Full Year 2026 Orora Ltd Earnings Call

August 13, 2026

Speaker #1: Good morning, everyone. Thank you for joining us today for Aurora's full year 2026 financial results presentation. I'm joined by Sean Hughes, our Chief Financial Officer.

Brian Lowe: Good morning, everyone. Thank you for joining us today for Orora's full year 2026 financial results presentation. I am joined by Shaun Hughes, our Chief Financial Officer. Shaun and I will take you through Orora's financial performance for the year end of 30 June 2026, take you through the operational progress across the portfolio, and the actions we are taking as Orora continues to operate as a focused beverage packaging business. I will start with the key results messages, operational progress, safety, and sustainability. Shaun will then cover the financial results in more detail, including the impairment of the Glass CGU, cash flow, CapEx, balance sheet, and shareholder returns. I will then return to cover our perspectives for FY27 and the outlook statement. At the conclusion of the presentation, we will be happy to take your questions as always.

Brian Lowe: Good morning, everyone. Tank you for joining us today for Orora's full year 2026 financial results presentation. I am joined by Shaun Hughes, our Chief Financial Officer. Shaun and I will take you through Orora's financial performance for the year end of 30 June 2026, take you through the operational progress across the portfolio, and the actions we are taking as Orora continues to operate as a focused beverage packaging business. I will start with the key results messages, operational progress, safety, and sustainability.

Speaker #1: Sean and I will take you through Aurora's financial performance for the year ended 30 June 2026. I'll take you through the operational progress across the portfolio and the actions we're taking as Aurora continues to operate as a focused beverage packaging business.

Speaker #1: I'll start with the key results messages: operational progress, safety and sustainability, Sean will then cover the financial results in more detail, including the impairment of the glass CGU, cash flow, capex, balance sheet, and shareholder returns.

Brian Lowe: Shaun will then cover the financial results in more detail, including the impairment of the Glass CGU, cash flow, CapEx, balance sheet, and shareholder returns. I will then return to cover our perspectives for FY27 and the outlook statement. At the conclusion of the presentation, we will be happy to take your questions as always. Before I start, please take note of the important information on slide 2, including the notes on forward-looking statements and non-IFRS financial information.

Speaker #1: I'll then return to cover our perspectives for FY27 and the outlook statement. And at the conclusion of the presentation, we'll be happy to take your questions as always.

Speaker #1: Before I start, please take note of the important information on slide 2, including the notes on forward-looking statements and non-IFRS financial information. Turning to slide 3.

Brian Lowe: Before I start, please take note of the important information on slide 2, including the notes on forward-looking statements and non-IFRS financial information. Turning to slide 3. After I cover the key messages for 2026, I will then move through the operational progress in Cans and Glass, the performance priorities for Saverglass, and the completion of our Cans growth capacity investments. Turning to slide 4. There are five key messages for today's result. First, Orora continues to have a strong balance sheet and cash generation profile, supporting shareholder distributions and the recommencement of the on-market buyback. Cans delivered another strong performance, supported by capacity expansion programs. FY26 volume growth of 6.3% was driven by the continued substrate shift, growth in new categories, and customer filling line investments, particularly in clean sweat. Glass remains under pressure.

Speaker #1: After I cover the key messages for 2026, I'll then move through the operational progress in cans and glass, the performance priorities for Save the Glass, and the completion of our cans growth capacity investments.

Brian Lowe: Turning to slide 3. After I cover the key messages for 2026, I will then move through the operational progress in Cans and Glass, the performance priorities for Saverglass, and the completion of our Cans growth capacity investments. Turning to slide 4. There are five key messages for today's result. First, Orora continues to have a strong balance sheet and cash generation profile, supporting shareholder distributions and the recommencement of the on-market buyback.

Speaker #1: Turning to slide 4. There are 5 key messages for today's result. First, Aurora continues to have a strong balance sheet and cash generation profile.

Speaker #1: Supporting shareholder distributions and the recommencement of the on-market buyback. Cans delivered another strong performance, supported by a capacity expansion program. FY26 voting growth of 6.3% was driven by the continued substrate shift growth in new categories, and customer filling line investments particularly in cleans wear.

Brian Lowe: Cans delivered another strong performance, supported by capacity expansion programs. FY26 volume growth of 6.3% was driven by the continued substrate shift, growth in new categories, and customer filling line investments, particularly in clean sweat. Glass remains under pressure. Saverglass delivered volume growth and market share gains, but earnings were impacted by price and mix, including a shift across and within categories towards lower average selling price and lower margin products.

Speaker #1: Glass remains under pressure. Save the Glass delivered volume growth and market share gains, but earnings were impacted by price and mix, including a shift across and within categories towards lower average selling price and lower margin products.

Brian Lowe: Saverglass delivered volume growth and market share gains, but earnings were impacted by price and mix, including a shift across and within categories towards lower average selling price and lower margin products. Gawler also continued to face softer beer volumes, although the two-furnace operating model is now delivering efficiency benefits. Saverglass is executing a set of focused initiatives targeted at more than EUR 30 million of net EBIT run rate improvement by FY30. This plan is supported by six clear priorities across revenue growth, pricing, operational efficiency, SG&A, inventory, and NPD time to market. Finally, as part of the FY26 result, Orora has recognized a non-cash impairment of the Glass CGU of EUR 450 million. This reflects the impacts to recent earnings by US tariffs, the ongoing Middle East conflict, and cost of living pressures across key markets.

Speaker #1: Gawler also continued to face softer beer volumes, although the 2 furnace operating model is now delivering efficiency benefits. Save the Glass is executing a set of focused initiatives targeted at more than 30 million euros of net EBIT run rate improvement by FY30.

Brian Lowe: Gawler also continued to face softer beer volumes, although the two-furnace operating model is now delivering efficiency benefits. Saverglass is executing a set of focused initiatives targeted at more than EUR 30 million of net EBIT run rate improvement by FY30. This plan is supported by six clear priorities across revenue growth, pricing, operational efficiency, SG&A, inventory, and NPD time to market. Finally, as part of the FY26 result, Orora has recognized a non-cash impairment of the Glass CGU of EUR 450 million.

Speaker #1: This plan is supported by 6 clear priorities across revenue growth, pricing, operational efficiency, SG&A, inventory, and NPD time to market. And finally, as part of the FY26 result, Aurora has recognized that non-cash impairment of the glass CGU of 450 million euros.

Speaker #1: This reflects the impacts of recent earnings by US tariffs, the ongoing Middle East conflict, and cost of living pressures across key markets. As a result, we have revised our view of the timing of recovery in consumer demand and Save the Glass earnings.

Brian Lowe: This reflects the impacts to recent earnings by US tariffs, the ongoing Middle East conflict, and cost of living pressures across key markets. As a result, we have revised our view of the timing of recovery in consumer demand and Saverglass earnings. This impairment is a non-cash item and does not impact the group's liquidity or the free cash flow available to shareholders in FY27. Shaun will cover the details of the impairment and the other significant items in his presentation this morning.

Brian Lowe: As a result, we have revised our view of the timing of recovery in consumer demand and Saverglass earnings. This impairment is a non-cash item and does not impact the group's liquidity or the free cash flow available to shareholders in FY27. Shaun will cover the details of the impairment and the other significant items in his presentation this morning. Turning to slide 5 and the FY26 financial highlights. EBITDA was broadly flat at AUD 240 million. This reflects growth in Cans and Gawler being largely offset by lower Saverglass earnings. EBIT was AUD 248 million, down AUD 14 million or 5%, with higher D&A also impacting the result. Underlying NPAT was AUD 142 million, down AUD 9 million or 6%. Underlying EPS was flat at 11.4 cents per share, reflecting the benefit of the on-market buyback programs. Operating cash flow remained strong at AUD 291 million, with cash realization of 98%.

Speaker #1: This impairment is a non-cash item and does not impact the group's liquidity, or the free cash flow available to shareholders in FY27. Sean will cover the details of the impairment and the other significant items in his presentation this morning.

Speaker #1: Turning to slide 5. In the FY26 financial highlights. EBITDA was broadly flat at 240 million. This reflects growth in cans and Gawler, being largely offset by lower Save the Glass earnings.

Brian Lowe: Turning to slide 5 and the FY26 financial highlights. EBITDA was broadly flat at AUD 240 million. This reflects growth in Cans and Gawler being largely offset by lower Saverglass earnings. EBIT was AUD 248 million, down AUD 14 million or 5%, with higher D&A also impacting the result. Underlying NPAT was AUD 142 million, down AUD 9 million or 6%. Underlying EPS was flat at 11.4 cents per share, reflecting the benefit of the on-market buyback programs. Operating cash flow remained strong at AUD 291 million, with cash realization of 98%.

Speaker #1: EBIT was 248 million. Down 14 million, or 5%, with higher DNA also impacting the result. Underlying NPAT was 142 million, down 9 million, or 6%.

Speaker #1: Underlying EPS was flat at 11.4 cents per share, reflecting the benefit of the on-market buyback programs. Operating cash flow remained strong, at 291 million dollars, with cash realization of 98%.

Speaker #1: Net debt was 481 million, with leverage at 1.2 times EBITDA. And the board has declared a final unfranked dividend of 4 cents per share.

Brian Lowe: Net debt was AUD 481 million, with leverage at 1.2x EBITDA. The board has declared a final unfranked dividend of AUD 0.04 per share. Turning to slide 6, the operational picture across the portfolio remains divergent, with strong Cans performance offset by softer Glass markets. Starting with Cans, revenue increased 13% to AUD 880 million, or 11% excluding the pass-through impact of aluminum prices. Excluding the AUD 5 million of corporate costs allocated to Cans in H1 following the sale of OPS, Cans EBITDA increased 15% and EBIT increased 12%. Cans volume growth was 6% for FY26. Growth was stronger in the non-alcoholic categories, with energy, carbonated soft drinks, and alternate soft drink products all growing strongly. Beer also continues to demonstrate good growth in Cans. The Revesby project is nearing completion, with commissioning expected by the end of Q1 FY27.

Speaker #1: Turning to slide 6. The operational picture across the portfolio remains divergent. With strong cans performance offset by softer glass markets. Starting with cans. Revenue increased 13% to 880 million.

Speaker #1: Or 11%, excluding the pasture impact of aluminium prices. Excluding the 5 million dollars of corporate costs allocated to cans in the first half following the sale of OPS, cans EBITDA increased 15%, and EBIT increased 12%.

Speaker #1: Cans volume growth was 6% for FY26. Growth was stronger in the non-alcoholic categories, with energy, carbonated soft drinks, and alternate soft drink products all growing strongly.

Brian Lowe: Cans volume growth was 6% for FY26. Growth was stronger in the non-alcoholic categories, with energy, carbonated soft drinks, and alternate soft drink products all growing strongly. Beer also continues to demonstrate good growth in Cans. The Revesby project is nearing completion, with commissioning expected by the end of Q1 FY27. This is the final major project in the Cans growth investment cycle and represents a total investment of approximately AUD 140 million.

Speaker #1: Beer also continued to demonstrate good growth in cans. The Rocklea project is nearing completion, with commissioning expected by the end of the first quarter of FY27.

Speaker #1: This is the final major project in the cans growth investment cycle and represents a total investment of approximately 140 million dollars. Turning to Save the Glass.

Brian Lowe: This is the final major project in the Cans growth investment cycle and represents a total investment of approximately AUD 140 million. Turning to Saverglass, spirits and wine industry volumes remain under pressure across most geographies, with cost of living pressures continuing to impact the premiumization trend. Against this backdrop, Saverglass delivered FY26 volume growth of 6%, with H2 volume of 9%. For FY26, the actual spirits category mix was 54%, up 2 percentage points, and for H2, the spirits category mix was 48%. Although the product mix shift moved further towards spirits in H2 2026 than anticipated in our April 2026 trading update, the positive mix benefit was outweighed by the lower average selling prices and reduced wine volumes in H2. Saverglass volumes grew 6%, with revenue increasing 1% to EUR 617 million.

Speaker #1: Spirits and wine industry volumes remain under pressure across most geographies. With cost of living pressures continuing to impact the premiumization trend. Against this backdrop, Save the Glass delivered FY26 volume growth of 6%, with second half volume of 9%.

Brian Lowe: Turning to Saverglass, spirits and wine industry volumes remain under pressure across most geographies, with cost of living pressures continuing to impact the premiumization trend. Against this backdrop, Saverglass delivered FY26 volume growth of 6%, with H2 volume of 9%. For FY26, the actual spirits category mix was 54%, up 2 percentage points, and for H2, the spirits category mix was 48%. Although the product mix shift moved further towards spirits in H2 2026 than anticipated in our April 2026 trading update, the positive mix benefit was outweighed by the lower average selling prices and reduced wine volumes in H2. Saverglass volumes grew 6%, with revenue increasing 1% to EUR 617 million.

Speaker #1: For FY26, the actual spirits category mix was 54%, up 2 percentage points, and for the second half, the spirits category mix was 48%. Although the product mix shift moved further towards spirits in the second half of 26, that anticipated in our April 2026 trading update, the positive mix benefit was outweighed by the lower average selling prices and reduced wine volumes in the second half.

Speaker #1: Save the Glass volumes that grew 6%, with revenue increasing 1% to 617 million euros. However, a 5% negative price and mix impact constrained revenue growth and contributed to EBITDA declining by 9% to 132 million euros.

Brian Lowe: However, a 5% negative price and mix impact constrained revenue growth and contributed to EBITDA declining by 9% to EUR 132 million. The Middle East conflict has had a direct impact on the RAK facility, which has operated in a closed loop mode since April 2026. The Le Havre F4 furnace closure was completed during H2, and the Ghlin rebuild that commenced in May is now nearing completion. For Gawler, revenue was broadly flat at AUD 285 million. Volumes were down 2%, with wine broadly flat and beer continuing to decline as substrate shifts towards Cans. EBITDA increased 10% to AUD 62 million, and EBIT increased 11% to AUD 28 million, reflecting the efficiency benefits of the successful move from a three-furnace to a two-furnace operation. The G3 furnace is performing strongly, with a 31% reduction in energy versus the prior furnace. Turning to slide 7.

Speaker #1: The Middle East conflict has had a direct impact on the RAC facility. Which is operated in a closed-loop mode since April of 2026. The Lahave F4 furnace closure was completed during the second half, and the Glen rebuild, the that commenced in May, is now nearing completion.

Speaker #1: For Gawler, revenue was broadly flat at 285 million dollars. Volumes were down 2%, with wine broadly flat and beer continuing to decline as substrate shifts towards cans.

Brian Lowe: Volumes were down 2%, with wine broadly flat and beer continuing to decline as substrate shifts towards Cans. EBITDA increased 10% to AUD 62 million, and EBIT increased 11% to AUD 28 million, reflecting the efficiency benefits of the successful move from a three-furnace to a two-furnace operation. The G3 furnace is performing strongly, with a 31% reduction in energy versus the prior furnace. Turning to slide 7.

Speaker #1: EBITDA increased 10% to 62 million, and EBIT increased 11% to 28 million, reflecting the efficiency benefits of the successful move from a 3 furnace to a 2 furnace operation.

Speaker #1: The G3 furnace is performing strongly, with a 31% reduction in energy versus the prior furnace. Turning to slide 7. Glass is focused on key priorities to drive growth, improve margins, optimize cash generation, and deliver more than 30 million euros of net run rate benefit in EBIT by FY30.

Brian Lowe: Glass is focused on key priorities to drive growth, improve margins, optimize cash generation, and deliver more than EUR 30 million of net run rate benefit in EBIT by FY30. The priorities focus on revenue and margin expansion and cost and cash optimization. The first priority is to accelerate the new business pipeline through key accounts, new products, market share gains in priority categories and geographies, supporting a mid-single-digit volume growth ambition. Secondly, reduce NPD lead times and target a five-month time to market by redesigning processes from engineering and mold design through to manufacturing, and supported by new innovation centers across three regions. Thirdly, improve price optimization through disciplined cost recovery and repricing or exiting low-margin SKUs, a critical lever given the current mix pressures.

