Ladies and gentlemen, thank you for standing by, and welcome to the SEEK Limited full year results call for 2026. At this time, all participants are in listen-only mode. There will be a question- and- answer session after the presentation. At which time, if you wish to queue for a question, you will need to press star followed by one on your telephone keypad and wait for a name to be announced. I will now hand over the call to SEEK Limited CEO, Ian Narev. Please go ahead. Thank you very much, and thanks all for joining us. We are here on the land of the Wurundjeri Woi-wurrung people of the Kulin Nation. I would like to pay my respects to their elders past, present, and emerging. Here with me in our Melbourne office are our CFO, Kendra, Peter, Head of Commercial, Grant, our Head of AI, Simon, Head of Product, and Beck and Pat from our IR team. Welcome, all of you. As usual, I will be referring, during the discussion as the team will be too, the investor relations slide pack, which you will have seen. If I start on page page, and before I hand over to Kendra, there are really two themes that I think we would like to convey through the result. Number one is, again, we did what we said we were going to do. Number two is you can see signs here, having done a lot of work, of a significant increase in our confidence in the future. I think those are the two points that we really want to emphasize. We have done what we said, and we have got increased confidence in the future. I will not read through the text on page six, but I would make a couple of points. Why have we emphasized that this was the sixth consecutive year of double-digit growth and the fourth consecutive half of operating leverage? The reason we have is because these were questions about SEEK for a long period of time. Can you really grow yield consistently? Can you really grow operating leverage consistently? Which we have. We have held leading placement shares, so all those controllables are there. That really positions the business well for the future because, and I will come back to this a couple of times. The thing to take away from this year's result, and I will get to it when we talk to next year's guidance, is in a year where ANZ volumes were down 1%, Asia volumes were down 12%, EBITDA grew 15%. That is a combination people did not think SEEK was comfortable about or capable of not long ago. Later, when we get back to guidance, you will see the outlook for profit growth, EBITDA and profit growth for next year in the base case isn't huge. But that is in an environment where we are expecting significant reduction again in volumes. You will be able to do the maths as you go through this, but there was always a question of, does SEEK need a big resurgence in volumes in order to do very well from a profit perspective? The answer is, as you can see, no. The moment profit, it just stabilizes. Then the proven combination of placement share yield and operating leverage in a year like this year delivers 15% EBITDA growth. I think that is the thought to carry through as you listen to this year's results and into the outlook. Obviously, there are questions about how the EBITDA line gets to the profit line and what we do with D&A, et cetera, which we understand people want to know about, and Kendra will talk about. The last thing I will say before I hand over, and I will come back to this, is having done quite a bit of work, as you would hope and expect, and I will talk a bit about what we did later, the management team and the board. We have come away with an increasing sense of confidence in our competitive advantage in the AI world. That has led us to upgrade our medium-term goals. Those of you who have followed SEEK for a while know it is not necessarily common for the management team to upgrade signs of confidence, and we have done that in this result. We will come back to the reasons why shortly. Kendra, over to you. Thank you, Ian. I will go through the FY 2026 financial performance starting on slide eight, where we have the headlines for continuing operations. This slide shows we have grown revenue, delivered operating leverage, expanded margins, and converted that into higher returns for shareholders. I will step through the key components of the adjusted results, but first I will touch on the reported number. Reported loss of AUD 307 million reflects two major items outside of our core business. The first being the Japan impairment announced at the half year, and the second being a AUD 201 million net loss from the fund, which was driven, of course, by a 13% decline in portfolio valuation. Moving to slide nine, you can see the highlights of our results. Net revenue grew 10%, a strong result in a softer macro environment. We achieved a sixth consecutive year of double-digit yield growth, with an exceptional 18% growth in paid ad yield across APAC, which more than offset declines in paid ad volumes. Peter will explain the drivers of this in more detail. That revenue growth, combined with our focus on cost control, translated to 15% growth in EBITDA and a 28% increase in adjusted profit and EPS, showing that operational results are dropping through to the bottom line. Moving to slide 10. We delivered in-year operating leverage even as investment in innovation and AI increased. Our total expenditure was up 8% compared to revenue growth of 10%, with cost growth weighted towards grow the business investment. Grow the business investment was up 10%, which includes continued investment in AI and product innovation and a full year of Sidekicker costs. We are spending more on AI compute and token costs and are allocating and measuring that spend across our different customer-facing products, where it is being used to run AI-enabled products, as well as across internal individual users. We are building a strong understanding of the drivers of token usage and cost and optimizing it accordingly so we can direct AI investment to initiatives that clearly improve customer outcomes and internal productivity. In our run business areas, costs increased 4% outside an FX revaluation loss, which was broadly in line with inflation. Moving to slide 11, higher earnings are translating into free cash flow, up 21% to AUD 246 million, the highest since FY 2022, with strong operating cash flow converting to 104% of EBITDA. Net debt at year-end was just under AUD 1 billion, and our net leverage ratio improved to 1.8 x. With strong balance sheet and reliable cash generation, the board determined a record full-year dividend of AUD 0.52 per share. That was up 13% on last year and represents 100% payout of cash profit for FY 2026. Over to you, Peter, now to tell us more about the marketplace results. Thanks, Kendra, and