I'd now like to hand the conference over to Mr. Ian Ball, CEO. Please go ahead. Good morning, everyone. Welcome, and thanks for joining us today to go through the Enero Group FY 2026 results. I am here with my CFO, Tracy, and we will be taking you through a presentation. At the end, there will be an opportunity to ask questions. With that, I am going to get straight into it. On the first slide, page number two, I would like to go through the highlight of our FY 2026 results. Very pleased to report that our continuing operations delivered 9% EBITDA growth and 54% net profit and EPS growth. Disciplined cost management and a continued focus on operational excellence allowed us to generate these results on a slight decline in our net revenue. In addition, we will be paying a AUD 0.014 fully franked dividend, which represents a payout ratio of 31% on an adjusted EPS. That is consistent with our dividend payment, which is a historical ratio of about 30%-50% of our adjusted earnings per share. What we are particularly pleased about is that the group EBITDA margin grew from 10.2% to 11.8%. As I have already mentioned, a lot of that result was delivered by really disciplined focus on execution and cost management. That is both in head office, our corporate center, and within the agencies. That is something that we will continue to focus on as we go forward. That is enabled also by the implementation of AI, and I will talk a lot more about that as we get more into the presentation. I think the results for the group can be really discussed in two parts, the Australian agencies and then the results of Hotwire. For the Australian agencies, I am particularly proud that they delivered exceptionally strong results. All agencies delivered double-digit margin, but for the Australian agencies, we saw really top of the market EBITDA margin results. BMF delivering 23% margins, up from 20.1% a year ago, and Orchard delivering 21.8% margins, up from 19%. In addition, Orchard had a record year, both on revenue and on EBITDA dollar and on EBITDA margin. BMF had a record year in terms of its EBITDA. I think that is particularly notable in a very, very tough competitive Australian market, where if you look across our competitors, including the global holding companies, with one exception, all of those competitors were reporting a decline in their results in this tough market. We are very, very proud of the results for the Australian agencies. For Hotwire, we maintain double-digit margins, although as you can see from the results, they are operating in a very difficult U.S. market. Continued downward pressure from the market, resulting in a 19% decline in our revenue year-on-year in Hotwire and a 33% drop in EBITDA, but still operating at 11.6% margin. From a diversification point of view, one of the strengths, as you have just seen of Enero, is the fact that we are diversified. We are diversified by industry, we are diversified by geography, and that we have a strong retainer base in our revenue mix. That continued in the year of FY 2026. In particular, of note, the retainer-based revenue that we have is 60% of our revenue. The other 40% is project work. The strength of the Australian agencies increased their share of our total revenue. Australia and Asian-based revenue is now 54% of our revenue mix, 28% coming from the U.S., and the remaining 18% from the U.K. and Europe. Now to turn to a bit more detail on each one of the individual agencies, and first of all, to speak about Hotwire. Hotwire is a business that is in transition. We appointed a new CEO, Grant Toups, in January, and Grant is setting about working on improving the performance of the Hotwire business. We are coming off three or four years of decline in the Hotwire business, and we are reorienting the strategy in the Hotwire business and the operating model and the go-to-market focus of that agency. As I said, that is work in progress. What is pleasing about the Hotwire progress is the U.S. business, which is the largest unit in Hotwire, stabilized during the last six months. But we still have a lot of pressure in our business as it relates to Central Europe, which is not performing as we would expect it to, and in particular, the ROI performance management unit of the business. What we are seeing in the ROI business is that that serves core technology players. As AI enters the market, those players are adopting AI to do more of the work that historically the ROI agency would have done. That is requiring us to shift our focus on the services that we provide, requiring us to provide those services at lower cost, and requiring us to simplify our operating model. We have a lot of work in ROI that is already underway to respond to a changing market as AI impacts our clients, as they bring increasingly more work in-house, and as we continue to prosecute what we think is a value-added go-to-market strategy. That work is already underway, and that has a big impact on the Hotwire result in FY 2026, and we will talk more about that when we speak about the outlook for Hotwire in the final slide. One of the bright spots in the Hotwire business, aside from the U.S. core business, is the momentum that we now have in the AI lab. That is really in two respects. One is that we have some very strong market-based value propositions, products that the AI lab takes to market, and we are generating significant commercial benefit from that, not only in the revenue from those products themselves, but as we embed them into the Hotwire business, we are increasing our win rates, and we are increasing our stickiness with existing clients. The second benefit of the AI lab is it is really empowering the whole of Enero's AI transformation. I will come on to speak more about that later on. But we are very pleased with the capabilities that are growing the AI lab and the impact that it has across the whole group. The other notable thing about Hotwire in responding to the pressure in the core technology market, which