Good morning, everyone, and thank you for joining us for oOh!media 's half-year results for the six months ending 30 June 2025. I'm Cathy O'Connor, Chief Executive Officer, and I'm joined today by our Chief Financial Officer, Chris Roberts. We appreciate your time and look forward to walking you through today's results and speaking to the progress that we've made as we continue to execute on our strategy for growth. I would like to start today by acknowledging the traditional owners of the land on which we meet, the Gadigal people of the Eora Nation. We pay our respects to elders past and present and recognize their enduring connection to this land. Before we get to the results, over on slide four, I want to recap the reasons underpinning oOh!media 's strong investment proposition. Out-of-home continues to be the standout performer in the Australian media sector, again increasing its share of agency media spend in the half to 16.5%. This is a record high. In that context, oOh! continues to lead the market. We operate the largest and most diverse out-of-home network across Australia and New Zealand, with over 35,000 assets reaching 98% of metropolitan Australians every week. That scale, combined with our deep capabilities and a disciplined approach to cost and contract execution, continues to differentiate us. We are number one in revenue, in margin, in network footprint, and in format diversity. Our experienced team is focused on maximizing shareholder returns and capturing our share of this structural growth opportunity. Over to slide five. From an operational perspective, it was a very busy first half, and I'd like to cover just some of the highlights. As we spoke about in February, we've strengthened our senior sales team, refocused our marketing activity, and realigned our sales, product, and marketing teams to accelerate our speed to market. The early success of our refreshed go-to-market approach is visible in our first half numbers. We've made excellent progress rolling out our new assets, particularly across Sydney Metro, where early performance has exceeded our expectations. Woollahra is now largely complete, and we've commenced the rollout of the Waverley Council assets, further strengthening our footprint in the high-value Eastern Sydney corridor. In addition, our successful bid for Transurban's large-format contracts in Melbourne and Brisbane has added 42 premium motorway sites to our network. Now, this is a landmark win that solidifies oOh!'s leadership position in road across all five capital cities. Operationally, the cost-out program executed earlier this year is delivering tangible benefits. These savings are being reinvested into capabilities that support our growth ambitions, including sales execution, RIO, and digital enablement. These initiatives are already contributing to stronger client engagement and sales conversion and will continue to underpin our performance in the second half. Now, moving to an overview of our interim year results on slide six. We delivered record underlying results, building on the momentum from the second half of 2024. Group revenue grew 17% to $336.2 million, supported by solid growth across road, street, rail, and fly. Importantly, this growth was driven by both our existing portfolio, with circa 80% of the growth generated organically, as well as new contract wins, which contributed circa 20% of revenue growth for the half. Adjusted underlying EBITDA was up 27% to $62.2 million, and adjusted underlying NPAT increased 46% to $26.5 million. Our statutory result was impacted by a $30 million impairment we took on our New Zealand business following the Auckland Transport tender outcome, and Chris will cover this in more detail later. On this contract, we are confident that we bid to our discipline thresholds, and I'd like to acknowledge the fantastic contribution that our New Zealand team has made to Auckland Transport over many years. Reflecting this strong underlying performance, the strength of our balance sheet, and our confidence in the outlook, the Board has declared a fully franked interim dividend of $0.0225 per share, up 29% on the prior year. Now, looking at revenue by format over on slide seven, where you can see that the business delivered broad-based revenue growth in the half. Road grew 19% year-on-year, predominantly from a much better performance on existing assets. Street, furniture, and rail also grew 19% with contributions from the continued rollout of Sydney Metro and Woollahra Council assets. Retail increased modestly by 1%, as strong 33% growth in New Zealand was offset by some softness in Australia, where we are taking action to improve competitiveness, including strengthening retail expertise. Fly delivered a standout result, growing 43%, reflecting continuing growth from focused sales strategies and improved sales execution. City and youth declined by 3%. Our share of the Australian New Zealand out-of-home market was 35.4% in a sector that continues to grow at pace, and in July, our share was closer to the market versus the average share over the first half. I'll now hand you to Chris, and he's going to take you through an update on our lease expiry profile. Chris. Thanks, Cathy, and good morning all. I'll begin by looking at our current lease expiry and performance profile on slide nine. Following the conclusion of the Auckland Transport contract later this half, oOh! will enter a period with no major medium-term revenue expiry contracts due. That provides a stable foundation to support our future growth. Importantly, no single contract represents more than 5% of our group revenue. Our lease portfolio remains