good morning, everyone. I will dig a little bit deeper on the top-line results that both Ian and Kendra spoke to. I will not dwell on page 13 a lot, only to add to Ian's commentary that what I will show in the following slides is that the yield growth you will see, and we provide a little bit of visibility, is actually driven by strong take-up of new products, strong take-up of value-based pricing, and not driven by random price increases. Placements are stable. Revenue is growing very strongly. We will talk a little bit about Asia growth in a minute as it relates to the completion of our freemium rollout, which we have been speaking of for a couple of years. Turning first to ANZ on the next slide, as Kendra mentioned, volumes are down in the ANZ markets. So this year it was down about 1%. We will talk later about our forecast for that. Placement held stable, maintaining a 4x placement lead, which is consistent with previous years, and strong yield growth. You will see in the bottom right of slide 14 the change in depth penetration from new products driving from 28% in FY 2025 in depth ad revenue to 42% in one year. That is really driving the ANZ yield, and it has been a good year. Simon will elaborate that further when we get into the product section. You can see then the macro economy playing itself out on slide 15 with monthly paid ad volumes declining. That is really an indication of the Australia economy. You can see, however, in the commentary on the top left, we have seen some growth in New Zealand. I am happy to answer any questions related to that. On a yield perspective, we provided a little bit of visibility on slide 16, as mentioned. We've broken out our 14% yield growth. We've had questions in the past on where exactly is it coming from. We've broken it out into three basic categories. Increase in depth adoption due to the launch of new products, increase in value-based pricing linked to our probability to place, and our ROI calculations of what value we're delivering, and then basic pricing. You can see the vast majority of it is value-driven. That's driven an increase of depth ad adoption materially now in 27% of ads. Shifting to Asia, revenue grew 3%, but stronger when you back out currency. The growth underlying was driven by FX macro conditions and freemium. I'll talk to a minute, but as you'll see in a minute, we're quite pleased with the progress of Asia this year. Volumes are down 12%, driven in part by macro, but we had our two largest markets launch freemium this particular year. We're finishing the freemium program. That impacted it. The corresponding increase in yield was 20%, and pleasingly, Asia's now at a similar depth penetration after many years of catch-up to ANZ. So depth penetration is now pretty consistent across APAC. A long journey by the team there. Slide 18 refers to the longer-term impacts of freemium. You can see in the top right, as the markets have rolled out, we have increased our ad volumes with each successive market. You can see then the corresponding mix shift between free and paid, driving unique visitors up on the bottom left of that chart, which in turn drives higher applications per paid ad, which allows us to drive yield. That yield is then articulated in slide 19, where you can see a very similar mix of where the value is being created and an equally strong increase in depth adoption similar to ANZ. So the Asia business is now looking more and more like the ANZ business on multiple metrics. In terms of freemium itself, we're reaching the end of the program. The rollout of itself, the entire Asia portfolio is now on a freemium model. We have material early outcomes confirming what we said we would do. We now have ad types to suit every hirer's need from ad budget. We've grown our ad corpus 35% since the program started, 30% on unique hires with more work to do, and 30% in unique visitors then following a larger ad corpus. Ultimately, we have pleasing leading indicators on yield, on hires. Second half revenue in Asia was up double-digit in constant currency. So all pleasing indicators. We have more work to do in SME acquisition, more work to do in continuing the momentum. But to Ian's commentary, we have done everything we said we would do, and the team has executed across products and commercial quite well towards the end of the program. So, really happy with those results. I'll now toss over to Grant and Simon to talk a little bit further. Actually, you are tossing it over to me. Thank you. On page 22, I might just start with a bit of a process point. As you would expect in this environment, we have been giving a lot of thought as a board, as a management team, to the strategy that SEEK ought to have in a world of rapid technological change. We have been doing that in a very methodical way over a number of months. We have done it ourselves, the executive team and the executive team and the board, but with a lot of external stimulus. Everything from a small business customer in a Darlinghurst cafe, to a global classified expert in Munich, to venture capitalists, to speaking to founders of companies that are trying to compete with us. We have done it ourselves with a lot of external stimulus. What we found from that is in a world where there is a new release of models on Claude or ChatGPT, and everybody suddenly thinks SaaS companies are worth less and their future is threatened. All roads have come back to the fact that the core sources of competitive advantage for us, data and trust, are not only going to be robust into the future, but they will actually underpin greater competitive advantage. If you just apply basic logic to it, just from all of our knowledge, we all know models are only going to be as good as the data they have. We also know that businesses still need customers. If you have got 91% unprompted brand awareness in Australia, nearly 60 in Asia, deep relationships, which we will talk about, in addition to integration with workflows, in addition to a capability to verify information, you are in a very strong position. In fact, network effects improve. We may be wrong, but we have got a very high level of confidence in this. Number two, the world changes and the work is never done. Number three, and probably most importantly, we need to execute extremely well. What is very clear to us is that the path for SEEK in the way value chains will evolve in the near, medium, and long term looks very attractive. We will try and give you a bit of a sense of why around those themes of data and trust. I will hand over to Grant. Thanks, Ian. Page 23 provides more detail into SEEK's data advantage. As Ian said, AI models are making it easier for candidates and hirers to say what they