Speaker #1: The priorities focus on revenue and margin expansion and cost and cash optimization. The first priority is to accelerate the new business pipeline through key accounts, new products, market share gains in priority categories, and geographies, supporting a mid-single-digit volume growth ambition.

Speaker #1: Secondly, reduce NPD lead times and target a 5-month time to market by redesigning processes, from engineering and mold design, through to manufacturing, supporting new and supported by new innovation centers across three regions.

Brian Lowe: Secondly, reduce NPD lead times and target a five-month time to market by redesigning processes from engineering and mold design through to manufacturing, and supported by new innovation centers across three regions. Thirdly, improve price optimization through disciplined cost recovery and repricing or exiting low-margin SKUs, a critical lever given the current mix pressures. The fourth priority is to drive operational efficiency through digital factory investments, automation, and procurement excellence, targeting a 15% reduction in average cost per ton versus the FY26 baseline.

Speaker #1: Thirdly, improve price optimization through disciplined cost recovery and repricing or exiting low-margin SKUs, a critical lever given the current mix pressures. The fourth priority is to drive operational efficiency through digital factory investments, automation, and procurement excellence.

Brian Lowe: The fourth priority is to drive operational efficiency through digital factory investments, automation, and procurement excellence, targeting a 15% reduction in average cost per ton versus the FY26 baseline. The fifth priority is to reduce SG&A through standardization, automation, and digitization, targeting a 20% reduction in SG&A versus the FY26 baseline. The last priority is to strengthen inventory management through improved S&OP governance and reporting, and lower days of inventory outstanding. These are practical, measurable initiatives with the Glass leadership team focused on execution and rebuilding earnings over the medium term, despite challenging market conditions. Turning to slide 8. Saverglass inventory trends showed encouraging progress given higher sales volumes. Sales volume was up 6% in FY26 versus FY25, while total inventory was down 13%. Saverglass-owned inventory was down 10%, and customer-owned inventory was down 20% at June 2026 compared to the prior year.

Speaker #1: Targeting a 15% reduction in average cost per ton versus the FY26 baseline. The fifth priority is to reduce SG&A through standardization, automation, and digitization.

Brian Lowe: The fifth priority is to reduce SG&A through standardization, automation, and digitization, targeting a 20% reduction in SG&A versus the FY26 baseline. The last priority is to strengthen inventory management through improved S&OP governance and reporting, and lower days of inventory outstanding. These are practical, measurable initiatives with the Glass leadership team focused on execution and rebuilding earnings over the medium term, despite challenging market conditions.

Speaker #1: Targeting a 20% reduction in SG&A versus the FY26 baseline. And the last priority is to strengthen inventory management through improved S&OP governance and reporting, and lower days of inventory outstanding.

Speaker #1: These are practical, measurable initiatives, with the Glass leadership team focused on execution, and rebuilding earnings over the medium term despite challenging market conditions. Turning to slide 8.

Speaker #1: Save the Glass inventory trends showed encouraging progress given higher sales volumes. Sales volume was up 6% in FY26 versus FY25, while total inventory was down 13%.

Brian Lowe: Turning to slide 8. Saverglass inventory trends showed encouraging progress given higher sales volumes. Sales volume was up 6% in FY26 versus FY25, while total inventory was down 13%. Saverglass-owned inventory was down 10%, and customer-owned inventory was down 20% at June 2026 compared to the prior year. The reduction in customer-owned inventory indicates that customers' destocking continues to unwind.

Speaker #1: Save the Glass owned inventory was down 10%, and customer owned inventory was down 20% at June 2026, compared to the prior year. The reduction in customer owned inventory indicates that customers destocking continues to unwind.

Brian Lowe: The reduction in customer-owned inventory indicates that customers' destocking continues to unwind. This supports improved working capital, and importantly, provides better visibility for future demand. The key point is that inventory levels have moved in the right direction, and the business is also taking a more structured approach to inventory management. In relation to orders for FY26, we haven't included the chart that we normally include in this slide. Given the market volatility and dynamic changes in customer orders, the correlation with future sales, including unfulfilled orders, continues to distort in the order intake metrics. Turning to slide 9. The Cans growth investment cycle is nearing completion, with the new 375 mil classic can line at Rocklea expected to be commissioned by the end of the Q1 of FY27. The Cans investment program across Ballarat, Dandenong, Revesby, and Rocklea represents a total capacity investment of around AUD 364 million.

Speaker #1: This supports improved working capital and, importantly, provides better visibility for future demand. The key point is that inventory levels have moved in the right direction, and the business is also taking a more structured approach to inventory management.

Brian Lowe: This supports improved working capital, and importantly, provides better visibility for future demand. The key point is that inventory levels have moved in the right direction, and the business is also taking a more structured approach to inventory management. In relation to orders for FY26, we haven't included the chart that we normally include in this slide. Given the market volatility and dynamic changes in customer orders, the correlation with future sales, including unfulfilled orders, continues to distort in the order intake metrics.

Speaker #1: In relation to orders for FY26, we haven't included the chart that we normally include in this slide. Given the market volatility and dynamic changes in customer orders, the correlation with future sales including unfulfilled orders continues to distort in the order intake metrics.

Speaker #1: Turning to slide 9. The cans growth investment cycle is nearing completion. With the new 375 mil classic can line at Rockley, expected to be commissioned by the end of the first quarter of FY27.

Brian Lowe: Turning to slide 9. The Cans growth investment cycle is nearing completion, with the new 375 mil classic can line at Rocklea expected to be commissioned by the end of the Q1 of FY27. The Cans investment program across Ballarat, Dandenong, Revesby, and Rocklea represents a total capacity investment of around AUD 364 million. The program is expected to deliver more than AUD 50 million in annual EBIT by FY30 in real terms, with a targeted return of more than 15% by the third full year of operation.

Speaker #1: The cans investment program across Ballarat, Danunong, Reesby, and Rockley represents a total capacity investment of around 364 million dollars. The program is expected to deliver more than 50 million dollars in annual EBIT by FY30 in real terms.

Brian Lowe: The program is expected to deliver more than AUD 50 million in annual EBIT by FY30 in real terms, with a targeted return of more than 15% by the third full year of operation. Rocklea is the final major project in this cycle. Investment to date is AUD 134 million, with around AUD 6 million planned for the Q1 of FY27, bringing the total Rocklea investment to approximately AUD 140 million. Once commissioned and ramped up over time, Rocklea will add around 13% to network capacity. Post-Rocklea, the Cans network is expected to be able to support approximately 5% annual volume growth until the end of FY30, sorry, 2030, without further capacity investments. This is an important transition point for Orora. The business has invested in capacity to support the growing market demand, and we expect the Cans business to continue to deliver strong cash flow and earnings growth.

Speaker #1: With a targeted return of more than 15% by the third full year of operation. Rockley is the final major project in this cycle. Investment to date is 134 million, with around 6 million dollars planned for the first quarter of FY27.

Brian Lowe: Rocklea is the final major project in this cycle. Investment to date is AUD 134 million, with around AUD 6 million planned for the Q1 of FY27, bringing the total Rocklea investment to approximately AUD 140 million. Once commissioned and ramped up over time, Rocklea will add around 13% to network capacity. Post-Rocklea, the Cans network is expected to be able to support approximately 5% annual volume growth until the end of FY30, sorry, 2030, without further capacity investments. This is an important transition point for Orora.

Speaker #1: Bringing the total Rockley investment to approximately 140 million. Once commissioned and ramped up over time, Rockley will add around 13% to network capacity. Post-lock Rockley, the cans network is expected to be able to support approximately 5% annual volume growth until the end of FY sorry, 2030, without further capacity investments.

Speaker #1: This is an important transition point for Aurora. The business has invested in capacity to support the growing market demand, and we expect the cans business to continue to deliver strong cash flow and earnings growth.

Brian Lowe: The business has invested in capacity to support the growing market demand, and we expect the Cans business to continue to deliver strong cash flow and earnings growth. Turning now to safety and sustainability. Provide an update on our FY26 safety performance and the progress we're making against our sustainability commitments. Turning to slide 11. Before I cover the FY26 safety performance, I wanted to touch on a vehicle-related incident that resulted in the tragic fatality of a contractor at our Mexican glass facility in July of 2026.

Speaker #1: Turning now to safety and sustainability. Provide an update on a FY26 safety performance and the progress we're making against our sustainability commitments. Turning to slide 11.

Brian Lowe: Turning now to safety and sustainability. Provide an update on our FY26 safety performance and the progress we're making against our sustainability commitments. Turning to slide 11. Before I cover the FY26 safety performance, I wanted to touch on a vehicle-related incident that resulted in the tragic fatality of a contractor at our Mexican glass facility in July of 2026. An investigation into this incident is continuing, and we're offering our support to our local team, and our sincere thoughts are with the family and all of those affected. Back in FY26, Orora recorded no serious injuries or fatalities, with potential SIF incidents down 56% on FY25. Recordable injuries were broadly stable year on year, although the recordable case frequency rate increased to 10.5 due to lower hours worked following reduced production volumes across the Glass network.

Speaker #1: Before I cover the FY26 safety performance, I wanted to touch on a vehicle-related incident that resulted in the tragic fatality of a contractor at our Mexican glass facility in July of 2026.

Speaker #1: An investigation into this incident is continuing, and we're offering our support to our local team and our sincere thoughts are with the family, and all of those affected.

Brian Lowe: An investigation into this incident is continuing, and we're offering our support to our local team, and our sincere thoughts are with the family and all of those affected. Back in FY26, Orora recorded no serious injuries or fatalities, with potential SIF incidents down 56% on FY25. Recordable injuries were broadly stable year on year, although the recordable case frequency rate increased to 10.5 due to lower hours worked following reduced production volumes across the Glass network.

Speaker #1: Back in FY26, Aurora recorded no serious injuries or fatalities, with potential SIF incidents down 56% on FY25. Recordable injuries were broadly stable year on year, although the recordable case frequency rate increased to 10.5 due to lower hours worked following reduced production volumes across the glass network.

Speaker #1: The lost time incident frequency rate increased to 5.7, with most lost time injuries occurring at European glass sites and primarily involving lower severity sprains, strains, and lacerations.

Brian Lowe: The lost time incident frequency rate increased to 5.7, with most lost time injuries occurring at European glass sites and primarily involving lower severity sprains, strains, and lacerations. We completed the first year of our FY26 to FY28 global health and safety strategy, strengthening governance and risk management through the rollout of our Stay Safe rules, health and safety procedures, and the global assurance audit program across our Saverglass operations. We also refreshed our Switch On Stay Safe program in Australia and New Zealand. We continued the Play Safe behavioral program in Glass, and all senior leaders completed their FY26 safety leadership tour commitments. Employee engagement results reflected strong safety awareness, with 93% of employees reporting a good understanding of Orora's health and safety rules and procedures. Turning to slide 12, Orora continued to progress its sustainability goals, along with customer expectations and our commitment to responsible operations.

Speaker #1: We completed the first year of our FY26 to FY28 global health and safety strategy strengthening governance and risk management through the rollout of a Stay Safe rules.

Speaker #1: Health and safety procedures and the global assurance audit program across our Save the Glass operations. We also refreshed our switch-on Stay Safe program in Australia and New Zealand.

Brian Lowe: We also refreshed our Switch On Stay Safe program in Australia and New Zealand. We continued the Play Safe behavioral program in Glass, and all senior leaders completed their FY26 safety leadership tour commitments. Employee engagement results reflected strong safety awareness, with 93% of employees reporting a good understanding of Orora's health and safety rules and procedures. Turning to slide 12, Orora continued to progress its sustainability goals, along with customer expectations and our commitment to responsible operations.

Speaker #1: We continued the Play Safe behavioral program in glass, and all senior leaders completed their FY26 safety leadership tour commitments. Employee engagement results reflected strong safety awareness, with 93% of employees reporting a good understanding of Aurora's health and safety rules and procedures.

Speaker #1: Turning to slide 12. Aurora continued to progress its sustainability goals, along with customer expectations and our commitment to responsible operations. The circular economy, Glass achieved 65% recycle content in colored glass in FY26, up from 44% in FY25, progressing towards the FY target FY35 target of 68%.

Brian Lowe: The circular economy glass achieved 65% recycled content in colored glass in FY26, up from 44% in FY25, progressing towards the FY35 target of 68%. This reflects our positive pellet sourcing outcomes despite lower production volumes. In Cans, recycled content was 77%, compared with 78% in FY25, against the FY30 target of at least 80%. This was a solid performance given aluminum sourcing constraints arising from the Middle East conflict. For climate change, Orora's target is a 41% reduction in Scope 1 and Scope 2 emissions by FY35 from the FY19 baseline. In FY26, the group achieved a 29% reduction on a location basis and a 20% reduction on a market basis versus FY19. For Scope 3 emissions, with FY26 being the first year of reporting progress, Orora achieved a 12% reduction since FY25, working towards the FY35 target of 31% reduction.

Speaker #1: This reflects a positive pallet sourcing outcomes despite lower production volumes. In cans, recycle content was 77%, compared with 78% in FY25, against the FY30 target of at least 80%.

Speaker #1: This was a solid performance, given aluminum sourcing constraints arising from the Middle East conflict. For climate change, Aurora's target is a 41% reduction in scope 1 and scope 2 emissions by FY35 from the FY19 baseline.

Brian Lowe: For climate change, Orora's target is a 41% reduction in Scope 1 and Scope 2 emissions by FY35 from the FY19 baseline. In FY26, the group achieved a 29% reduction on a location basis and a 20% reduction on a market basis versus FY19. For Scope 3 emissions, with FY26 being the first year of reporting progress, Orora achieved a 12% reduction since FY25, working towards the FY35 target of 31% reduction. We also continue to invest in our people and communities.

Speaker #1: In FY26, the group achieved a 29% reduction on a location basis and a 20% reduction on a market basis versus FY19. For scope 3 emissions, with FY26 being the first year of reporting progress, Aurora achieved a 12% reduction since FY25, working towards the FY35 target of 31% reduction.

Speaker #1: We also continue to invest in our people and communities. The FY26 global engagement survey achieved an engagement score of 73%, slightly above manufacturing benchmarks.

Brian Lowe: We also continue to invest in our people and communities. The FY26 global engagement survey achieved an engagement score of 73%, slightly above manufacturing benchmarks. Female representation increased to 25%, up 2 percentage points on FY25, and the first Women in Leadership program was operated in France and was successfully completed during the year. I will now hand you to Shaun, who will take you through the group and segment financial details in more detail.

Brian Lowe: The FY26 global engagement survey achieved an engagement score of 73%, slightly above manufacturing benchmarks. Female representation increased to 25%, up 2 percentage points on FY25, and the first Women in Leadership program was operated in France and was successfully completed during the year. I will now hand you to Shaun, who will take you through the group and segment financial details in more detail.

Speaker #1: Female representation increased to 25%, up 2 percentage points on FY25, and the first women in leadership program was operated in France and was successfully completed during the year.

Speaker #1: I'll now hand you to Sean, who'll take you through the group and segment financial details in more detail.

Speaker #2: Thanks, Brian, and good morning, everyone. I'm on slide 14, and this slide summarizes the group's underlying and statutory results, for continuing operations. I will focus first on the underlying results, which exclude significant items.

Shaun Hughes: Thanks, Brian, and good morning, everyone. I am on slide 14, and this slide summarizes the group's underlying and statutory results for continuing operations. I will focus first on the underlying results, which exclude significant items. Revenue increased 6.5% to AUD 2.2 billion, primarily driven by strong growth in Cans. EBITDA increased slightly to AUD 420.3 million. Growth in Cans and Gawler, up AUD 12.5 million and AUD 5.4 million respectively, was largely offset by a AUD 16.4 million reduction in Saverglass. D&A increased by AUD 15.4 million to AUD 172.1 million, driven primarily by Cans and some increases in Saverglass and Gawler. EBIT was AUD 248.2 million, down AUD 13.2 million or 5.3%, and this reflects EBIT growth in Cans and Gawler offset by a AUD 24.2 million reduction in Saverglass.

