It's my pleasure to welcome everybody here today. Hope you're as excited as we are. The Super Retail team is very excited. We've been looking forward to this event for a number of months. A lot of hard work has gone in. I know the team are bursting to get you the message today. We've all come from various places to be here. I'd just like to start with an acknowledgment of country. I would like to acknowledge the traditional owners of the country of which we are each here present today. We are on the lands of the Gadigal people of the Eora Nation. I recognize their continuing connection to lands, waters, and communities. I pay my respects to their Elders, past and present. Okay. Just a few housekeeping messages at first. If we do need to leave here for any safety reason, can we just ask that everybody follows the instructions of our hosts here at The Fullerton Hotel? The exits are pretty clearly marked at the back, the door that you came through. In that situation, straight through the back door. As I said, please just follow the instructions of our hosts. Okay, so today's agenda. We have two sessions planned for today. The first session will begin with our new CEO. I think we can still say new Paul. New CEO, Paul Bradshaw, will give an introduction and an overview of the strategy and what to expect today. That'll be followed by presentations by each of the brand MDs. Really looking to give you an insight into the initiatives and the things that they're focused on over the next five years to deliver on our growth ambitions. We'll have a Q&A session then for those particular presentations, give everybody a chance to ask those questions and to follow up. We'll go on break and have a bit of tea and coffee. Probably be about the right time to do that. A good opportunity for you to meet, if you haven't done already, and speak to not just the brand MDs, but we've got the whole Executive Leadership Team here today as well. They'll be out there, and they're very keen to have those discussions over a coffee. We'll come back for the second session of the morning. We've got a bit of a corporate session for after that. Mandy will present to us on our Transformation Initiatives, which is a good body of work that we're doing. We're going to have a supply chain presentation, bit of insight into how our new DC at Truganina fits into a greater plan. David will stand up in his last presentation, or at least last strategy presentation to investors, and speak about our capital management policy and our framework and how we're thinking about that. We'll have Q&A for those particular presentations. That will be the end of formal proceedings. We would like to invite everybody after that to join us for a light lunch, again, out the back here. Another opportunity for you to spend time with the ELT and no doubt to talk about all the very exciting things that you found out about today's presentation. Yeah, once again, I know that they're very keen to engage with you, so please do join us for lunch if you're able to do so. I think I've covered off most of my duties now, so I don't need to stand here anymore. Paul, I'd like to invite Paul Bradshaw, our Managing Director and Chief Executive Officer, to the stage. Yeah. Good morning, everyone, thank you, Mark, for that warm introduction. I don't know about the new to role. It feels like it's been quite a while, but yeah, seven months in the role. Thank you for joining us for this Investor Day. You are the first to hear our strategy, our arc of growth over the next five years. For those that don't know me, and I feel like I do know many of you, especially just out in the atrium, I have to say, I started retail when I was 15 years old. Yeah, I was buying and selling produce back there in the U.K., and that is my passion, and I haven't stopped doing it since a young lad. My second passion is running, a real link to our rebel business, and I'm signed up to do a half marathon. I know I've probably not got the stature for that. A half marathon up in Mooloolaba in just eight weeks' time with my daughter. I love everything about four-wheel drive, so I have a Shorty 40. I'll share with you what one of those are shortly, but it's a Toyota vehicle, 1982. I love the outdoors. I reckon I landed a real cracking job in this with my passion for retail and my engagement with everything that is across our four brands. I just wanted to kick off with every CEO, in everything that you do, has to have a North Star, your purpose. It is absolutely critical. Our purpose is in front of you. It is now. Which we inspire and equip everyone, and I mean everyone, to live their passion every single day. As CEO of this business, I am really fortunate to have over 13 million members in our club. They are members that shop more than once a year, some three, four, five, and some every single week. Just five years ago, that number was just 8 million members. That is really powerful for our group. Those 13 million members are served by over 16,000 team members, who are really passionate about all we do in our four brands. We serve those customers across 790 stores right across Australia and New Zealand, and that's across Supercheap Auto, rebel, BCF, and Macpac, as you know. I've been in this role, as you say, for just over seven months, but prior to that, I had the privilege of leading the BCF team over the previous six years. Growing sales and growing profitable earnings is what we are all about in Super Retail Group. We've got four powerful brands in high involvement leisure and lifestyle categories. What makes them so powerful? Sustained revenue growth year in, year out. What also makes them powerful is what we call unprompted brand awareness. As you can see from this slide, north of 60% in our brands for unprompted brand awareness when they think about their vehicle, their leisure, or whatever they may be doing in sport. We are genuinely the first choice destination in the categories of auto sport and outdoor. We have a highly engaged and loyal customer base. What does that mean? We are really fortunate in Super Retail Group to have four out of every fifth transaction be a member of our group. That's 80% of all the transactions that take part, whether that be online or offline, are engaging with us in a very different way. We know the sport that their kids probably play. We know what they do. We know what car they drive. We know the challenges they face with that car. Equally, we know what they do with their family at the weekends, so we can meet their needs full on. We don't just have 900,000 members in Macpac or 2.8 million members in BCF. We've got 13 million that is, across four brands. That helps us to deliver industry-leading NPS numbers. Above 70% is what the brands and our group teams are delivering today. It's powerful first-party data and our analytics with the ability to communicate and engage in a very different way. That allows us to inspire, equip everyone to truly live their passion every single day. Before I take you through the strategy and our plan on a page, and the team are going to take you through each element during the course of the morning, I thought I should introduce the team. I'm going to kick off with Amy Bentley, and she's just going to stand up and say hi to you. Amy's our Chief Supply Chain and Efficiency Officer. Been with us since October of last year, and is doing a cracking job, and will be talking to you about all our activities in our Ignite program. To Ray Birt. Ray is our Acting Chief Information and Digital Officer and has been with us for over four years. We've got Reuben Casey, who's been with us for exactly the same amount of time as Amy, just in October of last year. We don't hold him against him, but he used to work for the competition and saw the light. We've got Jenny Child. Jenny joined just nine days ago, actually. She's still here, which is a great sign. Jenny comes with a wealth of knowledge, and we worked together way back in the Coles days, so I know Jenny quite well. We've got Kevin Figueiredo, K Fig we call him, who's our Chief People and Safety Officer, and actually joined at the very same year that I joined BCF. We've got Mick Wassman, our MD of BCF. A challenging act to follow. He has been with the business over 20 years, and what he doesn't know about BCF isn't worth knowing. Mandy Ross, our Chief Transformation Officer. Mandy will take us through our Ignite program through the course of this morning. Ben McConnell, our 26 years service in the team. I think he's our longest serving team member. Started with Supercheap Auto on the floor way back 26 years ago, shifted across to BCF, part of that growth strategy, and then moved back to Supercheap Auto. Inga Kirkman, who's our Chief Legal Officer and Company Secretary, who keeps our board, myself, and the leadership team well and truly on the straight and narrow. Sarah Hunter, who joined also just nine days ago. Some of you may know Sarah was the MD of Officeworks, and we're delighted to have Sarah on board. I actually started in our first week together in Coles back in 2009, so a bit of history there. She will be our designate until she takes over from David Burns, who you all know, who's been with us for 13.5 years, and will be retiring at the end of August once we close the books out for this financial year. I just want to take the opportunity to thank David for his 13.5 year service, and I think it would be appropriate to all share a. Without further ado, we're delivering consistent growth, and we've done that for more than 20 years. The purpose of this slide is, yes, we operate in a high engagement, passion-led categories, but we have delivered consistent revenue growth for more than 20 years. We've got heritage in the three categories that we play in. Supercheap Auto, over 52 years heritage across New Zealand and Australia. That was started by Reg and Hazel Rowe, not as stores, actually, it was an online business, and then transferred to those stores that we've got many across both countries. BCF, the youngest business that we've got, which is 20 years old, started in back 2005. rebel has got 41 years heritage delivering sporting goods to Australians, and joined the fold in 2012. Macpac that's got more than 50 years heritage with the business, and joined in 2018. My message on this slide is, we will, and we always will go through difficult times, whether you look at the GFC in 2008, whether you look at COVID in 2020, whether you look at the droughts, the bushfires, or even this year with the Iran War, we go into those challenges, and we come out stronger. Now, our group structure. If it'll move forward, there you go. Our group structure, this is really important to us. One of our values is stronger together, and this is really crucial to the success of both our four brands and group. There's three reasons why this is so important for us and will be a driver of our success. The first, shared capabilities. Whether that be the loyalty, the customer insights, personalization, those 13 million members, the data that we have, and how we communicate with our consumers going forward, our members, is really, really important. The second is scaling investment. Whether that be our omni-retail, our stores, our tech, and AI, which we're going to talk about this morning, our data, or our supply chain. We've just recently launched our Truganina DC, which is automation. It really is next level. We would not have been able to deliver that in its own right in one of our brands. You might argue, you might be able to land it in Supercheap Auto or Rebel, but not all of the other capital activities would have taken place, i.e., new stores, our online platform, improving our business at speed. We're able to do that through the power of four brands and one group. I use the example of Truganina because I was there just a few weeks ago, and it is spectacular. I was actually on the line picking the stock that comes out of automation to go into the boxes that go to our stores. It was when I saw the YETI bottles. Anybody know a YETI bottle? The product YETI? It's worth a fair bit for us. We supply that to three of our brands, and that is going in units of three into the box to our stores. That is a game changer for us, because yesterday, that was sent in 12s. It went from our supplier direct across Australia and New Zealand. Today, it goes through one DC. That helps us with our working capital. That helps us with better availability at the shelf edge. That helps us reduce our costs and our need for space in our stores to hold stock. That's just one example of scaling investment. The final one is in the center, which is our cost efficiencies. By pooling our resources through our people, through our finance teams, we're able to make those savings that allow us to reinvest for our customers. That is the true value of our model. Now, if I'm passionate about vehicles, living in the outdoor and all of that, this really gets me out of bed. You kind of go, "This is the reason I took this role." When we did the work as a team over a year ago, and we were looking at the total addressable market for our group, it's worth AUD 65 billion across auto, sport, and outdoor. That is truly exciting. We only have AUD 4 billion of that today. That's an extraordinary opportunity for us to truly go after. We can do that through the four brands that we have today and our group model. Now let's just dig into those key areas of our TAM, total addressable market. You can just see from this slide, just look at auto and you go, there's AUD 30 billion in that expanded market. In our core auto market, the market we play in today is worth AUD 17 billion. You've got the same in Rebel, AUD 25 billion and AUD 13 billion. You've got exactly the same in our outdoor leisure businesses, in BCF and Macpac, to go after AUD 13 billion and 10 and three equally. That's massive. We have to be ruthless in the decisions that we make and the categories that we go after, and that is exactly what we will do. I'll give you one example, and I'll stick in auto. Today, we play in, and we have an end and some space for home security. That's in the outer AUD 30 billion. Some may say, "Yeah, that's worth going after." I think it's worth about AUD 3.8 billion across Australia and New Zealand. We don't do car security or car auto brilliantly well today. Until we do that, we don't have the right to play in those categories that are outside our core market. I call it middling and doing a half a job in those categories. For me, you've got to own the categories that you play in and give your customers exactly what they want in those categories, and the team will talk about that as we go through the course of the morning. How are we going to get after this TAM? That's the wrong one. That's the opportunity that lies in front of us. Just to remind ourselves, we've got a very clear purpose. We inspire and equip everyone to truly live their passion every single day. We've got a vision. We want to be the first choice for all customers, whether that be in Australia or New Zealand. We've broken this down into two areas. Our powered by transformation on the right-hand side, I'll come onto that in a moment, and our growth engines. The team are going to take you through this morning, and I'll try not to take their highlights of their presentation, but I tend to do that. I'll just rattle through each one of these pretty quickly, and the team will take you through it in detail. In Supercheap Auto, quite simply, we have to range differently in our business. The car park has changed phenomenally in the last seven or eight years. I was talking to Michael about it earlier outside, and you go, and it's changing over the next five years. In fact, we've had a look what it'll look like in 2040, as best you possibly can. We have to meet the right range in the right stores across both New Zealand and Australia. We will do that through changing our store format. Today, we're one size fits all. Now, we will have larger stores and we will have some smaller stores, and we will be very diligent in the range that we put into those stores. We also have an opportunity in fitment. The SCA team have just tipped over 1 million fitments for this financial year. That's amazing. You go, that's a huge opportunity. Whether you talk to our store managers in our stores or whether you listen to our customers, they want lots more of that. You just think about all the products that are in a Supercheap Auto. Think about that car audio. Think about the security elements that can be added to a vehicle. Our customers are asking for us to fit that in a very different way. In rebel, you've got regional stores, and we have a huge opportunity, and we've done a good job in the last five years in tidying our stores up. Our RCX store, our experience stores, are much better than they were four or five years ago. That gave us the brands, the products that we needed. We have an opportunity to be out there in regional stores. I'll come onto one particular area. I know Jenny will talk about this as well, we don't even have an offer in many stores where populations are greater than 40,000 in Australia. That's a huge opportunity for us. Private brand, our customers have told us, "You do a great job in Ell & Voo. We want more of that." That's really, really important for us. Then truly owning sport. Jenny will take you through this. I know she's really passionate about it. We do a good job in some categories, like football or basketball. There are categories that we can do a much better job in. For BCF, we have three real key drivers. You've probably heard me talk about superstores a few years ago. We will continue on that journey. They are performing really well for us. Mick has managed to open the door to the next 40 odd stores, past those 20 of superstores, you've got another 40 odd stores that we should be going after with larger format stores, which expands that range into those areas that we can meet the customer needs. Finally, in four-wheel drive fitment, again, from our learnings in the superstores, the customers told us, "We want this product fitting." I'll let Mick talk to you about that in some detail. That's a different fitment model to what I've just described in Supercheap Auto. Then in Macpac, we've got three key areas. Range, in that hike, trail, and outdoor is what Reuben and the team are truly going after. That brand awareness, particularly in Australia, is the work. We've done a good job. We've shifted the dial, we will be working really hard to move brand awareness in Australia. We can do that through our network, through a disciplined delivery of our new stores, equally, online. All of this will be powered by our transformation program. Amy and Mandy will take us through this, it delivers against four key elements. The first one being customer. I'll go through this in some detail on the next slide. Put simply, it's meeting customers where and how they want to be met. Second area is simplifying our business for our team members so that they can truly perform at their very best. That's moving from Excel spreadsheets