I would now like to hand the conference over to Mr. Harry Konstantinou, Chief Executive Officer. Please go ahead, sir. Thank you. Good morning, ladies and gentlemen, and thank you for joining us for Viva Leisure's Half Year 2026 Results Presentation. I'm joined today by our CFO, Mr. Kym Gallagher. This morning we released our results announcement and investor presentation to the ASX. We are webcasting live, and this recording will also be available on our investor website later today. The agenda today will follow a similar structure to previous presentations. I'll begin with the highlights and context around our performance, hand over to Kym who will walk through the detailed financials, and then I'll come back to cover our strategy, outlook, and guidance before opening up for questions. Before we get into the detail, I want to be clear about what this half year represents. Six months ago, we told the market that we were shifting our focus from physical rollouts towards network optimization, technology, and profit conversion. These results are the first full demonstration of that strategy in action. We said we would do more with what we have, and this is exactly what we have to do. Are you going to have the speaker line muted? No. Can you hear me? Hello? I'll just keep going. In past presentations, I've often opened by talking about the resilience of our industry. I'll just keep going. The quality of our earnings and the efficiency of our capital deployment. This half delivers on what matters most to shareholders: profit conversion and cash generation. Statutory NPAT grew 168% to AUD 5.2 million. Adjusted Free Cash Flow increased 25% to AUD 19.9 million. We deliberately shifted capital allocation from physical rollouts toward technology and platform development, and TPLR revenue grew 45%, now representing 8.1% of group revenue. We see this as the best return on investment in the business. Just for clarity, we previously referred to TPLR as TPLS, but we have renamed it to TPLR as we feel the retail wording better defines where we are heading with this segment. The other point I want to make upfront is about organic growth. Without acquisitions and with just one net new site for the half, the corporate network added over 7,000 members organically. This is a clear signal that our network optimization is delivering results. This is a clear signal that while we have also in the past used acquisitions to achieve scale at pace, having completed over 100 separate acquisitions in six years, and we had some investors querying our ability to grow organically, these results show what we can do. I will talk more about this growth and utilization a little bit later on. From our perspective, it is very simple. We are growing because more Australians are choosing our clubs, and our existing members are staying longer. Health and fitness is a priority, and we will continue to be even in a world currently disrupted by AI. The fitness industry will show resilience as it has. The fitness industry is a turn-up model that you simply cannot send your AI agent to go and do your workout for you. And for this reason, we believe that while AI will help the business internally and with operations, our members will still need to turn up, and this is exactly what we see with over 100,000 visits each and every day currently throughout our network. Moving to slide 3. This slide captures the key themes of the half in one place, and I want to draw your attention to a few things. Underlying NPAT is up to AUD 8.1 million, an increase of 46.8% on the prior corresponding period. Revenue reached AUD 116.5 million, our eighth consecutive half of revenue growth. And as just mentioned, we achieved this with no acquisitions in the period. Zero. Every dollar of growth in the half came from the existing network and the new revenue streams we are building. Again, I'd like to highlight that eight consecutive halves of revenue growth would actually be 11 or more consecutive halves if it wasn't for the COVID interruption. TPLR segment revenue grew 45% year-over-year and now represents 8.1% of total revenue, up from 6.5%. This is the highest margin, most scalable part of the business, and its growth trajectory is exactly what we have been telling the market to expect. On the balance sheet side, we reduced senior debt by AUD 2.6 million, bringing net leverage to approximately 1.7 times. Our CBA facility terms were revised during the half, with the net leverage covenant limit increased from 2.25-2.5 times, which gives us additional flexibility as we continue to invest in our business. Cash flow was strong. Adjusted free cash flow of AUD 19.9 million, up 25%. Operating cash flows of AUD 42.2 million, up 34%. These are not theoretical numbers. This is the real cash coming through the door. On capital management, we have announced the recommencement of our on-market share buyback of up to 10% of issued ordinary shares. The board's view is that the current share price does not reflect the underlying value of the business, and a buyback is an efficient use of our cash to create value for remaining shareholders. And finally, the guidance table on the right-hand side. For FY26, we are guiding to revenue in excess of AUD 237 million, statutory NPAT above AUD 11.5 million, and underlying NPAT above AUD 16 million. That underlying NPAT guidance is more than 20% above current analyst consensus. We would not issue these numbers if we did not have a high degree of confidence in achieving them, as we have done in every year we have