Brambles Limited

Good morning everyone and thank you for joining our presentation of Bramble's first half results for the 2026 financial year. Today I'll be sharing the highlights of the first half, a detailed look at the operating environment as well as our progress against our strategic priorities. I'll then outline our revised outlook for FY26 before handing over to Joaquin to take you through the financials in more detail. Let's start with our first half performance highlights. Our first half result reflects the resilience we've built into the business and our disciplined execution on factors we can control to drive efficiencies across our operations and improve the customer experience. We achieved sales revenue growth of 2% with strong net new business growth offsetting consumer demand pressures on like for like volumes and pricing recovering cost to serve increases. Underlying profit was up 7%. reflecting meaningful operating leverage driven by supply chain and overhead productivity improvements together with disciplined cost management across the business. Higher earnings and sustained improvements in asset efficiency delivered robust free cash flow before dividends of US$482 million. As a result of this strong cash flow generation, we are pleased to declare an interim dividend of US$0.23 per share up 21% on the prior corresponding period. Our strong financial performance has enabled strategic reinvestments to strengthen our customer and investor value propositions over the long term. Chief among them are enhancements to the customer experience, encompassing platform quality, service reliability and responsiveness. These improvements continue to position us as the partner of choice for existing customers, while supporting considerable new business momentum in all regions. Customers are also benefiting from our ongoing focus on collaboration to drive efficiencies across their supply chains, alongside productivity improvements in our own operations. Together, these initiatives are making our business more agile and ensure we deliver strong value for customers relative to alternative solutions. The FY26 on-market share buyback is on track for US$400 million by the end of June 2026, with US$191 million of shares purchased during the first half of the year. Finally, we are proud of our ambitious 2030 sustainability programme launched in September last year. The programme guides the next phase of our regenerative ambition, building on our success to date while extending our focus on nature and deepening our net positive impact across the value chain. Let's turn now to the key operating dynamics and their impact on our business in the first half. Our operating environment was characterized by moderating rates of inflation and challenging consumer demand conditions across key markets. Inflationary pressures were modest and primarily driven by labor and transport, while fuel prices remained stable. Lumber prices were varied across regions, while the average capital cost of a pallet for the group, excluding mix, was broadly aligned with the first half of FY25. Against this backdrop, our price realisation reflected modest increases in the cost to serve, with inflationary pressures tempered by the efficiencies and benefits we generated across customer supply chains and our own operations in the period. This included benefits from the overhead restructuring programme we announced last year, which positioned us well to manage the impact of the demand headwinds we experienced in the half. Consumer demand remained weak, particularly in the US and Europe, due to ongoing cost of living pressures and increasing labour market uncertainty, with the US further affected by a prolonged government shutdown. As a result, pallet volumes with existing customers declined across both markets in the first half. We also saw lower like-for-like volumes in Australia, as retailers and manufacturers reduced inventory levels in response to normalising consumer demand patterns and stable supply chain dynamics. Importantly, there was no material inventory optimisation in other key markets, where optimisation largely occurred during FY23 and FY24. Despite softer demand from existing customers, our overall volumes were supported by continued success in winning new business, building on the momentum established in the second half of FY25 and reflecting our sustained investment in sales capabilities and a compelling customer value proposition. As automation becomes more prevalent across supply chains, customers are increasingly recognizing the quality, reliability and efficiency benefits Brambles and its platforms can offer in navigating complex operating environments. Broader market dynamics in Whitewood, including price increases and challenges to the availability of quality recycled pallets in the US during the first quarter, also supported new business conversions in the period. From a cost perspective, we continue to see increased costs driven by excess pallets in the US and inventory optimisation in Australia. These included incremental transport costs in both markets, while the US continued to incur storage costs and additional repair activity due to ongoing increases in pallet damage rates. Finally, we ended the period with approximately 4 million excess pallets in the US, in line with levels at the end of FY25, as softer consumer demand conditions and pallet inflows from Latin America meant surplus plant stock was not absorbed as quickly as anticipated for the half. However, we still expect to return to optimal plant stock levels by the end of the first half of FY27. Turning to our brambles of the future strategy and the progress made in the half. Delivering an effortless customer experience remains a core pillar of this strategy, and we are pleased with the ongoing