Australia & New Zealand Banking Group Ltd Capital Notes 2021- Floating Rate Man.Conv without fixed Maturity

Good morning everyone. I'm Kylie Bundrock, ANZ's Group General Manager, Investor Relations and M&A. Thank you for joining us for the presentation of our first half 2026 financial results, which are being presented from ANZ's offices in Melbourne and stand on the lands of the Wurundjeri people. On behalf of the ANZ team, I pay my respects to Elders past and present, and also send my respects to any Aboriginal and Torres Strait Islander people joining us for today's presentation. Our results materials were lodged this morning with the ASX and are also available on the ANZ website in the Shareholder Centre. A replay of this results presentation session, including Q&A, will be available on our website shortly after this session concludes. The results presentation materials and the presentation being broadcast today contain forward-looking statements or opinions. And in that regard, I'll draw your attention to the disclaimer in the front of the results slide pack. Our CEO, Nuno Matos, and CFO, Farhan Faruqi, will present for around 45 minutes, after which I'll go over the procedure for Q&A before moving to questions. Ahead of that, a reminder that if you would like to ask questions, you can only do that via the phone. And so over to you, Nuno.

Thanks, Kylie. Good morning, everyone. Thank you for joining us. It's almost a year since I joined ANZ as CEO, and this has been a period of significant change for our bank. During this time, we launched a refreshed strategy, ANZ 2030, including the definition of our strategic pillars and initiatives, clear guidance of our major financial metrics, and we outlined our five immediate priorities. In parallel, we made good progress in clarifying our dividend outlook as well as strengthening our capital position and increasing our collective provisions and coverage ratio. These changes have resulted in better managed, more sustainable business which is delivering stronger financial results. While we are early in our transformation, we are already more focused on our customers simpler, more resilient, and have materially improved value for our shareholders. Before turning to performance, I will take a moment to reflect on the external environment. As Australia's most international bank, we have a front-row seat to global developments. The real impact of this crisis remains ahead of us, with the physical flow of critical commodities from the Middle East being key. While we have made a small downward adjustment to our global GDP forecast, at this stage, we'll still see the global economy growing at around 3.2% this year. In Australia, consumer and business confidence is materially weaker. However, spending and business conditions have only impacted modestly so far, and employment growth is stable. This supports our central expectation that Australia will avoid a recession. Although the situation is extremely dynamic and we are prepared for a range of outcomes. The longer the flow of oil is constrained, the greater the chance the crisis shifts from being primarily an inflation challenge to more of a supply and growth challenge with greater economic impact. Turning to our customers. Generally, corporates have been taking prudent steps by shoring up liquidity, prioritizing optionality in their treasury management, and perhaps, most importantly, improving supply chain resilience. For large corporates in sectors which are most impacted, such as transport, energy, and construction, we are starting to see an increase in working capital needs, reflecting higher input costs, longer shipping routes, and buffers for future disruptions. Unlike other recent disruptions, capital markets have remained open, reducing the need for customers to slowly draw on bank lending lines. While our business banking customers in Australia and New Zealand generally enter this period well-prepared, for smaller businesses, particularly in the impacted sectors, higher operating costs are placing pressure on margins and cash flow. We are supporting our business customers through this time, including by offering zero interest loans through the Australian government's one billion economic resilience program, where we are already seeing strong demands. Turning to our retail customers, households in both Australia and New Zealand entered this period with high saving buffers, and we have not seen any material increase in hardship applications. However, In recent weeks, consumers have needed to sharply increase spending on transport, leaving them with less discretionary spending. We will continue to monitor emerging pressures and support our customers with appropriate assistance. The impact of the current crisis on ANZ's credit, capital and liquidity position has been minimal as of today. Our business is strong and structured to allow us to adapt to periods of uncertainty. First, we have very limited direct exposure to the Middle East at less than 0.5% of our total group exposure, and we are focused on high-quality investment-grade counterparties. Second, we have a strong balance sheet and continue to have good access to funding markets with limited increases in funding costs. As one of the world's most highly rated banks, we remain an attractive destination for global debt investors and depositors. And third, we are seeing the benefits of actions taken to transform the profile of ANZ's portfolio over the last decades. This includes prioritizing capital-wide flow business over lending, while 83% of our wholesale portfolio is investment-grade, as reflected in our continuing low loss rates. That said, the situation is dynamic, and the longer it continues, the greater the impact. Reflecting this raised risk in the external environment, we have taken a collective provision charge of $126 million this half, with our provision coverage ratio up four basis points