provided guidance. Moving to the financial highlights slide. Revenue of AUD 116.5 million, up 17.6%. Underlying EBITDA of AUD 25.4 million, up 20.8%. Underlying NPAT of AUD 8.1 million, up 46.8%. EBITDA margin has expanded to 21.8% from 21.2% in the prior corresponding period. Essentially, all of the things we have said would occur, have occurred. Adjusted free cash flow of AUD 19.9 million, statutory EBITDA of AUD 54.1 million, including normalizations, up 14.8%. Statutory NPAT of AUD 5.2 million. That's 168% growth number that I mentioned previously. Statutory EPS of AUD 0.0532, up 173.8% from AUD 0.0195. The theme across every single one of these metrics is growth, and growth at an accelerating rate on the earnings line. Revenue grew 17.6%, but NPAT grew 168%. This is operating leverage at work. As we continue to optimize the network and grow high-margin revenue streams like TPLR, we expect that leverage will continue flowing through to the bottom line. Our team, which now exceeds 2,500 members, has done an amazing job, and I would like to acknowledge them for their effort and achievement. It belongs to them as much as it belongs to all of us. Slide 5, the three pillars, one platform. This slide shows the breadth of our platform across our three pillars, and I want to spend a moment on each because the interplay between them is what makes this business unique. In health clubs, we now operate 202 corporate locations with 265,612 members as at the half year, generating AUD 102.9 million in revenue, up 16.3%. That revenue growth came from net growth of just 5 locations and strong organic member additions from the PCP. Average utilization across the network is now above 78%. This is well above the previously reported numbers of low 70s. Average members per corporate club has risen to 1,314 from 1,210 a year ago. This is a meaningful increase in the productivity of our existing asset base. When you bring a member back to its average revenue, the approximate increase of 100 members per location across 200 locations adds about AUD 16 million of incremental revenue at high margin due to the fixed cost nature of this business. This increase is as a result of the successful network optimization we keep talking about. In regards to the network optimization program that we announced at the full year results, the program has driven more than 11,000 net new organic members from June through to today. We are not opening clubs to chase member growth. We are continuing to fill the ones we have, and it is working. Every additional member we add to the existing club drops through at a significantly higher margin, as mentioned, than the first because the fixed cost base is already in place. Not to keep hammering the point, but this is exactly what you are seeing in the results today. In the franchise network, we now have 316 locations with 390,000 franchise members. Plus Fitness continues to grow strongly. Across all franchise operations, both owned and part-owned, we have 171 franchise locations sold in our pipeline, which we expect to open over the next 12 to 24 months across Australia, Singapore, and the UK. Each of these locations represents a low-risk, high-reward proposition for Viva. The franchisee commits the capital. We receive recurring franchise fees from revenue through Viva Pay and our technology platform. The international expansion is worth highlighting. We now have 10 locations committed in Singapore, and our first Plus Fitness UK location is set to open in April. These are not speculative moves. They are demand-led, backed by committed franchisees who see the strength of our model and brands. Importantly, each franchise location generates the same technology and payments revenue for Viva as a domestic franchisee does. Then TPLR, technology, payments, licensing, and retail. This is pillar three, and this is the growth engine. Revenue of AUD 9.3 million, up 44.7%, now 8.1% of our group revenue, up from 6.5%. This is the highest margin, most scalable segment in the business, and I'll come back to this in more detail shortly. At the bottom of the slide, you'll see the headline numbers: 518 open locations, 656,000 members, AUD 116.5 million in revenue for the half. We are Australia's second largest fitness network. What matters is that every one of our 650,000 members pays Viva or a Viva franchisee every fortnight. This is the truest reflection of a committed, growing membership base. Moving to slide six. I like this slide because it puts the half year in context. On the left, you can see the revenue trajectory from AUD 40.9 million in FY20 to AUD 211.3 million in FY25, and now AUD 116.5 million in the first half of FY26 alone. The forecast for the full year sits at AUD 237 million, which would be our seventh consecutive year of revenue growth. This is not a cyclical pattern. This is a structured growth story on a model that compounds. On the right, EBITDA has followed the same path. The first half of FY26 came in at AUD 54.1 million on a statutory basis, including normalizations. On a full year basis, we are guiding to in excess of AUD 111 million. The growth in EBITDA has consistently outpaced revenue growth, which tells you that this business has real operating leverage. The more revenue we generate, the more of it that flows to the bottom line. For those who have followed us from IPO, the transformation is clear. For those who are newer to the story, this chart is the simplest way to understand what Viva is: a business that grows revenue, grows earnings, and does