Thank you, Harmony. Good morning, everyone.

Welcome to the Web Travel Group results for the first half of FY 2026. Joining me today is our CFO, Tony Ristevski.

Grab your ticket and your suitcase, thunder's rolling down the tracks. Web knows where it's going, and we know we'll never go back.

Investors, if you're weary, lay your head upon my chest. We'll take what we can carry, and we'll leave the rest.

Big Web rolling through fields where sunlight streams. Meet me in the land of hope and dreams.

Welcome, guys. We said that we would deliver world-class growth in FY 2026, and we said that margins would stabilize.

We've done both things. If you go to slide three, you'll see that our TTV is up 22%.

Our margin is at 6.5%. We'll talk about how we get there and the construct in a second.

EBITDA for the group is up 17. If we break it down to the underlying performance of WebBeds, TTV of 3.2 billion, up 22% on the first half of '25.

Revenue of 204.6 million, up 20%. EBITDA of 94 million, up 21% on the corresponding period.

We've maintained market-leading TTV growth rates while maintaining margins. Revenue is a reflection virtually identical of TTV, and EBITDA is up almost exactly the same.

We'll go through the construct of how that all transpired in a second. If we get to the overall group performance, underlying EBITDA is up 81.7 million after corporate costs of 12.3.

NPAT is 48.6 million, and we continue to spew out cash at a rate well above our contemporaries, where we're up circa 120 million in the year. CapEx is in line with our expectation at 18.6 million.

Our cash position is exceptionally strong notwithstanding that we spent 150 million on buying back shares in the second half of the last financial year. What we have done is to provide greater flexibility is increase our undrawn revolver credit facility from 40 million to 200 million Australian dollars.

Moving through to our key metrics, I've covered most of these, but bookings at 5.70,000 million, TTV at 3.17 million. In both cases, we're seeing strong organic growth in all regions.

Our bookings and TTV combination reflects the expansion of the distribution network in which we participate in both various geographies and various channels that have all expanded during the first half of '26. Record revenue at 204.6 million and record EBITDA at 94 million obviously reflecting our revenue growth as well as our planned increase in operating expenses as we future-proof our business to maintain the margin levels that we are currently delivering and expect to deliver for the foreseeable future.

Let's go through the highlights. Bookings up 18% across all regions.

TTV up 22, revenue 20, expenses up 19. That's reflecting CPI increases, the reintroduction of the bonus scheme, which we didn't get paid in FY 2025, as well as the previously flagged investment in hotel contracting.

In functional currency, we expect expenses to go up in high single digits. We'll talk a little bit about the functional currency in a little while as we go through what has transpired.

EBITDA is up 21%. We said at the start of the year, we reaffirmed during the AGM that EBITDA margins will be between 44 and 47%, and we're at 45.9.

Let's get into a little bit more of the detail of what we're been able to deliver. As those who are familiar with the business are aware that we carve out our superior growth rate in three separate buckets.

One is what does market growth or system growth look like? What are we adding to the pile through new customers and through improved supply arrangements or entering into new markets?

The third is same-store sales, which we call conversion. What are we doing to increase the sales that we make from our existing customer base?

If you look at systems growth, if you're not growing at 5%, you're going backwards against the market. We think our estimates the overall hotel supply and distribution market grew circa 5%.

We looked at our business and what's different between the first half in specific inventory that we've sold and/or specific clients that we've sold to. That accounted for about 5% of our growth, and all the rest is the singular focus of an organization of circa 1,900 employees looking to ensure that we provide the right product at the right price at the right time for our customer base and enhancing the value of our supply partners by giving them global distribution.

Again, we had another standout result where we improved our conversion by another 12% in the first half of '26. All right.

Let's get a little bit technical here, and we're going to have to talk about the vagaries of the FX market and how that played out for us over the year and talk specifically about the regional performance of our respective markets and how that's been translated to our functional currency. As you can see, in aggregate, globally, our bookings are up 18%, but in the functional euro currency we're only up 14%.

This is an anomaly from this perspective. What we've seen in FY 2026 as we compare the exchange rates of the euro in particular against FY 2025 is the euro has appreciated considerably in particular against the US dollar.

The net effect of that is that at a functional currency level, we're only up 14%. At a bookings level, which is activity, we're up 18%.

At a Aussie dollar level, we're up 22%. And 22% is circa normal.

If you had a bookings growth rate of 18%, then you would expect average booking values to go up circa 3 to 4%. So 22 is the expected outcome of bookings of 18.

How we got there is a little bit unusual. Let's go through the individual markets and call out what's actually happened.

Americas had clearly a standout performance in the half, up 36%. A factor of again some great client wins and massive market share gains from existing clients driving a massive outperformance in that particular market.

Yet, when you translate that to euros, it's only up 27%. The vast majority of that delta is the previously mentioned exchange rate between the US dollar and euro.

Let's go to Europe. Europe, very strong result at a bookings level, up 14% in the most mature distribution market in the B2B landscape.

That is a superior result. Perversely, TTV in euros is down 12%.

That's because there are not just the euro that we sell in Europe. We're selling GBP pounds, we're selling Scandinavian currencies, we're selling Eastern European currencies.

The way we account, we've got Turkish lira in there. All of those currencies have depreciated against the euro, which shows the 14% bookings translating to 12% at a TTV level.

Okay. Let's go to APAC and strong growth, double-digit growth in APAC and TTV growing faster than bookings.

That's purely a function of average booking value increasing quite significantly in APAC because there wasn't FX drag on many of those currencies against the euro. We saw ABV rates of circa 5% driving a 2% net TTV to euro improvement.

