REA Group Aktie

Hello, everybody. Welcome and super excited that you're all here with us today for our REA Group 2026 Investor Day. Before we begin, I'd like to acknowledge the traditional custodians of the land we're meeting on, the Gadigal people of the Eora Nation, pay our respects to past and present. I'd also like to very briefly draw your attention to the disclaimer in our pack, which is covering off some of the information we'll be talking to today.

Okay. So in terms of the agenda, obviously, very jampacked. We've got a lot to get through this morning. We are going to start with Cameron McIntyre, our CEO. He's going to give an update on our refreshed strategy. We're then going to talk to our edge. And when we talk about our edge, that's our proprietary data and the deep relationships we have, which really fuels the outcomes and the outcomes from our consumers, vendors, customers and brokers. We're then going to talk to just how we see the consumer experiences evolving and how we're shaping those. And we're going to finish the first session off with our residential business, and we'll talk to you how we'll be growing both our advertising and our customer solutions revenues with AI-powered campaigns over the next few years.

We're then going to take a short break, and we'll be back talking about how we're going to scale our adjacent growth engines. So by that, I mean our commercial, new homes and financial services businesses. And we're going to give an update on Distilled. We'll then have a session on people and tech. And so that's really how we are accelerating our own organization. So focus on culture and innovation and importantly, productivity improvements that we're driving there. And then the last session we're going to finish up with will be Andrew Cramer, our CFO. He's just going to talk to the strength of our business, revenue, earnings and cash flow, but also the resilience that we've been able to extract through cycles and through all sorts of market conditions. So there's going to be plenty of time for Q&A. We'll have Q&A after the first and second session. For those people who are hanging around for lunch, we're going to have an informal lunch with the leadership team. So there'll be plenty of opportunity to ask follow-up questions if you have any after that.

Just before I hand to Cam, just four things we would really be very happy if you left the day with confidence in. The first is our extended runway for value and for yield growth in our core residential business. The second is confidence in the portfolio of businesses outside of residential and just our clear plans to accelerate growth in those businesses and to tap into some fairly attractive TAMs. The third is AI and just our confidence that we're not only going to survive, but we're going to thrive and we're going to lead in the AI era and really build on the very strong foundations of our unique edge. And the last is just around our financial capacity to continue to grow with very cash-generative earnings to fund that next wave of growth with a very strong focus on shareholder returns as well.

So with that, again, lots to get through. So I'm going to hand it over to Cam to take us forward.

Thanks, Alice, and good morning, everyone. Thank you so much for taking the time to be with us this morning. We have got a jampacked next few hours, but we're really excited about the journey we'll take you on.

So what I'm going to do is I'm going to talk to you about our next Move strategy, which is looking at FY '27 and beyond alongside our ELT, who I'll introduce you to very shortly. Today is really about sharing our longer-term vision and doing a deep dive into many of the ways in which we'll reach that vision that we have. And it's not about guidance. It's not about short term and Q1 results, except we've got an earnings call on that coming up very shortly. It's really about us taking the opportunity to focus on our product pipelines and doing demonstrations and talking to you about how we're going to build on the fantastic track record of growth that we have as a company.

So look, before I introduce these folks on the screen, I just want to thank our Board and Hamish McLennan for being here today. I'd also like to thank our guests from News Corporation. So I'd like to thank Lachlan Murdoch, the Chair of News Corp for being here, along with Robert Thomson, the Chief Executive Officer; and Lavanya Chandrashekar, the CFO; and also Michael Miller, the Chief Executive Officer of News Corp Australia. It's great to have you here, and thank you for your support.

Also from the ELT, we're doing a full court press with the team. So we've got Andrew Cramer. Cramer started as CFO in February this year. We've got the newest executive in the team, Katrina Konstas. Kat started as the Chief Commercial and Marketing Officer only a month ago. We've got Jonathan Swift, Swifty, he's the Head of Product. CTO is Steve. Jane is the Head of Strategy. We've got Anthony here as well, who runs our financial services. Elisa looks after our people and our sustainability; and Tamara, our Chief Legal and Company Secretary.

We've also got some other fantastic executives up on the stage to take us through a bunch of different cool things. We've got Tim, who's going to come up and talk about consumer. JC or Jonathan is going to talk about residential. I've got Jarrod, who's going to come and talk about new homes, and Kris is going to come and talk about commercial and prop data. As you also would recall, we recently announced the minority investment in Ireland's leading digital marketplace operator, distilled. And I'd also like to welcome the CEO and Founder of that business here today. He's flown all the way from Ireland, Eamonn Fallon up the back. And Eamonn will address this a little bit later on and talk to us about what's going on at Distilled.

So look, we have a fantastic group of people at REA and with a real focus on the opportunities that lay ahead for us. I've been really impressed by the team that we've got in the business. I came into the role, what, nearly 12 months ago and feeling really energized and ready to take a fresh look at how we do things at REA. And along the way, we have made a few changes, and many of those we will discuss today, I'm sure.

So the first thing that we've done, which I'll talk to you a little bit about in a moment, is just about our strategy. We've also moved quickly to innovate and build scale in our AI experiences for our consumers. We're deepening how we engage with our customers to bring more value to them. Our enterprise-wide pro subscriptions with our partners is a really good example of how we're doing that. And we're moving from annual cycles of value to always on innovation and AI has been one of the big unlocks here for us as a company. And that obviously leads to increasing customer ROI, which is always great.

We're also -- we also have a new approach to product development, and we'll be dialing up, and we're always dialing up on this, but collaboration across the business, both here and with our global partners. With M&A, obviously, discipline is key, and we're focused on delivering strong returns for shareholders. And when it makes sense, we'll also return capital to shareholders like we did earlier this year with our first market buyback. And we've got a great new management team as well, which you'll see on display throughout the day.

I know I'm going to be telling you things you already know on this slide, but at REA, we're very proud to be the #1 address in Australian property. Core to our success are the millions of people who engage with our platform every month. We've got leading brands in both residential and commercial property platforms. We've got the largest audience with 9 out of 10 Australians choosing realestate.com.au when searching for property. And not only do we have the largest audience, but we have -- but it's very deeply engaged as well. The quality of our experiences and the strength of our flagship brand ensures Australians continually return to our platform. Consumers actually visit our app 20x on average each month. Our engaged audience drives the greatest value for our customers and which is why we're an essential industry partner with them. And our customers believe in the value that we offer with 9 out of 10 agents recommending us.

We've also got over three decades of changing the way the world experiences property. And in every chapter of our journey, we found new ways to grow, to have impact and add value as both technology and consumer expectations have changed over time. We've always been there as a company. And through each evolution, we've developed premium products that deliver the best outcomes for customers, consumers and brokers. Our next Move is about bringing all that together in our ways of working and building on the incredibly diverse portfolio of assets that we have across attractive TAMs and leveraging our alpha in AI to accelerate innovation, value and creation of growth.

I'm sure you've seen parts of this slide before as well. But as you can see here, we've got 30 years of a track record of sustained revenue and earnings growth. And we've also shown resilience as a company in all market conditions, growing through the cycle, including interest rate-driven changes and policy impacted downturns as we're seeing today. Our revenues increased across our five chapters as a business, quadrupling over the past 12 years to $1.7 billion. And we've roughly doubled the size of the business in each chapter, which we've done through innovation and creating new sources of value. And looking ahead, that is exactly how we're going to be successful going forward as well.

Look, as I've mentioned, and some of you would have seen this slide in some of our investor presentations. But earlier this year, we evolved our strategy, and we think we're entering this next chapter of growth from a position of strength. Our strategy builds on the success of the past three decades and our focus is on unlocking growth. Our purpose remains very clear and consistent. We've introduced three new enterprise missions, which you can see on the right-hand side of the slide there, and you'll hear about those today. So they are to reinvent property experiences to scale our growth engines and to accelerate the organization.

In the past, we've focused on audience, customer value and unparalleled data insights, and these are still critical to us as a business. But in the era of AI, trust becomes a key differentiator. So trust is how and now how our core business, our new strategy is underpinned, and it's underpinned with our deep relationships that we have with our key stakeholders, our rich data and driving better outcomes for our customers, consumers, brokers and our business partners. And these three strengths give us our edge. And in an AI world where trust and customer experience will always win, there's no one else in this market that can give customers the experience we give them when it comes to having the best products, continuous innovation, data insights, no one else can match what we have. AI is already amplifying our business, and we've only just scratched the surface with its potential. And Jane and Swifty in a moment, will talk to you about our edge in more detail.

As I said, AI is already creating value for us as a business. And we are AI beneficiaries. We are metabolizing AI extremely well through the company. We've delivered over 40 AI experiences, including our flagship AI assistant, and you'll see more of those during the course of today, along with how we're creating new value in the features that we're delivering as well. On top of this, it's enabling our teams to deliver product faster. And Steve is going to talk to you about that at some stage during the morning and talk to you about how our investment is disciplined. We use a fit-for-purpose approach and track commercial benefit, application and usage and make sure that we are getting the returns that we're after. And AI unlocks monetization opportunities for us as a business in four different ways. First, through the delivery of vendor outcomes, which will support the growth in our advertising yield; second, by providing the capability to uplift customer productivity and growth; third, through new tooling and the development of practices to accelerate our time to value and capacity to reinvest resourcing back into our growth engines. And finally, the ability to enter new TAMs by leveraging AI to extend current relationships and our product reach. And you'll hear more about that throughout the day as well.

But as a business, our focus is on technology, but we're also very, very focused on the importance of our customer relationships, too. And that's always been at the heart of this business, and we are trying to deepen our engagement with our customers. And if our customers succeed, we succeed, which is why as the leading property portal in Australia, we have the responsibility and the opportunity to support our customers through this AI transition. We're partnering with them to educate their teams to improve their workflows and to create new products that solve real problems for them.

In this video, what you're going to see is how we're working together, the importance of trusted relationships and how REA's embedded tools and data are powering better outcomes.

[Presentation]

What grabs me about that particular video is just the enthusiasm from our real estate partners about what we do and what's coming. The culture of collaboration that we have with them is real. What we do and what's coming. The culture of collaboration we've with them is real. There's no better representation of culture in a business like ours than through hacks. And I've been doing hacks for a long, long time, but that hack day with our customers was the best I've seen in 20 years.

And now just looking at our growth runway in our residential business, and there's significant opportunity ahead for us. Our prices remain only a fraction of the average sale price and our take rates barely changed, only 2 basis points higher than over the last six years. We deliver outstanding results for our customers and vendors, yet still account for less than half the typical marketing schedule and our product pipeline has never been stronger. More innovation brings more value that creates -- and that is what's the most important. So there's plenty of upside in our resi business, and we will continue to price to our value over time.

We're also becoming an increasingly diverse business as well with strong financial momentum. In FY '26, we delivered $1.7 billion of revenue, growing our compound annual growth rate of around 14% over the last five years. Our EBITDA was $1.5 billion, demonstrating our strong margins and operating leverage that we have. And when we look at revenue contributions by segment, our core residential business is still clearly the powerhouse of REA, and we'll continue to prioritize our attention and investment on that core business to drive growth. But we're also very bullish about the growth engines that we've got in new homes, commercial and financial services. These are already significant businesses, each generating more than $100 million of revenue and operating in attractive segments. Together, they account for roughly 1/4 of our total revenue and they're key contributors to our growth aspirations, and we're investing behind them.

There's also good room for growth from our future businesses as well and outside of all of that, our domestic growth engines are still underpenetrated, as I've mentioned, in large and growing markets. We're focused on growing these businesses over time, and we think we're positioned well to do that. Distilled, which you'll hear more about later on, provides an attractive entry point into a digitally mature market and high-growth property market that's very similar to Australia and where our IP and our technology is directly relevant. And the team at Realtor are doing a great job as well, really thoughtfully growing that business and collaborating extremely closely with REA and our team, our product and innovation teams in particular. It's also worth pointing out the value of the access that we have to global technology players through our relationship with Realtor and through News Corp as well. It's incredibly valuable. Outside of our property marketplaces, many of the large potential adjacent TAMs include things like conveyancing, utility connections, building and pest inspections. And with AI business models, these areas will continue to evolve. So we will continue to explore opportunities here as well.

And we've got a clear understanding of our levers for growth across our portfolio. And as you can see on this slide, there's multiple opportunities that we have across our TAMs. There's plenty of growth runway in our core resi business, as I just mentioned before, we can accelerate our growth in new homes, commercial and financial services to create, and we can also create value exchange as well with our global growth engines and also unlock new TAMs using AI. And the team will take you through many of the things that are highlighted on here as well around where we'll capture value throughout the morning.

Again, you'll be familiar with some of the stuff on here, but we're pursuing our growth ambitions from a strong financial position. We're a disciplined high-margin business, and we generate strong free cash flows from operations. And the combination of these strong free cash flows and our balance sheet provides us with the engine for further sustainability of our growth through our next chapter.

Now before I get Jane and Jonathan up here, I just wanted to reinforce the messages that Alice gave you already and why we're here today. These are the four takeaways that we want you to take away from today with, and they are that our core resi business is #1 with a clear runway to grow. We have got a great portfolio of businesses and plans to capture further value within them. We've got -- we're a proven innovator and our relationships, data and outcomes, our unique edge positions us to lead in the era of AI. And finally, we've got the financial strength, strong cash flows and balance sheet to fund further growth. And on top of this, you'll see today, we have a fantastic team of people who are energized about the next chapter at REA with a clear strategy to unlock the growth potential we have as a business.

So with that, I'll hand you over to Jane and Jonathan. Thank you.

Thanks, Cam, and good morning, everyone. It's really great to be here. This is such an exciting time to be leading strategy at REA. Our incredible innovation culture was built for moments like this, and we've got so much to show you. But before we dive into sharing how we're bringing our new strategy to life through our products and business units, we firstly wanted to take some time to share why we believe that REA has a unique edge to lead in the AI era.

And it starts with considering what is unique about the property vertical itself. As you'll see today, AI unlocks incredible opportunities across the end-to-end property journey. However, we believe that doing this well requires specialization for a number of reasons. Firstly, it's deeply human. The decision-making process isn't a simple matching formula. It's a process of discovery that takes up to 40 weeks for the average consumer. That's why consumers spend so much time on our site. They don't want to be served up a small handful of options. They want to see all the possibilities. The Hunt is part of the experience and they enjoy it. And it's unique every time. No two properties are the same, no two geographic markets are the same, and market conditions are changing all the time.

Property is not homogeneous, making it vastly different to other verticals. That's why property valuation is so specialized and why rich immersive content and local expertise is so valued. And it's complex. Agents are managing campaign performance and seller leads across multiple properties, all in parallel and everything is urgent. And consumers are often trying to buy a property, sell a property and secure finance all in those same 40 weeks. That's why supporting all sides of the transaction and connecting across the end-to-end journey beyond search is key. And finally, the stakes are high. Buying a property is the biggest financial decision that most Australians will make. And for owner occupiers, it is also highly emotional. It's their home.

Property isn't an experience that consumers want to outsource. What they want is help to get the best outcomes in the experience that they may experience on average only once every 10 years. General intelligence and horizontal agents can help for parts of the journey, but ultimately, high-intent buyers and sellers will come to a specialized destination to immerse properties themselves. And REA is Australia's property specialist. Our unique edge uniquely positions us to lead the reinvention of property experiences for the AI era. We have the deepest relationships in the market, which earns us proprietary access to unparalleled data that we further enrich to fuel our experiences to deliver better outcomes, which in turn strengthens our position as the trusted partner that people turn to for property decisions.

We'll now step through how we create this edge, starting with deep relationships. AI doesn't change the fundamentals. Success still requires listing coverage and audience engagement at scale. And AI-prime REA already starts with this. For consumers, we are the default destination for property. One in two Australian adults visit realestate.com.au every month and over 80% of our traffic comes from direct and owned channels. And for customers, we deliver superior value, and we're also deeply embedded in their day-to-day workflows through tools such as Ignite, a self-service platform for managing campaign leads -- campaigns and leads, which is integrated with over 370 customer tools. And then our growing network of partners from mortgage brokers to photographers extends our visibility of signals before, during and after the transaction. These deep relationships earn us access to rich consumer behavior intent signals and the most comprehensive property listings and market context. And as we know, data is the fuel of AI. So our proprietary data that we earn through these relationships is unparalleled. For example, we have real estimates for over 12 million addresses. We capture over 7 billion behavioral data points each month and 5.3 million addresses have been claimed and are being tracked by their owners.

We then further enrich that proprietary data by adding third-party sources such as location and lifestyle data, local planning and zoning information and agency sales outcomes. However, the greatest value comes from our specialized intelligence, which is the output of proprietary AI models that we've been building for over a decade. For example, our serious buyer model predicts which consumers on our site are more likely to be ready to transact based on their behavioral activity. And we can do this because we know that buyers who spend a long time on the listing, looking at photos, videos and immersive content and who take a lot of actions such as saving, sharing and using our financial tools are more likely to be the eventual buyer of the property. And then these models keep learning over time because when the eventual buyer then claims their property on our owner dashboard, it confirms that they were indeed a serious buyer, and we can confidently apply those behavior patterns to inform our next prediction. And this is just one example of REA's specialized intelligence system in action.

I'll now hand over to Swifty to share how we deliver better outcomes.

Thank you, Jane. In a high-stakes decision like buying or selling a property, AI needs to be provide more than just a plausible answer. It needs to offer the most accurate personalized answer and a clear path to action and outcomes. That is the role of our specialized AI. We bring together signals across the listings, the location, property insights, lifestyle, financial affordability, customer performance and consumer intent. Each signal adds context. Together, they help us understand not just what someone is looking for, but what they really need.

That richer understanding can deliver outcomes in three ways. First, consumers can discover more possibilities. And the example showing a user is asking our Agentic AI assistant where to find similar homes in more affordable suburbs. To answer that question, we need to combine their lifestyle preferences price and affordability to display similar suburbs beyond the listing. Second, we can turn complexity into confidence, personalized proactive guidance that remembers what matters to each consumer and helps them compare options relevant to them. Third, we can help consumers move from intent to action. We can connect online with offline experiences such as inspections, finance, and building and pest checks, powered by our customer workflows, helping consumers act confidently with less friction and stay in control. And we're already seeing early signals of value here. 13% of all listing views are driven by our personalized AI assistance. And we're now seeing healthy growth with 25% of all AI conversations leading to a high-value action, such as sharing a listing, saving it or inquiring on a property. Our specialized intelligence powering the assistant improves over time. As we create more AI experiences, they encourage deeper engagement, which in turn generates more context and signals, making the outcomes that it generates hyper personalized to the consumer. Tim and I will share more around the consumer experience and where we're going shortly.

We're embracing the possibilities of Agentic AI by extending our specialized intelligence into the workflow of property professionals. We have an exciting opportunity to shape the industry's future by leading the specialized Agentic AI platform that helps them work more effectively. This platform will extend Agentic capabilities across customer integrations, connect with our consumer experiences and work with the existing tools and channels our customers use every day.

The goal is to bring the right signal into the right workflow so customers can act at the right moment in efficient impactful ways. And with more than 50,000 monthly active Ignite users, we have a scaled platform to build this experience upon. We'll continue to help our customers win more listings. Ignite AI can combine property and consumer intent to surface early qualified seller opportunities. This uses our seller data to help customers proactively identify and convert sellers by prioritizing outreach and relevant local market context. Once the list is one, our specialized AI will continue to optimize the campaign and drive campaign results. The use of our Ignite assistant that's live today is growing rapidly with thousands of agents already using this tool to help them make their campaign work harder. With our full view of the market and real-time buyer demand, we can help agents turn buyer intent into timely action. For example, when an offer comes in, our Agentic AI will be able to alert all serious buyers that now is the time to act. Finally, the platform will create greater efficiencies. Agentic workflows can extend across the tools and communication channels professionals already use. This reduces complexity and manual tasks reducing operating costs and enable our customers to be more productive. The opportunity is to turn our connected intelligence into more listings better campaign results and greater efficiency while helping our customers maintain professional service.

To bring this to life, I'd like to share our vision video.

[Presentation]

As we move through the rest of the sessions this morning, you'll see these experiences brought to life in our consumer, customer and broker products.

As general intelligence becomes more widely available, trust becomes the rate limiter of adoption. As Jane said, property decisions are deeply emotional and personal. For Australians properties bound up with people's identity, security, family aspirations and financial future. Trusted support is especially critical and trust is earned not claimed. It takes decades to acquire and can be lost in an instant with one hallucination or newsworthy event. realestate.com.au is the trusted brand in property. Millions of Australians trust realestate.com.au to help them for one of life's biggest decisions.

Our edge is built on three strengths that reinforce trust. Our deep relationships help us understand and address the human needs behind every property move. Unparalleled data, together with an understanding of the property context, real-world constraints helps provide accurate, trusted insights that support better outcomes and better outcomes validate that trust placed in us and can continue to help consumers act with confidence. Together, these strengths of our vision make it possible to be the trusted partner powering every property move.

To summarize this section, property decisions require trusted specialized intelligence. This needs to be at scale. REA has a unique edge to lead in this AI era. Our deep relationships, proprietary data power better outcomes. We're putting that edge to work and building an agent platform for the property industry. Our AI experiences are already reshaping the market and the platform gives a way to extend this impact. That's how we can help shape what comes next to property with trusted specialized intelligence at the center.

I'll now ask Tim Bradley to join the stage. Tim is our Executive General Manager of Experience and Platforms and leads our consumer products.

REA has been built around the consumer at the center of everything we do. We are Australian's destination for property, with 12 million unique visitors each month, making realestate.com.au the #1 place for property. But our essential is not only scale. For over three decades, REA has repeatedly adapted to changes in consumer behavior from the web to mobile and now from search to AI and immersive experiences. That history matters. We simply do not follow consumer changes. We actively lead them with our technology and scale. And we don't just reach a large audience. We have a deep and increasingly valuable relationship with our consumers. The mobile phone is the most personal device we own, and our apps generate over 60 million visits each month. Three in every four minutes spent searching for residential's property is spent on realestate.com.au. Our membership base has continued to grow by 50% over the last three years. And that combination of reach, engagement and trust creates three unique sources of value. It enables us to better learn the needs and dreams of our consumers and enables us to personalize their property journey. By deepening our relationships with members, strength our core advertising products by making listings and experiences more relevant and engaging.

Our membership base provides an opportunity to serve consumers in high-value adjacencies like financial services, by due diligence and other property-related adjacencies through relevant personalized actions. And every interaction creates a richer understanding of the consumer intent, the property attributes and the real-time market demand. Those signals improve the products we build, for example, in our PropTrack and data ecosystem. This is a foundation for an AI advantage, the most engaged audience, high-intent interactions and a trusted role.

Tim is now going to take us through some examples of how we're shaping this next-generation consumer experience. Over to you, Tim.

Thanks, Swifty. Good morning, everyone. As you heard from Jane earlier, property is complex, highly personal and deeply human, and it's also high stakes with buying a home, one of the largest financial decisions most people will face. Our scale and depth of relationship with consumers put REA in a unique position within this property journey. And it is a long journey. On average, it takes over 40 weeks, monitoring the market, narrowing your search through inspections, offers and settlement. And the relationship does not end there, but on average, people owning their property for more than 10 years. This creates an opportunity for REA to move from a point-in-time property search to an always-on relationship. I'm really excited that I get to take you through how we're reinventing this consumer experience and why REA is uniquely positioned at each stage of the journey.

The way people search for property is changing. REA was originally organized around suburb-based search, which was the best way to organize property content at the time. However, consumers increasingly want to express what they're trying to achieve, whether that be travel times, financial growth or lifestyle factors rather than the type of suburb that they're looking to buy in. Over the past 12 months, we have launched two new experiences, an AI natural language search and an AI assistant.

Now while these are early in their infancy, we're already seeing 31% month-on-month growth of these experiences. Already 59% of searches originate from lifestyle-based content, such as show me a property near a beach within a 30-minute drive to the CBD. And that's generating 4x more data points around consumer intent, and that's a strategic shift. We're moving away from just matching a query. We're understanding the need. And for consumers, that means more relevant properties across more suburbs. And for customers, we're going to be able to give a richer insight into what these consumers are actually looking for, whether that be proximity to the CBD or school zones or rental yield or capital growth.

And during this stage of the journey, understanding affordability is one of the biggest challenges consumers face. Many buyers begin looking outside their realistic range, while fewer than 10% are already preapproved. More than 1/4 are already using AI today to understand the repayments and other costs. And our opportunity is to connect that property discovery with the financial readiness. And REA brings together the audience, the property context, the consumer intent and also the network of brokers that can help make people move from preparation to transaction all in one journey.

So we're already getting thousands of requests today. So let's look at some real examples of what consumers are searching for and why this really matters. Consumers are asking about the market. What are the rental vacancy rates like or what's happening with price values. They're combining distance and finance, what are budget-friendly suburbs within reach of the CBD. They're getting really specific, like show me a two-bedroom apartment between these roads with a courtyard and excluding high-rise. And sometimes they're just simply asking, what's this property really worth, I've seen cheaper. The important point is not just a variety of questions. As Swifty mentioned earlier, it's that each interaction produces a richer signal about intent, constraints and preferences that helps power our models.

So to now bring this to life of the future experience. Let's look at the eyes to a typical buyer. So I'm going to introduce you to Steph. Steph is 33. She's been renting for the past 10 years, saving a deposit with a husband. Chris Steph starts with a voice search, looking for a home close to their workplace and near green Parklands. Our AI search looks at the criteria and returns homes matching across several suburbs. North gets new to them, so that they decide they want to go and explore it. So while they're walking the streets, Steph falls in love with the weather bought homes. So she uses photo search to find similar properties in all of those similar suburbs that she likes.

Now the results are wide in range in terms of price and some of these suburbs might be out of reach for a first homebuyer. So she asks the AI assistant, can you find the more affordable suburbs that still fit her needs? While these suggestions help, she still feels that some are too far from work. So she asks the assistant for something closer. The assistant checks will actually consider a knockdown rebuild, which could give them the style of home they want in the suburb that they're interested in. So these trade-offs are real, buying established or to build, but Steph needs to know what can they really afford. So she enters some high-level financial affordability information and the assistant suggests to connect with the broker. The ranges the appointment and then she lets Chris know that they often meet the broker.

The very next day, Steph receives an alert. Good news, they've been preapproved. Based on their budget and their search behavior, the AI assistant builds a tailored list of properties, automatically saving that to a collection and Steph can browse these options. But there's far too many to visit on the weekend, so she sends that list off to Chris. So once consumers have understood their budget, they've narrowed their search, they really want to experience the property before they invest time in a visit. Our attribution models show that the successful buyer of the property spends over six hours interacting with photos, videos, floor plan, reading content and trying to understand what's around the property.

Today, around 20% of listings include video, and that number is just increasing. Our partnerships and acquisitions with iGUIDE and Immersive are making the property content much more engaging. Consumers also want to understand what's around the property, whether that be the school zone, public transport or cafes nearby. They also want to know about capital growth, rental returns. And PropTrack is providing the data and insights that help bring this into the context of the decision. Our opportunity is to combine the content, the property data and the place intelligence into the one experience so the consumers can build confidence in the property before they've even stepped inside.

So before the weekend, Steph is reviewing the listing so she can make the most of inspection day. And she really likes this house in Wright Street. The listing content, it gets organized based on what's most important to Steph, a great kitchen space and spacious bedrooms. So while she's diving into the kitchen and really loves that, the backyard looks stunning. The bad news, Steph is not a gardener, and she's a little bit worried that that's going to need a lot of maintenance. So she asks the AI assistant to add a note to remind her about checking the backyard. While she's adding this note, the AI assistant then suggests that there's a nearby two-bedroom house that has a smaller backyard that's open for inspection between two others in her plan. So she adds that to a short list. All of her notes and her schedule are all in one place, and she's ready for the inspections on the weekend.

So once the buyer has fallen in love with the property and the neighborhood, the journey changes from evaluating to acting. They need to inspect the property, complete the due diligence and get prepared to make an offer. Engaged consumers share listings, they send inquiries and they book inspections with more than 10.7 million high engagement points happening each month. But when consumers are ready to act, 53% of them say they feel overwhelmed by the steps involved in buying a home. This is where REA can connect the right guidance and professional services at the right moment from building and pest inspections, utility and service connections and in the future, conveyancing and other parts of the transaction. This will make the experience simpler for consumers and also considering opportunity in adjacent markets for REA.

So let's see how the buyers are progressing. So a timely alert comes through and the first house felt right, and they really love that backyard. They're letting them know that the contract of sale is ready to review. And as a first home buyer, Steph is unsure of the next steps. The AI assistant summarizes the contract of sale and plain language. It highlights the key points and reminds that to have a conveyance check the details. But Steph doesn't have a conveyancer. So the assistant suggests some potential candidates to connect with. And she asked, well, what else should I do? And the assistant recommends starting with a building and pest inspection because it sees from her notes they're worried about mold in the laundry. And so they purchased that report immediately. The assistant has the ability to track the progress Steph is making, what's still outstanding, she can follow along and stay informed as they get ready to make that offer.

The relationship with REA does not end when the buyer moves in, and in many ways, it's just the beginning. People own their homes for more than 10 years on average and 5.3 million properties attracted by owners today. Today, consumers get insight into the value of their property. The next opportunity is to help them decide what to do next with that insight. Over time, the assistant will surface relevant actions such as change in demand for property like theirs, renovation decisions, refinancing options and other moments where the property information can help them act. The differentiator is context. REA understands the property, the neighborhood, the owner's journey and the decisions that may come next. We're making that assistance useful, timely and transparent, turning this one-off property search into a relationship that continues throughout ownership.

So Steph and Chris have loved their home for the past five years and the life is taking term, they've got some great news, they're pregnant and congrats its twins. So they're going to need to upsize. So they've been thinking about extending into that backyard, and they've just received an alert that a property like theirs just sold around the corner. A similar weatherboard home sold above market expectation, and there is a lot of buyer interest. The AI assistant offers to connect with the agent that made the sale. But it also says, I can find other agents that sell similar weatherboard homes to yours.

Now while they're considering their options about selling, they're going to need to start a search for bigger homes with great school zones. So hopefully, you can see that we're really excited about the reinvention of the consumer experience from smarter discovery all the way through to property ownership and the role AI is going to play in helping us accelerate that vision.

Now I'll pass you back to Swifty.

Thanks, Tim. Our consumer experiences will be tailored and proactive, powered by AI, built with strong relationships and fueled by REA data and insights. Our consumer experiences continue to evolve in this AI era, underpinned by being the #1 address in property with the largest, most engaged audience. Our relationship is built across the full property journey. Every search, inspection and action helps us understand consumer intent and serve people more usefully. And a lifelong AI companion can deepen engagement, strengthen our core advertising products and open up opportunities in adjacent markets. This is not AI added on top of a property portal. It is a rethinking of the property journey around consumer intent, confidence and action. We've repeatedly evolved with our consumers from web to mobile, from listings to personalized experiences and now from search to AI-powered property companion.

I'll now call Jonathan Cameron to the stage, our Executive General Manager of Residential, who will talk about how we're evolving our residential products in this AI era.

Thank you, Swifty. I'm Jonathan Cameron. I'm the EGM of our residential business, and I've been with REA for 12 years. Today, I'm pleased to share with you a bit more detail about our residential business, our current products and importantly, our product pipeline and why in residential, we have the best years still ahead of us.

So residential is our core business at REA with a clear position of market leadership, trusted by both consumers and by customers. And in fact, 9 out of 10 Australians searching for property choose realestate.com.au. And as importantly, 9 out of 10 customers recommend our platform to vendors to market their property. And this leadership has driven residential revenue growth of 15% CAGR.

Australia's residential market has distinct dynamics that underpin our model. We drive revenue from vendor-paid advertising, which means our depth and our add-on products are covered by the property owner. And increasingly, our revenue base is supported by customer-derived revenue, where agents and agencies are paying for products such as subscriptions, workflow and branding products. Our residential business has a proven track record. And today, we will show you the product pipeline that drives our next wave of growth.

Residential has a large and attractive TAM of $3.7 billion, which is made up of $2.7 billion from residential advertising and $800 million from our customer solutions. We have three distinct growth drivers that will power our next wave of growth. First up, we want to grow our customers' business through seller leads and importantly, seller leads that convert. We want to accelerate their efficiency through AI-powered workflows. And most importantly, we intend to extend our double-digit yield runway through AI-powered advertising.

So first on seller leads. Customers choose to partner with REA to grow their business through seller lead and branding solutions. We produce seller leads from our large and engaged audience and deep relationships with owners. In fact, over 50% of sellers track their property on our platform before listing. And in FY '26, we delivered over 100,000 seller leads, which is up 22% year-on-year, and that has a huge runway to go into the future. And in this market, this currently challenged market, seller leads and more importantly, seller leads of high quality that actually convert are more valuable to our customers than ever.

We monetize seller leads through three distinct mechanisms. First, with our subscriptions, where today, over 30% of our customers have already upgraded to our top-tier subscription, Pro. And Pro unlocks AI seller lead insights and workflow tools to help customers identify, nurture and convert seller leads faster. Secondly, our comprehensive agency and agent marketplace, which features rich agent profiles, ratings and reviews and is relied on by our property owners to choose the next agent to lease or sell their property. And lastly, our newest product, Likely to List, where we have developed an AI propensity model built on track property, market and behavioral data. This product will enable customers to focus their prospecting effort and convert leads quicker to gain a competitive advantage in their market, ultimately leading to a listing showing up faster on our platform. Currently, we're in a live trial testing the pricing model and go-to-market of Likely to List, and we intend on launching in calendar 2027. Likely to List is our hero data product designed to specifically help customers in a challenged market.

So now to show you how we drive our customers' growth, I'm going to walk through three experiences. First, the owner dashboard, which is the trusted place where consumers track their property and the market. Ignite, our customer platform, which is relied on by over 50,000 customers each month to manage their campaigns and a first look at our newest product, Likely to List.

So first, property owners. We engage property owners with rich local data from PropTrack in the owner's dashboard, giving them confidence to decide their next move. Owners see their property's current value, local insights, and we promote agents in the area. It's a critical consumer experience as the behavioral data it captures feeds our intent models. And in this demo, a property owner now submits a customer appraisal request, and it's on the way to one of our customers.

So now let's see how a customer would manage that seller lead in Ignite. They can see the seller lead land directly in their Ignite inbox with all the information provided by the consumer. And exclusively for our Pro customers, they get to see leads enriched with data to help them prioritize their prospecting. Ignite AI Assistant streamlines lead management. And in this case, it has looked at previous performance for similar properties and is recommended to assign this lead to the best agent for the job.

Now a preview of Likely to List. So we will use our live intent data captured across our experiences to empower customers to identify and convert sellers faster. So Likely to List takes our AI propensity model and applies it to a customer's CRM to surface the properties that are most likely to sell next. Customers provide a list of addresses from their database, and we apply the Likely to List score from our AI propensity model. They can then focus their prospecting on these leads and early signals from our commercial trial have our customers excited. We're seeing already one in three highly scored leads go on to list within 90 days. And since we're in commercial pricing model trial with our customers right now, I want to share a little bit more about how we're thinking about monetization. So we're exploring selling the data on a suburb-by-suburb basis with a 90 days exclusive access to the purchasing customer. And to enable fairness and competition, we're trialing a proven pricing mechanism. So we'll offer a floor price per suburb, and then we will allow customers to bid in a digital auction to arrive at the exact price for each suburb.

Our first auction goes live next week. I'm really excited to see where we can take it. And thus far, the most common feedback from the customers, so we have 70 suburbs that we're trialing for. The most common feedback thus far has been, can you please include more suburbs? I'm really excited to see where this can go. And the next time we're up here, I'll have some results.

So next on to Ignite. And Ignite is our platform that customers rely on across their entire workflow. Ignite empowers customers to win more listings, move properties faster and run their businesses more efficiently, all powered by our unique data and intelligence. Ignite powers customers across their key jobs, and we have 95% of agencies already using Ignite today.

