Full Year 2026 Enero Group Ltd Earnings Call

August 21, 2026

Speaker #2: Thank you for standing by, and welcome to the Enero Group Limited full-year results. All participants are on listen-only mode. There will be a presentation followed by a question-and-answer session.

Operator 2: Thank you for standing by, and welcome to the Enero Group Limited full year results. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you would like to ask a question by the phone, you merely press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Ian Ball, CEO. Please go ahead.

Operator: Thank you for standing by, and welcome to the Enero Group Limited full year results. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you would like to ask a question by the phone, you merely press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Ian Ball, CEO. Please go ahead.

Speaker #2: If you would like to ask a question via the phone, you will need to press the star key, followed by the number one, on your telephone keypad.

Speaker #2: I would now like to hand the conference over to Mr. Ian Ball, CEO. Please go ahead.

Speaker #3: Good morning, everyone. Welcome, and thanks for joining us today. To go through the Enero Group FY26 results, I'm here with my CFO, Tracy, and we'll be taking you through a presentation.

Ian Ball: Good morning, everyone. Welcome, and thanks for joining us today to go through the Enero Group FY26 results. I am here with my CFO, Tracy, and we will be taking you through a presentation. At the end, there will be an opportunity to ask questions. With that, I am going to get straight into it. On the first slide, page number 2, I would like to go through the highlight of our FY26 results. Very pleased to report that our continuing operations delivered 9% EBITDA growth and 54% net profit and EPS growth. Disciplined cost management and a continued focus on operational excellence allowed us to generate these results on a slight decline in our net revenue. In addition, we will be paying a 1.4 cents fully franked dividend, which represents a payout ratio of 31% on adjusted EPS.

Speaker #3: At the end, there will be an opportunity to ask questions, so with that, I'm going to get straight into it. On the first slide, page number 2, I'd like to go through the highlights of our FY26 results.

Speaker #3: I'm very pleased to report that our continuing operations delivered 9% EBITDA growth and 54% net profit and EPS growth. Disciplined cost management and continued focus on operational excellence allowed us to generate these results on a slight decline in our net revenue.

Speaker #3: In addition, we will be paying a $1.40 fully-franked dividend, which represents a payout ratio of 31% on adjusted EPS. That’s consistent with our dividend payments, which have historically ranged from about 30% to 50% of our adjusted earnings per share.

Ian Ball: That is consistent with our dividend payment, which is a historical ratio of about 30% to 50% of our adjusted earnings per share. What we are particularly pleased about is that the group EBITDA margin grew from 10.2% to 11.8%. As I have already mentioned, a lot of that result was delivered by really disciplined focus on execution and cost management. That is both in head office, our corporate center, and within the agencies. That is something that we will continue to focus on as we go forward. That is enabled also by the implementation of AI, and I will talk a lot more about that as we get more into the presentation. I think the results for the group can be really discussed in two parts, the Australian agencies and then the results of Hotwire. For the Australian agencies, I am particularly proud that they delivered exceptionally strong results.

Speaker #3: What we're particularly pleased about is that the Group EBITDA margin grew from 10.2% to 11.8%. And, as I've already mentioned, a lot of that result was delivered by really disciplined focus on execution and cost management.

Speaker #3: And that's both in head office—our corporate center—and within the agency. So that's something that we will continue to focus on as we go forward.

Speaker #3: And that is enabled also by the implementation of AI, and I'll talk a lot more about that as we get further into the presentation.

Speaker #3: I think the results for the group can be really discussed in two parts: the Australian agencies, and then the results of Hotwire. For the Australian agencies, I'm particularly proud that they delivered exceptionally strong results—all agencies delivered double-digit margin. But for the Australian agencies, we saw really top-of-the-market EBITDA margin results.

Ian Ball: All agencies delivered double-digit margin, but for the Australian agencies, we saw really top-of-the-market EBITDA margin results. BMF delivering 23% margins, up from 20.1% a year ago. Orchard delivering 21.8% margins, up from 19%. In addition, Orchard had a record year, both on revenue and on EBITDA dollar and on EBITDA margin. BMF had a record year in terms of its EBITDA. I think that's particularly notable in a very, very tough, competitive Australian market, where if you look across our competitors, including the global holding companies, with one exception, all of those competitors were reporting a decline in their results in this tough market. We're very, very proud of the results for the Australian agencies. For Hotwire, we maintain double-digit margins, although as you can see from the results, they're operating in a very difficult US market.

Speaker #3: BMS delivering 23% margins, up from 20.1% a year ago. And Orchard delivering 21.8% margins, up from 19%. In addition, Orchard had a record year both on revenue, and on EBITDA dollars and EBITDA margin.

Speaker #3: And BMS had a record year in terms of its EBITDA, and I think that's particularly notable in a very, very tough, competitive Australian market, where if you look across our competitors, including the global holding companies, with one exception, all of those competitors were reporting a decline in their results in this tough market.

Speaker #3: So, we're very, very proud of the results for the Australian agencies. For Hotwire, we maintained double-digit margins. Although, as you can see from the results, they're operating in a very difficult US market—continued downward pressure from the market resulting in a 19% decline in our revenue year-on-year in Hotwire.

Ian Ball: Continued downward pressure from the market, resulting in a 19% decline in our revenue year-on-year in Hotwire and a 33% drop in EBITDA, but still operating at 11.6% margin. From a diversification point of view, one of the strengths, as you've just seen of Enero, is the fact that we are diversified. We're diversified by industry, we're diversified by geography, and that we have a strong retainer base in our revenue mix. That continued in the year of FY26. In particular of note, the retainer-based revenue that we have is 60% of our revenue. The other 40% is project work. The strength of the Australian agencies increased their share of our total revenue. Australia and Asian-based revenue is now 54% of our revenue mix, 28% coming from the US, and the remaining 18% from the UK and Europe.

Speaker #3: And a 33% drop in EBITDA, but still operating at an 11.6% margin. From a diversification point of view, one of the strengths, as you've just seen, of Enero is the fact that we are diversified.

Speaker #3: We're diversified by industry. We're diversified by geography. And we have a strong retainer base in our revenue mix, and that continues in FY26.

Speaker #3: So, in particular, of note: the retainer-based revenue that we have is 60% of our revenue. The other 40% is project work. And the strength of the Australian agency is that it has increased its share of our total revenue.

Speaker #3: So, Australia and Asian-based revenue is now 54% of our revenue mix, 28% coming from the US, and the remaining 18% from the UK and Europe.

