Hello, everyone, and welcome to the Ive Group financial year 2026 financial results webinar. My name is Rachel Jones, and I'll be your host for today.

Now, on the call today, we have Managing Director Matt Aitken and CFO Darren Dunkley. The format, if you haven't joined us before, is a 20 to 30-minute presentation, and that will be followed by 15 minutes of Q&A.

If you would like to ask a question, please click the Q&A button at the bottom of your screen and type your question into the Q&A panel. Now, for the analysts joining us today, please click the raise hand button, and I'll invite you to unmute, and you can ask your question then verbally.

Now, I'd like to hand over, first of all, to Managing Director Matt Aitken, who will now start the presentation. Over to you, Matt.

Hi. Good morning, everyone, and thank you for joining the call.

Darren and I are pleased to present Ive Group's FY '26 results, a disciplined result consistent with guidance we gave to the market back in H1 FY '26 in February, and delivered against a genuinely difficult economic landscape. Just for those that might be new to the call, just a bit of quick background.

Ive Group is Australia's largest diversified marketing company. We operate across every major marketing discipline.

Since 1921, Ive has evolved alongside brands, technology, and consumer behavior through partnerships and acquisitions, where we've brought strategy, data, creativity, production, technology, and fulfillment into one connected ecosystem so that we can go from idea to execution. Markets shift, channels evolve, and customer expectations don't stand still.

We've spent more than 100 years evolving with every major change in media technology and marketing, not by chasing trends, but by continuously building our capabilities around what brands need next. Our vision is to be Australia's leading integrated marketing solutions provider, delivering impactful experiences across all channels.

The results and actions on this page show where we are today against our 2030 strategy and ambition targets. For FY '26, we've achieved our EBITDA margin target of +15% and our EPS growth target of 3% to 5%, both on a pre-AASB 16 basis.

Net debt remains within our benchmark range, and our revenue mix continues to shift deliberately into growth areas while we protect our leadership in the traditional sectors. On the right, you'll see this year's highlights in summary: strengthening and scaling the business through the 3PL footprint expansion, the Kemps Creek super site, and the Impresstik and Daily Press acquisitions; progress on innovation and AI; strong new business wins; and continued capital management through the buyback.

I'll take you through each of these in more detail as we go through today's presentation. If we think about the performance overview and the key highlights, we delivered strong margin expansion again this year, despite a difficult economic landscape contributing to the revenue softness, particularly in catalogs and publishing.

Cash flow remains strong, gearing is conservative, and during the year, we continued the on-market buyback, canceling around 1.5% of issued capital. In terms of key initiatives, on 3PL, Dandenong South became operational ahead of schedule and is already running at 85% of capacity on the back of new client wins, with the benefits emerging through FY '27.

That takes our national 3PL footprint to 84,000 square meters around the country. The Kemps Creek Sydney super site became fully operational during the fourth quarter, with five business units relocated and consolidated onto the one site, giving us efficiencies and capacity for growth.

In packaging, JacPak relocated from its site in Keysborough to Braeside in Victoria in the second half for additional operational efficiencies. The Kemps Creek packaging plant is now in production, with major new clients including Arnott's coming online late in the financial year.

Lasoo continued its strong momentum across all key metrics and remains on track to breakeven during FY '28. On the acquisition front, we continued to diversify and consolidate revenue consistent with our strategy, and I'll cover Impresstik and Daily Press in more detail shortly.

On AI, we're commercializing the investment we've made, combining our proprietary platforms, strategic partnerships, agentic solutions, and an AI-certified workforce to drive recurring revenue, client value, and productivity. Again, I'll discuss some of those examples later in the presentation.

On sustainability, we continue to progress our roadmap, including preparing for mandatory AASB S2 climate-related financial disclosure. We also introduced an employee salary sacrifice share plan during the year, which will see about $1.2 million worth of shares purchased on-market across FY '27 for those circa 450 employees that joined that plan.

Let me step through the numbers in detail. Revenue was $937.4 million, down 1.8% on prior year, reflecting that difficult economic backdrop I just mentioned.

Material gross profit margin improved to 51.4% from 49.3%. That drove EBITDA pre-AASB 16 of $112.6 million, up 2.8%, and NPAT pre-AASB 16 of $52.5 million, up 3%.

EPS likewise came in at 34.2 cents, up 3.7%. On a post-AASB 16 basis, EBITDA was $145.8 million, up 6.6%, while NPAT was down 1.7% to $51.2 million, reflecting the non-cash lease impact of the new Kemps Creek and Dandenong South leases, which Darren will talk about later.