Speaker #2: Revenue increased 6.5% to 2.2 billion Australian dollars, primarily driven by strong growth in cans. EBITDA increased slightly to 420.3 million, growth in cans and gola up 12.5 million and 5.4 million respectively, was largely offset by a 16.4 million reduction in Save the Glass.

Speaker #2: DNA increased by 15.4 million, to 172.1 million, driven primarily by cans and some increases in Save the Glass and gola. EBIT was 248.2 million, down 13.2 million, or 5.3%, and this reflects EBIT growth in cans and gola offset by a 24.2 million reduction in Save the Glass.

Shaun Hughes: D&A increased by AUD 15.4 million to AUD 172.1 million, driven primarily by Cans and some increases in Saverglass and Gawler. EBIT was AUD 248.2 million, down AUD 13.2 million or 5.3%, and this reflects EBIT growth in Cans and Gawler offset by a AUD 24.2 million reduction in Saverglass. Net finance costs decreased to AUD 56.6 million, reflecting the repayment of the debt following the receipt of OPI sales proceeds, partially offset by the on-market buyback and Cans growth CapEx.

Speaker #2: Net finance costs decreased to 56.6 million dollars, reflecting the payment, the repayment of the debt following the receipt of OPS sales proceeds, partially offset by the on-market buyback and cans growth capex.

Shaun Hughes: Net finance costs decreased to AUD 56.6 million, reflecting the repayment of the debt following the receipt of OPI sales proceeds, partially offset by the on-market buyback and Cans growth CapEx. Tax expense increased by AUD 5.7 million to AUD 49.4 million, largely reflecting stronger earnings in higher tax jurisdictions. The FY27 tax rate is expected to be approximately 26.5% to 27.5%, which is an increase from around 26% in FY26. Underlying NPAT was AUD 142.2 million, down 5.9%, and underlying EPS was flat at 11.4 cents per share, reflecting the benefit of the buyback programs. On the statutory result, NPAT from operations was a loss of AUD 616.6 million. FY26 significant items after tax were AUD 758.8 million. This includes the non-cash impairment of the Glass CGU of AUD 728.2 million after tax. I will cover the significant items on the next slide. Turning to slide 15.

Speaker #2: Tax expense increased by 5.7 million, to 49.4 million dollars, largely reflecting stronger earnings and higher tax jurisdictions. The FY27 tax rate is expected to be approximately 26.5% to 27.5%.

Shaun Hughes: Tax expense increased by AUD 5.7 million to AUD 49.4 million, largely reflecting stronger earnings in higher tax jurisdictions. The FY27 tax rate is expected to be approximately 26.5% to 27.5%, which is an increase from around 26% in FY26. Underlying NPAT was AUD 142.2 million, down 5.9%, and underlying EPS was flat at 11.4 cents per share, reflecting the benefit of the buyback programs. On the statutory result, NPAT from operations was a loss of AUD 616.6 million. FY26 significant items after tax were AUD 758.8 million.

Speaker #2: Which is an increase from around 26% in FY26. Underlying NPAT was 142.2 million dollars, down 5.9%. Underlying EPS was flat at 11.4 cents per share, reflecting the benefit of the buyback programs.

Speaker #2: On the statutory result, NPAT from operations was a loss of 616.6 million, FY26 significant items after tax were 758.8 million dollars. This includes the non-cash impairment of the glass CGU of 728.2 million after tax.

Shaun Hughes: This includes the non-cash impairment of the Glass CGU of AUD 728.2 million after tax. I will cover the significant items on the next slide. Turning to slide 15. The FY26 result includes Glass CGU significant items of AUD 782.2 million before tax. There are three components to this. The most significant item is the non-cash impairment of the Glass CGU of AUD 742.8 million or EUR 449.7 million. The non-cash impairment reflects a reset of the carrying value of the Glass CGU following a reassessment of the pace of recovery in Saverglass earnings.

Speaker #2: I will cover the significant items on the next slide. Turning to slide 15. The FY26 result includes glass CGU significant items of 782.2 million before tax, there are three components to this.

Shaun Hughes: The FY26 result includes Glass CGU significant items of AUD 782.2 million before tax. There are three components to this. The most significant item is the non-cash impairment of the Glass CGU of AUD 742.8 million or EUR 449.7 million. The non-cash impairment reflects a reset of the carrying value of the Glass CGU following a reassessment of the pace of recovery in Saverglass earnings. The impairment comprises goodwill together with the write-down of other intangible assets, including customer relationships, brand names, molds, and other related assets. The second item is the previously announced significant items, namely the Saverglass corporate restructure and Le Havre F4 closure. The FY26 EBIT impact for these combined items was AUD 25.5 million or EUR 14.4 million. The third component relates to the RAK plant.

Speaker #2: The most significant item is the non-cash impairment of the glass CGU of 742.8 million dollars, or 449.7 million euro. The non-cash impairment reflects a reset of the carrying value of the glass CGU following a reassessment of the pace of recovery in Save the Glass earnings.

Speaker #2: The impairment comprises goodwill, together with the write-down of other intangible assets, including customer relationships, brand names, molds, and other related assets. The second item is the previously announced significant items namely the Save the Glass corporate restructure and La Ave F4 closure.

Shaun Hughes: The impairment comprises goodwill together with the write-down of other intangible assets, including customer relationships, brand names, molds, and other related assets. The second item is the previously announced significant items, namely the Saverglass corporate restructure and Le Havre F4 closure. The FY26 EBIT impact for these combined items was AUD 25.5 million or EUR 14.4 million. The third component relates to the RAK plant. Following the commencement of the Middle East conflict, RAK transitioned to closed loop or idling mode, with no production since April of 2026. The facility is operating with reduced staff on-site, and mold sets have been transferred to Mexico and France.

Speaker #2: The FY26 EBIT impact for these combined items was 25.5 million dollars, or 14.4 million euro. The third component relates to the rack plant. Following the commencement of the Middle East conflict rack transition to closed loop, or idling mode, with no productions since April of 2026.

Shaun Hughes: Following the commencement of the Middle East conflict, RAK transitioned to closed loop or idling mode, with no production since April of 2026. The facility is operating with reduced staff on-site, and mold sets have been transferred to Mexico and France. The FY26 impact from RAK idling was AUD 13.9 million or EUR 8.2 million. The associated cash cost of significant items in FY26 was AUD 50.5 million. This is made up of the following. The Saverglass corporate restructure and Le Havre F4 closure of AUD 29.9 million, the direct costs of RAK transition to idling mode post the commencement of the Middle East conflict of AUD 8.9 million, and cash payments made in FY26 relating to the G1 closure announced in FY25 of AUD 11.7 million. For FY27, the forecast for cash costs relating to significant items announced in FY26 is EUR 8.5 million. Moving to Orora Cans on slide 16.

Speaker #2: The facility is operating with reduced staff on-site and mold sets have been transferred to Mexico and France. The FY26 impact from rack idling was 13.9 million dollars, or 8.2 million euro.

Shaun Hughes: The FY26 impact from RAK idling was AUD 13.9 million or EUR 8.2 million. The associated cash cost of significant items in FY26 was AUD 50.5 million. This is made up of the following. The Saverglass corporate restructure and Le Havre F4 closure of AUD 29.9 million, the direct costs of RAK transition to idling mode post the commencement of the Middle East conflict of AUD 8.9 million, and cash payments made in FY26 relating to the G1 closure announced in FY25 of AUD 11.7 million. For FY27, the forecast for cash costs relating to significant items announced in FY26 is EUR 8.5 million. Moving to Orora Cans on slide 16.

Speaker #2: The associated cash cost of significant items in FY26 was 50.5 million dollars. This has made up of the following: the Save the Glass corporate restructure and La Ave F4 closure of 29.9 million, the direct costs of rack transition to idling mode since post the commencement of the Middle East conflict of 8.9 million dollars, and cash payments made in FY26 relating to the G1 closure announced in FY25 of 11.7 million dollars.

Speaker #2: The FY27, the forecast for cash costs relating to significant items announced in FY26 is 8.5 million euro. Moving to Aurora Cans on slide 16.

Speaker #2: Cans revenue increased 13.3% to 880 million dollars, excluding the pass-through impact of aluminium prices revenue increased 10.5%. The result reflects volume growth of 6.3% for the year, with the second half volume growth of 1.7%.

Shaun Hughes: Cans revenue increased 13.3% to AUD 880 million. Excluding the pass-through impact of aluminum prices, revenue increased 10.5%. The result reflects volume growth of 6.3% for the year, with the H2 volume growth of 1.7%. Increased volumes reflect continued strong demand from customers to support new filling investments in Queensland, with demand driven by ongoing substrate shifts and growth of new categories. EBITDA increased 10.5% to AUD 131.2 million. This reflects the benefit of higher revenue, partially offset by ongoing higher interstate transport costs and the allocation of AUD 5 million of corporate costs in the H1 following the sale of OPS. On an adjusted basis, excluding those corporate costs, EBITDA increased 14.7%. EBIT increased 7.3% to AUD 111.4 million. D&A increased AUD 4.9 million, reflecting the recent growth capacity investments in Cans. Excluding the incremental corporate costs, EBIT increased 12.2%.

Speaker #2: Increased volumes reflect continued strong demand from customers to support new filling investments in Queensland with demand-driven by ongoing substrate shift and growth of new categories.

Speaker #2: EBITDA increased 10.5% to 131.2 million dollars, this reflects the benefit of higher revenue partially offset by ongoing higher interstate transport costs and the allocation of 5 million dollars of corporate costs in the first half following the sale of OPS.

Shaun Hughes: This reflects the benefit of higher revenue, partially offset by ongoing higher interstate transport costs and the allocation of AUD 5 million of corporate costs in the H1 following the sale of OPS. On an adjusted basis, excluding those corporate costs, EBITDA increased 14.7%. EBIT increased 7.3% to AUD 111.4 million. D&A increased AUD 4.9 million, reflecting the recent growth capacity investments in Cans. Excluding the incremental corporate costs, EBIT increased 12.2%.

Speaker #2: On an adjusted basis, excluding those corporate costs, EBITDA increased 14.7%. EBIT increased 7.3% to 111.4 million dollars, DNA increased 4.9 million dollars, reflecting the recent growth capacity investments in cans.

Speaker #2: Excluding the incremental corporate costs, EBIT increased 12.2%. Cash realization was in line with our internal forecasts at associated with the planned cans inventory build.

Shaun Hughes: Cash realization was in line with our internal forecasts at 82.6%, reflecting higher inventory levels associated with the planned Cans inventory build. Total CapEx was AUD 114.3 million, including AUD 86.9 million of growth CapEx, primarily related to the Rocklea expansion. Base CapEx was AUD 20.4 million, equivalent to 127% of depreciation. Turning to Saverglass on slide 17. Saverglass volumes increased 5.9% for FY26, with H2 volume growth of 9%. This drove revenue growth of 0.8% in FY26 and 4.2% in H2 2026, largely through tequila and Crémant premium sparkling, as well as growth in mezcal, bourbon, and vodka. Revenue increased 0.8% to EUR 617.2 million, and volume growth was partially offset by lower average selling prices across and within categories of around 5%. EBITDA declined EUR 13.4 million or 9.3% to EUR 131.5 million. H2 EBITDA was down EUR 14.1 million, reflecting these price impacts.

Speaker #2: Total capex was 114.3 million, including 86.9 million of growth capex. Primarily related to the Rockley expansion. Base capex was 20.4 million dollars, equivalent to 127% of depreciation.

Speaker #2: Turning to Save the Glass on slide 17. Save the Glass volumes increased 5.9% for FY26, with second half volume growth of 9%. This drove revenue growth of 0.8% in FY26 and 4.2% in the second half of '26, largely through Tequila and Cremont premium sparkling, as well as growth in Metzgel, Bourbon, and vodka.

Shaun Hughes: This drove revenue growth of 0.8% in FY26 and 4.2% in H2 2026, largely through tequila and Crémant premium sparkling, as well as growth in mezcal, bourbon, and vodka. Revenue increased 0.8% to EUR 617.2 million, and volume growth was partially offset by lower average selling prices across and within categories of around 5%. EBITDA declined EUR 13.4 million or 9.3% to EUR 131.5 million. H2 EBITDA was down EUR 14.1 million, reflecting these price impacts.

Speaker #2: Revenue increased 0.8% to 617.2 million euro, and volume growth was partially offset by lower average selling prices across and within categories of around 5%.

Speaker #2: EBITDA declined 13.4 million euro, or 9.3% to 131.5 million euro, second half EBITDA was down 14.1 million euro, reflecting these price impacts. EBIT was 62.8 million euro, down 16.4 million second half EBIT was down 13.2 million, and this reflects the lower EBITDA.

Shaun Hughes: EBIT was EUR 62.8 million, down EUR 16.4 million. H2 EBIT was down EUR 13.2 million, and this reflects the lower EBITDA. In FY26, Saverglass earnings include FX gains on monetary items of around AUD 6 million or EUR 3.5 million. For H2 2026, the FX gain was EUR 2 million, and these FX gains are expected to decrease as the on-market share buyback progresses in FY27. D&A increased EUR 3 million, principally due to an increase in North American property, right of use, lease amortization. Cash realization was strong at 112.1%, benefiting from inventory reductions and associated working capital improvements. Total CapEx was EUR 38.5 million and major components included molds of EUR 12.8 million and the Ghlin furnace rebuild, which included EUR 8.2 million of base CapEx and EUR 1 million of decarb CapEx. Turning to Gawler on slide 18.

Speaker #2: In FY26, Save the Glass earnings include FX gains on monetary items of around 6 million dollars, or 3.5 million euro. For the second half of '26, the FX gain was 2 million euro, and these FX gains are expected to decrease as the on-market share buyback progresses in FY27.

Speaker #2: DNA increased 3 million euro, primarily principally due to an increase in North American property right of use lease amortization. Cash realization was strong at 112.1%, benefiting from inventory reductions and associated working capital improvements.

Shaun Hughes: Cash realization was strong at 112.1%, benefiting from inventory reductions and associated working capital improvements. Total CapEx was EUR 38.5 million and major components included molds of EUR 12.8 million and the Ghlin furnace rebuild, which included EUR 8.2 million of base CapEx and EUR 1 million of decarb CapEx. Turning to Gawler on slide 18. Gawler revenue was AUD 284.5 million, a 0.3% decline year to year, and reflected continued pressure on beer volumes.

Speaker #2: Total capex was 38.5 million euro, and major components included molds of 12.8 million, and the gun furnace rebuild, which included 8.2 million euro of base capex, and 1 million of decarb capex.

Speaker #2: Turning to Gawler on slide 18. Gawler revenue was 284.5 million dollars, a 0.3% decline year to year, and reflected continued pressure on beer volumes.

Shaun Hughes: Gawler revenue was AUD 284.5 million, a 0.3% decline year to year, and reflected continued pressure on beer volumes. Contracted price increases almost offset the 2.1% decline in volumes. Lower FY26 volumes and revenue largely reflect a decline in the seasonally stronger H1 volumes versus internal expectations. EBITDA increased 9.5% to AUD 62.3 million, and EBIT increased 10.5% to AUD 28.1 million. This reflects the operational efficiency benefits from the move to a two-furnace operation, partially offset by lower volumes. Depreciation increased to AUD 2.7 million, reflecting completion of the G3 furnace rebuild and oxygen plant in FY25. Cash realization was strong at 107.4%, driven by improved working capital efficiency following the transition to the two-furnace operating model. Total CapEx was AUD 13.7 million and largely comprised base CapEx. Base CapEx of AUD 12.2 million was equivalent to 37% of depreciation. Turning to slide 19.

Speaker #2: Contracted price increases, almost offset the 2.1% decline in volumes. Lower FY26 volumes and revenue largely reflect a decline in the seasonally stronger first half volumes versus internal expectations.