The starkest example is the Middle East, where solid bookings, 6%. They were up massively in April and May, as you will have at our full-year highlight of FY 2025 when we called out our respective results.

They are up significantly. There's been a significant softening in the Middle East market as a consequence of the war in Israel and Gaza and the bombing in particular of Iran and Qatar saw a significant slowdown in region of that particular in market, and that resulted in the subdued growth.

We have high conviction that our Middle East business will continue to grow at above-market rates. As we'll talk about it in the forward-looking element of our presentation, as the FX exchange rate delta ameliorates over time, that will translate to double-digit TTV growth in the market.

Overall, really strong performance and that's how we landed in our respective marketplaces. Moving on to slide nine, again, for those who have been on us for this particular journey, in particular in the post-COVID world, you've seen a significantly streamlined business doing significantly more volume, significantly more profit with lower resources invested in that effort.

The time scale to the right shows you the history of our business. In particular, it's a proud moment for our entire organization to see that growth rate continuing at our expectation of delivering towards our $10 billion TTV target.

We're on track for that particular effort. We spoke about our margin.

Circa a year ago I said that we would be at least 6.5% over the next three half reporting periods, which is an 18-month period. We're continue to be on track to deliver 6.5 not only for FY 2026, but with all the things that we've done in our business for FY 2027.

I'll talk about those when we get to the forward-looking statements about our business. How we get to improve margins when clearly 6.5 is less than 6.6 is during the course of the year, we sold our BMC business, which is a high-margin business, low volume.

That counts for circa 20 basis points, and we actually improved our margin across the board to deliver 6.5%. The most simple way of looking at it is we're on a run rate to circa 6 billion in TTV this year.

We delivered circa 5 billion last year. What we've done is deliver the exact same TTV plus the incremental circa billion over the full year, and we've maintained margins across the entire pool of business that we've sold to, which is in line with our overarching strategy over the last 12 months of ensuring that we solidify that margin and anchor it to the 6.5 and continue to deliver superior revenue and TTV growth as we deliver across the three piles that I talked about: systems growth, new customer supply markets, and improved conversion.

Moving on to slide 10. We're expanding our customer base.

I've had opportunities through various presentations internally over the last few weeks to reflect upon the journey that we've undertaken from a customer base. In essence, we started as a business where we sold Dubai as a destination to the Middle East.

We made a small acquisition at Sunhotels in which we sold Mediterranean beach holidays to Scandinavians. It was predominantly through a retail channel and predominantly through a narrow focus of customers.

What we've done exceptionally well over the post-pandemic recovery period is broaden out that customer mix, in particular looking at where are the fastest-growing customers globally and how can we tap into meeting their needs as a wholesale bedbank provider. We've done that very well, and you see the superior results in particular in the Americas, where we're partnered with the most innovative OTAs in the region to maintain our superior growth rates.

Our customer diversification extends to what I've just described in America versus the tour operator business that we provide the same offering to and the same level of success in Europe, let alone the super-apps in Asia or the corporate clients that we deal with in the Middle East. We've got a really broad portfolio of customers that we continue to expand, and we have a strong pipeline for the balance of FY 2026 and into FY 2027.

The next element is our supply mix in which we have a renewed sense of focus over the course of the last 12 months. It's the most important operational focus of our business going forward.

We were unhappy with our performance in FY 2025 where there was the wrong inventory being sold at the wrong prices to some of our clients. We are addressing that in particular with our efforts to improve directly contracting sales in Americas in particular, where we are significantly underweight.

There's an enormous opportunity for us as we play out that particular stranded of our tactical initiatives, and that will continue into FY 2027. The second thing that has been again a credit to the hybrid business model we have of directly contracted inventory and partnering with the major third-party suppliers is we've seen an increase in supply of last-minute accommodation over the course of this half.

Our average booking window has compressed by circa 5%, which is material as someone who has been in this industry for 20-odd years. It's the most significant compression of the booking window.

Because of the broad range of supply that we have, we're able to tap into that particular compressed booking window. Our percentage of last-minute bookings is up significantly against the same period of last year.

As we continue to grow, we have increased our relevance and presence with the major hotel chains. We've got into now the consideration set of being a viable distribution partner on a semi-exclusive basis for some of the largest hotel chains in the world.

We couldn't make that claim two to three years ago as we were a business of circa 2 to 3 billion. We're a long way from having the global reach and presence that we now do have.

That dialogue is changing, and there will be some considerable success stories as we roll out our chain strategy over the course of the next two to three years. Moving on to geographic mix.

In a utopian world, we think we'll have three equal regions of roughly 30% each between Europe, America, and APAC. We're getting pretty close to that.

Middle East will be circa 10% of our overall business. We will continue to grow in all regions.

We're not underinvesting in any. We have high-quality individuals who are running our sourcing and sales organizations in all those regions.

That's why we continue to outperform our competitors at both a TTV and EBITDA level. One of the significant contributors, and those who have followed our story will know that Europe is our highest-margin region.

We have improved margins in our highest-margin region. As we've grown faster in some of those other regions, it's more than compensated for that TTV margin geographic mix that would have been downward pressure on us.

It's one of the reasons why we're so confident about delivering 6.5 for the balance of this year, but also into FY 2027. Finally, if we talk a little bit about scalability in the biggest hat tip I can give to the operational element of our organization and the people responsible for efficiency across the entire organization, it's an incredible achievement that we're now delivering bookings at circa triple what we were doing per FTE pre-pandemic.

