I would now like to hand the conference over to Mr. Andrew Kinkade, Managing Director and CEO. Please go ahead. Good morning, and thank you for joining us today to discuss Regis Healthcare's 2026 full year results. I am joined today by Rick Rostolis, our Chief Financial Officer. I would like to acknowledge Rick, who is presenting his final set of results today. On behalf of the board, executive, and broader team, I would like to thank Rick for his significant contribution over the past six years. I am also pleased to note the announcement early today of the appointment of Stuart Hooper as incoming CFO, commencing September 1. Stuart brings extensive financial leadership experience across the healthcare, infrastructure, and corporate finance sectors, including as CFO of Bupa Asia Pacific and as CFO of Entia. I would like to begin by acknowledging the Wurundjeri Woi-wurrung people of the Kulin Nation, traditional custodians of the land on which we meet today. I pay my respects to the elders, past and present, and I extend that respect to any Aboriginal or Torres Strait Islander peoples on the call. Just turning to slide two. Having joined Regis last month, I have had the privilege of visiting 40 homes, spending time with our residents, families, and team members. I have been very impressed by our people, the quality and scale of our portfolio, and our development pipeline. We are well-positioned to meet growing demand and rising consumer expectations. At the same time, I can see we have opportunities. My first few weeks, there are three I would highlight. Firstly, we have opportunities to strengthen our offering and grow our resident funded revenue. Government funding hasn't been keeping pace with cost inflation in the sector, and we need to mitigate this. In recent weeks, we have lifted prices on 70% of our rooms by an average of 10%. This will flow through to earnings and cash flow as we welcome new residents in the months and years ahead. Ahead of November 1, 2026, we have work to do to transition current residents to the Higher Everyday Living Fee framework and to grow HELF uptake for new residents to be in line with our peers. Secondly, we have opportunities to better leverage our scale. In recent years, there has been significant investment in technology and digitization. We are pursuing near-term cost savings, and as we look ahead, we have opportunities to further leverage data and AI and to mature our operating model to better harness the benefits of our scale. In doing so, we will improve consistency across our network, create more time for care, invest in our people, and enable margin improvement. Thirdly, we have multiple avenues for growth through acquisitions, our developed pipeline, and ongoing portfolio renewal. In summary, my first month has reinforced my view that Regis is a quality platform with an excellent team, opportunities to improve earnings, quality, performance, and growth in a market with strong long-term fundamentals. I am excited about the opportunities ahead. We will now take you through the FY 2026 results and outlook before opening the call for questions. Moving to our financial and operational performance for the year, I am pleased to report that Regis delivered strong results across revenue, EBITDA, and operating cash flow. Revenue from services increased 16% to AUD 1.35 billion. Underlying EBITDA rose 10% to AUD 138 million, and underlying NPAT grew 4% to AUD 55 million. Operating cash flow increased 10% to AUD 336 million, supported by strong net RAD cash inflows of AUD 250 million. We ended the year in a net cash position of AUD 174 million. At the statutory NPAT level, the result was up 16%, benefiting from the gain on sale of Ayr and Home Hill, our homes in Far North Queensland. The board has resolved to pay a final dividend of AUD 0.094 per share, 100% franked, up 16% on last year. Turning to the key operational highlights. We saw strong results across all key metrics. Our mature home occupancy was 96%, up from 95.6%, and our total occupied bed days increased 8% to 2.85 million. We generated net RAD cash inflows of over AUD 250 million, up 28%, further strengthening the balance sheet and supporting future growth initiatives. On care, our focus is on delivering high-quality care and services for our residents and families. We saw the commencement of the new Aged Care Act and the strengthened quality standards and made significant progress on the rollout of a new clinical management system, which is now deployed across most homes and will be fully implemented by the end of this half. We deployed a new digital catering and food safety platform and strengthened our texture-modified food options to improve dining experience for our residents. We also enhanced our lifestyle programs with more opportunities for social connection. We continued to invest in our people and culture with our employee turnover reducing to 18%. We also improved safety outcomes and workforce planning, reducing our reliance on agency