Shaun Hughes: Contracted price increases almost offset the 2.1% decline in volumes. Lower FY26 volumes and revenue largely reflect a decline in the seasonally stronger H1 volumes versus internal expectations. EBITDA increased 9.5% to AUD 62.3 million, and EBIT increased 10.5% to AUD 28.1 million. This reflects the operational efficiency benefits from the move to a two-furnace operation, partially offset by lower volumes. Depreciation increased to AUD 2.7 million, reflecting completion of the G3 furnace rebuild and oxygen plant in FY25. Cash realization was strong at 107.4%, driven by improved working capital efficiency following the transition to the two-furnace operating model.

Speaker #2: EBITDA increased 9.5% to 62.3 million dollars. And EBIT increased 10.5% to 28.1 million. This reflects the operational efficiency benefits from the move to a two-furnace operation, partially offset by lower volumes.

Speaker #2: Depreciation increased 2.7 million dollars, reflecting completion of the G3 furnace rebuild and oxygen plant in FY25. Cash realization was strong at 107.4%, driven by improved working capital efficiency following the transition to the two-furnace operating models.

Speaker #2: Total capex was 13.7 million dollars, and largely comprised base capex, base capex of 12.2 million was equivalent to 37% of depreciation. Turning to slide 19.

Shaun Hughes: Total CapEx was AUD 13.7 million and largely comprised base CapEx. Base CapEx of AUD 12.2 million was equivalent to 37% of depreciation. Turning to slide 19. Underlying operating cash flow remains strong at AUD 290.7 million, down 12.8% on FY25. The decline reflects slightly lower cash EBITDA and a reduced one-off working capital benefit relative to FY25, partially offset by lower base CapEx. Cash EBITDA was AUD 384.7 million, down 1.4% on the prior year, and the movement in working capital was largely flat despite a one-off Cans inventory build of AUD 13 million, compared with a AUD 62.9 million benefit in FY25.

Speaker #2: Underlying operating cash flow remains strong, at 290.7 million dollars, down 12.8% on FY25. The decline reflects slightly lower cash EBITDA and a reduced one-off working capital benefit relative to FY25, partially offset by lower base capex.

Shaun Hughes: Underlying operating cash flow remains strong at AUD 290.7 million, down 12.8% on FY25. The decline reflects slightly lower cash EBITDA and a reduced one-off working capital benefit relative to FY25, partially offset by lower base CapEx. Cash EBITDA was AUD 384.7 million, down 1.4% on the prior year, and the movement in working capital was largely flat despite a one-off Cans inventory build of AUD 13 million, compared with a AUD 62.9 million benefit in FY25. The benefit in FY25 relates to the unwind of inventory at Gawler following the completion of the G3 rebuild and higher payables from increased volumes in aluminum purchasing timing in Cans. Base CapEx was AUD 85.9 million, down from AUD 117.9 million in FY25, and growth CapEx was also lower at AUD 108.4 million, largely relating to the new 375 mil Rocklea Cans line. Cash significant items were AUD 50.5 million. I covered the composition of these earlier.

Speaker #2: Cash EBITDA was 384.7 million, down 1.4% on the prior year. And the movement in working capital was largely flat, despite a one-off cans inventory build of 13 million compared with a 62.9 million benefit in FY25.

Speaker #2: The benefit in FY25 relates to the unwind of inventory at Gawler following the completion of the G3 rebuild and higher payables from increased volumes and aluminium purchasing timing in cans.

Shaun Hughes: The benefit in FY25 relates to the unwind of inventory at Gawler following the completion of the G3 rebuild and higher payables from increased volumes in aluminum purchasing timing in Cans. Base CapEx was AUD 85.9 million, down from AUD 117.9 million in FY25, and growth CapEx was also lower at AUD 108.4 million, largely relating to the new 375 mil Rocklea Cans line. Cash significant items were AUD 50.5 million. I covered the composition of these earlier.

Speaker #2: Base capex was 85.9 million, down from 117.9 million dollars in FY25, and growth capex was also lower at 108.4 million dollars. Largely relating to the new 375 mill Rockley cans line.

Speaker #2: Cash significant items were 50.5 million, I covered the composition of these earlier. Net interest payments were 46.1 million, down 17.3 million dollars, reflecting the reduction in debt following the completion of the OPS sale partially offset by the share buyback.

Shaun Hughes: Net interest payments were AUD 46.1 million, down AUD 17.3 million, reflecting the reduction in debt following the completion of the OPS sale, partially offset by the share buyback. Cash taxes were AUD 27 million, up AUD 7.4 million, reflecting the recommencement of monthly PAYG tax installments in FY26. Free cash flow available to shareholders was AUD 58.7 million, down AUD 38.6 million. This is after growth CapEx of AUD 108.4 million in FY26. Cash realization of 98.3% demonstrates the continued strength of Orora's cash generation and conversion. Turning to CapEx on slide 20. FY26 CapEx was AUD 194.3 million. This comprises base CapEx of AUD 86 million, including a decarb CapEx of AUD 1.7 million, and growth CapEx of AUD 108.4 million. Base CapEx was 69% of total depreciation, reflecting our continued focus on capital discipline whilst completing the major planned Cans growth capacity investment cycle. For FY27, total CapEx is forecast to be around AUD 140 to AUD 145 million.

Speaker #2: Cash taxes were 27 million, up 7.4 million reflecting the recommencement of monthly PAYG tax installments in FY26. Free cash flow available to shareholders was 58.7 million dollars.

Speaker #2: Down 38.6 million this is after growth capex of 108.4 million dollars in FY26. Cash realization of 98.3% demonstrates the continued strength of Aurora's cash generation and conversion.

Shaun Hughes: Cash realization of 98.3% demonstrates the continued strength of Orora's cash generation and conversion. Turning to CapEx on slide 20. FY26 CapEx was AUD 194.3 million. This comprises base CapEx of AUD 86 million, including a decarb CapEx of AUD 1.7 million, and growth CapEx of AUD 108.4 million. Base CapEx was 69% of total depreciation, reflecting our continued focus on capital discipline whilst completing the major planned Cans growth capacity investment cycle. For FY27, total CapEx is forecast to be around AUD 140 to AUD 145 million.

Speaker #2: Turning to capex on slide 20. FY26 capex was 194.3 million. This comprises base capex of 86 million dollars, including a decarb capex of 1.7 million, and growth capex of 108.4 million dollars.

Speaker #2: Base capex was 69% of total depreciation, reflecting our continued focus on capital discipline whilst completing the major planned cans growth capacity investment cycle. For FY27, total capex is forecast to be around 140 to 145 million dollars.

Speaker #2: This includes base capex of around 85 to 90 million dollars, decarb capex of about 5 million to 10 million dollars, and growth capex of around 50 million dollars.

Shaun Hughes: This includes base CapEx of around AUD 85 to AUD 90 million, decarb CapEx of about AUD 5 million to AUD 10 million, and growth CapEx of around AUD 50 million. FY27 growth CapEx includes Rocklea AUD 6 million, various other Cans projects of AUD 9 million, and glass growth efficiency projects, including glass digital factory initiatives for AUD 8 million and cold end automation for AUD 15 million. A new business molds of AUD 4 million. From FY28 onwards, base and decarb CapEx is expected to be in line with our long-term guidance of AUD 85 to AUD 120 million per year. D&A in FY26 was AUD 172.1 million, up AUD 15.4 million. FY27 D&A is expected to be in the range of AUD 180 to AUD 185 million. The increase in FY27 D&A reflects higher depreciation for Rocklea, Helio, and Ghlin, and lease amortization for Rocklea and Dandenong.

Speaker #2: FY27 growth capex includes Rockley 6 million dollars, various other cans projects of 9 million dollars, and glass growth efficiency projects including glass digital factory initiatives for 8 million dollars and cold end automation for 15 million dollars.

Speaker #2: A new business molds of 4 million dollars. From FY28 onwards, base and decarb capex is expected to be in line with our long-term guidance of 85 to 120 million dollars per year.

Shaun Hughes: From FY28 onwards, base and decarb CapEx is expected to be in line with our long-term guidance of AUD 85 to AUD 120 million per year. D&A in FY26 was AUD 172.1 million, up AUD 15.4 million. FY27 D&A is expected to be in the range of AUD 180 to AUD 185 million. The increase in FY27 D&A reflects higher depreciation for Rocklea, Helio, and Ghlin, and lease amortization for Rocklea and Dandenong. Saverglass FY27 D&A is expected to be in the low EUR 70 million range, reflecting the Ghlin rebuild and molds.

Speaker #2: DNA in FY26 was 172.1 million, up 15.4 million dollars. FY27 DNA is expected to be in the range of 180 to 185 million dollars.

Speaker #2: The increase in FY27 DNA reflects higher depreciation for Rockley, Helio, and Glenn, and Lisa amortization for Rockley and Dandenong. Saverglass FY27 DNA is expected to be in the low 70 million euro range, reflecting the Glenn rebuild and molds.

Shaun Hughes: Saverglass FY27 D&A is expected to be in the low EUR 70 million range, reflecting the Ghlin rebuild and molds. The key takeaway message here is that free cash flow available to shareholders is expected to be higher in FY27 as total CapEx reduces following completion of the Cans capacity growth investment cycle. Turning to slide 21. I am pleased to share that we made several changes to the group's debt facilities to strengthen liquidity and extend the maturity profile. Importantly, there is no refinancing of drawn debt until FY33. We completed two transactions on 30 June. First, a new US private placement of EUR 210 million across seven- and 10-year notes. That is long-dated fixed euro-denominated debt that naturally matches our European earnings. Second, we amended and extended the syndicated bank facility, simplifying the tranche structure, reducing total capacity, and lowering pricing across every tranche.

Speaker #2: The key takeaway message here is that free cash flow available to shareholders is expected to be higher in FY27 as total capex reduces following completion of the cans capacity growth investment cycle.

Shaun Hughes: The key takeaway message here is that free cash flow available to shareholders is expected to be higher in FY27 as total CapEx reduces following completion of the Cans capacity growth investment cycle. Turning to slide 21. I am pleased to share that we made several changes to the group's debt facilities to strengthen liquidity and extend the maturity profile. Importantly, there is no refinancing of drawn debt until FY33. We completed two transactions on 30 June. First, a new US private placement of EUR 210 million across seven- and 10-year notes.

Speaker #2: Turning to slide 21. I'm pleased to share that we made several changes to the group's debt facilities to strengthen liquidity and extend the maturity profile.

Speaker #2: Importantly, there is no refinancing of drawn debt until FY33. We completed two transactions on the 30th of June. First, a new US private placement of 210 million euro, across seven and 10-year notes, that's long dated, fixed, euro denominated debt that naturally matches our European earnings.

Shaun Hughes: That is long-dated fixed euro-denominated debt that naturally matches our European earnings. Second, we amended and extended the syndicated bank facility, simplifying the tranche structure, reducing total capacity, and lowering pricing across every tranche. The USPP proceeds were applied to repaying existing bank debt, around AUD 284 million, and that was repaid in July. The revolving facilities of AUD 757 million now maturing FY30 to FY32 are fully undrawn post that repayment.

Speaker #2: And second, we amended and extended the syndicated bank facility. Simplifying the tranche structure, reducing total capacity, and lowering pricing across every tranche. The USPP proceeds were applied to repaying existing bank debt around 284 million dollars, and that was repaid in July.

Shaun Hughes: The USPP proceeds were applied to repaying existing bank debt, around AUD 284 million, and that was repaid in July. The revolving facilities of AUD 757 million now maturing FY30 to FY32 are fully undrawn post that repayment. The weighted average maturity has been extended to around 5.4 years. As set out in the bottom chart and the table on the slide, normalizing for the AUD 284 million repayment in July, our cash balance would have been AUD 229 million, and committed liquidity from undrawn revolving facilities of AUD 757 million. Given the completion of the Cans capacity investments, we deliberately reduced our committed facilities by approximately AUD 370 million to AUD 757 million compared to the prior year. Turning to slide 22. The balance sheet remains in a strong position, with cash and undrawn facilities available to support ongoing shareholder distributions and organic growth.

Speaker #2: So the revolving facilities of 757 million dollars now maturing FY30 to 32 are fully undrawn post that repayment. The weighted average maturity has been extended to around 5.4 years.

Shaun Hughes: The weighted average maturity has been extended to around 5.4 years. As set out in the bottom chart and the table on the slide, normalizing for the AUD 284 million repayment in July, our cash balance would have been AUD 229 million, and committed liquidity from undrawn revolving facilities of AUD 757 million. Given the completion of the Cans capacity investments, we deliberately reduced our committed facilities by approximately AUD 370 million to AUD 757 million compared to the prior year. Turning to slide 22.

Speaker #2: A set out in the bottom chart and the table on the slide normalizing for the 284 million repayment in July our cash balance would have been 229 million Australian dollars, and committed liquidity from undrawn revolving facilities of 757 million.

Speaker #2: Given the completion of the cans capacity investments we deliberately reduced our committed facilities by approximately 370 million dollars to 757 million dollars compared to the prior year.

Speaker #2: Turning to slide 22. The balance sheet remains in a strong position with cash and undrawn facilities available to support ongoing shareholder distributions and organic growth.

Shaun Hughes: The balance sheet remains in a strong position, with cash and undrawn facilities available to support ongoing shareholder distributions and organic growth. Net debt at 30 June 2026 was AUD 481 million, compared with AUD 254 million last year. The increase was largely driven by the AUD 118 million share buyback and Cans growth CapEx. Leverage was 1.2 times, which remains below our long-term target range of 1.5 to 2.5 times, and interest cover was 8.1 times. Available liquidity was approximately AUD 986 million, comprising committed undrawn facilities and cash.

Speaker #2: Net debt at the 30th of June, 2026 was 481 million dollars. Compared with 254 million dollars last year. The increase was largely driven by the 118 million dollar share buyback and cans growth capex.

Shaun Hughes: Net debt at 30 June 2026 was AUD 481 million, compared with AUD 254 million last year. The increase was largely driven by the AUD 118 million share buyback and Cans growth CapEx. Leverage was 1.2 times, which remains below our long-term target range of 1.5 to 2.5 times, and interest cover was 8.1 times. Available liquidity was approximately AUD 986 million, comprising committed undrawn facilities and cash. As noted on the prior slide, the group has also extended and streamlined its debt facilities, including the new EUR 210 million, seven- and 10-year USPP issuance. FY26 net finance costs were AUD 56.6 million after capitalizing AUD 4 million of interest related to the Rocklea project. For FY27, net finance costs are forecast to be in the range of AUD 63 to AUD 68 million. This is before the impact of recommencement of the on-market share buyback announced today.

Speaker #2: Leverage was 1.2 times, which remains below our long-term target range of 1.5 to 2.5 times. And interest cover was 8.1 times. Available liquidity was approximately 986 million dollars comprising committed undrawn facilities and cash.

Speaker #2: As noted on the prior slide, the group has also extended and streamlined its debt facilities including the new 210 million euro seven and 10-year USPP issuance.

Shaun Hughes: As noted on the prior slide, the group has also extended and streamlined its debt facilities, including the new EUR 210 million, seven- and 10-year USPP issuance. FY26 net finance costs were AUD 56.6 million after capitalizing AUD 4 million of interest related to the Rocklea project. For FY27, net finance costs are forecast to be in the range of AUD 63 to AUD 68 million. This is before the impact of recommencement of the on-market share buyback announced today.

Speaker #2: FY26 net finance costs were 56.6 million after capitalizing 4 million of interest related to the Rockley project. For FY27 net finance costs are forecast to be in the range of 63 to 68 million dollars.

Speaker #2: This is before the impact of recommencement of the on-market share buyback announced today. This forecast includes interest on drawn debt at an average cost of around 4.75%, right of use lease interest of around 11 million dollars, and other items including commitment fees for undrawn facilities and working capital financing.