We're up 174%. That number will continue to expand as we deliver the multitude of initiatives that we have within our organization that enable us to leverage technology to become more relevant in and embedded in our business and to drive greater efficiency.

That's, as I said, a credit to in particular the operations teams within our business, which are all in-house. If we move to AI, there are a number of things that we have done.

In particular, we have delivered margin optimization over the last number of years through a significant investment that we have made in that particular space. We think that we have market-leading solutions there.

We also have a number of other AI initiatives undertaken within the business to improve how we surface inventory, the quality of the inventory we surface, and how we service that inventory once it's been sold. There's been a little bit of conversation about most particular in the last week or so from industry commentary about the impact of what AI tools by some of the large language models will have on our business.

The short answer is that will be another growth engine for us. The most recent example is Google announced their new travel initiative.

As I've shared previously with my colleagues on this particular call, there's only one team at only one time in the history of my 14 years, I genuinely thought, apart from COVID of course, but when I genuinely thought we faced an existential threat was when Google Flights was launched at the top of the funnel on all Google Search to displace the existing meta supply providers and take and capture demand before it fell to people like Webjet back in the day. If that had have played out, you wouldn't see the success of the large OTAs globally and Webjet's continued success over that intervening 10-year period.

Now, there are many reasons for that because at the end of the day, in this Google AI initiative and the various others that are coming down the track that we are aware of, what they all are is fixing a specific problem. It's a problem that we have discussed many times internally when we were Webjet is how do you improve the search experience for customers?

We now have the answer. AI makes it infinitely better than typing in a date range, number of packs, and a location and hoping that the 1,000 properties in Paris come to in the sequence that you would like.

It's an incredible fillip for consumers, that will enable them to derive superior results faster and have it tracked and be able to keep a log of everything that you're looking at before you make your booking decision. The booking decision will not be made by the AI.

The booking decision, and this is straight from Google last week, they will not be the merchant of record. They'll pass that through to their partners.

They will not service the customer. They will not go through all the things that we go through to enable that to happen.

Where we fit in and why this is going to be a sustainable growth channel within our organization is we feed the people who are at the consumer-facing level. We feed the OTAs that are going to be partnering with them.

We feed any of the other channels that they choose to partner with. Rather than being a displacement for us, we think this will continue to enable us to grow faster as we have because we have a very broad range of inventory as demonstrated by the fact that we're on track to sell 6 billion of it.

It's not going to become less attractive in an AI world. What AI will do is deliver these incredible insights to get to our inventory faster.

We're very excited about that particular initiative. Finishing off the scalability, investment in contracting staff, we think will have a meaningful impact in particular in Americas where we believe our margins will go up on the back of that.

In light of the fact that five or six years ago, we were the only publicly listed company that had publicly declared data about this industry, you'll see that with new people coming into the public markets, it still remains a significantly fragmented market, which continues to create opportunities. We will look to take advantage of those opportunities over the course of this and the next financial year.

With that, I will now hand over to Tony to go through the financials.

Thank you, John. Good morning, everyone.

Can you turn to slide 12, which is our first-half financial summary, the P&L. Consistently now for the better part of seven years, we've presented the P&L in the statutory format, which is to the left, and the one that's more relevant, which is the underlying format to the right.

John's already gone through the key operational responses as it relates to revenue and EBITDA for the WebBeds business. Corporate cost is the next item there in line, and that is pretty much consistent to what I said six months ago where we're on track to do circa 24 million, but I'll talk a bit more about that in the next slide.

Our operating expenses, which we do exclude from underlying, of 5.5 million for the half, is really predominantly a function of a mark-to-market to the equity instrument that is a function of share price. Our share price obviously at 30 September is lower than what it was at 31 March, and that resulted in a revaluation downwards, which we do exclude from the results.

The other key item there to call out is our effective tax rate at an underlying level. It is on track to be around 17% for the year, but this time last year, when we were part of the enlarged, well, Webjet Group, we had the benefit of Australian earnings to offset the corporate losses which were incurred in Australia, which, for this half, we don't get that benefit.

Consistent with what I said six months ago, effective tax rate going forward will be in the vicinity around 17%. The other key thing to call out on the slide is, as you can see there, at an underlying NPAT level, despite the record earnings for the half, but at an NPAT level, we are down versus last year.

That is really a function of the demerger, which I'll take you through the next slide, which is quite important. If you then turn to slide 13, what our NPAT represents in the first half of '26 is really the stand-alone business in its post-demerger format.

If you then look to the left there of corporate expenses, being the 12.3 million, if you go back six months ago, second half '25, the exit run rate for corporate costs was 11.1 million. When you then look at it in the context of 12.3, it's the natural progression as we stand into our individual corporate function post-demerger.

Then if you then go to the next item, which is depreciation and amortization, the compare is a function of the demerger allocation. Then if you look at the second half of '25, that was $13 million approximately in D&A, and that did grow up 20% into the first half into 15.5 million and on track to be around 31 million for the full year.

Then if you then go to the right there with net interest and finance costs, 12 months ago at the half, we were in a positive situation, 600,000. Then in the second half of '25, we went to a -4.3 million, resulting in 3.7 for the full year of a net expense.

As you see in the first half, we're at 7.4 million of a net expense. That's really a function of a couple items there.

Firstly, we did upsize our revolver, which does have a cost. Secondly, we did effectively reduce our cash balance by approximately $300 million, which we were getting the benefit for, firstly through the demerger, handing 143 over to Webjet, and then in the second half, 150 million through the buyback.

Obviously, as has been the case over the last seven or eight years, our option premium costs are pretty much growing in line with our TTV numbers. All in all, we're expecting net finance costs to be in the order around 15 million for the full year.

