Thank you for standing by. Welcome to Southern Cross Austereo 's four-year results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you need to press star one one on your telephone. You'll then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I'd now like to hand the call over to our first speaker today, who is CEO, John Kelly. Please go ahead. Good morning and welcome to Southern Cross Austereo's results presentation for the year ended 30 June 2025. I would like to acknowledge the Gadigal of the Eora Nation, traditional custodians of the land on which we meet today, and pay my respects to their elders of past and present. I extend that respect to Aboriginal and Torres Strait Islander peoples here today. I am John Kelly, CEO of SCA, and I'm joined today by our Chief Financial Officer, Toby Potter. We'll hear from Toby shortly with a detailed overview of our financial performance, and at the end of our presentation, Toby and I will be happy to answer your questions. I will first give you an overview of our results and achievements for FY 2025, and in doing so, I draw your attention to the usual disclaimer at the end of the presentation. Before I present the financial and operating highlights from our strong performance for FY 2025, I wanted to start my presentation today with an overview of our strategy and action as summarized on slide three. The SCA team has successfully balanced improving the operational and financial performance of the business, while at the same time achieving critical and strategic milestones. SCA is now in the final stages of transformation from a traditional media company to a digitally focused, technology-driven audio company. Our challenge and opportunity is now to create the future of Australian audio. We now have a fully refurbished broadcast business that has the right technology to produce, distribute, and monetize Triple M and Hit across 135 stations in 53 markets throughout Australia, anywhere, any place, and any time. We have built a best-in-class and proudly Australian digital audio business in LiSTNR. After only four years, we have grown a known listener base of 2.4 million Australians, with revenues in FY 2025 of $45 million, growing at close to 30% per annum. LiSTNR is now EBITDA cash flow positive, and we expect to continue our current earnings growth trajectory into FY 2026 and beyond. We have been very active in the last two years in reducing our cost base and CapEx spend in a sustainable and permanent manner. We are committed to continuing our efficiency drive and expect our cost base to reduce further in the years ahead. A media company performs best when there is certainty as to the operating cost base and momentum with top line revenues. The operational leverage opportunity from a cash flow earnings upswing is both immediate and significant and provides opportunities to both reduce debt and, most importantly, return improved dividends to shareholders. For over 18 months, we have communicated to the market that we have demonstrable operating momentum, and we have been proactive in providing updated guidance to the market throughout FY 2025. I am pleased to be able to report that this guidance has been met and, in some cases, significantly exceeded within the results we have provided to the market today. I hope you will observe a renewed confidence and further commitment in our FY 2025 results presentation today and in our fulsome outlook and guidance statement for FY 2026. With those opening comments, let's turn to slide four and discuss the highlights of our FY 2025 results. SCA has delivered a strong result for FY 2025 with revenue, EBITDA, and impact all up year- on- year. Through hard work and commitment from our people, we have delivered on our transformation strategy, with strong growth in digital audio, continued cost and capital discipline translating to improved financial performance across all key metrics underpinned by low leverage. The highlights on this slide are for our continuing operations being audio, excluding television and non-recurring items, where our revenue was $421.9 million, up 5%. Revenue-related costs were up 10.8%, which is attributable to our higher revenues. A strong focus on cost management resulted in a 2.5% reduction in non-revenue-related or NRR costs to $263.5 million. Our EBITDA was $71.1 million, up $18.2 million, or 34%. Our impact was $15.1 million, up $10.6 million, or 239%. Net debt reduced by $40 million in FY 2025, down to $67.6 million. The SCA board has decided, due to sustained operational momentum and financial discipline across the business, to declare a fully franked $0.04 per share final dividend for FY 2025. Toby will walk through reported to continuing operations results in his presentation shortly. Turning to slide five, this slide sets out key high-level operating and financial drivers from our FY 2025 results and the ongoing positive traction we've delivered against each of these drivers. SCA is leading Australian audio with the largest and best-performing audio network. We have three key audience pillars where we provide compelling content to the audiences that matter. Firstly, we have the Metro Radio 25–54 demographic, which we unquestionably and unequivocally dominate nationally, leading the audience share of the critical and lucrative 25–54 demographic for 32 consecutive