-capital allocation framework, and acquisition strategy. On behalf of the board and the broader team, I would like to once again sincerely thank him for his contribution to Codan. I am also pleased to confirm that Kayi Li, currently our Deputy CFO, will succeed Michael at the end of the month. Kayi has also been deeply involved in our financial strategy and operational execution, and we remain confident in our continued seamless transition. I believe Kayi's appointment is a strong demonstration of our succession planning and development processes in place at Codan. Kayi and I look forward to meeting with many of our investors at our results roadshow in the coming weeks. Questions are welcome throughout today's presentation and will be addressed at the close of the session, coordinated by Sam Wells and NWR. Research analysts can raise their hand via Zoom to ask a live question, while all other attendees are encouraged to submit questions using the Q&A function. Before we begin, please take a moment to review our standard notice and disclaimer. Today, we will begin with full-year performance highlights, followed by a detailed review of each of our three business units, DTC, Zetron, and Minelab. We also highlight some select products that contributed meaningfully during the year, demonstrating how our group-wide engineering investment is translating into commercial outcomes across business units. We will then revisit our strategy and near-term priorities before closing with our outlook heading into FY 2027. For those newer to Codan, we are a global group of technology businesses focused on critical communications and detection. Our technologies are designed for mission-critical environments, keeping people connected, informed, and safe in demanding and often remote conditions. We operate across defense, public safety, gold detection, and recreational markets, supported by a global footprint and strong engineering capability. At our core, we focus on reliability, performance, and long-term customer relationships, particularly in environments where failure is not an option. Our strategy to build a stronger Codan remains consistent and disciplined. It is underpinned by sustainable organic growth, targeted and accretive acquisitions, continued engineering investment, and strong operational execution. Diversification remains a key strength and is a key part of our results this year, with Minelab and communications both delivering excellent performance. Over time, this approach is building a more resilient and diversified earnings base with improved visibility and quality. At a high level, the group's FY 2026 performance reflects disciplined execution of our strategic plan. The strength of our differentiated technology and product portfolio and our ability to capitalize on long-term structural growth opportunities across our target markets globally underpinned our outstanding performance. Our communications segment continues to deliver high-quality growth, with revenue exceeding at the top end of our FY 2026 target range. Metal detection also delivered excellent performance, driven primarily by gold detector demand globally. Our strategy to invest heavily in engineering is what enables these outstanding results. This ongoing investment maintains our product and technical leadership across our businesses and drives our organic growth strategy. Turning to the numbers. At the group level, year-on-year revenue grew 30% to AUD 875 million, reflecting strong organic growth driven by ongoing high demand for unmanned systems and new gold detector products, as well as a full-year contribution from Kägwerks. EBIT and NPAT increased by 67% and 69% respectively, demonstrating continued improvement in operating leverage across the group, with both measures slightly above the guidance provided to the market on April 29, 2026. This reflects both revenue growth and improved product mix, particularly within Minelab and DTC. The board declared a fully franked final dividend of AUD 0.29 per share, taking full-year dividends to AUD 0.485 per share, up 70% year-on-year, consistent with our disciplined capital management approach. I will now hand over to Michael to step through the financial detail. Thanks, Alf. As highlighted, group revenue increased 30% year-on-year versus FY 2025. Strong revenue and profit contribution from both our communications and metal detection segments. Expenses increased during the year, primarily due to targeted investments in strengthening the group's go-to-market resources, product launch costs, systems, processes, and capabilities to further scale the organization, and higher performance-related remuneration. NPAT margins improved to 20%, which was up 5% versus FY 2025, which more than offset the increase in expenses and reflected an improved product mix and a continuing improvement in operating leverage. Overall, the financial results reflect both strong performance and continued investment in capability. Codan finished FY 2026 with a very strong balance sheet. Net cash of AUD 36 