improvements across key customer metrics, including reducing the time for complaints resolution and improving our performance in both the delivery and collection of pallets. This contributed to a nine point gain in our net promoter score against the first half of FY25. which has also been supported by our ongoing investment in pallet quality to help meet the involving requirements across customer and retailer supply chains. Initiatives including incremental repairs, enhanced quality checks and audits, and automated end of line inspections are all helping to ensure quality remains a core part of our customer value proposition. We continue to make steady progress in digital and data to build solutions that ultimately drive efficiency and connection by illuminating supply networks to solve supply chain problems. Our portfolio of digital customer solutions, including proof of delivery, reusable assets optimization and end-to-end fresh, continues to gain momentum as we scale pilot programs and engage additional customers during the first half of FY26. We now have engagements with a wide range of retailers, manufacturers and fresh producers spanning nine countries, including the key markets of the US, the UK, Spain and Australia. Within our own operations, our focus is on building a leaner, more agile circular model that can set new standards in safety, efficiency and resilience, and to do that at scale. This starts with safety, where we delivered meaningful improvement against key measures. Our sustained commitment to a safety-first culture has translated to a lost time injury frequency rate improvement of 38% against the prior corresponding period. At the same time, our supply chain initiatives ranging from procurement, transport and plant network optimization and operational excellence have supported an 80 basis point margin improvements. We have also steadily progressed our plant of the future program, which includes our long term ambition to develop touchless repair capabilities and identify opportunities for the integration of modular technology across our service center network. Finally, we are progressing our regenerative ambition to build supply networks that deliver positive outcomes for the environment, communities and economies. We recognize that in applying regenerative principles to meaningful areas across our operations, we are working at the forefront of sustainability strategies. As a result, our early focus has been on developing a roadmap with stakeholders throughout the business and in collaboration with leading non-government organisations to deliver our 2030 targets. This includes leading-ed metrics and measurement systems that help drive and track our net positive impacts, while ensuring we maintain credibility and the confidence of all stakeholders. Among early achievements of our 2030 programme has been the continued steady progress in decarbonisation, with a 5% reduction in our Scope 1 and 2 emissions, while we lowered Scope 3 emissions by 1%. Our leadership in sustainability continues to be recognised externally. We are proud to have retained CDP's maximum A-list rating for both climate change and forests, while also achieving global top employer certification for the fourth consecutive year. Turning now to an update on our Serialisation Plus programme, which has the potential to deliver significant incremental value across all pillars of our strategy. In Chile, our pilot market for Serialization Plus, the focus remains on delivering value to our customers through the end-to-end visibility of supply chains enabled by our pallets. In the first instance, this is about offering a new effortless service offer that significantly enhances the customer experience by removing the burden of pallet declarations and audits. At the end of the first half, 95% of customers have converted to this effortless service offer, and we remain on track to convert the remaining customers to this model by the end of FY26. At the same time, we continue to systematically explore additional sources of value Serialization Plus can unlock for customers and our business, which I'll address in more detail on the next slide. Operational testing continued in North America and the UK as we seek to optimize the key cost and operational factors that are critical considerations for any future decision to roll out Serialization Plus in these markets. In North America, we continue to build the base read infrastructure across our service center network that underpins the Serialization Plus operating model. During the half, we instrumented an additional 10 service centers and remain on track to have read infrastructure in place to cover two thirds of plan flows by the end of FY26. We also took meaningful strides in reducing the cost of tags in the period. After training 48 different tag types in the half, we reduced tag costs by over 20% with exploration of further optimization opportunities underway. In the UK, we continue to explore the feasibility of lower cost tracking devices. Performance to date has been encouraging, particularly in how these lower cost devices complement the autonomous tracking devices already deployed. Together, these technologies are expected to capture data and insights in a more cost effective manner. Turning to Mexico, we are scaling our continuous diagnostics program by deploying our autonomous tracking devices with full functionality. While the primary benefits from continuous diagnostics is improved asset control and network visibility, we have also been encouraged by our early success in our end-to-end fresh subscription offering. Finally, we are leveraging our smart asset base in North America and Europe to enable new customer propositions. We are encouraged by the positive feedback received to date and look forward to further