Net debt was $173.2 million. Operating cash flow conversion remains strong, and the board has increased the final dividend to 9 cents per share, up from guidance and PCP of 8.5 cents.

IFRS NPAT was $37.4 million, impacted by the increase in non-operating items during the year, which Darren will step you through shortly. As such, I'll now hand over to Darren to take you through the financial section of the presentation in more detail.

Thank you, Matt, and good morning, everybody. I'll now just take you through the underlying profit and loss on pages 10 and 11 of our presentation, and I'll start with revenue.

After allowing for the acquisition revenue of $32.3 million, revenue of $937.4 million was down 1.8% to PCP. CX&Data, Premiums & Merchandising, and 3PL BUs all performed well relevant to PCP.

New client wins in the period include great brands such as Bunnings, Campari, HelloFresh, Nestlé, Ready Express, and Sydney Airport, amongst others. All of these clients touch on Ive's broad product range and services.

Packaging new business wins of PepsiCo and Arnott's commenced live production in June, following successful trials earlier this year. Underlying earnings: Further margin expansion more than offset revenue weakness.

EBITDA are up 6.6% to $145.8 million, as well as an increase in EBITDA margin to 15.6%, up from 14.2% in PCP. NPAT down 1.7% to $51.2 million, partly impacted by the AASB negative impact in FY '26.

On a pre-AASB 16 basis, NPAT was up 3% to $52.5 million. Material gross profit margin, MGM, which is revenue less material cost of goods sold, MGM improved to 51.7%, up from 49.3% in PCP, with all revenue streams experiencing stable or improved MGM.

The further improvement in MGM reflects continued leveraging of improved buying power as the group scale increases, as well as business mix changes reflecting further diversification. Non-operating items: Non-operating items of $20.4 million pre-tax include $6.6 million Lasoo operating loss, broadly in line with PCP and budget.

On an NPAT basis, this is $4.6 million loss, in line with guidance. $14.7 million of restructuring costs, predominantly relating to relocation costs, which include rent duplication, transfer of machinery and stock, all due to new sites, including Sydney super site at Kemps Creek, with five business units relocating as part of this initiative, the relocation of packaging into Braeside site in Victoria, as well as Dandenong in H1.

All relocations enabling future capacity for growth, as well as cost efficiencies. $2 million of acquisition costs, mainly relating to Impresstik and Daily Press acquisitions.

These costs are partly offset by $2.1 million of net profit on sale of property and fixed assets, as well as a write-back of deferred goodwill of 800k. It should be noted that non-operating items will reduce significantly in FY '27, post the completion of these major relocations.

Turning to page 12, our balance sheet remains strong, with cash at bank at $44.1 million. Net debt increased to $173.2 million, reflecting acquisition consideration funding and elevated CapEx for our growth initiatives.

Gearing is consistent with our guidance and our internal benchmark of 1.5 times pre-AASB EBITDA. Senior debt increased by $80 million to $330 million in December '25 to provide further capacity for expansion.

Undrawn debt capacity of $109 million, excluding bank guarantees, at balance date. Capital expenditure: Capital expenditure has been temporarily elevated due to supporting the execution of major strategic initiatives in the year.

Capital expenditure was $43.2 million, net of disposal proceeds. Increase in investment and maintenance CapEx driven by brand activations, and fit-out and racking of the new Dandenong South 3PL site.

Significant fit-out costs associated with the Kemps Creek super site, these are gross of cash rent incentive received to partly fund. Packaging expansion: replacement of aging sheet-fed printing presses and other equipment to facilitate Ive's packaging expansionary plans at Kemps Creek.

It's important to note capital expenditure is expected to normalize in FY '27. Cash flow and dividends, page 14: Operating cash conversion to EBITDA remains strong at 93.6%.

Working capital is expected to remain relatively stable moving forward and broadly in line with revenue and seasonality. Fully franked dividend of 9 cents per share, which compares to FY '25 final dividend of 8.5 cents per share, up 5.9 cents up 5.9% on PCP, reflecting a payout ratio of 55.3%, rebased from circa 70% in FY '22 and prior to retain capital for growth.

FY '27 dividend to be based on 55% to 65% underlying pre-AASB earnings payout ratio. I'll now hand you over to Matt for the balance of the presentation.

Thank you.

Thanks, Darren. Just quickly stepping through some of the key initiatives, which would be well known to many on the call.

