Good morning and thank you for joining the Lendlease 2025 full-year results presentation. I'm Tony Lombardo, Chief Executive Officer and Managing Director of Lendlease. With me, Simon Dixon, Chief Financial Officer. Sitting here at Barangaroo in Sydney, we're on the land of the Gadigal people, and I extend my respects to their elders, past and present. Today, I'll provide an overview of our full-year 2025 results. Simon will then talk through the financials, and I will then cover the outlook and strategy. We'll then open up for questions. Moving to slide four, highlighting the significant progress on the turnaround of our business. In May 2024, we announced a refreshed strategy, simplifying the group and positioning the business for sustainable growth and returns above the group's cost of equity by leveraging our proven core competitive strengths and capabilities. Since then, we've made significant progress in achieving these objectives and delivering on our commitments. First, we've simplified our business by removing regional management layers, driving operational efficiency, and unlocking AUD 141 million of pre-tax annualized run rate savings, exceeding our AUD 125 million target. We've identified a further AUD 50 million of run rate savings for FY 2026, focused on technology costs and support function efficiencies. Second, we've completed or announced more than AUD 2.5 billion in capital recycling transactions, and we've targeted a further AUD 2 billion of CRU transactions in FY 2026. Already, AUD 1 billion of this target is at an advanced stage. Third, we've materially improved the group's risk profile following the divestment of offshore construction operations. Fourth, our IDC segments delivered a 13.6% operating return on equity this year, above the group's cost of equity, demonstrating our focus on our core business performance. Finally, we remain committed to disciplined capital management, with distribution growth in line with our target payout ratio and a clear pathway to delivering the balance sheet. We've reaffirmed gearing to be at or below 15% by the end of FY 2026, and our intention to commence a securities buyback, subject to further anticipated projects on capital recycling initiatives. In short, we've moved at pace and are delivering on our commitments made at our May 2024 strategy update. Turning now to slide five and our full-year financial performance. Operating profit after tax for the year was AUD 386 million. Group operating earnings were AUD 0.559 per security, in line with guidance. Distributions per security of AUD 0.23 are up 44% from the prior year, representing a payout ratio of 41% with the dividend component fully franked. The group returned a statutory profit for the year of AUD 225 million after allowing for AUD 161 million of negative investment property revaluation. This reflects stronger underlying performance and easing valuation pressures across the property sector. Net debt of AUD 3.4 billion was recorded at 30 June, predominantly due to AUD 600 million of CRU transaction timing and negative AUD 400 million from construction working capital and FX translation. Together, these factors increase net debt by circa AUD 1 billion at year end and gearing by circa 8%. Simon will talk to our balance sheet position and capital management later in the presentation. Turning to slide six, which summarizes our segment performance. Operating EBITDA from our IDC segments was AUD 662 million, representing an increase of 49%, benefiting from improved contributions from investments and development, despite lower contributions from construction. This contributed [AUD 50.1] per security to group earnings, equating to an operating return on equity of 13.6%. Pleasingly, our investment EBITDA margin was up, our development margin was stable at 24%, and our construction margin improved in the second half. Our investment in development capital is in line with our new strategic targets. Our investment segment earnings highlighted on slide eight are derived from funds under management and contributions from our directly held co-investment portfolio. We grew funds under management to AUD 48.9 billion, including AUD 2.8 billion of additions from new development to core product and the Aurora Place mandate win, part of AUD 1.5 billion of new investment mandates secured in the past year. The group's co-investments of AUD 3.1 billion were unchanged from FY 2024, noting the strong alignment Lendlease has with its investment partners. The co-investment portfolio remains well diversified, with a primary weighting to workplace, retail, and residential assets. The co-investment yield, driven by underlying asset performance, improved to a gross yield of 4.5%, up from 4.4%. Our AWPF series of funds remains a market leader, underpinned by our depth of capability and a strong track record of outperforming industry benchmarks over multiple timeframes. Importantly, we demonstrate deep alignment with our unit holders, with AUD 761 million of co-investment capital generating more income than we derive from our fee-based earnings. Looking ahead, we have clear plans to grow these funds to enhance unit holder returns and are targeting double-digit returns across the AWPF series, reinforcing the platform's strength and resilience. Overall, our investment platform differentiates by operating both locally and internationally, with a focus on active portfolio management to enhance and optimize investor returns. Turning to development on slide nine, there were AUD 2.3 billion of development completions this year, comprising Residence Two and Waterman's Residences at One Sydney Harbour. The two towers delivered profits of AUD 139 million in FY 2025. This marks the completion of the One Sydney Harbour project, with all three residential towers now complete. The business commenced AUD 900 million of new development, including our third Australian build-to-rent project and another build-to-sell project, both located in Victoria Harbour, Melbourne. Across our residential business, we sold a further AUD 500 million of apartments, bringing the total to AUD 2.6 billion of pre-sales, with settlements weighted to FY 2027. Leasing activity continued to improve, with Victoria Cross at North Sydney now 70% leased or under