Full Year 2026 Reece Ltd Earnings Call

August 23, 2026

Operator: Good day, and thank you for standing by. Welcome to Reece Group Full Year 2026 Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your first speaker today, Mr. Peter Wilson, Chairman and Chief Executive Officer of Reece Group. Please go ahead.

Speaker #1: Good day, and thank you for standing by. Welcome to the Reece Group full year 2026 results conference call. At this time, all participants are in a listen-only mode.

Speaker #1: After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone.

Speaker #1: You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded.

Speaker #1: And I'd like to hand the conference over to our first speaker today, Mr. Peter Wilson, Chairman and Chief Executive Officer of Reece Group. Please go ahead.

Speaker #2: Well, good morning, everyone, and thank you for joining us for our FY26 results call. Joining me today are Sasha Nicolick and Andy Young. I'm going to start with an overview of the year and then a recap of our strategy.

Peter Wilson: Well, good morning, everyone, and thank you for joining us for our FY26 results call. Joining me today are Sasha Nikolic and Andy Young. I'm going to start with an overview of the year and then a recap of our strategy. Sasha will then share how the business is tracking. Andy will then take you through the financials before I cover the outlook, and we open to questions. Before we begin, please note all figures are in Australian dollars unless otherwise stated. Turning to an overview of FY26, we delivered sales revenue of AUD 9.4 billion, which was up 4.5% on the prior year. EBITDA was flat at AUD 901 million, and EBIT was down 2.6% to AUD 534 million. In ANZ, sales was up 8%, driven by higher volumes with a 2% inflation contribution.

Speaker #2: Sasha will then share how the business is tracking. Andy will then take you through the financials before I cover the outlook and we open to questions.

Speaker #2: Before we begin, please note all figures are in Australian dollars unless otherwise stated. Turning to an overview of FY26, we delivered sales revenue of $9.4 billion, which was up 4.5% on the prior year.

Speaker #2: EBITDA was flat at $901 million, and EBIT was down 2.6% to $534 million. In ANZ, sales were up 8%, driven by higher volumes, with a 2% inflation contribution.

Speaker #2: In the US, sales were up 6.5%, driven by network expansion and also a 2% inflation contribution. Like-for-like sales in the US were down 1.7%, as weak new residential construction continued to impact demand.

Peter Wilson: In the US, sales were up 6.5%, driven by network expansion and also a 2% inflation contribution. Like-for-like sales in the US were down 1.7% as weak new residential construction continued to impact demand. Earnings per share were AUD 0.495, and return on capital was 11.9%. Total dividends increased 2.6% to AUD 0.1884 per share, fully franked with growth supported by the share buyback. Turning to recap our strategy. Everything we do at Reece is guided by a blueprint from purpose to promise. It shapes the decisions we make every day, both big and small. Our purpose and values are what we call The Reece Way. Our 2030 vision is a clear ambition to be our trade's most valuable partner by being easy to do business with in every branch, on every screen, every day.

Speaker #2: Earnings per share were $49.5, and return on capital was 11.9%. Total dividends increased 2.6% to 18.84 cents per share, fully franked, with growth supported by the share buyback.

Speaker #2: Turning to recap our strategy: Everything we do at Reece is guided by our blueprint—from purpose to promise. It shapes the decisions we make every day, both big and small.

Speaker #2: Our purpose and values are what we call the Rizz way. Our 2030 vision is a clear ambition to be our trade's most valuable partner by being easy to do business with in every branch, on every screen, every day.

Speaker #2: We bring this to life through our three strategic priorities: operational excellence, breakthrough innovation, and investing for profitable growth. The blueprint culminates in the delivery of our customer promise, which is what we call customized service.

Peter Wilson: We bring this to life through our three strategic priorities: operational excellence, breakthrough innovation, and investing for profitable growth. The blueprint culminates in the delivery of our customer promise, which is what we call customized service. Before I hand over to Sash, it is worth reminding everyone on the call of our approach to building a stronger business through the cycle. Our ownership structure, balance sheet, and blueprint combine to allow us to take a long-term perspective and think in years, not quarters. Our ANZ business demonstrates how we've benefited from this approach over time, and in the US, we are 8 years in, and this approach is helping us to build the foundations for success over the long term. I'm going to hand over to Sash.

Speaker #2: Before I hand over to Sasha, it is worth reminding everyone on the call of our approach to building a stronger business through the cycle.

Speaker #2: Our ownership structure, balance sheet, and blueprint combine to allow us to take a long-term perspective and think in years, not quarters. Our A and Z business demonstrates how we have benefited from this approach over time.

Speaker #2: And in the US, we are eight years in, and this approach is helping us to build the foundations for success over the long term.

Speaker #2: I'll now hand over to Sash.

Speaker #3: Thanks, Peter. And just further to what Peter said, for more than a century, through various cycles, we have been in business in Australia, and the scale of our A&Z network remains one of our biggest advantages.

Sasha Nikolic: Thanks, Peter. Just further to what Peter said, for more than a century, through various cycles, we have been in business in Australia. The scale of our ANZ network remains one of our biggest advantages. We have also continued to invest in and upgrade our network, improving standards and formats this year, including opening a next-generation showroom that I will touch on in a moment. We also continue to invest in our people, introducing a new long-term incentive plan and continuing to build capabilities through learning and development programs. In the digital space, we are focused on making Reece easier to do business with and freeing up more time to serve. This year, we cascaded Microsoft Copilot to all levels of the business and launched proprietary AI tools, which helps us serve customers better.

Speaker #3: We have also continued to invest in and upgrade our network, improving standards and formats this year, including opening a next-generation showroom that I will touch on in a moment.

Speaker #3: We also continue to invest in our people, introducing a new long-term incentive plan and continuing to build capabilities through learning and development programs. In the digital space, we're focused on making Reece easier to do business with and freeing up more time to serve.

Speaker #3: This year, we cascaded Copilot to all levels of the business and launched proprietary AI tools, which help us serve customers better. And finally, our long-standing supplier partnerships and supply chain capabilities allowed us to maintain a strong in-stock position through recent supply chain disruptions.

Sasha Nikolic: Finally, our long-standing supplier partnerships and supply chain capabilities allowed us to maintain a strong in-stock position through recent supply chain disruptions, which continues to be a real competitive advantage for Reece. Turning to innovation, our new bathroom showroom in Rosebery in Sydney represents a vision for a digitally led space for collaboration. It was built on deep customer insights and supports designers, trades, and consumers to bring their dream bathrooms to life. We will open a second next-gen showroom in Armadale in Victoria in FY27. Finally, in the product space, we have been extending, optimizing, and innovating to continue delivering the highest quality range. Turning to the US, we continue to build the density and scale of the network, opening a net 25 new branches during the year, following the 24 branches which we added in FY25.

Speaker #3: This continues to be a real competitive advantage for Reece. Turning to innovation, our new bathroom showroom in Rosebery, Sydney, represents a vision for a digitally led space for collaboration.

Speaker #3: It was built on deep customer insights and supports designers, trades, and consumers to bring their dream bathrooms to life. We will open a second next-gen showroom in Armadale, Victoria, in FY27.

Speaker #3: Finally, in the product space, we have been extending, optimizing, and innovating to continue delivering the highest quality range. Turning to the US, we continue to build the density and scale of the network, opening a net 25 new branches during the year, following the 24 branches which we added in FY25.

Speaker #3: The performance of the new branches continues to improve, reinforcing our strategy to better serve customers with a differentiated proposition. We anticipate opening 15 to 20 new branches per annum as we continue to expand our presence in the US.

Sasha Nikolic: The performance of the new branches continues to improve, reinforcing our strategy to better serve customers with a differentiated proposition. We anticipate opening 15 to 20 new branches per annum as we continue to expand our presence in the US. We also continued embedding core capabilities across the US business this year, with a particular focus on team development and digital initiatives. We launched a new version of our Reece maX app with a more intuitive user experience, a version in Spanish, and enhanced self-service functionality for customers. In the US, we have also made progress extending and uplifting our range, which has been a key part of improving our customer experience. Finally, we are investing in our people, introducing the same new long-term incentive plan as ANZ and building capabilities from the ground up The Reece Way.

Speaker #3: We also continued embedding core capabilities across the US business this year, with a particular focus on team development and digital initiatives. We launched a new version of our Max app with a more intuitive user experience, a version in Spanish, and enhanced self-service functionality for customers.

Speaker #3: In the US, we have also made progress extending and uplifting our range, which has been a key part of improving our customer experience. And finally, we are investing in our people, introducing the same new long-term incentive plan as A and Z, and building capabilities from the ground up, the Reece way.

Speaker #3: Before I hand over to Andy, I wanted to reflect on the growth in the eight years since we acquired our US business. In that time, we have significantly grown our network, grown our team, and improved the customer experience.

Sasha Nikolic: Before I hand over to Andy, I wanted to reflect on the growth in the eight years since we acquired our US business. In that time, we have significantly grown our network, grown our team, and improved the customer experience. While there is still a lot more to do, we are laying the foundations for a stronger business. The environment is what we get to operate in. How we respond and what we do is what is within our control. That is it for me. I will now hand over to Andy to go through the financials.

Speaker #3: While there is still a lot more to do, we are laying the foundations for a stronger business. The environment is what we get to operate in; how we respond and what we do is what's within our control.

Speaker #3: That's it for me. I will now hand over to Andy to go through the financials.

