Okay, good morning, everyone, and welcome to Origin Energy's results for the 2026 financial year. It's Frank Calabria here, and I am joined by my Executive Leadership Team. I want to welcome a few people. Firstly, you will all know Andrew Thornton, but welcome him in his new role of Executive General Manager, Energy Supply and Operations. We welcome Aleta Nicoll as the Executive General Manager for Integrated Gas, and also welcome Alicia Purtell, our new Executive General Manager of People and Culture. I will provide a brief overview of performance and outlooks. Tony will speak to the financial results, and this will be followed by an opportunity for all of you to ask questions. Turning to slide two, Origin has delivered a good result for the 2026 financial year. The energy market's EBITDA of AUD 1.701 billion is towards the upper end of guidance. Integrated Gas at AUD 1.62 billion EBITDA is in line with expectations for APLNG and LNG trading. In relation to Octopus Energy and Kraken, it recorded a combined EBITDA of minus AUD 8 million, with U.K. Retail contributing AUD 134 million, and that has enabled funding investment in growth as they scale in the non-U.K. retail markets, Energy Services, and also Kraken migrations. There are a number of business highlights for the year. Customer accounts increased by 243,000. We achieved our AUD 100 million to AUD 150 million cost-out target. The batteries are on time and budget, and we now have 1.3 GW operational. Origin received AUD 911 million fully franked dividends from APLNG and increased its 2P reserves at 100% there by 332 PJ, and that is before production. The Octopus Energy team have grown their customer accounts by 2.2 million, 800,000 of those in the U.K., but now 1.4 million of them are outside the U.K. Kraken increased its revenue by 19% through the year and now has contracted accounts at 95 million at the end of June. The Kraken and Octopus legal separation is complete, and as part of that, the equity raise of AUD 1 billion by Kraken was completed in July. On the back of that, the board have determined a AUD 0.30 fully franked interim dividend, and that is obviously supported by strong cash flow and balance sheet strength. Turning to the financial highlights, you can see there that the statutory profit is AUD 1.574 billion, the underlying profit is AUD 1.159 billion, and the underlying EBITDA of AUD 3.22 billion, which comprises improvements in Energy Markets and Octopus Energy and the expected lower earnings in Integrated Gas. The adjusted free cash flow was very strong. It increased by over AUD 700 million to be in excess of AUD 2 billion for the year. That strong cash flow has led to a reduction in our net debt to EBITDA metric, which now sits at 1.6 x. I mentioned the final dividend, that takes the full-year dividends for the year consistent with 2025 to be AUD 0.60 fully franked. I wanted to touch on the data security incident. In July, we advised there had been an unauthorized access to customer information to 900,000 customers. Our priority right now is supporting those affected customers. Initial notifications have gone out. We are continuing to communicate with them. We are providing support through extended customer support hours, a dedicated contact number, web page, and access to specialist identity and cyber support services. We have taken steps to secure our systems. We have been working with cybersecurity and forensic specialists. We continue our review, continue to work closely with the authorities and regulators. As I commented when I last spoke to this, the matter does remain subject to an ongoing criminal investigation, which will limit some of the things I can say today, but I understand there will be some interest in that. Turning to our purpose on slide five of getting energy right for our customers, communities, and planet. Firstly, for customers, our focus right now is on supporting those impacted by the data security incident. I am pleased that we were able to pass through our lower average prices in July for the 2027 financial year. We continue to support customers in hardship, spending AUD 40 million, and we have new energy plans being introduced that are tailored to customer usage patterns, and we remain one of the largest East Coast gas suppliers through APLNG. For the communities, it is good to see that we continue to support regional procurement and First Nations suppliers in a meaningful way and also community benefits through our Eraring Community Fund and our foundation, where we contribute both dollars and also volunteer hours by our employees. It continues to be a key part for what Origin Energy stands for. I am also pleased to advise that our recordable injury frequency rate of 2.9 is an improvement on last year. When it comes to planet, our Scope 1 to 3 equity emissions are down 2%, and included in that is a reduction of our Scope 1 emissions by 7%. Our batteries, it is good to see both Supernode and Mortlake are now operational, and that is earlier than anticipated. Also pleased to see that the ash reuse at Eraring has jumped to 77%, up from 61% last year. We continue to apply 85% of the produced water at APLNG to a beneficial use, including agriculture. We now have 50 MW of community batteries under operation. Turning to slide six, we have established assets and capabilities that we continue to build on but differentiate us. They span customer, energy supply, energy resource, international markets through Octopus, and also global technology through Kraken. That is something we continue to focus on as we want to deliver the best outcomes through the energy transition. Our investment proposition on slide seven remains consistent. We have energy markets and APLNG, both leading Australian energy businesses generating strong cash flows, fully franked dividends, and an ability to continue to invest in the energy transition. Our dividend yield is 5.7% before franking benefit. In addition to that, we now have significant global growth potential through two independent businesses following separation, Octopus and Kraken. I wanted to turn just to the commodity markets, because they have shifted significantly so far in 2026, and that is highlighted by the charts on slide eight. Recent electricity prices have been impacted by both cyclical and structural drivers. We have seen unseasonably mild weather, very high base load availability, and also increased renewables and battery storage. At the same time, what we are seeing is the cost of new build is rising, and that just makes it more challenging to invest at these prices. In the relation to East Coast gas prices, while there has been a rise in global LNG prices, you can see the East Coast remains well-supplied and has been insulated from those rises. We've seen the domestic demand be lower over the last 12 months, particularly as it relates to gas-fired generation and the demand from LNG producers. We also include the Japanese customs-cleared crude, and for people, most will be familiar, that's the index that actually flows through to our long-term LNG export contracts. It's obviously risen sharply since the commencement of the Middle East crisis, you can see on the right-hand chart. But given the time lag that exists in our LNG export contracts, those higher oil prices will be realized in the 2027 financial year. Based on the current forward prices, Origin expects continued strong cash flows from APLNG in FY 2027, and there will be some losses from the oil hedges in place that will partially offset this. Just a reminder, we've communicated this previously as part of our quarterly presentation, but it's a significant event. The separation of Octopus and Kraken has now been completed. You can see there, the stake in Origin economically in both of those businesses remains at 22.7%. The graphic on the left, though, is to highlight the fact that Octopus holds a 13.7% stake in Kraken when you're calculating that. Both of those businesses are well-positioned to pursue ambitious growth, and it was pleasing that Kraken was able to raise that AUD 1 billion equity, and that was completed in July at a look-through valuation of $8.65 billion. We'll talk more about those businesses later. On that note, I'm going to hand over to Tony Lucas to talk through the financial review. Thank you, Frank. Tony