Shaun Hughes: This forecast includes interest on drawn debt at an average cost of around 4.75%, right of use lease interest of around AUD 11 million, and other items including commitment fees for undrawn facilities and working capital financing. Turning to slide 24. The final dividend is AUD 0.04 per share, unfranked, representing a gross cash dividend of AUD 49 million. The final dividend payout ratio is 76%, towards the top end of the target payout range of 60% to 80% of NPAT. The total FY26 dividend is AUD 0.09 per share, representing a 78% payout ratio, with the reduction driven by the lower NPAT. The dividend reinvestment plan will be operative for this dividend, with shares purchased on market to meet DRP obligations. In relation to the buyback, around 56 million shares were bought back during FY26 at an average price of AUD 2.10 for a total of AUD 118 million, representing around 4.5% of shares outstanding.

Speaker #2: Turning to slide 24. The final dividend is 4 cents per share, unfranked, representing a gross cash dividend of 49 million dollars. The final dividend payout ratio is 76% towards the top end of the target payout range of 60 to 80 percent of NPAT.

Speaker #2: The total FY26 dividend is 9 cents per share, representing a 78% payout ratio, with the reduction driven by the lower NPAT. The dividend reinvestment plan will be operative for this dividend with shares purchased on market to meet DRP obligations.

Shaun Hughes: The total FY26 dividend is AUD 0.09 per share, representing a 78% payout ratio, with the reduction driven by the lower NPAT. The dividend reinvestment plan will be operative for this dividend, with shares purchased on market to meet DRP obligations. In relation to the buyback, around 56 million shares were bought back during FY26 at an average price of AUD 2.10 for a total of AUD 118 million, representing around 4.5% of shares outstanding. The 2026 on-market buyback, which was paused on 9 April, will recommence after the FY26 results. I will now hand back to Brian.

Speaker #2: In relation to the buyback around 56 million shares were bought back during FY26 at an average price of $2.10. For a total of 118 million dollars.

Speaker #2: Representing around 4.5% of shares outstanding. The 2026 on-market buyback which was paused on the 9th of April will recommence after the FY26 results. I will now hand back to Brian.

Shaun Hughes: The 2026 on-market buyback, which was paused on 9 April, will recommence after the FY26 results. I will now hand back to Brian.

Speaker #1: Thank you, Sean. And I'll cover our perspectives for FY27 and the outlook. So if we turn to slide 25. For cans, demand tailwinds remain positive and we expect volume growth to be consistent with the long-term growth rates around 4 to 6 percent.

Brian Lowe: Thank you, Shaun. I will now cover our perspectives for FY27 and the outlook. If we turn to slide 25. For Cans, demand tailwinds remain positive, and we expect volume growth to be consistent with the long-term growth rate around 4% to 6%. The new Rocklea 375 mil classic can line remains on track for commissioning by the end of the first quarter of FY27, adding around 13% network capacity following an estimated 12-month ramp-up from commissioning. Importantly, FY27 will also mark the transition back to five and six-day operations after five years of continuous 24/7 production across all sites and all lines. Around AUD 13 million of the planned AUD 30 million of one-off Cans, raw material, and finished goods inventory build did occur in the second half of FY26, with the remaining AUD 17 million now expected to occur in FY27.

Speaker #1: The new Rockley 375 mil classic clan can line remains on track for commissioning by the end of the first quarter of FY27, adding around 13% network capacity following an estimated 12-month ramp-up from commissioning.

Speaker #1: Importantly, FY27 will also mark the transition back to five and six-day operations after five years of continuous 24/7 production across all sites and all lines.

Speaker #1: Around 13 million of the planned 30 million dollars of one-off cans raw material and finished goods inventory build did occur in the second half of FY26, with the remaining 17 million now expected to occur in FY27.

Speaker #1: For saver glass, spirits and wine industry volumes remain under pressure across most geographies. Cost of living pressures continue to impact premiumization trends, and FY27 volume growth is expected to reflect continued price and mix impact towards lower price products lowering average selling prices and margins.

Brian Lowe: For Saverglass, spirits and wine industry volumes remain under pressure across most geographies. Cost of living pressures continue to impact premiumization trends and FY27 volume growth is expected to reflect continued price and mix impact towards lower priced products, lowering average selling prices and margins. The Ghlin wine and champagne productions facility rebuild that commenced in May is now nearing completion, with ramp-up in production expected from late Q1 FY27. I am also pleased to advise that we are planning to recommence production at RAK on a restricted volume basis from October via alternate shipping ports in Oman. The EBIT impact, which is a significant item for FY27, of approximately EUR 2 million per month prior to the recommencement, will reduce thereafter as operations progressively restart. Until the Strait of Hormuz fully reopens, our intention is for RAK to operate at approximately 50% capacity utilizing shipping ports in Oman.

Speaker #1: The Glenn wine and champagne production facility rebuild that commenced in May is now nearing completion, with ramp-up in production expected from late Q1 FY27.

Speaker #1: I'm also pleased to advise that we're planning to recommence production at Ruck on a restricted volume basis from October via alternate shipping ports in Oman.

Speaker #1: The EBIT impact, which is significant item for FY27, of approximately 2 million euros per month prior to the recommencement will reduce thereafter as operations progressively restart.

Brian Lowe: The EBIT impact, which is a significant item for FY27, of approximately EUR 2 million per month prior to the recommencement, will reduce thereafter as operations progressively restart. Until the Strait of Hormuz fully reopens, our intention is for RAK to operate at approximately 50% capacity utilizing shipping ports in Oman. The partial restart of RAK allows us to better service our global customers. The economics of operating 2 lines at RAK, which is approximately 50% capacity, is largely neutral versus keeping RAK in an idling mode.

Speaker #1: And tallest rate of humus fully reopens, our intention is for Ruck to operate at approximately 50% capacity utilizing shipping ports in Oman. The partial restart of Ruck allows us to better service our global customers, the economics of operating two lines at Ruck, which is approximately 50% capacity, is largely neutral versus keeping Ruck in an idling mode.

Brian Lowe: The partial restart of RAK allows us to better service our global customers. The economics of operating 2 lines at RAK, which is approximately 50% capacity, is largely neutral versus keeping RAK in an idling mode. The Saverglass executive team is focused on executing the 6 key business priorities, targeting net EBIT run rate improvement of more than EUR 30 million by FY30, with benefits expected to commence from the H2 2027. For Gawler, the team continues to manage the volume and efficiency challenges associated with the transition from a 3-furnace to a 2-furnace operation. Domestic and export wine demand remains challenging and beer continues to shift to cans. The 2-furnace operation is now fully utilized and with any surplus volume in demand to be sourced from the Saverglass network.

Speaker #1: The saver glass executive team is focused on executing the six key business priorities: targeting net EBIT run rate improvement of more than 30 million euros by FY30, with benefits expected to commence from the second half of 2027.

Brian Lowe: The Saverglass executive team is focused on executing the 6 key business priorities, targeting net EBIT run rate improvement of more than EUR 30 million by FY30, with benefits expected to commence from the H2 2027. For Gawler, the team continues to manage the volume and efficiency challenges associated with the transition from a 3-furnace to a 2-furnace operation. Domestic and export wine demand remains challenging and beer continues to shift to cans. The 2-furnace operation is now fully utilized and with any surplus volume in demand to be sourced from the Saverglass network.

Speaker #1: For Gawla, the team continues to manage the volume and efficiency challenges associated with the transition from a three furnace to a two furnace operation.

Speaker #1: Domestic and export wine demand remains challenging and beer continues to shift to cans. The two furnace operation is now fully utilized and with any surplus volume in demand to be sourced from the saver glass network.

Speaker #1: At a group level, completion of the cans growth capex investments is expected to support stronger cash flow generation in FY27 and onwards. Turning to slide 26 and our FY27 outlook.

Brian Lowe: At a group level, completion of the Cans growth CapEx investments is expected to support stronger cash flow generation in FY27 and onwards. Turning to slide 26 and our FY27 outlook. For Cans, EBIT is expected to be higher than FY26. Volume growth is expected to be consistent with the long-term growth rates of 4% to 6%, supporting EBITDA growth in FY27. This will be partially offset by higher D&A, including the commissioning of Rocklea by the end of the Q1 FY27. For Saverglass, ongoing impacts from US tariffs, the accelerated effects of the Middle East conflict, and continued supply chain disruptions have resulted in the adverse price and mix effects in the H2 2026. These pressures are expected to persist into the H1 2027, with volume growth and cost savings more than offset by these ongoing pricing and mix impacts.

Speaker #1: For cans, EBIT is expected to be higher than FY26. Volume growth is expected to be consistent with the long-term growth rates of 4 to 6 percent supporting EBITDA growth in FY27.

Speaker #1: This will be partially offset by higher DNA including the commissioning of Rockley by the end of the first quarter of FY27. For saver glass, ongoing impacts from US tariffs decelerated effects of the Middle East conflict and continued supply chain disruptions have resulted in the adverse price and mix effects in the second half of 2026.

Brian Lowe: For Saverglass, ongoing impacts from US tariffs, the accelerated effects of the Middle East conflict, and continued supply chain disruptions have resulted in the adverse price and mix effects in the H2 2026. These pressures are expected to persist into the H1 2027, with volume growth and cost savings more than offset by these ongoing pricing and mix impacts. As a result, FY27 EBIT is expected to be lower than FY26. For Gawler, EBIT is expected to be around AUD 30 million.

Speaker #1: These pressures are expected to persist into the first half of 27. With volume growth and cost savings more than offset by these ongoing pricing and mix impacts.

Speaker #1: As a result, FY27 EBIT is expected to be lower than FY26. For Gawla, EBIT is expected to be around 30 million dollars. FY27 will be the first full year of the two furnace operation.

Brian Lowe: As a result, FY27 EBIT is expected to be lower than FY26. For Gawler, EBIT is expected to be around AUD 30 million. FY27 will be the first full year of the 2-furnace operation. The operational benefits are expected to support EBITDA growth versus FY26. At a group level, EBIT is expected to be lower than FY26, reflecting higher D&A and the lower Saverglass EBIT. In relation to significant items FY27, cash costs from FY26 significant items will be approximately EUR 8.5 million. In relation to RAK, for FY27, the monthly idling cost is approximately EUR 2 million per month. This is prior to the recommencement in October on a restricted volume basis. This monthly idling cost will reduce as RAK production increases above 50%.

Speaker #1: The operational benefits are expected to support EBITDA growth versus FY26. At a group level, EBIT is expected to be lower than FY26 reflecting higher DNA and the lower saver glass EBIT.

Brian Lowe: FY27 will be the first full year of the 2-furnace operation. The operational benefits are expected to support EBITDA growth versus FY26. At a group level, EBIT is expected to be lower than FY26, reflecting higher D&A and the lower Saverglass EBIT. In relation to significant items FY27, cash costs from FY26 significant items will be approximately EUR 8.5 million. In relation to RAK, for FY27, the monthly idling cost is approximately EUR 2 million per month. This is prior to the recommencement in October on a restricted volume basis. This monthly idling cost will reduce as RAK production increases above 50%.

Speaker #1: In relation to significant items for FY27, cash costs from FY26 significant items will be approximately 8.5 million euros. In relation to Ruck, for FY27, the monthly idling cost is approximately 2 million euros per month.

Speaker #1: This is prior to the recommencement in October on a restricted volume basis. This monthly idling cost will reduce as Ruck production increases above 50%.

Speaker #1: As always, this outlook assumes no further changes to US tariffs or the Middle East conflict as of the 13th of August 2026 and remains subject to global and domestic economic conditions and currency fluctuations.

Brian Lowe: As always, this outlook assumes no further changes to US tariffs or the Middle East conflict as of 13 August 2026 and remains subject to global and domestic economic conditions and currency fluctuations. Thank you everyone for listening. Operator, we will now hand back to you to open the line for questions.

Speaker #1: Thank you everyone for listening. Operator, we'll now hand back to you to open the line for questions.

Speaker #2: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two.

Operator: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Sam Seow with Citi. Please go ahead.

Speaker #2: If you're on a speakerphone, please pick up a handset to ask your question. Your first question comes from Sam Siawa City. Please go ahead.

Speaker #3: Oh, morning guys. Thanks for taking the question. Maybe just a quick one on the glass priorities at mid single digit percentage revenue growth ambition.

Sam Seow: Oh, morning guys. Thanks for taking the question. Maybe just a quick one on the Glass priorities, that mid-single digit percentage revenue growth ambition. Could you please separate that out into what your assumptions are for market reversing or mix versus, I guess, the more controllable things like share gains?

Speaker #3: Could you please separate that out? You know, into what your assumptions are for the market reversing or mix versus, I guess, the more controllable things like share

Speaker #1: Look, I mean, there's obviously a lot at play when it comes to that. So it's almost going to be. By year proposition. But while we are expecting is volume growth, we're certainly targeting that and we saw that was attained through FY26.

Brian Lowe: Well, I mean, there is obviously a lot at play when it comes to that, so it is almost going to be a year-by-year proposition. But what we are expecting is volume growth. We are certainly targeting, and we saw that was attained through FY26, so there is momentum there and a fairly strong pipeline. The thing that will offset that and obviously impact what revenue ends up being is those effects of mix and on pricing. And we are not seeing that abate yet. But certainly over the medium term, we would expect that to at least level out at some point. We are not expecting that to turn around and reverse and we are going to get net price gain. That is not in our assumptions relative to that FY30 ambition.

Speaker #1: So there's momentum there and a fairly strong pipeline. The thing that will offset that and obviously impact what revenue ends up being is those effects of mix and on pricing.

Speaker #1: And we're not seeing that a bait yet. But certainly over the medium term, you know, we would expect that's going to at least level out at some point.

Speaker #1: We're not expecting that to turn around and reverse and we're going to get net price gain. That's not in our assumptions relative to that FY30 ambition.

Speaker #3: Got it. Got it. So just following on maybe in reconciling a few second half saver glass revenue growth, you had pretty good volumes there offset by mix headwinds.

Sam Seow: Got it. Just following on, maybe in reconciling for your H2 Saverglass revenue growth, you had pretty good volumes there offset by mix headwinds. Is that fair to say then, that that is the new normal you expect over the next few years? Or how long are you planning to aggressively, I guess, go down the curve on that one? Thanks.

Speaker #3: Is that fair to say then that that's the new normal you expect over the next few years? Or how long are you planning to aggressively, I guess, go down the curve on that one?

Speaker #3: Thanks.

Speaker #1: Well, the pricing piece, well, mix is really going to be more governed by our customers' demand. You know, we unfortunately can't control what they want to buy and therefore can sell in the marketplace.

Brian Lowe: Well, the pricing piece, well, mix is really going to be more governed by our customers' demand. We unfortunately can't control what they want to buy and therefore can sell in the marketplace. The pricing piece is really a function of the additional capacity that is available in the broader market, and therefore the competitor set, in terms of how aggressive they are pushing as well. We certainly expect that to start to moderate at some point. But at least through FY27, and particularly through the H1, we see the impact that we had in the H2 of 2026 continuing at least through the H1. At this point, we do not have true visibility on the H2, but I would not think it is going to moderate in FY27.

Speaker #1: The pricing piece is really a function of the additional capacity that's available in the broader market and therefore the competitor set in terms of how aggressive they're pushing as well.

Speaker #1: We certainly expect that to start to moderate at some point, but at least through FY27 and particularly through the first half. We see the impact that we had in the second half of 26 continuing at least through the first half.

Speaker #1: And at this point, we don't have true visibility on the second half, but I wouldn't think it's going to moderate in FY27.

Speaker #2: Thank you. Your next question. It comes from John Patel with Macquarie. Please go ahead.

Operator: Thank you. Your next question comes from John Purtell with Macquarie. Please go ahead.

Speaker #3: Hi. Good day, Brian and Sean. Thanks for the presentation. Just a couple of questions, if I can. Just in terms of the saver glass volume growth expectation for 27, you expecting that from both Spirits and Wine and Champagne and excuse me, just the related question around price and mix.