offer. Interest in the asset continues to build following the opening of the Metro station. We've made good progress growing the Australian development pipeline, with more than AUD 3 billion of residential projects secured in the past 12 months. Projects at 175 Liverpool Street and One Darling Point in Sydney were secured alongside established joint venture partners Mitsubishi Estate Asia and Nippon Steel Kowa Real Estate. We also completed the sale of Capella Capital, further simplifying the group. Moving now to the construction segment on slide ten. Revenue for the year was down by 13% as a number of large projects were completed in the prior financial year, and various preferred projects, which were anticipated to start, have taken longer to commence. Second half performance saw a return to improved margins. There was AUD 5 billion of new work secured, an exceptional result led by hospital and data centre wings, contributing to a strong backlog revenue of AUD 5.9 billion, up 51%. Backlog revenue, together with a preferred workbook of AUD 8.8 billion, places the business in a strong position to increase its future revenues and earnings. I'll now hand over to Simon to talk through the financials. Thanks, Tony, and good morning, everyone. Starting with the group's financial performance on slide 12. The segment operating EBITDA was AUD 1.04 billion, up from a loss of AUD 328 million in FY23. Corporate costs decreased 67% to AUD 127 million, driven by productivity savings and materially lower restructuring charges in the year. This was partly offset by AUD 19 million in spend on finance system modernization. Operating EBITDA rose to AUD 914 million, compared with a loss of AUD 717 million in FY 2024. Last year's loss was primarily due to the impact of impairments and charges from implementation of the revised strategy. Net finance costs increased modestly to AUD 252 million, reflecting higher average net debt levels. Tax expense of AUD 183 million was higher, largely due to offshore asset sales. The group delivered OPAT of AUD 386 million, a turnaround from a loss of AUD 1.24 billion in FY 2024. Moving to a summary of segment performance on slide 13, beginning with the investment segment. EBITDA rose 69% to AUD 313 million, with a AUD 148 million increase in other EBITDA, largely from the Vita Partners Life Sciences joint venture. Management EBITDA from funds management activity declined 8% to AUD 89 million, reflecting lower fund revenue, partly offset by cost savings from the removal of regional management structures. Despite this, the management EBITDA margin improved to 40.6%, up from 40.1%, underpinned by cost efficiencies. Co-investment EBITDA of AUD 81 million was lower, driven by higher financing costs within funds. In the development segment, a return on invested capital of 17% was achieved. EBITDA increased 60%, supported by AUD 139 million in profits from apartment settlements at One Sydney Harbour and AUD 111 million from the sale of Capella Capital. In the construction segment, revenue declined by 13% on the prior year, impacted by the completion of several large projects and delays in new project commencements. EBITDA declined to AUD 33 million, down from AUD 60 million in FY 2024, due largely to losses on two projects in the first half. While an EBITDA margin of 1.1% was recorded for the year, a stronger operating performance in the second half generated a margin of 4%. Turning now to slide 14. The primary role of the capital release unit is simple: to accelerate the release of capital back to the group. To date, we've completed or announced AUD 2.3 billion of CRU capital recycling initiatives, a very strong outcome. Importantly, the divestment of international construction operations during the year has materially reduced our financial and operational risk profile. CRU initiatives also led to a reduction of more than 1,400 FTEs through asset divestments, simplifying the group and sharpening our focus. For the year, CRU delivered EBITDA of AUD 379 million. CRU EBITDA for FY 2025 included AUD 349 million from the sales of U.S. military housing and Australian communities, and a AUD 68 million loss from international construction. As we complete the remaining CRU initiatives, the release of capital will be a key enabler for our capital management priorities. This includes further reducing gearing towards our FY 2026 target, returning capital to security holders, and creating capacity for disciplined reinvestments. Moving now to slide 15, which highlights our cost savings achievements for the year. Net overheads reduced from AUD 537 million to AUD 466 million, a 13% reduction and ahead of our FY 2025 target of AUD 475 million. We also delivered pre-tax run rate savings of AUD 141 million per annum, exceeding our AUD 125 million target. Approximately half of this benefit was realized in FY 2025, with the full benefit to be realized in FY 2026. To be clear, net overheads were AUD 537 million in FY 2024, after run rate savings of AUD 141 million. The exit run rate for FY 2025 is approximately AUD 400 million. Within overheads, FTEs reduced by 38% or more than 400 roles, largely from efficiencies in support functions. Looking ahead, we are targeting AUD 50 million for further run rate savings in FY 2026, with an exit run rate of approximately AUD 350 million by year end. This will be achieved through the completion of asset divestments and productivity initiatives, including the removal of technology costs and further support function efficiencies. Turning now to net debt on slide 16. We have provided a walk summarizing key cash flows for the year, rounded to the nearest AUD 100 million. Key cash inflows included AUD 300 million from investments, including the reduction of our co-investment at 21 Moorfields in the U.K., and operating cash flows. AUD 300 million of net inflows from development, with apartment settlements and the sale of Capella Capital outweighing production spend on projects, and AUD 1.8 billion of inflows from CRU capital recycling initiatives. Key cash outflows for the year included AUD 500 million from the unwind of working capital in Australian construction due to fewer project commencements, AUD 800 million of CRU development, including AUD 600 million of production spend on