WT Financial Group Limited (WTL) Earnings Call Transcript & Summary

Good afternoon, everyone, and welcome to this WT Financial Group Indicative 2026 Financial Year Result Webinar. My name is Tim McGowen and I'm the host for today's session. Now some housekeeping before I introduce WT CEO, Keith Cullen. If you'd like to ask a question, type in the Q&A box provided, you can ask questions as we go along. We'll also be asking questions at the end of this event, if time permits. Also, if you leave early, remember this session is available for later playback. So reach out to me if you'd like a copy of this webinar. Keith, that's the housekeeping. Over to you.

Well, Tim, hopefully, everyone can see me okay because I'm trying to drive the technology here, and I've lost my view of the camera myself. But I'm assuming that they can. And hopefully, they can see the slide deck as well. So good afternoon, everyone. Thanks for joining us. As Tim has said, I'm Keith Cullen, Founder and Managing Director of WT Financial Group. And whether you're a long-term shareholder that's been with us throughout the journey or is someone who's recently started following the business, we appreciate you taking the time to join us today. About a month ago, we held an investor presentation and submitted a slide deck at that time to the ASX. And in that one, we spent quite a bit of time explaining how WT Financial Group has evolved over the past several years. And I'd encourage everyone that hasn't seen that to go back and take a look at it and help put more of today in context. Really, that presentation was about strategy. Today, we're going to do something a little bit different. And today is all about demonstrating that the strategy is beginning to deliver the outcomes that we've been aiming for. So while today's presentation is anchored on our FY '26 indicative results that we released to the market the other day, it's not actually intended to be a traditional results briefing. There will be plenty of time for that when we release our audited accounts next month when we'll go into detail and hold a more technical analyst briefing and answer all of the financial questions that naturally arise from a set of full year audited results. Today, what I'd rather spend the time talking about is something that we think is far more important, and that's explaining why our numbers are improving, why we believe that's sustainable and why we're becoming increasingly optimistic about the long-term opportunity that sits in front of us. In many respects, we think FY '26 represents an important transition in the evolution of WT Financial Group. Our first 5 or 6 years, we're about building one of Australia's leading advice platforms. And in that, we mean building the scale and the infrastructure, building our risk management capability and the technology that sits behind that, building adviser engagement and building our professional development engine. At the same time, of course, building our culture. For us, building everything that we believe should sit underneath a modern financial advice business. And that's required a lot of investment. At times, it's required some patience and frankly, it's required us to make decisions that prioritize long-term value over short-term earnings at times. So now we're beginning to enter a different phase. We've built the platform. The foundations are largely in place, and we're beginning to see the leverage that naturally emerges from those investments that we've been making. So today, I'd like to take you through what we believe we're entering, and that's the next phase. Not simply because simply these numbers are pleasing, which they are, but because we think those numbers tell a much bigger story about where the business is headed over the next 5 years. So we'll flip on to our disclaimer there. Obviously, today contains forward-looking statements. They're not intended to be forecast and anything discussed today is general in nature and shouldn't be taken as personal advice. So let's start by looking at the result itself. It was another year of strong financial performance. As I mentioned, the market has already seen our indicative results announcement. So rather than spending 10 minutes reading the numbers from a screen, let me simply highlight what I think the important takeaways are. During FY '26, we continued to deliver across every major financial measure. Our net revenue increased by around 15% on gross revenue that it was up around 13%. Pleasingly, of course, our EBITDA increased by around 22%, and our net profit before tax increased around 20%. Our cash position strengthened and we're expecting to declare a fully franked dividend of $0.075 per share, bringing total declared fully franked dividends over the last 12 months to $0.01 per share. So we're obviously really pleased with those numbers. They're another year of meaningful progress. But I don't actually think the numbers themselves are the most important part of the story. The financial results are always a consequence of decisions that we've made over the last few years. So what interests me much more is helping you understand why those numbers are moving the way they are and why we believe those trends are only just the beginning. So that's what I'd like to explore this afternoon. I think once you understand the mechanics of the business, the financial outcomes start to make a lot more sense. For several years, we've spoken about operating leverage, and it's a phrase that appears regularly in all of the investor presentations we do. It's easier to say than what it is to actually build. And operating leverage doesn't just suddenly appear overnight and land in a spreadsheet. That's something you spend years constructing before anyone ever sees the financial statements. And that's exactly where I think WTL finds itself today. So let me explain what I mean by that. Our operating leverage in action. There's one question I get asked often, what actually drives the growth at WTL? And it's a good and fair question because our model isn't exactly the same as those of our peers. For us, I think the answer is much simpler than many people expect it to be. We don't grow by employing dozens of additional people every year, and we don't grow by chasing adviser numbers for the sake of those numbers. And we don't grow by continually adding fixed costs either. We certainly don't grow by hoping that industry conditions alone will somehow improve our financial performance. We grow by helping the advice practices we support become more successful. Everything starts with that. As advice practices generate more revenue, as they become more successful, our aligned revenue share model allows WT to participate in that growth. Because much of our central infrastructure has already been built, a growing proportion of that additional revenue flows through to earnings. That's the operating leverage that we talk about. It's really as simple as that. Now it might sound straightforward, but it's taken years to put these pieces together. We've invested heavily in our proprietary risk management framework and its technology platform. We've invested significantly in adviser education and professional development, artificial intelligence. We've invested in practice consulting, our regional management team, operational support, invested over the last decade in our consumer engagement tools to help our practices and, of course, in developing our capital solutions to help practices corporatize and grow. Everything we've built, however, as diverse as it may be, has been designed around one objective, and that's helping practices become better businesses. Because if our practices become more successful, WT becomes more successful. And ultimately, our shareholders participate in that success from both a revenue and capital perspective. So that's why I say that our interests are fundamentally aligned with the interest of the practices we support. When we win, they win. And when they win, we win, it's not a slogan for us. It's the simple economics of our business model. And of course, naturally, it raises another question. If helping practices grow is ultimately what drives shareholder value, how exactly do we help them grow? And that's really where I'd like to spend the next part of today's presentation because over the last couple of years, as we've developed all of these tools to help practices grow, we coalesce them into what we refer to internally as our 4 drivers of operating leverage or our 4 pillars. These aren't marketing slogans, nor are they simply adviser initiatives or practice initiatives. They're the commercial framework we use to help practices capture the enormous opportunities currently emerging across the advice profession. And I think they're becoming one of the defining competitive advantages of our business. I'll just stop for a glass of water there, if you don't mind.