developing this offering to enhance the customer experience by reducing the administrative burden as well as expanding the lanes we can potentially service. Turning to the value insights from Chile this half. We continue to refine our understanding of value across the Serialization Plus scorecard outlined in August, which is guiding our efforts to prove out the value potential of Serialization Plus. From a customer experience perspective, as we've converted our customers to the effortless service offer, we have seen the number of transactional queries from customers reduced by one third, with the greatest decrease seen in audit related cases. As one of the major friction points in our traditional pooling model, this result gives us comfort about the improved customer value proposition that Serialization Plus enables. On growth, the effortless service offer continues to facilitate new business growth in Chile, with five new customer conversions and two lane expansions in the first half. Particularly pleasing was the fact all seven customers attributed their decision to choose CHAP to the simplicity and benefits of the effortless service offer. For pricing, Serialization Plus continues to identify unauthorized reuse across the supply chain, providing opportunities for us to monetize this in line with the cost to serve. We know that by optimizing the cost to serve, including asset efficiency, we can deliver value for both Brambles and our customers. To advance this, we have released our first version of our Serialization Plus app. The app allows us to interrogate damage rates and cycle time in a visual manner, presenting us with the opportunity to partner with our customers to support asset performance in their supply chains. These insights are also being combined with additional data to identify leakage points across the network to improve asset efficiency. On generating value from supply chain insights, we are looking at our own service network to determine the benefits of being able to identify an individual pallet at additional stages of the integrated repair line, including understanding the additional efficiencies this can create. Secondly, we are trialling the ability to scan pallets at manufacturer sites to assess opportunities to optimise pallet reuse. We aim to further develop these capabilities in the second half to understand the value potential from these areas and other supply chain insights. Finally, I would also like to reiterate that any full market rollout is contingent on achieving the previously communicated hurdle of greater than 15% return on capital invested once the market pool is fully serialized. Let's turn now to our FY26 outlook before I hand over to Joaquin for the financial overview. Based on our performance in the first half and expectations for the balance of the year, we have revised our full year guidance. We have narrowed our expectations for revenue growth to 3-4%, previously 3-5%, and this reflects our view that consumer demand is likely to remain subdued, while also recognising there is uncertainty in how sentiment evolves during the year. Our guidance for underlying profit growth remains unchanged at 8-11%. as the anticipated supply chain and overhead cost efficiencies we expected at the beginning of the year accelerate in the second half, delivering operating leverage despite modest volume growth. We have upgraded our guidance for free cash flow before dividends by US$100 million and now expect free cash flow generation of US$950 million to US$1.1 billion for the full year. This reflects reduced pooling capital expenditure in line with volume growth expectations alongside the re-phasing of the automation and digital investments. We expect total dividends for FY26 to remain in line with Bramble's dividend payout policy range of 50% to 70% of underlying profit. Finally, we remain on track to complete the US$400 million on-market share buyback by the end of FY26. subject to the full range of conditions customary for buybacks. On that I'll hand over to Joaquin to take you through our financial performance in greater detail.

Thanks Graeme and good morning everyone. Before getting into the details I wanted to touch on the key highlights of our first half performance. These were the strong new business momentum across our pallet businesses in the Americas, Europe and Asia Pacific as we continue to convert new customers away from the Whitewood alternatives. Our ongoing commercial discipline that recovered cost to serve increases in the period. The continued focus on supply chain and overhead productivity which delivered strong operating leverage with margins expanding by 1.1 points. and the sustained improvement in the capital intensity of our business, which underpinned the strong free cash flow generation in the first half. Overall, our results highlight the resilience of our business as we continue to deliver on our investor value proposition, despite like-for-like volume softness, with total value created for shareholders of approximately 16%, including EPS growth of 13% and a dividend yield of 3%. Turning now to slide 12 which provides an overview of our first half results. I will focus on our profit after tax and EPS performance here as I will address revenue and underlying profit in the slides that follow. Profit after tax from continuing operations increased 11% ahead of the 7% growth in underlying profit as lower net finance costs and a reduction in the hyperinflation charge more than offset the increase in tax expense during the half. Net finance costs decreased 7%, reflecting strong free cash flow generation that reduced the average balance of floating rate borrowings during the period. Despite a 3% increase in tax expense, our underlying effective tax rate decreased by one percentage point at actual