Going on to the next slide, which is our balance sheet, strong healthy cash number, which John talked to earlier. Our working capital, which is our debtors and creditors, is consistent now as we normalize after last year, where we did have a contraction around creditor days.

Debtor days are sort of around 20 days going forward, and creditor days are around the mid-30s going forward. Overall, quite pleased that both have stabilized, and I'll talk about the cash consequences of that on the next slide.

Turning to the next item of substance, which is probably borrowing costs, you had seen our statutory accounts with the convertible note due to mature April of '26, the borrowing costs have now been classified as current as opposed to non-current. Equally, as you would have seen six months ago, during the April period of '25, we did upsize our revolver from 40 million to effectively 200 million.

Plus we've got undrawn facility of another 18 million. All in all, we currently sit around 700 million of liquidity.

To the extent that we will be looking at a potential redemption event, we're well-capitalized and have a well amount of cool liquidity to deal with that eventuality. Lastly, on capital efficiency, key thing there is that it has grown materially from we were this time last year as our earnings grew organically through the generation of cash and earnings.

It has now grown to almost 22%. When I look back over the previous slide, it is now sitting in record territory, the ROIC.

That likely continues to expand as we organically grow our business into the financial year. Then I'll turn to the next slide on slide 15, which is talk about cash.

As always, our cash comes from our profits. Then the other key element to consider here is obviously working capital.

We are working capital positive in the first half, which is consistent with the trading over that summer shoulder period. You got to recall when we look at our TTV numbers being record levels across that August-September period, we do collect that cash, and then there's an unwind of payables that typically occurs across October and November.

What you'll see, consistent with past years, is in the second half, we'll have negative working capital, and that will result in approximately a cash conversion number of approx about circa 100%. Looking down the next items there from a financing dividend perspective, obviously we'll continue to invest in our business and the prospects around growth, no dividend's been declared.

Talked about cash conversion being approximately 100%. Then in terms of capital management, we talked about this six months ago where we obviously completed the buyback in the second half, which did address 88% of the potential dilution that could come from the note.

We upsized the revolver, and coupled with the cash from operations, we are well-equipped from a liquidity perspective to deal with whether it's conversion or redemption come April of '26. Come May of '26, we'll be a bit more explicit around how we think about capital management going forward once that event is behind us.

Lastly, on the last slide being CapEx, no surprise there. We did de-tune the spend half on half as a result of the point-of-sale solution being accelerated this time last year, which is why we ended up being a smaller spend this half.

Going forward, we do see CapEx to be effectively like-for-like in terms of under lying functional currency versus '26 versus '25. Then from an outlook perspective, we do see that it will grow in line with inflation.

On that note, I'll hand over to John.

Thank you, Tony. For those who have seen the ASX announcement this morning, you'll note that Tony has resigned from our business.

It's bittersweet to make that announcement. We've sat across the table from each other for 15 of these half-year results and full-year results update.

We will spend plenty of time celebrating everything Tony has done with us during the next six months. Tony will still be with us at the full-year results, and we'll give him a proper send-off there.

In between times, he will get his regular torture from me. Thank you for everything you've done for us, Tony.

Looking forward to that.

Let's go in slide 18 reconfirming the financial outlook statements. As you'll see on the left-hand side, in relation to WebBeds in functional currency, we made the following promises at the AGM in August that our TTV margin would be at least 6.5%.

We are on track. Expenses to grow in high single digits, we are on track.

EBITDA margins expected to be between 44 and 47%, we delivered that in the first half, and we are on track. CapEx to be in line with FY 2025, as Tony's just covered, on track.

If we get to the mothership at Web Travel Group, corporate cost is 24 million. That's consistent with what we said in August.

D&A at 31 million, that's consistent with what we said in August. Net financing costs are at 15 million.

That's circa a million lower than what we said in August. Underlying effective tax rate, 17%.

Full-year cash conversion, 100%. Everything we said in August we have ticked and bashed.

Now, I spoke earlier about the impact of the EUR to USD headwinds and the AUD to EUR tailwinds. As we roll forward another six months, we expect that to be less pronounced based on existing exchange rates.

Therefore, the results in the second half of FY 2026 will be less impacted by currency fluctuations based on what has happened today. I make no forward-looking statement about what might happen with those exchange rates.

Moving on to FY 2026 trading update and guidance. Second-half TTV, up until the 21st of November, we are up 23% versus the same time last year.

Strong growth in the second half, remarkably consistent with the growth in the first half. First half was skewed to first quarter outperforming, second quarter being a little bit below that number, and now we're seeing a nice rebound into the third quarter, and we expect that to continue for the full year.

Our EBITDA guidance is between 147 to 155. That is an increase of circa the bottom range 22% to the top 29%, which means, basically, that we are delivering significantly superior EBITDA in the second half because we delivered 17% in the first half.

To get to 22 means the second half at a minimum is going to be high 20s, 27-odd, and it could be as high as mid-30s in second-half performance, which goes to the conviction and the confidence of all the things I spoke about of why the business has delivered against the promise of superior TTV growth and stabilized take rate delivering increased and superior EBITDA notwithstanding the continued investment that we make in our business. If we move to the final slide, and we start to think of what's next year going to look like, we'll continue to build out our marketplace.

Our marketplace continues to be more relevant for all of our major players and all of our major partners. We see no reason that we won't be able to deliver on our TTV growth rates that enable us to get to 30 oh sorry, 10 billion by FY 2030.

This time last year, I said that we just delivered a 6.5% circa 6.5% TTV margin. We would for the next 12 months.