Keith, I might jump in with a quick question, if you don't mind.

Yes. No problem, Tim.

Look, you've spoken about operating leverage several times and investors hear that a lot from companies to be honest. Can you explain kind of in practical terms why that's different for WTL?

Well, Tim, I think it's the fact that unlike a lot of our competitors, we're directly sharing revenue with our practices. And so that's where the alignment becomes so important, so I'll give you an example. We're not out there actively chasing new practices to join the group because if we were on a fixed revenue model with practices, that might be something we needed to do because focusing helping practices grow their revenue and their profitability for a network that's on a fixed fee model with their practices doesn't really flow through to additional revenue or profitability for the practice and doesn't show -- flow through to additional shareholder value. Whereas instead of chasing new practices to join our network, our entire focus is really on helping our practices grow their revenue grow their capacity. And I'll step into it now with this next slide, I think Tim will help answer it better as the different ways we go about doing that because as we do that, in sharing in revenue with the vast majority of our practices, it improves our operating margin because no more practices, no more advisers, no more support structure required, just helping our practices grow their revenue and profitability, then disproportionately flows through to our bottom line. So if that's answered that, Tim, I'll hop back into this next slide and sort of step through some of the specifics of how we go about that. One of the drivers -- look, over the last couple of years, we've gradually developed what we call as I say, our 4 drivers of operating leverage or internally in the business, we call them the 4 pillars. But I think from a shareholder's perspective, I'd encourage people to think about them a little differently, more think of them as the 4 commercial levers that allow advice businesses to capture more of the opportunity that's currently sitting in front of them, while improving the service levels and outcomes for their clients. Look, because the industry tailwinds themselves don't create value. I've talked a lot about industry tailwinds over the last few years, but in and of themselves, they're not going to create value. That opportunity is sitting there for everyone. Australia has got a rapidly growing superannuation system. We've got an aging population. We've got unprecedented intergenerational wealth transfer happening and we've got fewer financial advisers than we've ever had before. So the conditions create the opportunity, but that they don't automatically create successful businesses. Practices have to capture that opportunity themselves, and that's exactly what our focus is. The first driver is pricing confidence. Now pricing confidence isn't really just about charging more money. It's about helping advisers become confident enough in the value that they create, that they're confident enough in charging appropriately for it. Tim, for many years, our professionals had a tendency to undervalue itself, not because advisers weren't delivering value, but because many weren't particularly comfortable talking about that value. As advisers become more technically capable, they become more confident, their advice quality to their clients improves, their confidence naturally improves. And with that confidence comes the ability to build a more sustainable business. Then the second driver for us is really capacity building. Every successful advice practice eventually runs into the same constraint. It's time. An adviser or the advisers in the practice only have so many hours in the day. And therefore, there's only so many clients that one adviser can look after. Historically, that's meant growth eventually stopped or growth required adding an additional cost base into the system. So today, that's changing. AI and automation are just absolutely transforming professional services businesses like financial advice. Practices -- they're giving practices the ability to develop better systems, improved workflows, perhaps use outsourcing. We encourage them, of course, to have better operating discipline, develop their processes and have real process discipline. All these things are allowing advisers to spend more time doing what only advisers can do within their practice. That's talking to clients, providing advice, building the relationships. Everything else is increasingly able to be systemized and that allows practices to serve significantly more clients, not only without compromising quality, but by actually -- but at the same time, actually improving service levels and the outcomes for their clients. The third key driver for us is lead flow, and this is right in our wheelhouse, having had a lot of experience in the retail environment and with marketing. Look, additional capacity doesn't create value itself if there's nobody to fill it. So we spend a lot of time helping practices become more deliberate about their client acquisition, helping them identify their ideal clients, consider specializing, helping them build referral systems and actually become referable themselves, helping them improve their digital presence and become more