Ruslan Kogan, founder. If you have any questions, please put them in the Q&A box, and I will moderate the Q&A with Ruslan and David after the presentation. We will throw to the presentation now, and we will do the Q&A straight after. Thank you. Good morning, everyone, and thank you for joining us for the Kogan Group's FY 2026 results presentation. It is a pleasure to be here with David Shafer, our CFO, COO, and Executive Director. FY 2026 was a strong year for the Kogan Group. Kogan.com continued to perform well, while we made significant progress through the operating reset at Mighty Ape. We also continued to invest in the capabilities and operating model that we believe will support the group's growth over the years ahead. David and I will take you through the financial results, the key developments across the business, and our priorities for FY 2027. Let us start with the highlights. The group exceeded AUD 1 billion in gross sales, representing an increase of 12%. Group adjusted earnings increased 14% to AUD 41.8 million at an 8.2% margin. The key driver was Kogan.com, where revenue increased 16%, gross profit increased 18%, and adjusted earnings increased 22%. At Mighty Ape, the operating reset started to show encouraging results. Platform-based sales more than doubled, fixed costs reduced 13%, and the business returned to positive adjusted earnings in the fourth quarter. Alongside this, we maintained a strong capital position, ending the year with AUD 36.4 million of cash and no external debt, after returning AUD 34.9 million of capital to shareholders. So, a strong year for Kogan.com with encouraging progress at Mighty Ape. I will now hand over to David to take you through the financial results. Thanks, and good morning, everyone. Let me now take you through the financial details behind those results. The group result was driven by strong growth and operating leverage at Kogan.com. Kogan.com revenue increased 16% to AUD 425.2 million, gross profit increased 18% to AUD 184.8 million, and adjusted earnings increased 22% to AUD 45.1 million. At Mighty Ape, we undertook a significant operating reset during fiscal year 26, including the accelerated inventory reduction and restructuring of the cost base. Against that backdrop, revenue within Mighty Ape reduced 30% to AUD 85.6 million, and the business recorded a AUD 3.3 million adjusted earnings loss for the full year. What is more important, however, is the progress we saw through the year. Mighty Ape's fourth quarter returned to positive adjusted earnings, reflecting the culmination of our One Group strategy run by One Global Team. Our focus now is on building on that progress sustainably through FY 2027. At group level, revenue increased 5% to AUD 510.7 million, gross profit increased 11% to AUD 210.9 million, and adjusted earnings increased 14% to AUD 41.8 million. This slide highlights both the quality of our earnings and the strength of the Kogan Group ecosystem. 73% of group gross profit was generated from exclusive products and services, products and services that only the Kogan Group can offer. That includes our exclusive brands, loyalty subscriptions, verticals, and advertising. This creates an important moat around our business. Our customers are increasingly engaging with products and services that are unique to our ecosystem, strengthening loyalty and differentiating our offering from our competitors. At the same time, 61% of group gross profit was generated from capital-light platform-based sales, up from 59% in FY 2025. These are highly attractive revenue streams with recurring revenues, minimal working capital requirements, and strong margins. Together with Kogan.com products, this gives us a diversified, increasingly capital-light earnings base underpinned by products and services that are unique to the Kogan Group. Kogan.com delivered a strong result across all the divisions in the business. Growth was broad-based with every division contributing products, Kogan Marketplace, Kogan FIRST, Verticals, and Advertising. That growth was complemented by improved sourcing, a greater contribution from higher-margin platform-based sales, and continued discipline across the cost base. The result is a business growing strongly at the top line, with expanding margins and generating increasing operating leverage. Adjusted earnings in Kogan.com increased 22% to AUD 45.1 million, ahead of revenue growth of 16%. This demonstrates the strength of the Kogan.com operating model, multiple growth drivers, improving margins, and a cost base that is scaling efficiently. Turning to Mighty Ape, the operating indicators improved materially through the year, although the recovery is still at an early stage. Adjusted earnings moved from losses in the first three quarters to a positive fourth quarter. Gross margin increased from 23.4% in the first quarter to 39.0% in the fourth quarter. This reflected the growth of platform-based sales and the completion of the deliberate clear-out of slow-moving, low-margin inventory. Quarterly fixed costs reduced from AUD 4.9 million in the first quarter to AUD 3.4 million in the fourth quarter, following