million, which was an improvement of AUD 124 million versus the net debt position of AUD 88 million as at December 31, 2025. This reflected the accelerated growth in revenue throughout the second half and strong cash collections. The group balance sheet is in a very strong position with substantial funding capacity, including a AUD 250 million undrawn debt facility and a further AUD 150 million in accordion capacity available subject to bank approval. These facilities provide Codan with financial flexibility to pursue our strategic inorganic growth opportunities. Our balance sheet remains a competitive advantage in executing on our strategy. Engineering investment during the half totaled AUD 78 million, representing approximately 9% of group revenue. This level of investment is consistent with our long-term approach and supports product development pipelines across both communications and metal detection. In communications, investment is focused on advanced tactical platforms, next generation radio waveforms, and the SALUS integrated command and control platform. Within Minelab, investment continues to support product refresh cycles and technology leadership globally. This sustained commitment to innovation underpins our organic growth trajectory. Back to you, Alf, as we take a closer look at our three core businesses. Thanks, Michael. We will now move on to the business units. Communications revenue grew 22% to AUD 506.2 million, slightly above the top end of the targeted FY 2026 15%-20% range, driven primarily by strong demand for unmanned systems. The revenue from defense customers represented 58% of total communications revenue, up from 38% in FY 2025, underscoring the importance of this vertical to Codan and reflecting the global tailwinds of sovereignty and increased defense spending commitments. Communication segment profit increased by 45% to AUD 156 million, with segment profit margins expanding to 31%, up from 26% in FY 2025. This reflects strong revenue growth, product sales mix, and operating leverage. Pleasingly, the communications segment exceeded the achievement of 30% profit margin by 18 months. Order book increased by 50% year-on-year and by 29% versus December 2025 to AUD 380 million at 30th of June, driven by a strong uplift in order intake across both DTC and Zetron and providing strong revenue visibility into FY 2027. DTC delivered another exceptional result in FY 2026, underpinned by defense and unmanned systems applications demand across all geographies. Revenue from the high growth unmanned sector more than doubled to approximately AUD 215 million. Throughout the second half, we saw continued acceleration in unmanned revenue across both conflict regions and non-conflict defense and security programs in the U.S. and Europe. Within DTC, product innovation included ongoing development, multi-waveform radios, along with enhancements to the existing BluSDR range aimed at offering improved network visibility, spectrum monitoring software, and alternative antenna solutions. This innovation led to DTC securing its first orders for the sale of radios into multiple programs of records for the U.S. military initiatives to drive sovereignty. Lastly, at the end of July, Codan completed the acquisition of Adaptive Dynamics, which we will elaborate on in a couple of slides. We include on the next slide an overview of the BluSDR family of products. DTC's BluSDR radios are suitable for a huge range of unmanned platforms in all domains across air, land, and sea. In the air domain, which is by far the largest by volume of units sold, the BluSDR range finds applications on platforms from small motor drones through to much larger strategic surveillance platforms. The U.S. Department of Defense drone categorization system consists of five broad groups from Group 1, the smallest and typically the lowest cost tactical drones, through to Group 5, large multimillion-dollar strategic platforms often deployed at ranges of thousands of miles. DTC's sweet spot today stretches from the high end of Group 1 through to Group 3. The acquisition of Adaptive Dynamics will help us to compete with very high-end and high-priced military radios typically deployed in this space by delivering increased resistance to jamming and interference. Our BluSDR radios have been proven to be highly effective in both conflict and non-conflict defense environments for their secure and resilient waveforms and their ability to withstand the harshest field conditions. Turning to the acquisition of Adaptive Dynamics, which was first announced in May. ADI is a U.S.-based engineering company specializing in the development of anti-jamming and interference mitigation technologies critical to the resilience of tactical communications. A highly strategic acquisition for DTC, ADI meaningfully enhances DTC's U.S.