visible within their communities. Look, again, none of these things is particularly revolutionary. But together, they create something quite powerful. Finally, the fourth driver, of course, is enterprise value. And this is probably the one that's evolved the most over the last couple of years. Historically, advice practices have been great at building professional businesses, but they weren't necessarily valuable enterprises. Their value often walk out the door every evening with the principal. And so our objective has been to help practices become genuine businesses; businesses with real management capability, with succession options and businesses that are capable of attracting capital, properly using debt, capable of acquiring other businesses; businesses that create wealth, not just through annual income, which advisers have been terrific at doing in many cases, but through the equity value that they're building over many years. And that's really where our strategy has begun to evolve to because once you've helped practices build valuable businesses, the next obvious question for a network like ours become, how do we and our shareholders participate in that value that's being created and actually help people execute on the strategies to get them there. So that's exactly where our Investco joint venture comes in and what our Hubco strategy is all about. Look, when practices win, their clients win and our shareholders win. I've said it a couple of times already this afternoon, but our interests are aligned with the interests of the practices we support. I'd actually like to spend a moment now just sort of explaining what I mean by all of that because I think it's one of the most important characteristics about our business. WTL doesn't succeed independently of our practices. Our success is directly connected to theirs. When practices increase their revenue, we participate. When advisers become more productive, we participate. When their pricing improves, we participate. And when they build greater capacity, they attract more clients, we participate. It's a very simple economic model. Our commercial success isn't dependent upon finding new ways to charge practices more. It's dependent on helping them become more successful businesses. And I think that's fundamentally a different relationship. Certainly, what existed within what was then called dealer groups that we acquired when we coalesced this network together and really what generally exists in other advice network operators in the market. We're not simply supplying services. We're investing in our time, our people, our technology, all of our IP, of course, into helping practices improve their commercial outcomes. When they improve, it improves our financial results and, of course, our shareholders benefit. So I think that's why I often describe the business as having one of the strongest alignments of interests that you'll find. Of course, our advisers want their practices to grow and practice principals want their businesses to become more valuable. And WT wants exactly that same thing. And our shareholders benefit when those things happen. I think that's a really healthy alignment. And it also explains why we've invested so heavily over recent years. People ask why we continue investing so much into professional development, for example, which has been really significant. We spend a considerable amount of time and money into practice development, professional development, running programs for our practices. We've continued to put money into expanding our risk management capability, particularly the technology around it. We've built a really solid central infrastructure. Why we're doing this? Every one of those investments that we make makes our practices better businesses and every improvement they achieve ultimately improves the economics for WT. And Tim, that's back to that question you asked before. That, to me, is genuine operating leverage. And that leverage comes not because we'll be reducing the investment, but because those previous investments that we've made begin generating increasing returns. So if the 4 drivers help practices build larger, stronger and more valuable businesses, we're not doing it just for the fun of it. We're doing it because it helps improve our business as well. And then we introduced our Hubco strategy, and that really provides the mechanism that allows us to participate in the value creation in a completely new and different way. So this is the fourth driver in action. Over many years, Australian financial advisers remain remarkably fragmented. There's thousands of excellently run privately owned financial advice businesses but there's thousands of them. And look, many of them are highly profitable, many are exceptionally well run and most of them have wonderful client relationships. But they all face exactly the same sort of challenges: succession, capital, scale acquisition capability, depth of management, but they're not advice problems. So all the technical training in the world won't help with us. They're business problems. And that's really where our Hubco strategy began. Not because we wanted to build another business but because we wanted another way to help good businesses become great businesses. And so I guess I'd describe our Hubco strategy really as the natural evolution of everything we've