I would now like to hand the conference over to Mr. Paul Tyler, Chief Executive Officer. Please go ahead. Welcome to Superloop's FY 2026 results briefing. I am Paul Tyler, Chief Executive Officer of Superloop, and I am joined here by Dean Tognella, our Chief Financial Officer. Today marks a significant milestone for us, the closeout of our three-year Double Down strategy. The results we are about to walk you through bookend three years of what we think is strong execution. They demonstrate significant growth in revenue, profit, and cash generation. Each of the targets we set ourselves in June 2023 have been met, and in most cases, beaten materially. If we start on slide three, there is quite a bit to get through this morning. We will start with our FY 2026 performance highlights and move to our group priorities, before Dean will take you through some of our financial performance in a bit more detail. From there, I will cover our outlook and what it means as we move into our next three-year plan, SuperCharge29, which we launched at our recent Investor Day. There will be time for Q&A at the end. If we start on slide five, let me go over the five themes that best capture FY 2026. Three years ago, we launched our Double Down strategy with the goal to double our revenue and drive sustainable profits. I am pleased to say it has delivered what it was designed to do, and Superloop is now an established, scaled, profitable, and cash-generative business. In FY 2026, our growth was broad-based. Consumer gained share through stronger brand awareness, differentiated products, and record new connections. Wholesale benefited from continued growth of challenger brands using our aggregation and white label platforms, while business exited the year with improving momentum and a strong list of key new customers. At the same time, we built Smart Communities into a larger growth platform. The Lynham and Frontier acquisitions, new developer wins, and the launch of Neoloop have expanded both the current footprint and the contracted pipeline, increasing visibility over future high-margin recurring earnings. Strong gross profit, coupled with disciplined working capital management, drove high cash conversion and a significant increase in free cash flow. Lastly, operating leverage was clearly evident, with growth translating into higher margins and improved profitability. If we move to slide six, the numbers on this slide reflect the key drivers I just covered. We added some 205,000 net new customers during the year to finish at a total of 935,000 customers across the group, with growth coming from all three segments. These customer numbers drove reported revenue up 21.6% against the PCP. Turning to our earnings, revenue growth flowed through to the bottom line in two ways. Firstly, increased contributions from higher margin wholesale and Smart Communities revenue helped lift group gross margin by 64 basis points. Second, our operating model supported significantly more volume without a proportionate increase in cost. The result was an underlying EBITDA of AUD 123 million, which is up 33% against the PCP. Earnings grew at around 1.5x the rate of revenue growth. This reflects the operating leverage we built into the business. The quality of those earnings is equally evident in the cash result. Gross operating cash flow of AUD 123 million represented 101% conversion of underlying EBITDA, and free cash flow grew by 50%. That gives us real capacity to invest in organic growth, pursue disciplined M&A, and have financial flexibility for future capital management. It flowed all the way through to the bottom line, with an NPAT of AUD 17.5 million, a material improvement on FY 2025. We move to slide seven. When we launched the Double Down strategy three years ago, we set four clear targets: a revenue run rate at the end of FY 2026 above AUD 700 million, an underlying EBITDA margin in the mid to high teens, a positive NPATA, and a positive NPAT. We are very pleased to have achieved all these targets. For FY 2026 specifically, the underlying EBITDA outcome of AUD 123 million finished above our upgraded guidance range. CapEx of AUD 37.9 million was around AUD 900,000 above the range provided, reflecting the slightly higher CapEx in June on the Lynham fiber builds. Becoming a profitable, cash-generating business is no small achievement given where this business was only a few years ago, and it gives us real confidence as we move forward into the next chapter. We move to slide eight. All three segments grew revenue this year, but the drivers were a bit different in each case, and that diversification is important. Starting with consumer, nbn introduced its speed upgrade in September 2025. A number of competitors responded with new offers and increasing pricing aggression. That created a more competitive market, but it also created opportunity, and we were well-positioned to capture it. We responded quickly and used the moment to accelerate our market share gains. In wholesale, growth came from the continued expansion of the challenger brands that we enable. As they grow, we grow with them. In business, after several years of industry-wide price erosion, pricing has now stabilized somewhat and our momentum has returned, particularly in the second half. The clearest measure of that combined performance is market share, where our group nbn share has increased to around 8.5%. We move forward to slide nine. The operating leverage in our business is visible in the slide. Our results have benefited from an improving mix as higher margin wholesale and Smart Communities revenue became a larger part of the group. We have a cost base that does not grow in line with volume increases, and we are now realizing returns from the investments we have made in our network, our integrated digital stack, and our single operating model. More recently, AI has enabled further savings and improved the customer experience, and that is now setting Superloop apart in a crowded market. The three-year NPAT trend