I would now like to hand the conference over to Leah Weckert, Coles Group CEO. Please go ahead. Good morning, and thank you for joining our full-year results call this morning. Before I begin, I would like to acknowledge the traditional custodians of this land on which we meet today, the Wurundjeri peoples of the Kulin Nation. We acknowledge their strength and resilience and pay our respects to their Elders, past and present. I am joined in the room today by Charlie Elias, our CFO, Matt Swindells, our Chief Operations and Supply Chain Officer, Anna Croft, our Chief Commercial and Sustainability Officer, Michael Courtney, our Chief Customer Experience Officer, and Claire Lauber, Chief Executive of Liquor. Moving now on to slide three. FY 2026 was another year of strong execution, where we strengthened our competitive position and grew market share in supermarkets. Excluding significant items, group EBIT increased by 9.9% and NPAT increased by 13.7%. Digital was again a standout, with supermarkets eCommerce sales increasing by 26.4%, and importantly, our Customer Fulfilment Centres delivered positive EBITDA in only their second year of operation. We delivered AUD 311 million of Simplify and Save to Invest benefits, helping us continue to invest in value and the customer experience. What is particularly pleasing is that our financial performance was accompanied by further improvements in customer satisfaction and our highest-ever team member engagement score. We have also announced targeted investments in our next phase of growth. This is across new stores, online and technology, coupled with a clear strategy to improve the performance of our liquor business, and I will talk to this in more detail in my presentation. Moving on to slide four and the financial highlights. We reported group sales revenue of AUD 45.6 billion, an increase of 2.8%. As I just mentioned, excluding significant items, group EBIT increased by 9.9% and NPAT increased by 13.7%. In supermarkets, sales revenue excluding tobacco increased by 5.1%, and supermarkets' EBIT increased by a very strong 12.2%, underpinned by top-line growth and EBIT margin expansion of 43 basis points. Charlie will talk more to the financials in his presentation. Moving on to slide five. The common thread through these results is the consistent execution of our flywheel strategy. Our customer proposition is resonating. We have continued to invest in value, Exclusive to Coles is performing strongly, and customer satisfaction has improved. Our eCommerce business is scaling profitably, with strong eCommerce growth, positive CFC EBITDA, and continued improvements to the customer proposition. Our productivity programs are allowing us to convert that growth into earnings, with EBIT growth significantly ahead of sales. Our strong cash generation and balance sheet gives us the capacity to reinvest in the business and pursue the next phase of growth. During the year, we refreshed our strategy for our flywheel to reflect the increasing importance of non-food everyday essentials beyond food and drink and the growing role AI is playing across our business. The fundamentals of our strategy, however, remain consistent. Let me take you through the progress we are making, starting with destination for food, drink, and everyday essentials on slide six. We know value remains front of mind for Australian households, and delivering value for our customers remains one of our highest priorities. During the year, we continued to strengthen our value proposition in a number of ways. We expanded our everyday value range, with more than 5,600 products now providing customers with consistent value whenever they shop. At the same time, we have been simplifying our promotional program around fewer, bigger, and more impactful offers. This is about making specials truly special and at the same time making execution simpler for our customers and our team members. Our seasonal campaigns and continuity programs continue to resonate strongly. We are increasingly using Flybuys and our digital capabilities to deliver more relevant and personalized value. Our Exclusive to Coles portfolio also remains a key differentiator for us in making shopping more affordable. We saw growth ahead of the rest of store. Importantly, we are delivering value across all price tiers while continuing to offer the quality products our customers expect from Coles. Let us discuss this in more detail on slide seven. Exclusive to Coles delivered sales growth of 6.1%, with Coles Finest continuing to perform particularly well, with sales increasing by 9.2%. Exclusive to Coles plays an important role in both our value proposition and differentiation. We want to make shopping more affordable for customers. We also want to create a range of products valued for their taste or functionality that are only available at Coles, providing a reason for customers to choose to shop with us. That means focusing our innovation where we believe we can lead and where there is an opportunity to offer something genuinely compelling. We see particular opportunities in health and convenience and saw strong momentum from our Coles PerForm high-protein convenience meals this year. We also saw strong growth in our Coles Ultra cleaning range in non-food. Quality and innovation remain at the heart of the portfolio, and it was great to see our products recognized with 40 awards, including 17 Product of the Year awards. We have also expanded our exclusive partnerships with leading brands, including M&S, Grill'd, and Gami. These partnerships, together with our innovation, broaden our offer and give customers more reasons to choose Coles. Moving on to slide eight. As I said at the start, one of the outcomes I was most pleased with this year was the improvement we saw in our customer satisfaction metrics. It is great to have seen a step on in all of the important metrics of quality, range, availability, price, and store look and feel for the year. For me, the important takeaway is that customers are noticing the changes we are making. Our investments in value, quality, and range, together with improvements in availability and execution in our stores, are translating into a better customer experience. There is always more we can do, but the breadth of improvement across these measures gives us confidence that our customer proposition is moving in the right direction. Moving on to slide nine, accelerated by digital. Our eCommerce business had another very strong year, with supermarket eCommerce sales increasing by 26.4% to AUD 5.6 billion and penetration of 13.6%. We delivered double-digit growth across all our fulfillment channels and building a differentiated offer across the full range of customer shopping missions. Whether that be through our CFCs, which provide our customers with our best online availability, guaranteed shelf life, and a high-quality next-day and same-day delivery proposition. Customers can even shop later at night now for delivery the next morning. Or whether it is customers looking for immediacy, our expanded partnership with Uber Eats gives them access to around 17,000 products. This is the largest grocery range available through an on-demand delivery platform in Australia. We also continue to expand windowless Click&Collect Rapid and saw strong growth in our Coles Plus and Coles Plus Saver subscription. We have also seen some very good improvements in Click&Collect wait times. Importantly, our eCommerce business is not only growing strongly, but it is scaling profitably. We have delivered this through improvements in pick and last-mile delivery efficiency, as well as growth in our Coles 360 retail media business. We are also really pleased to report that our CFCs are EBITDA positive, which I will talk to now on slide 10. Customers are responding positively to our Deliver More proposition, with strong volume growth and CFC NPS significantly ahead of total online NPS. Sales through the CFCs grew by more than 30%, ahead of overall eCommerce growth as we expanded attachments and introduced same-day delivery. We also continued to improve the economics, with CFCs achieving positive EBITDA for the year. This was achieved through high volume together with operational improvements, including on-grid robotic pickup, auto frame loading, and auto bagging, which were all installed during the year. This is an important milestone in only the second year of operation, and it demonstrates that we can deliver a better customer proposition while at the same time improving efficiency as the business scales. Moving now onto slide 11. Our digital assets and Flybuys loyalty program give us an increasingly powerful ability to connect loyalty, eCommerce, and retail media. We know customer value offers that are relevant to them rather than simply receiving more offers. During the year, we continued to enhance our digital functionality and increase personalization across the customer journey. Features such as New for You and My Weekly Specials are making it easier for customers to discover products and value that is relevant to them. At the same time, our customer data capabilities are helping us create more connected experiences across our app, website, and stores. Coles 360 is becoming a more important part of the business. We know that retail media in Australia is a large and growing market. In store, that might be digital screens, Coles material, or Coles Radio. On site, it is banners, tiles, and videos in the app and on our website. Offsite, it could be YouTube and social media. The goal for us is to make the right value more visible and help suppliers connect with customers in ways that are useful, relevant, and trusted, and this is an important area of growth for us. Moving on to slide 12 and our Simplify and Save to Invest program. Our Simplify and Save to Invest program remains a core part of how we operate. We delivered AUD 311 million in benefits in FY 2026, taking cumulative benefits since FY 2024 to AUD 876 million, and we remain on track to exceed AUD 1 billion of benefits by the end of FY 2027. If we look further back, we have now delivered around AUD 1.9 billion of benefits since FY 2020 through SSI and our previous Smarter Selling program. This demonstrates the consistency of our approach to productivity. These savings are important because they help us offset inflationary and other cost pressures while creating capacity to reinvest in value, our stores, and our digital capabilities. Increasingly, data technology, automation, and AI are helping us identify new sources of productivity. Moving on to slide 13. AI is already well established across Coles and delivering value in many parts of our business. What has changed recently is the pace of capability and the breadth of where we can apply it. Coles has a unique combination of data and physical assets. Millions of customer transactions