Speaker #3: Now, to turn to a bit more detail on each one of the individual agencies—first of all, to speak about Hotwire. So, Hotwire is a business that's in transition.

Ian Ball: Now to turn to a bit more detail on each one of the individual agencies. First of all, to speak about Hotwire. Hotwire is a business that's in transition. We appointed a new CEO, Grant Toups, in January. Grant is setting about working on improving the performance of the Hotwire business. We are coming off three or four years of decline in the Hotwire business, and we're reorienting the strategy in the Hotwire business and the operating model and the go-to-market focus of that agency. As I said, that's work in progress. What's pleasing about the Hotwire progress is the US business, which is the largest unit in Hotwire, stabilized during the last six months.

Speaker #3: We appointed a new CEO, Grant Toops, in January, and Grant is setting about working on improving the performance of the Hotwire business. We are coming off three or four years of decline in the Hotwire business.

Speaker #3: And we're reorienting the strategy in the Hotwire business, as well as the operating model and go-to-market focus of that agency. And as I said, that's a work in progress.

Speaker #3: What's pleasing about the Hotwire progress is the US business, which is the largest unit in Hotwire, stabilized during the last six months. But we still have a lot of pressure in our business as it relates to Central Europe, which isn't performing as we would expect it to.

Ian Ball: But we still have a lot of pressure in our business as it relates to Continental Europe, which isn't performing as we would expect it to, and in particular, the ROI·DNA performance management unit of the business. What we're seeing in the ROI·DNA business is that serves core technology players. As AI enters the market, those players are adopting AI to do more of the work that historically the ROI·DNA agency would have done. That is requiring us to shift our focus on the services that we provide, requiring us to provide those services at lower cost, and requiring us to simplify our operating model.

Speaker #3: And, in particular, the ROI performance management unit of the business. What we're seeing in the ROI business is that it serves core technology players.

Speaker #3: And as AI enters the market, those players are adopting AI to do more of the work that historically the ROI agencies would have done.

Speaker #3: So that is requiring us to shift our focus on the services that we provide, requiring us to provide those services at a lower cost, and requiring us to simplify our operating model.

Speaker #3: So, we have a lot of work in ROI that is already underway to respond to a change in the market as AI impacts our clients, as they bring increasingly more work in-house.

Ian Ball: We have a lot of work in ROI that is already underway to respond to a change in market as AI impacts our clients, as they bring increasingly more work in-house, and as we continue to prosecute what we think is a value-added go-to-market strategy. That work is already underway, and that has a big impact on the Hotwire result in FY26, and we will talk more about that when we speak about the outlook for Hotwire in the final slide. One of the bright spots in the Hotwire business, aside from the US core business, is the momentum that we now have in the AI Lab. That is really in two respects.

Speaker #3: And as we continue to prosecute what we think is a value-added go-to-market strategy, that work is already underway. That has a big impact on the Hotwire result in FY26.

Speaker #3: And we'll talk more about that when we speak about the outlook for Hotwire in the final slide. One of the bright spots in the Hotwire business, aside from the US core business, is the momentum that we now have in the AI Lab.

Speaker #3: And that's really in two respects. One is that we have some very strong market-based value propositions—products that the AI Lab takes to market.

Ian Ball: That is really in two respects. One is that we have some very strong market-based value propositions, products that the AI Lab takes to market, and we are generating significant commercial benefit from that, not only in the revenue from those products themselves, but as we embed them into the Hotwire business, we are increasing our win rates, and we are increasing our stickiness with existing clients.

Ian Ball: One is that we have some very strong market-based value propositions, products that the AI Lab takes to market, and we are generating significant commercial benefit from that, not only in the revenue from those products themselves, but as we embed them into the Hotwire business, we are increasing our win rates, and we are increasing our stickiness with existing clients. The second benefit of the AI Lab is it is really empowering the whole of Enero's AI transformation, and I will come and speak more about that later on. But we are very pleased with the capabilities that are growing in the AI Lab and the impact that it has across the whole group. The other notable thing about Hotwire in responding to the pressure in the core technology market, which has been in decline, as I have said, for several years, is that we are expanding our addressable market.

Speaker #3: And we're generating significant commercial benefit from that, not only in the revenue from those products themselves, but as we embed them into the Hotwire business, we're increasing our win rates, and we're increasing our stickiness with existing clients.

Speaker #3: The second benefit of AI is the AI Lab; it's really empowering the whole of Enero's AI transformation, and I'll come on and speak more about that later on.

Ian Ball: The second benefit of the AI Lab is it is really empowering the whole of Enero's AI transformation, and I will come and speak more about that later on. But we are very pleased with the capabilities that are growing in the AI Lab and the impact that it has across the whole group. The other notable thing about Hotwire in responding to the pressure in the core technology market, which has been in decline, as I have said, for several years, is that we are expanding our addressable market.

Speaker #3: But we're very pleased with the capabilities that are growing in the AI lab and the impact that it has across the whole group. The other notable thing about Hotwire, in responding to the pressure in the core technology market—which has been in decline, as I've said, for several years—is that we're expanding our addressable market.

Speaker #3: The benefit of AI being pervasive across almost every business is that we have a brand mission now to work with a much more diversified set of clients.

Ian Ball: The benefit of AI being pervasive across almost every business is that we have Grant's permission now to work in a much more diversified set of clients. We are moving our go-to-market focus outside of core technology into adjacent sectors like fintech and consumer tech, where you can see from the logos on this slide, we are already picking up new clients in that sector. As AI pervades the market, being a tech-focused PR, comms, and performance marketing business, we are addressing a much bigger market going forward, and that is part of the reorientation that started under Grant's leadership and will continue in FY27. Moving on to BMF. A really great performance, as I said before, in a very difficult market. BMF delivered record EBITDA of AUD 8.8 million and a 23% EBITDA margin from 11% growth.

Speaker #3: And we're moving our go-to-market focus outside of core technology into adjacent sectors like fintech and consumer tech, where, as you can see from the logos on this slide, we're already picking up new clients in those sectors.

Speaker #3: So, as AI pervades the market, being a tech-focused PR, comms, and performance marketing business, we are addressing a much bigger market going forward. And that's part of the real reorientation that started under Grant's leadership and will continue in FY27.

Speaker #3: Moving on to BMS, a really great performance, as I've said before, in a very difficult market. BMS delivered record EBITDA of $8.8 million and a 23% EBITDA margin.

Speaker #3: From 11% growth, you can see there the increase in productivity that has driven that margin increase. BMS went under a really significant transformation in the second half of FY26, which will continue in the future.