the One Global Team restructure and rationalization of technology infrastructure. These are encouraging signs and provide a much better operating base. Our focus in fiscal year 2027 is on sustaining profitability while rebuilding the sales base in a disciplined way. Turning now to the group's capital position, which remains strong. We ended FY 2026 with AUD 36.4 million of cash and no external debt. Free cash flow increased 18.2% to AUD 38.3 million, while inventory increased by AUD 5.7 million to support growth in the Kogan.com products division, noting the significant reduction of inventory at Mighty Ape. During the year, we returned AUD 34.9 million to shareholders, comprising AUD 14.7 million in gross dividends and AUD 20.2 million through the on-market share buyback. That strong cash generation gives us flexibility to invest in growth while continuing to return capital to shareholders. For those who want the line-by-line statutory details, you can find them in the annexures. Turning to Slide 10, let's talk about returns. The strong cash generation and capital position I just walked through supports the board's decision to declare a final dividend of AUD 0.08 per share, fully franked. This reflects the strength of our balance sheet and our confidence in the group's ongoing ability to generate strong free cash flow. For those looking to reinvest, our Dividend Reinvestment Plan remains active, offering shares at a 2.5% discount to the market price. Key dates are on the right. That wraps up the financials. I will now hand you back to take a look at our strategy and outlook. Thanks, David. Before getting into the details, I would like to briefly explain our strategy and operating model and how the different parts of the business work together. Our strategy is built around two complementary engines, the product division and platform-based sales. Within products, our exclusive brands give us end-to-end control to deliver great quality and value, while our third-party range leverages global sourcing to provide unique and compelling offerings to our customers. Platform-based sales, Kogan Marketplace, loyalty subscriptions, verticals, and advertising allow us to offer incredible choice and value through capital-light revenue streams. FY 2026 demonstrated how powerful these two engines can be when they work together. At Kogan.com, where this model is most established, revenue grew 16%, while adjusted earnings grew even faster at 22%. That creates a reinforcing cycle. Compelling value drives more customers and sales. A larger and more engaged customer base creates more opportunities across our platform-based businesses. The resulting earnings growth allows us to continue investing in value and growth. That is the Kogan.com twin engine, and FY 2026 was a strong demonstration of it working. It is the operating model we continue to strengthen at Kogan.com and progressively apply across Mighty Ape. This slide really demonstrates the operating leverage we are seeing across Kogan.com. Strong revenue growth is translating into even stronger earnings growth as it moves through the profit and loss statement. We are generating better gross margins through scaled sourcing and sales mix while maintaining discipline across distribution, marketing, and our fixed cost base. Importantly, revenue grew at around twice the rate of fixed costs, allowing more of that growth to be reinvested in the customer offering and also to flow through to the bottom line. The result is the growth cascade you can see on the right. Gross profit grew faster than revenue, adjusted earnings faster again, and adjusted EBIT faster again. That is operating leverage in action. Growth at the top line being amplified as it moves through the profit and loss statement. Mighty Ape has undergone a significant operating reset over the past two years. In recent times, we introduced Mighty Mobile, migrated the business onto the new platform, launched Kogan Marketplace, integrated the team under the One Global Team and One Group strategy, accelerated the inventory clear-out of non-performing products, and rationalized the warehouse footprint. by 30th of June 2026, inventory had reduced to approximately AUD 10 million from AUD 21 million a year earlier, creating room for fresher and more in-demand products. Fixed costs reduced 13% across fiscal year 26. The fourth quarter delivered slightly positive adjusted earnings. This represents encouraging progress following the reset, but there is still work to do. Mighty Ape is operating from a materially lower sales base, and our focus in FY 2027 is to build on the operational improvements made, maintain cost discipline, and progressively establish a stronger and more sustainable earnings base. AI is becoming increasingly embedded across the way we operate the business. AI itself is not new to Kogan.com. We have been using earlier forms of AI and automation for some time, particularly across areas such as marketing and engineering, to improve targeting, automate processes, and help our teams work more efficiently. What has changed is the capability of the technology and the breadth of opportunities