REA Group Limited (REA) Earnings Call Transcript & Summary

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.