I would now like to hand the conference over to Mr. James Taylor, MD, and CEO. Please go ahead. Good day, everyone, and thanks for joining us today. Since I joined oOh!media as CEO and MD on the 8th of December. It's a privilege to join oOh! and lead a business that plays such an important role in Australia's media and urban landscape. Out-of-Home is a medium I've long admired, including as a customer. Having had my feet under the desk at oOh! for just over eight weeks, I can say that the attractiveness of oOh! as ANZ's number one player has only been reinforced. To me, that attractiveness is underpinned by the variety of formats we offer, their physicality, and that in an increasingly virtual digital world, it's part of the last growing physical media channel. The fact that it's premium and completely embedded into the rhythm of everyday life only adds to this. The transparency and brand safety that Out-of-Home provides to both clients and consumers is a huge differentiator. There's nothing hidden. What you see is what you get, and in today's media landscape, that clarity is increasingly valuable and recognized by marketers. Out-of-Home is built into the very fabric of our cities, unskippable and unmissable as people move through their day. No login required, no opaque algorithms. It simply earns attention through presence and creative execution, not available on any other platform. Messages can shift by time of day. They can respond to seasonal moments or climactic events. These messages can change with location, mindset, and format. The way brands earn attention is shifting, and increasingly, Out-of-Home is moving to the center of the media plan to marketers as they build out their creative and advertising strategies. That structural shift is one of the factors that drew me here. There's one other very important reason I joined oOh!media: we're independent, and we're specialists. This means we're singularly focused on doing what's right for our customers by selling what they want in the way they want to buy it, not what's convenient for a broader portfolio. Gives us one very clear job: make Out-of-Home work harder for our customers every day. Now, this combination of physical scale and innovative delivery is incredibly powerful, and the data reflects that. Out-of-Home now captures a record 16.5% of agency media spend and continues to outperform other major media channels. It's increasingly earning its place as the first media platform. And against this backdrop, oOh!media's position as market leader was a huge drawcard to me. oOh!media has unmatched national scale, a multi-format network of more than 30,000 assets, underpinned by strong, long-tenured client relationships. Through my career, my focus has been on driving business improvement through disciplined execution, turning strategy into delivery, and ensuring teams move fast with clarity and accountability. I joined oOh! with that mindset. My focus will be on accelerating delivery, building on the strong foundation already in place, while sharpening how we convert category strength and network scale into consistent performance. Looking forward, there are several clear opportunities. The first is to unlock more value from the network itself through smarter pricing, improved mix, and performance. We have an extraordinary asset base. The opportunity now is to ensure we're fully leveraging its breadth, flexibility, and impact to better align with how our customers plan, buy, and execute. Supporting this plan is the new industry audience measurement system, MOVE 2.0, which I'll refer to simply as MOVE from now on, which significantly builds on the trusted and transparent foundations established under earlier iterations. Launching next month, the evolved MOVE, which for those interested, stands for Measurement of Outdoor Visibility and Exposure, will represent a step change in measurability and insights for our advertisers. Further to my earlier point around the increasing intelligence of this channel, the new MOVE will see the arrival of a more contemporary Out-of-Home audience understanding, more granularity, more segmentation, and deeper insight into how location and time of day shape impact. It will be the most sophisticated Out-of-Home measurement system anywhere in the world. MOVE represents a landmark moment for the Australian market and will bring Out-of-Home even further to the center of contemporary, accountable media planning. We expect the upcoming relaunch of MOVE to particularly serve as a catalyst for the retail channel. Its enhanced measurement capability will more clearly demonstrate the superior quality of our assets and the unmatched scale of our network compared to our competitors. And as the market landscape evolves, so too must the way we operate our business. The expectation from our customers is clear: speed, simplicity, consistency, and delivery that matches the promise we sell. And in that context, I want to be direct about my