now available to us. We are increasingly building AI capabilities across the entire operating model, from customer care and logistics through to purchasing, engineering, marketing, and finance. We have already made meaningful progress in a number of areas, including customer care, engineering, and marketing, while other opportunities are at an earlier stage of development. Importantly, for us, this is not simply about reducing costs. Operational efficiency ultimately needs to translate into better outcomes for our customers. Better purchasing decisions means better products and more value for our customers. Smarter management of our logistics partners means faster, more reliable delivery. More effective marketing means more relevant offers. Automation across customer care and our internal functions allows our teams to spend more time on the things that add the most value. While we are still at the early stages of what we believe AI can ultimately deliver, we are not starting from scratch. We have already made meaningful progress and see significant opportunities to build on that foundation across the group. Ultimately, our objective is simple: use technology to operate more efficiently, make better decisions, and turn those benefits into greater value for our customers. Moving now to our trading update and outlook for FY 2027. July trading showed continued strength at Kogan.com, while Mighty Ape remains in the earlier stages of its recovery. July trading has provided an encouraging start to FY 2027. Kogan.com gross sales increased 13% in July. Revenue increased 18%, with the higher revenue growth benefiting from the timing of end of financial year sales made in June that were dispatched and recognized in July. At Mighty Ape, our priority in FY 2027 is to build on the operational improvements made in FY 2026, with a continued focus on cost discipline and progressively establishing consistent, sustainable profitability. Overall, group gross sales increased 9% in July, providing a solid start to FY 2027. Our priorities are straightforward. At Kogan.com, we will continue to pursue earnings growth through product sales at strong margins, further growth in platform-based sales, and disciplined marketing investment. At Mighty Ape, the priority is to build on the FY 2026 reset. We have a cleaner inventory position, a lower fixed cost base, and growing platform-based sales, but we remain focused on proving sustainable profitability before assuming a stronger growth trajectory. While we are optimistic about the coming period, we are also mindful of the significant uncertainty in the broader economic environment. For the group, we reaffirm our previous guidance of progressively growing adjusted earnings margins in the medium term towards 12%. We will continue to prioritize disciplined, profitable growth. Our longer-term roadmap remains unchanged, and this slide shows where we are today against those aspirations. Platform-based sales continue to demonstrate the attractive economics of these businesses, with FY 2026 margins already around the levels we are targeting over the medium term. The FY 2026 result reflects the impact of the accelerated Mighty Ape inventory cleanse. With that inventory reset now largely complete, we see scope to progressively improve the economics of the products business. At the group level, we finished FY 2026 within our medium-term margin range, with further upside dependent on continuing to grow our highly profitable platform-based sales and improving product economics. That is the roadmap from here: grow the platform, improve product profitability, and allow that combination to drive further operating leverage across the group. FY 2026 demonstrated the earnings strength and operating leverage of Kogan.com. While Mighty Ape finished the year with encouraging signs following a substantial reset. Our focus for FY 2027 is disciplined execution, continuing to grow Kogan.com earnings, building on the progress at Mighty Ape, and maintaining a strong approach to capital allocation. Before we finish, I want to take a moment to thank the entire Kogan Group team. There has been an enormous amount of work behind the results we have presented today. Our team has continued to innovate, find better ways of working, deliver great value for our customers, and embrace significant change across the group. David and I are incredibly grateful for the energy, dedication, and hard work of everyone across the Kogan Group. Thank you. On behalf of the board and our team, thank you all for your interest in Kogan.com today. We look forward to meeting with many of our shareholders over the coming weeks. As you have heard, we are finding practical ways to use AI across the business. Today's presentation has been another example, including the AI-generated versions of our voices you have been listening to. AI is not taking the questions just yet. David and I are here live to do that ourselves, so please stay with us for the Q&A. Thank you for that. We will now move to the Q&A. If you can see us all. Just to remind everybody, please, if you have a question to ask, please put them in the Q&A, and