The next phase will unlock Agentic AI capabilities across the platform. So, first, I've just described how they use it to generate seller leads, which is unlocked by the intelligence in our Pro subscription. Next, when it comes to nurturing and converting sellers, Ignite provides the nurturing tools to enable customers to convert leads faster. And then, of course, when it comes to marketing the property, our depth and add-on products unlock Ignite to manage campaigns, track performance and to use Ignite AI Assistant to optimize their campaigns in real time. And then, of course, when it comes to finding and converting the buyer, Ignite delivers campaign outcomes with inspections, inquiries, offers and rental applications with Ignite AI Assistant improving outcomes across the workflow. Ignite drives residential growth through subscriptions, depth and add-ons and Ignite AI capabilities will accelerate this into the future.

So now let me show you the connected workflows in Ignite. In this demo, a customer is building a branded listing proposal backed by PropTrack market data using our Pitch product. Ignite AI Assistant has selected the best comparables for the customer, and they confirm it and accept it. Now we guide customers through pricing. We recommend vendor paid marketing, and we predict the campaign outcome. Now the customer can share this branded proposal with the property owner to nurture them towards listing.

So now the campaign is live. The customer uses Ignite to monitor performance. They use Ignite AI Assistant to optimize the campaign with product upgrades and setting the optimal inspection times. Luxe has been recommended based on performance and then purchased and Ignite AI Assistant is now rescheduling the open to the optimal window and its updating the agent's calendar as well as notifying consumers in real time. On the go, customers have full access to data and insights through the Ignite app. They manage their campaigns, they check buyers into physical inspections and view enriched leads, all of which is being synced with their CRM on their behalf, saving them time and energy.

We are confident in the next phase of residential growth. We have a long track record of evolving and innovating on our offering through multiple cycles and major shifts in consumer behavior and technology. We started with our subscriptions, then a major shift to vendor paid advertising with our depth tiers, then we introduced, launched and scaled our top-tier depths product, Premiere+. And now we're unlocking further growth through add-ons. And we see in difficult markets like this one that our add-on products play a critical role in helping customers drive outcomes for their vendors and to stand out in order to grow their business.

So to touch on our key add-ons, we have Luxe, which is our most premium add-on. And this creates differentiation not only in the search results, but across our entire experience. We have Audience Maximiser, which is our social extension product, and this generates more campaign exposure, ultimately driving more consumers back to the listing on our platform. And then iGUIDE, our newest add-on, strengthens buyer confidence through immersive media and rich data. Our depth and add-on packages deliver the best campaign outcomes for our customers and has contributed to a 14% 10-year yield CAGR for REA Group.

Our next phase of growth, which is even more exciting than where we've come from, will be delivered by AI-powered advertising, which makes campaigns more targeted, more measurable and more effective, creating further yield runway from FY '28 onwards.

Now I'll zoom in on what our AI prime advertising pipeline actually looks like and how we're evolving the depth -- the value of our depth model beyond paid prominence in static search to proactive targeted campaigns that drive stronger customer and vendor outcomes. So the AI search experiences that Tim showed you before will create brand-new surface areas for us to drive customer exposure. We will provide differentiated prominence and performance to our top depth customers. And immersive media and AI-enriched data will elevate listings with immersive content already driving 22% more serious buyers than listings without. And Ignite AI Assistant will drive campaign performance and customer efficiency with AI-powered workflows and campaign optimization. And more important than ever, AI-powered advertising will deliver attributable outcomes with converted buyers and faster speed to sale. Our AI-powered product pipeline will shape the next wave of growth to grow both the marketing schedule and REA's share of it.

So now let's have a look at our next generation of listings. Here, a consumer engages with our AI companion you saw earlier. The AI companion promotes the top depth listing to a buyer matched on their preferences and needs, and we drive them directly into our 3D immersive tour experience. The AI companion guides buyers at every step, calling out what matters to them most, really like a personal buyer's agent in their pocket. Immersive listing showcase the complete picture of the property with buyers moving seamlessly through the property, including video, 3D tours and aerial. And after deep research with the property, after an inspection, the buyer submits an agent offer directly to the agent.

So back in Ignite. Ignite AI Assistant analyzes campaign performance for customers in real time. They view live offers and Ignite AI Assistant acts on their behalf. In this case, sending notifications to other bidders that a new offer has been made as well as sending a WhatsApp to the vendor to keep them up to speed on the latest in their campaign.

So as you've seen from the demos today, our product pipeline empowers customers at every stage of their workflow from finding and converting a seller lead, managing the end-to-end workflow and ultimately finding a buyer for the property, all powered by our data, intelligence and AI product pipeline.

So REA captures only 0.22% of the average property value, highlighting the significant opportunity still available across the residential market as we enhance and importantly, prove out the campaign outcomes that we deliver for customers. We have a long, strong runway of growth across vendor paid advertising revenue and through our depth and add-ons and more so today, our customer-derived revenue through subscriptions, seller leads and workflow. AI will amplify the value that we deliver to our customers and vendors, creating the next wave of growth for residential and for REA.

So I've shared the product pipeline that will power the next wave of residential growth. And to reiterate our core drivers for our next chapter is to help grow our customers' business with seller leads that convert, accelerating their efficiency with AI-powered workflows and insights in Ignite and most importantly today, extending our double-digit yield runway with AI-powered advertising campaigns.

So thank you for your time. I believe now we're going to move on to Q&A, and I'll invite the rest of the gang on to the stage.

So we've probably got 20 minutes for Q&A before we jump in morning tea. So happy to start.

Louis Bannon here from Berkholts Investments. I'm just curious as to how people actually interact with the app. By that, I mean, a lot of your AI initiatives are on people actually using natural language search. But from my understanding, speaking to other executives from the real estate classifieds businesses, most people still interact with a map view. So I'm just curious as to how people actually interact with your app.

Swifty?

Traditional, the way most people go in, they'll start actually in the search bar. So depending on what I'm trying to see, map or listings, actually, most consumers just like to see all of the listings. So they'll go to map to understand relevance around location, et cetera. But in this market, traditionally, I want to see all the listings.

What we're seeing is people really like to go in that search bar and what we've built now is that ability for us to do natural language search and the assistant, so we can actually interpret what that conversation is and where we want to put that into the assistant or institutional search. So we haven't seen a major shift in any consumer behavior around that at all.

Do you mind if I just do a couple, both around Likely to List. So just on Likely to List, can you help me think if I'm framing the upside properly? And I realize it's very early, but just qualitatively, back in 2022, you guys were talking about things like property.com to drive more transactions. So there's kind of a volume upside there, not just from properties that we're going to list, but potentially passive properties as well. Secondly, it looks like you're kind of doing that U.S. model option kind of option for leads. And then thirdly, you've kind of bundled things like benefits for agents to drive uptake in other products such as AMAX and things. So there could be a subscription kind of uptake benefit. Sorry to kind of lead, but am I thinking about it the right way?

Do we see the third Yes. Just on the thing we talked about that stimulate market, and I'll hand to JC with the list questions. A lot of the things we did on property.com, they are now actually on realestate.com.au. So as we touched on that, that ability to activate our own audience, 50% of our leads coming from that channel. That's a growing channel all the time. So a lot of things we learn around that stimulate the markets in there. And you'll hear from Anthony later, taking some of that proposition, buy before you sell and bringing that into the experiences. You'll hear more about that later as well.

But I'll let JC finish the rest of that.

Yes. So just on -- so on Likely to List, if I understood your question correctly. So we obviously already monetize our seller leads through our subscriptions, Pro and through other branding products, and we have a great track record, and we'll continue to do that.

When it comes to Likely to List, it's too early. So as I said, we're trialing the pricing model right now. We've got great feedback from customers. We're only trialing it in the three major Eastern states right now. But we do plan to scale that in early 2027. How far it can go, I can't comment. It's year #1, but we're really excited. And really importantly, we have buy-in from our customers on this mechanism. And to answer your question, are we going to the U.S. model of charging per lead in an auction. It's not quite that. We have another similar product called suburb sponsorship, which we already execute through this mechanism because it's an exclusive basis for a particular geography, to be respectful to the consumers, we don't want a number of agents calling them at one time. So in order to get that exclusivity, we need to have this auction to make it fair between customers so that the ultimate winning customer gets access to the data for that entire window exclusively. So they're not paying per lead. They're ultimately paying for that enriched data. So we have a long way to go, but I can't comment on the exact financials.

And then I think on your second or your third question, Eric, around how are we thinking about bundling it with subscriptions, I think. So initially, it's a stand-alone product. Absolutely, we like to look at supporting our customers with all of our products and taking it to market in a way that they can easily digest and reward them for engaging with our products. But initially, stand-alone product down the track, sure, there's definitely an opportunity to package it, but we're going to start with it as a data product on its own.

Can a super quick follow-up, and I don't know if you can comment on this, but you've got a double-digit for the yield target. Early thinking on whether that applies to FY '28 as well, just given you've run some macro charts up there and maybe the macro is a bit soft, but obviously, you're driving a lot of new product and value to agent initiatives. So I was just wondering if you can still deliver double digit, just with more of that second part.

Yes. Thanks, Eric. I'll handle that one. I mean, as you guys have seen just from the recent presentations that the guys have done, we've got a great product pipeline, and we're super excited about the value that we're going to continue to deliver for our customers.

In terms of '28 and how we're thinking about '28, we haven't had those conversations yet, and they're several months away. And clearly, we're looking at our product pipeline. We're looking at the market conditions and where things are at. And -- but we haven't had that call -- made that call. Thank you, Mark.

Maybe three questions. Just first one, it's fascinating to see the consumer intent that you're talking about where previously, people thought research stays outside realestate.com.au, right? You're coming to the listing part. So what are you seeing in terms of the change here? Is it new users who is doing the intent where they're doing the research within REA? Or is it existing users? Any split would be great.

Sure. So to date, we -- with the AI assistant, it's been to members is what we've trialed it to. And AI and natural language search is now available to 100% of the audience. So given that we've like focus on membership to start with, it is largely around the new users. There's been some interesting -- I mean, as I showed some of the examples of the real-world questions is they really varied. And what we're seeing is that people are actually doing more properties and they're also inquiring more often that are using these experiences.

And if I use one interesting use case for a person who was actually on the team, they're actually looking for a house for the swimming pool. And then the assistant suggested, would you look at a house with a bigger backyard for a lower price and then add the pool later? And what it actually did was broaden the search. So yes, it's really fascinating in terms of what we're learning, and we're just excited to bring it to as many consumers as possible because we think it can stimulate and actually have a bigger set of properties to explore.

So essentially, you're saying people might have been doing this anyway, but the conversation search is surfacing it for you that you're actually seeing what people are doing right now.

We actually have a deeper insight into what people are really after, what are the real needs. And the most interesting insight we've taken is that lifestyle Prime traditionally searches free bedrooms in a suburb, great, go away in a certain price point. We're seeing that people actually start at lifestyle. That's really interesting.

We've always had great research capability, whether that's on property.com.au. Our content has played a huge role in that. What we're seeing is the AI assistant is surfacing that in a more relevant and actionable way for our consumers. That's really interesting as well.

Got it. Second one, just thinking about personal AI assistance, news, instinct, et cetera, right? How are you thinking about integrating with them? And you spoke about signals that you're seeing because people are in the app today. What if agents are coming where you actually -- the signals don't exist anymore? How are you thinking about that?

You mean kind of that agentic work.

Yes, exactly. I'm using my personal AI assistant that's going and finding through REA. You don't get the signal because it's reaching out to the agent, right, not through you.

So really excited by the possibilities of Agentic AI. We actually see it as a new acquisition channel. And in fact, we're in San Francisco last week and kind of validated a lot of this thinking. So you may start off in your personal assistance just like you start in Google.com today. What we have though is differentiated content, differentiated data. So you saw in the immersive listings, et cetera. We will not surface value in the Agentic experience. So you may start there as long as we've got that fair value exchange, that proprietary data, those unique insights that will always encourage consumers to come to our experience properties, both an online and an offline experience. And it's a combination of those and the tooling around that, that ensures you'll always stay relevant throughout the entire property journey. The initial discovery is one small stage of the entire property journey. It's important that we've got connections and capabilities all the way through that.

So I'm really bullish on Agentic AI because I think it gives us a new opportunity to capture people. We will get more intent because when that Agentic agent interfaces with our Agentic agent, and it will because it will want to go on the easiest path for the most listings, we'll be the most relevant content, and there will be more handshake. We'll actually get more intent data from the Agentic AI than we do from a traditional search today, for example. So I'm really excited by the possibility to service all the way through, and we'll stay relevant in that journey.

That's interesting. And just last one, just a quick thing. You sort of mentioned that the add-ons, you're seeing increased take-up in a weak market. Are you actually seeing that right now? Because the feedback we are hearing is portal spend is the same, but some of the social media, et cetera, is getting cut. So just that sounded surprising. So are you actually seeing increased take-up of AMAX and Luxe right now?

Yes. So we've successfully launched a new package for Luxe at the beginning of the year. And largely, the performance is in line with our expectations. I'll just point to a good example is actually where in Melbourne and Victoria, where we've seen, I guess, what you'd say flat or distressed market from a price perspective over the last three, even to five years, we've actually seen a greater add-on attachment rate consistently through that time period. So what we see is that when the market is more difficult, our products have to work harder and the customers who understand and engage with those products are not hesitant to take those up to drive outcomes.

A couple of questions from me. Just thinking about the consumer AI assistant that you've launched. A lot of what it does is what buyers' agents used to charge for or still charge for. So have you thought about that TAM? Is the commissions earned by buyers' agent? Is that a relevant TAM for REA in five years? And what stops you from disrupting that besides some channel conflict?

I think the real opportunity -- so buyers' agents are great, but they're relative niche in this market. Our job is to have the largest, most engaged audience, drive our membership proposition and ensure that we're doing the best job for our consumers.

The way I see it, our opportunities actually to do buyers agent like activities. Let's go and actually review the contract for you. Let's go and drive build and pest inspections. We have a strategic investment and buy before you build -- before you buy, that does build and pest checks. I think that's where we can do real monetization opportunities where we're doing something really meaningful while still retaining membership value and engaged audience and maximum reach.

And just to follow up on that. As these AI assistants, both on the consumer side and the B2B side, as they see more adoption, what's the cost to the company in terms of like 1% to 2% of sales? Is it higher, lower because you're using open source models? How should we think about the cost to the company?

Yes. And Steve, later on when he talks about our approach to AI across the company, we'll talk a little bit like this. But at the moment, it's still relatively scale, so we're not concerned about the cost, but we've got lots of optionality there. And I think things like open weight is a real option for us, not only because from a cost management, but to create a really specialized intelligence, and we're doing some work around that space at the moment. So I think we've got those levers in there to ensure that we've got that managed cost base, but Steve will share more information later.

Fraser McLeish from MST Marquee. Just a question on the kind of monetization model and the depth of tiering model and where if that needs to evolve as the search changes and it's more AI-based search and maybe the best fit listing is not the top depth listing. It's a standard listing. How does that need to change and evolve?

Yes. So I think you're spot on. The way that a consumer will find the property is evolving, so whether it's in our AI companion. As Jonathan mentioned earlier, we still see search playing a huge role for a long time to come because they want to see all the listings. But I think in this new sort of the new paradigm of search where you're finding individual properties beyond geography and price and you're doing it in AI search, we actually have a new way to monetize and differentiate these listings. So we're getting questions around how far is it to a school or to a sporting club. And we have a lot of property data on the properties, actually more than we put on the search. And so we can actually provide prominence to these listings in the new surface areas.

Now does depth need to evolve. it needs to evolve beyond just being ranked in an order, if you will, in the traditional search way. But I think the idea of depth as differentiated prominence absolutely stays true. And will we evolve it beyond Premiere+? I think we absolutely are from FY '28 onwards. We can call it something different to depth. But ultimately, it's paid exposure and performance that actually in the AI world gives us new levers to do that job.

And the other thing to add to that is the campaign performance as well. So it's prominence. And then as we get more and more intelligence into the AI actually driving the campaign itself, you're paying for that access as well. So it's doing both things, prominence, but also having the intelligence in the platform to drive the right outcome as well. So it's both sides that we're working on.

Speed to sale, whatever it is the customer wants, we want to be able to serve that up.

It's David Fabris from Macquarie. Just looking at the TAMs on Slide 16, I'm curious to understand where that sits in the priority list and then theoretically, how it may work? Would it be driven by a lead model? Or would you be looking to kind of greenfield or do M&A and own the whole end-to-end service within that column?

It's a mixture of all of them really. Some of them are just partnerships that we have, for example, energy connections. Others are financial services in-house and then others from strategic investment. I'll go back to BYB again is a great example of that strategic investment. So we're doing a mixed approach to like which are really attractive TAMs versus ones where it's more just a lead referral, and we're confident we can grow those with Agentic AI being more relevant and action oriented.

The other thing I'd just add to that, too. I mean, our TAM between probably the last time we talked to you about TAMs and now has changed because we've got -- we've now got iGUIDE. So we've now got all these immersive experiences, photography, et cetera, et cetera, that we never had before. And also, the TAM has grown. I mean you've seen us grow the TAM as well over the last four years. So yes, I mean, there's a number of drivers that have driven our TAM growth. But yes, immersive content has been a driver.

I'm really bullish until you'll talk more about iGUIDE later. It's a great opportunity for us as well.

My first question is around Cam's comments at the start. Cameron, you spoke about sort of moving to always on innovation as opposed to annual product release cycles. Does that impact your pricing strategy as well? And I mean, I know it's probably difficult to move to any sort of dynamic pricing given agents, budgets and marketing schedules are set in advance. But I mean, is there scope over time to introduce some more dynamic elements to pricing?

Thanks. Great question. Not really thinking about pricing. What we're thinking about is how do we get products in the hands of our customers faster. How do we support the sales team getting new products and features out in the market, talking to customers and get them using them. And then value and packaging comes down the track. And hopefully, our customers recognize the value that we've created for them always being on and delivering through the previous 12 months. And it just makes that discussion a little bit easier as well because they see the value that we've created.

So I think you're going to hear from Steve today talk about all the things that we're doing to really empower our engineering and try and get product out the door faster. We don't want bottlenecks either. So you don't want to be all of a sudden dropping a whole lot of product in just before you do value and packaging. It's not a great experience for our customers. And so as a business, we want to be always on in terms of innovation. So it smooths the pipeline.

To add to that, though, we wouldn't -- like Likely to List is a great example. We do want to launch products through the year as well that are tied to value and packaging. So it gives us more flexibility, something like Likely to List that we can test in the market, see if we mind market fit, have dial to back up the claims. So we'll continue to innovate and release products outside of value and packaging that can drive new monetization opportunities as well.

I mean, Likely to List seems to be reasonably major announcement this morning. Well, a slightly different approach to the product strategy. I mean you've -- so you've tried to monetize seller leads directly in the past, and it didn't work. So -- and so obviously got bundled into the subscription product. I guess if you had any early feedback from agents that maybe distinguishes it? I know you sort of spoke before about they wanted to have the suburbs expanded. But is -- I mean, that could agents always see that as kind of getting into their commission pool? And could there be pushback in the use of that product as a result? So...

It's a good question, and there's some history in what you described there. So we've developed this thus far in collaboration with our customers. And to be really clear, we're not providing a seller lead. What we're doing is they provide an address to us, and we enrich that address with our propensity model. And then they take that data and it fuels their business to focus their prospecting.

So the way we're looking at it is it's really monetizing our data and intelligence. We have had customers ask us, would you only pay -- what could we only pay on the success or conversion? So that's been a conversation and something that some customers have asked. I think in the early days, we're going to keep a data product, and it's really based on the strength of their CRM. We augment it and then they can go back to what they do best initially. And so far, great feedback. I'm looking forward to more next week.

Great. Thanks for the question, Entcho. So we've got 15 minutes now for a quick break. So if we could be back ready for the second session at 11:15, that would be fantastic. But thank you, everyone.

[Break]

Setting on the second session. All right. Thank you. Thanks very much. So we're going to jump into the second component of today. So we want to talk to you about our other growth drivers that we have as a business. And we also want to talk just as importantly, about our growth enablers that we have as well.

So first to take us through New Homes, we've got Jarrod Scott. So welcome, Jarrod to the stage. It would be great. Thanks, Jarrod.

Thank you, Cam, and good morning, everyone. It's great to be here to talk about REA's New Homes marketplace and the opportunity ahead. New Homes is a large, complex and increasingly important part of Australia's property landscape. It's also essential to meeting the country's future housing needs. REA has a strong position in this market. We are the nation's leading destination for new homes with significant audience reach, strong customer relationships and deep partnerships with leading builders and developers. The market has faced a difficult period recently with construction costs, challenges across the building sector and lower consumer confidence affecting supply and demand. Even so, new homes has remained a steady grower for REA and outperformed the broader market. That resilience matters. It shows we can grow in challenging conditions. Looking ahead, Australia's need for more housing remains clear. Governments are focused on supply. And whilst there are headwinds, approvals are encouraging and elevated against long-term averages. Activity is also high with ABS October data highlighting that there have never been more homes under construction as there are right now in the country.

Another notable feature of this market is its size with new homes representing around one in three property transactions in Australia with just under 200,000 homes commenced every year. The market comprises two distinct segments: developments, including apartments and land estates and individual detached home builds, including home design catalogs and house land packages. These customers have different needs, different buying cycles, but both serve people making complex multistage decisions where a simple listing is not enough. REA has a strong foundation in both segments, and our opportunity is to play a deeper role powering our customers' businesses and capturing more value across the journey.

When we survey buyers, 70% of them tell us that they consider both new and established homes equally at points throughout their journey. They are open to both scenarios. Yet today, only a small share of our audience is deeply engaged with the New Homes journey. We strongly believe we can bring new homes into consideration earlier and make them easier to discover for our audiences.

The product advances discussed earlier, particularly by Swifty and Tim, apply directly to the new home space. New entry points, including AI assistant and natural language search can take buyers beyond suburb first listings and surface relevant new home options. Our partner ecosystem further extends support for consumers and customers at key moments, strengthening the proposition through the funnel.

By combining advertising with data and intelligence solutions, New Homes represents an addressable market of approximately $1 billion. We see three connected ways to grow. Firstly, by improving advertising performance through richer content, broader buyer consideration and more qualified, higher-value leads. Secondly, by expanding our advertising suite for this segment, adding audience intelligence and campaigns that reach beyond the listing. And thirdly, by moving into the wider project life cycle. Upstream, we can support site selection, feasibility and product planning. Downstream, we can help with lead nurturing, finance, construction updates and settlement. Together, these opportunities move REA from a campaign channel towards an always-on intelligence and workflow partner, helping build trust and confidence in the sector. Our key message is clear. This is not a small adjacency. It is a large market where we already lead with meaningful headroom to grow.

Three features make the New Homes buying journey distinctive. Content is critical because buyers can't touch the walls or experience a home before committing. The journey is long, data-intensive and rarely linear. And trust is essential. Buyers need confidence in both the finished home and the builder or developer's ability to deliver at settlement. That creates an opportunity to use richer content, personalization and AI to make options easier to understand, build confidence and deliver more qualified leads.

I'll now bring this to life with Project Profiles, our flagship listing experience for new home buyers. AI helps us personalize, represent and simplify a Project's concept. Our customers are selling communities and lifestyles as much as they are selling individual homes. And using immersive technology, we can showcase the vision, amenities and shared spaces through stitched renderings, virtual walk-throughs and movement in the environment.

We're also moving towards real-time inventory representation, which enables these richer 3D visualizations. Buyers can understand what is available now, compare options and act with greater confidence. Inside the home, we can transform customers' static renders into walk-throughs and interactive experiences. Buyers can explore colors and more information such as sunlight and natural light modeling. Their engagement helps them progress through the journey and become better qualified before connecting with our customers.

Double tapping on real-time inventory and visualization. We believe this represents a leap that will reshape the sector as listings move beyond the limitation that text and image experiences offer today. And we think the benefits apply equally across apartments, land and individual homebuilding. Tech can also play a role in helping buyers match land with home designs, over time, moving us towards automated feasibility and clearer information on planning and cost implications. This supports better informed purchasing and decision-making earlier in the journey.

We can also then connect our digital experiences to customers' immersive showrooms, mirroring the Project's online implementation in a physical environment. This enables a seamless handoff for buyers, which adds personalization and service whilst reinforcing trust. And this is how we move beyond advertising towards inventory management and distribution with a focal point for marketing and sales and a distinctive data-rich buy experience that delivers high value and more qualified leads.

Beyond listings, we can deliver broader campaign solutions. New Homes marketers run sophisticated data-led and multichannel campaigns that are often significantly deeper and longer than residential campaigns. Irrespective of the project or build size, we can support more of that life cycle with audience intelligence and stronger personalized content informed by our supply and demand signals. From reaching qualified audiences to off-platform distribution and video, editorial and podcasting solutions, we are building a connected performance marketing suite that drives deeper buyer nurturing and better qualification.

And the opportunity extends beyond marketing and sales. New homes are well suited to AI. The journey is rich in content and data and customers and buyers need support at every stage. Projects are complicated and dynamic, bringing together many variables such as designs, inclusions, time lines, finance and construction updates. And our customers and buyers are asking us for more support and help at every step of the journey. Connecting these elements and providing a unified experience helps customers and buyers move confidently from concept through to construction and then into completion. Alongside our partners, we can help deliver better service, more informed planning and ultimately homes that better meet buyers' needs.

So, to recap, New Homes is a leading marketplace with a strong audience, trusted customer relationships and a large addressable market. We have demonstrated resilience through a difficult period and have 3 ways to grow: improving our lead quality and breadth, expanding our advertising proposition and extending our role across the project life cycle. AI accelerates all three, creating richer experiences, improving demand quality and unlocking intelligence and workflow products. Our ambition is not simply to sell more listings. It is to help customers plan, market, sell and deliver new homes more effectively while helping Australians make a confident decision to buy or build new. Thank you.

I'm now going to hand over to our Executive General Manager of Commercial, Kris Matthews.

Thank you. I'm pleased to talk to you today about REA's commercial business, REA Commercial. Over the next 10 minutes, I'll outline why commercial is an attractive growth opportunity for REA. But in short, we have the #1 audience. We have a proven business model, and we have room for growth. We are also investing that -- to continue that growth by delivering better customer and consumer experiences powered by our proprietary data.

Commercial is already a scaled and differentiated business with significant opportunity to drive further growth. REA Commercial is the leading destination for commercial property with a 2.5x unique audience lead. More importantly, though, we rank as #1 for return on investment and have an 83% customer preference score with agents. This reflects our ability to continuously innovate and deliver value to consumers and customers, translating into sustained growth over the past six years.

Commercial property is inherently complex, spanning different ownership structures, tenancy arrangements and property uses. Whilst this creates challenges, it also creates opportunities for diversification. For example, weakness in retail and office can be offset by strength in industrial and warehouse. Similarly, around 50% of our revenue comes from leasing, enabling us to navigate market shifts between sales and lease.

Commercial is like residential several years ago, highlighting there remains a significant opportunity to accelerate digitization by applying the residential playbook. We see that opportunity in three areas: First, digital advertising. Commercial is at 65% of ad spend on digital channels when compared against residential. That gives us real headroom to keep disrupting nondigital channels and accelerate add-on products such as Audience Maximiser. Second, premium depth advertising, Elite+, which is our equivalent to Res+ in Resi, creates a clear pathway to increase penetration of higher-value products. Third, customer workflows. Our ambition is for Ignite to become an essential platform for our customers, bringing trusted data, performance insights, workflow tools and AI-guided actions together in one connected platform. Residential shows us what's possible and commercial has the white space. Our focus is to continue to digitize the spend, continue to evolve our depth offering and make Ignite indispensable. This will ensure our ability to continue to grow.

Commercial is a $1 trillion-plus asset class with a $350 million TAM across advertising and agent solutions. With TAM penetration at around 30%, growing penetration is our core focus. Learning from our playbook, there are three connected commercial growth drivers. First, consumer experiences, using data and AI to lift engagement, inquiry quality and advertising value. Second, customer return on investment and our relationships, helping customers achieve better results and deepen our role as a trusted partner. Third, data and agent solutions, using REA Commercial's differentiated commercial property data and content to solve critical needs. Importantly, data and AI connect all three. They make advertising more valuable, experiences more engaging and customer outcomes more measurable.

Our first lever is improving lead quality, starting with a clear understanding of the commercial property buyer journey. Decisions can take more than 30 weeks, creating an opportunity to build confidence earlier through unique data and insights, AI-assisted search and immersive visualization. These experiences can drive stronger engagement and higher-quality inquiries through logged-in experiences. We're already seeing evidence of this. Inquiries are 46% higher among consumers who download a document. Ultimately, greater confidence helps consumers engage earlier and move to a transaction sooner.

Let me show a practical example how this comes to life. So I'm going to introduce you to Nina. Nina is a small business owner who really likes Surry Hills. However, she is finding it difficult to find a property that suits her business requirements. Nina needs to find a retail space, which also has an office for her team. With unique data, REA Commercial brings the neighborhood to life with insights such as foot traffic, nearby amenities and points of interest. Nina can begin to understand how the location, especially for her shop, could work.

AI-assisted search helps Nina express what she's really looking for, not just a post code or a property type, but a specific need, it helps Nina explore relevant options and move through search with greater clarity. Our new multi-space listings feature gives Nina a clearer way to understand the multiple options available for that property, making it easier for Nina to discover, compare and ultimately inquire. Greater immersive experiences such as 3D tours help to demonstrate the layout, scale and potential of the property. They give Nina the ability to explore, defurnish any area and measure the space accurately to see if the space meets her fit-out needs.

Once Nina is ready to take the next step, she selects a document to access from our document download feature. We noticed we don't have a validated mobile, so Nina is asked to update her details before entering the document room. Whenever Nina is now logged in, she can access the information memorandum and other important information on this and any other property of interest. All of this brings the property to life and turns browsing into confident action, creating better engagement and higher quality leads.

The second growth driver is yield. We see three levers to do this: deepen premium adoption through new products through examples like multi-space listings, which is exclusive to Elite+ listings; expand customer reach through Audience Maximiser optimized by REA's proprietary data and increase workflow by adding AI-powered solutions into subscriptions. Early indicators demonstrate the potential. 25% of Elite+ properties for lease have spaces buried in listing descriptions. Multispace enables customers to elevate individual lease areas with their own photos, descriptions and floor plans. While Audience Maximiser is underpenetrated today, we are already seeing strong growth of 30% year-on-year, showing strong market fit. Together, these opportunities can move customers beyond individual advertising products toward a more valuable integrated workflow relationship, deepening our role in how customers market, manage and grow their business.

The third lever is proprietary data. For customers, proprietary property and market intelligence, including ownership, occupancy, comparable properties, pricing and yields can become an essential growth tool. It will assist customers identify opportunities. It will help them prospect and nurture relationships and ultimately win more listings and sell and lease more property. This strengthens our role as a trusted growth partner, moving beyond the platform customers use to one they rely on to grow their business. For consumers, proprietary data creates a compelling reason to log in, helping them assess property suitability, understand the market and make better investment decisions with greater confidence. Better informed, more confident consumers generate higher-quality leads and are likely to transact sooner. This matters strategically because it strengthens our differentiation. Our value not only in the audience we reach or the listings we host, but also in the proprietary content that make real commercial more valuable to both sides of the marketplace.

So, to conclude, REA Commercial is already the leading address for commercial property with a strong growth track record and a diversified market. We have a clear path to continued growth by applying the proven residential playbook to deepen product penetration. Beyond this, we will continue to create greater value for customers and consumers while strengthening our advantage through proprietary data. Together, these give commercial a clear path to continued growth of both the market and our share of it.

So that said, I'm now going to hand over to Anthony Waldron, CEO of Financial Services. Thank you.

Thanks, Kris. Our Financial Services business is built around our desire to help people find and finance property. We operate through the life cycle of the consumer from when a buyer is looking for a property and needs a loan to when they are selling and then we're helping the vendor through funding the campaign costs through campaign agent. Through the immense amount of property data we have and our valuations models, we're then able to also service the needs of lenders and the broader property industry and their growing desire for these data and valuation services. Over the last few years, the business has grown strongly with revenue growth of 12% and strong margin expansion.

Financial Services is a natural adjacency to the core business. For consumers, they may start with independent journeys, but ultimately, they become intertwined and essential to each other. For consumers, we can help them build confidence to act and in doing so, create high-intent leads for our broker network from the property seekers on realestate.com.au and now also real commercial. For our customers, we create high-intent buyers who are financially ready to act with those leads going to mortgage choice on the residential side and now simplicity on the commercial side. We know those consumers want to act and are ready to transact.

We also help customers by providing campaign finance to help them get sellers to market. We have a huge proprietary property data set that when combined with what we know about the consumers' finance can create highly valuable intent signals for our brokers and customers about who is able and ready to make their next move.

The TAM we have across Financial Services is large and growing, and we have substantial room to grow given our current share of revenue is around about 9%. And we see four sets of growth levers. The first three, growing REA leads, building consumer confidence to act and accelerating broker efficiency through AI, all focused on the core mortgage business and the fourth on our opportunities to grow to beyond mortgages.

Let me just walk you through those quite quickly. Now as Tim mentioned earlier, with the growth in our AI experiences, we are seeing that affordability is the key helping consumers on their property journey. The concept of helping consumers become financially ready as part of these experiences will continue to grow and improve lead volume we generate off realestate.com.au. As you can see, we've been growing that lead volume solidly over the last couple of years. But just as importantly, the conversion of those leads has been improving as well as we contextualize and nudge consumers along the way through digital tools and value adds like making sure they understand what they can afford during the property search. Now with the advent of our AI companion, we see this growing further. And of course, we have mortgage experts available as and when they are needed to help them then fulfill the mortgage.

Building consumers' confidence to act is done by helping them solve some of their big issues when they're looking at their next move. We know that about 2/3 of people who think about moving every year don't. There are a lot of variables. That's why we have built experiences to interrogate those decisions like that you can see playing behind me now. Can I afford to buy before I sell? What about if I can get a simultaneous settlement? Can I afford to keep both properties? Our Move Modeller is a first-in-market calculator built by our teams across Mortgage Choice, PropTrack and Athena and it's helping consumers compare these options as they go. Building experiences to help provide confidence to act and then providing innovative financial solutions around these options with the experience of mortgage with the experienced set of mortgage brokers there when they need that support. But this is not just about getting value through the line. It's about creating confidence for consumers to act. And ultimately, this leads to more listings opportunities for agents as well.

At the same time, we have to make our brokers more efficient, and our goal here is to build a full broker coworker. Over the last 12 months, we've productionized 15 agents across the different stages of the broker and consumer life cycle and adoption is high. In fact, people are now using these agents more than they are using e-mail. This has increased the efficiency of a loan application by between 30% and 40%, saving days in broker offices for themselves and their support staff every week. But this is really only the first part of the story. Much of the value we can create with AI comes from the proprietary data we can bring to it. We recently connected data across Mortgage Choice, REA and PropTrack. And together, these data sets give us a richer picture of the client, their finance context, the property and its value and the signals of their likely next move. And of course, it's no surprise that there's a real overlap between these businesses with more than half of Mortgage Choice's clients regularly active on REA. We're now using these combined data sets to build models that surface signals of intent and help our brokers prioritize the right conversations that then deepen the relationship and then tailor their support off the back of that. It helps them see more of what's happening in a client's world and to service them more proactively.

Our AI retention agent is a great live example of what this connected data makes possible. It gives brokers timely prompts to support clients when they're ready to buy or sell, get a clearer view of the property equity or explore a sharper mortgage rate. It then suggests relevant next steps for the broker to take and provides automated workflows to make sure those actions occur. So in other words, it goes all the way from the signal all the way to the action for the broker.

Beyond mortgages, we see three sets of growth levers that we want to pursue and to grow and diversify the revenue in Financial Services. We recently acquired 70% of Simplicity Loans & Advisory. Simplicity operates in the fast-growing commercial broking market. At present, commercial brokers make up between 30% to 40% of all commercial lending in the Australian market, and this continues to grow rapidly. As a parallel, in the mortgage side, this has grown to be 82% of all mortgages in the country. The growth in lead volumes to this business will come from our Mortgage Choice brokers who largely operate in that mortgage -- only in that mortgage space, but it will also come from our New Homes customers and our agents. On an already fast-growing business, we think we can turbocharge revenue growth over the next few years.