on the right here shows how far the business has come. We have moved from a loss-making business to marginally profitable in 2025 to a positive AUD 17.5 million NPAT in 2026. That progression matters. These results confirm that our growth is now consistently converting into profit, and we expect that dynamic to continue. On slide 10. Underpinning our momentum is our sustained customer growth. FY 2026 was our strongest year yet. 205,000 net new customers, taking the group to 935,000 customers in total. Every segment contributed, and the growth was overwhelmingly organic. Consumer growth was driven by stronger brand awareness and the strength of our high-speed proposition, lifting our consumer nbn market share to 5.2%. Business customer growth came from small business connectivity and rising activations across Smart Communities. Wholesale had an exceptional second half, enabled by strong marketing and offers from our key partners. The one point worth clarifying is that Smart Communities customers whose retail service provider is a Superloop company are reported in the consumer segment. In June, we added approximately 13,000 customers into the consumer segment from the Lynham acquisition. Moving to consumer on slide 11. As you can see from the graphs on the right-hand side of the page, over the last three years, our consumer segment has been winning in the market. The last year was no different, with consumer revenue up 27%, driven largely by volume growth. We added a record 116,000 net new customers, the first time we have ever added more than 100,000 customers in a single year. Consumer GP grew 26% year-on-year, and pleasingly, despite the increased competition, held comfortably above our long-term gross margin target. Superloop remains a leader in the high-speed plans, which improves both the quality of our customer base and the revenue per customer. We move to slide 12 and business. Our business momentum continued to build through FY 2026. Pleasingly, after working hard to build our brand, our products, and our channels in the business market, revenue was up 8.2%. The second half was actually up 12% on the PCP, showing that momentum is accelerating. We are seeing good growth in traditional business products, and Smart Communities is now adding strongly to the business segment. Business GP grew to nearly AUD 49 million at an improving margin quality. The business segment had a number of significant wins in the year, including National Storage and ADRA. These two wins will see Superloop provide network and security solutions to more than 300 sites across Australia and are great examples of our growing credibility in this market. Move to the wholesale segment on slide 13. The wholesale segment continues to scale profitably as we enable the challenger brands. Revenue increased 19%, with growth across many of our existing wholesale partners. Wholesale GP increased to AUD 67 million, with gross margin increasing to 69.2%. Wholesale customer growth was heavily weighted to the second half, which saw an increase of some 59,000 customers. This result was supported by strong marketing from key wholesale partners and underscores our position as the enabler of choice for challenger telcos. Slide 14, t he slide shows that our Smart Communities progress has not happened by accident. It is the result of a series of deliberate steps taken over many years. It began in purpose-built student accommodation, where we proved the operating model and grew to become the number one provider in that market. VostroNet then took us into residential Fibre-to-the-Premises, while Uec omm strengthened the underlying network, adding more than 2,000 km of metro fiber. Frontier Networks extended us into retirement and lifestyle communities, diversifying the portfolio further. This year, Lynham gave us a significant step up in both our existing base and our contracted pipeline. In June, we launched Neoloop, our open access wholesale FTTP platform, which brings our FTTP assets together under a single brand for retail service providers. On slide 15, that deliberate expansion has created a scaled Smart Communities footprint with attractive operating metrics and a substantial contracted pipeline for further growth. As previously mentioned, we now have 190,000 contracted lots. Of these, 90,000 are built today and 65,000 are active. FTTP lots within Neoloop are expected to generate an ARPU of around AUD 65, supporting GMs of 70%-75%. Our FY 2026 ambition is to grow contracted lots to over 0.25 million. We are targeting an IRR on capital deployed of more than 25%. The economics of Smart Communities are compelling. It provides an essential internet service through fiber assets with a practical economic life of more than 25 years. It generates recurring annuity-style cash flows and incorporates CPI-linked pricing mechanisms. Smart Communities is a difficult business to get established in, as shown by our multi-year journey, and hence, we see it as having a deep moat. Let me touch on some of the key developments that shape the Smart Communities portfolio in FY 2026 in slide 16 here. We completed the Lynham acquisition on May 29, for a cash consideration of AUD 165 million, which added 56,000 contracted lots to our Smart Communities footprint. We expect around AUD 11 million of EBITDA contribution in FY 2027 on a pre-synergy basis. By the end of FY 2027, we expect to achieve run rate synergies of a further AUD 2 million. Alongside that acquisition, we secured important new developer wins, including GemLife and Icon Group, strengthening our position within residential and lifestyle communities. We also continued to lead in the tertiary accommodation Wi-Fi market with large contract wins, including Centurion and Urban, demonstrating our leading position in that market. We'll now move on to group priorities. On slide 18, I'll start with a high-level overview of how we deliver our strategy before touching on our operating model, our brand, and our marketing, and how we are transforming the