been doing. For years now, we've been helping advice practices become better businesses. So our Hubco strategy is simply allowing us to help them capitalize upon that and at the same time, allowing us to participate in the value that we help create. That's a big difference, I think. Through the Hubco strategy, we're helping create corporatized advice businesses and ones that are capable of accessing capital making acquisitions and building real long-term enterprise value. And importantly though, this is not a sort of top-down roll-up strategy. What we're doing, we're doing all of this while we're leaving the entrepreneurs in charge. We're not trying to create a centralized everything. We're not trying to replace local leadership. We're really backing people, providing the capital, providing the capability and providing some infrastructure to help them grow, not only organically, which we've been very good at, but inorganically now too. And we're helping them build something really larger than they could comfortably build on their own. Titan Advice Group has obviously been the first practical demonstration of that. And you could go back and have a look at the many presentations that we've done when we were first setting up the Hubcos and some of the updates we've done around that. But importantly, it hasn't stopped with just Titan. We've had Select Advice Group as our second Hubco that we've created. It's been established, and it's already progressing to further acquisitions. We've recently announced LifeSumo as our third Hubco, settlements progressing on that one and future acquisitions are already being planned. And look, beyond those is there's additional Hubcos that are currently under active development. So I think shareholders need to look at these. They're not a handful of one-off transactions for us. The Hubco strategy is becoming, for us, a repeatable growth platform. And each time we do one, it improves our capability. Each successful integration strengthens the reputation of the strategy and our role in it. And I think each successful entrepreneur becomes another advocate for the model. And I think for us, that's exactly how we see ecosystems like this grow. It's slowly at first and then increasingly quickly as confidence is built. Importantly, though, I'd really encourage investors not to think about Hubcos as being separate from the rest of WTL. And I know in some of the discussions we've had, we did that road show recently, Tim, and some people were starting to view it maybe as a sort of separate channel to the business or such. But they're not really separate from anything that we're doing. They're really another expression of that same philosophy that we've approached this business with from day 1, that's all about helping practices in our group become larger, stronger and ultimately help them become more valuable. And the Hubco strategy is another way for us to allow our shareholders to participate in that journey alongside the practices. So that's really what the fourth driver is all about. It's not just about building enterprise value, it's about unlocking enterprise value for practice owners, for their teams and ultimately for WTL and our shareholders as well. Well, let's have a look at the structural tailwinds that continue to strengthen. Again, we're around on that road show. Tim, I think you came to some of those meetings with me recently and one of the questions that popped up a couple of times is whether we thought the current conditions that are really driving a lot of growth in financial advice and attracting a lot of capital as well to the financial advice profession in Australia, whether they were temporary, those conditions, or whether they might even just be cyclical. And so therefore, whether adviser profitability would eventually decline, whether the current demand for advice might moderate. Personally, I think it's much more than that. We're really witnessing a structural shift, and that's a really important distinction. Cycles eventually reverse and the structural trends tend to compound over time. So when you stand back and have a look at where the advice profession is today, there's really several powerful forces all moving in the same direction. You've got Australian superannuation system, it continues to grow, not just because there's been a market performing well in the past year, but because the system itself has compulsory contributions built into it. Every week, every fortnight, every month, that capital keeps accumulating. At the same time, we're seeing this massive intergenerational transfer of wealth in Australia. And so families aren't just looking for investment advice anymore. They're looking for guidance around retirement, around tax, estate planning, aged care, business succession and for larger families, particularly blended families as we increasingly see, they're looking for family governance. And so the whole advice conversation has become much broader and much more valuable. It's about way more than just investment decisions now. In exactly that same time, we've got significantly fewer advisers than we had a few years ago. And that's not a short-term phenomenon. Really, that's a structural change. It's a consequence of regulatory reform. And it's not going away anytime soon. We do -- we certainly do hope that the regulations will change