I would now like to hand the conference over to Mr. Peter Tonagh, Chairman. Please go ahead. Thanks, Chuck. Good morning, everyone, and welcome to the GTN investor call in relation to the FY 2026 financial year. I have with me today our Global CFO, Ben Brooks, and our Chief General Counsel, Sophie Jackson. Our Global CEO, Vic Lorusso, has unfortunately suffered a sports injury over the weekend and can't be with me today, but I know that he'll be listening in intently. FY 2026 was undoubtedly a challenging year, a year of significant market disruption, but GTN has come through that period leaner, more focused, and better positioned for the future, and we're excited about the opportunity ahead for you, our shareholders. I want to make four simple points about our positioning before handing over to Ben to take you through the FY 2026 financials in more detail. First, GTN continues to deliver a unique proposition to both our advertisers and our affiliate networks. We offer one of the largest, highest impact broadcast audience reach propositions in each of the four markets we operate in today, and those four markets are among the top 10 advertising markets in the world. Second, our position in this market is underpinned by long-term affiliate agreements that are now largely secure in Australia, our largest market, until at least 2030. Our proposition in Australia is anchored by our long-term agreement with SCA, Australia's largest audio provider, through a contract that runs through until 2046. We've recently added a key new affiliate and extended other major contracts until around 2030. We will not renew one large affiliate agreement at the end of the year, contributing significant dollar savings while retaining our reach proposition through our new affiliate and the extension of coverage with existing affiliate partners. A third point is that this proposition translates into significant cash flow, which is the metric that we've determined to be our primary measure of success. Last year, we generated AUD 22 million in free cash flow while securing an annualized AUD 15 million of cash savings per year through affiliate renegotiations, our exit from aviation, and operating efficiencies from initiatives including AI. We expect AUD 20 million per annum of run rate operating cost savings by 2028. The vast majority of which have already been enacted. We've also been very focused on improving the way we grow revenue. Across the group, we're strengthening our direct relationships with clients, expanding access to new opportunities through agency partnerships, and becoming more disciplined in the way in which we manage and monetize our premium inventory. Finally, with that free cash flow, we continue to focus on returning cash to our shareholders. With today's declared dividend of AUD 10 million, we will have returned over AUD 67 million in cash to shareholders over the past two years while maintaining a conservative balance sheet. We expect to continue to distribute 100% of NPATA each year, which, based on recent guidance, represents a 13%-26% dividend yield for FY 2027, based on today's market capitalization. Overall, we believe that we are very well positioned for the future. I will now hand over to Ben for some more detail on FY 2026. Thank you, Peter, and good morning, everyone. Group result. For the full year, group net revenue was AUD 156 million, down 13.4% on FY 2025, and adjusted EBITDA was AUD 13 million, down 21.8%. Both were ahead of guidance. Bridging the two halves. At the half year, we reported revenue of AUD 82.5 million, down 14.7%, and adjusted EBITDA of AUD 5.8 million, down 53%, alongside a AUD 41.5 million non-cash impairment against goodwill and intangibles in Australia and the U.K. The second half recovered meaningfully as cost actions were realized and Brazil's momentum continued. Full year adjusted EBITDA of AUD 13 million implies second half EBITDA of approximately AUD 7.2 million, over 20% higher than the first half. FY 2026 segment performance in summary. Australia grew EBITDA despite weaker revenue on the cost-out initiatives. Brazil was our standout with strong revenue growth, which converted into dynamic margin expansion. Brazil is now our fastest-growing market and is continuing to invest in new regions, which are not yet at full expected run rate. Canada underperformed in a tough ad market. Management has reset the cost by providing a path to profitability. The U.K. faces structural headwinds from a changing media landscape and are reviewing options to restore profitability or eliminate the risk of sustained losses. Corporate benefited from disciplined cost management group-wide. Cost initiatives. We actioned AUD 12 million of annualized savings in FY 2026, of which approximately AUD 6 million is reflected in this year's result. The balance flows through in FY 2027. This included renegotiating key affiliate arrangements in Australia, the non-renewal of one of ATN's key agreements from 31st of December 2026, offset post-year-end by a major new affiliate partnership and strengthened inventory allocation with our largest radio network partners. Management believes it will continue to have sufficient inventory to satisfy its advertising customers following these changes. Combined with these affiliate changes, we have identified a further AUD 8 million of annualized benefit, partly recognized in FY 2027. Together with the full year impact of FY 2026 savings, that converts to nearly AUD 20 million of cost savings in FY 2028 and beyond. This shift to an asset-light model has cut annual CapEx to under AUD 1 million going forward, down from AUD 3 million-AUD 5 million historically, and no operational impact on client service. We expect a further AUD 1.5 million of cash proceeds in early FY 2027 from the sale of the remaining aviation fleet. Cash flow and balance sheet. Net cash from operating activities was approximately AUD 22 million, up around 69% from AUD 13 million in FY 2025, including a AUD 10 million benefit from working capital management. A further AUD 5 million was realized from the asset sales tied to the aviation exit. Cash on hand rose to AUD 33 million at 30 June 2026, up from AUD 21 million a year earlier and AUD 28 million at the half year. Net debt closed at approximately AUD 2 million and down from AUD 7 million at the half year, despite returning AUD 46 million to shareholders during the year via the capital return in August 2025 and interim dividend March 2026. At half year, we had fully drawn our AUD 35 million debt facility to fund that return. Second-half cash generation brought net