Thank you for standing by, welcome to the CAR Group Limited FY 2026 Results. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. William Elliott, CEO. Please go ahead. Good morning, everyone, thank you for joining us for CAR Group's FY 2026 Results Presentation. Over the next 30 minutes, I'll provide a summary of our results and strategic progress. CAR Group's new CFO, Geoff Trumbull, will take you through our financial highlights, we'll finish with a Q&A session where we'll be joined by members of our global leadership team. Joining Geoff and me in the room here today in Melbourne are Craig Fraser, Managing Director of carsales Australia, Eduardo Jurcevic, CEO of our newly established region, The Americas, which I'll talk to shortly, SB Kim, the Chief Executive Officer of Encar in South Korea, and Rachel Scully, our Executive General Manager of Investor Relations. Turning first to slide five. From a financial perspective, the group delivered another excellent year with 12% growth in both pro forma revenue and EBITDA on a constant currency. Adjusted net profit after tax increased 11%, which was also in constant currency. Margins were strong at 56%, EBITDA operating cash conversion was also excellent at 100%. The next chart reflects the consistency of our financial performance. Across the last five years, we've delivered compound double-digit growth in pro forma revenue, pro forma EBITDA, adjusted net profit after tax, and adjusted EPS. That consistency comes from our strong market positions, as well as continued reinvestment in new product development and our brands. That track record extends well and truly beyond five years. CAR Group has an incredible history of delivering growth through multiple economic cycles, this reflects our history of sustained innovation, as well as the strength of our business model, as well as our M&A strategy of moving into high-growth markets. On to our strategy, which remains consistent, it all centers around delivering exceptional experiences for the buyers and sellers who are on our platforms. We are strengthening the core of our business, we're extending it into new products and experiences, we're investing in future growth. Underpinning everything is our relentless focus on operational excellence with AI increasingly becoming the enabler of this. Turning to our operational highlights. The core of our business is consumer engagement, all of these metrics remain exceptionally strong. We've seen healthy levels of vehicle inventory across our key markets, which provides great choice for our buyers. Our dealer base has grown nicely, which proves that our value proposition is resonating with our customer base. Our audience metrics are also very strong, particularly in the U.S. market. Our diversified portfolio continues to be a key strength of our business. This year, we brought together North America and Latin America into a single Americas operating region. Eduardo Jurcevic is leading this new region with the leaders in each country now reporting into him. As we grow our role in the ecosystem across Brazil, the U.S., and Chile, bringing these markets under common leadership makes sense. They are in similar time zones and they face common challenges. It also allows us to carry product and technology innovation from Brazil into the non-auto vehicle segments in the U.S., where the market is less digitally mature and the opportunity is massive. Congrats to Eduardo on his new role, which is thoroughly deserved and reflects the incredible growth that he has delivered in Brazil over many years, and I am sure he will deliver into the Americas over the coming years. To our outlook statement, based on the momentum we have seen through FY 2026 and our performance over the first five weeks of FY 2027, we expect another year of excellent growth. We are guiding to revenue growth of 11%-14%, adjusted EBITDA growth 10%-13%, and adjusted NPAT growth of 9%-12%, and all growth metrics are in constant currency. We remain confident in both quality of our business as well as the multiple growth opportunities we have in front of us. Turning now to some of the strategic highlights from the year. There are four key areas that underpin our market leadership. First, it is our number one brands and the significant audience advantage that we have in every market. Second, we are deeply embedded in the vehicle ecosystem across dealers, consumers, OEMs, and other commercial partners. We have also strengthened that ecosystem through organic product development as well as targeted acquisitions, and we are going to keep doing this. Third, those market positions and integrations give us our proprietary data at significant scale. We are already using this data to create better outcomes for customers, whether that is simplifying payments and financing, helping dealers manage and convert leads through CRM tools and lead nurturing. We are creating safer transactions through verified buyers and sellers, and we are delivering more personalized solutions for customers, including recommendations. This leads to the fourth advantage. AI is accelerating our ability to turn our data into better products, better tools, and customer experiences. Taken together, these strengths are incredibly hard to replicate. They have been built over many, many years and are tied directly to the scale and depth of our marketplaces. In terms of our audience, every month, more than 52 million people use our platforms, and we hold clear leadership positions in every major market that we operate in. That scale creates real value for our dealers, for our OEM partners, and for our consumers, and it generates the data that we use to keep making that experience better. Our advantage is built on the depth of our marketplaces and the infrastructure that sits beneath them, which you can see on this slide here. Over many years, we have built deep integrations across CRMs, dealer management systems, finance providers, and other platforms the vehicle industry runs on. Our recent acquisitions in Brazil and the U.S. extend that capability, giving dealers better operational tools and market insight and making our ecosystems even harder to replicate. For dealers, that means sharper decisions on inventory, pricing, and lead conversion. To consumers, it means more accurate inventory, more relevant recommendations, easier finance solutions, and more confidence in the transaction. Every one of the interactions that