national Metro Radio surveys. Beyond the capital cities, we have scale where SCA reaches over 70% of all regional Australians. Thirdly, we have the known and addressable audience via our digital offering with over 2.4 million signed-up users through our owned and operated LiSTNR ecosystem. LiSTNR is Australia's best digital audio business. It is the largest and fastest growing local operator in the fastest growing segment in Australian media. It continues to grow the category, and importantly, it generated $2 million EBITDA in FY 2025 and is now EBITDA cash flow positive after only four years. Our LiSTNR AdTech Hub is market leading and provides us with a competitive advantage. It is driving superior commercial returns through premium CPMs, empowering our sales teams to generate improved returns from programmatic advertising. It is worth highlighting that more than 70% of revenue reached in FY 2025 incorporated the LiSTNR AdTech Hub, further improving the value and ROI to our business partners. The SCA team remains focused on cost and capital discipline. We have delivered lower NRR costs and CapEx in FY 2025. Importantly, approximately 90% incremental revenue is converted to earnings. This operational leverage on cash flow earnings upswing is significant, and consequently, our leverage is down to 1.1x at 30 June. Toby will cover our cost, capital discipline, and improved cash flow performance in more detail in his presentation shortly. Our exit from regional Television is now complete with a growth-forward simplified business model enabling us to now review and reduce corporate costs. Moving to slide six, at SCA, we are focused on delivering in the areas that matter, and the next three slides will step through the audience, commercial, and operating metrics that matter in our ongoing transformation journey. We remain focused on building the audiences that matter: the Metro 25–54 audience, our unparalleled scale and reach in regional Australia, and the known and addressable LiSTNR digital audience. We remain the dominant network in the core 25–54 audience demographic and have now established a nine-point gap to our nearest competitor. Why do we focus on the 25–54 demographic? Because it's the audience that matters for marketers, with this demographic being the focus of more than 70% of advertising briefs. This demographic is known as the money demographic and represents a key focus point for all media players across the globe. SCA's regional Hit and Triple M networks, combined with our represented partner networks, have unrivaled scale and reach and account for over 70% of listening across regional Australia. We have seen a sustained build in our regional network and have grown audiences by 24% since FY 2021. LiSTNR is Australia's best digital audio business with scale, capability, strong revenue growth, and profitability. It is proudly homegrown and independent from global tech companies, meaning that we can operate and activate to meet the needs of our local market at speed and with precision. LiSTNR has grown in a consistent and progressive manner to over 2.4 million signed-up users and is now EBITDA cash flow positive in just over four years since launch in 2021. New strategic partnerships with Foxtel and Mandaro will grow our digital audience even further in FY 2026. Moving to slide seven, none of the audience metrics matter unless they are being matched by corresponding growth in the commercial metrics that matter. The three graphs on this slide demonstrate a sustained improved performance in our key commercial metrics across our Metro, Regional, and Digital pillars. For the Metro Radio market, SCA achieved a 29.5% share in the fourth quarter of FY 2025 with our full year share up 1.1 percentage points to 28.3%. We see a clear opportunity and are seeking further revenue growth by closing the gap between audience and revenue share, noting that each additional share point is worth around $6 million in gross revenue. For Regional Radio, we continue to increase our revenue share with six consecutive months of SMI share growth. Local and national customer counts were up consistently in the second half, with good momentum carrying into the first quarter of FY 2026. As I mentioned on the previous slide, LiSTNR now has 2.4 million signed-up users with revenues of $45.2 million in FY 2025, up 29% on FY 2024. Early signs in Q1 FY 2026 indicate that we are continuing to grow share in all three content pillars, which sets us up well for the year ahead. Moving to slide eight, this slide sets out some key operating metrics that are leading to improved financial and cash flow performance. We remain focused on cost discipline. Our cost efficiency programs have removed more than $50 million in savings across CapEx and OpEx in the last three years. NRR costs have been held flat since FY 2023, with CPI and contracted price increases fully offset over this period. We expect NRR costs to remain below $270 million in FY 2026. With our digital transformation complete, there is minimal legacy CapEx required, and our ongoing maintenance CapEx is forecast to remain flat at around $10 million per annum. FY 2023, our headcount has reduced by 22% or 348 roles, with around 120 roles relating to the exit of Television. Approximately 40% of the current workforce are directly revenue-generating