Thank you, Roger, and let me extend my welcome to everyone to our AGM for FY 2026. Delighted to be here. I will spend a little bit of time just going through our results and explaining what it is we are trying to do, and what it is that makes us the robust business that we have been over the last 10 years, and that journey, and hopefully articulate a pathway to future success that will, again, exceed the underlying growth rates of the marketplace. In its most simple forms, what our corporate objectives are is we look at what is the travel industry growing at, and we want to grow at a multiple of that. We have been successful over the journey in doing that. We see no reason that that will change as we move forward with all the initiatives that the business has undertaken. Let me start with the next slide, which is our results for FY 2026. One more slide, please. As you can see, TTV up 20% to $5.8 billion. That demonstrates that we are growing our market share. Revenue up 20% at $394.1 million. Whilst it looks like it is linear with TTV, we have actually increased our take rate, and I will talk you through that in a second. EBITDA for the trading business, WebBeds, up 24% at $172.7 million, demonstrating the operating leverage of our business. Notwithstanding that FY 2026 was a year in which we invested significantly in building out our sourcing capability in the United States. If you go to the group results, the only difference between the one on the left and the one on the right is all of my esteemed colleagues over here are very, very expensive to run and we have to pay for them. The overall EBITDA is $148.4 million, still up 23%. NPAT at $84.9, still up 8%, and that is a reflection of the increased standalone costs that we have endured as a separate business as we separated from the Webjet organization. EPS up 16% at $ 0.238. I think it is important, as Roger touched on, that there are many lessons that we continue to learn over the journey, and the most important one is ensuring that we have appropriate liquidity and cash reserves for our business. As you can see, we have $448 million cash on hand at the end of the financial year. After you look at our debt instruments, that is more than a couple of hundred million dollars of free cash that is sitting in the business itself. Let us move to the key metrics. Next slide. Bookings, we almost got to 10 million bookings for the year. It is a phenomenal result when you think about we are an organic startup, a couple of acquisitions along the way, and we have been able to grow the business significantly on top of whatever we have acquired over that journey. To put that into context, we always think about what did we buy when we bought Sunhotels in 2014? What did we acquire when we bought JacTravel in 2017? What did we get when we got Destinations of the World? We roughly got $ 1.5 billion of TTV. We are now sitting at $ 5.8 billion. The incremental $ 4.3 billion is what we have added to the pile, and that is a reflection of the efforts of the entire organization, the entire 2,000 people who are ensuring that we have better engagement with our supply partners, better collation and aggregation of that inventory, and making it consumable for our distribution partners. I will talk a little bit about that when we get to the AI slides further down the track. Look at revenue, up 20%, $394.1 million. As I said, the EBITDA for the WebBeds business, excluding head office costs, is $172.7, up 24%. In anybody's language, it is a phenomenal result. We are delighted with the results that we achieved in FY 2026. How did we do it? We never really tell you how we do it. We do tell you that we do it. I usually retrofit the facts to explain the story without giving away the secret sauce of what we do. We are going to give a little bit more color today than we have historically. What did we achieve in its most granular format? We grew our business by $1 billion in TTV in the FY 2026 financial year. We did it without sacrificing margin. We did it actually with improving our margin over that journey. This slide. Sorry, next slide. This slide shows that our margin in the first half of FY 2025 was 6.4%. Our margin in the first half of FY 2026, 6.5%. Margin in the second half of FY 2025 was 6.9%. Margin in the second half of FY 2026, 7.1%. The aggregate is our basic revenue margin of FY 2026, 6.25, 6.6% has increased to 6.8%. Never have I been so excited about decimals than I am about this incremental result. How did we do it? I am not going to tell you now. I will tell you later. In essence, the short answer is engaging with our partners at a deeper level and using technology to facilitate what we put on the shelf and making it consumable for our distribution partners better than the competition. That is what has driven the result that we are talking about. As I said, it has been a phenomenal year. I am delighted with the progress that we have made. How do we measure that internally? In a normal scenario, we think systems growth, which is what is the overall travel industry growing? Over this period, it was growing at circa 5%. If you are not growing at 5%, you are losing station. We grew at 21% at a constant currency basis. What, in addition to just doing what everyone else is doing, which should be growing at market 5%, what else did we do? We added new customers. We added new supply. That is circa 5% of our growth. Where the magic occurs is in the conversion number. That is same-store sales, selling more to our existing customers. To me, that is the definition of success. If you can do that 1% better than you have done it the previous year, you have had a great year. We did it at 11% in FY 2026. As you can see, if you add those numbers up, and I still remember my four times tables, we are four times better than the underlying market, which is a great result. It has been, as I said earlier on, it is accredited to the entire organization that has a laser-sharp focus on delivering superior results and engaging with our partners. Let us talk