John Purtell: Hi. G'day, Brian and Shaun. Thanks for the presentation. Just a couple of questions, if I can. Just in terms of the Saverglass volume growth expectation for 2027, are you expecting that from both spirits and wine and champagne? Excuse me, just a related question around price and mix. Appreciate it is hard to call, but you had, I think, an adverse 5% price mix in 2026. Would that be a reasonable proxy for your expectations for 2027? Thank you.

Speaker #3: Appreciate it. So the hard to call, but you sort of had, I think, an adverse 5% price mix in 26. I mean, would that be a reasonable proxy for your expectations for 27?

Speaker #3: Thank you.

Speaker #1: Yeah. Look, first question on volume. We have quite a good pipeline of opportunities across Wine and Champagne and Spirits. So part of it will be a function of the new business execution during the year and part of it will be a function of what that underlying demand is for our customers.

Brian Lowe: Yeah, look, first question on volume. We have quite a good pipeline of opportunities across wine, champagne, and spirits. Part of it will be a function of the new business execution during the year, and part of it will be a function of what that underlying demand is for our customers. But we would expect to be gaining some volume growth in both categories. Relative to price and mix, again, at least through the H1 2027, we would expect around the magnitude we saw in the H2 2026 to persist. Again, it is hard to call for the H2, but certainly we would expect to see some continued pressure through that H2. But the magnitude is yet to be determined.

Speaker #1: But we would expect to be gaining some volume growth in both categories. Relative to price and mix, again, at least through the first half of 27, we would expect around the magnitude we saw in the second half of 26 to persist.

Speaker #1: And again, it's hard to call for the second half, but certainly we would expect to see some continued pressure through that second half. But the magnitude is yet to be determined.

Speaker #3: Thank you. And just the last couple again on saver glass. In terms of higher energy costs, you've got good cover, but you expecting any lag impacts in the second half of 27?

John Purtell: Thank you. Just a last couple, again, on Saverglass. In terms of higher energy costs, you have good cover, but are you expecting any lag impacts in the H2 2027? Just on the RAK restart there, Brian, just to clarify your earlier comment. So there still will be a cost of AUD 2 million per month post-RAK restarting at 50% utilization. Does that cost not sort of reduce until you get obviously utilization at a higher level, and will that cost be taken as an SI? Thank you.

Speaker #3: And just on the rack restart there, Brian, just to clarify your earlier comment. So there still will be a cost of 2 million per month post rack restarting at 50% utilization.

Speaker #3: So does that cost not sort of reduce until you get obviously utilization at a higher level? And will that cost be taken as an SI?

Speaker #3: Thank you.

Speaker #1: So look, on energy, the team continue to do a really good job in terms of hedging that. So the say the net position for FY27 will only be a few percentage points up on 26 in terms of total cost for energy.

Brian Lowe: So look, on energy, the team continue to do a really good job in terms of hedging that. So the net position for FY27 will only be a few percentage points up on 2026 in terms of total cost for energy. What they do then is utilize that for the resets we have with customers, whether it be in the customer contracts where we have the clear pass-through mechanisms of energy, or the other customers where we have an annual reset where energy is one of the components. So at this point, we would not be expecting any exposure in terms of our P&L relative to energy costs for 2027. So we are comfortable that is squared away. On RAK, yes, you are correct. The utilization at 50% or less, it is quite expensive to run an underutilized glass plant, which we saw in G1 in Gawler.

Speaker #1: And what they do then is utilize that for the resets we have with customers, whether it be in the customer contracts where we have the clear pass-through mechanisms of energy or the other customers where we have an annual reset where energy is one of those components.

Speaker #1: So at this point, we wouldn't be expecting any exposure in terms of our P&L relative to energy cost for 27. So we're comfortable that's squared away.

Speaker #1: And on rack, yes, you're correct. The utilization at 50% or less, you know, it's quite expensive to run an underutilized glass plant, which we saw in G1 and in Goa once we got close to 50%, you end up in a lost position.

Brian Lowe: So we are comfortable that is squared away. On RAK, yes, you are correct. The utilization at 50% or less, it is quite expensive to run an underutilized glass plant, which we saw in G1 in Gawler. Once we got close to 50%, you end up in a loss position. So, that is going to be a similar situation for RAK. Just to add to that, the restriction we have at the moment in getting above 50% is there is a limited amount of containers per week that we can ship through the Port of Oman. So they are working on increasing that availability from a capacity standpoint.

Speaker #1: So that's going to be a similar situation for rack. Just an add to that, the restriction we have at the moment in getting above 50% is there is a limited amount of containers per week that we can ship through the port of Amman.

Brian Lowe: Once we got close to 50%, you end up in a loss position. So, that is going to be a similar situation for RAK. Just to add to that, the restriction we have at the moment in getting above 50% is there is a limited amount of containers per week that we can ship through the Port of Oman. So they are working on increasing that availability from a capacity standpoint. So it is not our capacity constraint, it is shipping line capacity. So as that frees up, we should be able to get above 50%. There is obviously additional costs in that shipping at the moment versus through the Strait of Hormuz. So net yet, it is about the same impact.

Speaker #1: So they're working on increasing the availability from a capacity standpoint. So it's not our capacity constraint. It's shipping line capacity. So as that frees up, we should be able to get above 50%.

Brian Lowe: So it is not our capacity constraint, it is shipping line capacity. So as that frees up, we should be able to get above 50%. There is obviously additional costs in that shipping at the moment versus through the Strait of Hormuz. So net yet, it is about the same impact. And whilst it then is, let's say, underutilized and suboptimal, we would expect we will call that out as an SI until we get to a point where we say, "Okay, we have freedom to produce what we need to in RAK, and therefore we are in a more representative mode relative to what the run rate of the business should be.

Speaker #1: And there's obviously additional costs in that shipping at the moment versus through the strata humus. So net yet it is about the same impact.

Speaker #1: And whilst the then is, let's say, underutilized and suboptimal, we would expect we'll call that out as an SI. Until we get to a point where we say, okay, we have freedom to produce what we need to in rack and therefore we're in a more representative mode relative to what the run rate of the business should be.

Brian Lowe: And whilst it then is, let's say, underutilized and suboptimal, we would expect we will call that out as an SI until we get to a point where we say, "Okay, we have freedom to produce what we need to in RAK, and therefore we are in a more representative mode relative to what the run rate of the business should be.

Speaker #2: Thank you. Your next question comes from Mark Wilson with RBC. Please go ahead.

Operator: Thank you. Your next question comes from Mark Wilson with RBC. Please go ahead.

Speaker #3: Thanks very much, Brian. Just looking at the glass improvement initiatives, just sort of wondering if you can sort of outline the cost to achieve that and when they are likely to fall.

Mark Wilson: Thanks very much, Brian. Just looking at the glass improvement initiatives, just wondering if you can outline the cost to achieve that and when they are likely to fall. I know you mentioned we should see some benefits from H2 2027, but is that essentially a linear flow-through after that?

Speaker #3: I know you mentioned we should see some benefits from the second half of 27, but is that essentially a linear flow through after that?

Speaker #1: Yeah. I mean, there's firstly, the costs. So the cost to achieve, you know, we look at that in at this point in a net basis, relative to the impact on the P&L.

Brian Lowe: Well, firstly, the cost. So the cost to achieve, we look at that, at this point, in a net basis relative to the impact on the P&L. So, unless we change course to find additional savings opportunities or opportunities to accelerate that will incur some greater upfront costs, we will then address that and call that out separately. But at the moment, those costs are part of that. There is some cost relative to the growth capital that we have in the plan for FY27. Two of the major items that are in there for Saverglass that Shaun mentioned, the cold end automation and the digital factory projects, are key enablers for reducing our operations cost and our cost per ton. And given pricing is coming down, that is critical for us to reduce the cost base of production.

Speaker #1: So you know, unless we change course to find additional savings opportunities or opportunities to accelerate that will incur some greater upfront costs, you know, we will then address that and call that out separately.

Speaker #1: But at the moment, those costs are part of that. There is some cost relative to the growth capital that we have in the plan for FY27.

Speaker #1: Two of the major items that are in there for saver glass that Sean mentioned the cold end automation and the digital factory projects are key enablers for reducing our operations costs and our cost per ton and given pricing's coming down, that's critical for us to reduce the cost base of production.

Brian Lowe: Two of the major items that are in there for Saverglass that Shaun mentioned, the cold end automation and the digital factory projects, are key enablers for reducing our operations cost and our cost per ton. And given pricing is coming down, that is critical for us to reduce the cost base of production. And those two projects we have agreed to approve because we are comfortable that based on our normal expectation of growth, CapEx being a 15% return by year 3. Both of these projects, we believe, will be comfortably above the 15% by year 2.

Speaker #1: And those two projects, we have agreed to approve because we're comfortable that based on our normal expectation of growth capex being a 15% return by year three, both of these projects we believe will be comfortably above the 15% by year two.

Brian Lowe: And those two projects we have agreed to approve because we are comfortable that based on our normal expectation of growth, CapEx being a 15% return by year 3. Both of these projects, we believe, will be comfortably above the 15% by year 2. So that capital is part of what is going to help generate that positive return commencing from the H2. Look, it is very difficult to say whether it is linear or not. It is more going to be a function of, I think, the initial momentum behind them. Once we get that pace coming through, that is helpful. But the offsetting headwinds are going to really be the determining factor of when we break through, let us say, a net positive versus a substantial gaining ground.

Speaker #1: So they are that capital is part of what's going to help generate that positive return commencing from the second half. And look, it's very difficult to say whether it's linear or not.

Brian Lowe: So that capital is part of what is going to help generate that positive return commencing from the H2. Look, it is very difficult to say whether it is linear or not. It is more going to be a function of, I think, the initial momentum behind them. Once we get that pace coming through, that is helpful. But the offsetting headwinds are going to really be the determining factor of when we break through, let us say, a net positive versus a substantial gaining ground.

Speaker #1: It's more going to be a function of, I think, the initial momentum behind them once we get that pace coming through that's helpful. But the offsetting headwinds are going to really be the determining factor of when we break through, let's say, a net positive versus, you know, a substantial gaining ground.

Speaker #3: Very helpful. Thank you.

Speaker #2: Thank you. Your next question comes from Jacob Kakanis with Jordan. Please go ahead.

Mark Wilson: Very helpful. Thank you.

Operator: Thank you. Your next question comes from Jakob Cakarnis with Jarden. Please go ahead.

Speaker #3: Hi, Brian. Hi, Sean. I just wanted to get an understanding just of the confidence of that CANS business returning back to those long run growth levels at 4 to 6% just given where you exited the second half.

Jakob Cakarnis: Hi, Brian. Hi, Shaun. Just wanted to get an understanding, just for the confidence of that Cans business returning back to those long-run growth levels at 4% to 6%, just given where you exited the H2, up very low single digits. How much of the volume increase is expected to come from Rocklea, please?

Speaker #3: Up very low single digits. How much of the volume increase is expected to come from Rockley, please?

Speaker #1: Well, Rockley, we'll be very full very quickly. Once we get it ramped up. And that's because at the moment we have surplus demand in Queensland versus other states with our customers, three major customers all over the last 12 months or so investing in new filling capacity in Queensland.

Brian Lowe: Well, Rocklea will be very full, very quickly, once we get it ramped up. That is because at the moment we have surplus demand in Queensland versus other states with our customers, three major customers all over the last 12 months or so investing in new filling capacity in Queensland. Where we referenced that we are going to take some of the other sites back to five and six-day operation, they are more in the Sydney and Melbourne locations that we are going to be able to do that. So we will have a better balance across the sites. Our H2 run rate, we believe, is actually quite strong when we look at the comparative period where we had called out in last year's results, we had an inventory build from our customers who had just opened some new filling lines.

Speaker #1: So where we referenced that we're going to take some of the other sites back to five and six day operation, they're more in the Sydney and Melbourne locations that we're going to be able to do that.

Speaker #1: So the balance will have a better balance across the sites. Our second half run rate, we believe is actually quite strong when we look at the comparative period where we had called out in last year's results.

Brian Lowe: Our H2 run rate, we believe, is actually quite strong when we look at the comparative period where we had called out in last year's results, we had an inventory build from our customers who had just opened some new filling lines. When we look at that on a full year basis, that is a better representation. In fact, over the last several years, we have had a couple of double-digit numbers. So we would say we have probably been tracking the last two or three years above what we think the norm is. So we are comfortable with that 4% to 6% range, again, being a reasonable expectation based on everything we hear from our customers and seeing in the market.

Speaker #1: We had an inventory build from our customers who had just opened some new filling lines. So when we look at that on the full year basis, that's a better representation.

Speaker #1: And in fact, over the last several years, we've had, you know, we had a couple of double digit numbers. So we'd say we've probably been tracking the last two or three years above what we think the norm is.

Brian Lowe: When we look at that on a full year basis, that is a better representation. In fact, over the last several years, we have had a couple of double-digit numbers. So we would say we have probably been tracking the last two or three years above what we think the norm is. So we are comfortable with that 4% to 6% range, again, being a reasonable expectation based on everything we hear from our customers and seeing in the market.

Speaker #1: So we are comfortable with that 4 to 6% range. Again, being a, you know, a reasonable expectation based on everything we hear from our customers and seeing in the market.

Speaker #3: Thanks, Brian. I know you've never given us this number, but how do we think about additional freight and storage costs falling away as you get a better regional mix from where that volume is?

Jakob Cakarnis: Thanks, Brian. I know you have never given us this number, but how do we think about additional freight and storage costs falling away as you get a better regional mix from where that volume is?

Speaker #1: Yeah. It was certainly an impulse as we had at the start of FY26. Look, we finished the year and I think most were probably not, we finished the year a little ahead from an EBIT standpoint of where we thought we would.

Brian Lowe: Yeah. It was certainly an impact as we had at the start of FY2026. Look, we finished the year, and I think most will probably know we finished the year a little ahead from an EBIT standpoint of where we thought we would. Part of that was the team have done actually a really good job in getting part of that recovery, where we are incurring a lot to move product around and support our customers' growth, which volume was probably higher in 2026 than we had anticipated. So, that freight piece and the offset, I think we are comfortable we got a fair bit of that during 2026, so there is not as much flowing into FY2027 as what there may have been.

Speaker #1: And part of that was the team have done an actually really good job in getting part of that recovery where we're incurring a lot to move product around and support our customers' growth, which, you know, volume was probably higher in 26 than we had anticipated.

Speaker #1: So that freight piece and the offset that we're comfortable, we got a fair bit of that during 26. So there's not as much flowing into FY27 as what there may have been.

Speaker #3: Understood. Just one final one, just on the capex plan. So 50 mil of growth capex, it seems like there's quite a lot still orientated towards the glass business.

Jakob Cakarnis: Understood. Just one final one, just on the CapEx plan. So AUD 50 million of growth CapEx. It seems like there is quite a lot still orientated towards the Glass business. Can you just step us through why that CapEx needs to be done? Maybe some of the initiatives more around productivity like the cooling. How do we think about that? Is the returns commensurate with what you guys typically target for growth CapEx, given its class, please?

Speaker #3: Can you just step us through why that capex needs to be done? Maybe some of the initiatives more around productivity like the cooling. How do we think about that?

Speaker #3: And as a returns commensurate with what you guys typically target for growth capex, given its glass place?

Speaker #1: Yeah. I think I just covered that with my answer to the previous to Mark's question where I talked about the two capex projects and returns within two years instead of three.

Brian Lowe: Well, I think I just covered that with my answer to Mark's question, where I talked about the two CapEx projects and returns within 2 years instead of 3, and considerably above what our 15% cut in. So, I think we have covered that one.

Speaker #1: And considerably above what our 15% cut in. So I think we've covered that one.

Speaker #2: Thank you. Your next question comes from Ramon Lazar with Jefferies. Please go ahead.

Operator: Thank you. Your next question comes from Ramoun Lazar with Jefferies. Please go ahead.