to 1.22%, in the half, and up nine basis points since March 2025. Now, turning to our performance for the half. Our return on tangible equity was 11.6%, an improvement of 161 basis points. In parallel, our balance sheet and capital positions remained strong, with common equity T1 at 12.39% at the end of March, having improved 36 basis points from September. We proposed an interim dividend of 83 cents per share and increased the franking rate to 75% from 70%, reflecting our improved performance in the Australian geography. Our capital levels are appropriate. As a result, we will not apply a discount to the dividend reinvestment plan for the interim dividend, which will now be neutralized. When we launched the ANZ 2030 strategy last October, we were clear that this is a two-phase strategy. The first phase, across FY26 and FY27, it's about delivering on immediate priorities at pace in order to get the basics right, including a substantial improvement in productivity and initial investment for growth. In the second phase, beyond FY27, we will realize the benefits of those strong foundations to drive out performance. In each phase, we expect to improve returns and deliver value. We are now a quarter of the way through the first stage and already showing tangible progress. We are also investing in capabilities now to execute the second phase, which will differentiate ANZ from our peers was significantly improving our customer experience and the strength of our human and digital channels. As I said, at our Strategy Day, we had five immediate priorities and we committed to regular updates on our progress. First, our new leadership team and our culture reset. Last year, we announced four new executives who are now firmly embedded in their new roles. Most recently, we appointed Tammy Mathert as the group executive business and private bank. And just last week, we took another important step, launching our new corporate values aligned to our purpose and our strategy. These values are not a slogan or catchphrase. They are action-oriented values which will guide our people to deliver best outcomes for our customers and shareholders safely and consistently and at pace. At Strategy Day, we committed to a safe and secure migration of Suncorp Bank customers to ANZ by June 2027. This program of work was reset in October 2025. At the end of March, we have delivered 34% of this program and our plan is to get to 57% by the end of this financial year. we remain on track to complete the migration by June 27. During the half, we strengthened the program operating model to support timely decision-making and delivery with clearer accountabilities and enhanced executive oversight. We also made progress building and testing the product solutions required for the integration, as well as the core data solution and new end-to-end testing environments. Through this process, we will meet all of our federal and Queensland government commitments. At Strategy Day, we also committed to delivering a single customer front-end by September 2027. Again, this program of work was reset in October 2025. By March, we completed 13% of all this work and expect to have completed 45% by the end of this financial year. We remain on track for full delivery by September 27. Once complete, we'll serve individuals and small business customers with a single ANZ digital platform and brands. This will bring together the ANZ Plus experience with the broader products and functionality of ANZ's existing retail and business platforms. We have made significant progress on our fourth immediate priority, simplifying the bank and reducing duplication. We reduced costs by 9% half on half, excluding significant items. And as a result, our cost to income ratio reduced to 49.4% down from 54.6% in the previous half. When launching the strategy, we said we expected the impact of this initial productivity improvements to yield pre-tax gross cost savings of around 800 million in FY26. We have realized 49% of the identified productivity savings and we are on track to deliver in excess of this in the full year. Farham will provide more detail. By the end of April, 78% of our announced 3,500 employee exits have occurred, as rarely as more than 1,000 managed services consultant departures. Fifth, we are making good progress on our non-financial risk management uplift and remain on track to deliver our root cause remediation plan approved by APRA last September. This is a comprehensive framework that details the activities of our enterprise-wide tax program standing for People, Accountability, Customers and Trust. Today, we have released the second report by Promontory, the independent reviewer appointed to access this progress and a regular report to APRA and the Board on the execution of the RCRP. All reports are and will continue to be available in full on our website. We are now through the setup phase of the PAC program and on track to largely complete the design phase this year. Last September, we also announced that ANZ had established an Analystic Matters Resolution program within our city retail and markets to deliver improvements across a number of areas. This work is progressing and constructive engagement with our regulators on these important matters continues. I will now turn to the strategic initiatives across our divisions with a focus on the customer-first pillar. This includes progress in laying the foundations for the second phase of our strategy to accelerate growth and outperform the market beyond 2027. In Australia Retail, excluding Suncorp Bank, we have 6.5 million customers and 11.6 of the market viewers as their main financial institution. Our strategic NPS was stable at 2.9 and we remain an uncomfortable number four of the majors. Total deposits grew 2% with 1% growth in transact and save. Home lending grew 1% at 0.36 times system in the half. Having improved service and assessment levels in our home