Hello, everyone, and welcome to the IVE Group financial year 2026 financial results webinar. My name is Rachel Jones, and I will be your host for today. On the call today, we have Managing Director, Matt Aitken, and CFO, Darren Dunkley. The format, if you haven't joined us before, is a 20–30-minute presentation, and that will be followed by 15- minutes of Q&A. If you would like to ask a question, please click the Q&A button at the bottom of your screen and type your question into the Q&A panel. For the analysts joining us today, please click the raise hand button and I will invite you to unmute and you can ask your question then verbally. I would like to hand over first of all to Managing Director, Matt Aitken, who will now start the presentation. Over to you, Matt.
Hi. Good morning, everyone, and thank you for joining the call. Darren and I are pleased to present IVE Group's FY 2026 results. The disciplined result consistent with guidance we gave to the market back in H1, FY 2026 in February, and delivered against a genuinely difficult economic landscape. Just for those that might be new to the call, just a bit of quick background. IVE Group is Australia's largest diversified marketing company. We operate across every major marketing discipline. Since 1921, IVE has evolved alongside brands, technology, and consumer behavior. Through partnerships and acquisitions, we have brought strategy, data, creativity, production, technology, and fulfillment into one connected ecosystem so that we can execute from idea. We can go from idea to execution.
Markets shift, channels evolve, and customer expectations don't stand still, and we have spent more than 100 years evolving with every major change in media technology and marketing, not by chasing trends, but by continuously building our capabilities around what brands need next. Our vision is to be Australia's leading integrated marketing solutions provider, delivering impactful experiences across all channels. The results and actions on this page show where we are today against our 2030 strategy and ambition targets. For FY 2026, we have achieved our EBITDA margin target of +15% and our EPS growth target of 3%-5%, both on a pre-AASB 16 basis. Net debt remains within our benchmark range, and our revenue mix continues to shift deliberately into growth areas while we protect our leadership in the traditional sectors.
On the right, you will see this year's highlights in summary, strengthening and scaling the business through the 3PL footprint expansion, the Kemps Creek supersite, and the Impressu and Daily Press acquisitions. Progress on innovation and AI, strong new business wins, and continued capital management through the buyback, and I will take you through each of these in more detail as we go through today's presentation. We think about the performance overview and the key highlights. We delivered strong margin expansion again this year, despite a difficult economic landscape contributing to the revenue softness, particularly in catalogs and publishing. Cash flow remains strong, gearing is conservative, and during the year we continued the on-market buyback, canceling around 1.5% of issued capital.
In terms of key initiatives, on 3PL, Dandenong South became operational ahead of schedule and is already running at 85% of capacity on the back of new client wins, with the benefits emerging through FY 2027. That takes our national 3PL footprint to 84,000 sq m around the country. The Kemps Creek Sydney supersite became fully operational during the fourth quarter, with five business units relocated and consolidated onto the one site, giving us efficiencies and capacity for growth. In packaging, JacPak relocated to Braeside, so from its site in Keysborough to Braeside in Victoria in the second half for additional operational efficiencies. The Kemps Creek packaging plant is now in production with major new clients, including Arnott's coming online late in the financial year. Lasoo continued its strong momentum across all key metrics and remains on track to break even during FY 2028.
On the acquisition front, we continued to diversify and consolidate revenue consistent with our strategy. I will cover Impressu and Daily Press in more detail shortly. On AI, we are commercializing the investment we have made, combining our proprietary platforms, strategic partnerships, agentic solutions, and an AI-certified workforce to drive recurring revenue, client value, and productivity. Again, I will discuss some of those examples later in the presentation. On sustainability, we continue to progress our roadmap, including preparing for mandatory AASB S2 climate-related financial disclosure. We also introduced an employee salary sacrifice share plan during the year, which will see about AUD 1.2 million worth of shares purchased on market across FY 2027 for those circa 450 employees that joined that plan. Let me step through the numbers in detail. Revenue was AUD 937.4 million, down 1.8% on prior year, reflecting that difficult economic backdrop I just mentioned.
Material gross profit margin improved to 51.4% from 49.3%, and that drove EBITDA pre-AASB 16 of AUD 112.6 million, up 2.8%, and NPAT pre-AASB 16 of AUD 52.5 million, up 3%. EPS, likewise, came in at AUD 0.342, up 3.7%. On a post-AASB 16 basis, EBITDA was AUD 145.8 million, up 6.6%, while NPAT was down 1.7% to AUD 51.2 million, reflecting the non-cash lease impact of the new Kemps Creek and Dandenong South leases, which Darren will talk about later. Net debt was AUD 173.2 million. Operating cash flow conversion remains strong, and the board has increased the final dividend to AUD 0.09 per share, up from guidance and PCP of AUD 0.085. The IFRS NPAT was AUD 37.4 million impacted by the increase in non-operating items during the year, which Darren will step you through shortly.
