Thank you, and good morning, and welcome to the Computershare FY 2026 results conference call. Nick Oldfield, our CFO, is with me, along with Michael Brown from our IR team. Our presentation pack was released last night. I am going to take you through the highlights. Nick will take you through the financials in more detail. Then we will get to Q&A. Computershare had a good year. Our long-term simplification strategy is really paying dividends. Continuing investments in technologies are helping drive margins, and structural growth trends are intact. Above all, our earnings growth remains remarkably consistent and predictable and is set to continue. Let me start with the results highlights on slide two. Management EPS is up 7% at AUD 1.45 per share. Our earnings trajectory accelerated as the year progressed, and results came in slightly ahead of the guidance we upgraded in February. Headline revenue is up 3%, but if you exclude the impact of disposals, it was actually up over 5%. Our key businesses are also performing well. Issuer Services revenue was up 4%, Corporate Trust was up 6%, and Employee Share Plans was up 10%. Margin income was down 1.6% at AUD 749 million, but that did exceed our expectations and the upgrade in MI guidance we announced in May. As we have called out before, increased activity drove higher balances, which really muted the impact of several rate cuts in our major markets. EBIT X MI was up over 8%, and EBIT X MI margins continued to expand up 70 basis points to 18.2%. ROIC came in at 36.5%, reflecting our capital-light business model. Our balance sheet continues to be a highlight. Leverage came down to 0.1x, and this continues to provide optionality for acquisitions. We have got a pretty good pipeline, but I will remind you that we will remain very patient and selective. With our earnings momentum and strong balance sheet, we can step up the dividend again. The final dividend is AUD 0.65 per share, a rise of 35% on last year's final dividend, and that makes AUD 1.20 per share for the full year. I think reflecting on the past 12 months, I have been particularly impressed by the team's ability to stay focused and execute despite everything going on around the globe. We delivered acquisition synergies ahead of schedule, continued to embrace and work on new technologies, and supported many of our clients through a number of complex global transactions. I think that discipline has been a real strength of the business this year. Let us jump to slide four, and we will talk about each of these business lines. Every business delivered revenue growth. Let us start with Issuer Services. Register maintenance revenues were up 3% year-on-year. Corporate action volumes were broadly in line with FY 2025. A notable exception to this was really the key U.S. market, where FY 2026 deal volume was up 3% versus PCP. Activity increased as the year went on, and in fact, in 2H 2026, it was up 8% versus PCP. Then pending deal count, that is announced but not closed at 30th of June, was actually up 8% on the prior year. I think that is a good indicator for more activity to come. The Hong Kong IPO market was also a standout. In FY 2026, there were 96% more IPOs, and it was really strong retail participation which helped drive fees up. It was not just the number of IPOs, it was really that strong retail appetite for them that drove the increase. Entity Solutions, which we previously referred to as Governance Services, continues its robust growth profile, driven by CoSec services and growth in the number of entities under management. That said, EBIT and margin were down in Issuer Services in FY 2026. This largely reflects lower margin income, as well as continued investment in new technologies and fledgling businesses that we are incubating for future growth. Moving to our Corporate Trust business, client activity increased across all major product lines. Structured products, which make up the majority of our book, grew strongly. With more volume, trust free revenues were up 9%. Client balances are also increasing with the growing issuance. It is also pleasing to confirm that the AUD 80 million synergy target set out for the Wells Fargo acquisition has been delivered a year ahead of schedule, helping our EBIT margins in this division expand to over 17%. Corporate Trust remains an attractive market and a priority for capital deployment, and we do see many years of growth runway ahead. Employee Share Plans reported another impressive result. Revenues grew by 10% and EBIT increased by 24%. The volume and value of assets under administration continued to climb, helping drive higher transaction fees, which were up over 18%. The business sailed through the volatility observed in equity markets around the world this year, and we saw the benefit of the diversification strength of our client book. Energy and resources clients, for example, outperformed during the second half. But whilst there has been record trading, we ended the year with AUA up 8% and the number of units up 5%. This business has really come a long way after our initial investment in Equatex and the significant and complex project to deploy the technology globally. Looking forward, given the growth in the book, and as long as equity markets remain broadly consistent, we do expect trading revenues to be higher again in FY 2027. Overall, our key business lines are growing and performing well. Now on to FY 2027 outlook over on page five. Looking forward, we expect FY 2027 to be