Good morning, everyone, welcome to our results for the first half of FY26. I'm Gil McLachlan, and I'm joined on the call by CFO, Mark Howell. I'm gonna take the presentation as read and talk you through the key areas. Starting slide 2, we released our revised game plan a year ago, and I believe we're executing on that plan. The numbers today reflect the progress we've made, and we're steadily building a culture of doing what we say we will do, and for me, that's critically important. I wanna stress that we're midway through our turnaround plan, and there's still work to do. We're not yet at the level I want us to be, but I'm pleased we're on track against our FY26 objectives, and we made good progress in the first half. Our improved execution continued with AFL Miss By One and MegaPot during the footy season. We showed up strongly through the Spring Carnival with TAB Takeover, TABtime continued to sell out. The Spring Carnival, however, was a customer's carnival. Yields from September to November were historically low because of an unusually high number of favorites winning major races. Despite those challenges, the diversification of our business allowed us to deliver a pleasing result. It was a company-wide effort, cost and capital discipline, an improved omni-channel customer offering, and growth in MAX. These are the outcomes of creating a fitter company with greater capability. If you look at slide 6, we continue to execute on our first pillar with the appointments of general managers to lead retail, MAX, marketing, and strategy. People are everything, and these appointments are part of our continuous journey of improvement. I now refer you to slide seven and our second pillar. We are going to deliver a National Tote, and our target remains the end of this financial year. One pool will increase liquidity with partners and, in time, create new product opportunities. Australian racing will also have a greater global reach and potential for more World Pools, which will better connect us to a global calendar. I want to acknowledge the Principal Racing Authorities in each state are working collaboratively on this opportunity. Our replay product, TAB Live, is progressing, and we recently received ACMA clearance, and we are now working to build our launch plan to New South Wales. Discussions with other states are advanced. On this slide, I also want to call out our Integrity Services business, MAX. It's a consistent and growing business, a number of key partnerships were renewed in the heart. We're looking at opportunities which could expand our footprint. Now I'll push you to slide eight. The core pillar of our game plan is to deliver unrivaled omni-channel experiences. We continue to innovate with new products and a better look and feel to create a genuine racing and sports entertainment offering. TABtime was the first to launch and has sold out every week since the product commenced. Sold out in a record three minutes on Sunday. TAB Takeover highlights how all of our assets can be combined to deliver something unique in the market. We're delivering exclusive in-venue generosity that incorporate both racing and sport, encourages more people to enter venues. We have a strong product and generosity pipeline for both AFL and NRL seasons, which will be launched in venues this week. Pushing to slide 9 now, the TAB brand is becoming more youthful, sports-oriented, and experiential. Turnover among 18-24-year-olds was up 14% in the first half of 2026. I want to touch on LIV Golf and Super Bowl as an example of how we're talking to a new cohort of sports fans. We know customers want live experiences, attention spans are getting shorter. Stories sell, brand connection is increasingly more important. Tent-pole assets like Super Bowl and LIV Golf are examples of how we are delivering in this space. We'll be activating our brand and entertainment propositions across these assets and showcasing these activations on TAB-owned channels. We'll be unmissably green at more than just racing. Flemington and Randwick will continue to be our flagship properties. We know we also need to connect with more sporting audiences. On slide 10, some numbers there. This refreshed offering is delivering. Digital and venue turnover increased 12% in the half, including growth in sport of 26% and 42% growth in the 18 to 24-year-old cohort. Looking ahead, next generation EBTs will commence rollout in July. In conjunction with TAB Live, will further differentiate our offer in the market. Slide 11. Our fourth pillar is about delivering growth underpinned by a sustainable retail channel. To do this, we'll invest in retail through redirecting generosity, developing new products, and rolling out modernized betting terminals to attract customers and grow turnover for the benefit of TAB and our venue partners. To enable this, we must create a structurally profitable channel that is sustainable. This requires a new commercial model that improves alignment with our partner venues, simplifies the existing framework. Finally, slides 12 and 13 showcase our media business. I said in August that the look and feel of Sky would be different during the Spring Racing Carnival, and the team