Ian Ball: You can see there the increase in productivity that has driven that margin increase. BMF went under a really significant transformation in the second half of FY26, which will continue in the future, which was about making the operating model much more efficient, enabled by AI, simplified processes, and more efficient and better disciplined execution. As a result, the cost base has dropped and the margins have gone up. What is also particularly pleasing at the same time as all of that transformation is that BMF continues to win awards. We won the Global Grand Effie for Aldi's Australia Shop ALDI First advertising campaign, and we won the Creative Agency of the Year at the AdNews Awards. We are very proud that BMF continues to occupy the position of the most effective, creatively effective advertising agency in Australia.

Speaker #3: This was about making the operating model much more efficient, enabled by AI, simplified processes, and more efficient and better-disciplined execution. As a result, the cost base has dropped and the margins have gone up.

Speaker #3: What's also particularly pleasing at the same time, with all of that transformation, is that BMS continues to win awards. We won the Global Brand Effie for Aldi's Australian 'Shop Aldi First.'

Speaker #3: Advertising campaign. And we won the Creative Agency of the Year at the Ad Use Awards. We're very proud that BMS continues to occupy the position of the most creatively effective advertising agency in Australia.

Speaker #3: Our transformation that we're focused on is to maintain and extend the lead that BMS has from that perspective. In addition, while we lost Westpac and Endeavour through changes in the leadership structures of both those organizations, we continue to win significant new clients. We're very pleased to announce that at the end of FY26, we had a major win with Asahi.

Ian Ball: Our transformation that we are focused on is to maintain and extend the lead that BMF has from that perspective. In addition, while we lost Westpac and Endeavour through changes in leadership structures at both of those organizations, we continue to win significant new clients. We are very pleased to announce at the end of FY26, we had a major win with Asahi. In addition, we are just able to announce as well that we also won Superloop at the end of FY26. We have a healthy pipeline, and we expect that winning behavior to continue as we look forward. Moving on to Orchard. As I have said before, a record performance for Orchard. Record EBITDA of AUD 6.1 million, and a 21.8% margin from a record-breaking revenue of AUD 28 million. Orchard is a business with two primary sectors in it. The healthcare vertical, which performed very strongly in the year.

Speaker #3: And in addition, we're just able to announce as well that we also want Superloop at the end of FY26. We've got a healthy pipeline, and we expect that winning behavior to continue as we look forward.

Ian Ball: We have a healthy pipeline, and we expect that winning behavior to continue as we look forward. Moving on to Orchard. As I have said before, a record performance for Orchard. Record EBITDA of AUD 6.1 million, and a 21.8% margin from a record-breaking revenue of AUD 28 million. Orchard is a business with two primary sectors in it. The healthcare vertical, which performed very strongly in the year.

Speaker #3: Moving on to Orchard. As I've said before, a record—a record performance for Orchard. Record EBITDA of $6.1 million and a 21.8% margin from a record-breaking revenue of $28 million.

Speaker #3: Orchard is a business with two primary sectors in it. The healthcare vertical, which performed very strongly in the year. We were selected as the agency of record for Lilly's GLP-1 portfolio in Australia and New Zealand.

Ian Ball: We were selected as the agency of record for Lilly's GLP-1 portfolio in Australia and New Zealand, an incredibly successful launch. Geographic expansion with Merck, one of our key clients, where we are working with them in the US and also with Lilly in New Zealand. We continue to win new pharmaceutical clients, and within the clients that we have, we continue to expand our remit and our growth through the excellent delivery that we are enjoying with those clients. The second sector is consumer, and we are also benefiting from new client wins and geographical expansion with Hyundai, one of our key consumer clients, which offset some reduced spend with some existing clients in, as I said, a tough market in Australia and New Zealand. Despite those pressures, we improved our margin, and we delivered significant top-line growth. Similar to BMF, Orchard continues to win awards.

Speaker #3: An incredibly successful launch, and geographic expansion with Merck, one of our key clients, where we're working with them in the US, and also with Lilly in New Zealand.

Speaker #3: We continue to win new pharmaceutical clients, and within the clients that we have, we continue to expand our remit and our growth through the excellent delivery that we are enjoying with those clients.

Speaker #3: The second sector is consumer. And we're also benefiting from new client wins and geographical expansion, with Hyundai—one of our key consumer clients—which offset some reduced spend with some existing clients in, as I already said, a tough market in Australia and New Zealand.

Speaker #3: But despite those pressures, we improved our margin, and we delivered significant top-line growth. Similar to BMS, Orchard continues to win awards. We were recognized with the Prime Healthcare Awards, winning Marketing Campaign of the Year.

Ian Ball: We were recognized at the PRIME Awards winning marketing campaign of the year for the third time in five years. We were also awarded Optimizely's Customer Partner of the Year, second year in a row. We are accredited across major marketing AI platforms, including Optimizely Opal. As we turn to look at what has happened with our cost structure during FY26, it is more of the same. We continue to focus ruthlessly on margin management and cost management. I have already talked about the agencies in looking at their operating model during FY26, in implementing AI and other cost reduction measures to simplify the operating models, to simplify processes, to increase productivity, and to allow increased margins despite downward pressure on revenue. The same is true for the corporate cost center as well.

Speaker #3: That's the third time in five years. We were also awarded the Optimise These Customer Partner of the Year for the second year in a row. And we're accredited across major marketing AI platforms, including Optimise and Opal.

Speaker #3: As we turn to look at what’s happened with FY26, it’s more of the same. So, we continue to focus ruthlessly on margin management and cost management.

Speaker #3: And I've already talked about the agencies. In looking at their operating model during FY26, in implementing AI and other cost reduction measures to simplify the operating models, to simplify processes, to increase productivity, and to allow increased margins despite downward pressure on revenue.

Speaker #3: And the same is true for the corporate cost center as well. We continue to look in the corporate center at how we can become more efficient and how we can reduce our costs.

Ian Ball: We continue to look in the corporate center as to how we can become more efficient, and how we can reduce our costs. You can see a significant cost reduction in the slide there between FY26 in the H1 and in the H2, some AUD 5 million lower cost basis. I would like to spend some time looking at AI. This has been an incredibly key focus for the leadership team across all of the agencies and the head office of Enero. My background for some of you that might know me is I come from a consulting, technology, and transformation heritage. I am very pleased to announce the results that we have achieved in FY26 on our AI strategy, and most importantly on our AI implementation. Unlike some other businesses that really focus and measure their AI implementation on usage, that is not where we focus.

Speaker #3: And you can see a significant cost reduction in the slide there between FY26 in the first half and in the second half—some $5 million lower cost basis.