another year of earnings growth. The momentum in our business line underpins our positive outlook and our initial guidance for FY 2027 management EPS is to grow by around 6% to AUD 1.54 per share. Based on the interest rate curves this week, MI has passed the low point and should be higher in FY 2027. Our initial guidance is AUD 770 million for the year. As we have always done, we take the exit rate on balances as the basis for guidance in the new year, and I do think that exposed yields should be a little higher in FY 2027. As for the guidance, we also have the usual detailed assumptions and disclaimers in the back of the deck just in case we ever need them. With that, Nick, over to you to go through the detail. Thank you, Stuart, and good morning, everyone. As you have heard, we have had a good FY 2026. Let me try and unpack that earnings growth of 7% versus the PCP. I will start on slide seven. Firstly, revenue. Excluding MI, revenue was up 4.4%. Adjusting for the in-year disposals of U.K. mortgage servicing and our German print and mail business, revenue ex MI was up 7.5%. Total revenue was up 5.2%. This was driven by growth across client fees, which were up 3.8%, largely driven by growth in issuance in Corporate Trust, where fee and money market fund revenues were up 9.4%, and in transactional and event revenues, which were up 15.4%, reflecting growth in trading activity and plans, both price and volume increases across shareholder paid fees in registry, and greater corporate actions activity, especially in the U.S. and in Hong Kong IPOs. On the cost side, we saw increases over and above expectations. BAU OpEx was up 4.5% for the year and over 6% in the second half due to some one-offs. We also invested an additional AUD 39.7 million in new products, technologies, and capabilities. This included around AUD 6 million of annualization of OpEx costs in respect of FY 2025 acquisitions. Notwithstanding these higher costs, we were still able to improve operating leverage with the EBIT X MI margin increasing 70 basis points. What drove the BAU OpEx increase? First of all, we had general salary increases. We awarded merit rises of 2% in October 2025, around AUD 18 million, whilst on costs rose disproportionately by AUD 25 million, largely due to step-ups in U.S. healthcare and U.K. payroll taxes. These costs will level out in FY 2027. There will not be any further step-ups of this nature. We also saw an 8.7% increase in other direct expenses and a 4.6% increase in computer costs. These increases reflected a combination of BAU third-party vendor inflation and investments in some of our key projects. For example, the integration of our investor engagement businesses, AUD 5 million. Product enhancements in both plans and Corporate Trust, including foundational work for our EMEA business. Social contributions for the Deposit Protection Service, and work to develop our AI investment program. I expect OpEx inflation to slow to be below 3% in FY 2027. EBIT increased 2%, whilst the EBIT margin dropped 40 basis points to 37.2%. This was driven by a 1.6% reduction in MI. I will come to this shortly. Interest expense fell AUD 34 million, driven by lower rates and lower drawn debt levels. The ETR also fell 30 basis points to 24.6%. Whilst pleasing, it was also a little higher than anticipated as we repatriated more funds from Canada, incurring higher levels of withholding tax. NPAT was 6% better than the PCP, while management EPS was AUD 0.10 per share and over 7% ahead of the PCP. Looking through the EPS lens, buyback accretion contributed AUD 0.02 per share of the increase. Organic business growth and cost out was worth AUD 0.059 per share. Lower interest expense was worth a further AUD 0.059 per share. Margin income declines offset these increases by AUD 0.022 per share, and tax expense was higher due to greater profitability. This impacted by AUD 0.017 per share. All up, this took us to AUD 1.452 per share in management EPS for FY 2026. Below the line costs were also lower by 34%, slightly better than what I said in February. This is really related to the timing of redundancy expense. We continue to target the elimination of our below the line cash expenses by FY 2028. In the meantime, we expect below the line cash costs will be 50% lower in FY 2027 at around AUD 47 million before tax. This is all shown on slide 10. You might ask what makes me confident we will deliver this target. Well, simply, this is about programs of work coming to an end. We have line of sight to the work that needs to be done, what that work involves, and what it will cost us. This is not cost that simply rolls on. It is project management costs, consulting costs, redundancy costs. Once we finish the project, the cost is eliminated. Let me now touch on margin income, which was 1.6% lower in FY 2026. In the context of three U.S. rate reductions in the first half, this was a good result. Balances rose 6%, while we also increased our recapture rate, our hedge book, and hedged yield, all of which helped us limit the yield impact to 19 basis points. You can see this on slide eight. In FY 2027, we expect to generate around AUD 770 million in MI, an increase of AUD 14 million compared with FY 2026. You can see this on slide nine. This is based on average balances of AUD 32.8 billion, an increase of AUD 800 million or 2.5% on FY 2026, and in line with exit balances at the end of June. Now, the sharp-eyed amongst you may note that this is actually lower than average 2H FY 2026 