Speaker #2: Thank you, Sasha, and good morning, everyone. Starting with ANZ, sales revenue for the year was up 8.3%, driven by higher volumes with a 2% inflation contribution.

Andy Young: Thank you, Sasha, and good morning, everyone. Starting with ANZ, sales revenue for the year was up 8.3%, driven by higher volumes with a 2% inflation contribution. Costs remained elevated, reflecting continued investment in the business, including in our network, team capability, digital initiatives, and a new long-term equity program. Excluding discretionary investment, underlying costs continue to be tightly managed and are growing at less than the annualized rate of inflation. EBIT was up 6% to AUD 360 million, with our EBIT margin at 8.6%, down 17 basis points year-on-year. This reflects a AUD 10 million impact from the amortization of the Metalflex brand name, following our decision to integrate the Metalflex business with our broader HVAC customer offer.

Speaker #2: Costs remained elevated, reflecting continued investment in the business, including in our network, team capability, digital initiatives, and a new long-term equity program. Excluding discretionary investment, underlying costs continue to be tightly managed, and are growing at less than the annualized rate of inflation.

Speaker #2: EBIT was up 6% to $360 million, with our EBIT margin at 8.6%, down 17 basis points year on year. This reflects a $10 million impact from the amortization of the MetalFlex brand name, following our decision to integrate the MetalFlex business with our broader HVAC customer offer.

Speaker #2: Excluding this, A and Z's EBIT margin was up 7 basis points year on year. Turning to the US, sales were up 6.5% to $3.5 billion, driven by incremental sales from recent network expansion, with a 2% inflation contribution.

Andy Young: Excluding this, ANZ's EBIT margin was up seven basis points year-on-year. Turning to the US, sales were up 6.5% to USD 3.5 billion, driven by incremental sales from recent network expansion with a 2% inflation contribution. On a like-for-like basis, US sales declined by 1.7% year-on-year, with the H2 broadly flat. The residential construction segment remains soft, while the non-residential segment has proven more resilient. EBITDA declined 5% for the year, with our EBITDA margin decreasing 83 basis points. EBIT of USD 118 million was down 13%, and our EBIT margin contracted 76 basis points, primarily driven by new branches, which are continuing to scale. Turning now to look at the group's cash flow and balance sheet. The group generated net operating cash inflows of AUD 645 million for the year. Capital expenditure represented 1.9% of sales, which was down on the prior year.

Speaker #2: On a like-for-like basis, US sales declined by 1.7% year on year, with the second half broadly flat. The residential construction segment remained soft, while the non-residential segment has proven more resilient.

Speaker #2: EBITDA declined 5% for the year, with our EBITDA margin decreasing 83 basis points. EBIT of $118 million was down 13%, and our EBIT margin contracted 76 basis points, primarily driven by new branches which are continuing to scale.

Speaker #2: Turning now to look at the group's cash flow and balance sheet. The group generated net operating cash inflows of $645 million for the year.

Speaker #2: Capital expenditure represented 1.9% of sales, which was down on the prior year. This primarily reflects timing, with a significant portion of capital spend for this year's branch expansion program incurred in the second half of FY25.

Andy Young: This primarily reflects timing with a significant portion of capital spend for this year's branch expansion program incurred in the H2 of FY25. Gross interest expense for the year was AUD 66 million, and based on current debt levels, we expect gross interest expense in the range of AUD 60 to 70 million in FY27. We also returned AUD 401 million of capital to shareholders through share buybacks, demonstrating the strength of the balance sheet and our disciplined approach to capital allocation. The group's net working capital to sales ratio was 19%, in line with the prior year. Inventory investment to support network expansion and our in-stock promise to customers was partially offset by favorable timing movements in other working capital balances. Net debt increased to AUD 744 million, reflecting ongoing investment in the business and partial funding of the group's share buyback program.

Speaker #2: Gross interest expense for the year was $66 million, and based on current debt levels, we expect gross interest expense in the range of $60 million to $70 million in FY27.

Speaker #2: We also returned $401 million of capital to shareholders through share buybacks, demonstrating the strength of the balance sheet and our disciplined approach to capital allocation.

Speaker #2: The group's net working capital to sales ratio was 19%, in line with the prior year. Inventory investment to support network expansion and our in-stock promise to customers was partially offset by favorable timing movements in other working capital balances.

Speaker #2: Net debt increased to $744 million, reflecting ongoing investment in the business and partial funding of the Group's share buyback program. The Group's net leverage ratio reduced in the second half, driven by stronger operating cash flow generation.

Andy Young: The group's net leverage ratio reduced in the H2, driven by stronger operating cash flow generation, exiting FY26 with net debt at 1x EBITDA, down from 1.5x at December. Our return profile continues to reflect a combination of softer housing market conditions and the investment in network expansion in recent years. As Peter mentioned, we take it through the cycle view, and as market conditions improve and the impact associated with recent growth investments begins to moderate, we expect our return profile to strengthen over time. I will now hand back to Peter to take us through our capital management approach and the outlook.

Speaker #2: Exiting FY26 with net debt at one times EBITDA, down from 1.5 times at December. Our return profile continues to reflect a combination of softer housing market conditions and the investment in network expansion in recent years.

Speaker #2: As Peter mentioned, we take it through the cycle view. As market conditions improve, and the impact associated with recent growth investments begins to moderate, we expect our return profile to strengthen over time.

Speaker #2: I will now hand back to Peter to take us through our capital management approach and the outlook.

Speaker #3: Thanks, Andy. Our capital management approach—as everyone knows—is guided by a clear framework. Our first priority is to invest in the growth of the business through organic investments and strategic acquisition opportunities.

Peter Wilson: Thanks, Andy. Our capital management approach, as everyone knows, is guided by a clear framework. Our first priority is to invest in the growth of the business through organic investments and strategic acquisition opportunities. Our second priority is to maintain a strong balance sheet, ensuring we retain the flexibility to invest through the cycle and capitalize on growth opportunities. Our third priority is to deliver returns to shareholders. Turning now to the outlook. If we looked ahead to FY27 in the ANZ region, we are entering the new financial year with a solid pipeline of activity, which should support H1 momentum. In the US, the residential new construction market remains challenging and the timing of a housing recovery is still not clear. The non-residential segment in the US has been stronger, supported by the data center build-out. Overall, we would expect modest growth in the US.

Speaker #3: Our second priority is to maintain a strong balance sheet, ensuring we retain the flexibility to invest through the cycle and capitalize on growth opportunities.

Speaker #3: Our third priority is to deliver returns to shareholders. Turning now to the outlook, if we look ahead to FY27 in the A&Z region, we are entering the new financial year with a solid pipeline of activity, which should support first-half momentum.

Speaker #3: In the U.S., the residential new construction market remains challenging, and the timing of a housing recovery is still not clear. The non-residential segment in the U.S. has been stronger, supported by the data center build-out.

Speaker #3: Overall, we would expect modest growth in the US. In both markets, consumers remain interest rate sensitive, and housing affordability challenges represent a risk for the outlook, making it too early to take a view on the second half.

Peter Wilson: In both markets, consumers remain interest rate sensitive and housing affordability challenges represent a risk for the outlook, making it too early to take a view on the H2. In summary, we remain positioned for success over the long term. We do have a trusted brand and a long-term focus. We are diversified and operate in large markets with attractive fundamentals, and we have a strong balance sheet and a track record of delivering through the cycle. Thank you. I will now open the line to questions.

Speaker #3: In summary, we remain positioned for success over the long term. We have a trusted brand and a long-term focus. We are diversified and operate in large markets with attractive fundamentals. We have a strong balance sheet and a track record of delivering through the cycle.

Speaker #3: Thank you. I'll now open the line to questions.

Operator: To ask a question now, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. We will now proceed to take our first question. The first question comes from the line of Peter Steyn from Macquarie. Please ask your question. Peter, your line is open.

Speaker #4: I'll ask a question now. Please press stall 11 on your telephone and wait for your name to be announced. To withdraw your question, please press stall 11 again.

Speaker #4: We will now proceed to take our first question. The first question comes from the line of Peter Stane from Macquarie. Please ask your question, Peter.

Speaker #4: Your line is open.

Speaker #5: Thank you. Thanks, Peter, Andy, Sasha. Peter, I just want to get your sense of how you're thinking about the unfolding of the A&Z environment over the next 12 months.

Peter Steyn: Thank you. Thanks, Peter, Andy, Sasha. Peter, just wanted to get your sense of how you are thinking about the unfolding of the ANZ environment over the next 12 months. You have spoken about the pipeline. I suppose history has shown us that pipelines often take a little bit longer to work through, but this one did not have much time to gain too much momentum. Just your perspective on how you are thinking about the support of that pipeline, through the course of the year and what you are thinking is around the R&R market in an Australian context.

Speaker #5: You've spoken about the pipeline. I suppose history has shown us that pipelines often take a little bit longer to work through, but this one didn't have much time to gain too much momentum.

Speaker #5: Just your perspective on how you're thinking about the support of that pipeline through the course of the year, and what your thinking is around the R&R market in the Australian context.

Speaker #3: Thanks, Peter. The if we start with the R&R part, as you know, that's the that has been the well, it is the most resilient part of our business, and what the Australian business was sort of built around.

Peter Wilson: Thanks, Peter. If we start with the R&R part, as you know, that has been the, well, it is the most resilient part of our business and what the Australian business was built around. So, we have had a track record of working through all different cycles with that. The main drivers of R&R over the years, particularly the last 30 years, have been house prices. So, and obviously the age of the housing stock sentiment and all those sorts of things. My only caveat would be everyone knows that with the change to government policy settings there has been a softening in house prices. We know that there is a reduction in the auction clearance rate, so that would be the only caveat to what has traditionally been a very resilient part to our business.