delivered. We introduced new content, evolved our talent, and overhauled our magazine programs to be more contemporary. Our leading tipsters have a permanent place on the homepage of the TAB app. Every punter can access their tips with prefilled bet slips, continues our evolution to a true omni-channel experience. We've also strengthened our core rights portfolio, including Victorian thoroughbred rights, domestically and internationally. Our focus remains on enhancing our core offering and content, and expanding distribution both in Australia and in Australia and internationally. I'll now hand over to Mark to talk you through the detailed financial results. Thanks Gil. Morning, everyone. As Gil mentioned, the growth in earnings in the first half of 2026 reflects a modestly improving turnover environment, strong strategic execution, and cost and capital discipline. We have delivered a pleasing set of results, given the impact of below-average wagering yields, and have responded to the revenue environment with continued focus on cost control and disciplined capital investment. This has led to earnings growth, margin expansion, and a reduction in our leverage ratio to 1.5 times net debt to EBITDA at the end of the calendar year. Before I run you through the results in detail, there are four key aspects I want to call out. First, domestic wagering revenue pre-VRI impacts fell by 2.5%, despite modest growth in turnover due to below-average yields during the half. The reduction in yield versus longer-term averages was due to a run of customer-friendly results during the NRL AFL finals and through the Spring Racing Carnival. Some of this softer yield was recovered through the back end of November and in December, when yields were very strong. We estimate the net yielded impact across the period was around 15 basis points or about AUD 10 million of net revenue when comparing to longer-term averages. Second, the benefit of the reformed Victorian Wagering License applied for the whole six months of the half, versus only four half months in the PCP. We estimate this delivered an increment of AUD 12.2 million of EBITDAR in the first half 2026. Third, we continue to focus on improving costs from across the business. OpEx, adjusted for the reformed Victorian Wagering License, decreased by 3.7%. This, together with some modest revenue growth and some benefit from phase I of the new retail commercial model, helped us deliver operating leverage and a 190 basis point improvement in EBITDA margin to 16.2%. Fourth, we continue to focus on efficient investment of capital. In the first half 2026, CapEx reduced by 11% on the PCP to AUD 51 million. This provides an additional capacity to invest in growth for the second half, including the rollout of new modernized betting terminals in retail venues to support an improved customer experience in venue and support our omni-channel strategy. Our leverage ratio reduced to 1.5x, providing us with significant balance sheet flexibility as we deliver our strategy. Now moving on to the result. Slide 15 sets out the first half, 2026 group financial results. Group revenue grew 1% to AUD 1.34 billion. Variable contribution increased 4.3%, while reported OpEx decreased 1.1%, delivering 14.3% growth in EBITDA to AUD 217.4 million, and 18.9% growth in EBIT to AUD 110.2 million. Net interest expense decreased due to the reduced net debt as we continue to delever. As discussed in prior Tabcorp results, the high effective tax rate in the PNL was driven by non-deductible VIP license amortization and the interest discount unwind. Finally, NPAT before significant items grew at 61.5%. An interim dividend of AUD 0.015 per share has been declared, representing a 56% payout ratio and a 50% increase on the PCP. For the remainder of the presentation, I'll focus on three areas: the drivers of EBITDA growth, cost control to deliver operating leverage, and the strengthened balance sheet. Turning to slide 17, we can see the drivers of the 14% EBITDA growth delivered during the half. We are pleased to deliver this level of earnings growth in line with the modest turnover environment, which, as I've already discussed, was also impacted by unfavorable yields. The incremental earnings uplift from the Reformed Victorian Wagering License contributed an incremental AUD 21.7 million to VC, which was offset by AUD 9.5 million of costs, to deliver a net benefit to EBITDA of AUD 12.2 million. As discussed earlier, this is partly offset by the impact of VC of below-average wagering yields. Other benefits to earnings include the increase in Integrity Services VC, as a result of the annual CPI fee increase, as well as increased project work, and some benefit to VC from phase I of the new retail commercial model. Underlying costs improved by AUD 13.5 million, which I'll turn to now. Slide 18 demonstrates the focus on costs, which we have had over the last 18 months, with first half 26 OpEx benefiting from the annualization of actions taken in F 25, as well as the continuation of cost discipline on discretionary costs. Cost inflation remains an ongoing headwind, particularly in technology, we've more than offset this with AUD 13.9 million of cost reductions