every week, more than 1,800 stores, 8,000 suppliers, 115,000 team members, and 10.3 million active Flybuys members. We are increasingly bringing together those capabilities to improve outcomes for customers, our operations, and our team members. For customers, AI is helping us to improve personalization, product discovery, and the relevance of our offers. The next way is conversational shopping and agentic commerce. Over time, we see the potential for customers to engage with us in a much more intuitive way, from discovering what they need through to transacting and receiving post-purchase support. Given the scale of our customer relationships, Flybuys, and our digital channels, we think this is a particularly exciting opportunity for Coles. Across our operations, AI is already embedded in our decision-making in areas such as forecasting, space and range optimization, and inventory and stored decisions. We are building towards end-to-end optimization across our supply chain, bringing together decisions across inventory, DCs, transport, and replenishment, so that increasingly we can optimize the system as a whole rather than individual decisions in silos. For our team members, we are using AI to make everyday tasks simpler and more productive. The next opportunity is to move beyond individual productivity tools towards function-specific agents and AI embedded directly into everyday workflows. This will help our team members spend less time on repetitive tasks and more time on the work that creates value. Overall, we remain disciplined about where we will deploy AI. Our focus is on areas where it can meaningfully improve customer experience, availability, growth, and efficiency, and we are excited about the opportunities ahead. Moving on to slide 14. Alongside our financial performance, we remain very conscious of the role that Coles plays for our team members, suppliers, and communities. We achieved our highest ever team member engagement scores during the year, placing Coles in the top quartile against the Australian benchmark for the third consecutive year. We continued to support our suppliers and growers with more than 97% of our fresh produce sourced from Australian growers. We awarded more than AUD 3.5 million in grants through the Coles Nurture Fund during the year. Our community partnerships also remain an important part of who we are. Coles contributed AUD 45 million in community support, in addition to the equivalent of 40.9 million meals donated to SecondBite and Foodbank. We continued to progress against our sustainability priorities, including an 82.6% reduction in Scope 1 and 2 emissions from our FY 2020 baseline. These outcomes reflect the commitment of our team members right across Coles. Moving on now to our strategic update. Over the past three years, we have invested significantly in transforming Coles. As we look back at the priorities we set three years ago, we can see tangible evidence that the time and resources that we have invested is delivering outcomes. Over the past three years, we have materially strengthened the business. Starting with our customer proposition. Exclusive to Coles has continued to grow and differentiate our offer, while Coles Finest has delivered particularly strong growth. We have enhanced value through the introduction of more everyday value products and reduced promotions, making it easier for customers to find value in store. At the same time, we have seen customer satisfaction improving across all key metrics. In digital, we have a significantly different business to where we were three years ago. eCommerce sales have more than doubled. Our two CFCs are now fully operational and delivering strong returns. We have a market-leading immediacy offer and have made meaningful enhancements to our app and website to improve the customer experience. At the same time, we have transformed our supply chain. With our two ADCs now fully operational, which are delivering improvements in availability and cost efficiency and an optimized store network. When we look across the business today, we have a stronger customer proposition, a much larger digital business, and a more automated supply chain, and a more productive operating model. Moving on to slide 17. Importantly, the strategic progress that we have made has translated into strong financial outcomes and improved returns. Since FY 2023, sales have grown at a compound annual rate of 4%. Over the same period, EBIT has grown at 7.7% per annum. Return on capital has increased by around 80 basis points to 17.3%. That is important, as our objective has never simply been to grow the size of the business. We want to deliver sustainable earnings growth and attractive returns on the capital we invest. The combination of customer-led growth and disciplined productivity has allowed us to grow earnings faster than sales while continuing to reinvest in the business. It has been underpinned by disciplined capital allocation including consistent growth in dividends, which have increased from AUD 0.66 per share in FY 2023 to AUD 0.78 per share this year. Moving on to our capital allocation framework on slide 18. Over the past three years, we have on average converted more than 100% of earnings into cash while investing around AUD 1.1 billion a year in our core business across maintenance, growth, and efficiency. At the same time, we have maintained a strong investment-grade balance sheet, giving us capacity to invest through the cycle. That financial strength has enabled us to complete our major ADC and CFC investments, pursue strategic acquisitions, including our acquisition of MilkCo and several strategic property investments, and progressively increase dividends while retaining flexibility for further shareholder returns. Looking ahead, our approach will remain unchanged. Invest where we see attractive returns, maintain balance sheet strength, and return surplus capital to shareholders. Moving now on to slide 19. With the transformation platform we have built over the past three years now well established, we are moving into the next phase of targeted investment. This is not the entirety of our strategy, and we are looking forward to sharing more at our investor day later in the year, but I wanted to provide some insight this morning on where we are investing for future growth. First, our Victorian ADC. The AUD 880 million development remains on time and on budget. Once operational, it will have capacity to process 4.6 million cartons a week and complete the automation of our ambient distribution network across the eastern seaboard. Secondly, stores and technology. We plan to invest an additional AUD 300 million by the end of FY 2028, supporting around 45 new supermarkets, largely in infill locations and high-growth corridors, and around 150 renewals. These investments will allow us to augment our store footprint, improve the customer experience, create more capacity for online fulfillment, and make our stores more efficient. We will also continue to simplify our technology and expand the use of AI-enabled capability. Thirdly, liquor. FY 2026 performance was below our expectations. We have completed a strategic review and have established a clear plan ahead. We will be focused on creating a more integrated food and drink experience across loyalty and eCommerce, optimizing the store network with greater emphasis on supermarket co-location, and simplifying the operating model. Finally, the Coles Capability Centre. Our expanded partnership with Accenture will give us access to world-class skills and technology at greater scale and pace. It will help accelerate technology delivery and create a more efficient operating model. Benefits are expected to begin in FY 2027 and build to an annualized run rate of more than AUD 100 million by the end of FY 2029. Together, these investments are focused on improving our customer offer, creating capacity for growth, and delivering productivity benefits and attractive long-term returns. We have a strong balance sheet and will remain disciplined in how we allocate capital whilst ensuring we continue to deliver a competitive offer that meets the needs of our customers. I will now hand over to Charlie, who will take you through the financials in more detail. Thank you, Leah, and good morning, everyone. I will now take you through the group financial results in more detail. Overall, we are pleased with the financial performance of the group in FY 2026. The result reflects continued sales momentum in supermarkets, strong operating leverage, disciplined cost management, while at the same time continuing to invest in value for our customers. Moving on to slide 21. We reported group sales revenue of AUD 45.6 billion, an increase of 2.8%. Excluding significant items, group EBITA increased by 7.1%, group EBIT increased by 9.9%, and NPAT increased by 13.7%. Importantly, earnings growth was well ahead of sales growth, reflecting the strong supermarkets performance, operating leverage, and continued discipline across the cost base. The board declared a fully franked final dividend of AUD 0.37 per share, taking total dividends for the year to AUD 0.78 per share. This represents an increase of 13% compared to FY 2025. Moving to the segment overview slide on 22. Starting with supermarkets. We had a very strong year with EBIT increasing 12.2%, reflecting strong top-line growth, coupled with 43 basis points of margin expansion. Sales revenue increased by 3.7%, successfully cycling the impact of the competitive industrial action in the prior corresponding period and achieving market share growth for the year. Excluding tobacco, sales revenue increased by 5.1%. Our strong EBIT margin expansion was driven by improvements in both gross profit margin and cost of doing business as a percentage of sales. For the year, our GP margin increased by 37 basis points, and CODB as a percentage of sales improved 6 basis points. The GP result reflected the annualized benefit from our ADC program and a significant decline in tobacco sales following the legislative changes at the beginning of the year. Both of these were weighted towards the first half. Going forward, we would not expect to see material benefits to gross margin from tobacco, given that we have reached a more stabilized level. We also continue to see benefit from strategic sourcing and SSI initiatives, as well as the growth of Coles 360 media income. Pleasingly, these benefits were able to successfully offset the meaningful investments we made in value throughout the year, including red meat, as well as incremental fuel costs in the second half as a result of geopolitical tensions. In terms of cost of doing business, again, pleasingly, our SSI program went a long way offsetting our inflationary cost pressures this year, with AUD 311 million in savings and a majority being CODB related. We also benefited