want on SEEK and on other platforms. It is the data these models have to work with that drives real employment outcomes. On page 23, SEEK's data advantage has three attributes: scale, non-replicable depth, and real-time insight. We will start with scale on the left-hand side. Every day, SEEK sees more than 750 million signals from real employment activity. These are not just records in a database. They are decisions of candidates and hirers searching, applying, shortlisting, and hiring across Asia Pacific. We see more of them across more roles in the economy than anyone else in our region. Second is that SEEK's data is deep and non-replicable on both sides of the market. The white boxes in the center of the page recognize that profiles and job ads are public, and they can be copied or scraped. What can't be copied is what happens next. Who applied, who was shortlisted, where there was genuine interest, and which trade-offs each side will make when they're faced with decisions about real live opportunities. That could be knowing exactly when a strong candidate begins looking again and is open to approach. It could be when a candidate is willing to accept a AUD 10,000 lower salary for the right role, or it could be when a hirer has to cut 20 applications down to a shortlist of five, and they reveal which of their nice to have requirements they'll trade off when it really counts. These preferences are revealed through interactions on SEEK, so they sit in our systems, and they can't be reconstructed from the outside. The third is real-time insights. The labor market never stands still. Roles get filled, candidates accept offers, new people start looking, and preferences shift week- to- week. A strong candidate who was open a fortnight ago may have accepted another job yesterday. Real-time data reveals who is a strong fit, where there is mutual interest, and who is ready to act now, not who might have been ready a fortnight ago. The bullet points on the right-hand side of page 23 are examples of what that unique data advantage makes possible. One example, when a hirer posts a job, our Instant Match product immediately recommends them candidates who fit the role, who are interested right now, and who are open to being contacted. In other words, candidates they can call today and expect a response from. That has the potential to transform time to hire and reduce wasted effort, and it means hirers can connect with the best candidates before it's too late. It only works because of all three of these attributes. Depth tells us who genuinely fits. Real-time signals tell us who is looking and open to an approach now. Scale means we can do it for every role in every market, every day. No list of scraped profiles can get you that. For candidates, the intelligence works the same in reverse. Simon will talk more about proactive recommendations in the Career Feed, which surface opportunities to candidates who wouldn't have known what to look for. At the moment, they're most open to them. The same data will power agents to make better decisions because they're kept on deep knowledge of the marketplace as it is today, not as it was last month. Most importantly, at the bottom of the page, this data compounds over time. Better matches create more engagement. More engagement creates new decision signals. Every candidate and hirer who uses SEEK helps make the next match better. I'll now pass you to Simon, who will talk through our advantage and trust. Thanks, Grant. On page 24, I just want to talk a little bit about how beyond the data advantages that Grant's just covered, SEEK has a trust advantage that positions us well for the future. We built relationships with candidates and hirers over nearly 30 years. More than 60 million candidates maintain a SEEK profile, and 360,000 hirers rely on us each year to find talent. The significance of this is the scale, but it is more than that. It is the nature of these relationships. It is that customers trust us with sensitive career and hiring information. They rely on us to get them recommendations and ensure they do not miss out. Increasingly, they are trusting us to act on their behalf. Over the past seven or so years, we have also built a verified data layer through SEEK Pass covering things like identity, credentials, and authority. As AI increases noise and moves from recommending to acting, this kind of verified information, permissions, and trust becomes essential infrastructure for a labor market and increasingly valuable. On the next few slides, moving to 25, I want to explain how the products we are delivering and the data advantages Grant talked about come together. On the candidate side, we are applying AI to change how people discover opportunities and manage their careers. Grant mentioned we introduced the Career Feed last year. This is something that combines everything that candidates tell us, how they engage with SEEK, with our real-time understanding of the market to generate this highly personalized stream of opportunities. Not just the things they might like, but things that they would be a great fit for. In the last year, we continue to improve its relevance and functionality and increase Career Feed engagement by a further 30%. Pleasingly, most of this engagement has been additive to our core search experience. Career Feed's precise, proactive recommendations appeal to people who are less active in their job search and want an easy way to monitor demand for their skills. We expect Career Feed to continue expanding our reach within these candidates with AI recommendations already generating more than half of all applications and placements across SEEK. We also launched Career Agent, which is focused on further broadening our reach and extending SEEK's role from an ongoing job discovery partner to an ongoing career relationship partner. Because we observe, and Grant just referred to this, both sides of the labor market in real time, the Career Agent can identify insights such as lateral moves, emerging adjacent skills, really fine-grained salary benchmarks, and live demand for a candidate's skills and experience, at a fidelity and relevance to candidates that others cannot match. These conversations that we are now having with candidates are revealing rich insights into candidates' aspirations, their constraints, and their willingness to move. This will enable both more relevant ongoing advice, but it also deepens our ability to match them with future opportunities. Currently, Career Agent can use information gathered in conversations to update and enhance a candidate's profile on their behalf. Over the next few quarters, we will launch a lot more of the tasks that an agent can do for a candidate. Initial