Good morning, and welcome to Codan's full year FY '26 results presentation. I'm Alf Ianniello, Managing Director and CEO; and joining me today is our CFO, Michael Barton.

As announced at our half year results, Michael will be retiring at the end of August after more than 22 years at Codan. Over this time, Michael has played a pivotal role in shaping Codan's financial discipline, capital allocation framework and acquisition strategy.

On behalf of the Board and the broader team, I'd like to once again sincerely thank him for his contribution to Codan. I'm also pleased to confirm that Kayi Li, currently our Deputy CFO, will succeed Michael at the end of the month.

Kayi has also been deeply involved in our financial strategy and operational execution, and we remain confident in our continued seamless transition. I believe Kayi's appointment is a strong demonstration of our succession planning and development processes in place at Codan.

Kayi and I look forward to meeting with many of our investors at our results roadshow in the coming weeks. Questions are welcome throughout today's presentation and will be addressed at the close of the session coordinated by Sam Wells, NWR.

Research analysts can raise their hand via Zoom to ask a live question while all other attendees are encouraged to submit questions using the Q&A function. Before we begin, please take a moment to review our standard notice and disclaimer.

Today, we'll begin with full year performance highlights, followed by a detailed review of each of our 3 business units, DTC, Zetron and Minelab. We also highlight some select products that contributed meaningfully during the year, demonstrating how our group-wide engineering investment is translating into commercial outcomes across business units.

We'll then revisit our strategy and near-term priorities before closing with our outlook heading into FY '27. For those newer to Codan, we are a global group of technology businesses focused on critical communications and detection.

Our technologies are designed for mission-critical environments, keeping people connected, informed and safe in demanding and often remote conditions. We operate across defense, public safety, gold detection and recreational markets, supported by a global footprint and strong engineering capability.

At our core, we focus on reliability, performance and long-term customer relationships, particularly in environments where failure is not an option. Our strategy to build a stronger Codan remains consistent and disciplined.

It is underpinned by sustainable organic growth, targeted and accretive acquisitions, continued engineering investment and strong operational execution. Diversification remains a key strength and is a key part of our results this year with Minelab and Communications both delivering excellent performance.

Over time, this approach is building a more resilient and diversified earnings base with improved visibility and quality. At a high level, the group's FY '26 performance reflects disciplined execution of our strategic plan.

The strength of our differentiated technology and product portfolio and our ability to capitalize on long-term structural growth opportunities across our target markets globally underpinned our outstanding performance. Our Communications segment continues to deliver high-quality growth with revenue exceeding the top end of our FY '26 target range.

Metal Detection also delivered excellent performance, driven primarily by gold detector demand globally. Our strategy to invest heavily in engineering is what enables these outstanding results.

This ongoing investment maintains our product and technical leadership across our businesses and drives our organic growth strategy. Turning to the numbers.

At the group level, year-on-year revenue grew 30% to $875 million, reflecting strong organic growth driven by ongoing high demand for unmanned systems and new gold detector products as well as a full year contribution from Kagwerks. EBIT and NPAT increased by 67% and 69%, respectively, demonstrating continued improvement in operating leverage across the group, with both measures slightly above the guidance provided to the market on the 29th of April 2026.

This reflects both revenue growth and improved product mix, particularly within Minelab and DTC. The Board declared a fully franked final dividend of $0.29 per share, taking full year dividends to $0.485 per share, up 70% year-on-year, consistent with our disciplined capital management approach.

I'll now hand over to Michael to step through the financial detail.

Thanks, Alf. As highlighted, group revenue increased 30% year-on-year versus FY '25.

Strong revenue and profit contribution from both our Communications and Metal Detection segments. Expenses increased during the year, primarily due to targeted investments in strengthening the group's go-to-market resources, product launch costs, systems, processes and capabilities to further scale the organization and higher performance-related remuneration.

NPAT margins improved to 20%, which was up 5% versus FY '25, more than offset the increase in expenses and reflected an improved product mix and a continuing improvement in operating leverage. Overall, the financial results reflect both strong performance and continued investment in capability.