balances. But this is simply due to us managing some particularly large low-yielding balances in 2H FY 2026 that will not repeat. We expect a yield of 2.35% based on the assumption of one rate rise in the U.S. in January, one rate rise in Canada in March, and two rate rises in the U.K. in November and March. This is based on curves as at the 10th of August. FY 2027 outlook also assumes an increase in the percentage of exposed balances that are hedged from around 50% to 60%. This is at the top of our target range, but reflects a conscious decision to increase hedging based on attractive longer-term rates. The weighted life of the hedge book is broadly unchanged at around five years. Finally, let me turn to the balance sheet and capital management on slide 11. Cash conversion is broadly flat at 65%, impacted by prepayments of certain long-term technology contracts. I expect this to trend to 70% over the coming years. CapEx fell a little, over AUD 7 million down on the PCP. This is more timing related. I expect it to increase to around AUD 65 million in FY 2027 due to planned investments in some of our facilities, our IT infrastructure, and AI. Leverage, as you have heard, is now 0.11x. This puts us in a great position, extremely well protected in the event of any potential shocks, extremely well positioned for when our preferred M&A opportunities arise. I now expect us to be close to net cash by the end of the calendar year. We are delighted to increase our final dividend to AUD 0.65 per share, 35% up on last year's final, with the overall FY 2026 dividend 29% higher than FY 2025. The average payout ratio is now 55%, giving us further room to grow within our target range. Finally, for those of you who would like to see us use our balance sheet strength to buy back more of our stock, I would remind you that this remains inefficient for us under the currently prohibitive Australian tax legislation. I will now hand back to Stuart. Thanks, Nick. In summary, we had a pretty decent year. Computershare has once again proven to be consistent and predictable. We gave initial guidance last August for Management EPS of AUD 1.40 per share, upgraded to AUD 1.44 in February, and today delivered AUD 1.45. All our businesses have momentum with growth in clients and fees, and there is definitely a buzz around the group as we work with new tech and also on market structure projects. We put a lot of time into understanding potential changes to digital market structures, and I am sure we will discuss that in the coming days. I do think we are well-placed to benefit from these and see new revenue pools opening up for us where we have been restricted or indeed not played in before. MI is now a tailwind rather than a headwind, and with our technology and AI investments, we are becoming increasingly efficient. As Nick said, our balance sheet provides us with optionality to invest in our businesses, make acquisitions, and reward shareholders, and it is satisfying to be able to announce a final dividend up 35%, but as Nick said, with room to grow. Going forward, we expect our growth track record to continue. We raised our ambitions earlier this year for our EBIT X MI target to continue to grow beyond 20%, as well as long-term ROIC target of 35%. The operating businesses are performing consistently and predictably, which gives me the confidence for the full year and beyond. With that, now let us move to questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Nigel Pittaway from Citi. Please go ahead. Good morning, guys. First of all, within the sort of guidance for next year, this 3.5% projected growth in EBIT X MI, what would that be if you actually ignored the disposal of U.K. Mortgage Services? The step-up in margin, Nigel, would be a little bit lower than the 70-odd basis points that we have talked about, or the 80 basis points that we have talked about. If you take out the U.K. Mortgage Servicing and the German print and mail business, EBIT X MI margins in 2026 would be around 18.8%. The step-up in margin is not quite as pronounced as it looks on headlines. But there is a particular piece of business that will not repeat from FY 2026 that is impacting those margins. If I just look at EBIT X MI growth at a headline level or on a pro forma level, it is going up 7%. It is twice as much if I take out. But there is just a bit of noise between the margins and the absolute number. Okay. That makes sense. Thank you. That seems consistent. Okay. Just next, you did sort of touch a little bit on this as you went through, but obviously there has been quite a lot of investment in Corporate Trust such that, EBIT X MI margin in the second half is back down to where it was on 1H 2025, despite sort of your enunciating early delivery of the Wells Fargo synergies. Can you just expand a little bit more on precisely what is happening in terms of the investment in that cost line within Corporate Trust? Yeah. There are two pieces, Nigel. I will let Stuart talk about the investments. But just to deal with the margin in the second half, that was in particular diluted by some of the one-off costs that we talked about, in particular staff on cost U.S. healthcare. The margin in the first half 2026 is a better guide of where the underlying margin really is in that business. I would probably ignore the lower margin in the second half. Yeah. Look, we do have some investments there. As you know, when we acquired that business and we acquired some of the technology that came from