I'm in the same position today. We will deliver it for the back half of this year.

We'll deliver that number again in FY 2027. I've spoken a couple of times about this, but just want to make the point that the investment that we've made this year that's in our OpEx this year around contracting stuff, we believe will make a meaningful impact to our results in FY 2027.

WebBeds remains a highly scalable business, and we expect to deliver circa 50% EBITDA margins in FY 2027. In summation, Web will provide for you, and we'll stand by your side.

You'll need a good companion for this part of the ride. Leave behind your sorrows, let this day be the last.

Tomorrow there'll be sunshine, and all this darkness past. Big Web rolls through fields where sunlight streams.

Meet me in the land of hope and dreams. With that, Harmony, we will take questions.

Oh, morning, guys. Good, decent results.

Just if I could just quickly ask on that 10 basis points of improvement in the revenue margin. You call out that optimization initiatives driving the growth.

You possibly present some color on that. Is it direct contracting?

Is it something you've done in Europe there? It looks like.

Or yeah, just any color on that would be greatly appreciated. Then maybe a question for Tony, what kind of uptick do you expect purely from the accounting change in the second half?

Thanks.

Thanks for the question, Sam. We have increased the proportion of directly contracted sales during the half, so that's contributed to it.

We've increased pricing in some jurisdictions. As you will have noted from previous conversations where we've been very explicit, the other three regions beyond Europe operate at a lower margin.

Notwithstanding that they've grown in aggregate faster, we've still been able to increase the margin because of those activities. That sharpening of focus around what we're selling to who is what's contributed to that outcome.

On the second part there, Sam, that uptick in trading is effectively offsetting a less-than-pronounced delta half on half around the accounting change. I would describe probably 6 to 12 months ago, the underlying business performance is actually improving.

As a result, what we're seeing is less what I would call variability half on half around that retrospective approach to the error rates that I would describe 12 months ago landing on a margin for the year at least 6.5.

Got it. Got it.

Hey, and just quickly, I noticed, when you break down your TTV, your underlying market growth there at 5%, normally that's pretty standard, but just of interest to me, obviously, particularly in the first half of your year, the markets appeared to be quite volatile. Just kind of wondering how you put that 5% together.

Is that your market specifically? Is it just more domestic-focused?

Cuz obviously, inbound to the US was quite soft, and some of your peers talking about channel changes, etc., and percentage of last-minute bookings. Just kind of that color on the 5%, cuz it seems quite quite robust.

Thanks.

Sam, your question's very relevant, and it's one of the things that we've tried over the course of the last four to five years to talk about our geographic spread. We talk about our channel mix.

In that portfolio of businesses, you have winners and losers. Even with the market up 5%, I'd be hazarding a guess that 15% of our customers went backwards.

10% of our geographies went backwards. You've called out the one that everyone can call out, which is inbound to America is down circa 15%.

Americans going to Canada or Canadians going to America is down I don't know 20-odd percent. All of those things play out.

I tend not to get overly focused on the individual travel corridors. I have lots of people in our organization who spend an infinite amount of time looking at these travel corridors, but when we roll them all up to a business that's up at 6 billion, there are winners and losers, and we end up with more winners than losers.

That's why we continue to outperform the market. The second thing I'll touch on, which again I think was implicit in your question, and I didn't call it out, even though it was written down in the deck somewhere that the macro events do impact us, but they impact us for a very short period because unless you're into a global issue, if the markets are growing at say the underlying GDP growth is 2% for example and it goes to 1.5%, it has an outsized influence on businesses that are directly correlated to the underlying growth rate of their individual market.

We're not in that state. I called out in August that for the two-week period when Israel bombed Iran, all markets went backwards, and we still delivered 22% TTV growth and 18% bookings growth.

At a transactional level, we had massive cancellations during that period that exceeded created bookings, and we still delivered 18% bookings over the half. We had a phenomenal first seven weeks, which we called out, that was significantly impacted.

We've recovered nicely into the second half of FY 2026. Giving you more color is not going to help you is the short answer.

It's in the aggregate. Does our business continue to grow faster than the market?

Tick. Where is it coming from?

We've given you all of the regions. Within each of those regions, there's still winners and losers.

There's still customers that win and lose. There's still geographies that win and lose.

That's just the nature of having a global business in which we sell in more than 100 countries, and we sell to thousands of endpoints, and we sell thousands of destinations.

Thanks, guys. That is actually very helpful just to kind of get an understanding of that diversification.

I might just jump back in line and appreciate some of your commentary. Thanks.

Thanks, Sam.

Hi, guys. Just two questions from me, if possible, please.

John, just the first one around the directly contracted hotel strategy. Can you give us a sense in terms of how far progressed you are with the hiring?

Do you still need to put on incremental heads? In terms of getting full momentum as contracted hotels, where are we currently, and when would we expect to see full momentum?

Is that kind of first half of '27 or second half of '26?

Thanks, Tim. Look, we have depending on how you count it, we have circa a quarter of our employees involved somehow in getting inventory onto the system through contracts or through negotiating contracts or through loading contracts through the myriad of solutions that we provide all of our partners to get those contracts for sale at any point in time.

What I've called out at the end of last year's financial results is, well, I'll call it out here, we are well over 60% directly contracted in all regions except the Americas. What we are doing is addressing that specifically in the Americas.

In aggregate, we're over 50% directly contracted, but we're under 50% in the Americas. We want to lift the Americas closer to what we're doing in the other three regions.