Lucas here, CFO of Origin. Good morning, everyone, and thank you for joining. I'll spend the next few minutes on the segment results, our cash generation, and then our balance sheet. Today's strong result reflects three consistent themes. Firstly, we delivered what we said we would on earnings, on cost, and on the battery program. Second, we had strong cash conversion, and we strengthened an already strong balance sheet. Finally, we kept investing in the portfolio through the energy transition for what it needs while maintaining disciplined, sustainable returns to shareholders. Starting with the EBITDA. Group EBITDA of AUD 3.2 billion reflects strong growth in energy markets and an improved contribution from Octopus. As expected, a reduction from Integrated Gas. Energy markets' EBITDA of AUD 1.7 billion was up 21% and at the upper end of guidance. Electricity was AUD 179 million higher. There was really three drivers. We had higher wholesale costs flowing through to tariffs with a lag. We had a lower cost of energy, and that lower cost of energy was partially offset by last year's unusually strong wholesale portfolio benefits, which didn't repeat. Gas was AUD 20 million higher as both sale and purchase contracts repriced and partially offset by lower trading volumes. Cost to serve reduced a further AUD 56 million this year. That's against our FY 2024 baseline. We delivered AUD 126 million of savings before the two retail acquisitions, and that's delivering the AUD 100 million-AUD 150 million cost out target we set two years ago. With the customer base growing, the battery fleet now operating and cost discipline embedded, the business enters fin year 2027 well-positioned. With the battery ramp up, we expect that to offset lower wholesale prices flowing through customer tariffs. Turning to Integrated Gas, APLNG delivered operationally very well. Availability improved to 96%, 82 wells driven, and 2P reserves increased 332 PJ before production, and that is at 100% APLNG level. Earnings were in line with expectations, reflecting a realized oil price of $72 per barrel, the full year effect of the Sinopec price review, and LNG trading gains of AUD 140 million. As Frank indicated, the higher oil prices we have seen since February are expected to be realized in fin year 2027, and that supports a continued strong, fully franked distribution from APLNG. Finally, Octopus and Kraken, our share of EBITDA improved AUD 80 million on FY 2025 to a loss of AUD 8 million. U.K. retail contributed AUD 134 million. That is the fourth consecutive year of profitability for U.K. retail, inclusive of the continued investment in smart tariffs to grow connected customers. Non-U.K. accounts grew by more than 50%. Energy Services improved materially on productivity and is trending towards break even, and Kraken grew revenue 19% while investing in migration capacity or capability and product development. As Frank indicated, legal separation complete and the equity raise finalized in July. Both businesses are well set up for growth, and Origin continues to build substantial long-term value through these investments. Just turning to cash flow, which is the standout of this result. Cash from operating activities, AUD 1.9 billion, that is up almost AUD 1.5 billion on the prior year. We saw Energy Markets cash conversion above 100% with strong credit and collections activity, the warmer winter weather driving lower working capital also. We have much lower cash tax paid. You will remember in fin year 2024, we had a large balancing payment in that year. We received AUD 911 million in fully franked dividends from APLNG. The CapEx expenditure reduced by AUD 500 million as the battery build program passed its peak. Adjusted free cash flow of AUD 2.1 billion, which is up AUD 867 million. The underlying story here is two strong businesses converting those earnings to cash. Now to focus on the balance sheet. Strong operating cash flows and dividends from APLNG more than covered the CapEx program and shareholder dividends. Adjusted net debt at 30 June 2026 of AUD 4.85 billion increased slightly over the prior year. That is once the battery tolling increases are included. Adjusted net debt to adjusted underlying EBITDA was 1.6 x. That is below our 2x-3x times target range, again, driven by strong cash performance. Just as a reminder, the metric now includes the franked credits attached to APLNG distribution. We think this better reflects the pre-tax nature of that metric and better aligns with our Moody's credit rating. Over fin year 2027, we expect to move into the lower end of the target range. This will be reflecting completion of the battery program and the remaining battery leases and the Kraken investment made in July, and we will have lower LNG trading gains in fin year 2027. The balance sheet settings remain prudent given market conditions. Overall, the balance sheet is strong and flexible with capacity to continue to fund the portfolio through the transition. Finally, capital allocation. The board has determined a fully franked dividend of AUD 0.30 per share. As Frank said, that brings fin year 2026 distributions to AUD 0.60, fully franked. That is a yield of 5.6% before the franking benefit, and this represents 50% of adjusted free cash flow. It was an exceptionally strong cash year. If you look at the dividend payout average over fin year 2024 to 2026, it is more like 70% of adjusted free cash flow. Over this period, we have used 62% of our adjusted free cash flow has been directed to major growth projects, and that is predominantly that battery fleet, which is now generating earnings. The dividend is consistent with our policy of delivering sustainable distributions through the business cycle. My reflection on the result is our consistency in delivering what we said we would, earnings at the upper end of guidance, battery program on time, on budget, and now earning and converting to cash, and a balance sheet that lets us invest through the transition while sustaining fully franked returns. I will hand back to Frank, take us through the business detail. Thanks very much, Tony. Turning to business performance, and we are on slide 16. In energy markets, we have delivered on our short and medium-term targets in 2026. On the left-hand side, the electricity gross profit continues to sit above the medium-term target of AUD 25 to AUD 40 a megawatt hour. In 2027, it is expected to remain above the target range with the batteries coming online, and that will be partially offset by lower wholesale prices flowing into tariffs. In 2028, we do expect a moderation of gross profit as lower forward prices flow through to tariffs. For gas earnings, they are also above the medium-term target of AUD 3 to AUD 4 a gigajoule. There were lower trading volumes in the 2026 financial year with the 35 PJ GLNG contract ending just prior to it in May 2025. In 2027, we do expect our oil JKM link supply costs to be lower with our current contract positions. Just a reminder, the Beach Otway contract is subject to price review, which has not yet concluded, but on conclusion is effective from July 2026. Lastly, the cost to serve target, as we said in 2024, has been achieved between AUD 100 million to AUD 150 million, and that also is achieved even including the two new acquisitions that were made this year. We also were able to lower our bad and doubtful debt with improved collections, through our automated credit decision engine. Turning to customer on the next slide, the growth momentum continues. We have added 243,000 customer accounts this year. That has both been organic and inorganic. The acquisitions of 1st Energy and Energy Locals added 135,000 of those accounts. We have a community Energy Services business, which may otherwise known as embedded networks in the residential space and businesses at 484,000 customers, and we have achieved a 46% compound annual growth in internet count customers over the last three years. Our churn continues to be lowest in the market, and we continued improvement in customer experience as measured by the Customer Happiness Index. We have introduced new propositions as distributed assets increase. We have increased the number of interactions that are now being fully digital, and we continue to scale AI across our business. Our virtual power