Kogan.com Ltd

Good morning everyone and welcome to Kogan.com's FY26 full year results presentation. As people are coming in, we will start the video very shortly. My name for you, for those who don't know me, my name is Ron Bettschler. I'm the non-exec director on the Kogan.com Ltd board. Today with us are Ruslan Kogan, founder, CEO and exec director and David Shafer, CFO, COO and exec director. We will commence today with a short presentation followed by Q&A. If you have any questions, please put them in the Q&A box and I will moderate the Q&A with Ruslan and David after the presentation. We'll throw to the presentation now and we'll do the Q&A straight after. Thank you.

Good morning everyone and thank you for joining us for the Kogan Group's FY26 results presentation. It's a pleasure to be here with David Shafer, our CFO, COO and Executive Director. FY26 was a strong year for the Kogan Group. Kogan.com continued to perform well while we made significant progress through the operating reset at Mighty Ape. We also continue to invest in the capabilities and operating model that we believe will support the group's growth over the years ahead. David and I will take you through the financial results, the key developments across the business and our priorities for FY27. Let's start with the highlights. The group exceeded $1 billion in gross sales, representing an increase of 12%. Group adjusted earnings increased 14% to $41.8 million, at an 8.2% margin. The key driver was Kogan.com, where revenue increased 16%, gross profit increased 18%, and adjusted earnings increased 22%. At MightyApe, the operating reset started to show encouraging results. Platform-based sales more than doubled, fixed costs reduced 13%, and the business returned to positive adjusted earnings in the fourth quarter. Alongside this, we maintained a strong capital position, ending the year with $36.4 million of cash and no external debt, after returning $34.9 million of capital to shareholders. So, a strong year for Kogan.com with encouraging progress at Mighty Ape. I'll now hand over to David to take you through the financial results.

Thanks, and good morning everyone. Let me now take you through the financial details behind those results. The group result was driven by strong growth and operating leverage at Kogan.com. Kogan.com revenue increased 16% to $425.2 million dollars Gross profit increased 18% to $184.8 million and adjusted earnings increased 22% to $45.1 million. At MightyApe, we undertook a significant operating reset during fiscal year 26, including the accelerated inventory reduction and restructuring of the cost base. Against that backdrop, revenue within Mighty Ape reduced 30% to $85.6 million and the business recorded a $3.3 million adjusted earnings loss for the full year. What is more important, however, is the progress we saw through the year. Mighty Ape's fourth quarter returned positive adjusted earnings, reflecting the culmination of our one-group strategy run by one global team. Our focus now is on building on that progress sustainably through FY27. At group level, revenue increased 5% to $510.7 million, gross profit increased 11% to $210.9 million, and adjusted earnings increased 14% to $41.8 million. This slide highlights both the quality of our earnings and the strength of the Kogan Group ecosystem. 73% of group gross profit was generated from exclusive products and services. Products and services that only the Kogan Group can offer. That includes our exclusive brands, loyalty subscriptions, verticals and advertising. This creates an important mode around our business. Our customers are increasingly engaging with products and services that are unique to our ecosystem Strengthening loyalty and differentiating our offering from our competitors. At the same time, 61% of group gross profit was generated from Capital Light platform-based sales, up from 59% in FY25. These are highly attractive revenue streams with recurring revenues, minimal working capital requirements and strong margins. Together with Kogan.com products, this gives us a diversified, increasingly capital-light earnings base, underpinned by products and services that are unique to the Kogan Group. Kogan.com delivered a strong result across all the divisions in the business. Growth was broad-based with every division contributing, product, marketplace, Kogan First, verticals and advertising. That growth was complemented by improved sourcing, A greater contribution from higher margin platform-based sales and continued discipline across the cost base. The result is a business growing strongly at the top line with expanding margins and generating increasing operating leverage. Adjusted earnings in Kogan.com increased 22% to $45.1 million, ahead of revenue growth of 16%. This demonstrates the strength of the Kogan.com operating model, multiple growth drivers, improving margins and a cost base that is scaling efficiently. Turning to MightyApe, the operating indicators improved materially through the year, although the recovery is still at an early stage. Adjusted earnings moved from losses in the first three quarters to a positive fourth quarter, growth margin increased from 23.4% in the first quarter Ltd Ltd Ltd Ltd Ltd and provide a much better operating base. Our focus in fiscal year 27 is on sustaining profitability while rebuilding the sales base in a disciplined way. Turning now to the group's capital position, which remains strong, we ended FY26 with $36.4 million of cash and no external debt. Free cash flow increased 18.2% to $38.3 million. while inventory increased by $5.7 million to support growth in the Kogan.com products division, noting the significant reduction of inventory at MightyApe. During the year, we returned $34.9 million to shareholders, comprising $14.7 million in gross dividends and $20.2 million through the on-market share buyback. That strong cash generation gives us flexibility to invest in growth while continuing to return capital to shareholders. For those who want the line-by-line statutory details, you can find them in the annexures. Turning to slide 10, let's talk about returns. The strong cash generation and capital position I just walked through supports the Board's decision to declare a final dividend of 8.0 cents per share, fully franked. This reflects the strength of our balance sheet and our confidence in the group's ongoing ability to generate strong free cash flow. For those looking to reinvest, our dividend reinvestment plan remains active, offering shares at a 2.5% discount to the market price. Key dates are on the right. That wraps up the financials. I'll now hand you back to take a look at our strategy and outlook.