There are some unique elements of that which suggest that if we got to 50%, that would be an optimal structure for us. I don't think it'll get to the circa two-thirds that we do in some of the other regions for the large domestic market that we're servicing in America and the broad geographic spread of that.

It just becomes inefficient to add more contractors. Our focus beyond our existing circa 500 people is adding contracting in America.

We expect that it will start to improve our overall margins and the surfaceability of that inventory in FY

2027. Great.

Thanks, John. Then just the second question was a bit of a follow-on from Sam's and for Tony.

Tony, just thinking about that seasonal skew, you mentioned less pronounced than before. If you backsolve the guidance that you guys put out previously, it kind of implied a 20 to 60 basis points half-on-half seasonal tailwind in the second half.

You're saying that there will still be a seasonal tailwind, but less pronounced than previously expected, or there is no seasonal tailwind?

Correct. Less pronounced than Tim.

As I said, you can do the math to back solve to 6.5. It is less pronounced than what we anticipated because of the portfolio growth in the business and the way it has.

Got it. Okay.

Thanks, guys.

Thanks, Tim.

Morning, John, Tony. Just the first one for me.

Just in terms of sort of the three pillars of growth, as you look forward, it's been pretty consistent in terms of the composition. Do you envisage the composition changing much moving forward?

I was interested in the comment around the chain strategy that you talked to over the next two to three years. Is that more opportunity around conversion, or is that going to provide new supply in markets around the world?

Look, customers, we're slowing down in the rate of new, substantial customers that can be added. That is slowing down, but supply is actually increasing not only for the direct customer conversation we had with regard to the incremental investment that we are making, but, in particular, to some of the larger chain hotels in getting greater access to the various rate plans that those hotels have on offer.

It's not unusual for a hotel to have 20 rate plans depending on your geography, the channel, the period, the season, etc. We're getting as we become more relevant and more deeply entrenched as a reliable supply partner with those partners, we're getting access to more rate plans.

We see supply continuing to grow, customers at a more moderate level, and the consequence of that will be that our conversion rate will continue to grow. If I was to take a prediction, 3 to 4 years out, the conversion factor would still be at least three times the underlying new customer new supply mix because the data analytics that our business now has is remarkable compared to where we were two to three years ago.

The sophistication of our conversations with our distribution partners and our supply partners is predicated on that data. We're not just saying, "Give us a deal, we're good guys."

We're saying, "This is what we can do for you. This is how we will do it, and this is the benefit that you will get."

That's why the conversion number ultimately continue to outperform the other two metrics.

This is a lot of that work you did around the consolidation of the tech stack, right, when you sort of put them, Sunhotels, the Dida, WebBeds, you're giving your clients, or your supply partners confidence around your pricing deck, which is what's then allowing you get the exclusives, build a bit of that moat, if you like, and then you can then sell onto your customers? Is that fair?

Correct. Correct.

Yeah. In terms of the competitive pressures you're seeing out there, it doesn't seem like there's any escalation in the competitive threat out there.

There's chatter previously that some of the bigger global OTAs might be trying to push into your space, but it doesn't really seem like there's much evidence of them having any impact at all based on the strength of these numbers. Is that fair?

The way I can put your mind at rest, Ben, is that our sales to the largest global OTAs is greater than our underlying bookings growth of 18%.

Fantastic. That's really helpful.

Thanks, guys. Appreciate it.

Thanks, Ben.

Morning, guys. Just a question sort of extending on that idea around the contracted increase, if you like, with the business development that you're putting in.

When you think about the impact to the business, does it have a greater impact on your revenue margin or on your TTV growth?

Thank you for the question, Andrew. I'll take a step back and say, let's just do a simple math.

This is a hypothetical example. Last year we're doing and it's I'll say completely hypothetical, don't take it literally.

Last year we did 5 billion of TTV. Let's say we did 50% directly contracted that 5 billion.

We go back to our hotel partners and say, "We're selling you at a rate of 2.5 billion, and we're selling you from other people at 2.5 billion." Then I go to this year, and we're six run rate of 6 billion.

We're selling, let's say, 60%. Again, it's hypothetical.

I'm not suggesting the delta is that great. Just the math works easier in my mind.

We deliver 3.6 billion of directly contracted hotels and only 2.4 of third party. Our 2.5 has gone to 3.6.

Our hotel partners see that, and then they're going, "Shit, these guys are delivering." Then our guys go, "Of course we are.

We always told you we would." It's only the investment analysts who didn't believe that we would deliver.

The rest of us, we believed we would deliver. How do we continue to show that we're a great partner and we can get you sales from around the world?

Then, as I said, go back to the previous question, what's the data analytics tools that we have that we arm our guys with? It gives them insights into where they're performing against their peers, where they're not performing against their peers, where their price is too high, where their price is too low.

We're having that conversation. When you have that conversation, getting access to inventory is a hell of a lot easier because, one, you're demonstrably better than you were a year ago.

Two, you're giving them insights that they don't have. At the end of the day, a hotelier has an OTA as a booking engine to compare themselves, but doesn't have the demand pattern that we do.

We can show them, "Yeah, this is why you're $10 more expensive here, but it's costing you 10 basis points of occupancy, or you're $10 cheaper, you can go up $9 and still get the same occupancy that you're getting," etc. They're the conversations that we have, which are very different to the conversations we had when we just went in there and said, "We promise to do good by you by selling your stuff."

Thank you. Then just a clarification on the first the second half '26 trading update, just want to make sure that that's you report that the numbers that you provided there are in your reporting currency rather than the functional currency.

Correct. Aussie dollars.

Thank you.

Thanks, Andrew.