people and dealers have on our marketplaces create richer proprietary data across our ecosystem. That data is what now powers CG Engine, which is our own AI built on data that no competitor can replicate, which I'm going to talk to on the next slide. CG Engine is a key part of our AI strategy. It brings together proprietary marketplace data together with AI models, and it runs on our own infrastructure. That matters because it puts us in control of how we develop and deploy AI across the group rather than depending on any single external model or provider. It also protects our intellectual property, it improves cost efficiency, and it also gives us the flexibility to move quickly between models as technology changes. It also means the products we build are shaped by how buyers, sellers, and dealers behave within our marketplaces, and it uses data and insights that no one else has. I'm going to move now to some of the products that we've launched across our business over the last year. The way consumers research and explore is changing, it's absolutely broadening the role that we play in the journey. We're deepening our role at the top of the funnel in the research and discovery phase, and we're pairing that with our strength at the bottom of the funnel in the transaction. We are with the buyer across the whole journey. When someone's looking for a vehicle, they'll be able to search however they want across our sites. They can use filters. They can type in plain language or just have a conversation. The consumers using these experiences, we're already seeing higher conversion rates across the board, which you can see on this slide. Conversion is up 26% on carsales. We've got four times greater lead submission on webmotors, and we have 20% higher engagement on Encar. What that really means is the buyers are finding the right car for them faster. We're also using AI across merchandise and sourcing to help our dealer customers be more successful, and to help them find the right stock faster, price it better, and present every listing at its absolute best. Each one of these tools does one of two things. It grows the dealer's profit, or it takes out costs from their business. Smart inquiry qualification is now live across all of our markets. It keeps dealers engaged with buyers through the whole journey, from the first inquiry through to the purchase, and it gives faster answers for buyers to high-quality leads for dealers. The results are strong. More inquiries converting to sales, and the stock is turning over faster. To the next slide. CG/lab is our dedicated AI hub based in Brazil, and it's building the next wave of opportunities across the group. The focus is absolutely simple for CG/lab. It's to solve real customer problems and make transactions easier. What's in development includes things you see on this slide, which are buyer and seller agents, one-touch listings, and video listings, which we want to see as ubiquitous across our platforms. Over time, these will make a real difference to our customers' experience on our platforms. Turning now to some segment highlights from the year and onto Australia first. Australia delivered another very impressive result, with revenue up 7% and EBITDA up 8%. Growth was broad-based and was across all segments of dealer, private, media, and data. As we've all observed, the shift to alternative drivetrains is certainly well and truly underway, as you can see on the chart on this slide, with EV and hybrids gaining real traction in markets. This is playing out well for us in two ways. First, the used-car markets for EVs and hybrids is starting to form nicely, and these vehicles are trading through our platforms very similar to internal combustion engine vehicles, as they always have. Second, we're seeing strong media spend from new OEM entrants come into market. We're building a very sharp go-to-market approach to win them as advertising customers. That growth in media revenue from new entrants is what you can see on this next slide, which is very impressive growth. On the right-hand side of the page, C2C Payments continues to scale very well. It's now live across all our verticals, and it's processed over 440 million transactions since launch. C2C Payments gives buyers and sellers a secure way to pay, with funds protected until the deal is complete. Because the buyers and sellers verify their identity to use the payments platform, and we show that on their listings, trust goes up across the whole platform. Over the last two years, we've been transforming our dealer software, and that work has come together in a new platform. Autogate is now known as Nexgate. It's a next-generation operating system for dealers, built with AI and real-time market insights drawn from live pricing, demand, and inventory data from all across the country. Nexgate brings all our tools into one place. Sourcing, AI pricing and time to sell insights, conversational decision support, and AI-powered lead management all together in one platform. Dealers, it means smarter buying, fast inventory turnover, and better lead outcomes. Earlier, I talked about our ecosystem at the group level. This is what it looks like on the ground in Australia. You're going to see the same model with each of our markets, although it is nuanced and looks a little different in every one because it's shaped by the intricacies of each local market. For dealers, we're there through sourcing, pricing, inventory, and lead management. For consumers, we're alongside them from discovery all the way through payments and ownerships. Every one of those interactions generates proprietary data. Because we sit on both sides of the transaction, each interaction feeds the next, with dealer and consumer data compounding into a better experience for everyone who uses our platform. On to North America, which delivered another strong result with revenue and EBITDA both up 12% in constant currency, which is a great result. Growth was driven by product improvements in our dealer business, which resulted in yield uplifts, excellent growth in media, also delivered excellent growth in our market-leading data business, SSI, as well as growth in our Marine segment. Pleasingly, our continued investment in advertising and marketing, together with a significantly improved user experience, has driven material growth in both audience and leads, particularly in Q4 of FY 2026. What this does is position us well as we