early observations about how we're delivering on this promise. In some areas, we've not been executing well enough, and we've not been moving fast enough for our customers. Legacy systems and navigating the size of our network has held us back and has contributed to our ceding market share. In CY 2026, we must do better. The business took action in CY 2025 to uplift sales execution, and I can see there has been real progress in this area. The energy, discipline, and focus I'm observing in this specialist Out-of-Home sales team is translating into true momentum, with more work in trying to deliver better outcomes in CY 2026. Moving beyond sales execution, I see real potential in reviewing core elements of our operating model to increase the pace and efficiency of delivery. I'll speak about this in detail in a moment. Technology transformation is a key enabler of sales execution improvements. Good progress has been made to date, driving market-leading customer satisfaction outcomes in CY 2025, and there are early signs of gains in market share. But again, we need to move faster. Over the year ahead, my focus will be on further integrating our systems, improving real-time visibility, and accelerating automation in a disciplined fashion. It's about doing more with what we've got and delivering faster. Our retail channel is performing below our expectations. This reflects a combination of factors, including a competitive landscape, especially in the FMCG space, and the fact that until the relaunch of MOVE in March, the full reach, effectiveness, and quality of our retail network is not yet fully visible to advertisers. We continue to believe in the long-term opportunity in retail, and we'll provide a further update on our strategy for both retail and reo at our AGM in May this year. Turning to slide five. Focusing on our supply chain and asset management, I see a significant opportunity to optimize our end-to-end operations to deliver cost savings and operating efficiencies. We've conducted an initial diagnostic that demonstrates opportunities to redesign core operating processes, which, to this point, have never benefited from an end-to-end review. This area of our business has an annual expenditure of over $ 100 million that is split between non-rental cost of goods sold and CapEx. Improvements will focus on the end-to-end operational processes of planning, procuring, assembling, installing, activating, and maintaining all screens across oOh!. Simply put, we need to get assets in the ground faster and at lower cost, and shorten time to revenue. We also need to operate and maintain them more efficiently through their life. The first phase of this work will focus on low-risk initiatives that can be implemented relatively quickly and are expected to be cost neutral in FY 2026. I'll be able to share more detail of this work at our AGM in May this year. Turning to the next slide. Now, you're all familiar with this slide, and as I touched on earlier, I won't dwell on it, but it neatly encapsulates the structural attractiveness of the Out-of-Home market, as evidenced by three consecutive record years of share for Out-of-Home. Slide seven outlines how our largest and most sophisticated clients, typically multinationals and large FMCG companies, are investing more of their ad spend each year with oOh!. We're increasingly seen as a foundational partner to deliver their media plans, leveraging the breadth and depth of our national network, coupled with strong investment in high-impact premium assets and environments. I'll now turn to the highlights from our CY 2025 results before handing over to Chris to cover the results in more detail. From an operational perspective, as I alluded to earlier, the business made meaningful improvements in sales execution, including aligning sales and marketing under a single structure to accelerate speed to market, to strengthen our go-to-market and product positioning, and to bolster the senior sales team with impressive talent and expertise. These changes are already delivering results, with vastly improved customer engagement and wins in key customer commitment volumes. Over the past 12 months, oOh! also progressed a number of new premium asset rollouts. Sydney Metro continues to perform exceptionally well, while the rollouts of Waverley and Woollahra Councils are largely complete, giving us a strong footprint across the high-value Eastern Sydney corridor. We also launched our Melbourne Metro assets, where early performance is exceeding expectations. We secured several landmark contract wins in 2025. These included Transurban's large format contracts in Melbourne and Brisbane, adding 42 premium motorway sites to our network and further strengthening our national road position across all five capital cities. We also secured Transport for New South Wales within Sydney Metro, reinforcing our leadership in rail. Following the non-renewal of the Auckland Transport contract, we also reset