then I will cover it off in this session now that we are doing. We have one question, but as some other people might want to be putting questions in, I might ask a question first to David, because there has been perhaps some misunderstanding or some commentary around what do the July sales and the July revenue numbers actually represent, given that they are slightly different. Could you just please outline what has been the growth of Kogan in the first four weeks of this year? Thanks, Ron, and hi, everyone. We have reported both gross sales and revenue. For those who are not aware, gross sales represents the actual sales that come through our online cash register. So those are the sales that actually are taken from consumers. Revenue is when we ship the goods, so it is recognized sometime later. So you can see for Kogan.com, gross sales is up 12.8%. For Kogan.com, revenue is up 17.9% in the month of July. The uplift in revenue to gross sales reflects some of the end-of-financial year sales dispatched in July. Similarly for Mighty Ape, we are down on both gross sales and revenue, which is a follow-on from our operational reset, as we have just discussed in our presentation. So at a group level, gross sales is up 9% in July and revenue is up 6%. Thanks, David. We have a couple of questions that have come in from Victor Shin, and we will start with the buyback. How is the company thinking about the buyback versus reinvesting cash back into the business? Is the first question. The second is how are you deciding which way to go given the, up until this morning, the performance of the share price? Our approach to the buyback and dividends as well is that all excess capital that is not needed for the growth of the business is being returned to shareholders. So, we have progressively raised our dividend. We have been buying back shares because we believe that the company's share price represents good value. But we never do that in a way that diminishes the investment opportunities within the business. So you have seen in FY 2026 an increase in our marketing investment. We are building the asset at Kogan and at Mighty Ape. We are investing in our active customer growth, and we are growing the brand. So whatever is left over after business growth initiatives can be returned to shareholders. But our priority is always invest in the business first, and then excess capital is returned. Thanks, David. Maybe a question for Ruslan. This is the other question from Victor. Verticals have increased revenue by 2% despite having some good products. Is that below expectations or is it due to the type of customer that buys off Kogan being price-conscious? One thing that is important to keep in mind with our verticals is that the revenue reported in them is nearly always entirely dropped to the bottom line. What we report as revenue in the verticals is the margin that we make or the commission that we charge for our services with our partners in that division. There are verticals that are growing much faster. Some grow slower. But in general, that division had some of our strongest verticals performing at levels that we are comfortable with and are quite enthusiastic about into the future. Thanks, Ruslan. A question from Xiao Li Sun. Just asking about an apparent drop in EBITDA margin in May to June in Kogan.com. Was this due to end-of-financial year revenue timing, including June sales recognized in July, or does it reflect something else? Kogan.com EBITDA margins have grown this year. You can see on slide 7 that overall EBITDA margins are climbing from 10.1% to 10.6%, and that reflects ongoing operating leverage within the business. If you look at our medium-term objective, the Kogan.com result is already within the medium-term adjusted EBITDA objective for the group, and the focus is really now on delivering the turnaround of Mighty Ape so that there is no longer a drag on overall group EBITDA performance by Mighty Ape. We want Mighty Ape to rise to equivalence with Kogan.com in terms of EBITDA margins. And then once that happens, our overall group EBITDA margins should continue to rise to within our medium-term objectives. So we are quite comfortable with the Kogan.com EBITDA margins. They are continuing to grow. There is good operating leverage in Kogan.com and growth at the top line as well. Thanks, David. And maybe whilst you are on, I will ask the first part of this question to you and then Ruslan can follow up. Two questions from Wei Chen. The first one, David, is around the information in the announcement regarding your planned departure. Could you provide a bit of extra color, David? Is it a definite but pending timing? The second question off that, Ruslan, how are you thinking about your future at Kogan? Well, thanks, Wei Chen. Look, for me, it has been 16-plus years at Kogan. I have loved every minute of it. I love working with the team here. I love working with Ruslan. I love building this business. What I have said is that, it is approaching the right time for me. I want to make sure that we can do it in a way that is orderly and that allows the business to continue its current momentum. In