customer experience. We start on slide 19. Having successfully completed Double Down, we now move into SuperCharge29, our strategy for the next three years. Our delivery framework is built around a reinforcing cycle. Deliver market-leading growth, convert that growth into cash, reinvest that cash to improve earnings and ultimately increase shareholder value. The priorities shown here map directly to that framework. It allows us to invest for growth, including into Smart Communities, shifting our earnings mix towards higher margin, annuity-style infrastructure revenues. The FY 2026 result demonstrates that we can deliver against this framework. If we move to slide 20. We are and have been deploying AI at scale across a number of our customer journeys. This is helping our teams manage growth while improving the customer experience. Our customer service agents now manage some 63% of all customer interactions. During FY 2026, Teddy and Mo avoided approximately 400,000 calls, while Refreshify and X-Ray supported more than 500,000 fault resolution interactions, with the majority resolved without any human assistance. Processify is improving activation and operations. 75% of orders are activated on the same day, and fewer than 10% of digital orders require any manual steps. These internally developed tools also support our teams across onboarding, activation, service assurance, and fault finding. On slide 21, you can see how our AI intelligence layer sits between our foundation layer and the products and services we deliver across consumer, business, and wholesale. Our architecture is not tied to a single AI model or provider, giving us the flexibility to use the best available technology while keeping interactions governed, structured, and controlled. The benefit is that we can develop capabilities once and deploy them across the group, supporting scale, speed to market, and profitable growth. On slide 22, you can see that our network remains a critical part of our foundation and part of the reason we have a structural cost advantage. We now own more than 2,500 km of strategically located CBD and metro fiber in Australia, as well as some 100,000 route kilometers of fiber across the globe. Together, this infrastructure gives us the scale and reach to support growth. The more traffic we carry on our own network, the better our returns. Into slide 23 and brand. Our investment in the Superloop brand is building awareness and supporting continued market share growth. Brand awareness increased to 34% in FY 2026. That increased awareness is driving traffic, with combined website and app traffic up some 58%. Pleasingly, that growth in digital traffic is translating into customer orders and market share. On slide 24, we say acquiring new customers is important, but retaining them is just as critical. That's why we've continued to invest in the experience we deliver through our network, our products, and our digital tools. Superloop has now been awarded the fastest fixed network three times in a row, while features such as Refreshify, Teddy, and My Speed Boost provide customers with a more intuitive and responsive experience. Our network, products, and service experience is strengthening advocacy, loyalty, word-of-mouth, and referrals. This is reflected in product review ratings across our brands, which are amongst the strongest in the industry. With that, I'll now hand over to Dean to take you through some of the financial performance for the year in a little more detail. Thanks, Paul. Moving to slide 26. As mentioned earlier, FY 2026 was the last year of our Double Down strategy. Our results show another year of strong growth in which we demonstrated the quality of our earnings and the cash flow generation that comes from the scale that we have achieved. Reported revenue increased 21.6% to AUD 664 million. As Paul has covered, all three segments have delivered impressive revenue growth. I want to call out the accelerating momentum we are now seeing in business, as evident in the second half revenue growth. Reported gross profit increased AUD 45.1 million, with the group gross margin up 64 basis points. Operating expenses increased AUD 18.6 million, including a AUD 7.4 million increase in marketing investment. This investment in marketing really has delivered, as evident in the consumer net adds of 116,000 and a step up in our brand awareness. Despite that additional investment, operating expense growth was below revenue growth. As a result, underlying EBITDA increased 33% to AUD 122.7 million, above the top end of our upgraded range. That EBITDA growth flows through to the bottom line. NPATA increased 34.2% to AUD 37.9 million. NPAT rose to AUD 17.5 million. Reported EPS increased to AUD 0.034. The result was also backed by excellent cash generation, with free cash flow increasing 50% to AUD 84.4 million. Moving to slide 27. Looking at our gross profit growth. Consumer added AUD 26.2 million with a gross margin percentage of 27.2%. The consumer segment added a record 116,000 net new customers, while also showing financial discipline around cost to acquire. Business added AUD 6.4 million of gross profit, with gross margin up 2.6 percentage points to 43.1%, helped by a better revenue mix with increased contributions from Smart Communities and secure connectivity. Wholesale had a strong result, adding AUD 12.6 million of gross profit. Put together, group gross margin moved up 64 basis points to 35.3%. The margin quality improved even as we drove record group customer growth of over 200,000. Moving to slide 28. Looking at costs, operating expenses grew at a slower rate than revenue. As a result, our OpEx to revenue ratio improved from 14.4% to 13.5%. While we expect to achieve further efficiencies, we expect this graph on the right to stabilize. As mentioned earlier, the AUD 7.4 million in marketing reflects our ambition to increase brand awareness and has enabled record net new customer growth within the consumer segment. In FY 2026, our employees' expenses