As such, I will now hand over to Darren to take you through the financial section of the presentation in more detail.
Thank you, Matt, and good morning, everybody. I will now just start taking you through the underlying profit and loss on pages 10 and 11 of our presentation, and I will start with revenue. After allowing for acquisition revenue of AUD 32.3 million, revenue of AUD 937.4 million was down 1.8% to PCP. CX and Data, premiums and merchandise, and 3PL, BUs all performed well relevant to PCP. New client wins in the period include great brands such as Bunnings, Campari Group, HelloFresh, Nestlé, Ready Express, and Sydney Airport, amongst others. All of these clients touch IVE's broad product range and services. Packaging new business wins of PepsiCo and Arnott's commenced live production in June following successful trials earlier this year.
Underlying earnings. Further margin expansion more than offset revenue weakness. EBITDA up 6.6% to AUD 145.8 million, as well as an increase in EBITDA margin to 15.6%, up from 14.2% in PCP. NPAT down 1.7% to AUD 51.2 million, partly impacted by the AASB negative impact in FY 2026. On a pre-AASB 16 basis, NPAT was up 3% to AUD 52.5 million. Material gross profit margin, MGM, which is revenue less material cost of goods sold. MGM improved to 51.7%, up from 49.3% in PCP, with all revenue streams experiencing stable or improved MGM. The further improvement in MGM reflects continued leveraging of improved buying power as the group scale increases, as well as business mix changes reflecting further diversification.
Non-operating items. Its non-operating items of AUD 20.4 million pre-tax include AUD 6.6 million Lasoo operating loss, broadly in line with PCP and budget. On an NPAT basis, this is AUD 4.6 million loss in line with guidance. AUD 14.7 million of restructuring costs predominantly relating to relocation costs, which include rent duplication, transfer of machinery and stock, all due to new sites including Sydney supers ite at Kemps Creek, with five business units relocating as part of this initiative. The relocation of packaging into Braeside site in Victoria, as well as Dandenong in H1. All relocations enabling future capacity for growth as well as cost efficiencies. AUD 2 million of acquisition costs mainly relating to Impressu and Daily Press acquisitions.
These costs are partly offset by AUD 2.1 million of net profit on sale of property and fixed assets, as well as the write-back of deferred goodwill of AUD 800,000. It should be noted that non-operating items will reduce significantly in FY 2027 post the completion of these major relocations. Turning to page 12, our balance sheet remains strong with cash at bank at AUD 44.1 million. Net debt increased to AUD 173.2 million, reflecting acquisition consideration funding and elevated CapEx for our growth initiatives. Gearing is consistent with our guidance and our internal benchmark of 1.5x pre-AASB EBITDA. Senior debt increased by AUD 80 million- AUD 330 million in December 2025 to provide further capacity for expansion. Undrawn debt capacity of AUD 109 million excluding bank guarantees at balance date.
Capital expenditure. Capital expenditure has been temporarily elevated due to supporting the execution of major strategic initiatives in the year. Capital expenditure was AUD 43.2 million at net of disposal proceeds. Increasing investment and maintenance CapEx driven by brand activations and fit-out and racking of new Dandenong South 3PL site. Significant fit-out costs associated with the Kemps Creek supers ite. These are gross of cash rent incentive received to partly fund. Packaging expansion. Replacement of aging sheetfed printing presses and other equipment to facilitate IVE's packaging expansionary plans at Kemps Creek. It is important to note capital expenditure is expected to normalize in FY 2027.
Cash flow and dividends, page 14. Operating cash conversion to EBITDA remains strong at 93.6%. Working capital is expected to remain relatively stable moving forward and broadly in line with revenue and seasonality. Fully franked dividend of AUD 0.09 per share, which compares to FY 2025 final dividend of AUD 0.085 per share, up 5.9% on PCP. Reflecting a payout ratio of 55.3%, rebased from circa 70% in FY 2022 and prior to retain capital for growth. FY 2027 dividend to be based on 55%- 65% underlying pre-AASB earnings payout ratio. I will now hand you over to Matt for the balance of the presentation. Thank you.