candidate feedback has been really encouraging with Career Agent, with 85% of users rating their conversations favorably. If we move to the next page, I will talk a little bit about what we have been doing on the hiring side, where we are converting this deep candidate understanding into better placement outcomes and stronger returns for our customers. We have launched Personalised targeting, which is included in our Advanced Ad and premium ad tiers. It learns from a hirer's previous recruiting outcomes on SEEK to personalize job ad targeting. As Grant mentioned, it immediately matches candidates who are a high fit for the role, they are available right now, and likely to respond to a hirer's invitation to chat or apply. As hirers review and engage with matched candidates and applications, our targeting adjusts in real time. The more hirers use SEEK, the more we learn about who they are looking for and the stronger the return we can deliver. Alongside Personalised targeting, we have also launched Assist, which extends AI support further into the hiring workflow. Assist explains why a candidate might be a strong fit. It recommends the next best action. It increasingly is completing selection tasks on behalf of the hirer, including AI voice interviews and reference checking. This automation saves candidates and hirers time, but it also brings activity that previously occurred off SEEK onto SEEK as a structured data asset, creating new signals that improve future matching and automation. These better matches and the less effort produced by these products generates faster placements and stronger returns. That enables us to differentiate the performance of our higher value add tiers and price according to the value we deliver. If we look back over these last few four products or so and take them together, you can see that underpinned by high trust and verified information, they demonstrate the compounding nature of the marketplace that Grant referred to. High trust enables customers to share more information and increasingly delegate more actions. Career Feed and Career Agent increase engagement and deepen our understanding of candidates. Those signals improve matching and selection, which increases placement conversion, quality, and speed. Stronger placement outcomes support ad tier adoption and higher yield. Our focus is to keep strengthening this flywheel, deepening trusted customer relationships, growing our proprietary two-sided data, and increasing our visibility of hiring outcomes. That is our product update. I will throw it back to you now, Ian. Thanks. We are just going to build a bridge now ahead to Kendra. That is why we feel very confident about the customer outcomes, as I say, informed by a lot of engagement with customers. Now we build the bridge between the customer outcomes and the shareholder outcomes. We have focused again, before I hand to Kendra, on the foundations, not that we talk about it, that we have demonstrated and built. We have got and we have held, in effect, that growing over time, significantly leading placement shares. In fact, the placement share performance has been so good over recent years, we have decided to change the methodology and see whether we can push ourselves a bit further. Exactly how we do that is a topic of discussion, and we will update you on that in February. We have shown we can grow yield, and we have got a really good handle on costs and the impact on operating leverage. To repeat what I said at the start, the blueprint for shareholders to think about even now, let alone into the future, is we have just had a year where volumes are down a bit and we have grown EBITDA 15%. Next year, unfortunately, we are saying the economic conditions are still going to weigh reasonably heavily, particularly in Australia. Again, that mid-single-digit decline, we still grow, not dramatically, but we still grow. That is from today. We are not under which volumes stabilize, let alone grow. We are doing what we are doing on placement yield and operating leverage, becomes a very attractive profit print and value creation. With that, I will hand over to Kendra, from slide 28. Thanks. We are going to talk through each of our three strategic goals and why, with the increasing advantage AI is bringing to our business, we are confident to raise those moving forward. On slide 28, around placement share, as Ian said, we retain a leadership position across our APAC markets and have seen a positive trend on this metric across many years. We do expect AI to change how candidates and hirers approach job searching and hiring, as Simon and Grant spoke to. We are retiring the current version of our placement study and introducing a new research methodology across APAC that will better capture which AI systems candidates are using and how. We will continue to report placement share, though the definition will be changed from the next reporting period and not directly comparable. All of that said, the nature of our ambition here does not change, and we upgrade our medium-term goal to grow our leadership position in every market under this new methodology. On slide 29, a few words on job ad volumes. While we are constantly aiming to grow our placement share, our ad volumes are impacted by labor market conditions. We are looking closely for the impact of AI on hiring volumes, and to the extent we are seeing impacts on our site, it is at the edges. We see slightly reduced advertising for job roles that are more likely to be impacted by AI and automation, but these are a small proportion of ads on the SEEK site. We see increases in job ads requiring AI skills across all markets, but from quite a low base. While there are many scenarios for how AI will impact the labor market in the future, any day you can read a new one in the paper, whatever the outcome, any impact to SEEK is limited by our broad market-wide reach. We do expect to see some upside from the demand for new skills and potentially from increased job churn in the future. Regardless of volumes, our focus remains to improve the placement outcome of every opportunity on our platform. Turning to page 30, we know that our customers' willingness to pay will increase when they get more confident in a successful outcome from a SEEK job ad. Our consistent double-digit yield growth over several years, alongside strong placement share, demonstrates the success of this approach. As Simon and Grant spoke to, we will continue to use data and AI products to improve the outcomes that our products deliver, and we are confident we can capture continued yield growth and the runway for the same. We are upgrading our medium-term goal from high single-digit yield growth to minimum 10% yield