roles, with the remaining roles in content production and back office support. Moving to slide nine, a key part of our improvement in the audience that matters has been the remarkable resurgence of the Triple M network over the past three years. Triple M is core to the Australian cultural landscape with its focus on rock, comedy, and sport. It is also our live and local network, with many of our announcers an integral part of their local communities. Triple M is now dominant in the audience that matters, with three number one stations in our target 25–54 demographic for Brisbane, Adelaide, and Perth. Since 2023, Triple M has achieved a remarkable 42% share gain, going from a 13.6% share to a 19.4% share in Surveyfor25. Triple M is a premium audio destination for sport, with our AFL, NRL, and cricket coverage reaching 1.1 million listeners across Australia. Moving to slide ten, this slide highlights the robust nature of broadcast radio, with around 78% of Australians consuming broadcast radio each week, either by broadcast or by streaming. As the chart demonstrates, exclusive broadcast monthly listeners have fallen by 18% of Australians from 66% in 2021 to 48% in 2025. However, this 18% reduction has been almost totally offset by the 16% growth in the streaming cohort from 14%- 30%. Put simply, radio now has a new life through the emergence of new ways of distribution through streaming and through the adoption of platforms like LiSTNR, where you can listen to any of our 135 radio stations anywhere and anytime. SCA continues to build dominant radio brands locally and nationally by nurturing talent and creating highly engaging programming for consumers. The continued migration of broadcast audience to digital with its higher CPMs will future-proof the medium as digital consumption continues to trend up. I will now hand over to Toby to take us through the FY 2025 financial results in more detail. Thank you, John, and good morning, everyone. Now to slide 12. In my presentation today, I will be focusing on our continuing operations, our cost-out performance, and the significant reduction in net debt that we have achieved in FY 2025. Similar to how we presented our half-year results, I will present our results on a reported basis, with Television reported as discontinued operations. I will then step you through a walk from our reported results to the consolidated operating result through to the underlying results of our continuing operations, which comprises audio and corporate and excludes non-recurring items. I will also talk to the Television divestment, including related exit costs and non-recurring items. As per our usual practice, I've provided various reconciliations for our reported results in the appendix to today's presentations. If you have any questions about those items, I'll be pleased to deal with those at the end or offline. My presentation this morning will illustrate that the transformation of SCA into a best-in-class audio business is evident in our FY 2025 financial results, with growing revenues, strong cost discipline, reducing debt, and strong free cash flow. With that introduction, let's now move to slide 13. With net profit after tax for the Television segment reported as discontinued operations, our group revenue is up $20 million, or 5%, to $421.9 million. Total expenses were up slightly by 0.9%, or $3.2 million, to $362.5 million. Reported EBITDA was $59.3 million, up $16.8 million, or 39.4% on FY 2024, and reported impact was $9.2 million. Reported results include non-recurring costs of $11.8 million in comparison to $10.7 million in the prior year. These non-recurring costs relate primarily to the restructure of our operating model and deliver further ongoing cost savings in excess of $20 million per annum. The discontinued Television operations include $2.8 million in operating net profit after tax from the Television segment and a net $1.3 million gain relating to the divestment of our Television assets to Paramount and Seven Network. The summary P&L from our discontinued Television segment is included in the appendices on slide 28. Moving to slide 14, as I mentioned earlier, I presented a similar slide at our half-year results. Let me take you through the detail. We will walk through our reported results through to the results from our continuing operations. Working from left to right, column one is our reported result that I just ran through on the previous slide, which includes the impact from Television reported as discontinued operations. Column two reconsolidates the Television segment into the P&L, and further details on the performance of our Television segment are included in the appendices on slide 28. Column three sets out the non-recurring items that relate to the divestment of Television. These consist of transaction costs, resultant redundancy costs, a net $4 million impairment reversal, and a net $1.3 million gain on sale, both relating to the divestments of all our Television assets. Column four shows the audio and corporate non-recurring items of $11.8 million that I ran through on the previous slide and the related tax impacts. The total of columns one through four gives us the consolidated operating result, excluding non-recurring items. To arrive at our continuing operations comprised of audio and corporate, we deduct the result of our