from major project implementation, dual running, and transition costs falling away, which assisted both GP and CODB. We are pleased with the continued strong growth in eCommerce sales, coupled with the ongoing positive margin outcome. Our ability to scale our digital business profitably is something we know you have been focused on, and we have continued to deliver on this. As Leah mentioned, over the last three years, we have doubled our e-com sales and grown our EBIT margin by 19 basis points to 5.7%. This is a real achievement and reflects the significant benefits that our major transformation programs and continued focus on SSI have delivered. As we look to the year ahead, we will be continuing to work hard on SSI and continue to deliver the benefits from strategic sourcing and growing Coles 360. We know these programs are more important than ever, with value being a key focus for our customers and inflation still coming through the cost base. We are also keeping a close eye on retail crime, given the current pressure on consumers, as we know this remains an industry issue. In addition to the above, we are really pleased we have announced the extension and expansion of our strategic partnership with Accenture to establish our Coles Capability Centre, which will support the enhanced digital and technology capabilities, greater operational efficiency, and improved outcomes for the business. The strategic partnership is expected to deliver annualized cash benefits of over AUD 100 million per annum by the end of FY 2029, with one-off implementation and establishment costs of AUD 190 million in FY 2027. These costs are expected to be treated as a significant item. Importantly, this program is incremental to SSI with a really strong payback, as this program will do much more than just save costs, it will accelerate our opportunities and strengthen our competitive position. Moving on to liquor, the sales revenue declined by 3.3%, and EBIT declined by 47.8%. Sales were impacted by the cycling of the prior year benefits from competitive supply chain disruption, together with ongoing cost of living pressures and subdued consumer sentiment. Promotional activity across the sector was also elevated, particularly in the big box end of the market. Notwithstanding this, we completed our Simply Liquorland store conversion program and our convenience portfolio, representing more than 90% of our store network, delivered positive sales growth. Gross margin increased by 40 basis points, supported by strategic sourcing, promotional optimization initiatives, growth in Coles 360 retail media, and a disciplined approach to price investment. Liquor EBIT of AUD 59 million was impacted by softer top line and our AUD 20 million in one-off costs relating to Simply Liquorland conversions. In other revenue related solely to the product supply agreement we have with Viva Energy. The improvement in the other EBIT line primarily reflected lower corporate costs, partly offset by higher net property losses. Turning to operating cash flow on slide 23. Operating cash flow, excluding interest and tax, was AUD 4.3 billion, with a cash realization of 101%. Working capital was broadly neutral for the full year. Higher receivables were partially offset by increased payables, largely due to the impact of inflation on cost of goods, while inventory remained broadly stable compared with the prior year. The movement in provisions and other primarily reflects the flow provision, which is a non-cash but recognized in EBITDA. Moving to capital expenditure on slide 24. Gross operating capital expenditure on an accrued basis was AUD 1.2 billion, a decrease of AUD 76 million compared to the prior year. As you know, capital expenditure falls into four areas: store renewals, growth initiatives, efficiency initiatives, and maintenance. Within renewals, we completed 212 store renewals across our network, consisting of 71 in supermarkets and 141 liquor stores. Within growth, we opened 13 new supermarkets and 16 new liquor stores while also continuing to invest in our eCommerce business. Efficiency initiatives included investments in store front end service transformation, Liquor Easy Ordering, and our Victorian ADC. Maintenance CapEx included ongoing refrigeration, electrical, store and technology lifecycle replacement programs. We continue to optimize our property portfolio with net property capital expenditure increasing by AUD 162 million due to an increase in property acquisitions and developments and lower proceeds from divestments. Looking ahead, as Leah talked to, we are stepping up our capital expenditure this year to invest in a number of incremental strategic projects, including an additional AUD 150 million in FY 2027 and FY 2028 in growth through opening 45 new supermarkets, delivering a net space growth well in excess of 2%. The renewal of 150 supermarkets, increasing online capacity, enhancing the customer experience and priority technology to both improve efficiency and accelerate AI capabilities. The increase is not an ongoing step-up, instead, but a very set of specific growth investments. We are also making excellent progress with our Victorian ADC, and the project is both on time and on budget and will complete the automation of our ambient distribution centers down the eastern seaboard. The FY 2027 CapEx for the Victorian ADC is expected to be approximately AUD 300 million. Overall, inclusive of our core CapEx program, we are expecting operating capital expenditure for this year to be around AUD 1.55 billion. Turning to balance sheet liquidity on slide 25. Our funding position remains strong. At year-end, our weighted average drawn debt maturity was 4.4 years, with undrawn facilities of AUD 2.5 billion, while our lease-adjusted leverage ratio further strengthened to 2.3 x. We continue to hold investment-grade ratings of BBB+ with S&P Global and Baa1 with Moody's. Combined with our strong balance sheet and cash generation, this provides the capacity to fund targeted growth investments, maintain financial discipline, and continue returning dividends to shareholders. As I said earlier, the Coles Board declared a fully franked final dividend of AUD 0.37 per share, taking total dividend of the year to AUD 0.78 per share, a 13% uplift. As you can see on this slide, we have a healthy franked credit balance of approximately AUD 550 million after payment of our final dividend. To summarize before I hand it back to Leah, FY 2026 was a strong financial year for the group. We delivered earnings growth ahead of sales, strong cash generation, and an improvement in balance sheet metrics. This puts us in good stead to fund the next phase of growth for Coles. I will now hand it back to Leah to take us through the outlook and concluding comments. Thank you, Charlie. Turning now to our outlook on slide 33. We enter FY 2027 in strong position with supermarkets having gained market share and significantly improved customer satisfaction scores over the past year. Sales growth for the first eight weeks of FY 2027 was consistent with fourth quarter FY 2026. In the first weeks of FY 2027, sales minimum was well ahead of fourth quarter FY 2026, with a temporary moderation during our competitors' collectibles campaign in late July and early August. Following the end of the collectibles campaign, sales recovered quickly, back to levels consistent with fourth quarter FY 2026. Our differentiated eCommerce offer continues to be a significant driver of growth, with penetration increasing to 15.7% over the period. In liquor, the sales trajectory strengthened across the first eight weeks relative to fourth quarter FY 2026. Our convenience portfolio continued to deliver positive growth, while performance in the warehouse portfolio also improved. And with that, I would now hand back to the operator for 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 a handset to ask your question. Your first question today comes from Caleb Wheatley with Macquarie. Please go ahead. Good morning, Leah, Charlie, and team. Just wanted to come back to the strategic initiatives you are calling out in the four major areas there. Appreciate clearly there is a fairly meaningful step up in CapEx as you look to invest in those. From a returns point of view, how should the market sort of think about the pathway for these investments and especially when we should expect these returns to start to be realized in a tangible sense? Yeah, thanks, Caleb for that question. It is a great question. Let us unpick those very clearly. Firstly, the ADC. I think you are probably pretty well-versed on the ADCs going forward. As you know, that will come into train to FY 2029, FY 2030. This year's CapEx on that is AUD 300 million. Then you know we have had a very disciplined way in terms of we allocate capital to those sort of programs. They are risk-adjusted returns on our cost of capital and very clear how those drive benefits. If I think about the step-up in the store programs, we are talking about 45 supermarkets over the next two years. That is taking our net space growth to well over 2%. So that is a significant step up in terms of our capacity. We love investing in our stores. They are some of the best returning assets that we buy. Very strong returns on capital. If I look at the renewals step-up to 150, we did 71 in FY 2026. We are stepping it up to 75, but the nature of the spend is really important in those 75, the 150, sorry, that we are talking about over the next two years, is they are not standard. What we are looking at doing is increasing our online capacity and improving the customer experience in those stores. We know, Caleb, if you recall, when we actually took the next day home delivery volume out of our metro Melbourne and Sydney, when we freed up that capacity, it really did facilitate strong growth in our eCommerce business. So we are really excited about the growth that can unleash in eCommerce and in our stores, but also improve what we are doing. What are we doing in those stores? Improving things like staging areas, refrigeration in the back of house, really ensuring that these stores can really deliver and cater things like Click&Collect more bays, et cetera. So really driving that sort of growth. Again, we are really pleased with that growth. If you look at our performance on our capital, more importantly, we have been consistently investing at AUD 1.1 billion ex the transformation programs. What you can see over the last three years is our return on capital has improved over 80 basis points over that period. So I think a very strong returning set of CapEx. Okay, great. Then I guess a bit of a follow-up. Appreciate this is not necessarily kind of a CapEx item, but perhaps I am a bit surprised that the Coles 360 or retail media has not been as much of a focus here. I appreciate it is not new, I appreciate income is up 