that we use today to one database, one source of the truth. Then flow, streamlining the end-to-end retail value chain. I've already talked about this with my YETI example, you go, this is quite simply how we move product in a more efficient way. Then finally, values, sustainable cost advantage. It's our responsibility to take cost out that we don't need, put simply, this is our cost out, our cost of goods program moving forward. Right. Let me talk about the customer. This customer is me, and that is my Shorty 40 there. You see it on the screen, anybody that doesn't know what that is. I had a battery problem with my vehicle. It kept draining. I went to Supercheap Auto, went and bought a new battery, put it in, guess what? Drained again. Had the auto electrician around, came to the house, he said, "It's your regulator. Dead simple, you get one of those online." I thought, "Great." Left it the weekend. Tuesday night, I'm sat there on the sofa thinking, "Right, I better get that regulator." I use my agent. Five years ago, I'd have been going to the store on a Saturday and asking, "Can you get me a regulator, please, for the Shorty 40?" Three years ago, I'd have been on Google Search. In fact, last year, I'd have been on Google Search looking for it. Who gets the business? Whoever pays the most, top of the list. I use my agent using chat, and I go out there and say, "I need a new regulator for a Shorty 40." Guess what? Pop straight back to go, "Yeah, you can have an OEM product, original, at AUD 150, or there's the AUD 55 option, which is aftermarket." I thought, "Great. I'll have the AUD 55. Go straight for it." It goes, "Be careful, Paul. 1982, they changed over the switch. The three-pronged point. You may want to check which one you need. Is it the three or the six point? Have a look at the video underneath. It'll show you." I'm like, I'm the old guy in the room using ChatGPT to help me find the product that I need. Go up to the vehicle, have a look, I need a six-pin point. Don't go for the aftermarket OEM. I bought it there and then, double-click on Apple Pay, and it's delivered in eight days. They did say it'd be delivered in four, but it was eight. How customers are shopping today and tomorrow is very, very different to yesterday. We have to meet our customers where they want to be met. The frustrating thing about that was I didn't buy it from Supercheap. I bought it from a small independent from down in Victoria, I didn't even know. There lies our opportunity through our Ignite program because we know who Paul Bradshaw is and what he needs. A great opportunity. Exactly the same with rebel Sport. You can do exactly the same. I'm running this half-marathon. I don't need anything on the program. I'm doing my three days a week. All good. Let's tap in. Use your agent again. What will help me do that in the fastest time? Just do it. We have that opportunity, which is fantastic and at our fingertips. It comes back, yep, you need the Hokas because you're a big guy. You're over 100 kg. You need the shorts and you need the Garmin watch and you need the hat, it just lists the whole lot. In fishing, this is one of our team members in our merch team, one of our own team members. We've learnt this over the last four years with personalization. It is so powerful, and linked to AI, opens doors for us. Cameron, is the guy's name, didn't believe that data could get there quicker than the fishing knowledge. Mick attests to this. Didn't believe in it. Today, we know who our customers are, where they fish, depending on the time of year and the weather and geo. We know exactly what size hook they need, what leader line, what rods they should be using, whether it be blue water in estuaries. That is really powerful. Finally, on the right-hand side, you'll see Gladstone. This is a real opportunity for all our brands, but you go, we have one small BCF store in this town. It's got a population of more than 42,000, which is big. We've only got one small BCF store that should be twice the size. That should be a large format store. We've got one Supercheap Auto store, which should either be a lot bigger or two. When I went for my sporting goods whilst in Gladstone, we don't have a rebel store today. There lies the opportunity right in front of us. What will Ignite deliver for us? Quite simply, I would summarize and say, we've made really strong progress in the last five years. Really strong progress. We've got a people platform that we can use today. We've got a loyalty program that's adding real value. We've got an automated DC, or we've almost got an automated DC with three out of the four brands in. As I just summed up my own experience, retail is changing at the fastest pace I've ever known, and I started when I was 15. It is shifting at the fastest rate I've ever known. Through the program in Ignite, by using the data that we've got and investing heavily in our customer, our insights and how we talk to our customer, we'll deliver at the pace that our customers are shifting. It will deliver better customer moments, teams that are truly equipped to serve our customers in a very different way, and the bottom line, it will allow us to be a business that is built for growth. Our transformation process will be people-led and tech-enabled. Now, I'm steering into David's area here, but I want to be really clear with how we will deploy our capital. On that left box on existing portfolio is where my complete and my team's focus is. Landing those new stores, those larger stores, the range, the product to meet our customer needs is absolutely our priority. Investing in our omni-channel is our number one priority. Secondly, our Ignite program. I'm delighted to share with you, and I know Mandy is and Amy, on what that means for our team and our customer. We have to do that to meet the needs of the next five years and the pace that our customers are shifting at. I also want the opportunity in inorganic opportunity. Why do we want this? Speed to market, quite simply. Mick will talk you through, and I'll give you just one example. Mick will take you through fitment, four-wheel drive fitment, and we're just about to trial this. If that works and meets our customer needs, which I'm very confident that it will, I want the opportunity, and we as a leadership team and a board want the opportunity to expand at pace. We might choose to do that organically, we may choose to do that inorganically, and we just want to keep our options open to do that so that we give the strongest returns back on capital. This is our sustainability. I didn't go through how we would do that through our values, but this is really important to us as a leadership team. Building or growing a business sustainably is really, really important. I'm delighted to share just a few stats on this slide. Over 66% of waste diverted from landfill in FY 2025 is a great achievement. Well on the plan for north of 70 and beyond. For our Truganina DC to get Green Star 5 certification, we should be super proud of. To get, again, I think it's the third year running, the WGEA Employer of Choice for gender equality, I am really proud of. In First Nations, I was delighted to welcome both Clontarf and Stars to our support office. They're in our stores every single week, and the value that we can create for our communities that we serve is critical to our success and part of growing in a sustainable way. This slide I just want to share with you very quickly, total shareholder returns have exceeded the broader market over the previous strategic arc. We are very confident that this plan that the team are about to share with you will continue to grow at the levels we've given in the past. To deliver those, a 12.9% CAGR is a strong performance, and we aim to continue to grow on that. Before the team take us through the strategy, I thought I'd just share with you the compelling investment proposition that's in front of us. Firstly, we have a unique portfolio of really powerful brands that are first to mind for our customers. Secondly, our group structure absolutely enables us to scale those investments at pace and through our capabilities. We are in attractive, high involvement and passion-led categories with a huge total addressable market to go after. We've got a large customer loyalty base contributing more than 80% of our group sales. We have a crazy, passionate-led team with deep brand and customer connections who deliver for us every single day. We've got an unrivaled national network of stores right across Australia and New Zealand, which I believe is a true moat. An efficient omni-retail model allowing our customers to shop where and however they want to. Finally, we've got a highly cash generative business and a strong balance sheet. I want to thank you for this morning and look forward to the team taking you through the strategy, and I'd now like to hand over to Ben McConnell to share SCA. Right, good morning, everybody. My name's Ben McConnell. I'm very pleased to be here with you all this morning. I'm very proud to lead Supercheap Auto. We're an iconic retailer right across Australia and New Zealand. I've spent a large part of my career in Super Retail Group and also the Supercheap Auto business, and I genuinely love this brand. In case any of you are wondering, I am a massive RevHead, so we can talk about that in the break if you like. We have an incredible history at Supercheap Auto dating back well over 50 years. We have delivered an AUD 1.5 billion revenue and a 7% CAGR over recent times. Our business is built on an incredible foundation. We've got over 4,600 team members serving some 5 million club members, and 85% of all of our transactions come from those 5 million club members. They appear to be quite happy with us. Today, they're rewarding us with a 75 NPS score, which we're quite pleased with. This underpins what I'm truly passionate about. Our team, our customers, and our trade partner relationships are very critical. It's what underpins our success today and it gives me great confidence about the years ahead and the strategy that we're going to share with you today. Paul mentioned the total addressable market for Super Retail Group, and we'll just double-click on this or the TAM, as we call it, for Supercheap Auto. It's a large and attractive sector. There's still plenty of opportunity ahead for Supercheap Auto. Within our core categories, we do perform quite well. Importantly, there is still meaningful headroom for us to grow. There's a clear opportunity that presents today in four-wheel drive accessories as well as motor vehicle parts. Frankly, we're a little underrepresented in a few of those areas. Beyond our core, there is also the trade space sitting just out to the right there in the AUD 30 billion. We do play in that space today. We're not yet at scale, and we do have a very strong trade business and it's growing nicely. We have many choices about how we may assert ourselves in that space in the future. I'll talk about our strategy on a page. This is an important page and probably the one that I would focus on for us. Our purpose remains unchanged. Whoever you are, whatever you drive, we are here to make it super. That's our rally cry for our team to deliver to our customers. More importantly, our vision. Our vision is to be the ultimate automotive destination across Australia and New Zealand, and those words matter, in particular ultimate. We do aim to be the ultimate automotive destination. Our customer value proposition, we've listened to our customers. We've spent a lot of time over the past few months researching focus groups, making sure we understand what truly matters to our customer, and they've told us loud and clear. It's about range first. Got to have the right product. If we don't have the right product, they won't shop with us. We've got to have trusted advice. We're in a technical category, and they require the service to meet that. Underpinning it is great value every day. We are Supercheap Auto. That's what our customers have told us, and that's what we will deliver. The customer sits at the center of everything that we do, and if we consistently focus on that, we will win. As we look forward, we see a real opportunity to evolve the automotive retailing space, and we intend to lead that evolution. Our next phase of growth is anchored in three very clear areas. Unsurprisingly, range at the top of the list. Stocking the range and the brands that our customers want. Our store formats, we have opportunity to evolve our store formats and the offering within that. Finally, Paul's mentioned it, fitting more of what we sell in our stores for our customers. That's all underpinned by the Ignite program, and that's about strengthening the connection, both online and offline, empowering our team, and ensuring that we improve how we operate end-to-end through our entire value chain. Let's dive into range a little bit deeper. Our first growth engine. Put simply, we need to expand and strengthen our range offer. We will address some of the gaps that we frankly have today. In four-wheel drive, we're currently under-indexing. We have a large and enthusiastic customer base that play in that category, but we do not have all the key brands that they're asking us for, and we plan to expand on that. I'll give you an example. We listened to our customer, and they said they wanted Rhino-Rack. We ranged Rhino-Rack through the year, and it has now become the number one roof rack brand for Supercheap Auto. Secondly, our focus is having the right car parts for our customers and broadening our car part coverage. I'll give you an example here. We know that our customers value the brand NGK. Some of you may have heard of a brand NGK. They make spark plugs. Until recently, we didn't have the brand NGK spark plugs. Now that we have them in stock, we found that 50% of our NGK sales are coming from customers that we already had, but they didn't buy spark plugs from us. It's a huge opportunity. We also see a really strong opportunity in EVs and hybrid parts. We recently commissioned quite a detailed study to look at the evolution of the car park out to 2040. We've looked at the changing car park mix over that time, and there are many opportunities that present. Beyond EVs, there's also a huge influx of Chinese vehicles into our market. We see that as being a real opportunity, and we want to be at the forefront of that changing car park mix. I'm sure some of you will be thinking about the growth of EVs, as we are. We have a good range of replacement parts today for some of those EVs. You can special order brake pads or filters, and yes, EVs and hybrids still have filters from us today. Whether it's a BYD Shark or a Tesla, we stock a range of parts today. In saying all that, I want to remember that we've got to appeal to our core customer. I'm going to pause. We're going to change tack very quickly. I've got a question for the room, just to break it up a little bit. Would anyone know the number one vehicle in the audience that is searched for by our stores across the year? What's the number one vehicle that we would look up? I'll take any guesses. It's not a hard question. It's not a trick question, but I'd love to hear from someone. Corolla. Sorry, what was that? A Corolla? RAV4. RAV4. Very good. I've heard a Corolla, a RAV4. Any other guesses? I'll take one more from this side. Ranger. Ranger. Great idea. All of those are excellent guesses. Thank you very much, but unfortunately, you're incorrect. It's actually a Holden Commodore, is our number one most looked up vehicle. The point I make here is we've got to remember who our core customer is. Holden Commodores, for those that know anything about them, have not been made for nearly a decade. What we've got, and we have a really good runway, we can see what our customers will be coming to us for and what the vehicles will be over the next 10 years. That is our core customer, and it's critical that we remember that. We know what's ahead of us for 10 years, then out to 2040, as we model the influx of EVs and hybrids. Two other areas which aren't on the slide, we really have strong capability and I want to share with you today, and that's around space planning and regional ranging. Right now, across Supercheap Auto Australia and Supercheap Auto New Zealand, we have a fairly homogenous range. No matter where you go, it's a standard range. That serves us well, what we're hearing from our customer is that we may have some opportunity there. It's quite obvious when you think about it. If you go to our Bondi store, it's the same range that might be in our Goondiwindi store. In Goondiwindi, there's a lot of Hiluxes, there's a lot of Land Cruisers, not many Teslas. In Bondi, there's a lot of Teslas, there's not so many Land Cruisers. We see that as an opportunity to curate our assortment and generate much better returns from our space in our stores to come. Underpinning all of these initiatives, at Supercheap Auto, we're all about value. We must have the big brands on one side, we've also got to have a fantastic private label offering, delivering great value every day for our customers. A key enabler for all of this range work is our Gen Five store, which will be launching in late August up at Maroochydore on the Sunshine Coast. That's where we will start to bring all these range initiatives together. That is a good segue as we talk store formats. I've mentioned Gen Five. That's our working title. It will have, in a standard size store, over 800 new SKUs, 20 new brands across those key growth categories we've mentioned. Our Gen Five store is a significant step change. It brings together not just range, it's a new layout, a new experience for our customers, and it's going to be more modern, more engaging, more exciting, and as we anticipate, a stronger return on capital. We're going further than that. We're not just stopping at a new format standard store. We do want to introduce two new formats, the first is our small format. We see a potential for around 50 locations of our small format, this will help us reach new markets where we currently do not play. We're quite confident because we operate in many small towns today, we're quite successful in those towns. We're quite ambitious about the opportunity that lay ahead there. The second format is our large format, we see that being around 2,000 sq m in key locations where we have market headroom. We conduct a lot of analytics as to where we have opportunity, that is likely to be in those key metro areas or also in those key regional hubs. That'll allow us to showcase a broader range, provide a much better customer experience. Our modeling shows that we've got about 30 of those at maturity. Together with these formats and an improved network coverage, we think we can enhance our customer experience, that will allow us to efficiently distribute that range to many more communities. That underpins our ambition to grow to about 415 stores by F31. Our third growth engine, fitment. Fitment or do it for me is a key strategic lever for us today. We know that our most satisfied