Good morning, everyone. It's great to be here. I think today's half year results are a really strong set of numbers. You can really see our strategy, our portfolio construct, and our outlook for superior, sustainable, long-term growth all coming together. I think everyone in Australia would agree that we have a housing affordability crisis playing out in front of us, Eureka is uniquely positioned to provide a real scalable solution to that. Eureka today is fundamentally a different company to my first reporting period 12 months ago. We have grown the portfolio by over 40%. We've established a new all-age business with over 1,000 homes or units. We've acquired over 10 communities. We have another 10 communities currently under due diligence or under assessment, which represent a further 1,000 sites. We are scaling at speed.
Joining me on the call today is Shiv Chetan, our Chief Financial Officer. There's a lot of really interesting data in the presentation to get through, but I only intend to talk to eight to 10 slides before handing over Shiv, who will take us through the financials, the capital position, and our outlook. Now, if we can jump to slide six. Today... No, the-- Sorry, slide three. Sorry. Apologies. Today, we will step through our highlights and scorecard portfolio performance. We'll share with you some industry trends and data, which hopefully will leave you understanding why we believe our strategy moving forward is so compelling. We've got some new information on how we're gonna scale the business and what Eureka looks like in two to three years. Finally, Shiv is gonna step us through the financials and our outlook.
If we now jump to slide five. Great, Eureka has a unique investment proposition. We own land, we own and develop fit-for-purpose residential housing, and we collect CPI-linked rents. Our communities are operating at near full capacity. We are on a trailing 12-month same-store rent growth of 5.7%, and we have a huge pipeline of growth and opportunities identified, which we're working on in front of us. Our business can't be disrupted by AI or offshored. Demand greatly exceeds supply, and no other institutional capital is currently looking at what we're doing. If we can move on to slide six. To be fair, the share price, where it's currently trading, is immensely frustrating and something that I can assure you that the board and management are acutely focused on.
I believe our strategy is well-considered and unique, and our execution is going very well. Personally, I have over AUD 2 million of cash tied up in Eureka, and most of my remuneration is at risk and share-based. You can be assured that myself and the executive team are moving at pace and doing everything we possibly can to deliver strong performance and, and value for our shareholders. Moving on to the next slide. Sorry, the Annualized Recurring Revenue. Today, we're really pleased to introduce a new measure, which is Annualized Recurring Revenue. This is a point-in-time contracted recurring revenue base, which is really the focus of Eureka. It is effectively long-term rents and recurring funds management fees.
It excludes things such as short-term site fees or short-term tourism income, which we collect as we convert to long-term rents, our intention is to report against it every six months. We jump forward to slide 16. Across Australia, over the last 12 months, property prices, the sale price of homes and apartments increased by 9.4%. What many people might not realize is it's actually the combined regions of Australia, which is growing at a meaningfully faster rate than the capital cities. As an example, last week, I was in Albury, which is on the New South Wales and Victorian border, it's hard to believe that in Albury today, the median house price is over AUD 900,000, and that's playing out across many regional markets across the country.
On to the next slide, rental rates. In the last 12 months in Australia, rents increased by 5.4%. Again, it was the regions where Eureka has a significant exposure, which meaningfully grew at a faster rate than the capital cities. The combined regionals of Australia grew at 6.1% rent growth, whereas the capital cities only grew at 5.2%. This increase in regional rents is really being driven by regional drift, so people moving out of the cities based on affordability. It's about populations moving to the regions, driven by investment in infrastructure and renewables, changing work locations and demographics. On to the next slide, this is probably one of the most interesting slides that I've seen for some time.
Over the last five years, residential rents have increased at two and a half times wage growth. For the 15 years to 2020, rents basically tracked wages growth. This nexus fundamentally changed during COVID and has never recovered. It's really being driven again in the regions by immigration, by Airbnb, by people buying holiday homes, by a collapse in building volumes, by a huge escalation in construction costs, and the inability to secure trades. You know, this data has been provided by the Australian Bureau of Statistics and Cotality, and Cotality's perspective is that with rental demand, and rental supply remainingly, remaining disconnected, it is likely that this significant growth in rents is gonna continue for the short to medium term. Again, that is, you know, fundamentally playing into Eureka's market.