the New Zealand cost base, reflecting oOh!'s commitment to operating cost discipline. I'll now hand over to Chris to talk through the CY 2025 results in more detail. Thanks, James, and good morning, all. Turning to slide 11, which provides a high-level overview of our full year financial performance. Revenue of $ 691 million represented top-line growth for the year of 9%. This was a performance of two halves, with a record first half delivering revenue growth of 17% and a subdued second half of the year, with revenue growing at 2%. The second half softness reflected the pressure on advertising budgets, lower consumer spending, and the non-renewal of the Auckland Transport contract. Over the same July to December period in Australia, total agency media revenues per the Standard Media Index declined by 5%. Despite these forces, the business achieved the guidance we provided in the early November trading update across all metrics provided. Gross margin declined by 1.5 percentage points to 43.2%, and I'll go into more detail on this later. We remained firmly focused on cost discipline throughout the year, reflected by the underlying operating expenditure increasing by only 3% in line with inflation. Adjusted underlying EBITDA increased by 8% to $ 139 million, and adjusted underlying NPAT grew by 7% to $ 63 million. The results were impacted by a $ 13 million impairment charge relating to the New Zealand business, following the loss of the Auckland Transport contract. Finally, the board declared a fully franked dividend of $ 0.04 per share, up 14% on the prior year. Turning to slide 12, which breaks down revenue by format. Billboards remains a core growth driver, up 10% year-on-year. This reflects continued advertiser demand for large format, high-impact assets, and the strength of our national billboard portfolio. Street and Rail delivered growth of 11% due to exceptional performance from Sydney Metro, alongside the rollout of Woollahra Council and Waverley Council assets. Retail finished the year 6% lower, driven by an increasingly competitive market. As James noted earlier, a further update as to how we are responding in this format will be provided at the AGM in May. Airport delivered a standout result, growing 29% for the year, driven by continued recovery in travel, with revenues now returning to pre-COVID levels. Office and Study declined 7% over the period. This remains a smaller part of the portfolio, and our focus here is on improving sales execution and monetizing the benefits of these formats being included into MOVE for the first time from March. The other segment largely reflected growth of revenues in reo. Overall, from a market share perspective, oOh!'s share of the Australian, New Zealand Out-of-Home market was 35% in CY 2025, compared with 36% in CY 2024, with the one percentage point decline largely attributable to the loss of Auckland Transport. Encouragingly, the Australian market share was held in the fourth quarter. I also note that we had gains in share in Australia across both December and into January 2026. I'll now turn to the profit and loss statement on slide 13. Gross margins declined by 1.5 percentage points year-on-year, driven by higher fixed rents from new premium contracts, higher agency performance-linked incentives, and adverse channel mix. A waterfall chart of the individual cost of goods sold components is provided in the appendices. Operating expenditure increased 3%, broadly in line with inflation, despite continued investment in reo and technology, reflecting the impact of the cost out program announced at the end of CY 2024. This also includes the cost of the CEO transition and the restructuring of the New Zealand business, with a waterfall chart provided in the appendices. Adjusted underlying EBITDA grew 8%. Statutory results were impacted by the $ 30 million non-cash New Zealand impairment charge announced in August, with the interim results. Adjusted underlying NPAT grew by 7% to $ 63 million. Now, turning to the cash flow statement on the next slide. Operating cash improved materially, with $ 82 million generated, up $ 35 million on the prior year. Operating cash flow to adjusted EBITDA conversion improved to 59% from 37% in CY 2024, reflecting improved earnings and partial normalization of working capital. This included a softer second half in terms of operating cash flow conversion, with prepayments for expenses and non-cash earnings related to media for equity arrangements being the key drivers. Capital expenditure increased to $ 54 million, consistent with the investment in growth and digitization, and in line with the guidance provided of $ 53 million-$ 63 million. Free cash flow improved to $ 28 million, representing a $ 20 million increase on CY 2024. Turning to slide 16, you can see that the new contracts won since 2023 contributed $ 22 million in incremental CY 2025 revenues, in addition to the $ 7 million generated in CY 2024, thus representing $ 29 