committed CRU development projects to facilitate future capital recycling, and AUD 600 million of CRU-related construction liabilities, comprising AUD 400 million of working capital funding to unwind international construction operations and approximately AUD 200 million in relation to both the U.K. building remediation provision and retained engineering and services projects in Australia. Our confidence in reaching gearing at or below 15% by the end of FY 2026 is underpinned by four factors. First, the execution of an additional AUD 2 billion of CRU capital recycling initiatives, with AUD 1 billion already at advanced stages. Second, the receipt of circa AUD 300 million from the anticipated settlement of The Crown Estate joint venture. Third, the construction working capital outflows we saw in FY 2025 will not repeat in FY 2026. International construction has now been exited, and in Australia, project commencements are expected to increase. Lastly, notably lower development production spend on CRU assets in delivery is expected in FY 2026. Turning now to slide 17, covering group debt and liquidity. FY 2025 gearing was 26.6%. As discussed by Tony earlier, this reflects the combined impact of delayed CRU transaction timing, the unwind of negative construction working capital in Australia, and FX translation. Collectively, these factors contributed approximately 8% to full-year gearing. The group maintains strong available liquidity of AUD 3 billion, comprising AUD 2.4 billion of committed available undrawn debt and AUD 600 million of cash and cash equivalents. Debt maturities are well balanced, with an average maturity of 2.8 years. Maintaining our investment-grade credit ratings remains a priority, and these were reaffirmed by both rating agencies during the year. I'll now hand back to Tony. Thanks, Simon. Moving now to slide 19, the financial year 2026 financial outlook. We are focused on growing and improving the performance of the Investments, Development, and Construction segments. With this in mind, we'll not be providing overall group guidance. However, we will provide guidance on IDC segment earnings per security, the CRU capital recycling, group gearing, and further overhead cost savings, which is broken down into the following. IDC segment earnings per security in FY 2026 is anticipated to be AUD 0.28 to AUD 0.34. No guidance will be provided for CRU earnings per security in financial year 2026, as its focus remains on capital recycling, balancing value realization, and speed of execution. There is AUD 2 billion of capital recycling targeted for FY 2026, including AUD 1 billion of recycling initiatives at an advanced stage. Gearing is expected to reduce and is anticipated to be at or below 15% by the end of FY 2026. On costs, we are targeting an exit run rate of circa AUD 350 million at the end of financial year 2026, reflecting an additional AUD 50 million of targeted cost-saving initiatives. Our current priorities remain strengthening our balance sheet, returning capital to security holders, and importantly, deploying capital for future growth in earnings in our core IDC segment. Moving now to slide 20. Lendlease has a depth of talent and capability across the organization, which we believe is unparalleled in the markets we compete in. We have 140 investment management professionals, 220 development professionals, and 1,800 professionals in construction. This talent has continued to drive our disciplined growth in FY 2025. We've secured AUD 1.5 billion in new investment mandates through competitive tenders and attracted six new investors to our platform, positioning the business for sustained growth. In line with our strategy, we've originated AUD 3 billion of new Australian development projects alongside joint venture partners, and we've achieved AUD 5 billion of new work secured in construction, strengthening our backlog revenues and enhancing our pipeline with both new and existing clients. Our investments platform has a point of difference as we play both locally and internationally, and we are focused on active portfolio management to enhance and optimize investor returns. We'll continue to leverage this AUD 49 billion platform to drive growth through new value-added products, new mandates, and partnerships in credit, gaining traction on our data centre mandate and high-quality developer core investments. We start the year with AUD 2 billion in raised mandate capital to deploy in FY 2026 onwards, and a further AUD 3 billion plus of capital raising in progress, either in documentation or final negotiations, which we anticipate to close in FY 2026 to support future fund growth across both existing funds and new products. Our focus for development remains the growth of our Australian pipeline, with AUD 25 billion of new opportunities targeted over the next 12 months, of which we're aiming to secure at least AUD 10 billion. We'll continue to pursue a capital-efficient development model, with more than 85% of all development projects in joint ventures post the completion of The Crown Estate's joint venture. The joint venture with The Crown Estate will seek to accelerate the delivery of this AUD 49 billion pipeline, generating additional fee revenues through development management and performance outcomes. Our Australian construction business continues to lead the market, trusted by government and corporate clients to deliver important projects to the highest standards. Over the medium term, we're targeting more than AUD 5 billion in annual revenues, with growth focused on defense, health and social infrastructure, data centers, and workplace projects. This is supported by a further AUD 15 billion of work that is preferred already and bids awaiting final client decisions. Moving now to slide 21, our investment growth strategies. We believe this is an attractive point in the market as the cycle has bottomed out, and we are seeing increased demand from our investors and a favorable return outlook. Investor demand is strong in a number of our key markets and sectors where we have demonstrated capabilities and a proven track record. We see compelling growth opportunities both within our core funds and mandates, allowing Lendlease to deliver differentiated investment products. Our AWPF series