customers are those that have had a product fitted. We know that through our NPS data. Paul mentioned it, spoiler alert, we have just reached over 1 million fitments this financial year, and that is an important milestone for us, and it was a goal that we set. What we know is we have three clear opportunities that we've broken into tranches for fitment, and the first is fitting more of what we sell. Today, we have some structures in some of our stores which enable our team to safely fit more complicated fitments, such as roof racks and seat covers, and we plan to roll that out to the majority of our network. Second part is expanding the range of fitment services that we offer, and we will be trialing this in our Gen Five concept store at Maroochydore. That is in more technical 12 volt and auto electrical fitments. Things like dash cams, car audio, UHF radios, we need to be able to install that for our customers. Third is building on that four-wheel drive capability. Things like winches and bull bars, our customers are asking us to fit that for them, and right now we're unable to do that. We know that over 50% of those items sold are requiring fitment. Overall, fitment is a strong opportunity to drive growth of the products that we already sell and sell incremental product and drive greater customer loyalty. In closing, I'd like you to take a few things away. We have a strong plan. We have solid growth opportunities for the years ahead, and we're going to deliver a more relevant range, more productive store formats, and expand our fitment services. That will deliver our ambition to be the ultimate automotive destination across Australia and New Zealand, and ultimately deliver more value for our shareholders. Thank you. I'll now welcome Jenny Child to the stage to talk you through rebel. Hi, everyone. I'm Jenny Child. We still have music. I'm Jenny Child. I wanted to start by just correcting a fact that I've been here for nine days, because actually I've been here for 11. I count the weekends. As a retailer, we know you're always trading, I'm going to add two extra days there. It's a bit surreal, but it's really exciting to be here over a week into the role leading rebel. Before I get into the strategy and what's ahead of us, I wanted to share something a bit more personal about who I am. I think probably like most of you, sport for me has never been about stuff. It's never been about products and categories alone. It's actually been about what we get from sport, which is connection and aspiration. I grew up in a really small town, a really small town in the Midwest, in the U.S., Our town was absolutely crazy about football, American football. I remember, I have lots of memories of Friday night, Young people all the way through to grandparents would put on our gear and go watch our high school football team play under the lights on Friday night. That transcended also into my house. My dad was born in Pittsburgh, Pennsylvania, and he is and always will be a diehard Steelers fan. All my memories from growing up at home were us sitting around really simple memories, sitting around, having the TV on, an NFL game in the background, and our whole family life encircling around that. That was our rhythm, our rituals, and our way of connecting as a family. Today, sport is present in my life in different ways, in two ways that I'll talk about. The first part is my hyper-focus on my own fitness. Things like lifting heavy weights, grip strength, balance, which I can do in heels, all in service of maintaining my muscle strength and my bone density so that I can avoid falling and breaking my hip when I'm in my 80s. Longevity. This is women's health in your 40s. The second, and probably more important of my sport life today, is living sport through my nine-year-old son. Whether that's watching Wemby in the NBA finals or watching him build his skills in club and rep sport, I'm living my own aspiration for achievement through him now. This is what sport does. It brings people together, it builds communities, it gives us vitality, it shapes us as people. It's one of the most stable and enduring parts of our social fabric. Truly and honestly, that core belief is why I'm so excited to be leading rebel today. Before I get into our strategy about the future, let me just briefly talk about the business that we have today. rebel is Australia's largest multi-branded sporting goods retailer in the country, with over 160 stores and 6,400 team members. We have amazing long-standing partnerships with the world's leading global sporting brands, That enables us to bring exclusive product and innovation to our customers. We have built ongoing relationships with over 4 million active shoppers, with more than 80% of our sales coming from this very engaged and loyal customer base. This is a business that has delivered a six-year CAGR of 5%, even through some of the toughest retail conditions. We're a business with scale, strong customer relationships, and a trusted position in the market. Now let's talk about what we're looking at in terms of future growth. As Paul mentioned, we get really excited about this which is our addressable market. We haven't yet reached our full potential, That's what motivates us. In the center of this chart, you'll see AUD 13 billion, which is our core space that we play in today. All the categories that we play in today. We have 10% of that market. Beyond this is a AUD 25 billion market, What I get excited about is what's included in that space, which is the whole tailwind from health and wellness at large. The concentric circles of those tailwinds are changing things positively for sport. We're really excited about our headroom for growth considering this AUD 25 billion market. We do know and I know that the competitive landscape in sport is intensifying. We've got brands that offer great value. We have continued saturation of players in footwear, especially leisure footwear, and we have new competitors coming onshore. We, however, still believe there's white space and that we're capable of profitable growth in the next five years. Our strategy on a page. rebel's purpose is to inspire everyone to chase their sporting dreams and passions. We aim to be the destination where Australia turns first to sport. That's what the strategy's about. We have three core pillars you'll see in the middle. Regional Store Expansion, Building Our Private Label and Licensed Brand Offer, and Owning Sport. I'm going to share more about each of those. These pillars are underpinned by two things. The first is, as every great retailer in the world, continuous improvement and retail basics. I call that BAU+. I'll share some more of that in specificity later as well. I'll spend a moment on the second underpinning for our strategy, which is Ignite. This is our group transformation program. You'll hear from Mandy in more specifics, and we've already talked a bit about it today. I thought as a good consultant who loves frameworks, now as an operator, it would be important for you to hear from me why I'm excited about Ignite in more specifics. Ignite is unlocking value creation for rebel in ways that would be hard for us to do on our own. A few specifics. First, it's equipping us with better customer insights from our rebel Active loyalty program that helps us understand, engage with, and range for our customers more effectively. Second, it's delivering a digital product roadmap that ensures we adapt to things like AI-driven product search. It's also giving us more efficient ways of working in our core of merchandising and on the front line using AI, technology, and process optimization. Very important to a business like ours, it's giving us operational excellence in just efficiently moving our product from the supplier all the way to the customer. I'm confident that our strategy will enable us to focus on the most important thing, which is being the best at delivering on the most important sporting missions in the country, whether that's buying your kid new sporting gear for the season or fueling your newfound obsession with tennis. Let me share more about each pillar. The first pillar of our strategy is about further expanding into regional Australia. We all know that regional communities are places where sport is deeply embedded in the heart of the community. Just realized you might not be able to see me. Many of these communities are only served by independents, and in those cases, residents are lacking easy access to a full range of sporting products and expertise. rebel is uniquely positioned to fill this gap. Regional stores generate above-average contribution margins for us and allow us to service this unmet demand that we don't have to create because there's already so much excitement in vibrant sporting communities. We show a case study here of Wodonga. Wodonga is a fanatical sporting town, high levels of participation across a range of sports, and great sporting facilities. Until recently, it was not being served by a major sporting retailer. In November 2024, the team opened our first store in Wodonga, and in its first year, it generated approximately AUD 6 million of revenue and strong contribution margins versus the average of our fleet. The boost in online growth on top of the store revenue makes it even more attractive from a return perspective. We've identified approximately 50 more potential regional opportunities with plans in place to prioritize 30 stores for delivery by FY 2031. Second pillar is about private label and licensed product range. This is not just about margin. It's about building a more competitive offer, a more complete offer for our customers by architecting a clear, good, better, best structure in our range. We're going to complement our global branded product with more of our own product and more of this licensed exclusive product. We have a good start today. Paul mentioned Ell & Voo. Today, our private and licensed brands represent 9% of our sales, and Ell & Voo is a great example of that. We've grown Ell & Voo from a number 6 player in our women's apparel portfolio to number 2 in 2.5 years. Our exclusive licensed portfolio includes Prince in tennis, Puma in football, On in apparel, and Under Armour across a range of categories with a strategic partnership that links directly to Baltimore headquarters. Our opportunity is to expand this strategy across categories, which includes men's, teens, and kids, and will increase the breadth of our value offering to our customers and deliver accretive gross margin to the business. We're targeting an increase in our mix of private label and licensed brands from nine to 20% of revenue by FY 2031. The third pillar, which I am very excited about, is called Owning Sport. You might wonder what that means, I'll walk you through it. I would describe this as a strategic shift for us as a business, and it's how we're going to really expand into that AUD 13 billion of headroom that we showed you in the market. Today, we're spread thin. We show up across many sports, and while we have good leadership in sports like football, basketball, running, we have gaps in our leadership across many other sports. In some key sporting categories, if you're an experienced athlete, you might not even be considering coming to rebel over a specialty independent. That's what we're here to change. What do I mean by Owning Sport? Owning Sport means being the go-to destination for Australia's biggest, fastest-growing, and most-loved sports with delivery of five specific things. First, we range with authority. Second, we are a one-stop shop for the full kit of what you need for that sport. Third, we deliver expertise and knowledge both in-store and online for that sport. We also deliver in line with the sporting calendar with a really intrinsic understanding of what events are going on when and when new calendars of sports start. Lastly, and really exciting from a brand-building point of view, we embed ourselves in the fabric of these sporting communities. When we do this, we move from presence to leadership in more sports. Now, while small today, I want to bring to life the idea of ownership with the example of pickleball. Pickleball has seen prolific growth in Australia and globally. There are now over 150,000 Australians who play pickleball, and strong membership momentum and a really strong outlook for growth globally and here. Today, we have less than 20 SKUs in pickleball. We show up, but we are not the authority. Pickleball is a small but powerful example, and there are many opportunities for us to elevate from showing up to winning and owning in sport. What gets me excited in both strategic pillar 2 and 3 is that we know we can better utilize the space in our existing stores to execute these ideas. More density of product with things like vertical visual merchandising and right-sizing some of our existing less productive categories gives us a better operating leverage for the business and supports our PBT growth. This is a snapshot of our network and how things are going to be changing. Our total network of around 160 stores has stayed pretty consistent over the past five to six years. The focus has been on upgrading and upsizing the fleet, establishing our successful RCX format, which stands for rebel Customer Experience, and rolling out elements of that format throughout the network. RCX stores are typically larger in format and designed to elevate the customer experience. What we've seen is that our branded partners recognize and support this more premium format, allowing us to offer a better range, which has been a big driver of revenue growth and market share gains for us. We now see the opportunity to grow our network to a little over 200 stores in the next five years. A large part of that growth is going to be coming from regional stores, which I already talked about, more opportunity for us in looking at key metro areas where we believe that we should and can have a presence. Some of our work will be to continue to upgrade our foundation stores to that RCX model. Now let's talk about nailing the basics. I mentioned one of the underpinnings to our strategy is the retail fundamentals and a continued focus on five things in particular. This, as Paul mentioned, earns us the right to really go after those growth opportunities. The first around availability. Paul and the team have previously discussed some of the availability issues that we experienced over the previous peak trading period. Our team has moved really hard and fast against that opportunity. Second, value. We need to ensure we are communicating value in our current range to our customer with clarity and consistency, that work is also underway. Service. We have a terrific and passionate team. We need to ensure that our in-store service reflects this passion, we can really unlock it. We are underway in retraining, delivering high-quality in-store experience for our customers every day. Stock loss. We know this is a big topic across retail, we're strengthening our stock controls to recover elevated levels of stock loss, great progress is being made to both protect the safety of our teams and theft in our stores. We have a lot of work to also do in omni, optimizing our digital shopping experience and driving demand with best-in-class performance marketing. I'll be heavily focused on getting these basics right, setting ourselves up for the best chance of success with our growth initiatives. In closing, we are the country's largest multi-branded sporting good retailer. We have a powerful brand and market an established and now growing network of stores. This next phase is about leadership in sport and going after market share growth in our addressable market. As a leader, my focus is about both vision and discipline in the business. I believe that success of any business in today's environment requires adaptability, listening to our customers, and evolving as we go. We have a strong starting point. I'm incredibly excited about what we can build and deliver for our customers, communities, and shareholders. Thank you. I'd like to invite Mick Wassman on the stage. Good morning, everyone. I'm Michael Wassman. I've been with Super Retail Group for almost 20 years. I am a mad fisher. Like many of our customers, when I'm not at work, you'll find me out on the water trying to chase down some fish. Or the old 2004 Toyota Prado is jam-packed with camping gear, ready to take off on the weekend for a weekend away camping with the family. It's the connection with not only the categories that we play in, but the customers that we serve, that gives me the belief in the five-year growth strategy that I have the pleasure of taking you all through this morning. The BCF has grown. It's grown to over AUD 950 million in retail sales at an impressive 11% CAGR. BCF is a true outdoor destination retailer. It's trusted by our customers to deliver range, quality brands, and expertise both in-store and online. We've grown to 170 stores. We just opened our 170th store last weekend in Sandstone Point, Bribie Island, Queensland. We have over 2,700 highly engaged and passionate team members in-store and in our support center. Our 2.8 million club members are the heart of what we do in BCF and represent a phenomenal 92% of total sales contribution. It's staying close to these important customers that we know that they shop more, they spend more with us when they shop, and they are highly engaged with the BCF brand with an NPS of 77. Our all-important trade partners delivering market-leading national brands, adding credibility and making BCF the authority in all things outdoor, linked up with our growing private brands, bringing to market innovative quality product at value each and every day for our customer. Our core market has evolved. It's expanded to what we believe to be an AUD 8 billion market, of which BCF currently holds a market-leading share of 12%. We know this through recent insights and validation through trials in high adjacent categories like four-wheel drive, touring, power, caravan, and marine. We're excited about moving into these adjacent categories and capturing and unlocking significantly more share in this expanded market. I'll talk you through exactly how we're going to go about that. We'll start with our plan on a page. BCF exists to give Australians an outdoor store that they trust, delivering range, quality products, at value with expert service. Our purpose is simple and clear, to be the number one outdoor store obsessed with being locally relevant. Our customer value proposition is all about delivering on range and quality brands, differentiating on experience both in-store and online, and delivering value for our customers each and every day. We're focused on three strategic priorities to move into the expanded market and capture that incremental share. These priorities are all around network productivity and moving into new categories for expansion. It starts with our highly successful Superstore Program. From that, we now have a new step change in our network plan with large format stores, and we're