Codan finished FY '26 with a very strong balance sheet. Net cash of $36 million, which was an improvement of $124 million versus the net debt position of $88 million as at 31 December '25.

This reflected the accelerated growth in revenue throughout the second half and strong cash collections. The group balance sheet is in a very strong position with substantial funding capacity, including a $250 million undrawn debt facility and a further $150 million in accordion capacity available subject to bank approval.

These facilities provide Codan with financial flexibility to pursue our strategic inorganic growth opportunities. Our balance sheet remains a competitive advantage in executing on our strategy.

Engineering investment during the half totaled $78 million, representing approximately 9% of group revenue. This level of investment is consistent with our long-term approach and supports product development pipelines across both Communications and Metal Detection.

In Communications, investment is focused on advanced tactical platforms, next-generation radio waveforms and the SALUS integrated command control platform. Within Minelab, investment continues to support product refresh cycles and technology leadership globally.

This sustained commitment to innovation underpins our organic growth trajectory. Back to you, Alf, as we take a closer look at our 3 core businesses.

Thanks, Michael. We'll now move on to the business units.

Communications revenue grew 22% to $506.2 million, slightly above the top end of the targeted FY '26 15% to 20% range, driven primarily by strong demand for unmanned systems. The revenue from defense customers represented 58% of total Communications revenue, up from 38% in FY '25, underscoring the importance of this vertical to Codan and reflecting the global tailwinds of sovereignty and increased defense spending commitments.

Communications segment profit increased by 45% to $156 million with segment profit margins expanding to 31%, up from 26% in FY '25. This reflects strong revenue growth, product sales mix and operating leverage.

Pleasingly, the Communications segment exceeded the achievement of 30% profit margin by 18 months. Order book increased by 50% year-on-year and by 29% versus December 2025 to $380 million at 30th of June, driven by a strong uplift in order intake across both DTC and Zetron, and providing strong revenue visibility into FY '27.

DTC delivered another exceptional result in FY '26, underpinned by defense and unmanned systems applications demand across all geographies. Revenue from the high-growth unmanned sector more than doubled to approximately $215 million.

Throughout the second half, we saw continued acceleration in unmanned revenue across both conflict regions and nonconflict defense and security programs in the U.S. and Europe.

Within DTC, product innovation included ongoing development of multi-waveform radios, along with enhancements to the existing BluSDR range aimed at offering improved network visibility, spectrum monitoring software and alternative antenna solutions. This innovation led to DTC securing its first orders for the sale of radios into multiple programs of records for the U.S.

military initiatives to drive sovereignty. Lastly, at the end of July, Codan completed the acquisition of Adaptive Dynamics, which we'll elaborate on in a couple of slides.

We include on the next slide an overview of the BluSDR family of products. DTC's BluSDR radios are suitable for a huge range of unmanned platforms in all domains across air, land and sea.

In the air domain, which is by far the largest by volume of units sold, the BluSDR range finds applications on platforms from small motor drones through to much larger strategic surveillance platforms. The U.S.

Department of War drone categorization system consists of 5 broad groups from Group 1, the smallest and typically the lowest cost tactical drones through to Group 5, large multimillion dollar strategic platforms, often deployed at ranges of thousands of miles. DTC's sweet spot today stretches from the high end of Group 1 through to Group 3.

The acquisition of Adaptive Dynamics will help us to compete with very high-end and high-priced military radios typically deployed in this space by delivering increased resistance to jamming and interference. Our BluSDR radios have been proven to be highly effective in both conflict and nonconflict defense environments for their secure and resilient waveforms and their ability to withstand the harshest field conditions.

Turning to the acquisition of Adaptive Dynamics, which was first announced in May. ADI is a U.S.-based engineering company specializing in the development of anti-jamming and interference mitigation technologies critical to the resilience of tactical communications, a highly strategic acquisition for DTC.