discontinued Television segment, which is column six. I appreciate there is a little bit to digest there. I'm happy to take your questions during Q&A or offline after the call. For the remaining slides in my presentation, I will be focused on the results of our continuing operations, excluding non-recurring items. Moving to slide 15, here we set out FY 2025 result for continuing operations, excluding non-recurring items. Revenue was up $20 million, or 5%, to $421.9 million, driven by growth in both Digital Audio and broadcast radio. Importantly, home expenses were broadly flat at $350.7 million. This was despite inflationary pressures and reflects the embedded cost discipline and effective cost management that remain an ongoing focus for the business. Importantly, non-revenue-related costs were down $6.7 million, or 2.5%, to $263.5 million. Emissions and growth of integrated audio campaigns has driven increases in revenue-related costs, up from 19.6% of revenue in FY 2024 to 20.7% of revenue in FY 2025. EBITDA from continuing operations was $71.1 million, up $18.2 million, or 34% on the prior year. Depreciation and amortization was $30 million, up $1.9 million FY 2024, reflecting the investment into digital assets that have depreciated over a shorter period. Depreciation and amortization is expected to reduce in line with CapEx on a go-forward basis. Debt finance costs were $18.3 million, down $0.3 million, reflecting lower base interest rates and lower average net debt, partially offset by higher borrowing margins and the $0.6 million non-cash write-off of establishment fees in the first half relating to the previous debt facility. Corporate costs have been shared across Television and radio and were $28 million in FY 2025. Slide 29 in the appendices provides further information on corporate costs. Net profit after tax for continuing operations was $15.1 million, up $10.6 million on FY 2024 impact of $4.5 million. Moving now to broadcast radio on slide 16. Broadcast radio revenue increased by $10.2 million, up 2.8% to $376.8 million. Metro Radio revenue increased by $7 million, driven by strong share gain, with SCA growing revenue share to 28.3%, up from 27.2% in FY 2024. This share gain was largely driven from agencies, with agency revenue up 5% to $146 million. You can see this increase in agency-related advertising revenue for FY 2025 in the bottom left-hand bar chart. Regional Radio revenues were flat at $164 million, with strong national growth from government and automotive sectors offsetting local revenues that were impacted by a weak retail SMM market. Despite ongoing inflationary pressures, home expenses were flat at $279.6 million, with ongoing cost discipline and effective cost management reducing non-revenue-related costs, which were down $4.2 million, or 2%, to $204.2 million. With total expenses flat year on year, this ensures complete conversion of revenue growth to EBITDA. Revenue-related costs grew by $4.2 million, or 5.9%, to $75.4 million, and this was due to higher commission payments and the cost of integrated audio advertising campaigns, which have assisted in driving Metro Radio revenue and share growth. Broadcast radio EBITDA was $97.2 million, up 11.5% or $10 million, with margins of 25.8%, up two points on FY 2024. Moving to slide 17 that covers our Digital Audio results. As you heard from John, Digital Audio has continued its strong operating momentum, achieving a positive EBITDA for the first half and the full year FY 2025. Digital revenue increased by an impressive 28.8% or $10.1 million to $45.1 million. This was driven by strong growth in owned in-stream revenues, up 32%, and podcast revenue up 44%, and our market-leading ad tech capabilities, which continue to grow our share of the market. On the cost side, our continued focus on cost discipline and effective cost management resulted in a reduction in overall expenses, down 6.3% or $2.9 million- $43.1 million. Non-revenue-related costs were down $7.3 million or 18.9%, reflecting the benefits of increased scale and reduced marketing requirements, and fully offsetting the $4.4 million increase in revenue-related expenses. FY 2025 Digital Audio EBITDA was $2 million, reflecting a $12.9 million improvement versus FY 2024. We'll now move to SCA's cash flows on slide 18. Net cash from operations was up $29.7 million- $67.1 million for FY 2025, with strong growth, which was driven by a focus on cash collections and the runoff of Television receivables. Free cash flow of $52.1 million was up $31.1 million, driven by an improvement in net cash for operations and a further reduction in net CapEx, down $2.1 million- $6.8 million. As I mentioned on slide 15, net financing payments of $13.8 million are flat, with the benefit of lower borrowings being offset by slightly higher margins on the new debt facility and the payment of $0.7 million in establishment fees as part of the calendar year 2024 refinance. Tax payments of $2 million were broadly in line with FY 2024 due to the similar taxable profit and tax refunds from prior years. Free cash flow available for dividends or debt reduction is up $30.9 million- $36.3 million, and operating cash conversion increased to 112.4% from 67.2%, reflecting stronger operating cash from operations, the positive unwinding of working capital from a higher June 2024 