highly diversified across geographies, formats, and tenures, and more than 50% of our revenue base now extends to 2029 and beyond. Importantly, since the beginning of 2023, we've secured over $90 million in annualized revenue expected through new contracts, such as Transurban, Sydney Metro, Woollahra, and others, which further de-risks our position. This profile delivers a more predictable revenue stream and gives us the confidence to continue investing in innovation and network expansion. Slide 10 outlines the circa 20% contribution to our first half revenue growth from some of the new contracts that oOh! has commenced rolling out, predominantly Sydney Metro. These assets will continue to scale through the remainder of the year and into 2026 and beyond. This is not a one-off spike. It's a step change in the quality of our revenue base, built on the combination of disciplined investments in premium locations and improving go-to-market effectiveness. However, the bigger story is that circa 80% of our first half revenue growth came from our existing business. This indicates that we're growing because we're executing better and meeting our customer demands. Taking a look now at our record underlying first half results in slide 11, our financial performance for the first half highlights the strength of the underlying business and the momentum we've built. Revenue grew 17% and adjusted gross profit grew 13%. The gross margin saw a decline of 1.3 percentage points versus the PCP and 0.4 percentage points against the average of the prior two first halves. This was a function of adverse revenue channel mix, rents associated with the new contracts recently won, and higher performance-linked partnership incentives. These incentives were set on an expectation coming into the year of mid to high single-digit revenue growth, and the 17% first half revenue performance resulted in escalators being triggered. Our underlying EBITDA margin increased by 150 basis points over the PCP, and NPAT lifted 46% despite the decline in gross margin. This reflects our continued focus on cost discipline while also absorbing some investments to support growth. Operating costs increased by 4%, driven mainly by performance-linked incentives and some inflation impact. That said, our cost-out program executed in early 2025 is delivering and sets us up well for the operating leverage for the second half of 2025 and into CIWA 2026. Bridges to both cost of goods sold and operating costs are provided in the appendices. Following the expiry of the Auckland Transport contract in October, we have assessed the projected cash flows from the New Zealand CGU and have taken a $30 million non-cash impairment charge. There will also be some restructuring costs incurred in the second half, which Cathy will outline later in the trading update. The next slide clearly illustrates the operating leverage in our business. As you can see, our 17% revenue growth translated into a 27% uplift in adjusted underlying EBITDA and a 46% increase in adjusted underlying NPAT. This demonstrates how incremental revenue growth flows strongly through to earnings when underpinned by largely fixed cost base. What's particularly encouraging is that this result was achieved even as we absorbed higher performance-linked incentives and continued investing capabilities to support RIO and future growth. As Cathy mentioned earlier, we are now seeing the benefits of the strategic actions taken last year in both cost discipline and stronger sales execution. As our recent contract wins ramp up through the second half of 2025 and into 2026, we expect further operating leverage to emerge in future years. Moving to our cash flow performance on slide 13, you will see that as expected and outlined in February this year, we have returned to a normalized greater than 70% operating cash flow to EBITDA conversion ratio. Capital expenditure of $25 million for the half is in line with the guidance provided at the beginning of the year. Based on more positive DA outcomes than expected and new asset wins, we are now anticipating that the full-year CapEx will be in the range of $53 million- $63 million. As noted in the balance sheet on slide 14, during the half, the business renegotiated the debt facility's last finance in 2022. The new facility, on a committed funds basis, has decreased to $265 million on a five-year tenure ending in June 2030 versus the prior $350 million and is on better interest margin terms. However, the business also has access to further non-committed lines of over $170 million should a need to from syndicate members. Overall, this is expected to reduce bank interest costs at current borrowing levels by up to circa $2 million per annum from July onwards. Also, the business simultaneously took out new interest rate hedges. Gearing remains below our target of 1.0x and is expected to continue declining. As Cathy said earlier, the dividend of $0.0225 per share was up 29% in the prior year. I'll now hand back to Cathy. Thanks, Chris. We'll now move to slide 16. We continue to execute against our three strategic pillars. Firstly, energizing our go-to-market by improving responsiveness, aligning structure to customer needs, and preparing for MOVE 2.0. During the half, we strengthened our senior sales team, refocused our marketing activity, and realigned our sales, product, and marketing teams to accelerate our speed to market. We rolled out several data and product initiatives that make us easier to access, plan, and buy, and we reset relationships with our key trading partners. Secondly, unlocking network potential through disciplined pursuit of high-impact