so with increasing efficiency year after year. Slide seven. This is one of the most important slides in the deck for this half year because it directly addresses a question we often get: how much of your growth is organic, and how much is acquisition-driven? Average members per corporate location, as previously mentioned, has increased from 1,210-1,314. That is an increase of 104 members per location. When you multiply that across 202 clubs, you start to see the scale of the organic opportunity we are unlocking. From PCP, we grew from 197 to 202 corporate clubs, a net increase of just five, and yet health club revenue grew 16.3% to AUD 102.9 million. We added approximately 27,000 members on a net basis over the prior corresponding period, of which roughly 17,000 were organic. The message here is straightforward. We do not need to acquire businesses to grow. We are doing it by making every club in our network better through better management, better marketing, better member experience, and better use of data and technology. When a club goes from 1,210 to 1,314 members, that incremental revenue comes at a very attractive margin because the rent, the staff, the equipment, all of that is already in place. Network optimization is not a one-off program. It is now embedded in how we run the business, and I expect it to continue delivering results for multiple years ahead. With average utilization at 78%, there is still capacity in the network to absorb further growth without material capital outlay. With that, I will now hand over to Kym, who will walk you through the next few slides covering our profit and loss revenue balance sheet, cash flow, and adjusted free cash. Thank you, Harry, and good morning, all. I'm on page nine. As Harry has noted, Viva Leisure has delivered another strong half-year result. This half delivers on what matters: profit conversion and cash generation. Our financial performance reflects the continued success of our growth strategy, strong membership momentum, and increasing contributions from our technology and payments platform. Total revenue for HY26 increased by 17.6% to AUD 116.5 million, representing our eighth consecutive half-on-half period of revenue growth. This is a strong result achieved predominantly through organic growth, with no acquisitions completed during the period. Our underlying EBITDA grew by 20.8% to AUD 25.4 million, once again demonstrating margin expansion with EBITDA growing at a faster rate than revenue. The underlying EBITDA margin expanded from 21.2% to 21.8% in the prior corresponding period. This is particularly pleasing given we achieved this without the benefit of acquisition-driven scale. The standout metric for us this half is NPAT. On an underlying basis, NPAT was AUD 8.1 million, up 46.8% on the prior corresponding period. Statutory NPAT grew 168% to AUD 5.2 million, which importantly exceeds the full-year result for FY25 on a statutory NPAT basis. Statutory EPS increased 173% to AUD 0.0532, while underlying EPS grew over 50% to AUD 0.0826. This earnings growth, combined with our ongoing share buyback program, is delivering meaningful accretion for shareholders. The key drivers behind the strong profit conversion are the expanding revenue from our high-margin TPLR segment and disciplined cost management. On the right-hand side of this page, as you can see, AASB 16 reconciliation bridges the statutory and underlying figures. Rent expense increased by 9.9% to AUD 28.7 million, growing at a material lower rate than revenue, reflecting the operating leverage inherent in our business model. I'm on slide 10. This page shows the contributions of each of our revenue segments and where the growth is coming from. Total revenue growth of AUD 17.5 million was delivered across the business. What's encouraging is the diversification trend. Franchise and TPLR now represent 11.7% of group revenue, up from 10.3% in the prior corresponding period, and contributed 18.6% of the total revenue growth. Looking at the pillars, the first one is health clubs. Health clubs remain our largest revenue contributor at AUD 102.9 million, up 16.3% on the prior corresponding period. This segment delivered AUD 14.4 million of incremental revenue underpinned by network optimization and improved utilization across our existing clubs. Importantly, this growth was achieved with corporate locations increasing from 197 to 202, an increase of just 5 sites over half-year 2025, demonstrating that we are driving significantly more revenue from our existing network rather than relying on new site openings. Corporate members grew 11.3% to over 265,000, highlighting the increased utilization and yield per club. The franchise pillar. Franchise revenue grew 10.5% to AUD 4.2 million, with franchise locations increasing 13.3% to 316, and franchise members growing 9.9% to over 390,000. There are 171 franchise locations that have been sold across the Plus Fitness, World Gym, and Boutique Fitness brands, all expected to open in the next 12-24 months. As these come online, they will contribute not only franchise fees but importantly drive incremental TPLR revenue as Viva Pay and other technologies are rolled out across these locations. The third pillar is technology payments, licensing, and retail. This is our standout growth segment. TPLR revenue grew at 44.7% to AUD 9.3 million, now representing 8% of the total group revenue, up from 6.5% in the prior corresponding period. This is our highest margin, most scalable division, and represents the growth engine of the