really excited to move into the four-wheel drive fitment category, which really takes this into high-value, service-led category participation. I'll spend more time giving you more details on each of these growth engines. It is, however, all underpinned by our four pillars in our Ignite Transformation Initiative. At the center of that stands the customer. We're really excited about the level of investment in all things digital, which is a true reflection that nine out of 10 shopping journeys start online. Ensuring we have a seamless digital experience for our customer, from search and discovery all the way through to fulfillment, is a critical enabler of the BCF five-year growth strategy. Mandy will be joined by Amy and David to expand on the four pillars shortly. If we jump into the first of our growth engines, this is not a new initiative, Paul mentioned this morning that this started when he was standing up on the stage as MD of BCF, and it's been highly successful. However, it's evolved, it's refined from the very first Superstore that we launched back in November 2022 at 5,500 sq m in Townsville, Far North Queensland. Now, Superstores are designed to deliver all of the extended range that our customers expect from a store like this, to expand on the quality brands and to launch new brands in this space, and to really elevate the experience for our customer in key growth categories. Categories like four-wheel drive, caravan, and marine. In these stores, you'll see an actual four-wheel drive fully kitted out for our customers to come and engage with all of the exciting products that we sell. All importantly, these Superstores have full online fulfillment capability. I've said that they've refined, they've moved from a 5,500 original store to now an optimal 3,500 m store. As I stand here today, we have seven of these stores in the network, the most recent of which we've just opened up down the road. Our first New South Wales Superstore in Taren Point, which is trading unbelievably well since it opened up just over a month ago. We have plans to expand this to 20 stores across the network. The next of these is opening up in Central Queensland in Bundaberg at the end of July, pleasingly, we will be launching our first Victorian Superstore this side of Christmas. From the success that we've had with superstores and all of the learnings that we've been able to capture from range and quality brands and experience, we've developed a new format that we can scale at speed, which is a 2,500 large format store. These stores have significantly more range than a fleet store and only slightly less than a superstore. A superstore, on average, has around 29,000 SKUs. One of these stores, we're able to execute a phenomenal range for the customer at around 24,000 relevant SKUs in these locations. We're able to pick up on the experiences that our customers expect that are relevant within their particular region, and they cost significantly less capital to deploy. Really excited about this opportunity, it is a new opportunity. It is, however, proven. We currently have three of these stores in the network trading today, all well and truly exceeding business case. We have Rutherford in New South Wales, we have Mandurah over in Western Australia, and we've just recently opened our Toowoomba West large format store. I had the pleasure being there on opening day in Toowoomba West, engaging with all of the customers. I had one particular customer, his name was Jim. He shared with me that he'd driven over two hours to come and visit the large format store on opening day to check out what all the fuss was about. Fair to say, three hours later, when I ran into Jim again, he was sharing how phenomenal his experience was in the store with all of the range and already talking about his return visit with the family in a couple of weeks, that it really hit me. Those customer moments and those experiences are exactly what we're trying to replicate with the acceleration of our large format stores. We see this as rolling out to 40-plus stores over time within the network, that will take the form of new stores, as well as expansions and relocations of some of our existing best-performing stores in the network. Finally, and excitingly, we're moving into four-wheel drive fitment, which unlocks an AUD 3 billion new profit pool. Fitment provides an opportunity to jump into a new category of four-wheel drive protection. Bull bars, suspension, snorkels, canopies, and electrical. All of which, over 50% of the products sold in these categories require fitment, we're simply not playing at all in this space today. On top of that, it provides us some white space opportunities to explore future fitment opportunities in key categories like marine and caravan. It also accelerates some of the higher value, high involvement products that we currently sell in our stores today. I saw it firsthand a couple of months ago when I was in one of our superstores, Kawana, on the Sunshine Coast. Andy, store manager there, did an amazing job with the customer, who came to the store because we had the range, we had the brands. It was actually an Enerdrive AUD 5,500 power system that you put in the back of the ute, and it powers everything. Andy did an amazing job with this customer right until discussion started about how this customer was going to fit it into his ute. It was at that moment that we lost the sale. We lost the sale to a specialty retailer, all because we couldn't provide a fitment solution for that customer. It shifts us from being a simple product retailer over to providing total solutions and being a true destination for our all important four-wheel drive customers. I'm also really excited to stand here today and say we will be opening the doors on our first trial fitment store at the end of July over in Western Australia, in our Cannington Superstore. They're working hard to open the doors, and we will be partnering with Ironman to deliver a full fitment solution for our customer in that store. We have ambition to scale this to 50+ locations nationally over time. In terms of our network, we are razor-focused on four formats, four successful formats within the BCF network. We'll prioritize and accelerate the rollout of superstores and large formats. We'll continue to open fleet stores, and we know we have a huge opportunity in regional locations to be relevant for the customers in our regional locations across the country. We just opened our last regional store last weekend in Sandstone Point, a 900 sq m store. To walk in that store last weekend, marine-based store, right on a marina, it was full of all of the fishing and marine products that our customers would expect in that regional location. In summary, BCF is Australia's leading outdoor big box retailer. We have significant headroom and are excited about the opportunity ahead that sits in our AUD 12 billion expanded market. Strategically, we're going to go after this through new format acceleration, as well as unlocking more access to the four-wheel drive market through four-wheel drive fitment. Thanks very much, and I'll introduce Reuben Casey from Macpac up to the stage. [Foreign language] Greetings to you all. My name is Reuben Casey, and I'm the managing director for Macpac. I love getting outdoors with my family, seeing them come alive in between the complaints of, "How far is it to go, Dad?" And, "Why are we walking up this hill?" I've always been passionate about product and brand. Paul said I did used to work for the opposition, four years ago, if you told me I'd be standing up here in a suit rather than a Macpac jacket, I would be telling you need your head read. Delighted to be here, and I'll tell you why. When I joined Macpac seven months ago, what stood out immediately really is it's a purpose-led outdoor brand with strong foundations and a significant opportunity for growth, that's a key reason I joined Macpac. At our core, we are a product-led business. 85% of our products are designed and developed in-house by our team in Christchurch. We support that with a curated range of third-party brands to round out our offer. We operate 102 stores across New Zealand and Australia, and a new one will open in a couple of weeks in WA. I've had the real privilege to visit all but one of those stores since I've joined and meet our very passionate team. What impressed me is the consistency of service that we provide to our customers, but also the connections our teams have with our customers. We have more than 900,000 active club members, and 81% of our sales come through with those club members with a strong NPS of 75. We see clear potential to further grow that membership, particularly in Australia. The result of building these strong foundations that I mentioned is Macpac has been growing at 9% CAGR over the last six years. They've really done a great job at building up the business. Underpinning all of what we do is our commitment to sustainability, which starts with really designing products that really last the test of time, through to offering repairs and the work we do for environmental actions across New Zealand and Australia. If we look at the outdoor market, we are a subset of the broader market that Mick referred to for BCF. It's a large market, AUD 4 billion, and it's a growing market. We see a meaningful path to expand our share. It's highly fragmented and increasingly competitive, and some categories are very niche, but others are very broadly competed, such as puffer jackets or fleece. We have value players right through to specialist outdoor retailers or specialist outdoor brands. What that reinforces is the importance for us to have a clear and differentiated offer. Our strength lies in delivering technical quality product at relatively accessible price points, backed by a strong brand and retail customer experience. As a result, we believe we are well-positioned, and we see significant headroom in the Australian market in particular. Moving to our strategy on a page, our ambition is clear. We aim to be the number one technical outdoor brand in Australasia. That ambition is grounded in our heritage. Innovation and quality has always been a part of Macpac from the very beginning, and that continues to define both our purpose and the promise that we make to customers. When Bruce McIntyre founded Macpac in 1973, he was making gear for him and his mates to head off around the world on climbing expeditions, and they really needed gear they could absolutely trust and perform. In the outdoor category, trust is absolutely fundamental to the customer relationship. For us, that means delivering quality product. That means delivering gear that is made responsibly, and it means delivering gear that is trusted to last in any environment. When we look ahead over the next five years, our focus is on building on these strong foundations and our three growth pillars. Firstly, continuing to create leading technical quality product. Secondly, strengthening the brand in Australia, particularly growing awareness. Thirdly, expanding a customer-led store network in a disciplined way that supports profitable growth. Along the journey, we must underpin this with a constant improvement of retail fundamentals. We operate both as a brand and a retailer. One of the advantages of Macpac being a part of the Super Retail Group is the opportunity we have to access the broader customer base and get insights, as well as take advantage of the benefits that will come from the transformation program ahead. Starting with our first growth pillar, product. As I said, we're a product-led business, and product is central to how we will win. We are clearly positioned in the technical outdoor space with a strong focus on hike and adventure travel, or tramping, if you're from New Zealand. Our product is purposely designed with the activity in mind, and that's always been the way right from the very beginning of Macpac. At the same time, we recognize the need to constantly evolve. Emerging categories such as fast hike, trail running, or light hike are all areas that we can grow into, and we're actively innovating in these areas to take advantage of these opportunities for us. At the pinnacle of our range, our Alpine Series collection is designed and developed with the New Zealand Alpine Team, and that's been a long-running partnership with that team. It reinforces the credibility of our technical capability, but also the authenticity of our brand and the credibility of our product. The New Zealand Alpine Team are doing exactly what Bruce and his mates did. They head off around the world on climbing expeditions, and they need gear that they can absolutely trust to perform in very challenging conditions. We will continue to innovate while staying true to the quality, the durability, and the performance that our customers expect. Our second growth pillar is brand. Australia represents a significant opportunity for Macpac. We've got strong brand awareness in New Zealand, our home market, but you can see it's materially lower in Australia, and the market is substantially larger. That creates a clear opportunity for us to grow into. As we expand our store network, growing our brand awareness will be critical to unlocking the full potential of that footprint. Previous brand campaigns that we've run have been effective at growing brand awareness, and we need to build on that momentum as we scale our brand in Australia, continue to develop compelling and distinctive brand stories that resonate with customers in New Zealand and Australia. We have an opportunity to leverage the 12 million customers that are served so well by our sister brands in the group and expand our reach that way. Increasing awareness will be a key driver of traffic both in-store and online. It really does support profitable growth across multiple channels. Moving to network. We see a clear opportunity to expand our store network and doing so in a disciplined way that supports profitable growth. At the same time, we are focused on optimizing our existing network, making sure we're in the right locations, operating the right format with the right assortment for that customer catchment. We operate a multi-format model from smaller explorer stores in high-traffic locations such as Chatswood here in Sydney, through to larger adventurer formats, which has the full expression of our range, such as Camperdown, and supported by outlets. Each of these formats plays a distinct role in how we serve our customers. Beyond standalone stores, we're also able to leverage the strength of the Super Retail Group. We have a presence in over 330 doors across BCF and Rebel Channels such as airport retail also provides opportunities for us to reach new customers and expand our brand awareness that way as well. When you take all this together, you have a flexible and scalable network that supports profitable growth across multiple channels. Here's what I want you to take away from today. Macpac is a strong and established brand. We have clear technical credentials, a well-defined purpose, and a proud New Zealand heritage. Our growth path is clear. We will continue to deliver high-quality product, build brand awareness in Australia, and expand our network in a disciplined way. Brand awareness will be a key lever for us. It results in strong demand, which drives higher sales densities, which improves our operating profit margins. We're confident in the path we're on, and we're well-positioned to capture that opportunity. Thank you all very much. I'll hand back to Mark. Thank you very much. If I could just invite Paul, David, and the brand MDs onto stage for Q&A. I see a couple of eager hands going up already, so that's great. We have run a little bit over time, so I might just eat into the coffee break a little bit just so we can do our best to get through. Could I ask people, please, for just one question a go to start off with? If we can get around the room quickly, we'll come back for second questions. And of course, there is the afternoon session, too. I'll hand over to Paul. We have a couple of people in the room with microphones, so as hands go up, we'll direct around. I think Michael had his hand up first. He might have went, maybe if we start with Michael. No, I didn't. Sorry, man. Go for it, Michael. Thank you. Michael Simotas from Jefferies. I've got a question on Rebel, if I can. Rebel's actually been a pretty good story from a sales perspective over the last few years, but gross margin dynamic and costs have been such that PBT's been under a little bit of pressure relative to the sales line, and that's with a fairly flat store network, albeit with a number of upgrades within that. Just wanted to dive into why you've got confidence that this is the time to accelerate the store rollout, given normally with a sort of flat store count with upgraded stores, you'd hope to see margin expansion through that process. Yeah. Thanks for the question, Michael. This is really challenging because I can't see you, actually. I've got the lights right in front. Oh, you're right here. I'm looking over there. Yeah, thanks for the question. I think Jenny really did outline we've got to deliver on those basics first. I think availability, that service, stock loss is an opportunity. What I would say is we're reviewing that on a regular basis, and I'm pleased with the performance in those areas and the actions that we've taken to rectify the opportunities. Equally with loyalty, we've taken action. You will see that flow through. We're already seeing that flow through. Jenny said quite a powerful comment was, we don't have the right to grow into those areas, and we've purposely held back in, I'll take range as an example, until we get nail those basics really, really well. You have to do that in retail, and that then gives you the right to growth. Now we've got a few balls in the air you've got to be able to juggle, but you've got to know you're making good progress in the basics, and the Rebel team are doing a great job in that space. We recognized this problem a while ago, and we are all over it. For Jenny to outline that today, I think was pretty clear. That then allows us the opportunity to get into those regional stores. What I would say is those regional stores are far more productive for us. We're able to achieve rents much lower to the average. They're easier to find. We have less of the challenges that we have in Melbourne, as example, with stock loss. It doesn't disappear, but it's significantly easy. I think that gives us the right, but we will mark our own scorecard to be really clear. When we deliver on the five and we're comfortable, we've placed those orders for peak on those 10, 20 key lines in the right sizing. That's your retail 101. Go do that in spades and the team have done a brilliant job on that. That gives us the opportunity to grow. I don't know whether you want to add anything to that, Jenny. I think you did a pretty good job. I'm obviously very sharply focused on margin improvement, stock loss being a big one that for us, a lot of retailers are