loan business, we increased momentum throughout the half to 0.85 times system in March. We expect to be around system or at system in April and in the second half. This will be further supported by us having joined the first home buyers guarantee scheme. Under our ANZ 2030 customer first strategy, we are laying foundations for growth through different set of propositions for attractive customer segments, including migrants and mass affluent, strength and property origination, and elevated channel experience. Early progress on our customer proposition enhancements includes enabling New Zealand customers relocating to Australia to open accounts before arrival and launching competitive digital international money transfers to meet core migrant and affluent needs. Alongside this, we are upgrading our physical and digital channels, including the delivery of the single customer front-end in 2027, the ongoing modernization of our call center platform and ATM fleet, and a branch refresh across our network. In our business and private bank, which has 580,000 customers, excluding SEMCORP, MFI share was steady at 16.4%. Business banks save and transact deposits and lending grew by 2%, with lending continuing to lock the markets. NPS for the division was down to minus 0.4%, again an uncomfortable fourth position. Our transformation is focused on improving customer experience and accelerating growth. In contrast, the private bank is performing quite well. Deposits increased by 6%, investment funds under management were up 8%, and lending rose 17%. We were recognized with four awards by Euromoney, including Australia's Best Private Bank. Under our NZ 2030 strategy, the transformation of the business bank will be driven by building a frontline that matches our ambition in size and quality and ensuring we have the right platform for the right customers while leveraging our strong private bank foundations. In short, our ambition is to have more business bankers who are highly skilled with better tools. In this regard, on the frontline, our initial focus is on upskilling our business bankers with our upgraded Banker Academy ready for its first major intake. In this half, we have equipped them with better tools, having launched adjuncting AI-enabled capabilities in our CRM. With the right foundations in place, we remain committed to increasing business bankers by close to 50% by 2030. On platforms, We are accelerating the delivery of the single customer front end for small business customers. And for our larger business bank customers, we are releasing a new set of improvements to Transactive Global to make it simple and more agile for this segment. For private bank, we simply completed a strategic review of our products, services, people, and platforms, and we are moving forward in accelerating this business. Suncorp Bank NPS and MFI continue to perform well with a stable customer base of 1.26 million. We look forward to bringing these customers into the ANZ franchise by June 27, delivering benefits of scale and experience to both our customers and our shareholders. Our institutional business continued to deliver strong and consistent earnings, with two highlights. 8% growth in operational deposits, and 8% growth in market revenues, both effects adjusted half on half. Our institutional business is relationship-led with a unique international network and unified digital platform. We have a clear strategy focused on transaction banking services delivered through market-leading platforms, a capitalized profile, and targeted and target customer acquisition. We are seeing the benefits of this strategy. Around a quarter of our strong operational deposit growth has been driven by new clients across target sectors, including financial institutions. Our customers benefited from our continued improvements to our transactive global platform, as well as data and insights from our markets platforms, which is helping them manage risk during a period of financial market volatility. In institutional, we have been clear that we focus on supporting our customers in lending in the context of a holistic relationship while balancing risks and returns. Finally, we recently announced an agreement to acquire Worldline's share in our merchant-acquirements joint venture, moving us to full ownership. This will allow us to regain control of the merchant-customer relationship and ensure it is consistent with our strategy to be a living payments and transaction bank. In New Zealand, ANZ remains the largest bank with 2.7 million personal and business banking customers. Refreshed customer propositions helped increase personal and business MFI share to 33.3% and 31.6% respectively at the end of March. On the other hand, our NPS for both personal and business remains a challenge to be addressed. Save and transact deposits grew in the first half by 4% in line with the market. In New Zealand, we gained share in total deposits and lending across personal and business and agri, with the only exception being home lending. To build on our existing scale, we are re-platforming for the future to bring the customer experience in line with our leadership position, refreshing our customer propositions and investing in business bankers. The re-platforming rollout is well underway, with the successful migration of customer data records to our new model banking platform completed in the first half. Now, before I hand to Farhan, I would like to leave you with three key messages. Our transformation is running at pace and we are making good progress in executing our five immediate priorities safely, sustainably and on time. In parallel, we are investing in line with our AMZ 2030 strategic initiatives to deliver for our customers, accelerate growth and outperform the market beyond 2027. And importantly, we are already delivering materially better returns for shareholders. With that, I will hand over to Farhan. Thank you.