If we just jump forward to slide 21. Over the past year, Eureka has moved at pace at investing all of the capital that we raised back in November 2024. Since then, we have made 10 acquisitions totaling just under AUD 90 million. It was only in October of last year, October 2025, that we had fully deployed the capital that we raised in the previous year, this has represented a significant drag on EPS over the last 12 months. However, it is pleasing now to note that, that capital is fully deployed and then some.
For the first time as we move into the current, the second half of 2026, you're gonna see these acquisitions become strongly accretive, as, you know, they contribute to, for the first time ever, for the, for the full six months. During that last 12-month period, we've expanded the portfolio by over 40%. In addition to that, we also have a further AUD 90 million of acquisitions under assessment, which represents over 1,000 further sites. There's a lot of growth coming through Eureka as we move forward. If we move, jump a few slides now, to slide 26. This is a new chart, slide 26, and a question we often get asked by analysts is, you know, what does-- what could Eureka look like in a couple of years?
What we've really tried to articulate here is what all these building blocks, what it's gonna look like over the next, you know, two to three years. This is not giving guidance, but it's really trying to give a little bit of color as to, you know, what Eureka is gonna start looking like. You know, over the next two to three years, it's really not that difficult to see the size of the portfolio growing by upwards of 35%. Now, we are gonna be shedding some non-core, poorly performing assets or handing back some management rights where we have no clear pathway to, to ownership. Our development pipeline today exceeds 800 home sites. Many of those are already DA approved or the DA's lodged, awaiting council approval.
We've included here, just over 800 acquisitions, but we have over 1,000 in our pipeline at the moment, so, you know, that comfortably, in a pretty non-taxing way, gets you to a portfolio size exceeding 5,000 rent collecting sites. What does that mean financially? You know, that and I should say that sort of scale of portfolio, combined with our same-store rent growth of 5%-7% year on year, you know, should translate into underlying EPS cumulative annual growth of between 12.5% and 17.5%, whilst keeping our LVR below 40%. You know, that's really what we're working towards, and I think that would, you know, be very interesting from an investment perspective. We just wanna jump forward two slides back.
And finally, before I hand over to Shiv, I'd just like to briefly, you know, touch on capital partnerships. We are categorically not gonna be issuing any more script in the headstock for the foreseeable future. We have two existing funds which are performing very well. One is a, a joint venture partnership in Tasmania, which has been running for close to 10 years, and we have a fund in, in WA, an unlisted fund. In the coming couple of months, we're intending to launch a new all-age fund, which will be seeded with one to two assets from our balance sheet and will be supplemented by another two to three acquisitions, which we are currently working on.
The, the sort of investors that would be, we'll be targeting, and we're already in preliminary discussions with them, would be family offices, high net wealth individuals, similar to the investors who are currently invested in our WA fund. Where since that fund inception back in December 2023, we have delivered an IRR of above 15%, and we're about to do a capital return. The beauty of these sort of funds for Eureka is that we charge a development management fee, we charge a percentage of the rent we collect, we also have an outperformance fee if we can deliver above a pre-agreed IRR, and lastly, we also have a first right of refusal that. If the fund ends up getting wound up, then Eureka has the right to buy those assets at market.
We see this growth in capital partnerships or funds being a key driver of the business moving forward. I'll now hand over to Shiv, who'll step through the financials and guidance.
Thanks, Simon. Good day, everyone. I'll cover our financial statements, capital position, and guidance from here, then I'll hand it back to Simon for Q&A. Please move to slide 30, profit and loss. Revenue was up 19.7%, reflecting acquisitions and rent growth. Underlying EBITDA grew 11.2%, and underlying profit before tax was up 14.2%. This is consistent with the strategy execution you've heard about today. Profit after tax was impacted by acquisition transaction cost write-downs and one-off GST adjustments. Underlying EPS was AUD 0.0144, down on prior comparative period. This is mainly due to full period impact of shares issued from the November 2024 equity raise and the timing of deployment. EPS in the second half will be stronger as acquisitions for the first time have a full six-month contribution.
The underlying EBITDA margin was 33.6%, down from 36.2%, mainly due to the integration and lease-up impacts. Our focus is stabilization and cost normalizations as the All-Age segment matures. In the second half, this should stabilize around mid-30%. Please move to slide 31, balance sheet. You can see the growth in investment properties and the corresponding increase in borrowings as we funded acquisitions and developments. LVR is 33.5%, well within our conservative policy settings. Net Tangible Asset per share is AUD 0.556. Please move to slide 32, covenant headroom. The headline is, We are funding growth while staying conservative. There are three things to take away. First, covenant headroom and leverage discipline.