55% since you called out over the past few years. Just sort of operationally and the sort of benefit you see that driving on a go forward basis, just keen to sort of understand where that is at, both from a capability point of view, from a sort of inventory point of view in inverted commas, and then sort of how you are thinking about that as sort of an investment on a go-forward basis? Yeah, thanks for the question, Caleb. I will start, and then I might get Michael to give us a bit of color. I think we were quite pleased with double-digit growth in the Coles 360 space. We have continued to bring on more assets. We have improved our measurement capability through the year and really focused on ensuring that we are really listening to feedback on how we can lift ROI. That has been the big focuses over the last 12 months, and I think we are feeling like the business is really starting to get some momentum behind it. But maybe, Michael, you could give a bit of color to that. Yeah, happy to, Leah. I think the key word that both yourself and Caleb used is capability, because this has been a year where we are continuing to build capability so that we can keep scaling the business into the future. Leah mentioned some of the areas where we're building, bringing capability from a product aspect of whether that's ad server manager, whether it's reporting and measurement capability that we're being able to offer to suppliers because it's what they've been asking for. So we've made decent improvements in that space. I think the other area where we've been building capability over this year that we haven't spoken a lot about is in the people space as well. Back in September last year, we completed quite a big insourcing exercise of some capability that previously sat externally, had helped us scale the Coles 360 business through the initial phase of growth, but bring our capability in-house to have it closer to our planning. Our technology is going to help us accelerate in this next phase of growth. Just to finish up on that, I would echo Leah's sentiment. So growing a double digit in a year where we're still rapidly building capability, I think it's a good result. I think it positions us really well for continued growth into the future in what is a large and attractive market for us. That's great color, everyone. Thank you very much. Appreciate it. Your next question comes from Peter Marks with Goldman Sachs. Please go ahead. Well, morning, Leah and Charlie. My question is just on the July acceleration in the first few weeks. Is there a benefit from the Uber Eats exclusivity arrangement in that time frame? If not, what is driven that acceleration? If I can just touch on that, because I guess if it is the Uber Eats benefit, that should continue into the second quarter is the way I am thinking about that. Thanks. Again, I will start and then maybe ask for a bit of color from Michael. I think actually as we came into the back end of FY 2026, Peter, we actually saw probably a strengthening in the market. So June picked up again a bit versus where we had been in May, and then actually going into July, we saw a further pick up again. So there is definitely strength in the grocery market at the moment, and certainly that would align with some improvements that we have seen in consumer sentiment, since April and May, where it sort of hit some low points. But also more and more customers telling us that they are eating more at home than they are out of home. So I do think that is playing a role there. That being said, as we have gone through these first eight weeks, we have seen really strong strength in the online proposition. You would have seen we have called that out in the outlook. But, I do think that that is starting to really highlight that we have got some areas of differentiation in there with regards to the Deliver More offer through the customer fulfillment centers, but also through the Uber partnership, which is growing very strongly for us. Michael, did you want to just make a couple of comments on the Uber partnership? Yeah, very happy to. We are very pleased with how the momentum in that offer continues to grow. Peter, if you are thinking about the sales impact of it, in terms of timing, I would think about it from the perspective of when we announced the deal, which was just prior to Christmas. Because what that means is that through the second half, really from the start of this calendar year, we have seen sales through our media offer and our partnership with Uber continue to increase steadily throughout second half. That is a really good achievement when you think about at the start of this calendar year, when we went from two platforms down to one, we first had to recover the sales that we were losing from the second platform, which we did successfully, very quickly, and then continued to grow. Throughout the first half of this calendar year, we've continued to see benefits, and I think that's testament to what the strength of the partnership is, because that extended partnership with Uber, we think gives us the market-leading offer in what is a very high-growth channel. Why is it a market-leading offer? Because from a customer perspective, we think we've got the largest range in that space with over 17,000 SKUs, where we're the partner of choice on the largest platform in that part of market. This partnership that we've signed with them, we're already seeing benefits from being able to plan marketing and promotional activity more effectively. Really pleased with how that's going. See room for further growth, and it's certainly been a strong part of what's been helping us get to such strong growth rates in eCommerce as an overall business. And as Leah said, it's one of the differentiated offers that we've got in that space. That's great. Thanks, guys. Your next question comes from Shaun Cousins with UBS. Please go ahead. Thanks. Good morning, Leah, Charlie, and team. You have expanded your strategy to include everyday essentials, and I assume that appears to accommodate the interest that Coles announced about Greencross. Can you provide some indications of the capability that Coles has in everyday essentials in a standalone format, big and small, rather than a supermarket format, as investors reacted negatively to Coles' interest in Greencross, suggesting a lack of confidence in that capability, and there appeared to be a preference for capital management. Can you maybe provide, hopefully, this is an opportunity for you to talk about the capabilities in everyday essentials as a standalone, please? Well, why don't I start maybe talking a little bit about the thinking behind Greencross, and then I might get Anna to talk a little bit about the focus that we have got in everyday essentials, which really for us is the non-food components of our grocery offer. Shaun, I think it shouldn't come as any surprise to anyone that we regularly assess opportunities which we think are going to complement or strengthen the business and ultimately create value for shareholders. In general, we would be interested in looking at adjacencies that are quite close to the core areas of the business that we already run. Something like specialty retail is a good, specialty pet retail, I should say, is a good example of this because we already have a substantial pet business that we run with supermarkets. I think if you go to the Greencross opportunity, we were attracted to it as a segment because 70% of households have at least one pet, and so it does make it a real stable component of a weekly budget. You are also seeing the impact of pet humanization and a focus on pet nutrition, which is really encouraging customers to shop at pet specialty where they can get access to a different range, and they can get access to advice. I think what many people don't appreciate about pet specialty is there's not a lot of overlap between pet specialty and grocery pets. About 90% of the range that you will find in a pet specialty retailer is not available in a Coles. Because of the supplier dynamics, that's unlikely to change. You have seen us do the Swaggle investments that we made. That certainly taught us a lot about how to play in that specialty space. It's an area we will continue to look at, and assess opportunities going forward from an inorganic perspective. I think given we ultimately weren't able to reach a point of agreement on value around Greencross, we are now firmly focused on what we can do in the short to medium term around organic opportunities. Maybe I will get Anna just to talk to that. Yeah. Hi, Shaun. Non-food, as you know, remains a really strategic priority for us, and we have made some really clear progress on establishing strength in that area the last year. That is really following on from the reset of the portfolio around value, better range relevance, and much stronger execution. Importantly and pleasingly, we have seen a real change in the trajectory of those categories after more than two years of what I would say is really consistent year-on-year pressure on share. We have returned to positive share momentum throughout half two, which gives us increasing confidence that the changes we are making are working. There are a couple of things that have really been driving that. Health and beauty continues to strengthen, and we have seen really good share growth across many of the core categories, be that hair, dental, vitamins, face and body wash. That has been really deliberate around stepping up innovation in those areas and bringing in a much more differentiated range of both exclusive and different brands. Some of those in hair care might be Mimi or Dose Theory, and many others that we are working through. Alongside that, we have strengthened our everyday value proposition, making it much simpler for customers to find dependable value. Actually, as we exited Q4, everyday value was the highest contribution we have seen out of those categories. The other area I would just say is driving the performance is the stronger results from our own brand and the new bulk offer. Coles Ultra, as Leah touched on earlier, delivered double-digit sale growth in the year, and supported by very strong volume growth. That was really about sharper value innovation in the core categories that matter most. Again, I think kind of a core category, but toilet paper, a really good example where we have invested in value, bulk, and price investment of both quality into the own brand business, and that really is driving both improved offer and share. We are not stopping there on own brand. We are building on that momentum, taking it into new categories and key areas that matter most to customers. An example of this has been the strengthening of the CUB brand in baby, and we have gone into infant food there in the last couple of months, and we have been really encouraged by customer response