and a further AUD 10.5 million of cost benefits relating to A&P timing and some other smaller cost-related actions. Looking forward in the second half, we continue our ongoing focus to offset inflation. We also expect to incur additional advertising and promotion spend of around AUD 5 million in relation to the 2026 FIFA World Cup. Slide 19 demonstrates a continued focus on capital discipline, with CapEx for the first half 26 reducing 11% to AUD 51 million. Together with the increase in profitability, this has driven a 360 basis point return, basis point improvement on return on invested capital relative to the prior corresponding period. Our F26 CapEx forecast remains unchanged at AUD 120 million to AUD 140 million, implying an uplift in the second half run rate related to the rollout of the modernized betting terminals under the new retail commercial model. Turning to slide 20 and cash flow. Underlying cash conversion was 86%, impacted by the timing of some large payments in the first half. This is in line with expectations and similar to the first half of last year. We continue to expect that on a full year basis, cash conversion to be between 90% and 100%. One point to note is that cash interest expense of AUD 54.6 million includes AUD 24.9 million of interest relating to our annual payment each August for the Victorian license. This will not recur in the second half. All things being equal, the cash interest in the second half should be closer to AUD 30 million. On to slide 21. In November, we issued AUD 300 million under a new Australian Medium Term Note Programme. The notes carry a competitively priced AEG fixed coupon of 5.99% and a tenor of five and a half years. The AMTN delivered on our three objectives, being to diversify our funding sources, extend our average maturity, which now stands at 5.4 years, and increase liquidity. The strong AMTN outcome reflected the significant improvement in the company's prospects over the last 18 months. Slide 22 shows that our balance sheet remains strong and provides us with the necessary flexibility and funding capacity to pursue our strategy. At 31 December, leverage was 1.5 times, well below our target range of less than 2.5 times through the cycle. As I remarked at the outset, overall, this is a sound result, and we continue to deliver on our strategic agenda. I'll now hand you back to Gil for some closing remarks. Thanks, Mark. I believe the company continued to improve over the last six months. Our turnaround plan is on track. Earnings have increased, we continue to deliver meaningful cost savings, and our balance sheet is in good shape. We focused on executing our strategic agenda for the remainder of FY26 and beyond, and we're going to be relentless in executing it. We expect the wagering turnover environment in the second half to be similar to the first half. I'm pleased with the progress and happy to take your questions. As a reminder, to ask a question, please press star one and one on your telephone keypad and wait for your name to be announced. To withdraw your question, please press star one and one again. Please stand by as we compile the Q&A roster. Just a minute for the first question, please. First question comes from Andre Fromyhr from UBS. Please go ahead. Thank you. Good morning. Firstly, I just wanted to focus on the turnover environment. You call out in the second half, you're expecting similar conditions or the outlook looks similar to what you saw in the first half. Is that a comment, technically, around sort of the level of growth in terms of like a year-on-year growth rate? Or are you talking more in overall dollars of turnover? I'm wondering as well, if you can distinguish between the cash environment and the digital environment, because it looks like, you know, cash has outperformed in both a turnover growth and yield perspective in the half you've just reported. Yeah, thanks, Andre. It's Mark. We're talking about growth. I think we talked about turnover growth to the half, first half being around 0.3%. We sort of see it in that range of, you know, what we'd call modest growth, and we sort of see that continuing. I mean, in terms of the dissection between digital and cash, I'm probably not going to give you a forecast on that, but obviously we're just pleased with the trends we've been seeing as we've sort of exploited, I suppose, you know, our omni-channel assets. maybe another way to ask that, like, in terms of the mix of your cash business versus digital, how much a role is that playing? It looks like, racing as a category was weaker than sport, but also, you know, is this part of the, the strategy playing out, that you're having more success through, you know, building participation, in retail venues? Yeah, thanks, Andre. It's Gil. We're very confident in our retail strategy. We see obviously the DIV off flow basis, the digital and venue going up. Cash is in positive growth. You know, with some of the strategic things we're announcing today, whether it be the approval from ACMA or the success of different products in retail, it's central to our strategy, and we see underpinning our numbers. Maybe just the last one from me, and following up on that retail