business. Key contributors include Viva Pay, which is now contributing over AUD 6 million per annum, and our vending and supplements business, which are also now exceeding AUD 6 million annualized. As mentioned by Harry, we see TPLR as our highest return on investment and a key focus area for long-term growth. With the expansion of Viva Pay across our franchise partners, the rollout of new technology products in the second half, and the growth of Suppsidiary, we expect this to remain our fastest-growing segment. I'm on page 11. The balance sheet reflects a period of consolidation and discipline. Unlike the prior corresponding period, which included AUD 23.5 million in acquisitions and AUD 6.1 million in strategic investments, this half had no acquisition activity. The total assets were at AUD 603 million, with key movements being an increase in cash to AUD 18.2 million from AUD 12.9 million at the end of FY25, and a modest increase in property, plant, and equipment to AUD 129 million, reflecting our continued investment in club upgrades and technology infrastructure. On the liability side, the key highlight is that senior debt was reduced by AUD 2.6 million to AUD 97.9 million. Net leverage now sits at approximately 1.7 times. Net assets increased to AUD 116.5 million from AUD 110.9 million. Importantly, we continue to grow shareholder value with the recommencement of the share buyback and with all the growth in the half funded through operating cash flows. I'm on slide 12. This page shows the statutory cash flow movements for the period. Operating cash flows increased 34% to AUD 42.2 million, up from AUD 31.6 million in the prior corresponding period. This is a significant improvement and demonstrates the strength of our recurring revenue model and cash-generative nature of the business. Capital expenditure on property, plant, equipment, and intangibles was AUD 13.1 million, down from AUD 15.9 million in the prior corresponding period, reflecting a deliberate shift away from the aggressive greenfield rollouts towards optimizing our existing network and investing in technology during the period. Critically, there were no acquisitions during the period compared to AUD 23.5 million spent on acquisitions in the prior corresponding period. This reflects our strategic pivot towards organic growth and profit conversion. Debt repayments of AUD 2.8 million were made during the half compared to net borrowing increase of AUD 33.4 million in the prior corresponding period when we were funding significant acquisition programs. The result is a closing cash balance of AUD 18.2 million, broadly in line with the prior corresponding period of AUD 18.1 million, but importantly achieved while simultaneously reducing debt, a clear demonstration that we are now generating surplus cash after funding all operating and capital requirements. I'm on slide 13. This is a detailed restatement of the cash flows to determine our adjusted free cash flow after adjusting for the impacts of AASB 16. Net receipts from customers increased to AUD 56.7 million from AUD 43.4 million, a 31% increase, reflecting the strong underlying revenue growth of the business. Operating cash flows on an underlying basis were AUD 22.9 million, up from AUD 18.9 million in the prior corresponding period, which is an increase of 21%. After deducting maintenance CapEx of AUD 3 million, adjusted free cash flow was AUD 19.9 million, which is also up 24.9% from last year's AUD 15.9 million. This continues the trajectory of improving free cash flow we have demonstrated over successive corresponding periods, from AUD 13.1 million in the first half of 2024 to AUD 15.9 million in the first half of 2025, and now AUD 19.9 million in the first half of 2026. On the right-hand side of the page, you can see we reinvested during the period as well, AUD 7.4 million in growth CapEx and AUD 2.6 million in technology investment. The total growth investment was AUD 10.7 million. What this means is that after funding all maintenance and growth activities, we still had surplus cash available, and this is what has enabled us to reduce debt by AUD 2.8 million while increasing our closing cash position by AUD 5.3 million during the half. Moving forward, the business is well positioned to continue generating strong free cash flow. Our debt facility remains available to fund any strategic opportunities, and as announced, the share buyback program will recommence, providing further EPS accretion for shareholders. Thank you. I'll now hand back to Harry. Thank you, Kim. Now, let me bring us forward to where we are today, and this is important context for the guidance we are issuing. Since 31st of December, Viva has achieved its strongest start to a calendar year in its history. Network membership has grown to over 670,000. That is an increase of more than 13,000 members since period end. To put that into perspective, this is a net increase of over 300 net new members across the network each and every day of this calendar year. We appreciate that some of you believe that the New Year's resolution situation may drive this, but please take into account we only ever report net growth, and our net growth has gone up quarter-on-quarter, half-on-half every year. So the numbers you see here are essentially the base that we will build on each month. I do not remember a month other than COVID when membership has gone backwards on a net basis. In regards to our corporate network, membership has now exceeded 270,000, up 4,000 since December. So we added 7,000 