receivables balance, and tighter control on maternity payables. Moving now to debt and capital management on slide 19. Focus on operational improvements, including continued cost discipline, has delivered a significant reduction in net debt, down $40 million- $67.6 million from $107.5 million at the end of FY 2024. The leverage ratio at June 2025 was down to 1.1x, driven by improved EBITDA and cash conversion, and our key debt meters are well below covenants. We are forecasting for our ongoing leverage ratio to remain below 1x. Off the back of continued operating momentum and a sound balance sheet, the board has declared a fully franked final dividend for FY 2025 of $0.04 per share. During the first half, we successfully refinanced our $160 million syndicated debt facility with no change to key financial covenants, and this facility provides the group with sufficient operating headroom. The new facility was drawn to $103 million at June 2025 and matures in January 2028. Moving now to slide 20. As mentioned, the board has declared a $0.04 per share fully franked dividend for FY 2025. This reflects the group's reduced debt, low future CapEx requirements, positive digital contribution, reduced operating cost base, resulting in strong future cash earnings and approximate 80% conversion of incremental revenue to EBITDA. FY 2025 EPS was $0.063 per share, with the $0.04 dividend representing a 64% payout. Dividends in FY 2026 are to be within the target range of 65%- 85% for underlying impact. Future capital management will prioritize the distribution of fully franked dividends whilst maintaining the leverage ratio below one. I will now hand back to John. Thanks, Toby, and moving on to slide 21. SCA is proud to be an Australian-owned company, which provides local and relevant content communities and partners with local businesses in more than 50 markets across the length and breadth of Australia. SCA owns Australia's leading and largest audio ecosystem. At the heart of this ecosystem is LiSTNR, homegrown, sovereign, and independent of the global tech platforms. LiSTNR is supported and driven by our brands, and best of breed domestic and international partners across broadcast, streaming, and podcasts. We have in our presentation today taken you through our digital transformation journey and our performance across the audiences that matter and the commercial and operating metrics that matter in the audio space. We provided in this slide a summary of the SCA audio scorecard. The scorecard provides a real-time snapshot of the progress we have made as an audio company in the last three years. We now have a dominant digital audio ecosystem in LiSTNR, which has both scale and profitability and will undoubtedly be our growth engine for revenues and cash flows into FY 2026 and beyond. We have our leading broadcast offering through Triple M and Hit that is dominant and growing in the audience that matters through a focus on profitable live and local content that resonates with audiences and advertisers alike. We are confident that this targeted scale of strategy will deliver improved earnings outcomes in the coming years. Our audio ecosystem has delivered an audio scorecard that objectively places SCA today as Australia's leading audio company, with plenty of upside across all key measurements as we realize the benefits of our past investments and of our deeply focused audio strategy. Moving now to slide 23. As I mentioned at the start of this call, our FY 2025 results and our trend lines in FY 2026 provide us with the confidence to provide a fulsome outlook and guidance statement for FY 2026. In relation to short-term outlook, we note that we have achieved modest growth in audio revenues for July and August 2025, as assisted by continuing Metro Radio show growth and digital audio revenue growth. In our FY 2026 guidance statement, we note that digital audio revenue growth is forecast to continue at current double-digit growth rates with share maintained. Total revenue is forecast between $435 million and $440 million. Revenue-related costs are forecast at approximately 20% of revenue. Non-revenue-related costs are forecast to be below $207 million. Underlying EBITDA is forecast between $78 million and $83 million. Following completion of SCA's digital transformation investment cycle, CapEx in FY 2026 is forecast to remain at no more than $10 million. Leverage rate throughout June 2025 is now at 1.10x and forecast to remain below 1.0x through both improved operating results and a reduction in net debt. Finally, at our current and forecast leverage ratio levels, SCA intends to pay dividends in the range of 65%- 85% of underlying impact. In summary and in closing, as I said in our FY 2024 results back in August 2024, the SCA team is focused on accelerating shareholder value through monetizing the benefits of our fully centralized and digitized audio strategy and by delivering operational efficiency through meaningful and permanent cost reductions. Our focus has not changed, and as you would expect, given our strong FY 2025 results, the entire SCA team is re-energized by the delivery of our sustained improvement in our operating and financial performance. For SCA, the operational leverage opportunity from a cash flow earnings upswing is demonstrable and significant and provides opportunities to both reduce debt and, most importantly, return improved dividends to shareholders in FY 2026 and beyond. That concludes our presentation. As Toby mentioned earlier, the presentation includes an appendix with additional details for you to consider, including a direct affiliation to our reported results. Toby and I will be happy now to take questions that you may have. I will now hand back to our operator to facilitate the Q&A. Thank you. Thank you. We will now conduct our question and answer session. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. If you withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Roger Colman from [Paper Passage Pilot Ltd.] Please go ahead. Congratulations, John. A great presentation, operator's performance. I've got a quick question on your forward outlook. Today looks like it's having a reasonably stronger September. What does your forward outlook look like? Hi Roger, thank you for your comments. As we said, we were given some guidance in relation to July and August, sort of modest growth, only single digits. Beyond that, we're pacing okay, but the market still remains unpredictable in terms of what it may do. That's why we're a little bit out of guidance at this stage as to July and August. Right, right. I'll come back after everybody else has got questions, okay? Thanks, Roger. Thank you. Thank you for the questions. As a reminder, to ask questions, please press star one one. One moment for the next question. Our next question comes from the line of Connor [Oldgrave] from [Canucott Charity]. Please proceed with your questions. Not much. I just also question, on the outlook and whether, so I think midpoint of the guidance revenue growth was about 3.5%. Just wondering whether July and August was sort of positioned that a little bit below that guidance range, and then just trying to give that again, perhaps what you said in July, where July and August were pacing sort of 5%, if things sort of slowed down since then. Yeah, I think that's a fair summation, Connor. Yeah, we did see some slowing. We did indicate that we were paced at 5%, but obviously ended up slightly below that. I think we've found that, obviously, as you'll see from Nine and others that come out in due course, it has slowed in July and August. I think we remain comfortable with the overall revenue guidance that was provided for the full year. We're still seeing incredibly strong pacing with our digital properties, and there's a lot of initiatives in marketing in our regional pillar, where we've got to be able to take dividends, which will provide us with improved growth in the back end of this year into the first half of next year. Yeah, we remain comfortable with the guidance provided on a full-year basis. I noticed the question on Digital Audio. It looks like growth slowed a bit in the second half relative to the first half. You might have been a bit behind market in the sort of June half. Have I got that mapped correctly? No, we definitely went behind market. In fact, I think we very much outperformed market across the entire year, particularly in the second half. I think most media players would say that May and June slowed off the back of a very strong April with the government's spend and the election. That impacted us as it did all media companies. I think, certainly from the share perspective, we continue to grow share across all pillars virtually every month across the year. It's not a share issue, but yeah, certainly the market was a bit softer in May and June. Oh, thank you. Thank you for the questions. Our next question comes from the line of Michael Knowles. Please proceed with your question. Oh, hi. It's a great result, guys. Well done on getting the debt and the TV down and offloaded. Just a question around Digital Audio. In terms of maybe back to when you're looking to monetize that outside of just the podcast, maybe around events. I know that some of the successful podcasts in the U.K. have done very lucrative events over there. I just wonder if you had any plans to monetize it outside of the advertising. Yeah, that's actually a very good observation, Michael. Thank you for your call. Certainly events have taken hold in the States and in Europe. A podcast like The West is Politics will come into Australia very shortly. Clearly we've got some very popular podcasts, the likes of Hamish and Andy, How We Game, and some emerging podcasts, particularly in the entertainment culture space, which I think we are looking at to expand further and utilize events, not only from a monetization and profitability viewpoint, but also expand the scale and attention of podcasts across the Australian landscape. I think it's a good observation and something we'll be focused on in 2025 and 2026 and beyond. Yeah, just off the back of that as well, would there be any plans? Obviously, there's The Imperfects has come on board and Hamish and Andy as you mentioned. Any plans to maybe try and take them, I guess, more internationally or just complete focus on domestic at the moment? Yeah, look, we do take some of our podcasts internationally, but the reality is I think certainly Australian podcasts going across the world, 95%, 96% of revenue is all written in this market. That's our primary focus in the Australian marketplace. Yeah, okay. Thank you very much. Thank you. Thank you for the