Speaker #3: So, we've had a track record of working through all different cycles with that. The main drivers of R&R over the years, particularly the last 30 years, have been house prices.

Speaker #3: So, and obviously, the age of the housing stock, sentiment, and all those sorts of things. So, my only caveat would be, everyone knows that with the change to government policy settings, there has been a softening in house prices.

Speaker #3: We know that there is a reduction in the auction clearance rate, so that would be the only caveat to what has traditionally been a very resilient part of our business.

Speaker #3: In terms of the new construction, the residential part, I mean, we did finish the second half with fairly good momentum, and it looks like it will stay that way for the first half.

Peter Wilson: In terms of the new construction, the residential part, we did finish the H2 with fairly good momentum, and it looks like staying that way for the H1. Again, the only caveat is we had three interest rate rises, and that is a big driver of the residential housing market. Then the only other one there that everyone is talking about is the whole where we go with affordability, and it is pretty complex, and there is a whole lot of factors both on the demand and supply side. Look, we feel confident in ANZ in the H1. The H2, as we said in the outlook, it is still a bit early for us to be overconfident there. Hopefully that answered the question, Peter.

Speaker #3: And again, the only caveat is we had three interest rate rises, and that's a big driver of the residential housing market. And then the only other one there that everyone is talking about is the whole issue of where we go with affordability.

Speaker #3: And it's pretty complex, and there are a whole lot of factors, both on the demand and supply side. So, look, we feel confident in A and Z in the first half.

Speaker #3: The second half, as we said in the outlook, it's still a bit early for us to be overconfident there. So hopefully that answered the question, Peter.

Speaker #5: Yeah, great. Thanks, Peter. And then, if I may—very quickly—just on the US, your store expansion has been pretty solid and, frankly, probably surprised generally on the upside over the last number of years.

Peter Steyn: Yeah. Great. Thanks, Peter. Then, if I may very quickly, just on the US, your store expansion has been pretty solid and frankly probably surprised generally on the upside over the last number of years. What you have spoken about now from a pace point of view is probably broadly how you have wanted us to think about it over an extended period of time. But keen to get your view just around the strategic aspects of this. Are you slowing down your intentions because you are getting to a place where you are happier with the network? Or are you trying to just consolidate the rollout that you have done thus far? Or have you got some other constraints organizationally that are bringing you back to that 15 to 20 number?

Speaker #5: What you’ve spoken about now from a pace point of view is probably broadly how you’ve wanted us to think about it over an extended period of time.

Speaker #5: But keen to get your view just around the strategic aspects of this. Are you sort of slowing down your intentions because you're getting to a place where you're happier with the network, or are you trying to just consolidate the rollout that you have done thus far?

Speaker #5: Or have you got some other constraints, organizationally, that are bringing you back to that 15 to 20 number?

Peter Wilson: Peter, I would not say, well, because you have followed us from the start, so I think at the start, whilst we were getting our feet under the ground, we were saying 10 to 15 actually as a rate that we thought we could do sustainably. Look, we have done more than that the last two years, and that is a function of sometimes elements of where you are in the property build-out, and you are waiting for permits and fire regs and all that sort of stuff. No, we are far from where we want to be in the US. We are far from the finished product. In some ways, probably the 15 to 20 is a slight increase to the rollout.

Speaker #3: Peter, it's, no, I wouldn't say—well, I think if you—well, because you've followed us from the start. So, I think at the start, while we were getting our feet under the ground, we were saying 10 to 15, actually, as a rate that we thought we could do sustainably.

Speaker #3: So look, we've done more than that in the last two years, and that's a function of, sometimes, elements of where you are in the property build-out, and you're waiting for a permit and fire regs and all that sort of stuff.

Speaker #3: So, no, I think if anything, I mean we're far from where we want to be in the US. We're far from the finished product.

Speaker #3: In some ways, probably the 15 to 20 is a slight increase to the rollout, but we're still a fairly minor player in the US.

Peter Wilson: But we're still a fairly minor player in the US, and we're only eight years into what we said was a multi-decade story and was going to take a long time, and we were in it for a very long time.

Speaker #3: And we're only eight years into what we said was a multi-decade story, and it was going to take a long time. And we were in it for the very long term.

Speaker #5: Perfect. Thanks, Peter. I'll leave it there. Appreciate it.

Peter Steyn: Perfect. Thanks, Peter. I'll leave it there. Appreciate it.

Speaker #3: Thanks, Peter. Bye.

Peter Wilson: Thanks for that. See you. Bye.

Speaker #4: Thank you. We will now proceed to take our next question. The next question comes from Keith Chow from MSC Marquee. Please go ahead, Keith.

Operator: Thank you. We will now proceed to take our next question, and the next question comes from Keith Chau from MST Marquee. Please go ahead, Keith. Your line is open.

Speaker #4: Your line is open.

Speaker #5: Good morning, gents. Thanks for taking my question. Simple one from me, just on the CapEx outlook. Andrew, I think you mentioned, obviously, Reece takes a through-the-cycle approach to looking at return on capital employed.

Keith Chau: Good morning, gents. Thanks for taking my question. Simple one from me, just on the CapEx outlook. Andrew, I think you mentioned obviously Reece takes a through the cycle approach to looking at return on capital employed. Then you talked about returns potentially increasing as CapEx moderates into the future. But I would have thought if there's growth opportunity in the US, that CapEx spend should remain reasonably consistent and, on a historical context, quite elevated for a while. But FY26 numbers came in lower than expectations. I think it was called out that timing was part of the driver of that. So in the context of the medium term, let's say, should we be expecting CapEx to return to that 2% to 3% of sales profile? Given the lower outcome in FY26, should we expect a catch-up in FY27? Thank you.

Speaker #5: And then you talked about returns potentially increasing as CapEx moderates into the future. But I would have thought that if there's growth opportunity in the US, that CapEx spend should remain reasonably consistent and, in a historical context, quite elevated for a while.

Speaker #5: But FY26 numbers came in lower than expectations. I think it was called out that timing was part of the driver of that. So in the context of the medium term, let's say, should we be expecting CapEx to return to that 2 to 3 percent of sales profile?

Speaker #5: And given the lower outcome in FY26, should we expect to catch up in FY27? Thank you.

Speaker #3: Great. Thanks, Keith. I'll get Andrew to answer that.

Peter Wilson: Thanks, Keith. I'll get Andy to answer that.

Speaker #2: Thanks, Peter. Hi, Keith. Look, I think you've probably just highlighted it. Most of that reduction this year was really the timing of CapEx. So, if you looked last year, we were high in the range, to about 2.9% last year.

Andy Young: Thanks, Peter. Hi, Keith. Look, I think you've probably just highlighted it. Most of that reduction this year was really the timing of CapEx. So if you looked last year, we were high in the range. We were about 2.9% last year. So that reflects the fact that we opened more of the branches in the first half of this year in the US. I'd expect that to normalize a little bit this year. But yes, I think it's not a target, but that 2% to 3% range is typically where we've been spending historically, and I think there's enough breadth in that range for us to think about that being the right level going forward.

Speaker #2: So that reflects the fact that we opened more of the branches in the first half of this year in the US. I'd expect that to normalize a little bit this year, but yes, I think it's not a target, but that 2% to 3% range is typically where we've been spending.

Speaker #2: Historically, I think there's enough breadth in that range for us to consider that being the right level going forward.

Speaker #5: Thank you. And Peter, just as an adjunct to that, on the M&A side of things, are there any opportunities in the US that the company is exploring at the moment?

Keith Chau: Thank you. Peter, just as an adjunct to that, on the M&A side of things, are there any opportunities in the US that the company's exploring at the moment? I know that's been a key part of the strategy, but is the intention to roll out stores organically, or are there parts of the plumbing distribution and HVAC distribution arena that you're looking at at this point? Thank you.

Speaker #5: I know that's been a key part of the strategy. But is the intention to roll out stores organically, or are there parts of the plumbing distribution and HVAC distribution arena that you're looking at at this point?

Speaker #5: Thank you.

Speaker #3: Thanks, Keith. Yes, I think I mean, we've yeah, said from the very early stages, and it's in our capital management framework. It's both a it is both an organic and M&A play.

Peter Wilson: Thanks, Keith. Yes. I think we have said from the very early stages, and it is in our capital management framework, it is both an organic and M&A play. We are planning to roll out new stores organically, and it has been a constant looking at M&A opportunities. Yes, definitely it is part of the strategy now going forward. The only other build would be in the, you are seeing the US. There is a lot of activity happening in the US and valuations are high and stretched. Multiples are very high. You have to be, which we are, very disciplined and we are fortunate that if it looks like it does not stack up that way, you just pivot to having more in the organic space. It is a dual strategy there, Keith, and will be for a long time.

Speaker #3: So yeah, we are planning to roll out new stores organically. And it's been a constant looking at M&A opportunity. So yes, definitely it's part of the it's part of the strategy now going forward.

Speaker #3: And I mean, the only other build would be in the US, you're studying it, you're seeing the US. I mean, there's a lot of activity happening in the US, and valuations are high and stretched; multiples are very high.

Speaker #3: So you have to be, which we are, very disciplined, and we're fortunate that if it looks like it doesn't stack up that way, you just pivot to having more in the organic space.