of funds has consistently outperformed industry benchmarks, and as we have outlined in the appendix of this presentation, Lendlease has a material co-investment of AUD 761 million in these funds, demonstrating strong alignment with our unit holders. We have clear fund strategies for growth and an attractive outlook for double-digit returns across all funds. Value-add, Lendlease has a depth of experience across its development business in repositioning assets for its clients and has been leveraging these capabilities within its investment management platform. We've completed our first value-add project in Japan, with the sale reflecting an IRR above our 20% target return. We've also redeveloped the Citrus head office in Singapore by refurbishing one office tower and building a new tower beside it to deliver a Prime A grade asset. Based on this track record, we are currently in advanced discussions with a global capital partner to secure a AUD 1.2 billion mandate across both value-add office and industrial to reposition existing assets, generating target returns in the low to mid-teens post-fee. In data centers, we've established a U.S. $1 billion mandate with one of our key global capital partners. We've completed our first 70 MW data center under that mandate and are in the final stages of selling down that data center, which will deliver a return in excess of the fund's performance target. We are now in the process of commencing a second 70 MW data center, which has a 100% leasing commitment and is anticipated to commence in FY 2026. We'll seek to secure a further pipeline across both Australia and Japan. We are currently focused on some 700 MG of data center pipeline, with a total end value of circa AUD 6 billion. We are working with our existing capital partner and are advancing discussions with new capital partners to pursue opportunities in the data center sector. Complementing our development capabilities in data centers, Lendlease has market-leading construction expertise and has a secured and preferred pipeline of more than AUD 2 billion spanning private and government clients. In credit, Lendlease is progressing a new investment mandate with a global capital partner for an initial mandate size of circa AUD 775 million. This mandate is focused on multifamily residential, office, and life sciences products across key U.S. cities, with Lendlease to co-invest up to 20%. The fund will target returns in the mid-teens post-fees. Consistent with our capital allocation framework, all our new products are targeting returns above our cost of equity. Now on slide 22, our development growth strategies. Our focus remains growing our Australian development pipeline. We have circa AUD 25 billion of near-term development opportunities, and we are targeting to secure AUD 10 billion of these opportunities in the next 12 months. Our AUD 2.5 billion Brisbane showgrounds redevelopment, being delivered in partnership with The R&A, has been selected for the 2032 Olympics Athletes Village. We are in advanced negotiations with the Queensland government to further this project. We anticipate these negotiations being finalized in FY 2026. In Sydney, we're in the final stages of bidding for a circa AUD 2 billion overstation development, which includes both the construction of the station box and office tower. A decision on this project is anticipated shortly. Also in Sydney, we've submitted a tender for a city-adjacent harborside residential development, and we are one of the final three parties in that process. In Melbourne, we are one of three bidders on a large residential metro-adjacent development. Complementing these projects are a range of private opportunities where Lendlease is in exclusive discussions to secure a range of commercial, residential, and industrial developments. Finally, in our existing pipeline, a further key milestone was achieved in Melbourne last week, with federal heritage approval received for Gurrowa Place at Queen Victoria Market, enabling the billion-dollar project to progress. Further, expected progress on growing our pipeline is complemented by more than AUD 11 billion of completions targeted across financial year 2027 to financial year 2030. Turning now to slide 23. Our construction business is a tier one operator in the Australian market and trusted partner for government and corporate clients. We are targeting profitable revenue growth, lifting from circa AUD 3 billion of annual revenues in FY 2025 to more than AUD 5 billion over the medium term. Providing confidence in this outlook, we currently have a backlog of AUD 5.9 billion, a preferred workbook of AUD 8.8 billion, and AUD 6 billion of current submitted bids awaiting outcomes. New work security is targeted in the attractive sectors of defense, social infrastructure, and data centers, which are underpinned by strong fundamentals for growth and where Lendlease has a proven capability. In recent years, the business has focused on reducing risk and scaling appropriately, no longer building residential projects for third parties and primarily building projects with a construction value of AUD 150 million or greater. The new work secured workbook supports our EBITDA margin target range of 3%- 4%. Moving to slide 24 and looking ahead at our medium-term growth and earnings profile from FY 2027 through to FY 2030. In investments, we see management EBITDA margins above 40% and growing towards 50% by FY 2030. We anticipate average fund growth of 8%- 10% annually through the cycle, delivering scale benefits across the platform. We are targeting capital recycling of up to AUD 1 billion of offshore investment capital, which has started in FY 2026 to rebalance our investment portfolio and drive better total returns. In development, FY 2027 is anchored by AUD 4.4 billion of completions, most notably across One Circular Quay and Victoria Harbour, with more than AUD 2.6 billion of settlement proceeds from pre-sale and associated profits expected in that year. In FY 2028 and beyond, there are a further AUD 6.7 billion of completions to support medium-term earnings. This includes Comm Centre in Singapore, a AUD 3.4 billion development due to complete in FY 2028. On completion of The Crown Estate joint venture, Lendlease will earn development