has been in decline, as I said, for several years, is that we are expanding our addressable market. The benefit of AI being pervasive across almost every business is that we have brand permission now to work in a much more diversified set of clients. We are moving our go-to-market focus outside of core technology into adjacent sectors like fintech and consumer tech, where as you can see from the logos on this slide, we are already picking up new clients in that sector. As AI pervades the market, being a tech-focused PR, comms and performance marketing business, we are addressing a much bigger market going forward, and that is part of the reorientation that started under Grant's leadership and will continue in FY 2027. Moving on to BMF, a really great performance, as I said before, in a very difficult market. BMF delivered record EBITDA of AUD 8.8 million and a 23% EBITDA margin from 11% growth. You can see there the increase in productivity that has driven that margin increase. BMF went under a really significant transformation in the second half of FY 2026, which will continue in the future, which was about making the operating model much more efficient, enabled by AI, simplified processes, and more efficient and better disciplined execution. As a result, the cost base has dropped, and the margins have gone up. What is also particularly pleasing at the same time as all of that transformation is that BMF continues to win awards. We won the Global Brand Effie for Aldi's Australia Shop Aldi First advertising campaign, and we won the Creative Agency of the Year at the AdNews Awards. We are very proud that BMF continues to occupy the position of the most creatively effective advertising agency in Australia. Our transformation that we are focused on is to maintain and extend the lead that BMF has from that perspective. In addition, while we lost Westpac and Endeavour through changes in leadership structures at both of those organizations, we continue to win significant new clients, and we are very pleased to announce at the end of FY 2026, we had a major win with Asahi. In addition, we are just able to announce as well that we also won Superloop at the end of FY 2026. We have got a healthy pipeline, and we expect that winning behavior to continue as we look forward. Moving on to Orchard, as I have said before, a record performance for Orchard. Record EBITDA of AUD 6.1 million, and a 21.8% margin from a record-breaking revenue of AUD 28 million. Orchard is a business with two primary sectors in it. The healthcare vertical, which performed very strongly in the year. We were selected as the agency of record for Eli Lilly's GLP-1 portfolio in Australia and New Zealand, an incredibly successful launch, and geographic expansion with Merck, one of our key clients, where we are working with them in the U.S. and also with Eli Lilly in New Zealand. We continue to win new pharmaceutical clients, and within the clients that we have, we continue to expand our remit and our growth through the excellent delivery that we are enjoying with those clients. The second sector is consumer, and we are also benefiting from new client wins and geographical expansion with Hyundai, one of our key consumer clients, which offset some reduced spend with some existing clients in, as I said, a tough market in Australia and New Zealand. But despite those pressures, we improved our margin, and we delivered significant top-line growth. Similar to BMF, Orchard continues to win awards. We were recognized at the PRIME Awards winning Marketing Campaign of the Year for the third time in five years. We were also awarded Optimizely's Customer Partner of the Year, a second year in a row, and we are accredited across major marketing AI platforms, including Optimizely Opal. As we turn to look at what has happened with our cost structure during FY 2026, it is more of the same. We continue to focus ruthlessly on margin management and cost management. I have already talked about the agencies in looking at their operating model during FY 2026, in implementing AI and other cost reduction measures to simplify the operating models, to simplify processes, to increase productivity, and to allow increased margins despite downward pressure on revenue. The same is true for the corporate cost center as well. We continue to look in the corporate center as to how we can become more efficient, and how we can reduce our costs. You can see a significant cost reduction in the slide there between FY 2026 in the first half and in the second half, some AUD 5 million lower cost basis. I would like to spend some time looking at AI. This has been an incredibly key focus for the leadership team across all of the agencies and the head office of Enero. My background for some of you that might know me is I come from a consulting, technology, and transformation heritage, and I am very pleased to announce the results that we have achieved in FY 2026 on our AI strategy, and most importantly on our AI implementation. Unlike some other businesses that really focus and measure their AI implementation on usage, that is not where we focus. We are focused on AI as a means to an end, and the key areas that we focus on is how is AI improving our efficiency and how is AI improving our effectiveness. In every single program and every initiative that we invest in in AI, it has to pass that test of an efficiency gain or an effectiveness gain. The initial focus in FY 2026, particularly for the last six months of FY 2026, has been on efficiency gains, and you can see those results in the margins that I have already talked about. That is across each one of our agencies and underpinned by a corporate infrastructure. Let me talk about the corporate infrastructure first, because that is often forgotten by many businesses that are just focusing on the front-end benefits. What is critical to us in parallel to the agentic enablement of our agencies is that we are able to do that with a safe, secure, properly governed