Speaker #3: Good morning, everyone. Just to follow up to John's question just around the saver glass cost profile into 27. Mentioned a few percentage point increase on energy costs, but maybe just overall, I guess, what sort of cost inflation are you expecting to see through the year in that cost base?

Ramoun Lazar: Good morning, everyone. Just a follow-up to John's question, just around the Saverglass cost profile into 2027. Mentioned a few percentage point increase on energy costs, but maybe just overall, I guess, what sort of cost inflation are you expecting to see through the year in that cost base? Then obviously you have the AUD 15 million.

Speaker #3: And then obviously you've got the 15 million of cost outs that partly offset that inflationary pressure. Can you maybe just help us nut that out a bit in a bit more detail?

Ramoun Lazar: Of cost outs that partly offset that inflationary pressure. Can you maybe just help us map that out in a bit more detail?

Speaker #4: Yeah. I think maybe I'll have a go at answering that one. Ramon, so look, in terms of the cost base, I think we've got pretty good control around the cost base.

Shaun Hughes: Yeah, I think maybe I will have a go at answering that one, Ramon. So, in terms of the cost base, I think we have got pretty good control around the cost base. The bigger challenge, of course, is just this price impact that we have talked about already. We have good mechanisms in our contracts to make sure that where we do have more moderate inflation, for example, in labor or other items, that we can pass those through. Brian has already spoken to our largest cost bucket, which is energy, and we have got a really good handle around those costs and how we will pass those through to customers. So, I think things are relatively stable from that perspective. It is really just managing the price dimension as that flows through into EBITDA and then EBIT.

Speaker #4: The bigger challenge, of course, is just this price impact that we've talked about already. And we have good mechanisms in our contracts to make sure that where we do have, you know, more moderate inflation for example, in labor or other items that we can pass those through.

Speaker #4: Brian's already spoken to, you know, our largest cost bucket, which is energy. And we've got a really good handle around those costs and how we'll pass those through to customers.

Speaker #4: So I think things. Relatively stable from that perspective. You know, it's really just managing the price dimension as that flows through into EBITDA and then EBIT.

Speaker #3: Okay. And then assume, I guess, the 15 million euros of savings that have already been sort of announced, those should run right into 27 presumably?

Ramoun Lazar: Okay. Then assume, I guess the EUR 15 million of savings that have already been announced, that those should run right into 2027, presumably?

Speaker #4: Well, effectively the guidance that we've given for next year includes the benefit of those. But what you're not seeing in terms of the guidance that we're giving is adding because you're actually seeing that price impact impacting at the bottom line.

Shaun Hughes: Well, effectively, the guidance that we have given for next year includes the benefit of those. What you are not seeing in terms of the guidance that we are giving is them adding because you are actually seeing that price impact impacting at the bottom line. So, in the absence of having done that, perhaps a better way of describing this is, in the absence of having done those programs, particularly closing the furnace in Le Havre and the corporate cost restructures, the result in guidance for 2027 would be worse. The fact that it is slightly, or it is down on 2027 in terms of our guidance, given the price impact is because we have taken cost action already.

Speaker #4: So in the absence of having done that, perhaps a better way of describing this is in the absence of having done those programs particularly closing the furnace in La Havre and the corporate cost restructures, the result and guidance for 27 would be worse.

Speaker #4: The fact that it's slightly or it's down on 27 in terms of our guidance given the price impacts is because we've taken cost action already.

Speaker #3: Okay. Got it. And Sean, maybe while you've got the line, just on cash conversion, I know it was impacted by some of those significant items as well as the build in the cans business.

Ramoun Lazar: Okay. Got it. Shaun, maybe while you have the line, just on cash conversion, I know it was impacted by some of those significant items as well as the build in the Cans business, but I guess where do you expect that cash conversion to sort of trend through 2027?

Speaker #3: But I guess where do you expect that cash conversion to sort of trend through 27?

Speaker #4: You know, I think, you know, what we've said reasonably consistently is now that we're at the end of the growth capex cycle, I think there's, you know, the proof points there around our long-term base capex numbers as well.

Shaun Hughes: I think what we have said reasonably consistently is now that we are at the end of the growth CapEx cycle, I think there are the proof points there around our long-term base CapEx numbers as well. We are very comfortable that the cash conversion numbers should be sort of around 90%, there or thereabouts. Of course, our cash conversion metric does not include base CapEx, but the free cash flow does.

Speaker #4: We're very comfortable that the cash conversion numbers should be sort of around 90% there or thereabouts. Of course, our cash conversion metric doesn't include base capex, but the free cash flow does.

Speaker #2: Thank you. Your next question comes from Brooke Campbell Crawford with Baron Joey. Please go ahead.

Operator: Thank you. Your next question comes from Brook Campbell-Crawford with Barrenjoey. Please go ahead.

Speaker #3: Yeah. Good morning. Thanks for taking my questions. Just first one on the glass industry more broadly. Do you have an understanding or an estimate of what utilization levels would be across the industry in the segments that you play in?

Brook Campbell-Crawford [Director of Research: Yeah, good morning. Thanks for taking my questions. Just first one on the Glass industry more broadly. Do you have an understanding or an estimate of what utilization levels would be across the industry in the segments that you play in? Maybe where that needs to improve too, in order for Saverglass and peers to start getting some pricing power back?

Brook Campbell-Crawford: Yeah, good morning. Thanks for taking my questions. Just first one on the Glass industry more broadly. Do you have an understanding or an estimate of what utilization levels would be across the industry in the segments that you play in? Maybe where that needs to improve too, in order for Saverglass and peers to start getting some pricing power back?

Speaker #3: And you know, maybe where that needs to improve to in order for saver glass and peers to start getting some pricing power back?

Speaker #1: Yeah. It's something we continue to do work on, Brooke, and let's say it's a moving target and it's can be quite different across geographies.

Brian Lowe: Yeah. It is something we continue to do work on, Brooke, and let us say it is a moving target and it can be quite different across geographies. We know capacity has been coming out and has been announced that is coming out, whether it be in Europe or in North America. But where that is now balancing to, we would say we are still probably in excess capacity. Some of our direct competitors, like Stoelzle, there has been no capacity come out relative to theirs. The only capacity we have taken out effectively has been Le Havre. We could say RAK capacity has been taken out, but that is not on purpose. So we would say there is still excess, and our teams are certainly working on that analysis to see, okay, where do we sit with the end state that has been announced from customers, and what do we think that balance looks like?

Speaker #1: We know capacity has been coming out and it's been announced that it's coming out, whether it be in Europe or in North America. But where that's now balancing to, we would say we're still probably in excess capacity.

Speaker #1: Some of our direct competitors like Stolsler, you know, there's been no capacity come out relative to theirs. The only capacity we've taken out effectively has been La Havre, but we could say RAC capacity has been taken out, but that's not on purpose.

Brian Lowe: We could say RAK capacity has been taken out, but that is not on purpose. So we would say there is still excess, and our teams are certainly working on that analysis to see, okay, where do we sit with the end state that has been announced from customers, and what do we think that balance looks like? It depends how you divide up the segments, because obviously some capacity can be used for commercial-grade products, whether it be wine and champagne, for example, versus the premium and even in the spirits in that crossover segment. So it is pretty hard to come up with a definitive number, but at least the good news is capacity has been coming out, but it would not be a bad thing if there was a bit more.

Speaker #1: So we'd say there's still excess. And our teams are certainly working on that analysis to see okay, where do we sit with the end state that's been announced from customers and what do we think that balance looks like?

Speaker #1: And it depends how you yeah, how you divide up the segments because obviously some capacity can be used for commercial grade products, whether it be wine and champagne, for example, versus the premium.

Brian Lowe: It depends how you divide up the segments, because obviously some capacity can be used for commercial-grade products, whether it be wine and champagne, for example, versus the premium and even in the spirits in that crossover segment. So it is pretty hard to come up with a definitive number, but at least the good news is capacity has been coming out, but it would not be a bad thing if there was a bit more.

Speaker #1: And even in the spirits and that crossover segment. So it's pretty hard to come up with a definitive number, but at least the good news is capacity has been coming out.

Speaker #1: But I wouldn't be, you know, I wouldn't be a bad thing if there was a bit more.

Speaker #3: Yeah. That's understandable. Maybe just one on cans. I mean, there's a large step up in DNA in 27 that you've. Line clearly. I just want to check if EBIT growth kind of should trend at that 6% or so implied KAGR to get to your FY30 target in FY27.

Brook Campbell-Crawford [Director of Research: Yeah, that is understandable. Maybe just one on Cans. There is a large step-up in D&A in 2027 that you have outlined clearly. I just want to check if EBIT growth should trend at that 6% or so implied CAGR to get to your FY30 target in FY27. Just want to understand, is it maybe a softer year for growth because of that D&A, or is that not the way to read it just should be consistent with that glide path to the FY30 target? Thanks.

Brook Campbell-Crawford: Yeah, that is understandable. Maybe just one on Cans. There is a large step-up in D&A in 2027 that you have outlined clearly. I just want to check if EBIT growth should trend at that 6% or so implied CAGR to get to your FY30 target in FY27. Just want to understand, is it maybe a softer year for growth because of that D&A, or is that not the way to read it just should be consistent with that glide path to the FY30 target? Thanks.

Speaker #3: Just want to understand, is it, you know, maybe a softer year for growth because of that DNA or is that not the way to read it?

Speaker #3: It just should be consistent with that glide path to the FY30 target. Thanks.

Speaker #4: Yeah. So in terms of the cans step up in DNA, that's really just the depreciation associated with Rockley, Helio, and the Queensland leases that we talked about.

Shaun Hughes: Yeah. So in terms of the Cans step-up in D&A, that is really just the depreciation associated with Rocklea, Helio, and the Queensland leases that we talked about flowing through. So you would expect that to add somewhere in the order of eight-ish million to the D&A for Cans. We are comfortable with the guidance that we have given around the Cans number. I think you will draw your own conclusion about exactly what percentage that should be. But obviously depreciation is a little bit of a lag until we get to full run rate in the base, and then we get the growth flowing from that in line with our 4% to 6% long-term volume growth rate.

Speaker #4: Flowing through. So you would expect that to add, you know, somewhere in the order of eight-ish million to the DNA for cans. And we're comfortable with the guidance that we've given around the cans number.

Speaker #4: I mean, I think you'll draw your own conclusion about exactly what percentage that should be. But you know, obviously depreciation is a little bit of a lag until we get to full run rate in the base.

Speaker #4: And then we get the growth flowing from that in line with our, you know, four to six percent long-term volume growth rate.

Speaker #1: Yeah. And then we certainly don't have any change in expectations in terms of that 50 million by FY30, but you know, given that depreciation step up, Brooke, you know, it's less likely to be linear.

Brian Lowe: Yeah. We certainly don't have any change in expectations in terms of that AUD 50 million by FY30. But given that depreciation step-up, Brooke, it's less likely to be linear.

Speaker #1: Because we get you'll get the leverage above that and certainly in the, you know, from 28 onwards.

Shaun Hughes: Yeah

Brian Lowe: You'll get the leverage above that certainly from 2028 onwards.

Speaker #2: Thank you. Your next question comes from Keith Chow with MSD Marquee. Please go ahead.

Operator: Thank you. Your next question comes from Keith Chau with MST Marquee. Please go ahead.

Speaker #3: Oh, good morning. My name's Sean. I just want to come back to one of the earlier questions. For saver glass, again, and it's a question on capacity.

Keith Chau: Good morning, Shaun. I just want to come back to one of the earlier questions for Saverglass again. It's a question on capacity. It's quite clear that mix has deteriorated in recent years. Base case assumption is that mix doesn't improve on here, so a pretty similar experience for Saverglass compared to Gawler. I appreciate you said that Le Havre's been taken off and RAK's been idled, but Ghlin is coming back online. I just want to talk about whether instead of chasing volumes to fill capacity and sacrificing mix, has there been any consideration to be more aggressive in your capacity closures to retain high mix such that you don't need to compete more aggressively in the lower mix or more monetized parts of the market?

Speaker #3: So it's quite clear that makes us considerate rated in recent years. Base case assumption is that mix doesn't improve on peer. So a pretty similar experience for saver glass compared to caller.

Speaker #3: So you know, I appreciate you said that La Havre's been taken off and RAC's been idled, but you know, Glen is coming back online.

Speaker #3: I just want to talk about, you know, whether instead of chasing, you know, volumes to fill capacity, and sacrificing mix, has there been any consideration to be more aggressive in your capacity closures to retain high mix such that you don't need to compete more aggressively in the lower mix or more monetized parts of the market?

Keith Chau: I just want to talk about whether instead of chasing volumes to fill capacity and sacrificing mix, has there been any consideration to be more aggressive in your capacity closures to retain high mix such that you don't need to compete more aggressively in the lower mix or more monetized parts of the market? And again, bearing in mind, just following on from Brooke Campbell-Crawford's question, some of the peers have shut capacity and are calling for more. So it seems like Saverglass could play more of a role in that respect and potentially there could be a net benefit to trade off capacity for mix.

Speaker #3: And again, you know, bearing in mind just following on from Brooke's question that some of the peers have shut capacity and are calling for more.

Keith Chau: And again, bearing in mind, just following on from Brooke Campbell-Crawford's question, some of the peers have shut capacity and are calling for more. So it seems like Saverglass could play more of a role in that respect and potentially there could be a net benefit to trade off capacity for mix.

Speaker #3: So it seems like, you know, saver glass could play more of a role in that respect and potentially there could be net benefit to trade-off capacity for mix.

Speaker #1: Yeah. And that's something we obviously continue to assess. So as we look at, you know, our projections for the future years and relative to where they sit from a price and margin standpoint and how that sits across the various plants and the various cost of production in those plants, that is something we absolutely continue to look at.

Brian Lowe: Yeah. That is something we obviously continue to assess. As we look at our projections for the future years and relative to where they sit from a price and margin standpoint and how that sits across the various plants and the various costs of production in those plants, that is something we absolutely continue to look at. There is nothing today that we are looking to change, but it is an assessment that you can be assured that we continue to do. If we need to make the adjustment because our profitability would be stronger on less revenue across less lines or less furnaces, then that is something we absolutely will look at.

Shaun Hughes: Yeah. That is something we obviously continue to assess. As we look at our projections for the future years and relative to where they sit from a price and margin standpoint and how that sits across the various plants and the various costs of production in those plants, that is something we absolutely continue to look at. There is nothing today that we are looking to change, but it is an assessment that you can be assured that we continue to do. If we need to make the adjustment because our profitability would be stronger on less revenue across less lines or less furnaces, then that is something we absolutely will look at.

Speaker #1: So, you know, there's nothing today that we're looking to change, but it is an assessment that you can be assured that we continue to do.

Speaker #1: And if we need to make the adjustment because our profitability would be stronger on less revenue across less lines or less furnaces, then that's something we absolutely will look at.

Speaker #1: You know, at the moment, given RAC has been out of the picture, Glen has been through a rebuild. You know, we're in the second half, you know, if we exclude Glen, we've been running in the high 80s, if not 90% plus utilization in our European sites.

Brian Lowe: At the moment, given RAK has been out of the picture, Ghlin has been through a rebuild. In the H2, if we exclude Ghlin, we have been running in the high 80s, if not 90% plus utilization in our European sites. So, it is not something we can consider at the moment. We really need to see where that settles once Ghlin is online. Then also, as you rightly point out, look at the margin profile across that and make a determination in where do we want to be going forward.

Shaun Hughes: At the moment, given RAK has been out of the picture, Ghlin has been through a rebuild. In the H2, if we exclude Ghlin, we have been running in the high 80s, if not 90% plus utilization in our European sites. So, it is not something we can consider at the moment. We really need to see where that settles once Ghlin is online. Then also, as you rightly point out, look at the margin profile across that and make a determination in where do we want to be going forward.

Speaker #1: So, you know, it's not something we can consider at the moment. So we really need to see where that settles. Once Glen's online, and then also as you rightly point out, look at the margin profile across that and make a determination and where do we want to be going forward.