strategy. I understand, Gil, you sort of launched the new framework with your venue members late last year. It doesn't come into effect until the middle of this year, but what's been the reception so far? You know, is it right to assume that there are some venues that are gonna be better off immediately versus worse off immediately? And are you expecting any sort of attrition in your venues as you transition to the new model? Thanks, Andre. I mean, we've put retail at the center of our strategy, and we've called out the cash numbers, and I called out the digital and venue numbers as being strong. The model is simplified. We're gonna invest more in the network than the changes. We're working through that. We think, broadly speaking, we're on track to deliver that new commercial model, and we're actively engaged with the venues through that period, and comfortable where it's at. Okay. Thank you. Thank you. Next, we have Matt Ryan from Barrenjoey. Please go ahead. Thank you. I was just interested in some of the comments around TABtime and some of the growth that you're seeing from your younger cohort, and if you could just provide, any color on what you're seeing there. Obviously, that's the pretty strong numbers, you know, the benefits that that's giving to your business. I think, Matt, sorry, it's Gil. I think the standout number in the, in the decks is the fact that of, across the board, of total turnover, the 18-24-year-old category grew by 14.5, 14.2 or over 14%. You know, that's. I feel, when we're talking about, our push to, you know, talk to sport as much as racing, to be younger and more experiential and activate all our assets in that energetic way, whether it's TABtime or TAB Takeover or whatever, that number is the one that jumps off the page, I think, to me and to us. There's some different numbers in retail specifically, but 14% in across the board, not just in retail, in terms of a turnover increase, I think is one that says our brand repositioning is starting to get some traction. phase II. Quickly to talk about, you know, Sorry, Matt. I've called out. Right ... the sport, the experiential, part of that and that sort of energetic piece, but it's those products that, through omni-channel, through retail, that are obviously, I think, are important in all that, which you, which I think you're calling out. Certainly, that's my, that's my perception of your question. Yeah, that's what it looks like. I was just gonna also just ask about phase II of the new retail commercial model. I think you mentioned that EBTs may be arriving in the middle of this year. If you could just, I guess, talk about what the key features are of that phase II, and any comments around phasing or timing? We'll start rolling out the first week of July. EBTs are in production. I think what I'd say to them is they are obviously aesthetically, functionally compliance or significant improvements. They facilitate the use of cash, clearly, but also Tap to Pay functionality. There is, I think on a compliance basis, we are future-proofing what we can do that to be a safe and compliant retail network. They're not only new hardware, but all the software is being replaced and redeveloped, so that ultimately, any changes... First of all, the EBTs will interact with the same functionality and same look and feel as your, as the TAB app on your phone. Any upgrades and product development that plays out through the phone will play out through the terminal. You know, if we talk about having a seamless TAB experience, that will play out both on, in venue, in cash, in the same way as using your phone. I think that's significant progression. It's not only how it looks and feels, it's also the product, the fact that it's digital and cash, and there's also some compliance benefits as well. It will talk to the future state of the full maximization of our license. We think it's a very critical part of it, we will start rolling out nationally, first week of July. Thank you. Thank you. Just a moment for our next question, please. Next, we have David Fabris from Macquarie. Please go ahead. Hi, Gil. Hi, Mark. Can I just start off with In-play betting? Great to see you've got the ACMA clearance now. Are there any more hurdles that we need to think about, and can you provide a timeline for the rollout across all your jurisdictions, or is this more just a New South Wales piece up front? Thanks, David. I mean, I think it's... You can draw the line that we, you know, we want to be in lockstep with regulators, and we have the approval in New South Wales, and we're obviously well engaged with all state regulators, but the ACMA sign-off was important, so we paused 'cause we don't wanna be out of step with anyone. That approval coming through and being confirmed yesterday means now we will actively start rolling out in New South Wales and then get the, you know, work through the approvals in each state. The timing of those, I don't know, will be obviously, we're ready to go in New South Wales. I'm confident, given the discussions we've had, that with now, with the ACMA approval, that will play out and we'll push ahead quickly. Does that make sense? Yeah, no, crystal clear. That's fine. I