plant, once again, grew to 1.6 GW. Just turning to what is happening in the market over the last 12 months, in particular, what has happened with batteries. You'll see that grid-scale batteries in the NEM have more than doubled in the last 12 months, and they're now able to meet about 25% of peak demand. At the same time, you can see there's greater than four times growth in behind-the-meter batteries in the last 12 months, and that's having an impact on the shape of residential grid demand. The role of batteries and gas work well together, with batteries being suited to managing those evening peaks and the short, sharp spikes. That means that we start our gas fleet less. That defers maintenance costs, and gas peakers continue to play an important role in managing extreme and long-duration volatility events. We build on that further on the next slide, which shows that batteries will solve most days while gas peakers and hydro will firm the seasons. In the context of a market with the growing renewable energy, there'll be more variability, meaning there'll be both daily and seasonal periods of both over and under supply. Batteries will solve most days in summer and spring, where we have an abundance of renewable energy. However, they cannot shift energy between seasons. If you turn to winter and autumn, the renewable output is less, meaning batteries are more often depleted before the demand is met. The long-duration firming of gas peakers and hydro will be required to solve those seasonal swings. I just note that in winter, the month we're going through now, it's been very mild conditions, and we've also had very high coal availability, the highest in the last five years. Origin holds the battery and gas peaking portfolio that positions it well to manage both daily and seasonal variability in a changing energy market. Turning to A PLNG, some of this information was provided in the quarterly. A PLNG revenue has declined in line with expectations. We've had lower sales volumes and realized prices. As I stated earlier, the recent high oil prices will be realized in the 2027 financial year. Costs have increased by 5% to AUD 3 billion, as we've continued to drive increased investment in our well optimization projects, development infrastructure, and exploration program. They were partially offset by some lower power costs. We've stated before that the cash distribution was AUD 911 million. Just worth noting that AUD 335 million of those dividends related to the cash generated in the 2025 financial year. Based on about a week or so ago, 40% of APLNG's JCC oil exposure for the next financial year, or the 2027 financial year, I should say, has been priced at $100 a barrel, and that's before any Origin hedging. Turning to slide 21. APLNG has 2P reserves of 9,619 PJ, 61% operated 2P reserves replacement in the financial year 2026. As you can see on the left-hand chart, greater than 50% of our reserves and resources extend beyond the existing export contracts, and we also have further reserves growth potential through exploration success. On the right-hand side, you can see production of 668 PJ for the year. The team have done a very good job delivering their program through the year. You can see that base optimization, which we set out to achieve, has now improved well availability to 96%. We now have our workover inventory to optimal levels, and we have completed a number of infrastructure projects that have had benefits to debottleneck to enable that production. We drilled 82 operated wells during the year. We commissioned 92 wells. Proudly to note that in 2027 financial year, we will be ramping up our drilling. Slide 22 just highlights the way we think about our production levers, and the first three of those blocks really do talk about more of that optimization activity as we focus for the 2027 financial year. Probably just want to make note of the ramp-up of new well development. Our increased drilling that I just noted before will include new Asset East fields. Just to note that it takes approximately two years for new wells to reach peak production. In relation to midterm investment, we do continue to evaluate opportunities to unlock reserves in the Asset West. Joint venture approval would be required for those, and that will be informed by both market and regulatory outlook. In terms of midterm investment, we do also remain very focused on growing reserves and resources through exploration and appraisal opportunities, including the Taroom Trough. We are very excited by the Taroom Trough. APLNG holds a large tenure footprint across both operated and non-operated holdings. Just to note that most of that is near existing gas infrastructure. Turning to Octopus Energy, you can really see that the Octopus brand and service just underpins impressive growth. The brand in the U.K. is a standout market leader, as you can see in that top left, and that is driving their continued growth in the U.K. market on the top right where it really is leading the market and has grown another 800,000 customers to have 26% market share. You can see that replicating now through to the non-U.K. markets where they now have 4.1 million customer accounts. When we think about Energy Services, what they are doing there is building an ecosystem of assets and platform that enables them to meet all those customer needs. That really extends across scaling installations. It is an electric vehicle leasing fleet, and they have grown their VPP to 3.2 GW. The development of that business then links back into continuing to grow value, and customers in the U.K. retail business and other markets, in the markets that are rapidly transitioning. On the next slide for U.K. Retail, it really just highlights how we and they think about the business with the U.K. retail strength. As Tony said earlier, they have reported their fourth consecutive year of profitability. This year, they earned GBP 39 per customer on that 7.8 million average customers. That is enabling them to invest in growth. It is funding customer growth that you can see on the dark color on the right-hand bar chart in the non-U.K. markets. They have invested in smart retail tariffs in the U.K., and they have also then invested in their energy services business. Each of these businesses have a strong growth outlook. The brand and service drives customer growth in the U.K. When you think about the large addressable market they are now going for across non-U.K. markets, that represents another significant growth opportunity. What we are seeing now, it is only firmed, in fact, over the last six months, is strong government and customer support for electrification and increased adoption of distributed assets. In the U.K., that is in particular electric vehicles. They are catalysts for ongoing growth in the Energy Services business. Turning to the Kraken business on slide 25. As I said earlier, they have 95 million contracted customer accounts. That growth of 21 million includes the entry into the Saudi market through Saudi Energy partnership that has added 10 million accounts. Of that 95 million accounts, 52 million are live, and what that means is that they are what is generating revenue, and that translates into the revenue growth you can see on the right-hand chart that has grown by 19% to GBP 300 million. Clearly, they continue to get contract annual revenue growth, and the pull-through to the P&L is really driven by that live revenue. They are expanding products now. They are really working across now C&I markets, water, telecoms, flexibility, and field services. That continues to widen their addressable market. In terms of financial results for the Kraken in FY 2026, they certainly invested more heavily to accelerate customer migrations. That particularly plays out when you are going into new markets, but also when you are accelerating migration of large accounts that they are bringing on live for live revenue. Those costs, around GBP 64 million, have been incurred ahead of the revenue. What we have done is highlight the EBITDA, with and without those accelerated migration investment costs that you can see on the left-hand chart. There are a number of achievements in FY 2026, but I will just draw out a couple. They grew the contracted annual recurring revenue by 44%, and the average EBITDA margin