Wells Fargo, our goal was to improve on some of that technology set and also get us into markets where perhaps the business had not been as competitive as before. We have been investing in a lot of work with our collateralized loan obligation portal. That was fairly reasonably sized IT project, for example. We are already beginning to see the benefits of that in terms of attracting new customers with the real-time data that we will be able to provide our issuers, which really helps them with the pricing. Look, it is always a balance about how much you invest and cutting, and we have always said that we would always invest into these businesses to help them grow and that is a great example of where we did invest, and we are seeing growth and new customers coming in. Okay. Maybe just finally then, thank you for that. Maybe just finally, just on the FY 2027 outlook slide. Obviously, the organic business improvement of AUD 0.03 per share. What do you see as the main positive delta potential for that line, and how much of that do you see as being driven by cost reduction in 2027? Look, there is around AUD 22 million of cost reduction in there, Nigel. Overall, I think as I said, we think cost inflation will be sub 3% going into FY 2027. Where you are going to see the major growth is going to be in Corporate Trust and in Employee Share Plans, where we see both of those businesses continuing the momentum that we saw in FY 2026. Issuer Services, there is a little bit of a business mix change. As we said, there is a particular high margin piece of business that will not repeat into FY 2027. That will be replaced by some lower margin businesses. The margin story in Issuer is a little bit more nuanced. The absolute growth is coming largely out of Corporate Trust and Employee Share Plans. Would debt issuance be the big swing factor there that could drive it further higher? Because with corporate actions, the delta is relatively AUD 30 million[crosstalk]. Yeah, that is a fair. As always said. Yeah, I think that's a fair assumption. Absolutely. Yeah. All right. Very good. Thank you very much. Thank you. Your next question comes from Siddharth Parameswaran from JP Morgan. Please go ahead. Good morning. A few questions if I can. Firstly, just on the margin income. I just want to understand if there is any conservatism or not in some of the components of the guidance you have given for FY 2027. In particular, it seems like the proportion of non-exposed balances that you're assuming in FY 2027 seems to be materially higher than second half 2026, as a portion of the overall balances. I just wanted to understand why that is. Obviously that has a lower yield on it. But also just the conversion efficiency, that increased in the second half to 99%, and I think you're guiding to around 96% for FY 2027. Maybe you could just comment on how you see that conversion efficiency likely to play out. Yeah, thanks, Siddharth. In terms of the foundational assumption for our guidance, we assume balances for FY 2027 to be consistent with our exit balances. We've seen in the past that has proven a little bit conservative. There's always a little bit of nuance between rates and balances and how it all plays out. I think, but we just try to be absolutely consistent with how we've done it in previous years. That plays into the point on non-exposed balances. Our exit non-exposed balances are higher than what they have been. What we've actually seen there is one particular Corporate Trust client where we've been growing the relationship and growing the balances with them. Those particular balances are all non-exposed, and they are low yielding for us. That is impacting our, one, the quantum of non-exposed balances, but two, the yield on the non-exposed book. As we've said on many occasions, we don't look at the individual client relationships through the lens of balances or fees. We look at it in the round, and we're very comfortable having low-yielding non-exposed balances from clients if that means, as long as the broader commercial relationship, it meets all of our target thresholds, which in this case it does. That is really why the non-exposed balances have gone up and why the yield looks like it's coming down. Sorry, and the conversion efficiency? Oh, sorry, Siddharth. Yeah, the conversion efficiency. Look, there's no doubt we had a very good second half, from a conversion efficiency perspective. We were able to get some really good rates from certain banks who are hungry for U.S. dollars on some three-month and six-month arrangements. We are not certain that they will repeat through FY 2027, which is why we're guiding at 96%. I still think, relative to history, 96% is a great result. We will obviously be striving to get that higher. Okay. No problems. I might just ask another question, just around tokenization. Just if you could just help us understand your partnership with Securitize, what that means for your costs, what the demand is from clients, what your expectation is of the take-up of this, either for yourselves or for some of your competitors over the next 12 months, 24 months, some of these, a different form of ledger to what's being used currently. Just related to that, there's a lot of changes seem to be happening in the industry at the moment, reviews into transfer agents, obviously tokenization. Do we have clarity that, A, you won't go the way that Equiniti went, in seeking to seek a corporate solution to any changes that are occurring? Also, your commitment