FX rates, primarily due to the reduced impact of the base erosion and anti-abuse tax in the US. EPS growth from continuing operations increased 13% and included a 2 percentage point benefit from the on-market share buyback undertaken during the 2025 calendar year. Finally, our continued capital allocation discipline and focus on driving productivity improvements resulted in ROSI increasing 1.1 percentage points to 24.3%. Moving to slide 13. Group sales revenue increased 2.5% as continued momentum in net new business and ongoing commercial discipline to recover cost-to-serve increases more than offset the impact of weak consumer demand on like-for-like volumes. Price realisation of 2% was primarily driven by price increases to recover inflation, mainly in labour. As you'll see throughout the presentation, price outcomes varied by region, reflecting local inflation and sharing cost-to-serve efficiencies and productivity benefits with customers, as Graeme outlined earlier. Net new business growth increased 2% as the strong rate of new business wins achieved in the fourth quarter of FY25 continued into the first half of FY26. The Americas and European pallets businesses delivered net new business growth of 4% and 2%, respectively, across quarter one and two, providing an encouraging platform as we headed into the second half. Like-for-like volumes declined 2%, reflecting the consumer demand and inventory optimisation dynamics Graeme outlined earlier. Performance across all components of revenue growth was broadly consistent in both quarter one and quarter two. In the second half of 26, like-for-like volumes are expected to benefit from cycling a weaker second-half-25 comparative period. In addition, we expect some improvement in US consumer demand in the remainder of the year, subject to prevailing market conditions. Turning now to slide 14. Underlying profit increased by 7%, including approximately $15 million of one-off restructuring costs. Excluding these costs, underlying profit grew by 9% as sales revenue growth and benefits from supply chain and overhead productivity initiatives offset inflationary pressures and increased investments to enhance the customer experience and progress digital initiatives. Looking at the key drivers of profit growth, sales revenue growth contributed $72 million to profit, while North American surcharge income increased $5 million. in line with prevailing market indices for lumber, transport and fuel. Plants and transport costs collectively increased $19 million as cost savings of $73 million from procurement, transport and plant network optimisation initiatives were more than offset by several cost increases across the group. These included input cost inflation of $53 million and costs associated with higher damage rates in the US, driven by increased asset utilisation in line with improved asset control in the region. In addition, we also saw higher transport activity in the first half as we optimised pallet balances across North America and averaged a longer length of haul in Europe. IPEP increased by $1 million as continued asset control improvements in the Americas were more than offset by higher IPEP expense in Europe in the first half. driven by increased pallet loss rates and a higher first in, first out unit cost of pallets written off. The first half 26 IPEP expense also included a $5 million charge relating to the timing of audits in Europe, with a higher percentage of annual audits conducted in the first half of 26 compared to the first half 25. This is expected to normalise in the second half of the year. Other costs increased $5 million as cost management initiatives were more than offset by a reduction in asset compensations in Europe due to lower losses in compensated channels and increased scrap pallets in the US due to the impact of higher damage rates. The overhead restructuring program was a net expense of approximately $1 million in the half, as $15 million of costs were largely offset by the realised benefits of $14 million. Central transformation costs reduced by $8 million, reflecting the receipt of government research and development incentives relating to our digital program, and the capitalisation of Serialisation Plus equipment in Chile following the successful customer adoption of the ESO. Turning now to margin performance on slide 15. At our FY25 results announcement, we revised our FY28 margin expansion target to 3 percentage points plus, up from 2 points plus compared to the FY24 baseline. As shown on this slide, we continue to make good progress towards this goal, delivering 1.1 percentage points of margin improvement half on half, and we remain on track to deliver our FY28 margin improvement target. Several key drivers contributed to our first half margin performance, which I'll cover now. Supply chain productivity, measured by the group's net plant and transport cost to sales ratio, contributed 0.8 percentage points to the improvement in margin. This was driven by cost savings from procurement, enhanced transport productivity and plant network optimisation initiatives. Overheads and other cost productivity contributed 0.3 percentage points to margin improvement, reflecting the ongoing benefits associated with streamlining operations, improving processes, leveraging technology and reducing discretionary spend. Following a strong contribution to margin expansion in FY25, asset efficiency remained stable this half and did not provide incremental margin benefits. This outcome reflects continued improvements in asset control in the Americas, driven by digital insights and enhanced data analytics, which offset the higher IPEP expense charge in Europe I outlined earlier. Turning to slide 16, you can see the impact of asset efficiency improvements in stabilising the capital intensity