-based technical capabilities in unmanned systems and strengthens its ability to compete for the next generation U.S. and allied defense programs, which require secure communications and electronic warfare resilience and AI-enabled integration in contested electromagnetic environments. ADI also provides us with a strong team of people and capability, which will continue to be integrated into our DTC North American team. We also anticipate the ability to cross-sell in time into public safety markets. We look forward to updating the market further as we continue to integrate this business. In the first half of FY 2026, Zetron was impacted by a temporary slowdown in federal procurement and contracting cycles in the United States. Second half revenue was broadly in line with the first half, as guided in the trading update we released on the ASX on April 29, 2026. Positively, order intake strengthened towards the end of the second half, resulting in a 25% increase in Zetron's order book as of June 30, 2026 versus June 30, 2025. Key wins included a AUD 19 million contract with one of the largest utilities on the East Coast, a AUD 11 million mission-critical services contract with the U.K. Emergency Services Network, and a AUD 8 million radio communications modernization contract for a major provider of the underground transport services in London. Zetron also continued to receive strong order intake from its hosted services IWAC contract, which now services more than 80% of all public safety answering points across the state. Looking forward, product development activity remains focused on SALUS, which is designed to provide a unified cloud-based software and services platform for Zetron's command and control applications. On the next slide, we include further detail regarding the features of the SALUS platform. At its core, SALUS is designed to provide a unified interface and experience for the control room personnel. We believe this will enable the most optimal responses to be made during the most stressful events and emergencies. Providing a unified control room service in the form of a modular application maintains Zetron market-leading interoperability while minimizing the time it takes to respond to a call. Customers will be able to choose when and how they move to SALUS, either on-premise, via the cloud or a hybrid approach. Customers will be able to choose when and how they move to SALUS, either on-premise, via the cloud or a hybrid solution. Customers can also receive expanded and enhanced services and support through our managed services or lifecycle solutions frameworks. We believe SALUS will generate meaningful value for Zetron across multiple dimensions. These include growing reoccurring revenue via hosting and managed services solutions, achieving higher customer lifetime value through cross-selling opportunities, and margin expansion via a software-led model and scalable cost base. Additionally, we are confident that SALUS will enable Zetron to equally serve Tier 4 through to Tier 1 customers, leading to a substantial expansion in our obtainable market. Turning to Minelab. Minelab's full year results were exceptional, with revenue up 42% to AUD 362 million and segment profit of AUD 162.4 million, up 65% versus FY 2025. As guided in the trading update, Minelab delivered a stronger second half with 15% revenue growth in H2 FY 2026 when compared with H1 FY 2026, supported by successful product releases. Segment profit margin increased to 45%, up from 39%, driven by revenue growth, product mix and operating leverage. Minelab successfully launched four new products in FY 2026 in the gold, recreational and Countermine markets, including the new flagship GPZ 8000 gold detector, the Gold Monster 2000, the VANQUISH 60, and Countermine's MDS-20 detector. These launches reflect Minelab's global technology leadership across its detection platform. Minelab's rest of the world achieved significant growth, increasing revenue by 32%, driven by the strong uptake of the GPZ 8000, as well as the Gold Monster 2000. Substantial growth in the VANQUISH range and a meaningful expansion in distribution footprint and retail presence in Australia and North America, with additional in-store placement across key retail channel partners. Minelab Africa delivered another outstanding performance, with revenue increasing in all regions to approximately AUD 184 million, up 60% versus FY 2025. The Gold Monster 2000 was launched successfully, exceeding business case expectations. A key near-term priority is driving adoption of the GPZ 8000 across Africa, with training and grassroots activation activities continuing in FY 2027 as market awareness and adoption builds. This slide describes the GPZ 8000 in more detail, including key features and enhancements relative to the 7000 model. Resounding customer feedback for the GPZ 8000 is that it represents a significant advancement in performance, particularly in highly challenging ground conditions. Minelab continues to invest in product innovation and engineering to reinforce its leading position in recreational and specialist detection markets. Now I'd like to move onto the strategy update section of today's presentation. Our strategy remains anchored in three core pillars. First, investing in