Speaker #3: I would like to spend some time looking at AI. This has been an incredibly key focus for the leadership team across all of the agencies.

Speaker #3: And at the head office of Enero. And my background, for some who might not know me, is that I come from a consulting, technology, and transformation heritage, and I'm very pleased to announce the results that we've achieved in FY26 on our AI strategy, and most importantly, on our AI implementation.

Speaker #3: Unlike some other businesses that really focus on, and measure, their AI implementation based on usage, that's not where we focus. We are focused on AI as a means to an end.

Ian Ball: We are focused on AI as a means to an end, and the key areas that we focus on is how is AI improving our efficiency and how is AI improving our effectiveness. In every single program and every initiative that we invest in AI, it has to pass that test of an efficiency gain or an effectiveness gain. The initial focus in FY2026, particularly for the last 6 months of FY2026, has been on efficiency gains, and you can see those results in the margins that I have already talked about. That is across each one of our agencies and underpinned by a corporate infrastructure. Let me talk about the corporate infrastructure first, because that is often forgotten by many businesses that are just focusing on the front-end benefits.

Speaker #3: The key areas that we focus on are: how is AI improving our efficiency, and how is AI improving our effectiveness? In every single program and every initiative that we invest in for AI, it has to pass that test of either an efficiency gain or an effectiveness gain.

Speaker #3: The initial focus in FY26, particularly for the last six months of FY26, has been on efficiency gains. You can see those results reflected in the margins that I've already discussed.

Speaker #3: And that is across each one of our agencies, and underpinned by a corporate infrastructure. Let me talk about the corporate infrastructure first, because that's often forgotten by many businesses that are just focusing on the front-end benefits.

Speaker #3: What's critical to us, in parallel to the agentic enablement of our agencies, is that we're able to do that with a safe, secure, properly governed infrastructure.

Ian Ball: What is critical to us in parallel to the agentic enablement of our agencies is that we are able to do that with a safe, secure, properly governed infrastructure. So our client data is secure. Our data owned across Enero is secure. When we connect up front-end AI agents with our back-end files and our back-end enterprise software, we are doing it in a secure way, and we audit that security with an outside firm. So we have been progressing that very aggressively throughout the last 6 months, and we have set up a new infrastructure and a new platform that allows the agencies to build their front-end agentic enablement. Let us turn to the individual agencies. Hotwire was the first cab off the rank for us in terms of embracing AI, and that was really through the AI Labs.

Speaker #3: So our client data is secure. Our data across Enero is secure. And when we connect up front-end AI agents with our back-end files and our back-end enterprise software, we're doing it in a secure way.

Speaker #3: And we audit that security with an outside firm. So we have been progressing that very aggressively throughout the last six months. We have set up a new infrastructure and a new platform that allows the agencies to build their front-end, agentic enablement.

Speaker #3: Let's turn to the individual agencies. Hotwire was the first cab off the rank for us in terms of embracing AI, and that was really through the AI Labs.

Speaker #3: And as I've already mentioned, we have three products in market at the moment through the AI Labs, and that will soon be followed by a fourth product, which we've already piloted with a client with very effective results.

Ian Ball: As I have already mentioned, we have three products in market at the moment through the AI Labs. That will soon be followed by a fourth product, which we have already piloted with a client with very effective results. The AI Labs in FY2026 generated a 3x higher revenue result in Q4 than they did in Q1. What we have also noticed is when we embed AI Lab capability and the products like Spark into our pitches, then we have a 30% higher win rate in those pitches than in pitches that do not include the AI capability. So we are delighted with the capability that we are building through the AI Labs and the very efficient delivery structure that we have there. Our AI Lab leader is based in Singapore, and we have most of the team that deliver our AI Lab product and capability offshore in India.

Speaker #3: The AI Labs in FY26 generated three times higher revenue in Q4 than they did in Q1. And what we've also noticed is that when we embed AI Lab capability and products like Spark into our pitches, we have a 30% higher win rate in those pitches than in pitches that don't include the AI capability.

Speaker #3: So we're delighted with the capability that we're building through the AI labs and the very efficient delivery structure that we have there. Our AI Lab leader is based in Singapore.

Speaker #3: And we have most of the team that delivers our AI Lab product and capability offshore in India. An example where that's embedded into the Hotwire business is through the work that we do in data and analytics.

Ian Ball: An example where that is embedded into the Hotwire business is through the work that we do in data and analytics. An example of that is that for our AI-enabled research and intelligence, we can increase the brief to insight time by about 50%, we are 50% quicker across platform analysis of performance media companies, and we can deliver much deeper insights through the AI enablement of the human talent that we have in those businesses. Overall, we are generating about a 45% reduction in the time spent on analytical drafting for quarterly client reports that we pretty much do for all clients in the Hotwire agency. So you can see efficiencies across the agency. That is just the beginning. That is what we have got started on in FY2026, and more of that is coming in FY2027.

Speaker #3: An example of that is that, for our AI-enabled research and intelligence, we can decrease the brief-to-insight time by about 50%.

Speaker #3: We're 50% quicker across platform analysis of performance media companies, and we can deliver much deeper insights through the AI enablement of the human talent that we have in those businesses.

Speaker #3: And overall, we're generating about a 45% reduction in the time spent on analytical drafting for quarterly client reports that we pretty much do for all clients in the Hotwire agency.

Speaker #3: So you can see efficiencies across the agency. That's just the beginning. That's what we've got started on in FY26, and more of that is coming in FY27.

Speaker #3: In BMS, we had, as I mentioned, a major transformation during the second half of FY26 for one of our key clients, where we took a process view. We examined the end-to-end process of a very complex, client-driven process across production and delivery.

Ian Ball: In BMF, we had, as I mentioned, a major transformation during the second half of FY26, for one of our key clients, where we took a process view. We examined the end-to-end process of a very complex client-driven process across production and delivery. We have enabled two really enormously important AI agents to accelerate and reduce the cost of our delivery on that particular client, and those agents are now being deployed across the rest of BMF. Examples of some of the metrics that we generated on that AI-accelerated image production reduced our delivery time by 36%. One of the things that we get often from our clients is very complex briefs that come in all kinds of shapes and sizes, emails, documents, attachments, and can be very complex to decode and to deconstruct into the work that we need to do.

Speaker #3: And we had enabled two really enormously important AI agents to accelerate and reduce the cost of our delivery on that particular client. Those agents are now being deployed across the rest of BMS.