ADI meaningfully enhances DTC's U.S.-based technical capabilities in unmanned systems and strengthens its ability to compete for the next-generation U.S. and allied defense programs, which require secure communications, electronic warfare resilience and AI-enabled integration in contested electromagnetic environments.

ADI also provides us with a strong team of people and capability, which will continue to be integrated into our DTC North American team. We also anticipate the ability to cross-sell in time into public safety markets.

We look forward to updating the market further as we continue to integrate this business. In the first half of FY '26, Zetron was impacted by a temporary slowdown in federal procurement and contracting cycles in the United States.

Second half revenue was broadly in line with the first half as guided in the trading update we released on the ASX on the 29th of April. Positively, order intake strengthened towards the end of the second half, resulting in a 25% increase in Zetron's order book as of the 30th of June 2026 versus the 30th June 2025.

Key wins included a $19 million contract with one of the largest utilities on the East Coast, an $11 million mission-critical services contract with the U.K. Emergency Services Network and an $8 million radio communications modernization contract for a major provider of the underground transport services in London.

Zetron also continued to receive strong order intake from its hosted services Iowa contract, which now services more than 80% of all public safety answering points across the state. Looking forward, product development activity remains focused on SALUS, which is designed to provide a unified cloud-based software and services platform for Zetron's command and control applications.

On the next slide, we include further detail regarding the features of the SALUS platform. At its core, SALUS is designed to provide a unified interface and experience for the control room personnel.

We believe this will enable the most optimal responses to be made during the most stressful events and emergencies. Providing a unified control room service in the form of a modular application maintains Zetron market-leading interoperability while minimizing the time it takes to respond to a call.

Customers will be able to choose when and how they move to SALUS, either on-premise, via the cloud or a hybrid approach. Customers will be able to choose when and how they move to SALUS, either on-premise, via the cloud or a hybrid solution.

Customers can also receive expanded and enhanced services and support for managed services or life cycle solutions frameworks. We believe SALUS will generate meaningful value for Zetron across multiple dimensions.

These include growing recurring revenue via hosting and managed services solutions, achieving high customer lifetime value through cross-selling opportunities and margin expansion via a software-led model and scalable cost base. Additionally, we are confident that SALUS will enable Zetron to equally serve Tier 4 through to Tier 1 customers, leading to a substantial expansion in our obtainable market.

Turning to Minelab. Minelab's full year results were exceptional with revenue up 42% to $362 million and segment profit of $162.4 million, up 65% versus FY '25.

As guided in the trading update, Minelab delivered a stronger second half with 15% revenue growth in H2 FY '26 when compared with H1 FY '26, supported by successful product releases. Segment profit margin increased to 45%, up from 39%, driven by revenue growth, product mix and operating leverage.

Minelab successfully launched 4 new products in FY '26 in the gold, recreational and countermine markets, including the new flagship GPZ8000 Gold Detector, the Gold Monster 2000, the Vanquish 60 and Countermine MDS-20 detector. These launches reflect Minelab's global technology leadership across its detection platform.

Minelab's Rest of the World achieved significant growth, increasing revenue by 32%, driven by the strong uptake of the GPZ8000 as well as the Gold Monster 2000, substantial growth in the Vanquish range and a meaningful expansion in distribution footprint and retail presence in Australia and North America with additional in-store placement across key retail channel partners. Minelab Africa delivered another outstanding performance with revenue increasing in all regions to approximately $184 million, up 60% versus FY '25.

The Gold Monster 2000 was launched successfully, exceeding business case expectations. A key near-term priority is driving adoption of the GPZ8000 across Africa with training and grassroots activation activities continuing in FY '27 as market awareness and adoption builds.

This slide describes the GPZ8000 in more detail, including key features and enhancement relative to the 7000 model. Resounding customer feedback for the GPZ8000 is that it represents a significant advancement in performance, particularly in highly challenging ground conditions.