ourselves, strengthening systems, processes, people and product innovation. Second, strengthening our core businesses, expanding addressable markets, improving revenue quality, and increasing reoccurring revenue components. Thirdly, disciplined capital allocation. Pursuing strategically aligned and accretive acquisitions that enhance capability, scale, and market penetration. Together, these pillars support sustainable, diversified earnings growth. We made significant progress against each of these strategic pillars in FY 2026, as outlined in the slide. Our near-term objectives are focused on executing key initiatives across each business. In DTC, we are focused on the integration of Adaptive Dynamics electronic warfare capabilities, ongoing investment in the dismounted soldier ecosystem, and continued investment in our next generation and multi-waveform strategy. In Zetron, we are seeking to complete the launch of our end-to-end services-based emergency response platform, expand market share via Zetron's next-generation computer-aided dispatch solution in the U.K., and completing and advancing the development of our SALUS cloud-based platform. In Minelab, we are focused on accelerating market growth via the four new detector launches in FY 2026, advancing North America and European retail expansion, and targeting e-commerce and channel engagement strategies. All these initiatives support both near-term performance and long-term structural improvement. This year, as guided by Codan's core values, we introduced quarterly value awards, a chance to formally recognize people across the business who are living our values day to day. It's been a great addition to our culture. On community, we've continued our longstanding support for a range of organizations: Variety, Youth Opportunities, KickStart for Kids, Hutt Street Centre, and Catherine House. These are partnerships we're generally proud of. From an education perspective, we've deepened our investment in STEM through university scholarships, student mentoring, and industry engagement. This year, we awarded the inaugural Codan Founder's PhD scholarship, which is a significant milestone for us. We also continued our support for Yalari and Indigenous education scholarships. On the environmental side, Minelab's Clean Sweep campaign has been a real standout, using our detector community to help the environmental stewardship. It's a great example of what our products can do beyond their primary purpose. Underpinning all of this are our four values you see at the bottom of the slide. Customer driven, trust and integrity, high performing, and can-do. These aren't just words on the wall. They shape how we run the business every day. Next, I'd like to turn to our outlook section, looking at our view into FY 2027. The group continues to deliver on the strategy of building a stronger Codan. Our strategic pillars of investing in people and systems, product development, strengthening Codan's position in core markets, expanding in new geographies, and disciplined capital allocation will continue to guide our focus in FY 2027. Market conditions remain positive across both comms and metal detection. Elevated defense spending and ongoing geopolitical tensions globally continue to generate strong demand for unmanned systems. Minelab benefits from demand for its market-leading products and a favorable gold price. Some constraints are emerging across certain parts of the global electronic supply chain, which we are monitoring for any impact to Codan operations. The communications business targets long-term sales growth of between 10%-15% per annum. As demonstrated over FY 2024 to 2026, this target growth range can be exceeded. As a result of unprecedented levels of demand we're experiencing primarily in unmanned systems, we expect the first half of FY 2027 to significantly exceed the first half of FY 2026. Given the strong start to the year, subject to related supply chain constraints resulting from ongoing order momentum, we are currently targeting full year FY 2027 revenue growth in the order of 20%. Minelab is well positioned for FY 2027 with a full 12-month contribution from recently launched products. Early first-half market conditions have been positive, with strong demand, in particular for the new GPZ 8000 and Gold Monster 2000 detectors. As a result, both Africa and rest of the world are currently tracking broadly in line with H2 of FY 2026 revenue run rates. Overall, Minelab's H2 FY 2026 average monthly run rate was approximately AUD 32 million, 15% higher than H1 FY 2026. With a strong balance sheet and disciplined approach to capital allocation, the group remains well-positioned to continue to invest in product innovation and capability and to pursue future acquisitions that fit our product and technology roadmaps and enhance the quality, resilience, and the diversification of our earnings. We look forward to providing a further update at the annual general meeting on the 20th of October 2026. With that, this draws us to the end of our formal