in that space. I would say is overall, we are really pleased with the momentum. We are pleased with the positive share growth, but there is a lot to do. It is a very competitive market, and we have got a clear plan, and we have just got to execute against it. Great. Thank you, Anna and Leah. My second question is just around Big Box liquor sales. I think in the third quarter, you called out that they were down 20%. Can you just maybe quantify what they were down in the fourth quarter as trading still remains difficult there? More generally, would you consider an exit of Big Box, possibly maybe at the end of lease? It is unclear that ongoing investment in that business is sound, and it seems as though convenience is the winning channel, certainly for your business there. So maybe some more detail on big-box trading and outlook, please? Yeah. So we did see the big- boxes improve in Q4 relative to where we were in Q3. But overall, for the total year, they still were in decline somewhere between - 10% and - 20%. We have done a full review now of the entire portfolio, not just the warehouses, but the entire liquor portfolio. What I would say is, whilst the warehouses have underperformed, the performance is not uniform across all of the stores in the cohort. So what we have done in the review is look on a store-by-store basis, very much at micro location, which makes a big difference here to performance. What you are seeing in the strategic update that we have given today is on the back of that is the 30 store closures, which we are anticipating on doing in FY 2027. I would say there is a disproportionate amount of warehouses that are in that group. However, for the warehouses that have not got the closures coming, we have optimism around getting them into a growth position again. Actually, if you visited any of our stores even in the last couple of weeks, you would start to have seen that there are some things that we are doing to really differentiate the range in the Liqourland Warehouse from the rest of the network. We are very encouraged by the early performance of that. Great. Thank you, Leah. Your next question comes from Phil Kimber with E&P Capital. Please go ahead. Hi, Leah. Maybe to follow on liquor. I was just interested, if I looked at the halves, the GP margins have gone up quite a lot in the second half for liquor. I think they are up 40 basis for the full year and 20 odd basis points in this first half. So sort of implying 60 basis points in the second half at the same time, you know, still negative, arguably deteriorating a little bit. Just trying to understand the correlation there that, in a market that we understand is incredibly competitive, why your GP margins would be going up at the same time as your sales are going down? Yeah, thanks for the question, Phil. I will let Claire answer this one for you. Yeah, thanks for the question. Look, our gross margin pleasingly increased by 40 basis points for a few reasons. Our strategic sourcing program has been really strong and improved in the second half. Promotional optimization activity. Also growth in our Coles 360 media income has improved half on half. A really disciplined approach to price investment throughout the year. So they are the key reasons why gross margin has improved, acknowledging that sales are still challenged in some areas. I mean, what about your value sort of comparisons to the market? Have they weakened off at all? I know there is sort of two quite different trends going on in this business between the convenience side and the Liquorland Warehouse side, but just interested there as to whether you need to do a bit more work to further sharpen pricing. It is a good question. I think we are comfortable with where our price indices are at the moment. As you can see, strategically, we are definitely moving to a stronger focus on the co-located stores with supermarkets. By and large, that is our Liquorland and Liquorland Cellars format. They remain very competitive in terms of their competition that they have in the market. As I said, with regards to Warehouse, what we are looking to do is to really start to differentiate the range there so that we have got an incremental offering for customers there. Is that what you mean when you say grocery in the liquor stores? It is a combination of things. There are definitely some grocery items that have gone into warehouses, and they make a great incremental purchase when you are buying alcohol. Think things like mixers, soft drinks, chips, even things like Berocca, Phil, which you obviously need the next day. We are also looking at differentiating range within the alcohol offer as well, at both ends. Looking at what we can do from a value perspective, but also bulk sizes and the more premium end as well. Great. Thank you. Your next question comes from Adrian Lemme with Citi. Please go ahead. Hi, good morning, Leah, Charlie, and team. My first question was just on the trading update in supermarkets. It was better than we are fearing based on the supply feedback. Can I just ask, have you had to sacrifice some margin to sustain sales during this recent period, please? Hi. Yes. I think we are quite pleased with where it ended up given. If you look at the two-year stack in particular, it is an unusual shape. But if you take consistent with Q4 and you stack it on where we were last year, which was 4.9%, or actually probably the more relevant number is the 7% ex tobacco, that is a very strong two year-on-year growth number, even with that moderation that we saw from the collectible campaign's first three to four weeks in the middle. As I said in the outlook, we are very pleased that the sales have recovered quickly post the collectible campaign coming to an end. I think more generally, not even just talking about the first eight weeks, but we believe the competitive intensity right now is quite strong. That is not new, but we certainly are seeing many of our grocery competitors investing in price, and we are responding to that to ensure that we remain competitive. Then we are also proactively investing in areas, particularly own brand, to ensure that we are giving the customers a basket that really is very value-oriented. Thanks, Leah. Could I just ask on the balance sheet positioning, just pulling together a couple of things I think was said on the call. I think you mentioned that you would look to return surplus capital to shareholders. In the earlier question, it was said that you are more focused now on organic opportunities in non-food. Just pulling all that together, the gearing is down to 2.3 x. It was, I think, over 3 x six years ago. Can I just ask, do you think you actually do have surplus capital at the moment? I guess that will depend on your acquisition outlook, but, do you look to return that capital to shareholders over the next 12 months. I just wanted to get your thinking on that, please? Adrian, great question. Thank you for that. Look, I think it all starts, Adrian, with our capital allocation framework that Leah took us through a little earlier. Really, we do take a very disciplined approach to how we allocate capital. We take into account the things that you have highlighted, things like the strength of balance sheet, what our organic investment requirements might be, dividends, strategic flexibility, and of course, the relative returns from all those various areas that you could deploy capital, which become really important. So we have been, and as you know, we have been paying out dividends around 80% of our earnings in the form of dividends each year. That has been really consistent since the merger. This year we actually step it up 13%, and the fully franked dividend is AUD 1 billion, which is quite an achievement. Look, in terms of surplus capital beyond our requirements, the board is always going to consider the most appropriate way to deploy or return capital. The objective is, and will always be, how do we generate the optimal returns for shareholders over the long term. Thanks, Charlie. Your next question comes from Bryan Raymond with JPMorgan. Please go ahead. Morning, Leah and Charlie. Just on the renewal program, just want to ask about the average store age at the moment, how, since it was either opened or last had a major renewal as opposed to a light-touch renewal, where that is versus your target, and whether these 150 renewals are incremental to what you have been doing, which is 50% - 70% per annum in recent years? Just keen to understand the magnitude of what you're doing here on renewing store network. Thanks. Yeah. No, thanks, Bryan. Great question. Look, I think we've been very busy. I think normally we're renewing at a rate of about 50. I would say that our store fleet was getting older. When we stepped it up in FY 2026 to 70%, that's the point at which your fleet, on general, actually gets younger. Certainly going forward with the 150 renewals that we are indicating, we could see that our average fleet will get younger going forward. But it's a great reminder, though, of what are we spending the renewal amount on, and I think we talked a little bit about, and I talked a little bit about that it is going to look at how do we actually build capacity for growth. That's the important distinction. These aren't just normal renewals, and we will get a younger fleet out of it, but we'll more importantly, increase the capacity to facilitate more online growth, but also better experiences for our customers in store. That's our focus with these 150 renewals over the next two years. Right. Just to put that in context for us through numbers, is it possible to give us an average spend per renewal in this 150 versus what you've been doing in recent years, which I assume is not as transformative for those particular stores? Look, I won't go into it in terms of breaking it down. I think the best way to think about is if I look at the AUD 300 million or the 150 over each year for FY 2027 and FY 2028, 70%-75% of that spend is really in relation to property, whether it's the new stores or the renewals. So it's all about how do we actually grow and augment our store network for growth. Right. Okay. That's helpful. Then just on the new store openings, as you say, it's been a bit softer in recent years, and you are looking to accelerate that, which is good to see. The 45 stores, I assume a lot of those have been in train for some time, because these things don't happen overnight with the property planning approach, et cetera. Just wanting to understand how confident you are in delivering those, let's call it 22 - 23 stores per annum for the next couple of years, given you've been doing roughly half that pace in terms of store openings over the past three years, or is there some chance of slippage given delays and all sorts of things with building and approvals, et cetera? Yeah. In relation to those 45, Bryan, we