Speaker #3: So, it's a dual strategy there, Keith, and will be for a long time.

Speaker #5: Okay, thank you. And if I can, just one more follow-up on competitive dynamics in Australia and the US. I know this has been talked about tonight and for a while, given the changes in the US and also for Australia.

Keith Chau: Okay. Thank you. If I can, just one more follow-up on competitive dynamics in Australia and the US. I know this has been talked about for a while, given the changes in the US, and also for Australia. Peter, any change? I do not suspect the commentary from your side is going to change too much given industries do not move that fast. If you can give us an update on the competitive dynamics for both Australia and the US, that would be useful. Thank you.

Speaker #5: But Peter, any change? I mean, I don't suspect the commentary from your side is going to change too much, given industries don't move that fast.

Speaker #5: But if you can give us an update on the competitive dynamics for both Australia and the US, that would be useful. Thank you.

Speaker #3: Thanks. Keith, I thought you said you only had one question, but anyway, we're up to three, so that's good. Look, in terms of—if I start with Australia—yeah, Australia has always been an incredibly competitive market when we started.

Peter Wilson: Thanks. Keith, I thought you said you only had one question, but anyway, we are up to three, so it is good. Well, if I start with Australia has always been an incredibly competitive market. When we started, there was a lot of players. Obviously, we have done very well. There is still a lot of the market that are made up of independents buying groups, and obviously you have got your big competitors that we respect enormously, like the Bunnings, and obviously we have got the new owners of Tradelink. I think I mentioned on the last call, we know them exceptionally well and could not respect them more. The owner actually was a mentor for quite a period of time. So, that is all still at play in Australia. In the US, no, nothing has changed.

Speaker #3: There were a lot of players. Obviously, we've done very well. So there's still a lot of the market that is made up of independents and buying groups.

Speaker #3: And obviously, you've got your big competitors that we respect enormously—that's Bunnings. And obviously, we've got the new owners of Tradelink, and I think I mentioned on the last call, we know them exceptionally well.

Speaker #3: And couldn't respect them. The owner actually was a mentor for quite a period of time. So that's all still at play in Australia. In the US, no, nothing has changed.

Speaker #3: It is—it's definitely the biggest market in the world, and it's the market you want to be in. But it's also—it is very competitive, and you've got extremely big competitors that are well resourced with a lot of history.

Peter Wilson: It is definitely the biggest market in the world, and it is the market you want to be in, but it is very competitive and you have got extremely big competitors that are well-resourced with a lot of history. All the things that we have shared with you and everybody over the last eight years, and obviously we have been going to the US for 25, studying it deeply. We have certainly got a clear handle on how it is day to day. But no, nothing has changed, from what I shared at the last. So, I think both markets are very competitive as you can see in our results.

Speaker #3: And all the things that we've shared with you and everybody over the last eight years—and obviously, we've been going to the US for 25 years, studying it deeply.

Speaker #3: We've certainly got a clearer handle on how it is day to day. But no, nothing has really—no, nothing has changed from what I shared at the last. So, yeah, I think that's a—yeah. Both markets are very competitive, as you can see in our results.

Speaker #5: Yeah. Thanks, Peter. Thanks, James. I appreciate you answering all of my questions.

Keith Chau: Yeah. Thanks, Peter. Thanks, James. Appreciate you answering all of my questions.

Speaker #3: Thanks, Keith. See you soon.

Peter Wilson: Thanks, Keith. See you soon.

Speaker #1: Thank you. Our next question comes from the line of Lee Power from JP Morgan. Please go ahead, Lee. Your line is open.

Operator: Thank you. Our next question comes from the line of Lee Power from J.P. Morgan. Please go ahead, Lee. Your line is open.

Lee Power: Thank you. Morning, Peter, Sasha Nikolic, and Andy Young. Peter, just on ANZ, the H2 sales are up 13% year-on-year. I think in your preso, you talk about inflation of 2% for the full year, which is probably a little bit less than I would have expected. So maybe what can you tell us about what volumes actually were in the H2, and then is that a sensible kind of starting point as we go into H1 2027, or is there anything else going on that we should be thinking about?

Speaker #5: Thank you. Morning, Peter, Sasha, and Andy. Peter, just on A and Z, so the second half sales were up 13% year on year. I think in your preso you talk about inflation of 2% for the full year, which was probably a little bit less than I would have expected.

Speaker #5: So maybe, what can you tell us about what volumes actually were in the second half? And then, is that a sensible kind of starting point as we go into the first half of '27, or is there anything else going on that we should be thinking about?

Speaker #3: Online, it's not luck, I think. I think you're probably surprised, given where we went, where you got with the oil shock, with the Iran war.

Peter Wilson: Oh, no, there's not. I think you're probably surprised given where you got with the oil shock with the Iran war and then obviously the whole PVC piece. But that brought demand forward and it's flown through. But the rest of the market is in a space that's pretty competitive. There's always elements where you've got supplier costs increasing and there's obviously supplier costs decreasing, and so you're passing your costs through where they are there and obviously where there are savings, you're passing those through. So, yes, that's where we landed with the 2% inflation. So I think we've got good momentum now in the ANZ business. I think it's a function of us executing well and all of the segments are now performing pretty well.

Speaker #3: And then, obviously, the whole PVC piece. But that's all that bought demand forward, and it's flowed through. But the rest of the market is in a space that is pretty competitive.

Speaker #3: There have always been elements where you've got supplier costs increasing, and there's obviously supplier costs decreasing. And so you're passing costs through where they are there.

Speaker #3: And obviously, where there are savings, you're passing those through. So yes, that's where we landed with the 2% inflation. So, yeah, I think we've got good momentum now in the ANZ business.

Speaker #3: I think it's a function of us executing well and all of the segments are now performing pretty well. So barring any external shocks, which you just never know, that's how we sort of that's why we're confident in the first half that the momentum continuing.

Peter Wilson: Barring any external shocks, which you just never know, that's why we're confident in the H1 with the momentum continuing. But I think we'll clearly give an update at the AGM, which is 3 months away, and then we'll just keep the market updated as we go. But it's too hard to go out any further than that. But the ANZ has got a history of being an amazing model. It's got a great culture, great model, and I think the team's in a pretty good spot.

Speaker #3: But I think you've still got to be—we'll clearly give an update at the AGM, which is three months away, and then we'll just keep the market updated as we go.

Speaker #3: But it's too hard to go — anything to go out any further than that. So yeah, but the A&Z has got a history of being — it's been an amazing model.

Speaker #3: It's a great we've got a great it's got a great culture, great model. And I think the team's in a pretty good spot.

Speaker #5: Okay, thank you. And then just on the US, is there any more color around what, in your mind, 'modest growth' means? I mean, I get it's clearly a tricky backdrop, and you're more focused on the medium- to longer-term than necessarily month-on-month.

Lee Power: Okay. Thank you. And then just on the US, is there any more color around what in your mind modest growth means? I get it's clearly a tricky backdrop and you're more focused on the medium longer term than necessarily month on month. But what do you think we should be taking away from the commentary modest? And then just confirm that that would be based on your assumed store rollout numbers. So if the store rollout's greater or less than that or there's M&A or something, then that modest piece is obviously going to change.

Speaker #5: But what do you think we should be taking away from the commentary, Modest? And then just confirm that that would be based on your assumed door rollout numbers.

Speaker #5: So, if the store rollouts are greater or less than that, or there's M&A or something, then that modest piece is obviously going to change.

Speaker #3: Yes, Lee. It's a good look, it's hard. We definitely you know us how conservative we are. We're not in unless things are really awkward, we're not in the we don't normally give guidance unless it's really uncertain.

Peter Wilson: Yes, Lee. You know us, how conservative we are. Unless things are really awkward, we don't normally give guidance unless it's really uncertain. So modest is definitely modest. We've got a big exposure to the housing market in the US, and it actually is exceptionally soft. So it clearly had a very strong. COVID was very good for the housing market, but you definitely stack, froze, and whatever you like. There's a post-COVID hangover, and you can see over half of the mortgages still, they're under 4%. So if you get a new mortgage now, you're close to 7%. So the whole affordability piece in the US, something has to change for that to move. So it will be modest. So without giving guidance, we're not expecting that much growth in the US this year.

Speaker #3: So, modest is definitely modest. So, we've got a big exposure to the housing market in the US, and it actually is exceptionally soft.

Speaker #3: So, it clearly had a very strong—COVID was very good for the housing market, but it is definitely stuck, frozen, whatever you like. There's a post-COVID hangover.

Speaker #3: And you can see over half of the mortgages still have a rate under 4%. So if you get a new mortgage now, you're close to 7%.

Speaker #3: So that the whole affordability piece in the US, so something has to change for that to move. So modest, it will be modest. So, without giving guidance, we're not expecting that much growth in the US this year.

Speaker #5: Okay, thank you. I appreciate the color, because it's obviously a pretty weird backdrop, so I appreciate you doing your best to help us as well.

Lee Power: Okay. Thank you. I appreciate the color. This is obviously a pretty weird backdrop, so appreciate you doing your best to help us out as well. Thank you.

Speaker #5: Thank you.

Speaker #3: Yeah. Thanks, Lee.

Peter Wilson: Yeah. Thanks, Lee.

Speaker #1: Thank you. We will now take our next question from Neeraj Shah from Goldman Sachs. Please ask your question, Neeraj. Your line is open.

Operator: Thank you. We will now take our next question from Niraj Shah from Goldman Sachs. Please ask your question, Niraj. Your line is open.