Thanks David. Before getting into the details, I'd like to briefly explain our strategy and operating model and how the different parts of the business work together. Our strategy is built around two complementary engines, the product division and platform-based sales. Within products, our exclusive brands give us end-to-end control to deliver great quality and value, while our third-party range leverages global sourcing to provide unique and compelling offerings to our customers. Platform-based sales, marketplaces, loyalty subscriptions, verticals and advertising allow us to offer incredible choice and value through capital light revenue streams. FY26 demonstrated how powerful these two engines can be when they work together. At Kogan.com, where this model is most established, revenue grew 16% while adjusted earnings grew even faster at 22%. That creates a reinforcing cycle. Compelling value drives more customers and sales. A larger and more engaged customer base creates more opportunities across our platform-based businesses. And the resulting earnings growth allows us to continue investing in value and growth. That is the Kogan.com twin engine. And FY26 was a strong demonstration of it working. It is the operating model we continue to strengthen at Kogan.com and progressively apply across Mighty Ape. This slide really demonstrates the operating leverage we are seeing across Kogan.com. Strong revenue growth is translating into even stronger earnings growth as it moves through the profit and loss statement. We are generating better gross margins through scaled sourcing and sales mix while maintaining discipline across distribution, marketing and our fixed cost base. Importantly, revenue grew at around twice the rate of fixed costs. Allowing more of that growth to be reinvested in the customer offering and also to flow through to the bottom line. The result is the growth cascade you can see on the right. Gross profit grew faster than revenue, adjusted earnings faster again and adjusted EBIT faster again. That is operating leverage in action, growth at the top line being amplified as it moves through the profit and loss statement. Mighty Ape has undergone a significant operating reset over the past two years. In recent times, we introduced Mighty Mobile, migrated the business onto the new platform, launched Marketplace, integrated the team under the One Global Team and One Group strategy, accelerated the inventory clear out of non-performing products, and rationalized the warehouse footprint. By 30th of June 2026, Inventory had reduced to approximately $10 million from $21 million a year earlier, creating room for fresher and more in-demand products. Fixed costs reduced 13% across fiscal year 26. The fourth quarter delivered slightly positive adjusted earnings. This represents encouraging progress following the reset, but there is still work to do. MightyApe is operating from a materially lower sales base and our focus in fiscal year 27 is to build on the operational improvements made, maintain cost discipline and progressively establish a stronger and more sustainable earnings base. AI is becoming increasingly embedded across the way we operate the business. AI itself is not new to Kogan.com. We have been using earlier forms of AI and automation for some time, particularly across areas such as marketing and engineering, to improve targeting, automate processes and help our teams work more efficiently. What has changed is the capability of the technology and the breadth of opportunities now available to us. We are increasingly building AI capabilities across the entire operating model, from customer care and logistics through to purchasing, engineering, marketing and finance. We have already made meaningful progress in a number of areas including customer care, engineering and marketing, while other opportunities are at an earlier stage of development. Importantly, for us this is not simply about reducing costs. Operational efficiency ultimately needs to translate into better outcomes for our customers. Better purchasing decisions means better products and more value for our customers. Smarter management of our logistics partners means faster, more reliable delivery. More effective marketing