dealing with. We've got 60 planned gates that we've trialed in the front of our stores that are going in, that's a very tactical way. Also what I talked about, which was a keen eye on operating leverage. Making sure that our space that we pay rent on today is giving us as much drop-through from a gross profit point of view as possible with looking at the range really closely, owning sport, and really drawing customers to us for a one-stop shop and a larger basket. Those strategic moves will really address some of the profit earnings that we think can be better. Okay. Thank you. Thanks, Michael. We'll just go side to side. Shall we stay right and take the next question here? Oh. Hi, Craig Woolford from MST Marquee. Can I ask a question about the industry growth settings you have for each of the key segments or the addressable markets you've stepped through? The reason for the question is I am surprised by the strength of store openings. I would expect that online continues to take a greater share of sales, therefore, the need to open more stores just doesn't seem as compelling as what you've outlined. I'd be interested in the top-line growth you expect from the addressable markets and how you think that might spread between online and stores. Yeah. Down the track. Craig, great question. We look at that almost every day. We measure our performance both online and offline. What I would say is, Gladstone was a really good example, with a population of over 42,000 people. You can have the greatest online platform, but if you don't have the facility to get that product there, you've got a real challenge. We've had this experience in BCF. They don't have to be large stores, they can be small stores. You could argue they could be combined stores. We haven't gotten there yet. You've got to have a facility for our consumers. Why? Because they really value click and collect. I was in Karratha, where we don't have a store. It's a huge population. They do all the things that we do across sport, adventure, and auto. We have to have an offer, because we don't have the facility to be able to get that product to them. We're going to meet the customer needs head-on in those towns. Gladstone was just so clear, seriously, like incredible sporting. I've never seen so many ovals and pitches all the way around. We don't have a store there. It's very difficult to get the product there. I don't know, David, whether you want to add to that from our network strategy. Look, we've gone and put in the appendix a slide just to reconfirm that we're channel agnostic. We have very strong online sales across each of the businesses, and obviously Supercheap's more challenging because of the dangerous goods and those sorts of items, combustibles. We have good online sales mix, but customers have a strong propensity for click and collect. We support that online sales through our store network. We don't have dedicated distribution centers for online. We're leveraging our assets. Customers want to come in, the brands themselves are also very equipment oriented, particularly BCF. Customers want to touch and feel the product. We are very confident, as Paul's outlined, that there's lots of white space in the network, with different formats to access. We're confident in that. We're confident in the online execution can be executed in a profitable manner. An online transaction is actually more GP dollars. It's more contribution dollars actually, than there is for a walk-in transaction for stores. We're still pretty confident in the earnings potential for stores. Obviously hard to answer the opening question I have. In terms of market growth, is your assumption that online will grow faster than stores over the next- Yeah. Five years? Absolutely. Yeah. Yeah. Is there any sense on that on how you have incorporated that into your thinking? Like what that gap of growth might be? We watch what's happening around the world. I have a particular soft spot for Walmart, and I've watched them for the last 10 years. Said, "You won't need stores, it'll all be online." They're growing stores at a fast pace right today, but they're also delivering online. In an agentic world, that will change. It'll shift. Our job is to meet the customer exactly where they want to be met. Right. Thank you. Thanks for the question. Good day. Ben Gilbert from Jarden. Two things that surprise me we haven't sort of talked much about is retail, media, and marketplace. You sort of alluded to it at the start around having sort of that lack of availability in auto. You can sort of get miracle platforms off the shelf for partnering groups like Toyota, et cetera, globally. Is that something you're exploring in terms of marketplaces? Secondly, sorry, I'm putting two questions in here. Is retail media. It feels like an obvious thing. Yeah. I know you're sort of doing it in the background. Yeah. Tangibly it's, I don't know, is it an AUD 100 million-AUD 150 million type opportunity in theory? Those are two. Yeah, Ben, good couple of questions. I'll address the retail media for starters. I think, yes, Mandy and I have actually discussed that. You go, we've got an opportunity in that space. There's no doubt about it. As any good retailer, you've got to prioritize. You've got to be ruthless in your prioritization. I'd love to get after retail media. No doubt we will one day. Today, the team have just shared with you the opportunities that are right in front of us. We're going to grab those with both hands. That is absolutely our first and foremost priority. That's exactly what we'll do. On the second question, just remind me your second question exactly on marketplace. Oh, God. We've always looked at it. We continue to look at it. We've just had the challenge of online. We've got a great platform with north of 700 stores across Australia and New Zealand. We've got to deliver for our customers in that space first. Never say never. We're very clear on the direction that we're heading with the activities the team have just taken you through. Thanks. I think Adrian's got one. Hi, it's Adrian Lemme from Citi. I wanted to pick up on Jenny's earlier comment about owning sport and owning certain categories where you're probably not so strong in at the moment. A couple I thought about were cricket. If you're a serious cricketer in this state, you're going to Kingsgrove Sports. Yeah. If you're a serious golfer, you're going to probably go to a golf specialist. I'm just wondering, how do you actually compete with those really large, wide-ranging stores? Is it only really in the large RCX stores where you could really have a credible range there, or yeah, just interested in your thoughts, please. Adrian, a really good question. I was going to say Greg Chappell, but I'm probably a bit older than you. I would honestly say you've hit the nail on the head. We have to own those categories, and I think Jenny did a great job of describing that. That means you've got to be the authority in that space. I'd start with online first. We just talked about the opportunity, there you go. The purpose of that expanded range, first and foremost, is offer that range to all our members. As soon as you got your first store, you could argue it could be a dark store in a DC. I actually like product out on the shop floor in those areas where you've got the opportunity to do both. I think if we create the store, and Jenny talked about the space, we've got plenty of opportunity to drive further density in those RCX stores and all our fleet, to put it bluntly. We'll do that through prioritization. You're absolutely right. You've got to own those categories. If we decide to go into the pickleball example, you've got to own it. You have a look at how many SKUs are available in pickleball in Australia today. It's 300. We got 19. Go after that, put that in one store, present it really well, but more importantly, offer that to your full fleet, and that's exactly what we'll do. Probably answered it, but you got anything you want to add to that? I would just go back to the five points of what it means to us to own sport, which is more comprehensive than do we have the right products that are competitive with some of the independents. There's a lot of cultural embedment that I think we, as a brand, are able to leverage our size and our voice in the marketplace to also do that, become part of the package, being part of the sporting calendar. What we will do is on day 11, give me a little time to work with the team and establish what the sequence of sports that we're going to own is going to be. Definitely on the list, netball, cricket, tennis are some obvious ones that you'll see us get really excited about. Thank you. Great question. We've got Jared here from Morgans. Thanks, everyone. It's Jared Gelsomino from Morgans. The four-wheel drive seems to pop up a bit in terms of fitment as well as expanding the category in both SCA and BCF, I'm just interested, you've done a bit of work on the car park, obviously, in the last few months. You're obviously seeing some big changes to that in terms of new vehicle sales. I'm just trying to understand, from what your work that you have done, how confident are you in terms of the structural drivers behind that four-wheel drive market in the next, out to 2040 and given the context of EVs popping up? It seems like you're still quite confident in terms of the drivers still there, given the investment you're putting in. Anything you can maybe share on Ironman partnership as well would be interesting. Yeah, I'll let Mick talk to the relationship with Ironman, but I'm very confident, really confident with the way the car park's changing. You look at the amount of volume in utes, Toyota in particular, but there's many brands there. We completed some work building this strategy out to look to 2024. We'd got till 2030. We knew what that was looking like. We've taken into our learnings through to 2040. The great news is, Australia's got plenty of tradies. What do they generally drive? A ute. That's their work vehicle, and it's also their vehicle for the weekend activity. We've found and learnt in talking to our customers, they've given us really clear feedback in this space. I need to be able to kit that out fully. We're talking everything from power solutions, from solar all the way through, to even as crazy as coffee machines. You're like, "That's what they're after in their ute." It doesn't matter whether that's electric, or the ICE engine. You look at BYD, the volume of sales. That's a great opportunity for the next 20 years to really maximize the opportunity. Mick, I don't know whether you want to talk about- Yeah. How we're going to work with Ironman on- Yeah. Fitment over in Canning Vale. Absolutely, yeah. Great question. We've clearly been talking to Ironman for some time, We see them as a fantastic partnership with this trial, It's driven by exactly listening to our customer. We feel that they bring the types of products that our customer are chasing, There's a fantastic alignment there. Also with the working relationship that we've got, we're confident that we'll be able to learn a lot about the most profitable way to scale this more broadly in the network. Looking forward to that store landing at the back end of July. It's not about fitment. That's not something that really drives me. It's the retail sales on the back of it. It's fixing the customer problem that's the real challenge. Good. Great question, thanks. I think Shaun at the back's got the mic. Hi, Paul. Shaun Cousins, UBS. Just a question on Supercheap Auto. Just curious around the range changes there. Further to the earlier question, Jared's question around four-wheel drive. You seem to be leaning in a lot into four-wheel drive. Did you miss that? As a priority previously, because there was a tilt in your strategy, I think, around the addressable market for Supercheap Auto seemed to shift to anything in the garage. Did that take you away from core auto, and did you lose focus and hence missed out on four-wheel drive a little bit? Do you think on the back of this greater focus on four-wheel drive, you'll start to achieve sort of market share gains, market-leading rates of growth please? Yeah, I do. Shaun, honestly, it's a great question. Yeah, we probably did. We were trying to be all things to lots of people. You go, "You just got to listen to your customer." From when I started in retail when I was 15 years old, you listen to what your consumer wants, and then you are ruthless in giving them exactly that. Retail's pretty simple. I think, Ben and with the central teams, we've done some great listening sessions. Very wide and very narrow. I'm probably speaking for Ben, but you kind of go, he sat in those listening sessions with our customers and those that are no longer our customer. They've told us exactly what they want. Four-wheel drive is part of it. It's not all of it. We talk about auto. We talk about car security. There's lots of other categories we should be in. We've got that opportunity right in front of us. Yeah, Shaun, I think great question. Going to the heart of what you said, did we miss it? I think we probably missed the opportunity. We are catching that up. Those four-wheel drive customers, we know from talking to them, that they are really enthusiastic about their. It's not just a vehicle, it's a lifestyle. That's what they want to spend their money on. It is an attractive customer segment for us, and that's why we'll be doubling down on it as we articulate it. Thanks, Shaun. Bryan, on that side of the room. Thanks. Bryan Raymond, JP Morgan. Just back on rebel. rebel's one of the few sort of, let's call it, market-leading retailers that have got a materially lower margin today than they did pre-COVID. I guess the question is, was rebel over-earning in 2019, 2018, or is it under-earning today? One comment, Paul, you made earlier in one of the responses, I think it was to Michael's question, was that there's a reset of loyalty underway or it's been done. I might have missed that in Jenny's presentation, but I just wanted to expand on that a bit more because that's been a big part of that margin story in recent years. Theft, we've covered off a few times already. I just wanted to get a feeling of if the current PBT trajectory, which is 250 to 300 bits below pre-COVID. Is that kind of the new base, and we shouldn't expect it to return to pre-COVID, or is the answer somewhere in the middle? Yeah, just be interested in your big picture thoughts there. I think the answer is, it's probably somewhere in the middle. What I would say is we've got very clear idea of the levers that we are pulling today to drive earnings growth, full stop. You go, you just touched on the availability, really important, because everybody goes, "Oh, you've got a margin problem." Actually, at Christmas, we had an availability issue, which drives a margin problem. Stock loss, Jenny talked about what we've got in play. That's delivering for us, so you would expect to see those benefits flow through. The ranging, that's going to play a part in shifting the margin as well. Really, really important. I'll address the loyalty one. We get some incredible benefits from loyalty. In our gold, we've got five different groups of customers. In our golds, we're getting true benefit. We can see it in the numbers. They're visiting our stores more often, they are putting more in their basket. That's fact. Keep doing that and keep delivering for that customer base. I've met those customers in our stores. I've talked to our customers as they are leaving the store. When I say, "Do we really want this loyalty program?" They're going, "Absolutely. It is the reason I am in Rebel and nowhere else." It plays a very important part, especially with what we'll get onto after the break, why that's so important to us. Equally, there's a group in there that are going, "I didn't know I'd got the credit." We got an opportunity to maximize margin in that space, and that's exactly what we're doing. I don't know, David, whether you want to add anything to that. Yeah. You've called it. I think there was a deliberate decision to invest in gross margin or profit margin to invest in the loyalty system, that was a deliberate decision. It was always going to be decremental to margin percentage. We had a view that we would grow our top line and we've taken market share over this period whilst we've had loyalty. I would then sort of say that loyalty is something which it takes time for a loyalty program to create value. It is something which we should see over time. It'll be sales driven, not margin percentage driven. Ultimately, that'll give you the leverage which will flow to the bottom line. I would just finish off with, you'll mark my scorecard on earnings growth. You've an absolute right to do that, return on capital and the earnings growth that we will deliver through Rebel. Equally, that program has delivered market share growth in a very challenging environment. It's a balance. It's always a balance. You'll mark my card on earnings growth. Absolutely. Thanks for the question. All right. Hi, guys. It's James Wilson from Macquarie Bank here. You mentioned sort of just on Supercheap that you're looking to tailor your stores and the range that you have to obviously different areas with different mixes of EVs versus gasoline vehicles. EVs typically require less services and less parts in general. Beyond range, what's the plan for those stores to keep customer recurring visits actually up? A good question, James. I will let Ben take this one because he's all over it with how that car park is changing and meeting those needs. It is different in different locations, and that'll play out over the next five to 10 years. Ben, I don't know whether you want to come in on it. Yeah, I can jump in. If you look at it from a regional assortment point of view, we've got to give the customer in that market what they need. If there are a lot of BYDs in Bondi, we need to give the right products for those BYDs, whether that's roof racks or accessories. Equally, you mentioned an ICE vehicle or a gasoline vehicle. We will tailor the assortment to that demography and of that customer in that area. For me, I look at it as an opportunity to better serve our customers. Yeah. They do get through brake pads at a phenomenal rate. They need more oil filters, and they need more oil to go into those filters. I think that's a really great opportunity for us to capitalize on. Okay. Ash? Yeah. Go ahead. I'll come back to Tom next. Sean Xu, OShA. Thank you for your time. Just got a question around the Fitment strategy for both BCF and Supercheap Auto. As you scale across category and more shops, how should we think about the trade-off between higher basket unit economics versus the added labor and the operational complexity? I guess my question is, does Fitment actually structurally lift the margin, or it just primarily just driving the traffic and attachment? There is an absolute opportunity in margin expansion in this space, it does depend how you do it. We're doing it in, and I'll take the Ironman