Thanks, Darren. Just quickly stepping through some of the key initiatives, which would be well known to many on the call. Kemps Creek, for us, is a genuinely transformative project for the New South Wales footprint of our business. We relocated to the 42,000 sq m supersite in Western Sydney through the final quarter of FY 2026. We are out of all of our legacy sites that we have left, and the team are up and running there. Five business units in total have been consolidated into that site, as we mentioned. There are many benefits to come from being in that site, one of which is the avoidance of an additional AUD 3.1 million per annum in rental increases that we are going to avoid by going there. Had we not moved, that increase would have been more like AUD 6 million per annum in our existing sites.
It is clear operating efficiencies, additional space to accommodate further expansion, particularly in packaging, and it is a much more modern fit-for-purpose site for our staff to be accommodated in and to work from. New South Wales packaging facility within the site that also became fully operational late in the financial year. In addition to providing extra capacity, we will now begin the relocation of New South Wales and Queensland packaging client revenue from Victoria up to New South Wales to enhance speed to market and reduce the transport costs. On the 3PL business in Dandenong, again, we have spoken a bit about this earlier in the presentation. We moved into that site ahead of schedule. It has been fantastic. Almost 12 months in that facility. We have won a lot of significant new business through that time.
That site is now at 85% of its capacity and really starting to hit its straps. Again, similar to Kemps Creek, there are a lot of benefits to go from two sites that we had at Braeside into this one site, providing dedicated in-house logistics facilities also for our packaging business, which had historically been outsourced up until recently. There are great operating efficiencies to be had from this site, as well as, again, a more modern and fit-for-purpose site for our staff to be based out of. Going on to Lasoo, it has delivered record retailer and unique user growth again this year with strong growth in GTV, so gross transaction value, and repeat customer sales. Retailers live on the platform were up 20% to 362 retailers. Unique users were up 44% to 5.2 million, and GTV was up 42% to AUD 25 million.
Most pleasingly, repeat customer GTV was up 76% to AUD 4 million, now representing 16% of total GTV, up from 13% last year, which clearly demonstrates the strength of customer retention on the platform. We will have more to say about Lasoo when we get to the outlook and guidance. Just touching quickly on the acquisitions, which again, we have covered at the half year. We acquired Impressu, a Brisbane-based print business, for AUD 13.5 million in November. We acquired that business off Domino's Pizza Enterprises. It is a business that has a digital and offset print capability along with direct mail, letterbox marketing, signage, point of sale, warehousing, and logistics. So, a very complementary set of services to what IVE has in the rest of its sites and how we go to market and service our clients. Long-standing clients in the quick service restaurant, retail, healthcare, and public sectors.
The integration has gone very well with a great team of people up there. They are very focused and motivated on growing that business for us in Queensland, and we have been very happy with how they have got on our business in the first eight months since we have acquired them. In terms of Daily Press, they are an Australian-based creative agency that we acquired on 31st of December. They specialize in digital, social media, and performance marketing. This really advances our ambition to create a truly omni-channel value proposition, further strengthening our existing creative and content capabilities while adding depth in social and performance marketing as well as technology platforms. Similar to my comments about Impressu, the Daily Press team are fitting in really well with work being shared back and forth across the creative teams.
Previously outsourced work from Daily Press is now being sent into IVE businesses to be produced, and a significant amount of new business is being won in this part of the business, and in particular, customers like Campari that would not have been won by Daily Press had they not been part of the IVE Group. So that has been great to see again six months on after acquiring that business. Just moving into the group's position and posture currently with AI. From our perspective, before we started selling AI to clients, we got our own house in order. We can for some be a complex business. We have 10 different products and service lines, with multiple sites around Australia, and we employ more than 2,000 people.
Today, our group data sits on a single Snowflake platform, and that gives us one view of our clients across IVE, which we are already using to identify cross-sell opportunities. Internally, we can see run rates, waste, machine utilization, and other key metrics in near real time. This means better outcomes, faster action, and more efficient results from an IVE perspective. So that Snowflake AI platform has been instrumental in driving a lot of that since we have implemented that during the H2 period of FY 2026. AI at IVE is not a pilot. It's doing real work today across lead generation, research agents, dashboards, RFP and proposal automation, fraud detection, and cybersecurity.
