REA Group Limited

Good day and thank you for standing by. Welcome to the REA Group Limited Full Year 2026 Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Alice Bennett, Head of Investor Relations. Please go ahead.

Good morning and welcome, everyone. My name is Alice Bennett, Head of Investor Relations, and I'd like to thank you for joining REA Group's 2026 full-year results presentation. Before we commence, I'd like to acknowledge the traditional owners of countries throughout Australia and recognize the continuing connection to lands, waters, and communities. We pay our respect to Aboriginal and Torres Strait Islander cultures and to elders past and present. Today, you'll hear from REA's CEO, Cam McIntyre, and Andrew Kramer, REA's CFO. Cam will talk to our overarching financial performance and strategic highlights for the year. He will then hand over to Andrew to talk to our financial results in more depth. And following this, we'll be happy to take your questions. With that, I'll pass to Cam to get us started.

Thanks, Alice. Good morning, everyone, and welcome to our call. We've had an excellent FY26, underpinned by a number of things, but in particular double-digit yield growth. Product development's been moving forward at a great pace, which you'll see is creating tangible opportunities and adding to the value we deliver for our consumers, customers, and brokers alike. So let's jump into the detail. Look at the group financial result. Core operations for the year saw revenue up 7% on PCP to $1.79 billion. EBITDA excluding associates was up 12% on PCP to $1.09 billion. NPAT up 15% to $650 million. And free cash flow was strong too, up 17% to $628 million. The Board has determined to pay a final dividend of $1.73 per share. Together with the interim dividend, this represents a total dividend of $2.97 per share fully franked, an increase of 20% on PCP. Alongside our operating performance, we maintained a disciplined approach to cost and capital management. We improved operational efficiency and we returned capital to shareholders through our $200 million share buyback program reflecting the financial strength and the confidence that we have in the business. We evolved our well-established strategy during the year as well and we enter our new chapter from a position of strength. Our strategy for the years ahead builds on the success of the past three decades and sharpens our focus on unlocking new growth. Our purpose remains clear and that is to change the way the world experiences property and as a technology, data and AI, they'll transform the industry, we see significant opportunity to deliver even more value for consumers, customers and brokers. Our strategy embraces our evolving landscape, putting trust at the core, underpinned by our strengths in deep relationships, unparalleled data and better outcomes for our stakeholders. We're focused on three enterprise-wide missions, to reinvent property experiences, scale our growth engines, and accelerate the organization. We'll dive a little bit more into this strategy on our investor day, which we're planning for in October this year. Now, before we move into our operational highlights, I'd like to touch on the market conditions at present. As you can see on the chart on the left, listing volumes in the June quarter strengthened against softer comps with strong growth in all capital cities. The chart on the right highlights the return to more normalised market conditions in the last three years. The fluctuating listing volumes between FY19 and FY23 reflect the impact of the Royal Commission, the pandemic and successive interest rate hikes. The more stable market in FY26 supported vendor confidence with buy listings in line with prior year's strong volumes and around 1% below FY18. On the buy side, inquiry levels remained strong in FY26. Although the last three interest rate rises in the second half, capital gains tax changes and negative gearing changes created some uncertainty which flowed through to inquiry volumes towards the very end of the financial year. Despite all this, though, properties continued to sell at a relatively typical rate in most capital cities, highlighting some continued strength in underlying demand. Looking at property pricing in the chart on the left of this slide, and as you can see here, prices remain significantly higher than recent years in all capital cities except Melbourne. The softening in buyer inquiry volumes mentioned earlier that we saw in Q4 did begin to impact price growth in the quarter. Looking at the right side of the slide, the rental market remains challenging for tenants, with national rents reaching new highs in the June quarter. Rental vacancies have slightly increased, which will support tenants. However, an anticipated decrease in investor demand is likely to put renewed pressure on rents. Just looking at some of our business highlights for the year and FY26 was a transformative year where we rapidly extended our AI capability and delivered new experiences and products for our consumers, customers and brokers, which I'll talk to you a little bit more about in a moment. Our personalized and immersive experiences supported a record 12.7 million monthly realestate.com.au visitors and continue to deepen consumer engagement. 5.2 million unique properties are now tracked by their owners on our platform. We also achieved record Premier Plus penetration in residential and recorded Elite Plus penetration in commercial at record levels as well. And finally, last month we announced the sale of our remaining Indian business, Housing.com, to Aurum PropTech. Aurum has strong capability and local market knowledge, making it well-placed to build on the foundations the Indian team have established over time. Taking a closer look at our audience levels and high-quality engagement, more people than ever visited our flagship site in FY26, A record 12.7 million people visited the platform each month, that's 5.2 million more than our nearest competitor. The real value in our large-scale audience lies in the deep engagement with our consumers. The size of our audience has continued to grow over the last two years and key engagement metrics have also strengthened. The quality of the realestate.com.au experience and the strength of our brand ensures Australians continually return to our platform. Consumers spend more time on our platform than any other property site, and across the year we achieved a record 146 million average monthly visits. Some of the key sources of our competitive advantage include the size of our audience, our data, which fuels our AI experiences, and firmly positions REA as a leading beneficiary of artificial intelligence. REA has the largest and most engaged property audience in the country. Our unique consumer intent and behavioural data that feeds into each of the proprietary data sets we have is highlighted on this slide. Everyone can see our listings, but only REA can see what's underneath. Our compounding data sets include unmatched consumer intent and behaviour, rich property records, the deepest listing and transaction outcomes, the most comprehensive agent workflow and performance data, and unique finance and affordability data. Turning to our consumer experience highlights and our goal to convert our market leading audience into members remains. Members are