are very confident. We would not have called it out otherwise. Let me say, I think we are very confident. There will always be things like weather and things that could impact timings. What we are confident on firstly is these stores are firstly being pre the merger law reforms that the ACCC, so they are approved. We have line of sight. We are doing more through our Coles Group Property Developments as well. We are in constant dialogue and constant monitoring with our developers that are working through to the extent they are lease developed stores. Bryan, look, we are very confident of the 45 stores. But always, there will be other things like weather and things that can always predict. But we are confident with the delivering over 2% net space growth over the next two years. I think it is probably also just worth touching on in the context of this question, around the ACCC merger regime. We have been submitting proposals through that regime since it came into place in January. There has obviously been a lot of media coverage around Kalgoorlie, which is the one store that has been denied through that process so far. But we have actually received 10 approvals through the process as well. So we are proactively and actively participating in that process and successfully having stores approved. Excellent. Great to hear. Thank you. Your next question comes from Tom Kierath with Barrenjoey. Please go ahead. Oh, morning, guys. My question is just on your tobacco growth rate, I suppose especially in July and August, because you are lapping some pretty tough numbers, obviously, when the legislation changed. Can you maybe just give us an update on what is happening in the trading update on tobacco? I just know it is quite volatile, and you have not given us a sales ex tobacco growth rate there. Yeah. Those sales have remained relatively consistent now in terms of the AUD dollar number for several months, and that is really because we have cycled over that Q4 exit that we made of product last year related to the regulatory change. You will have seen in the Q4 numbers there is very little difference between the all of store number and the ex tobacco number. That is what you should really expect going forward now. Yeah, okay. Thanks. Then just secondly, on the gross margins, I think they only went up 7 basis points in the second half. I would have thought there would be a bit more just with tobacco kind of coming down, especially in that third quarter. Is the right way to read it more price investment or just some of the, I guess, higher costs coming through, like fuel prices, et cetera, that you could not kind of offset necessarily there? Yeah, great question, Tom. So thank you for that. Look, yeah, you are right. The gross margin, obviously we did grow gross margin there by 26 by 37 basis points, so that was across the year. But it was weighted to the first half. I think, not surprisingly, we called it out at the previous half and earlier that with the tobacco legislative changes, the tobacco, if you like, tailwind in terms of gross margin run rate was very much first half related. But also what was in that first half as well, is now very firmly the benefit that we got from the ADCs, right? So the ADCs are, as we know, have been strong benefit programs that are delivering exceptionally well against the business case. Again, more weighted in the first half than the second half. There are lots of moving parts in gross margin. Our strategic sourcing, which is an always on program, very successful. Our SSI, very pretty much with the AUD 311 million. I guess what's been different this year in SSI is traditionally a third of SSI has been in gross margin and two thirds in CODB. It's probably more like 20% in CODB this year rather than a third. But we see that potentially maybe reverting back to a third, two thirds. So lots of moving parts, but also Coles 360 in that as well. So lots of moving parts, and I think that has allowed us to make the investments as well. We have been investing as we have called out. So I think going forward to tobacco tailwind, if you will, et cetera, and the ADC is now firmly in the base, they are very different going forward. That being said, I really do encourage you to look at the P&L top to bottom. Things do move between GDP and CODB. Not that we've moved anything, but with a mix of sales now and eCommerce growing very strongly. What's really pleasing about the result here is the growth in the EBIT margin. The EBIT margin has grown strongly. You've seen our EBIT growth rate 3x that of our sales growth. Just, Tom, rounding out the answer, you specifically raised the fuel piece. We did call out in Q3 that we expected that to be AUD 10 million-AUD 15 million of impact in H2, and it came in at the top end of that range, and that will have gone into the GP as well. Tom, just in case I said it differently, what we said was this year 20% of the SSI was in GP, 80% in CODB, just to be really clear. But historically, that's been 1/3 to 2/3. Got it. Great. Thanks very much, guys. Your next question comes from Michael Simotas with Jefferies. Please go ahead. Good morning, everyone. Thanks for taking my questions. I have one short-term question and one longer-term question. Firstly, on the trading update, appreciate there is a lot of moving parts, and you have given us some color on the cadence of sales through that period. Do you think that exit run rate of something similar to the fourth quarter is indicative of the underlying growth in the business, or do you still think there is some ongoing drag from your competitors' collectible program due to pantry stocking, forward buying, et cetera? It is a great question. The collectibles campaign really came to an end 10 days ago. I think at this stage, probably a bit hard to say whether the full recovery has occurred in terms of it coming back up. But I think in general, as we look ahead to sales for the year, we are feeling very encouraged because of a number of factors. The first is this new space that we have got coming on will help to drive our top-line sales. The second piece would be the strength that we saw in online through those first eight weeks, because really it did not miss a trick through that period. And that strength that we have got in both Uber and the Deliver More offer through the CFCs, we expect both of those to be good contributors to sales growth this year. The third thing I would say is probably where I came back to when I was talking about the market. It is certainly feeling to us at the moment that many customers are choosing to eat more at home, and that is really supporting a healthy growth rate in the grocery area. Very much that is led by volume, which is a great place to be. Our inflation actually at the moment is still running pretty low, and most of our sales growth is coming out of volume, which is always where we want to be. Okay. No, that is helpful. Thank you. The second one is on implementation costs for the Victoria ADC. You have called out AUD 35 million of implementation costs in 2028. Without giving numbers, how should we think about the evolution of that as it comes through the P&L? Will it follow a similar shape to what you reported with the first two ADCs, where it gets a little bit bigger in the years after the first year before it moderates and then turns into a tailwind for the P&L? Yeah, Michael, thank you. Thanks for the question. Look, there is probably a couple of things. We have given you obviously the FY 2028 number today, and as we did with the other two programs, we will give you those numbers very much closer to in each 12 months time a little bit. Post 2028, there will be a step-up on the 35. That will be fact. I will not give you the exact number today. As you are right, there will be some implementation costs. They will then fall away as they have done with these sort of programs. These assets are really strong returning investments that we are making for the future. Yep. Okay. It sounds like if we use the shape of the first two as a guide, it is probably sensible at this stage. Well, Michael, it is not really what I said, but yeah, I will not tell you how to model this. I have given you a number for FY 2028, and there will be a step-up in 2029, as these things come on in 2029, 2030. Yep. Okay. Thank you. Your next question comes from Craig Woolford with MST Marquee. Please go ahead. Good morning, Leah, Charlie, and team. Just first one, you touched on there on inflation. It is interesting and good for the consumer that we have not seen much movement in those inflation figures despite the volatility around Middle East. Can you just give some color on what you are seeing on the inflation backdrop? I will be a bit cheeky and try and sneak in a second part of that, which is, what do you expect in the outlook on your EDLP versus higher mix? Hi, Craig. It's Anna. I might give you a bit of color on that because there is a lot going on in the inflationary number. What I'd say at headline level, it was broadly stable in the quarter, but there was a number of moving parts. I would say, first of all, in the quarter, we received twice the number of CPIs we did versus Q4 last year. Fuel did account for the vast majority of those, but we saw additional pressure coming through from fertilizer, freight, shipping, packaging, and utilities and labor. There's a number of drivers behind that, but also some drivers at a category level. We're continuing to see inflation coming out of livestock, and we've been seeing that for some time, as well as dairy. That includes across kind of what we're seeing in milk and cheese and some of the pricing there. Bakery was also impacted by the global disruption costs as well, alongside some of the fuel-related pressures. Those increases we have seen offset by some very heavy deflation in produce as we cycled over the very tight supply and elevated pricing from last year, and that was particularly in soft veg, such as tomatoes. We've also seen eggs moderate, as we cycled over the avian flu shortages last year as well. This has also been coupled with really strong promotional intensity across a number of categories in grocery, predominantly impulse and breakfast. Coupled on top of that, we're continuing to invest in price competitiveness. You saw that reflected in some of the GP profit, and that investment we expect to continue into the first half. If I flip into looking forward, there is definitely some upward pressure on inflation, particularly as produce cycles out of deflation and more broadly as our suppliers face the inflationary costs. We're also watching fuel, freight, and packaging and the impact from global costs coming through very tightly, as well as both poultry and eggs from the avian flu position. There's a lot going on there. I expect livestock to remain elevated. In meat, we have been absorbing some