example, we're doing it in partnership, and we will be powered by Ironman. They will take the margin in that example. There lies an opportunity for us. Our priority is to get the program underway, which Mick just shared with you, is only a few weeks away. We'll take the learnings from that. As ever, some things are going to work for us, and we'll grab hold of it, and we will be putting our foot to the floor. We'll take learnings of what doesn't work for our customer, most importantly, but for ourselves. Mick, I don't know whether you want to add anything to that? I think Paul's hit the main points. It is a high-value product, we're just not playing in it today. We've got new product opportunities in the protection category that we talked about, also acceleration of products that we sell today. I think importantly, we'll learn through the trial, as we always do, we'll then optimize moving forward. Good afternoon, Tom. Morning, Tom Kierath from Barrenjoey. I've just got another one on rebel. Jenny, it was what we were chatting about this morning. If I walk 100 meters down the road, there's an adidas store, 50% off selected lines. How do you stop them doing that? How does your relationship improve to a point where they're not necessarily out there pushing sales, they're more building their brand? Do you have to go a bit harder with private label to get that customer back? I assume as they roll out more and more stores with discounting, your business is going to come under a bit of pressure. I think that's a really good question, and I was out with Nike actually, same position. Nike store right by ours, and they were doing exactly the same. I walked, this was top to top, in January with the Nike team, and shared this with them, and they get it as well. You go, "If you're going to work as true partners, you work as partners together, you build out a plan over five years, and you deliver on that." You'll always make mistakes. You'll get things wrong on the way, but you deliver very hard and fast against that plan for them, and they're delivering for you. That's what's really important. The team have done a really good job in this space, but I take your point. It's a challenge. Are we replacing own brand? No. We're just meeting our customer needs. We've seen the benefit of, Ell & Voo is a really good example. Now, number two brand in there, and you go, that's not to do anything against our trade partners in any way or brands that we stock. It's giving the customer what they want, and that's the name of the game in retail. Jenny, have you got anything you want to add? I would just add that every partner is different. Every brand is different. The strategy is to really understand what it is that's important to them one by one. ASICS to adidas to Nike, they all have different plans. We need to spend time with each of them, and I already have started doing that to understand where they're going and what's the rationale, so that when we go to influence them, which is what the game is, we can't control what they do on pricing, but we can influence them through our partnership. We understand where they're coming from, and so we've got that mutuality to discuss. As any good strategy is, it's what do we have as our assets? How do we focus on our customer and over-delivering what they're looking for so that it's less of a worry what others are doing that we can't fully control? Thanks, Tom. Gentleman in the middle there. Mike Toner from RBC. In your extended total addressable market slide for rebel, a lot of those adjacencies outside of the core market made sense. One that stuck out in particular was, I think, nutrition and sports supplements was there. Presumably, you're thinking about it, and I'm curious as to how you think about rebel's right to win in that space, particularly in the potentially going head to head with food retailers or pharmaceutical chains, for example, or is it just off the agenda? No, it's not off the agenda. Not at all. You look at it and Just look at this in different industries, and you go, it is an opportunity for us to get into. It feeds into prioritization and choosing those sports and those categories you want to truly own. What I would say is, if we get into Well, we're already in it. If we're going to truly get after that addressable market, you got to own it. You have to own it. That's my message today. If we choose to be in it, we will own it. Jenny, I don't know whether you want to add? I think women's fitness is a great example, and obviously, I used it as a personal example. In the places where it makes sense and we've made a decision to own it, certainly look at what the offer is and what women would come to us expecting to get as part of that health fitness package. Creatine might be an example of where you would button that in, but definitely in a test and learn and in a focused way. We'll come back to Craig, fourth step. Hi, Paul. It's Craig here. Just a question on the slide you had around inorganic growth. If you could just give a bit more clarity around the guardrails for that. A little bit cheeky, but there was some press reports you're looking at a barbecue retailer in the past. I'm interested in your thoughts on that. Would Supercheap look at buying a trade parts business in auto? Yeah. Great question. I thought I was buying Kathmandu, personally, but that's what was reported last time. I can absolutely tell you, just look at that TAM of AUD 65 billion. We're going after that. That is so important. I thought I made it clear in my slide, whereby we've got that opportunity, and it is genuinely worth AUD 65 billion. We have enough to do in our own space, and that's what we're going after. That's the team's priority. There is so much opportunity there. We're absolutely focused on that as a whole team, and that's exactly where we're going. Hi. Chami with that. Yeah. Hi, Chami Ratnapala from Bell Potter. Just a follow-up question on rebel. You've got 40 stores that you plan for the next five years. What are the key challenges? Some of these stores would no doubt be over the 2,000 sq m site locations. Also on balancing more for Jenny, on balancing the profitability scorecard that you're trying to keep up as well. Thank you. Those stores won't all be 2,000 sq m. We are actually just trialing now how small can we go. I'm pushing us to trial even smaller. How far can you go down? We did this very successfully in BCF to the point of going, "Okay, 400 square meters does not work in BCF." I don't know how small we can go yet. Jenny and the team will trial different stores and different formats. I would say 1,000 sq m out in many areas, and I'll name Kingaroy as an example, where there's a population of 11,000 people. Why would we not want to be in that town delivering both online and offline for the customers in that area? They're mad sports. It doesn't have to be 2,000 sq m. They're more efficient for us, so it helps us from a margin perspective. Their rents are lower, they're easier to find, and the cost base is much lower. It actually additive to our earnings growth. Thanks for the question. It's Michael from Jefferies. Thanks for taking another one. It is a little bit of a follow-up from Craig's last question. In auto, the bubble around motor vehicle parts is quite large, and you do under-index there. One of your competitors that dominates trade has a very large position in retail car parts as well. Can you increase your position in retail car parts without having a significant trade business? Yeah. The answer to that is yes, we can. We've already got our own internal trade business. We are growing that at a fast rate of knots, mark my word. We've got so much to do. We just talked about the challenges on the space that we've got today. The ranges we are not offering to customers in retail is our first priority, and we've got to meet our customer needs in that space first. I don't know whether you want to add anything to that, Ben? Yeah, I would add to it. It's a great question. Thanks for asking it, because it's good that we can clarify it. Our core customer is telling us that they want a greater range of parts, and we want to have greater car part coverage, and that's what we plan to deliver. We will be pushing into parts. We've got to do that very carefully, and make sure that we're really disciplined with the returns and the inventory holding of that as well. That is the strategic intent, yes. We can leverage some of those other larger format stores and the like to find the right combination and balance of that. We may not do it everywhere, of course, but we'll do it where it suits. Ben did talk about an additional 700 SKUs straightaway into the Maroochydore store, our Gen Five. How we merchandise in that store will be very different to a standard store. Why? To get that range into the space. Great. Thanks. Just two more quick questions, Shaun, and then Bryan. Great. Paul, Shaun Cousins, UBS again. For Supercheap Auto, you had a larger format store out of Penrith. Yeah. I think part of the space was a touring car in the middle. I'm just curious what you learned from that larger format store there, and how will your proposed larger format vary to what you had before, where that hub store didn't seem to work? Shaun, it's a great question. I watched that store when I was working in Coles, actually, many years ago, and I admired it hugely. I think it's still our number one volume store in Supercheap Auto. My question to the team is could we not take that, take some learnings? Will it be a big car and an auditorium in the middle? Probably not. It will be full of range. I mean, exactly to the point earlier, we can sell far more product if we broaden that range and put that into our larger stores. I think that's a great challenge for us to go back to Penrith, and I know the team are looking at that, to merchandise that in a different way to maximize today's opportunity for that store. Who knows from that what that will bring? Take the learnings from BCF as an example. You go, that's taught us that we can go further than we originally thought, and expand into those addressable markets that we're not doing today. That's our plan. It's a great question, and it's a great store. Last one now, Bryan. Yeah. Hi. Bryan Raymond, JPMorgan again. Thanks for doing the follow-up. Mine's on the store target, or sorry, not targets, the store numbers for 2031 that are in the presentation. In the footnote there, it's clear that this is an opportunity, not guidance, which I appreciate. Just wanting to understand, there's a lot of sq m in those, because a lot of those are bigger stores that you'll be incrementally rolling out. Sure. I'm sure there's relocations as well, there'd probably be a lot of gross new stores in that number. In terms of availability of high quality space to be able to get that, how many of those sites that you've earmarked are actually you've got a known site that you're in negotiations on or you made progress on, versus we want to be in this town and we'll see where we end up, it's more about just opportunistic, let's say, as opposed to planned and specific? I'd just be interested in that, because it's well above my targets in terms of a lot of these store numbers. I'd just be interested in how confident you are in hitting it. I am very confident that Sam, who leads this space for us, can deliver for us. It's different in different areas. It's tough to get into those metro. Mick just shared with us Taren Point Superstore. The larger stores in those metro areas are harder to get a hold of, we've been chasing these down for a number of years. We talked about Taren Point, gosh, four years ago, it's just landed. Equally, you can turn stores over pretty quickly. Those regional locations are much easier to find, in some cases, you can find a store and have it up and running within 12 months. The important thing is you've got a very clear network plan, that's exactly what we've got. We've built on the original plan to grow into the areas that you've seen this morning and the sizes of stores. We're busy, and Sam and the team are busy finding those sites, and they'll be delivered, and I'm very confident on that. I don't know, David, whether you want to add? Yeah. This is not a new plan. This is a plan which we've been working on. We've got really strong confidence right through into 2028 in terms of sites that are actually committed. Our mind turn is growth. Even in those super stores or large format stores, we're considering how do we use that space really effectively, and got one mind on fitment. Now, we've got to prove that first. A great opportunity for us moving forward, really is exciting. Okay. Well, we've eaten into the break, but I think for a good reason. Why don't we take 15 minutes and we'll start again at 5 past 11? Excellent. Thank you. [Break] Of the team value chain. From constructing the customer offer to service fulfillment and support, our team pillar is aimed at removing those points of friction, leveraging AI capabilities and automation to improve efficiency, consistency of performance, and process, all with a view to improving the experience for our customer. The ultimate aim here is to turn consistency in everyday execution into a scalable, competitive advantage. We operate in high-involvement shopping categories, which means that expert product knowledge is a key customer and sales driver for our brands. One example of how our investment and team will show up in everyday execution is in the expert knowledge of our team. If we take our Supercheap Auto fitment experts as an example, we invest hundreds of hours training an in-store expert team member today. We have an opportunity to scale this expertise across our entire network and team by equipping them with an expert agent to support them in-store. Our most knowledgeable Supercheap Auto expert team members will then work to train, observe, and improve the agent's responses and local relevance. Our third pillar is flow. Today, we are operating a legacy retail value chain that is fragmented, reliant upon too many manual processes and spreadsheets with siloed systems and data, supported by an end-of-life ERP. This impacts our teams from having an end-to-end view of planning, execution, and performance. Our flow pillar aims to improve availability for our customers through more integrated data flows and better use of modern retail platforms so that we can deliver an end-to-end product flow that will unlock capacity, efficiency, and growth. This is about moving our expert team away from fragmented systems and manual spreadsheets to integrated solutions for those retail fundamentals of planning and execution. An example of a real opportunity we have in front of us is in our rebel business. We have been open with the market about the rebel availability issues we experienced in peak this year. Disappointingly, we left demand and sales on the table. This flow pillar has a sharp focus on unlocking opportunities, such as improving rebel's in-store availability year-round with a focus on peak trade. This will complement the rebel team's already active response plan. By streamlining and integrating our end-to-end retail value chain from planning and buying to inventory management, order fulfillment, and performance reporting, we will create a flow model that will deliver the right product at the right place and at the right time for our customers in an operating model for our group that will enable more scalable and efficient growth. Amy Bentley, our Chief Supply Chain Officer, is up next. She'll share with you some of her thoughts on this flow opportunity also. Our foundations. To support our ambitions and transform how we deliver our retail fundamentals, we need to modernize the digital backbone of our business, our ERP. Like many retail organizations globally, we are operating an ERP that has served us well for 20 years but now needs modernization. This creates an opportunity for Super Retail to put in place a scalable, AI-ready retail core that will allow us to progressively standardize and simplify our business over time. Earlier this year, we completed the first stage of this program, transitioning our core people and payroll capabilities. We will take a staged approach to pacing our migration. Each step along the way will enable us to better leverage our substantial existing first-party data assets and give us the essential data foundations and capabilities required to deliver on the Customer, Team, and Flow pillars of our Ignite agenda. Value creation. We are taking a disciplined and focused approach to how we transform our business to meet customer needs and to better execute on our retail fundamentals. The areas of highest value will be targeted earlier in the program. Our Ignite program will maximize customer and shareholder value by improving how we deploy cost, capital, and capability. Our CFO, David Burns, will speak to the Ignite cost and benefits later in this session. Now I'll highlight some of the leading value measures we'll be actively driving and striving for. I spoke earlier about the Customer pillar. By investing in modern discoverability and better responding to customer intent signals, we will secure more category demand and boost our product discovery rates. We'll also focus on improving conversion by reducing current customer friction on the path to purchase. For Team, earlier I shared a Supercheap Auto expert fitment agent example. Value creation here will start with stronger team member expertise, leading to better conversion in-store. Our goal here is to return hours to our frontline team members in-store for service. For Flow, I mentioned the rebel availability opportunity as a clear value driver. In turn, pricing optimization, improved forecasting, and end-to-end planning will deliver higher full price sell-through and reduced clearance. At a headline level, from a value creation point of view, the program will create value through increased revenue and gross margin expansion and through cost savings, which will be reinvested to fund growth and transformation initiatives. The outcomes. Well, in closing, we understand that the retail environment and our customer needs and expectations are rapidly evolving. The Ignite program is our direct and targeted response to the shifts we are seeing in retail. Ignite is designed to modernize how we, as a multi-brand retailer, execute our retail fundamentals to meet the needs of our customers, better equip our teams to serve, and build our business for growth. Our goal here is to deliver a business that is executing better, faster, and more consistently, a business that is built to scale profitably. Critically, we are doing this with discipline, clarity, and a focus on returns. Thank you. Next up, we have our Chief Supply Chain Officer, Amy Bentley, who will speak to you further about Flow and the future of supply chain. Thanks. Thank you. you. Thank you, Mandy, and good morning, everyone. Look, probably what most people don't know about me is I am a diehard supply chain fan, but I'm also an outdoor adventurer. I am super energized by