Speaker #5: Good morning, team. Thanks for taking my questions. Just the first one: how should we be thinking about discretionary investment in Australia in fiscal '27, and I guess the implications for margin in that year?

Niraj Shah: Morning, team. Thanks for taking my questions. Just the first one, how should we be thinking about discretionary investment in Australia in FY27, and I guess the implications for margin in the year?

Peter Wilson: Andy, do you want to take this? I think, again, we don't give guidance, but Andy, you can handle this question.

Speaker #3: Do you want to Andy, do you want to take e this? I think again, we know in terms of we're not in a we don't give guidance, but Andy, you can handle this question.

Speaker #5: Yeah, I'll give a bit of color on the cost, Neeraj and Anthony—thanks for the question that way. I think if you look at the total cost for the group, as we've said in the ASX release, we're up about 9.6%.

Andy Young: Yeah. I'll give a bit of color on the cost, Neeraj, and answer your question that way. I think if you look at the total cost for the group, we said in the ASX release, we're up about 9.6%. That excludes D&A. The biggest driver of that, two-thirds of that, is actually the network expansion impact in the US. So that obviously impacts the US more than the ANZ business, but that's what's driving group results. Above that, we've got inflation sitting about 3%, and then you've got some investment over and above that that's offset by some FX. Look, Neeraj, we continue to look at that. The investment impact is larger in ANZ. Network impact is larger in US. But we'll continue to look at what the right level of investment is.

Speaker #5: That excludes DNA. The biggest driver of that—two-thirds of that—is actually the network expansion impact in the US. So that obviously impacts the US more than the ANZ business.

Speaker #5: But that's what's driving group results. Above that, we've got inflation sitting at about 3%. And then you've got some investment over and above that, that's offset by some FX.

Speaker #5: So, look, Neeraj, we continue to look at that. The investment impact is larger in ANZ, and the network impact is larger in the US. But we'll continue to look at what the right level of investment is.

Speaker #5: We've got levers there, as we've said before, and we'll just continue to assess what's necessary to really support our strategic initiatives. Got it. Thank you.

Andy Young: We've got levers there, as we've said before, and we'll just continue to assess what's necessary to really support our strategic initiatives.

Niraj Shah: Got it. Thank you. The second one, just following up on Lee's question. It sounds like based on your answer that you guys, there wasn't any discernible, I guess, pull-forward impact on demand from rising input costs and higher prices.

Speaker #5: And then the second one, just following up on Lee's question—it sounds like, based on your answer, that there wasn't any discernible, I guess, pull-forward impact on demand from rising input costs and higher prices.

Peter Wilson: Which market are you talking?

Speaker #3: And which market are you talking about?

Peter Wilson: Which market are you talking?

Speaker #5: Oh, either one. I was more talking about Australia there.

Niraj Shah: Oh, either one. I was more talking Australia, though.

Speaker #3: I'll let—because you haven't heard from Sash—do you want to answer this one, Sash?

Peter Wilson: I will let. Because you haven't heard from Sash, you can answer this one, Sash.

Speaker #2: At bank paying thanks, Neeraj. Look, whenever you have the challenges in the supply chain, the market does respond. And the market has responded. And that's why it's a challenging time now.

Sasha Nikolic: Thanks, Pete, and thanks, Neeraj. Look, whenever you have the challenges in the supply chain, the market does respond, and the market has responded, and that's why it's a challenging time now. All we can say is that our pipeline, we've got a good line of sight for the H1. Beyond that, it's a little bit too challenging to predict.

Speaker #2: All we can say is that, for our pipeline, we've got a good line of sight for the first half. But beyond that, it's a little bit too challenging to predict.

Speaker #5: Okay. Thank you.

Niraj Shah: Great. Thank you.

Speaker #1: Thank you.

Operator: Thank you.

Speaker #3: Thank you.

Peter Wilson: Thank you.

Speaker #1: We will now move to our next question. Our next question comes from Brooke Campbell Crawford from Barron Joey. Please go ahead, Brooke, your line is open.

Operator: We will now move to our next question. Our next question comes from Brook Campbell-Crawford from Barrenjoey. Please go ahead, Brooke. Your line is open.

Brook Campbell-Crawford [Director of Research: Yeah, thanks. Good morning. Thanks for taking my question. Listen, just back on ANZ, sorry to just get stuck into the big end, but the H2 volume performance, really strong there, giving you good pipeline for H1. To Neeraj's point, sounds like government is going to pull forward. So it sounds like perhaps you have done better than the market in the H2, 26 on volumes of ANZ. Maybe why, if you think that is true or not, and if so, any reasons why that would be the case? I guess some of the feedback we have got is some of your big competitors here have kind of been a bit more rational and kind of de-emphasizing some of the lower margin segments. Any kind of color around what is driving that improved H2 volume would be great. Thanks.

Brook Campbell-Crawford: Yeah, thanks. Good morning. Thanks for taking my question. Listen, just back on ANZ, sorry to just get stuck into the big end, but the H2 volume performance, really strong there, giving you good pipeline for H1. To Neeraj's point, sounds like government is going to pull forward. So it sounds like perhaps you have done better than the market in the H2, 26 on volumes of ANZ. Maybe why, if you think that is true or not, and if so, any reasons why that would be the case? I guess some of the feedback we have got is some of your big competitors here have kind of been a bit more rational and kind of de-emphasizing some of the lower margin segments. Any kind of color around what is driving that improved H2 volume would be great. Thanks.

Speaker #4: Yeah, thanks, Steve. Good morning, and thanks for taking my question. Just back on—and sorry to get stuck into this again—but the second half volume performance was really strong there, usually giving you a good pipeline for the first half.

Speaker #4: It's Neeraj's point. Sounds like he's going to pull forward. So it sounds like perhaps you've done better than the market in the second half of '26 on volume in A and Z.

Speaker #4: Maybe why, if you think that's true or not. And if so, any reasons why that would be the case? I guess some of the feedback we've got is that when you're a big competitor here, it's kind of about being a bit more rational.

Speaker #4: And kind of the emphasizing sort of lower margin segments. But any kind of color around what's driving that in group second half volume would be great.

Speaker #4: Thanks.

Speaker #3: Hi, Brooke. Look, I think—we tried to, I think we in the call tried to explain. I think, no, I think you've been studying us for a fair while.

Peter Wilson: Hi, Brooke. I think we, in the call, tried to explain. I think you have been studying us for a fair while. I would say we have got a really strong model, and I think the team, we are executing to our strategy really well. We have got really good alignment. We had a few challenges over the last few years in terms of unpacking a whole lot of things, but I feel like the team is in a good spot. I think our business is an exceptional business in Australia. So we have delivered well in the H2, and that is sort of what you expect when momentum starts to shift. I mean, the only thing that the momentum was starting, and then obviously you have got interest rate rises, and then obviously you have got government policy changes. So that is the only caveat to it.

Speaker #3: We've got a we've got a really strong model. And I think the team we're executing to that to our strategy really well. We've got really good alignment.

Speaker #3: We've had a few challenges over the last few years in terms of unpacking a whole lot of things, but I feel like the team is in a good spot.

Speaker #3: And I think our business is an exceptional business in Australia. So we've delivered well in the second half, and that's sort of what you expect when momentum starts to shift.

Speaker #3: So, I mean, the only thing is that the momentum was starting, and then obviously you've got interest rate rises, and then obviously you've got government policy changes.

Speaker #3: So that—I mean, that's the only caveat to it. But like we've always done in the past, you're just going to adapt, and whatever is thrown at you, you adapt.

Peter Wilson: But like we have always done in the past, you have just got to adapt and whatever is thrown up at you adapt. But I think the Australian business is an exceptional business.

Speaker #3: But I think the Australian business is an exceptional business.

Speaker #4: Yeah, that's great, thanks. And Jamal, then, I mean, I guess we talked about modest growth in the US. Can you just confirm, are you talking kind of like-for-like, sort of same-store sales, modest growth, or are you talking about kind of modest growth on a fully loaded basis, in terms of the benefits coming through from the store rollout? And, yeah, just which of those two it is—like-for-like or sort of all-in?

Brook Campbell-Crawford [Director of Research: Yeah, that is great. Thanks. Do you mind then, I guess you talked about modest growth in the US. Can you just confirm, are you talking kind of like for like, sort of same store sales modest growth? Are you talking about kind of modest growth on a fully loaded basis in terms of the benefits coming through from store rollout and yeah, just which of those two it is, like you like or sort of all in.

Brook Campbell-Crawford: Yeah, that is great. Thanks. Do you mind then, I guess you talked about modest growth in the US. Can you just confirm, are you talking kind of like for like, sort of same store sales modest growth? Are you talking about kind of modest growth on a fully loaded basis in terms of the benefits coming through from store rollout and yeah, just which of those two it is, like you like or sort of all in.

Speaker #3: Thanks, Brooke. Look, again, that’s the guidance part. So I think, look, the comment would be all-in there because we are cautious about what we’re dealing with.

Peter Wilson: Thanks, Brooke. Look, again, that is the guidance part. I think the comment would be all in there because we are cautious about what we are dealing with in the US. In 3 months at the AGM, we will obviously give an update and then obviously at the half. Yeah, definitely, at this point, all in and we are, which I think is the right thing to do. We are cautious, but still all in for that multi-decade story. We are far from the finished product in the US.

Speaker #3: In the US, we'll have an update in three months with the AGM, and then obviously at the half. So, yeah, definitely at this point, all in.