Kemps Creek, for us, is a genuinely transformative project for the New South Wales footprint of our business. We relocated to the 42,000 square meter super site in Western Sydney through the final quarter of FY '26.

We are out of all of our legacy sites that we've left, and the team are up and running there. Five business units in total have been consolidated into that site, as we mentioned.

There are many benefits to come from being in that site, one of which is the avoidance of an additional $3.1 million per annum in rental increases that we're going to avoid by going there. Had we not moved, that increase would have been more like $6 million per annum in our existing sites.

Clear operating efficiencies, additional space to accommodate further expansion, particularly in packaging, and it is a much more modern, fit-for-purpose site for our staff to be accommodated in and to work from. New South Wales packaging facility within the site also became fully operational late in the financial year.

In addition to providing extra capacity, we will now begin the relocation of New South Wales and Queensland packaging client revenue from Victoria up to New South Wales to enhance speed to market and reduce the transport costs. On the 3PL business in Dandenong, again, we've spoken a bit about this earlier in the presentation.

We moved into that site ahead of schedule. It's been fantastic, almost 12 months in that facility.

We've won a lot of significant new business through that time. That site is now at 85% of its capacity and really starting to hit its straps.

Again, similar to Kemps Creek, there's a lot of benefits to go from two sites that we had at Braeside into this one site, providing dedicated in-house logistics facilities also for our packaging business, which had historically been outsourced up until recently. There are great operating efficiencies to be had from the site, as well as, again, a more modern and fit-for-purpose site for our staff to be based out of.

Going on to Lasoo, it's delivered record retailer and unique user growth again this year, with strong growth in GTV, gross transaction value, and repeat customer sales. Retailers live on the platform were up 20% to 362 retailers.

Unique users were up 44% to 5.2 million, and GTV was up 42% to $25 million. Most pleasingly, repeat customer GTV was up 76% to $4 million, now representing 16% of total GTV, up from 13% last year, which clearly demonstrates the strength of customer retention on the platform.

We'll have more to say about Lasoo when we get to the outlook and guidance. Just touching quickly on the acquisitions, which again we've covered at the half year.

We acquired Impresstik, a Brisbane-based print business, for $13.5 million in November. We acquired that business off Domino's Pizza Enterprises.

It's a business that has a digital and offset print capability, along with direct mail, letterbox marketing, signage, point of sale, warehousing, and logistics, a very complementary set of services to what Ive has in the rest of its sites and how we go to market and service our clients. Long-standing clients in the quick service restaurant, retail, healthcare, and public sectors.

The integration has gone very well, with a great team of people up there. They're very focused and motivated on growing that business for us in Queensland, and we've been very happy with how they've gone in our business in the first 8 months since we've acquired them.

In terms of Daily Press, they're an Australian-based creative agency that we acquired on the 31st of December. They specialize in digital, social media, and performance marketing.

This really advances our ambition to create a truly omnichannel value proposition, further strengthening our existing creative and content capabilities while adding depth in social and performance marketing, as well as technology platforms. Similar to my comments about Impresstik, the Daily Press team are fitting in really well, with work being shared back and forth across the creative teams.

Previously outsourced work from Daily Press is now being sent into Ive businesses to be produced, and a significant amount of new business is being won in this part of the business, in particular, customers like Campari that would not have been won by Daily Press had they not been part of the Ive Group. That's been great to see, again, 6 months on after acquiring that business.

Just moving into the group's position and posture currently with AI. From our perspective, before we started selling AI to clients, we got our own house in order.

We can, for some, be a complex business. We have 10 different products and service lines, with multiple sites around Australia, and we employ more than 2,000 people.

Today, our group data sits on a single Snowflake platform, and that gives us one view of our clients across Ive, which we're already using to identify cross-sell opportunities. Internally, we can see run rates, waste, machine utilization, and other key metrics in near real time.

This means better outcomes, faster action, and more efficient results from an Ive perspective. That Snowflake AI platform has been instrumental in driving a lot of that since we've implemented that during the H2 period of FY '26.

AI at Ive isn't a pilot. It's doing real work today across lead generation, research agents, dashboards, RFP and proposal automation, fraud detection, and cybersecurity.

A great example of this is recruiting in our catalog walker network, where we've had an AI agent calling or making more than 13,000 calls, which generated 563 leads that we then followed up through our staff. That captures our model well: AI does the volume and the heavy lifting, our people provide the judgment and the expertise.

We use market leaders like Salesforce and Adobe where they make sense, and we build our own IP, like Indy, where we see an opportunity to create competitive advantage. Importantly, we're investing in our people, and we now have more than 100 AI certifications across Ive.