that, I suppose management are actually keen to stay and see this through for the next couple of years. Could you just answer that, please? Yeah. There's a lot in that to unpack, Siddharth. From a Computershare perspective is we expect capital market structures to continue to evolve, both with planned infrastructure updates and also tokenization initiatives. As we've seen through many years of market change, Computershare remains deeply engaged with our issuers, stakeholders, and regulators, really to create opportunities for the group. Our strategy really is to continue to act as that trusted bridge across traditional and digital markets for issuers and their shareholders. We'll leverage our experience of connecting issuers, investors, and infrastructures across multiple jurisdictions as we navigate that market change. What's been very clear is post-trade registration of an asset is a critical role even in a tokenized world, and very much recognized by, in this case, the U.S. regulator, the SEC, and we'll continue to work and lead with the industry to provide additional complementary services to our clients and market stakeholders. Because we can provide clients with the ability to issue digital tokens as well as maintain their traditional issued capital. Look, it all sounds great, and it all sounds exciting, a little bit like when everyone said Bitcoin was going to replace all the banks, right? From my perspective, we really see issuers, which are our customers, in an education phase at the moment. They're really trying to understand how these developments will drive value. Will it change liquidity pools? What benefits will we get from it? That education phase will probably take a while. While others, including Computershare, contemplate or build new infrastructure. I guess it's that sort of the contemplation and the building of the new infrastructure where we're most engaged. We expect traditional markets and digital markets to run alongside one another for a considerable period, likely many, many years to come. You asked a couple of questions in terms of what's our view. At the moment, we have the capability to issue, which is mint and burn digital tokens and work alongside the existing one. We have a relationship with Securitize, which is built on APIs using their platform. It's not exclusive. We could do something else if we wanted to. As I said, there's not a lot of demand happening there. The interesting place is really about what's happening with the clearing and settlement and then also the exchanges and what they're doing, and we're in dialogue with all of them. Look, I think Computershare's approach has been pretty conservative as far as rushing out to spend and build and they might come. We've got a relationship. We're testing the water. We're dealing with regulators. We've got options. There's not a lot of demand at this stage, but it will continue to evolve. We've saw financial markets for many, many years. Remember, it was Computershare that put forward the Issuer-Sponsored Token design, and we're very, very active in it. Yeah. Anyway, that's kind of a quick summary on tokenization. I think from my perspective, it's actually going to create some new revenue opportunities potentially as there'll be areas where we couldn't play in before or we're out of, as there's more direct registration as a result of using tokens. But that's a long way off. I'm not waving that flag now. Okay, no problem. I'll leave it there. I might come back if there's time. Thank you. Your next question comes from Julian Braganza from Goldman Sachs. Please go ahead. Good morning, guys. Thanks so much for taking our questions. Just the first one on Issuer Services, ex MI, just the revenue growth there for the second half. It is hard to see this as a softer, but 4.3%. Just want to understand how we should be thinking about that number and any drivers that are impacting that in the half. Also just a second question, just around, I guess we can see it from the thematic playing there with Corporate Trust, a little bit softer in terms of second-half revenue growth. Just your commentary around that. Thanks. Yeah. I will deal with Corporate Trust first. I think from an overall market perspective, debt issuance generally was pretty strong. We saw fee revenue growth up 9.5%. If you look at the market, asset-backed security growth was around about 20%, CLOs were up around about mid-30%, et cetera. A lot of it is timing and whether it is your customers and products, et cetera. We did see CLOs sort of taper off just from a general market perspective in the second half. I think overall, we continue to see debt issuance increase, especially through structured products. I think on the conventional side, it was a little bit quieter. No doubt about it. When I break into our business, I look at new deal revenues, I can see that new deal revenues increase 23% over what we saw in 2026, et cetera. The business has always been very stable, in terms of what it does. You get some stronger halves than others. I think that it is a business that maintains very stable market share across the structured product categories. I think that you will see debt issuance continue to be pretty consistent in terms of issuance, because there is a little bit of recovery when rates were sort of popping around a couple of years back. That is really the story in Corporate Trust. Now, you had another question around Issuer. I just missed that at the start. Can you repeat that? Yeah, sure. So, it