Speaker #3: And we are, which I think is the right thing to do, we are cautious but still all-in for the multi-decade story. We're far from the finished product in the US.

Speaker #4: That's great. Let me just ask quickly, you mentioned data centers early on. That's obviously a bright spot across a pretty mixed backdrop, as we all know.

Brook Campbell-Crawford [Director of Research: That is great. Let me just ask a quick one. You mentioned data centers early on as obviously a bright spot across a pretty mixed backdrop as we all know. Can you just talk about how relevant that space is going to be for your business over the next couple of years across both regions? What are you doing there to make sure your teams get to capture most of that opportunity? Thanks.

Brook Campbell-Crawford: That is great. Let me just ask a quick one. You mentioned data centers early on as obviously a bright spot across a pretty mixed backdrop as we all know. Can you just talk about how relevant that space is going to be for your business over the next couple of years across both regions? What are you doing there to make sure your teams get to capture most of that opportunity? Thanks.

Speaker #4: Can you talk about how relevant that space is going to be for your business over the next couple of years, across both regions?

Speaker #4: And what are you doing there to make sure your teams capture most of that opportunity? Thanks.

Speaker #3: Thanks, Brooke. Yeah, definitely. Look, it definitely is very relevant to both regions. There is a lot of plumbing, HVAC, waterworks product that goes into them.

Peter Wilson: Thanks, Brooke. Yeah, definitely. Look, it definitely is very relevant to both regions. There is a lot of plumbing and HVAC waterworks product that goes into them. If we are doing well, we are going to get exposed into the build-out in all regions. Yeah, I think that is the model is good. We are very fortunate to have exposure to the actual build-out.

Speaker #3: So if we're doing well, we're going to get exposed into the build-out in all regions. So yeah, I think that's the—yeah, so we're definitely very—that's, the model's good.

Speaker #3: We're very fortunate to have exposure to the actual build-out.

Speaker #4: All right. Thank you.

Brook Campbell-Crawford [Director of Research: All right. Thank you.

Brook Campbell-Crawford: All right. Thank you.

Speaker #3: Thanks, Brooke.

Peter Wilson: Thanks, Brooke.

Speaker #1: Thank you. We will move to our next question from the line of Harris Saunders from EMP. Please ask your question. Harry, your line is open.

Operator: Thank you. We will move to our next question from the line of Harry Saunders from UBS. Please ask your question, Harry. Your line is open.

Speaker #5: Oh, good morning. Thanks for taking my questions. Firstly, just to follow on these pull-forward questions from earlier—if I just look at that acceleration in the second half, it ended at 13%, up from 4% in the first half, which is pretty impressive.

Harry Saunders: Good morning. Thanks for taking my questions. Firstly, just to follow on these pull forward questions earlier. If I just look at that acceleration in the H2 and ended to 13% from 4% in the H1, pretty impressive. But just wondering, given we have heard from some market participants about a pull forward of demand ahead of the price rises in the H2 of the year, and then it subsequently sort of hit volumes at the start of H1 2027. Just wondering if you are seeing that trend at all or anything you would like to call out there.

Speaker #5: But just wondering, given we've heard from some market participants about a pull-forward of demand ahead of the price rises in the second half of the year, and then it subsequently sort of hit volumes at the start of the first half of '27.

Speaker #5: Just wondering if you're seeing that trend at all, or if there's anything you'd like to call out there?

Speaker #3: G'day, Harry. No. Look, there was definitely—I mean, when you have those shocks, you definitely—there is definitely—there was definitely pull-forward in some of those categories, like PVC, but it has worked its way through.

Peter Wilson: G'day, Harry. Look, there was definitely. I mean, when you have those shocks, there was definitely pull forward in some of those categories like PVC, but it has worked its way through, and it is only one element of the whole picture. We are a very diversified business now, in Australia, not so much in the US. Look, we were starting to see momentum. The momentum, we have called it out. I think we are seeing the momentum that we exited Australia is continuing for the H1 at this point. The only caveat is if we have another shock, which is highly likely these days. I mean, I think we are all used to that. I think what we said in the call is probably as much as we are going to say, but we see the reasonable momentum continuing, at least for the H1.

Speaker #3: And it's only one element of the whole picture. We are a very diversified business now in Australia, but not so much in the US.

Speaker #3: So look, we were starting to see momentum and then we've called it out. I think we're seeing the momentum that we exited Australia with is continuing for the first half at this point.

Speaker #3: The only caveat is if we have another shock, which is highly likely these days. So, I mean, I think we're all used to that.

Speaker #3: So I think what we said in the call is probably as much as we're going to say, but we see the reasonable momentum continuing, at least for the first half.

Speaker #5: Understood. Thanks. I mean, it doesn't sound like you're trying to temper that 13% sort of run rate in the second half, I take it.

Harry Saunders: Understood. Thanks. I mean, it doesn't sound like you're trying to temper that 13% run rate in the H2, I take it.

Speaker #3: I'm not giving any look, just—I think I've shared enough. We're definitely not going to get into—I'm not—no, it's good, Harry. Good question.

Peter Wilson: I'm not giving any. Look, I think I've shared enough. We're definitely not going to get into. No, Harry, good question. No, no, there's a solid pipeline, but beyond that, it's too risky to say.

Speaker #3: No, no, we've got a solid pipeline. But beyond that, it's too risky to say.

Speaker #5: Understood, thanks. Appreciate the cover. And then, just on those US outlook comments on modest growth, I'm just wondering if that refers to sales or EBIT, or both, just given consensus has got sort of close to 10% sales growth and close to 20% EBIT growth.

Harry Saunders: Understood. Thanks. Appreciate the color. Then just on those US outlook comments on modest growth. Just wondering if that refers to sales or EBIT or both, just given consensus has got close to 10% sales growth and close to 20% EBIT growth. Presumably, this is sales, but just wanted to confirm.

Speaker #5: So, presumably this is sales, but I just wanted to confirm.

Peter Wilson: Yep. No, no, definitely. In terms of the growth, that's the first part, get the sale and then you work the other parts after that. So yeah, definitely. I am referring to the. Well, we are referring to the sales growth.

Speaker #3: Yep, yep. No, no, definitely. In terms of the growth, that's the first part: get the sale, and then you work the other part after that.

Speaker #3: So, yep, definitely on OMM, referring to the well, we are referring to the sales growth.

Speaker #5: Got it, thanks. And then just to follow up on the slow-moving and obsolete inventory, the sale of about $30 million in the second half—can you just sort of talk through what drove that, please?

Harry Saunders: Got it. Thanks. Just to follow on the slow-moving and obsolete inventory that fell about AUD 30 million in the H2. Can you just sort of talk through what drove that, please?

Speaker #3: I mean, give that to Overdue, Andy.

Peter Wilson: I am going to give that over to you, Andy.

Speaker #4: Thanks, Peter.

Andy Young: Thanks, Peter. Hey, Harry. A couple of things are driving that. Firstly, some improved sell-through rates across both the regions. As we have seen some volume improvement, we have been able to revise the provisioning levels there. We have to take provision when we see that come off. That has improved a little bit as we have seen a better H2 in particular. In the US, given the level of investment we have done, we are now up to 120 branches since 2019, you would have seen in the presentation. That has allowed us to just reassess the level of provisioning we are holding across the US business as well. There is a little bit of a benefit from that as well that is reflected in that provision adjustment.

Speaker #6: Hey, Harry. Look, a couple of things are sort of driving that. Firstly, some improved sell-through rates across both the regions. So, as we've seen some volume improvement, we've been able to revise the provisioning levels there.

Speaker #6: We have to take provision when we see that come off, so that's improved a little bit, as we've seen a better second half in particular.

Speaker #6: And then in the US, given the level of investment we've done, we're now up to 120 branches since '19. You would have seen in the presentation that's allowed us to just reassess the level of provisioning we're holding across the US business as well.

Speaker #6: So there's a little bit of a benefit from that as well, and that's reflected in that provision adjustment.

Speaker #5: Really helpful. Thank you. And just a quick follow on as well. The impact and margin on from the brand amortization, should we expect to sort of similarly ongoing impacts in '27?

Harry Saunders: Really helpful. Thank you. Just a quick follow on as well. The impact in ANZ margin from the brand amortization, should we expect a similar ongoing impact in FY27?

Speaker #6: Hey Harry, I'll pick that one up. That'll be amortized across, effectively, the two years. So, FY26 has got half of that. There'll be another $10 million impact in FY27.

Andy Young: Hey, Harry, I will pick that one up. That will be amortized across effectively the 2 years. So 2026 has got half of that. There will be another AUD 10 million impact in FY27.

Speaker #5: Perfect. Thank you.

Harry Saunders: Perfect. Thank you.

Speaker #1: Thank you. Our next question comes from the line of Daniel Sykes from Jordan. Please go ahead, Daniel, your line is open.

Operator: Thank you. Our next question comes from the line of Daniel Sykes from Jarden. Please go ahead, Daniel. Your line is open.

Speaker #7: Hi, guys. Thanks for taking my question. Andy, I just wondered if you could provide a helpful kind of cost bridge for the group.

Daniel Sykes: Hi, guys. Thanks for taking my question. Andy, I just wondered if you could. You have provided a helpful kind of cost bridge for the group. I was just wondering if you could do the same for ANZ specifically, because it looks like they are maybe below the line. You have seen quite a lot of cost increase in there. Obviously, the brand amortization is part of that. But even without that, it looks to be a lot of cost increase. Can you help us just flesh out some of the color on that, please?