growth through the cycle. Finally, on operating leverage, slide 31. AI not only improves our customer-facing products, but it is creating demonstrable productivity internally at SEEK. We have more than 85% adoption of AI tools across our entire SEEK team. In the engineering teams, we have seen a 40% increase in product delivery throughput. Cost savings from internal productivity are already, and will likely continue, to more than outweigh the increase we have seen in AI token and compute costs. In a competitive environment, we will continue to invest in our products and customer value, but we feel increasingly confident of our ability to do that within a reasonable cost envelope. As such, we are improving our medium-term goal from mid to high single-digit cost growth to mid-single-digit cost growth through the cycle. In summary, on page 32, our three strategic goals are now set higher. Growing our placement leadership in every market, growing paid ad yield by minimum 10%, and limiting cost growth to mid-single digits while delivering operating leverage. These changes reflect our commitment to delivering real customer and shareholder value from our increasingly AI-enabled SEEK. Back to you. Thank you, Kendra. On to slide 34, the SEEK Growth Fund, and I will do this on the left-hand side, right-hand side. Quickly on the fund's performance. The fact that the total portfolio value was down 13% in the year, I do not think will surprise any of you given the market we are in. Obviously, over the life of the fund, the ROI has still been very healthy at 12%, but this was a year where multiples came down. You can see in the backup on slide 49 that actually there is look-through revenue of 23% in HR SaaS and 10% in education. The businesses themselves are performing well and the earnings profile looks very good. Aside the quality of the assets in the portfolio, multiples are obviously a little bit challenged. You can see that in the page, we have made clear that the value at which we have the fund on the books includes bids from the sales process of Employment Hero, and an independent expert report on HiVol, a couple of the most important assets. That gives you a sense of the mark-to-market aspect of the valuation on the books today. If we then turn to the fund update, I just want to take a step back and sort of remind people of the history here, because it is important. We are five years into the fund, and if you go back to when we created the fund in 2021, five years was always going to be the time where we looked ahead and said, "Right, what has happened and what comes next?" We are in the middle of those discussions at the moment, so they are not concluded. The things we can be clear about are as follows. Number one, as has always been the case, we are focused with the fund team on maximizing long-term value, and that has not changed. We are also very aware of the fact that our investors, five years in, SEEK investors in particular, and indeed the fund investors, the rest of the investors, and indeed the fund itself, which track record after five years are looking for realizations and some signs of liquidity. That is a matter of very common priority among SEEK, the fund, and its other investors. There is a very high degree of alignment on that. The first aspect of the five years is that the amount that SEEK was paying the fund to manage assets on SEEK's behalf outside the fund have finished. So no more money is being paid by SEEK to the fund for the management of assets outside the fund. The last payment, you will see, we have been very clear about it on page 38, included a AUD 9 million payment performance fee for JobAdder. JobAdder, after five years, we have now brought back the management of it in-house. We will talk about that more in the future because of its strategic value to SEEK. We agreed five years ago that it would be independently valued. The business has gone very well. The fund did a very good job of managing it for us, and that linked to a formula with a last performance fee. With that, all fees for the assets outside the fund have been paid. The bigger issue, obviously, on everybody's mind from our business perspective is what does this mean in terms of liquidity? We have talked for a long time about the fact that we would discuss liquidity after five years in terms of this liquidity window. Those of you who know the mechanism will know that liquidity window, the major driver of it was it was linked to payment of carry for the fund's manager. Despite the fact there is an ROI of 12%, the IRR benchmarks for the carry were not reached over the five years, so no carry was payable in any event. With all of that, we actually have been working with the fund on, look, let us just work bottom up on what the plans are for liquidity. There are two very important points that I would like to emphasize in this. Number one is we have conceived and have agreed a very clear bottom-up path, and obviously we will not talk asset by asset, which will result in near-term sale of investments that are currently valued at over AUD 1 billion. We have made clear the results, and that is a matter of common interest among all of us. The second thing, obviously, is we want to sell well. We want the fund to sell well when it has the opportunity. We are not in the greatest market conditions at the moment. So we are not saying that these assets are primed for sale at any value. On that note, the Employment Hero valuation, the Employment Hero sale is still ongoing and may still take quite a while. We just want to be very clear about that. What you can see, though, is that the value at which we have got it is included in the account. So what it is telling us is we have had good affirmation of the value and the fund is making certain decisions about what options are out there and what it is willing to sell for. The two things to bear in mind are there is a very clear plan now for sale of assets with a value of currently AUD 1 billion. You can expect movement on that. We are not specific on time because of the market circumstances, but we have used the word near term for a reason. The remaining details regarding the future of carry, what happens for the next five years, et cetera, will be the subject of ongoing discussions between us and the fund, and we expect to give you details on that around the time of the AGM. Finally, before we go to your questions on page 36 on the guidance, I believe, the words you have read, I think they are clear. I would just emphasize a couple of points. Number one, this is an environment, and if you speak to Blair, our economist, in discussions we have in a board and management team. Government is slowing down its employment. There is