infrastructure. Our client data is secure, our data owned across Enero is secure, and that when we connect up front-end AI agents with our back-end files and our back-end enterprise software, we are doing it in a secure way, and we audit that security with an outside firm. We have been progressing that very aggressively throughout the last six months, and we have set up a new infrastructure and a new platform that allows the agencies to build their front-end agentic enablement. Let us turn to the individual agencies. Hotwire was the first cab off the rank for us in terms of embracing AI, and that was really through the AI labs. As I have already mentioned, we have three products in market at the moment through the AI labs, and that will soon be followed by a fourth product, which we have already piloted with a client with very effective results. The AI labs in FY 2026 generated a 3x higher revenue result in Q4 than they did in Q1. What we have also noticed is when we embed AI lab capability and the products like Spark into our pitches, then we have a 30% higher win rate in those pitches than in pitches that do not include the AI capability. We are delighted with the capability that we are building through the AI labs and the very efficient delivery structure that we have there. Our AI lab leader is based in Singapore, and we have most of the team that deliver our AI lab product and capability offshore in India. An example where that is embedded into the Hotwire business is through the work that we do in data and analytics. An example of that is for our AI-enabled research and intelligence, we can increase the brief to insight time by about 50%. We are 50% quicker across platform analysis of performance media companies, and we can deliver much deeper insights through the AI enablement of the human talent that we have in those businesses. Overall, we are generating about a 45% reduction in the time spent on analytical drafting for quarterly client reports that we pretty much do for all clients in the Hotwire agency. You can see efficiencies across the agency. That is just the beginning. That is what we have got started on in FY 2026, and more of that is coming in FY 2027. In BMF, we had, as I mentioned, a major transformation during the second half of FY 2026 for one of our key clients, where we took a process view. We examined the end-to-end process of a very complex client-driven process across production and delivery, and we have enabled two really enormously important AI agents to accelerate and reduce the cost of our delivery on that particular client. Those agents are now being deployed across the rest of BMF. Examples of some of the metrics that we generated on that AI-accelerated image production reduced our delivery time by 36%. One of the things that we get often from our clients is very complex briefs that come in all kinds of shapes and sizes, emails, documents, attachments, and can be very complex to decode and to deconstruct into the work that we need to do. We now have an agent, an AI agent, that ingests all of that from multi different files and different sources. We've generated a 93% reduction in the time spent processing complex bid briefs and deconstructing that into the work that we need to do to respond to those briefs. That's reduced our time from days to hours, and that's days of some very expensive people in the agency. It's allowed us to be much more effective in how we understand those briefs, generate insights, and generate campaigns and work as a result of that. Overall, if we look at the BMF structure, and in particular that large client, we're generating 31% faster end-to-end retail production. That was one big transformation. Last week, we launched a second large transformation where we launched the rather catchy name of Noggin, as in use your noggin, use your head. Noggin is our friendly agent for the whole of the BMF agency, available to all of our staff on all of our clients. Within Noggin, we have generated 30 AI skills that are available at launch. Again, that's just the beginning. We will continue to build on that skill set. Some of the skills that are available in Noggin to all of our people capture years and years and years of institutional knowledge that BMF has as Australia's most creatively effective agent. Just to read out some of a few of them. The Cultural Radar is one of the agents within Noggin, senior cultural intelligence analyst specializing in Australian and global consumer culture. We know the Australian market. We've taken that knowledge, we've put it into an agent, and that allows us to refine our pitches and our creative brief refined to the Australian business. Brand Visualizer, a second one, generates on-brand visual references and mood board assets from very brief inputs that really get our creative humans started on the journey and provide great augmentation for them very effectively. Brains Trust, this is the one that I'm really excited about. The dynamic panel of domain-relevant experts. We've basically almost created a board of advisors of leading lights in advertising and marketing, and we bounce ideas off them. We can take a topic, and we can use that advisory board, that Brains Trust, to help us refine what oftentimes are chaotic ideas into actionable next steps. Then there are others that we use day to day. Storyboard maker, creating visual storyboards from scripts, and an image creator, lifestyle images for retail brands created digitally. That again, as a start point for our creative teams, creating something that is truly differentiated and has that superior effectiveness that we're known for. Let me turn to Orchard. Part of Orchard's business is website design and enhancement. I think it's pretty well documented now that AI agents are generally seen as being more accurate, more effective, and certainly a lot more cost-efficient in code development. We have developed and implemented a code-writing agent, and we continue to get tremendous returns