At first half 2026, our, our LVR is 33.5%, comfortably below our internal ceiling of 40% and well within the bank covenant of 55%. The interest cover ratio was 4.24x, versus a 2x covenant requirement. Even as we deploy capital into growth, we do so with a very clear internal gearing framework. Second, funding capacity and the toolkit. Our core debt facility is AUD 185 million, and we also have a documented AUD 200 million accordion. This gives us a meaningful optionality as we convert the pipeline. The undrawn headroom at first half 2026 is AUD 71.6 million. Third, the headroom rebuilds as we execute. Adding assets into the security pool and same-store rent growth increases borrowing capacity to keep funding the pipeline while maintaining the conservative gearing policy.
Finally, on interest rate risk, we have a hedging and step-up strategy in place. We'll continue to build the hedge position as debt is deployed. That's the balance sheet message: conservative, flexible, and built to fund the next stage of earnings growth. Please move to slide 34, cash flow statement. Operating cash generation was strong. Net cash from operating activities was AUD 7.2 million, which was underpinned by high occupancy, recurring collections, and acquisition contribution. Investing cash flow reflects disciplined reinvestment into acquisitions and the development pipeline. The business is converting performance into cash. We are reinvesting that cash and balance sheet capacity into growth pipeline. Please move to slide 35, financial year 26 outlook and guidance. We are on track to deliver FY 26 guidance.
Underlying EBITDA guidance of AUD 20.2 million-AUD 21.1 million, which is 20%-25% growth on FY25. We are on track as full period acquisition contribution is realized in second half 2026 and cost normalizes. Underlying EPS guidance is AUD 0.0337-AUD 0.0344, up 7.5%-10% on FY25. Again, the key drivers are full period contribution from acquisitions and cost normalization. Earnings will be higher in the second half. Capital raised in November 2024 was fully deployed in October 2025. The acquisitions will have a full period impact in second half of FY26. Thank you all for your time today. I'll pass it back to Simon for closing remarks, and then we can move on to questions.
Thanks, Shiv. Look, lastly, before I hand over for Q&A, if we can just touch on slide 36. Just the priorities to deliver on guidance and set ourselves up for the next financial year. It's really about launching our, our new All-age fund, which I've spoken about. We've got over AUD 90 million in acquisition opportunities that we're currently working through. Some of those are currently in the contracting phase. We expect some of those to close in the coming months, which should be accretive to this financial year and will also set us, set us up strongly for FY27. We are continuing to focus on divesting remote or non-core communities and exiting or handing back low profitability management contracts. We're really continuing to focus on same-store rent growth.
I think that slide that you saw showing that, that rents are growing at two and a half times wages growth, you know, hopefully gives you some insights into why we're confident we can continue to grow rents at 5%-7% for the foreseeable future. We've got around 40 new prefab homes currently under construction, which are gonna be delivered to communities in Western Australia, Victoria and Queensland. We've got multiple DAs that are in the process of either we're working with council to seek timely approval or are about to lodge them, and we're continuing to focus, you know, very vigilantly on, on our cost base. With that, I'll now hand over to the moderator for Q&A.
Thank you, Simon. As mentioned, we will now begin the Q&A session. A reminder, if you are listening by phone and would like to ask a question, please press star followed by 1 on your telephone keypad to raise your hand and join the queue. To withdraw your question, press the star one again. When called upon to ask your questions, please use your device handset and ensure you are not on mute. Your first question comes from the line of James Bisogno of Unified Capital Partners. Please go ahead.
Hi, guys. Congrats on the result, and thanks for taking my questions. Just a few from me. First one, just looking towards guidance, I think you still live in kind of underlying EBITDA of AUD 9.1 million. That was a strong result and tracking in line with that guidance. I think for the second half, it implies kind of AUD 11 million-AUD 12 million, so a decent step up there. I think there's some acquisition timing. Can you just talk to all of the building blocks and the drivers in terms of how you get to that number?