since 2023, even including all of that delivery investment, has been 35%. You can see then we have also highlighted what the underlying subscription gross margin is for that business, which is very strong as well. I will now go to guidance. I am now on slide 28. Energy markets EBITDA for the 2027 financial year is between AUD 1.55 billion and AUD 1.85 billion. The total CapEx you will see is reduced since this financial year as we complete more of the batteries, and that is between AUD 450 million and AUD 650 million. We provided the APLNG guidance in our quarterly results, but for completeness, you can see the guidance on production is between 625 and 670 PJ, and the CapEx and OpEx guidance excluding purchases is between AUD 3 billion and AUD 3.3 billion. We have provided guidance here for both Octopus and Kraken. On Octopus, we have guided the U.K. retail EBITDA per customer, and that is a guidance of between GBP 25 and GBP 50 a customer. I will just make a couple of comments as to why we have chosen that. You would have seen on the earlier slide that really Octopus Energy comprises a number of businesses. One, the ongoing operations and growth of the U.K. retail business, but then it is making choices as to how fast it invests in non-U.K. retail and Energy Services. Because they do drive a lot of that growth through organic means, it goes through the P&L. We think it is more meaningful for you to understand the ongoing profitability for U.K. retail EBITDA, and they will continue to make decisions based on the way they want to grow those other businesses. As more of that information unfolds, we are happy to share that, but we think this is a more meaningful way of understanding the profitability of the core business. Secondly, we have now provided guidance on Kraken revenue, which is growing at greater than 20% is the guidance for FY 2027. Just to wrap up, continue to believe we have advantaged assets and capabilities for the energy transition. We have strong cash flows and returns from energy markets and Integrated Gas. We have global growth potential from two now independent businesses. Pleased with the balance sheet strength. We have declared stable dividends at a good yield, and that continues to position us well to allocate capital to the right opportunities for shareholders over the coming years. On that note, I will now open up the discussion for questions. 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, and if you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Tom Allen from UBS. Please go ahead. Good morning, Frank, Tony, and the broader team. You have noted the strength of the balance sheet and free cash flows result, and FY 2027 group CapEx looks to be guided materially lower than market expectations. Considering this, the board appears to have erred on the side of conservatism in the final dividend for FY 2026. Given the strength of the balance sheet, the tailwinds in AP LNG cash flows coming through at least in the first half this year that you have called out, what are the main upside and downside drivers we should be focused on with respect to the board's discretion on dividends this year? Particularly keen to understand if there are key headwinds that the board is cautious of or whether there is scale growth that Origin wants to pursue. Oh, thanks, Tom. We looked quite hard at the dividend this year. I think you will see that the cash flow is very strong this year on much higher than 100% cash conversion out of energy markets. Really we wanted to, and we have always stated that we want to keep the dividend, not swing the absolute cents per share around. So when we look at the three-year average of that dividend, it is about 70% of adjusted free cash flow. It is about 80% of NPAT. Just given where the cash flow was for the year, we know we will probably end up with some of that working capital swing coming back into next year. We chose to leave the dividend where it is. I did highlight that we do expect with the tail of the CapEx and the lower LNG trading gains in fin year 2027 and into fin year 2028, that we expect to move into the lower range of our target range. Just given where the environment is at the moment, we are probably preferring to be at the lower end of our target range. Okay. Thanks, Tony. On the outlook for the energy markets division, you are noting likely moderation in electricity gross profit into FY 2028, as lower current futures prices flow into regulated pricing. I would estimate there is about 30% of the FY 2028 DMO and VDO prices already factored in. Can you comment on how to frame the spread of outcomes for energy markets on a two-year view, like the key up drivers and potential down drivers? Yeah. I think that is probably more like 40% priced into the DMO. You will have a fair indication from the curves of what that number is and then an indication of where the curves are for the balance. The way to think about is our fixed energy supply costs, so that is really Eraring and the renewables PPAs has been exposed to that absolute price. We buy a lot of the cover for C&I from the market, from swap contracts, so I do not expect that to be flowing through. So you could probably broadly use the best market sales number times those deltas on the forward curves to get an indication of where that is heading. 60% to go. Yeah, there's still 60% to go, and we're looking at the market, and it can obviously move around. People are predicting maybe an El Niño over the summer, so it's still a fair bit to run, but you could use those numbers as an indication at the moment. Okay, that's clear. Can you just comment on Eraring in particular? Do you expect to undertake the typical annual engine change-out that you've done in the third quarter of the calendar year in years gone by? Now that the government are going to support the ongoing operation of Tomago Aluminium, that's a big source of power demand in New South Wales that will now extend beyond December 2028. There's still an uncertain timeline for the commissioning of Snowy 2.0. Keen to understand the potential for Eraring to operate longer than the scheduled exit date at April 2029. Sure. Look, firstly, our plans aren't any different to the April 2029. That remains the case today. I'll get Andrew to talk a little bit about Eraring, and then we can talk a little bit further about the market, because you're right to point out there's a few dynamics going on, including the announcement today. But yeah, that's worth reflecting on. So firstly, just to you, Andrew. Yeah. Hi, Tom. So, we've proved for a while that we can flex Eraring pretty well from the 720 MW nameplate down to about 180 MW, and that's been the way of operating for a while. We've actually been having to do less of that recently with the batteries coming in and the mild weather that we've been talking about. We're not going to do any major maintenance, so the large turnarounds that we've done in the past that were every five years or so, but we're still continuing to do all the maintenance you'd want us, and you'd expect around to continue reliability through for the next few years. So nothing's really changed from that perspective. Tom, you opened up on a broader question about demand growth, and clearly there is a bit playing out. You can see recent announcements around the additionality all really driven by data centers and that flowing through over time. You have the announcement today, which is really an announcement for government around ongoing support for the Tomago. Clearly, we think a bit about that demand growth and how we meet that over time and have to respond to that. We have the ability to respond to the way we operate Eraring today, and then we have to think a bit about the decisions we make in terms of how we supply the portfolio going forward. They all go into the mix, Tom. I do not know if you had anything else, Tony. No, I think that covers it. Yeah. That is really the way we think about it. You are right. There is likely to be electricity demand growth, and therefore, our job is to capture that and create value. Okay, thanks. Tony and Andrew. Thanks, Tom. Thank you. Your next question comes from Rob Koh from Morgan Stanley. Please go ahead. Good morning. Congratulations on the result. Can I guess, just ask a question about Australian electricity