labor and overtime. In terms of growth and portfolio management, we took significant steps to expand and improve the quality of our portfolio with the acquisition of six quality homes from Rockpool and OC Health, adding 830 beds. We successfully completed the ramp-up of Camberwell and Oxley, which both reached 99% occupancy by year-end and generated net RAD cash inflow of AUD 98 million in FY 2026. We progressed refurbishments of our homes and greenfield developments with 1,300 beds in the pipeline. We also continued to renew our portfolio through targeted divestments. With that, I will now hand over to Rick to discuss further details on the results. Thanks, Andrew. Good morning, everyone. Thanks for joining us today. I am now on slide seven, financial summary. Starting with revenue, I will take you through the key drivers of the 16% increase to AUD 1.35 billion. Highlighting portfolio improvements, demand trends, and operating momentum that supported growth through FY 2026. The acquisitions of Rockpool and OC Health accounted for around 50% of the revenue uplift, contributing AUD 97 million. These acquisitions have helped strengthen the quality of the portfolio, including expanding our aged care footprint, increasing scale by over 800 beds, and enhancing future earnings capacity. Excluding these two acquisitions, AN-ACC indexation of 2.6% from October 1, 2025 contributed over AUD 40 million to revenue, and the hoteling supplement added circa AUD 20 million as the average rate per resident per day increased from AUD 12 in FY 2025 to AUD 21 in FY 2026. Revenue also benefited from the opening of Camberwell in November 2024, offset by the sale of our Ayr and Home Hill homes in March 2026. Other income grew 44% to AUD 189 million, including higher imputed RAD income of AUD 153.5 million, which incorporates the introduction of the 2% RAD retention from November 2025, which contributed AUD 1.3 million to earnings. Other income also included AUD 7 million of interest and a one-off gain of AUD 25 million on the sale of Ayr and Home Hill. During the year, we continued to invest in care delivery and our workforce. Staff costs increased by 19% to just over AUD 1 billion, with the main drivers including the Rockpool and OC Health acquisitions, which accounted for 42% of the increase, higher wages for direct care workers under the Fair Work Value Case, the 3.5% annual wage review increase from July 1, 2025, and EBA increases of circa 3%-4%. Pleasingly, we saw a meaningful reduction in agency usage and overtime, particularly in H2, supported by improved workforce planning and reduced employee turnover. Agency hours for the year represented 0.7% of total worked hours, down from a peak of 6% as we exited COVID. Occupancy expenses increased by AUD 5 million, mainly due to one-off stamp duty costs relating to recent M&A transactions. We also continued to invest in our homes, including improvements to our catering offering and technology solutions to enhance resident experience while managing CPI+ related cost pressures in utilities and consumables. Resident care expenses increased by AUD 7 million, with AUD 5.6 million attributable to the Rockpool and OC Health acquisitions. Increases in cleaning, resident welfare, and other services reflected a combination of inflationary cost pressures and higher occupancy. Administration expenses increased by AUD 7 million, driven by one-off items including acquisitions and the investment in the new clinical management system. While the October 2025 AN-ACC indexation did not include a margin uplift and resulted in a negative financial impact on earnings, the business once again demonstrated its resilience and delivered underlying EBITDA growth of 10% to AUD 138 million. Depreciation increased to AUD 56 million, primarily due to the Regis Camberwell home and recent acquisitions. Excluding non-cash imputed interest under AASB 16, finance costs were AUD 11 million, up AUD 2.7 million on the prior period, with interest paid on a higher amount of RAD outflows accounting for the increase. The effective tax rate was over 33% on statutory profit before tax, reflecting non-tax deductibility of AUD 10 million of stamp duty and acquisitions, but closer to 30% on an underlying basis. Statutory NPAT of AUD 55.7 million was up 14% on the prior period. Importantly, the business continued to generate significant cash, reinforcing the strength of the operating model. Net operating cash flow increased 10% to AUD 336 million, with net RAD cash inflows increasing 28% to AUD 250 million, driven by the ramp-up of Camberwell, recent acquisitions, increases to accommodation pricing, and a higher number of RAD-paying residents. Our portfolio mix continues to shift towards higher quality homes with strong demand fundamentals and cash generation, which should support more resilient and predictable earnings and RAD cash flows over time. The strong cash generation has enabled us to substantially increase investment in future growth, with CapEx