Speaker #3: And Brian, what's the bottleneck there? Is it how your production capacity and supply chains are configured globally? Is it, you know, your procurement contracts?

Keith Chau: Brian, what is the bottleneck there? Is it how your production capacity and supply chains are configured globally? Is it your procurement contracts? Is there any particular bottleneck that is stopping you from rationalizing your capacity?

Speaker #3: What's is there any particular bottleneck that's stopping you from rationalizing your capacity?

Speaker #1: Well, there's different capability in different sites. And those who came on our tour, we had a little while ago now, in Europe, you know, we've got dedicated plant that makes Flint and, you know, some of the bottles like for our key customer in Grey Goose, for example.

Brian Lowe: Well, there's different capability in different sites, and those who came on our tour we had a little while ago now in Europe, we've got a dedicated plant that makes flint and some of the bottles like for a key customer in Grey Goose, for example. A couple of flexible plants in terms of spirits, which is across Le Havre and Feuquières. So they're the ones that balance the lower production runs, higher quality SKUs in spirits. Ghlin, as we are doing, consolidating wine and champagne. So we're intending to get to a more discreet manufacturing profile that supports a lower cost of production, and better optimized across the plant. What we need to look at then is with that in place, what's the margin profile that supports the furnaces that we have doing each of those things, and make that determination.

Speaker #1: A couple of flexible plants in terms of spirits, which is across La Havre and for Cuir. So they're the ones that balance the lower production runs, higher quality SKUs in spirits and then Glen, as we are doing, consolidating one in champagne.

Speaker #1: So we're intending to get to, you know, a more discreet manufacturing profile that supports a lower cost of production. And better optimize the cost of plant.

Brian Lowe: So we're intending to get to a more discreet manufacturing profile that supports a lower cost of production, and better optimized across the plant. What we need to look at then is with that in place, what's the margin profile that supports the furnaces that we have doing each of those things, and make that determination. So there's not really a restriction. There's a little bit of how plants are configured. Certainly, Ghlin is configured for wine and champagne, so that's less conducive to short-run spirit production, and vice versa for some of the others. So we do have some constraints in that.

Speaker #1: What we need to look at then is with that in place, what's the margin profile that supports the furnaces that we have doing each of those things and make that determination.

Speaker #1: So there's not really a restriction. There's a little bit of how plants are configured, certainly Glen is configured for wine and champagne. So that's less conducive to short run spirit production.

Brian Lowe: So there's not really a restriction. There's a little bit of how plants are configured. Certainly, Ghlin is configured for wine and champagne, so that's less conducive to short-run spirit production, and vice versa for some of the others. So we do have some constraints in that.

Speaker #1: And vice versa for some of the others. So we do have some constraints in that.

Speaker #2: Thank you. Your next question comes from Cameron McDonald with A&P. Please go ahead.

Operator: Thank you. Your next question comes from Cameron McDonald with AMP. Please go ahead.

Speaker #3: Oh, good morning. Brian, you've mentioned Grey Goose. So I've got a question regarding their rollout of a new flavor being, you know, Berry Rouge, which I understand is performed very well.

Cameron McDonald: Good morning. Brian, you've mentioned Grey Goose. I've got a question regarding their rollout of a new flavor being GREY GOOSE Berry Rouge, which I understand has performed very well. How do we think about the volume impact of that new decorative bottle for Saverglass in FY26 and any flow-through into FY27 before rolling a period where they've introduced a new flavor that they've ultimately might create headwinds from a PCP perspective as they roll that introduction because it's been a long time since they have changed the flavoring.

Speaker #3: How do we think about the volume impact of that new decorative bottle for saver glass in FY26 and any flow through into 27 before rolling a period of, you know, where they've introduced a new flavor that they've ultimately might create headwinds from a PCP perspective as they roll that introduction because it's been a long time since they have changed the flavoring.

Speaker #1: Well, I mean, they have a number of different flavor profiles that they've been launching. So there's quite a breadth in their range. And what we look at with their projections is really across the broader range and across a number of different SKU sizes.

Brian Lowe: Well, they have a number of different flavor profiles that they have been launching. So there is quite a breadth in their range. And what we look at with their projections is really across the broader range and across a number of different SKU sizes. So, for us, it is encouraging that there is a bit of diversification to try and match what the market demands are. But on a SKU by SKU basis, that is something we get maybe a little less over-enthusiastic about or concerned about on the flip side. It is more that total portfolio that we supply to them. And they are certainly still anticipating growth as a total portfolio. And given a bottle for us, whether it is for a specific flavor or the standard product, probably does not make a whole lot of difference for us. That is where the focus is.

Speaker #1: So you know, for us, it's encouraging that, you know, there is a bit of diversification to try and match what's at the market demands are.

Speaker #1: But on a SKU by SKU basis, you know, that's something we get maybe a little less over enthusiastic about or concerned about on the flip side.

Speaker #1: It's more, you know, that total portfolio that we supply to them. And they're certainly still anticipating growth as a total portfolio. And given, you know, a bottle for us, whether it's for a specific flavor or the standard product, probably doesn't make a whole lot of difference for us.

Brian Lowe: It is more that total portfolio that we supply to them. And they are certainly still anticipating growth as a total portfolio. And given a bottle for us, whether it is for a specific flavor or the standard product, probably does not make a whole lot of difference for us. That is where the focus is. We are confident that they are actually holding up pretty well and certainly forecasting to do so.

Speaker #1: You know, that's where the focus is. And we're confident that they're actually holding up pretty well. And certainly forecasting to do so.

Brian Lowe: We are confident that they are actually holding up pretty well and certainly forecasting to do so.

Speaker #3: Okay. And then a question maybe for Sean on the right down and the impairment. What were some of the assumptions that you've changed there in terms of your assessment?

Cameron McDonald: Okay. A question maybe for Shaun on the write-down and the impairment. What were some of the assumptions that you have changed there in terms of your assessment? Because when you bought the business, you originally started talking upwards to 6% growth, and then at one of the investor days in Melbourne, you adjusted that down to 3% to 6%. Now, where are you sitting now in terms of, and I get that the goodwill has been written off, but what are some of the other longer-term assumptions that you have used or changed to arrive at that write-down?

Speaker #3: Because, you know, when you bought the business, you originally sort of talking, you know, upwards to 6% sort of, you know, growth. And then at one of the investor days in Melbourne, you sort of adjusted that down 3% to 6%.

Speaker #3: Now, where do you where are you sitting now in terms of, you know, and I get that the goodwill's been written off, but what are some of the other longer-term assumptions that you've used or changed to arrive at that right down?

Speaker #4: Yeah. It's a good question, Cameron. There's really two things. The first is the starting point. And the second is the long-term growth rate in terms of volume.

Brian Lowe: Yeah. It is a good question, Cameron. There are really two things. The first is the starting point, and the second is the long-term growth rate in terms of volume. And you will see in the accounts, there is quite an expansive note around the impairment itself and around the volume assumptions. So firstly, we have started off with this year's exit run rate. That is the base point for the impairment model and then our forecast for next year. And then the long-term growth rate is 3.7% in terms of volume. We have obviously made assumptions around price, et cetera. We will not go into those in a lot of detail here. But effectively, 3.7%. And in the prime model, we had volume growth of about 5.6%. And you can see that clearly detailed in the impairment note in the accounts itself.

Shaun Hughes: Yeah. It is a good question, Cameron. There are really two things. The first is the starting point, and the second is the long-term growth rate in terms of volume. And you will see in the accounts, there is quite an expansive note around the impairment itself and around the volume assumptions. So firstly, we have started off with this year's exit run rate. That is the base point for the impairment model and then our forecast for next year. And then the long-term growth rate is 3.7% in terms of volume. We have obviously made assumptions around price, et cetera. We will not go into those in a lot of detail here. But effectively, 3.7%. And in the prime model, we had volume growth of about 5.6%. And you can see that clearly detailed in the impairment note in the accounts itself.

Speaker #4: And you'll see there's quite a in the accounts, there's quite a expansive note around volume around the impairment itself and around the volume assumptions.

Speaker #4: So firstly, we've started off with this year's exit run rate. That's the base point for the impairment model. And then our forecast for next year.

Speaker #4: And then the long-term growth rate is 3.7% in terms of volume. We've obviously made assumptions around price, et cetera. We won't go into those in a lot of detail here.

Speaker #4: But effectively 3.7%. And in the prior model, we had volume growth of about 5.6%. And you can see that clearly sort of detailed in the impairment note in the accounts itself.

Speaker #2: Thank you. Your next question comes from Nicole Penny with Remor Equity Research. Please go ahead.

Operator: Thank you. Your next question comes from Nicole Penny with Remor Equity Research. Please go ahead.

Speaker #5: Good morning. And thank you for taking my question. Just a quick one on Helio. Could you please give us a sense of how the ramp-up is progressing?

Nicole Penny: Good morning, and thank you for taking my question. Just a quick one on Helio. Could you please give us a sense of how the ramp-up is progressing, its contribution to FY26 EBITDA, if you can, and where utilization is currently sitting relative to capacity? Perhaps a little bit more color on the contribution we can expect into FY27. Thank you very much.

Speaker #5: Its contribution to FY26 EBITDA, if you can, and where utilization is currently sitting, relative to capacity. And perhaps a little bit more color on the contribution we can expect into FY27.

Speaker #5: Thank you very much.

Speaker #1: Sure. Look, the contribution in 26 was relatively minor. We would say that's still the ramp-up year. Obviously, there's a lot of work we're doing with our customers.

Brian Lowe: Sure. The contribution in 2026 was relatively minor. We would say that is still the ramp-up year. Obviously, there is a lot of work we are doing with our customers. We have a number of active programs that are either being launched or even targeted for the upcoming summer here in Australia that we think will help drive some volume. This is one of those ones where, given it is a very innovative technology and process, it is not one where we had committed definitive demand. It is really one that supports our customers being able to seed new introductions to market, run specific campaigns from a marketing standpoint. It is a clear differentiator that we have from our competitors. We are comfortable that we are continuing to see ramp-up.

Speaker #1: We have a number of active programs that, you know, that are either being launched or even targeted for the upcoming summer here in Australia that we think will help drive some volume.

Speaker #1: So this is one of those ones where, given it's a very innovative technology and process, you know, it's not one where we had committed definitive demand.

Speaker #1: It's really one that supports our customers being able to seed new introductions to market, run specific campaigns from a marketing standpoint. It's a clear differentiator that we have from our competitors.

Brian Lowe: It is really one that supports our customers being able to seed new introductions to market, run specific campaigns from a marketing standpoint. It is a clear differentiator that we have from our competitors. We are comfortable that we are continuing to see ramp-up. We have a lot of spare capacity, I would say, on Helio, but we are still confident that it is the right investment, and over the coming years, will start to generate a good return for us. But at the moment, it is still very much in the ramp-up phase.

Speaker #1: And, you know, we're comfortable that we're continuing to see ramp-up. We have a lot of spare capacity, I would say, on Helio. But we're still confident that, you know, it's the right investment and over, you know, over the coming years.

Brian Lowe: We have a lot of spare capacity, I would say, on Helio, but we are still confident that it is the right investment, and over the coming years, will start to generate a good return for us. But at the moment, it is still very much in the ramp-up phase.

Speaker #1: You know, we'll start to generate a good return for us. But at the moment, it's still very much in the ramp-up phase.

Speaker #5: Thank you.

Speaker #2: Thank you. Your next question comes from Lee Powell with JPMorgan. Please go ahead.

Nicole Penny: Thank you.

Operator: Thank you. Your next question comes from Lee Power with JP Morgan. Please go ahead.

Speaker #6: Hi Brian and Sean. I mean, there's obviously been a few questions just on volume mix. Is the takeaway of your answers that we should be thinking the second half of saver glass that volumes and costs are enough to offset price and mix?

Lee Power: Hi, Brian and Shaun. There's obviously been a few questions just on volume mix. Is the takeaway of your answers that we should be thinking the H2 for Saverglass, that volumes and costs are enough to offset price and mix? Is that our takeaway from that?

Speaker #6: Is that our takeaway from that?

Speaker #1: Look, I think the takeaway is that we would expect to start to get more traction and therefore the quantum of the benefits from our six initiatives start to take greater hold in the second half.

Brian Lowe: Well, I think the takeaway is that we would expect to start to get more traction, and therefore the quantum of the benefits from our six initiatives start to take greater hold in the H2. What the actual impact is from price and mix and therefore the net outcome of that, let's say it's TBD, but certainly in the vein of what we've talked about before, control the controllables. The H2 element of that, we're comfortable we should be getting more traction. So therefore, minimum narrowing the gap, if not getting to the point where we're breakeven on that or ahead. So that'll depend highly on price impact and mix in the market.

Speaker #1: You know, what the actual impact is from price and mix and therefore the net outcome of that, let's say it's TBD. But certainly from the, you know, in the vein of what we've talked about before, control and controllables, the second half element of that, we're comfortable.

Speaker #1: We shouldn't be getting more traction. So therefore, you know, at minimum narrowing the gap, if not getting to the point where we're break even on that or ahead.

Speaker #1: So that'll depend highly on price impact and mix in the market.

Speaker #6: Okay. Thanks. And then just the comments around like a more structured approach to inventory. Like what does that actually mean in the context where the order metrics seem to not have the same level of reliability or visibility that you would typically have?

Lee Power: Okay. Thanks. Just the comments around a more structured approach to inventory. What does that actually mean in the context where the order metrics seem to not have the same level of reliability or visibility that you would typically have?

Speaker #1: Well, we have, you know, we have a couple of different elements of inventory. There's our inventory. Obviously that we have those major stock products that we sell in the market.

Brian Lowe: We have a couple of different elements of inventory. There is our inventory, obviously, that we have. There are major stock products that we sell in the market, and there is the major order inventory. It is also making sure that what we are working with our customers on, and given the volatility of that we are really making sure that we are looking at what those obligations are that customers have got to take product, making sure that those order quantities are not ones that are going to sit there for extended periods of time. Certainly our own product, continuously going through, and the team have been doing that, looking at our range and rationalizing our range so that we are not producing products that are really slow movers, but may feel like they are complementary to the range, but not really going to add a lot of value.

Speaker #1: And there's the major order sure that what we're working with our customers on. And given the volatility of that, that, you know, we're really making sure that we're looking at what those obligations are that customers have got to take product making sure that those order quantities are not ones that are going to sit there for extended period of time.

Speaker #1: And certainly our own product, you know, continuously going through and the team have been doing that, you know, looking at our range and rationalizing our range so that we're not producing products that are really slow movers, but, you know, may feel like they're complementary to the range, but not really going to add a lot of value.

Brian Lowe: Certainly our own product, continuously going through, and the team have been doing that, looking at our range and rationalizing our range so that we are not producing products that are really slow movers, but may feel like they are complementary to the range, but not really going to add a lot of value. Just a lot more disciplined approach around how we utilize our manufacturing, but also what we are prepared to hold in inventory. We can certainly see the result of that in FY26, where sales volume was up, but inventory values were down. All right. Well, thank you all for joining us. Thanks for your questions, and I am sure we will have all of the relevant follow-ups over the coming days. Thank you, operator.

Speaker #1: So just a lot more disciplined approach around, you know, how we utilize our manufacturing but also what we're prepared to hold in inventory. And, you know, we can certainly see the result of that in FY26 where sales volume was up, but inventory values were down.

Brian Lowe: Just a lot more disciplined approach around how we utilize our manufacturing, but also what we are prepared to hold in inventory. We can certainly see the result of that in FY26, where sales volume was up, but inventory values were down. All right. Well, thank you all for joining us. Thanks for your questions, and I am sure we will have all of the relevant follow-ups over the coming days. Thank you, operator.

Speaker #6: Okay. Well, thank you all for joining us. Thanks for your questions. And I'm sure we'll have all of the relevant follow-ups over the coming days.