organic members without acquisition in the first half, and since the end of the half, we have added another 4,000 organic members. That network membership growth alone contributes AUD 13 million in incremental annualized recurring revenue across the corporate and franchise network. I want to be clear about what this means. It is not projected revenue or aspirational revenue. These are members who have signed up and are on direct debit and whose fortnightly payments are already flowing through our systems. If we were a SaaS business, this is equivalent to our annual recurring revenue. When I talk about the predictability of this business, this is what I mean. We can see the revenue building in real time, week by week, and the trajectory since January has been strongest we have ever experienced. January and February are historically strong months for the fitness industry, but even adjusting for seasonality, these numbers we are seeing are ahead of internal expectations. Slide 16. I want to spend some time on TPLR because, as we've mentioned through this call, this is the segment that will define Viva's next phase of growth. TPLR revenue reached AUD 9.3 million for the half, up 44.7%, and now represents 8.1% of group revenue. It has four components. First, technology. Through Viva Labs, we are piloting our priority door access solution at World Gym, commencing next month. To refresh, this system is already in place at our corporate locations as well as throughout the Plus Fitness franchise network. We have new revenue-generating technology products set to launch in the second half, and our next generation online member joining experience is very close to going live. We are very excited about this as it's a unique approach to joining that allows the full joining flow to occur in less than 45 seconds on average. This is taking a system of signing up to the next level, and we feel this is a game changer for simplicity. When we listed this business, we described ourselves as a technology-focused health club group. People didn't quite understand what we meant at the time, but TPLR now approaching AUD 20 million on an annualized basis, I think this is starting to make sense. Secondly, payments. Through Viva Pay, currently contributing over AUD 6 million per annum and growing. The World Gym payments migration is on track for the second half of FY27, which will add further volume to the platform. Viva Pay is not just a revenue line. It gives us real-time visibility into member payment behavior across the network, which feeds directly into our retention and optimization efforts. Third, licensing technology to third-party operators is a scalable capital-light revenue model. We have a growing pipeline of external licensing opportunities, and this is a revenue stream that did not exist 12 months ago. We see this becoming a material contributor in the future. And fourth, retail. Through Suppsidiary. We now have three branded stores open plus an online presence with a target of 20 or more locations by 31st of December this year. Vending and supplements revenue now exceeds AUD 500,000 per month on an annualized run rate of over AUD 6 million. When you step back and look at TPLR as a whole, this is a high-margin recurring revenue stream that grows as the network grows, both our own network and our franchise partners' networks. Every new location that opens, whether corporate or franchise, whether in Canberra or Singapore, automatically generates TPLR revenue. This is the flywheel effect of the business model, and it is why we are targeting more than AUD 28 million in total TPLR revenue for FY27. This is from a standing start only a few years back, and we expect it to continue to grow at over 40% year-on-year moving forward with 30%-40% net margin across this pillar. Strategy and outlook. Our strategy for the next 12-24 months is focused on converting scale into returns. In health clubs, we will continue the network optimization and brand rationalization program. The Rebalance conversion to Club Pilates is nearing completion, and we have retired the Psycle Life brand after closing 2 locations. Since June 2025, the strategy has resulted in more than 11,000 net new members, as previously mentioned, with net locations increasing by just 1 to 202. That tells you growth is coming from utilization, not expansion, and this is a more profitable way to grow this business. In franchise, we've mentioned 171 locations sold with fees paid across Plus Fitness, World Gym, and Boutique Fitness. All are expected to open over the next 12-24 months. We have expanded into Singapore with 10 locations now committed, and our first Plus Fitness UK location is set to open in April, as I mentioned earlier. Each of these is low risk, high reward for Viva as the network owner or part owner of those networks. The franchisee puts up the capital. We receive the recurring fees. Payments, revenue, and technology revenue start to flow from day one. In TPLR, as I mentioned, we are targeting greater than AUD 28 million in total revenue for FY27. That is a significant step up from the current run rate and is underpinned by product launches already in progress, the World Gym payments migration, the licensing pipeline, and the continued rollout of Suppsidiary physical stores located within health club locations. There is simply no better way to reach members than when they visit the club. On capital management, the board has resolved to recommence the on-market share buyback, as mentioned, of up to 10% of issued shares. We