the context of discussions with the board around long-term arrangements, those sorts of things just had to be raised. There is no definite timing. I am not rushing out of here, or I am not rushing to anywhere else. I want to do it in a way that is seamless and orderly, and there is a discussion going on with the board about what that looks like. When there is an actual finite timeline that is determined, that will be revealed. But bottom line is, I am going to make sure that the business continues to flourish and that any handover is done in a very seamless way. So, it has been an absolute privilege working with Ruslan and the team, and I want to make sure that we end on a high. However long it takes is how long it takes. Ruslan. From my perspective, I am very committed to the business and in discussions with the board around long-term structures and incentives to deliver incredible shareholder outcomes. So that is the position that I am in. Thanks, David. Thanks, Ruslan Kogan. We have a question from Owen Humphries. We are seeing commentary on accelerated inflation within the economy. Do you expect your distribution margin to hold in FY 2027? Yes, we do believe it will hold. Distribution margin is not a term we use. I am not 100% certain what Owen means. What I would say is, within our products division, the highest growth parts of that division are also the highest margin categories. That bodes well for overall product margin in our business, combined with very good efficiencies coming through from the use of AI, which Ruslan talked about in the presentation. We anticipate that there will be ongoing growth in product margin, combined with a growing contribution from platform-based sales. As you have seen over the last few years, platform sales represents a growing portion of the overall business, and therefore helps drive margin higher. We expect ongoing operating leverage driven by higher margin and control on the fixed cost base through the use of AI into FY 2027. Thanks, David. Second question from Owen. Should we expect Mighty Ape to be profitable in FY 2027? We believe that we will be able to continue the fourth quarter momentum into FY 2027, and we anticipate delivering a full-year adjusted EBITDA profit for Mighty Ape in FY 2027 based on now a series of months of ongoing profitable trading. We tried to show in those graphs exactly why we have that confidence. We have control over the fixed cost base. We have higher margin driven by Mighty Mobile and the Kogan Marketplace and other platform-based sales in Mighty Ape. We have obviously done a significant inventory reduction. The inventory is roughly half of where it was a year ago, which means that we are focusing on higher-performing, higher-margin items rather than trying to cover the field, which makes us a lot more nimble. We believe while the top line has reduced, overall margin has improved, and we believe we will be able to deliver an adjusted EBITDA profit in FY 2027. Thanks, David. Owen's third question around operating leverage, you answered previously. We've got a question from Isabella Lapopolo. In terms of marketing costs, they were up year-on-year. Was this largely driven by the end of financial year period, and can we expect similar levels of marketing cost growth in FY 2027? Thanks, Isabella, for the question. Yes, our marketing costs are up by deliberate design, and we're in this wonderful position with the business. Because it is generating significant operating leverage, it gives us the ability to invest more heavily in marketing, whilst also investing in the offer to the customer and making that more appealing. Is it due to the end of financial year period more specifically? Not really. Marketing sort of tracks the level of sales throughout the year. It's quite stable other than whether there is push from management in certain periods. Because we have a very vibrant subscription business model with our loyalty program as well, that gives us a lot of benefit and visibility into being able to invest in customer acquisition and invest in promoting the Kogan brand offering to more customers. Because we know that investment in marketing then results in winning customers who become subscribers, which has significant benefit to the business. Thanks, Ruslan. A question for David from Wei Chen on currency rates. Obviously, currency rates move however they choose to move. But if we assume currency stays where it is right now, what does the current high Aussie dollar mean for Kogan if it stays at these levels for the remainder of the year? I mean, FX is something that everyone buys in USD, all these products, and everyone sells in AUD. We do not see FX as a competitive advantage or disadvantage. We are all operating in the same market with all our competitors. And obviously, Kogan's competitive position in the market is driven by its offering against a substitute or competitive product. While an Aussie dollar is high, it means our landed cost of the products that we import from overseas is lower, which gives us either an opportunity to lower consumer prices and capture potentially market share or take more