contract wins, which extend our leadership in key metro markets. This half, we secured the landmark Melbourne large format Transurban contract and commenced the Waverley asset rollout. Pleasingly, our Sydney Metro contract is also performing ahead of expectations. Thirdly, leading in retail media with RIO continuing to build, we see a clear opportunity to create a recurring revenue stream through long-term retail partnerships. We've hired experienced retail media sales specialists, launched Petbarn 's omnichannel program, and have continued interest from a variety of big box retailers, with several in advanced discussions. This takes us to the outlook for the year ahead on slide 18. Q3 media revenue pacing is at 5%, with August and September improving after a softer July, and Australia is stronger at 6%. Market share growth, excluding retail in New Zealand, is expected for the remainder of calendar year 2025, as new assets from contracts announced in 2023 and 2024 come online. Our second half 2025 adjusted gross margin performance is expected to improve on the first half, with the full year to be circa 44.0%. Full-year operating costs are expected to be $159 million- $161 million, with higher variable incentives based on stronger revenue and EBITDA performance than expected earlier in the year, as well as additional investment in RIO and supporting our sales execution. There is an additional $1 million expected in restructuring costs for the New Zealand business in the second half. Calendar year 2025 CapEx is expected to be between $53 million and $63 million, largely funding our new assets, and this is contingent, as always, on development approvals. Gearing is expected to remain within target below 1x adjusted underlying EBITDA. We expect out-of-home will continue taking revenue share from other media sectors and that out-of-home will achieve mid to high single-digit growth for the second half of 2025. We are resetting our New Zealand cost base with a circa $6 million- $7 million annualized reduction from Q4, with full run rate from Q2 of 2026. Of course, as we announced recently, James Taylor is expected to commence as CEO either late in 2025 or early 2026. Today's results reinforce that oOh!media's network reach, execution, and discipline are driving strong performance and positioning us for further growth. We remain focused on continuing to execute effectively on our strategic priorities to sustain this momentum into the second half and beyond. With that, I'll now open the line for questions. Thank you. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Today's first question comes from David Fabris with Macquarie. Please go ahead. Good morning, Cathy. Good morning, Chris. I've got a few questions. I think I'll start off on revenues. Just with the outlook commentary, I think for me, trading looks a little bit soft at the start of the second half if we think about the first half sequentially. Color there would be helpful. I mean, we've had the federal election in May. We've now had three rate cuts. Rolling into that question, thanks for splitting out the revenue contributions on slide 10. Are you able to just walk through the ramping and expected contributions for the new contracts through the second half just to help us understand what's underlying growth versus potential organic growth? Sure, thanks. I'll take the outlook question. Yes, we have seen growth moderate in Q3, just marginally. I think the first half was very buoyant for out-of-home, and certainly the structural shift was very, very pronounced. It was a slow start in January, although we did see modest growth, but we've seen the strengthening through to August and September. We're feeling confident in our business. Certainly, the assets we've got coming online, clearly we're executing in sales in a very much improved way, and the structural shift is well and truly intact. I didn't hear much by way of growth statements from the first of the free-to-air TV networks that reported last week. We are certainly poised, and as we said earlier in the presentation, we think the half will be probably mid to high single digits for out-of-home. I think also we know that interest rates generally, when they're reduced, play into confidence, and confidence helps advertising, which helps media. All those things should continue to play out in the second half. Hi, David. Just in terms of the ramping into the second half, as you know, we did about $11 million from the new contracts in H1. I expect that contribution in the second half should be broadly double that, i.e., call it around $22 million or so on the PCP. In terms of the specific performance, in the third quarter, Sydney Metro's key continued to track really, really well, so is retail marketplace. Once we hit late September and into the fourth quarter, it starts comping against its contribution from the fourth quarter last year. Waverley is really speeding through in terms of asset delivery, so that's going to start contributing, and we'd expect more from Eastlink, and then there's a smattering of other contracts. Thank you. Then just my next question, just on gross margins, so that first half at 41.8%. I don't know if my math is right, but does that kind of suggest 45.5% in the second half to get to 44%? I guess it depends on mix and whatnot coming through there. Can you just talk about whether or not there were any impacts in that first half, 41.8% margin? Any one-offs in there and how we should think about seasonality? I know it's a long-winded question, but how do we think about the margin into 2026 because you've fully lost the Auckland contract at that point? Sure. In