of those increases for some time now to really minimize the impact on customers. The full effect has not flowed through into our inflation number. I would say the offset of that has been some of our sourcing program as we continue to work with suppliers to continue to achieve competitive terms and identify more opportunities to invest for customers. We'll continue to invest really where it matters most to customers. On balance, I do expect we are going to see inflation higher in the next 12 months than we have in the previous 12, although there is a number of different variables, and it will depend a little bit on the competitive environment that we find ourselves in. And just that EDLP, what's the future of EDLP mix in your business? Sorry, say that again, Craig. EDLP? Just EDLP, the use of Down Down and other EDLP mechanics versus Hi-Lo. Yeah. I think that we've been for some time, as you know, Craig, focused on inflation where it really matters, but coupling that with EDLP, and we've seen really strong customer engagement through that. And we're doing it on a category by category basis. And actually, we have extended the number of categories over the last quarter that are on EDLP, and we're seeing that work particularly well. And importantly, the suppliers we have are on the journey with us around the right categories and the right categories, and we're seeing that really drive benefit. So I expect it to continue, and we are still absolutely strategically committed to driving trusted pricing where it matters most to customers. Charlie, just to clarify your CapEx comment earlier, the AUD 1.55 billion year, I think you said it is not going to stay at that elevated level. It sounds like there is two years of extra store openings and extra renewals, and I would have thought the renewal rate is more where it should be rather than elevated? Craig, let me break, as I did earlier, break down what that 1.5 is made up of. One of it is the AUD 1.1 billion that we have been spending, which does include, has included 71 renewals, for example, last year. That obviously is what, let us call it almost like core CapEx, but it can flex down very clearly. On top of that AUD 1.1 billion is AUD 300 million relating to the Victorian ADC. As we have previously called out, FY 2027 and FY 2028 are really the core years of that program. Remember, the program is an AUD 880 million program. We have spent AUD 190 million to date, 300 this year in FY 2027, and then we expect FY 2028 to also be a strong CapEx year for the ADCs. In relation to these very specific investments that we called out, both in terms of new stores and the uplift in renewals, I called those out. They are very specific investments, not to be ongoing, and we have called them out for 2027 and for 2028. Great. Thank you. Your next question comes from Benjamin Gilbert with Jarden. Please go ahead. Good morning, Leah and team. Just around costs, I am just trying to understand how to think about the shape into FY 2027, and specifically, you have done second half cost out through SSI, pulled AUD 180 million, which is obviously a big step up on the first half. Presumably, we are going to annualize some of that into FY 2027. You have got this Coles Capability Centre, which you are taking below the line, which I presume a bunch of those benefits will come above the line through next year because there are redundancies, et cetera. Is it conceivable that you could have pretty benign CODB growth similar to 2026 into 2027 based on these benefits? It seems like there is a lot of cost of that to come out into 2027 just based on second half run rate and the capability center, to which I think you said additional to SSI. Let me take that, Ben. Thanks for the question, firstly. One of the things, let me just go back to FY 2026, and I think FY 2026 was a really good year for us. Obviously, we took out AUD 300 million for SSI, a really important program, which really assisted us in trying to keep CODB as a percentage of sales flat year on year. That is the target that we try and target as ongoing going forward. A really important number because obviously that assists in delivering the right earnings outcome through that sort of environment. More importantly, I think we have been able to do that with an ever-increasing eCommerce penetration rate, which is pleasing. I think in relation to the Coles Capability. Remember, the SSI program, what we do try and target is about AUD 250 million plus or minus every year. That has been really the focus of the program. Just to give you some numbers there, AUD 876 million delivered over the last three years. The previous four years, we delivered AUD 1.047 billion through Smarter Selling. We are on track to actually deliver over AUD 1 billion through this program. Obviously, we are not giving any guidance beyond this program in that regard. The Capability Center, just to be really clear on the Capability Center. We are forecasting that the run rate will build to FY 2029, delivering annualized benefits of AUD 100 million a year. In order to achieve that, there will be one-off implementation costs and establishment costs of AUD 190 million. As we called out in our presentation and in our release, it is our expectation that that 190 will be treated into significant items. And so, just to clarify. The fact that the second half run rate, which is obviously a phenomenal number you guys have managed to do, AUD 178 million, we shouldn't necessarily think that that starts you off on a stronger run rate for SSI into 2027? No. The capability center— The... —that doesn't include redundancies, et cetera, for all the changes that have been announced more recently? That's part of SSI. No, so the Coles Capability Centre implementation cost is all inclusive of establishing, and will include elements of redundancy in there, as well, and establishment costs. In relation to SSI, as we said, we target about AUD 250 million a year plus or minus. In terms of what we deliver in the second half, first half, there are programs that sometimes are, timing of those between first half and second half can vary. I would not necessarily annualize a second half as an ongoing run rate or the first half as an ongoing run rate. I think take my guidance that we are typically around AUD 250 million a year, and it can vary between first half and second half, depending on the nature of the programs and projects that fall within that. That is helpful. Thank you. And maybe just Leah, a final one from me, just sort of looking forward. If you sort of look forward on a three-year lens, and I appreciate this will probably touch on our [Flybuys] as well, but what do you see Coles as? Do you see Coles as just a supermarket at its core, and there is a few ancillary services around, or is there a view to expand beyond that? Obviously, we touched on Greencross, but you have closed Swaggle, which surprised me if you wanted to keep learning around these sorts of categories. Probably one of the few big retailers out there that does not have a marketplace capability, and obviously you can do that in a low CapEx type environment or capability. Is the focus just being a supermarket on a longer-term lens, and then maybe there will be some ancillaries around it, or do you see yourself taking a bigger step looking at things like Greencross or leaning into marketplace and those sorts of areas on the longer-term lens? Well, I think the first point I would make is we still see a lot of growth in the supermarket space, and you are seeing us today announce a set of initiatives that really help to set us up to go and capture that. And it is fantastic to actually have a set of opportunities within the core business that does help us to drive that growth with good returns. So very pleased with that, and you can expect to see us continuing to do that as we move forward. However, I do think that we will continue to look at are there adjacencies like that. And I talked about that being close to the core, so you should think about that as that potentially is moving into other consumer segments. The pet specialty is the one that we've discussed today, but it could also include doing more vertical integration, like what we've done with MilkCo and with Zerella Fresh, and even to some extent what we do with RROA, our meat processing facility. If that helps us to build strategic capabilities that enable us to grow own brand going forward, then that can make a lot of strategic sense for us. I think the third area is probably in the digital space, and are there non-organic options that we would have to build capability in that space overall. But all of that being said, we are very commercial. We are very financially disciplined around this stuff has to make sense from a value creation for our shareholders. If it doesn't, we won't go down the path. As I said, we've got lots of really good opportunities in the fore right now to continue to grow and continue to deliver strong outcomes and dividend growth for the shareholder base. Fantastic. Thank you. Your next question comes from Richard Barwick with CLSA. Please go ahead. Good morning, all. Unless I have missed it, I cannot see any mention of stock loss or theft through any of the documentation other than theft gets a little bit of a mention in the risk section of the annual report. Certainly if you follow the If we watch the evening news, looks like Victoria is the crime capital of Australia, and there has been lots of negative publicity on the impact on the supermarkets. So what update can you give us there? It looks like things are getting worse from an outsider's point of view. But what are you seeing internally and is it making a difference? Yes. Thank you for the question. You are right to say that it is a difficult operating environment in retail with regards to crime and loss, and that is not just a Coles or a supermarket problem. I think we have all seen the media coverage. As such, we stay very focused on the issue. We have got a series of technology solutions that we have deployed over the last couple of years, and we continue to deploy those into stores where we can see a return and a requirement. Importantly, we stay very focused upon making sure that our teams stay safe, because not only has there been a slight uptick in loss from our perspective, the threatening situations that our team members have to face, which are completely unacceptable, they have also increased. So making sure that our team are protected and safe and fully supported is super important. The uptick that we are seeing at this stage is not material in terms of our commercial performance. But I would not want you to think that that means that we are deprioritizing the issue. It is one of the top three things we are certainly focused upon. We will continue to not just work with our own team members and the retail industry, but also