was pretty thematic in terms of Issuer Services, where second half was a bit softer, about 4.3% ex MI, and that is despite the kind of technical tailwinds around corporate action. Just want to understand just the drivers of that growth in the second half then. Yeah, look, I do not think there was any specific one item that I would call out first half to second half or quieter. I think that looking through sort of registry, certainly if you look at overall public markets, and the timing of some of these transactions, I really saw 2026 as a little bit of a turning point, especially in U.S. listings. Client numbers within the registry business generally have remained fairly stable. We saw market share modestly increase in a number of our marketplaces, and then outside of the listed company addressable market, we also saw a number of things, especially in the first half around ETFs and some REITs, some of the services that we actually provide there that perhaps from a timing perspective, were not really in a second half. Then you look at the transactional volumes outside of just client numbers and issuer transactional revenue is probably a little bit more diverse than the plans revenue. It is not just sort of trading. There is a whole bunch of stuff, everything from sort of lost certificates, to DRS fees, to IPO fees, to DRIP, et cetera. Again, that was fairly consistent, but sometimes you can get a first half, second half bias. Yep. But nothing I would really call out in terms of weaknesses in the second half. Yep. Got it. No, thanks for that. And maybe just to follow up on Employee Share Plans, transaction revenues doing obviously very well in that second half 2026 period. I just want to understand what gives you comfort around your guidance comment that they should continue to do better. Yeah, so if you could maybe help us just understand what gives you comfort around the growth here. As I look at the revenue split and our transaction revenues, which is a very meaningful proportion of total revenue at ex MI, so I just want to get comfortable with that trajectory. Thanks. Well, I think that we've always said in Employee Share Plans that there's sort of this structural growth trend of what we call the equitization of remuneration, which is a little bit of a mouthful, which is really about corporates using more and more equity to attract, retain, and reward employees. You have to remember that quite often there is an award and then there's generally a lag period, like a vesting period. Could be 12 months, 24 months, 36 months. It varies, but there's always a little bit of a lag. What we're seeing in the data is that despite very high trading volumes, the book continues to be replenished. The number of units being issued by organizations continue to increase. One of the things that is interesting for me is a little bit of a behaviors thing. I have seen more employees choosing to do sell all transactions than sell partial transactions, and I think you see that in a little bit of an uncertain world. I think as far as confidence in the guidance, one, we have the replenishment of the book. You look at some stats, like 15 of our top 20 clients, it's like 8% more employees are getting equity on average. I think with some of that uncertainty, you'll still see a little bit more of the sell all transaction. That really kind of gives us the confidence that this is not just a cyclical business, that there is a underlying structural growth trend. Of course, if equity markets crap themselves, of course, there may well be a correction, but it's probably a lot more stable than people realize. Got it. Just a last question from me, just on Issuer Services margins and the cost story and investments being made there. If you look at the benefit from corporate actions, and the margin profile, it looks like there's very, very meaningful investment being made in Issuer Services over FY 2026. Kind of adjusting for margin income. I just want to get comfort here, just if you're looking at FY 2027. You've talked about cost out opportunities of AUD 22 million. You've talked about 3% underlying OpEx growth. But if I think about Issuer Services standalone, the margin trajectory is at 27 and the view on the investments, how should we be thinking about that? In terms of 27 for Issuer Services, Julian, I think that the way to think about it is that we should see an increase in EBIT. We expect EBIT to grow a little bit. We expect EBIT X MI to grow a little bit. But there is going to be a change in the mix of the business. We had a particularly profitable piece of business in 2026 that will not repeat in 2027. That contract or that piece of business is being replaced by growth of other revenue lines across Entity Solutions and investor engagement, as an example. They are just at lower margins than the order it is replacing. We're going to see some revenue growth, and we'll see some EBIT growth. Margin income will be broadly flat, I would expect. It's all on revenue ex MI. But, as I say, you will probably see a little bit of margin compression. Got it. Okay. That's clear. Okay. Thanks so much. I appreciate it. Thanks so much. Thank you. Your next question comes from Kieren Chidgey from UBS. Please go ahead. Pardon me, Kieren, your line is now live. My questions have been. Just wanted to confirm a couple of items. Firstly, on cost, Nick, when you talk about sub 3% for 2027, is that sort of an all-in number? Is it sort of pre-adjusting for disposals? Just want