Yeah. Thanks, James. That's a, a good question. I mean, if, if we're to hit, as an example, you know, the midpoint of the underlying underlying EPS guidance, that would suggest, you know, it's gonna be a, a 40%-42% first half to a sort of, 58%-60% second half skew. That, as, as Shiv said, is fundamentally gonna be driven by the contribution from the acquisitions that we've made over the last six to 12 months. The last three acquisitions we've made, which is, Hillside Village in WA, and the 2 communities in Victoria being Benalla and Nagambie, are the 3 largest acquisitions we've actually done. Furthermore, all of them, all 3 of those have DA-approved sites ready for us to drop homes into them.
The full six-month contribution from all of those acquisitions, plus the additional homes that we're currently building, we have homes under construction for Benalla and Hillside as we speak. You know, they will also be installed and leased up ahead of 30 June, and so that gives us, you know, the confidence that we are comfortably on track to meet guidance. You know, we're very confident that we're gonna be able to continue to grow rents in line with the 5.7% we've delivered. You know, hopefully, we'll see a little bit of a tip-up in the occupancy rate. We've got some initiatives that we've been rolling out over the last few months to really drive that.
Around 45% of all of the vacant units we have in our over-fifties portfolio are constrained in three villages at the moment, which is Whyalla, Shepparton, and Horsham. So we're acutely focusing on those villages to drive occupancy growth.
Okay, great. That makes sense. Appreciate the color there. Next one, just on the pipeline, AUD 90 million, that's also very healthy. Typically, how much of this will you convert? Then is there anything chunky in terms of individual size, in terms of acquisitions in that number?
Look, I, I would be surprised if we didn't convert on at least two-thirds of that, over the next, you know, six to nine months. You know, these are, are deals that, you know, we're well advanced on several of them. You know, we're actually, either finalizing our due diligence and, and on-site, inspections, and, and we're at the contracting phase, or we're largely through that. These are, you know, well advanced. E-every day or other day, we would have opportunities coming across our desk. I think in the last 12 months, Eureka's established, you know, a, a very transparent track record as someone who, you know, is, is fair and reasonable to deal with, who, you know, has a balance sheet, who doesn't try and do a New York close on settlement date. You know, we've really worked hard.
You know, Mike Heffernan and his team have worked really hard to be the, the buyer of choice in the market. We have, you know, close to 40 identified regions across Australia, where we're actively in those markets trying to find the opportunities. So these are these capital cities or employment-driven regional markets. You know, I would expect that we would, you know, have a pretty high success rate. And, you know, with the new fund that we're launching, some of those acquisition opportunities will go straight into that fund. In terms of the second part of your question, Look, the largest acquisition we've made to date has been Hillside over in Perth. That was AUD 22 million.
Some of the deals we're, we're looking at are sort of in that AUD 15 million-AUD 20 million range, but our, our sweet spot continues to be in that sort of, you know, AUD 10 million range with development upside, sort of, you know, where, where we're pretty uniquely positioned to be able to move quickly on those sort of deals.
Okay, fantastic. Just last one before I jump back on the queue, just on the development pipeline of 800+. With these units, are they typically pre-sold? I suppose, what's, what's your expectation in terms of the extent of ramping up occupancy across these development pipeline units?
Well, typically, we are renting them rather than selling them. But when we drop the new units in, so the next units that we have, which will be going into both Hillside in Perth and into Benalla in regional Victoria, you know, I would expect that as we're probably, you know, one month out from those units being delivered to site and, you know, complex and landscaped, that our village managers would be, you know, in market looking to find appropriate residents to move in. You know, certainly talking to our regional manager early today, our regional manager Sonia, who manages our Western Australian portfolio, including Hillside.
She looks after, amongst other things, the 6 rental villages, over-fifties rental villages that we have in WA, and they're all basically 100% full with deep wait lists. She can also move some of those people on the wait list for the over-fifties villages into the new rental units that we're installing into, into Perth. I'm very confident that as quickly as those units are delivered, they will be fully leased up. I mean, we, we are only focused on those regional and, and capital city markets where there's very tight occupancy rates, you know, typically lower than 2%. In a market like Perth, which currently has probably the strongest performing housing market in Australia, that there is no rental accommodation.
As quickly as we can drop those new rental homes in, we expect them to be fully leased up. In December 2025, we also put in a DA for another 19 homes, so we hopefully will be able to deliver those in the first half of next financial year.
Okay, great. Thanks for taking my questions.
Your next question comes from the line of Mithun Rathakrishnan of CLSA. Please go ahead.
Hey, guys. Thank you for taking my question. Just firstly, what was your all-in cost of debt for Verso? Thanks.