rising to AUD 143 million, supporting greenfield developments, land acquisitions, and refurbishment activity across the broader portfolio. Now turning to slide eight. FY 2026 was characterized by continued growth in occupied beds, improved revenue metrics, and a substantial increase in the average value of incoming RADs. Average available beds increased 8% to 8,142, reflecting the contribution from recent acquisitions. Importantly, underlying demand across the larger portfolio remained very strong. Average occupancy increased to 95.8% from 95.1%, while occupancy at our mature homes reached 96%, up from 95.6% in FY 2025. Our recently opened homes at Camberwell and Oxley both completed successful ramp-ups within 12 months from opening. Aged care revenue per occupied bed day increased 7% to AUD 462, with government revenue per occupied bed day up 6% following the AN-ACC price increase indexation and improved hoteling supplement funding. Resident revenue increased by 8% and was supported by the biannual indexation of the basic daily fee, an increase in DAP revenue, acquisitions, and changes to legislation on November 1, 2025 that shifted more of the cost burden to residents. Aged care staff expenses per occupied bed day rose 8% to AUD 341, driven by the Fair Work Commission's Work Value Case annual wage review and EBA increases, together with higher care minute requirements. Our strategy to drive accommodation room pricing resulted in the average incoming RAD increasing 20% to close to AUD 700,000, with the impact of higher quality homes from recent acquisitions, significant refurbishments, and the ramp-up of Camberwell and Oxley playing a major role. Moving to one-off items on slide nine. In FY 2026, one-off items resulted in a net gain before tax of AUD 4.4 million. As already mentioned, the most significant item was a AUD 25 million profit on the March 2026 sale of our residential aged care homes at Ayr and Home Hill. With respect to acquisition activity, we incurred AUD 13.7 million of one-off costs, including AUD 10 million in stamp duty related to the acquisitions of Rockpool and OC Health. We also recognized an uplift to the employee entitlements liability associated with the Fair Work Commission's Work Value Case from October 1, 2025 and incurred AUD 2.4 million of professional services costs related to the historical employee entitlements underpayment program of work. Finally, we incurred a one-off AUD 4.3 million in rolling out our new clinical management system. Over to 10, cash and capital management. FY 2026 was a significant year of investment and portfolio expansion while maintaining a strong liquidity position. During December 2025, we successfully completed a partial debt refinance, extending facilities B and D to March 2029 to provide greater flexibility in supporting future growth opportunities. Operating activities generated AUD 121 million of cash before interest, tax, and RADs. Net RAD cash inflow of AUD 250 million reflected strong resident demand, higher incoming RADs, and contributions from acquisitions. The ramp-up of Camberwell contributed AUD 42 million of RAD inflow, while Rockpool contributed AUD 65 million from the date of acquisition, supported by the Oxley ramp-up. In terms of cash outflows, we invested AUD 183 million for the acquisitions of Rockpool and OC Health and a further AUD 143 million in capital expenditure. We have also paid AUD 52 million in dividends. Our strong balance sheet, significant undrawn debt facility of AUD 362 million, and ability to generate substantial and predictable operating cash flows provide the company with considerable capacity to deliver on its growth plans. Capital expenditure on slide 11. In FY 2026, we continued to execute our growth strategy while maintaining the quality and competitiveness of our existing portfolio. As mentioned, total CapEx was AUD 143 million, up AUD 55 million on FY 2025. We invested AUD 55.6 million in land settlements at five sites in attractive metropolitan aged care markets while we continued to progress construction activity at Toowong and Carlingford, investing close to AUD 43 million in greenfield developments. We also invested AUD 40 million on the maintenance and refurbishment of our existing portfolio to improve occupancy, attract higher accommodation pricing, and allow for higher everyday living fees to be offered. With average occupancy remaining strong and resident acuity continuing to rise, these refurbishments ensure our homes remain contemporary, high quality, and aligned with consumer expectations now and into the future. Turning to resident profile and rent pricing on slide 12. Supported residents now represent 39% of permanent residents, down from 43% a year ago, with recent acquisitions and divestments contributing to the reduction. On the right-hand side of the slide, you can see the progress we have made with respect to accommodation pricing. The average advertised room prices increased by 38% since December 2024, rising from around