begin FY 2027. Our media business has excellent momentum in the U.S., which is powered by both a growing customer base and as an RMM media agency business. Marine is also performing very well with leads per dealer and audience engagement both growing nicely. We're also being very targeted with our advertising investment as we are focused on key markets like Florida, which is the largest U.S. boating market. Both represent strong growth opportunities for us in FY 2027 and beyond. Same ecosystem that works in Australia, we're building in North America, and we're extending our role across more of the vehicle transaction journey. For dealers, we provide the tools to help run their businesses, including CRM, lead management, inventory management, digital retailing, and financing solutions. For consumers, we're with them through the whole journey, from research and comparison through to a completed and financed transaction, which is really difficult in these non-auto verticals. Now on to Latin America. Once again, we've delivered outstanding growth in FY 2026. Revenue up 19% and EBITDA up 23% in constant currency. That growth is even more impressive given we exited some very low-margin payment factoring revenue in our Car10 business during the second half of the year. Our very strong underlying growth was underpinned by audience expansion, our enhanced media business, premium dealer products, and continued yield growth across all parts of our business. Wallet, our loyalty product with Santander, is scaling incredibly quickly. We've got more than 11,600 dealers participating, and it's a very powerful loop. Our deal is financing through Santander earn credits, and then those credits are spent on webmotors, and the dealers become even more engaged with our services. As you can see on the right-hand side, OEM media revenue is growing very strongly, which is being driven by the rollout of our Australian media strategy and products, and also by the success that we're getting with Chinese OEMs that are advertising with us. Each year, webmotors is covering more of the buying and selling journey. For dealers, that now extends to sophisticated tools across their whole business. This results in better inventory decisions and more qualified leads. For consumers, we're making it easier for them to list and transact. What we're building in Brazil is an incredibly powerful ecosystem for dealers, OEMs, and consumers. Now on to Asia. It delivered another strong result with revenue up 15% and EBITDA up 14% in constant currency. Growth was driven by our three flagship products, which are Encar Guarantee, Encar Home, and Dealer Direct. We continue to evolve and improve all these three products for both dealers and consumers, that's what's driving the growth in the business. Onto the next slide. Adoption of our Guarantee Plus Plus, Dealer Direct, and Encar Home products, as mentioned before, all continue to accelerate. These products are certainly strengthening Encar's role throughout the transaction journey, and they create significant future runway for growth for this business for many years. Now on to the Encar ecosystem. Encar's clearly the number one vehicle marketplace in South Korea, it's evolved from a listings business into a transaction platform through continued product evolution. For dealers, we help them sell faster and with more profit through our trusted inspections. For consumers, we deliver an end-to-end transaction, which includes finance and warranties. That's the end of the segment section. I'll hand over to Geoff to take you through the financials. Thanks, Will, and good morning, everyone. I'll take you to slide 36 and the summary financials. As Will highlighted, the group delivered another year of excellent performance in FY 2026, with 12% growth in pro forma revenue and EBITDA and 11% growth in adjusted net profit after tax on a constant currency basis, in line with our FY 2026 guidance. Low EBITDA all items were within our previously guided ranges for the year. Depreciation and amortization primarily relates to software development, leases, and building fit-outs. The increase in FY 2026 reflects our continued investment across all key markets to support future growth. Net finance costs were lower than the prior year, with lower interest rates more than offsetting the increase in borrowing. The effective tax rate in FY 2026 was 20%, marginally higher than FY 2025, due to the growth in higher tax regions and the timing of U.S. tax loss utilization. We did receive some incremental tax benefits in the U.S. as a result of the One Big Beautiful Bill Act. The board has declared a final dividend of AUD 0.435 per share, taking full-year dividends to AUD 0.86 per share, representing an 8% increase on FY 2025 dividends in line with adjusted NPAT growth in Australian dollars. Full-year dividends equate to an 80% payout of adjusted NPAT. Turning now to the segments, as discussed earlier, revenue and earnings increased across every major segment. In line with our guidance at the start of the year, Australia delivered high single-digit growth in revenue and EBITDA. North America, Latin America, and Asia all delivered another year of double-digit growth across both of these metrics. These results demonstrate the strength and diversity of our global portfolio. Turning now to EBITDA margins. Group EBITDA margins remain strong at 56%, consistent with FY 2025. We continue to invest in future growth. We have strong operating leverage within our business model. We continue to maintain our disciplined approach to capital allocation and cost management. We did see efficiencies in the business during FY 2026, particularly within our development teams, which allowed us to accelerate product delivery and invest in our brands and other initiatives to drive future growth. On a segment basis, we saw margin improvements in Australia and Latin America. North American margins remained stable at 60% as we invest in marine expansion, and Asia declined slightly to 45% as we open new inspection centers and scale Dealer Direct. Overall, we're very pleased with the balance between growth and profitability. Turning now to the cash flow and balance sheet. Cash generation remains a major strength of CAR Group, our cash conversion for FY 2026 finished at 100%, which was an excellent outcome. Our balance sheet remains in a strong position with leverage steady at 1.7x net debt to EBITDA, providing flexibility for