increased AUD 3.4 million, resulting from salary increases and added capability in areas such as AI, security, and compliance. The modest increase in employee costs over the last two financial years has been made possible by the AI initiatives that Paul covered earlier. There was a AUD 7.9 million increase in other operating expenses, which included technology investment, increased insurance costs, and additional variable costs such as bank fees and doubtful debts. In summary, our operating model is enabling the leverage we are targeting. Moving to slide 29. CapEx for the year was AUD 37.9 million, excluding IRU. Looking at the graph on the right, CapEx as a percentage of revenue increased slightly from 5.2% to 5.7%, including an investment of AUD 7.6 million in Smart Communities, Fibre-to-the-Premises builds. Even with that increased growth investment, the business remains relatively capital light for a telecommunications business. In the year, we invested AUD 9.5 million in digital and AI, with examples including Teddy and Mo. These digital and AI investments improve the experience for customers and partners, automate more activity across the business, and support further operating leverage as we scale. A further AUD 15.8 million was invested in shared network upgrades and capacity. Our network quality, reliability, and speed are very important to our success. Lastly, we spent AUD 10.8 million on customer fiber builds and equipment. Moving to slide 30. Cash generation was a standout feature of this year's result. Growth operating cash flow increased 40%, representing 101% conversion of underlying EBITDA. Free cash flow grew 50% to AUD 84.4 million, giving us greater capacity for future growth. We also completed our refinancing in October 2025, establishing a new AUD 300 million, four-year bilateral facility. This strengthens our funding position and provides us with further capability to fund accretive M&A. We ended the year with net debt of AUD 128 million, a net leverage ratio of 1.3x, an interest cover of 15.5x, well inside our covenant thresholds. Moving to slide 31. Bringing the last two slides together, our stronger earnings and cash generation provides the capacity to fund growth while retaining financial flexibility. Our capital management approach is to grow cash flow from the core business, invest in high-return organic growth, and consider accretive M&A where it meets our financial return thresholds. As cash generation continues to increase, we will consider capital management options such as buyback or dividend. We will maintain balance sheet strength as we execute our SuperCharge29 strategy, with a target net leverage ratio below 2.5 x. We finished FY 2026 at 1.3 x, providing meaningful headroom. I'll hand back to Paul. Thanks, Dean. On slide 34, at our Investor Day in June, we launched SuperCharge29, and we set out the growth ambitions we are targeting through to FY29. Those ambitions are for group revenue of more than AUD 1 billion, group underlying EBITDA of over AUD 200 million, and a reported three-year EPS CAGR of more than 30%. Our FY 2026 results provide a strong starting point for that next phase. We enter SuperCharge29 with momentum across each of our segments, a proven operating model, and strong earnings growth and cash generation. Delivery will be driven by the five strategy pillars shown here: leading consumer broadband growth, establishing a new standard for customer experience in the market, AI-enabled operating leverage, scaling Smart Communities, and ensuring that all growth is profitable. Whilst these ambitions are stretching, our FY 2026 performance demonstrates our ability to execute. We enter SuperCharge29 with confidence in the opportunity ahead. With that, I'll thank you for your time and continued support, and we'll now open the floor for any 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. If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from the line of Siraj Ahmed from Citi. Please go ahead. Morning. Hi, Paul and Dean. Just have three questions. I guess first one, I know it's only five weeks right into FY 2027. You are coming off a very strong FY 2026. Just keen to understand how subs growth is tracking so far, especially in terms of churn from that strong growth you had in 2026. Do you want me to ask the second and third right now, or just pause? Let me answer that one quickly. Sure. Look, it's very early in the year to be giving a trading update. Obviously, we only have one month completed. But trading conditions continue well. We had great momentum in the second half, and that momentum has continued into the first half. Of course, July is always a little bit of a messy month with all the price changes and stuff that comes through. It's way too early to be calling a trend at this stage, but trading continues strongly. Got it. Okay. Churn from the 2026 initial six months, et cetera, that's still stable, right? You can't really draw much of a trend in July. Sure. There's a lot of moving parts in July, but it's tracking to expectation. Sure. Second one, just a two-part question. Consumer. It does look like consumer ARPU and gross margin was a bit softer in the second half, even if I adjust for Lynham being included. Can you just talk through the drivers for this and how we should think about FY 2027? Because I think there's a pay credit card surcharge removal coming through as well. Just the upwind gross margin in the second half. Yeah. I'll let Dean talk about the credit card surcharge. Obviously, it's going to impact everyone, but the slight softening of GM quality in 2026 is a champagne problem. The reality is our growth was really strong, particularly in the second half, and that meant a higher proportion of our new customers or our total customers were operating within the promo period. The impact of that is temporarily dilutive on gross margin. But it's a result of really strong growth. Do you want to talk about the outlook with the credit cards, Dean? Yeah. The whole industry