margin. But net net, we do not see FX as either a competitive advantage or disadvantage, and generally speaking, is not a huge driver to overall margin over the long term. Thanks, David. Not sure if this is a question for you or for Ruslan, but in terms of Kogan FIRST and also the Mighty Ape loyalty program, what are you seeing in terms of momentum of customer sign-ups to them? I will take that question, Ron. We disclosed the revenue for Kogan FIRST, so you can track the growth of the program. On top of that, we also disclosed the deferred revenue for it. Because it is, well, there is a monthly option, but many customers are on the yearly subscription plan, which provides a discount for committing for a year. We also disclosed the deferred revenue for Kogan FIRST, so you can compare that for certain periods, and that should give you a very good proxy of what is happening to the underlying Kogan FIRST customer base. Thanks, Ruslan. A couple of questions from Chami Ratnapala. The first one is just around AI initiatives. He has asked whether we could give a sense of the incrementality from the AI initiatives coming through to cost benefits on a gross basis. Obviously, that data has not been provided. But could you give maybe a couple of practical examples of how AI has been used strategically in the business, other than recording your voices for this results presentation? Yeah, look, there's a lot of benefits flowing throughout the organization. Operationally, it's just beautiful at the moment. Because one thing that we've been doing for many years, even before AI was a buzzword, is opening up a lot of data in our business. With the aim of making it easier to have dashboards and reporting across our business to give insights to decision-makers. Now, in an AI era, what that means is we now have MCPs and connectors to a lot of that data. Meaning that every team across the business, if they want to do something that used to be an engineering project or used to be a feature request, or used to be specific software the engineering team had to build, are now able to self-serve and produce amazing business flow improvements and process improvements. Have dashboards and visibility to information that they previously just were flying blind on. It also means that they're able to interrogate the code base of the entire organization, and every platform, and every website, and every feature to see how it's working and how it can be optimized. Now, that is a huge productivity improvement within each team. It also means that far less requirements are getting escalated to engineering, who can then focus on the bigger, high-level, high-value initiatives and produce them quicker. On top of that, AI is helping the code base and helping them develop those initiatives far quicker as well. That's just one example of this incredible efficiency that we're seeing throughout the organization. It's boosting productivity, it's boosting output. It's making it far more enjoyable for every department to build things. Because as we've grown as an organization over 20- years, we have now got a huge number of systems, a huge number of platforms interacting with each other, a lot of tech debt. What that has meant in the last few years is that you could come up with an idea, put it forward to the business, and then have to wait months before we even debate whether we should build that initiative or not, and then wait another few months until it's actually live and in production. That is just not a fun work environment in which to work, where ideas don't result in action and building things really quickly, which could then cause people to go, "You know what? This is such an ordeal, I'm not even going to come up with an idea anymore. I'm not even going to suggest that idea because it's probably never going to get built." All of that has been completely reversed, and we are now building more stuff, doing it quicker, testing more, enabled self-development and interrogation of all systems and data within each department, and getting more features out quickly. It's really reinvigorated the team. You can see it come through at a high level with our numbers. Our growth is significant while our people costs are down. Yeah, we're seeing incredible benefits of AI in the business like that, and that trend is only accelerating. It's very exciting at the moment. Thanks, Ruslan. We've actually got a similar question from both Hami, which was Hami's last question, and Isabella Lapopolo around marketplaces and what you're seeing in terms of competitive dynamics and competitive pressures and where the Kogan Marketplace is holding share. Maybe if you could answer that question, Ruslan. Yeah, look, that question is obviously best answered through the numbers. We disclosed the revenue of the Kogan Marketplace and how it's tracking on winning market share. So, it's doing well. It's a very important part of our business. And, most importantly, it's a very important part of our ecosystem because we've got our Kogan FIRST customer base who receive significant benefits across the platform. One of these benefits is getting credit back and unique