management fee streams. In addition, we'll seek to earn profits from plot sales from our master developer role and unlock potential development opportunities from the AUD 49 billion development pipeline. In construction, annual revenues are expected to progressively step up to over AUD 5 billion by FY 2030, delivering margins of 3%- 4%. Additionally, the group will benefit from working capital inflows as the business grows. These key drivers give me confidence in the outlook for our business. In closing, our FY 2025 results reflect significant progress on our strategy announced last year, as well as a return to both statutory and operating profit. Our immediate priorities remain strengthening our balance sheet, returning capital to security holders, and importantly, deploying capital for future growth in earnings in our core business. I'd like to thank our talented Lendlease people for their hard work and commitment. Their efforts in delivering on our strategic priorities are vital to the turnaround of our business. We'll now open up for questions. Thank you. The line is now open to analysts. The first question comes from Suraj Nebhani at Citi. Sorry, I was just on here. Hi, good morning, and thanks for the opportunity. Maybe, Tony, just one question on some of the last slides that you talked about, especially in relation to the medium-term strategy. I guess just trying to understand, you talked about double-digit returns on development. What sort of competition is out there, you know, for Lendlease? Clearly, there's a number of bidders who are looking for these kind of projects. Just keen to understand that competitive environment over there, please. Yeah, no, thanks, Suraj, for that question. I think the group is bidding at the moment and targeting a pipeline. There's some AUD 36 billion of active bids, of which we've called out the AUD 25 billion really relate to decisions that we will see being made in this next 12-month period. Firstly, just touching on the Athletes Village for Queensland. Importantly, that's a project that the group already controls with our partner, The R&A, and we're in the process of negotiating the terms with the Queensland government for that development. That is something we will negotiate and finalize over this coming 12-month period because we do need to get that site into production to meet the timeframe, really, within this next sort of 12-month period. It's not the group competing with anyone on that one. It's something that we've had control of, but that AUD 2.5 billion estimate will go back into the pipeline as we facilitate a final transaction there with government. On the other overstation development I called out in Sydney, it is a process that's being run, and we're at last been a one-of-one sort of participant in that process now. In terms of the other deals, the normal sort of competition we would expect, I think most importantly, we are factoring in the way we are underwriting these deals at today's market cap rates. Inflation in the construction sector has stabilized, and the current view is about 3%- 4%. We've seen that really proceed. That's given us confidence in how we're underwriting the bids we're bidding at the moment. We feel we're in a pretty good place on securing that target of 10%, AUD 10 billion or higher through this next sort of 12-month period. Thank you. Thank you. Just one more on the CRU recycling. I think you mentioned that AUD 1 billion of recycling is at an advanced stage. I know there's been a lot written about the Keaton business, but keen to understand any details you can give us and sort of timing on that AUD 1 billion and potentially for the buyback. Yeah, I think on that, Suraj, I mean, the AUD 1 billion we are calling out, the TRX, we've now entered into the exclusive phase with one party there. We are in the final phases of due diligence in the TRX process. On the retirement living, I think there has been some market speculation, but there are a number of bidders in that process, and we'll be aiming to finalize that in the coming months. I think just those two things alone will see the group get to our AUD 1 billion target. We'll see those progress. Just like we've done with the joint venture in The Crown Estate in the U.K., we've started initial work on the U.S. and Italy and thinking through strategies which we could accelerate both capital release in those markets as well. Use The Crown Estate joint venture as a bit of a guide on how we may do it, but having a view that we may exit 100% or enter into joint ventures to accelerate capital across those parts of the business. Is there any guidance timing you can give on that, Tony? Like, are these processes expected to conclude before the end of the year, or is that something more going into next year? There are processes and strategies that we've started and got up and running now. We will run hard at that. We've got a number of different things that the group will look to recycle capital in. From Ardor Gardens that I've called out previously, we just finished a new asset in Singapore called Paya Lebar Green, which is 100% leased, and that's another initiative where we'll look to release capital. There's a number of initiatives that are on foot that we are aiming to release capital over these 12 months. The target is, thank you, Suraj, called out to release AUD 2 billion this year. Sorry. Sorry. Target, I know I've taken a lot of time. Sorry about that. Go on. No, just saying the target is, as we said in guidance, to release AUD 2 billion of capital this financial year. Thank you. Thank you. I'll jump back in the queue for any follow-ups. Thank you. Next question comes from David Pobucky with Macquarie Group. Good morning, Tony and Simon. Thanks for taking my questions. Perhaps just following up on the comments around capital recycling and noting you only provided IDC guidance this year because the CRU outcomes are highly variable. I was just hoping you could help us provide, or help us with what those outcomes might look like. I mean, do you still expect neutral to positive profit outcomes in CRU for what you have on foot at the moment? Yeah, I think, David, thanks for the question. I mean, we are targeting that AUD 2 billion, and we're targeting neutral outcomes. At that point, we