Hey, Mithun, thanks for the questions. We, we, we, we are operating at about 5%-6% in, in terms of all-in, all-in cost of, of debt. That, that includes the, the commitment fee and the interest, interest cost as well. There is a mixed, mix amongst that as, as we deploy debt, for acquisitions and, and as the, the cash rate changes, so we draw down, and, yeah, that, that would be the mix around the, the cost of, of debt.
I mean, the, the-- on top of the BBSW, we have debt tenors out three , five, and seven years, and depending on whether we draw down debt with a three-year tenor or a seven-year tenor, there can be a 40 to 60 basis point difference, which is, you know, the, the range that Shiv was alluding to.
No worries. Thank you for that. I guess just secondly, I know you alluded to the timing on acquisitions into FY26. Is there a quantum for that at all, or is that still under revision?
Sorry, just to clarify, you're talking about the quantum of acquisitions for the remainder of the current...
Yeah
financial year?
Yeah, sorry.
We have it.
Just the AUD 90 million in due diligence or under assessment.
Yeah, look, I, I would think if you put in, you know, maybe, you know, AUD 30 million of that would be in this remaining, you know, four months of this financial year, and the balance would be into, you know, the first half of FY27. I mean, we, we.
All right.
We are moving as quickly as we can, but, we only have, two people in our Capital Transactions team, and there's only so many deals that they can work through at any point in time, plus they're running the launch of the new all-age fund. That's probably the constraint in terms of why we can't close quicker.
Yep. No worries. Thanks, guys. That's all from me.
Your next question comes from the line of Murray Connellan of Moelis Australia. Please go ahead.
Morning, Simon and Shiv. Just looking at the new segment that you disclosed around the operationals from the All Age acquisitions, it looks like the EBITDA margin there is about 33%. I was wondering whether there's a stabilization period relating to some of these new acquisitions, or whether any improvements there would have more to do with the new developments that you're doing on the ground. I guess just, yeah, how we should think about that and how that plays out.
... Yeah, Murray, that's a, a great question. Look, over the medium to longer term, the operating margin in the all-age should stabilize, at or around where the over-fifties operating margin is. There is a, you know, probably a six to 12 month lag because when we're buying these, I guess they're effectively caravan parks. There is a period where we basically decommission the tourism component, which might be cabins or camping sites or, you know, sites for caravaning, and we convert those into long-term residential housing.
So, you know, we try and maintain that short-term tourism income as long as we can, but there is a period where we have to turn it off and then, you know, clear the ground to await the arrival of the new prefab cabins, and, and, you know, that's, what you're, you know, seeing play out in the financials at the moment. You know, most of the all-age assets that we've acquired over the past 12 months, we've only owned for a relatively, you know, short period of time, so we're moving through that, you know, as quickly as we can.
You know, quite often, you know, the, the parks that we've acquired in the last six months, often they've got locked-in, bookings for Christmas or Easter, and so we can't decommission those sites until we've, you know, worked through those peak holiday periods. You know, over the next six to 12 months, that should wash its way through and, you know, you'll see a, a far stronger, more consistent operating margin, emerge.
Appreciate the color. Thanks. Then just on the new all-age fund that you've spoken to today, could you give us a sense of what sorts of assets would be best suited to be placed in that fund? And then, I guess, conversely, what sorts of assets would make more sense to stay on Eureka's balance sheet?
Yeah, look, we, we would say that we would ideally seed 1 asset from our balance sheet into that fund. It's probably an asset that would have a little bit of redevelopment upside to give investors a combination of strong recurrent rent, but also some of the low-risk repositioning and expansion, upside. Then, probably 3 assets from our acquisition pipeline would progressively be rolled into that as we close, so that the fund would be fully seeded in the next six to 12 months.
We would anticipate that the fund size would be around, you know, a total of maybe AUD 50 million-AUD 60 million in enterprise value, so broadly, you know, 50% equity, 50% debt, and Eureka would be a co-investor for, you know, maybe 20%-25% of that equity. Yeah, we're just in the, the last stages of finalizing the IM. You know, late last year, we did initial soundings, a non-deal roadshow, with some prospective investors, and we're looking to launch pretty much as soon as we finish our first half investor presentations.
Thanks. Then just lastly, noting that gearing is now back into the 30s, I was wondering whether you could just give us a bit of color on comfort levels there, and, you know, I guess how much higher you'd be happy to see that go before you'd need to ease off on the acquisition pipeline?