Minelab continues to invest in product innovation and engineering to reinforce its leading position in recreational and specialist detection markets. Now I'd like to move on to the strategy update section of today's presentation.

Our strategy remains anchored in 3 core pillars: first, investing in ourselves, strengthening systems, processes, people and product innovation; second, strengthening our core businesses, expanding addressable markets, improving revenue quality and increasing recurring revenue components; and thirdly, disciplined capital allocation, pursuing strategically aligned and accretive acquisitions that enhance capability, scale and market penetration. Together, these pillars support sustainable, diversified earnings growth.

We made significant progress against each of these strategic pillars in FY '26 as outlined in the slide. Our near-term objectives are focused on executing key initiatives across each business.

In DTC, we are focused on the integration of Adaptive Dynamics electronics warfare capabilities, ongoing investment in the dismounted soldier ecosystem and continued investment in our next-generation and multi-waveform strategy. In Zetron, we are seeking to complete the launch of our end-to-end services-based emergency response platform, expand market share by Zetron's next-generation computer-aided dispatch solution in the U.K.

and completing and advancing the development of our SALUS cloud-based platform. In Minelab, we are focused on accelerating market growth by the 4 new detector launches in FY '26, advancing North America and European retail expansion and targeting e-commerce and channel engagement strategies.

All these initiatives support both near-term performance and long-term structural improvement. This year, as guided by Codan's core values, we introduced quarterly value awards, a chance to formally recognize people across the business who are living our values day to day.

It's been a great addition to our culture. On Community, we've continued our long-standing support for a range of organizations, Variety, Youth Opportunities, Kickstart for Kids, Hutt Street Center and Catherine House.

These are partnerships we're genuinely proud of. From an education perspective, we've deepened our investment in STEM through university scholarships, student mentoring and industry engagement.

And this year, we awarded the inaugural Codan Founders PhD Scholarship, which is a significant milestone for us. And we also continued our support for Yalari and Indigenous education scholarships.

And on the environmental side, Minelab's Clean Sweep campaign has been a real standout, using our detector community to help the environmental stewardship. It's a great example of what our products can do beyond their primary purpose.

Underpinning all of this are our 4 values you see at the bottom of the slide, customer-driven, trust and integrity, high performing and can-do. These aren't just words on the wall, they shape how we run the business every day.

Next, I'd like to turn to our outlook section, looking at our view into FY '27. The group continues to deliver on the strategy of building a stronger Codan.

Our strategic pillars of investing in people and systems, product development, strengthening Codan's position in core markets, expanding in new geographies and disciplined capital allocation will continue to guide our focus in FY '27. Market conditions remain positive across both comms and metal detection.

Elevated defense spending and ongoing geopolitical tensions globally continue to generate strong demand for unmanned systems, while Minelab benefits from demand for its market-leading products and a favorable gold price. Some constraints are emerging across certain parts of the global electronic supply chain, which we are monitoring for any impact to Codan operations.

The Communications business targets long-term sales growth of between 10% to 15% per annum. And as demonstrated over FY '24 to '26, this target growth range can be exceeded.

As a result of unprecedented levels of demand we are experiencing primarily in unmanned systems, we expect the first half of FY '27 to significantly exceed the first half of FY '26. Given the strong start to the year, subject to related supply chain constraints resulting from ongoing order momentum, we are currently targeting full year FY '27 revenue growth in the order of 20%.

Minelab is well positioned for FY '27 with a full 12-month contribution from recently launched products. Early first half market conditions have been positive with strong demand, in particular for the new GPZ8000 and Gold Monster 2000 detectors.

As a result, both Africa and Rest of the World are currently tracking broadly in line with H2 of FY '26 revenue run rates. Overall, Minelab's H2 FY '26 average monthly run rate was approximately $32 million, 15% higher than H1 FY '26.

With a strong balance sheet and disciplined approach to capital allocation, the group remains well positioned to continue to invest in product innovation and capability and to pursue future acquisitions that fit our product and technology road maps and enhance the quality, resilience and the diversification of our earnings. We look forward to providing a further update at the Annual General Meeting on the 20th of October 2026.