Thank you, Nuno, and good morning to everyone joining us today. We are six months into phase one of our ANZ 2030 strategy, and we have made solid progress this half. As I noted at the end of last half, our focus is on sustainably improving our performance. And that means simplifying our organization to drive more efficient outcomes, maintaining a strong balance sheet and capital position, and improving returns for our investors. We have delivered on each of these with progress across all our key financial metrics. Return on tangible equity increased by 161 basis points to 11.6%. CET1 capital ratio increased by 36 basis points to 12.39%. Cost-to-income ratio improved by 519 basis points to 49.4%. And revenue-to-risk-weight assets increased 15 basis points to 4.88%. Importantly, our performance delivered value for our shareholders, with a total shareholder return of 10.7% in the half. Dividends were maintained at 83 cents per share, and the franking rate increased from 70 to 75%. As a result of our strong capital position at the end of this half, we will now not be undertaking a second discounted DRP, and the interim DRP will be neutralized. In the first half of 26, the group delivered a cash profit after tax of $3.8 billion. Excluding the significant items announced in the prior half, cash profit increased by 14%, and profit before provisions increased 12%, half on half. I want to particularly call out the FX movements, which were more pronounced in this half. As previously reported, we hedged a large portion of our non-Australian dollar earnings, and over this half, these hedges helped offset the adverse FX translation impact. In revenue, we had a negative translation impact of $205 million. and a hedge benefit of $99 million in other operating income. In expenses, we benefited from a positive translation impact of $107 million. Therefore, at a profit before provisions level, the net FX impact was fully neutralized by our hedging strategy. I'll now step through the key drivers of results, starting with revenue. Our half-and-half comments will be based on comparisons, to second half 25 financials excluding significant items. Revenue was flat in the half, however, on a constant currency basis and excluding the hedge benefit, group revenue increased 1%. On this basis, net interest income was broadly flat. Deposit volume growth and margin management were offset by lending revenue. In addition, lending volume growth was softer in the half, particularly in Australia Home Lending and the Business Bank. Other operating income X markets increased by 2% and markets delivered another solid result with revenue growth at 8%. I will talk more to deposits and lending volume as well as markets income shortly. Now moving to margins. Headline margin was one basis point lower in the half while margin X markets was up two basis points reflecting our disciplined approach to margin management. I'll walk through the key factors that impacted NIMS's half. Number one, we continued to optimize deposit pricing, offsetting the impact of rate cuts in offshore markets in the half, delivering an overall flat margin outcome for deposit pricing. Asset and funding mix added two basis points with growth in save and transact deposits, as well as overall deposit growth outpacing lending growth. Three, our replicating portfolios added two basis points, benefiting from higher rates and our decision to modestly lengthen the duration of the portfolio. And four, timing impacts from RBA rate changes, as well as continued Australia home loan pricing competition, drove a three basis point asset pricing reduction in the half. When adjusted for temporary factors, we exited March with group name consistent with the overall first half average of 1.53%. In terms of outlook, we remain disciplined in our execution. Looking forward, we face both tailwinds and headwinds. We anticipate that higher term rates and our house view of further RBA and RBNZ cash rate increases will be supportive to NIM. In particular, a further seven basis points of tailwind to NIM from replicating portfolio earnings is expected over the next 12 to 18 months. However, sustained levels of competition and customers shifting to term deposits as rates increase presents potential margin headwinds. Based on these factors and noting that margin outcomes may vary from quarter to quarter, we see a bias to the upside in NIMX markets in the next half. Moving to the balance sheet. X markets customer deposits grew by 11 billion dollars in the half and the performance was stronger on a constant currency basis with deposits up 20 billion dollars. Volumes grew in all divisions, with the exception of Suncorp Bank, where deposits were broadly flat. Core to our strategy is deepening customer relationships and improving the quality of our deposit base. With this focus, we grew our save and transact deposits by $16 billion on a constant currency basis this half, delivering a positive mixed shift. Operational deposit growth of 8%, on a constant currency basis was a particular highlight in our payments and cash management business. On the same basis, these deposits have grown 28% over the past two years as we continue to prioritize serving the transactional banking needs of our institutional clients. While deposit growth and mix were positive this half, Australia retail deposit growth remained below system and remained the focus as Nuno has highlighted. Turning to lending. On a constant currency