police and government. Pleasantly, state governments are starting to really progress with some of the policy changes that we need to tackle these repeat offenders. So the sooner we can all work together to solve the problem, the better. But it is one we are definitely very, very focused on. I would probably just round that out, Richard, by saying that for FY 2026, our total loss overall was essentially flat. Yeah. It did not have the big shifts or the big benefits coming through that we saw in 2023 and 2024 and 2025. Really, we put that down to, we now have a very stable technology solution that we are applying to the problem. As Matt said, there has been a bit of an uptick industry-wide as we have gone into the end of the financial year. Our aspiration for FY 2027 would be to hold the total loss rate flat again. We think in this market, that would be a great result. Yeah. Okay, that is useful. Thanks, Leah. And then, the last one, you obviously called out customer satisfaction scores improved across the five key metrics as you sort of call them out. It is interesting that price is clearly the weakest uptick that you have seen. Say: yes, it is improved, but nowhere near to the extent of the others. How much of that is a reflection, you think, of the negative publicity around the ACCC case, et cetera? Any comment you could add in terms of the way that you are seeing your relative price competitiveness. Just trying to put that into context, really, the 110 basis points on price, but obviously well over 200 on the other measures. Yeah. It is an interesting observation, and I think it is probably very fair to say that just the amount of commentary that is out there does impact perception on that front. I also think that it is a very pertinent issue that households are struggling with every day in terms of cost of living. So it is very front of mind, and people have a high expectation around what you are going to deliver on the value front, which given the environment, I think is fair. I would definitely say that we would say perception is half of the equation when you talk about are you delivering appropriate value. The other half of it is how are customers actually shopping and what are you seeing from a sales perspective. If you go back to the volume growth that we have seen, I would sort of refer you to that 5.1% supermarket sales growth for the year versus a 1.2% inflation rate. The remainder of that differential is largely volume. That would say that we seem to be hitting the mark more times than not. Okay. That's helpful as well. Thanks, Leah. Your next question comes from Nicole Penny with Rimor Equity Research. Please go ahead. Good morning, and thank you for taking my question. AI was elevated as part of the strategy today with opportunities outlined across customers, smart operations and team productivity. Would you elaborate further on those opportunities and point to which one you see the largest source of economic value over the next two to three years? Secondly, where you're already starting to see material benefits come through? Thanks for the question, Nicole. We have had AI use cases in the business for around a decade now. The vast majority of those are either machine learning, so predictive AI use cases or generative AI use cases. They have delivered substantial value to us. A few examples that I'd probably call out would be the smarter forecasting system, which drives availability, as well as sales matching for us to store our range system, another one. Our store-specific ranging tool, for example, is a machine learning tool. That has delivered substantial increases in sales, but also gross margin outcomes for us as we've rolled that out and tailored stores, in terms of their range store by store. Another example would actually be what we were just talking about with Richard on the theft front. A lot of the tools that we have used in terms of skip scan and bottom of the trolley recognition, they are generative AI use cases, for example. We have at scale AI use cases that have delivered substantial value in the business. Now that being said, we are pretty excited about what comes next. The big difference that we are seeing now with the advent of generating AI is just the pace of capability that you can access and where you can apply it. I might get Michael maybe to just touch really briefly on how we are thinking about it from a customer-facing perspective. But certainly, in our core operations, we think there is a lot of opportunity in terms of doing system optimization end to end, particularly across the supply chain. There are huge parts of our cost base that if we are able to even get small benefits there, can actually result in quite substantial savings for us. But Michael, did you want to talk a little bit about the customer thing? Yeah, very happy to, Leah. On a forward-looking basis, I think it is certainly one of our biggest opportunities from a product perspective. Now, that being said, whilst we want to move towards that quickly, we do have to balance that with the opportunities that sit across the rest of our product set to be able to improve the customer experience. I will tell you why that is important. When we have our product teams working on enhancing the customer experience, which then drives more traffic, greater scale, better profitability within the eCommerce business. We have currently got teams across about 20 different digital products where we have them working in squads, and that is across everything from digital media to last-mile fulfillment to in-store digital experiences. So it is really across many different aspects of what our customer experience is. We continue to make really good progress in terms of enhancing that customer experience. AI commerce is something that we see as a big opportunity. What we are focused on is making sure that we are able to get there before it becomes a really at-scale opportunity for customers. We have got many different experiences that are currently in testing internally with product teams. And we are going to be focused on releasing some of those across FY 2027 because we think it is a really important part of the offer going forward. But it is only one part of what the opportunity is for us to keep improving our customer experience. Thank you. The next question comes from Michael Toner with RBC. Please go ahead. Hi, team. Thanks for taking my question. Just following up on Ben's question on SSI and the earlier question on AI. It looks like you will very comfortably exceed AUD 1 billion for SSI, and the two half run rate is very strong. And I know you said not to annualize that, but has the evolution of AI capabilities throughout the term of that SSI program perhaps broadened the scope of potential efficiencies you can deliver? And has that had an impact on the stronger performance for SSI? Look, we are obviously very excited about what AI can do in various areas of business, whether it is productivity, efficiency, and what it can deliver. I do want to reiterate, Michael, I would not annualize what we are seeing in the second half. It is not to sort of say that we have a cap on our SSI savings. It is certainly not the discussion we have internally. Our target is AUD 250 million a year, and that is an important sort of part of where we go, and it has been a successful formula. There will be programs and projects that go either side of a fiscal year or a financial year through that, and we are certainly always focused on delivering more as well, so in that regard. But we are excited about what AI could have built and unlock more productivity. As Leah pointed out, it is not a new phenomena for us. We have been using all forms of AI now in the business for at least a decade, which have continued to generate better results for our customers, improve efficiency in our business, and we will continue to deploy those sort of tools going forward. Okay. Thank you. Following up on Richard's question on price perception, you have obviously built some very strong capabilities in distribution and online for which you deserve credit. But in that context, do you think there is an opportunity to use that cost leadership position to go harder on competitive positioning as opposed to sort of reacting to competitor activity, just noting that your relative margin position looks like it is quite strong relative to where it was a few years ago? Thank you. Yeah, thanks for the question, Michael. I mean, we are proactively investing. We come into each year and each quarter with a plan around where we will put value investment, and we base that on where we think we can have maximum impact from a customer perspective. So we do have a very active, and have done for many years, investment program into price. I called out most recently, we have made some strong investments into our entry tier of our private label with Coles Simply, for example. So that is an important part of what we do. The other side of it is we want to always ensure that we are competitive in the market every week, and we are certainly seeing that with AI, a topic of conversation today. The advent of AI tools has meant that customers are using those to compare prices more than they have ever done before, particularly in young families and pre-families. The younger part of our population. Ensuring that we are competitive week in, week out for every set of offers that we have, that is really key for us. Some of that is proactive and some of that is reactive. Great. Thanks very much. There are no further questions at this time. I will now hand back to Leah Weckert for closing remarks. Well, great. Thank you everyone. In summary, we are very pleased with what we have delivered in FY 2026. We have strengthened our competitive position with supermarket gaining market share, strong earnings growth, and further improvements in customer satisfaction. Our eCommerce business continued to scale profitably, with e-com sales growing by more than 26%, and our CFCs achieving positive EBITDA. At the same time, we have continued to focus on productivity, delivering AUD 311 million of SSI benefit, which is helping us to invest in value for customers while growing earnings ahead of sales. Importantly, we are entering FY 2027 with a strong platform. The investments we have made over the past three years have materially strengthened our business, and our strong cash generation and balance sheet gives us the capacity to invest in this next phase of growth. We have a clear focus on expanding and renewing our store network, continuing to build our digital and technology capability, continuing the development of our Victorian ADCs, and improving the performance of liquor. Thank you, and I look forward to speaking to you again in only just a few short weeks for our first quarter results in October. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.