And with that, this brings us to the end of our formal presentation session. We can now move to Q&A session with Sam.

Thank you very much.

Great. Thank you very much, Alf, and thank you, Michael.

As a reminder, the audience may ask questions of the management team. [Operator Instructions] Firstly, we'll start with a couple of pre-submitted questions.

On unmanned revenue split, in the first half of '26, you stated that unmanned revenue was approximately 50-50 between conflict and nonconflict. Can you just state what the split was for the full year FY '26, please?

Yes. Thanks, Sam.

I think both parts of the business have grown really strongly, both conflict, nonconflict doubled over FY '26.

Okay. Great.

And just on supply constraints, you referenced a potential supply constraint from ongoing order momentum. Can you elaborate here?

I think...

Yes. Sorry, Sam.

Sorry. And are you witnessing this already?

Or what level of growth could possibly constraints kick in?

I guess when you look at businesses like Minelab and DTC, we're fundamentally making assumptions on forecasts 6, 12, 18 months ago. So the demand we've seen has really outpaced our original forecasts, which have been continually updated.

So the outperformance in demand, really when we're looking forward probably into H2, we're sort of seeing that we need just to continue to upgrade our forecasts. And that's always a lag in time.

So we haven't seen any impact at the moment. All we're saying is from a constrained supply -- electronic supply chain environment globally, not really specific to Codan.

We're just monitoring those forward forecasts and ensuring that we've got the right supply components.

Next live question comes from Josh Kannourakis at Barrenjoey.

Congrats on the results. First things first, just on -- following on from the questions on unmanned.

Can we talk a little bit in terms of markets and some of the opportunity you see in front of you now, specifically interested in U.S. and U.S.

defense. I know there's quite a few hoops to start jumping through to be considered within that market.

Where are you in terms of that journey? And yes, if you can give us any more context around maybe some of the broader geographic splits in terms of how you're seeing the outlook.

Yes. So when -- as Michael mentioned, our unmanned market in conflict and nonconflict areas has fundamentally doubled from previous statements in the past.

So DTC's performance over the last 3 years and very solid performance in the market. That reputation has drifted into the U.S.

into the Asian area as well. We're on Blue lists at the moment in the U.S.

So it really positions us well for a lot of the sovereignty projects that the U.S. are currently working on in unmanned systems.

So we have received first orders for some of those sovereignty projects in the U.S., which is a pretty -- it's a significant milestone for DTC. And it also backs up our investment in the U.S.

with expanding our staff there and our capabilities on the ground. So -- and secondly to that, obviously, we've entered into some R&D projects with some countries in Asia to actually also progress their sovereignty when it talks about unmanned systems.

That's perfect. Exactly what I was looking for.

And then just in terms of, I guess, the Adaptive Dynamics acquisition, that certainly looks, obviously, they've got a really strong research background. They've got some product and IP in market.

When you sort of look at what the future of unmanned looks like going forward, how -- can you maybe just talk to us a little bit more about how that plays into it? And I guess where you think that could position you versus some of the other key competitors, for example, like Silvus in the market longer term?

Yes. When you look at the acquisition of Adaptive Dynamics and you look at what we fundamentally do -- and I thought that the slide we had on the types of drone is quite powerful, where we've really gravitated from a type 1 drone comm supply to type 2 and type 3.

And in the missions that we are performing with those unmanned systems, your fundamental reason for being is to ensure that you can transmit, right, data and comms. ADI, Adaptive Dynamics fundamentally gives us reassurance that in really contested environments like electronic warfare environments, we will have the capability to continue to transmit.

I'm not a technical expert on the Silvus radio anti-jamming features, but I am confident that the products we have today in DTC and the inclusion of Adaptive Dynamics ensures that robustness in communications in resilience.

Next question comes from Elijah Mayr at Goldman Sachs.

Can you guys hear me?

Yes.