basis, customer loans and advances increased by $16 billion in the half, with all divisions contributing to the growth. In Australia, retail home loans grew $5 billion, reflecting below-system housing growth. As Nuno has said, we expect to be at or around system in April and in the second half. Growth across business bank was mixed and below the broader market. This business is in transformation and we are investing to accelerate growth. In New Zealand, business and agri-lending grew at 1.1 times system and home lending grew 0.8 times system in a highly competitive market characterized by a record level of customer switching and migration to lower margin fixed rate lending. In institutional growth, this offers a shorter tenured supply chain trade finance. This was pronounced particularly towards the end of this quarter as customers started to secure their supply chain inventories given the current geopolitical environment. Turning to markets, the business again delivered consistent high-quality earnings with income of $1.1 billion, up 8% this half and up 7% on the prior first half on a constant currency basis. This outcome reflects increased customer activity across key products. FX, rates and commodities income all increased compared with the same period last year. In FX and rates, Customer demand for structured products increased as customers sought to mitigate downside risks in this environment. In commodities, demand for gold underpinned performance this half. These positive contributions were partly offset by lower franchise credit income due to wider credit spreads. Balance sheet revenues also grew, driven by higher liquid asset volumes and improved yields. The result was further supported by geographic diversification, with 72% of market's income generated outside of Australia, providing an important and resilient source of earnings diversification for the group. Looking ahead, our markets business remains well-placed to continue to support our customers as they navigate volatile markets. That said, in periods of extreme volatility in financial markets, customers tend to step back from risk management activity and adopt a wait-and-see approach. This could be a headwind in a prolonged Middle East conflict. Now, turning to expenses. At the full year result last year, we outlined actions to remove duplication and simplify the organization. We delivered a 9% half-and-half reduction in operating expenses and 8% on a constant currency basis. This reflects a substantive shift in how we manage cost and drive operational efficiency across the organization. representing a structural reset of our cost base. Specifically, 78% of the 3,500 FTE reductions have exited the group as of April 30th. More than 1,000 managed service contractors were exited at the start of the financial year. We also optimized third-party spend by consolidating and rationalizing our vendor base, reducing total vendors by 80%. We exited non-core businesses and activities at pace. These exits reduced complexity and lowered costs in the half. Together, these actions are delivering a step change in cost discipline and realizing approximately $392 million of productivity in the first half. Suncorp Bank synergies contributed a further $29 million of first half productivity, primarily from the removal of duplicative project spend. Investment spend overall was lower this half, reflecting both the seasonal phasing of spend and stopping initiatives not aligned with our strategy. We will remain within our full-year investment envelope of approximately $1.5 billion. Our expense rate for investment continues to be a sector leading approximately 80%. At the full-year results, we outlined an expectation that FY26 costs would be down approximately 3%, from the $11.85 billion baseline, which reflects the FY25 cost base adjusted for significant items. Our productivity program is now on track to deliver an estimated $875 million of savings this year, up from our previous target of $800 million. In addition, we expect an FX translation benefit of $210 million this year if FX rates remain consistent with the first half average. As a result of our recent agreement to acquire Worldline shares in the ANZ Worldline Merchant Acquiring Joint Venture, we will consolidate the expense base of the business post regulatory approvals. We remain confident that this expense impact can be absorbed within our overall outlook. Taken together, we are updating our expense outlook. We now expect costs to be down approximately 5% in FY26 from our FY25 cost base adjusted for significant items of $11.85 billion. Let me turn now to portfolio quality. We recorded an individual provision charge for the half of $148 million, including $79 million for our wholesale and small business exposures. This resulted in an annualized individual provision loss rate of four basis points, which has now remained stable for three consecutive halves, and is well below our long-run loss rate of 11 basis points. Our low individual provisions are the product of portfolio de-risking over several years to strengthen our asset quality. We have been monitoring developments in the Middle East where we have limited exposure, less than 0.5% of total group exposure. This exposure is focused on investment-grade government-related entities, central banks, sovereign wealth funds, and sovereign-backed corporates. We believe these customers are well-placed to withstand stress, and we continue to support