have the cash flow to support this, the balance sheet to absorb it, and we believe it is the right decision when the market is pricing the business below our view on intrinsic value. This is the final slide now before I open for questions, and it brings together everything. For the full year FY26, we are guiding the revenue in excess of AUD 237 million. That is up 11% from FY25, statutory NPAT above AUD 11.5 million, statutory EBITDA above AUD 111 million, and so on. The underlying NPAT guidance of more than AUD 16 million exceeds current analyst consensus of AUD 13 million by more than 20%. We would not put a number in front of the market unless we had a high degree of confidence in delivering it. Our track record on guidance speaks for itself. When we set targets, we deliver on them. We achieved underlying impact of AUD 8.1 million for the first half, so we believe the AUD 16 million, notwithstanding its 20% growth over PCP, is a conservative target. The confidence comes from the visibility we have in our business. We can see the membership grow in real time. We can see the TPLR revenue building month-on-month. We can see the franchise pipeline converting, and we can see the operating leverage flowing through as the network matures and our high-margin revenue stream scale. This business is the strongest position it has ever been. We have scale that took 20 years to build. We have multiple growth levers: organic membership, franchise expansion, TPLR, and international. We have a technology and payments platform that creates high-margin recurring revenue that no other operator in the world has, and we have a management team that has been delivering on its commitments since before this business was listed. I want to close with one final thought. The shift we made six months ago from expansion to optimization, from physical rollouts to technology and platform development, was a deliberate choice. This half year proves it was the right one. Profit conversion is up. Cash generation is up. Margins are expanding, and we are growing organically at a rate that compensates for the slower pace of new site openings. Health and fitness is not discretionary spending for our members. It is a core part of their lifestyle. Our data tells us that our biggest demographic is Gen Z, and as the generation ages and starts families, their habits carry forward. The structural tailwinds behind this industry are strong, and Viva is better positioned than anyone in Australia to capture them. I mentioned at the full year results last year that we have no headwinds in front of us, only the open runway of opportunity that comes from a proven model, a growing platform, and the confidence of a team that has been doing this for over two decades. Thank you for your time this morning. I would now like to open up for questions. Thank you. If you wish to ask a question, please press star, then one, on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star, then two. If you are on a speakerphone, please pick up the handset to ask your question. Our first question for today will come from James Bisinella with Unified Capital Partners. Please go ahead. Hi guys. Congrats on the result, particularly on the profit line. Just a few questions from me. First one on that organic member growth, the corporate members of 4,000 added in the year-to-date period. Please maybe remind us sort of how that compares to PCP and talk to typical seasonality that you see coming through in the business. Yeah. Thanks, James. Traditionally, we've told the market that our average is somewhere between 1,400, 1,500 members a month. That's the net growth that we expect, and that's blended in with a standard amount of acquisitions that we've done. With no acquisitions achieving what we've done, 4,000 members, 3,500 of those were in January, and we're only halfway through February. So we're pretty confident we'll get probably close to 5,000 members for the first two months. We see that more than double a traditional period. In regards to the January seasonality comparison, it's probably about 30% higher than we have seen in the past. Okay. Great. That sounds really strong. And then incremental-type margins. I think in terms of location, EBITDA margin for corporate, that's at that 40% level. So in terms of leverage you're expecting to come through in the business as you continue to scale organically, can you just maybe talk towards that as well? I think that's going to be related to the TPLR and the supplements businesses that we're rolling out. We look at membership, and we understand that we can increase membership occasionally here and there, but the third-party revenue that we're seeing currently sits at somewhere around AUD 0.80 per member, and our target is to get that up to AUD 2 per member per week. So then you're not necessarily just relying on the recurring direct debit membership that comes through. You're seeing the incremental spend, which falls through quite nicely to the bottom line. We've previously mentioned that our supplements business generates somewhere between 40%-50% margins, and we're continuing to see that. It's a high-margin business, supplements and all the other add-ons that we're adding, like digital signage that form part of this segment. What we also see, James, is that being a high-fixed-cost business, once we clear that break-even point, the incremental EBITDA margin improves, obviously, as we get these additional sources of revenue. So by optimizing the existing network, by increasing sales through TPLR