pricing. So many marketplace sellers give unique customer offering to our Kogan FIRST members that you can't get anywhere else. Because the general trend is, if you're a seller on marketplaces, there's a few out there now, and you'd be silly not to say, "All right, well, my products are now going to be listed everywhere." Because the main fees you pay are on a transaction. However, as a marketplace operator, we want to make sure that we are the best place to buy that item from, even if there are other marketplaces that have that item listed. So Kogan FIRST is an integral part of that because if you're a Kogan FIRST member, you'll be receiving cashback, you'll be receiving exclusive offers, better prices, and the result of that virtual cycle that we've got at play on our platform can be seen through our numbers. Thanks, Ruslan. Whilst I'm just seeing if there's any final questions from people, I just want to acknowledge a slight error I made. I did reference Hami with the word his in terms of Hami's first question. I apologize. I should've said her. So Hami, I apologize, and just to correct the record on the call. In terms of any other questions, I'm not seeing any coming through, so maybe we can close, wrap up the session with one final question from me. It's been a busy and successful year for the company. Ruslan and David, maybe David first and then Ruslan to close us out. What excites you most about the year ahead and where the company's at the moment? From my perspective, the company is operating the most seamlessly it has in many, many years. Within the Kogan.com business, all of the different divisions are growing, have fantastic customer offers, have excellent teams that are powering their divisions and growth, and the business is the most stable and healthy it has been probably ever. In Mighty Ape, finally, we have line of sight to the delivery of a turnaround in a sustainable, predictable way. The One Group strategy through One Global Team basically means that it is one team, headquartered in our Melbourne office, that is now running the exclusive brands and most of the inventory purchasing for Mighty Ape, as well as a lot of the other functions. That has meant that there is better reporting, there is more alignment on strategy, and we have much higher confidence on the delivery of the turnaround of Mighty Ape. I think we can look forward into FY 2027 with confidence that the core business is operating seamlessly, is growing nicely, is taking market share, and is delivering operating leverage. While at the same time, the subsidiary that has been a weight on our financial performance, is finally showing a clear line of sight to a turnaround. Mm-hmm. Ruslan? What I am very excited by is, while on the financial metrics that David just spoke about, we are performing very well, we are able to do all of that whilst improving the customer offering. It is very rare where you get that in a business where you can have improved margins and improved leverage while improving the offer for our customers. There is a true win-win-win going on, and that is very exciting. Especially at a time like this, where there is cost of living pressures, our job in that market becomes more and more important. That is a very exciting thing in the business, where a lot of customers are relying on us for delivering incredible value. I would say customers in this environment can not afford not to be a Kogan FIRST member because of the savings, that flywheel that we have got delivering can achieve for them. But in terms of how do we build it and how do we deliver it, the bit that has got me most excited is sort of what I spoke about AI. Because for the first time in a long time, our engineering team is coming to the business and saying, "Okay, guys, what is next? That idea that you had, we have built it." We have had a period of about a decade where we had all these things that we wanted to do as a business, and with our engineering team, it was a matter of prioritization and sitting down periodically and saying, "All right, well, do we want to do this or do we want to do that? Where does this sit in priority against that?" The benefits that AI is now delivering across enabling each department to be able to flourish and build their own tools and access data and build their own dashboards and reporting, and be able to operate at a far greater velocity and speed without having to escalate as many things to engineering, freeing them up to go into pure builder and value deliverer mode. Then having the engineering team constantly coming to the business going, "We're ready for the next thing. We're ready for the next thing. We're ready for the next thing," from an innovation and building perspective in the business is just bloody exciting. That's what's got me excited at the moment. From our customer perspective, just watch this space. Well, we'll certainly be watching this space. Thank you, Ruslan. Thank you, David, for presenting the FY 2026 results and answering the questions today. We hope everyone has a good day, and thank you for your time on the call. Thank you. Thank you very much. Bye. Thanks, everyone.