future investment. After the end of the financial year, we completed a refinancing of our bank debt facilities, which extended tenor and added some additional capacity for future growth. Growth CapEx associated with internal software development remained stable at 10% of revenue. We did see a small increase in other capital expenditure associated with new leases in the U.S., Brazil, and Korea. Turning finally to outlook in a bit more detail. We expect another year of excellent growth in FY 2027. On a constant currency basis, we're guiding to revenue growth of 11%-14%, adjusted EBITDA growth of 10%-13%, and adjusted NPAT growth of 9%-12%. By market, we expect Australia to deliver high single-digit revenue growth, we expect continued double-digit revenue growth in North America, Latin America, and Asia. On margins, we expect operating leverage in Australia and Latin America, offset by slight margin contraction in North America and Asia as we continue to focus on building out our investment in marine in the U.S. and Dealer Direct and Encar Home in Korea. Below EBITDA, we expect net finance costs to be between AUD 66 million and AUD 72 million. Depreciation and amortization is expected to grow between 16% and 19%. The group effective tax rate is expected to be between 20% and 21%. On CapEx, AI is helping us develop software more efficiently. We're currently reinvesting those benefits into accelerating our product roadmap. Whilst that creates flexibility over time, we continue to expect software development CapEx to be around 10% of revenue through FY 2027. I'll now hand you back to Will to wrap up. Thanks, Geoff. FY 2026 was another excellent year for CAR Group. We delivered strong financial results, expanded our market leadership positions, more importantly, continued investing for future growth. AI is increasingly improving customer experiences on our platforms, it's also helping us to operate more effectively across the group. We enter FY 2027 with strong momentum and confidence in the opportunities ahead. Now I'm happy to open up to Q&A. 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 are on a speakerphone, please pick up the handset to ask your question. We ask today that you please keep to three questions per person, after which you may then rejoin the queue. Your first question today comes from Entcho Raykovski with E&P. Please go ahead. Morning, Will. Morning, Geoff. Morning, Entcho. Hi, guys. My first question is just looking at TI, and there was a slight revenue deceleration in the second half. I think it was 10%-11% in 2H, given rounding versus over 13% in the first half. Can you talk to some of the reasons behind that deceleration? I don't know if it was the market which drove it, whether it was other factors, and then your comfort level around delivery of double-digit growth into FY 2027, especially given that you won't have the acquisition benefit. I've got a couple of others, but do you want me to give them to you now or wait for the answer? No, no worries. Why don't we take that one first, Entcho, I'll get Eduardo to answer that, given his new role looking after The Americas. Hi, Entcho. Just to summarize here, in terms of the difference between the second half and first half, it's a small difference. We are talking about media campaigns, mostly this, that's an impact. No other reasons. The other question was? Confidence around-- Oh, sorry. The confidence, I'm very confident, to be honest. I just assumed the role, I'm very excited with the U.S. and all the opportunities that we can have there, in terms of the market, in terms of the company, that I face it. I'm very confident to deliver this double-digit growth. Eduardo, maybe asking the question slightly differently. Do you see any specific changes in what might happen between second half 2026 and into 2027? Is it, from your perspective, I don't know, is it more of the same? We are probably expanding a little bit more in terms of the ecosystem, the strategy over there in U.S. I think the plan is very good, to be honest. The ecosystem is the main strategy. Right now we have the DP360, the CRM, all this connected in the marketplace, all the things that we are doing in terms of AI connecting the marketplace with the DP360. To be honest, I think TI is going to be the same playbook that we did in webmotors, with a lot of things in terms of products that we can develop. For sure, the main strategy is going to create and build and to get stronger in terms of the ecosystem. Okay, great. My second question, probably for you as well, Eduardo. Are you able to quantify the impact of the sale of the Car10 business on webmotors? It probably would help us just understand how much it's impacted revenues. Can you talk about the rationale for the sale? We want to give a specific number. We didn't disclose this. In terms of the rationale, it's very clear. It's a business when we acquired Car10, came with the credit card machine business, it's a business that has low margin. It doesn't make any sense to keep with a business with this low margin. That's the decision why we changed it. It's not going to impact anything the rest of the company and all the strategy with the products for the ownership of the car. Of course, considering that it's a low-margin product, I'm not seeing in Brazil, looking ahead, that the market's going to change in terms of spread of this market and this kind of thing. That's the reason that our decision it was to close. Okay. Thank you. My final question is just another one on the second half trajectory. Private in the domestic operations also slowed down a little bit in the second half. I suppose I'm just conscious that inventory also on the site has come back quite a bit over the past 6- 12 months. Can you talk about the reasons for that private deceleration? Again, similarly to my first question, around TI, how do you think about the private trajectory into FY 2027? Yeah, no worries, Entcho. I assume that's talking about Australia. I'll give that one to Craig. Correct. That's right. Yeah, good morning. Just to quickly cover up on inventory. We're definitely seeing a shift now into the dealer ecosystem in terms of total inventory. As of today, we're at about 147,000 listings for dealer inventory. There has been a shift. Another thing to call out there is we had a very strong year with our Instant Offer business, which is bringing private listings, and flowing that through to our dealer ecosystem. We