presentation session. We can now move to Q&A session with Sam. Thank you very much. Great. Thank you very much, Alf, and thank you, Michael. As a reminder, the audience may ask questions of the management team. There is a choice of two options. You could submit a written question via the Q&A function. Alternatively, research analysts may raise their hands should they wish to ask a verbal question of the management team, and we will endeavor to get to you shortly. We also kindly ask that you limit yourself to no more than two questions per analyst. Firstly, we will start with a couple of pre-submitted questions. On unmanned revenue split, in the first half of 2026, you stated that unmanned revenue was approximately 50/50 between conflict and non-conflict. Can you just state what the split was for the full year FY 2026, please? Yeah, thanks. Thanks, Sam. I think both parts of the business have grown really strongly. Both conflict, non-conflict doubled over FY 2026. Okay, great. Thank you. And just on supply constraints, you referenced a potential supply constraint from ongoing order momentum. Can you elaborate here? Excuse me. I think- Yeah. Sorry, Sam. Are you witnessing this already? What level of growth could possibly constraints kick in? I guess, when you look at businesses like Minelab and DTC, we are fundamentally making assumptions on forecasts six, 12, 18 months ago. The demand we have seen has really outpaced our original forecast, which have been continually updated. The outperformance and demand are really when we are looking forward, probably into H2, we are sort of seeing that we need to just to continue to upgrade our forecast. That is always a lag in time. We have not seen any impact at the moment. All we are saying is from a constrained electronic supply chain environment globally, not really specific to Codan. We are just monitoring those forward forecasts and ensuring that we have got the right supply of components. Great. Thank you. Next live question comes from Josh Kannourakis at Barrenjoey. Josh, please unmute your line and go ahead. Hi, Alf, Michael, and Sam. Can you hear me okay? Yeah. Great. Congrats on the result. First things first, just on following on from the questions on unmanned, can we talk a little in terms of markets and some of the opportunity you see in front of you now? Specifically interested in U.S. and U.S. defense. I know there is quite a few hoops to start jumping through to be considered within that market. Where are you, in terms of that journey? If you can give us any more context around maybe some of the broader geographic splits in terms of how you are seeing the outlook. Yeah. As Michael mentioned, our unmanned markets are in conflict and non-conflict areas has fundamentally doubled from previous statements in the past. DTC's performance over the last three years and very solid performance in market, that reputation has drifted into the U.S., into the Asian area as well. We are on blue lists at the moment in the U.S., so it really positions us well for a lot of the sovereignty projects that the U.S. are currently working on in unmanned systems. We have received first orders for some of those sovereignty projects in the U.S., it is a significant milestone for DTC. It also backs up our investment in the U.S. with expanding our staff there and our capabilities on the ground. Secondly to that, obviously, we have entered into some R&D projects with some countries in Asia to actually also progress their sovereignty when it talks about unmanned systems. That's perfect. Exactly what I was looking for. Just in terms of, I guess, the Adaptive Dynamics acquisition, that certainly looks. Obviously, they've got a really strong research background. They've got some product and IP in market. When you sort of look at what the future of unmanned looks like going forward, can you maybe just talk to us a little bit more about how that plays into it and I guess where you think that could position you versus some of the other key competitors, for example, like Silvus in the market, longer term? Yeah. When you look at the acquisition of Adaptive Dynamics, and you look at what we fundamentally do, I thought that the slide we had on the types of drone is quite powerful, where we've really gravitated from a Type 1 drone comm supply to Type 2 and Type 3. In the missions that we are performing with those unmanned systems, your fundamental reason for being is to ensure that you can transmit, right? Data and comms. ADI, Adaptive Dynamics fundamentally gives us reassurance that in really contested environments, like electronic warfare environments, we will have the capability to continue to transmit. I'm not a technical expert on the Silvus radio anti-jamming features, but I am confident that the products we have today in DTC and the inclusion of Adaptive Dynamics ensures that robustness in communications in relevance. Great. Thanks for the context, guys. I'll let someone else jump on. Great. Thank you, Josh. Next question comes from Elijah Mayr at Goldman Sachs. Elijah, please