what the brands have spoken about today in terms of their growth plans and also how this will be powered by the Ignite transformation program. Today, I'm going to share with you how supply chain becomes a core enabler of our five-year growth ambitions. To start off, I'll share with you that we already operate a really complex omni-channel network that supports almost 800 stores and a growing online business across Australia and New Zealand. Every day, our team manages up to 50,000 products across four brands, sourced from over 900 trade partners globally. This combination of our supply chain expertise, our global sourcing office in China, and our multi-branded distribution network is really hard to replicate. What matters now is how we leverage that foundation for further opportunities to scale and unlock more value from our foundation so we can continue to reinvest that in growth. As we all know, a good today isn't good enough for tomorrow. Whilst our current model has served us really well, it's not designed for the pace or the scale of growth that Ben and Mick and Jenny and Reuben have talked us through earlier. Today, our different systems and our manual processes really limit our ability to respond quickly to the rapid changes in how our customers are shopping with us, and it constrains our ability to scale. Our next chapter is really about unifying our network for growth, and that involves simplifying how we work and better aligning the supply chain to how our customers are choosing to shop with us. Our strategy is actually deliberately simple. Three moves. The first is building capacity to support growth. The second is optimizing the network to improve our efficiency and our asset utilization. The third is integrated planning and execution so that we can operate as one connected team. Moving to this integrated model, activated by Ignite transformation program that Mandy just talked us through, allows us to use capital that's already deployed more effectively, improves our speed to market, and unlocks meaningful efficiency gains. Our first move to build capacity is actually well underway, and it's anchored by our new Truganina National Distribution Center in Victoria that Paul spoke about earlier. This is a real step change in capability, and it is providing the scale and the automation that is required to support our future growth and improve our operating efficiency. The Truganina DC came to life in 2022, and we actually finished building that in 2025. We closed one DC last year, distribution center, and with another to follow in FY 2027. Our new automation in that facility holds up to 20,000 different products, and we commissioned that automation earlier this year. Our team and partners have done an absolutely brilliant job of executing with discipline, and ensuring that we have staged that automation commissioning now live to the point where we are now servicing both rebel and BCF stores. To paint a picture of how this comes to life in our stores. A BCF store as an example that receives deliveries from our distribution centers today can expect multiple cartons filled with products that have been picked and counted by people who sometimes make mistakes. This means that a store might receive 18 of the 20 fishing lures that they actually ordered. In addition, that 18 fishing lures might be spread across 10 different cartons that they have received. When our BCF store in Ocean Grove received their first delivery from Truganina recently, they were thrilled. The main reason being is the immediate impact of the new DC and its automation is immediately evident for them. Why? Because their very first delivery had zero stock discrepancies. That is a core feature of automation, and this means that they actually received every single thing that they ordered. All of the fishing lures of the same product range arrive packed in one carton, and that meant actually 98% of that delivery could go straight out onto the shelf. Why is that important? Well, that means our team members spend less time handling our stock, and actually it means then that they can spend more time with our customers. For our customers, that means a really higher likelihood that the product that they want is on the shelf the moment they walk in the store. What comes next is the transition of Supercheap Auto, and that will come into our new DC in the first half of FY 2027. Then, from FY 2028, this asset transitions into value realization, and as we begin to operate a national network and improve our asset productivity. I am going to share a video with you now to get you all as excited as I am about this site's future potential. Fantastic. Look, this great asset is actually a crucial chess piece in our second move, and that is network optimization. This is where we really unlock efficiency. Today, our distribution centers operate pretty independently of each other, and we duplicate inventory across all of those distribution centers. For example, today with our BCF stubby coolers, they are in every DC. In the future, they will be warehoused in one, and that is our national distribution center in Victoria. That is because that product is ideally suited to automation, and there are many of those. At the time that we ranged that product only in the Victorian distribution center, our BCF stubby holders will then be picked and shipped from Victoria, then cross-docked to our regional distribution centers, where they will be combined with other locally picked product and then sent into our stores. This is a really important shift, and that's because our stores currently receive over 60 deliveries a week. By collaborating with our trade partners and looking at joint efficiencies, we're hoping and planning to reduce those deliveries by up to half. This optimizes our distribution network, and it will improve our in-store productivity, and thereby create better customer experiences. Other really important outcomes from network optimization include reduced inventory across the network and better asset utilization, and that's going to generate better value from our supply chain network. The third move, and where long-term value sits, is in integration. The FLOW program that Mandy spoke about earlier enables us to link our demand, our inventory, and our fulfillment all together. This will really improve availability, reduce our working capital, and allow us to respond a lot faster to changing customer expectations, thereby creating a much more agile and capital-efficient business. Today, each of our brands actually plan separately for their demand and supply in different systems. This requires our supply chain and our trade partners to manually consolidate those plans and aggregate demand. This takes time, and it actually means missed opportunities. Let me bring that to life with a bit of an example. If today we've got demand for a popular camping chair that spikes ahead of a long weekend, we actually can't react as quickly as we'd like to because that signal then needs to be manually translated across our business. In an integrated model, that signal is immediately visible to us all, and we can then aggregate that demand across our brands, adjust that order earlier with our trade partners, and position inventory in the right locations ahead of time. What I'm excited about is, for our customer, that means the product is actually on the shelf or online when they expect it to be. For our business, it means fewer missed sales and a more efficient use of working capital. This is a really significant business transformation underpinned by shared systems, good data, of course, AI solutions, and that requires alignment across our brands, our supply chain, technology, and transformation to deliver on its full potential. In closing, we're moving from what is a really capable supply chain today to a high-performing integrated growth engine. We've built the foundation and we are executing the plan. We are going to scale our operations so that over the next five years, we convert this into measurable improvements in cost, speed, and capital efficiency. This is how supply chain intends to enable our group's growth ambitions and deliver tangible value for our shareholders. Thank you. Now I'll hand over to David Burns to talk us through the five-year capital management plan. Good morning, everybody. Thank you for coming today. It's been a delight to talk to you all. Thank you, Amy. My name's David Burns. I'm the CFO for the last 13 years, as you've heard, I look forward to handing over the reins to Sarah Hunter at the end of August this year. Today, I'll take you through how we see capital management at SRG. Our financial goals is to deliver growth in shareholder value through growth in earnings and ongoing cash returns. We target to achieve a growth in profit before tax of mid to high single-digit CAGR over the next five years, sustainable and growing dividends, all the while maintaining balance, strength, and flexibility in our balance sheet. These goals are achievable due to disciplined capital management, allocation of capital, targeting return on capital above 15% after tax. Our track record over the last strategic cycle has been robust. We have achieved a six-year normalized profit before tax CAGR of 8.1%. More than AUD 1 billion of dividends have been paid to shareholders, it's all the time supported by a strong balance sheet. We have highly cash generative businesses. This slide highlights our cash performance since the capital raising in June 2020. We've generated over AUD 1.4 billion of operating cash flow over the last 4.5 years, which has been reinvested in the business or returned to shareholders in the form of ordinary special dividends. Throughout this period, we've operated a net cash position. Our capital management framework is summarized in one graphic. Our strong operating cash flows provide the capacity to invest CapEx to drive profitable growth, targeting those mid to high single-digit earnings, combined with ordinary fully franked dividends, delivering a meaningful dividend yield to derive, combined for shareholders, a double-digit organic total value creation through the cycle. This places the group in the position to return capital to shareholders or source inorganic growth investments as appropriate while maintaining a strong balance sheet where we target a zero to 0.5 times net debt to EBITDA. As outlined earlier today, our strategic arc will include investment in growth engines within the brands and investment in transformation and technology. This slide highlights how we frame our capital investment. We have sustaining CapEx, which includes investments that, by their nature, will support existing earnings, however, at times may not meet return hurdles. This investment we categorize into three groups, maintenance CapEx, technology, and network. Network investments in refurbishments in existing stores, usually in existing formats, at times will not be fully return on capital accretive. Our return on capital hurdle of greater than 15% after tax ROC is a measure which we apply to all our investment decisions. Our growth CapEx includes network expansion, including new stores, extensions, and relocations, derive the strongest returns in that order, exceeding our hurdles that we've set. Investment in the customer that was outlined earlier by Mandy on the Ignite presentation is strongly accretive and targets revenue growth on our existing asset base. Our split of CapEx is expected to be circa 50% in sustaining and 50% in growth. This slide shows our total CapEx over time. The strong investment thesis the brands MDs have presented today drives an allocation of capital of circa half of our capital investment into stores. This investment has been steadily growing over the last number of years and is expected to stabilize at around AUD 90 million over the next period. Our profile of investment over the last few years has been towards supply chain and is now expected to be replaced by the investment in the Ignite program. Let's have a deeper look at the store CapEx profile. As outlined earlier, this is expected to be at circa AUD 990 million, with allocation by brand shown on this slide. As expected, the investment is weighted to the two largest brands. The investment is compelling. Rebel, with a large regional store opportunity, represents our strongest returning stores as an investment over this cycle, combined with some network renewal. If we look at Supercheap Auto, with the Gen 5 store format expecting to drive a lift in sales growth, maintaining revenue and market momentum. The Supercheap large format store builds on our competitive advantage, achieving range expansion to existing SCA customers, and the SCA small format stores accesses new markets. The BCF investment is targeting a proven strategy in superstores and large format. Whilst Macpac investment includes a modest increase in new stores and refurbishment of the current store estate to improve earnings. Now let's look at the capital expenditure for our projects. In this slide, we outline the capital expenditure we've made over the last strategic arc and the profile of investment out to FY 2028. The returns from investments over the last six years can be evidenced by a six-year sales CAGR of 7%, driven by an increase in online penetration from 7% in 2019 to 13% of sales currently, and a strong improvement in the NPS over 11 points. The graphic shows our investment envelope has increased over time. We funded our workplace planning capability in 2022, which was presented to you in the strategy day in 2023. We invested in loyalty through 2022 to 2025, prioritizing closeness to customer. We have recently prioritized our investment in supply chain, which Amy outlined the opportunity to leverage the new Truganina asset and transform our supply chain. The profile of FY 2027 and 2028 CapEx is expected to remain elevated as we invest in the Ignite program, transforming customer ecosystem, and transitioning our ERP. We plan to stage the upgrade of the ERP, phasing the project to fit our funding envelope, consistent with our balanced approach to risk management that we adopted with Truganina. Our corporate costs and costs related to projects in the development phase are held in the group unallocated segment. Once a project becomes live, the brand bears the full operational cost of new capability. Corporate costs are expected to remain relatively consistent. You'll note from the graph that through FY 2023 to 2025, corporate costs are lower. Through this period, we benefited from low interest rate expense due to interest revenue we received from our strong cash position, which has normalized since we have executed the special dividend program. As you know, SaaS-based technology costs are now not able to be capitalized since 2021. You can see a lift in project costs from 2023 onwards. Of note, project costs for the FY 2026 year include costs related to the Truganina distribution center and also costs related to the HR and core and payroll system that went live in March of this year. Project costs for 2027 to 2029 are expected to remain at circa AUD 30 million per annum. This investment will fund the Ignite program. I'm delighted to advise that the Ignite program is expected to deliver AUD 75 million per annum of cost savings by FY 2029. These savings will be utilized to fund growth and transformation. Savings that were outlined by Mandy earlier under the value pillar will benefit cost of goods through lower cost sourced product, through improved shrinkage or stock loss, lower supply chain costs, and support organization savings. The majority of these savings are expected to improve reported gross profit, with the exception of the support office organization. In summary, we have a strong balance sheet. We generate robust operating cash flows. We have a clear and disciplined approach to capital management. Our market-leading brands have significant earnings growth potential in their existing markets through identified growth engines. Our transformation program will address the changing customer landscape, leverage our new distribution center asset in Truganina, improve how we flow product from source to customer, mobilize our team with AI, and harvest AUD 75 million per annum of cost savings to support investment in new capability. Thank you today. I look forward to handing back to Paul, who will provide a wrap and a Q&A. Thank you, David. Can we give him one more round of applause? This is his last one, yeah? Well done. Right. Can I invite the team just back on the-- We're going to do a question and answer like we did earlier. Whilst we're doing that, I hope today has given you clear and clarity in how we are driving both growth and earnings in Super Retail Group, how we will address the changing market that we are in today. I hope that was super clear. I'm going to move straight to questions if that's okay, Mark? You were saying it before, if we could just, one question each and then come back around. Are you up here? Do you want to come up here? Oh, you stay there. You told me I was sitting down here earlier. No, you stay there. Okay. All right. We'll go back to front this time. Shaun, maybe you start. Great. Thanks, Shaun Cousins, UBS. Just a question maybe for David on CapEx. It looks like your CapEx guidance is now AUD 138 million for FY 2026. It was AUD 155 million, and it looks like some of the project costs have tipped into FY 2027. Should we anticipate that effectively we should be lifting our FY 2027 CapEx or else equal because of that movement of time of those project costs? Or is the AUD 160 million, I know it's not the target but is that what you'd want us to put in our numbers for FY 2027? The FY 2027, you should be looking at what was on that graph, which is the AUD 160 million would be the expectation. We have run a bit lower this year than we were expecting, but we've factored that into that estimate of AUD 160 million over the next few years. Tom? Sorry, it's Tom from Barrenjoey. Can I ask one on AI? We're shifting from Google Search, where basically there's an auction for words, and if you're big, you can pay the most. You guys are pretty big. To AI, where it's all about range, and I think, Paul, you gave a good example of it with your car. If an independent has lots of range, how do you compete with that? To Adrian's point earlier, if I'm going to buy cricket pads for my 11-year-old, Greg Chappell or Kingsgrove will always have more range than Rebel. Sorry. I assume you can't pay ChatGPT to get to the top of the search. How do you actually compete with them when we go to this agentic world? I might go to Mandy on the language model, how we will shift into that space. Just to answer the question on cricket as an example and range, we do have to own the range, without a shadow of a doubt. If we want to be the best and be top of that list, we've got to have that broader range, and that has to be in our SKU count, and it goes through our distribution centers to however many stores we decide. We are shifting, and we've got a piece of work underway now. I might ask