AUD 550,000 to more than AUD 750,000 today. This has been driven by increases in the IHACPA pricing threshold, strong demand for quality accommodation, continued investment in our homes, including acquisitions and portfolio renewal. Importantly, since June 30, 2026, we have repriced approximately 70% of rooms, resulting in an average uplift of around 10% in average advertised room prices. A significant financial opportunity for Regis is already embedded within the existing portfolio. Through ongoing pricing optimization, we can see a pathway to unlock substantial rent inflows over time and increase earnings through RAD retention. These settings should support operating margins, increase cash generation, and contribute to long-term capital sustainability. Moving to slide 13, which highlights one of the key strengths of the Regis business model, being our ability to generate cash from both operating earnings and RADs. Over the past four years, the combination of underlying EBITDA and net RAD cash inflow has increased significantly, growing from AUD 127 million in FY 2023 to AUD 388 million in FY 2026. This growth has come from an improved occupancy environment, the acquisition of quality homes, the refurbishment of existing homes, and our accommodation pricing strategy. The result is a business generating substantial cash flows that can be reinvested to support growth while maintaining a strong balance sheet. From November 1, 2025, we started to receive the benefit of the new 2% RAD retention arrangements. While the earnings contribution in FY 2026 was relatively modest, it establishes a new recurring earnings stream, which we expect should become increasingly meaningful over time. Importantly, these cash earnings provide the funding to support our growth agenda of quality acquisitions, greenfield developments, and refurbishments, while also continuing to drive shareholder returns. With that, I will hand you back to Andrew. Thanks, Rick. Moving to our strategy, growth plans and outlook. Slide 15 highlights the strong performance we have seen from our recent greenfields, provides a clear indication of the opportunity ahead for future greenfields, including Toowong, which is due to open shortly. Starting with Camberwell, our 112-bed home opened in November 2024 and ramped up in 12 months. Importantly, we have seen strong demand from prospective residents and families, reflected in the average incoming RAD of more than AUD 870,000, contributing to paid up RADs of over AUD 60 million as at June 30. Oxley opened in March 2025 and was successfully ramped up in its first year of operation. The home has generated an average incoming RAD of almost AUD 800,000 and has a paid up RAD balance of over AUD 90 million at year-end. These outcomes reinforce our confidence in our development strategy of selecting attractive locations, building quality assets, and converting strong demand into occupancy and RAD growth. Looking ahead, Toowong represents the next step in this strategy. The 123-bed home is progressing well, development costs remain on budget, and completion of construction is expected to be completed by the end of this calendar year. The five-level home will have 117 single ensuite rooms and six couple rooms with a comprehensive range of services, including a dedicated memory support unit. Moving to the greenfield development pipeline. We have nine development sites with approximately 1,300 beds. These sites are again located in high-demand areas. They are also positioned in attractive catchments with favorable demographic and socioeconomic characteristics, supporting premium room pricing and higher everyday living fees. Given the current tight supply environment, we anticipate strong consumer demand for these new homes. Each development has been designed to meet increasing resident expectations and enhance our accommodation mix. Together, these projects reflect our disciplined approach to capital allocation and commitment to growing and modernizing our portfolio. We also maintain an active pipeline of potential development acquisitions to support future growth. Turning now to our acquisition activity. Over the past three years, Regis has invested approximately AUD 300 million across a number of transactions that have expanded our footprint, increased scale, and created opportunities to drive operational efficiencies and earnings growth. Importantly, these residential aged care acquisitions have delivered on their business cases, added earnings, as well as RAD inflows, which have reduced the effective capital invested, enhancing returns. We have continued to grow our home care business with the acquisition of BodeWell last year, adding 800 clients, and recently announced the acquisition of the Royal Freemasons home care business, with 500 clients in Melbourne. Looking ahead, we have an active M&A pipeline focused on high-quality operators that complement our strategic objectives. We remain disciplined in our approach, prioritizing assets that