think about total inventory. One of the key areas that we've been heavily focused on over the last six months is really making sure we're delivering optimal consumer experience. What that means is we've tidied up a lot of listings. If the ads weren't updated within a 30-day period, we were removing those from the site. We've had a lot of focus on that. Why we've done that is to make sure that sellers are returning buyer inquiries, and we've made sure that we've improved the overall consumer experience with making sure that inventory is updated every 30. Okay, got it. That's quite useful to understand the dynamic. Are you finding a weak underlying market as well contributing? Or is it mainly that initiative? I would say that the market conditions overall have improved. We had a period there in the second half where consumer experience and sentiment, and we've now seen that rebound. Lead volumes have been strong in the start of 2027. Site traffic's been really quite buoyant. Overall, we have a very healthy marketplace currently. Okay, great. Thank you. Your next question comes from Eric Choi with Barrenjoey. Please go ahead. Hey, morning team. Could I do three as well? Might double up a bit with Entcho, but I sort of just had to do some math around some of it. Yeah, if I could step you through some of it. Maybe, on the U.S. You guys are guiding to double-digit U.S. revenue growth in FY 2027. If you think about what you guys did in FY 2026, I think you guys did 12%. Maybe there would have been a couple of percent in there from M&A, maybe a percent from pulled forward price increases as well. I guess what that means is, from an organic standpoint, you're guiding to an acceleration in the U.S. business in FY 2027 versus 2026, and you sort of talked around it earlier, but can you comment specifically, is there a new product that's helping the 2027 growth rates, like media, marine, and data? Are they all getting bigger and bigger percentages on a bigger base? You could help us with that, please. I'll let Eduardo answer that one. Sure. Hi, Eric. In terms of growth, of course, we have the price increase that contributes, of course, marine, media. Media grew very strongly. I really believe that we can keep this growth for FY 2027. It was a combination between price increase and, of course, the other segment that I mentioned before, media and marine. Software business is growing in a very good level. That was the reasons in terms of the segments for FY 2026. Talking about FY 2027, I think we can keep growing because we have a lot of things to develop in terms of product. I'm going just to give some of them. For example, we have a lot of things to do in terms of websites, in terms of iMotors that we are going to implement, the DP360 with AI, a lot of things that we are doing in terms of improvement in the platform, lead nurturing that we can still keep growing, Vehicle 360 that we are going to develop for the next year, all the AI search improvements, CRM light version, SSI. I have a list of products. We are going to stop here. I have a lot of levers to keep growing the business in FY 2027. I know. That's great, Eduardo. I notice you didn't mention M&A at all. Do we just assume M&A isn't a contributor in FY 2027 for the U.S.? We are not considering this. We are very open all the time to see opportunities, for sure. I'm considering, I'm just focused right now in the development products and the organic growth. Okay. Sorry, that wasn't actually my second. Sorry. Can I just follow up on Car10? I know you said you wouldn't comment on a specific number. Just trawling through your historic disclosures and we know Car10 and Loop together were probably about 15% of webmotors revenues. I know you're not divesting all the Car10, just the factoring or sort of exiting the factoring bit within that. I don't know, if we assume Car10's half of that 15% and maybe factoring a portion of that, maybe it's worth low single digit to mid single digit. The point is, would that second half webmotors' growth rate, I think you guys probably about 15%, would that have been closer to 20% if you didn't factor, if there wasn't that exit of the factoring business? I think that's right, Eric. I'll take that one. I think the best way to describe it would be the growth rate the first half, underlying growth rate was pretty similar in the second half if you exclude the exit of the Car10 factoring revenues. Nice one. Can I just take a step back? Final question, sorry for all the minutiae. Good result, and if I were to pick out anything, like entry was lagging, people looking at the second half growth rates versus first half growth rates. If I just look at everything that you'd mentioned, they all appear non-structural, like Car10 volumes in AU, bit of media in the U.S. Is that right? Do you think broadly the differences in your second half versus first half rates all pertain to macro? Have you-- Sorry to make you comment again. Is this what gives you confidence in that 2027 re-acceleration? I think that's a fair comment, Eric. Obviously, the overall performance for the year we think was strong. Second half was marginally lower than first half, and the main difference was the exit of Car10, which was intentional. Then in the last quarter of the financial year, we saw the impact of the Iran war somewhat, mainly in Australia and South Korea. These were relatively small, but things have certainly improved since then. That's clearly giving us the confidence to go out with the outlook statement that we've got. Then outside of that, the product development, the initiatives, and all of the growth development we have in the business is all giving us the confidence. We feel good about 2027. Good one. Thanks, Will. Thanks, Eric. Your next question comes from Sriharsh Singh with Bank of America. Please go ahead. Hey, Will, and team. Couple of questions from my side. One on private listings. Very steady performance, 4% growth for the full year, in context of concerns around declining private listings in Australia. My question is, when we think about FY 2027 growth rate for private listings, to what extent should the growth rate be driven by pricing versus volumes, and then Instant Offer adoption into FY 2027? Can you talk a little bit about your pricing strategy as well? Are you pricing more expensive cars differently than cheaper cars on the private side? Just second one on Brazil. Given that you've now exited Car10's