Hey, guys. Thanks for the questions.

Appreciate your comments before about the consumer AI tools and, I guess, downplaying the threat. Is there an opportunity for you guys to go maybe, for lack of a better term, B2B to C kind of via partnering with these AI companies like Google and supplying them with inventory?

I'll answer it that, over the course of the last two years, in particular, as we're seeing this coming down the pipe, we have had many many conversations about how we would take advantage of this and how we think we can mitigate the risk to our business. We have no confirmed plans about B2B to C, but it's certainly something that we focus on internally of how do we maximize the growth rate of our business.

Having a business like that potentially gets you there. I'm not saying we're going to do it, but it's one of the ones and there are a myriad of others, Wei-Weng, that we're also considering, but there are other opportunities as well that are in our consideration set as well.

Okay. No, thanks.

Thanks. Then, I guess, speaking about opportunities, your name is Web Travel Group, but in terms of operating businesses, you're still a group of one.

I guess, what's the thinking in terms of building out more operating pillars? What are some of the organic opportunities you're looking into, and maybe some of the inorganic options that might be available?

I just came from a board meeting yesterday where we perhaps made a more derisory comment about Web Travel Group versus WebBeds as the naming convention. We're still ambitious to be a travel group.

We spent a little bit of time in the presentation talking about liquidity, and we spent a little bit of time talking about the fragmented nature of the industry. All of those things remain relevant to our thinking about what we do on an inorganic side.

On the organic side, you touched on it with your question, are there other adjacencies to what we do, white labels, B2B to C, etc.? How do they fit into the strategy?

They're all things that we are currently contemplating.

Yeah. Cool.

Cool. Then just last question from me.

I guess noting the comments about the business being increasingly Northern Hemisphere based and the challenges of managing out of Australia, do you have a preference for where your next CFO is going to be based, balancing, I guess, management considerations with the fact that you've got a predominantly Australian investor base?

The new CFO will be based in Australia.

Yeah. Okay.

Cool. Thanks.

Hi, John. Hi, Tony.

Two questions from me. With a part of some of the concerns related to Google's agentic AI push into travel is increasing direct bookings to hotels and away from some of your customers like OTAs, what do you think about this assessment?

Abe, you're a little bit muted. If the question was, are they going to be using OTAs more or less than currently?

Using OTAs less, given Google's going to partner with some of the hotel chains and hotel partners.

That will be dilutive to everybody if they do that, clearly. That would be an outcome that would be suboptimal to getting the overall results because the whole thing about what they're trying to do is they are the most sophisticated metasearch in the world and the most sophisticated results-delivered agent in the world, focus around your needs.

You're not going to be just serving up chain hotels, you're going to be serving up everything. If it is chains that they go through and chains bypass OTAs, yep, that will be a potential downside risk.

I would hazard to guess that if we looked at what our performance would be in circa 3 years after this is launched, and let's pretend there's been a 10% dislocation to this market, 20%, pick a number, doesn't really matter, it's all conjecture at this point, pick a number, 20% improvement this channel becomes 20% of the overall market, it would be a net contributor to Web Travel Group's business.

Understood.

Let me give you just one one bit of color just so to put your minds at rest about why this is a threat, don't get me wrong, but it needs to be put into the context of what the threat actually is. Go to a market like Italy, massive destination for many people as an inbound market.

I don't know the number off the top of my head, but I think it's circa 80 or 90 million tourists go to Italy a year. In Italy, they have 94% independent hotels.

As we've said previously, when we set this business up more than 10 years ago, we said we would be the distribution arm for independent hotels. That would be one of the strengths of our business.

Still remains one of our strengths, notwithstanding chain hotels. Chain hotels are massively important.

They're our biggest supply partner and, increasingly, a bigger supply partner. I don't have the time on this call to explain it to you, but if you go through the travel ecosystem and the legacy technology that sits within that travel ecosystem, you will know that there is nobody who ever can do everything for all people, whether you're an agentic [OTA?]

, AI, or not. Just from a fundamental element of having a PMS, they are so old and clunky.

Putting booking engines on them has improved their direct conversion, but they still have significantly more supply from third-party distribution as a hotel chain than they do from direct, and that's after 20 years of trying. That's inevitable.

Yep.

Very helpful. I suppose your comment earlier around the average booking window compression by 5%, is that a function of your booking mix or customer booking trends?

It's impossible for me to answer that with any certainty. All I can tell you is what's happened.

It's a little bit like someone, yeah, usually on one of these calls, someone will say, "Who are you winning share from?" How do I know?

I just know we are. I just know it is.

I'm not sure why it's happening. It might be geographic mix, but it's happening in three regions out of four, it's just unusual.

That's all I point out. It's just been a lot of shorter booking window, last-minute bookings are less, length of stays moderately down, etc.

Yep. Got it.

Last one from me, just quickly on Come on, guys.

You've outplayed your hands. You're up to double-digit questions, Wei-Weng.

Was Abe? Sorry, Abe.

Abe. Apologies, Abe.

That's okay.

I apologize to you, or I apologize to Wei-Weng. Oh,

he's a good analyst. Lastly, that 23% year-on-year TTV growth year to date in the second half, do you mind providing a regional breakdown?

No. No.

We've given you the first half. All four regions are up.

They're not massively different to where they were, so that's where we're at.

No worries. Thanks, John.

Thanks, Tony.

Thanks, Abe. Thanks.

Good morning, guys. Thanks for taking the questions.

Just a quick one on the EBITDA margin target in '27, guiding to around that 50% range. I guess, can you maybe just talk to the key swing factors on how you're balancing that just noting obviously given the 44 to 47% range for FY 2026?