means more relevant offers. And automation across customer care and our internal functions allows our teams to spend more time on the things that add the most value. So while we are still at the early stages of what we believe AI can ultimately deliver, we are not starting from scratch. We have already made meaningful progress and see significant opportunities to build on that foundation across the group. Ultimately, our objective is simple. Use technology to operate more efficiently, make better decisions and turn those benefits into greater value for our customers. Moving now to our trading update and outlook for FY27. July trading showed continued strength at Kogan.com, while Mighty Ape remains in the earlier stages of its recovery. July trading has provided an encouraging start to FY27. Kogan.com gross sales increased 13% in July. Revenue increased 18% with the higher revenue growth benefiting from the timing of end of financial year sales made in June that were dispatched and recognised in July. At Mighty Ape, our priority in FY27 is to build on the operational improvements made in fiscal year 26 with a continued focus on cost discipline and progressively establishing consistent sustainable profitability. Overall, group growth sales increased 9% in July, providing a solid start to FY27. Our priorities are straightforward. At Kogan.com, we will continue to pursue earnings growth through product sales at strong margins, further growth in platform-based sales and disciplined marketing investment. At MightyApe, the priority is to build on the FY26 reset. We have a cleaner inventory position, a lower fixed cost base and growing platform-based sales, but we remain focused on proving sustainable profitability before assuming a stronger growth trajectory. While we are optimistic about the coming period, we are also mindful of the significant uncertainty in the broader economic environment. For the group, we reaffirm our previous guidance of progressively growing adjusted earnings margins in the medium term towards 12%. We will continue to prioritise disciplined, profitable growth. Our longer-term roadmap remains unchanged, and this slide shows where we are today against those aspirations. Platform-based sales continue to demonstrate the attractive economics of these businesses. With FY26 margins already around the levels we are targeting over the medium term. The FY26 results reflects the impact of the accelerated Mighty Ape inventory cleanse. And with that inventory reset now largely complete, we see scope to progressively improve the economics of the product's business. At the group level, we finished FY26 within our medium-term margin range, with further upside dependent on continuing to grow our highly profitable platform-based sales and improving product economics. That is the roadmap from here. Grow the platform, improve product profitability, and allow that combination to drive further operating leverage across the group. So FY26 demonstrated the earnings, strength and operating leverage of Kogan.com, while Mighty8 finished the year with encouraging signs following a substantial reset. Our focus for FY27 is disciplined execution, continuing to grow Kogan.com earnings, building on the progress at Mighty8 and maintaining a strong approach to capital allocations. Before we finish, I want to take a moment to thank the entire Kogan Group team. There has been an enormous amount of work behind the results we have presented today. Our team has continued to innovate, find better ways of working, deliver great value for our customers and embrace significant change across the group. David and I are incredibly grateful for the energy, dedication and hard work of everyone across the Kogan Group. Thank you. On behalf of the board and our team, thank you all for your interest in Kogan.com today. We look forward to meeting with many of our shareholders over the coming weeks, and as you've heard, we're finding practical ways to use AI across the business. Today's presentation has been another example, including the AI-generated versions of our voices you've been listening to, but AI isn't taking the questions just yet. David and I are here live to do that ourselves, so please stay with us for the Q&A.