are newer, well-located, and with strong earnings growth potential. Turning to slide 18, one of the unique features of the aged care sector is the role that Refundable Accommodation Deposits, or RADs, play in funding growth and creating shareholder value. RADs are a significant source of funding for the business, providing stable, long-term, and low-cost capital to support investment in our operating assets while preserving balance sheet flexibility. Over time, our RAD balance has grown through a combination of acquisitions, development activity, higher occupancy, and pricing uplifts. With our recent increase in room prices, this is expected to generate more than AUD 500 million of additional net operating cash inflows over time, while also increasing the earnings benefit from RAD retention. Looking ahead, the 2% RAD retention framework creates a new recurring earnings stream that will progressively build over time. Combined with higher accommodation pricing and continued growth in RAD balances, we estimate RAD retention earnings has the potential to exceed AUD 50 million per annum once fully phased in, helping to mitigate potential margin pressure from government funding. Moving to the outlook and priorities. Looking ahead, our priorities are to continue to improve our quality of care and service to grow revenue from residents, leverage our scale to drive better performance, and continue to pursue further growth in a disciplined way. We remain confident in the long-term fundamentals of the sector. While government funding settings today do not fully reflect the cost of delivering care, and we have more to do to increase health uptake, we are well positioned to improve earnings through growing resident-funded revenue, leveraging the benefits of our scale, and pursuing further growth. Our strong cash generation and balance sheet provide capacity for new acquisition developments while maintaining a sustainable dividend. We are well positioned for continued growth and long-term value creation. Finally, thank you to our 13,000 team members for your impact every day, and thank you to our residents, clients, and families for your trust. I will now hand back to the operator so we can take questions. Thank you. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speaker phone, please pick up the handset to ask your question. Your first question comes from Tom Godfrey from Ord Minnett. Please go ahead. Good morning, Andrew and Rick. Thanks for taking my questions. Can you hear me okay? Yes. Thanks, Tom. Great. Maybe if I can just start with RAD retention and just picking up on that AUD 1.3 million that you quoted at the bottom of one of the slides. That feels like it was a little bit below where we were initially pegging the first year. I just wonder whether there is any updated thoughts around the shape of the ramp-up of RAD retention and how you go from the AUD 1 million this year to AUD 50 million longer term. I might take that one. Thanks, Tom. Yeah, I think to start with FY 2026, with the delay in the Act from June to November, I think that caught us out. I think our modeling also, to be fair, caught us out in terms of a couple of things. One, the take-up of new residents from November 1. What we saw was an influx of residents in October, prior to the 2% coming in. November, December was weak uptake of residents generally because of that October phenomenon. I think we also, in the modeling, assume that once a resident said they are going to pay a RAD, that they will pay us that RAD almost immediately. T he reality is they are taking up to six months to pay us the RAD. O f course, you cannot take the 2% until they are giving you the cash. What we sort of thought around AUD 4 million in FY 2026 was less than half. In terms of your other question about going forward, I will not get into the detail of it, but Andrew has mentioned the AUD 50 million. I am on the record mentioning AUD 50 million. We talk about fully phased in by FY 2029. I do not think anything has changed there. C ome FY 2029, given the accommodation pricing strategy, absent acquisitions, in isolation, this should provide us over AUD 50 million. Got it. That is clear, Rick. Is it right for us to assume that 2027 on 2026 should be one of the bigger years in terms of the incremental sort of delta there? No, in fact, again, I want to go into the detail, but if you look at the way it ramps up in the modeling, it is a decent step up in FY 2027, but you will get a lot more of it in 2028 as you get to that 2029 phase-in. Got it. Okay. Just one more from me, just in terms of, obviously, you saw a better second half exit rate around agency utilization and overtime. Just given where your EBAs are sitting, can you sort of put all that together for us and give us a sense of how we should be thinking about what you guys need out of AN-ACC next month in terms of cost recovery? AN-ACC will cover direct care costs. Views around cost increases, EBAs, I expect will be 3%-4% again. The annual wage