faces that challenge. We had previously charged a fee for credit cards and passed that on to our customers. But from October onwards, we cannot do that. It has a reasonably small impact in terms of numbers for the next year. But the whole industry has to follow. Sure. Dean, just clarifying, do you reckon consumer gross margins remain stable next year because you have this higher proportion of discounting coming off and the fee surcharge is ahead with? Should we just assume flattish gross margins? Yes. That's sort of what will happen. Okay. We've seen a slight reduction in consumer margin in this half, primarily driven by a greater percentage of our customers being on promos. As they come off promo, in the first half, that will give us an advantage in terms of GM expansion on consumer for those subs. Got it. Last one, you mentioned this, but just on EBITDA margins, you are already at 19% in the second half. I think you mentioned that the leverage next year will be more flattish. Is there any reason why FY 2027 should dip below the 19% that you delivered in second half? No, the ambition that we set in SuperCharge29 was to achieve 20%. Yeah. I think we have demonstrated consistently we have been able to grow our EBITDA margin. The intent would be to do the same in FY 2027. Against a much higher top line, of course. Yes. Okay, got it. Great. Thank you. Thank you. Thank you. Your next question comes from Nick Harris from Morgans. Please go ahead. Hey, Nick. Hey, Paul. Hey, Dean. Thanks for taking my questions, and congratulations on hitting all of those three-year Double Down targets. I just wanted to focus a bit on the business segment, because there's obviously some great improvements in that second half, both the revenue trajectory and the gross margin lifting half on half as in revenue accelerating. But it's hard to unpack it, business for Smart Communities. Can you just help us understand, is that a mixed thing? i.e. there's more Smart Community, which is high margin, high growth, or are you actually seeing the business-to-business part improve there? If yes, can you just give us a little bit of commentary on what's happening there in the outlook? Yeah, look, it's both those things, Nick. At some point in the future, as we've discussed before, we will separate out Smart Communities, but we're not quite there yet. We've tried to give you as many data points as we can to allow you to model it. But both those things are happening. So Smart Communities, yes, there's a higher number of active sites that are coming through and contributing to the result. But the underlying business classic, secure connectivity, is doing exactly what we said it would do. Remember, we've been saying for a while, we thought FY 2026 would be the year that we saw the tail end of that price erosion event that was washing through the industry for the last few years, and that's what we're seeing. So, to get to that double-digit year-on-year growth in the second half was really encouraging. That's where we hoped to. It was an internal target we set, and we got there. So it's a combination of those two things. The non-Smart Communities portion is a combination of obviously site connectivity and our security portfolio. The security portfolio is also doing quite well in that space. So yeah, we think the green shoots we've been talking about for the last, I guess, 12 or 18 months, have now turned into more of a mainstream business trend. That's great. Thank you, Paul. Maybe just one more. Sorry to ask an accounting question, but I know Dean loves them. Just keen to understand that sort of the D&A profile going forward. Obviously, you acquired Lightning Broadband, and you've had a little bit go, and there's the extra IR or the IRU last year. So, just sort of high level, is it reasonable to take the second half 26 D&A and sort of run with that going forward, or which is something like AUD 40 million in the half? Or should we kind of think that's run rating above AUD 50 million or something? I'm just hoping maybe you can give us some direction. Thank you. Yeah. The D&A, moving forward into FY 2027, has another number of factors. We will see it increase. The first one is the full year of Frontier acquisition, and then the second one being the Lynham acquisition as well. So it is a little bit more than just taking the second half and multiplying that by two. We will give you some further assistance around guidance in November at D&A and some further clarity around taxation expense as well. But it is more than just second half modified by two, primarily as a result of the two acquisitions and slightly higher spend in FY 2026, and the full year impact that in terms of D&A in FY 2027. Thanks, Dean. Last one from me, and I will jump off the Q&A. The billings in advance, that jumps quite a lot this year, about 30%. You have sort of AUD 57 million, I think, flushing through there. Can you just talk about what is driving that and give us maybe some examples so we can understand what is driving that? Yeah. That just reflects the continued growth in the business. So we bill at different points during the month. So at any point in the month, we roughly have half of the month's billings in advance. So that number will continue to grow as the business continues to grow. Thanks. Sorry, is that across the business segment or all of the segments as in consumer? It is predominantly across the consumer segment. So it is predominantly driven by the growth in our consumer base. It simply is we bill on various. We do not bill at a certain date each month; we bill at different dates. Typically, about half of our June billings will be what is in effect to bill in advance. Perfect. Thank you. That is great. Thank you. Your next question comes from the line of Annie Zhu from Barrenjoey. Please go ahead. Hi, Annie. Good morning. Thanks for taking my question. My first question's on the consumer division. If we strip out the contribution, and net adds from Lynham, the last couple of half year periods look