retail? We've had, I guess, a number of regulatory proposals in Victoria. Inevitably, there's more requirements for customers on older offers. Is it still the case and your intention to maintain VDO and DMO as a general ceiling on your customer book? Good day, Rob. It's Jon here. We've got a broad spectrum of products and customers sitting across those different products, and we will continue to have that. We may, in fact, have customers that achieve other types of benefits, like for example, higher solar feed-in tariffs that may actually sit above those tariffs. So we look at that as we sort of think through all of our products. As you know, we also let customers know, across each of the bills, whether they can be on a better offer. And what we're trying to do over time is just continue to offer them value-add multi-product services. So yeah, don't think about that as an absolute ceiling, but it's absolutely a guide. Yeah. Thanks, Mr. Briskin. I guess the ACCC is going to be focused a lot more on this and something like 38% of top three customers were above DMO at their last review. Just wondering specifically if you're changing your settings against that backdrop. Rob, we're always mindful about it is a competitive market, and we continue to make sure we're passing through all the sort of lower costs that we can, and particularly as we lower the cost of the Retail business. I don't think I can add more, to be honest, around where regulation may go other than to say that I think we're in a good position being a lowest cost provider, having a great brand, and continuing to offer good products. Yeah. Well, you're doing something right with the customer growth. Moving to the Kraken. Just wondering how we think about the Kraken Technologies kind of revenue and EBITDA. In the past, we've talked about kind of GBP 6 per live sub. I think we've done GBP 6.19, and Rule of 40. I know those were only ever rules of thumb, but any extra color you could provide on thinking about that? Well, I think those rules of thumb remain appropriate, Rob. What you can see now is just as they move into more growth and more migrations, you've got a bit of lumpiness as they implement those, and they'll come in because you don't generate the revenue till you migrate the customers. That was the only idea of just sort of trying to guide that last six months. But in terms of the contracted, you'd look at a couple of things. You look at contracted revenue growing, pull-through, and timing of live revenue will probably drive that. But the underlying margin and pricing for those customers, I think, still remains appropriate. I don't think anything shifted in terms of how they think about the business. Okay. That is super helpful. Just within the Octopus Energy side, there is that Energy Services team, and correct me if I am wrong, I think you said they were kind of heading towards breakeven. Yeah. Should we be thinking that that is just a function of heat pump installs? I am sure it is more complicated than that, but just to draw out the underlying trend. They made quite a bit of improvement this year, and we would expect further improvement. It is both scale and operational efficiency, and it is both those levers. They have certainly achieved benefits as more smart meters and installation of assets has occurred over time, and that has pulled through unit economics benefits. But also, they have really worked hard on the operating model in an installation business, and they made a lot of improvements there. So it is going to be through both of those. And pleasingly, you continue to see good support for that electrification agenda, and the growth of those distributed assets. So those market signals, if anything, over time, have only strengthened. But they are the two levers that are really got to go into it. You have got to do both to get the improvements they want, and that is what they are working on. Great. Thank you so much. Thank you. Your next question comes from Ian Myles from Macquarie. Please go ahead. Hi, guys. Thanks for the questions. Just on the energy market side, can we just talk a little bit more about the gas side of the business? You did really well this period, but we are seeing gas pricing falling, the government reservation scheme potentially pushes the market into oversupply. Are you resilient to that, or do you face pressures on the gas side as well? Tony, you talk a little bit about gas outlook and I can maybe [crosstalk]. Yeah. Maybe, Ian, I will sort of give you a bit of the energy markets, I guess, gas outlook. We have sort of into 2027, versus our 2026 result, we would expect it to be maybe broadly the same, maybe just sort of slightly lower. In terms of margin, we are finding that there is maybe a slight rotation out of domestic gas use into power, but it is very low at the moment. What we are tending to find is we are just getting lower volumes really through power generation probably at the moment that have not much of a margin impact in the energy markets gas book, because we do not put a lot of margin into the gas book from power sales. So, at the moment that is proving to be pretty resilient. Maybe I will hand to Frank for the reservation. Yeah, just on the gas market review, we have been supportive for a well-designed one. That really means that it needs to operate in a fashion that gives certainty over a bit longer time rather than an annual discretion. That is where we really are focused, and it should be calibrated to demand, which has got a lot of independent data, as you would know, Ian, through AER, AEMO, everyone, they sort of know everything about the gas market. Those would be good features that we think, if it is to achieve the objective of modest oversupply. We are really focused on that and equitable contribution between players, but really that ability to actually not be subject to an annual discretion that creates uncertainty, because that is not going to drive certainty for investment, but it also will not drive certainty for contracting by the large customers. That is where we are focused on, and we just continue to advocate for it. Clearly there is— Do you see there is risk to the downside there in terms of the profitability out of that business, given the way the government is pushing it? Well, effectively gas prices, and Tony can talk to that, they have been pretty modest over the last year in the domestic market, so reasonably resilient, but we should add some color to that. Yeah. I think it is sort of a fine balance, I think, for the government to put supply into the domestic market and then get the right sort of gas price. If you think about the level of coal that is coming out of the market and the price of renewables, the last thing you do is want to incentivize base load running a gas, because that price differential heads in that direction. I think it is sort of finely balanced. The gas book in the short term is a bit resilient to it. Ultimately, the energy markets gas book does benefit from long-term fixed pricing, so that does have a benefit from slightly higher pricing. Then a reasonable amount of it is margin-driven. I think there is still a lot to play in gas reservation and how, I guess, indigenous supply can be also incentivized to come into the market over the medium and long term. Ian, I would just add one other thing, and obviously getting the designer that is right, and that is an important outcome to a well-functioning market. Whilst remains that outstanding, that is a key look-through as to when we get the design for that, which will be out in the coming weeks and months. Okay. It actually raised another interesting issue. With Eraring, is there a decision date or is there a point where there is no going back? That you have reached a stage in its life cycle that you cannot actually extend the life? I think there will always be a date because you'll be making forward-looking decisions. We haven't reached that date. Just further the question earlier, I think it came from Tom or someone else that asked about, are you doing large overhauls and when do you get to that point? So we've indicated we're not going to do one this year. We're continuing to maintain. But we have to assess that in an ongoing way and to make sure that they will need to be forward-looking. I think there will be a