This isn't one AI team sitting in a corner. AI is being put to work right across the group.

Let me give you two real examples of that going to market. Firstly, Indy.

This is where our AI capability starts becoming genuinely commercial. Marketers today are drowning in disconnected tools, and Indy brings the entire campaign into one workflow: plan, create, personalize, approve, and execute.

AI runs that process, turning days into hours. Importantly for us, the client stays within our ecosystem, and we sit across more of their marketing activity, and that creates stickier client relationships and new recurring revenue opportunities.

The second one here is AI and how it's disrupting the traditional MarTech professional services model, and we're moving with it. We have been one of Australia's leading Salesforce and Adobe practices for many years, and historically, that model has been based on people and hours.

We're now converting that into agentic recurring revenue models, already live today with a major financial services client, delivering deeper personalization, real-time in-the-moment decisioning, and omnichannel execution. The agents do the repetitive work at scale; our architects and strategists provide the thinking and the expertise.

It's faster for the client, more scalable for us, and keeps Ive at the center of their MarTech environment, and we're targeting a 50% effort reduction on always-on campaign operations for this client. AI is fundamentally also changing the approach to creative services, particularly when we think about motion and video.

We now use AI to storyboard concepts before we pick up a camera, extend sets and create effects during production, and then automatically adapt one piece of content across multiple channels and audiences. That means more content produced faster and at a lower cost.

AI itself will become a commodity, as we know. Everyone will have access to these tools.

Our advantage is combining the best AI technology with great creative people, client knowledge, data, and our ability to execute at scale. A great example of this is in the action in this campaign film we produced for Kia at the Australian Open, blending live action with AI-generated sequences, produced at a fraction of the traditional shoot cost and time.

In fact, 100% of the robot shots in the film were all AI-generated. I'll leave you to review that in your own time later, but it gives you a good example of where in live client work we're using AI today.

As we now move on to the outlook and guidance for FY '27, given the continued significant economic uncertainty, we expect underlying NPAT on a pre-AASB 16 basis to be broadly stable. Due to a further $6 million adverse non-cash lease impact, mainly associated with the Kemps Creek and Dandenong South leases, and that compares with a $1.3 million adverse impact in FY '26, underlying NPAT on a post-AASB 16 basis is expected to be down relative to FY '26.

I'd stress that impact is purely timing, and it will reverse over the life of the leases. There is a schedule in Appendix C of this presentation where you can see that reversal take its course.

We're trying to give you more insights and more data around that. The IFRS NPAT, on the other hand, is expected to increase materially due to significantly reduced non-operating items.

Capital expenditure, as Darren mentions, is expected to be significantly lower, at around $26 million net of disposal proceeds. Net debt at 30 June 2027 is expected to be below our 1.5 times pre-AASB EBITDA target.

As foreshadowed at the 2025 AGM, the board intends returning to a dividend payout ratio based on 55% to 65% of underlying pre-AASB 16 earnings for the 2027 financial year. In terms of key initiatives and areas of focus for the business in FY '27, we're going to continue to execute on the 2030 strategy, we're going to deliver the operational efficiencies from Kemps Creek, make meaningful progress in the deployment of AI and related technologies, grow our events value proposition, which I spoke about at the release of our half-year results, deliver a significant improvement in Lasoo's profitability ahead of breakeven during FY '28, and optimize the value of our recent acquisitions while investigating other strategic opportunities.

In closing, this year's performance and the momentum evident in our key strategic initiatives reflects the dedication and commitment of our people right across the business, and I'd like to thank them for their ongoing contribution. Appreciation is also extended to our leadership team and to the board for their support.

As we execute on an ambitious but disciplined growth agenda, with a strengthened balance sheet, continued margin expansion, and a clear pipeline for organic initiatives and recent bolt-on acquisitions, the business remains well-positioned for continued profitable growth through to 2030. Thank you, and we're now happy to take questions.

Thank you so much there, Matt and Darren. Now, for everybody, this is a reminder that if you would like to ask a question, click the Q&A button at the bottom of your screen and type your question into the panel.

I'm sure there's a number of questions out there from interested parties. Now, we'll take some questions from the analysts first, who are covering the Ive Group.

Just a reminder for the analysts, please click the raised hand button. I can see a few up there now already and get ready to ask your question.

First up, I'll open up to Chris Savage. If you would like to unmute yourself, Chris, and go ahead and ask your question.