Similarly, our campaign finance business, Campaign Agent, has grown strongly over the last few years through the increase in distribution that has come from being part of REA. There remains considerable runway through greater penetration of this opportunity over the next few years.

And finally, our data and valuations business, PropTrack, has grown its customer base broadly over the last two years. And with the proprietary data sets we have access to as part of REA, we see considerable upside, not only in the core valuations business, but also in the broader market beyond lenders where the growth for property data is increasing. For example, in utilities, who are actively looking for data to assist in the acquisition and retention of consumers as they move homes.

So, in summary, Financial Services has grown strongly over the last few years with 4 years of double-digit EBITDA growth. As a natural adjacency to the core REA business, we extend the reach across the property journey and have considerable headroom for growth in a growing TAM, not only in mortgages but also across commercial broking, campaign finance and valuations and data.

And with that, let me pass you back to Cam.

Okay. And we've got Eamonn here as well. So look, we want to now start looking at our global growth engines, and I'll briefly do a couple of things. I'll cover off on iGUIDE and Realtor in North America quickly. But we want to spend the bulk of our time talking about distilled in Ireland and Northern Ireland, and that's why we've got Eamonn here clearly to do that.

So, look, we acquired a majority stake in iGUIDE, a property camera and software platform just over a year ago to accelerate our ability to offer immersive 3D digital tours and interactive floor plans, and you've seen some really good illustrations of that. iGUIDE is growing strongly in residential, in commercial and in the construction markets. And as you've seen from all the demos, it offers vendors a real way to differentiate their listings and gives buyers more information before they do a tour or an open inspection, which really instills confidence.

It's used by real estate agents and photographers in over 50 countries globally, and it's the #1 provider of 3D tours and floor plans in Canada with 25% of homes sold in that country featuring an iGUIDE. After launching in Australia back in March, we now have over 500 iGUIDE cameras in market. We're probably pushing close to 600 now, and we're seeing an uptick in iGUIDE listings on our platform. And it's really exciting in terms of data capture and more immersive property experiences, and we're seeing a really strong runway of growth, particularly in North America open up for us.

It's also a really good example of M&A where we can buy a technology solution and leverage its value across multiple markets and geographies. And in the U.S., the team at Realtor are also doing a great job, too, speaking of the United States. They're thoughtfully growing the business there. Recently, there's been a real focus in terms of pushing into some more adjacent areas around new homes, rentals and seller leads, and they've grown revenues despite challenging market conditions. Realtor is investing in scaling AI prime consumer experiences just like we are here. And the IP transfer is really mutually beneficial between us and realtor.com. Collaboration is really close, as I mentioned earlier on in terms of product and innovation.

With iGUIDE, iGUIDE is also collaborating with Realtor in the United States to accelerate its penetration in the U.S. And the North American market is a significant opportunity and Realtor is really well positioned there. And with iGUIDE, leveraging Realtor's reach, agent relationships, while Realtor benefits from the more immersive portal experience and the ability to drive consumer engagement.

So let's talk about Distilled. And we're really excited with this acquisition or proposed acquisition. It's still not completed. And at the moment, we're still arm's length. So it's great to have Eamonn here, as I mentioned. And this is a really good example of M&A underpinned by strong strategic logic. And as you know, when we announced this, we agreed to buy the 35% stake. It is still subject to regulatory approval. We're really looking forward to working closely with Eamonn and the team and doing some great stuff with that business in the future.

Just in terms of some of the investment fundamentals in our business case, Distilled provides an attractive entry point into a high-growth property market that's similar to Australia and where IP and tech are directly relevant. Over the last five years, it's grown at a 21% adjusted EBITDA CAGR, and it's got a portfolio of #1 portals, each with an established brand and leading audience. Ireland and Northern Ireland are both digitally developed markets, very similar to us here in Australia. And the company has got a proven track record of profitable growth, and there's significant opportunity for future growth, including continued adoption of the VPA model. Its operating model is well aligned with our experience in an audience-led marketplace with premium products, depth penetration and data and product development.

And finally, our businesses are really strategically and culturally aligned, actually very aligned. And it's been really great getting to know Eamonn. And I think every time we catch up, we get more and more excited about the fantastic opportunities that we've got and the natural alignment that we have culturally between the two businesses. and really looking forward to collaborating further with the team at the skill.

So with that, I will hand over to Eamonn to give you a little bit more color on his business.

Thank you, Cam. I'm delighted to be here. In the early days of daft, I actually came out to Australia to see if I could expand Daft into another country. From my little flat in St. Kilda in Melbourne, I built out a prototype daft.com.au. And then I went out to talk to estate agents all across Melbourne. What I learned was very interesting. REA was already doing everything that I dreamed of and many things that I haven't even considered. So I cut my trip short. I shut down the prototype daft.com.au. Went back to Ireland, got an office the next day or the next week and scaled up the business with everything I learned from Australia. And then the rest is history. So I've been a student of REA ever since for many years. And we've more recently rolled out our version of vendor paid advertising in Ireland, more of which I'll get to later. So really for me, this investment from REA is a real full circle moment, and I'm very, very excited to work with Cam and the team as a partner.

So a little on where we've come from. I set up -- I founded that with my brother, Brian, in 1997 when I was a student in Trinity College, Dublin. It was -- it started as an experiment, listing, house rentals, flat shares, et cetera, on the Internet. 30 years on, we are -- we've grown both organically and through a few strategic acquisitions. In property, we are the #1 or the leading portal in Ireland. And last year, we had a PropertyPal, the leading portal in Northern Ireland. On the motor side, DoneDeal is the leading portal in Ireland and Used Cars NI joined us last year also the leading portal in Northern Ireland. We also operate the leading online general classified marketplace in Ireland called adverts.ie.

What's interesting about this field is when you look at the web and app engagement globally, we're in the top 5 globally, as you can see here. In fact, the only company that beats us across property and motor is REA. So we're in good company. Historically, we've also been growing our revenue in the high teens.

So what do all the sites have in common? Well, each business in the portfolio is profitable. We have an established brand, a leading audience and is accountable for their own sales, customer success, marketing, product and technology. So this is by design. We really want our teams as close as possible to the customers and the consumers so they can remain focused on solving real consumer and customer problems.

So let me jump into daft because this is really where the REA collaboration is most exciting for me personally, especially on future product and tech innovation. So let's look at how the business breaks down. Our residential, which includes agents, private listers, institutional landlords and of course, vendor paid advertising is our biggest contributor to revenue. New homes is second and it's very significant. Here, we're well positioned in Ireland to benefit from the projected new homes volume increases. over the next few years. And then finally, we have data, mortgage and other adjacencies. As you can see in the slide, there's significant room to grow by delivering more value for customers and consumers. We have just completed a multiyear replatforming of the daft platform, and I'm very excited to redeploy our brilliant product and tech people armed with AI agents, of course, to tackle consumer problems in 2027 and beyond. Our key drivers of growth are growing our penetration of VPA, which I'll talk to in the next slide, and then continuing to grow our residential and new homes business by delivering more value for agents and developers.

VPA. So we introduced VPA -- our VPA product called Advantage Ads. We introduced that in 2023, and we're seeing strong momentum in adoption across the market. So in two years, adoption has tripled. We're at about 24% of monthly new listings as Advantage ads. While VPA is the norm in Australia, we're early in the journey, and that's exactly where the opportunity ahead of us is. So why has VPA worked in Ireland? Really two reasons. Number one, the market was primed. Irish vendors have already paid for print advertising for decades. Paying to market your home isn't new in our market. We've just brought it online. And second, we can prove it works. So our top-tier ad gold gets 6x the visibility of a standard listing. Advantage listings get 37% more inquiries. And on average, home sales were 2.6% more. So that's a very compelling value proposition for vendors. On the other hand, agents that embrace Advantage Ads are also more likely to gain market share due to the increased branding presence they have, both on and off-site and through access to our bundled seller leads. Agents and vendors can see huge value in our VPA products for themselves. In short, the VPA product works, and it works for both vendors and agents. And that's why we expect adoption to continue growing. Once the transaction completes with REA, we see very clear opportunity to leverage REA's expertise in growing BPA in Ireland and in Northern Ireland.

And moving on to macro. Between the two markets, Ireland and Northern Ireland, there's a population of about 7.4 million people. Ireland is amongst the fastest-growing economies in the EU and one of the fastest-growing populations. So overall, there's strong fundamentals in our market. And the growing population economy and housing demand all underpin a growing property market. In the longer term, if we manage to hit government new home supply targets and supply begins to close the gap with demand, we would expect housing stock turnover to revert to more normal levels of 4% to 5%.

Finally, just clicking into DoneDeal. While we have a very exciting growth opportunity in property ahead of us, we have an equally strong motor business in DoneDeal that's also growing revenue in the high teens. So breaking down revenue lines, dealers are the biggest contributor to revenue. Private car listings is second, followed by finance, media and other adjacencies. Dealers get exceptional value from DoneDeal today, and our growth comes from delivering even more of it. Our plans for next year focus on better products, better leads for dealers, helping more dealers get the most from the platform and expanding revenue through adjacencies. DoneDeal is a financially material business and adds resilience and diversity to the portfolio.

So before I hand back to Cam, I just want to say on behalf of the whole Distilled team in Ireland, we're extremely excited to work with REA post completion and make the most of the opportunities for sharing IP between the two businesses. And we spent a lot of time with the team over the last few months, and we've had many last. And I know our cultures are really going to gel well together. So thank you.

Okay. So look, just to finish on our global growth drivers, we're building increasingly a diverse portfolio of attractive TAMs in this space. I just touched on it a couple of times, but collaboration and IP transfers is really important in terms of how we unlock the opportunities that we have globally and bring real value to the table for shareholders. So it's very important that we continue to do that and execute with our expertise.

So look, speaking about expertise, we're going to move on to the next section now, and I'd like to welcome Elisa and Steve to the stage to talk about how we're going to accelerate as an organization. So thank you.

Thank you, Cam. AI is changing the world at a rapid pace, and this creates challenges and opportunities for REA, but this is really just the latest technology for REA to adopt and benefit from. We have a long history of leading through change, and our culture and our technology have enabled three decades of product innovation. We led the industry in adopting agile ways of working and realizing productivity gains from working faster and smarter. We've integrated major changes to our technology stack from cloud-first infrastructure to mobile development, and we have the platforms and systems to succeed in the AI era. Our decentralized delivery structure allows us to innovate at the edges and move at pace. And in recent years, we have created efficiencies in our delivery process. And now through our innovation hub FlowLab, we are scaling Agentic-first software delivery for the next chapter. Elisa?

Thank you. Our culture has also grown and adapted over this time. Innovation has always been a key part of REA at its core, going back to its early days of hack days now up to the 45th edition. We've protected our entrepreneurial mindset while scaling. And now this DNA is also part of our new global centers of excellence, so Cyber City in India and Global Business Services in the Philippines. Our history of enabling innovation through culture and technology positions us to lead in the next chapter and deliver for our customers, consumers and brokers.

At REA, we are deliberate in the way that we protect what is unique about our culture while also evolving it as we grow and scale. But this is not culture for culture's sake. It's culture that we need to achieve our strategy. Today, we have a highly engaged workforce. Our recent results put us at the top quartile of engagement against the global tech benchmark for organizations of our size. We are recognized as one of Australia's best workplaces. This makes us the top choice for talent, helping us to attract and retain the skills and capability we need to deliver on our strategy.

Our workforce strategy enables us to access talent and skills globally and provide a flexible labor cost model. This sees our capabilities remain in Australia, enables us to scale tech capabilities in cyber city and extend our support areas through global business services. This workforce model provides us with a strong platform for global growth and the flexibility to scale up and down as required. In addition, our investment in iGUIDE delivers access to specific expertise and talent.

Our culture and workforce engagement has allowed us to accelerate AI adoption and workflow redesign in our teams. Our people have embraced multiple AI capability programs. And post training, over 90% feel confident in recognizing opportunities to use AI to enhance our products and processes. We know that through our sentiment work that where we have trained and capable people that their confidence and optimism towards AI is high. Open two-way communication on AI with our people is core to our approach, and we do this consistently by aligning to three AI value zones.

And I'll pass back to Steve to talk through these value zones in more detail.

Thank you. So AI is creating tremendous value for REA. And to harness that value, we divide AI into three value zones, which we'll go into in a minute. Underpinning these three zones is what we call the control plane. This contains the components to deliver value safely and efficiently, and it gives us budget certainty over AI inference. The further point I want to outline is our broad portfolio of global partners. We have built a multi-partner approach, which means no vendor lock-in and provides flexibility on cost, capability and resilience as this technology continues to evolve.

Our three AI value zones are as follows: AI in our products, AI to build our products and AI to run the business. Now these three distinct zones each have their own audience enablers and ROI. In zone 1, we create value through our products and services, and we already heard about some of the amazing products from the team today that AI has opened up across residential and growth engines. In zone 3, we also use AI to accelerate the wider organization. We have laid strong foundations, including building AI literacy across the enterprise, providing people with leading AI tools and agents grounded in REA's rich organizational context.

Today, I will focus on zone 2, which is how we're using AI to accelerate the way we design, build and deliver products. We've already seen exceptionally strong results from our initial experiments and agentic first delivery will unlock capacity for increased product delivery. In zone 2, we are leveraging AI to create new products and features faster than ever before. And we have prioritized this area because it offers the most compelling applications for AI and delivers very clear ROI. We're accelerating the entire journey from vision to value, and this isn't just writing code faster. We're designing the entire flow of work through the organization. And we want to ensure that the productivity gains from software development translate to new economic value for our business. Through this end-to-end approach, we are increasing velocity across the entire value chain. This prevents bottlenecks appearing and ensures we can deliver value to our customers faster and more frequently. For example, in product design, which is upstream from software development, we are now using AI to rapidly validate prototypes.

Now this is compressing a process that would normally take weeks into a couple of days. And we're not just building faster. We're also increasing our go-to-market efforts as well to ensure that our customers receive this value that we're creating a lot quicker. We're moving away, as Cam said, from a few large value drops each year to always on value with multiple release moments. And in support, we're amplifying our customer-facing teams with AI coworkers, helping them through the entire life cycle from initial activation through to long-term retention.

One of the most exciting applications for AI remains software delivery. We are already seeing tremendous productivity gains at REA. We've recently proven in trials that Agentic-first delivery models can rapidly accelerate time to value in 2.6x. Now that's just not writing code, that's actual speed to market. This step change in productivity is possible because we've reached a point where AI agents can act with increased autonomy. They can break a complex task that into a series of steps and execute them independently. Human expertise, however, remains critical, but our engineers are shifting from writing code to a supervisory role, planning and reviewing rather than doing all of the code themselves. Now this is important, while software delivery is undergoing significant change, particularly at REA, our philosophy remains the same, human-led but agent powered. So the model does all the heavy lifting, but humans stay in command of the decisions that matter.

Throughout FY '27, we are progressively scaling our Agentic-first workforce to ensure that we can make the transition efficiently. FlowLab providing our teams with reusable tools, support and creating repeatable playbooks. Rewiring our engineering teams through Fab is already beginning to release human capacity. And we are reinvesting that unlock capacity in the highest value growth priorities. It allows us to accelerate our world-class property experiences, and now we have the means to scale exciting new growth engines such as commercial, new homes, financial services and new markets, including global. At REA, we've always had more great ideas and capacity to deliver them. The Agentic-first product delivery allows us to turn those untapped ideas into new value. Elisa?

Thanks, Steve. So in summary, AI is transforming how our people deliver value to market. Our strong culture and long history of innovation means our workforce is well positioned to thrive through this change. While AI is changing the product delivery process and enabling exciting new opportunities, people remain at our core, with human expertise, creativity and judgment more important than ever. We have a clear framework for how we think about value from AI. We're investing across the three zones, prioritizing our spend in areas that provide the best return on investment. We are focused on scaling Agentic-first product delivery, increasing our velocity across the entire organization to get value in the hands of our customers faster, unlocking capacity to reinvest in our growth. We know that our combined people and tech strategies will enable the future of REA, human-led, agent powered.

I will now pass to Andrew for the finance update and to bring us home.

It's been a privilege to join a company in REA, which has such a long and consistent track record of delivering strong profitable growth and shareholder returns. Nine months into this role, and I couldn't be more excited about the opportunities that lie ahead.

Over the last 10 years, we've delivered a revenue CAGR of 12%. That strong revenue growth has been delivered through different market cycles including the 2019 Royal Commission into banking in Australia, the COVID era, which disrupted property in Australia from 2020 through 2021 and into 2022, if you're in Melbourne, Australia; and fiscal '23, which presented one of the harshest cyclical housing downturns that REA has ever experienced on the back of 13 consecutive interest rate rises. Through all those conditions, REA has focused on excellent innovation and execution, a deep engagement with our consumers and our vendors and very strong relationships with our customers. Importantly, REA was successful in delivering EBITDA and NPAT CAGRs of 13%, which outpaced revenue growth. This is something that Cam and I are particularly focused on, driving operational leverage across EBITDA, NPAT, EPS, DPS and free cash flow. Over that same time period, we expanded EBITDA margin from 60% to 65%. We've grown yield by investing in technology, data and product experiences to support our yield and drive that top line. Having a major shareholder in News Corp with such a long-term view of value has enabled us to continue to invest through the cycle with a focus on maximizing returns for all shareholders.

Buy listings can be cyclical from year-to-year, as you can see from this chart on the left-hand side of the page. But despite that year-to-year volatility, volumes have been broadly flat over the last decade, as you can see from this chart on the right-hand side of the page. Importantly, against that flat backdrop, residential revenue has grown at a CAGR of 13%, underpinned by a 14% yield CAGR. The strength, resilience and consistency of our residential business have been key drivers of REA's growth throughout our history. Importantly, over the last five years, we've delivered half of our yield from pricing to value. We've been able to take price because we've continued to invest in delivering value, delivering choice and delivering better outcomes to our customers and to our vendors. With the remaining 50% of that yield growth a result of our customers electing to upgrade to higher depth tiers and our customers electing to purchase add-ons or upgrade to higher-value subscriptions. Listings and geo mix have contributed 0% to residential revenue growth over the period.

As Cam and Swifty highlighted earlier, there is further runway in our residential business, particularly with AI, which offers us new surface areas, new personalization opportunities and new ways to deliver value to our customers and to our vendors. Our take rate is just over 20 basis points and less than half of the marketing schedule.

While our core residential business is our largest growth engine, we've scaled three adjacent businesses in Commercial, New Homes and Financial Services, each that now have $100 million of revenue. Commercial has delivered a 15% CAGR over the last five years. New Homes has grown despite a decline in new home construction over the same period, and financial services has grown at a 12% CAGR since we acquired Mortgage Choice back in fiscal '22. We're really excited about the work that Steve is doing in FlowLab that will give us the opportunity to accelerate investment in these areas, drive efficiencies and help them to scale faster.

In addition to our track record of delivering revenue growth through the cycle, we have a track record of cost flexibility and optimization through all market conditions. The chart on the left-hand side of the page shows you revenue and cost growth in Australia since fiscal '16. As you can see, during periods when revenue slowed or even turned negative as it did in fiscal '20 and again in fiscal '23, we're able to adjust our cost base quickly to protect margin and ensure the long-term sustainability of our business. Over 60% of our cost base relates to people. We've been able to proactively manage our investment in this area in a smart and disciplined way to ensure we manage costs during slower market conditions and invest appropriately to maximize returns for all shareholders.

In recent years, we've invested in centers of excellence in GBS, Manila for our support functions and Cyber City India for our technology and product teams. This workforce model allows us the flexibility to scale up and scale down as required. We also greatly benefit from News Corp scale in our access to global technology relationships and local marketing partnerships. And while our immediate focus on FlowLab is to get through our product pipeline faster to put value into the hands of our customers and our consumers, we will have the flexibility over time to drop more of those efficiencies to the bottom line.

Importantly, REA's earnings are highly cash generative. REA has delivered a free cash flow CAGR of 14%, which has outpaced EBITDA and NPAT growth over the same time period. REA's operating cash conversion is consistently at a 95% level, reinforcing the quality of those earnings. This has facilitated continued investment in product development with CapEx to revenue at 8% in fiscal '26, well within our targeted range. And finally, we've delivered strong returns to shareholders with dividends per share increasing at a 14% CAGR, in turn delivering $390 million in dividends to shareholders in 2026. In addition, last year, we commenced and executed a $200 million on-market buyback over the second half of the fiscal year. We have a very strong balance sheet. We will continue to balance returning value to our shareholders while maintaining financial flexibility to reinvest in the business, both organically and inorganically.

Unsurprisingly, given the current market conditions, we expect new buy listings to be down low single digits. We expect controllable buy yield to be in the low double digits. We will continue to target operational margin expansion. We expect group and Australia cost growth to be in the mid-single digits pre-M&A and mid- to high post M&A. And finally, losses from associates are anticipated to improve in fiscal '27.

Beyond '27, our financial aspirations spans three key areas: growth, earnings and capital management. We will continue to invest in our business to deliver double-digit revenue growth underpinned by double-digit controllable buy yield. As we do this, we will maintain a strong focus on working with our customers, mindful of market conditions to ensure we remain supportive and aligned with the industry. We will continue to respond to prevalent market conditions with cost and productivity levers to expand margin and deliver double-digit EBITDA growth through the cycle. And in doing so, we will maintain a laser focus on delivering long-term value to all our shareholders.

Hopefully, now you're just as excited as we are about the future here at REA. We're the #1 with clear runway to grow our residential business and our broader portfolio of growth engines, Commercial, New Homes, Financial Services and our recently announced investment in Distilled. We are a proven innovator with a unique edge across our breadth of relationships, our depth of data and the quality outcomes we deliver to customers, consumers and to brokers. We are confident in our ability to deliver highly cash-generative earnings and strong financial performance through all market cycles, enabling us to continue to invest for the long term with a focus on maximizing value for all shareholders.

With that, I'll invite the presenters back on stage, and I'll pass to Cameron to conduct the Q&A.

Okay. So we've got 20 minutes. So any questions from the floor?

Bryan Raymond, JPMorgan. First one just on the take rate and just thinking about the broader marketing schedule that vendor is paying for essentially. If you guys are taking 22, there's another 29 basis points there sitting in your competitors and other parts of the value chain. Just interested with all the great innovation we heard about today, do you expect to take more of the other 29, so a larger share of that overall marketing schedule? Or is it about actually adding value to the point where the overall marketing cost can go up for the vendor over time?

I think it's probably a combination of both, to be honest. With iGUIDE and the acquisition of iGUIDE, I mean that's just -- that's given us the ability to extend the TAM and the opportunity that we have. But also clearly, you've seen the products that the guys are delivering inside our current platform, and that obviously gives us an opportunity that's slightly different, too. So I think it's a combination of both.

Great. And just one follow-up, if I can. Just on the daft business, maybe one for Eamonn. In terms of the 5 basis points they're running at, at the moment, how does the VPA side of the business compare to the overall? And what's the sort of scope for that to move higher over time?

So we haven't closed the deal yet with REA, so we're not going to comment on future numbers. But I would say we've got strong momentum in our VPA products. If you look historically, we've tripled in the last two years, and we're seeing strong adoption in the market and strong interest from agents in that product. We're at about a 25% conversion rate, 24%, 25% at the moment.

Cam, you've always been a company that's innovated in advance of technology changing rather than reactionary. Just you were saying you're at San Fran last week and offsite with your tech partners, just two or three of the interesting learnings for you or from the team from last week.

Yes. Thanks. Great question. I mean last week was fantastic. It was the second time we've been there in 12 months. And you can see a clear change and evolution. I think the vendors that we spoke to, it seemed more strategic in their thinking, and we got a lot out of it. But maybe, Swifty, you should start with.

Yes, I can comment. We touched on the Agentic opportunity. So both validate and that's real. What we need to do to win in that world around that data, the alpha, et cetera. and the start-up and staying close to that, we identified some great opportunities there that we could bring to the Australian market. And then the models have become commoditized increasingly and that the distinction will be in the application, and that's a great opportunity for REA again to continue to differentiate and win as we go through this AI era.

Yes, I'd probably add that look, we're hyper connected to the frontier labs. We see them twice a year in person, and we also stay connected by monthly meetings. And I think 18 months ago, it was all about the models, who had the best model, and it certainly was a race. 12 months ago, I think the Frontier Labs were chasing the consumer, and they wanted to be the front door of the pane of glass to the Internet. And on the trip we just went on, it's all about enterprise because the investors are expecting returns now. And so they're now laser-focused on selling tooling into the enterprise. So that was a big shift. And again, all about the application layer and the harness capability.

Cam, the other thing we'd probably add is just the importance of data, like that was reinforced just about in every meeting we went to. A lot of the time, they're wanting access to our data, which I guess reinforces the quality that we have.

This question is probably for Andrew. And I mean it was useful talking about the flex in the cost base, but I'm curious in your perspective as to whether the company now has greater flex in the cost base than you did, say, when the last Investor Day was held in '22. I mean I'm conscious that the aspirations are quite similar, and you've spoken about all the initiatives. So it feels like there should be an opportunity to have more of -- more flex, but interested in your thoughts.

I mean I won't comment exactly on what was discussed four or five years ago, Entcho. But what I can say with where the business is today, we have got a high degree of flexibility in the cost base. I mean it's similar in shape in terms of the labor contribution to overall costs. We've now -- since then, we've established centers of excellence in Manila and also Cyber City India, which gives us that flexibility to scale up and down. And I think the work that Steve is doing in FlowLab gives us another lever, which we didn't have before, again, which at the moment, we want to go faster and try and put more products into the hands of our customers and consumers. But in time, I mean, that's an efficiency lever, too. So we feel really comfortable at we've got to manage the environment we're in.

Okay. Maybe a couple of other quick ones, if I may. Is there anything you can do as a Distilled shareholder to accelerate the growth that daft and Distilled have seen so far? And conversely, are there any products you can take away from daft? I mean I know daft has quite an interesting office product, for example. I don't know if Eamonn wants to talk about that and perhaps how that's a differentiator.

So maybe we'll both comment. Look, I mean, there's a lot that we can do together. We talked about -- Eamonn talked about some of those things. There's a couple of people up here that know a little bit about automotive as well, and we can help where we can in that space, clearly. But yes, look, we're very excited. I mean there's a very broad range of opportunities that we feel that we can help Eamonn and the team with. But also, I'm really excited about the opportunity that we get to get IP back from Eamonn and his team because we know property really well. But there's some lessons and some things that we can take away from those other vertical marketplaces that I think are going to help our business too, to grow and evolve as well.

So I think it's going to be definitely a two-way IP share. And Eamonn's got -- and he wouldn't say it because he's too modest, but he's got an amazing team. his team are all jets. And they resonate really well with our guys and really looking forward to working with them. But I don't know, do you want to add anything?

Yes. I mean I'd add to that. I mean I think REA from our perspective, is one of the best property portals in the world. We're really excited about.

We are the best.

We're really excited about getting access to know-how, intellectual property I think what we bring is we're smaller markets. We're a small team. We have a lot of entrepreneurial energy. But I mean, I think there's so much -- REA is so much further on the journey than us on the VPA kind of journey that I think it's probably going to be more us pulling IP from REA than the other way around.

I've got two questions. First one is just on the current property market downturn. And if we look at your comp in Sweden, Hemnet, which is still a dominant player now, but they've lost some market share to their competitor, Booli during the market downturn. And I'm just wondering what can you do to make sure that it's not happening yet to you guys in the current cycle?

Yes. Thanks, Roger. Do you want to?

Yes. I wouldn't want to comment on another portal around the world. But when we think about some of the things we always pay close attention to the health of the market, absolutely, but price to value. We talk a lot about this so that we can really stand behind the value we deliver. So then when we actually put a price in front of that, there's a justified price that demonstrates strong outcomes and then we're keeping a close eye that we can always attribute the 9 out of 10 buyers, et cetera, on realestate.com.

Yes. I wouldn't want to comment on another portal around the world. But when we think about some of the things we always pay close attention to the health of the market, absolutely, but price to value. We talk a lot about this so that we can really stand behind the value we deliver. So then when we actually put a price in front of that, there's a justified price that demonstrates strong outcomes and then we're keeping a close eye that we can always attribute the 9 out of 10 buyers, et cetera, on realestate.com. It's about the health of the market, but really clearly demonstrating value to both our customers and to the vendors. The vendors can't see that value, then they're going to look for alternatives as well. So you've got to demonstrate that value all the way through. That will ensure that you retain the best place to list your property. And that's what we've seen happen in other markets around the world where you're not the best necessarily the best place for the value you deliver to the price point you charge.

It's about the health of the market, but really clearly demonstrating value to both our customers and to the vendors. The vendors can't see that value, then they're going to look for alternatives as well. So you've got to demonstrate that value all the way through. That will ensure that you retain the best place to list your property. And that's what we've seen happen in other markets around the world where you're not the best necessarily the best place for the value you deliver to the price point you charge.

I've got two questions, if I can. So just firstly, kind of distilling the takeaway from today is like a lot of the AI innovation on the consumer and agent side, how would you distill that into the key value proposition when you're talking to agents? Like do you think really what they want to pay for is more leads, and that's what you should be pushing to them? Or is it higher intent? And I ask this question because some other verticals in the classified space are starting to evolve their depth tiers to differentiate on kind of high fit matches. So is this the way we should be thinking about how the model evolves over time?

Yes. It's really important that we're aligned with what the customer is trying to achieve. They're trying to grow their business by winning more listings. It's really important with the best place to source your next listing from. That's even for our seller leads or our products around things like sold. They do amazing or our branding products drive awareness in the market and then making sure that we do the most fundamental job we hired for, which is the best place to find your next buyer to ensure that we're the best place to transact and list your property.

We're always focused on aligning to that outcome rather than necessarily trying to get too smart with the business model. Are we aligned to the outcome we're trying to achieve? Is that aligned with what our customers are trying to achieve, tick, tick, we'll always go after that as our best path forward.

And then just lastly on kind of maximizing shareholder return. Just kind of keen to hear any early thoughts on what the preference would be and if you guys have thought about what the right balance sheet settings could look like in that environment?

Lucy, what I'd say is we have -- we've got a privileged position with the balance sheet that we have, and we've always balanced returning value to shareholders with investing in the business, both organically and inorganically. At different times in the market cycle and at different times in our evolution, we'll make different decisions. Like last year was a year where we returned more value to shareholders in total, we returned just under $550 million to shareholders. Right now, we think the balance is right with the dividends we've got in place and the recent investment we've made in distilled. And so it's something that will continue to evolve over time.

I've just got a question about commercial, and it seems like it's a big TAM there. But how should we think about the competitive landscape? Because I've heard that CoStar is investing heavily here in Australia. And obviously, they've been in the game for a lot longer in the U.S. market.

Well, I mean, I'll say upfront. I mean, we value competition, and it's great for the market. But we're here to run our race, and that's what we care about and what we're doing with our customers and how we're evolving the commercial market. But I don't know, Kris, do you want to comment on any of that?

Yes. First of all, a data question or I love it. Look, I think, first of all, hopefully, you've seen today the importance of the data and insights that we get from our largest and most engaged audience. And we obviously share that across resi and commercial. So I think, first of all, it starts with that, you see a lot of the innovation today coming from that audience. But the other things I'd probably talk to is this has been a journey that we've been on for a while. We've been investing in the PropTrack data business in excess of five years. If you look at some of the acquisitions we've made, we've acquired a business called Neighbourlytics. You saw some of the foot traffic, hopefully on the demo today in commercial. We obviously invested in iGUIDE in terms of the immersive experiences and obviously, the data that comes with that. And we've also made the investment in a business called Neighbourlytics. So I think the combination of the audience, the behavioral insights in conjunction with the investment we've been historically making puts us a really good position in the Australian market. So really confident.

A question for Cam and perhaps Eamonn. I'm just interested, naturally, if we look back in history, REA has acquired a lot of businesses overseas in the past, and it hasn't always worked out as well for shareholders as perhaps what the team expected at the time. So can you give us some insights into why you think this might be different with Distilled?

And then I might ask the second question now, and you can touch on both. Just a question on key risks. Given the framing today with AI as more of an opportunity than a risk, which I think is fair, what are the key risks occupying the management team from your guys' perspective? And how do we think about the areas of investment that are more growth focused relative to more defensive?

Yes. So I'll start with the M&A question. So look, I mean, from our perspective, Ireland -- and as Eamonn said, Ireland is a high-growth market. So we look for high-growth markets. We look for markets where there's an opportunity to deploy our intellectual property and to deploy our technology where it makes sense. So we're not just bringing a check to the table. It's about delivering value.

We look for management teams that we can culturally align with and strategically align with. And clearly, as you can see up here this morning, Eamonn and the team, we have clear and absolute alignment with them. We're also looking for profitable businesses.

We're looking for businesses that are #1s in their markets because in these sorts of marketplace businesses, it can be from time to time, a winner take all. And so having that #1 position is incredibly important. We're also looking at TAMs and where the business is at in terms of their TAM journey and how much value over time can be created as well. So there's many, many things.

In terms of the past and so on, I can't comment because I wasn't here, but that's certainly the future. When we move into a market that we're unfamiliar with, I think this is an example where we take a minority stake. We learn the market. We learn -- we learn the business and what happens down the track happens down the track. But it's about question to risk. I mean it's a great way to reduce risk by taking minority stakes and growing those positions over time.

In terms of how we think as a management team about risk, particularly in the AI environment, I mean, we're a paranoid business. We are focused on where we can be disrupted. And last week was a great example of that, getting out and talking to technology vendors, but also spending time with tech start-ups and looking at where those start-ups are coming from, how they're thinking about the world and does that relate to us? Should we be thinking about acquiring minority stakes, et cetera, et cetera. So in terms of risk, we're focused on the possibilities for disruption. But we're also -- yes, I mean, we're a people-led business, too, and making sure that our people are engaged and evolving as we evolve on our AI journey, I think, is really important that we're taking everyone with us. But I don't know, you guys -- anything else, what am I missing? Am I missing anything?

Yes. No, I would say we've heard all about tokenmaxxing and people handing out -- companies handing out tools to employees going crazy, spending lots of money on inference and not getting any results. That's one of the reasons we established FlowLab is to really control the workflow. We're not as focused on writing code. We're focused on end-to-end, and we can do that through a centralized program. And because of that, we're seeing results.

So I'd say if you weren't doing FlowLab, budget risk would be a factor, but also what is the quality of the code that you're adding, what is the quality of the products and services you're building. So we get to manage that very tightly with FlowLab. And again, it's the reason that it exists.

Just a couple of quick ones. Sorry, Cam. First, just wanted to have another go at the jaws. So I guess, historically...

Operational margin expansion, Eric. It's called operational margin expansion.

Sorry, I got to get with the program. But operational margin expansion has been sort of 1% to 3% historically, kind of high single-digit cost growth and you kind of grew headcount over that time. Just listening to Elisa and Jane, they're going to be using AI to drive product and just thinking about your headcount, 3,200, like you've got 300, 400 people in tech already. So just on that headcount piece, can that be more flatter going forward, which would suggest a kind of different cost growth profile going forward versus history?

So I mean our guidance for this fiscal year is, as you know, mid-single digits ex M&A. We've got more, as Entcho helps me point out, we've got more levers than ever to manage our operational flexibility to scale up and scale down. In terms of where our workforce evolves to, we'd expect to make better use of those offshore centers of excellence over time. As we work through the FlowLab process, some of those efficiencies in time may well be delivered to the bottom line. But at the moment, our commitment is to driving the top line.

Super quick one. No one's asked on listings, and it's not a short-term one. But one of the debates is we're going through a rocky patch now, but is this structural? Is it cyclical? If you're a bear, you could look at some of the overseas examples. There's some New Zealand people here who have probably gone through two to three years of bad listings like A has probably seen turnover stay at 2% to 3% for many years. If you're a ball, you probably go, these aren't lost, they're just deferred and you're going to get a glut. So I guess my question is, you guys have shown how much information you have on vendors. Like do you have insights that there's a bunch of people that have just held off on listings and therefore, it's more cyclical.