go ahead. Good morning. Can you guys hear me? Yes. Yes. Perfect. Congrats on the result. Cracker result. Just following on, I guess, from Unmanned. As you sit now, how much forward visibility do you have on Unmanned, and is that starting to lengthen as the industry develops? I think you need to In some markets, you probably have four to six-month visibility. In some markets, you would have less. I always say at a maximum it's a four to six-month visibility market. You're really backing into other people's forecasts, and they may vary. So yeah, that would be my sort of time frame on it. Elijah? Yeah. Then just maybe on a margin guidance perspective for Comms, you previously talked about 30% you've reached and exceeded that. Looking forward and with the 20% Comms growth guidance, what should we think about for FY 2027 or maybe on a medium-term basis, just noting that we should expect some reinvestment back into the segment? How do you think about those margins expanding now, and will you put some targets on a medium-term basis for that Comm segment? Yeah, I think we set the target a number of years ago at 30%, so we are really pleased to get there in FY 2026, Elijah. We are not resetting that target range. This is a business that is growing really strongly, and we need to keep reinvesting in it, both in our go-to market and in our engineering resources. So, if we keep growing at 20%, we would expect some incremental improvement, whereas we achieved a step change improvement in FY 2026. So we would hope this business is in that low 30% range. Perfect. Thanks, guys. I will let some others ask some questions. Thanks, Elijah. Next question comes from Mitch Sonogan at Macquarie. Mitch, please unmute your line and go ahead. Yeah. Hi, Alf and Michael, can you guys hear me? Yes. Yeah. Good morning, guys, and congratulations on a good result. Just onto the Unmanned segment, just in terms of that revenue, AUD 215 million. Correct me if I am wrong, that is somewhere around AUD 140 million in the second half. But you have also seen acceleration of revenue through that second half and talk to the first half 2027, significantly exceeding that period. Can you give us any sense of what we should be expecting into that first half, noting you have talked about a four to six month period of visibility? Yeah, Mitch, I think the best way to think about it, we have given some targets for the full year. Circa 20% growth for FY 2027. This is not a seasonal business that has a normal H1, H2 split. It really is driven by projects and opportunities and what quarter they land in or what half they land in. So I think you will see some significant improvement, H1 on H1, off the PCP. But I would not be building in seasonality in FY 2027. Yeah. Thank you. And just in terms of the visibility of the Unmanned in the order book there. You talked of four to six months of visibility. Is it fair to say, in terms of your order book, from what you can see now, just trying to understand, how much growth or how much visibility of revenue in FY 2027 do you currently have in that Unmanned revenue? I think it is very similar, Mitch. I think we have got a good line of sight between four to six months or fundamentally H1. And as Michael mentioned, a lot of these are driven off forecast orders from other manufacturers. So you can get some changes there. But we do have a level of understanding what we need to supply in the half. Yeah. Sorry, just to follow on. Just on Minelab, you've given a monthly average there of AUD 32 million through the second half. Was there a higher exit run rate in there or can you maybe just give a little bit more color about how we should think about that business looking at FY 2027, given you've had really good success on Gold Monster 2000 and GPZ 8000? It feels like it's starting to ramp up in terms of distribution now as well. Thanks, guys. Yeah, thanks, Mitch. The results of Minelab were really strong throughout the second half. So that average that we called out of AUD 32 million, that was a good representation of what we did month on month. We've started FY 2027 at that same level. So yeah, we've got off to a good start in FY 2027 for the first almost two trading months. All right. Thanks very much, Mitch. Next question comes from Tom Tweedie at Moelis. Tom, please go ahead. Morning, team. Just want to check you can hear me. Yeah, we can, Tom. Great. Thanks for taking my questions. The first one is, can you give us a sense of Kägwerks's revenue and EBITDA or EBIT contribution for the year and just how it's progressing against the delivered program of record or new programs of record? Yeah. When you look at Kägwerks, they have continued to deliver in the Nett Warrior program, both at a DOCK- Lite level and orders of DOCK Ultra, which is the high-end product, which has been pleasing. Like everything that Codan has acquired over the period, we've always had this 10%-15% growth range that the acquisitions had to adhere to. They have done that, and FY 2027 looks- W ithin those ranges. Secondly, they have still