Perfect. Congrats on the result, cracker result.

Just following on, I guess, from unmanned. As you sit now, how much forward visibility do you have on unmanned?

And is that starting to lengthen as the industry develops?

I think you need to -- in some markets, you probably have 4- to 6-month visibility. In some markets, you would have less.

I would say at a maximum, it's a 4- to 6-month visibility market. You're really backing into other people's forecasts, and they may vary.

So yes, that would be my sort of time frame on it, Elijah.

Yes. And then just maybe on a margin guidance perspective for comms.

You previously talked about 30%. You've reached and exceeded that.

Looking forward and with the 20% comms growth guidance, what should we think about for FY '27 or maybe on a medium-term basis, just noting that we should expect some reinvestment back into the segment. How do you think about those margins expanding now?

And will you put sort of some targets on a medium-term basis for that comms segment?

Yes. I think we set the target a number of years ago at 30%.

So we're really pleased to get there in FY '26, Elijah. We're not resetting that target range.

This is a business that is growing really strongly, and we need to keep reinvesting in it, both in our go-to-market and in our engineering resources. So if we keep growing at 20%, we would expect some incremental improvement, whereas we achieved a step change improvement in FY '26.

So we're probably -- we would hope this business is in that low 30% range.

Next question comes from Mitch Sonogan at Macquarie.

Can you guys hear me?

Yes.

Congratulations on a good result. Just on to the Unmanned segment, just in terms of that revenue, $215 million, correct me if I'm wrong, that's somewhere around $140 million in the second half, but you've also seen an acceleration of revenue through that second half and talk to first half '27 significantly exceeding that period.

So can you give us any sense of what we should be expecting into that first half, noting you've talked about a 4- to 6-month period of visibility?

Yes. Mitch, I think the best way to think about it, we have given some targets for the full year, circa 20% growth for FY '27.

This is not a seasonal business that has a normal H1, H2 split. It really is driven by projects and opportunities and where they -- what quarter they land in or what half they land in.

So I think you will see some significant improvement H1 on H1 of the PCP, but I wouldn't be building in seasonality in FY '27.

Yes. And just in terms of the visibility of the Unmanned in the order book there, you talked to 4 to 6 months of visibility.

So is it fair to say in terms of your order book from what you can see now, just trying to understand how much growth or how much visibility of revenue in FY '27 do you currently have in that Unmanned revenue?

I think it's very similar, Mitch. I think we've got a good line of sight between 4, 6 months and fundamentally H1.

And as Michael mentioned, a lot of these are driven off forecast orders from other manufacturers. So you can get some changes there, but we do have a level of understanding of what we need to supply in the half.

Yes. Sorry, just to follow on.

Just on Minelab, you've given a monthly average there of $32 million through the second half. Was there a higher exit run rate in there?

Or can you maybe just give a little bit more color about how we should think about that business looking at FY '27, given you've had really good success on Gold Monster 2000 and GPZ8000, feels like it's starting to ramp up in terms of distribution now as well.

Yes. Thanks, Mitch.

Yes. The results of Minelab were really strong throughout the second half.

So that average that we called out of $32 million, that was a good representation of what we did month-on-month. And we've started FY '27 at that same level.

So yes, we've got off to a good start in FY '27 for the first -- almost 2 trading months.

Next question comes from Tom Tweedie at Moelis.

Just want to check you can hear me?

Yes, we can, Tom.

Great. The first one is, can you give us a sense of Kagwerks revenue and EBITDA or EBIT contribution for the year and just how it's progressing against the delivered programs of record or new programs of record?

Yes. When you look at Kagwerks, they have continued to deliver in the Nett Warrior program, both at a DOCK Lite level and orders of DOCK Ultra, which is the high-end product, which has been pleasing.

Like everything that Codan has acquired over the period, we've always had this 10% to 15% growth range that the acquisitions had to adhere to. They have done that and FY '27 looks within those ranges.

Secondly, they have still orders to be filled for Nett Warrior. We're working on some adjacent programs.