Look, I mean, our covenant is 55%, but we really would not be going beyond 40%. I would say, you know, 40% being a pretty firm line in the sand. Yeah, we've been really clear, like, today is not the first time we've mentioned the all-age fund. We see that, you know, that all-age fund, you know, that will mean that we don't have to fund necessarily all of the acquisitions on balance sheet.
We also have some divestments that we're currently working through, which will create some more headroom, and as we, you know, progressively deliver these new prefab units into our communities and lease them up, you know, that should lead in future periods to, you know, an increase in the valuation of those assets, which, you know, should ideally give us more headroom in our debt facility. I guess the short answer to your question, Murray, is, is 40%.
Appreciate that. Thanks, Simon.
Before we move to our next question, a reminder, if you would like to join the queue, to press star one. Your next question comes from the line of Liam Schofield of Morgans. Please go ahead.
Thanks for taking my question, guys. Simon, can you just confirm that AUD 90 million of potential acquisitions, you can, you can do that all on balance sheet, and you obviously got AUD 70 million of liquidity there. Is that sort of coming through, you know, revaluation provisions, you know, giving you additional gearing capacity?
... Liam, I think it would be unlikely that we would do all AUD 90 million of those acquisitions on balance sheet. I think, you know, earlier in the conversation, I mentioned that, you know, we, we would be-- have a high level of comfort that we would close on at least two-thirds of that. You know, our, our working, I guess, straw man at the moment is that, we are gonna be launching the fund in, in the coming, you know, one to two months, and, and that, that fund will take, two to three acquisitions out of that pipeline, and the balance would be funded, on balance sheet. So, you know, I'm pretty comfortable that we can fund those through a combination of, you know, future asset revaluations, the impact of divestments that we're currently working through at the moment.
You can see that, you know, there's been quite a significant step-up in cash flow generation, you know, for this half compared to the prior comparative. I think the cash flow is up, like, 450 odd %. You know, the business is, you know, generating a lot of cash, and that can be reinvested into future acquisitions. You know, if we have to slow down acquisitions, we will. We are categorically have absolutely no plans to issue any additional scrip in the headstock with shares currently trading where they are, so we wanna make sure that that's absolutely understood.
One more, if I may. Can you just touch on the, the type of fund it is? Is it close-end, institutional only, or is it retail? What's the, the fund structure? As we sort of think about the, the overall business, should we start to think more about management fee income streams, or is that always gonna be a, a smaller part of, of Eureka?
Look, I think the, the fund structure, Liam, it's a good question, would be very similar to what we have in WA, you know, which is a, you know, a five-year fund, you know, high-net wealth individuals, sophisticated investors, so not retail. You know, it's targeted to... I think in Western Australia, we raised a total of, maybe AUD 20 million-AUD 23 million of equity, of which Eureka currently holds 27%, and the balance was very well received. We're currently outperforming on our forecasts for that fund, and so, you know, it may be that a few of those investors recommit.
it, it would be, you know, people who are interested in the, in investing in the, I guess, growing the, the rental pool in Australia, who, you know, you can see those charts that we tabled today shows pretty compellingly that, across Australia, we have a, an absolute housing affordability crisis. There's no institutional capital being put into affordable rental. It's all chasing land lease or, you know, inner-city build to rent. you know, I think we have a pretty unique value proposition. We can offer development style, you know, greenfields development style returns without having to undertake, greenfields development style risk. I mean, the acquisitions that we are intending to put into the fund, yeah, they're, ingoing yields in the 8s, IRRs for five years or more of above 15%.
You know, it's low risk, you know, be very similar to what we're doing in the headstock at the moment. We just, you know, we want funding optionality, and funds is, is one of those pathways that we're pursuing. You know, I don't think we'll ever be a, a Charter Hall, but, you know, I do see that, you know, funds moving forward, that I could see us launching a new AUD 50 million fund, you know, every six or 12 months pretty comfortably based on, you know, the visibility of deal flow in front of us.
Perfect. That's all from me.
This does conclude today's Q&A session. I'd like to turn the call back over to Simon for closing remarks.
Look, thanks, everyone, for taking the time to join us today. We're very pleased with where the business is at. We're tracking very strongly, and Shiv and I look forward to having some further one-on-one discussions over the coming weeks. Thank you very much for your time today.
Thank you.