appreciate that. The next question, I don't know how you'll take this one, but just curious to understand the place of BetMakers. I mean, are you signaling that there might be some shortfalls in your tech stack that BetMakers may have been helpful with? You know, I'm curious to unpack that piece, because if we think about BetMakers, you know, they've got retail terminals and a global tote, any commentary there would be helpful. Thank you. Thanks, David. I'll make some comments. First of all, I don't believe we've been in the position for the last, you know, I've been here, whatever it is, 17 or 18 months. I don't think we've been in the position, and we've been clear with you guys that our primary task was to get, you know, get fit and get our house in order. I think the fact that we are working through that phase, and I do believe we are now organized in a position that if there was a corporate opportunity, we are in a position with our balance sheet and our operating model to look at that. I would say to you that we are still focused on growing our business operationally and executing all the strategic initiatives in front of us. If any corporate opportunity presents itself, it would have to be absolutely on strategy. Any opportunity, we will be absolutely disciplined about price and about how we look at it. With respect to BetMakers, we haven't made any comment. I know BetMakers did. I would say, I don't think you should draw a line, the fact that it was a tech solve necessarily. It would be some tech advantages. There's other broader strategic opportunities in why we had a look at that. Ultimately it didn't make commercial sense to us because we're gonna be disciplined about things and it'd have to really stack up absolutely. I think there'll be other stuff around that people wanna put to us. We're in a position to talk to people. You guys need to know it'll have to be a great strategic fit. We'll be disciplined about anything we look at. I appreciate those insights. Very helpful. Thank you. Thank you. I would add, David, there, in terms of the tech piece. I wanna commend the work that our CTO has done in the last year, and the stability of our platform, and the way our tech environment's working, both within app and across retail, and what we're able to do functionally in that, and the upgrades and the control sets. I feel that we've made great progress on our technology, and I'm just adding to your specific question. Thank you. Next question comes from Justin Barratt, from CLSA. Please go ahead. Hi, guys. Thanks very much for your time. I just wanted to follow up on the TAB Live question. I appreciate you're developing the launch and rollout plan for New South Wales, but I just wanted to try and get an indication of how soon that could potentially start rolling out, and I guess whether that is included in your FY26 CapEx guidance, if you think it can be commenced in the next few months. Yeah. I'll let Mark talk to the CapEx guidance, but there is obviously EBTs in there, and they do have the functionality to deal with TAB Live, but they are broader than that. Obviously, I think we're well progressed and positioned with state-based regulators. I don't wanna preempt how long that would take, but I would say that we've been progressing our operating and operational plans for the rollout of TAB Live. Confident in our position with ACMA, which was endorsed yesterday, I think we're well advanced, and there'll be Mark might talk to the capital provisions. Thanks, Gil. The answer is yes, it's within the envelope of the AUD 120-AUD 140. There is an allowance for terminal spend, and TAB In-play stations in the second half, which will be rolled out into next year. There will obviously be some spend next year that will need to be incurred. I'll provide some guidance on that at the end of the year. What I'd say to what I per my speaker notes earlier, was that the uptick in run rate from a capital spend into half two will be largely driven by that terminal spend to support the new retail commercial model. Yeah. Fantastic. Okay, then. Mark, just while I've got you, I just wanted to see if you could divulge a little bit more around the cost reductions that you saw in this first half. I appreciate some of it has been the annualizing of processes or cost out from the prior year. I was just wondering if you could actually split it with Ed out and help us understand what potentially came from initiatives introduced in this financial year to date, please. Yeah. Most of it is, the vast majority of it, comes from Justin, from actions we took in FY 2025. Obviously, the biggest one was the zero-based design that we did towards the back end of the financial year that's flowing through this year and will play into half two as well. There's also some other smaller, call it, structural cost benefits that we've took that's part of that AUD 13.9 billion that we called out in the OpEx bridge. The other part, the sort of AUD 10.5 billion, was really around sort of tighter spend on some discretionary costs. We've talked about some benefit from AMP timing, and some of that AMP spend, as I called out, will be incurred. About AUD 5 million of that will actually come