from that. We're 43% faster on the first set of clients that we have used that agent on in Q4, and it's already reducing our first draft time on content delivery by about 50%. These are just early-term initial pilot gains, and we expect these gains to continue to go up as we enter FY 2027. We're also very excited, again, last week, in our launch of AudienceIQ. AudienceIQ is a synthetic audience research capability that we use to better tailor our creative to target audiences. Traditionally, we would come up with creative treatments, and we'd have to go to external agencies to do in-depth, in-person market research, which was very costly and very time-consuming. Now what we're able to do, having created this synthetic audience, is to run many different scenarios at much lower cost, at much faster speed through our synthetic audience to get real-time input, so that, again, we can enhance the creative brief that we have, the content that we have to have more impact and to create more effectiveness. So those are just a number of the things that we achieved. They're not strategy. They're actually implemented in FY 2026, and that will continue to extend into FY 2027. Let me now pass over to Tracy, our CFO, who's going to take us through some more detail on our key financial metrics. Welcome, everyone, and thank you, Ian. Turning first to our statutory P&L. I wanted to talk mainly through the items below EBITDA, but before I start on that, I wanted to talk about our staff cost ratio that forms part of EBITDA. Our staff cost ratio for both the agencies and the total group has reduced for the agencies from 72% last year to 70% this year of our focus on operational excellence that Ian has talked about. From a total group perspective, that has improved from 78% last year to 75%. Now, turning to items below EBITDA. Our depreciation and amortization, including right of use assets, remain broadly the same as last year. Our net finance cost has reduced to AUD 1 million from AUD 1.2 million, and that is really a result of the smaller debt facility that we entered into in June 2025, as well as present value interest ending on our contingent consideration, which the final payment came out in this half one of this year. In terms of our tax expense of AUD 2 million, that reflects an effective tax rate of 0.4%, significantly lower than the 39% last year. That is because we're benefiting from the release of prior year tax provisions, mainly in the U.S. We would expect the effective tax rate going forward to be higher than the 0.4%. All those items bring us to an adjusted net profit of AUD 6.4 million, 54% higher than AUD 4.2 million last year. Looking now at the rest of the statutory P&C. Amortization on acquired intangibles and our tax was lower at AUD 2 million, as some of that amortization has finished. Our statutory net loss for the year was AUD 37.4 million due to significant items of AUD 41.8, which is mainly non-cash in nature. I will turn to the detail of our significant items on the next slide. Significant items for the year was AUD 41.8 million, largely non-cash in nature, mainly made up of the AUD 39.8 million of impairment loss and intangible write-down that was primarily driven by the new term performance outcome of ROI-DNA. As mentioned before, it is non-cash in nature. The reassessment of useful life and survey adjustments are both non-cash, with restructuring and other costs of AUD 3.8 million, largely relating to transformation costs in Hotwire Global throughout the year, and of the transformation that we undertook in BMF at the end of FY 2026 Q4, which will deliver benefits through to FY 2027. Turning next to our cash flows. Our cash conversion was 62% of the EBITDA for the year, and that percentage has been impacted by the restructuring costs that we went through earlier, as well as a AUD 3 million negative working capital movement, which primarily relates to cash held on behalf of clients, and that has come down throughout the course of the current year. Tax payments on a reported basis was AUD 1.4 million, which is lower than on a reported basis of AUD 4.9 million last year, but slightly higher than on a continuing operations of AUD 0.7, and that is mainly due to timing of tax payments for the year. Free cash flow was AUD 1.1 million for the year, which compares to AUD 0.6 million last year, and that is mainly impacted by movement of working capital. In FY 2026, we also had AUD 1 million of cash outflow relating to the OBMedia disposal, which happened at the end of the year. That is now all finalized in terms of cash outflows relating to that disposal. Then also in half one of the year, we also had AUD 4 million of contingent consideration payments, which is the last contingent consideration payment that we have. Turning next to the balance sheet. At June 2026, we had net cash of AUD 24.5 million, as compared to AUD 27.5 million last year. Our leverage remains at zero leverage as we are in a net cash position, and we have AUD 11.4 million of our AUD 15 million bank loan facility undrawn at June 2026. We also extended our loan facility at the end of FY 2026 until October 2026. Our overall net asset position has reduced, largely reflecting the impact of the non-cash impairment. Now I will hand back to Ian on outlook. Thanks, Tracy, for a very speedy review of our financial results. On the outlook, one of the commitments that I made to our investor group when I came in was that of transparency. We started that last year by splitting out the THC group into individual agency results. You just heard what the results were by agency, and there's a lot of narrative and detail around that. We want to continue that theme of transparency going forward. Part of that is that we wanted to provide a more detailed outlook than perhaps historically that we have done. In particular, talk about each of the individual agencies. Let me get into it agency by agency. First of all, Hotwire, I think you're gathering from the FY 2026 results that