pretty consistent in terms of net adds of around 50,000 per half and a little better in the second half, about 54,000. I know it's early in the year, but is there any reason why FY 2027 would be different to what's happened in recent periods? Annie, I can only really repeat what I said before. It's very early to be calling a trend at this stage. We'll try and be consistent with our previous practice of giving guidance more in the November timeline. To give you some color, as I said, our trading conditions have continued pretty much consistent with how we saw the second half of FY 2026 at this stage, but it's way too early to be calling a full year trend. Sorry. Okay. Thank you. On the wholesale division, it looks like in the second half there was a decent step up in terms of net adds from non-Origin customers. Can you talk a bit about what's driving that? Is that Neoloop resonating with your customers quite well? Yeah. It's Neoloop, but we also have a number of other wholesalers that have a similar sort of product offering to what Origin takes. They've had some good momentum in the second half as well, which is pleasing to see. We hope that will continue into this year as well. We have a number of telco products we provide to wholesalers, and we're still seeing good growth come from those customers. Okay. Just last one from me on the wholesale division as well. Can you give an update on the migration of the subscribers from AGL Energy's network and is the estimated impact still in line with what you called out earlier this year? That was AUD 4 million gross margin impact. Are there any factors that could cause a better or worse impact from that expectation? Firstly, we don't have, and never have had AGL Energy customers in our subscriber numbers. We had a very different supply arrangement with AGL Energy, which was just selling them back all capacity. The new provider of AGL Energy's or the new acquirer of AGL Energy's base have acquired a very different business to the one that we have lost. Yes, you're right, that the size of that business we had with AGL Energy was around about that AUD 4 million in gross margin. It's still in our books today. We expect it obviously to come to an end in the not too distant future. At this stage, we're still providing it. Okay. Thanks, Paul. Thanks, Dean. Thank you. Your next question comes from James Wilson from Macquarie. Please go ahead. Hi, James. Good morning, Paul. Good morning, Dean. Hope you're both well, and thanks for taking my questions. Just a couple from me. Are you able to give us an update over the second half the amount of subscribers that were added in consumer from your Exetel plan versus the remainder of your plan, if possible? We don't split it out. I'm just trying to think what we can give you that give you some color. Look, we're very happy with the way Exetel One has been panning out. We think it's a great product and it's definitely resonating in the market. But I don't think we've given you a hard number on that. Do we have anything, Dean? We just don't We don't break out the Exetel brand. But as Paul said, look, we're really pleased with how it's going. It was designed to be a different type of plan in the market, and the expectation is that it would have a significantly longer customer lifetime value, which we're seeing as well. So we're pleased with both the volumes and the churn rate we're seeing on that product as well. Great, guys. Could you also just give us a reminder of how those plans look on a gross profit dollars per customer compared to the rest of your book as well if possible? Yeah. So obviously Exetel is a lower gross margin percentage than our Superloop product. You can see the retail price of Exetel. It's only one price that's published on the website. But you can assume it's below our 25% consumer long-term expectation. Superloop, obviously, a little bit above. The blended number comes out into the result we've shown here. But on absolute dollars, which was your question, the design for the Exetel product was to maintain a similar sort of customer lifetime value as the Superloop product, simply because we expect it to have a lower churn rate based on the product features that are inherent in the design. Okay. So Dean, when you've spoken to sort of flat gross margins in the consumer business into next year, is that on the expectation that sort of the current run rate of Exetel within the data that you have access to continues? Yes. That is our plan. The primary brand is Superloop. That is where the vast majority of our spend goes in terms of brand and promotion. Exetel operates on quite a small budget, and we expect the same level of ad performance from Exetel in the next 12 months. Great. Just one final one from me. Just on the OpEx line in your consumer business and across the business as a whole. You have called out that I think 63% of your customer conversations now involve AI. Can you talk to us maybe about the quantum of cost savings you could expect to realize over the coming years from maybe moving away from a call center model and focusing more on AI? Yes, we have tried to give you a sense of that in the number of calls that have been avoided over the last year. You can form your own view of what is the cost of a call. OpEx as a percentage of sales trend that we have been tracking over the last couple of years. I think we have gone down from something like 20% a couple of years ago to ending around mid to mid-13s at this stage now. I think that can go a bit further, but it is certainly flattening out. There is a kind of a floor that we will get to with OpEx, where we just cannot cut any further. It is more increased cost avoidance. We are getting in a world where it is increased cost avoidance rather than taking big chunks of the organization out at this stage. As I said, net net, I think we can go a little bit better than our current OpEx as a percentage of sales, but it will flatten out over the next little while. Paul, sorry to push on this, but do