a little bit about AI. I will break it up into two components. One is, what are we doing today? Then, what do we think will happen going forward? On the next slide seven, you will see that the most important thing is improving conversions. One of our initiatives has been with regards to AI pricing. We are now in year five of driving out an AI pricing initiative within our business. From very small, slow beginnings, we are starting to accelerate that program, and it is making a meaningful impact on the conversions that we get. It is making a meaningful impact that today we send you a search result, and tomorrow you are more likely to click on our inventory and book our inventory and consume what we have sent to you. AI pricing has been a key component of that. I would humbly suggest that we are the world leader in AI pricing within the wholesaling B2B marketplace. There is nobody else that I am aware of that is engaged at the, nor made the investment that we have, and all that hits our OpEx. It is not like we are hiding this stuff. It is all in our underlying business, and it is driving these outcomes. I am naturally delighted with that, and there is significant growth to continue through that AI pricing initiative. I will not plan to go through all the stuff that we are doing, but I am just going to highlight the key components of what we are doing. That is improving conversion. If we go to cost efficiency, one of the things that we were very conscious of during the down period of COVID is that we needed to rebuild our business to ensure that when we do operate in a post-COVID model where travel was rebounding, we did not want to have the same level of manual intervention to enable bookings to flow seamlessly throughout our system. I will talk you through that when we go through our model in a couple of pages time. What we have been able to deliver in that interim, compared to what we did in 2019, is that we have 2.5 x more booking per FTE compared to the efficiency of the business in calendar year 2019, which is an incredible result. In moving to the customer experience, we have done a number of things. If there is one thing I want to focus on, it is getting the right images to our customers to make sure that what they are planning to book is bookable, and it looks like the image that is in front of them. We have done a great job in improving that. That collective contributes to the superior results that we have been able to deliver. That is what AI has done for us today. Let us talk about the impending arrival and threat of what AI is going to do to us in the future. Sometimes when I wake up in the morning, yeah, next slide, please, I am not sure if I am the boxer or the bag. I have been around this industry for a long time, and 150 years ago, when I first was in the industry, Alexander Graham Bell invented the telephone, and it was going to disrupt B2B hotel aggregation. Then circa 70 years ago, IBM was promulgating punch cards through mainframe computers, and it was going to disrupt the B2B hotel distribution industry. Then circa 40 years ago, fax machines came, and they were going to disrupt the industry. Then 30 years ago, the internet arrived, and it was going to disrupt the industry. I've been in the industry for 20 years, not quite 150, but it feels like 150 on some days. Been in the industry for 20 years, and the doomsayers have been saying this industry is on the precipice of being usurped by being disintermediated. I'm going to explain to you why that won't happen for the foreseeable future. The first thing is, I'll talk a little bit about everybody's favorite search engine, Google. I'm sure we've all used it. Even a Luddite like myself has used Google. Google has, or did have, it had the world's knowledge in its hands, and you could access whatever was available on the internet through Google. With all of that power in the hands of Google, what did it do in the travel industry? Did it become an OTA? It had the traffic. It had the demand. It didn't. What did it do? It was a discovery tool. The deepest they went into travel was through metasearch in providing price discovery, but not bookability. There's a fundamental reason why they didn't do that, because it's complicated. The people who work in our organization understand that it's complicated, but the rest of the world doesn't. I'm going to explain what that complication is and why we're well positioned to withstand any challenges that may be thrown at us by AI. I'm not so much of a Luddite, and I'm not that old to know that AI isn't going to be meaningful, and it is going to impact vast swathes of what we do on a day-to-day basis. But it's not going to usurp what we do. So, what do we do? If you go to, we are on slide nine. We contract hotels, whether they're global chains, independent hotels, ground services supply. We integrate third-party supply. We have circa 500,000 properties where we source through those collective efforts. Then what do we do? We connect them to our marketplace. But what are we doing in that? We're unifying all of that disparate content that's coming from all over the place. If I put a diagram that showed you where the source of the content is to the time it gets to the consumer, it's a spaghetti junction diagram of so many layers that you'd be like Milo Minderbinder in trying to unpick what's going on. But we do all of that, and that's the bit that AI will not be able to do, because you can't hallucinate your way through that scenario. It needs to be robust and regulated and in conjunction with everyone's expectations of enabling the right price to be delivered to the right customer at the right hotel. That's more complicated than it sounds. Then what do we do? We optimize that inventory to enable to be delivered, and then we deliver it to the retail channel, the wholesale channel, whatever emerging channel that is out there. We now can deliver that to AI agents. What are LLMs good at? They are great at understanding and recommending, similar to Google, but they cannot