to confirm whether or not that is bottom line OpEx growth expectation. Yeah. So that is all in, Kieren. If we adjusted for the disposals, it would be probably around 1%, sub- 1%. Okay. Secondly, on margin income, the discussion earlier around the non-exposed balances coming from a big Corporate Trust client, and they are coming in at lower, I guess, yields, given they are non-exposed. How should you or how should we think about that over the medium term? Do you expect the non-exposed mix to continue rising within your overall margin income balances over time? Look, it is a difficult question to answer because it is obviously inextricably linked to the broader development of that business and all of these margin income outcomes are individually negotiated. A lot of it will come down to individual client negotiations. What I would say is that, as issuance continues to rise, we should see continued growth in both fee revenue and in balances in Corporate Trust. I think that whilst I would anticipate that as the business grows, we will see growth in non-exposed balances. It should be fairly consistent with growth in the exposed side as well, because there are certain products within Corporate Trust which have to be exposed, which the underlying trust documents would say that this has to be held in an account of this nature, blah, blah. My expectation is that exposed and non-exp osed will grow at the same pace. Right. Then finally, just on, I guess, capital management and the div payout up nicely in the final div, up quite strongly year-on-year. As you said, you would probably go net cash by the end of this calendar year. How should we and how are you thinking about the dividend payout policy moving forward over the medium term? Yeah. Clearly discussed it with the board. We have room to continue increasing the dividend. As Nick alluded to, would love to be in a position to balance M&A, buyback, and dividend, right? We have one of these where we're restricted from a buyback perspective. That's why you're seeing more coming in on the dividend. Look, I think, we'll We've got capability to go up towards the very top end of what our range is down the track for shareholders, and the board will discuss it. Yep. Okay. Stuart, just quickly on the same subject, current sort of vendor interest or potential, particularly around the Corporate Trust market. Any update there? Just, general M&A type stuff, yep, in that space. Yeah. Look, our corp dev teams have been pretty busy over the last six to nine months. There has been a range of assets in the Corporate Trust space, not just U.S., but in Europe, that have come up, as well as opportunities within Issuer Services and elsewhere that we've looked in and done pretty reasonable due diligence, et cetera. But for a number of reasons, not just price, everything from contract structures to culture, we've kind of not gone there. Trying to maintain that sort of strength and discipline in terms of what we're doing there. Look, we are seeing certain assets around. There are opportunities and there's a pipeline of things coming up over the next 12 months that we'll continue to engage in. We don't want to just do it for the sake of doing it. It's got to be the right asset at the right price with the right synergies, with the right cultural integration to create that value for shareholders. That's really top of mind. Thank you. Your next question comes from Blake Dowsett from Jarden Group. Please go ahead. Hi, guys. Thanks for taking my call, and congratulations on a good result. Just a couple questions from me. Just on the cost out slide on 38, just the slight upgrade to Stage 5 for 2027. Can you just outline what's driving that change? Also playing that forward, that obviously plays into the EBIT X MI margin guide of 19%. I know back in February, we were kind of talking about a 20%-ish target by 2028, so just what your thoughts are through 2028 and then let's kind of go forward where we can think about that margin heading to. Yeah. Thanks, Blake. Yeah. As you can see on 38, we've increased the expectations on Stage 5 by AUD 3.5 million. That's really about, as we've evolved the analysis and the planning on those initiatives through the year, we've firmed up the level of savings that we think that we can get out and we're just more confident now that there's an extra AUD 3.5 million to come. As you can also see on that slide, that rolls into the AUD 22 million of savings that we're calling out for FY 2027. That AUD 22 million of cost savings in 2027, it's not all going to be delivered on the 1st of July, or it hasn't all been delivered in on the 1st of July. That will roll some of the annualization. That will be AUD 22 million in 2027, but the annualization of that amount will be greater and will roll into 2028. That will help create some momentum towards the 20% target for EBIT X MI margin in 2028. That 20% has been our medium-term target for the last few years. We have always said that is where we want to be in 2028. We have also been pretty clear that is not the end game. That was a sort of medium-term staging post. We will get to 2028 and then we will see where we can go beyond that. No, I appreciate that, Nick. Just one other. I know you talked about this at the top of the call with Nigel, but can you just go through again the drivers of the mix shift change in shared services? Obviously, I understand the recent acquisitions being lower margin, but some of that high margin business, and potential loss