them. Our institutional portfolio continues to be high-quality, with over 92% of our institutional exposure investment-grade. Importantly, nearly two-thirds of this exposure is to financial institutions and sovereigns, where we've had near zero basis points loss experience since the GFC. For business and private bank, we continue to focus on ensuring strong levels of collateral coverage with 83% of exposure being fully covered by collateral and a loss rate of 13 basis points in the half down from 20 basis points in the second half, 25. Our Australian mortgage customers' delinquencies decreased 3 basis points in the half to 83 basis points and our mortgage customers continue to show resilience with 88% of accounts ahead on repayments. and approximately 70% of our customers holding savings buffers of three months or more. Similarly, our New Zealand mortgage portfolio delinquencies decreased by six basis points and a half down to 80 basis points. Now, while we have not seen a material increase in customer requests for hardship relief, we are very conscious of the stress from higher interest rates and cost of living pressures. We are closely monitoring and providing support for our customers against this evolving macroeconomic backdrop. Now, moving to collective provisions, where we considered the Middle East conflict and took a balanced view at the end of March. Transmission to the broader economy is still at an early stage, and our portfolio is strong, but there are clearly risks to both the domestic and global economies, especially if the conflict is not resolved in the near term. We have reflected this view by increasing the weighting to our severe scenario by 2.5%. This increased our collective provision charge by $175 million. Over the half, we also made adjustments to our overlays, and together with portfolio growth, credit quality improvements, and model changes, our resultant collective provision charge for the half was $126 million. Overall, the collective provision balance has increased to $4.45 billion, lifting coverage by four basis points to 1.22% of credit risk-rated assets. This new collective provision balance represents a post-COVID high in coverage levels. With the collective provision balance now around $2.5 billion above our base case scenario and $65 million above our downside scenario. In reviewing the adequacy of our settings, we also considered, one, our scenario rates are now skewed 52.5% to our two downside scenarios reflecting the current volatile geopolitical environment. Two, existing collective provision balance levels cover 13 times the individual provision losses taken in FY25 and 20 times based on the average of individual provision losses taken since FY23. This is well above peers. Three, the continued resilience of our high-quality onshore and offshore portfolios as evident by consistently low individual provision loss rates. Overall, these settings reflect an appropriate approach, and we will continue to actively review our provision balance as conditions evolve. Now, turning to capital, as I noted earlier, we have taken decisive action to strengthen our capital position, and this is reflected in our CET1 ratio increasing to 12.39% as of March. The dividend remains stable at 83 cents per share, and franking increases from 70 to 75%. This higher ranking reflects the improving performance of the Australian geography. At FY25 results, we had announced the potential to discount the first half 26 interim dividend subject to our capital position and needs at the time. As I mentioned, this discount will now not occur and the DRP will be neutralized. This is reflective of our improved capital position, including the benefit of higher participation in the full year 25 discounted DRP, and clarity on the direction of the RBNZ capital changes. It is also our intention to continue to neutralize future DRPs. With a stable dividend and improving profit, the payout ratio has reduced to 66% and is now broadly in our target range of 60-65%. Our payout ratio at this level retains capital for the underlying growth capacity to deliver on our ANZ 2030 strategy. We welcome the announcements in recent months from both the RBI and Zed and APRA regarding capital settings and capital reviews and agree that these will encourage better capital management and importantly, better alignment between risk settings and capital allocation. Notwithstanding some of the recent volatility in the markets and a modest increase in funding costs, we have continued to have good access to funding markets and a strong liquidity position. Key funding and liquidity metrics remain well above regulatory minimums. However, uncertainty is heightened, and this is an area we will continue to monitor closely. In closing, I wanted to reiterate the financial targets we have set for ourselves, including the upward revision to our productivity target for FY26. Phase 1 is progressing as intended, and the delivery is now evident in the numbers. Improved returns, higher efficiency, and strong balance sheet settings while continuing to invest in the franchise. As conditions evolve, including ongoing geopolitical uncertainty, we will continue to actively manage our balance sheet and risk settings and support customers as needed. Our priorities and targets under ANZ 2030 remain very clear. We will continue to report transparently at every result, and we will be held to account on delivery. Thank you, and I'll now pass to Kylie for Q&A.