I mean I'll open up to the floor. But I mean, I'm bull, as you can possibly imagine. And my view is, as you said, people tend to not list or not sell because there's multiple reasons why people buy and sell property. So I think historically, we've always found that people will defer as opposed to not sell. And so clearly, I think what the signals that are being sought at the moment, where is the peak in the interest rate cycle. And I think that's the thing that's probably holding some vendors back from making that sell decision. They're waiting to see where the cycle caps out, which by definition means it's cyclical.

But I don't know if you guys have any views?

I think that's a good -- I mean I think that's a good summary. You saw in the data that we presented in the finance section, Eric, that listings have been relatively flat, flat to down 1% over a decade. Over the last five years, they haven't contributed to revenue growth. So they may ebb and flow month-to-month, quarter-to-quarter, maybe even year-to-year. But over time, they're relatively consistent. And what we're able to do through all those market environments is to deliver yield growth, which underpins double-digit revenue growth.

So this is probably the last question. Sorry?

Hamish from Drummond Knight. Just thinking about the subtext and really great AI presentation, by the way. But thinking about the subtext of the 2.5x acceleration to the speed of the market and speaking about that you guys really want to put down the floor on, I think, the pedal to the metal on AI development. Just strategically, how do you think about that? Because that, I guess, from a high level, Agentic AI increases the risk of disruption from new entrants because they're faster. But then the team up there probably has a road map that's a lot of adjacencies that they've always wanted to do, but are probably cost prohibitive and are now a lot less cost prohibitive for both you and your competitors. So like we can think about jaws, but how does strategically you guys think about the speed of innovation? Because isn't now the time to go hard on your road map if you have anything that's commercial?

Yes. No, I think -- that's a really valid point. And I'll let Steve answer in a second as well. But clearly, FlowLab enables us to accelerate through our engineering processes, but there's upstream and downstream that we also need to make sure is accelerating at the same speed. Otherwise, we end up with a blockage or a bubble in the process. So I think as we work through that and get that to a place where we want it to be, this business -- I mean, one of the things I love about this business is there is no shortage of ideas. I mean we have far more ideas than we can stick on a product road map and our product road map is long. So for us, it's about how do we make sure that upstream and downstream matches the pace at which engineering can go. And if we can get that aligned, then my view is if we can get more ideas into our product pipeline, then we should be investing more, too, to get more value from that.

So I don't know, Steve, do you want to add anything?

Yes. Look, I would just add that you hear a lot of people in the market talk about writing code faster, and we certainly are doing that. We can -- we're seeing speeds of up to 10-plus times that a human can write, and we think that can go further. But that's useless if you're not getting the products and features out to customers and consumers. And so that's what FlowLab about. It's about, as Cam said, unblocking what's downstream of that and what's upstream of that so we can create a really slippery delivery path. And this year, we're scaling to a number of teams to really build that playbook out and then we'll roll it out across all of our squads. But it's something where we have great results on in terms of experiments, but we're being very careful because quality matters to us and the risk around that is pretty high if you don't go about it in the way that we are.

So I think what's exciting is once we clear that out and we're progressively getting through that, we will be able to test ideas very quickly. So you heard me talk about prototyping. We can do that in a couple of days now. The future means that we'll replace specifications altogether with prototypes. And there's nothing better than seeing the future rather than sort of talking about it. And then the downstream of how we can test those ideas at scale, and then we'll be in the position that you're talking about. But we're already seeing capacity being unlocked today. But again, we're being very methodical to make sure we do that safely.

Great question. Thank you so much. So look, we've covered a hell of a lot of ground today, and I hope you all enjoyed hearing from the team and about the longer-term vision that we have for the company and how we're going to get there as a business.

Look, I just want to remind you of the four key takeaways I hope you've taken away, and we've discussed these a few times today, but takeaway number one is our core resi business is #1 with a clear runway to grow. Number two is that we've got a great portfolio of businesses and plans to capture further value. We're a proven innovator and our relationships, data and outcomes, I'd say, unique edge positions us well in an era of AI. And finally, we've got the financial strength, the strong cash generation and the balance sheet to continue to fund our growth.

So with that, I just want to thank you for taking the time to all be here with us today. It's gone really quickly and looking forward to having lunch with you all. But thanks also to the REA team. I mean the broader team for pulling today together. There's been a lot of people involved in ELT haven't been around a lot because we've been traveling and so on.

So everyone has done a fantastic job. So I just want to say thank you to everyone in the REA team as well that's made today possible. But with that, I'll let you have lunch, and thank you for your attendance. Thank you.

Welcome you to our 2026 Annual General Meeting. Before we commence, I'd like to acknowledge the traditional owners of country throughout Australia and recognize their continuing connection to land, waters and communities. We pay our respect to Aboriginal and Torres Strait Islander cultures and to the elders past and present. There is a quorum present, I declare the meeting open, and the notice of meeting is taken as read. I'd now like to cover the meeting procedures and that and what we'll be using today. Voting will be conducted by poll. Shareholders had the option of casting their votes before the vote online, as shown on the slide now being displayed and as explained in further detail on the online meeting guide that accompanied the notice of meeting. You can do so at any time during the meeting as the poll is now open for voting. Voting will close shortly at the end of the meeting. To help with the comments now. Further details on how to ask questions or to make a comment and online are contained in the online meeting guide. If you encounter any technical issues of the platform need time during the meeting, please contact the share registry's online AGM support team on 1800990363. Meeting as planned, REA will make announcements via the ASX and our website.

As set out in the notice of meeting, only shareholders and proxy holders are entitled to vote on the resolutions, ,ask questions or make comments. I will allow a reasonable opportunity to address questions and comments as each item business is considered. Please ensure that your question or comment is relevant to an item of business at this meeting or to the management of the company. Shareholders will also be able to ask questions of the company's auditor. Questions relating to customer consumer observe a 2-question limit per item of business and keep questions short and focus to ensure as many shareholders as possible have an opportunity to ask questions. Where questions are similar, we will acknowledge those who have asked the question, but we'll provide a single response in order to streamline today's proceedings. Questions or comments which do not relate to REA will not be acknowledged or addressed during the AGM. Tracy Fellows, Richard Freddestin, Michael Miller, Jennifer Lambert and Nick Dowling and our CEO, Cameron McIntyre. Also in attendance is our company Secretary, Tamara Kayser as well as Alison Parker representing the company's auditors, Ernst & Young. In June, we announced Kelly will retire as a Director of REA after nearly 5 years of service on behalf of. That's in the future. Thank you. Kelly.

I would also like to take this opportunity to welcome Sally Bruce to the REA Group board. Sally's deep experience across financial services will be particularly valuable while her breadth of skills and experience will serve to complement and strengthen the Board. Sally will commence in November.

Turning to our agenda for today's meeting. Firstly, I'll provide a brief overview of REA's FY '26 strategic highlights. Cam will then talk to our FY '26 financial and operational performance, and we will share a brief update on current market conditions. In accordance with the notice of meeting, we will then move to the formalities. Under the leadership of Cameron and his executive team, REA Group delivered an excellent financial result with strong yield growth.

The group's performance demonstrates the ongoing strength in the core business. It also reflects a that we have with our agent partners. The chart on this slide demonstrates the significant growth in the group's revenue and earnings with innovation at our by our strong 10-year CAGR of has outperformed the ASX 200. And today, our focus on delivering consistent long-term growth and strong shareholder returns. This support remains absolutely clear. In FY '26, our share price reflected market caution around AI, which we saw play out globally, combined with more challenging property market conditions in Australia following consecutive interest rate rises combined with tax policy impacts and uncertainty.

In addition to the strength of our operational execution and financial performance, we continued to invest in future growth in FY '26 with key acquisitions and strategic investments. Supporting our immersive consumer strategy, the group announced a 61.5% acquisition of Canadian-based Planeta Inc., the maker of visualization platform immersive and acquired a minority stake in property due diligence marketplace before you buy, bolstering community data and insights for consumers. The group also acquired Australian a strong platform or foundation of our Financial Services business. In late FY '26, REA acquired 70% of Simplicity, a boutique brokerage with a team of finance specialists focusing on commercial listings.

In July 2026, we announced the sale of the remaining REA India business, Housing.com India increased its holding in or to 24.9%. Arm has a strong capability and strong local market published. Last week, we were pleased to announce that REA has agreed to acquire a 35 place operator in Ireland and Northern Ireland, distilled operates a portfolio of #1 portals in. Ireland's leading residential property portal. The proposed investment represents a strategically compelling transaction for REA and its shareholders with a disciplined entry into an attractive high-growth market. The investment is subject to regulatory approvals and is expected to complete before the end of the calendar year 2026. And finally, the Board and I were delighted to welcome Cameron McIntyre to the CEO role in November, Cam's wealth of experience lead the business and to deliver an excellent FY '26 performance.

We were also pleased to announce Andrew Cramer to the CFO role in February. This was a seamless transition into our business after Andrew 7 years at News Corp in New York. In closing, I would like to thank the group's Board members for their dedication to the business. I would also like to thank our employees for their commitment to REA's continued success and to extend my thanks to our valued customers for their support. REA has a strong balance sheet and a dedicated talented team with a focus on continued innovation we embrace the opportunities AI presents. The group is well placed for continued growth. I'll now hand over to Cam, who will talk through our FY '26 financial and operational performance and to provide an update on current market conditions. Welcome, Cam.

Thank you Thanks, Hamish, again, and good morning, everyone. Look, as Hamish mentioned, REA delivered an excellent performance underpinned by double-digit yield growth in FY '26. Our unparalleled audience and proprietary is for our customers, consumers and brokers. The Australian property market became more favorable to buyers in the first -- or in the last quarter as national house price growth started to moderate despite proposed federal tax changes, global events and interest rate increases affecting the overall sentiment. Vendors continue to bring properties to market and national listing volumes remain and in line with prior year. Thank you.

We evolved our well-established strategy as well during the year, and we enter this next chapter of growth from a position of strength. Our strategy for the years ahead, builds on the success of the past 3 decades and sharpens our focus on unlocking new sources of growth. Our purpose as a business remains clear, and that's to change the way the world experiences property. And as technology, data and AI transform the industry, we see significant opportunity to deliver even more value for our consumers -- this is our evolving landscape, putting trust at the core, underpinned by our strength in deep relationships, unparalleled data and better outcomes for our stakeholders. And we're focused now on 3 enterprise-wide missions to now reinvent property experiences to scale our growth engines.

Just looking at some financial data here and group results for core operations during the year saw revenue grow by 7% on the corresponding period, or PCP, up to $1.79 billion to $1.09 billion and NPAT was up 15% to $650 million. The Board also determined to pay a final dividend of $1.73 per share Together with the interim dividend, this represents a total dividend payment of $2.97 per share fully franked, an increase of $20 side our operating performance, we maintained a disciplined approach to cost and capital management.

We improved our operational efficiency we returned capital to shareholders through our $200 million share buyback, reflecting the financial strength that we have as a business and the confidence we also have as well. Look, in FY '26, more people than ever visited our flagship site, and we recorded an average of 12.7 million people each month coming to realestate.com.au. That's a $5.2 million more than our nearest competitor. Our real value in our large scale audience has continued to grow, and key engagement metrics have also strengthened. The quality of realestate.com. Consumers spend more time on our platform than any other property site and 9 out of 10 Australians who visited any residential property site visited realestate.com.au.

The size of our audience and our data fuel our artificial intelligence experiences and firmly position REA as a leading beneficiary in the world of AI. REA has the largest, most engaged property audience in Australia, a unique consumer intent and behavioral data that feeds into each of our proprietary data sets is highlighted on this slide. Everyone can see our listings, but on the REA can and behavior, rich property records the deepest listing and transaction outcomes, the most comprehensive agent and affordability data.

Just turning to some of the -- our new AI-powered features include immersive experiences plus rich data and new content enhanced the membership experience in FY '26 and supported the 14% growth in our membership base on PCP, powered by a proprietary data, the new AI system experience. You can see on the slide there, enables members to ask anything about property during their search, consumers can discover properties, check affordability, evaluate, compare and take action. More valuable for support to deliver more leads to our customers. property seekers are increasingly taking 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, and we have about 180 cameras as at 30 experience with 0 or near load time for onto our platform.

To recognize the value of our premium products, and we achieved record Premier Plus penetration in FY '26. The video hub on our app screen now includes listing videos, and this is a powerful and high exposure engagement feature. But Premier Plus and Lux Listings and was a key component in our FY '27. Combines consumer intent and PropTrack-powered AVM data to provide customers with strategic recommendations to boost their performance and 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 with us.

Underpinning the value for all of our customers is access to the our IGNITE platform and we're also pleased to see active -- so look, our commercial platform also record audiences with 2.9 million Australians visiting aging content supported audience growth, including points of interest on maps and guide. Our top-tier commercial product, achieved record penetration. Customers are recognized the increasing value of this with Ignite. Product innovation and brand investment supported good revenue growth in our Financial Services business as well. Enhancements leads to mortgage choice brokers and with settlements up 30% -- or sorry, leads and settlements up, but leads were up 30% on PCP.

We also saw continued investment in our core with 50% of our brokers now are using AI agents to efficiently automate processes. Our REA Group is committed to sustainable business practices as well, and we're pleased to make progress towards our sustainability goals in FY '26. Our efforts were recognized with consistent MSCI ESG rating of AAA in a bit -- we -- in FY '26, launched a home for all foundation. And in its inaugural year, the foundation raised $1 million of funds, which were distributed to 4 organization. REA's people are at the heart of our organization, and we're committed to fostering a diverse and high-performance culture, and we will place to work, and we also achieved a strong employee engagement score of 85%.

Now before we move to the -- some of the formalities, I just wanted to touch briefly on just a couple of market condition updates. So I mean interest rates are the biggest factor contributing to a along with tax changes and the cumulative impact of higher borrowing costs on buyer demand at the moment. However, resilient employment limited force selling and homeowner equity buffers along with the ongoing constrained supply should put a floor in price falls as we see. As interest rates stabilize in the coming months, we expect consumer confidence to improve and buyer activity to also pick up.

Just looking at listing volumes as well. So Melbourne and Sydney led new listing volumes with smaller capital cities offsetting quieter conditions in Sydney and Melbourne in Q1 and by 27. National new listings were down 2% in Q1 on PCP, which is in line with the guidance that we gave in our full year results. Despite this decline, listings remain comparable -- it's our first quarter financial results in November. And as Hamish mentioned, in closing, I just want to thank some -- the executive teams as a whole for the commitment they have had Andrew Cramer and Katrina Consus to the business over the last several months. So for Andrew, the new CFO and Cat, the new Chief Commercial and Marketing Officer. Also, Jonathan Swift recently former Chief Marketing and Commercial Officer. And I just like to thank Karl for his contribution over the last 11 years.

Also, I'd like to express my thanks to you, Hamish, and to the Board of Directors for your ongoing counsel and support throughout my first year in the business. And contribution and partnership over the last 12 months is a balance sheet, strong product pipeline, sustained strength in core business and really talented team to do an excellent job. And with that, I'll hand it back to Hamish.

I will now proceed with the formal today, and the items of business are now being shown on the screen. During the meeting, we will get to each item, we will display the proxy votes and the direct votes received in advance of the meeting in respect to that item. As indicated in the notice of the meeting where I, as Chairman of to vote undirected proxies in favor of the resolution to the extent permitted and will vote directed proxies in accordance with the instructions given by the shareholder. There are also a which apply to those that have an interest in the resolutions and certain of their related parties or associates. I remind you that the online polls are now open for voting. Online voting will close 5 minutes after the conclusion of the AGM. Matalan of MUFG corporate markets -- right as returning Officer.

Item 1, I will now table the 2026 Annual Financial Report, including the sustainability for the meeting to consider. There is no formal resolution put to shareholders on this item, but there will be an opportunity to ask questions on the matters contained within the report. I will now turn to any written questions received during the course of today's meeting.

Thank you, Chairman. We have not received any questions on this item of business. .

Thank you I will now turn to any audio questions. Operator, do we have any questions on this item of business? There are no questions via the front lines. Okay. As there are no questions, I will now move to item 2. The first resolution today concerns the adoption of the remuneration report, which is set out in up is 2026 annual report. I remind you that the vote on this item is advisory only, and we will consider and take into account the vote and feedback from shareholders on the remuneration report. The Board recommends that shareholders vote in favor of this resolution is set out on the screen. I note that the proxy and direct votes -- so prior to the meeting in respect to this item of business are now set out on the screen. I will now turn to any written questions received during the course of today's meeting.

Thank you, Chairman. First question is from Stephen Maine. When serving as Car Group CEO, Cam McIntire was involved in the call to embrace early disclosure of the proxies to the ASX well ahead of the AGM kickoff. Sadly, REA has maintained its practice withholding proxy disclosure and a stripped the proxy data from the formal presentation slides lodged with the ASX. Did the Board even discuss early disclosure, emulating Car Group's best practice? And if not, will you undertake to look into embracing that practice at next year's AGM? Also, were there any protests matters.

So we do review our process. So we do discuss it. said that. Your question is noted, and then we will review it in my with our planning for next year.

Remuneration report rates delivery of the FY '26 India strategy has met despite the impairment and subsequent sale announcement. How did the Board distinguish successful execution of the exit strategy from accountability for the original investment losses and what effect this assessment and transaction-related incentive adjustments have on executive bonuses.

Nick, do you want to take that?

Yes, sure. Thank you, Hamish. Thanks for the question. So those strategic items and outcomes make up a large proportion of the individual component of the -- it relates to India, we're talking about the current management team here and the task that the Board set was for the fresh set of eyes to review the current strategy and options that we have. And given the outcome that have entered, it certainly met our expectations in that regard. And also noting that we continue to hold a position in India through or that we see -- further recent questions.

Thank you. I will now turn to the audio questions. Operator, do we have any questions on this auto business.

Chairman, there are no questions via the phone lines.

We will now proceed to the vote on resolution 2, which you please now vote using the voting card on the online -- thank I'll now move on to item 3. Executive Director of the company in May 2018. He retires by rotation and being eligible is today standing for reelection as a director. Mr. Darling's details are set out on the notice the meeting. The Board, other than Mr. Dowling unanimously support his -- we'll now hear from Mr. Dowling through a short address.

Thank you, Hamish, and good morning, everyone. 3 terms, I feel that I've made a solid and important contribution to the company. As the Chairman and previously the CEO of 1 of the largest real estate groups in Australia. I bring -- this provides a constant and clear change as to how the customer from a group of feeling and connecting with the company, plus insights into the competitive dynamics and how the industry and marketing of property are evolving. Prior to my time in the real estate industry, I spent 15 years in the Australian banking industry, and that experience has given me the opportunity to contribute to our financial really during my time with REA I've contributed to the broader strategy and direction, such as our data strategy and our international businesses. For the past 5 years, I've also chaired the Human Resources Committee role that I've enjoyed and insisting and I feel that I have consistently demonstrated the ability to act independently. So with that said, I offer myself for reelection to the Board of REA.

Thank you, Mick. I move that Nick Dowling be reelected as a Director of the company. I'm over at the proxy and direct votes received prior to the meeting in respect to this item of business. turning the call to today's mating. Erin?

Thank you, Chairman. We have received 2 written questions on this item of business. The first question is from Stephen Van Emerick. Given Mr. Dalin's role as Chairman of Jellis Craig, how does the Board manage actual or perceived conflicts? Economics and what supports its conclusion that he remains an independent director. .

Nick beyond his role at Calos Craig is an experienced businessman came out of banking. All work that's done between REA and Jules Craig's arm's length and they get no preferential treatment whatsoever. Nick is a voice and 1 of many voices around the boardroom that gives insight into the nature of the industry. And more than anything, actually is there as a voice of support for our very valued agent customers. So he acts independently. His ethics are of the highest standard is transparent, and he does a great job, not only for the industry, but for REA as well. Thank you. Erin, other -- any other questions.

Could Nick Dowling comment on how involved the News Corp nominee directors were in the process to select Sally Bruce as the newest Independent Director to represent non-News Corp shareholders on the Board. Also, which recruitment firm assisted with the search, how many other candidates were interviewed by multiple directors and to Nick or any of the other directors or KMP, no sally before she engaged with the recruitment process.

Nick, do you want to take that?

Yes. Thank you. I'll answer the part of the question, the data relevant. So we did use a professional recruitment as we have in the past. That process is led by the -- we worked through a very long list and the HR Committee with some assistance from our chair that down towards a short list. There were quite a number of directors involved in those interviews. So as Hamish alluded to earlier, we're very pleased with Sally Bruce joining the business. We're really confident she's going to bring a lot of value to the future of REA.

Thank you, Chairman. We have received 1 additional question from Stephen Maine. Is this NC last term? And why is he serving a fourth term when Kelly has exited after just 5 years? Also, can you cite any examples of taking on the News Corp directors on behalf of the independent shareholders he represents.

As you know, think that's been a competitive advantage against all of our competitors. And so that knowledge built up over the years is really critical to our success. So Nick has performed outstanding. They've stayed for more than 10 years. And again, in the spirit of wanting continuity in that knowledge. And what Nick has delivered. We're very happy for him to continue for long as he likes, but he will in the course of his career and his time at the company will be up for reelection in due course. And again, he's got to decide if he wants to continue, but we love his input and support.

On the matter as it relates to Kelly. Kelly has been a fantastic contributor to the company. But Kelly has a full-time job. It was Kelly's decision. We would love Kelly to multiple interest outside of REA, and we respect that decision. And again, we all remain great friends, and we thank Kelly again for her fantastic contribution to the company. Erin, any more questions?

Chairman, there are no further recent questions.

Are there any other audio questions from the operator? -- to Item 4 of the agenda. We now move to the resolution concerning the grant of performance rights to the CEO, Cameron McIntyre. Under the 2021 REA Group long-term incentive plan. Details of the proposed grant are set out in the notice of meeting. If the performance rights vest and Mr. McIntyre comes entitled to be allocated shares under the LTM, all such shares will be purchased on market by the company and transfer to Mr. McIntyre. Accordingly, the granted performance rights and allocation of shares on vesting of those performance rights to Mr. McIntyre does not require shareholder approval under ASX listing Rule 10.14. The Board is nevertheless voluntarily seeking shareholder approval and recognition of the importance of shareholder engagement on the as of the 30th of June 2029 will be determined by reference to revenue, earnings per share and relative total shareholder return performance conditions.

In respect of Asia performance condition, the nonexecutive direct set out on the screen. I note that the proxy and direct votes received prior to the meeting in respect to that item business is set out on the screen. I'll now turn to any written questions received during the course of today's meeting. Erin?

Thank you, Chairman. We have received 2 written questions on this item of business. The first question is from Stephen Van Emerick. The ASA prefers remuneration that is linked to shareholder experience, i.e. the use of total shareholder return is a hurdle REA does not follow this practice, and this results in executives being rewarded even as the share price decreases. You are asking shareholders to sign a blank check here. with 75% of the proposed award linked to undisclosed EPS and revenue growth hurdles, how can shareholders the growth from acquisitions buyback?

Nick, do you want to take that?

Yes. Thank you. So this question is pointing to the long-term incentive structure, which is made up of an EPS component, a revenue component and it does have a total shareholder return component in there at 25%. So the share price movement is taken into account in that. If you look at the 3-year period, it's just concluded the revenue and EPS components performed quite strongly yet it was a drag down somewhat by the share performance, particularly over the last 12 months. I can also provide assurance that there's only reward for genuine growth. All the committee feels is appropriate. And we certainly adjust as we always have for any M&A. So there are no free kicks if we make an acquisition as an example -- thank you.

I'm always puzzled why new directors and CEOs don't buy shares in a company before formally taking position so that the ongoing shareholding filing to the ASX doesn't appear as Cam McIntyre was announced as CEO on August 18 last only going to rely on this LTI program to build equity in the business.

The car group question is relevant. We won't be discussing that today. And look what we say on behalf of all directors and key management employees that it's a personal decision at the end of the day, but I can assure all shareholders that the Board is absolutely committed to delivering better returns year-on-year and the dedication and commitment to the company is second to none. CAM over the years, and we hope you tenure is a long run with us will be well truly incentivated. But as it pertains to directors, it's a personal decision and it's up to each of those individual directors if they want to buy shares or not, their commitment is first-class, second to none -- are there any audio questions.

Chairman, there are no questions via the finance. .

Thank you. As the further questions, we'll proceed to the -- thank you. That concludes the discussion on the items of business. I will now address some written questions that have come in. Erin?

Thank you, Chairman. We've received a number of general questions. The first is from Stephen Van Emric. Australia's established market leadership has underpinned REA's exceptional long-term returns, while India required an impairment and exit and move remains loss-making for REA. What lessons from those have distilled and what return on capital hurdle and time frame justify this investment over alternative uses of shareholder funds.

Look, we -- thank you for your comment about our exceptional long-term results. So obviously, we're very focused on long-term shareholder value creation. India has been an interesting market for us too. And as Nick said before, we're still committed to that market through our 24.9% commitment through Arm. And move is actually very we believe that, that business will be more valuable over time. I think there's probably a greater focus on mature markets from because Ireland is a market that's growing. We haven't, 35% stake gets us a serious seat at the table. And we do believe that over time that will improve, and we'll be able to in turn transfer our knowledge and what we've learned in various markets around the world to Ireland and the cultural fit and the tech stack are very, very similar to what we have in Australia. Our return on capital in the short term and over the long term. Is there anything -- I'll probably start midterm response Chairman I do know anything. No, that's correct. That's good -- thank you.

The next question is from Steve even anemic. Given the significant decrease in REA share price due to AR competitive concerns, presumably, REA has tested scenarios in which third-party AI assistance become the main gateway to property search and agents distribute listings directly to them. weakening REA's audience margin impacts and which defensive actions or warning indicators has the Board prioritized.

Cam, do you want to take that?

Yes. Thanks for the question. Look, I mean, we are a tech business and always have been. And so I is. So it's at our core. And over the last 10 years, as AI capability has grown, so have we in terms of what we're delivering. And in the last 12 months, as you would have seen in some of the reporting, we deployed close to 25 or so AI-based products. And you saw me just talk about the product launches. You've also seen our traffic grow. You've seen our customer engagement grow, consumer engagement grow, all using AI at its core. So yes. As a business, I think we're very well placed as the market continues to change and evolve, and we will continue to build on the product set that we already -- thank you in.

The next question is from Peter Calero. With the rise of quietly particularly in parts of Sydney. Has there been an increase in the use of non-agent sales and thus a reduction in advertising in the suburbs where quite list is most active.

Okay. I mean yes, thanks for the question. Quite list is very quiet. I have value, the competitive market that we're in, we take all competitors seriously. But we're very focused on addressing the needs of our customers, consumers and brokers and using technology to deliver that. And we do keep an eye on competitive dynamics.

Thank you. The next question is from Peter Calero. -- as well as the property portal daft distilled has car and general classifieds in its portfolio of assets what are our plans distilled for distilled nonproperty portfolio.

Look, I wouldn't read too much into that. Cars happens to be integrated in and from time to time, platforms might integrate other verticals, but we want to be the leader globally in what we do around property, and we're sticking to -- can we have the next question, please.

Chairman. The next question is from Stephen Maine. -- listed rate involving multiple internal candidates. Loss of talent is often a key challenge for the Board to manage especially the new CEO, fancies eliminating ambitious internal rivals. How many of former CEO on Wilson's direct reports have left the business since Cameron McIntyre appointment. And could can comment on how many former Car Group colleagues. He's brought across REA Group since he started on November 3 last year.

Look, I'll take that 1 for the most part. I think we've always looked at the depth that we have within the ranks of REA as been really special. And we work with outside partners to make sure that we work -- the fact that we've got so many highly talented people that have stepped up and the ELT chart that Cameron just showed our shareholders in his presentation shows the diverse and fantastic talent that we've been able to promote from within and also get from outside into the organization. And -- and we haven't had as good a talent, Paul, that we're seeing here at the moment. So we have no problem whatsoever in terms of recruitment. And in relation to the last part of that question, I don't think you brought anyone over from Car Group.

No, no 1 can.

We're very comfortable with who we've got in the business and how we're performing the company is in great shape. Next question, Erin.

The next question is from Stephen Maine. Thank you to Kelly Bayer Rosmarin for her 5 years of service on the Board. It is always helpful for investors to have access to some exit perspectives from retiring independent directors. In her final contribution as an REA Director, could Kelly please comment on what she regards as the best 2 decisions EMA during her time on the Board, and does she have any regrets? Is she comfortable that independent directors are appropriately represented on the REA Board.

Kelly, do you want to take that?

Thank you, and thanks very much for the question. It's been a real privilege to serve on the board, and it's a board that really focuses on strategic issues and has really open discussion. -- and Hamish is an exceptional Director and understands the role of independence and there's appropriate forum set up for that. I don't think it's appropriate to comment on specific confidential decisions because often decisions the real level of introspection and discussion and debate that has occurred around our investment and expansion strategy globally and taking real lessons from the past and applying that to future decisions and also are period. So I think that, that should give shareholders comfort and I leave knowing that the Board is going to very ably steer this company forward and with full confidence in management as well. So thanks for having me.

Thank you, Kelly. And again, I just want to reiterate what a fantastic contribution Kelly has made services. But in terms of your experience in terms of running technology companies and your interaction with management has been absolutely sensational. So thank you again. Erinn, are there any more questions?

Thank you, Chairman. We received one written question prior to the from Mr. Jonathan Padfield, which was as follows: REA share price has declined by 30% in the share price in the yes. .

I might -- so we -- as a management team, we don't focus on the share price day today, what we're focused on is growing shareholder returns over the long term. So how do we do -- and how do we grow as an organization. The market takes care of share prices. And -- but as long as we're focused on delivering shareholder returns, that should follow our ability to execute and deliver those returns to shareholders.

Thank you. Thank you, Chairman. We've just received one additional question from Peter Calero. Is there any further information on the proposed right move takeover?

We wouldn't comment on any potential targets. We've moved on from right move. We're focused on high-growth assets. It's -- and if you look at Distilled, it's a classic case in point for us. So as we said a while ago, acquisition, we've moved on -- and it's Erin, are there any other questions?

Chairman, there are no questions via the phone line.

Thank you very much, everyone. If you've not already cast your vote, you can now please do so. Please ensure you have clicked the submit button on each resolution. The results of this meeting will be announced to the ASX and will be available on our website as soon as possible after the conclusion of the meeting. A copy of the webcast will also be Participating in today's meeting, I declare the Annual General Meeting closed. Thank you, everyone.

Good day, and thank you for standing by. Welcome to the REA Group Limited Full Year 2026 Results Conference Call. [Operator Instructions] 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 country throughout Australia and recognize the continuing connection to lands, waters and communities. We pay our respect to Aboriginal and Torres Strait Islander Original cultures and to elders past and present.

Today, you'll hear from REA's CEO, Cam McIntyre; and Andrew Cramer, 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 FY '26 underpinned by a number of things, but in particular, double-digit yield growth product development 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, 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 3 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 will 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 are focused on 3 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 normalized market conditions in the last 3 years, the fluctuating listing volumes between FY '19 and FY '23 reflect the impact of the Royal Commission, the pandemic and successive interest rate hikes. The more stable market in FY '26 supported vendor confidence with by listings in line with prior year's strong volumes and around 1% below FY '18.

On the buyer side, inquiry levels remained strong in FY '26 although the last 3 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 FY '26 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 debt penetration in commercial at record levels as well. And finally, last month, we announced the sale of our remaining Indian business, Housing.com to [indiscernible] PropTech. [indiscernible] has strong capability and local market knowledge, make 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 FY '26, a record 12.7 million people visited out 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 2 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 experiences and firmly positions REA as a leading beneficiary of artificial intelligence. REA has the largest and most engaged property audience in the country, a unique consumer intent and behavioral 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 behavior 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, enhance the membership experience in FY '26 and supported a 14% growth in our membership base on PCP. Powered by our proprietary data the new AI system experience enables members to ask us anything about property during the 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 AIS system 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 Luxe listings, and it was a key component of our FY '27 recontracting. 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, Luxe continues to accelerate, immersive content features, improved home page 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 FY '26. 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 out 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, [indiscernible] achieved record penetration and the value of Ignite continue 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. Product innovation and brand investments 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 REA leads up 30% on PCP. Continued investment in our core broking platforms and in AI training and tools delivered greater value to with 50% of our brokers now using AI agents to efficiently automate the processes. In June, we acquired a 70% interest in commercial finance brokerage simplicity, diversifying our financial services business. REA is an AI prime organization. And in FY '26 we introduced a coordinated approach to expanding AI tools and scaling agent augmented teams that we're calling Flow lab.

Flow Lab experimentation is reengineering product delivery at REA and is supporting the expansion of our suite of AI tools and platforms that optimize return on investment. Utilizing a genic 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 [indiscernible] business accelerated speed with the AgenticFirst team delivering planned work 2.6x faster. We think this is just the start and in FY '27, we'll continue to scale this experiment with our agent augmented team model across our tech workforce. Rewiring our engineering teams through Flow Lab 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 [indiscernible] and the maker of iGUIDE. That was last October. In FY '26, iGUIDE grew locally in local currency revenues by 26%, with growth in its residential construction and commercial markets. In the U.S. market, REA has a 20% interest in [indiscernible] 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 adviser rather than just the 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 is 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 FY '26, but we're starting to see Brisbane, Perth and Adelaide outperform. The market is still recalibrating post budget, but once it settles and interest rates stabilize, 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 will now hand over to Mr. Cramer to take us through the financials in more detail.

Thank you, Cam, and good morning, everyone. REA has delivered excellent full year results. With a focus on controlling the controllables, we've been able to drive value to our customers, double-digit yield growth a heightened focus on cost management and a renewed discipline around capital allocation. Taken together, this has seen REA delivered strong double-digit EPS growth despite slight listings across the year. It has also seen us exit REA India and the result of an improvement in EPS and free cash flow.

From our cooperations, revenue increased 7% to $1.79 billion. EBITDA, excluding associates, of $1.09 billion was up 12%. NPAT of $650 million was up 15%. EPS of $4.93 was up 15% and free cash flow of $628 million was up 17%. As CFO, it is pleasing to see those prior corresponding period growth rates increase as we move from revenue to EBITDA and down to NPAT and free cash flow. With the July announcement of the sale of housing.com, India is now treated as a discontinued business. If we look at the performance of fiscal '26 on a continuing business basis, then revenue and EBITDA increased 12% and NPAT and EPS, 14% and free cash flow 18%. Pleasingly, REA has delivered EPS growth through the cycle with an EPS CAGR of 12% over the last 4 years. Despite fiscal '23 being one of the worst cyclical downturns we have experienced in Australia.

Slide 25 outlines both our core financial results, which include India, and our results on a continuing business basis with India excluded. Slide 26 provides a summary of the reconciliation between the core and statutory results with several one-off items excluded. The most material adjustments are the $111 million write-down of REA India in fiscal '26 and the $117 million impairment reversal on the divestiture of Property Guru in fiscal '25.

Turning to Slide 27. Our Australian residential business had another strong year, delivering 12% revenue growth. National buy listings were flat across fiscal '26 with growth rates improving each quarter as comparables become easier. The flat outcome was marginally better than our anticipated range of negative 1% to negative 3% reflecting a stronger-than-expected fourth quarter. As a result, we've seen revenue deferrals of 1% into Q1 fiscal '27. While Sydney and Melbourne outperformed the broader market in fiscal '26, up 3% and 4%, respectively. Pleasingly, we saw a recovery in other markets during the fourth quarter. Brisbane, Perth and Adelaide were up a combined 17% while Melbourne and Sydney were up 8%.

[indiscernible] yield was strong, up 13% and in line with our guidance this was driven by a 7% average Premier Plus price rise, growth in add-ons, [ AMAX ] in particular, but also Luxe, increased subscription revenues and increased debt penetration. Geo mix had a neutral impact across the full year, resulting in controllable yield being in line with reported by yield at 7%. However, as is often the case, geo-mix was volatile during the year, with Q1 neutral Q2 up 2%; Q3, up 1%. And in Q4, we saw geo-mix turn negative as markets like Brisbane and Perth recovered and outpaced Melbourne and Sydney. [indiscernible] was down 2% in Q4. The following slide shows both the penetration and mix of paid listings in the residential business, together with the penetration of the audience maximizer and Luxe add-ons.