and we'll be able to get back to growing the profession. But for now, it's a fundamental. So that presents challenges for the profession, but it's also fundamentally changed the economics. Quality advice has become more valuable. Advisers have become more valuable themselves and quality advice businesses have become more valuable. That's why we think the industry tailwinds themselves are not of concern, and they're certainly not of a cyclical nature. But what is of concern in terms of us needing to address it is the ability of practices to capture those tailwinds. Demand doesn't automatically become revenue. And practices still need confidence. They need to build capacity, they need great systems in place. They need leadership. And increasingly, they need scale if they're going to properly meet that demand. And that's exactly where WTL sits and comes into this picture. We're not simply observing these structural changes, and we're not expecting them to just rain opportunity and improve profitability from the sky. We're about helping our practices position themselves to really benefit from [ them now, ] and that's a really important distinction. We're participating in the opportunity that's being presented by those structural changes by helping others participate in it first. Our advisers, their principals, the practices, when we help them, that's how we participate in that supply-demand imbalance that's emerged there, and that's always been our philosophy and really always will be. So I guess that's putting the structural tailwinds together for everyone. The future then starts to become quite interesting. But first, I'd like to just have a look at the journey so far. And I wanted to include this slide because I think it's occasionally useful to sort of stop and look backwards. And when I look over the past several years, we don't think about the evolution of our business in terms of acquisitions or the financial years or the earnings growth across that time as pleased at times as we've been with those things, we think about it more of the journey in terms of the capability that we've built. So look, if you go back to 2018, we made a very deliberate decision to fundamentally change the direction of the company. And that was when we moved away from primarily being a B2C business, a direct-to-consumer financial advice business, and we began building something much larger, not just a network or a dealer group, as the term was in those days. I think we set about building a platform and that platform gradually grew. We started with Wealth today, a pretty small operation, then Sentry, then Synchron, then Millennium3. Each acquisition brought additional advisers. There's no question about that. But more importantly than that, every one of them that we did brought something else to the table and made us stronger. Each time we ran through an integration of these businesses, whether that was integrating the advisers in the network into the broader group or integrating the teams and the systems within that into our centralized system. Each time we did that, every one of those challenges taught us something and enabled us to improve our systems. And while look, the successes that we achieved along the way, I think, have really reinforced the culture of what we wanted to build. Gradually, the infrastructure became deeper, our risk management framework that I've talked a lot in the past, and I'd encourage those new to the business to go back and look at previous presentations on it. It's really matured and the technology has matured. You'll hear me talk. It's not just about managing risk. That whole framework that we've run has really transformed our relationships with our advisers. At the same time, our education capability has expanded, and it's really helped us strengthen our relationships. And so that, I believe, has helped our platform become increasingly valuable not just because it was larger, even though it is certainly larger but because it's becoming increasingly difficult for people to replicate. The scale by itself to us isn't particularly valuable. A lot of business has become larger. The scale for us was about underwriting all of making sure we had significant enough scale to underwrite the development of all those great resources in those 4 pillars or the 4 key economic drivers that we bring to the table for practices. So building scale is relatively simple, particularly when you acquire it. What's more difficult is building an ecosystem around that risk management, education the practice consulting that we do, the professional development, the capital we bring to the table and the commercial alignment, the ecosystems where they all reinforce one another. They're not separate things by themselves. They all collectively go together to underwrite our philosophy of helping practitioners build better businesses. And that's what we've been building. So look, if I had to summarize the journey in a sentence, I would say that the first few years from 2018 onwards were really about building the platform. The next sort of 5 years for us are about allowing that platform to do what it's always been designed to do, that's generating increasing value, increasing value for advisers and their clients, for practices and, of course, and for shareholders. So I'll just top up on water, Tim, if that's all right.