million in total new revenues per annum generated since early 2024. This in-year contribution was not as strong as expected earlier in the year, due to timing delays and a softer-than-expected media market in the fourth quarter. Excluding Auckland Transport, the rest of the business contributed $ 42 million of growth during the year, with retail headwinds, as outlined by James earlier. Since 2023, over $ 90 million of new contracts or significantly enhanced contracts have been secured. These set the platform for growth, and it is expected that we will achieve the full run rate in 2028. Moving on to slide 17. As you can see, the lease expiry profile remains a key strength. There are no major contracts due in the short to medium term. No single contract represents more than 5% of CY 2025 revenues, and more than 60% of CY 2025 revenues attaches to contracts extending to 2029 and beyond. This represents the strongest lease profile over the past few years, which is a function of the major renewal efforts over recent times. This positions the company to target growth opportunities going forward. I will now hand back to James. Thanks, Chris. And finally, to slide 19, the outlook for the year ahead. We've started the year with encouraging momentum. Australian Q1 media revenue is pacing at +7%, with the group pacing at +2%. At a market level, Out-of-Home is expected to continue taking share from other media sectors, and as the category leader, we're well positioned to benefit from these structural tailwinds. On costs, we expect full year operating expenses to be broadly flat compared with CY 2025, reflecting continued cost discipline while ensuring we retain capacity to support growth and execution priorities. CapEx for CY 2026 is expected to be in the range of $ 55 million-$ 65 million, largely directed towards new advertising assets and contingent on development approvals. Finally, we expect gearing to remain within our target range at below 1x adjusted underlying EBITDA. To close, in CY 2025, oOh!'s performance reflected the continued growth and resilience of the Out-of-Home sector. Despite more subdued market conditions in the second half, the business delivered solid full year revenue and underlying earnings growth. We enter the next phase with a clear focus on this execution. My priority is to ensure we deliver for our clients and shareholders with pace, consistency, and discipline. I look forward to providing a more fulsome strategy update at our AGM. We'll also hold an Investor Day in the second half of CY 2026 in order to bring our strategy and network to life for our investors. With that, I'll open to Q&A. 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're on a speakerphone, please pick up the handset to ask your question. Your first question comes from the line of David Fabris with Macquarie. Please go ahead. Oh, good morning, and thanks for taking my questions. Can I just start off, like, with that revenue pacing? I can see it's 2% in 1Q 2026, but Australia is tracking +7%. I mean, how confident are you that this sticks? Is there any catalyst for it to accelerate or decelerate? I guess I'm trying to understand the visibility or any nuances in there. Thanks for the question, David. James here. Look, we've given guidance for Q1. I think it'd be too early to call Q2 at this point. I'd remind you that the second quarter last year was historically high. We're confident in Q1. We're confident in our market position. We come into the year with some strong momentum. We took share in both December and January, and of course, we're keeping a close and disciplined eye on our cost base to make sure we can deal with the volatility and the broader macroeconomic environment. Yeah, got it. And then just thinking about 2026, I mean, you've got some contracts that are annualizing. There's probably some new contracts that are coming through as well. Can you just walk us through the contribution from the annualization, the new contracts through 2026? And then can you maybe help us understand where pacing would be without these contract benefits? Sure, I'll take that, David. Hi. In terms of the contribution from the new contracts into 2026, we're expecting an incremental of $ 27 million. I don't have the pacing in terms of what it would be ex of that. One of the key things, obviously, to bear in mind is when we form in a view of what the new contracts are going to generate, it's in, as a function of also what the total media market is doing. And as James outlined earlier, just simply too soon to be able to make a call on that. Yeah, okay. Got it. And just one last question from me, just on MOVE 2.0. I think it's coming possibly in March, and I feel like there's broad consensus that it's a net positive for Out-of-Home, but not all assets will get the same, same rating. Some will benefit more than others, and some might see a negative impact. I mean, how do you feel about your portfolio? Are you thinking about MOVE 2.0 as