time in advance of April 2029 where we'll have to make a call. But at the moment, the plan really is the one we've articulated previously. We'll continue to maintain no large overhauls, but we'll have to assess that through time. But yes, that would be, I won't put a precise timing on it, but it's certainly going to be in advance. You'd think about that in respect of both capital decisions and probably also people decisions and everything. We give certainty to it, and I think that's worked well to date, but we have to continue to think about things in advance. We just haven't hit that point yet. Yeah. Is it fair to think it's a 12-month sort of lead time, or is it even longer than that? It might be a little bit longer than that. It might be a little bit longer than that. I don't have a precise time, but I'd probably— Yeah. I probably have, I do not know, if I was guessing, 18 months, you know what I mean? Okay. I would not plug 18 months in the model or anything, you know what I mean? But essentially, if you are looking for the fact that if you are doing anything with a large asset and you are forward planning, if you are thinking about 12 months and you wanted to make a decision, you just would not want to put you would not want to put that on critical path if you had to do it. I think my overarching message would be about 18 months. Okay. Yeah. You have made a big promotion that Origin is very much skewed towards the volatility side of the market, that you have got lots of flexible assets and the likes. We have probably seen most of the pain in the cap market occurring out there. I am just sort of intrigued, what has been the implications to the profitability of your gas plants? Probably this is more forward-looking, the profitability of your gas plants and the batteries, as we are seeing caps come down, energy arbs come down, FCAS going towards nothing. What has been the impacts for the business? Yeah, no, good questions. There's a number of drivers in the market, and particularly the cap market, that interplays with batteries, but more broadly in the way we set our portfolio. I might, maybe Tony just make a couple of comments about the cap market and batteries. Yeah. Then we can open up on that, Ian. Yeah, I think as Frank said before, the market's come through a pretty benign winter, and that combined with low gas prices over that period as well as batteries coming in, has really seen that cap curve trade down. We sort of look at that cap curve, and it doesn't really impact, as you know, in fin year 2027 because it's mostly locked in tariffs and et cetera, and some of it locked in into 2028. But, forward-looking, ultimately that sort of cap price feeds its way into the DMO and customer tariffs, and that's really where you sort of see the impact in the peakers and the batteries. Once you're in the year, it's really about operating those to protect your retail load. The one thing I would say about the cap market is, there's still a long way to go in the transition. We've still got 20 GW of coal to take out. We've got 30+ GW of demand coming in. Don't expect winter has disappeared out of Australia in its entirety. There's still a lot to play out and, we sort of look at maybe an AUD 8 or AUD 10 cap price over the long term and say we'd be a pretty strong buyer at that price if we could lock in term. I just don't see the market not having volatility in the future, given the amount of variability that's going to come into it. Okay. That is great. Thank you. Thanks, Ian. Thank you. Your next question comes from Amit Kanwatia from Jefferies. Please go ahead. Morning team. Just a question. I mean, you have said the lower wholesale price, wholesale cost, and that is being feeding into the retail tariffs and into the customer pricing. But then just a question around the retail competition in general, and how are you seeing those retail margins to be behaving? Yeah. Good day, it's Jon here. We did see more competition in 2026 at an industry level. I was pleased with the fact that our spread to our market churn actually improved, so we still remain the lowest churn in the market. As we think about margin, we think about a few things. I've got confidence in the way which we acquire customers, and we try to acquire the most valuable segments. That's a differentiation through products and trying to look at multi-products and how we get the second fuel as well as the broadband to grow that margin. Our pricing strategy and then, as I mentioned sort of earlier to Rob, just how we think about pricing different products that may have different segments. Then finally, there's the focus on ongoing efficiencies across the business and how do we reduce those costs to serve over time. I think as you think about retail margins going forward, yeah, I think we're in a good position to hopefully maintain and grow those margins as we go through, yeah. Right. Thanks. Makes sense. I mean, if just thinking about the retail, but the other part of the business, Octopus Retail, and I think, you've highlighting profitability, Frank, in the U.K. retail part, and then I think you've grown international retail. You've got 1 million accounts in a couple of markets. Maybe if you can provide an update on those non-U.K. international markets and how are you thinking about the profitability into those markets, to be able to deliver something that you're kind of seeing in the U.K. market? Yeah, so there are really four markets they're focused on Germany, Italy, France, and Spain. They have focused greater growth in both Italy and Germany, and that's why you've seen that they've really seen opportunities in those markets to grow both scale and also improve profitability. A couple of things that are going on. I think 80% of their switches in the Italian market are now coming through their own channels, not through comparison websites, and they've now moved to doing the same in the German market. So they're probably the two focus ones. So they are getting to scale in those markets and the indicators that we're seeing there to date show that they're tracking like the U.K., but they are still at earlier stages and they haven't really participated in any inorganic consolidation in those markets, and they've just preferred to continue to grow them organically. They really haven't focused the same amount of effort into the French market, to be clear. They certainly are operating the Spanish market. I think there's several hundred thousand customers there, and they've got some good growth recently. We will continue to give signals as to that. It's certainly improving over time. They have to actually achieve that with scale over time, and that's obviously they need to continue to penetrate into a broader customer base that they operate with in each of those respective markets. Probably the signals that you would look at, probably be Italy and Germany, given the scale of where they're at right now. They're the ones that are clearly scaling. We'll continue to provide indicators as to how they progress over time because it's an ongoing opportunity that they move through. Yep. If I think about Kraken business, you're highlighting 40% kind of rule of thumb to be broadly intact, but I think the margins over the last few years seems to be going down. Yeah. In 2026, EBITDA margin is around 24%. Yeah. Adjusted EBITDA margin. How are you thinking in terms of the medium term to be getting to those kind of historical margins, that 25%-30%? Well, they have just gone through. As they have set up and they are now really starting to scale into new markets, and they are moving into new markets and executing a lot of migrations simultaneously. They have just got quite a bit of build that has gone on, and that is—we are trying to give an indication to that that build, and timing, and lumpiness of it is really setting what has happened over the last couple of years. But in terms of the underlying pricing margin, subscription margin, we are feeling pretty confident about that. But that proves a bit challenging that last year or so, the reason being is that they just really have front-end weighted as they have gone into new markets simultaneously and executed that. Nothing is really changing from our view overall, but we know that we will have to continue to help you understand that, and