those ideas really seriously, such that we have made this the hero product for launch for this calendar year. We are incredibly excited by it. The team did a great job in bringing it to life. I think you'll see when you have a go at it over the next few days, it is a highly engaging product, and it allows customers to engage much more deeply with the betr app during a game. Obviously, there's a prohibition on live betting in the app. This is a really unique engagement tool that can increase time in app and increase engagement during a Same Game Multi. We think it's very shareable, very talkable, very easy to ask your mates which leg of your Same Game Multi you should be playing the Wildcards on. Really what we're going after here is Same Game Multi share of wallet, and then ensuing gains, we think, through cross-sell opportunities into racing, leveraging the Live Tracker, leveraging the Sky Racing feed that we've got, and using that app engagement time as a way to increase frequency from those target segments. We're really excited about it. We hope our customers are as well, and we're genuinely looking forward to seeing how it goes over the AFL and NRL finals into U.S. sports, and then a racing version to be launched prior to the Spring Racing Carnival as well. Okay. Thanks for that, Andrew. Thanks, Blake. I'll jump back in the queue. Thank you. Once again, if you wish to ask a question, please press star one on your telephone or type your question into the ask a question box. There are no further phone questions at this time. Oh, pardon me, we do have a follow-up from Phil Chippindale with Ord Minnett. Please go ahead. Just given I have got the opportunity, why not? Can you just give us a sense of current activity levels in the market, in Australia? Clearly, we have seen some commentary from some others in the space in recent times. I would just be interested in what you are seeing on the ground at the moment, particularly in the lead-up to Spring Racing Carnival. Yeah, good question, and one we are obviously monitoring very closely. I think as we get to the end of August, and the first Group One was on last week and the footy finals this week, if you believe that a wildcards match is a final or next week if you do not. There really is that peak wagering period that we are heading right into now. What we have seen is below-the-line targeted aggression from a number of competitors. So generosity spend and chasing our customers is becoming much more targeted than we have previously seen. The market is much more rational, particularly from an above-the-line perspective, in how it is putting generosity and marketing out there to customers. We would expect that to continue as all operators try and get a hold of that generosity cost line, which is expensive, and will, I think, largely continue to compete on brand and products over the coming months. So we would expect a rational market over spring and the footy finals. But look, what we will do is continue to deploy generosity to target segments, in a disciplined way, just to make sure that we are maximizing engagement, reactivating the base as we have spoken about before, and try to hold those customers through from the end of August to post-Melbourne Cup week. Okay. Thanks, guys. I appreciate your time. Thanks a lot. Thank you. There are no further phone questions at this time. I will now hand back for any webcast questions. Thank you. There is one from Leo Partridge from Morgans. If we can just talk about the strong start we have had to FY 2027 and how we should be extrapolating that for the full year. Yeah, absolutely. I think that the fast start for 2027 was built off that momentum that we carried out of H2. We are also buoyed by the World Cup, which our enhanced soccer product really did win share of wallet from customers over that period. That has decreased our acquisition costs, decreased our reactivation costs, and allowed us to hold some customers through to that first quarter. So we feel very confident in where we are sitting from an activity metrics perspective. I do not see that we are going to continue to grow turnover at the rate that it would be after the fast start, but we are certainly looking to outpace the market as we have in H2 and extend that, at that outsized growth, over the balance of FY 2027. Looking from an activity perspective, we need to be mid to high single digits growth from a turnover perspective to be in our guidance range. We are very confident that we have the underlying activity in this business to do so. We also think there is further upside as we roll out this Wildcards product suite over the coming months. One more question I have is from Andrew Orbach from Taylor Collison, and it is just around expectations for marketing spend moving forward given the brand relaunch last year. Yeah, of course. As we have outlined in the last couple of quarterly calls that we have had and presentations that we have put out to the market, we did make a heightened marketing investment in H1. We thought it was important to refresh the brand, under that GOAT brand, which has really resonated with target segments, and really created a level of awareness and consideration that we did not have prior to the relaunch of the brand. That is allowing now more efficient acquisition. As I say, brand consideration well up, and I think it is driving share of wallet gains as well. We also opportunistically took some media assets on a one-off basis. For example, the Ashes, Fox Cricket sponsorship that we took last year was an attractive property given the interest that was in that series. So a range of one-off opportunistic investments in H1 in 2026. From a 2027 perspective, we sort of take out that increased investment there and come back to closer to historical levels in marketing. Looking at FY 2025 as the guide in the range of AUD 22 million-AUD 25 million. What we will see from that is not a material reduction in advertising direct to customers. We are being much more disciplined and efficient in some of that back-of-house marketing spend that goes into that line and making sure that every dollar is working harder, making sure that it is in the eyeballs of our target segments, really focusing in that digital and social space where we have the triple lock technology in place, and we will be able to continue to advertise there post those regulatory reforms. So much more efficient, but certainly as much direct-to-consumer advertising as we have seen previously. There are no further questions. We do head into FY 2027 with real momentum as a stronger, leaner business with a clear focus on profitable growth. Thank you to all of our shareholders for your continued support. Thank you for taking the time to join us today. Thank you also to our team who has worked so hard to get us to this position, as we embark on a profitable year in FY 2027. That concludes today's presentation. Thanks again, and we look forward to speaking with you when we release our Q1 results in October. Good morning. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.