a net positive, and could this be a catalyst for an acceleration of market share gains for Out-of-Home at an industry level? Yeah, I think that's a great question. Thanks, mate. It's coming on the ninth of March is the launch day. We're really excited about it. It's been a while coming. It does a couple of things for us. One, it really improves the accountability, measurability of Out-of-Home. It's a world-class measurement platform. I spoke in my opening remarks about the particular impact it will have on our retail network, but it'll also have a similar impact on our city assets, those in office towers, which have hitherto not been measured. Net-net, we think, is a positive for the industry and a positive for us, and we're really looking forward to being able to have different conversations with our clients about the value of our network and the accountability of the network. Got it. Thank you very much. Your next question comes from the line of Entcho Raykovski with E&P. Please go ahead. Morning, James. Morning, Chris. I've got, the first question I've got is hopefully pretty straightforward. Just looking at that Auckland Transport, revenue number of $ 18 million in calendar year 2025, are you able to give us a breakdown of how much of that was sitting in 1H and how much was in 2H? I presume majority was in the first half. Just trying to make sure we understand the pacings properly. Yeah. In terms of Auckland's contribution over the period, the vast bulk of the earnings were sitting in the first half, and it would be something probably in the order of about 80% or so in the first half and 20 in the second. Okay, great. Thank you. That's helpful. And then if we look at the expected drivers of gross profit margin into FY 2026, you've given us some color around the Auckland Transport impact, but I'm also conscious that you're comping a pretty big negative incentives impact in the first half. You've got the obviously, yeah, the Auckland Transport loss, and then new contracts will likely be margin dilutive. If we take all that into account and the rent impact, so what's the broad net impact we should be thinking about? Is something in the sort of mid-62% range, the right starting point, or is there other things we need to take into account? Sorry, could you just re-repeat that question, Entcho? The-- what's the 62% representing? Sorry, the gross profit margin into FY 2026. If I'm thinking about the puts and takes from a starting point, yeah, what sort of how we should be thinking about the numbers into FY 2026. Yeah. So, as noted, in the slides, what we're saying- I'm sorry, I meant, I meant 43% rather than 63%. Yes, I was going to say, you're talking statutory gross profit. Yeah. Yeah. Yeah. So we're looking at, looking at gross margin. If we're looking—is it somewhere between sort of 42% and 43% and sort of mid-40s number that we should be thinking about? Yeah. So, as we stated, what you need to think about is that Auckland Transport contributed 70 basis points of gross margin. That's not going to be there again in 2026. And then the other factor that you need to think about, as we stated previously, is the major drivers of gross margin: what is total revenue, given the fixed cost of the business, and then what is channel mix? Those are the two key drivers, and then from a rebate agency incentive perspective, it'll be broadly similar to last year. Okay, so you don't-- from an agency incentive perspective, you don't think there'll be necessarily a tailwind to margins? I'm just conscious in the first half, I think it was a headwind. Across the year, we're expecting it to be broadly similar in terms of percentage terms of revenue. Okay, great. Thank you. And then the final one, James, so you mentioned in your prepared remarks that there were some legacy systems you thought were in place. I guess, how are you thinking about the need to reinvest or to invest to update these systems? And I mean, if that's required, I don't know if you're able to give us any sort of broad sense on the quantum of that investment. Yeah, thanks for the question, and sure, I mean, the organization has a slight program of work to take legacy technology platforms and to recreate them into new, into new, new technology. The utility of that is, you know, ensuring that we can effectively, for example, cross-sell across different formats for clients and to shorten the time between, you know, a request for a brief and a response to a brief. And so there's a lot of very good, high quality work going on. My observations about that work is not that it is not fully invested, and I think the, you know, our current plans for the year are fully costed for that work. My observation is that we need to accelerate that program of work to create more utility for clients more quickly. Okay, thanks, James. Your next question comes from the line of Evan Karatzas with UBS. Please go ahead. Hi, thanks. Just to first, I want to clarify some of those GP margin