Pleasingly, we saw continued growth in overall debt penetration and continued tiering up to Premier Plus. Performance of our social media product, audience maximizer was also very strong. with the introduction of new tiers and bundles, resulting in penetration more than doubling in fiscal '26. While it is still early days for Luxe, we've seen penetration more than triple and we continue to see Luxe taken up across properties of all values. Around 70% of Luxe's listings today are on properties with a value of less than $3 million. And of those, more than 15% on properties with a value below the $1 million mark.

Commercial and New Homes revenue growth almost hit double digits for the full year, delivering 9% revenue growth on the prior corresponding period up to $238 million of combined revenue. Commercial revenue increased by 10% with yield growth driven by an average 7% price rise and increased debt penetration, these things were also a positive driver up 2% for the year. Pleasingly, we saw growth in all major asset classes, including office, industrial and retail. New Homes revenue was up 9% on the prior corresponding period, driven by a 6% increase in project profile volumes, growth in average yield and higher display revenues. Financial Services led by Anthony Walden and his talented team has had an excellent year, with revenue up 11% to $114 million and EBITDA increasing 20% year-over-year.

Mortgage Choice revenues were up 10%, benefiting from a 13% increase in settlements, partially offset by higher broker payout rates. [indiscernible] revenues grew 13% through new customer data contracts. The Financial Services segment also benefited from 1 month of simplicity, the commercial broking business we acquired in June 2026.

Turning now to our margin. The slide highlights the continuous improvement in Australia's operating EBITDA margin over the last 4 years with our margin increasing to close to 66% in fiscal '26. This has been driven by double-digit revenue growth in Australia, up 11% this year and a deceleration of cost growth to 7%, reflecting tighter cost management in the second half of the year. The differential between Australian revenue and Australian and cost CAGRs or jaws is as wide as it has been at these revenue growth rates since 2021.

We will continue to invest in the business as top line revenue growth is paramount, but we will continue to be disciplined in relation to costs. Australia's 7% operating cost growth included double-digit growth in cost of goods sold in marketing and in technology, offset by moderation in labor cost growth. Labor cost growth slowed 3% across the full year. With typical wage inflation offset by a modest reduction in headcount and the ongoing structural shift to utilize our centers of excellence in Manila and Cyber City India. The increase in COGS reflected the more than doubling in penetration of our audience maximizer social media add-on. Higher marketing costs were in part due to the timing of Ready-25, which was not in the prior year, and the investment made in our new Australian open sponsorship.

As expected, technology costs increased due to price rises and investment in AI. Excluding COGS, Australian operating costs increased only 5%, and REA has had a strong and consistent track record of investment in product development to drive better consumer experiences and deliver more value to our customers. In fiscal 2016, this investment included a number of new products and experiences across all lines of business with a focus on AI, video and platform health. CapEx to revenue in Australia was 7.6% in fiscal '26, and we anticipate fiscal '27 to again be within our stated 7% to 9% target range.

Turning to Slide 34 and our cash position. We ended the year with a cash balance of $366 million. The group delivered free cash flow of $628 million, up 17%. This allowed us to continue to invest in the business, both organically and inorganically and to deliver strong shareholder returns with $546 million returned to shareholders during the year, comprising of REA's in normal share buyback of $200 million with stock bought back at a volume-weighted average price of $159 and $346 million returned by dividends paid during the year. We are also pleased to announce an increase in our final dividend by 25% to bring our full year dividend to $2.97, an increase of 20% for the full year. Pleasingly, the growth in dividends outpaced the growth in EPS as we increased returns to shareholders in the form of a higher dividend payout ratio.

Our balance sheet is incredibly healthy. and we believe we are balancing nicely returning capital to our shareholders while also maintaining flexibility and optionality for future growth opportunities. Finally, turning to the outlook for fiscal '27. Owing to higher-than-expected listings in Q4 fiscal '26, new national by listings are anticipated to be flat to down low single digits in fiscal '20. July listings were 2% lower on the prior corresponding period, but in line with the 8-year average. Combined, Melbourne and Sydney listings declined by 16%, while Brisbane, Perth and Adelaide increased by 13%. The group anticipates controllable residential buy yield growth, excluding the impact of geographical mix in the low double digits, driven by an 8% Premier Plus price rise and growth in add-ons.

As is often the case, [indiscernible] across the full year will be the main swing factor when we reported fiscal '27 by yield ultimately lands. We will continue to target operational margin expansion. Excluding the iGUIDE [indiscernible] acquisitions, ex M&A, operating costs are expected to increase mid-single digits for both Australia and the group. Group operating costs, including M&A, are expected to increase mid- to high single digits in fiscal '27 on a continuing business basis, excluding India, off a base of $609 million in fiscal '26. Contributions from associates are expected to improve modestly compared to the prior corresponding period.

In closing, I wanted to reiterate how pleased we are with these results. The results are a product of the thoughtfulness, the focus, the discipline and the hard work of a very strong team at REA. For the second year in a row, REA has delivered strong double-digit EPS growth in a broadly flat listings environment. Rest assured, we will continue to execute our strategy. We'll continue to focus on controlling the controllables and we will continue to invest prudently for the long term. I trust you are going to sense earlier from Cam on just how excited we all are by the new opportunities we see leveraging AI to enhance the experience of our consumers, our customers, our brokers and our employees. We are really looking forward to taking you through all those things in more detail during our Investor Day in October.

Operator, could we please open the line for any questions.

[Operator Instructions] Our first question is going to come from the line of [indiscernible] with E&P.

Andrew. My first question is just around the guidance. And I suppose the 1 element that you haven't specifically guided on, of course, I'm going to pick on it, is the potential geo mix impact into FY '27. And I appreciate there's probably only so much visibility you've got. But are you able to give us any color on how you're thinking about it in your budgets? I guess if we look at the recent periods, it was most pronounced in FY '23 at minus 5%. I guess, I'm interested in whether you think it could be as bad as that number or whether you think it will be a more moderate negative impact perhaps? I've got a couple of others, but I might wait for the answer to that 1 first.

I'll take that one. right. It is difficult to forecast geographical mix and [indiscernible] have been focused on providing guidance around the things that we can control. So control and the [indiscernible] as it relates to [indiscernible] your memory is correct. In fiscal '23, we found down negative 5%, but '24 was plus 3 fiscal '25 plus 1 and last year was flat. And even in the year that we've just had, it bounced around other 0 plus 2 plus 1 and then finish the year at negative 2%. So I guess the key takeaway is volatile -- and it's not something that we have a great sense about at this stage, and we'll kind of see how the fiscal '27 year plays out.

Got it. And then on the OpEx side, you've reaffirmed the targets for operational margin expansion. I suppose if I think about the delta between revenue and OpEx growth. Do you see that as limited in any way? I'm just conscious of in the past, the company had talked about a 1% to 3% difference between revenue growth and OpEx growth. In your mind, does that still hold? You obviously did a bit better than in FY '26, but just how you're thinking about that delta between those numbers.

Yes, it's a good question. And so -- so in fiscal '26, the differential was 4 percentage points, and it is why as it has been at that revenue growth level since fiscal '21. So really, really happy how the business took on that approach to cost in fiscal '26. And our guidance in fiscal '27 is as low on cost as it ever has been mid-single-digit 20 strip out India and the impacts of M&A. We feel very comfortable to make that guidance to market. We have levers at our disposal, the offshore centers of excellence we have in Manila, and so obviously, the India give us optionality as does flood, which Cam talked to you a little bit about, and we look forward to talking about [indiscernible] Investor Day. That also gives us the opportunity to go faster, which we're doing. And that's really the focus. But as needed, that could also allow us to drop some efficiency to the bottom line. So we feel very comfortable with the commitment to operational margin expansion.

Just a final one. From a capital management point of view, so you haven't relined the buyback. Can you talk to the rationale for that? I mean, I know you talked about optionality, but obviously, you've got a pretty good cash balance. And you also have a substantial franking credit balance, I think it's over $1.1 billion at the moment. So maybe can you comment on whether the Board has considered a special dividend as an option?

Sure, Andrew. And you're right, I mean, the buyback was new for us. So that was our inaugural buyback. We're really happy with the execution. We bought back $200 million of stock at around $159. So it was very well done. And you would have noticed in the release this morning that we increased the final dividend by 25%. So the payout ratio is up at 60%. So we felt like it's that combination of things where returning just under $550 million of cash to [indiscernible] in the year. The balance sheet is pristine. It's really healthy. We're proud of where that sits, and we think it gives us a great deal of optionality.

The [indiscernible] credit question is an interesting one, too. You're right, we have north of $1 billion of franking credits. I mean there's a slight nuance of the buyback, given the low paid-in capital that we have at REA, owing to the heritage of the company. When we buy back stock beyond that level, we have to stream for every dollar we buy back [indiscernible] of those frame credits get streamed to the ATI and don't get returned to shareholders. It's something we're mindful when we think about the buyback, and it absolutely makes frank dividends probably comparatively more attractive all things considered.

Our next question will be from the line of Eric Choi with Barrenjoey.

Could I please ask 3 as well, maybe one on guidance, one on kind of product and new monetization levers and maybe just a follow-up on costs. But just the first one. If I look at FY '27, relative to the 650 NPAT that you guys did in FY '26 consensus is only assuming that grows around 11% to say, 720 next year. But I think with all the information you've given us today, it suggests it should be more like 19% to 20% NPAT growth into FY '27. And I just wanted to check the very, very simple logic with you, because if you look at your Australian business, we grew EBITDA by $130 million in FY '26. And then into FY '21, there's going to be puts and takes in Australia, like listings might be a bit worse, but your cost is better as well. So like conceivably, the Australian business could grow at $130 million of EBITDA again, which is kind of $90 million post tax. And so that would be 14% NPAT growth just from Australia already.

And then we know India is kind of like 5% to 6% NPA accretive. And then you said other associates are also going to improve a bit. Like you add all that up very simple bridge, you're getting 19% to 20% NPAT growth to 770 plus next year. Should I go -- sorry, could I pause there?

If I work away bottom up, you're right. We've guided to associate losses improving India is -- will be a discontinued operation. So I get stripped out of the historical period as well as fiscal '27 going forward. So you have to look at the statutory accounts to see the jump you're describing, you won't see it now continuing ops disclosures. But I think that your math is about right on the benefits. That was a drag on EBITDA and free cash flow and having that out of the business will give us that uplift on NPAT.

So that's fair. Using '26 as a base, I won't comment on your $130 million EBITDA. But in relation to the outlook. Listings were flat in fiscal '26. And I guess we're probably owing to the fast finish to fiscal '26, we're guiding fiscal '27 to be flat and down a little bit on yield. We finished at 13% in fiscal '26. We're guiding to low double digits there. So you're right that it's sort of in a similar or park on costs, we are guiding to be a little bit tighter. So I think your logic makes good sense, but I'm not going to comment on your math and the output, but I think your assumptions are sound.

Awesome. Second one from us less convoluted, just on product and potential new monetization levers maybe second half 2017, maybe in FY '28. But like Scout24 in May, they launched AgenticOS. You've sort of announced AI assistant and campaign agent today, and some of that's going to go into your Ignite product. So my question was could these be levers to drive either a higher subscription revenue growth or could you use those as incentives to drive, say, Luxe [indiscernible] uptake in exchange for subscription discounts going forward?

Yes. Thanks, Eric. I'm happy to take that question. Look, we're really happy with the campaign Assist product. We think it's a great product that puts a fantastic tool in the hands of our customers using our Prop Track and AMV data. I mean, clearly, it gives customers the opportunity to upsell or managed campaign performance throughout a campaign and provide the opportunity to engage vendors at different points in time. So it's very early days with it. In terms of the value that it adds in terms of subs and so on, I think that's too early to call from our perspective. We're just happy to have it out there, happy to have it in the hands of our customers and see how it performs, and we'll continue to tweak and evolve it, but we're very excited about it.

And then last one, maybe for you, Cam or Andrew. Just to follow up on cost. I think, Andrew, you're sort of intimating jaws is higher than history, but that probably reflects say, a greater structural focus on efficiencies, and it's not just a cyclical response. So I just wanted to confirm that. But if that's the case, is the inference or so if listings in FY '27 are worse than, say, your flat to low single-digit declines, then presumably, you'd also take that cost guidance or the scope to take that cost guidance lower as well?

Yes. Thanks, Eric, as to fiscal '26, we're really happy with the cost controls and the way the business approach [indiscernible] expected with how well the business finished from a listings perspective. So that probably widened the jaws a little bit towards the end of fiscal -- we're competing to open doors or operational margin expansion we're calling it, and we've guided the market to low or to mid-single-digit cost growth lower than what it has been historically. And I think as [indiscernible] I discussed a little bit earlier, we have some levers at our disposal that gives us confidence in that if listings are down, then we can adjust costs accordingly.

But what I would say, and it's really important is that growing and investing in that top line is paramount for this business. And so what we want to do is short term the business or do anything that impacts product development or things that will grow the top line in managing costs. I want to be really clear on that.

Our next question will come from the line of Roger Samuel with Jefferies Australia.

Just 2 questions for me. First one, can you remind us how long can a Premium Plus listing last on the website or the app. And if this property is not sold, then can the customer releases and how much do you have to pay for it.

I'll do that question. So look, I mean, a Premier Plus listing has unlimited days on site. And if the property fails to sell, and then we do offer customers the opportunity to pull the listing down and then relist it at a later date up to 3 months post that. But I guess the crucial thing to note here is that this will only be -- only counted as 1 listing, if that's the crux of your question.

Yes, that's right. Yes. And when they relisted is there a fee that they have to pay [indiscernible].

Not if it's the same agent. If it goes to a different agent, down the track, then it's discounted by 50%.

Okay. And my second question is just on the appetite for more depth listing sort of add on what a given that we've done getting more and more difficult to start a property. Are you seeing any increased uptake in the last few months? You mentioned about the slowdown in the buy inquiry with the end of the June quarter.

Yes. I guess, I've been around these platforms for a long time. And what you tend to see when things get a little bit more challenging, depth becomes a real opportunity for vendors to stand out. So intuitively, I guess we believe that while the market might be a little bit more challenged, it does provide us with more opportunity to sell more depth. So I guess, that's a little bit of a tailwind.

Our next question comes from the line of Sriharsh Singh with Bank of America.

A couple of questions from me on yield. First, on the FY '27 guidance, low double-digit yield growth. So besides price increase, which of the add-on products will contribute the most to get in your view between Amex, Luxe and to subscriptions? Or is there something else which could be contributing a little bit on the margin? Second question is just thinking slightly. Another way to ask you about the geo mix the potential geo mix impact into FY '27.

Look, based on our tracking and some data, Sydney and Melbourne listings are up 12% to 15% versus long-term average. So my question is, if Sydney and Melbourne listings were to normalize towards the long-term average, what kind of a geo mix drag would that entitle I think.

That's one for me So firstly, on the yield, fiscal '27, the 8% Premier Plus price rise is the largest contributor to the yield. And then add-ons just like fiscal '26 are the next most material contributor but the mix is different. So whereas last year was AMAX and then a little like this coming fiscal year, Luxe will be a much larger contributor to yield than AMAX, but AMAX will still be a positive contributor to. We'll probably get a little bit from penetration perhaps too, but that will be much less material. And we didn't put the subscription price up for our agent community, and so that will be a less material contributor, albeit we will see a gradual uptick of the pro subscription, which will help a little.

As it relates to geo, it's a really interesting question and something we're doing thinking about too. So there it's not just the Sydney and Melbourne relativity. It's not as simple as that. [indiscernible] it depends on the communities within those markets and then the pricing within those cities. And then it also depends on for the rest of Australia, when we compare the cities to Melbourne and Sydney. If Brisbane is a large contributor, that's generally a positive given the pricing in that city compared to, say, rural Australia.

So there's a few different elements at play there to be specific in answering your question, if listings in Melbourne City did come back towards historical averages, we would see an element of negative yield from GeoMx, but that could well be offset by uptick in other cities like Brisbane, as I mentioned.

Super clear, if I can sneak in 1 more. Is L&M traffic as a share of total traffic for you? Is that rising? Or is it also flattening out for you over the last 6 months?

I mean that -- to answer that question is pretty simple. It's flat, and it's well and truly south of 1% of our traffic.

Our next question comes from the line of Lucy Huang with UBS.

I've just got 2 questions. So just the first one, are you able to give us a sense as to how stellar leads have trended across the platform? And I'm also wondering whether you're starting to see a bit of a correlation between seller leads as a leading indicator for listing volumes.

Yes. Great question, Lucy. So in relation to sellers leads, so I'd say sales in July, and that's probably the best comp to your question. I mean, my view is seller leads are a lead indicator of what we expect to see over the coming months as consumers think about putting their properties up for sale. And I'd say sell leads have been consistent with what we saw in listing volume in July as well. So pretty flat this month in July.

Yes. So based on what you can see, it looks like the trend is still kind of stable at this point in time through the sale lease.

Correct Yes. That's exactly right.

And then just my second question around kind of like lock take up. And I understand that you kind of put out some incentives for agents to contract kind of -- or make commitments to put more listings on to Luxe into FY '27. Any color you can shed on what proportion of agents have actually signed on to this commitment. And I know it's early days in the year, but just getting signs that we are seeing kind of Luxe take-up increasing.

No, I think probably the only color I can really give you is we were really happy with the Luxe sign-ups over recent months, and the product is in a really good spot. So that along with AMAX, we've been really pleased with.

And so just a follow-up to that. Will you be forcing agents to pace of Luxe commitments through the year, even to say they don't choose to upgrade up to 20%? Or do you think you'll keep it fairly I guess just let it go in a way for this year, given that we've committed to it.

So I didn't quite hear that you repeat the question.

Sorry, just in terms of Luxe commitment because I think some agency will be committing up to 20% of listings on to like. So if they don't lift up to 20%, will you make a decision to charge them anyway or is the intention to just treat it as an aspiration.

Look, I think if they've made a commitment that's the commitment they've signed up to, that's how we operate. So yes.

Our next question comes from the line of Lachlan Elliot with Macquarie.

I just wanted to follow up. I think we saw about capital allocation earlier, but just specifically on how you're thinking about M&A now that you've kind of streamlined the business and you've got that healthy cash balance. Is it going to be more of a bolt-on situation? Or are there other kind of big opportunities that you're considering? Just any color on that would be great.

Thanks for the question. I'm happy to take that one. I guess when it comes to M&A, it's an opportunity opportunity sort of discussion decision process. It comes down to the size of the potential opportunity where it's located, familiarity with it, et cetera, et cetera. So it's not really a one size fits all. And I think you'll find that over the last sort of 9 months or so, we've had certainly plenty to keep us busy here. And I wouldn't say M&A has been at the top of the list of things to do outside of India. But certainly, we remain an acquisitive business and are always looking at out for opportunities as they might arise.

Great. And then maybe just switching gears a little bit, I just wanted to follow up on that volume guidance. You've given the guidance for flights are down low single digits. But -- any kind of color on how you're kind of thinking about the cadence first half and second half and then even kind of beyond that? Any color there would be really greatly appreciated.

Yes. It's interesting. I mean the guidance was partly a result of the really strong finish to fiscal '26. So if we think about that quarter of '26. That's going to be a tricky fourth quarter for us in fiscal '27 a positive tailwind to '26, but then it makes it a harder fourth quarter for fiscal '27. Otherwise, we're guiding to flat to down. At the moment, listings are holding up well. But as we know, given the historical volatility month-to-month, quarter-to-quarter, it's probably a little bit early to try and think too much about phasing at this stage.

Our next question will be from Siraj Ahmed with Citigroup.

[indiscernible] First one, can you just touch on competitive dynamics? I noticed that your unique audience lead slipped a bit in the second half. Just keen to hear what you're seeing and how you're thinking about this. And second thing, in terms of AI, you're talking about new TAM and new addressable opportunities. Can you just elaborate on that?

And Andrew, in terms of yield growth for next year, I think about fourth quarter, if you exclude [indiscernible] would have been or so. It seems like -- as you said, luxury a bigger driver. Do you think FY '27 can be better than the fourth quarter as a baseline before [indiscernible]?

So I'll take the first 2. And so I'll start with the second one first. So look, in terms of TAM, it's early days with some of those product launches that we've got out in play. But I guess, particularly with the AI system, as those conversations with consumers evolve, then that will expose through those conversations, opportunities for us to explore. But if you think about the usual things around building pest inspections, et cetera, et cetera, I mean, yes, there's those opportunities that exist that we can see immediately, but that will evolve over time. In terms of traffic, I mean, we're extremely happy with where our traffic is at the moment, you would have seen in the slide deck, where we continue to do record traffic levels 12.5 million unique visitors a month coming to the site, nearly 150 million sessions.

And in terms of our traffic lead over our nearest competitor. I mean, it's exceptionally strong. It will go up and down a little bit month-over-month, but it's still exceptionally strong. And I guess that's probably how we think about it.

So -- it's interesting questions, when you think about the fourth quarter, your sense of the numbers is correct. Is it the mix a little bit different. So by yield for the fourth quarter in isolation with 11% and the mix was largely price, which is very material, but also penetration and add-ons [indiscernible] from the second most material and that was coming from IMAX and [indiscernible] materially in Luxe less material and then geo mix was negative 2% for the fourth quarter.

As we roll forward, I think your sense of the quantum of yield is probably a it's in line with our low double-digit guidance. And just I think the mix will be a little bit different. As I said, Luxe will be a larger contributor than AMAX penetration, perhaps less so this fiscal year and GeoMx will be potentially a drag at least at this early stage.

Next question will come from the line of Fraser Mcleish with MST.

Just a quick one for me. Just on Financial Services business, Can. And I think the banks are seeing pretty big drop-off in loan applications at the moment. So any help on how you're thinking about that business for '27 would be helpful.

Look, I mean, I would say to you that over the last couple of months, we sort of saw similar in terms of lead volumes and loan applications. What we're seeing now is, I guess, the gap that we saw a couple of months ago is starting to narrow. So I mean, I think what that translates to is that consumers, customers are starting to settle and they are coming back to loan applications, and we are gradually seeing improvements in application volumes. So I'd say a little bit early days, but we have definitely seen improvement there over recent weeks.

I'm showing no further questions, and I would like to hand the conference back over to Cam MacIntyre for closing remarks.

Excellent. Thank you, everyone, for joining the call today and look forward to catch up with you all over the course the next few days. Thanks a lot. Bye-bye.

Goodbye.

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

Good day, and thank you for standing by. Welcome to the REA Group Limited Third Quarter Financial Results Conference Call. [Operator Instructions] 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, ma'am.

Good morning, and welcome, everyone. My name is Alice Bennett, Head of Investor Relations, and I'd like to thank you for joining us to discuss REA Group's results for the third quarter ended 31st of March 2026.

Before we commence, I'd like to acknowledge the Traditional Owners of country 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, present and emerging.

This morning, you'll firstly hear from our CEO, Cam McIntyre, who will provide a brief business update. Then Andrew Cramer, REA's CFO, will talk to the financial highlights for the quarter. And following this, we'll be happy to take your questions.

And just as a reminder, before we get started, our quarterly numbers are top line results only, so we'll be restricted in the amount of details we can provide. With that, I will pass it to Cam to get us started.

Thanks, Alice, and welcome, everyone. REA has delivered an excellent third quarter result, underpinned by double-digit revenue growth across our Australian business and strong double-digit yield growth in our core residential business.

Looking at our results from core operations for the quarter, excluding M&A, which, as a reminder, it strips out the impact of sale of PropTiger, the shutdown of Housing Edge and the acquisition of iGuide, revenue was $398 million, an increase of 11%, and EBITDA, excluding associates, was $220 million, an increase of 16%.

Strong underlying fundamentals continue to support the property market, and supply kept pace with buyer demand. While global events and interest rate increases impacted broader economic sentiment, listing activity in Sydney and Melbourne was strong and nationally, listings were slightly up on prior year. In this balanced market, more Australians visited our platform than ever before, and our customers continue to turn to our market-leading products and services to ensure best results for their vendors.

In relation to our audience, we reached a new quarterly record in Q3 of 12.9 million visitors on average each month. Just under half these visitors used our platform exclusively. This means access to a large number of potential buyers, sellers and renters is exclusive to REA customers. Our immersive experiences ensure Australians continually return to our platform, and we achieved a new quarterly record of 150 million average monthly visits.

The value of our audience extends beyond scale though, and it ties into the deep engagement of our consumers. In Q3, properties tracked by their owners reached a milestone of 5 million, an increase of 16% on prior year. Seller leads increased 28% year-on-year, and we delivered an average of 2.6 million buyer inquiries to our customers each month.

Our consumer strategy is centered on delivering a personalized and immersive membership experience. Members are much more likely to perform a high-value action, which amplifies the value delivered to our customers. Our active membership base continues to grow, increasing 19% on the prior year.

In the quarter, we launched our new evolution of AI property search. Our new conversational search experience is now live to 50% of our web audience and 10% of our iOS app members. This intelligent search experience encourages consumers to take high-value actions such as sharing a listing or submitting an inquiry. Conversational search is going to continue evolving as we expand the number of topics covered, and that, in turn, will support a more detailed curated AI-powered companion experience for our consumers. It's also going to uncover valuable intent data for our customers.

Property buyers are increasingly seeking more immersive and informative search experiences, and we officially launched iGuide in Australia in March here. iGuide uses AI to identify property features and produces immersive 3D virtual tours, precise floor plans and reliable property measurement data. It's the market leader in Canada, and we're pleased with the early uptake in Australia. We're working closely with the industry on this and several large photography networks have signed up already. There are now more than 100 iGuide specialty cameras in market, which is ahead of our own expectations, and we're seeing the strong momentum continue.

Supporting our visualization strategy is the social media-style feed in our video discovery hub on the app home screen is deeply engaging our consumers. The new hub achieved a 22% growth in average monthly video viewers in Q3.

In relation to our customers and some highlights here, we saw record Premiere+ penetration, which underpinned double-digit yield growth in our residential business. We also achieved record audience maximizer penetration. We continue to roll out the next generation of AI-powered tools and services for our customers as well as offering education, support and training. As part of our broader Advantage AI program, we're also pleased to announce a customer hack day initiative that will take place in September. These hack days are core to our innovative culture that we have as a business. And for the first time, customers will submit ideas and work alongside our tech team with the aim of turning customer and industry-focused ideas into prototypes and working solutions in a matter of days.

During the quarter, we also launched a new AI-powered vendor campaign summary in our self-serve platform, Ignite, generating key campaign insights into our vendor-ready narrative within Ignite's vendor report. This is supporting agents in the clear communication of their campaign performance while reducing the manual reporting effort that's required.

We recently also started a pilot rollout in a new chat capability in Ignite called Campaign Assist, and this is exclusive to Premiere+ feature, and it combines consumer intent and automated evaluation model data to provide customers with strategic recommendations to boost the performance of a listing.

In recent weeks, we launched the AI-powered PropTrack via Impact model, which provides our customers with clear evidence of a direct link between a property sale and an realestate.com.au campaign. The new probability-based model assessed more than 1.3 million Australian properties sold over a 22-month period and analyzed more than 10 billion consumer data points. The data highlights that realestate.com.au attracts and engages the buyer for 9 in 10 homes listed on the platform that go on to sell. The combination of data scale, depth of audience, engagement and the new AI capability underpin the model, and it was independently reviewed and validated by Deloitte.

Delivering on our commitment to more choice, flexibility and value for our customers, we've introduced new packaged options and a suite of features as part of the FY '27 contract rollout. From July, the Video Discovery Hub will be increasingly valuable for customers with Premiere+ property walk-through videos set to feature on the prominent carousel. Highlighting the value in video, we know that serious buyers are almost 9x more likely to watch video content than other users and listings with vertical video generating more views and more inquiries.

Our commercial and new home businesses achieved double-digit revenue growth with record penetration of Elite Plus for our commercial customers and a pleasing improvement in new home -- in the new homes market.

Looking at financial services and momentum continues here. Business saw exceptional growth in submission volumes, a strong increase in settlements and an increase in the loan book. Showing the strength in the market and the value in our investment in Mortgage Choice, innovation and brand average submissions per day in February were the highest Mortgage Choice has ever seen.

As we've flagged previously, Housing.com is REA India's strategic priority. The app-first strategy continues to support Housing.com's leadership in app downloads in India with more than 50% of downloads sitting with our platform.

As I wrap up, I'd like to share a few comments on market conditions as we look ahead. After an extended period where demand exceeded supply, the Australian property market has become a more balanced and we're moving into a period of more normalized levels of buyer demand. The rebalance in the market likely reflects some uncertainty around global events, expected further interest rate rises and potential government tax policy changes. The momentum behind price growth is anticipated to moderate, and we may see that time to sell lengthens a little as vendors readjust price expectations to meet buyers.

As a business, we're incredibly well positioned in this more balanced market with agents and their vendors seeking to reach the largest and most engaged audience of property seekers and to differentiate their listings. We're focused on continuing to drive innovation, and our teams are embracing the capability and exciting opportunities presented by AI. Coupled with healthy underlying fundamentals supporting the market and strength in our market position, we're well placed to deliver further growth for the remainder of FY '26. And with that, I'd like to welcome you, Andrew, and hand over to you.

Thank you, Cam, and good morning, everyone. Can I first say thank you to you all for the warm welcome you've given me. I'm less than 3 months into this role, but I can genuinely say I'm excited by the growth pipeline in front of us and by the quality of the team around me.

REA has delivered an excellent Q3, driven by double-digit revenue growth across the residential, commercial, new homes and financial services businesses. Excluding the impact of M&A, group revenue for the third quarter increased 11% to $398 million. Operating expenses increased 5% to $178 million, and group EBITDA increased 16% to $220 million. Including the impact of M&A, revenue and EBITDA increased 6% and 11%, respectively.

Let me now take you through how each of our businesses performed for the quarter, starting with residential. Our residential business delivered its strongest quarter of the fiscal year with revenue growth of 12%, driven by double-digit yield growth and modest growth in listings. National new buy listings were up 1% for the quarter with the recent outperformance of Sydney up 4% and Melbourne up 7% continuing. Pleasingly, Q3 buy yield was up 14%. Buy yield was driven by a 7% average Premiere+ price rise, a strong contribution from add-ons, mainly from Audience Maximizer, but also from Luxe, an increase in subscription revenues, growth in overall depth and Premiere+ penetration and finally, geographical mix, which boosted yield by 1% in the quarter. This reflects the comparative strength of the Sydney and Melbourne listings markets.

The strong performance in the month of March also resulted in a 2% deferral of revenue into Q4, reflecting higher listings in the latter part of March compared to last year.

Our rent business saw continued revenue growth driven by a 6% average price rise and increased depth penetration, which was partly offset by a 2% decline in listings. Encouragingly, we also saw double-digit revenue growth for our commercial and New Homes businesses. Commercial revenue benefited from an average 7% price rise, increased depth penetration and higher listings, while New Homes revenue benefited from a 6% increase in project profile volumes, higher yield and higher growth in display revenues.

Financial Services momentum continued during the quarter with double-digit revenue growth. Revenue from the mortgages business benefited from settlements growth of 21% and increased productivity across our broker network. Revenue from the PropTrack data business was driven by growth in customer data contracts, including the agreement we have with key customer, Ray White.

Moving now to our international businesses. In the U.S., Move delivered its sixth consecutive quarter of revenue growth, up 10% in Q3. Revenue at Move was driven by higher sales of the premium Real Pro Select offering and revenue growth in new homes, seller and rentals.

Staying in North America, iGuide, which we consolidated on the 1st of October 2025, generated revenue of $5 million during the quarter. iGuide's local currency revenue increased 26% in Q3. Meanwhile, REA India's Housing.com saw local currency revenue declined by 3% in the quarter, reflecting continued yield pressure in a competitive market.

Turning now to operating expenses. Group core costs increased 1% or by 5% if you strip out the impact of M&A. In Australia, operating expense growth was 9%. COGS were a material driver of this growth, reflecting Audience Maximizer more than doubling in penetration versus the prior corresponding quarter. Excluding COGS, Australian operating expense growth was 6%. Marketing was the largest driver of cost growth in the quarter. As is often the case, the phasing of our marketing campaigns can result in lumpiness from quarter-to-quarter. Growth in Q3 fiscal '26 reflected the new Australian open sponsorship and consumer brand campaign, which was not in the prior corresponding period. Favorability in workforce costs offset the investment in technology, driven by data, AI and video. In India, Housing.com's operating costs were down 1% on a constant currency basis, reflecting the strategic reset and the simplified structure of that business.

Before I turn to the outlook, I just wanted to touch on REA's on-market share buyback program. The program was launched in February, reflecting the confidence we have in the long-term outlook for our business, the strong balance sheet position of the company and our disciplined approach to capital management. So far, we bought back a little under $76 million of the planned $200 million buyback at average prices below $160 per share. While we've been in blackout since the 1st of April, we look forward to being back in the market from next week.

Moving now to our fiscal '26 guidance. We expect buy yield to grow 13% for the full year. Our expectations for listings are unchanged. We're predicting a 1% to 3% decline for fiscal '26. April listings volumes were up 19% year-on-year with Melbourne increasing 20% and Sydney up 25%. This strong April performance partly reflects the easier comps that we will be cycling as we move through Q4 and into Q1 of next year. The group expects positive operating jaws in fiscal '26 for both Australia and the group. Our expectations for operating cost growth have improved with low to mid-single-digit growth now anticipated for the group, down from mid-single digits previously. And for Australia, we expect mid- to high single-digit cost growth down from high single digits previously. Our guidance for India is unchanged, and associate contributions are expected to marginally improve from fiscal '25 levels.

We are incredibly pleased with the performance we've delivered this quarter, and we're excited about the future of our business. As I touched upon at the top of the call, it has been a privilege to join a company in such a strong position with such a high-quality team. As a team, we remain focused on driving consumer engagement, driving increased value to our customers and driving growth across our portfolio of assets. As CFO, I will ensure we continue to invest to drive that future growth while managing costs and capital prudently. Thank you, operator. We will now take any questions.

[Operator Instructions] Our first question is going to come from the line of Eric Choi with Barrenjoey.

I might pick on you today, Andrew, if that's right, just for a couple of numerical questions. Just on the first one, I was wondering if we could talk about the FY '27 yield and specifically, if you could confirm the quantum of the price increase? And also, I'm interested, given Sydney and Melbourne are quite elevated right now, if those geographies were to normalize back to historic levels, theoretically, what that geo mix drag would be? Ultimately, I'm just trying to put all those pieces together, and I'll make my own guesses on Luxe and everything else to try and figure out if you guys can deliver double-digit yield in '27, even if there was a geo mix drag.

Thanks, Eric. Thanks for picking on me first. The answer to your question on price, our fiscal '27 price increase is approximately 8%, so at the lower end of the 8% to 10% range you've noted in an earlier note. Geo mix is a really tough one. You know as well as me, it's a really tough one to predict. I mean the last couple of years, we've been a beneficiary of it. It's been plus 1% this year, about the same last year. Back in fiscal '23, it was negative 5%. And it has been elevated as a result of higher listings in Melbourne and Sydney. We won't get into whether it's going to be a drag on fiscal '27 at this stage because the elevation of Melbourne and Sydney continues, as you saw in the April numbers.

That's helpful. Just one more convoluted one for you. Sorry, Andrew. Like if I just take a step back and look at this result, Australia was really good, probably -- and obviously, your cost guidance is really good, and then India top line maybe a little bit softer versus what we were expecting. So I'm just trying to piece together the fourth quarter outlook versus third quarter. I think it's still really good for Australia, maybe just dragged down by India.

So just on the math, like can I just check, I'm not missing any of the key swing factors 4Q versus 3Q? And then there's probably 3. So listings growth, I think you're guiding for that to improve from 1% to, say, 3% to 4% based on the midpoint of your guidance. I don't know if you mentioned deferrals, but maybe deferrals were a drag in 3Q, maybe a couple of hundred basis points, so that could be an improvement as well. And then maybe the offset is that buy yield stepping down 1 to 2 percentage points in the fourth quarter. But like if you add up those 3 things, it still suggests residential revenue growth is potentially 4% better in the fourth quarter versus third quarter and maybe your group revenue growth could be 3 percentage points or more better. But I'm just wondering if I'm missing any key pieces there.