low-margin business, how should we think about the margin profile of the LatAm business? It's around 38% this year. You've guided for margin expansion in that geography. Should we expect closer to 40% margins at the LatAm level? Thank you. No worries. Thanks for your asking questions. I'll let Craig say the first one, then, Eduardo, you can do the second one. Yeah, thanks for your question. In terms of dynamic pricing, we're constantly looking at our pricing structures for private sale. To answer your question, based on the asset value, we'll adjust pricing accordingly. If we think about average yield, we are over AUD 200 on average yield in private sale at the moment, which is very healthy. If we think about momentum as we're going into FY 2027, IO is performing well for us, overall volume on marketplace is performing quite well, as we head into FY 2027. The second question is about the margin expansion. What I can say about this is that it's the main goal that I have in terms of webmotors to keep, of course, increasing the margin expansion. Things that we have been doing in the last few years. Of course, we still have opportunities in Brazil to keep reinvesting the money. My short answer is, yes, we can expect to keep expanding the margin, but of course, I'm not going to accelerate in a way that we are going to lose opportunities in terms of market investments and all this. Understood. Eduardo, one last question on Brazil. Santander is talking a little bit about their change in strategy with respect to Brazilian loan growth. They seem to be prioritizing credit quality over loan growth, based on the investor day. Any color on that? Are you seeing what kind of finance income growth in Brazil should we expect into FY 2027 to the extent you can talk about it? Thank you. Thanks for the question. In terms of credits and financing markets in Brazil, of course, we mentioned this in the last meetings about this. We expect with this increase of interest rate that has been doing the last years could impact in the market, but we didn't see this. The market is very resilient in Brazil. The credit market is still strong in my view. Now we are in a completely different mood. As you know, we decreased the interest rate for 14% in the last central bank meeting, which opens an opportunity looking ahead in terms of keep growing the financing in the market. When I look at all of that last 12 months, for sure that the tough period stayed behind. Looking ahead, I see more opportunities in terms of financing and in terms of keep growing the business. No issues in my side. It's normal volatility. We have been seeing this in Brazil for a long period of time, and these interest rates going up and down. I still believe that could be a huge lever for the future. That's super clear. Thank you. Thank you. Your next question comes from Siraj Ahmed with Citi. Please go ahead. Thanks. The first one just on Australia. Dealer did slow down the second half. Could you just break down the growth between lead volumes and, I guess, depth in the second half? Just in terms of looking at FY 2027, given you're seeing improving trends, are you pushing through similar price increases for next year? Just clarifying as well, your guidance does say private volume is expected to grow next year. Just confirming that as well. I'll jump in. I'll take that. Yeah. It's Craig here. I'll cover that off. If we think about the second half, we did see lead volumes come off for a short period of time off the back of the Iran war. We've seen that rebound nicely as we head into FY 2027. If we think about potential price change for FY 2027, there's a number of factors that we take into consideration. Dealer health, general market conditions, product innovation, et cetera. We haven't finalized any position in terms of a price change for FY 2027 at this stage. We'll work through that in the coming months. Sorry, the second part of your question was around private sale? Just around private volumes and expectations into next year. Yeah. If we think about private volumes as we start at FY 2027, average daily's been really quite strong. We see that momentum continuing as we accelerate the value we're providing to private sellers. Got it. Second one for Will. Will, just at a high level, interesting that you are upsizing the debt facility. Just keen to understand how you think about M&A on the back of that or whether that's signaling something. In terms of M&A, it's interesting that you are buying some of these dealer sort of CRMs, right, in the U.S. and also I think it looks like you bought something in Brazil as well. Just keen to understand how you think about that ecosystem. Is that dealer side something you want to strengthen, especially given AI? Thanks for the question, Siraj. Definitely from an M&A perspective, over the last two years, we have had a more concerted focus thinking about our role in the ecosystem and how we embed ourselves even closer with our dealer customers and our OEM customers. Part of that is reflected in some of those small acquisitions of the CRM businesses because we can provide services not just as a marketplace, as an advertising source, but through the whole life cycle of the transaction for a dealer. The other thing is it's not just an M&A strategy, it's also an organic strategy. If you think about what Craig is doing with Nexgate, that's really extending our dealer operating system into more parts of the dealer's business to essentially help them take cost out and maximize profitability. That's the focus for us. In terms of our overall M&A strategy, no signaling from the debt refinance. That's just business as usual and our overall M&A strategy hasn't changed. Last one, just from TI, for Eduardo. That traffic growth in the fourth quarter, that's extremely strong. What's driving that? Do you reckon market conditions seem quite soft, right? Especially in RVs right now. Given the traffic growth, does that give you more confidence into the price increases for next year? Is that something else that actually helps it? Thanks. Thanks, Siraj. In terms of the markets, what I'm very happy to see is the last half, the last quarter, sorry, that we are seeing improvements in terms of lead volumes, audience visits. That's the reason that I'm feeling that we are very close, probably to the bottom. We can expect that it's going to start to recover. Of course, a lot of things going on in this moment. My first feeling, what