Thank you for that. We'll now move to the Q&A, if you can see us all. So, just to remind everybody please, if you have a question to ask, please Put them in the Q&A and then I will cover it off in this session now that we're doing. So we have one question but as some other people might want to be putting questions in, I might ask a question first to David because there's been some perhaps some misunderstanding or some commentary around what do the July sales and the July revenue numbers actually represent given that they're slightly different. Could you just please outline What's been the growth of Kogan in the first four weeks of this year?

Thanks, Ron, and hi, everyone. We've reported both gross sales and revenue. For those who aren't aware, gross sales represents the actual sales that come through our online cash register, so those are the sales that actually are taken from consumers. Revenue is when we ship the goods, so it's recognised sometime later. So you can see for Kogan.com, Growth sales is up 12.8%. For Kogan.com, revenue is up 17.9% in the month of July. The uplift in revenue growth sales reflects some of the end of financial year sales dispatched in July. And similarly for MightyApe, we're down on both growth sales and revenue, which is a follow-on from our operational reset, as we've just discussed in our presentation. So at a group level, growth sales is up 9% in July. and revenue is up 6%.

Thanks, David. We have a couple of questions that have come in from Victor Shin. And we'll start with the buyback. How is the company thinking about the buyback versus reinvesting cash back into the business? That's the first question. And the second is, how are you deciding which way to go given the, up until this morning, the performance of the share price?

Our approach to the buyback and dividends as well is that all excess capital that is not needed for the growth of the business is being returned to shareholders. So we've progressively raised our dividend, we've been buying back shares because we believe that the company's share price represents good value, but we never do that in a way that diminishes the investment opportunities within the business. So you've seen Ltd Ltd Thanks, David.

Maybe a question for Ruslan. This is the other question from Victor. Verticals have increased revenue by 2% despite having some good products. Is that below expectations or is it due to the type of customer that buys of Kogan being price conscious?

One thing that's important to keep in mind with our verticals is that the revenue... reported in them is nearly always entirely dropped to the bottom line. So what we report as revenue in the verticals is the margin that we make or the commission that we charge for our services with our partners in that division. There are verticals that are growing much faster, some grow slower, but in general that division has some of our strongest verticals performing at levels that we are comfortable with and are quite enthusiastic about into the future.

Thanks Ruslan. A question from Charlie Sun. Just asking about an apparent drop in EBITDA margin in May to June in Kogan.com. Was this due to end of financial year revenue timing including June sales recognised in July or does it reflect something else?

Token.com EBITDA margins have grown this year, so you can see on slide 7 that overall EBITDA margins are climbing from 10.1 to 10.6, and that reflects ongoing operating leverage within the business. If you look at our medium-term objectives, The Kogan.com result is already within the medium-term adjusted EBITDA objective for the group. And the focus is really now on delivering the turnaround of MightyAid so that there is no longer a drag on overall group EBITDA performance by MightyAid. We want MightyAid to rise to equivalence with Kogan.com in terms of EBITDA margins. And then once that happens, Our overall group EBITDA margins should continue to rise within our medium-term objectives. So we're quite comfortable with the Kogan.com EBITDA margins. They're continuing to grow. There's good operating leverage in Kogan.com and growth at the top line as well.

Thanks, David. And maybe whilst you're on, I'll ask the first part of this question to you and then Ruslan can follow up. Two questions from Wei Wen Chen. The first one, David, is around the information in the announcement regarding your planned departure. Could you provide a bit of extra colour, David? And is it a definite but pending timing? And then the second question off that, Ruslan, how are you thinking about your future at Kogan?

Well, thanks, Weiwen. Look, for me, it's been 16 plus years at Kogan. I've loved every minute of it. I love working with the team here. I love working with Ruslan. I love building this business. What I have said is that it's approaching the right time for me and I want to make sure that we can do it in a way that is orderly and that allows the business to continue its current momentum. So in the context of discussions with the board around long-term arrangements, those sorts of things just have to be raised. There is no definite timing. I'm not rushing out of here or I'm not rushing to anywhere else. I want to do it in a way that is seamless and orderly. And there's a discussion going on with the board about what that looks like. So when there's an actual finite timeline that's determined, that will be revealed. But bottom line is I'm going to make sure that the business continues to flourish and that any handover is done in a very seamless way. So it's been an absolute privilege working with Wilson and the team, and I want to make sure that we end on a high. So however long it takes is how long it takes.

And from my perspective... I'm very committed to the business and in discussions with the board around long-term structures and incentives to deliver incredible shareholder outcomes. So that's the position that I'm in.

Thanks David. Thanks Ruslan. We have a question from Owen Humphreys. We're seeing commentary on accelerated inflation within the economy. Do you expect your distribution margin to hold in FY27?

Yes, we do believe it will hold. So distribution margin is not a term we use. So I'm not 100% certain what Owen means. But what I would say is within our products division, the highest growth paths of that division are also the highest margin categories. So that bodes well for overall product margin in our business. combined with very good efficiencies coming through from the use of AI, which Wilson talked about in the presentation. So we anticipate that there will be ongoing growth in product margin combined with a growing contribution from platform-based sales. So as you've seen over the last few years, platform sales represent the growing portion of the overall business and therefore helps drive margin higher. We expect ongoing operating leverage driven by higher margin and control on the fixed cost base through the use of AI into FY27.