Thanks, Rachel. Hey, Matt.

Hey, Darren.

Morning, Chris.

Hi, Chris.

G'day. I guess a couple of questions.

One, the guidance for flat underlying NPAT on a pre-AASB 16 basis, obviously you've got Impresstik and Daily Press contributing for full 12 months in '27, so that implies the underlying business will go back a bit. Where are you assuming the underlying business goes backwards?

Chris. First and foremost, we still think we're in a very difficult trading environment.

This is our view of the near term. There's clearly inflationary pressure right across the economy.

We've got increasing rent, as I alluded to earlier around Kemps Creek, whilst we're mitigating $3 million of rent increases by moving to that site, it would have been $6 million, so that's just on those sites alone, let alone our Victorian sites. We are still seeing, as we've foreshadowed previously, decline in the catalog and magazine sector.

Whilst there's always great things happening in that sector in terms of retailers coming back into the channel, like they did in FY '26 with Coles and Bunnings and Big W, we're also seeing other retailers, like an ALDI or a Metcash, really dial back their volumes in that channel. Then even just in areas like interest rate expense, we've clearly had a range of interest rate increases as we've gone through FY '26.

That's really what's underlying to the numbers that we've put in forward here or the position that we've put in forward.

Is it more an OpEx and net interest story rather than the revenue coming back?

There's no doubt that interest expense is expected to be slightly higher in FY '27 than FY '26. As already touched on, we've had a large CapEx here, and the impact of depreciation as well will also impact as a result, Chris.

As Matt also alluded to, given the current economic conditions, we think that it's prudent to say that our guidance is stable on FY '26.

Sure.

Chris, we're budgeting revenue up in terms of our headspace is it's a growth number on revenue over where we've finished FY '26.

Is that underlying revenue or for the revenue with the Impresstik and Daily Press?

That's total.

That's total. That's both, Chris.

Cool.

Yeah.

Second question, so as you highlighted, the balance sheet remains very strong, and you've got basically a buyback, potential increase in dividends, and potential further M&A. Is the focus going to be across all three, or is there one you think you'll focus more on than the other?

Look, the main focus for us will make sure that we continue to achieve a high operating cash conversion, keep our net debt below the 1.5 times. We have, as we have traditionally always looked at, a pipeline of acquisitions, and we have that pipeline of acquisitions.

There's nothing currently that we're working on right now, but we are always looking at something there, Chris. On the whole, yeah, we will be concentrating on delivering a below 1.5 times net debt and delivering in on the new payout ratio of 55% to 65% on the noting it is on the underlying pre-AASB 16 basis.

Sure.

Chris, I think from a board perspective, if we have a view that the share price is not representing the value that we think it should represent, then yes, we will use the buyback, but we also think we've probably got other priorities for that cash that could yield better return for shareholders.

Sure. Thank you.

Thank you so much for those questions there, Chris. That was Chris Savage from Bell Potter.

Moving on now, we're moving on to Jono Higgins from Unified Capital Partners. Now, Jono, if you could unmute yourself and go ahead and ask your question.

Excellent. Thanks for taking the time.

Great set of results, guys. Just two for me.

Just firstly, just on the material gross margin and the strength we're seeing there, I wonder if you can just sort of tell us what's feeding into that. You guys have been pretty disciplined at the operating margin line.

We're sort of expecting that to sort of keep coming through. Just anything around what you should think on the material gross margin line for next year.

Thank you. I think

we probably answered the same question 12 months ago, Jono, and said, "I don't expect it to grow too much." Here we are.

We've done a really good job of lifting that up. We will continue to try and do that, obviously, through the mechanism of price to customers and managing the supply chain and raw material costs extremely well, which are the two key drivers in that.

We would think that 51%-odd for the business is about right. It does also reflect a changing mix in our work profile as well, some of that's coming through through that machination.

No, look, our intent will always be to try and improve that wherever we possibly can. At this stage, there's nothing from a supply chain perspective that we haven't already encountered in the last 5 to 6 months with the war and all of that that should see it really damage that number in FY '27.

We can't see anything in front of us on that front from a supply chain perspective. We've obviously already had to deal with a fair bit over the last 5 to 6 months around impacts of fuel increases and other things like that, and yet we've still managed to maintain this position.

Pretty rapt with what the team have achieved on that front, given the circumstances.

Thanks. Last one from me, then I'll rejoin the queue.