review, we all know, is 4.75%. I think interestingly, we're also seeing outside of direct care staff cost, but costs that relate to care are up over CPI. What does that all mean? The expectation is that we'll remain whole with AN-ACC, but I don't know the percentage off the top of my head, to be honest. I'm happy to come back to you, but that's what it's meant to cover. That's what we're expecting it to cover. Got it. Thanks for the color, Rick. Thank you. Your next question comes from Steve Wheen from Jarden. Please go ahead. Yeah, good morning, Andrew and Rick. My first question was just on the price increases that you've put through on the RAD rooms. The average is AUD 750,000 across 70%. I'm trying to understand what proportion of the rooms would be sitting below AUD 750,000 with a view to, has that the potential to continue to increase to get to that 75 cap? Or not necessarily cap, but that range that came in with the Aged Care Act. Yeah. Look, I'll take that one, Steve. Good day. A couple of points. The percentage now below AUD 750,000 is well under 50%. It was, at this time last year, I have a feeling we might have quoted 55%. It's probably around that 30%-40%. To answer your question, there is still scope. In terms of the 70% of the rooms, where we've concentrated initially is around single room, single ensuite in some of the more, I don't want to say advantageous, but some of the better homes. T here's still scope. Not only there's scope to get to AUD 750,000 plus on some of these ones at 30%, 40% below, but there's also scope above the AUD 750,000, although it's a different process through IHACPA. T here's potential on both sides. Okay. Is that process to go through IHACPA a difficult one under the current Aged Care Act, or is it similar to what it was previously? Nothing's easy. If you plan correctly and have all the data you require, it's pretty much a specified list of requirements. You should be able to get through a process within three months. Got it. Just a question on some of the costs. Firstly, where you are with care minutes, were you able to hit that sort of magic number that is required for your centers for the second half of the year? Secondly, what sort of headwind on maybe margin or profitability was the Ayr and Home Hill assets? Therefore, what sort of tailwind does that provide going into 2027? Ayr and Home Hill, not material, so not worth even discussing. Care minutes is a different story because, again, on average, we would say we have met care minutes, but there are ups and downs. As you know, we have previously spoken about the homes that are up, so it is actually costing us money. Then there is some that are potentially below, which is costing us a bit of revenue, not material again, in terms of what the government introduced come April 1 in terms of the care minute supplement, I think they call it. I think the short story is around care minutes, we are at the mark. I think there is more potential to reduce cost, but those homes are still high. In terms of Ayr and Home Hill, immaterial in the scheme of things. Great. Thanks very much. Thank you. Your next question comes from David Stanton, from Jefferies. Please go ahead. Morning, team, and thanks very much for taking my questions. I am on for Vanessa Thomson. For FY 2027, I wonder if you could talk to where you see occupancy. You have mature homes that is circa 96% overall in the high 95s. Can we see that go higher from here, or should we just assume that it is pretty hard to get it to go up from here? Yeah. Thanks, David. I will take that one. I think all the hard work, I think, has been done on occupancy up until now. Single-room occupancy is circa 97%. As you all know, you never quite get it to 100% given just the nature of our care and supporting resident families as people come and go. Occupancy on our shared rooms is circa 90%. There is obviously some upside there, but equally, there is probably more opportunity for renewal. Our bigger opportunity on the revenue side is around just pricing and mix. Then I think, we will probably have more emphasis on that going forward and less on occupancy, consistent with Rick's earlier comments about pricing. Understood. For FY 2027 as well, staff expenses as a percentage of revenue for FY 2027, should we be seeing a couple of basis points of expansion there, or is the aim to keep it flat? I might take that one. Thanks, David. That is a tough one. We all look forward to seeing what the AN-ACC result will be, I suspect, in a couple of weeks. You have seen that the increase now is up to 78% of revenue in staff cost. I would expect, with a neutral impact of AN-ACC, that we should still be around that 78%, when you also take into account some of the operational efficiency programs we have got in place. Very clear. Thank you. That is all from me. Thank you. Your next question comes from Craig Wong-Pan from RBC. Please go ahead. Great. Thank you. Just a question on the Higher Everyday Living Fees. Andrew, you mentioned