are balancing the speed of execution with that value realization. It's balancing those two things, but it's predicated on neutral outcomes. Thank you. If you could please just talk to progress on Ardor Gardens or any commentary you can make on that business, thank you. Yeah, that process is underway. We've got a number of parties looking at it. The market in China has been slow just where the property cycle has been, but that process continues. We'll keep the market abreast on how we progress. Thanks. I'll jump back in the queue. Appreciate it. No worries. Your next question comes from James Druce with CLSA. Yeah, hi. Good morning, Tony and Simon. Just back on the envelope, you need to reduce debt by about AUD 1.7 billion to get down to 15% gearing by the end of the year. You sort of flagged, I think, the AUD 2.3 billion of potential divestments coming through. Is it fair to say the net reduction, is that how we should think about the numbers in terms of net investment being the difference between those two numbers, or what do you assume in that 15% gearing number for the end of the year? Hey, James, thanks for the question. I might get Simon just to run through our thoughts around the balance sheet. Certainly, James, the AUD 2.3 billion being the AUD 2 billion that's being targeted and the additional AUD 300 million coming in from the anticipated close The Crown Estate JV will certainly help in terms of paying down debt. We've also got, obviously, receipts coming in from across the business. If you look at on the development side of the book, we have a number of projects where we will expect receipts to come in. Typically, in our business, receipts broadly match development production on the development book. I would assume that a good chunk of the AUD 2.3 billion is going to be used to pay down debts to get towards that 15%. We'll also, as flagged by Tony, be keeping a sharp eye on a trigger point to potentially announce a share buyback as well, where we will have funds to set aside for that. There are a number of different moving parts on production. There is still substantial production spend in plan for FY 2026 for the existing development business, but that is reasonably well compensated by expected receipts coming in on that business. Right. How should we think about a potential buyback? Do you need to get gearing below that 15% level to open the gate there or not? Yeah, so what we've always indicated is we need to have forecast gearing sort of at or below 15%. We've indicated that we expect gearing to be below 15% at FY 2026. In our mind, it's really around degrees of confidence. You know, we want to be really, really confident around that. For us to get that level of confidence, we want to see some real progression on a couple of these transactions. We've called out the AUD 1 billion that are at advanced stages, being Keaton and TRX. I think once we secure one or two of those, that would give us a much higher degree of confidence around where we'll be at the end of FY 2026. That's the way to think about it. Okay. Maybe just on the IDC development business, can you give a feel for the ROE that you're anticipating for FY 2026? I think from an FY 2026 standpoint, there's probably a couple of things just to focus in on. I've called out The Crown Estate joint venture. As we complete that, and we anticipate to complete that in 2026, we've called out that there will be profit, of course, on the sale of that, but also going forward, Lendlease will be earning management fees and development management fees going forward. Simon, is there anything else that you think we should? I think it might be helpful, James, if I just step through the way we're thinking about it in terms of some of the building blocks around that IDC business, which we have given guidance on, AUD 0.28- AUD 0.34 per security. Starting with investments, we do expect OPAT to be lower in FY 2026 than FY 2025. FY 2025 obviously included a reasonably substantial gain from the V ita Life Sciences joint venture. However, we do believe the underlying management needed on FY 2026 should be strong, both the existing business and also some of the new mandates that we're bringing in alongside, which Tony sort of gave a flavor to when he discussed the outlook. Development, certainly, for a long time, we've been flagging that FY 2026 development profits will be cyclically lower. FY 2025 was obviously a reasonably strong year and benefited from the Capella Capital sale and the One Sydney Harbour settlements. We do, in FY 2025, have the opportunity to advance and de-risk a number of projects. Tony called out the Brisbane showgrounds as an example. We also have the Comm Centre in Singapore. I'd also note that Victoria Cross will reach practical completion in FY 2026. We're also anticipating the profit on the establishment of our joint venture with The Crown Estate. In terms of the building blocks for development, on construction, we do expect a stronger result in FY 2026 compared to FY 2025. We saw the improvement in the second half in terms of the operations in the Australian construction business. Margins of the first half are obviously compressed by problems with two projects. On a normalized basis, we should see a much improved contribution from construction. Tony's also talked about the intent to grow that business in terms of revenues, external revenues, and some AUD 3 billion today, up and north of AUD 5 billion as we move forward the next few years. They're the key building blocks to think about when you're working through IDC that build up to that AUD 0.28- AUD 0.34 per security. All right, thank you. Your next question comes from Tom Bodor with UBS. Morning, Tony and Simon. I was just interested in slide 45. You talk about the AWPF EBITDA contribution being around AUD 13 million, which seems low given the extent of the AUM there. I'd just be keen to understand, is that based on your current fees, which I think have been discounted in response to the Mirvac proposals, or is this looking backwards at the higher fee levels? This is looking at the estimates of go forward fees, that's the contribution. You can see that the significant amount of earnings we generate from our co-investment position, because we've got some AUD 761 million of