questions. We have a follow-up question from Roger Coleman from [Tech Bashar]. Please go ahead. John, what's going to happen or what can I do about the Sydney, Sydney's morning breakfast and the morning shows? Roger, actually, we've been pleased with the development of our sort of live and local approach to the Sydney breakfast team. I think we've changed our approach. We've very much got two very hard-working shows in our marketplace with both Cat and Woody on Triple M and Jimmy and Nate and Emma on Today. I think you'll find that they're working with audiences and communities and working with local business partners, and certainly we've seen better outcomes financially from both shows. I think also we're really excited about 2026 for all our content, particularly in Sydney. There is going to be a change in the lineups across Sydney breakfast, which hasn't happened for many years. That gives us a chance to utilize our new shows to gain a new audience and to obtain step sampling. We think we've got the hardest working live and local breakfast shows in Sydney, and they're very confident that they'll continue to grow and develop both at an audience, but also at a business partner level and ultimately a profitability level. I'm as optimistic as I have been in relation to Sydney and what we may see in the pathway ahead. Right. A follow-up question relating to your further spread in regional Australia. You've tied with the Victorian Regional Network a couple of years ago for representation. Any other gaps that you can fill in to get towards a more dominant position? Yeah, I think that's a very good point, Roger. We've just announced last Friday, I think, Mandaro coming on board with this huge population group across the Midwestern Australia there, which will add, where we represent them currently from the National South perspective, but we're now also going to adopt a similar approach to our good partners in ACE in that we're going to distribute and monetize their streaming content across LiSTNR. That will not only drive increased sign-ups and activity on LiSTNR, but also increase the reach of LiSTNR across Australia. There are other opportunities and there are other potential partners we're talking to where we have gaps in the marketplace, and we love people to join LiSTNR because we think it's a market-leading platform and ecosystem, which is truly dominating the market from a revenue perspective. More the merrier, I would say, Roger. Yeah, with this Kyle and Jackie O, how much extra revenue do you think they did in the Sydney market for those years? Is there any approach other than your Triple M approach to do in the Sydney market? Are there any other personalities that are worthwhile hiring? I mean, these are big personalities. I suppose you could only duplicate them by having an AI-generated Kyle and Jackie O show, in my head there, and these people. Is there anything you can do much more rapidly than the Hit by chip? Yeah, I look at it slightly different, Roger, which is, I think going into calendar 2026, we have the most stable lineup of any of the networks moving forward. We just about signed up the majority of our shows, both drive and breakfast, into 2026. I think you'll have seen that our audience share and our growth in what we call the money demographic, the 25–54 demographic, being nine points ahead on a network level of our newest competitor, giving the opportunity to continue to grow Sydney. Clearly, you know, women are not happy with Sydney City. Don't get me wrong. I think chipping away is probably not the way I look at it. I think we've got momentum. Our tracking is good with both breakfast shows in particular. We're seeing very good results in drive. We'll continue to work at those shows and, you know, I hope to have some improvement in the months and years ahead. Right. Last follow-up on the content is, I mean, there's music support, music talk, you know, essentially. Have you ever thought we just paid the AV signal to go into news talk? Look, Roger, it's not something that probably doesn't fit into our 25–54 money demographic focus. I think we're happy. We continue to evaluate our lineups, whether it be our FM and DAB stations or, in fact, our music streaming stations for LiSTNR, and we'll continue to evolve that, but news talk is not something which is high on the agenda at this point in time. Thank you very much, gentlemen. Thanks, Roger. Thank you for all the questions. To conclude the Q&A session, I'll now hand it in all respect to CEO John Kelly for closing remarks. Please continue. Thank you very much, Desmond, and thank you very, very much for everyone attending the call. As you probably can tell, we're pretty pleased with the results that we've provided today. It does continue our transformation journey. Hopefully, you can see the leverage we've got in our business, and what we expect to happen in 2026 remains quite fulsome in our guidance for 2026. We're confident about the future. I'd just like to take a moment to thank our team and our people for all the efforts that they've put into our business over the last 18 months in particular. We're excited about the year ahead. I look forward to speaking to many of you in the hours and days ahead. Thank you very much. This concludes today's conference call. Thank you for participating. You may now disconnect.