still wage price inflation. Population growth is slower. The job share is down. There is all sorts of uncertainty about the interest rate environment. There is all sorts of uncertainty about geopolitical environment. So we are by no means in a time of peak conditions in the employment market. So we have assumed in the, what we call the base case, but it is roughly the mid you can see left, that we are going to see mid-single digit volume declines. That underpins the case for next year. You can also see a high degree of confidence on the yield and a high degree of confidence on the expenditure. To the extent we are wrong on the volume declines, you can see each 1% change impacts group revenue by approximately AUD 9 million. So if our view is too bullish or too bearish for people, you can do your own numbers and work out what that means. The second thing I would emphasize, which I do not think you have seen in a SEEK results guidance before, we said under any conditions, there is maximum cost growth of 5%. That shows you where we are in our investment cycle, what handle we have got on our costs, and what we need to do. There is no slowing down of investment in competitive advantage. We have got a rosy view of the future, but that is a ceiling on the cost for next year. That gives you a sense of how we are feeling about where we are in the investment cycle and what a good understanding we now have of the cost drivers. So to finish what I have said before, and move to questions, we are in an environment where despite a pretty bleak outlook for job volumes, we still grow. Not dramatically, admittedly, but we still grow. You can do the maths to work out not if the job market roars back, but if it just stops declining. The sorts of numbers you get coming out of SEEK with the yield growth and the operating leverage, in addition to whatever assumptions you might make about capital coming back from the fund, create what we consider to be a pretty positive value creation outlook. With that, I will hand over for Q&A. Thank you. Ladies and gentlemen, the floor is now open for questions. Please press star one to ask a question. If you wish to cancel a request, please press star two. In the interest of time, we ask each participant to limit themselves to two questions at a time. Our first question is coming from Eric Choi from Barrenjoey. Please go ahead. Hey, morning, everyone. Hey, thanks very much for the question. I will go one by one then. Can I just start with the Growth Fund? So hypothetically, if the Growth Fund sold AUD 1 billion + worth of assets, can we assume the net proceeds to SEEK post any leakages, maybe that would be around AUD 800 million? If so, you just do the quick math. Let us say AUD 400 million debt paydown, AUD 400 million buyback. You would be saving AUD 15 million - AUD 20 million of interest, and you would be buying back a high single-digit percentage of your stock. Would that be mid-teens EPS accretive, maybe FY 2028? Sorry, that is the first question. Thank you. We will let Ian do the maths, Eric, on the impact for investors. We own 83% of the fund. It is up to the fund what it decides to distribute once it sells assets. That is up to the trustee of the fund. We have got representatives on that board, and we do not control the fund. We would expect the vast majority of capital rehighs to be returned. That is what we would expect. We own 83% of the fund. So you can do those maths. In terms of what it means for shareholders, obviously, we are prepared under a number of modeling on a number of different ways that the capital might come back to shareholders. We don't have any specific guidance to give on that at the moment, except to say, even though we're very bullish on this business, we're investing well in it, and there won't be any need for SEEK to channel proceeds from the fund into investment in the core business or into major M&A. That gives you the answers you need to know, restricts the answers on the possible uses of the proceeds. Excellent. Thank you, Ian. Can I ask a follow-up? Sorry, another math one. On FY 2028 implications, there's a lot of commentary out there that NPAT is sitting at AUD 200 million again. Can I just take your new medium-term yield and cost targets and imply, if we assume volumes flat in FY 2028, that that would be implying a sort of AUD 650 million EBITDA? Perhaps more importantly, can you just confirm there's no big step-ups in D&A or things below EBITDA again in 2028? If you were to hypothetically get a AUD 650 EBITDA in 2028, would that translate to AUD 250-ish NPAT or mid-20s EPS again, kind of similar to what you did in 2026? Thanks, Eric. I'll take that. Again, I'm not checking your maths exactly. If you do take a scenario where volumes are flat in FY 2028 and beyond, and we're committing to minimum 10% yield and mid-single-digit cost, you would get to NPAT growth in the mid-20s. As far as D&A goes, we're moving this year. Sorry, in 2027, we're moving into the period where the full five years of unification CapEx is now being amortized. That accounts for the step-up, as well as with AI accelerating product development that is making us relook at some of the useful lives of our assets. Any of those reviews is baked into that AUD 180 million - AUD 190 million range. That is not on top of the AUD 180 million - AUD 190 million range in next year's guidance. No, there's nothing we can see at this stage that would significantly step up below the line into 2028. Excellent. Quick follow-up, Kendra, please. That mid-single digit volume growth decline you have baked in for next year, does that basically extrapolate the -0.3 to -0.4 month-to-month declines you are seeing today? If so, what can you see in your data to suggest those slight month-to-month declines are just cyclical factors and not structural, i.e., AI impact on the job force related? Yeah. Everything you just said. Yes, on the calculation of extrapolating the current volume trajectory. Going back to what Ian said, in terms of all of the macro indicators that we have built into our Forecast, none of them are looking hugely positive, which suggests that most of this is cyclical and not AI structural. As you can see from the deck, to the extent we are seeing changes due to AI, those are very much on the edges of our job volumes. Awesome. Thank you so much. If there is anything I would add to what Kendra said, because it is quite important, a lot of people are thinking, "Well, what if the AI thing gets even more pronounced?" It is not the big thing driving sentiment at the moment. You have got to look at this against, well, what is geopolitical risk going to look like? What is the inflation outcome going to look like? We are not looking at any