terms of the first part of that question, there's always seasonality in the second half, and that has been the case for a number of years. You're in the ballpark in terms of getting to that 44%. In terms of thinking through into 2026 and what it means for gross margins, remember the contribution from Auckland Transport in this year was highly favorable. The legacy contract was sitting at gross margins significantly above our group average. That in terms of a standalone comp is going to cause a lowering of gross margin going into CIWA 2026. I expect that to be then countervailed by really two things. The adverse channel mix that we've had into street furniture and fly start improving into 2026, and then also it's just a function of our fixed cost base and provides our revenues keep on growing by rent escalators. That should provide tailwinds to our gross margin going forward. Okay. Just for summary, margins in 2026 could be above where we land in 2025? Yes. Okay. Thank you. Thank you. Our next question today comes from Entcho Raykovski with E& P. Please go ahead. Morning, Cathy. Morning, Chris. My first question also on the gross margin. I mean, also just looking at the current year, I just presume the guidance for improving gross margin performance in the second half takes into account the loss of the Auckland Transport contract post-September. I'm conscious that it's a high-margin contract, so are there other contracts which provide an offset specifically in 2H to get to that 44% number for the full year? Yes, that estimate of gross margin in the second half improving is factoring in the exit of [HH]. Chris, if you want to add anything to that. Are you assuming specific GM improvement relative to 1H then? Because obviously 1H, you saw the dynamic of lower gross margin relative to the PCP. Yes. As mentioned, what we're expecting is a soft, partial for better revenue mix than we had in the first half. The other thing, and it touched on Dave's question earlier, is because it's about the seasonality. Historically, our revenue has been 55% weighted in the second half versus 45% weighted in the first half. Not to say that will be exactly the shape in terms of this year, but that always provides quite a significant boost to our gross margins because our rents are broadly equal across the two halves. Okay, got it. No, that's useful. Thanks, Chris. You obviously spoke about gross margins in (Inaudible) 2026, but if we look specifically at the new contract commencements, do you think they can offset the impact of the Auckland Transport contract next year? I mean, it seems like the revenue offset will be there and even more so. Do you think specifically from new contracts you can offset the gross profit impact of that contract loss, or do you need that assumption of growth in the existing asset base as well? Yes, there's two components. At a gross profit level, start with that first. The new contracts we believe can offset the gross profit impact from Auckland Transport. When you go in a gross margin perspective, then we would need existing continued execution on existing contracts, which is what we'd otherwise expect. In fact, as noted on slide 10, you can see we saw that in the first half where 80% of our revenue growth came from existing assets. You might not be able to give us this. Is there a rule of thumb of how much revenue you need from new contracts to offset the gross profit impact of the Auckland Transport contract? Is it sort of double, 2.5x, 3x? I'm just conscious that Auckland Transport was a high-margin contract. I wouldn't say it's an issue of rule of thumb. It depends which contracts. They will have quite different profiles, but yes, we'll need substantially more revenue on a dollar-for-dollar basis than what was driven out of Auckland Transport. We've got a clear pathway there that we can support that. Is sort of these 2x-3x the right ballpark revenue range, without giving specific guidance? It will very much vary by the individual contract center. Okay. No worries. Sorry, a couple of other quick ones. The New Zealand cost-based reset of $67 million, just to clarify, is that an OpEx reset into 2026? We should see a step-down run rate from Q2 2026, lower OpEx at that stage? The $67 million is the bigger component of it is OpEx. There's also an element in non-rent cost of goods sold to the people who are, for example, cleaning, maintaining the bus shelters, etc. The cost savings will start for that midway during the fourth quarter this year. There are some additional costs, for example, the rent of our head office in Auckland, which only starts coming off in the second quarter next year. It's going to be graduated, and we hit full run rate from the second quarter of next year. Okay, great. Sorry, just the very last one. I noticed you've obviously got a slide in the appendix on the New Zealand network post-Auckland Transport. More broadly, how do you think about the network impact from the loss of that contract? It's obviously the biggest New Zealand contract by far. Do you think there's a risk that you get a knock-on impact onto the rest of the portfolio and the revenue loss ends up being greater than just the loss of Auckland Transport alone? I think there's a couple of things about New Zealand. We have a very strong footprint in retail, which is a national footprint. As we've seen from the broader results today, retail is its own discrete marketplace, and we've performed very well there in New Zealand. We're confident in the retail side of the business. We do have quite a strong small-format footprint across the rest of New Zealand. As I think we've spoken about in prior