Speaker #7: I was just wondering if you could do the same for ANZ specifically, because it looks like they're maybe below the line. You've seen quite a lot of cost increase in there.

Speaker #7: Obviously, the brand amortization is part of that. But even without that, it looks to be quite a lot of cost increase. Can you help us flesh out some of the color on that, please?

Speaker #6: Hi, Daniel. Look, we don't break down the detailed cost base by region, as you know. But, look, to give you a bit of color, back to the comments I made earlier, the ANZ business has seen a little bit more of that discretionary investment—things like our employee proposition and our digital and AI initiatives.

Andy Young: Hi, Daniel. Look, we do not break down the detail cost base by region, as you know. But look, to give you a bit of color back to the comments I made earlier, the ANZ business has seen a little bit more of that discretionary investment, things like our employee proposition, our digital and AI initiatives. They are probably a bit more impactful in the ANZ cost base, whereas the network expansion impact is more impactful in the US base. So that gives you a bit of color, I guess, of the drivers at a regional level.

Speaker #6: They're probably a bit more impactful in the ANZ cost base, whereas the network expansion impact is more significant in the US base. So that gives you a bit of color, I guess, on the drivers at a regional level.

Speaker #7: Okay, great. And then just on the sales level—I mean, obviously, strong numbers for the second half. I was just wondering if there's anything you can say around whether the kind of temporary price increases that you've seen, how impactful they are, and whether you've seen them starting to roll off, or you expect them to roll off through the next year?

Daniel Sykes: Okay, great. Just on the sales level, I mean, obviously, strong numbers for that H2. I was just wondering if there is anything you can say around whether the kind of temporary price increases that you have seen, how impactful they are, and whether you have seen them starting to roll off or you expect them to roll off through the next year.

Speaker #3: Well, I think we've shown you where the inflation is for the year in ANZ and the US. So, it probably isn't as great as what everyone was thinking.

Peter Wilson: Well, I think we have shown you where the inflation is for the year in ANZ and the US. So it probably is not as great as what everyone was thinking and obviously what the press and the media were reporting. But having said that, there is definitely supply cost increases in the last part of the year. There were some increased parts. So you would say that we exited with a slightly higher inflation rate than the year. So that is in Australia. The US definitely does not have that dynamic at this point. So hopefully that helps a bit.

Speaker #3: And obviously, what the press and the media were reporting— but having said that, there's definitely supplier cost increases in the last part of the year that were some increase part.

Speaker #3: So you would say that we exited with a slightly higher inflation rate than the year. So that's in Australia; the US definitely doesn't have that dynamic at this point.

Speaker #3: So, hopefully that helps a bit.

Speaker #7: Okay, great. And then just one more, if I may. In terms of the new guidance around the stall rollout in the US, could you help us— is there any change in the strategy or the outlook in the US in terms of the opportunities you see?

Daniel Sykes: Okay, great. Yeah. Just one more, if I may. Just in terms of the new guidance around the store rollout in the US. If you just help us, is there any change in kind of the strategy or the outlook in the US in terms of what opportunities you see? Just whether that kind of store growth is now linked to specific segment within the US, say, HVAC or even more national exposure in the US and focusing on slightly different market than the existing?

Speaker #7: Is that kind of stalled growth now linked to a specific segment within the US, say HVAC, or does it have more of a national exposure in the US, focusing on a slightly different market than the existing one?

Speaker #3: No, no. The strategy really is intact and in line, and I think that network growth is really across all of the business units.

Peter Wilson: No, the strategy is really intact and in line, and I think that network growth is really across all of the business units. But really with the focus on the Sun Belt. The strategy is intact. I mean, we've always been fairly conservative and everyone knows that. I was quite, I don't know what the word is. I shared a fair bit at this time last year. But what we've shown is definitely the strategy is intact and this is a multi-decade play. I think the slight increase to our store ambition demonstrates that.

Speaker #3: But really, with a focus on the sunbelt. So we're the strategy is intact. So I mean, we've always been fairly conservative and everyone knows that I was quite I don't know what the word is.

Speaker #3: I shared a fair bit at this time last year. But yeah, what we've shown is that, yeah, definitely the strategy is intact. And this is a multi-decade play.

Speaker #3: So, and I think the slight increase to our store sort of ambition, I think, demonstrates that.

Speaker #7: Okay, great. Thanks, guys.

Daniel Sykes: Okay, great. Thanks, guys.

Speaker #3: Thank you.

Peter Wilson: Thank you.

Operator: Thank you. Our next question comes from the line of Ramoun Lazar from Jefferies. Please ask your question. Ramon, your line is open.

Speaker #1: Thank you. Our next question comes from the line of Ramon Lazer from Jefferies. Please ask your question, Ramon. Your line is open.

Speaker #8: Good morning, Peter and team. Just a couple of quick ones from me. Maybe if you could give us a bit of a guide on the finance costs this year? I know you've given the net interest cost number or guide—that's helpful.

Ramoun Lazar: Good morning, Peter and team. Just a couple of quick ones from me. Maybe if you could give us a bit of a guide on the finance costs this year. I know you've given the net interest cost number or guide that's helpful. Given the increasing rate of stores that you're rolling out, just any sort of guide on what lease costs we should expect in that financing line?

Speaker #8: But given the increasing rate of stores that you're rolling out, is there any sort of guide on what lease costs we should expect in that financing line?

Andy Young: Yeah. I'll pick that one up. Look, I think you can look at the H2 run rate, and you can see most of that network expansion impact has sort of been built in there. So I think to the extent that you're looking at what moves into 2027, that's probably the better data point to use from a lease cost perspective.

Speaker #6: Yeah, look, let me—I'll pick that one up. Look, I think you can sort of look at the second half run, right? And you can see most of that network expansion impact has sort of been built in there.

Speaker #6: So, I think to the extent that you're looking at what moves into '27, that's probably the better data point to use from a lease cost perspective.

Speaker #8: Okay, great. And Peter, what about for you? Just on the US, I guess—I mean, margins are still sort of very tepid over there, and I understand there's a degree of rollout impacting that.

Ramoun Lazar: Okay, great. Peter, one for you. Just on the US, I guess, margins are still very tepid over there, and I understand there's a degree of rollout impacting that. Just any sort of comments on the sequential margin declines in the US, how to think about that into 2027 as some of the stores that you've been rolling out over the last couple of years start to mature.

Speaker #8: But just any sort of comments on the sequential margin declines in the US, and how to think about that into 2027, as some of the stalls that you've been rolling out over the last couple of years start to mature?

Speaker #3: Good. Ramon, I might actually even get Sash. Do you want to take this?

Peter Wilson: Good. Ramon, I might actually even get Sash. Do you want to take this?

Speaker #8: Sure.

Sasha Nikolic: Sure.

Peter Wilson: Yeah. He just came back from the US. Look, Sash, there are a number of factors there. I think the market plays an impact there and reminding everybody that the residential new construction exposure is large in our US business. But the point that I think you are making, and I think Andy Young made it in his, is as our new rollouts start to mature, and they do take time, we would expect to see the margin profile change in the US.

Peter Wilson: Yeah. He just came back from the US. Look, Sash,

Speaker #3: Yeah, he's just come back from the US, just so, Sash.

Speaker #6: Look, there are a number of factors there. I think the market plays an impact there. And, reminding everybody that the residential new construction exposure is large in our U.S. business.

Sasha Nikolic: there are a number of factors there. I think the market plays an impact there and reminding everybody that the residential new construction exposure is large in our US business. But the point that I think you are making, and I think Andy Young made it in his, is as our new rollouts start to mature, and they do take time, we would expect to see the margin profile change in the US.

Speaker #6: But the point that I think you're making, and I think Andy made it in his, is as our new rollouts start to mature—and they do take time—we would expect to see the margin profile change in the US.

Speaker #8: Should we expect that to start in '27, just because the new stall rollouts are slowing?

Ramoun Lazar: Should we expect that to start in 2027 just because the new store rollouts are slowing?

Peter Wilson: I would say, when you say we have already shared, we have shared actually more than we normally do. We are expecting modest growth. I think if you look at the, it is not that much different to what we are doing from what we have done in the past. If we look at how long it takes for these new stores, they do vary depending on the type of store. We have small, medium and large formats across the different segments, and they vary from two to five years before they actually reach a break-even point. The ones that are more skewed towards the smaller R&R customer, you win them one customer at a time, and they take longer. Yeah, I think we have signaled modest growth for the US, and I think that is the right thing to say.

Speaker #3: I would say, I think we've, yeah—when you say we've already shown, we've shared actually more than we normally do. We're expecting modest growth.

Speaker #3: So, I think that if you look at it, I mean, it's not that much different to what we're doing. So, from what we have done in the past.

Speaker #3: And if we look at how long it takes for these new stores, they do vary depending on the type of store. So we've got small, medium, and large format across the different segments.

Speaker #3: And they vary from two to five years before they actually reach a break-even point. And the ones that are more skewed towards the smaller R&R customer, you win them one customer at a time.

Speaker #3: And they take longer. So yeah, I think we've signaled modest growth for the US, and I think that's the right thing to say.

Speaker #8: Okay, all right. Great, thanks. I'll leave it there.

Ramoun Lazar: Okay. All right. Great. Thanks. I will leave it there.

Speaker #3: Thank you.

Peter Wilson: Thank you.

Speaker #1: Thank you. We'll go to the next question, and the line comes from Sam Seo from Citi. Please go ahead, Sam. Your line is open.