Speaker #3: Examples of some of the metrics that we generated on that AI accelerated image production reduced our delivery time by 36%. And one of the things that we get often from our clients is very complex briefs that come in all kinds of shapes and sizes, emails, documents, attachments.

Speaker #3: And it can be very complex to decode and to deconstruct into the work that we need to do. We now have an agent—an AI agent—that ingests all of that from multiple different files and different sources.

Ian Ball: We now have an agent, an AI agent, that ingests all of that from multi different files and different sources. We have generated a 93% reduction in the time spent processing complex bid briefs, deconstructing that into the work that we need to do to respond to those briefs. That has reduced our time from days to hours, and that is days of some very expensive people in the agency. It has allowed us to be much more effective in how we understand those briefs, generate insights, and generate campaigns and work as a result of that. Overall, if we look at the BMF structure, and in particular, that large client, we are generating 31% faster end-to-end retail production. That was one big transformation. Last week, we launched a second large transformation where we launched the rather catchy name of Noggin, as in use your noggin, use your head.

Speaker #3: And we've generated a 93% reduction in the time spent processing complex briefs and deconstructing that into the work that we need to do to respond to those briefs.

Speaker #3: And that's reduced our time from days to hours. And that's days of some very expensive people in the agency. It's allowed us to be much more effective in how we understand those briefs, generate insights, and generate campaigns and work as a result of that.

Speaker #3: Overall, if we look at the BMS structure, and in particular that large client, we're generating 31% faster end-to-end retail production. So, that was one big transformation.

Speaker #3: Last week, we launched a second large transformation, introducing the rather catchy name of Noggin—as in, use your noggin, use your head.

Speaker #3: Noggin is our friendly agent for the whole of the BMS agency, available to all of our staff on all of our clients. And within Noggin, we have generated 30 AI skills that are available at launch.

Ian Ball: Noggin is our friendly agent for the whole of the BMF agency, available to all of our staff on all of our clients. Within Noggin, we have generated 30 AI skills that are available at launch. Again, that is just the beginning. We will continue to build on that skill set. Some of the skills that are available in Noggin to all of our people capture years and years and years of institutional knowledge that BMF has as Australia's most creatively effective agent. Just to read out a few of them. The Cultural Radar is one of the agents within Noggin. Senior cultural intelligence analyst specializing in Australian and global consumer culture. We know the Australian market. We have taken that knowledge, we have put it into an agent, and that allows us to refine our pitches and our creative brief, refined to the Australian business.

Speaker #3: And again, that's just the beginning. We will continue to build on that skill set, and some of the skills that are available in Noggin to all of our people capture years and years and years of institutional knowledge that BMS has as Australia's most creatively effective agency.

Speaker #3: So just to read out a few of them: The Cultural Radar is one of the agents within Noggin. Senior cultural intelligence analyst specializing in Australian and global consumer culture.

Speaker #3: We know the Australian market. We've taken that knowledge, and we've put it into an agent. That allows us to refine our pitches and our creative briefs to refine the Australian business.

Speaker #3: Brand Visualizer, a second one, generates on-brand visual references and mood board assets from very brief inputs. That really gets our creative humans started on the journey and provides great augmentation for them, very effectively.

Ian Ball: Brand Visualizer, the second one, generates on-brand visual references and mood board assets from very brief inputs that really get our creative humans started on the journey and provide great augmentation for them very effectively. Brains Trust. This is the one that I am really excited about. The dynamic panel of domain-relevant experts. We have basically almost created a board of advisors of leading lights in advertising and marketing, and we bounce ideas off them. We can take a topic, and we can use that advisory board, that Brains Trust, to help us refine what oftentimes are chaotic ideas into actionable next steps. Then there are others that we use day-to-day. Storyboard maker, creating visual storyboards from scripts. An image creator, lifestyle images for retail brands created digitally.

Speaker #3: Range trust—this is the one that I'm really excited about. The dynamic panel of domain-relevant experts, so we basically almost created a board of advisors of leading lights in advertising and marketing.

Speaker #3: And we bounce ideas off them. So we can take a topic, and we can use that advisory board, that brains trust, to help us refine what are oftentimes our chaotic ideas into actionable next steps.

Speaker #3: And then there are others that we use day to day—storyboard maker, creating visual storyboards from scripts, and an image creator for lifestyle images for retail brands, created digitally.

Speaker #3: That again, at the starting point for our creative teams, is creating something that is truly differentiated and has that superior effectiveness that we're known for.

Ian Ball: That again, as a start point for our creative teams, creating something that is truly differentiated and has that superior effectiveness that we are known for. Let me turn to Orchard. Part of Orchard's business is website design and enhancement. I think it is pretty well documented now that AI agents are generally seen as being more accurate, more effective, and certainly a lot more cost-efficient in code development. We have developed and implemented a code-writing agent, and we continue to get tremendous returns from that. We are 43% faster on the first set of clients that we have used that agent on in Q4, and it is already reducing our first draft time on content delivery by about 50%. These are just early-term initial pilot gains, and we expect these gains to continue to go up as we enter FY27.

Speaker #3: Let me turn to Orchard. Orchard—part of Orchard's business is website design and enhancement. And I think it's pretty well documented now that AI agents are generally seen as being more accurate, more effective, and certainly a lot more cost-efficient in code development.

Speaker #3: We have developed and implemented a code-writing agent, and we continue to get tremendous returns from that. We're 43% faster on the first set of clients that we have used that agent on in Q4.

Speaker #3: And it's already reducing our first draft time on content delivery by about 50%. Now, these are just early term, initial pilot gains, and we expect these gains to continue to go up as we enter FY27.

Speaker #3: We're also very excited, again, about last week and our launch of Audience IQ. Audience IQ is a synthetic audience research capability that we use to better tailor our creative to target audiences.

Ian Ball: We are also very excited, again last week, in our launch of AudienceIQ. AudienceIQ is a synthetic audience research capability that we use to better tailor our creative to target audiences. Traditionally, we would come up with creative treatments, and we would have to go to external agencies to do in-depth, in-person market research, which was very costly and very time-consuming. Now what we are able to do, having created the synthetic audience, is to run many different scenarios at much lower cost, at much faster speed through our synthetic audience to get real-time input, so that, again, we can enhance the creative brief that we have, the content that we have to have more impact and to create more effectiveness. So those are just a number of the things that we achieved. They are not strategy. They are actually implemented in FY26, and that will continue to extend into FY27.

Speaker #3: So traditionally, we would come up with creative treatments, and we had to go to external agencies to do in-depth, in-person market research, which was very costly and very time-consuming.