Thanks, Eric. You're really missing anything and your math is pretty good. If I go backwards up your list on buy yield, it does step down in the fourth quarter, and that's just a result of us lapping a really successful value and packaging rollout this time last year. So for the benefit of those who don't know, we're in market from about 6 weeks ago. And to the extent people take up the offers at that time, the clock starts ticking earlier than 1 July, and we had the benefit last year of Audience Maximizer, which doubled penetration. We had Luxe and we had subscription price increases. So that means it's just a comp issue with that stepping down in the fourth quarter.

Deferrals, you're correct on that. It was 2% in the third quarter. That was really driven by like a big uptick in listings in the latter part of March. It's probably because of the timing of Easter that brought campaigns forward. We've seen a strong April, and so we would expect that deferral to be there again in April. And it's -- when we think about listings guidance for May or June, it's uncertain. And so I think your math is not incorrect. But at the same time, what we're seeing in May is slower than what we saw in April. There's uncertainty around policy changes at a federal government level, there's interest rate uncertainty. And so at this stage, May and June are relatively less certain than obviously what we've delivered to date.

And our next question will come from the line of Entcho Raykovski with E&P.

My first question, I was hoping to drill into the lowered OpEx guidance. Are you able to talk about what the key drivers have been behind that lower OpEx guidance? I mean, is it efficiencies as a result of the rollout of AI tools internally? I'm very conscious that, that's something that a lot of people are focused on right now. And how does that lower OpEx guidance feed into your expectations for OpEx into FY '27? And in particular, do you see scope to deliver wider operating jaws? And I might wait for the second one after you answer this one.

That's another one for me. So thank you, Entcho. As we sort of entered the second half, we felt the market was a little bit more volatile, and so we really wanted to control the controllables. And the thing that we can control most at that point in the fiscal year is cost. And so we just characterize it as a general timing across the business, the sort of things that you can do with that much time to go in the fiscal year. I mean AI is something that we're adopting across the whole business. The uptake has been really very positive. We are seeing efficiencies in pockets. And as a collective, we're the beneficiaries of those efficiencies. I mean the question for us and something as a leadership team, Cam and I are thinking about with our broader ELT is that benefit gives us flexibility. Do we go faster? Do we drop it to the bottom line. At this stage, we're prioritizing going faster, putting more product to market and moving more quickly. As that relates to jaws, I mean, it gives us -- it certainly gives us optionality as we go forward. But I mean the thing that we have to remind ourselves is that there's an investment required to go faster. There's a technology investment. There's a token cost, which, at this stage, we probably don't think we're probably at a run rate cost of tokens. I think they're probably being subsidized. And so we're just careful not to become too aggressive in chasing efficiency at this point.

Okay. Cool. And then -- and also, I've got a yield question on '27. So in addition to that 8% price increase or circa 8% price increase you've just spoken about, what are the key new features that you expect to add to yield growth? I mean is it primarily the Luxe bundle, but you've obviously got some additional video features as well. And sort of what sort of take-up do you need of, let's say, the Luxe bundle, what sort of take-up do you need for it to make a meaningful difference?

Your mail is pretty good, Entcho. So the Luxe is really the major thing that will be additive in fiscal '27. I mean this year, we had the -- we were the beneficiaries of a subscription price increase, and so that's not repeating into fiscal '27. I mean AMax will continue to increase in penetration. But this year, we had the benefit -- we benefited from it almost doubling or thereabouts in penetration, and that's not going to repeat into the next fiscal year.

Okay. Sorry. And maybe if I can follow up with the very last one related to that. Can you give us any sense for where Luxe penetration is sitting now and where it could get to? I mean you probably can't provide the specifics, but any sort of very broad figures?

I mean what I would say, Entcho, is the rollout has gone very well through the last 6 or 8 weeks. The team is on track for the task that we set them, which is really pleasing. They have a -- we've got a really fantastic sales team, and they've done a great job in market, educating customers as to the benefits of Luxe. So we feel good about where it sits, but we're not going to get into the exact penetration or what our expectations of that penetration is either.

Our next question will come from the line of Sriharsh Singh with Bank of America.

Andrew...

We just lost you there, Sriharsh.

Sorry for that. Apologies. A couple of questions from my side, probably a little bit more strategic and long term. One, there is a little bit of investor concerns around the rise of off-portal transactions given the rise of LLMs. And my question to you is, are you seeing any unusual increase in off-portal transactions in recent months? And how do you think about monetizing more of those in the future? Any plans around that? Or any commentary would be super useful.

Second question is around India given -- and would love your first thoughts on that business in a sense that obviously, there's a significant value creation opportunity in the long run if the business succeeds. And in that context, in that long-term context, are you okay with the current level of losses around $35 million, $40 million to achieve that long-term optionality? Or do you plan for a quicker breakeven of that business?

Thanks, Sriharsh. I'll take both of those time around. So I'll start with the second one first. So I guess with India, we all understand that the size of the market and the potential of the TAM that exists in India. I think we're probably not happy with where the business is at in terms of profitability. But it's gone through a hell of a lot of change in the last 12 months or so with new management team, with the exit of PropTiger and Housing Edge. And so there's been quite a bit of a reset inside the business as well. So look, I mean, the team is doing a good job in terms of thinking about bringing new product to market, whether that be through AI-based conversational search and so on like we have. But this all takes time.

So in terms of acceleration of the EBITDA losses and trying to reach profitability quicker. Clearly, that would be something we'd like to see. But it's a question of the market's ability for us to move that quickly. And so I think as a business, we're moving as quickly as we possibly can, but it's not always going to go the way we want it to in the time frame that we want it to go in.

The other part of your question was just in relation to what we're seeing with the premarket type activity. And I'd say to you that we're not seeing any activity that's outside of historical norms. And we all know that in markets where there's tighter supply, you tend to see a little bit more activity. And then in markets where there's less or more supply, you tend to see a little bit less activity. So we're still seeing behaviors within those normal ranges.

I guess as far as we go as a business, we're always looking at innovation and ways in which we can meet the expectations of vendors and deliver them the biggest possible audience and generate them the maximum possible outcome along with our customers. So I wouldn't say that we're not thinking about things. But at the moment, behaviors seem to be within the normal realms of activity.

Our next question will come from the line of Siraj Ahmed with Citigroup.

Cam, maybe one for you to start off with. Just in terms of that rollout of conversational search, I would thought it's a bit slower than expected, only 50% of web audience and 10% of iOS. Anything holding you back there? And more importantly, are you seeing different user behaviors? I mean, maybe more research being done through the REA portal? Just keen if there's any change in behavior? And then I have a second question I'll ask after.

Yes. No worries. Thanks for the question. Look, we're really happy with the way conversational search is rolling out. We're doing it in a thoughtful manner to ensure that we're maximizing the experience of our consumers. I'd say the way we sort of think about search is we're trying to move from utility-based search to more of a companion-based search experience for our consumers. And I think what we're seeing as we continue to roll this out, and you got to think we're trying to evolve 30 years of learned search behavior. And this sort of stuff takes time. But what we're doing is as we roll out, we're looking at the insights and the data that we're generating. And clearly, we can see better perspectives around intent. There's greater connectivity to our financial services products and so on. And the -- I guess, the insights that we're able to pass on to our customers is enhanced as well through the whole process. So we're doing all of that.

At the same time, we're looking at the data that's inside the conversational search and continue to build on that. And what that does, ultimately, I think, is it creates different opportunities for us as a business as we go on. So I think I'm really excited about it. Are we moving quickly enough? I think we're moving quickly. And certainly, as you can see from our audience and engagement stats, everything is heading very, very nicely in the right direction. But we want to do it in, as I said, in a thoughtful way.

So just following up. So that's interesting. So you're saying you're actually seeing greater sort of lead potential into mortgages and stuff like that based on the conversation search. Okay. Interesting.

Second one, just maybe one for Andrew, just on numbers. Just in terms of the negative 1 to negative 3 listing volume for the full year, and you said May has been a bit weaker. I mean, given April is up 19%, I think negative midpoint, I think May and June has be flat. So what are you seeing in May that you're a bit concerned in terms of outlook?

I wouldn't characterize it as concerned, Siraj. What we saw in March was a pull forward of listings due to Easter. We kind of think April probably benefited from a pull forward of listings due to the broader market volatility. Often uncertainty leads to bring their campaigns forward and get into market sooner due to the uncertainty in the future. What we're seeing in May is it's not at the pace of April. That's for sure. And I think as we roll into the back end of May, we'll have a better sense of May and obviously, June too. But at this stage, it's sort of too early to be more definitive in our guidance for May and June.

And just be clear, May is not down year-on-year. It's just not as strong as April, right?

That's exactly right. Well, sorry. And also, we're a week or 2 we get these details every day, and I love 2:00 every day because I get the new listings numbers. But what I've learned in the short 3 months I've been here is things do swing very, very quickly. So that's where May sits a week in, but we'll see where it ends up.

Our next question is going to come from the line of Lucy Huang with UBS.

I've also got 2 questions. So just a follow-up on the conversational search. Like are you able to quantify so far, what is the impact that you're seeing on leads? Like are you seeing like a multiplier effect that you're being able to deliver to vendors at this point? Or any kind of qualitative assessment on the quality of the leads? And I guess over time, you talked about opportunity to conversational search, like any thoughts on whether monetization models could change or could be additive over time?

And then just my second question is on AI costs. Just wondering if you can give us a bit of color as to what proportion of the cost base currently constituting? And I think the expectation is that LLM token costs will increase over time, so any thoughts or strategies you're implementing right now to over time keep a lead on that cost pressure?

Yes. Thanks. I'm happy to take all 3. So look, in terms of tech costs, and I'll start at the bottom. Clearly, there's a reshaping of our cost base over time, and tech does become a slightly bigger part of our cost base over time.

With tokens, Andrew mentioned tokens being subsidized. I wouldn't say tokens are a material part of our cost base at the moment, but we will manage our token costs over time. So I'm not expecting to see any significant change in the immediate short term there, but it will just be managed as we continue to become more an AI prime business and as we continue to change the way in which we're bringing product to market through AI.

Around that conversational search, you asked about that just in terms of monetization, can we monetize in different ways using conversational search. I think there -- it's early days on that. Ultimately, our ambition as a business is to try and help vendors get the outcomes that they're trying to get. And our customers' agents clearly try to get properties to market faster for them. And if our search experience through conversational search can help facilitate that, then that's obviously a good thing for REA. And so that's -- there's somewhat of a focus around that.

In terms of quality of leads, I would say our lead quality is exceptional in any case. And you can see by the numbers in the deck or in the release in the ASX, just the sort of numbers that we're generating. Clearly, though, over time, what we'd love to see is more insight, more intent data that we're getting from search that helps qualify where potential seller leads and buyer leads are in their journey. And then that obviously gives us the opportunity to help them with their experience, but also support our agents. So I think lead quality is good today. It will get better with conversational search cost around tech that will continue to reshape and evolve along with the rest of our cost base. And so I think we're -- that probably answers all 3.

Can I just have one follow-up on the quality of leads? Like do you think agents are sophisticated enough on the buyer lead side to know which -- whether REA is delivering improving quality? Because I guess feedback we get is agents want all leads even if they're not high intent. But do you think they're sophisticated enough to understand the difference and then therefore, this presents further monetization opportunities down the track for REA?

Yes. I don't see leads as a source of monetization. But in terms of the agent experience and how do we get better quality leads to agents, I think in terms of the technology that we're looking at, at the moment and what's available with artificial intelligence, the ability that we have to prequalify buyers using technology before they reach the agent and to provide agents with some insight before they pick up the phone to talk to the potential buyer, I think all those insights are highly valuable. And what they do is they mean that the agent can work on other parts of their day that are going to deliver them consequential benefit. So I think for us, quality of lead is probably in those realms as well would be how we think about it.

Our next question is going to come from the line of Bob Chen with JPMorgan.

A couple of questions for me. Just one, you sort of referenced it a little bit earlier. We've got a little bit of uncertainty with the federal budget coming through next week with potential CGT and negative gearing changes. Have you guys modeled anything internally to look at how this might impact listings both on maybe a near-term basis where you see a bit of pull forward versus maybe a more medium-term basis where you could see maybe a reduction in volumes?

Thanks for the question, Bob. Great question. I think if we knew exactly what the federal government was going to do with both CGT and negative gearing, what was being grandfathered, what wasn't being grandfathered, I think it will give us a better idea.

At the moment, I think it's too early to tell, and we just need to see the detail of the federal budget to come down before we can sort of start to show what that looks like post that. But ultimately, for us, any change that brings volume forward is not a bad thing. It's a good thing for us. But also, we're conscious of anything that negatively or positively impacts the new supply of property as well. So I think, yes, like I said, too early to tell, but we'll know pretty soon.

Yes. Okay. Perfect. And then I think earlier in the call, you sort of mentioned pretty good adoption rates of iGuide so far. Can you give us a little bit more in terms of early adoption stats of iGuide across Australia and what the opportunity might look like longer term for that business?

Yes, sure. So look, as we said, we're very happy with how iGuide is going. It's only been in market since March. There's over 100 iGuides that are now in market working hard and delivering great outcomes to agents and vendors.

In terms of the product itself, we're very happy with how the product is performing. The scope of market opportunity is large. There's probably between 1,000 and 2,000 photographers for us to be working with. And so there's a lot of scope for further growth. So I guess it will take some time. We've got a team focused on it. We're doing a lot in terms of client education and bringing them up to speed. We know that property buyers, as you saw in the release, they love this sort of content and we'll engage heavily with it. So the more we can get into market and the sooner we can get into market, I think the better.

Our next question is going to come from the line of Tom Beetle with Jarden.

Just a couple of questions on yield. Just the first one, just a quick clarification on the yield for Q4. I mean, obviously, the step down given the tougher comps well understood. But are you assuming any reversal of the revenue deferrals in your guidance?

Firstly, just a quick one.

Connected again. No, our forecast doesn't forecast any deferral into the fourth quarter. So you will not just in your note that's come across the desk, there was a 2% deferral in Q3 that will land into Q4. We're not currently forecasting a further deferral from Q4 into the following fiscal year.

Got you. And then just on the next year's yield, probably a follow-up on Eric's question in a way. But just can you just give us a feel for what you're seeing from agents on the contract -- sorry, on their contracts for next year? Like are you seeing any changes in the mix of tiers or add-ons that they're signing up for that could help give us a feel for, I guess, what those factors can sort of add to your yield?

Yes. It's a fair question. Great question, Tom. At the same time, it's pretty early in the rollout. So we're sort of 6 or 7 weeks into the rollout. We've seen good uptake. We've seen increased penetration of Premiere+. Luxe has done well and so has Audience Maximizer. I think that our customers are really interested and like the video add-ons that have been rolled out at the moment and will kick in from the 1st of July. But it's probably too early to give you much more guidance around the breakup of our view of fiscal '27.

And our next question is going to come from the line of Roger Samuel with Jefferies Australia.

I've got 2 questions as well. First one, just on your free cash flow, it was only up 2% versus EBITDA, which is up 12%. Is there anything in the quarter that we should be aware of, maybe some sort of lumpy CapEx or some one-off tax payments?

Great question, Roger, and I like you pick that up. No, there's nothing lumpy, no, nothing to do with CapEx specifically. It's just the timing of working capital movements. So you will have seen that free cash flow has been outpacing EBITDA. It didn't in Q3 due to that working capital movement, but it will -- it should well do so for the full year.

Okay. Got it. Second question, just on iGuide, you mentioned it, I think, one of the key features in FY '27 is video. Just wondering how different is iGuide from your competitor products such as Matterport. And we understand that you outsource the photographers. And will that impact your margin as well going forward?

No. So in terms of function, I mean, they're pretty similar. Technology is probably a little slightly different, but in terms of function, they're pretty similar. In terms of time to deliver an iGuide, from what I hear, it's a little bit quicker, but fairly similar. In terms of margin impact, I mean, clearly, our approach to this is to partner with the entire industry and to work with the industry. And we know that agents and photographers have a very strong and often long-term partnership. And so we want to get the great product that iGuide is into the hands of those that are working for our agents. But it's -- the way we're approaching it, it's an incremental source of revenue for us. So it's based on a per-iGuide execution. So therefore, margin impact, yes, it will have a margin impact. It has a labor cost associated with it as well, but it's all upside.

Our next question comes from the line of Fraser McLeish with MST Marquee.

Great. Just a quick one on, Cam, and slightly related to the last question, I guess. But just is there any sort of substantial changes that you're seeing on the ground from Domain CoStar that are worth mentioning? I'm thinking things like a big step-up in marketing or sales investment or anything like that, that's maybe changing the landscape a little bit.

Thanks, Frase. Great question. Look, I mean, the short answer is no. I mean if you look at our audience and engagement data, you can see we're going from record to record. So very happy in terms of our own performance.

Marketing-wise, we're continuing to invest heavily in marketing and seeing great outcomes for our investment that we're making there. But overall, I would say, haven't seen or noticed any material change in competitive landscape.

And our last question is going to come from the line of Eric Choi with Barrenjoey.

Just a quick follow-up just because we were just asking about the cost. So I was wondering if I could have a second stab at it. And like you've obviously opened up the Australian jaws to low single digit to mid-single digit now maybe in FY '26 on kind of mid-single digit to high single-digit Aussie cost growth.

And then just thinking about that going into next year, like the AU revenue growth is probably unlikely to accelerate just because you're doing 13, 14 by yield this year. So to the extent that you kind of want to maintain that level of jaws or even slightly under, it sort of suggests mid-single-digit to high single-digit AU cost growth is our kind of baseline cost growth for FY '27. I wonder if that logic is okay.

Eric, I appreciate the question, and thank you. It's probably just a little bit early for us to be guiding on cost growth for fiscal '27. What we would say is we feel very comfortable with the levers we have that give us flexibility in our cost base, whether that be our ability to use our offshore centers in Manila and Cyber City, the benefits of AI that gives us flexibility to manage cost. And there has been a lot of focus on cost on this call. And I guess you would expect that given we lowered cost guidance. But we want to make sure everyone is really clear on that we'll continue to invest in the business to drive the top line because that's really the most important thing that we can do. And of course, we'll continue to manage jaws in a prudent way.

Sorry to badger you, Andrew. Very helpful.

No, I appreciate it. And for everyone, it's Eric Choi as well because I think you misintroduced there, mate.

I would like to now hand the conference back over to Cam McIntyre for closing remarks.

Thank you very much. Thanks, everyone, for joining the call this morning and look forward to catching up with you over the coming days, weeks. Thank you very much.

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

Good day, and thank you for standing by. Welcome to the REA Group Limited Half Year 2026 Results Conference Call. [Operator Instructions] 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. Ma'am, 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 Half Year Results Presentation. For commence, I'd like to acknowledge the traditional owners of country throughout Australia and recognize the continuing connection to land, waters and communities. We pay our respect to Aboriginal and Torres Strait Islander cultures and to elders past and present. So today, you'll hear from REA's CEO, Cameron McIntyre; and Janelle Hopkins, REA's CFO. Ken will talk to our overarching financial performance and strategic highlights for the half -- he will then hand over to Janelle to talk to our financial results in more depth. And then following this, we'll, of course, be happy to take your questions. With that, I will pass to an to get started.

Thank you very much, Ali, and good morning, everyone. Look, as I usually do, as I'm stepping through the slide deck, I'll just mention each slide as I get to it, just so you can keep up. So look, I mean, to begin with AR's delivered a good first half result underpinned by double-digit residential yield growth. It was the half that saw new AI-led experiences for consumers, product enhancements for customers, record audiences and growth in our market leadership position. Overall, the Australian property market landscape remained healthy with strong demand across the country and improvements in Sydney and Melbourne listings in Q2.

So let's start with Slide 4 and just looking at our financial results. So for the half, and we saw revenue up 5% on PCP to $916 million. EBITDA, excluding associates, up 6% on PCP to $569 million, and net profit after tax up 9% to $341 million. Boards also determined to pay a fully franked interim dividend of $1.24 per share, which is a 13% increase on PCP. And in addition, we've also announced today an on-market share buyback of up to $200 million, and that reflects REA's strong balance sheet, the confidence we have in our future outlook and the balanced approach we have to capital management, enabling us to return surplus capital to shareholders while continuing to retain flexibility to invest in growth opportunities as they arise.

So before I move into our operational highlights, I'd just like to touch on market conditions. So looking at Slide 6 and listing volumes in Sydney and Melbourne kept pace with very strong prior year comps, while volume in our smaller capital cities softened. Nationally, we are seeing a 2-speed market resulted in a decline in new buy listings, which were down 6% for the half. As you can see in the chart on the left-hand side, listing volumes in the December quarter strengthened against the softer comps with Melbourne and Sydney leading the charge here. And the predominantly steady interest rate environment, that helps support the buoyant levels of demand that we saw with buyer inquiries surging to 4-year highs across the nation.

So let's jump into Slide 8, and looking at our numerous H1 highlights. And it was a transformative half. Our technology. We rapidly extended our AI capability. We delivered excellent new experiences and products, which we'll talk through a little bit more as we step through the presentation. Supporting our visualization strategy, we acquired a 61% stake in Canadian-based iGUIDE in October, last year. And in India, we strategically refocused the business on Housing.com.

Our personalized and immersive experiences were key to the record audience levels that we saw and deep consumer engagement with 38% year-on-year growth in seller leads for the half, and we achieved a record Premier Plus debt penetration in residential and record Elite Plus penetration in commercial, which was fantastic.

On to Slide 9 and just taking a closer look at our record audience levels and high-quality engagement. As you can see here, more people than ever visited our flagship site, realestate.com.au, record average of 12.7 million people visited the platform each month, and we achieved a record $146.1 million average monthly visits. But look, the real value is in a very large audience that lies with our deep engagement of our consumers. And looking back over the past 2 years, our audiences continue to consistently extend each half, and more importantly, key engagement metrics have also strengthened as well. Like our active member base, the number of properties tracked by owners and sellers and buyer inquiry volumes as well.

The strength of our brand, the quality of our experiences and access to unique data and content ensures Australians continually return to and spend more time on realestate.com.au than any other property site in the country.

Looking at Slide 10, and I'm sure most of you have seen this 1 before, but REA's purpose is to change the way the world experiences property. And our strategy centers on engaging the largest consumer audience delivering superior value to our customers, and leveraging unique data and insights as we expand our core business and build next-generation marketplaces.

Moving on to Slide 11, and you've heard us say this before as well that REA has been investing and innovating with AI for some time. It's a clear strategic focus and a significant opportunity. It's embedded in our existing strategy as an enabler, that's enhancing the execution and supporting our delivery of product.

Our unparalleled audience and proprietary data provides strong foundations and unique leverage for harnessing AI as we continue to change the way people buy, sell and rent property. AI has beefed across all of our operations. We've delivered several key AI-led initiatives and partnerships in the last half, which I'll talk to you a little bit more about in a moment.

So let's turn to Slide 12 and just talk a little bit about consumer experience. And during the half, after a successful 12-month trial, we've where we're progressively rolling out natural language search, which is now available to half our website visitors. This new way of search, it really offers consumers a choice between traditional search with filters map or natural language search.

In terms of the next evolution of AI search, a conversational search trial is running on realestate.com.au. And that's now live for 10% of our web audience. And for those of you that are interested in having a look at that, you can contact Alice and she can give you some directions on how to get on to that one. But -- this really is an intelligent search experience that's going to encourage consumers to take action, such as saving or sharing a listing. And it also may encourage consumers to think outside the set filters. So I mean, for example, if you're looking for a property for sale in quit the tennis court, let's say, and there aren't any -- well, search results using this sort of search engine may result in you looking at large properties with big enough backyards to install on your own and estimate the cost for an upgrade, for instance.

So level of intent data available through conversational search will increase exponentially and this is going to be incredibly valuable to customers.

In the middle of that slide there, you can see supporting our visualization strategy to engage consumers in a new way. And we launched a great new video hub in November. And on the right-hand side of the slide there, you'll see we launched our new AR led conversational system, which is a great tool designed to support owners to better understand their real estate valuation.

Let's also now look at Slide 13 and just talking a little bit about our customers. And we saw record Premier Plus penetration support yield growth in our core residential business. During the half, we introduced the serious buyer metric exclusive to Premier Plus listings. And this metric is powered by PropTrack. And what it does is it analyzes hundreds of behavioral signals to identify consumers showing purchase intent and that predictive score empowers agents with data to optimize campaign strategy and enhance their vendor conversations that they have.

Our audience extension offering audience maximizer. I mean that was invigorated in 2025 and new features, price points and additional value helped drive record penetration in the half with that product. And on the right-hand side of the slide there, you'll see we've added additional value to our high-performance listing solution, Lux, which is proving to have market appeal, which is great, and we're seeing its penetration continue to build as well.

On to Slide 14, and the value in our Pro subscriptions is in both enhanced brand exposure and access to exclusive products and tools that help generate new business. Agency groups have recognized the value that we have in Pro with a number of customer groups signing enterprise wide pro agreements now. And in addition, Australia's largest agency group, Ray White was the was the first customer to access our new Market Intelligence data suite in December. And that offering is enabling agencies to better benchmark with insight into market share and conversation trends or conversion trends or, I should say.

Underpinning value for our customers is access to Ignite, and the self-service platform we have here is designed to bring deep insights, tools and leads together into the 1 place. Monthly Active Ignite use increased 14% on PCP. And in the first example of generative AI in Ignite -- during the half, we introduced AI smart summary for leads. And what that does is it provides a quick seller lead insights to help customers have more informed conversations with property owners.

Now on to Slide 15 and realcommercial.com.au delivered record audiences with 2.9 million Australians visiting the platform on average each month, which was up 90% on the prior year. And our top-tier product, which is Elites achieved record penetration and there's been strong uptake of Elite Plus Unlimited, which offers unlimited days on site. The value in Ignite's continued continue to increase for commercial customers. We saw a 59% PCP growth in monthly active users.

In November, we also acquired Nobalytics, and that offers a unique view of demographics with real-time lifestyle and mobility data. Both Nabalytics and air lytics are really good opportunities for our commercial business.

Turning to Slide 16, and just talking about our financial services and improved market conditions, product innovation and brand investment delivered, good revenue growth. submission volumes continue to increase, and they flowed through to a pleasing increase in settlement numbers. Enhancements for finance experience supported a 26% PCP growth in realestate.com.au generated broker leads in a good demonstration of the quality of these leads. The submissions from REA leads were also up 32% on PCP.

We also continue to invest in our core broking platform and in AI training and tools, and they delivered ongoing value and supported productivity improvement for our brokers. And this includes access to Google Gemini, which is supporting brokers to efficiently automate their processes. From a consumer perspective, in partnership with Athena Home Loans, Mortgage Choice launched a new bridging finance solution called Freedom Move in the half, and that solution is designed to simplify the complex and costly process of buying and selling.

On to Slide 17, and look, AI is clearly embedded with an REA strategy as you're seeing through this presentation. And our team, along with our key partnerships and investments are really, really significant enablers and continue to integrate AI across the business. The business is evolving to an AI primed company or AI prime company in terms of thinking and adoption. We're focused on empowering our people with the right tools and skills to harness the technology and boost capability, productivity and drive to efficiencies are also incredibly important. And this focus is delivering really strong results. Across the business, around 90% of our Australian employees have completed foundational AI training. And 85% of our team regularly uses AI, our internal AI assistant.

We're seeing very strong adoption in our global tech team as well and 90% of our global tech team are leveraging AI daily.

Look at a number of recent investments providers also with deeper AI and data capability. This includes our U.K.-based AI property portal ditty and the Canadian-based iGUIDE business that I just mentioned. We're also really pleased to be partnering with global leaders in AI and have them help power some of our new ALD products and experiences.

So looking at Slide 18, and demonstrating our accelerated innovation. This slide really highlights recently delivered AI products, experiences and tech capability along with training support and tools for our customers and brokers. AI-led surge and immersive experiences on our platforms are engaging consumers in completely new ways, and these experiences not only offer property seekers more choice, flexibility and personalization. They also unlock rich consumer and market insights underpinning customer value as well.

And what's to come is really exciting. AI is going to continue to evolve, and we'll be very thoughtful in how we deliver that capability over time, too.

In the coming months, consumers can expect to see deeper personalization with enhancements to conversational search, and exclusive content and video. Our customers can expect to see powerful AI integration into our self-service Ignite platform. And data and technology that underpin our products and experiences will strengthen and the foundation REA has to leverage in AI.

So turning to our international businesses. And as we flagged previously, Housing.com's REA India's strategic priority and is now solely focused there on moving forward. Our first strategy continues to deliver positive results with Housing.com continuing to lead app downloads in India. Focused improvements on the platform. We've also placed more relevant properties in front of the right consumers, which supported a 20% year-on-year growth in leads delivered to customers in the second quarter. We've also evolved our depth model as well with the introduction of a new top tier subscription product called Ultra, which provides customers with superior listing branding.

Looking at Slide 21, we announced the acquisition of our controlling stake in Canadian-based Planet, which is the maker of iGUIDE in October. iGUIDE what that does, it is AI to identify property features and produces immersive 3D virtual tours precise floor plans and reliable property measurement data. It's the market leader in Canada with around 25% of all listings sold in the country in 2025 featuring an iGUIDE. Canadian revenue grew 23% in half 1, with strong growth in each of its 4 key markets, which are residential, insurance, construction and commercial.

And the success of the business in Canada points to the opportunity that we have here in Australia where video and interactive content will become standard in property advertising. In the Australian market, the early signs are really strong with the first sales to customers in recent weeks, and we've been receiving really great positive feedback.

In the U.S., REA has a 20% stake in Move, operator realtor.com. Really introduced a number of innovative products and experiences in the half, including fly around, which provides consumers with a new way to explore neighborhoods from above, which is very cool. REA and Move are also collaborating on AI strategy amongst other things to facilitate faster delivery and reusability of AI capability across both the Australian and United States markets.

Before I hand over to Janelle, I'd just like to share a quick few comments on the market as we look ahead. And I guess, ongoing strength in employment levels and population growth, they really continue to drive strong demand nationally, and they really contribute to the health that we have in the Australian property market. And while we saw an increase in interest rates this week, the prospect of rising rates was already widely flagged, and the underlying fundamentals of the market remain very strong.

Supply has improved in Melbourne and Sydney with limited stock in smaller capital cities, resulting in some vendors delaying their listings. Anecdotally, across the country, our customers are telling us that they're seeing very good numbers coming through open for inspections, which aligns with that view of a buoyant of demand that we're seeing.

Into the second half, we will continue to drive innovation, and it's an exciting time with AI presenting new opportunities and our team is embracing this capability, coupled that with the ongoing health in the property market, and we're well positioned to drive further growth for the remainder of FY '26.

And just before I hand over to Janelle for more detail on our results, it is her final result with the business. And I'd just like to acknowledge her service and achievements as CFO, and thank her for her outstanding contribution to REA over those years. So thank you, Janelle, and over to you.

Thanks, Cam, and good morning, everyone. REA has delivered a good result with strong buyer yield growth in the residential business despite lower listings. From our core operations, revenue increased 5% to $916 million. Operating expenses increased 3% to $347 million. EBITDA, excluding the results from our associates was $569 million, up 6%, and the group delivered NPAT of $341 million, up 9%.

Our half year result includes the consolidation of iGUIDE, the divestment of PropTiger and the exit of housing edge from the second quarter. Excluding those items, on a like-for-like basis, revenue and operating expenses increased 8% and NPAT increased 10%. The group results from core operations differ from reported statutory results with a number of one-off items excluded. On Slide 37, we provide a summary of the reconciliation between the core and statutory results.

Turning to our Australian residential business, which has had another strong half, delivering 7% revenue growth despite lower listings. National buyer listings declined 6% in the half, improving from an 8% decline in Q1 to a 3% decline in Q2 as comps became easier. However, as Cam discussed earlier, we saw a 2-speed market during the half, with Melbourne and Sydney both flat and up year-on-year in the second quarter, while markets like Brisbane and Perth were down 12% and 20%, respectively. Fire yield was strong, up 14% for the half. driven by a 7% average Premier Plus price rise, growth in add-ons, AMAX in particular, increased subscription revenues and increased depth penetration with a 1% positive impact from GeoMx. Excluding GMX, controllable yield growth was 13%.

Our rent business saw continued growth with revenue driven by high single-digit yield growth, partly offset by a 2% decline in listings.

The following slide shows both the penetration and mix of paid debt listings in the residential business. And while it's still early days for Lux, penetration doubled from FY '25 to the first half '26, and is tracking in line with our expectations. We continue to see Lux take-up across properties of all ways with nearly 2/3 of Lux listings on properties less than $3 million.

Commercial and New Homes revenue increased 10% to $121 million. Commercial revenue increased by 9%, with yield growth driven by an average 7% price rise and increased depth penetration and listings broadly flat. And New Homes revenues were up 11% on the prior year, the first time in 5 years, we're seeing double-digit growth for this business. This was driven by increased project profile volumes and average yield and higher display revenues. Other revenue was up 8% to $35 million, driven by growth in media display from increased spend from our direct customers and growth for campaign agent as the business continued to grow customer numbers.

Please note PropTrack data revenues, which used to sit in other and are largely generated from financial institutions have now been included in financial services to align with an internal restructure. A reconciliation is provided in the appendix on Slide 40.

On to Financial Services, which had an excellent half with revenue up 11% to $58 million and EBITDA increasing 14%. We saw double-digit growth for both our Mortgage Choice business and PropTrack. Mortgage Choice revenues were up 12%, benefiting from a 14% increase in settlements and continued improvements in broker productivity, partially offset by higher broker payout rates. Pleasingly, submissions were up 24% in the first half, which suggests settlement growth should remain strong in the second half. In our PropTrack business, we grew revenue 11% through new customer data contracts.

Turning to our India and North American businesses. In India, Housing.com revenues were flat at $26 million for the half or up 3% on a constant currency basis, with customer growth and improved monetization in our Tier 2 cities, offset by continued competition in pricing and packaging, which has negatively impacted Housing.com's yields. India operating costs for Housing.com increased 3% or 6% in constant currency, which reflects the growth in tech costs due to license price rises and increased data usage partly offset by lower employee costs as the cost base was reviewed post the business simplification. Housing.com EBITDA loss was $19 million.

Moving to North America. As Cam mentioned, we acquired iGUIDE, which was consolidated from October '25. It generated revenue of $6 million, with underlying like-for-like growth in half 1 of 23% and was broadly EBITDA neutral. In the U.S., Move's revenue growth has accelerated, up 10% year-on-year, driven by higher sales of its real close select premium offering and continued revenue growth in seller, new homes and rentals. And pleasingly, lead volumes turned positive, up 5% in the half and up 13% in the second quarter. Move's equity accounted contribution was a loss of $10 million, a $1 million improvement on the prior year. And for more information on Move, please refer to the News Corp results release.

On the next slide is our core operating jaws. In Australia, Jaws were closed by 1% and with revenue growth of 8% and core operating cost growth of 9%. Australia operating cost growth reflected a number of key factors. The largest driver was employee costs impacted by wage inflation, and increased headcount driven by investment in strategic initiatives. This was followed by COGS, which increased due to more than doubling in our audience maximizer penetration, higher marketing costs in part due to the timing of Ready 25, which was not in the prior year and spend on the Ashes and our new Australian open sponsorship, and technology costs, which increased due to price increases of licenses and investments in AI tech. At a headline level, group jaws were opened by 2% with revenues growing by 5% and OpEx by $3 million, and on an underlying basis, draws were flat with revenue and operating costs both at 8%.

We've had a strong and consistent track record of continued investment in product development and platform health to drive better consumer experiences and deliver more value to our customers. You've seen this over the last 5 years with Australian CapEx growing 14% per annum compound. In half 1, this investment included a number of new products and experiences across all lines of business with a focus on AI, video and platform health. CapEx to revenue was 7% in the first half, and we anticipate a rate close to the middle of our 7% to 9% target range for the full year. FY '26 depreciation and amortization is expected to be in the range of $138 million to $147 million, modestly lower than our previous guidance due to the exiting of Housing Edge in India.