A great example of this is recruiting in our catalog, walker network, where we've had an AI agent calling or making more than 13,000 calls, which generated 563 leads that we then followed up through our staff, and that captures our model well. AI does the volume and the heavy lifting. Our people provide the judgment and the expertise. We use market leaders like Salesforce and Adobe where they make sense, and we build our own IP, like Indy, where we see an opportunity to create competitive advantage. Importantly, we're investing in our people, and we now have more than 100 AI certifications across IVE. This isn't one AI team sitting in a corner. AI is being put to work right across the group.
Let me give you two real examples of that going to market. Firstly, Indy. This is where our AI capability starts becoming genuinely commercial. Marketers today are drowning in disconnected tools, and Indy brings the entire campaign into one workflow. Plan, create, personalize, approve, and execute. AI runs that process, turning days into hours, and importantly for us, the client stays within our ecosystem, and we sit across more of their marketing activity, and that creates stickier client relationships and new recurring revenue opportunities. The second one here is AI and how it's disrupting the traditional MarTech professional services model, and we're moving with it. We've been one of Australia's leading Salesforce and Adobe practices for many years, and historically, that model has been based on people and hours.
We're now converting that into agentic recurring revenue models, already live today with a major financial services client delivering deeper personalization, real-time in-the-moment decisioning, and omni-channel execution. The agents do the repetitive work at scale. Our architects and strategists provide the thinking and the expertise. It's faster for the client, more scalable for us, and keeps IVE at the center of their MarTech environment, and we're targeting a 50% effort reduction on always-on campaign operations for this client. AI is fundamentally also changing the approach to creative services, particularly when we think about motion and video. We now use AI to storyboard concepts before we pick up a camera, extend sets, and create effects during production, and then automatically adapt one piece of content across multiple channels and audiences. That means more content produced faster and at a lower cost. AI itself will become a commodity.
As we know, everyone will have access to these tools. Our advantage is combining the best AI technology with great creative people, client knowledge, data, and our ability to execute at scale. A great example of this is in the action in this campaign film we produced for Kia at the Australian Open, blending live action with AI-generated sequences, produced at a fraction of the traditional shoot cost and time. In fact, 100% of the robot shots in the film were all AI-generated. I'll leave you to review that in your own time later, but it gives you a good example of where in live client work, we're using AI today.
As we now move on to the outlook and guidance for FY 2027, given the continued significant economic uncertainty, we expect underlying NPAT on a pre-AASB 16 basis to be broadly stable due to a further AUD 6 million adverse non-cash lease impact, mainly associated with the Kemps Creek and Dandenong South leases, and that compares with a AUD 1.3 million adverse impact in FY 2026. Underlying NPAT on a post-AASB 16 basis is expected to be down relative to FY 2026. I would stress that impact is purely timing, and it will reverse over the life of the leases. There is a schedule in Appendix C of this presentation where you can see that reversal take its course. We are trying to give you more insights and more data around that.
The IFRS NPAT, on the other hand, is expected to increase materially due to significantly reduced non-operating items. Capital expenditure, as Darren mentioned, is expected to be significantly lower at around AUD 26 million net of disposal proceeds. Net debt at J une 30, 2027 is expected to be below our 1.5x pre-AASB EBITDA target. As foreshadowed at the 2025 AGM, the board intends returning to a dividend payout ratio based on 55%-65% of underlying pre-AASB 16 earnings for the 2027 financial year. In terms of the key initiatives and areas of focus for the business in FY 2027, we are going to continue to execute on the 2030 strategy.
We are going to deliver the operational efficiencies from Kemps Creek, make meaningful progress in the deployment of AI and related technologies, grow our events value proposition, which I spoke about at the release of our half-year results, deliver a significant improvement in Lasoo's profitability ahead of break even during FY 2028, and optimize the value of our recent acquisitions while investigating other strategic opportunities. In closing, this year's performance and the momentum evident in our key strategic initiatives reflects the dedication and commitment of our people right across the business, and I would like to thank them for their ongoing contribution. Appreciation is also extended to our leadership team and to the board for their support as we execute on an ambitious but disciplined growth agenda.
With a strengthened balance sheet, continued margin expansion, and a clear pipeline of organic initiatives and recent bolt-on acquisitions, the business remains well-positioned for continued profitable growth through to 2030. Thank you. We are now happy to take questions.
Thank you so much there, Matt and Darren. Now, for everybody, this is a reminder that if you would like to ask a question, click the Q&A button at the bottom of your screen and type your question into the panel. I am sure there is a number of questions out there from interested parties. Now, we will take some questions from the analysts first who are covering the IVE Group. Just a reminder for the analysts, please click the raised hand button, I can see a few up there now already, and get ready to ask the question. First up, I will open up to Chris Savage. If you would like to unmute yourself, Chris, and go ahead and ask your question.