So for all the strategic reasons that we actually bought Kagwerks, they're holding, been integrated quite well now into Codan or DTC US. So yes, so they're hitting the metrics that we signed up for.

Great. And just a second one on Minelab.

You previously or in the recent past called out West Africa as a key performing region, while Northwest Africa, Sudan regions probably had some disruptions. Today, you've sort of said performance across all regions.

I'm just trying to read into that and see if those disruptions have eased, if the sales momentum sort of come back to the Sudan, Northeast region. And then weaved into that is, are these 45% EBIT margins sustainable as the sales mix grows forward with all regions performing strongly?

Yes, I'll start with the Sudan question. No, that is still not activated.

From other areas, it's been a bit of an interesting cycle. I would say in Africa, we probably started some journeys in some peripheral countries like Ghana, and they've become a fairly decent contributor to the African story.

And then when you look at the rest of the world, the gold price halo has impacted positively Australia, Latin America, APAC. So that rest of the world has continued to flourish.

The positive there is also -- as we do that, we really have reduced our reliance on Africa, which has been a bit of a strategic goal for the last 5 years. So if you wrap that all together, product mix, the ability that we've gained share even in recreational markets, increased our retail footprint, I think a mid-40s margin is sensational, right?

And I think like all our other businesses, these businesses require reinvestment. And this is why we've won over a series of years because we've invested either in marketing or engineering.

So that 45%, 46% number, I think it's a valid number, and it's a number that we think is suitable for Minelab.

Next question comes from Cam Bell at Canaccord.

Just thinking about the, I guess, the evolving landscape in unmanned. And I know your products are NDAA compliant.

But what do the drone tariffs that were announced the other day mean for your market position?

Well, at the moment, I think those tariffs, whether the product is coming out of any of our major manufacturing hubs, it's probably around 10%. So we need to review the impact of that.

So the revenue going into the U.S. from an unmanned perspective is not as large at the moment as our other geographic areas.

My view, and I think this is a testament to our footprint, we will start localizing that product in the U.S. over the next 12 months.

So if this thing continues, we'll have the ability to make that product. We did make the product probably 4 years ago in the U.S.

through subcontractors. So we have elements of ramping that up again.

So -- but that's -- it's a discussion of time.

Yes. Okay.

And I guess as an extension from that, do you think at the moment, you're taking market share in unmanned? And I guess why?

I think that's a really hard question to answer because you've got an unmanned market probably at 30% CAGR globally growing. And I think what we're seeing in the unmanned market is communication products really finding their niche across the types of products and people are really understanding the requirement for those products in market.

So I believe in some areas, we have displaced probably more from our ability to supply, number one. Secondly, our tech is on par or better.

But we are in a market that is extensively growing. And we found a niche in that type 2, type 3.

It doesn't mean we don't play in type 1, but we are following a significant CAGR curve of a trend that's happening globally.

Next question comes from Baxter Kirk at Bell Potter. Is it possible that some of the supply chain constraints that DTC may experience could also affect some of DTC's OEM customers?

They would be one and the same. So the product is not differentiated between an OEM customer or a DTC customer.

So the range of products are identical.

Okay. Thank you.

I think that's all we have for questions today. If there are any questions, please feel free to follow up with the company.

And maybe with that, Alf, I'll just pass it back to you for any closing comments.

Yes. I think, firstly, on behalf of Codan, the employees, the people, the Board, the exec and all of the shareholders, I'd like to thank Michael for 22 years of unbelievable service and stewardship of the roles he's had, really has been a pillar of the story for such a long time through the good times and the bad times.

So Michael, thank you.

Thanks, Alf.

And secondly, to that, I'd just like to thank everyone on the line for their continued support of Codan and its story, and we look forward to providing an update at the AGM. So thank you very much, Sam.

Great. Thank you.

That concludes Codan's full year FY '26 results webinar. Thank you, and enjoy the rest of your day.

Goodbye.

Thank you.