Turning to our cash position. We ended the half with a strong closing cash balance of $478 million. The group delivered operating cash flows of $373 million which allowed us to continue to invest in the business organically through M&A and continue to deliver strong shareholder returns in the form of increased dividends. The FY '26 interim dividend grew 13% to $1.24 per share, with DPS outpacing NPAT growth as we increased returns to shareholders in the form of a higher payout ratio. In addition, as Cam mentioned earlier, we have today announced an on-market share buyback of up to $200 million. Our balance sheet is incredibly healthy, and we believe we have the right balance going forward of returning capital to shareholders and flexibility for future growth ambitions should the right opportunities arise.

Finally, on the FY '26 outlook. While comparables will become easier as we progress through the second half, the group now expects National residential buy listing volumes to decline 1% to 3%, reflecting larger-than-expected year-to-date declines in the Perth and Brisbane markets. January listing volumes were down 8% year-on-year with Melbourne and Sydney declining 1%. The group anticipates 12% to 14% residential buyer yield growth with the magnitude of growth potentially impacted by GeoMx movements across the remainder of the year. Positive group operating jaws are targeted with Australian jaws expected to be open modestly. Expectations for mid-single-digit operating expenses growth is unchanged and reflecting high single-digit growth for Australia, the consolidation of iGUIDE, divestment of PropTiger and exiting housing edge. On an underlying basis, high single-digit cost growth is expected.

And India and Associates guidance is also unchanged, with India EBITDA losses expected to be in the range of $40 million to $45 million and contributions from associates losses expected to be marginally improved in FY '26 compared to FY '25.

In summary, we are very pleased with this result. We continue to execute our strategy, deliver on the things in our control and invest prudently for the long term. The whole team is excited by the new opportunities we see, leveraging AI to enhance our consumer, customer and employee experiences.

It's great to have Cameron firmly under the desk, and I've known Andrew Kramer for over 6 years now, and I'm confident he will do an excellent job. I have loved every minute of my time at REA and will really miss the incredible talent across the whole company with a special shout-out to my finance team. I will see most of you over the next few days on the roadshow, so I look forward to catching up with you all then.

I'll stop here. Operator, can we now please open the line for questions?

[Operator Instructions] Our first question will come from the line of Lucy Huang with UBS.

Thank you, -- and -- that's Kanthal and all the best for the new chapter ahead. I've got 2 questions. So firstly, the cost growth guidance is unchanged, but sterling Jaws did narrow by in the first half. And I understand it was mainly listing driven, but -- can you give us some color around come confidence on ability to manage costs moving ahead, particularly given the ongoing AI investment pressure and tech price rises and maybe flesh out some areas in the cost base, which you can keep flexing to make way for AI investment. Should I ask has any question now or after?

Yes. Why don't I take that 1 first off, Lucy, I think is coming. Look, you're right, our guidance is unchanged. So we're very confident in the fact that we have been investing in AI and continue to invest in AI within that cost guidance that we've provided. I think 1 of the key points a differentiator is that we have never underinvested in the business. We've always talked about that 7% to 9% CapEx to revenue ratio and our overall investment profile continues to grow as we deliver value to customers and consumers. When we think about the ability to flex costs, we've always been able to flex costs up and down should we need to. And the sort of things that we can do is -- and the things we have been doing is looking at our offshore service delivery centers in both India and Manila. We can tweak up and down should we want to the phasing of our investment. But overall, we're very confident in our ability to continue to target open jaws. And you're right, the question around the modest -- the fact that we're expecting jaws to be open modestly. It's just more on the fact that we've updated our estimation around listings, and that's playing through into the revenue.

No, that's so quite clear. And then just my second question. Obviously, a lot of chat around kind of truck traffic. So maybe if you can talk through how much traffic you're now sourcing or getting from that GPT or how that trajectory has changed over the last few months? And I think offshore, we've seen some more deals recently from your peers partnering to be on the CPT app. Is this -- like how are you thinking about that as a potential next step for REA, -- like are there merits to it now? Should we be doing it now? Just kind to hear your thoughts on that.

Yes. Thanks, Lisa. I'll take that question. So look, in terms of overall traffic, I mean, it's a fraction of a fraction -- and that fraction is -- has declined, not increased more recently. So it's -- you're talking sub-1%. In terms of how we think about it going forward, I mean, it's another growth path for us in terms of traffic acquisition. So longer term, we're encouraged by the partnership that we have with open AI and look forward to, at some stage, having their app store open up to us. So I think that's an ongoing opportunity. But at the moment, it's a very immaterial component of our traffic. I mean some of the other AI innovation that we've deployed that you've seen through the pack is very encouraging. When it comes to things like real Assist and so on that you saw there, just very happy with how all those things are performing. But in terms of that chat, it's very, very small.

Our next question will come from the line of Eric Choi with Baron Joe.

Also -- thanks for the questions. And Jon, I just wanted to echo consorts well. Thank you for your help over the last 7 years making these conference calls and the numbers are a little bit more interesting one. But anyway, Cangene, did you want all the questions at once or 1 by one.

I think 1 by one.

Okay. So maybe just on AI. I guess there's a lot of negativity. I just wanted to go the other way and talk about potential monetization opportunities. And specifically on I know you haven't announced anything will announce anything around pricing yet, but on top of whatever price increases you guys eventually announce and the tailwind from year 2 of your MAX and Pro packages. I'm just wondering if you announce anything significant to drive debt and Max uptake, just because I know you guys are doing a lot of things on immersively steams and AI and developing in your slides today and some of your competitors might be trying to package things into their highest tea debt packages as well. So just wondering on your potential to do the same.

Yes. I guess, holistically, Eric, as you know, the company when it thinks about it prices to value. And -- as you can see in the deck, we've been heavily engaged around building innovative solutions throughout the organization. And limited -- unlimited to or not limited to things like even AI-based training for our customer base and delivering based integrations into places like Ignite and so on, -- and from our perspective, that all forms part of what we call value. So that's probably the answer to that question.

Got you. And sorry, just Jaws is obviously a big talking point today in costs. I guess that first half cost growth was 9% is a little bit misleading because of timing and COGS. So I just wanted to make sure you guys are still gunning for positive Australian jaws into FY '27 and beyond and -- you previously said you can invest in AI would be the current cost envelope. That sounds unchanged. And then I guess that AMAX/COGS steps away next year as well. So yes, can you just confirm that to draw into the medium term?

Yes. Absolutely. We will continue to target open Joos for Australia and for the group. And yes, as we've already said, yes, AI costs and investment is increasing. But on the flip side, there is additional productivity that is starting to come through. We're already evidencing it and will continue to come through into the future. So that gives us the ability to increase the velocity of what we deliver and/or if we wanted to, to drop it out to the bottom line. So that's why we're confident around being able to do more with AI within our cost envelope that we set.

Got you. Just the last one, just finally on capital management. Just can you just quickly talk us through the thinking behind the and buyback? I suspect the share price is still too much and you guys have got $500 million of cash balances. So I suspect we shouldn't read too much into whether this makes M&A any more or less likely?

No. I mean the rationale is clearly that we believe that we've got surplus capital. And given that we have a very strong balance sheet and cash flow, which you can see in the business generates. And it also, I guess, reflects the confidence that we have in the outlook of the company, while also enabling us to sort of continue to invest is as opportunities arise in the future. So we think it's just -- it's a good tool to add in terms of delivering good outcomes for shareholders when it comes to capital management. But from our perspective, we keep our powder dry to when it comes to thinking about opportunities to invest in other things as we go along.

Next question is going to come from the line of David Fabris with Macquarie.

Look, my first question, can I just ask about the AI investment a little differently? I mean you guys have been making small acquisitions. But if acquisitions slow down or take a pause, does that mean you need to spend more to keep up and innovate. So OpEx and CapEx would theoretically increase? Can you clarify that, please?

No, thanks for the question, David. I don't think so. I mean if you look at the M&A that we've done more recently, it's adding incremental capability to the organization. It's adding nice to have a capability to the organization, particularly around data, which you can see through the likes of arialytics and Novalytics. So I think I don't think it changes the profile of CapEx or OpEx spend going forward. As you've seen, the transactions are small, -- and we've been investing in AI for a very long time. And you can see the to revenue ratio has not changed. In actual fact, it's come down in the last 6 months. So I don't think any M&A would change our profile.

Yes. Perfect. And then just my second question. Look, there's been a lot of discussion out there in Australia at the moment without possible changes to capital gains tax on housing. Have you got any views on how this may impact listing volumes, be it positive or negative, if something does pass?

I guess we seem to go through this debate or discussion every years or so. I guess we won't know until we see regulatory change, but I guess from an REA perspective, any change that increases listing volume is good for us. So if capital gains tax changes and has people thinking about changing houses, well, that would be a good outcome for us if that was the case.

Our next question will come from the line of Nick Basile with CLSA.

Cameron and Janelle. Two questions from me. First one, just if I can get some comments or thoughts on how you're seeing the competition from I guess, CoStar own domain at the moment, what changes are they making and how you're responding? And then a second one, just on AI. I guess, interested to know your thoughts on I guess, what metrics matter in this environment? And of the various sort of improvements you've seen in terms of adoption of AI across your developer base or launch of products. How do we think about REA extending the current lead you have versus the competition?

Thank you for the questions. Look, I guess, as a market leader, -- we're very focused on our strategy, our clear path, our direction and where we're heading as a business. And if I just focus on things like traffic, we've continued to build our traffic. We've continued to build engagement with our members. We've seen strong demand in terms of things like leads on the buyer side, yes, I think we're seeing the strongest buy-side leads that we've seen in 4 years, focused on sell-side leads as well, how we bring opportunities to our agents to sell homes.

And so our focus is around addressing the needs of our customers and addressing the needs of consumers and providing them with better capability to reduce friction. -- as time goes on. And so that's our focus as a business and what happens in the competition, space is good for us. It keeps us sharp, but we're very focused on running our race. And just in terms of AI metrics that matter, I mean, you've seen some of the some of the metrics in the slide pack. I mean, as an organization, we've been very focused on becoming an AI prime company, which means as individuals, as teams, AI is at the core of the things we do. And you can see that inside REA with things like our AI tools like clean and just the number of agents that are now in glean and the usage of glean through the technology and the usage of many of the tools available to our tech team in the AI space and how they're being adopted and where they're being adopted. I mean they're all prime data points for us in terms of measuring how we're evolving as a company.

And I guess the other thing that I tend to focus on too is just the speed at which we're now developing new capability. And with AI and the opportunity that we have with that, what I'm seeing is that we're actually able to develop product much, much quicker than what we have historically done. And the quality of that product is very good. And a good example of that is just in terms of search. You saw in the slide pack just examples of conversational search and natural language search that we now have on the platform that we're experimenting with. I mean the time that it would have taken to build that sort of capability 10 years, it would have taken probably 2 years to build, and now it takes days to a month. And so what I'm seeing is acceleration of product deployment into market as being a prime metric that matters. And as we get product to market faster and address the needs of our customers and consumers faster, I think that sets us up for great outcomes into the future.

Our next question will come from the line of Bob Chen with JPMorgan.

Two questions for me. Just the first one, just a follow-up on some of the earlier comments on AI monetization. I guess like what sort of pathways of AI monetization have you guys thought about? Like how will we be able to sort of measure that in sort of the medium term as you develop these new products and launch them into market?

Yes. So I'll go back to my earlier response to Eric, which is when we think about monetization -- we think about it in the context of value that we're adding to our packaging. And so AI forms a component -- 1 of the components of that. And as we continue to build our AI capability through the business, we'll continue to add value for our customers in the AI space that they get to -- they get to leverage from over time.

But I mean some of the other, I guess, indirect monetization that we see through AI is just some of the things that happened in the back end of the business as well. And -- if I think about what we're doing in the space of financial services and the automation that we're seeing there, and there's some illustration on that in the slide pack. I mean what that goes to is our ability to enhance the performance of our brokers, help them sell more finance in a more efficient and productive manner, and that all goes to monetization, too. So when we think about it, we think about it in the front end, and we also think about it in the back end, too. So...

Okay. Great. And then maybe just on the flexibility with the buyback and thoughts around M&A. I guess what is your current level of appetite for M&A? And are you thinking sort of smaller bolt-ons like we've been seeing over the last year? Or could there be a larger strategic M&A on the pipe?

Look, I mean I wouldn't make any comment on size, big or small. I mean, all I'd say is that REA remains a growth-orientated business. It's an acquisitive business, and you've seen us do acquisitions in the last 6 months as well. And what it comes down to is the opportunity and what that opportunity delivers to us, but more importantly, to shareholders in terms of returns to shareholders. And we're very focused on that as an organization. And so it will come down to opportunity. There's no 1 size that sort of fits all.

Our next question will come from the line of Entcho Raykovski with E&P.

Janelle, thank you for all the help. Over the best of luck for the future. My question is, I mean the first 1 is sort of obligatory AI-related question, but you've obviously launched a whole bunch of new products. I'm just curious, firstly, what sort of usage you've seen of real assist and I surge to date since the launch? And just more broadly, in your view, is natural language search the future of search? Or do you expect there to be a high level of stickiness with filter-based surge given that consumer experience. So that's the first question. I've got another one, but I might wait for the answer to this one.

Okay. So look, I mean, the answer to search, and you can see we've got 2 forms of search that we're experimenting with, natural language and conversational search. For me, natural language search is a nice extension to traditional keyword search. But through a sentence as opposed to a key word. But -- the limitation with that is it tends to be searched by search. Whereas conversational search is quite a different experience because conversational search, you're -- it's contextual, it involves an AI agent that's responding and it generates a conversation, which takes you down interesting, more interesting pathways. And I think it's more engaging from a consumer perspective. But we want to trial both because search, in particular, is an evolution, not a revolution. And you've got to allow consumers to evolve to it over time, and you don't want to rush it, if you rush it, you can come unstuck. So we're taking a very responsible approach to this to ensure that we're still maintaining and building on our traffic and engagement with consumers, which is why you're seeing multiple variations that we're testing.

What was the other element of your question, I can't remember that?

So just the comparison to filter basis, which obviously is being used by a lot of consumers. So are you seeing a level of stickiness? Or are you seeing a willingness to adopt confessional search.

Yes. I'll just say too early to call on both. I think when we get to the full year, we will have much more data and insight to share with you.

Okay. Great. And then the second one, I mean, I know you've spoken about this in the past, but I'm just conscious that sort of the environment is evolving. You've got a competitor out there who is, I mean, frankly, making some noise. So I'm curious on pricing for FY Will it be impacted in any way by what your competitors do? Or do you view it as something completely independent of the competitive environment and effectively based on your product and what you see as your value proposition?

You answered the question. As market leaders, we're absolutely focused on running our race. We're focused on delivering more value to our customers. We're focused on delivering more capability to our customers. And when we think about price, we think about value. So we -- and that's what we think about entirely. Okay. So I mean just for the avoidance of doubt, if you don't see hypothetically no price increases from some of the competitors, that doesn't sound like an impact to what you do. We think about our value.

Next question will come from the line of Roger Samuel with Jefferies.

My first question is on your yield growth. in particular, your guidance of 12% to 14% growth by 26%. So you already did 13% in Q1, and you reported today. So you're easily at the top end of that 12% to 14% range. I was just wondering, what are the moving parts? I mean you mentioned about GeoMx before. Is there any reason to believe that geo-mix could be a headwind in the second half? Or perhaps you need to think about your pricing in response to competition. And if I can just extend the question a little bit. Are you still thinking about double-digit your growth going forward regardless of what the competition is doing.

Yes. Thanks. Look, yes, we are targeting double-digit yield growth into FY '27, and that's -- we talk about yield deliberately, not -- which is price plus a number of other things. And look, on the 12% to 14% expectation, the moving part is GeoMx. And that's really all it is. And the challenge we're seeing is that we saw it moves around. Q1 Goias flat. Q2 was up we're seeing in the mix of where the overall listings are, it's very skewed melt and it has been very skewed so far year-to-date. Melbourne and Sydney have been unbelievably strong. in Q2 where Perth and Brisbane have been substantially behind where we thought they were going to be. Now at some point, that's got to start evening up. Now whether Melbourne and Sydney come back a little bit or Perth and Brisbane come up a little bit, that will have an impact on geo mix. And even within that, where the listings are in Melbourne and Sydney in the high-yielding in a city or the lower yielding further out suburbs. So we're just flagging that our expectation at the moment is it's more likely that geo mix will be some form of a likely flat or drag. Very hard to.

Yes, just really the geomet Okay. My second question is maybe a slightly different question on AI. I mean what are you doing to improve the workflow of your customers being the real estate agents consumable that the day activities would be impacted by new AI tools as well. Perhaps they're using some AI tools to improve their workflow. But what can you provide potentially?

Thanks, Roger. I'll do that one. So look, I mean, our agents are at different levels of based sophistication. And so you've got larger agent groups that have good technology, good thinking around AI and then there's a long tail of smaller agents that frankly, probably don't have the time to think about AI. And our position is as market leaders, we need to lead, and we need to help the market understand and evolve with AI. And so we see it's our job to step in and where we can educate the market around what's coming with AI, where the opportunities are for them to generate productivity improvement from -- for their own -- within their own operations.

So there's that element. There's the element, as I just mentioned before, delivering AI capabilities into areas like Ignite. And you'll see in the slide pack, there's some illustration of some of the things that we've already done for agents using AI. And you'll find over time that we'll just keep adding to that capability. But what we want to make sure is that the network understands they understand the opportunity and that we're helping them in that process of understanding it, too.

That's probably the last question. Thanks, everyone, for joining the call. this morning, and look forward to seeing you all over the course of the next couple of days. Thanks very much.

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

Good morning, everyone. My name is Alice Bennett, Head of Investor Relations, and I'd like to thank you for joining us to discuss REA Group's results for the First Quarter ended 30th September 2025.

Before we commence, I'd like to acknowledge the traditional owners of country throughout Australia. We pay our respects to Aboriginal and Torres Strait Islander cultures and to elders past and present.

Today, you'll hear a welcome from REA Group's new CEO, Cameron McIntyre. Cam will then hand over to Janelle Hopkins, REA's CFO, who will provide a brief business update and talk to the financial highlights for the quarter. Following this, we'll be happy to take any questions. And as a reminder, our quarterly numbers are top line results only, so we'll be restricted in the amount of details we can provide.

With that, I'll pass it to Cam to get us started.

Thanks, Alice, and good morning, everyone. Look, it's great to be here for my first results presentation as REA's CEO. And look, I'd just like to thank the leadership team and everyone across the business for the warm welcome that I've received this week and for their hard work in delivering another positive quarter.

Look, I'd also like to acknowledge Owen's leadership and thank him for his commitment to REA. Owen has built a talented team and his strategic vision and execution has been pivotal in cementing REA as a leading Australian technology company. Given this is my first week, Janelle is going to take you through the group's first quarter business update and financial results shortly. But before handing over, I just want to make a few initial -- share a few initial thoughts.

So look, I'm joining REA at a time of opportunity for the business and for our team. And I'm impressed with the strength of the group, the sound strategic foundations we have and the depth of talent and capability across the organization. And that all sets us up with a really strong platform for the future. I'm also committed to maintaining REA's culture of innovation and its focus on delivering increasing value for our customers and for the millions of consumers who rely on the platform every month.

Today's results are a demonstration of the team's hard work and discipline in what is a strategic or dynamic market environment. REA continued to grow revenues and deliver exceptional value supported by unrivaled audience and premium products. Our balance sheet is extremely strong, and our customer relationships are deep and new technologies give us real fresh opportunities to create even more value. I am genuinely excited about the ongoing rapid advances in technology and what this offers platform marketplaces like ours.

There's clear potential to drive growth, deliver even better consumer experiences and to broaden the products and tools available to our customers. In the months ahead, I'm looking forward to connecting with our customers clearly and working with the team to keep REA on its strong trajectory and catching up with many of you on the call and discuss what's ahead for the business.

So with that, I'm going to hand over to Janelle to take you through the details of the quarter's performance.

Thanks, Cam, and good morning, everyone. REA has delivered a good first quarter result, underpinned by double-digit residential yield growth. Looking at the results from core operations for the quarter, revenue was $429 million, an increase of 4% on the prior year. Operating expenses from core operations increased 3% to $175 million, and EBITDA, excluding associates, was $254 million, an increase of 5%.

Strength in underlying fundamentals and an interest rate cut in August continued to support the health of the market with buyer demand and national house prices reaching record levels. We cycled very strong year-on-year listing comps. And as a result, buyer listings were down in the quarter. However, overall listing levels remained above long-term averages. Our customers have continued to prioritize our market-leading products and services to ensure the best results for their campaigns. Consumer demand strengthened in the quarter with Australians visiting our platforms in record numbers, and we delivered the highest number of monthly buyer inquiries to our customers in 3.5 years.

To deliver on REA's purpose of changing the way the world experiences property, our clear strategy has 3 simple goals: engaging the largest consumer audience with our personalized property experiences, delivering superior value to our customers with leading products and services and leveraging unparalleled data insights as we expand our core business and build next-generation marketplaces. AI supports each of these objectives and is a clear strategic focus for the business. REA's unparalleled audience, coupled with our proprietary data place us in a unique position to harness AI unlike any other Australian property portal. We see significant opportunities.

And while REA has been innovating with AI for some time, our investment is accelerating rapidly. This includes the tools and services we offer to our customers, our consumer experiences and new ways of working within our business to enhance productivity. Focusing on consumers, while this technology is moving very quickly, currently, a very small percentage of our audience is using AI to access our platforms. At present, it sits at approximately 0.04%. We expect this will continue to evolve as the technology advances. While we are watching this closely, from a strategic perspective, we will continue to focus on maintaining and enhancing the channels and experiences that our consumers are using, including through AI.

Our audience is the air we breathe and more people are turning to realestate.com.au than ever before. New audience records were set in the first quarter with the highest number of people ever visiting the platform with a record 12.8 million people in August. We achieved almost 148 million average monthly visits, which is 111 million more than the nearest competitor. Let me say that again, that's 111 million more monthly visits.

Further cementing our strong leadership position, our unique audience leadership gap extended another 14%, and our exclusive monthly audience increased to 6.7 million people. October's audience data is expected to show continued strength in visits. This means August, September and October are on track to record the highest number of monthly realestate.com.au visits ever.

Our personalized experiences ensure property-obsessed Australians deeply engage with our platforms. In Q1, our audience spent an average of 38 minutes a month on realestate.com.au, 25 minutes longer than those visiting our nearest competitor. REA's consumer strategy is centered on converting our large-scale audience to members. Our active membership base continues to increase, up 10% year-on-year, demonstrating the deep engagement of our active members, this valuable cohort spends 2 hours and 15 minutes on our site each month.

The number of listings shared and saved by members increased 11% compared to this time last year, and our personalized property owner experiences helped drive a 35% year-on-year increase in valuable seller leads delivered to customers. Our next-generation listings initiative aims to set a new benchmark in property experiences globally. The initiative has been in place for just over 12 months, and it continues to deliver new and enhanced consumer experiences and drive deeper engagement.

In Q1, this included launching AI property highlights, and property walk-through videos, and we widened the reach of the make and offer feature on listings. This enables serious buyers to submit online offers to an agent directly through a listing at any time. Further unlocking the power of AI for our members, we also launched an easy-to-digest GenAI-powered market summary to support owners in their decision-making. In addition, a new immersive video hub on the app home screen will launch to all consumers in the coming weeks.

Turning to our customer highlights. Record Premiere+ penetration supported strong yield growth in our residential business and our top-tier commercial product, Elite Plus also achieved record penetration. Traction continued to build with our high-performance listing solution, Luxe. Additional value added in Q1 resulted in penetration almost doubling in the quarter. The new value includes an increased frequency of Luxe listings at the top of searches and extending Luxe listings beyond the sales campaign to include sold listings.

Pro is the most comprehensive subscription in the market as well as exclusive prospecting, reporting and workflow management tools, Pro offers agents premium branding opportunities to help drive valuable seller leads. During the quarter, agents on Pro received 31% more seller leads than agents without it. Recognizing the superior value, several large franchise groups have now signed enterprise-wide Pro partnerships, bringing all of their offices onto a Pro subscription. For our Developer business, which we have now called New Homes, Q1 highlighted continued momentum in that market with a healthy increase in both visits to New Homes listings and in leads delivered to customers.

Looking at our financial highlights in more detail for our property and online advertising business. Our residential business delivered a good result with revenue growth of 4%, driven by double-digit yield growth, partly offset by lower listings. Q1 national new buy listings declined by 8%, reflecting particularly challenging comparables. Melbourne and Sydney also declined, down 4% and 6%, respectively, although both cities were still very strong in a historical context, recording the second highest Q1 listings over the last 10 years.

Buy yield was strong, up 13% for the quarter, driven by a 7% average Premiere+ price rise, growth in add-ons, AMAX in particular, increased subscription revenue and increased depth penetration. Geo mix was broadly neutral for Q1. Our rent business saw continued growth with revenue driven by high single-digit yield growth, partly offset by a 2% decline in listings.

Revenue momentum for commercial and new homes continued in the quarter. Commercial revenue was driven by a 7% price rise and increased depth penetration, partly offset by modestly lower listings across both sale and lease. New Homes revenue was also up year-on-year with revenue growth outpacing commercial for the first time in 4 years. This reflected a 7% growth in project profile volumes, increased yield and higher display revenues. Other revenues were up during the quarter, with strong growth in media display from the banking and insurance sectors and campaign agent growth from customer acquisition.

Our Financial Services business had an excellent quarter. Investment in core broking platforms and product innovation supported increased broker productivity and broker leads from realestate.com.au also continued to rise, up 33% year-on-year. Ongoing market strength and growth in our broker network supported a 24% year-on-year increase in submissions, which should continue to flow through to further settlements. Settlements for the quarter were up 16%, benefiting from both higher volumes and loan size. Revenue was partly offset by higher broker payout rates in line with higher volumes. And we set a new record in October with our highest ever month on record for broker submissions.

Looking at our business in India. As we've flagged previously, Housing.com is REA India's strategic priority and a number of recent strategic decisions will enable this business to be our sole focus going forward. The sale of PropTiger completed in late September, and in October, we made the decision to discontinue Housing Edge. This follows recent regulatory changes that impacted the Housing Edge offering and made the business model unviable. While exiting Housing Edge will have a negative impact to EBITDA, noting it contributed approximately $12 million in FY '25, this will enable our full focus on our strategic priorities, Housing.com.

As a result of these changes, REA India's revenue declined 20% year-on-year. Housing core revenue saw modest growth. However, this was more than offset by a reduction in adjacency services on the Housing Edge platform as we put in additional controls on the business and lower PropTiger revenues as the business transitioned to ownership. For Housing.com, driving app traffic and investing in the app experience is the priority, and we've just gone through a major milestone with more than 50% of traffic coming from our app. Apps are the future of the Indian property experience, and our strategy continued to deliver positive results with housing continuing to lead app downloads in India.

Turning to operating costs. Group core costs were up 3%, reflecting 10% growth in Australia and a 22% decline in India. In Australia, cost growth was driven by higher employee costs from salary inflation and product development, increased COGS, reflecting the more than doubling in Audience Maximizer penetration, higher marketing spend, in part due to the timing of our largest customer event, Ready, which was not in the prior year and increased technology costs due to supplier price rises and investment in AI tools.

In India, operating costs declined by 22%, primarily driven by lower revenue-related costs attached to Housing Edge. Removing the impact of Housing Edge and PropTiger, group operating costs increased by 7% in Q1. The group's associates contributed a $7 million loss to core EBITDA in the quarter, in line with PCP. This reflected an improvement in Move's contribution driven by 9% revenue growth, offset by investment in Athena Home Loans, which was not in the prior year. For more information on Move, please see News Corp's Q1 results release.

And lastly, on the 10th of October, we acquired a 61.5% controlling stake in Canadian-based Planitar Inc., the maker of iGuide for $55 million. iGuide produces precise 3D virtual tours and floor plans, which are cost effective and fast to produce. This is expected to complement our video-based visualization strategy.

Moving to current trading conditions. Australia's residential property market remains healthy with strong buyer demand nationally and continued house price growth. Supply has improved in Melbourne and Sydney, which is supporting strong new listings activity, while limited stock in other cities is resulting in some vendors delaying the listing of their properties. We continue to expect national residential buy listing volumes to be broadly flat on last year's healthy market. While listings declined in Q1 due to very strong prior year listings, comparables will become easier as we progress through the remainder of the year, particularly in Q4. October listing volumes were down 3% year-on-year, with Melbourne up 2% and Sydney increasing by 6%.

The group continues to target double-digit residential buy yield growth, including a 7% Premiere+ price rise. As always, geo mix will be a swing factor and the magnitude of yield growth may be impacted by geo mix movements across the remainder of the year. Positive operating jaws are targeted. Group core operating expenses are expected to increase mid-single digits, which reflects high single-digit growth for Australia, the consolidation of iGuide, divestment of PropTiger and exiting Housing Edge.

Excluding those items, on an underlying basis, group cost growth is expected to be high single digit.

EBITDA losses in India will be impacted by exiting Housing Edge and are expected in the range of $40 million to $45 million. And contributions from associates losses are expected to improve modestly compared to the prior year.

On a final note, we are very pleased with the performance we've delivered so far this year, and our business is in great shape. Comps will get easier as we move through the remainder of the financial year and market fundamentals are healthy. Leveraging REA's unparalleled data capabilities, our exciting product pipeline will continue to harness the power of AI to further enhance consumer engagement, provide increased value to our customers and drive growth across our portfolio of assets.

I'll pause there. Operator, we'll now open for questions.

[Operator Instructions] Our first question is going to come from the line of Kane Hannan with Goldman.

I appreciate you only started this week, but I'm sure you did the due diligence and have some broad thoughts you can hopefully talk to. So my 2 questions. Just firstly, REA's target for double-digit yield growth going forward against the backdrop of CoStar, ACCC, even AI. I mean are these targets something that you think is still achievable going forward? And just talk, if they are, what is giving you that confidence?

Yes. Thanks, Kane. Thanks for the question, and good to be here. Look, I've only been here a few days, as you say, but REA is an incredible business, and it's got incredible growth drivers and growth levers. And my intention is to continue that growth. So as I said, fourth day in, everything I've observed to date tells me that, that commitment is absolutely deliverable, and I don't see any need to change that at this stage at all.

Awesome. And then secondly, I mean, it's helpful AI audience stats you gave or given in the presentation, partly maybe a function of the data quality that ChatGPT has in this market, obviously seeing what's happening in the U.S. with GPT and Zillow. Just talk about how you would frame the risks, the opportunities of doing something with ChatGPT in this marketplace, whether there's a first-mover advantage as well.

Yes. I'll give you some broader comments first, and then I can talk a little bit about that, and maybe hand over to Janelle, if you want. But look, I'd say 3 days in the ground here, and it's certainly a topic that features in the business. REA has been exploring AI for a long time. And I can see the investment is growing in the business and the business is really focused on it. And it absolutely has the right culture of innovation in the environment that we're going into.

I'd say, more generally speaking, property purchase for all of us is the single largest and most complex transaction that any of us will enter into. And it can be quite a physical process in part at least, too. So REA is strong and trusted brand, its strength of direct traffic, its unique data and insights, its product development capability around things like visualization and search amongst many, many other things. I think they're really important in underpinning the long-term digital marketplace opportunity that we have.

And so I think -- when it comes to things like OpenAI, et cetera, it's a net-net opportunity for REA. But we need to continue to proceed with a great deal of thoughtfulness and consideration. But we do, as a business, need to press forward and leverage the technology that's emerging to benefit our customers and consumers overall.

Yes. Look, just to add to that, Kane, we have been investing in AI for a long time, and we have continued to increase substantially our investment in AI. I would say that all sits within the guidance we provided around that high single-digit cost growth. And you've seen some of the things we've been putting into market around consumer experience. We've got AI highlights on listings. We've got AI overviews in out for property owners. We are getting productivity benefits. So there's a lot of activity happening on AI, and the team is pretty excited about the overall opportunity from it.

Our next question will be from the line of Eric Choi with Barrenjoey.

Good results, especially the yield. Sorry, I'm supposed to ask about the quarter as well, but just like Kane, I guess, given that it's your first presentation, Kane, do you mind if I just do few follow-ups on the strategy? So sorry to kind of reask the question, but just on those long-term targets, you seem you've committed to the double-digit yield, Cam. Can you confirm you're committed to the positive jaws? And just pressing on that a little bit, if we see a scenario where Domain tries to outspend REA on marketing and slows its price increases, is that all factored into the double-digit yield and positive jaws as well?

And sorry, just pressing on AI a little bit. Just I guess, looking at all the comments from the global classifieds, there's probably a range of views on whether that's a risk or opportunity. Obviously, Low is integrating. CoStar wants to capitalize on GEO and I think Auto Trader this morning said it wants to integrate too, but it's where you're sharing too much data. So just a direct question on what extent REA intends to integrate with the AI platforms?

And sorry, just because a little follow-up. Can I throw in the last one? Just the other topic that's kicking around, Cameron, just on M&A. And my question is, even if there was any M&A, would there be quite a high bar just because if I look at what you did in CAR, you really only did EPS accretive deals that kind of lifted the long-term growth. And if I look at your LTIs, the sort of a double-digit, at least historically EPS growth target as well. So just a question on how high that bar is for potential M&A.

Thanks. I'll try and remember all those questions. But look, I'll start with the last one first. I mean when we think about M&A, there's a number of things that get thought about. And clearly, EPS accretion is at the top of the list, but it's not the only thing on the list. And I mean, there are transactions that I've done in the past that are about the strategic capability that we can acquire and bring to the business to execute on certain priorities that we have. So I would say that EPS is just one of the things that we would consider. But certainly, other things like strategic fit, ability to acquire intellectual property, ability to acquire technology that may get us to a place that we want to get to faster would also be at the top of that list as well.

You mentioned just around AI and AI integration and intent around that. I mean, I think I mentioned that to Kane, my view would be that we have incredible data and insights in this business, and we need to protect that data and insights that we have. And any integrations that we would do, we would do with great thought and great consideration. And not just from a consumer and a customer perspective, but also from the point of view of ensuring that REA retains its IP and its data in that integration. And I can't remember your first question, mate, I'm working back to...

Yield and jaws.

Okay. So look, I mean, this business has great operating leverage. It has the ability to manage costs well, and it's done that. I've observed doing that over many, many years. And from a pricing perspective, it prices to value. So when I look at value, I look at what's in the product pipeline that the business has to deliver to customers over the coming months and years, and I'm super impressed with the value that's coming forward. So I put all that together and I don't see any reason why there would be any need to change that perspective.

I phrased that first question badly. There was a small one in there going is REA basically running its own race as well, which means even if goes hard on marketing and kind of lowers its pricing that you're running your own rates and still committing to that double-digit yield and positive jaws.

Yes, we are. We are absolutely running our own race. We're focusing on our strategy and continuing to win being the #1 player. As we've always said, we can manage our costs up and down as we've done. We've got more flexibility in our cost base than ever with the work that we've been doing around our offshore team in India as well as our back office in Manila. One of the benefits -- another benefit of AI will be productivity benefits, which we can then use to reinvest or go faster with our product road map. So we think we've got lots of flexibility.

Our next question will come from the line of Entcho Raykovski with E&P.

So my first question is broadly around new products and then specifically about 3D virtual tools. I mean if you can -- are you able to talk about how important 3D virtual tools are as a product and as part of the offering. You've obviously announced the acquisition of a majority interest in Planitar. Do you think you're at some disadvantage to Domain given CoStar can deploy Matterport technology into Domain listings? So is this potentially an area which will require further product development? So that's my first question. Do you want the second one now? Or should I wait for the answer before giving it to you?

Yes. I'd wait until this one is answered, if you can.

I can indeed.

So look, when we think about our product road map, we've got a pretty exciting product road map, of which visualization is a major component of that, of which video is probably our most important component. And then 3D tours is an interesting thing. At the moment, less than 4% of listings have a 3D tour on it. But as the market evolves, we want to make sure we're there. We're pretty excited about the investment in iGuide. The cameras are cheap and easy to use, and they give a quick 3D tour. So the team are great. We like the cultural fit. It's fair to say we've got -- we're working through our product rollout, and we'll share that at the right time. But it's just part of our overall offering, not the main game in town.