book what they do not have access to. We provide that access. Next slide. How do we do this? If you see this lovely circular diagram on the right-hand side of the page, this is a combination of the OpEx and CapEx that your business invests in. This is the stuff that we are doing every single day to make this happen. What we end up doing is we are the interface. We are the aggregation layer for travel, but we are the aggregation layer for all travel, whether it is retail in a traditional point-of-sale environment, whether it is through the vast majority of what we sell, which is through an API, which people then consume. That same AI layer, or the same API layer, will go into the AI environment and be the driver of that particular outcome. We are well positioned to enable that to happen. Why do AI agents need us? They need us because they need a trusted source of information. It needs to be structured, and it needs to be transaction ready, and it needs to provide the world of supply. The simplistic scenario that I have had dialogue with some investors is that every hotel can go on the AI and be discoverable. It is a little bit akin to saying you could fax every hotel in London. There is only 1,200 of them. You can fax all 1,200 of them and get a reply, work out what the right price is, and then make it bookable. That is a dream. That is not going to happen. It needs something like us as an intermediary to enable that to happen. We are one of the few in this world that does it. There is probably a handful that do this at global scale, and they are all the well-known brand names that you have probably engaged with, and ourselves. We are one of the handful that enables that to happen. As we come to next slide, AI changes how demand reaches us, but not why we are needed. We are the infrastructure and commercial aggregation that travel platforms and AI agents require at scale. I think I have made these points, but at the end of the day, if there is a significant shift, and that is a big if there is a significant shift and B2B becomes B2A, we are well positioned to be in that business to agentic agent environment. That is AI. I am sure there may be questions. Hopefully not. Let us move on to FY 2027 trading update and outlook. We have provided an updated guidance number to reflect the strength of the current trading environment since we last did a guidance update in July. Before we get into the numbers, just to recap, the first seven weeks of trading were significantly war impacted, and as I updated the market after our full-year results for FY 2026, we were showing significantly lower levels of growth than we have in FY 2026, and significantly lower than we are now aggregating for this current half. You have seen a remarkable rebound, which plays to Roger's point that travel demand comes back, and when it does come back, it rushes back. We have certainly seen that in June, July, August, and we will see it in September. What we have now seen is the following improved metrics for our business that we expect to finish the first half. At a TTV margin level, we had said it was circa 6.7%. We are now saying it is going to be at least 6.7%, and that is in contrast to the 6.5% this time last year. Third consecutive six-month period of improving margin against its corresponding six month period. First half revenue for FY 2027 is now going to be between 14%-16% up on last year. In our previous update, we said it was going to be 11%-15% up. Range has narrowed, but moved up as a consequence of trading activity. FY 2027 group EBITDA is going to be between $ 85 million-$ 89 million. We did $ 81.7 million last year. We suggested it was going to be $ 80 million-$ 86 million. We have again moved that up on what we had said last month. At an operating leverage, and the most important bit, all these numbers are in. The first two numbers are in euro. The third number is Aussie dollars. The operating leverage of our business continues to drive improvement. Whatever we achieve in revenue, our OpEx will be below that, so therefore our EBITDA number will be greater. That is the simple formula of what our operating leverage improvement looks like. How are we doing it? Americas was unimpacted in the first quarter. It continues to remain unimpacted in the second quarter. The markets that were impacted in the first quarter have all improved in the second quarter. Europe, Middle East, and APAC have all improved quarter-on-quarter their results. As we said in July, cash conversion will be on track to be at least or higher than 100%. As Roger has already called out, we have announced a capital management of $90 million through an on-market share buyback. Moving to our group financial statement, next slide, and my last slide. Corporate costs for the year will be circa $ 28 million. D&A, excluding AA, will be circa $ 30 million. Underlying net interest and finance costs, circa $ 20 million. Underlying effective tax rate will be 18%. CapEx for the year will be $ 35 million, down $7 million versus FY 2026. The budgeted number is in euros. It is flat, but the FX impact as we convert that to Aussie dollars means it is a reduction of 7%, which is great for CapEx, less good for our result, because obviously we are converting euros into Aussie dollars. Just to remind the audience, 98% of our revenues are outside of Australia, and circa, off the top of my head, 97% of our employees are outside of Australia. We are a global company. We operate in more than 160 countries, and we have a physical presence in circa 80 countries. It is a global business. When we convert all of those currencies back to Aussie dollars, we will suffer a headwind of 9% based on the exchange rate of 61 for the first half of FY 2027. Just to summarize, I started by saying that I think FY 2026 was a fabulous result, and for the first half, it is a stellar result for our first half of FY 2027, and we are optimistic that the second half will be very strong as well. Back to you, Roger.
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