I'll jump in with a quick question, I'll let you do that. Just on that journey slide, it now kind of looks almost in hindsight like the acquisitions weren't kind of really the end objective. Is that kind of a fair assumption to make?

Tim, I think I touched on it in that a little bit in that the acquisitions for us were a deliberate corporate strategy at the time, but the corporate strategy was about building significant enough scale into the business to underwrite all that modernized advice practices need to support them properly, not only in serving their clients, but as we've been talking about today, building better businesses. Now with that job done is we've got plenty of scale. We've taken one in effect were 2 sort of breakeven, moderately profitable businesses and 2 that were really, in effect, losing money and we've managed to integrate them into a cohesive operating unit to bring our philosophy to bear, to bring all of these great resources that we've been building over years to bear and to create a profitable enterprise. But that's the beginning of the journey for us. So now it's not about scale for scale's sake because we've got the scale to underwrite all those important measures. For us, the greatest focus of our regional management team, our senior executives, everyone in the business is not on recruiting more practices into the group. We've got 530-odd personal advice advisers, about another 40-odd general advice advisers, that's big scale. The focus for us is helping on them improve their profitability, their revenue through that pricing confidence, then help them build their capacity and then help them backfill with lead flow to really capture this enormous supply-demand imbalance opportunity. And then, of course, through our Hubco strategy and just through our experience, bringing to the table for them even if they don't pursue the Hubco strategy is just helping them build better enterprise value into their businesses so that they're not just building as I mentioned before, strong revenue for a year. They're building transferable wealth, and that's really critically what it's all about.