calls, we're always looking for new opportunities to develop other forms of assets in Auckland and even beyond. We're still comfortable that it drives a good return on capital as a marketplace and a contributor to the broader group. Certainly, from a retail perspective, having such a strong and dominant position there, we think it'll continue to drive good growth as the retail channel has more generally in Australia and New Zealand. Okay, thanks, Cathy. Thanks, Chris. Thank you. Our next question today comes from (Inaudible) at Goldman. Please go ahead. Morning, guys. Just a couple of ones on the RIO investment. When I think of the $2 million incremental investment in the first half, I mean, just given those guidance commentaries on the OpEx space, are we expecting that sort of $2 million incremental to pick up in the second half? Could you give us a sense, I suppose, of the net earnings impact from the RIO businesses having this year, next year, when it might go positive if it's not already? Cheers. Yes, sure. The uplift in RIO in 2H would be ballpark, no more than what we've got in the first half because we had a larger component of our people based there in the PCP. In terms of our expectation for RIO going positive based on the current contract pipeline and revenue forecast coming through, we're expecting 2026 in the first half at some point. Awesome. Sorry if I missed it in the comments, but are there any major or any significant sort of greenfield tenders out in the market over the next 12-18 months that you guys are in an expression of interest process for that we could be impacting revenue going forward? Obviously, I know you're not going to be specific, but just a sense of what the greenfield tender pipeline looks like. There's obviously Yarra Trams, which is still as yet not finalized, and that's a very big Melbourne street furniture contract. I think as you've seen in the lease expiry profile, we're entering into a period of stability, particularly for our group. You might have seen two or three years ago that profile was highly exposed to revenue in the current year, and we've really worked right through that. Auckland was really the last of the big renewals that we needed to contemplate. Now, both the new asset pipeline and the renewal of a substantial part of our larger contract base gives us a very secure outlook moving forward. No, other than Yarra, that's probably the last of the big ones this year. Okay, interesting. I was just thinking with the balance sheet, obviously getting very strong, obviously got some optionality there to really bid for some contracts. Just maybe how you're seeing the balance sheet when leverage gets too comfortable and how you'd think about utilizing the balance sheet. Really, there's two aspects that we think about in terms of our balance sheet. Firstly, we've had very strong feedback from our investor base that they want a conservatively geared balance sheet, so we'll continue to maintain that. In terms of then how we best utilize any excess capital, our strong preference, more personal, foremost, is to invest in assets, CapEx that basically is growth revenue that generates the best and the most certain return to us. Secondly, if there's additional capital left after that, it would be taking a look at are there any opportunities for non-organic investment that make a lot of sense to us? Thirdly, if there's full excess after that, it's the best way to return that to shareholders. Cheers. Thanks, guys. Thank you. Our next question today comes from Evan Karatzas with UBS. Please go ahead. Hi. Okay, thanks. I'm just trying to understand the 2H outlook comments a bit more. You're saying 5% revenue growth in the three Qs, but for outdoor to be up sort of mid to high single digits in the second half alongside solid oOh! market share performance. Is Is it correct? I'm just making sure this is correct. You're thinking of a 4Q revenue that's looking like a 10%+ type growth. Is that the correct way to think about it? Anything you can say, I guess, around marrying up those two revenue outlook comments would be helpful. Thanks. Yes. Just one thing to clarify, Evan. The 5% that we've got isn't necessarily saying where the quarter's going to end up. It's just the pacing where we stand today. This far in, you wouldn't expect it to materially necessarily shift. Yes, implicitly, that's correct. We expect that the fourth quarter's going to be a fair bit stronger than the third. Okay, great. Maybe just a final one around the Transurban motorway contract. I want to just talk about how that ramps up and what the profile looks for that contract you want as well. Thanks. Yes. In the presentation, you'll see that's approximately $22 million in annualized revenue for road, and the contract becomes effective this calendar year. We haven't, in these assumptions, factored in any revenue for it at this point. Technically, while it's still being worked through because we won it off an incumbent, that transfer of assets will happen this year in some way, shape, or form. There could be an unexpected upside to that. Just to be prudent, we haven't sort of forecast anything at this stage. It is a significant win. I think these landmark motorway sites, particularly in Melbourne, are really the roadside gold of the marketplace, and we were delighted to be able to wrestle that contract off an incumbent, which generally, when the incumbent owns the assets, those things are very difficult to do. We've done it on terms that meet our thresholds, our discipline thresholds. Yes, that's a big win for us, particularly in road, which is 40% of industry revenue. Yes, no, it's a big