and yielding memberships up a little bit higher, we do see that as really good margin expansion across the next period of time. Absolutely. And just to follow on from that, in terms of the World Gym Viva Pay migration, I think that's later for the second half of 2027. Can you just remind us on the expected contribution from that? It'll be similar. World Gym has a similar amount of members to Plus Fitness. So Plus Fitness network, roughly 200,000 members. World Gym has 200,000 members with a quarter of the sites, their bigger sites. So we're currently generating about AUD 6 million from the Plus Fitness network that runs on Viva Pay and the technology. We would expect somewhere around that range. So you would probably budget around AUD 5 million to start with, and we would go from there per annum. And that's all really high-margin as well. And just last one from me on corporate openings, the expectation to the second half, or maybe are there any DAs and things like that out there, and what's the view into the next half on those corporate openings? Yeah. Look, we have, I think, 5 or 6 committed DAs that we're working on, but we're constantly looking at opportunities. I think this week, the team met, and we had about 10 opportunities presented to us that we're going through. So we'll pick the right ones. At our scale now, we can be a little bit choosy about where we go. And look, I think the network optimization is our priority. The rolling out of the Suppsidiaries is our priority. If we find an amazing site, we'll take that lease. But otherwise, we're happy to continue doing what we do and what we said we would do six months ago, but we'll continue that over the next 6-12 months as well. But it's also, James, kind of business as usual. Just because we haven't called it out as how many greenfield sites we've got opening moving forward, as we normally do in prior periods, doesn't mean that we've stopped. So in other words, we'll just continue, not quite as aggressively as before, but with utilization bumping up into the high 70s now across the existing network, it makes sense to grab some more real estate when the opportunities present themselves, particularly when you've got not only the net membership fees coming in from a new site, but also all of these new sites will now be of sufficient size to fit in supplement stores within, as well as expanding the digital technology through screens, etc., into the new locations. So as I said, it's more business as usual. We will always continue to grow greenfield sites in the order of between probably 5 and 10 a year. It's just not something that we've called out necessarily in this presentation. Okay. Great. That's it for me. Thanks for taking my questions. Thanks, James. Your next question will come from Nick McGarrigle with Barrenjoey. Please go ahead. Thanks, guys. Maybe just to comment on the guidance, it looks like it's really just an annualization of maybe the last month or two of the year. Is it fair to say you've just provided guidance on the basis of where you're kind of run rating now as opposed to necessarily assuming much growth in members or yield, etc.? Yeah. We've been conservative on those estimates. I mean, when we looked at the numbers, we've got a continuous disclosure obligation when impact is higher than 15% of consensus, and it was. So we just called it out saying it was specifically, but then, yeah, we've just basically annualized that out. Look, the growth that we've seen, and as I mentioned when I was talking earlier, is I don't remember a month where on a net basis, we've gone backwards in membership. So these members that we've signed up this year will continue to contribute and will continue to grow. So I think we'll do better than that, but we're happy to commit to those minimums. And that's why I think we put a minimum number in. Not only that, Nick. I mean, it is kind of business as usual moving forward, but we are still jumping AUD 116.5 million revenue up to AUD 237 million for the full half. So it's still running at a decent clip. And given that that's all organically based, as well and that obviously flows down to impact, which, as Harry mentioned, is while we reported AUD 0.081, we're guiding to AUD 0.16 as a minimum. It's a minimum of 16. It's not actually 16. So we fully expect to exceed that, but it's just seeing how we go across the next couple of months before we can probably put a much bigger laser point on what exactly that number's likely to be. But we still see fairly significant growth on top line moving forward and member growth. So it's not like we're just standing still and have doubled the results for the half. Great. Thanks. And then maybe on a five-year view, you've taken a pause on Greenfields, but how do you feel the opportunity set is there? And I guess tossing that up versus continuing to reinvest free cash flow into the tech and franchisee services side of the business, how do you prioritise those two different things, or can you do both? I think we can do both. I think with technology spend, I expect that to reduce over time. I mean, the team is at a scale now that with AI, they're more productive. With the AI coding abilities that they have, they're able to put out more products, more features, more modules than they have in the past. So I don't expect the cost to go up there, but it means everything we create is a revenue stream, is a product for ourselves, but also a revenue stream from our franchise network. So I think that will all continue to grow. In terms of the