Speaker #3: And now what we're able to do, having created this synthetic audience, is to run many, many different scenarios at much lower cost, at much faster speed, through our synthetic audience to get real-time input so that, again, we can enhance the creative briefs that we have, the content that we have, to have more impact and to create more effectiveness.

Ian Ball: Now what we are able to do, having created the synthetic audience, is to run many different scenarios at much lower cost, at much faster speed through our synthetic audience to get real-time input, so that, again, we can enhance the creative brief that we have, the content that we have to have more impact and to create more effectiveness. So those are just a number of the things that we achieved. They are not strategy. They are actually implemented in FY26, and that will continue to extend into FY27. Let me now pass over to Tracy, our CFO, who is going to take us through some more details on our key financial metrics.

Speaker #3: So those are just a number of the things that we achieved. They're not strategy; they're actually implemented in FY26. And that will continue to extend into FY27.

Speaker #3: Let me now pass over to Tracy, our CFO, who’s going to take us through some more detail on our key financial metrics.

Ian Ball: Let me now pass over to Tracy, our CFO, who is going to take us through some more details on our key financial metrics.

Speaker #1: Welcome, everyone, and thank you, Ina. So, Tony, first to our strategy P&L. I wanted to talk mainly to the items below in the deck, but before I start on that, I wanted to talk about our staff cost ratio.

Tracy Leung: Welcome, everyone, and thank you, Ian. Turning first to our statutory P&L. I wanted to talk maybe through the items below EBITDA, but before I start on that, I wanted to talk about our staff cost ratio that forms part of EBITDA. Our staff cost ratio for both the agencies and the total group has reduced for the agencies from 72% last year to 70% this year of our focus on operational excellence that Ian has talked about. From a total group perspective, that has improved from 78% last year to 75%. Now turning to items below EBITDA. Our depreciation and amortization, including right of use assets, remain broadly the same as last year.

Speaker #1: That forms part of EBITDA. So our staff cost ratio for both the agencies and the total group has reduced—for the agencies, from 72% last year to 70% this year—because of our focus on operational excellence that Ian has talked about.

Speaker #1: And from a total group perspective, that has improved from 78% last year to 75%. Now, turning to items below EBITDA, depreciation and amortization, including right-of-use assets, remain broadly the same as last year.

Speaker #1: Our net finance cost has reduced to $1 million from $1.2 million. And that is really a result of the smaller debt facility that we entered into in June 2025, as well as present value interest ending on our contingent consideration, which the final payment came out in the first half of this year.

Tracy Leung: Our net finance cost has reduced to AUD 1 million from AUD 1.2 million, and that is really a result of the smaller debt facility that we entered into in June 2025, as well as present value interest ending on our contingent consideration, which the final payment came out in H1 of this year. In terms of our tax expense of AUD 2 million, that reflects an effective tax rate of 0.4%, significantly lower than the 39% last year, and that is because we are benefiting from the release of prior year tax provisions, mainly in the US. We would expect the effective tax rate going forward to be higher than the 0.4%. All those items bring us to an adjusted net profit of AUD 6.4 million, 54% higher than AUD 4.2 million last year.

Speaker #1: In terms of our tax expense of $2 million, that reflects an effective tax rate of 24%, significantly lower than the 39% last year.

Speaker #1: That is because it is benefiting from the release of prior-year tax provisions, mainly in the US. We would expect the effective tax rate going forward to be higher than 24%.

Speaker #1: These items bring us to a net adjusted profit of $6.4 million, which is 54% higher than the $4.2 million last year. We've now met the rest of the strategy P&L.

Tracy Leung: Looking now at the rest of the statutory P&C. Amortization on acquired intangibles and our tax was about AUD 2 million as some of that amortization has finished. Our statutory net loss for the year was AUD 37.4 million due to significant items of AUD 41.8 million, which is mainly non-cash in nature. I will turn to the detail of our significant items on the next slide. Significant items for the year was AUD 21.8 million, largely non-cash in nature, mainly made up of the AUD 39.8 million of impairment loss and intangible write-down. That was primarily driven by the need to perform as ROI·DNA. As mentioned before, it is non-cash in nature.

Speaker #1: Amortization on acquired tangible and intangibles in our tax was lower at $2 million, as some of that amortization has finished. Our statutory net loss for the year was $37.4 million, due to significant items of $41.8 million, which are mainly non-cash in nature.

Speaker #1: And I'll return to the detail of our significant items on the right. So, significant items for the year were $41.8 million, largely non-cash in nature, mainly made up of the $39.8 million impairment loss and intangible breakdown, which was primarily driven by the new term form of our ROI DNA. And as mentioned before, it's non-cash in nature.

Speaker #1: The reassessment of useful life and fair value adjustments are both non-cash. We've had restructuring and other costs of $3.8 million, largely relating to transformation costs in our wider closing throughout the year.

Tracy Leung: The reassessment of useful life and fair value adjustments are both non-cash, with restructuring and other costs of AUD 3.8 million, largely relating to transformation costs in Hotwire Global throughout the year, and of the transformation that we want to sponsor this year at the end of FY26 Q4, which will deliver benefits through to FY27. Turning next to our cash flows. Our cash conversion was 62% of the DA for the year. That percentage has been impacted by the restructuring costs that we went through earlier, as well as the AUD 3 million negative working capital movement, which primarily relates to cash held on behalf of clients. That has come down throughout the course of the current year.

Speaker #1: And of the transformation that we undertook in the AMA at the end of FY26 Q4, which will deliver benefits through to FY27. Turning next to our cash flows.

Speaker #1: So our cash conversion was 62% of EBITDA for the year, and that percentage has been impacted by the restructuring costs that we went through earlier, as well as a $3 million negative working capital movement, which primarily relates to cash out on behalf of clients.

Speaker #1: And that has come down throughout the course of the current year. Tax payments on a reported basis were $1.4 million, which is lower than a reported basis of $4.9 million last year, but slightly higher than continuing operations of $0.7 million.

Tracy Leung: Tax payments on a reported basis was AUD 1.4 million, which is lower than on a reported basis of AUD 4.9 million last year, but slightly higher than on a continuing operations of 0.7, and that is mainly due to timing of tax payments from the US. Free cash flow was AUD 1.1 million for the year, which compares to AUD 2.6 million last year. That is mainly impacted by movement of working capital. In FY26, we also had AUD 1 million of cash outflow relating to the OBMedia disposal, which happened at the end of the year. That is now all finalized in terms of cash outflows relating to that disposal. In H1 of the year, we also had AUD 4 million of contingent consideration payments, which is the last contingent consideration payment that we have. Turning next to the balance sheet.