comments there. So, you know, on slide 25, you've had a fifteen million dollar headwind from variable costs in your COGS, which I assume is those agency incentives. Are you saying that is not a tailwind into calendar year 2026? Do they not go away? So no. In that variable cost, that is just one of the items in there. So the other things that you've got in there is standard agency commission, which is about 10% in Australia, 20% in New Zealand. You also have variable rent. So there are a whole number of items contributing to that variable cost increase. And part of what's in there as well, which we touched on previously, is adverse channel mix. So as you know, a lot of the growth last year came from our airports and our rails divisions, which are predominantly variable rents. Okay. All right. So that's fine. So then if we take the GP margin delivered in calendar year 2025, the 43.2%, you take off the 70 basis points, you're at a starting point of 42.5%. Like, is there any perspectives you can provide on just how you're thinking from that base of GP margin into calendar year 2026? I'll just go back to the answer that provided, I think, to David earlier, which is the things that you need to then form a view on in terms of what gross margin we should be looking at, is what is the total top line growth? And what's happening with a channel mix perspective. And, you know, certainly in terms of channel, as James touched on earlier, rail is going fantastically well with the quality new assets that we've brought online, plus an airport. So that would be something that if continues through into 2026, would be gross margin dilutive. Evan, it's James. So I thought I'd just add a bit of color. You understand that it's, there's a high fixed cost within the business, and you would understand the meaningful role that, you know, revenue fluctuations have on our gross margin. And of course, at the moment, that's compounded by some volatility and some broader macroeconomic factors. We don't want to provide guidance where we don't have a good visibility of outcome. And Chris disclosed the 70 basis points impact into next year of the Auckland Transport contract loss. I think the other thing I'd say is that you should be reassured that we've got, you know, consistently disciplined cost control in place, and we've provided guidance, and we expect our OpEx to be broadly flat. I'll reiterate what I said up front, that we've done a lot of great work at the pointy end of the business in sales execution and sales enablement, and we're seeing good traction there and some good momentum into this year. Share gains in both December and January. And now we're focusing on what I regard as the back end of the business, is making sure that we've got the end-to-end operating model and supply chain settings right, so that, you know, the operating leverage of the business is maximized, whether it's great trading conditions or more challenging trading conditions. Yep. Okay. All right, no problem. Thanks. Appreciate all the extra information. Thanks. Your next question comes from the line of Brian Han, Morningstar. Please go ahead. I'm not sure who this question should be directed to, but can you please comment on what type of competitor QMS has been over the past few years? Do you expect any big changes in competitive dynamics going forward? I think, I think QMS has been a good, motivated competitor. We, we welcome the competition, frankly, and it's sort of competition in, in, in all sectors lifts all boats, doesn't it? I think, reflecting on the recent acquisition, my view is that it, it's a stunning endorsement of the Out-of-Home sector. I think it, it reinforces what I've been saying about the attractiveness of the sector for some time, acknowledging, I guess, both the structural tailwinds that the sector's enjoying and the unique capacity of Out-of-Home to deliver outcomes in a way that other platforms can't, and of course, that'll be reinforced by the introduction of MOVE. It's been. I don't know, how long has it been since the transaction was announced? And it's been a few weeks, and we've been reflecting on it. Especially as we're the largest and highest quality operator in the sector, we're reaffirmed in our view that being independent and specialist is in the best interest of our clients. Brian, if you look around the world, the successful proven models in Out-of-Home are based on independence and specialization, and that remains our thesis. Thanks, James. While you're there, James, have you had the time to look deeper into the foray into reo? And do you think there's a chance that the reo project may be scaled back? I just lost the end of that question. That the reo project may be what, sorry, Brian? Could that be scaled back? Oh, be scaled back. Thank you, mate. We listen, we really believe, continue to believe in the opportunity in retail media. It's a very good fit for our current business, and we think there are opportunities there to help retailers solve problems. It's worth noting the Australian market is a little less mature than some markets around the world, and it would be true to say that the sales cycles have been longer than anticipated. And that said, we've had good interest from some new clients. Those conversations are ongoing. But I'm going to be in a much better position to give you an update at our AGM in May, and I'll be happy to do so. Thank you, James. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from the line of John Campbell with Jefferies. Please go ahead. Hi, guys. Thanks for taking the questions. Obviously, OML's done a very commendable sort of OpEx management in over the last couple of years in fairly sort of tough consumer times, and flat OpEx guidance into 2026 is, is again, you know, impressive, I guess I might say. But, like, the question would be, you know, how long do you think you can continue to run OpEx at that sort of very low single digit, if not flat? I mean, are you-- are we defer-- or are you deferring, sort of OpEx for waiting for a sort of a turnaround in the market? I mean, it really, really just, I'm trying to understand, understand where that's going. Thanks for the question, John. A couple of things is, you know, consistent with what we've done in the past few years is we've been continually seeking areas within our cost base that we can find efficiencies in to fund investment elsewhere. And I think that's quite neatly demonstrated in terms of slide 26, where you'll see that we still have been able to invest where we wanted to, which is tech investments and in reo. In terms of some of the costs that are in the OpEx space in 2025, as indicated by the two orange columns on slide 26, you'll see you've got the New Zealand restructuring costs, as well as the CEO transition costs that we incurred last year. So that does give our platform some real dollar growth, even though we'd appear broadly flat overall. Okay, thanks. Thanks for that, Chris. And just you sort of mentioned systems, et cetera. Do, in terms of programmatic trading, do you—I mean, I know that JCDecaux has this sort of global global platform, it would seem, and they have a big ability to spend or a bigger ability to spend on technology such as that that they can replicate across many geographies. How do you view your programmatic trading platform, say, vis-à-vis JCDecaux? Or, I mean, or just in general, do you see it as being at the level it needs to be at? No, we are exposed to programmatic markets. We see that as an evolving part of the sector, because part of the sector I come from is very deeply engaged in programmatic marketplaces. We are investing in our capability there and really building a better understanding of how to expose inventory in those environments in a way that is great for clients and also great for us, and we continue to learn in that space. I'm just interested- Yeah, I'd also just add, James, we're connected to two of the world's biggest supply-side platforms that operate globally. So you don't feel you're disadvantaged, in that sense, in terms of the programmatic platform? No. No. Okay. Not necessarily, no. Okay, quickly, just last question for me, and I don't know if you'd be willing to answer this, James, but just do you have any reflections on some of the major contract losses that OML has had over the last few years, Vicinity, Sydney Rail, Auckland Transport, et cetera? And I know that the company has always said that they, you know, that they, it basically meet the return on capital criteria showed, so the company showed a lot of discipline. But do you have any reflections on those contract losses and whether that's something going forward you would think fighting harder and, I don't know, maybe even accepting a slightly lower return on capital to maintain, to avoid major contract losses? Well, thank you for the question. I think clearly, each new contract comes up in a different operating context, and what I'm assured of, having looked at the details, is that the organization demonstrated a really thoughtful, nuanced approach and a disciplined approach to the contract bidding process. And of course, you tend not to win every single contract if you're being disciplined, but I think it's worth noting, oOh! has won vastly more than they've lost, and indeed, I think the value of those wins accounts for about $ 90 million in ongoing revenue within the business. So I think the record is actually pretty good. Okay, thanks very much for that. There are no further questions at this time. I'll now hand back the call over to Mr. James Taylor, MD and CEO, for closing remarks. I'm grateful for the engagement on the call. I'm grateful for your support of the business, and I'm really looking forward to getting to know all of you a bit better and to see you at our AGM in May, if, if not before. Thank you. That does conclude our conference for today. Thank you for your participation. You may now disconnect.