next five years, look, we will probably do somewhere around 10 sites a year, not including any acquisitions that might come up. We're not actively looking for them, as we said, but if they come up. 10 sites a year is still one corporate site a month. But our focus and our team's focus is on the optimization and rolling out these Supps stores, which we think are just really simple. And the Supps stores will sit within existing clubs, or are you talking about standalone stores? No, they sit within existing clubs. So remember, over time, we've done things like we've closed creches and things like that. So we have capacity in some locations to put standalone stores inside them. So there's three models that we have with Supps. One, the basic model is just we're selling supplements out of there, and that's it, stands of supplements. And those stores do okay. The second model is a more dedicated store with a dedicated team member and giving advice and more stock. And the third model, which we've got operating in 5 locations, so the 3 World Gyms and 2 Club Lime locations, is a full-service supplement store but also smoothie store. And we're seeing really good returns on those stores. So where membership warrants it, we have the space. We'll go for the full model. But otherwise, we've got two smaller models that we can also deploy. But yeah, they'll just be inside. So no additional rent, just a bit of CapEx. CapEx ranges anything from AUD 50,000-AUD 250,000 for the full model. But a site that's running in full speed ahead will do AUD 30,000 a month at a 40%-50% margin. So the payback is pretty quick on these locations. Great. Thanks. And then you are running through a few refurbishments or lifting a few existing sites. Is there a pipeline of that? I assume that's largely what the AUD 7.4 million of growth CapEx is, more focused on that, right? Yeah. Yeah. So yeah, part of that was, I guess, the tail end of rolling out some of the greenfield sites that we had projected at 30 June. Still got a couple that we're rolling out. As Harry mentioned, we've got a couple of leases in front of us. So I mean, that kind of growth CapEx will continue. As far as the refurb program concerned, I mean, there's always sites that can do better. I mean, we're sitting at 78%, I think, utilization group-wide at the moment, but that doesn't mean they all are. I mean, if you look at ACT, for example, it's more like 95% utilization. So not much work to do in ACT, but some of the other states and locations certainly need some work done. But we'll put that in conjunction with certainly some of the bigger stores to put the subsidy in there as part of that refurb and kind of knock it off all at once. So there'll always be kind of that ongoing program. But the scale that we did, I think it was across 2023, 2024, that covered off the bulk of the sites across the network, which won't need to be touched now and probably until 2030. So as I said, there's always an ongoing refurbishment program going on. We'll just use this as take advantage of putting in supp stores at the same time. Cool. Thank you. And maybe just the last one from me. Can you tell us, I guess, on a roadmap perspective across the tech solutions and the payments, particularly how far you are through the franchise networks across those different things? And I guess if you can lay out next year, year after year after, what potentially becomes available for you to deploy some of those higher-margin revenue potentials? Yeah. Okay. So it's fully rolled out to Plus Fitness, and that's what's generating annualized about AUD 6 million of tech and payments. World Gym, the way it works is we roll out our access control first. An access control pilot is piloting across 5 locations starting next month. Once the access control goes in, we then start to deploy with World Gym. We'll deploy online joining first. So you join online, and the access control is out those locations. As a member joins, we take a clip of that. So that is the first part of that. Put it into perspective, World Gym signs up about 15,000 members a month. So if we can start to clip all of those, it can start to add up. For Plus Fitness, we charge AUD 7 every time one of those members activates. So that will start to flow, and that builds us time when we can actually take over the billing. And we can't take over the billing until April 2027. So we've decided we'd get the access control going. We start making some money on online joining because they don't have an online joining process in the World Gym brand at the moment. And then so we've got incremental revenue right up to there. But it's pretty exciting. We can duplicate what we've done at Plus Fitness. Then the roadmap we've got for some additional products, which we'll be able to commercialize down to those networks. We're not talking about the specifics of those products at the moment because we want them to launch and show what they can do. But all of that is exciting for us. Great. Thanks. There are no further questions at this time. I would like to turn the call back over to Mr. Konstantinou for any closing remarks. Please go ahead. Thanks for everyone for listening in. If you haven't already set up a meeting and you'd like the meeting with Kym and I, we're available. But for those of you that we'll see over the next few days and we've locked in, thank you. And for all our investors and shareholders, thanks for your support. Bye. This concludes our conference for today. Thank you for your participation. You may now disconnect.