Speaker #1: And that's mainly due to the timing of tax payments in the US. Free cash flow was $1.1 million for the year, which compares to $0.6 million last year.

Speaker #1: And that's mainly impacted by movement of working capital. In FY26, we also had a $1 million cash outflow relating to the OV Media disposal, which happened at the end of the year.

Speaker #1: And that is now all finalized. In terms of cash outflows relating to that disposal, in the first half of the year we also had $4 million of contingent consideration payments, which is the last contingent consideration payment that we have.

Speaker #1: Turning next to the balance sheet. So at June 2026, we had net cash of $24.5 million, as compared to $27.5 million last year. Our leverage remains at zero, as we're in a net cash position.

Tracy Leung: At June 2026, we had net cash of AUD 24.5 million, as compared to AUD 27.5 million last year. Our leverage remains at zero leverage as we are in that cash position, and we have AUD 11.4 million of our AUD 15 million bank loan facility undrawn at June 2026. We also extended our loan facility at the end of FY26 until October this year. Our overall net asset position has reduced, largely reflecting the impact of the non-cash impairment.

Speaker #1: And we have $11.4 million of our $15 million bank loan facility committed at June 2026. We also extended our loan facility at the end of FY26 until October 2026.

Speaker #1: Our overall net asset position has reduced, largely reflecting the impact of the non-cash item. Now I'll hand back to Ian for the outlook.

Speaker #2: Thanks, Tracy, for a very speedy review of our financial results. On the outlook, one of the commitments that I made to our investor group when I came in was that of transparency.

Ian Ball: Thanks, Tracy, for a very speedy review of our financial results. On the outlook, one of the commitments that I made to our investor group when I came in was that of transparency. We started that last year by splitting out the Technology, Healthcare and Consumer practice group into individual agency results. Obviously, you have just heard what the results were by agency, and there is a lot of narrative and detail around that. We want to continue that theme of transparency going forward. Part of that is that we wanted to provide a more detailed outlook than perhaps historically that we have done, and in particular, talk about each of the individual agencies. Let me get into it agency by agency. First of all, Hotwire. I think you are gathering from the FY26 results that Hotwire is still a business in transition.

Speaker #2: And we started that last year by splitting out the THC group into individual agency results, and obviously just heard what the results were by agency. There's a lot of narrative and detail around that.

Speaker #2: We want to continue that theme of transparency, going forward. And part of that is that we wanted to provide a more detailed outlook than, perhaps, historically, we have done.

Speaker #2: And in particular, talk about each of the individual agencies. So let me get into it, agency by agency. So first of all, Hotwire. I think you'd gather from the, I think you're gathering from the FY26 results, that Hotwire is still a business in transition.

Speaker #2: Grant joined in January and continues to make really positive changes in the business. But we are getting ahead of a very dynamic market, where the impact of AI is no more obvious than it is in the core technology client group that we have.

Ian Ball: Grant Toups joined in January and continues to make really positive changes in the business. But we are getting ahead of a very dynamic market where the impact of AI is no more obvious than it is in the core technology client group that we have. As I mentioned, some of those clients are enabling themselves with AI, and in the case of the ROI·DNA service offering around performance marketing, they are finding that they are taking some of the scope of work that we used to perform for them in-house. That is having a major impact on our outlook for ROI·DNA and therefore our outlook for Hotwire. As a result of that, we are taking some very affirmative action on the business structure of ROI·DNA to improve and optimize the profitability of Hotwire going forward in FY27. More of that in a moment.

Speaker #2: And as I mentioned, some of those clients are enabling themselves with AI. In the case of the ROI service offering, around performance marketing, they are finding that they are taking some of the scope of work that we used to perform for them in-house.

Speaker #2: And that is having a major impact on our outlook for ROI and, therefore, our outlook for Hotwire. As a result, we are taking some very affirmative action on the business structure of ROI to improve and optimize the profitability of Hotwire going forward in FY27.

Speaker #2: The positive—and more on that in a moment—the positive side of AI and its proliferation across the market is that it's allowing continued diversification.

Ian Ball: The positive side of AI and the proliferation across the market is it is allowing continued diversification for Hotwire to address new clients and new sectors that it has not been able to address. Particularly that is led by the expansion of our AI Labs and the products that the AI Labs takes to market, which is helping us win new clients in those sectors that historically we would not have been active in. The third point is that we have taken a decision to accelerate the performance of Hotwire to get it up to where we would like to see it comparable to the Australian agencies to actually strengthen our leadership.

Speaker #2: For Hotwire to address clients, new clients, and new sectors that it hasn't been able to address—and particularly, that is led by the expansion of our AI Labs and the products that the AI Labs takes to market, which is helping us win new clients in those sectors that historically we wouldn't have been active in.

Speaker #2: The third point is that we've taken a decision to accelerate the performance of Hotwire to get it up to where we would like to see it, comparable to the Australian agencies.

Speaker #2: To actually strengthen our leadership. And, as a result, we're in the final rounds of selecting a new leader for the core US business, coming into a strong platform.

Ian Ball: As a result, we are in the final rounds of selecting a new leader for the core US business, coming into a strong platform, and also for key markets in our European business, where we are appointing new leaders, who will be soon appointed in FY27 to continue to build pipeline and execute strongly in those markets. I mentioned ROI at the beginning. Let me come back to that. Specifically on ROI, because of the changes that I have been through, we are expecting a revenue reduction of around 30% to 50% for FY27. Where we have seen that before, we have been very swift to act to protect our EBITDA by taking out cost and restructuring. That is exactly what we will be doing for ROI.

Speaker #2: And also for key markets in our European business, where we are appointing new leaders who will be appointed in FY27 to continue to build pipeline and execute strongly in those markets.

Speaker #2: I've mentioned ROI at the beginning. Let me come back to that. Specifically on ROI, because of the changes that I've been through, we're expecting a revenue reduction of around 30 to 50% for FY27.

Speaker #2: And where we've seen that before, we've been very swift to act to protect our EBITDA by taking out cost and restructuring. And that's exactly what we will be doing for ROI.

Speaker #2: So, on ROI DNA, we will be taking the capabilities that they have and integrating them more closely into Hotwire to deliver an operation that has a materially lower cost base, a simpler operating model, and is more tightly integrated with Hotwire.