that is what we are endeavoring to do, just so you can sort of look through what is the right way to think about this business longer term. Okay. Thank you. Thank you. Your next question comes from Nik Burns from Jarden Australia. Please go ahead. Yes. Hi, everyone, and thanks for taking my questions. First one, just on growth CapEx, stepping down again in FY 2027. You called out the economics on Yanco Delta look challenging at the moment. Just wondering what's next for Origin in terms of incremental growth CapEx. Where do you expect to deploy capital in growing the business from FY 2028? Or do you need to invest at all? Are you comfortable with holding off a new investment until we see an improvement in broader energy markets conditions? Thanks. Yeah, thanks, Nik. We are always making assessments about a market, and you would not think of any particular year. You're actually looking through to seeing where the opportunity lies and where the market presents, and that's what we continue to do. Even if you look in the last month or so, we've got announcements about additionality for data centers as it's becoming a growth driver of electricity demand. Even today, there's an announcement around ongoing growth, sorry, in renewable demand, likely to be as a result of the announcement regarding Tomago. So we're going to still continue to see underlying drivers. What sits behind that is we just have to make sure that we continue to remain disciplined around it. We're continuing to focus on bringing Yanco Delta, but we're being very clear about where we can get that cost and how we return those assets, how we get a return on those developments. So we continue to look at opportunities across the chain. You'll see we've done some smaller bolt-on activity that Jon and the team have continued to do, and we continue to look at other wholesale market opportunities. But we feel like we've got a good portfolio, but we have to continue to participate in what we see as the long-term trend. So we'll continue to be active about it, and that's figures in our thinking, and I wouldn't think anything specifically, but you do want to have balance sheet capacity that can both distribute to shareholders and invest. We're going through a period where we feel like we've committed the right amount of batteries right now, and then we're continuing to focus on the other wave of opportunities. You can see we made an investment in July into Kraken as well. So, we've got a range of opportunities across the value chain that we continue to explore. Got it. Thanks for that. Maybe just on APLNG, your production guidance for FY 2027, I guess at the midpoint points to lower output versus 2026, and you've outlined plans to increase investment there, but it will take time to see the benefits of that flowing through to production. Just wondering, if we look ahead through to FY 2028, do you think the investment that you're stepping up in 2027 will be sufficient to maybe maintain output at similar levels in 2028? Then just, I guess more of a higher question back to, I guess, the question Ian asked around the domestic gas reservation scheme and implications for APLNG. What is the desire to continue to invest here when really the incremental molecules you are getting out of the ground are primarily going into the domestic market, given you have got enough gas for LNG? How is APLNG weighing up that need or desire to invest more right now, given the uncertainty around what is being proposed? Thanks. Yeah, sure. I will get Aleta to answer the first question, then I will come back and give you some comments regarding joint venture and gas market review and other aspects. Yeah, thanks very much. We will continue to see decline across our fields. That is our natural field decline, and it has meant that we have needed to increase the investments that we are making. So what you have seen for FY 2027, lower production and also an increase in the investment that we are making in drilling. We would expect going forward that we will need to continue to invest in our optimization activities about the same level that we have been investing to date. We would expect that the drilling investments would hold at about the levels that we have got for 2027. What I would say, though, is there are midterm opportunities, so we do have the opportunity to unlock some of the lower cost gas in Reedy Creek. That would be through an expansion of the Reedy Creek facilities that currently we have got additional gas. We do not have additional facilities in that field. But that would be subject to what is happening in the market outlook and the regulatory outlook and will be a call that AP LNG joint venture will need to make. And probably just, Aleta, just add that, so the decline rate does flatten through the work that is planned, and then so it does not— Yeah, that— So to give a sense for that, because I think that is what [crosstalk]. Yeah, that is correct. In the last probably 18 months, you have been looking at a decline rate of about 1.5 PJs per quarter. We are expecting that over this financial year, that will flatten a bit to about 1 to 1.5 PJs per quarter. Then we would expect in FY 2028, we would be more at around 1 PJ per quarter in terms of the decline rate. What Aleta highlighted, Nik, was that one of the investments before us right now is the facilities that would be to support and the drilling to support Reedy Creek. There is a lot of reserves. The joint venture is just pretty rational about that. Whilst you have got gas market reviews out there, they really would like to understand the market they are investing in, but just to continue to be a rational investor. So the appetite will be there, provided they just understand the market settings. That is really the main thing, and it is right in the midst of that right now. That will play into it, and so will the broader market. [ConocoPhillips] has continued and so on, they continue to be very constructive joint venture partners. We have spent money into this joint venture over time, but right now I think there is a lot swinging on the gas market reviews, so just need to understand that, and get the confidence from that. That is great. Thanks for those answers. Just one final one for me. Just on the cost to serve savings, you have achieved your targets. Just wondering if there is any plans for further cost savings to help offset inflationary impacts in FY 2027. Yeah, we absolutely continue to focus on where we can reduce the sort of activity for customers and improve self-service. One of the key aspects of that is investment in AI. As we think about 2027, though, we have the full year impact of 1st Energy and Energy Locals. So we will absorb that and we will migrate those customers onto Kraken and get the efficiencies from that. That will be an additional cost that comes with the 135,000 customers. We are also going to reallocate some of the costs associated with the VPP and from the future energy segment into the Retail business, and the cost associated with the data incident. So we are working hard to offset those. I think what we have guided there is that cost to serve per customer should be flat into 2027. Underneath that, there is a lot of activity going in terms of AI and other efficiencies. I will just add one thing to that is the retail acquisitions will migrate, as Jon said, over time. Our cost to serve is probably broadly, I would say, probably half what their cost to serve is. So it just takes us time to migrate that and get that benefit. But we definitely see value in acquiring more customers and migrating them onto our platform. And obviously, yeah. And obviously, just we are pleased that we are through that transformation. The teams are continuing to focus on that continuous improvement every day, and that will continue to provide opportunities for us going forward. Great. Thanks, Frank and team. Cheers. Thanks, Nik. Thank you. Your next question comes from Gordon Ramsay from Morgans Financial. Please go ahead. Sorry, that is RBC Capital Markets. Frank and Tony, thanks very much for the presentation today. Just on Kraken, I am not asking you for an exact date, but I just want to get my head around what is required to be in a position to IPO it or spin it off. Obviously, the legal separation is complete. I guess where