Obviously, some difficult economic conditions you've called out, that's, we're all not unexpected in terms of that currently for the broader economy. Ive's usually, if I look back in the history of Ive, difficult operating conditions, although we'd like the profit to constantly be going up, it's actually been a dynamic that Ive's taken advantage of, in terms of strategic consolidations and winning work, even in the packaging space, catalogs.

Can you talk about what a tough environment means and is this a good thing to invest and lean into?

I think it definitely throws up opportunities in and around the acquisition space, Jono. We've definitely seen heightened activity around inquiries and engagement in that space, and that's not the answer for everything, but it definitely throws up some of that.

We're definitely seeing some of our retail customers, and the impact on retailers currently is well spoken about in the media, we're definitely seeing some of our retail customers want to lean heavier into what they're doing in-store, and/or even increase catalog runs or bring in additional catalogs that they may not have been planning on doing, there are some green shoots in and around that as well. We've also seen some of our competitors go through some pretty tough times.

During the last financial year, we had a major 3PL competitor collapse, and as a result of that, we picked up a lot of work out of that collapse, but that was also off the back of a couple of really hard years on the street competing hard for clients, winning new business along the way. That sort of yielded probably the best part of another $8 to $10 million of revenue into the group as through this sort of H2 FY '26, and as said, we'll pick up the benefit of that as we go through FY '27.

The combination of a range of things, Jono.

Thanks, guys.

Thanks so much, Jono. That's John Jonathan Higgins from Unified Capital Partners.

Thanks so much for your questions there. Now, moving on, we have some questions from Shane Bannan from PAC Partners.

Shane, if you'd like to unmute yourself and ask your questions. Thank you.

Thank you. Good morning, guys.

G'day, Shayne. Hi,

Shayne. Obviously touched on this on the way through, but just thought like you to bulk out the narrative, if you wouldn't mind, just on the whole area of print and catalogs.

Always aware that newspapers seem to be progressively shrinking, and I'm just wondering with what you're experiencing there and the way you see it unfolding, whether, in fact, we are witnessing a secular shift towards other mediums to reach the customer base, and these things are in secular decline. You're saying, Matt, that you think they're coming back, and so I'd just like you to flesh that out, if you wouldn't mind, please.

Thanks, Shane. Just in that catalog space, in the strategy day or the investor day that we did with investors last year, those that attended or those that went through our document, we talked about then that over the 5 years from sort of '25 to 2030, we felt that traditional revenue streams like print, but more so catalogs, would walk back at a, sort of a single-digit pace year-on-year from a percentage perspective.

That's still what we're seeing. There's probably a little bit of H1 FY '26 where we saw that accelerate a little bit quicker than what we had anticipated in our modeling, but that has peered back a little bit.

Our business now modeling is seeing that, again, catalogs will continue to decline year-on-year from a revenue perspective on a single percentage digit number. That's where we're at.

Yes, as I said earlier on the call, ALDI, Metcash, two clients that have really dialed back their presence in that channel. Big W weren't in this channel really at all for the last 4 or 5 years, and they're now back with multiple variations of the catalog going to market throughout the year.

Coles, similarly, Bunnings, similarly. I can also talk to retailers that are saying, "No, no.

We need to be back in this channel, and we're seeing the real benefits of it." It really comes off the back of, again, I think the research and insights program that we've driven in catalogs over the last 2 years and educating the retailers on the power of the catalog, the returns that they get from it, and the impact of not having that in market, and it's really resonating with the retailers.

That's sort of how we're seeing that space at the moment, Shane.

Matt net, Matt, you're still saying it's going to continue to shrink at sort of low-single-digit rate? Yep.

Yes, we are, Shane.

Great. Thanks, Matt.

Thanks, Shane. Thanks for your question there.

Now, Chris, I can see your hand up again. Do you have another question for the guys?

No.

Okay. We'll hand back to Matt.

If you have any questions from general shareholders, if you'd like to go through those now, Matt?

Thank you. We have no other questions from shareholders at all, on that basis, we will look to conclude the call.

I'd say thank you for attending this morning. Thank you for your support.

We also look forward to inviting investors out to our Kemps Creek super site for those that want to come and visit it and join us out there between here and Christmas. We will hold some investor sessions and road shows out there, we look forward to inviting you out.

Excellent. Matt, thank you so much for a very insightful presentation there and a really helpful Q&A session.

That does bring us to the end of the session today. Thank you, everyone, for making time to listen to the call today.

Now, if you do have any further questions that you think of after, please reach out to the team. I'm sure they'll be very happy to help you.

Thank you, everyone, for joining us today, and I hope you have a good afternoon.