of our business, reflected in both the IPEP to sales ratio and the group's pooling capital expenditure to sales ratio. These outcomes demonstrate that the gains we have delivered in asset efficiency are structural in nature. The pooling capital expenditure to sales ratio remained broadly in line with first half 25 at 11.8%, as the increase in pooling capital expenditure due to pallet purchase mix was offset by sales revenue growth. Pallet purchase units remained in line with first half 25, as higher volume growth in first half 25 was largely supported by the utilisation of excess pallets in the US in that period. There was no capital expenditure benefit from excess pallets in first half 26, given excess pallet balances in the US remained in line with the FY25 level. Growth and replacement requirements in the US business in the first half were managed through pallet inflows, primarily from Latin America. While the IPEP to sales ratio remained in line with first half 25 at 2%, it is expected to be approximately 1.6% for the full year, driven by ongoing improvements in asset control and the normalisation of the audit timing impacts in Europe in second half 26. The increase of 0.2 percentage points on the FY25 ratio reflects the impact of higher FIFO unit cost of pallets written off and an increase in uncompensated losses, primarily in the EMEA segment. Moving to our cash flow performance on slide 17. Free cash flow before dividends increased $53 million to $482 million in first half 26. This increase was driven by a combination of higher earnings and lower working capital outflows, primarily due to normal variations in the timing of creditor payments. These benefits were offset by $73 million increase in capital expenditure on a cash basis, mainly reflecting the timing of pallet purchases in the period. A $20 million net increase to finance and tax payments due to earnings growth, partially offset by lower finance payments due to strong free cash flow generation. a $7 million decrease in proceeds from sale of property, plant and equipment due to lower losses in compensated channels, particularly in Europe, and a $3 million net increase in other movements, primarily due to increased spend on intangible assets relating to technology investments to support customer experience, digital and supply chain initiatives. This is partly offset by lower outflows from employee provisions. As outlined on slide 16 on asset efficiency, there is no cash benefit from the utilisation of excess pallets in first half 26. Turning now to slide 18 and looking at segment performance starting with CHEP Americas. The region delivered new business momentum and meaningful margin and ROCE improvements driven by efficiencies across all aspects of the business. Revenue growth of 2% reflected a balanced contribution from price and volume. Price realisation of 1% recovered cost-to-serve increases, while volume growth of 1% was driven by a 4% increase in net new business across all pallet businesses, which more than offset a 3% decline in like-for-like volumes. This decline reflected weak consumer demand in the US and Latin America across most consumer staple sectors, as well as weather-related impacts on the beverage and produce sectors in Mexico. Margins increased 2.1 points as asset efficiency improvements and benefits from supply chain and overhead productivity initiatives more than offset incremental repair costs linked to higher damage rates in the US, increased relocation activity to optimise pallet balances across North America and one-off restructuring costs. These benefits also supported further investments to improve the customer experience. notably quality investments, including enhanced end-of-line quality control and pallet durability, as well as digital investments, including Serialisation Plus. ROSI increased 2.3 points as profit growth more than offset the 2% increase in ACI, with asset efficiency improvements in the region partially offsetting increased pallet purchases in Latin America and investments in automation. Looking now at US pallet revenue on the next slide. The US pallets business delivered revenue growth of 1% supported by volume growth as strong net new business momentum offset consumer demand headwinds to like for like volumes. Price realisation was in line with the cost to serve as price increases to recover inflation, primarily labour, were offset by sharing benefits of better asset control and other cost to serve efficiencies with customers. Net new business volume growth of 4% was driven by enhanced sales capabilities and an improved customer value proposition, as well as favourable market trends including increased automation in customer supply chains and retailer advocacy for pooled pallets. This sustained momentum offset a 3% decline in like-for-like volumes, reflecting weaker consumer demand due to persistent cost of living pressures, together with prolonged US government shutdown in the period and increased labour market uncertainty. We continue to have a strong new business pipeline in this region and expect this rate of net new business growth to continue in second half 26. Turning to Chipamia, while first half margins in Roci were impacted by one-off items and timing, we still expect profit growth and margin expansion for the full year. Revenue increased 2%, driven by 2% price realisation to recover modest inflation. Net new business wins increased 1%, as a 2% growth in European pallets more than offset the impact of a large customer contract loss in the automotive business. Like-for-like volumes decreased 1% due to weak consumer demand in Europe across both pallets and the automotive business. This was partly offset by growth in South Africa and Turkai. Margins declined by 1.6 percentage points as sales growth and supply chain and