AI risk from a position of a booming job ad environment. There is a bit of an assumption of, oh, it could only get worse from here. Well, it can always get worse, and we predict it will get worse next year. There is a number of factors driving this, and we would hope that at least some of them will not weigh down the job market for months and years. That is a good call out. Thanks, Ian. Thank you. Our next question is coming from Entcho Raykovski from E&P. Please go ahead. Morning, Ian. Morning, everyone. I will start with the first one. It is on the updated yield growth targets. I am just wondering if you can firstly confirm that the new 10% plus target applies to each of ANZ and Asia separately. As part of that question, is there a greater opportunity in Asia given the growth in unique hirers you have seen post the freemium rollout? I am very conscious that Recruit Holdings, for example, I am sure you have seen, they have recently been reporting some significant growth in average revenue per job ad, which perhaps shows the opportunity in certain markets. I wonder whether it can almost, I know that is in the U.S., so different market, but could we extrapolate that to some Asia markets as well, where there might be a significant opportunity? Maybe I will hold off on the second one after you answer this one. Briefly before I hand to Peter, I can confirm the 10% + yield growth target applies to ANZ and Asia separately. Recruit does measure their yield quite differently to the way we do, but obviously they are seeing quite significant growth and some of those themes are similar. Peter? Yeah. Just on your follow-up question on the Asia markets in particular. First point, in each and every market, we are always looking for upside and opportunities to price to the value we create. If we see it, we will take it. We have proven we will do that over the last five years very consistently. This particular year as to the yield in Asia, this is our first year post freemium with no markets launching. In a freemium launch environment, as we launch markets, we make big movements in yield as we offer free ads as well. We will not have that effect this year, so the yield year-on-year comps get more difficult. Having said that, we are very confident of 10% at a minimum, and we are optimistic that over time we will create more placement value, which then creates more yield value. Okay. Thanks, Kendra. Thanks, Peter. Maybe a follow-up on Asia. I suppose I do not want to pin you down on a specific number, but can you talk about what you are more specifically assuming in terms of volumes in Asia in the FY 2027 guidance? For example, do you expect the weaker macro in Hong Kong to be offset by growth elsewhere? Some of the numbers from Malaysia look a bit better, for example. Can you, I suppose maybe talk about it by region and how that feeds into the total number? Yeah. We do not break out market by market, but in general, in previous calls and very consistent. One is, first the macro forces that have been impacting Australia, they impact Asia too. You see that across multiple economies. You did call out Malaysia. Malaysia is not the unique beneficiary, but it also has upside forces from data center build-out and things like that. Malaysia is going very strong. But in general, the overriding thesis for, or assumption in the forecast based on our best macro estimates is that volumes will be slightly down, driven by the macro. That includes Hong Kong, by the way. Okay. Thank you. Thank you. Our next question is coming from Lucy Huang from UBS. Please go ahead. Thanks, Ian, Kendra, and team. I've got two questions as well. Firstly on the ANZ, your guidance for 10% into 2027. Do you think this looks a little bit conservative given, I guess the last couple of years we have seen yields in the mid-teens? Then just on slide 16, you've got a breakdown of the yield growth for ANZ this year. Looks like a lot of that's driven by depth adoption. Coming into 2027, would you expect a bigger contribution on yields from depth or more value-based pricing? Yeah. Thanks for the question. This is Peter. I'll point you to slide 16, which shows performance in FY 2026. We've had a really, really great year working with our teams in product across commercial in driving depth adoption, as you point out. We launched Advanced Ad, which had a material impact in yields in Australia. That's out now, and we have the full run rates of that. We obviously want to improve depth adoption, but that was a very, very strong year. While we're confident of 10% now, which is an upgrade to previous long-term guidance, we don't quite want to say we'll just replicate a major year as we had last year in ANZ. As for the mix between the two, it's going to be roughly balanced is the current plan. Without giving specific percentages, it doesn't weigh heavily towards depth adoption nor to value-based pricing. It's a very balanced yield growth this year. Thanks, Peter. Then maybe just another question on Asia. It looks like total ads grew 15% because of the introduction of freemium, but paid was down 12%. I guess once we cycle through the freemium launches, should we see those percentage growth metrics start to converge a bit more, assuming that you convert the stable free onto- Yeah. The declines in paid ads will mitigate to more macro effects. The plan does not include any more double-digit declines in paid ad volumes than offsetting by free ad corpus. That is a function of the release of freemium. Now that we cycle on that, the ambition is to grow paid ad volumes and continue to grow the light ad volumes as well as we grow the ad corpus. The markets will be much more stable, subject to the macro trends as well. All right. Thank you. Thank you. Our next question is coming from Siraj Ahmed from Citigroup. Please go ahead. Thanks. Thanks. I have two as well. The first one, a two-part question. Maybe Ian or Kendra. Just in terms of regarding the volume declines, one of the questions people ask me is just whether there is an element of not structure, maybe just given you are pushing price and yield so strongly, is that sort of impacting your volume or listing volume share? For instance, are recruiters maybe putting only one ad instead of two because the price is so high? Would love some color on that. And second part to it, great to see the yield growth guidance of 10% +. Are you changing your assumption on volumes over the medium term by any chance, given disruption risk, et cetera? Thanks. I will take those two, thanks. Firstly, we look very carefully at effectively the yield versus share trade-off. You can see the placement share is strong, and we actually triangulate that against all sorts of internal data. We have