more likely to take a high value action, enhancing the value delivered to our customers. New AI powered features, immersive experiences, plus rich data and content enhanced the membership experience in FY26 and supported a 14% growth in our membership base on PCP. Powered by our proprietary data, The new AI Assistant experience enables members to ask us anything about property during their search. Search on our platform evolves throughout the year from natural language to conversational and now the AI Assistant has the power to support people right through the property journey. Consumers can discover properties, check affordability, evaluate, compare and take action. Members share more about their property objectives with this intelligent search experience and these insights enable us to better meet their needs. It's now available to all members with over 20% of sessions converting to a high value action such as saving or sharing a listing. Ultimately, the AI Assistant experience will support the delivery of more valuable leads to our customers. Property seekers are increasingly seeking more immersive and informative search experiences. Our visualization strategy is designed to deeply engage consumers in our content. The upload of iGUIDE 3D tours is accelerating with around 180 cameras now in market. The feedback from customers continues to be positive, particularly around the superior experience with near zero load time for iGUIDE onto our platform. Turning now to customers and the social media style video hub on our app home screen evolved in July to include listing videos. This is a powerful and high exposure engagement feature for Premier Plus and Lux listings. And it was a key component of our FY27 re-contracting. The hub has been a driver in accelerating native video views with over 2.9 million video hub views since the feature launched in November. Our audience extension offering, Audience Maximizer, puts listings in front of active buyers wherever they browse online. Penetration more than doubled on PCP with customers recognizing the value in our click-based packages and price points and the new features such as automated video content. And on the right, uptake in our high Performance Listing Solution, LUX, continues to accelerate. Immersive content features, improved homepage targeting, and new packages all underpinned increasing penetration. Looking at highlights from our customer platforms and services, in the fourth quarter, we commenced the rollout of our new agentic chat capability in our self-service Ignite platform called Campaign Assist. The feature combines consumer intent and prop track powered ABM data to provide customers with strategic recommendations to boost the performance of a listing. Enhanced brand exposure and access to exclusive products and tools underpin the value of our top tier pro subscription. Agency groups continue to recognize this with several customer groups signing enterprise wide pro agreements in FY26. The total number of customers with a pro subscription also more than doubled on the prior year. Underpinning the value for all our customers is access to our Ignite platform and monthly active users increased 17% on PCP. Our commercial platform delivered record audience with 2.9 million Australians visiting the platform on average each month. The experiences, features and engaging content supported audience growth including points of interest maps on listings, new demographic data and the integration of iGUIDE. Our top tier commercial product, Elite Plus, achieved record penetration and the value of Ignite continued to increase. Almost 90% of commercial agencies have been onboarded to Ignite and we saw 109% PCP growth in monthly active users. Turning to financial services and product innovation and brand investment supported good revenue growth here. Enhancements in our finance experience on our platform supported the delivery of quality leads to mortgage choice brokers with settlements from REIA leads up 30% on PCP. Continued investment in our core broking platforms and in AI training and tools delivered greater value too. with 50% of our brokers now using AI agents to efficiently automate processes. In June, we acquired a 70% interest in commercial finance brokerage simplicity, diversifying our financial services business. REA is an AI prime organisation and in FY26, we introduced a coordinated approach to expanding AI tools and scaling agent augmented teams that we're calling FlowLab. FlowLab experimentation is re-engineering product delivery at REA and is supporting the expansion of our suite of AI tools and platforms that optimise return on investment. Utilising agentic AI throughout product development end-to-end, we're able to validate what works and what doesn't within hours. Previously, this would take weeks or months. The initial trial within our real-time business accelerated speed with the agentic first team delivering planned work 2.6 times faster. We think this is just the start and in FY27 we'll continue to scale this experiment with our agent augmented team model across our tech workforce. Rewiring our engineering teams through FlowLab is beginning to release capacity of our people and will enable us to reinvest in our highest value growth priorities. It supports faster time to market, capacity to invest in emerging revenue streams, while opening opportunities to invest in new TAMs and providing more flex in our cost base. Looking at some of our international highlights, and we announced the acquisition of a controlling stake in Canadian-based Planetaire Inc., the maker of iGUIDE. That was last October. In FY26, iGUY grew in local currency revenues by 26% with growth in its residential, construction and commercial markets. In the US market, REA has a 20% interest in MOVE, operator of Realtor.com. Realtor is rapidly scaling its AI-first consumer experience as well. Its new conversational tool is proving highly engaging for serious buyers with consumers treating the product as a trusted advisor rather than just a traditional search tool. Move revenues increased 11% and its equity accounted loss of 14 million reflected a $5 million improvement on prior year. Before I hand over to Andrew, I'd like to share a few comments on the market as we look ahead. Market fundamentals remain solid and we can see consumers are still there closely monitoring the market through our traffic and engagement. Interest rates, however, are the biggest factor contributing to current market uncertainty at the moment. It's likely that we're at or near the peak of the interest rate cycle, we believe, but the most recent rate rises along with the federal government budget tax changes have impacted buyer sentiment in recent months. In listings, Sydney and Melbourne led new listings volumes in FY26 but we're starting to see Brisbane, Perth and Adelaide outperform. The market is still recalibrating post-budget but once the dust settles and interest rates stabilise, we expect consumer confidence to improve and buyers to become more active, particularly looking towards H2. And finally, REA has entered the new financial year with a healthy balance sheet, strong product pipeline, sustained strength in our core business and a talented team doing an excellent job. And with that, I'll now hand over to Mr. Cramer to take us through the financials in more detail.