Operator: Thank you. We'll go for the next question. The line comes from Sam Seow from Citi. Please go ahead, Sam. Your line is open.

Speaker #7: Good morning, Peter and team. Thanks for taking my question. Just a quick one on the result—it basically came in at the midpoint of your guidance, which I guess was given pre-war and pre-budget.

Sam Seow: Good morning, Peter and team. Thanks for taking my question. Just a quick one on the result. It basically came in at the midpoint of your guidance, which I guess was given pre-war and pre-budget. You've done pretty well to bring that into the range. I was just wondering, were there any levers you had to pull to do that? Or really at a high level, did you not see that much impact from, I guess, all the noise in Q4 versus when you gave that guide?

Speaker #7: So you've done pretty well to bring that into the range. Just wondering, were there any levers you had to pull to do that, or really at a high level, did you not see that much impact from, I guess, all the noise in the fourth quarter versus when you gave that guide?

Speaker #3: Because it was a fair bit, because—can I say—because there was some noise, and that's why we decided to give guidance. And obviously, when those events happen, you do start thinking, "Oh, is this going to—are we going to have to update it again?" But I think you've almost answered the question.

Peter Wilson: G'day, Sam. There was some noise and that's why we decided to give guidance. Obviously when those events happen, you do start thinking, "Oh, is this going to, are we going to have to update it again?" I think you've almost answered the question. I think maybe we didn't see as big an impact as what initially it was looking like. There was definitely some pull forward of some categories, but I think in all regions, it sort of washed through reasonably smoothly. That's probably why we landed within guidance.

Speaker #3: I think maybe we didn't see as big an impact as what initially was looking like. There was definitely some poor thought of some categories, but I think in all regions, it sort of washed through.

Speaker #3: Reasonably smoothly. So that's probably why we— that's probably why we landed within guidance.

Speaker #7: Got it. That's helpful. And then maybe on the second half, I think you've answered a few questions on it today, but just wanted to perhaps understand whether you think there was any contribution, perhaps, from a change in strategy from your main competitor in ANZ.

Sam Seow: Got it. That is helpful. Then maybe on the H2, I think you have answered a few questions on it today, but just want to perhaps understand whether you think there was any contribution, perhaps from a change in strategy from your main competitor in ANZ. It feels like they are shifting a bit in the markets they are targeting. Just want to understand if you thought there was a bit of a contribution there to your number, and particularly now, I guess, with your focus on what appears next generation showrooms. Any color there would be helpful.

Speaker #7: It feels like they're shifting a bit in the market with their targeting. So, just, yeah, wanted to understand if you thought there was a bit of a contribution there to your number, and particularly now, I guess, with your focus on what appears to be next-generation showrooms.

Speaker #7: But yeah, any color there would be helpful.

Speaker #3: Oh, I would say it's all too early. I think they're just—again, these—I mean, every cultural change and any change in getting foundations right, it's a multi-year story, what they will be undertaking.

Peter Wilson: I would say it is all too early. I think, again, cultural change and any change and getting foundations right, it is a multi-year story what they will be undertaking. No, don't think there is any impact. It might be slightly. In terms of the new format, that is just one showroom that has only been trading for a couple of months. Definitely there is nothing there. No. I think ultimately, I think I have mentioned it. It has always been a fierce contest, and all I keep saying is I couldn't respect the new owners more. Like every market, we have to be totally on our game. We have to be totally continuing to get better every single day. We have to keep investing. We have to make sure we stay at the forefront.

Speaker #3: So, no, I don't think there's any impact—while it might be slightly. And in terms of the new format, that's just one showroom that's only been trading for a couple of months.

Speaker #3: So, definitely, there's nothing there. So, no, no, I think—yeah, I think ultimately, I think I mentioned it. We've always—it's always been a fear.

Speaker #3: It's always been a fierce contest. And all I keep saying is I couldn't respect the new owners more. So, like every market, we have to be totally on our game.

Speaker #3: We've got to be continually improving every single day. We've got to keep investing. We've got to make sure we stay at the forefront.

Speaker #3: Otherwise, what they do will actually have an impact in three to five years, when everyone's forgotten about it. But what they're doing now will be getting their business into a better position down the track.

Peter Wilson: Otherwise, what they do will actually have an impact in 3 to 5 years when everyone has forgotten about it. What they are doing now will be getting their business into a better position down the track.

Speaker #7: Thanks for that. Appreciate the colour.

Sam Seow: Thanks, man. Appreciate the color.

Speaker #3: Thank you.

Peter Wilson: Thank you.

Speaker #1: Thank you. Our next question comes from the line of Joseph Michael from Morgan Stanley. Please go ahead, Joseph. Your line is open.

Operator: Thank you. Our next question comes from the line of Joseph Michael from Morgan Stanley. Please go ahead, Joseph. Your line is open.

Speaker #6: Good morning, Peter and team. Thanks for taking my question. The first question I had is just around data centers. Can you give us an update on how you're seeing the opportunity for data centers in both the US and Australia?

Joseph Michael: Good morning, Peter and team. Thanks for taking my questions. The first question I had, just around data centers. Can you give us an update on how you are seeing the opportunity for data centers in both the US and Australia? Can you also make a comment on how material that end market is to the broader group?

Speaker #6: And then, can you also make a comment on how material that end market is to the broader group?

Speaker #3: Well, I think we get a I think we did just mention that. And definitely, we are definitely benefiting that end market. We're exposed in our plumbing HVAC and waterworks businesses across all our segments.

Peter Wilson: Well, G'day. I think we did just mention that. We are definitely benefiting that end market. We are exposed in our plumbing, HVAC, and waterworks business, so across all our segments. Yeah, I think it is a positive. My analogy of this, it is a little bit like, I do not know if everyone remembers, and it might not go this way, but when we had the mining boom in Australia. We benefited to that while the mining boom went on. All these big infrastructure plays, companies like Reece do benefit because we are going to supply the product of all the trades that are doing the work for the hyperscaler. Definitely exposed. It will be a positive for the business.

Speaker #3: So yeah, I think it is going to be—it's a net, it's a positive. My analogy of this is it's a little bit like—I don't know if everyone remembers, but when we had the, and it might not go this way, but when we had the mining boom in Australia, we benefited from that while the mining boom went on.

Speaker #3: So all these big infrastructure plays, companies like Reece do benefit, because we're going to supply the product to all the trades that are doing the work for the hyperscalers.

Speaker #3: So, definitely exposed. So it will be a positive for the business.

Speaker #6: Okay, great. And then just the other question I had was around the Waterworks business in the US, so it sounds like things have stabilized there.

Joseph Michael: Okay, great. Just the other question I had just around the waterworks business in the US. It sounds like things have stabilized there. Is it still in a sort of rebuild phase, or are you returning to growth for that business now that things have stabilized?

Speaker #6: Are we, sort of—is it still in a sort of rebuild phase, or are you sort of returning to growth for that business now that things have stabilized?

Speaker #3: Yeah, thanks. Good question. Definitely, I think that's the right word to use—stabilized. I think, I mean, obviously this time last year I described it as the perfect storm because we were in the middle of it and we didn’t have a leader.

Peter Wilson: Yeah, thanks. Good question. Definitely, I think that's the right word to say, stabilize. Obviously, this time last year, I did describe it as the perfect storm because we were in the middle of it and we didn't have a leader. We've appointed a leader to the business from within, which has stabilized. We have rebuilt the team and continuing to rebuild and invest in that segment. It's a hot space. It's very contested. But I think we've done a pretty good job in the last 12 months to stabilize and, if you like, fight back. I think I said this at the half and at the AGM. It made us think deeply, but our shareholders, we are 100% in this for the long term. I did make the comment, it'll be interesting to see who outlasts who in this space.

Speaker #3: So, we have appointed a leader to the business from within, which has stabilized. We have rebuilt the team and are continuing to rebuild and invest in that segment.

Speaker #3: It is definitely a hot space. It's very contested. But I think, look, I think we've done a pretty good job in the last 12 months to stabilize.

Speaker #3: And if you like fight back and I think I said this at the half and at the AGM, I mean, our I mean, it made us think deeply, but our shareholders, we are 100% in this for the long term.

Speaker #3: And I did make the comment, it'll be interesting to see who outlasts whom in this space. So I would say that, yeah, I think definitely 'stabilization' is the right word.

Peter Wilson: I would say that, yeah, I think definitely stabilization is the right word, and we're feeling a lot better about where we are, albeit it's still unbelievably competitive, and in particular in a couple of markets. But if you keep taking a long-term view and you think really long term, you can outlast anyone.

Speaker #3: And we're feeling a lot better about where we are. Albeit, it's still unbelievably competitive, particularly in a couple of markets. But if you keep taking a long-term view and you think really long-term, you can outlast anyone.

Speaker #6: Great. I'll leave it there. Thank you.

Joseph Michael: Great. I'll leave it there. Thank you.

Speaker #3: Thank you.

Peter Wilson: Thank you.

Speaker #1: Thank you. That was our final question for today. I'll now hand back to Peter for his closing remarks.

Operator: Thank you. That was our final question for today. I will now hand back to Peter for his closing remarks.

Speaker #3: Okay, well, thank you everyone for joining us again today. We do appreciate your time, and we look forward to speaking with you again at our next update.

Peter Wilson: Well, thank you everyone for joining us again today. We do appreciate your time and we look forward to speaking with you again at our next update. Thank you very much.

Speaker #3: Thank you very much.

Operator: Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines.

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