you have sort of maybe a sense of what that sustainable run rate longer term floor might look like as a percentage of sales? I don't. Well, internally we have our internal aspirations, but no, it's not a target we're talking to. Okay. Thanks, guys. Thank you. Thank you. Your next question comes from Liam Robertson from Jarden. Please go ahead. Hi, Liam. Morning. Paul, hi, Dean. Just two from me. Firstly, on consumer, I am conscious FY 2027 trading is really early days, but can you talk to us a little bit about PriceLock guarantee, what the uptake has been like there? Just as a follow-on, what were you seeing in the market that drove your decision to launch that product? Well, I will let Dean comment on the take-up. Why did we do it? We have a whole cocktail of different offers that we put in the market, to optimize the consumer portfolio. PriceLock obviously is a proposition which is designed to extend the customer lifetime value. We give up something in short-term ARPU, and we expect it to result in a lower churn profile and a higher contracted life. Early signs are it is doing exactly what we designed it to do. There has been reasonable take-up on it, and we do not want it to be across the whole base. It is quite a targeted proposition, but do you want to comment on take-up? Yeah. Liam, about 15 months ago, we tried PriceLock on a cohort of customers. Based on those results, we then decided to offer it again this year because we were pleased with the way it worked. It is primarily designed to give the advantage to the customers is the certainty around what their cost looks like over the next two years. We offered it to both our existing base, and we also offer it to those customers that are joining us. We are seeing a pleasing percentage of those customers that come on through a promo period decide to take the PriceLock. We are hopeful that it will have the advantage of reducing churn over the medium term. Might just add, since we launched PriceLock, I know that there has been at least one other RSP who's also launched a PriceLock feature. Ours is a little bit distinct in that we ask customers to invest in it. So they actually have to purchase our PriceLock. It's not just a promise that we won't lift prices. There's an upfront fee, and obviously then they get a period of stability in their prices. So that combination obviously increases the customer investment in the proposition and also, we think will increase the loyalty to the program. Perfect. Sounds great. And then just secondly, on, I guess, Smart Communities, but sort of the interplay with consumer as well. I think we can sort of see in the accounts the inter-segment revenue disclosed separately for the first time. Can I just clarify, I'm assuming that reflects, I guess, Smart Community active lots who have also chosen a Superloop-owned retail plan. So I guess, if that's the case, my question is what share of Smart Community active lots today are already on a Superloop retail plan? And then secondly, have you got a goal? Or can you give us a sense of where you think that could get to over time? Yeah. So to go through that one, we indicated it was 13,000 customers added into the consumer segment in June. So that represents 13,000 customers that today have a Superloop retail brand providing the services to them. So that's 13,000 of the Lynham base that we acquired through the acquisition, has Superloop as a retail service provider. Today, there's a fraction over 16,500 active services. So you can work out the percentage being 13,000 out of the 16, 500. So, a reasonably high portion today. But we've entered into our functional separation undertaking with the ACCC, and we now truly operate our FTTP assets in Neoloop as an open access wholesaler. So it's available to all RSPs, and obviously the Superloop-owned RSP portion will shrink as a percentage over time. Right. That's part of the design of the model. Okay. Sorry, can I just clarify then? If it's 13,000 customers being disclosed AUD 2.4 million, so that's one month. That suggests sort of an AUD 100 ARPU. Can you just help me out with what I might be missing? Yeah, there's a little bit more in the AUD 2.4 million. So it's not just intercompany, but associated with Neoloop. We decided to do some other intercompany as well between the groups. So we'll give you a bit of help with that one as well to give you what the total elimination value will be in the next 12 months, but you can't just take the month for June and multiply that by that 12, you'll end up with too high a number. Right. Thanks, guys. Thank you. Your next question comes from Will Park from UBS. Please go ahead. Hi, Paul and Dean. Thanks for taking my questions. Can I just ask, and my apologies if this was already been asked, just around the wholesale second half margin of 70-odd percent, and whether that is sustainable going forward or whether there is any sort of room for further improvement from here on. Thank you. We offer a range of products in our wholesale segment as you know, with different margin profiles. The net outcome is a mixed question. Obviously, the biggest part of our growth in the wholesale segment has been in our white label and aggregation products, which do carry a higher GM quality. Yes, there has been a progressive improvement of gross margin towards the 70%. I think that is a good number for you to model for the time being. We have always said that 60% was our gross margin target in wholesale. I accept that that is probably too light now as we look into the future. Thank you. My last question is just around some of the regulatory changes that are being implemented across the industry. Some of your peers are suggesting that that would result in a higher compliance cost. Can you just step through how you are thinking about that and whether if you can kind of absorb that through your initiatives to continue to lower OpEx as a percentage of revenue or whether if there are other avenues that you are exploring to effectively pass it on to customers and