Thanks, Rachel. Hey, Matt. Hey, Darren.
Morning, Chris.
Hi, Chris.
Good day. I guess a couple of questions. One, the guidance for flat underlying NPAT on a pre-AASB 16 basis. Obviously, you've got Impressu and Daily Press contributing for a full 12 months in 2027, so that implies the underlying business will go back a bit. Where are you assuming the underlying business goes backwards?
Yeah, Chris. First and foremost, we still think we're in a very difficult trading environment. This is our view of the near term. There's clearly inflationary pressure right across the economy. We've got increasing rent, as I alluded to earlier, around Kemps Creek. Whilst we're mitigating AUD 3 million of rent increases by moving to that site, it would've been AUD 6 million. So that's just on those sites alone, let alone our Victorian sites. We are still seeing, as we've foreshadowed previously, decline in the catalog and magazine sector. Whilst there's always great things happening in that sector in terms of retailers coming back into the channel like they did in FY 2026 with Coles and Bunnings and Big W, we're also seeing other retailers like an Aldi or a Metcash really dial back their volumes in that channel.
Even just in areas like interest rate expense, we've clearly had a range of interest rate increases as we've gone through FY 2026. So, that's really what's underlying to the numbers that we're putting forward here or the position that we're putting forward.
Is it more an OpEx and net interest story rather than the revenue coming back?
Well, there's no doubt that interest expense is expected to be slightly higher in FY 2027 than FY 2026, and as I already touched on, we've had a large CapEx year, and the impact of depreciation as well will also impact as a result, Chris. But as Matt also alluded to, given the current economic conditions, we think that it's prudent to say that our guidance is stable on FY 2026.
Sure.
Chris, we're budgeting revenue up in terms of our headspaces. It's a growth number on revenue over where we finished FY 2026.
Is that underlying revenue or for the revenue with the Impressu and Daily Press?
Yeah. Total.
Okay. Cool.
Yep.
Second question. As you highlighted, the balance sheet remains very strong, and you've got basically a buyback, potential increase in dividends, and potential further M&A. Is the focus going to be across all three, or is there one you think you'll focus more on than the other?
Look, the main focus for us, we'll make sure that we continue to achieve a high operating cash conversion, keep our net debt below the 1.5x . We have, as we have traditionally always looked at a pipeline of acquisitions, and we have that pipeline of acquisitions. There's nothing currently that we're working on right now, but we are always looking at something there, Chris. On the whole, yeah, we will be concentrating on delivering below 1.5x net debt and delivering it on the new payout ratio of 55%-65% noting it is on an underlying pre-AASB 16 basis.
Sure.
Chris, I think from a board perspective, if we have a view that the share price is not representing the value that we think it should represent, then yes, we will use the buyback. We also think we've probably got other priorities for that cash that could yield better return for shareholders.
Sure. Thank you.
Well, thank you so much for those questions there, Chris. That was Chris Savage from Bell Potter. Moving on now, we are moving on to Jono Higgins from Unified Capital Partners. Jono, if you could unmute yourself and go ahead and ask your question.
Yeah. Excellent. Thanks for taking the time. Great set of results, guys. Just two from me. Firstly, just on the material gross margin and the strength we are seeing there, I wonder if you can just tell us what is feeding into that. You guys have been pretty disciplined at the operating margin line. We are expecting that to keep coming through. Just anything around what you should think on the material gross margin line for next year. Thank you.
We probably answered the same question 12 months ago, Jono, and said, "Oh, don't expect it to grow too much." Here we are. We have done a really good job of lifting that up. We will continue to try and do that, obviously, through the mechanism of price to customers and managing the supply chain of raw material costs extremely well, which are the two key drivers in that. We would think that 51-odd percent for the business is about right. It does also reflect a changing mix in our work profile as well. Some of that is coming through that machination. Yeah, no, look, our intent will always be to try and improve that wherever we possibly can.
At this stage, there's nothing from a supply chain perspective that we haven't already encountered in the last five to six months with the war and all of that should see it really damage that number in FY 2027. We cannot see anything in front of us on that front from a supply chain perspective. We've obviously already had to deal with a fair bit over the last five to six months around impacts of fuel increases and other things like that, and yet we've still managed to maintain this position. So pretty wrapped with what the team have achieved on that front, given the circumstances.