Mandy to just give a bit more detail in how we will shift to a more AI-led search. I think as I mentioned, that example around getting our product content infrastructure uplifted, that is all about taking a leading position in showing up through any of those channels that you've mentioned there. I think we have the ability to actually lead, particularly with us getting going right now, and the range will support us. Having that range will support us in being able to show up there wherever our customers are shopping. We don't know in terms of these businesses will need to monetize at some point. We don't know what that will look like. Again, we're focused on making sure that our products and our range are showing up through those channels there. The other aspect of it is around building trust and credibility, and with our range, our brands, the customers being so passionate about our brands and our products, that will build that kind of social trust, which is something that those type of search engines look for as well, that kind of social credibility. Mark? Thanks, Tom. Mac from Morgan Stanley. I didn't hear too much about in-store labor. Just curious if you've got the right systems in place today, or is there still a body of work to be done on that front? No, we've got a workforce planning tool that helps us precisely with that, and that's in play today. I think there's further upside in how Amy has just described how product will flow into our stores. I think we recognize that. We want to make sure that we're giving some of that back to customer service. It is challenging. Especially when you talk about smaller stores, they're generally more on a fixed labor model. Whereas, yes, there's an opportunity in our larger stores in that space. No, we're using and gaining the benefits from our workforce planning tool. Thank you. Hi, it's Adrian from Citi again. I believe this ERP project has to be completed by 2030. David, just a question, should we expect that the project costs sort of come off beyond that FY 2029 outline or do you expect there'll be other things you'll need to spend money on that basically this should be the new level we should assume? Thanks. Yeah, look, it's a good question. We are comfortable that that event horizon is achievable for us in that. We've given you the guidance over with the three-year outlook. I won't commit Sarah to a position beyond that at this stage. It's an investment for Ignite. This is a five-year strategy presentation. We've given you three years of financial outlook, and I think that's appropriate in the context of things. The deliberate intention is that the brands should be funding things that they will have to own ongoing, and it's only really the establishment costs that we hold in the group unallocated area. We have been in a particular phase with the Truganina DC in particular and also this ERP. Moving forward, a lot of that customer program is embedded in the cost base for the brands. Michael Toner from RBC, just over here. Thanks. Just quickly on that target gearing ratio of zero to 0.5 times. I mean, it is quite a conservative ratio. Just in the context of an accelerated store rollout pipeline and rising capital intensity will obviously be a bit higher there, and you've called out sort of inorganic opportunities as well. I wanted to gauge your willingness to step outside of that opportunistically to pursue opportunities to boost shareholder returns. Yeah, no, thanks for the question. I think I'll make it perfectly clear, we've got a lot to do in the categories that we play within our store network, online and AI. I don't think we could have been more clearer. That's what we're going after. I said earlier, good retailers are relentless and good retailers make very clear decisions and they stick by those decisions and that's normally focused around the customer needs. We've got, as I said earlier, 13 million members in front of us that we serve every day and we've got plenty of opportunity in that space. Thanks for the question. It's Bryan Raymond, JP Morgan. Just to follow on from that question actually around that gearing target. You're obviously well below that today. My question is, are you expecting to, in a way, organically regear the balance sheet through free cash flow, not quite covering dividends over the next few years? You've got a lot of CapEx, you got project OpEx, you got inventory investment, it sounds like, to extend your range, which will probably weigh on working capital. I'd just be interested if you think that that will lead to a bit more gearing coming through the balance sheet ultimately because that free cash flow will be diminished somewhat. We're targeting to stay around the zero net debt position in our plan. We have profiled that capital investment and profiled the growth of the business to try and ensure that we stay around that sort of area. We will bump into some net debt in a period or not. Usually it'll be June rather than December, primarily because we're very seasonal, strong cash inflows in the December period. We are at times in debt right now, as we go through the mid-month periods, and that's why we've got an interest expense. It's very minor. It's appropriate for the business to be at that neutral setting of net debt. We think that's appropriate. Yes, inherently in your question there is, the store growth will result in CapEx, but it also does have some working capital investment that we put in. We signaled certainly in the May announcement that we were leveraging the balance sheet or taking advantage of our strong balance sheet to buy in some inventory with the disruptions. We see it as really important to have such flexibility to take the gearing level up if necessary to take advantage of market opportunities. We will aggressively pursue those market opportunities as they present themselves. Our posture is to maintain that strength of the balance sheet so that we have that flexibility. That working capital example, what we've just seen, that automation of product going through means that we can reduce the amount of volume that goes out to our stores, which allows us to expand our ranges at the same level of working capital. Thanks for the question. Great. Thank you. It's James Lee from Goldman Sachs. My question's around the AUD 75 million cost out target- From two angles. I think we talked about it being a cost out target, but some of the benefits for Ignite are at the revenue line as well. Just to confirm that that's excluded in that benefit. The second part is just any color you can give on phasing of that AUD 75 million. Yeah. Firstly, yes, you're right. The revenue benefits are incremental to that. We would expect to see that Ignite is supportive to top-line growth. They are costs and they do flow through from cost of goods down. They will be the benefits. We aren't providing that phasing to you. It will scale. It'll be stronger at the back end than at the front end. Thank you. Hi, Paul. Craig Woolford from MST Marquee. Hi, Craig. Good day. Can I ask a question about private label and exclusive brands? It was a feature of the rebel section, but not so much in the others. Can I just get even just a little said on where private label penetration is across each of the banners, and where that might move to for the ones that weren't discussed? Yeah. I think, in rebel, we've got an opportunity. I think I was very clear with men's in particular, you go, we've done a good job in Ell & Voo, so that does shift the mix. You've got kind of the reverse in Supercheap Auto as an example, where we're heavily weighted towards our own brand product. As Ben took us through, there's ranges out there like NGK, like Rhino-Rack, like Hardkorr that we don't stock today. You will see a mix shift. I can't see it being material, it's just meeting our customer needs in those areas. It's not a massive shift for us. Yeah. BCF, probably where we need it to be. There's a bit of work being done in XDM as an example, where we can broaden that range on our own brand, in that good, better, best range. There is definitely opportunity, and you need that to be competitive against some of our competitors in the market. We'll continue the great work that we've been doing. Michael? Thanks. It's Michael from Jefferies. Just another question on the potential for inorganic growth. You're clearly very excited by the opportunities you've got to deploy capital within your existing operations, and you're targeting a 15% return on capital on capital you deploy there. Given the risks associated with M&A, would you need a higher return hurdle to pursue something inorganically? Yeah. Are you ruling out entering a completely new category? Would M&A need to be within your existing categories? I think, Michael, I'm going to be really clear. It's in the categories. It's in that broader TAM. We're going to be focused in that space because there is so much opportunity. At AUD 65 billion, I'm sure you'd be challenging me to go, "Why would you want to go outside of that?" I'll bring it back to earlier. There is so much opportunity in what the team have presented you today. Why would you get distracted with anything else? We've got so much opportunity and we know how to do that, and we do it pretty well. We can always be better, but we do that really well. Let's go after that first. It's that ruthlessness in deciding what you're going after, and the team have just shared that with you, what we will be going after. Just to be clear, it would have to be something very, very attractive and opportunistic to do inorganic. Got to be hugely compelling, that's going to propel us forward at an incredible rate, to be able to go into it. I gave the example of fitment, and that's, you kind of go, let's trial it first. Let's understand how we do in that space, whether that be in Supercheap Auto, or BCF, and let's trial first. I want to know what and how does that impact our customer before we make any decisions on. Yeah. Inorganic growth. That's good to hear. Great. Ben from Jarden. Can you just remind us about FX, David? In theory, it's going to be a pretty decent tailwind into FY 2027. Looks like it'll be 100 basis points plus across some of the divisions, given where your private label mix is. How are we thinking about the puts and takes, given logistics and these sorts of things playing out as well? Yeah, happy to talk to that. We've obviously got a hedging policy that we have been complying with, which as a consequence means that we've got some legacy forex positions that are below the current level. It will take time for that to bleed off for us to get the benefit of those. The first half of next year is probably we're not getting as much as we could at the current rates. At the same time, we are putting on cover for the current rates for next year, next calendar year. It will play through. It is a tailwind. It's obviously a tailwind that has the opportunity to offset a bit of this risk we're seeing that's associated with the Gulf. The oil impact that's passing through is a risk. We've seen a little bit come through in shipping, but not a lot. We see it as a tailwind for us at the moment. It will be eroded by some of that inflation from the Gulf. Thanks. Maybe, Paul, can you just sort of talk us through how you think about that mid to high single digit PBT growth playing through? You're obviously going to have, this sounds like you're going to have to continue deleveraging through the P&L, so you get a point kicker there from your interest line. Market's growing at 3.5 on average, say, across your industries. You've got space, maybe you do 4.5%. The leverage through the P&L based on a lot of stuff you've got coming, supply chain Out of stocks, promotional efficiency. Seems like it could be more. I know you don't want to put big numbers out there. Yeah. Why do you put the number out there? Two, what's the offset that we should be thinking about on putting all that together? Yeah. We've put the number out there to be transparent with you. I would argue, a lot of the legwork has already been done in our distribution center. We will feel the benefits of that flowing through. Which then allows us, we've gone through it in some detail to balance on where we invest and at what pace we can invest. I don't know whether you want to add to that, David. Yeah, there's no doubt there's some cost headwinds. We've got obviously labor costs going up with recent decisions that we'll see. We've got an agreement in place that has another year to run with our EA, which means the impact of Fair Work will come through in 2028 rather than 2027. We've got other decisions around junior rates and other things. We see those forces needing to be offset by improvements in those other areas that you've called out, which primarily we'll see them in different parts of the P&L. We're quite confident that the mid to high is available. We are putting this investment down to play the long game. Our mindset as a business is always to invest for top-line growth. You'll probably see it more in the top line than probably what you're modeling. Thanks. Sorry, we're just coming around then. Thanks. Adrian again from Citi. I noticed New Zealand sport market showed up in the rebel opportunity. I was just wondering, is that just purely an online opportunity? Obviously, you don't own the rebel brand in New Zealand, just interested in quick snippets there, please. The Rebel opportunity, I think we've said in the past would be a natural fit with ourselves. You go, is it online there? They're doing a pretty good job over there. There's a population of 4 million. In fact, I've met their team, Many of our team have been over there and had a look. We've got plenty to do in the market that we're in in Australia. Absolutely. Any more questions? We've got another one. I don't really know if you can answer this, so I'm going to ask it anyway. You've got a pretty big strategic stake or shareholder, obviously, sitting on the register. How do we think about that conceptually? Who knows where that ends up, and you've obviously got some corporate appeal. How do we think about that conceptually? Obviously, they've been there for a long time, Reg was the founder of the company, and that's over 30%, and that's a decision for Reg and his family at any point in time. What we've seen through time is that they've been there and haven't changed that position for over a decade. They participated in the capital raising, was there straight away to back that, making sure they didn't get diluted, which I think was a clear signal. I might say one more as well. Just the capital return. Still plan to return excess capital around that gearing level, should still expect sort of full year specials when you've got capacity? Yeah, we were quite clear in August that we felt that the program of special dividends had concluded and that we'd reached our targeted state. As you saw in the capital management framework, we've got a framework which would result in us considering capital management at appropriate points in time. It will be something which we will undertake, but we'll make those decisions at different points in time based on the opportunities to address the TAM that we can see. You may get frustrated with us that we're not passing over some capital, either in a buyback or a special dividend, whatever's appropriate. Obviously, tax rules have recently changed, and that might drive a bit of behavior. That will be a consequence of us gestating opportunities and seeing those and where we want to invest over the next few years, rather than what's immediately in front of what we're reporting. Thanks. It's Bryan Raymond, JPMorgan again. Thanks for taking the follow-up. Just to be clear on the AUD 75 million cost out, it sounds like that's a reinvestment opportunity in price and service and capability, et cetera. Should investors expect to see any of that flow to earnings directly? Obviously, there'll be payoff from the reinvestment, but just thinking about the cost out itself. I think I said earlier, you're going to measure me on my scorecard, which will be earnings growth. Absolutely. I think we've been pretty clear, and we started that cost-out program to make sure that we could reinvest in those areas to meet our customer needs and really to attack that TAM, to really go hard at it. Yeah, where we've got opportunities that the team have shared with you, we'll be taking those every single day. I know you're going to measure me on earnings growth, so yeah. Just a follow-up question around online and the shift that we're seeing across the broader market towards same-day delivery. How is your network set up for that? I know part of your answer is going to be around click and collect, but if it moves more towards same-day delivery, how would you solve for that? How much is that stores? Is there centralized fulfillment in part of that? Click and collect does play a huge part, which plays to the moat that we have. I would say we're just trialing Uber deliveries, you go and we're out in the market in that space. If that resonates with our customer, we will absolutely go down that route and any other routes they want. I know we've trialed it a while ago in BCF. We trialed it, and it didn't have huge demand, I've got to be honest. That doesn't say never say never. We're going again right now. If that works and it's a good, solid response from the customer, absolutely, we'll look at those options. It's still hard to get that delivery to Gladstone when you don't have the stores there. I'll go for one more. Chami here from Bell Potter. Perhaps out of the four divisions, which division do you see growing fastest over the next five years? Maybe considering market positioning and market conditions as well, near term and five years as well. Thank you. Great question. I've got a competitive team down here. They'll all be chasing that number 1 spot. The important thing is we deploy the capital, the investment in the right areas. I think, as I said earlier, when we pick the categories that we're going to go really hard at, that's where the investment will be, and that's where you and I should expect the growth. Doesn't really matter which brand it's in. I think you know the EBIT margins from each of our brands. It makes it tougher for some to be awarded that capital, and they have to do things differently. Equally, I can tell you we've got four very competitive individuals here on the bench, chasing everything from our group folk and myself to grow their business. Yeah. We'll let you know over the next 12 months to 5 years. Great question. Is that it, team? Yeah? Well, thank you very much. I really, really do appreciate. On behalf of the leadership team, my leadership team within Super Retail Group, I really appreciate you taking the time out this morning so that we could share our strategy with you firsthand. I think we're going to have a light lunch outside, where you can continue asking as many questions of me and the team. Can we give the leadership team a round of applause? Just one more for David Burns. This will be his last time in front of you.