a very high level of confidence that yield is not coming at the expense of share. In Asia, we have freemium, et cetera. There is work to do, which is what we have always said on, yep, there are some people who may have put a paid ad on or putting a free ad on, are like, "That is less than we thought," but that is actually providing us with a big upgrade opportunity. So we look at that very closely. Number two, we just do not give long-term volume guidance because, at best, we might have a good perspective database over the next three or four months, slightly useful on six months, and once you start getting beyond that, we do not have better data than you have got. So we do not really make assumptions for any planning purposes on volumes beyond. I mean, obviously we run scenarios, as you would expect. But we focus on what are the drivers we can control, what can we expect from those, and then we sensitive check those against various volumes assumptions rather than make a particular prediction. So the short answer is they have not changed because we did not have a hard line volume prediction going out further than the end of next year anyway. Got it. That is helpful. And second one, just for Kendra. On the D&A comment, can I just clarify, because the D&A step-up this year is a bit higher. So are you essentially reducing the useful life of the capitalized because of the AI coding? And maybe does that mean there is some write-offs as well of what you have capitalized before? Can you just clarify that? Thanks. Sure. So in this year, we have not changed anything in FY 2026 results, there is nothing changed on useful life. For FY 2027, within the AUD 180 million -AUD 190 million range. That includes some shifts we may make to useful life and explains why the number may be a bit higher than you had anticipated. The driver of that is not write-offs. It is the acceleration of product delivery with AI tools that we think is driving both how fast assets get built and put into useful life and then potentially how long they remain useful. In terms of impairments and write-offs, there was a significant item in terms of some parts of our product that were moved out of service in the year. That was sort of in the AUD 6 million- AUD 7 million range. But there is nothing assumed in FY 2027. Right. That is helpful. Thank you. Thank you. Ladies and gentlemen, in the interest of time, we kindly ask each participant to limit themselves to one question moving forward. Thank you. Our next question is coming from Roger Samuel from Jefferies Australia. Please go ahead. Oh, hi. Thanks for taking my question. My question is on the cost side. What are the levers that you can pull on your expenditure if revenue growth is below 5%? The reason why I am asking is because do not you need to continue to invest into the business given the very competitive environment? If I look at your CapEx guidance, the midpoint is pretty similar to what you reported for FY 2026. Thanks. Sure. Thanks, Roger, for the question. Yes, absolutely, we continue our posture of investing for business growth, and in a changing environment that is hugely important. We are finding that AI process transformation is unlocking some productivity that balances out both the existing rate of product development as well as the increase in AI costs. We are not limiting the growth of the product growth and the investment in that, but rather just getting more effective and productive with the resources that we already have on that effort. In terms of other cost levers, as we showed during COVID, marketing, hiring philosophy, whether or not we replace vacancies, the annual performance bonus, all of those are levers that we can use should the volume environment look significantly worse than we have currently forecast. Okay, got it. Thank you. Thank you. Our next question is coming from Sriharsh Singh from Bank of America. Please go ahead. Yep. Hi. Just one question from me on yield growth as well. How are you thinking about additional drivers of yield growth in addition to selling more premium job ads? The context is, 14% yield growth is super impressive in FY 2026. The 10%+ yield growth guidance is also impressive at a continuation of what you have delivered in the last two, three years. I am looking at Recruit, which is accelerating revenue growth to 25%, 30%, versus 20% a year back, despite similar volume pressure. Just talking to them or just listening to them, they are shifting platform monetization away from selling ads to monetizing productivity tools such as screening, et cetera. My question is, can you find some additional growth drivers in future besides just selling job ads, and could that contribute to yield growth in future as well? I'll go first. If Simon wants to add, he can add to it. Firstly, each and every year, we have to find new sources of value that increase the probability to place. Those include already tools outside of a particular job ad, which we are also investing in and growing. In addition to that, increasingly our job ad is not an ad per se, rather a set of AI services that help deliver a placement. Each year, Simon's team is delivering more and more value into those tiers, and we're stepping into that value. So we're confident we've been doing it for five-plus years now. We're confident we can continue to do it. That's what our near-term guidance and our long-term guidance now reflect. I think we're executing quite well against creating new value each and every year. Yeah. Just to double down on the discussion Peter was having around. When we sell or hire a job ad, what we're really selling them is a pool of candidates that we're going to deliver and some support services to get to that placement really quickly. You can see that in what we're saying today. We've said the new targeted ads in Advanced Ad and Premium deliver Instant Matches of candidates you can talk to right now. They deliver AI voice interviews. They deliver AI reference checking. We already think, to be honest, that we are evolving away from a job ad towards more selling you the outcome. Of course, that's why we're pricing on the outcome. Understood. Sure. Thank you. Thank you, ladies and gentlemen. I will now turn the conference over back to Ian for closing remarks. Thank you very much. Obviously, we know many of you have a lot more questions, and you know where to find us to answer them. We only ever get through a small proportion of these calls. Please, through our IR team, if we are not already due to speak to you, make contact and we are happy to continue the conversation. Thank you again for your time. Thank you. This concludes today's conference call. Thank you all for your participation. You may now disconnect.