Thanks David. Second question from Owen. Should we expect Mighty8 to be profitable in FY27?

We believe that we will be able to continue the fourth quarter momentum into FY27 and we anticipate delivering a full year adjusted EBITDA profit for MightyAge in FY27 based on now a series of months of ongoing profitable trading. We tried to show in those graphs exactly why we have that confidence. So we've got control over the fixed cost base. We've got higher margin driven by Mighty Mobile and the Marketplace and other platform-based sales in Mighty 8. And we've obviously done a significant inventory reduction. So the inventory is roughly half of where it was a year ago, which means that we're focusing on higher-performing, higher-margin items rather than trying to cover the field, which makes us a lot more nimble. And we believe while we... The top line has reduced, overall margin has improved, and we believe we'll be able to deliver an adjusted EBITDA profit in FY2017.

Thanks David. And Owen's third question around operating leverage you answered previously. So we've got a question from Isabella Lepopolo. In terms of marketing costs, they were up year on year. Was this largely driven by the end of financial year period and can we expect similar levels of marketing cost growth in FY27?

Thanks Isabella for the question. Yes, our marketing costs are up by deliberate design and we're in this wonderful position with the business because it is generating significant operating leverage. It gives us the ability to invest more heavily in marketing whilst also investing in the offer to the customer and making that more appealing. Is it due to the end of financial year period? More specifically, not really. Marketing sort of tracks the level of sales throughout the year. It's quite stable other than whether there is push from management in certain periods. But because we have a very vibrant subscription business model with our loyalty program as well, That gives us a lot of benefits and visibility into being able to invest in customer acquisition and invest in promoting the Kogan brand offering to more customers because we know that investment in marketing then results in winning customers who become subscribers, which has significant benefits for the business.

Thanks, Ruslan. A question for David from Weiwei Chen on currency rates. Obviously, currency rates move however they choose to move, but if we assume currency stays where it is right now, what does the current high dollar, Aussie dollar, sorry, mean for Kogan if it stays at these levels for the remainder of the year?

Look, I mean, assets is something that everyone buys in US dollars, all these products, and everyone... Sells in Australian dollars. So we don't see FX as a competitive advantage or disadvantage. We're all operating in the same market with all our competitors. And obviously, Kogan's competitive position in the market is driven by its offering against a substitute or competitive product. So while an Aussie dollar is high, it means our landed cost of the products that we import from overseas is lower, which gives us either an opportunity to lower consumer prices and capture potentially market share or take more margin. But net-net, we don't see FX as either a competitive advantage or disadvantage and generally speaking is not a huge driver to overall margin over the long term.

Thanks, David. Not sure if this is a question for you or for Ruslan, but in terms of Kogan First and also the 98 Royalty Program, what are you seeing in terms of momentum of customer sign-ups today?

I'll take that question, Ron. We disclosed the revenue for Kogan First, so you can track the growth of the program. And on top of that, we also disclose the deferred revenue for it because there is a monthly option but many customers are on the yearly subscription plan which provides a discount for We also disclosed the deferred revenue for Kogan First so you can compare that for certain periods and that should give you a very good proxy of what is happening for the underlying Kogan First customer base.

Thanks Ruslan. A couple of questions from Honey Ratnapalaha. The first one is just around AI initiatives. He's asked whether we could give a sense of the incrementality from the AI initiatives coming through to cost benefits on a growth basis. Obviously, that data hasn't been provided, but could you give maybe a couple of practical examples of how AI have been used strategically in the business, other than recording your voices for this results presentation?