we are seeing in terms of audience leads and all this is positive. That's the reason that I can believe that we can deliver a very good financial year 2027. Thanks, Eduardo. Can you just touch on what's driving that? This is not just marine, right? What's driving the traffic growing? Is it you're doing better marketing or something like that or targeting? Thanks. No, I'm happy to take that one, Siraj. One of the focuses for us as a business is we're trying to find operational efficiency, you would see that appeared in our strategy, and we're trying to find operational efficiency in all of our markets. One of the things we're doing is reinvesting that back into brand and advertising. Clearly, that's been a focus in the U.S. for a while. I think that's generating part of the strong outcomes you're seeing in Q4 there, as well as consumer experiences that we're making to the site, which is driving higher lead volumes and better outcomes for dealers. Thanks. Thank you, Siraj. The next question comes from Roger Samuel with Jefferies Australia. Please go ahead. Hi, morning all. I've got three questions as well, please. First one, just on the margin. I think you previously guided to margin to tick down slightly in FY 2026, given the investments in marine and the new products. Given that you managed to maintain your margin at 56%, I'm just wondering what's the driver of that. Is it because of some of the benefits that you're getting from CG/lab in Brazil? Or is it general cost controls? Thanks, Roger. It's Geoff here. I'll take that one. You're quite right. We guided at the start of the year slight margin contraction, in Korea and the U.S. I think U.S. holding margins pretty consistent was a great outcome. A good chunk of that was cost efficiencies. As Will said, we've been able to reinvest a portion of that into brand and other initiatives. Certainly, good cost control over the years was a big part of that. It's not so much the benefit from AI investments, like the CG/lab? No, that's part of it. I think CG/lab absolutely drives benefits across the group. There's also AI investment in each of the regions as well. Just being more efficient across the board. AI is definitely a part of it. Okay. Second question, maybe for you as well, Geoff. Just in terms of the currency impact and, obviously, as a result, we've seen some headwinds from foreign currency. Is there any ways that you were thinking of to mitigate the currency headwind going forward? Thanks for the question. You're quite right. We saw about a 2% FX headwind for FY 2026, and about a 5% headwind in the second half. We're probably seeing similar around a 2% headwind for next year. Mainly first half driven, again, our U.S. and Korea. When we think about FX exposures, you'll see that we've got cross-currency swaps in place for Korea, which helps us on the interest rate side, but also is a net investment hedge for us. Also, the start of FY 2027, looking at USD cross-currency swaps as well. That doesn't necessarily show up in the P&L, but certainly, we see that as from a commercial perspective, helps us with that FX exposure. Excellent. My third question is on the Australian business. Do you have any feedback you can share with us in terms of the new product. Nexgate and also the trade-in products. How would you quantify the revenue earnings impact from these two products? It's Craig here. I'll answer that one. We launched Nexgate to the industry at the AADA convention last Tuesday evening. It's been well-received. Nexgate goes live to all of our dealer customers on the 1st of September. We will only be starting to roll that out at the back end of this month. One thing to really call out about Nexgate is it's really been an outside-in design and development. What I mean by that is we've worked with our dealer partners to develop the solutions to help them today and into the future. We're very confident it's going to actually really help dealers and create efficiency in their business. There's a lot we're doing in terms of AI integration to help them with pricing, sourcing, as well as lead nurturing to help manage conversions. There's a lot happening in that space. We're very confident when that goes live in the coming weeks, it will deliver great results for our dealer partners. I'm sorry, mate, what was your second question? It was just around the trade-in product that you launched a while ago now. I think that was just for Nexgate. Sorry, was that a new car question, Roger? Yeah. I think you launched a trade-in product, right? A trade-in product. A couple of months ago. Yeah. Trade-in, yeah. Yeah. Trade-in's performing well for us, it was really to complement and drive greater value for new car buyers, and their path to purchase. We're working on a broad range of initiatives when it comes to new car, as we see a significant increase in buyer demand for new cars on platform, as well as obviously the Chinese entrants as they scale in Australia. There's a lot that we're doing in that space. In terms of trade-in, it's driving greater value for our dealer partners. So far it's performing well. Got it. Thank you. Your next question comes from Lucy Huang with UBS. Please go ahead. Thanks, team. I've got three questions as well. Just my first one, you made a comment on North America saying that you've seen dealer growth from new product launches. I'm just wondering, what sort of dealer growth numbers did we actually see in the second half, and would we expect dealer growth to continue into FY 2027 despite, I guess, potential weakening of macro sentiment? Yeah. Lucy, it's Will. I'm happy to take that one. I think the comment around dealers was more that we're seeing good growth in the dealer segment. In terms of the overall dealer base, that's been relatively stable in the second half. I think in terms of what gives us confidence into next year is obviously all of the product development that we're doing. Eduardo talked about the ecosystem that we're building there with DP360, which is the new CRM tool, and we're going to launch that into market as part of our overall subscription package throughout the year. Clearly, the investments we're making in brand and marketing is growing our audience and the value we're delivering to our customers. I think that's probably where we see the growth coming from, next year alongside obviously the media and RMM parts of the business. Yeah. That makes sense. Just getting back to media. Second half, we did see a slight slowdown, given the strength that you're seeing in new OEM spend, should we expect media revenue growth to re-accelerate into 2027? No, no worries. I think the media business in Australia performed very well in 2027. 