orders to be fielded for Nett Warrior. We're working on some adjacent programs. So for all the strategic reasons that we actually bought Kägwerks, they're holding. Been integrated quite well now into Codan or DTC U.S. So, yeah. So they're hitting the metrics that we signed up for. Great. Just a second one on Minelab. You previously, or in the recent past, called out West Africa as a key performing region, while Northwest Africa, Sudan region's probably had some disruptions. Today, you've sort of said performance across all regions. So I'm just trying to read into that and see if those disruptions have eased, if the sales momentum's sort of come back to the Sudan, Northeast region. Then weaved into that is, are these 45% EBIT margins sustainable as the sales mix grows forward with all regions performing strongly? Yeah. I will start with the Sudan question. No, that is still not activated. From other areas, it has been a bit of an interesting cycle. I would say in Africa, we probably started some journeys in some peripheral countries like Ghana, and they have become a fairly decent contributor to the African story. Then when you look at the rest of the world, the gold price halo has impacted positively Australia, Latin America, APAC. So that rest of the world has continued to flourish. The positive there is also as we do that, we have reduced our reliance on Africa, which has been a bit of a strategic goal for the last five years. If you wrap that all together, product mix, the ability that we have gained share even in recreational markets, increased our retail footprints. I think a mid-40s margin is sensational, right? I think, like all our other businesses, these businesses require reinvestment. This is why we have won over a series of years because we have invested either in marketing or engineering. So, that 45%, 46% number, I think it is a valid number and it is a number that we think is suitable for Minelab. Brilliant. Thanks for taking my questions. Great. Thanks very much, Tom. Next question comes from Cam Bell at Canaccord. Cam, please go ahead. Morning, guys. Just thinking about the, I guess, the evolving landscape in unmanned. I know your products are NDAA compliant, but what do the drone tariffs that were announced the other day mean for your market position? Well, at the moment, I think those tariffs, whether the product is coming out of any of our major manufacturing hubs, it is probably around 10%. We need to review the impact of that. The revenue going into the U.S. from an unmanned perspective is not as large at the moment as our other geographic areas. My view, and I think this is a testament to our footprint, we will start localizing that product in the U.S. over the next 12 months. If this thing continues, we will have the ability to make that product. We did make the product, probably four years ago in the U.S., through subcontractors. We have elements of ramping that up again. It is a discussion of time. Yep. Okay. As an extension from that, do you think at the moment you are taking market share in unmanned, and I guess why? I think that is a really hard question to answer because you have an unmanned market probably at 30% CAGR globally growing. I think what we are seeing in the unmanned market is communication products really finding their niche across the types of products, and people are really understanding the requirement for those products in market. I believe, in some areas we have displaced, probably more from our ability to supply, number one. Secondly, our tech is on par or better. We are in a market that is extensively growing. We have found a niche in that Type 2, Type 3. It does not mean we do not play in Type 1. We are following a significant CAGR curve of a trend that is happening globally. Thanks, guys. Thank you, Cam. Next question comes from Baxter Kirk at Bell Potter. Is it possible that some of the supply chain constraints that DTC may experience could also affect some of DTC's OEM customers? They would be one and the same. The products don't differentiate between an OEM customer or a DTC customer. The range of products are identical. Yeah, great. Thank you. I think that's all we have for questions today. If there are any questions, please feel free to follow up with the company. Maybe with that, Alf, I'll just pass it back to you for any closing comments. Yeah. I think, firstly, on behalf of Codan, the employees, the people, the board, the exec, and all of the shareholders, I would like to thank Michael for 22 years of unbelievable service and stewardship of the roles he has had. Really has been a pillar of the story for such a long time, through the good times and the bad times. So, Michael, thank you. Thanks, Alf. Yeah. Secondly to that, just like to thank everyone on the line for their continued support of Codan and its story, and we look forward to providing an update at the AGM. So thank you very much, Sam. Great. Thank you. That concludes Codan's full year FY 2026 results webinar. Thank you, and enjoy the rest of your day. Goodbye. Thank you.