Hotwire is still a business in transition. Grant joined in January and continues to make really positive changes in the business. We are getting ahead of a very dynamic market where the impact of AI is no more obvious than it is in the core technology client group that we have. As I mentioned, some of those clients are enabling themselves with AI, and in the case of the ROI service offering around performance marketing, they are finding that they are taking some of the scope of work that we used to perform for them in-house. That is having a major impact on our outlook for ROI and therefore our outlook for Hotwire. As a result of that, we are taking some very affirmative action on the business structure of ROI, to improve and optimize the profitability of Hotwire going forward in FY 2027. More of that in a moment. The positive side of AI and the proliferation across the market is it's allowing continued diversification for Hotwire to address new clients and new sectors that it hasn't been able to address. Particularly, that is led by the expansion of our AI labs and the products that the AI labs takes to market, which is helping us win new clients in those sectors that historically we wouldn't have been active in. The third point is that we've taken a decision to accelerate the performance of Hotwire to get it up to where we would like to see it comparable to the Australian agencies to actually strengthen our leadership. As a result, we're in the final rounds of selecting a new leader for the core U.S. business, coming into a strong platform. Also for key markets in our European business, where we are appointing new leaders who will be soon appointed in FY 2027 to continue to build pipeline and execute strongly in those markets. I mentioned ROI at the beginning. Let me come back to that. Specifically on ROI, because of the changes that I've been through, we're expecting a revenue reduction of around 30%-50% for FY 2027. Where we've seen that before, we've been very swift to act to protect our EBITDA by taking out cost and restructuring, and that's exactly what we will be doing for ROI. On ROI-DNA, we will be taking the capabilities that they have and integrating them more closely into Hotwire to deliver an operation that has a materially lower cost base, that has a simpler operating model, that is more tightly integrated with Hotwire, and as a result, minimizes the impact of that. What we expect to see is a continued revenue decline in that business. On the whole, for FY 2027, our revenue planning is somewhere between 5% and 15% below where we see the second half of FY 2026 on a run rate basis, reflecting that AI disruption at ROI and the continued volatility in the technology industry. As a CEO, it is one area that I am spending a lot of time with Grant Toups, to manage that complex restructuring and transformation. On BMF, we came off what was a record year in FY 2026 with an FY 2027 revenue planning assumption of around about 10% to 15% below FY 2026 second half, reflecting the changes in the client portfolio. BMF transformed its operating model, as we have already talked about in the last quarter, to drive a much lower cost base in anticipation of that reduction in revenue and through the efficiency gains that we are getting through the AI implementation and offshore delivery that now is part of BMF operating model. We will continue to prosecute those efficiency gains in BMF. As a result, we are expecting that BMF margins will continue to improve through their very high base already, throughout the year. In addition, with the consolidation of global holding companies and clients coming to repitch through conflicts or through disappointment in service levels that they are achieving, BMF has a very strong pipeline. As we have already seen from the Asahi and Superloop wins, BMF is very able to compete at the top level and win very competitive new business. We are looking forward to converting a strong pipeline in BMF as we move through FY 2027. A part of that is that we will be developing a full service capability in Melbourne, aside from our Sydney base, both to serve Asahi, but to aggressively go after new clients alongside the other clients that we already have in Melbourne, like Tennis Australia. On Orchard, very positive momentum that we have seen in the FY 2026 results, and we see that continuing strongly in FY 2027. We are going to build out geographic expansion in healthcare and consumer, and we expect to deliver additional revenue in FY 2027. Very strong thesis across the whole agency with agentic by default, AI-led delivery model that will continue to roll out very strongly and deliver further efficiency gains in Orchard. In corporate, no exception to the AI rule. Agentic capability in all of the corporate functions in finance, in P&C, in legal, is already underway, and we will continue to drive that efficiency to keep our corporate costs down and to make sure that corporate is in service of our agencies. On share-based payments, which is another element of the corporate costs, a normalization is expected in FY 2027 off a low expense base that we had in FY 2026, driven by a reduction in probability weighting and an accounting adjustment on the cost of share-based payments as we move forward. That is the outlook. With that, I would like to hand over back to the operator to take any questions. Thank you. If you would like to ask a question, you will need to press the star key followed by the number one on your telephone keypad. If you would like to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Once again, if you would like to ask a question, please press star one on your telephone and wait for your name to be announced. Going to leave it another 30 seconds or so, but if there are no other questions, we will close the call. Thank you. As there are no other questions, that does conclude our conference for today. Thank you for participating. You may.
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