2026, you would've seen the new entrant OEMs are delivering outsized performance for us, which is great to see. We're sharpening the way we go to market with these new entrants, and we believe we've clearly got a great playbook that we can roll out. What's interesting for us is that we're actually seeing the ability for us to build a go-to-market approach across our global business for these OEMs because they are entering into Brazil, South Korea, and Australia all around the same time. We're starting to build an approach across the whole group to go to these new OEMs entering the market. In terms of product delivery and innovation, we've got some great things in the pipeline over the next 12 months for the media business, which gives us the continued confidence to grow. Thanks, Will. Just maybe one last one about the Australian business in dealer. Can I just confirm, the split of that 8% revenue growth between volume yield and price? I think you mentioned volume saw a little bit of a step down in second half. Outside of that, would the depth drivers be relatively similar to the first half? Yeah. It was roughly 4% yield, 3% volume, and 1% depth. Wonderful. Thank you so much. Thank you. Thanks, Lucy. Your next question comes from David Fabris with Macquarie. Please go ahead. Hi, Will. Hi, Geoff. Just my first question. Just wondering, with the revenue growth guidance across the regions. Yeah. Can you unpack the contribution or actual percent benefit of the price increases and any timing? Just to clarify, is it one price increase annually per region generally? No worries. I'm happy to take that. We approach pricing differently in every market, David. In Brazil, for example, the pricing tends to be ongoing throughout the year, region by region. In the U.S., it's been more of an annual base, but the timing has varied. It varies across which products also get the price increases. South Korea, similar in terms of we have done some price rises on some of our smaller products, but haven't done it on our flagship guaranteed product for a while, and we were always looking at that as an option. In Australia, clearly the main price rise we normally do, is around October, and we look at that across all of our product portfolio, dealer portfolio. It is very localized region-specific in terms of our approach for pricing. Clearly, it'll be one of the contributors to our growth next year. It won't be the main contributor. The main contributors will be volume growth in dealers, volume growth in lead, new product development, penetration, greater penetration of existing products, yield is just another component on top of that. Yeah. Got you. Thanks. Then, I guess just looking at North America and Asia, you still got revenue growth exceeding EBITDA growth. Can you provide any scaffolding or thoughts around an inflection point where that might cross over and we start to see benefits coming through from the investment? Yeah, look, I think South Korea, we've been very deliberate around investing in Dealer Direct and also in branding. Dealer Direct, we had a competitor, iDEALER. It's quite formidable in that space, and that has been a decent investment we've made over the last few years. What we're seeing now is some good growth in that product, which is great to see. We're very happy with both the product itself, but also that we're starting to market it, and that's delivering good returns. In North America, we've been investing in the marine business, which we've talked to before. Marine's a massive market. We've got a strong right to play in that market. It's not profitable currently, but it's got the potential to be nicely additive to our business going forward. We're seeing some good signs in the last quarter on that. Got you. Just one last question from me then. Just on the Australian business, I'm just curious whether you see any opportunities or new opportunities to move up or down the value chain, or you're pretty comfortable with the lanes you sit in. I mean, there are options out there, I guess, if you consider balance sheet intensity and channel risk. Yeah, your thoughts would be appreciated on whether you think there are ways to move up or down that value chain. No, I think, David, we're happy at the moment just in terms of our organic ecosystem play with Nexgate, which in some ways is moving into new areas of a dealer's business to help provide incremental value, across sourcing and lead nurturing, those sorts of things. It's a natural organic extension rather than any form of M&A, and we think that's the right approach at the moment, the one that's going to generate the best return on capital for us. Okay. Thank you. Thanks, David. Your next question-- Might have time for one. This might be the last one. Your final question today comes from Wei-Weng Chen with RBC Capital Markets. Please go ahead. Hey, team. Thanks for sneaking me in. I literally only have one question. I'll keep it quick. Just relating to your EBITDA adjustments in FY 2026, you reported AUD 15 million in the first half, which included the exit of the tires business. In the second half, the adjustment was AUD 18 million. Can you maybe help me just reconcile what the AUD 18 million in the second half was? Thanks, Wei-Weng. I'm happy to take that one. As we always do, we look to present an adjusted number, which we believe reflects underlying performance of the business. The buckets haven't really changed. The main ones in the second half and in the full year, for that matter, are M&A activity. As we'll touch on, we've had several bolt-on acquisitions in the last 18 months. A lot of those are about expanding the ecosystem, so the integration efforts on those are probably higher than they have been in the past. That also includes some efforts on M&A that hasn't necessarily come to fruition. On the restructuring side, a lot of that was picked up in the first half in terms of things like leadership transition, but we've also had some other restructuring across the business as well. Okay, cool. Thanks, Wei-Weng. Thanks, everyone, for your questions. I look forward to catching up with many of you across the next few days. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.