debt down to AUD 2 million. Capital management. The board has declared a final FY 2026 dividend of AUD 5.24 per share, franked at approximately 16%, totaling approximately AUD 10 million. Record date, 4 September 2026. Payment date, the 21st September 2026. On payment, GTN will have returned approximately AUD 64 million to shareholders via dividends and capital return over the past two years, plus AUD 3 million via an on-market buybacks, a total of approximately AUD 67 million in capital management initiatives against our current enterprise value of approximately AUD 40 million. Consistent with our disciplined approach, the board intends to pursue further returns subject to ongoing capital requirements and prudent balance sheet. FY 2027 outlook. FY 2027 will benefit from the full run rate of FY 2026 cost initiatives and part-year contribution from the new affiliate improvements. The board has confirmed FY 2027 adjusted EBITDA guidance of AUD 15 million -AUD 20 million, expected to translate to NPATA of AUD 5 million- AUD 10 million. Consistent with our capital management policy, the board intends to distribute 100% of NPATA to shareholders in FY 2027. Indicatively, a dividend yield of 13% - 26% on that range. With that, I will hand back to Peter. Thanks, Ben. That concludes our briefing. Before we hand over for questions, I want to thank Vic, Ben, and Sophie for their leadership of the fabulous GTN team, our country heads for navigating the challenging environment and making the most of it to reset the business, and you, our shareholders, for your ongoing support. Are there any questions from shareholders? Thank you. If you wish to ask a question, please press star then one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star then two. If you are on a speakerphone, please pick up the handset to ask your question. The first question will come from John Burgess with RaaS Research. Please go ahead. Hi, good morning. I am just interested if the working capital release, I think it is now, in my calculations, it is about - 6% of revenue. Is that a sustainable number going forward? I think it will probably settle where it is now, I think. Once again, half of the AUD 10 million is contributed through the accounts receivable and half was with regards to the accounts payable. I would say it would be settling where it is today. Have your affiliates just given you better terms in terms of payables? We definitely have worked harder with regards to our payables, yes. Also, we have just implemented a new finance ERP system that obviously has also contributed a lot to better management of our suppliers. I'm just interested in your guidance. What's your assumptions around cycle versus cost savings? Can you give some color on that? John, thanks for the question. I think you mean in terms of the advertising cycle? Yeah, I guess probably more the revenue side of- Yeah With the cycle over, that's right, in terms of what you're controlling with your cost out. Yeah. I think first of all, we're a very small part of the total audio advertising market. I think we're less think about the total market as the driver of our revenue. Having said that, we're very realistic about the audio market and the position it's in right now. Obviously, the change in the total market varies depending on the country that we're talking about. We expect that we're going to see continued pressure in the market, in the U.K. in particular. In Canada's had a very tough few years from a market perspective. We don't expect to see a full recovery, but we expect it to stabilize a little. In the Brazilian market, we still expect to see continued growth in that market. It's always hard to tell, and that market's a bit more volatile, but we do expect to see continued growth. In the Australian market, we're in line with the forecasts for the Australian market, as you'd expect. We're really following the guidance of the experts in the market. In Australia, if I look at the numbers, I think, adjusted EBITDA before any one-offs, first half was about AUD 6.6 million, and the second half was AUD 13 million. Should we look at AUD 13 million as an annualized rate achievable in FY 2027? I think, as Ben mentioned, the second half performance was definitely better than the first half. That's associated largely with improvements in an affiliate agreement that we had renegotiated. We'll see the full year impact of that half in the second half of this year. We won't be renewing that affiliate for calendar 2027 and beyond. We'll see very significant cost savings flow through in the 2027 calendar year. Okay. A final one, just an update on the aviation fleet. How many helicopters do you have left and will have left going forward, if any? We expect to have no aviation moving forward. I believe one fixed-wing asset was in Canada at year-end, I think, and has been sold and we have exited. There is one helicopter in Brazil, which is in the process of being sold right now. Post that, we will be completely removed from aviation. There are a couple of reasons for that. The first reason is, clearly with the improving technologies, including a whole range of different sources of traffic information, it is no longer critical to our business. The second thing is, it is pretty high cost. The third thing is, there is obviously a lot of risk associated with being in the aviation business, and as an organization, we would prefer to be out of that risk. Presumably, there is obviously a COGS saving, and there is also a lower depreciation going forward because of the sale of those assets. Yeah. It is a combination of, we will see significant reduction in CapEx costs. Helicopters obviously have significant CapEx, and so our CapEx is expected to be sub AUD 1 million a year going forward. You are right, also in terms of improvements in depreciation, but most importantly, operating cost savings. Great. Thanks for your time. Thanks, John. Thanks. Again, if you have a question, please press star then one. As there are no further questions at this time, I would like to hand the call back over to Mr. Tonagh for any closing remarks. Please go ahead. Thanks, Chuck, and I'd just like to thank everybody for joining the call. Again, thanks to the leadership team here at GTN for all of the effort. Once again, we're excited about the future opportunities with a refocused business in GTN, and look forward to updating you further after the first half. Thank you. Thank you. This does conclude our conference for today. Thank you for your participation. You may now disconnect.
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