Ian Ball: On ROI·DNA, we will be taking the capabilities that they have and integrating them more closely into Hotwire to deliver an operation that has a materially lower cost base, that has a simpler operating model, that is more tightly integrated with Hotwire, and as a result, minimizes the impact of that, what we expect to see as a continued revenue decline in that business. As a whole for FY27, our revenue planning is somewhere between 5% and 15% below where we see the H2 of FY26 on a run rate basis, reflecting that AI disruption at ROI and the continued volatility in the technology industry. As a CEO, it is one area that I am spending a lot of time with Grant, to manage that complex restructuring and transformation.

Speaker #2: And, as a result, minimizes the impact of what we expect to see as a continued revenue decline in that business. So, as a whole, for FY27, our revenue planning is somewhere between 5% and 15% below where we see the second half of FY26 on a run-rate basis.

Speaker #2: Reflecting on that AI disruption, and ROI, and the continued volatility in the technology industry—as a CEO, it’s one area that I’m spending a lot of time with Grant to manage: that complex restructuring and transformation.

Speaker #2: On BMF, we came off what was a record year in FY26, with an FY27 revenue planning assumption of around 10% to 15% below the FY26 second half.

Ian Ball: On BMF, we came off what was a record year in FY26 with an FY27 revenue planning assumption of around 10% to 15% below FY26 H2, reflecting the changes in the client portfolio. BMF transformed its operating model, as we have already talked about in the last quarter, to drive a much lower cost base in anticipation of that reduction in revenue and through the efficiency gains that we are getting through the AI implementation and offshore delivery that now is part of BMF operating model. We will continue to prosecute those efficiency gains in BMF. As a result, we are expecting that BMF margins will continue to improve through their very high base already, throughout the year.

Speaker #2: Reflecting the changes in the client portfolio, BMF has transformed its operating model, as we've already talked about in the last quarter, to drive a much lower cost base in anticipation of that reduction in revenue.

Speaker #2: And through the efficiency gains that we're getting through the AI implementation, and offshore delivery that now is part of BMF's operating model. And we will continue to pursue those efficiency gains in BMF.

Speaker #2: As a result, we are expecting that BMF margins will continue to improve, through their very high base already, throughout the year. In addition, with the consolidation of global holding companies, and clients coming to us due to conflicts or disappointment in service levels that they're experiencing, BMF has a very strong pipeline.

Ian Ball: In addition, with the consolidation of global holding companies and clients coming to re-pitch through conflicts or through disappointment in service levels that they are achieving, BMF has a very strong pipeline. As we have already seen from the Asahi and Superloop wins, is very able to compete at the top level and win very competitive new business. We are looking forward to converting a strong pipeline in BMF as we move through FY27. A part of that is that we will be developing a full service capability in Melbourne, aside from our Sydney base, both to serve Asahi, but to aggressively go after new clients alongside the other clients that we already have in Melbourne, like Tennis Australia. On Orchard, very positive momentum as we have seen in the FY26 results, and we see that continuing strongly in FY27.

Speaker #2: And as we've already seen from the Asahi and SuperLoop wins, it is very able to compete at the top level and win very competitive new business.

Speaker #2: And we're looking forward to converting a strong pipeline in BMF as we move through FY27. Part of that is that we will be developing a full-service capability in Melbourne.

Speaker #2: Aside from our Sydney base, both to serve Asahi but also to aggressively go after new clients, alongside the other clients that we already have in Melbourne.

Speaker #2: Like Tennis Australia. On Orchard, very positive momentum, as you’ve seen in the FY26 results, and we’ve seen that continuing strongly in FY27. We’re going to build out geographic expansion in healthcare and consumer.

Ian Ball: We're going to build out geographic expansion in healthcare and consumer, and we expect to deliver additional revenue in FY27. Very strong thesis across the whole agency of agentic by default, AI-led delivery model that will continue to roll out very strongly and deliver further efficiency gains in Orchard. In corporate, no exception to the AI rule. Agentic capability in all of the corporate functions in finance, in P&C, in legal, is already underway, and we will continue to drive that efficiency, to keep our corporate costs down and to make sure that corporate is in service of our agencies. On share-based payments, which is another element of the corporate costs, a normalization is expected in FY27 off a low expense base that we had in FY26, driven by a reduction in probability weighting and an accounting adjustment on the cost of share-based payments as we move forward.

Speaker #2: And we expect to deliver additional revenue in FY27. Very strong thesis across the whole agency—agentic by default. AI-led delivery model. That will continue to roll out very strongly and deliver further efficiency gains in Orchard.

Speaker #2: Corporate is no exception to the AI role. Agentic capability in all of the corporate functions—in finance, in P&C, in legal—is already underway. And we will continue to drive that efficiency.

Speaker #2: To keep our corporate costs down, and to make sure that corporate is in service of our agencies. On share-based payments, which is another element of the corporate costs...

Ian Ball: On share-based payments, which is another element of the corporate costs, a normalization is expected in FY27 off a low expense base that we had in FY26, driven by a reduction in probability weighting and an accounting adjustment on the cost of share-based payments as we move forward. That's the outlook. With that, I'd like to hand over back to the operator, to take any questions.

Speaker #2: A normalization is expected in FY27, after the low expense base that we had in FY26. This is driven by a reduction in probability weighting and an accounting adjustment on the cost of share-based payments as we move forward.

Speaker #2: That's the outlook. And with that, I'd like to hand back to the operator to take any questions.

Ian Ball: That's the outlook. With that, I'd like to hand over back to the operator, to take any questions.

Speaker #1: Thank you. If you would like to ask a question, you'll need to press the star key, followed by the number one, on your telephone keypad.

Operator 2: Thank you. If you would like to ask a question, you'll need to press the star key followed by the number one on your telephone keypad. If you'd like to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Once again, if you would like to ask a question, please press star one on your telephone and wait for your name to be announced.

Operator: Thank you. If you would like to ask a question, you'll need to press the star key followed by the number one on your telephone keypad. If you'd like to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Once again, if you would like to ask a question, please press star one on your telephone and wait for your name to be announced.

Speaker #1: If you would like to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question.

Speaker #1: Once again, if you would like to ask a question, please press star one on your telephone and wait for your name to be announced.

Speaker #2: Bill, here's another 30 seconds or so. If there are no other questions, we will close the call.

Ian Ball: Going to leave it another 30 seconds or so, but if there are no other questions, we will close the call.

Operator 2: Thank you. As there were no other questions, that does conclude our conference for today. Thank you for participating. You may now disconnect.

Operator: Thank you. As there were no other questions, that does conclude our conference for today. Thank you for participating. You may now disconnect.

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Full Year 2026 Enero Group Ltd Earnings Call

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