co-investments there, that generates about AUD 30 million. We're in double on our co-investments than the EBITDA margin from the fee stream. I just called out, that's the key thing. That's not calling out any funding costs or the like from cost of debt or equity that sits across that. The simple way of thinking about that, Tom, is the basis points on funds. If you follow what you read in the press at 30 basis points and then apply a reasonable EBITDA margin to that, that kind of falls out in terms of the EBITDA contribution. Yeah. Look, going forward, we've set out very clearly the outlook. The industrial fund has been one of the best performing funds over 5 and 10 years. It's an 11.5% return. Over 5, it's an 11.3%. Over 10, it's got an outlook return of total return of over 11%. We've got very clear strategies for each of the different products. I just wanted to make sure people understood the earnings that we're generating off our fee and our co-investment income, and we're very much aligned to our unit holders on the performance of the products and how we perform historically and going forward. Where would that fee, that 30-point fee, have been, say, two years ago? What sort of level would the fee have been and the earnings contribution? Our fees, we continue to benchmark, and we benchmarked fees last year, and we re-benchmarked our fees this year. In May, we'd reprice the benchmarking of our fees in line with where the market was. We had benchmarked them to a 30 basis points to go fee in. Yeah, I'm asking what it was two years ago, not what it is today. I can come back to you, Tom, to get two years ago today. It's historical. Yeah, the basis were already reduced. At the moment, going forward, the 30 basis points are there. Okay, thanks. On the co-investment yield, you've got a 4.5% figure there, but that's now changed to a gross yield, i.e., before interest, tax, and fees. Previously, it was disclosed as a net fee in the low 3% range. Just wondering what that 4.5% fee is based on as a net number like you previously disclosed it. Look, we can come back to you with the data, but it was improved. The overall gross fee improved. I think the net fee slightly came down just around hedging cost and FX that sits within each of the different products because it is international. It's somewhere just in that sort of three or just below that three range. Perfect. Thanks. The final one, I think there was a potential court case on the community sale to Stockland or with the prior landowner there at one of the lots that was a risk to FY 2026 guidance. Could you just quantify where that's up to or if that risk still remains around the option fee? I think it was one of your projects there in the communities business. Yeah, we called out that we're currently in negotiations, and we're in the court. I can't comment any further. Right, no change in the position there. No change. Thanks. No change. If that was, just to be clear, Tom, if that was to be in guidance, which we're calling out guidance on IDC, that would fall within the CRU, within the CRU part of the business. Yep. No, thanks. That's clear. I appreciate that. Your next question comes from Simon Chan with Morgan Stanley. Hi, good morning, guys. Simon, you gave us pretty good insights as to cash inflows that's coming in over FY 2026. Perhaps can you give us a bit of a specific outlook as to what outflows are looking like for 2026? I'm asking this in reference to slide 16. There's a couple of billion dollars, if not more, of outflows that went out the door across, you know, IDC and CRU. How should we actually think about that in for 2026, especially, I think in one of Tony's slides before he outlined all these Aussie development projects that you guys could be undertaking. Could the quantum be as big as 2025? Thank you for the question, Simon. It's on the ongoing development business that sits within IDC. Quantums will be relatively similar. In terms of CRU, the quantum will be materially lower. We've already spent a lot of money in terms of delivering a number of those projects. We've called out that we would expect production capital in relation to those CRU projects to be materially lower in FY 2026. I think the important thing to note also is big outflows in terms of funding, working capital, and liabilities within CRU. That was some AUD 600 million in FY 2025. That simply is not going to repeat. Those businesses we've now exited and also we've funded some liabilities along the way. In addition, the other big one is in Australia, where we've had an unwind of AUD 500 million on working capital just due to the pace of commencements. As we outlined, we do expect that business to start ramping up again. We've given a pretty good indication of where we see revenue growth heading over the next couple of years. One should expect to see a reversal of that negative, of that working capital outflow, and swing to positive. We're hoping to get a benefit of that as we work through FY 2026 and beyond. For all of those reasons, and the numbers we accept are large, but that's the nature of being a developer. They've always been large. We'll continue to deliver for future growth by delivering these projects at the same time as addressing the capital recycling within CRU and other matters to de-risk the overall business and balance sheet. All of that gives us confidence around the outlook for FY 2026. As I previously called out, for those key four reasons around capital recycling, around the settlement from The Crown Estate, the working capital inflow improvement, and also the notably lower production spend on CRU. Can I just add three more things that I just think is useful? Investments business, we've flagged a further AUD 1 billion of co-investments that we're looking to release in our offshore business, and that's started. The investment business is generating positive operating cash flow, as you can see. Secondly, our developments, and I called this out, that 85% of our development books will be in joint ventures with capital partners. That's reduced our capital requirements because we've moved to a more capital-efficient development model, earning development fees and managing that capital balance very differently going forward. Thirdly, that Simon called out, we had