so forth? Thank you. No. Unquestionably, there's a lot of cost that's being driven into the industry, and Superloop's no exception there. The compliance costs are increasing, and we have definitely now had to increase our investment in compliance resources and tools and systems. That is what it is. We make those investments. We have regulatory obligations we have to comply with, and we absolutely intend to comply with those. When I talked about our OpEx as a percentage of sales, I was including those costs in our outlook. We are offsetting those increased costs with a rapidly growing top line. If we weren't enjoying the top-line growth, then yes, that would be a real drag on earnings. Thank you very much. Thank you. Your next question comes from the line of Benjamin Jones from JPMorgan. Please go ahead. Morning, guys. Thanks for taking the question. Just a question on cost. It looked like a lot of the leverage that we're seeing is coming through that employee expense bucket, which is obviously very pleasing to see in the context of those AI initiatives. How do we think about operating leverage in some of those other cost buckets? Can you expect that in marketing and admin and other costs as a percentage of revenue, do you expect them to maintain a similar level or potentially step down from here? Yeah. Let me touch on the marketing question, and maybe then you could comment on the rest of the P&L. With marketing, we obviously have capacity to invest a lot more in marketing, but there's the continual challenge of hitting market expectations on EBITDA contributions. Also, I think the meta point of marketing is on returns. We are very happy with the IRR we get on our marketing investment, where it is at the moment. You can expect that our marketing investment will increase in FY 2027, but not in direct proportion to the increase in the top line. We want to keep our return on our marketing investment in the zone where we currently are. Increasing our marketing investment by too much, we would see that return start to decline. There's a diminishing returns, obviously, you would expect from too much investment. Net-net, yes, marketing investment will go up on an absolute basis. As a percentage of revenue, it will not go up. Yeah, look, I think the way I look at it is over the last two years, we have added a really significant number of new customers. This year alone, we added 200,000. What we have been able to do is really leverage the investments we have made in our IT stack and our platforms, and more recently through AI. By doing that, we are avoiding the volume type increases that would come in our labor costs, so additional heads going into our call centers. What we have been able to do is take those sort of savings and redeploy them into areas that Paul has previously mentioned, things like security, AI, compliance. That's where we are putting our additional heads. From a perspective of the last two years, I am pleased with the absolute level of employee expense growth being quite modest. Within that number, we are certainly changing the mix of our employee base, which is really important because that sets us up for the future. We have broken the linear relationship between customers and more resources, particularly in our call centers. There will be some further leverage as we scale further. We will see more operating leverage come out of Smart Communities because we have, in essence, fairly fixed cost base that can enable and support somewhere between 16,000 and 20,000 new builds each year. That will then drive EBITDA improvements as well. There's more to be done. There's more operating leverage available for us, but we are really pleased with what we have achieved to- date. That's great detail. Thanks. Thanks, guys. Just on the CapEx side of things, I obviously appreciate that we should just be waiting for guidance in November. But how should we think about how much of this CapEx we're seeing in 2026 is recurring? I get the replacements and the Smart Communities bills. But thinking about that 9.5 million in digital and AI, should we be thinking about that as one-off or potentially stepping down? Or how should we think about how much of that is recurring? Yeah. In the investor day that we did in early June, we broke the CapEx up into two pieces. We called it BAU CapEx, which we indicated would be between 4.25% and 4.75% of our group revenue. Then we said we had a second category, which was really associated with Smart Communities, and we indicated that would be around AUD 22 million in FY 2027, including AUD 4 million of integration CapEx. So the way I would look at it is we have a BAU CapEx, and we've given you the percentages of revenue, and then we've got CapEx that we're putting into Smart Communities. We've indicated we're targeting more than 25% IRR on that capital deployed for Smart Communities. So they're the two buckets. In terms of within the BAU CapEx, you'll increasingly see more of our CapEx directed towards digital and AI, and we will make further investments in FY 2027 regarding that. There'll be routine CapEx required for capacity and expansion growth. I think in the pack, we've indicated we have sufficient installed capacity out there at the nbn points of interconnect for 1.3 million subs. So you'll see the awards, the awards we're getting around speed. We offer a great value product, but it's a really high-quality product, and we need to make sure we continue to invest in increasing the capacity on our network as well. Very helpful. Thanks. Thanks, Paul. Thanks, Dean. Thank you. With that, we conclude the question and answer session. I will now hand back to Mr. Tyler for closing remarks. Well, thanks, everyone, for your time. I think we made all the points around our comfort with FY 2026. It was a great year for Superloop and how we're positioned for the ambitious targets we've set out for SuperCharge29. Thanks for your time and look forward to the journey. Thank you. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.