contract. Okay, thanks. Bye. Thank you. Our next question today comes from Conor O'Prey with Canaccord Genuity. Please go ahead. Yes, thanks. I'm logging my question now. Maybe just a question on whether there's an appreciable difference in the pacing between the softer July and then the August and September number that you sort of, I figured that you sort of referred to there. Are those two months significantly stronger than July? A A couple of points. As the quarter pans out, it's a little mixed. July is certainly the softer of the three months, and we're strengthening into August and September. What we've sort of seen in the ad market, particularly from the agencies in Q3, there's a lot of disruption out there. There's a very big merger going on between two of the larger trading groups, being Omnicom and IPG, and that may have caused a little bit of a pause in the market activity. At this point, as I said earlier in the presentation, feeling very positive about the asset pipeline. Obviously, we're executing in sales very well, and this structural shift continues to benefit us. All of those things that we control are certainly well intact. As Chris said, we are expecting Q4 to be an improvement on Q3. Do you think your pacing is sort of consistent with the out-of-home market rates for Q3 so far? Do you think you're on that same line there? Yes, in July, we actually improved our share relative to the market on the average for the first half. I think we're competing well, and I think this is the market rather than sort of our execution of our strategies within it. Thanks, Cathy. Maybe a hypothetical question for Chris. Just the $1 million restructure cost, is that in the $159 million- $161 million, or is that sort of separate from there? No, it'll be sitting above. We don't know the exact number yet because there's some particulars around the New Zealand workplace law. It might just be as low as a couple of hundred thousand dollars. Is it in the $159 million- $161 million, or? No, it's additional. Additional. Okay, perfect. Thanks, Chris. Thanks. Thank you. Our next question today comes from John Campbell at Jefferies. Please go ahead. Hi, guys. Yes, most questions have been answered. Just around MOVE 2.0, could you just give us an update on when that's going to be fully rolled out, and just your sense on how impactful, when it's fully rolled out, it's going to be on the sort of underlying shift to outdoor from other traditional media? Sure. Thanks, John. We're progressing with our preparations for MOVE 2.0. We actually said we thought we would launch it this year in our February results presentation, but in actual fact, there's been some delays, mainly through the delivery of data to the industry. We probably underestimated the amount of analysis that is required to really get the dataset ready to take to the market. To do that, you need to train your own workforce, but you also need to train your agencies and customers. It's going to be a massive uptick for out-of-home in so many ways, particularly the ability to see regional media for the first time. For many of our place-based environments like city and youth to have a currency, that's going to be a massive uptick. I think the level of granularity that we'll be able to apply to channels like retail, which will really allow us to advocate for the scale and quality of our retail network relative to other players, is going to be a massive tick up. Obviously, the investment is a big commitment from the industry, and we wouldn't be doing that if we didn't think it really gives us a lot more as an industry to recommend our scale, to talk about seasonality, and to give that granularity of digital measurement that the sophisticated media marketplace now demands. We're incredibly upbeat about it. We are running into Q4, so the delay, we know the agencies, particularly in view of that merger I mentioned, are working with us on timing, but at this point, we haven't determined a timing, but it will more likely be in 2026. Fully rolled out in 2026? Yes. Yes, okay, thank you. On current work, we are progressing with it, so that's good. A lot of the bigger formats are all ready to go. We're just working through the long tail of place-based measurement and some of the indoor environments now. Yes. Okay, thank you for that. Also, just one more on RIO. You've got a few contracts that you've publicly disclosed, and I think you were asked generally about the outlook for new tenders, but specifically around RIO, have you got many in the pipeline in terms of media retail groups that you're talking to? Yes, there is certainly still an active pipeline of mid-sized retailers that are all leaning into this concept of partnering for their retail media ambitions. What the partnering does is it gets them to the space very quickly, and we know from a lot of our existing partners like the Officeworks and Petbarns of the world how quickly we can deploy some of those assets into the store. I expect we will sign new customers to RIO in that sort of mid-tier range, and we're working through the detail of some of those conversations now. Great. Thank you, Cathy. Thank you. There are no further phone questions at this time, and I'll hand back to Ms. O'Connor for closing remarks. Thank you, everyone. As we've covered today, we've got significant momentum in the business with strategies designed to boost performance on the top and bottom line, all bearing fruit. We're catching up with many of you over the coming days, and we look forward to talking more about the strong results in detail. Thank you for your time. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.