significant negative working capital in the Australian operations. With AUD 5 billion of new secured revenue in this financial year, we would expect with the uptick in new commencement that we should start to see at least that being neutral or positive going forward from this point. That's important to just highlight. We understand the attention on it, but I think certainly as we sit here directionally, you know, we're very confident with where we're heading. Your next question comes from Ben Brayshaw with Berrenjoey. Good morning. I was wondering if you could give an update on the Athletes Village in terms of how confident you would be as to whether that project could be delivered profitably, given some of the very well-publicized productivity challenges in the Brisbane construction market. Yeah, look, I think firstly, it's been great to be selected. We're looking forward to partnering and working with the Queensland government in delivering this key piece of infrastructure. This builds upon Lendlease's strength of delivering the London Athletes Village and being part of delivering the Sydney. In terms of profitability, we're working through what's the best delivery model and how we'll execute that. Of course, we're calling out this is the development part of it. The group will look to win work in construction across potentially other facilities that we'll look to support government in delivering in Queensland. We definitely believe this will be profitable. The government itself is working through their own initiatives and will be putting different ideas on the table to support them and driving efficiency in the marketplace. Are you able just to touch on the situation at Comm Centre? You're calling that out as a potential key earnings driver in FY 2028. I'd just be interested as to where that project is and its de-risking and its lease up. Yeah, so the project has commenced. It's got, we're using Obayashi as a third-party construction firm. It's 33% leased. It has Singtel as the cornerstone tenant. It's in a great location in Singapore. The government in Singapore has capped the amount of in-city office space, but this will allow the group to deliver one of the most sustainable, if not the most sustainable, office buildings in Singapore. We feel we've got the right target tenants that will be attracted to it. I'll use Paya Lebar Green as an example. We just finished that building in the last few months, and that's 100% leased on completion. There's very strong leasing demand in the Singapore market with a number of multinational corporates moving to Singapore as their key head office regional location. We feel that's going to be a great office development and it's de-risked by having Singtel, one of the best corporate names that you'd want, being a core tenant for over 20 years. Your next question comes from Richard Jones with JP Morgan. Oh, thanks. Hi, Tony and Simon. Thanks for all the color and the project updates through the call. Obviously, there's been a lot of questions. You've made some decent progress on simplifying the. Bringing capital back to Australia, which is obviously ongoing. I'm just wondering where a U.S. credit partnership with Lendlease investing 20% into it, kind of where that sits with the overall strategy that you've kind of outlined. Thanks, Richard. Firstly, thank you for acknowledging the level of simplification work that's gone on, because I do feel the last 12 months has been very important for us to stay very focused and simplify the group. What we called out as part of the strategy is we would be maintaining an international investment management platform, and we were looking to increase the breadth of products that we will be launching for our investment management client. It's great to have a capital partner, with a U.S.-based capital partner who are providing us with that mandate capital. It plays to the group's strengths because we are looking at opportunities that are in the development and construction phase, which Lendlease has an ability to underwrite as part of our core capabilities, and to therefore launch that product. The first deal is imminent in that new product, and it definitely delivers a return greater than the group's cost of equity and is definitely on strategy for our international investment management platform going forward. Okay, just the second question, in terms of Rozelle, sorry, where does that land holding sit at the moment? Can you give us a little bit of color as to what might be developed there? Yeah, look, I think the Rozelle is just sitting as a land holding at the moment, so we haven't attached any pipeline. I think the government here in New South Wales has been very focused about increasing the level of housing, and I know across the whole Bays Precinct, they've been doing a fair bit of work on the master plan for the precinct. I think it's exciting to hear some of the things that the New South Wales government's doing, and our project is nicely placed in that Bays Precinct. It's something we've been working on and making recommendations around housing we believe that could be delivered on the site. I know government's getting closer to announcing the final master plan of the Bays Precinct, hopefully in the next few weeks, I understand. I think Rozelle's strategically placed, it could unlock a significant amount of development pipeline for the group. As that progresses, hopefully through the next sort of 6 to 12 months, we'll be able to give a better fulsome update. I'm very excited by the changes to planning, the zoning, what's possible, and the ability to grow that into probably another big master plan for the group in the coming year. Thank you. That does conclude our question and answer session. I'll now hand back to Mr. Lombardo for closing remarks. Again, thank you all for attending today's call. It's been great to see the level of work and the simplification that has occurred. I just wanted to thank our talented Lendlease people for that effort. Also, thank you to our security holders for supporting us in the patience to really see Lendlease turn around over this last 12 months. We look forward to moving ahead and meeting everyone and catching up with everyone this week. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.