Thanks. Last one from me then I will rejoin the queue. Obviously, some difficult economic conditions you've called out. We're all not unexpected in terms of that currently for the broader economy. IVE's usually, if I look back in the history of IVE, difficult operating conditions, although we would like the profit to constantly be going up, it's actually been a dynamic that IVE's taken advantage of in terms of strategic consolidations and winning work, even in the packaging space, catalogs. Can you talk about what a tough environment means, and is this a good thing to invest and lean into?
I think it definitely throws up opportunities in and around the acquisition space, Jono. We've definitely seen heightened activity around inquiries and engagement in that space, and that's not the answer for everything, but it definitely throws up some of that. We are definitely seeing some of our retail customers and the impact on retailers currently as well spoken about in the media. We're definitely seeing some of our retail customers want to lean heavier into what they're doing in store or, and/or even increase catalog runs or bring in additional catalogs that they may not have been planning on doing. So there are some green shoots in and around that as well. We've also seen some of our competitors go through some pretty tough times during the last financial year. We had a major 3PL competitor collapse.
As a result of that, we picked up a lot of work out of that collapse, but that was also off the back of a couple of really hard years on the street competing hard for clients, winning new business along the way. That sort of yielded probably the best part of another AUD 8 million-AUD 10 million of revenue into the group, as through the H2 FY 2026. As I said, we will pick up the benefit of that as we go through FY 2027. So, the combination and range of things, Jono.
Thanks, guys.
Thanks so much, Jono. That is Jonathon Higgins from Unified Capital Partners. Thanks so much for your questions there. Moving on, we have some questions from Shane Bannan from PAC Partners. Shane, if you would like to unmute yourself and ask your questions. Thank you.
Thank you. Morning, guys.
Good day. Pleasure.
We've obviously touched on this on the way through, but I'd just would like you to bulk out the narrative, if you wouldn't mind, just on the whole area of print and catalogs. Everybody's aware that newspapers seem to be progressively shrinking, and I'm just wondering what you're experiencing there and the way you see it unfolding, whether in fact we are witnessing a secular shift towards other mediums to reach the customer base, and these things are in secular decline. But what you're saying, Matt, that you think they're coming back, and I'd just like you to flesh that out, if you wouldn't mind, please.
Yeah. Thanks, Shane. For just in that catalog space, in the strategy day or the investor day that we did with investors last year, those that attended or those that went through our document, we talked about then that over the five years from sort of 2025 to 2030, we felt that traditional revenue streams like print, but more so catalogs, would walk back at a sort of single-digit pace year on year from a percentage perspective. And that's still what we're seeing. There's probably a little bit of H1 FY 2026 where we saw that accelerate a little bit quicker than what we had anticipated in our modeling. But that has peered back a little bit. Our business now modeling is seeing that, again, catalogs will continue to decline year- on- year from a revenue perspective on a single percentage digit number. And that's where we're at.
Yes, as I said earlier on the call, Aldi, Metcash, two clients that have really dialed back their presence in that channel. But Big W weren't in this channel really at all for the last four or five years, and they're now back with multiple variations of the catalog going into market throughout the year. Coles, similarly, Bunnings similarly. I can also talk to retailers that are saying, "No, no, we need to be back in this channel, and we're seeing the real benefits of it." And it really comes off the back of, again, I think the research and insights program that we've driven in catalogs over the last two years and educating the retailers on the power of the catalog, the returns that they get from it, and the impact of not having that in market, and it's really resonating with the retailers.
That's sort of how we're seeing that space at the moment, Shane.
Net-net, Matt, you are still saying it is going to continue to shrink at sort of low single digit rate?
Yes, we are, Shane.
Great. Thanks, Matt.
Thanks, Shane. Thanks for your question there. Chris, I can see your hand up again. Do you have another question for the guys?
No.
Okay. We will hand back to Matt. If you have any questions from general shareholders, if you would like to go through those now, Matt.
Okay. Thank you. We have no other questions from shareholders at all. On that basis, we will look to conclude the call. I would say thank you for attending this morning. Thank you for your support. We also look forward to inviting investors out to our Kemps Creek supersite for those that want to come and visit it and join us out there. Between here and Christmas, we will hold some investor sessions and road shows out there. We look forward to inviting you out.
Excellent. Well, Matt, thank you so much for a very insightful presentation and a really helpful Q&A session. That does bring us to the end of the session today. Thank you everyone for making time to listen to the call today. If you do have any further questions that you think of after, please reach out to the team. I am sure they would be very happy to help you. Thank you everyone for joining us today. I hope you have a good afternoon.