Just trying to understand the specific target around 50 and how you're thinking about it. Thank you.

Yeah. We're seeing revenue growth faster than expenses.

It doesn't require big tick to go from somewhere between 44 and 47 to get to 50, it's not a stretch target in that sense. If we kept the revenue margin consistent and added the expected TTV increase and we still had low single-digit expenses, it gets us there.

They're the sort of guardrails for you to think about.

Yeah. Thanks.

Just noting you talked to potential impacts on macro events that have occurred over the last 6 to 12 months, can you maybe just talk to what percentage of bookings in the different regions domestic versus international, whether you can give that by the major regions? Because, obviously, lots of people look for softer Australia into US international travel, but the US is a pretty domestic market.

Just can't understand if you can give us some color on how we should think about that looking at future events that may come our way. Thanks, guys.

There's always a sense of bemusement when I see some travel-related data being announced publicly, and all the travel stocks fall in unison in relation to it. In particular, in our case, less than 2% of our TTV is Australia.

In the game earlier, swings and roundabouts, if the entire Australian market was eliminated for some reason, we would have grown at 20% instead of 22%. As I said, just I chuckle when I see investor response to news that's not relevant to what's happening to us as a global business.

To go to it, I'll just explain it as I have historically, our biggest domestic market is clearly the US. In most of our other markets, the domestic component is substantially less than half.

What our sweet spot is is intraregional travel: Asians going to Asia, Americas going to America, Europeans going to Europe, Middle East going to the Middle East. That's where the vast majority of what we tap into, which is, as you'd expect, it's more frequent travel, it's short-haul travel.

It's not your once-a-year Aussies going to Europe or going to New York and doing that. That's obviously part of our business, but it's not the main part of our business because that's, yeah, you're once in a multigeneration trip.

Our efforts are people going for three nights from Italy to Switzerland, as is going six nights from Paris to Mallorca. There's a myriad of combinations, and we have a dashboard that goes through them, and we look at them, the ups and the downs.

In the end, overall, the vast majority of our business is what we consider short-haul international travel, less than 6 hours. Most of it's around 3 hours flight time and you see what our average booking value is.

All right. Have we lost everyone?

Hey, John. Hey, team.

Thank you for taking my questions on behalf of John O'Shea. Just two very quickly from me.

Firstly, on the revenue margin, noting that 6.5% now seems to be going longer than the initial 18 months or three reporting periods, can you just give us a little bit of color around the factors at play there that has made that continue into your expectations for FY 2027?

I won't go through all the things I've said previously, Patrick, other than we have seen and will continue to see a noticeable shift towards directly contracted hotels operating at higher margins. We continue to focus on geographic expansion, but it's sort of offset by some of the channel expansion, which gives us greater confidence in our ability to maintain that beyond into the next three reporting periods.

That's the major reason. I've covered off that a few times already.

That's the key driver, Patrick.

Thank you. Then very quickly just on your EBITDA guidance and the more pronounced 1H skew, is this something we should expect going forward?

More pronounced in what sense? The EBITDA number or the growth number?

Skewed to 1H.

What's skewed? Sorry, I don't understand.

Oh, look, I think, Patrick, we've always had a skew to the first half. If you look at our reporting over the last seven years, that's why we changed our year-end from 30 June to 31 March to capture in the first half ending September the contribution of the higher TTV that we get from Europe, which continues to be the trend in this reporting period.

Thank you.

Thank you, Patrick.

John, in terms of future-proofing the business to sustain growth, is it possible for cost growth to stay elevated in that high single-digit regions for the next couple of years?

I wouldn't say that would be elevated if we're growing revenue at a multiple of it. While our public commentary is around things that investors can latch on to, $10 billion TTV, 6.5% take rate, 50% EBITDA margin, our internal focus is on growing revenues at a rate faster than expenses with the exception of the markets in which we invest.

We've called it out in the presentation and in Q&A about our investment in North American contracting. If you strip that out and strip out the things that we are doing to maintain our overall competitiveness, our expense growth rate is barely above CPI.

Yeah. Thanks, John.

I wasn't suggesting that that's actually a bad thing to grow your cost if it means, as you say, future-proofing the business to sustain the current growth rate.

Yes. Look, the journey is an incredible journey that WebBeds as a business has been on.

You just need to go to slide nine to see that. Over that journey, we've done things to enable us to continue to grow at the rate that we have.

Whether it's building out specific tech for an individual region, building out analytics tools to support our sales initiative, building out efficiency tools to get better imaging, get better rates into the system faster, etc., we will continue to do that. We're not playing this game so that we can eke out system growth and defend our share.

We are a disruptor in the overall industry. Our growth rate reflects that.

We have a clear vision about the value we add and how we can accentuate the difference between our competitors, and we've clearly demonstrated that over the last 15 year or 13 years. There's no reason to suggest that that run rate expires over the course of the next 2 to 3 years.

There are lots of things for us to do, and we know what they are. All right.

Thanks, John. Can't be clearer than 10 billion, thanks, John.

Thanks.

Thank you, Harmony, and thank you to everyone who asked the questions. I'll just summarize that to all of our employees who have delivered this result, I'd like to give them a heartfelt thank you for their contribution to everything that we've been able to do in this year.

We continue to have a highly engaged workforce, and none of this would be possible without them. I'm delighted that they continue to provide the bulwark of what we need to enable us to continue being the market leaders.

With that, I'll say, as I've said in the forward-looking statements, we've had a really strong first half. We will have an even stronger second half.

With that, thank you very much.