I am coming from, is this purely market-driven right now, or are there additional factors at play in terms of maturing the business within Kraken or key aspects of that business? Oh, look, that was obviously a key step. You could see a set up independent management team, a team focused on all of the aspects that would be associated with listing, including U.S. GAAP, all of the reporting requirements. They are all underway. They have been for some time, but that is key. They have just got to continue to deliver on their growth, and then the board will make a call. There is work underway, Gordon, as you would know, to prepare a business for IPO that continues, and just to be ready, and then there will be a decision based on market at the right time. There is work underway, but that is in train, and you would expect them to be delivering against that, and they have got an experienced team that have been through this before that are now focused on that. That is still pretty vague, Frank. Is it like a six-month, 12-month, 18-month kind of a guide? Yeah. I think that will be a decision for the board. There has been no committed timeframe. In terms of it being ready, I would expect that it would be ready over that type of timeframe. As to when we make a call, I think it will be dependent on when the board. There is no fixed timeframe committed to by the board, but if you are asking it for it to be a ready to go for it, I would expect over the next 12 months it would be ready, and then we would make a call. In the meantime, it has got to continue to focus on growing customer accounts, growing into new markets, and it has got to deliver those things as well. There is no final decision by the board. But you can clearly see we have separated the business, we have raised equity in it. It has a different shareholder base, and everyone will make a decision at the right time. Excellent. No, thank you. Just one more from me. I am really interested in your view on how batteries and gas are working at the moment, and whether you are looking at this as a temporary benign kind of market reaction, or is there actually a long-term structural change here where batteries will increasingly displace gas in the market? Yeah. Good question. Mike, do you want to give a bit of a view on the wholesale market, then we will— Yeah. I think as Frank highlighted, I think in the summer where you have plentiful renewable output, particularly with solar, then batteries will do that daily shifting of supply, if I can call it that. Less need to run, as Frank highlighted in that chart, gas in the summer. Where we do see it differently is the winter, and we have come through, I think, two sort of —there are two or three things in the market that we have just seen this winter that I do not think necessarily hold going forward, as one is you expect the weather to mean revert at some stage. We went through a particularly warm summer. Gas storage was high, gas prices were low. That is the second thing. Gas was quite plentiful. The third thing is you had very high coal availability, and when we look at the future, there will be less coal. It gets older, so it has less availability. We do see the gas market at some stage sort of tightening. We obviously see the gas reservation policy to play in there, and we see the weather mean reverting. We do see gas having to play a role in those longer duration as renewables come on, but that is just something we have not seen this winter. Thank you, Charlie. Thank you. Your next question comes from Tom Wallington from Citigroup. Please go ahead. Hi, Frank and the team. Thanks for the call. Just wanted to ask a question on Yanco Delta and noting that you've described the project as being increasingly challenged, even with CIS support. Can you just give us a bit more color as to what these key commercial hurdles are and clarify that you're still working towards that second half calendar year 2026 FID decision date? I guess more broadly, we all know Yanco Delta is a tier 1 wind resource, and it will go a long way in replacing generation capacity once Eraring does come out. From my view, the market does seem to implicitly be pricing in coal for longer. However, if we do assume that we're working towards that April 2029 Eraring closure date, is it the case that CIS support needs to step up? Or is it a case that customers really need to reset expectations and we see a re-rate of forward swaps and caps? Thank you. Yeah. Thanks, Tom. Firstly, a couple of opening remarks. I will get Andrew to add to this. We agree with you. It is a tier 1 project. The market is going to need more wind energy to be built, and therefore we continue to focus on bringing it to a final investment decision. My comments previously are that the cost of building those assets has risen, and you have very low wholesale prices now. Clearly, we have to work through that, and that makes that challenging for new build economics right now. We have also got segments of the market that are going to need to bring new renewable energy on it, including data centers. There is also that aspect associated with it. I will get Andrew to talk about Yanco Delta itself because we are very focused on getting its economics as attractive as it possibly can be because we know the market is going to need it, and that is our focus right now. Yeah. I will just jump in there. We are actually pretty pleased with the progress that Yanco is making from just a pure project hitting milestones perspective. As we have talked about, there are some cost challenges that are emerging, that make it challenging even with CIS support. I do not think we will take FID when we get to a point that it makes sense and it is economic and we can allocate capital to it. What that means is we have got to work on cost. We have got to find opportunities to lower that cost. We have talked about that we will be using and desire to use third-party capital, and so we will need to identify and secure a capital partner for that asset as well, and that will take the time it takes. I think back to Eraring, as we said, the system does need wind. For us, though, based on the April 2029 date, Yanco would not be in place by that time anyway, and so we have a portfolio which is flexible enough, both with the assets that we have and the contracts and market positions we have to manage Eraring coming out at that time. Great. Thanks, guys. Thank you. Your next question comes from Cameron Needham from Bank of America. Please go ahead. Yeah, morning all. Thank you for the presentation. I think most of the key questions have been asked, so just one question from me. You have highlighted the JCC hedge position in FY 2027. I am just keen to ask what level of commodity price exposure are you comfortable running over the medium term? More broadly, is there any temptation to change hedging policy going forward, just given the impact that you realized or expect to realize in FY 2027? Thanks. Yeah, thanks, Cameron. Yeah, so we put those hedges in basically when we saw the JCC price trend up at least initially. The thinking there was that our outlook, particularly at the time, pre the Middle East crisis, was both the gas and the oil markets looked oversupplied from our macroeconomic view. So the opportunity to lock in some hedging at higher prices and protect us from that oversupply was what we looked at. It was not necessary, in this case, balance sheet driven, given our balance sheet was so strong. I think in hindsight, obviously would have rather been exposed to those prices. I think we sort of see the oil market and the APLNG, our exposure to APLNG in that market as a market where we can hedge and firm up some cash flows through time to help manage the balance sheet when it is perhaps a little tighter. But we are not in that position at the moment. Looking forward, I would say from here, we will have a much lower hedge position, at least, once those hedges roll off in 2027. Great. Appreciate the color. Thanks very much all. Thanks, Cameron. Thank you. There are no further questions at this time. I will now hand back to Frank Calabria for any closing remarks. Thanks very much for your time, everyone. We look forward to meeting investors and analysts over the coming days. We know everyone's got a busy day today, so we'll leave it there.