I'll let you finish up. We've got several more questions. Thanks, Keith.

All right. Good on you, Tim. Thanks very much. So I wanted to include a slide about why we're excited. I get that classic question when I bump into friends and colleagues in the street as to how you're doing and they naturally flow to how business is going and I've got a pretty simple answer to that. We are very excited in the business today. I think we've got great clarity of purpose in this business. It didn't arrive overnight. There's no question of that. We've had that clarity of purpose for a long time. But I think now we've got -- with all of those acquisitions and integrations behind us, we really -- and the Hubco strategy starting to kick into gear, we've really now got the clear air to express that clarity of purpose better, and that's what's getting us excited. And people say that to say what's specifically exciting is, many think it's going -- the answer is going to just be the Hubco strategy or further acquisitions or look, where AI can -- you can get me talking all day about where artificial intelligence can take us and take the profession. But the answer is a lot simpler than that. The excitement is coming out of how the moving parts are really beginning to work together now, investing across those multiple businesses and acquisitions and business areas. Sometimes the individual investments might have looked a bit unrelated. The risk management and technology investment, then investing in adviser education and building out the practice consulting, helping advisers by investing into getting them more confident about pricing and building capacity, they were really never separate initiatives though. They've always been about being individual components of one system. That system, again, been all about helping advice businesses become more successful. And that's why we think the future looks increasingly exciting, not because we've suddenly discovered a new strategy, quite the opposite because the strategy we've been pursuing for years is really beginning to mature. The platform that we've been building stronger, our practice is increasingly becoming stronger and the commercial alignment has never been better. So our opportunities continue to expand. And importantly, though I'd say, far from having reached a destination, I think we're just arriving at the point now where everything we've built begins compounding. Each element is beginning to reinforce the other. The opportunity is becoming bigger and stronger in and of itself. And so that's what excites us not simply next year's earnings, but the trajectory of the business over the next decade. So I think, Tim, that just about wraps this up. As I said in the beginning, today's presentation wasn't really intended to be just about the FY 2026 results. We'll certainly do a deep dive into them once the audited numbers are out and the segment reporting is out and so on. As I explained at the beginning, we believe the business is entering a really new and important phase. The result's pleasing itself, don't get me wrong. We're delighted with what the team is achieving. But the financial results only tell you where the business sort of has been in the last 12 months. The strategy tells you where we're going. And so if there's one thing I thought I'd like shareholders to be left with today, it's this, we don't measure our success by how many practices we support and we don't measure it by the number of advisers in the group. We measure it by how successful those individual practices in our group become. So as they become more successful, it helps drive us and our shareholders participate in that success. And that's really been the philosophy behind WT from the outset. And it's why we're increasingly optimistic about the years ahead. And increasingly, also, I think we're becoming much more than an advice network. We're really building an ecosystem that helps advise businesses become stronger more valuable, more sustainable. And in doing so, we're creating what we believe is an increasingly valuable business for our own shareholders as well. So thank you again for attending. And Tim, if there's any questions, as always, more than happy to dive into them.

Yes. Thanks, Keith. Several questions here from shareholders. Let's start with the financial year results. There's a question here, is this the beginning of faster earnings growth? Or should this be kind of just viewed as a one-off?

No, I think it's definitely compounding, Tim. As I've said throughout that presentation is all these different component pieces that we've built together, building the scale was important, deliberate corporate strategy through that inorganic growth of acquiring the scale into the network. Integrating the businesses presented all of its own challenges and provided the opportunity for us to take best-of-breed and leverage that out across the networks. We've been bringing all of that knowledge that we have from our experience in the retail space to bear. Now we've managed to bring that all together in what I mentioned before, we call internally our 4 pillars framework, all those. There's 4 drivers to commercial success inside the business. We brought that all together in a common operating language to work with our practices. And so we're really helping them build better businesses. The great leverage starts to come now. And the further leverage was actually getting to build the Investco joint venture with Merchant, start to roll out our Hubcos. And so we think now over the next few years, these things start to compound.

And just a question on the Hubcos. Has WT contributed any capital to the existing Hubcos at this stage?

We haven't, at this stage, Tim, so I'd encourage everyone to go back and have a look at our previous Hubco presentations where we've done a deep dive on how that structure works. We're equal partners with Merchant on the Investco joint venture. We have the right, but not obligation, to double dollar match as Investco makes those decisions in -- investment decisions in building the Hubcos out. And then our primary role is really originating those opportunities, managing the opportunities come together, managing M&A, managing the access to capital, whether that's debt or equity, and of course, we participate through that process as well from an equity perspective. But certainly, it's an option for us to look into...