you wanted to improve your offering and bring it in line with peers. Could you provide some metrics around that, like how you measure that, your performance versus peers, and if you were to achieve peer levels, then what would that mean for your earnings? Yeah. Thanks, Craig. I think I have noted a few of your reports. Many of you talked about this year being a transition year for HELF and HELF transition being a bit of a revenue headwind. I think we would concur. I think like many in the sector, we are learning a little bit as we go. I noted, I think it was one of Steve's reports, from talking to others in the sector, looking at uptake of new residents taking the full package being circa 60%. I think that is certainly something we are working towards. We are not there yet. From our perspective, obviously, with just the broader thematic of government funding not keeping pace with cost inflation, we see HELF as obviously a key way of mitigating that going forward, and also a key way of delivering far more personalized care to residents and families than we can if we are unlimited to government funding. Early days for us and I think the confidence will build over the next 12 months. Okay. Just last question on CapEx. Could we just get some comments around how we should expect CapEx to be in FY 2027? I might take that one, Craig. I have affected AUD 143 million in FY 2026, of which 55 was land acquisitions. You should be thinking north of AUD 150 million, less by way of land acquisitions, I think, more by way of pure construction activity, finishing off Toowong, Carlingford up and running, and Coburg and one other up and running as well, which I can come back to you on the actual one. There will be three or four up and running, and then over and above that, we would expect to spend the same amount on maintenance refurbishment that you have seen, that I spoke about earlier. That should give you north of AUD 150 million, absent land acquisitions. Okay. Thank you. Thank you. Once again, if you wish to ask a question, please press star one and wait for your name to be announced. Your next question comes from David Low from UBS. Please go ahead. Thanks very much. Just on the greenfields program, can you talk a little to why Belrose timing's changed and what other opportunity you're seeing in that, please? Yeah. Thanks, David. Belrose was really just site-specific factors. We have obviously strong appetite to grow via greenfields as well as M&A, but obviously, investment hurdles that we need to meet. At the moment, it's one that isn't as compelling as other opportunities we have in the pipeline, and so we've just put it on hold for now. Okay. Thank you for that. Just in terms of how we should be expecting the company to guide. When the AN-ACC numbers are in, would that be a point where Regis would come out with something clearer in terms of what EBITDA we should expect in 2027, or is it an AGM announcement? Is that on the cards? If there's anything material to say, we'll say it. If not, you won't hear a thing. Okay. My last question is, there's a lot of opportunity with RADs, that's clear, and the cash flow is pretty impressive. The long-term plan for RADs, do you have any concerns that this is still something that the government has under review? David, I've got to smile when I answer this one. Look, government's got a tough job, right? Government's got a tough job in funding this sector, knowing where the aging population is going over the next 15 years. I don't envy the task, but everything that we're seeing coming out of government, notwithstanding that Royal Commission point on moving away from RADs, tells me that RADs are here to stay. In fact, more broadly, if I think about where profitability in the sector will be going forward, it'll be in accommodation. Accommodation, in part, will be driven by RAD retention. That's where I think it'll go. I've got no personal fears around RADs going anytime soon. There's AUD 50 billion out there, plus, if you speak to the banks and talk about RADs moving away, I know what their response is. The reality is, there's no viable alternative. If I could just add to Rick's statements. The government has been on record many times in recent months talking about the need for 10,000 beds per annum to meet future demands and only 800 in the past year. In the absence of RADs, you need another capital and funding source for that. The government's also exploring low interest or industry loans and grants and the like, which suggests it recognizes the value of RADs as a source of capital. Okay. Thank you very much. That's it for me. Thank you. There are no further questions at this time. I'll now hand back to Andrew Kinkade for any closing remarks. Well, thank you very much all again for joining us today and for your questions. We look forward to joining and catching up with many of you over the week ahead. Thanks very much. That does conclude our conference for today. Thank you for participating. You may now disconnect.