overhead efficiencies were more than offset by one-off restructuring costs of $5 million, input cost inflation, higher pallet collection activity and a $15 million increase in the Europe IPEP expense. This increase included the $5 million timing impact I mentioned earlier, which is expected to normalise in the second half of the year. The balance of the IPEP increase reflected higher uncompensated losses and increased FIFO unit cost of pallets written off. Return on capital invested decreased 1.9 percentage points, reflecting lower underlying profit and a 2% increase in average capital invested, driven by higher lease costs associated with service centre additions and renewals and investments in service centre automation. Moving to CHEP Asia Pacific on slide 21, where productivity initiatives and commercial discipline supported investments in customer experience and financial returns. Revenue increased 3%, reflecting price realisation of 4% offset by a 1% decline in volumes. Volume performance was driven by a 3% decline in like-for-like volumes, reflecting a lower average number of pallets on hire due to inventory optimisation at retailers and manufacturers in Australia, as well as weaker consumer demand in New Zealand impacting RPC volumes. This was partly offset by contract wins across the pallets and RPC businesses. Underlying profit margin improved by 0.9 percentage points, reflecting operational efficiencies, including supply chain and overhead productivity initiatives. These benefits were partly offset by inflation, investments to improve customer service and quality, as well as increased repair, handling and relocation costs associated with higher pallet returns due to inventory optimisation. ROSI increased 2.2 percentage points, reflecting profit growth and a 1% decrease in average capital invested, which included the benefit of asset productivity improvements across the region and lower leased service centre assets. Moving now to the corporate segment on slide 22, where central transformation costs decreased by $8 million. This primarily reflects the receipt of government research and development incentives related to digital investments and the capitalisation of serialisation plus equipment following the successful conversion of the market in Chile to the effortless service offer. While other corporate costs decreased $1.5 million, reflecting productivity and cost management initiatives. Turning to our updated outlook considerations for FY26 on slide 23. We now anticipate full-year sales revenue growth of between 3% to 4%, with contributions from both price and volume. This reflects our view that consumer demand will remain subdued, while recognising there is uncertainty around how demand will evolve through the remainder of the year. Second half 26 price realisation is expected to be broadly in line with the first half. while second half volume contribution is expected to increase, reflecting continued net new business momentum as well as the benefit of cycling weaker like-for-like comparatives in second half 25 and some improvement in US consumer demand in second half 26. Underlying profit growth guidance of 8% to 11% remains unchanged and includes expansion in group and all three segments' profit margins. At a group level, the FY26 combined plant and transport cost ratio is expected to improve approximately one point compared to FY25, reflecting benefits from supply chain efficiency initiatives. As I previously mentioned, we continue to expect the IPEP to sales ratio for the full year to be approximately 1.6%. The FY26 overhead and other cost contribution to margin is expected to be broadly in line with the first half of 26. This includes the net benefit from the overhead restructuring program of $15 million and further investments in central transformation costs, including serialisation plus, digital customer solutions and IT upgrades. Importantly, we remain on track to deliver an annualised benefit of $55 million in FY27 from the overhead restructuring program. Moving to slide 24. For the full year, we expect to deliver between $950 million to $1.1 billion in free cash flow before dividends. This $100 million upgrade to the lower end of the prior outlook is primarily driven by two factors. Firstly, a reduction in the pooling capex to sales ratio range by one point to between 13 and 14%, reflecting lower volume growth and lower than expected pallet prices. Secondly, a $50 million benefit from lower non-pooling capital expenditure, driven by delayed spend on service centre automation equipment and re-phasing of serialisation plus expenditure, as the business continues to refine the optimal technology approach and mix in the US and UK based on learnings from Chile. In terms of other considerations, while I do not propose to go through each item, we do expect net financing costs to be lower than our original expectations due to strong cash flow performance. In summary, we are pleased with our first half performance, which reflects the resilience of our business and disciplined execution on factors we can control. While the consumer demand environment remains weak, our focus remains on driving net new business wins in all markets and enhancing efficiency and productivity across our business. We expect these actions to support margin expansion and sustainable free cash flow generation, while enabling us to continue investing in strategic initiatives that underpin our long-term success. I will now hand over to the operator for Q&A.

Thank you. If you do wish to ask a question, please press the star key then 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press the star key then 2. If you are on a speakerphone, please pick up the handset to ask your question. Your first question is from Justin Barrett from CLSA. Please go ahead.