into half two to support the 2026 FIFA World Cup. Yeah. Okay, just to follow that up, I mean, in terms of that AMP spend, is this a new baseline for us to sort of think about AMP spend going forward? Or was it just the timing event in this half that sort of drove that cost reduction? Yeah, about half of that AUD ten and a half million was the AMP, and that, as I said, that will go into turn half two. I think across the year, you'll see it you should be able to work out then what that brings as a baseline spend on it. Fantastic. Thanks very much for that. No worries. Thank you. Next, we have David Katz from Jefferies. Please go ahead. Thanks for taking my questions. First one is a bit of a follow-up from David's question earlier. You've obviously flagged a sort of your CapEx reduction you had in the first half and given CapEx guidance for the full year, you'll likely continue to delever this year, and you're below your target gearing. Excluding any sort of M&A, how should we think about uses of capital, balance sheet, capital management going forward? Thanks, David Katz. Look, I think what I've sort of said to help you sign on that there are a number of relatively sizable payments in the first half that have impacted cash flow. To call a couple out, the VIC License, the AUD 30 million TAB Value Add, the contribution, the stub liability is paid in the first half, some sponsorships are weighted to first half as well. I've given you sort of the capital envelope for the second half. That's sort of as you think about cash and cash flow, I suppose the other piece of the puzzle is, where it's said that, you know, we expect cash flow conversion to be in that 90%-100% range. I think that should give you sort of all the building blocks as it relates to sort of capital allocation for that for the year. Then, as a follow-up, you know, the sort of trend of sports outperforming racing has seemed to continue. Based on your turnover numbers, do you guys think you're sort of outperforming the market in those categories, or that's pretty reflective of what the market's sort of done in the last half? I think it's hard to know that. We just focus on what we are doing. I think everyone will have a better idea over the coming days, but there's also a lot of numbers out there that no one gets to see. We're just focused on being better and growing our business. I'd say also that while sports outperform, racing is leveling out and stabilizing, which I think is pertinent. Cool. Thanks. I'll pass it on there. Thank you. Next, we have Rohan Sundram from MST Financial. Please go ahead. Hi, team. Just a question on the National Tote. Apologies, Gill, if you already touched on it. It looks like everything's progressing in terms of timelines. How would you describe the industry discussions and engagement to date? Maybe if you could just reiterate the upside for customers and for Tabcorp in achieving this. Thanks. Thanks, Rohan. I think I called out in my commentary that I'm appreciative of the support of all the PRAs and their ability to lean into this. There is, you know, it's change. We've had strong support, I think there is a mandate to go to a National Tote that's unequivocal now. Our tech development is largely complete and getting regulatory approval in most jurisdictions. We think we've got a commercial model that could take us through, there's some executional stuff to play out, but we feel actually we're on target to deliver in this financial year. In terms of what that brings, I think the liquidity that will bring will actually beget its own additional liquidity, that's what's ultimately important here. With that, then, that hopefully, and I'm confident, will then also bring the opportunity for product development and broader international Commingling and liquidity opportunities. You know, the liquidity will actually drive, I think, broader liquidity. We will develop products and hopefully not just products for racing, but also for sports, and also there is international Commingling opportunities. I think it's a very important thing for us. I'm pleased with where we are in a very difficult thing, both sort of politically, technically, and commercially to get done. I feel we're going okay. Thanks, Gil. Thank you. I see no further questions at this time. I will now hand the conference back to Gillon for closing remarks. Thank you. Thank you all for your questions. Thanks for dialing in. I think I'll just reiterate where I finished. We are operationally going better every day, but we've got work to do. We're very comfortable with our strategic plan and where we're going, and we've got high conviction on that, and I think certainly across the business. I think we're starting to see some of that come through in our numbers, whether it's younger customers or what's going on in retail. We've got a lot of initiatives on the board that we need to get done. We've confirmed where we think the market's going, and we're pleased with where we're at, but not not overconfident. We know we've got lots to do, but happy to be where we're at the half. Thanks for your support, ongoing. Look forward to seeing you guys out over the coming days. Appreciate it. Thanks, everyone.