of business there. I just need to understand what is driving that. Yeah. Just one particular contract that will not repeat. It was high margin, it was lucrative, but it will not repeat. It has come to its end. We are replacing that revenue. Albeit the revenue that we are replacing it with is at lower margin. It is just a normal change in business mix. We see this from time to time. It will just change the margin profile. Thank you. Your next question comes from Ed Henning from CLSA. Please go ahead. Hi. Thank you for taking my questions. I will try to be quick. Just following on the questions on Corporate Trust and the client that is growing their non-exposed balances. If you look at the pipeline going forward for Corporate Trust, where you are winning mandates or winning clients, can that skew it a little bit more towards non-exposed balances where you have got an advantage there, and how should we think about the pipeline that you have got for Corporate Trust and how you are seeing that on balances, that is? Yeah. From a Corporate Trust perspective, our balances, and if you include MMFs as well, are probably at historic highs since we acquired the business. So that bodes well. As you know, different products place the balances into different buckets. On the non-exposed stuff, it is really all about some of the residential mortgage-backed securities, CMBS, et cetera. Because when you do a deal, you have got multi-years of revenue with that deal. But I look at some of the new deal count, and I am doing a comparison year-on-year. We are doing okay. And I think that just in one single reporting period, you might have a stack that comes in, and it moves it to non-exposed rather than exposed. But I think that we can see in the fee revenue growth of just short of 10%, we are seeing an increase in deals. We are seeing an increase in average revenue per deal. The EBIT X MI target on this business has continued to climb, which is always a goal of ours post the acquisition. I think that the nature of the market will drive where some of these balances go, and sometimes we do not have control over what is going to pop, what is not going to pop. The most important is Corporate Trust being a very stable, reliable, underlying structural growth as far as debt issuance is concerned. And our goal is to make sure that we maintain and grow our market share and look at how we can drive additional fee revenues rather than just margin income revenues. And I think the team have done a good job on that. Okay. Thank you. And just one last question. You talked before about potential acquisitions and obviously remaining disciplined. If we think about the current environment, is it more likely to see in the next 12 months or even 24 months bolt-on acquisitions to larger ones that you are looking at, or there is a potential opportunity for a larger one in the near term if it does come through? Yeah. I mentioned the teams have been busy. We've looked at businesses that had enterprise value from AUD 100 million to AUD 800 million over the last six months. Projecting forward on the assumption that some of these things come to market, there's assets with rough enterprise value of AUD 1 billion to AUD 1.5 billion and everything in between. There are reasonable opportunities out there. As I said, the teams have been pretty busy looking at some of these things. But prices are still a little bit high. Some of these assets that we've looked at have been sitting within private equity vehicles, so we're always a little bit nervy around that in terms of looking at the growth profiles, et cetera. I think to answer your question, there's some sizable things out there, and there's also bolt-on things out there, and we'll continue to look at them and see whether they can add value to the group. Okay. Thanks, Stuart. Thank you. Your next question comes from Andrew Buncombe from Macquarie. Please go ahead. Hi, guys. Thanks for taking my questions. Just one from me. Just interested in a bit of an update on where you are at with getting your licenses in Europe for Corporate Trust. Thanks. Yep. So two areas. One is the U.K., which is with the FCA, then also the Dutch regulator. The Dutch regulator always takes a little bit longer. I think we are eight-plus months away from that. From a U.K. perspective, I probably expect to hear within the coming weeks. I think I mentioned before, FCA have been pretty good to deal with. The case officer has green-lighted, put it up the chain. There are some formalities that need to be done. But I expect that, as I say, within days or weeks rather than a protracted process. I am not expecting any particular issues. From my perspective, positive. Then just for context, when you get those licenses, how long should we expect before you start to write or sign up new contracts? What is the lag there? Thanks. Yeah. Well, we have existing clients that are in our U.S. books that want to do things in that marketplace, so that is where we will start. There will be some modest organic beginnings of these businesses, and then we will look to supplement that with inorganic opportunities. Right. That is it from me. Thank you. Thank you. Thank you. That does conclude our time for questions. I will now hand back to Mr. Irving for closing remarks. Well, first of all, thanks, everyone, for dialing in, and also for your questions and your interest in Computershare. Me and my team really look forward to meeting with many of you over the coming days. Thanks very much.