Yeah, look, there's a lot of benefits flowing throughout the organisation and operationally it's just beautiful at the moment because one thing that we've been doing for many years, even before AI was a buzzword, is opening up a lot of data in our business and with the aim of making it easier to have dashboards and reporting across our business to give insights to decision makers. Now, in an AI era, what that means is we now have MCPs and connectors to a lot of that data, meaning that every team across the business If they want to do something that used to be an engineering project or used to be a feature request or used to be specific software the engineering team had to build, are now able to self-serve and produce amazing business flow improvements and process improvements and have dashboards and visibility to information that they previously just were flying blind on. Ltd Ltd Ltd Ltd Ltd That is a huge productivity improvement within each team, but it also means that far less requirements are getting escalated to engineering, who can then focus on the bigger high-level, high-value initiatives and produce them quicker. And on top of that, AI is helping the co-base and helping them develop those initiatives far quicker as well. So that's just one example of this incredible efficiency that we're seeing throughout the organisation. It's boosting productivity, it's boosting output, it's making it far more enjoyable for every department to build things because as we've grown as an organisation over 20 years, We have now got a huge number of systems, a huge number of platforms interacting with each other, a lot of tech debt and what that has meant in the last few years is that you could come up with an idea, put it forward to the business and then have to wait months before we even debate whether we should build that initiative or not and then wait another few months until it's actually live and in production and that is just not a fun work environment in which to work, where ideas don't result in action and building things really quickly, which could then cause people to go, you know what, this is such an ordeal, I'm not even going to come up with an idea anymore. I'm not even going to suggest that idea because it's probably never going to get built. All of that has been completely reversed, and we are now building more stuff, doing it quicker, testing more, Ltd Ltd in the business like that, and that trend is only accelerating. So it's very exciting at the moment.

Thanks, Ruslan. We've actually got a similar question from both Hami, which was Hami's last question, and Isabella La Popola around marketplaces and what you're seeing in terms of competitive dynamics and competitive pressures and whether Koga Marketplace is holding share. So maybe if you could answer that question, Ruslan.

Yeah, look, that question is obviously best answered through the numbers. We disclosed the revenue of the COVID marketplace and how it's tracking on winning market share. So it's doing well. It's a very important part of our business. And most importantly, it's a very important part of our ecosystem because We've got our Kogan First customer base who received significant benefits across the platform. One of these benefits is getting credit back and unique pricing. So many marketplace sellers give unique customer offering to our Kogan First members that you can't get anywhere else because the general trend is if you're a seller of marketplaces, there's a few out there now and, you know, You'd be silly not to say, all right, well, my products are now going to be listed everywhere because the main fees you pay are on a transaction. However, as a marketplace operator, we want to make sure that we are the best place to buy that item from, even if there are other marketplaces that have that item listed. So Kogan First is an integral part of that because if you're a Kogan First member, you'll be receiving cash back, you'll be receiving exclusive offers, better prices, and and the result of that virtual cycle that we've got to play on our platform can be seen through our numbers.

Thanks Ruslan. Ltd. Ltd. busy and successful year for the company. Ruslan and David, maybe David first and then Ruslan to close us out. What excites you most about the year ahead and where the company's at at the moment?

From my perspective, the company is operating the most seamlessly it has in many, many years. Within the COVID.com business, all of the different divisions Ltd Ltd Ltd Ltd Ltd Ltd Ltd Ltd Ltd Ltd Ltd Ltd I think we can look forward into FY27 with confidence that the core business is operating seamlessly, is growing nicely, is taking market share and is delivering operating leverage while at the same time the subsidiary that's been a weight on our financial performance is finally showing a clear line of sight to a turnaround.

What I'm very excited by is Well, on the financial metrics that David just spoke about, we're performing very well. We're able to do all of that while improving the customer offering. So it's very rare when you get that in a business where you can have improved margins and improved leverage. while improving the offer for our customers. So there's a true win-win-win going on and that is very exciting and especially at a time like this where there is a cost of living pressures. Our job in that market becomes more and more important. So that's a very exciting thing in the business where a lot of customers are relying on us for delivering incredible value. And I would say customers in this environment can't afford not to be a COVID-first member because of the savings that flywheel that we've got delivering can achieve for them. But in terms of how do we build it and how do we deliver it, the bit that's got me most excited is sort of what I spoke about AI. Because for the first time in a long time, our engineering team is coming to the business and saying, okay, guys, what's next? That idea that you had, we've built it. We've had a period of about a decade where we had all these things that we wanted to do as a business and with our engineering team it was a matter of prioritisation and sitting down periodically and saying, all right, well, do we want to do this or do we want to do that? And where does this sit in priority against that? And the benefits that AI is now delivering across enabling each department to be able to flourish and build their own tools and access data and You know, build their own dashboards and reporting and be able to operate at a far greater velocity and speed without having to escalate as many things to engineering, freeing them up to go into pure builder and value deliverer mode and then having the engineering team constantly coming to the business going, we're ready for the next thing, we're ready for the next thing, we're ready for the next thing. From an innovation and building perspective, Ltd. Ltd.