Okay. I mean I'm just conscious that CoStar as they would, they've obviously made a big thing out of rolling Matterport out on their listings in the U.S. The signal they're going to do that in the Australian market as well. Do you see that as a big threat? It doesn't sound like you do.

No, we don't think it's a big threat. No. But one of the other things I would say is we want to partner with the photography networks as we roll out iGuide into Australia.

Okay. Got it. And the second question is around the India business. Are you able to talk to how you think about the longer-term viability of that business following the Housing Edge closure? I mean I'm conscious that's one part of the operation that was profitable. And obviously, that's no longer going to exist. Does it become more difficult to continue to operate that business and especially taking into account the India market is highly competitive?

I'll take that. I mean my views on that, Entcho, is, India is a huge market, and there's a great opportunity there if we can leverage it. The changes that have been made, I think overall, it gives the business the ability to concentrate on its core. I think Perry, who's a new CEO into the business, he's a great guy, comes from great technical heritage, and he's had to make some changes in his exec team, and he's bringing in some great talent, which is incredible.

So I think from my point of view, it's a marathon, not a sprint with some of these businesses. And if I look at India and look at its impact or contribution to the overall EBITDA of the business, it's totally immaterial. So I think it gives us long-term optionality. But yes, I mean, I guess that's my view on where it's at.

Our next question comes from the line of Lucy Huang with UBS.

I've got 2 questions as well. So just firstly, I mean, CoStar has talked about recently how they're looking to launch some of their kind of software and commercial offerings into the Australian market within the next 18 months. Just wondering how you're thinking about, I guess, some of these offerings that they have? And does this place any upward pressure on your need to continue to invest in, I guess, AI and software development spend?

Yes. Look, we're the #1 player in commercial, and we intend to defend that. We've redirected investment to the commercial business over the past year. We've got new products coming out. We've also got a business called Arealytics, which does commercial data. So we think we're well placed to defend against anything that CoStar might be doing. And our view doesn't change around our product investment for the whole company.

Yes. No, that makes sense. And then I noticed that you guys participated in a small funding round in the U.K. in a new AI-driven portal called Jitty. So just wondering if there's any kind of early learnings there that you think could be quite interesting to bring back to the Australian market.

Yes. Look, this is part of when we look globally around the world, the players doing interesting things. And we like the Jitty team. They've built an AI native business. So we've taken a small stake in that business, and we're sort of early days in sharing information backwards and forwards with them. So as we go through that education process, if anything comes up that's relevant for us, we'll put it into our product suite.

Our next question will come from the line of Bob Chen with JPMorgan.

Just a couple of questions for me. Maybe one on AMAX. I think you called out to now one of the stats around a really strong penetration on AMAX. I just wanted to understand like how should we think about the margin profile of AMAX given it also contributes to a bit of a step-up in your COGS line item as well?

Yes. Look, we were really pleased with the penetration of AMAX as part of our recontracting and pricing in June last -- this year. So look, we've more than doubled our penetration in AMAX, which has given us a healthy uptick in yield and supported that 13% yield growth. Yes, that does come with COGS, but it's still a very, very healthy margin product. We don't give -- we don't share the margin, but we are pleased with it and very pleased with how that product has been going.

Okay, sure. And then just maybe thinking about sort of OpEx for the business more broadly. I think you also mentioned some earlier comments around leveraging AI for productivity. Are there any sort of interesting stats that you could sort of provide on what sort of level of productivity gains you've achieved to date or target to achieve with leveraging AI?

Yes. Look, it's hard to give a stat on absolute productivity. We know there's things like our coders are using about 30% of GitHub coding using AI. In reality, though, there's a couple of things to note. Firstly, you've got to pay for AI, so that doesn't come for free. And then secondly, with those productivity benefits, we've got choices. We can either take that to the bottom line or we can reinvest in speed of further product enhancement and rollout. And at the moment, that's our goal is to continue to enhance our speed and delivery. And whilst we're doing that whilst keeping open doors. So that's our focus.

Our next question comes from the line of Sriharsh Singh with Bank of America.

2 questions from my side. One, the 6% yield growth that you delivered on top of the 7% price increase, is it possible to disaggregate that between different drivers, i.e., higher subscription costs and then benefit from add-on products like AMAX and Luxe fixings? My second question is, there's a little bit of confusion when I look at the Sensor Tower data because as per Sensor Tower data, at least for the last 2 or 3 months, Domain has overtaken REA in terms of new app downloads. And my question is, is that consistent with your internal data? And what could explain the difference?

Yes. Look, we don't give the split of the makeup of the extra yield growth. We were very, very happy with delivering 13% yield. But I'll bucket the main drivers of the growth. So first of all, was a 7% price. And the next biggest driver was the benefit we got from yield from our increase in AMAX. And then following that, it's subscription growth, a bit more penetration and a little bit in lux. And there was no geo mix impact on yield for the quarter. So very, very strong yield result, which we're very pleased with.

Sensor Tower, we don't look at Sensor Tower too much around app downloads, unclear what's going on there. I would just point you back to the core around our audience outcomes. We've got record audience numbers. October, we had 163 million visits to REA. And I think the key point, it's the time on site. Think about our time on site, we've got 38 minutes on average per user. And if you look at our members, which is another thing we're heavily focused on is growing our engaged audience, it's over 2 hours and 20 minutes. So it's about time on site and our overall audience growth is very strong. So we're super pleased.

Our next question comes from the line of Fraser McLeish with MST Marquee.

Welcome, Cam. Just a kind of, again, sort of obviously a high level for you at the moment, given you've only been short time. But when you kind of look at the level of investment in REA or the REA has been making over the years, I mean, I guess there's always the opportunity to spend more and drive things harder in this type of business. Do you think kind of it's about right where at the level it is and the sort of the investments has been making? Or do you think it's something you'd potentially want to sort of ramp up a bit? That's my first question.

And then just one for Janelle. Last year, I think the 14% yield growth stayed consistent right through the year on that Q1 level. And should we expect anything different this year? Is there anything that could cause that yield growth, other than geo mix to move up or down through the year?

Thanks, Fraser. Look, in terms of investment from what I've seen, and it comes down to the areas that the company is investing in as well. Janelle mentioned commercial real estate before. Everything I've seen suggests that the business can manage the level of investment that it currently has inside the envelope that it has as well. So I don't see any need for any change in terms of the direction of that investment at this stage would be my response.

And I think on yield growth, I think the 13% is a good guide, just knowing that, as we always say, geo mix, as you flagged, can move up and down. So that would be my caution until -- because Melbourne and Sydney have been very strong on an absolute listings basis.

Sorry, I just -- yes, just a bit detail on that. Would there be an opportunity, for example, to get more subscription penetration as we go through the year? Or is that kind of set to pick it up going into July?

No, you can still have more subscription take-up with Pro. We were very, very pleased with our Pro subscription take-up, and that supported strong subs growth overall, but it's probably in a smaller magnitude than what we've already recognized.

Our next question comes from the line of Siraj Ahmed with Citi.

Janelle, maybe just one question for you. Just on the yield growth, right? It sounds like it -- I mean, it feels like it's better than you expect in August. Can you just confirm that and what's really driving it? And just on Fraser's question, if Luxe penetration is doubling, it seems like it's improving, shouldn't we be seeing a bit of improvement in yield going forward?

Yes. Thanks, Siraj. I think yield growth, we were just cautious because of geo mix. We just weren't sure how strong Melbourne and Sydney were going to be compared to the rest of the country, and that's ended up being quite strong, and that supported overall geo being flat. In a normal time, we would normally say geo mix would be at sort of 0.5% to a 1% headwind. So it has been neutral for Q1, which is good. And then Luxe, we were really pleased with Luxe take-up and it's exactly on track with where we thought it was going to be. It is coming off a very, very low base. So from a magnitude of yield growth, it's unlikely to be a substantial driver between Q1 and the rest of the year.

Thank you. And I would now like to hand the conference back over to Cam McIntyre for closing remarks.

Thank you very much. Thank you again for joining this morning. As I said before, super pleased to be here as part of the REA team, and they're a fantastic team, and I'm really excited about the year we have ahead and look forward to seeing you all early next year. So I must see you in between then and now, but thanks very much for joining.

Thank you.

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

Good morning, everyone. I'm Hamish McLennan, Chairman of REA Group Limited. On behalf of the REA Group Board, I'm delighted to welcome you to our 2025 Annual General Meeting. Before we commence, I would like to acknowledge the traditional owners of country 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. There is a quorum present, and I declare the meeting open, and the Notice of Meeting is taken as read.

I would now like to cover the meeting procedures that we will be using today. Voting will be conducted by poll. Shareholders have the option of casting their vote before the meeting or appointing a proxy to do so on their behalf. If you haven't done so, so you can vote online as shown on the slide now being displayed and as explained in further detail in the online meeting guide that accompanied the notice of meeting. You can do so at any time during the meeting as the poll is now open for voting. Voting will close shortly after the end of the meeting.

To help with the smooth running of the meeting, we invite shareholders and proxy holders to submit your online questions and comments now. Further details on how to ask questions or make a comment online are contained in the online meeting guide. If you encounter any technical issues with the platform at any time during the meeting, please contact the share registry's online AGM support team on 1800 990 363. In the unlikely event that technical issues prevent the meeting from proceeding as planned, REA will make announcements via the ASX and our website. As set out in the Notice of Meeting, only shareholders and proxy holders are entitled to vote on the resolutions, ask questions or make comments.

I will allow a reasonable opportunity to address questions and comments as each item of business is considered. Please ensure your questions or comment is relevant to an item of business at this meeting or the management of the company. Shareholders will also be able to ask questions of the company's auditor. Questions relating to customer, consumer or personal shareholder matters won't be put at the meeting. Please observe a 2-question limit per item of business and keep questions short and focused to ensure that as many shareholders as possible have an opportunity to ask questions. Where questions are similar, we will aim to acknowledge those who have asked the question, but we will provide a single response in order to streamline today's proceedings. Questions or comments that do not relate to REA will not be acknowledged or addressed during the AGM.

Joining me today are my fellow directors, Kelly Bayer Rosmarin, Tracey Fellows, Richard Freudenstein; Michael Miller, Jennifer Lambert, Nick Dowling; and our CEO, Owen Wilson. Also in attendance is our CFO, Janelle Hopkins and Company Secretary, Tamara Kayser as well as Alison Parker, representing the company's auditors, EY. Turning to our agenda for today's meeting. Firstly, I will provide a brief overview of REA's FY '25 highlights. Secondly, Owen will then talk to our FY '25 operational performance, and we'll share a brief update on current market conditions. And finally, in accordance with the Notice of Meeting, we will then move into the formalities. Under the leadership of Owen and his executive team, REA Group delivered an excellent performance with strength in our core business and ongoing investment in future growth opportunities.

The group's financial highlights from core operations for the full year include a 15% revenue growth over -- to over $1.6 billion, an 18% increase in EBITDA, excluding associates to $969 million and $564 million net profit, an increase of 23%. The Board declared total dividends of $2.48 per share for FY '25. The 31% year-on-year increase in this dividend per share reflects the group's consistent strong performance and the confidence our Board has in the business's growth trajectory.

The chart on this slide demonstrates the significant growth in the group's revenue and earnings since first listing on the ASX. With innovation at our core, REA has consistently delivered shareholder value as demonstrated by our strong 10-year CAGR of 12% revenue and 13% EBITDA. Our flagship site, realestate.com.au was launched in the suburban Melbourne Garage 10 -- 30 years ago. Over the last 3 decades, our business has grown from one brand to a portfolio of more than 18 brands and businesses, driven by a strong growth mindset, REA has cemented itself as the digital leader in property.

In addition to our excellent financial performance in FY '25, we continue to invest in future growth with key acquisitions that drive continuous innovation of our products and our experiences. Building on the strong foundation of our financial services business and the success of our partnership with Athena Home Loans, in October 2024, we acquired a 19.99% interest in the digital nonbank lender -- this digital nonbank lender. This investment supports our financial services strategy of providing Australian homebuyers with more choice and a seamless experience when finding and financing a property.

During the year, the group also acquired a minority stake in 3D visualization platform, IMMERSIV, and entered into an agreement for a minority investment in rural property data platform, Agtuary. IMMERSIV's products are specifically designed to support buying and selling off the planned properties. Agtuary supports property and finance professionals to make informed data-driven decisions in rural property management and investment. The transaction to divest the group's 17.2% stake in PropertyGuru was completed in December, ending our operations in Southeast Asia.

We recently acquired a stake in AI-powered business Jitty based in the U.K. And last week, we announced a majority investment in Planitar Inc., the maker of iGUIDE, it's based in Canada. It's no coincidence that the accelerated growth of the business over the last 10 years aligns to the tenure of our outgoing CEO, Owen Wilson. Owen has been instrumental in REA cementing itself as one of Australia's best homegrown technology success stories. After 6 years leading the group, he leaves the business incredibly well positioned for future growth. The list of achievements under his leadership is immense. And on behalf of the Board, I would like to sincerely thank Owen for his outstanding contribution. You've been a fantastic leader over a long period of time, and I really appreciate everything that you've done for us.

And I hope our shareholders recognize the work that you've done for them, too. We look forward to welcoming our incoming CEO, Cameron McIntyre in early November. Cameron joins us from CAR Group, and he brings a deep understanding of and success in a business that has much in common with REA. He is the ideal person to build on REA's strong momentum and lead to our next phase of growth. In closing, I would like to thank REA's talented employees, executive leadership team and my fellow Board members for their dedication to REA's continued success. I would also like to extend my thanks to our valued shareholders for their support. REA has a strong balance sheet, a committed team and the group is well positioned to continue to grow in FY '26. I will now hand over to Owen to come up and talk about our operational performance.

Thank you, Hamish, and good morning, everyone. REA Group delivered an excellent FY '25 result with double-digit yield growth, stronger consumer engagement and increasing value delivered to our customers. Throughout the year, REA continued to invest in talent and technology and delivered exceptional customer and consumer products and experiences.

To deliver on our purpose of changing the way the world experiences property, our strategy centers on engaging the largest consumer audience, delivering superior value to our customers and leveraging unparalleled data and insights as we expand our core business and build next-generation marketplaces. On the right of this slide, you can see our strategic priorities, and I'll share some highlights from each of these priorities throughout the remainder of the presentation. This slide is a simplified view of REA's approach to AI. AI is an enabler that is enhancing the execution of our strategy and accelerating delivery. As a digital leader, REA has been investing in AI and machine learning models for over a decade, and our investment has significantly increased in recent years.

There are clear opportunities to innovate the way we extract and use data, enhance our products and experiences and to improve operational efficiencies. There are many current use cases where AI is leveraged under these broad themes, including PropTrack's leading automated valuation model, realestate.com.au's highly personalized homepage experience and AI-led tools that support developers with coding efficiencies. Turning to our key operational highlights for the year. Australians are property obsessed and on realestate.com.au, they can find more properties for sale than anywhere else. Demonstrating the brand contribution and value of our flagship site, Australia's #1 address in property was recognized as the sixth most valuable brand in the 2025 Kantar BrandZ ranking.

When it comes to property, Australians continually turn to REA's platforms throughout their journey. As you can see on this slide, our brands make up 3 of the top 4 property websites in the country with realestate.com.au firmly in front. Looking at our audience highlights in more detail. Realestate.com.au delivered record FY '25 audiences, and we increased our lead over the nearest competitor with 12.1 million people visiting the platform on average each month. More than 6.4 million of these people use our site exclusively, which means these potential property seekers can only be reached on realestate.com.au.

The scale and deep engagement of our audience underpins the value we deliver to our customers. The chart on the right highlights realestate.com.au's unique audience growth over time with the number of visitors to the platform more than doubling in the last 8 years. In FY '25, more Australians turn to REA for all their property needs than ever before, including our commercial and property research platforms.

Realcommercial.com.au is Australia's #1 commercial property website. Its reach increased 26% compared to the prior year with an average monthly unique audience of 1.9 million people, which is 3x larger than the nearest competitor. Property.com.au is Australia's most comprehensive property research destination. The enhanced consumer experience in FY '25 supported the platform's audience growth with an average of 2.1 million people visiting the site each month. Turning to highlights for our consumers. Our consumer strategy is centered on converting our unparalleled audience into members, and we delivered a 12% year-on-year increase in our active membership base.

Our property owner experiences supports the delivery of quality seller leads to our customers. We reached a new milestone with 4.5 million properties now tracked by their owner on realestate.com.au, and the volume of seller leads delivered to our customers increased a pleasing 55% year-on-year. Our customers value our leading audience over any other benefit. And to ensure we continue to foster the strength of our audience in FY '25, we introduced our next-generation listings initiative. NextGen is designed to reshape the property experience, fostering deep engagement with AI-led personalization. The multiyear initiative has already delivered several new features, experiences and benefits with many more to come.

Supporting the delivery of highly personalized, immersive and engaging property experiences, we recently acquired iGUIDE. iGUIDE is a proprietary camera and software platform that uses advanced AI capabilities to identify property features and produce IMMERSIV 3D virtual tours, precise floor plans and reliable property measurement data. This type of spatial mapping technology helps instill confidence and supports property seekers to make more informed decisions while also enabling agents and vendors to differentiate their property. Our priority is to continually enhance the value delivered to customers, and we are pleased our efforts were recognized with record customer sentiment achievement in FY '25.

Our customers continue to prioritize our products and services with record penetration of our top-tier residential product, Premiere+, and our top-tier commercial product, Elite Plus. Powered by NextGen, Premiere+ delivers 20% more inquiries than a Premiere Listing and sells properties 12 days faster on average. Uptake of our high-performance listing solution, Luxe, continues to build traction, highlighting the value offered to our customers and their vendors, a Luxe add-on generates twice the number of views compared to a Premiere+ listing. Our self-service platform, Ignite, supports customers with workflow management efficiencies and active users increased 25% year-on-year. Turning to our Financial Services business. Improved market conditions throughout the year, a focus on supporting broker productivity and strong brand activation supported the business's strong performance during the year.

This included a 15% increase in submission volumes, which flowed through to a pleasing 10% increase in settlements. The finance experience on realestate.com.au was enhanced in FY '25 with more prominent placement and new features. This uplift supported a 46% increase in realestate.com.au generated broker leads. Our higher-margin white label products continue to resonate with buyers and perform well. Mortgage Choice Freedom, powered by Athena, surpassed $2.7 billion in settlements during the year. Mortgage Choice was also recognized with various awards throughout the year.

REA's global growth strategy is focused on the exciting opportunity in India. We hold a 78% interest in REA India, which delivered strong revenue growth despite competition intensifying. We know apps are the future of the Indian property experience, and our investment has been focused on driving our app audience and enhancing the app experience. This delivered pleasing results with Housing.com achieving 19% year-on-year growth in app sessions. We remain focused on listing quality and information accuracy. Verified listings are a key component of maintaining and nurturing consumer trust and driving audience. New verified listings on Housing.com increased 58% year-on-year. Housing.com continues to be REA India's priority, and we've sharpened this focus through a number of strategic decisions.

In July 2025, REA India entered into a binding agreement to divest its PropTiger business and the deal completed on 30 September. In addition, following recent regulatory changes impacting the Housing Edge offering, we've made the decision to discontinue this business this month. This will impact India results in FY '25 as the Housing Edge business contributed EBITDA of approximately $12 million in FY '25.

These decisions enable us to have a singular focus on our core business in India. And under the leadership of our newly appointed CEO, Praveen Sharma, we are excited for the next wave of growth. REA Group is committed to sustainable business practices, and we're pleased to make progress towards our sustainability goals in FY '25. Our efforts were recognized with an increased MSCI ESG rating of AAA.

In a bid to tackle the growing homelessness issue faced by many Australians, last month, we launched A Home for All Foundation in partnership with the property industry. The foundation will drive awareness, raise funds and build long-term change for people experiencing homelessness and housing insecurity. REA's people are the beating heart of our business, and we are committed to fostering a diverse and high-performance culture. We were delighted to be recently recognized as Australia's third best workplace by Great Place to Work, and we also achieved a record high employment engagement score of 89%. Our Indian business was also a Great Place to Work certified and achieved a strong 93% engagement score.

Before we move to the formalities of the meeting, I'd like to touch briefly on current market conditions. As we said at our FY '25 full year results presentation, we are cycling over very strong listing comparables in the first quarter of FY '26. As anticipated, buy listings are down year-on-year for Q1. However, they remain above long-term averages. While listings are hard to predict, as we said in August, the softer comparables in the second half should see national FY '26 listing volumes fall broadly in line with the prior year. Given the strength of the market last year, this would represent a continued healthy property market. Strong underlying fundamentals and the potential for further interest rate cuts should continue to support buyer demand and national house price growth. Engagement on realestate.com.au is a good measure of demand. And in August, we saw a new record of 151 million visits to the site.

National home prices have also reached record highs, up 6.2% over the last year, with September marking the ninth consecutive month of growth. These conditions offer a great time to sell, and vendors should continue to feel confident in bringing their properties to market. REA Group will announce its first quarter financial results on the 7th of November. In closing, I'd like to sincerely thank REA's exceptional executive leadership team for their contribution throughout the year. We were delighted to welcome Jane Cohen to our executive team as our new Chief Strategy Officer in July.

We also recently farewelled our former Chief Product and Audience Officer, Melina Cruickshank, and I'd like to thank Melina for her contribution over her 6 years with the business. I'd also like to express my thanks to Hamish, our Chair, and our Board of Directors for your ongoing counsel and support over the past 11 years. It's been a great ride. If I had a dollar for every time Hamish and I have spoken on the phone over the last 7 years, it would be a very big pile of gold coins.

Finally, I'd like to thank our employees for their outstanding efforts. Our people bring their best every day, and their pride in our business is consistently evident in the way they live our values and their commitment to delivering for our customers, consumers and shareholders. REA's future is bright. And I know when I sign off at the end of this month, I'm leaving the business well positioned for continued growth. It's been an absolute privilege to lead this incredibly talented team and this amazing business. I'll be applauding from the sidelines as they continue to innovate, to grow and to deliver increasing value to our customers and our consumers. I'll now hand back to Hamish to continue with the formalities. Thank you.

Thank you again, Owen, and the entire REA team for a fantastic result. I will now proceed with the formal business of the meeting. The Notice of Meeting sets out the matters for consideration by shareholders today and the items of business and are being shown on the screen. During the meeting, when we get to each item, we will display the proxy votes and the direct votes received in advance of the meeting in respect of that item. As indicated in the Notice of Meeting, where I, as Chairman of the meeting, have been nominated as shareholders' proxy, I intend to vote undirected proxies in favor of the resolution to the extent permitted and will vote directed proxies in accordance with the instructions given by the shareholder. There are also voting restrictions for some resolutions as outlined in the Notice of Meeting, which apply to those that have an interest in the resolutions and certain of their related parties or associates.

I remind you that the online polls are now open for voting. Online voting will close 5 minutes after the conclusion of the AGM. Daniel Reid of MUFG Corporate Markets will act as returning officer.

Item #1. I will now table the 2025 annual financial report and the reports of the directors and auditors for the year ending 30 June 2025 for the meeting to consider. There is no formal resolution to put to shareholders on this item, but there is and will be an opportunity to ask questions on the matters contained within the reports as well as the business and the operations of REA. I will now turn to any online questions received during the course of today's meeting, Erin?

[Voting]

We have not received any questions relating to this item of business.

Thank you. As there are no further -- as there are no questions, I will now move to item #2. The first resolution today concerns the adoption of the remuneration report, which is set out in the company's 2025 annual report. I remind you that the vote on this item is advisory only, and we will consider and take into account the vote and feedback from shareholders on the remuneration report. The Board recommends that shareholders vote in favor of the resolution as set out on the screen. I note that the proxy and direct votes received prior to the meeting in respect of this item of business is set out on the screen. I will now turn to any online questions received during the course of today's meeting. Erin?

Chairman, we have not received any questions relating to this item of business.

As there are no questions, we will proceed to the vote on resolution 2. Would you please now vote using the voting card on the online portal. I'll now move to Item 3A. Item 3A relates to the reelection of Kelly Bayer Rosmarin. Ms. Rosmarin was appointed as a Non-Executive Director of the company in January 2022. She retires by rotation and being eligible is today standing for reelection as a director. Ms. Bayer Rosmarin's details are set out in the Notice of Meeting. The Board other than Ms. Bayer Rosmarin, unanimously support her reelection and recommend that shareholders vote in favor of this resolution as set out on the screen. I will now hear from Ms. Rosmarin through a short address. Kelly?

Thank you, Hamish, and good morning, everyone. It has been an honor to serve you as an independent Non-Executive Director since January 2022. Over the past 4 years, I've been privileged to work with our exceptional management team and fellow directors in positioning REA Group as Australia's leading property platform whilst ensuring robust governance and risk management practices that protect shareholder value. I have more than 2 decades of experience building businesses and driving technology innovation across financial services, telecommunications and the tech sector as well as extensive Board and advisory experience across a wide range of sectors, including government, not-for-profit and fintech.

This diverse experience has given me unique insights into digital transformation, regulatory compliance and crisis management all important capabilities as REA Group continues to navigate the evolving digital property landscape. I am passionate about the group, proud of its history and excited about the tremendous opportunities in its future. With your support, I am committed to leveraging all of my experience and learnings to continue contributing to REA Group's ongoing success. Thank you for your consideration. As a fellow director, I respectfully seek your support for my reelection.

Thank you, Kelly. I move that Kelly Bayer Rosmarin be reelected as a Director of the company. I note that the proxy and direct votes received prior to the meeting in respect to this item of business are set out on the screen. I will now turn to any online questions received during the course of today's meeting. Erin?

Thank you, Chairman. We've received a question from Stephen Mayne. Why is Kelly running again for our Board when she has just been appointed CEO of 185-year-old Mutual Australian Unity and has joined the Board of the $10 billion fintech Airwallex. Surely, this is all too much. Also, did she consider the optics of cooperating with a positive profile interview in the Australian newspaper yesterday when she is meant to be an independent REA director, not someone relying on our controlling shareholders, Media Empire for reputation management after the various Optus controversies.

We evaluate all of our directors based on their contribution to the business and the Board and their availability. And Kelly has made an exceptional contribution to the company, and we really value everything that she delivers for us. In all of her career and her recent experiences, we draw upon those learnings and not only support her for this reelection, but think that her contribution has been absolutely terrific.

Chairman, there are no further questions relating to this item of business.

[Voting]

Thank you. As there are no further questions, we will proceed to the vote on Resolution 3A. Would you please now vote using the vote card on the online portal. I will now move to Item 3B. Item 3B relates to the reelection of Michael Miller. Mr. Miller was appointed as a Non-Executive Director of the company in November 2015. He retires by rotation and being eligible is today standing for reelection as a director. Mr. Miller's details are set out in the Notice of Meeting. The Board, other than Mr. Miller, unanimously support his reelection and recommend that shareholders vote in favor of this resolution as set out on the screen. We will now hear from Mr. Miller through a short address. Michael?

Thanks, Chair. I'm a homeowner. I'm a regular consumer and user of property data and listings information, and I regularly engage with business leaders across the real estate and lending industries. I joined the Board of REA Group a decade ago. Over the last 30 years, I've had experience in broadcasting, radio, publishing media as well as being professionally involved in digital businesses such as e-commerce, leads, data, marketplaces and branded content on almost a daily basis. I'm particularly proud of how REA Group and News Australia collaborate together to ensure that all REA shareholders continue to receive value from the work they have undertaken together. I do believe it is a noticeable point of difference in the market, and I'm committed to ensuring that, that positive momentum continues both fiscally and through important social initiatives such as the recently launched REA program, A Home for All. Thank you, Chair.

Thank you, Michael. I move that Michael Miller be reelected as a Director of the company. I note that the proxy and the direct votes received prior to the meeting in respect to this item of business are set out on the screen. I will now turn to any online questions received during the course of today's meeting. Erin?

Chairman, we have not received any questions relating to this item of business.

[Voting]

Thank you. We will now proceed to the vote on Resolution 3B. Would you please now vote using the voting card on the online portal. I will now move to Item 3C. Item 3C relates to the reelection of Tracey Fellows. Ms. Fellows was appointed as a Director of the company in August 2014. She retires by rotation and being eligible is today standing for reelection as a director. Ms. Fellows details are set out in the Notice of Meeting. The Board, other than Ms. Fellows unanimously support her reelection and recommend that shareholders vote in favor of this resolution as set out on the screen. We will now hear from Tracey through a short address.

Thank you, Hamish. It's been a great pleasure and honor to have been part of the REA Board, both as a CEO and more recently as a Non-Executive Director. In that time, I've been part of REA's growth and evolution through changing market conditions and of course, more recently, a change in leadership. My career has been entirely in the tech industry, and I've seen the opportunities and disruptions, both locally and globally in those roles. Today, I am engaged with several international real estate classified companies and experienced firsthand a range of business models, market structures, and I'm able to share this experience constructively to the benefit of REA. The tech landscape is changing in some ways led by AI and creating new opportunities for REA. And my experience, along with those of my colleagues on the Board, will help navigate these opportunities.

As we look ahead, we welcome Cameron McIntyre to lead REA for our next chapter, and I continue to be extremely passionate about REA and the culture that's been created and look forward to the opportunity to continue to serve our shareholders and growing the business. Thank you.

I move that Tracey Fellows be reelected as a Director of the company. I note that the proxy and the direct votes received prior to the meeting in respect to this item of business are set out on the screen. I will now turn to any online questions received during the course of today's meeting, Erin?

Chairman, we have not received any questions relating to this item of business.

[Voting]

Thank you. As there are no further questions, we'll proceed to the vote on Resolution 3C. Would you please now vote using the voting card on the online portal. I will now move to Item 3D. Item 3D relates to the reelection of Richard Freudenstein. Mr. Freudenstein was appointed as a Non-Executive Director of the company in November 2006. He retires by rotation and being eligible is today standing for reelection as a director. Mr. Freudenstein's details are set out in the Notice of Meeting. The Board, other than Mr. Freudenstein, unanimously support his reelection and recommend that shareholders vote in favor of this resolution as set out on the screen. We will now hear from Richard through a short address.

Thank you, Hamish. Good morning, everyone. I've had the privilege to serve on the REA Board for many years, including 5 years as Chairman. During my time on the Board, I've seen a lot of changes and watched REA grow from a small entrepreneurial business to an ASX top 25 company. My years on the Board give me a great understanding of the business, and I'm even more committed to working with the executive team to continue to expand the business and grow value for shareholders. I believe I have a range of skills to enable me to add value on the Board of REA.

In particular, I've worked as a CEO of both a large customer-facing subscription business and a fast-growing digital business. I'm currently a Board member of Coles Group Limited and Cochlear Limited, both top 40 ASX-listed businesses, and I'm Chair of Appen Limited. These roles provide me with insights into a wide range of different business models as well as a good understanding of corporate governance. And I have international experience, having worked in the U.K. for many years and served on Boards in Asia. At REA, I currently serve on the Audit, Risk and Compliance Committee. I will be honored to be reelected to continue to serve the interest of REA shareholders.

Thank you, Richard. I move that Richard Freudenstein be reelected as Director of the company. I note that the proxy and the direct votes received prior to the meeting in respect of this item of business is set out on the screen. I will now turn to any online questions received during the course of today's meeting. Erin?

Chairman, we have not received any questions relating to this item of business.

[Voting]

Thank you. We will proceed to the vote on Resolution 3D. Would you please vote using the voting card on the online portal. I will now move to item 4. We now move to the resolution concerning the grant of performance rights to the incoming CEO, Cameron McIntyre, under the 2028 REA long-term incentive plan. Details of the proposed grant are set out in the Notice of Meeting. If the performance rights vest and Mr. McIntyre becomes entitled to be allocated shares under the LTIP, all such shares will be purchased on market by the company and transferred to Mr. McIntyre. Accordingly, the grant of performance rights and allocation of shares on vesting of those performance rights to Mr. McIntyre do not require shareholder approval under ASX Listing Rule 10.14. The Board is nevertheless seeking -- voluntarily seeking shareholder approval in recognition of the importance of shareholder engagement on key remuneration issues.

The number of performance rights that will vest as at the 30th of June 2028 will be determined by reference to revenue, earnings per share and relative total shareholder return performance conditions. In respect of each performance condition, none of the performance rights attached to that condition will vest unless the threshold performance level is achieved. The nonexecutive directors considers the incoming CEO's remuneration package to be appropriate in all of the circumstances and recommend that shareholders vote in favor of this resolution is set out on the screen. I note that the proxy and the direct votes received prior to the meeting in respect of this item are set out on the screen. I will now turn to any online questions received from you during the course of today's meeting. Erin?

Thank you, Chairman. We've received one question in relation to this item of business from Stephen Mayne. Which of the 5 main proxy advisers, ACSI, Ownership Matters, Glass Lewis, ISS and ASA covered us this year? And did any recommend a vote against any of today's resolutions, including this LTI grant to the new CEO? Did a proxy adviser trigger the 7% protest vote against Kelly's reelection?

Our discussions and our relationship and agreement with the proxy advisers is that all dialogue will remain confidential, and that's what it will be. Are there any other questions?

Chair, there are no further questions on this item of business.

[Voting]

We'll proceed to the vote on Resolution 4. Would you please now vote using the voting card on the online portal. That concludes the discussion of the items of business. I will now address one written question REA received prior to the AGM. I'll ask Erin to call out the question now, please.

Thank you, Chairman. We have received a question from Mr. Peter Calero as follows. What effect does the recent launch of Quiet List and the rise in off-market sales have on REA's business in Sydney and Melbourne?

Thanks for the question. The level of off-market sales is very difficult to measure accurately. We've tried to do that over a number of years. Based on our estimates, the percentage of off-market transactions has been very stable over a number of time. And it's always been a feature of the Australian property market. If Quiet list is influencing this sector, we're not seeing any impact on our business at this stage.

Okay. Erin, are there any further questions?

We have received a question from Stephen Mayne. Under Australian law, it is illegal to access a public company share register in order to report on someone's wealth. Yet when it comes to the $10 trillion of wealth tied up in Australian residential property, REA has access to extraordinary data and monetizes this to great effect. Could CEO, Owen Wilson, explain who we pay for access to that data and whether he thinks there is a risk we could lose access to some of that data if politicians adopt a privacy position similar to what applies to public company share registers.

Thanks, Stephen. Look, you are right. We do have access to an extraordinary amount of data on properties. And you can see that on our research site, property.com.au. It's the most comprehensive view of properties in the Australian market. And we do pay for some of that data. We pay various providers for it as others do. In terms of private information, we take our privacy obligations very seriously. You'll notice on property.com.au, there is no private information disclosed, and we never would. But I would note that, as I said in my opening remarks, 4.5 million Australians have claimed their property on realestate.com.au. They want to let us know they own the property. They want that information back to them about their valuation, transactions in their suburbs, et cetera. So we do have that extraordinary level of data, but we take our privacy obligations very seriously.

Thank you, Owen. Erin, any further questions?

We have received 3 questions from Peter Calero, Stuart Reid and Stephen Mayne in relation to the virtual AGM format to the effect of why does the company not hold a hybrid AGM meeting open for investors to attend and what is the additional cost, if any, of holding a hybrid meeting as opposed to an online meeting?

With what we've observed over years gone by, the physical turnout of shareholders has been very, very small, and we feel that this offers an efficient way to conduct the meeting consistent with many other large ASX top 50 companies. So we feel that it's appropriate. It is cheaper, marginally cheaper, but we think that it's sufficient. And again, we always have an eye on how we look after our shareholders and do the right thing by them. Erin, are there any further questions?

I have a comment from Peter Calero. As a shareholder of REA for several years, I would like to wish Owen all the best for his future endeavors. And as a long-term shareholder of CAR Group, having met Cameron at several AGMs, I can confirm he is a good choice to take over from Owen as CEO.

Thank you, Peter. We concur with you. If you have not -- are there any other questions, I should say?

Chairman, there are no further questions.

[Voting]

If you have not already cast your vote, can you please do so now? Please ensure you have clicked the submit button on each resolution. The results of this meeting will be announced to the ASX and will be available on our website as soon as possible after the conclusion of today's meeting. A copy of the webcast will also be made available on REA's website. Thank you to our shareholders for attending and participating in today's meeting. I declare the Annual General Meeting closed. Thank you, everyone.