Anthony Thunström
CEO, Member of Operating Board & Executive Director

Good morning, and thank you for joining us. Today, I'm going to unpack why the year that was -- has been a difficult year for TFG results-wise. But more importantly, I'm going to share what we've already done in terms of tactical responses together with what we are currently doing from a strategic perspective to ensure that our business is strongly positioned to improve profitability and capital returns.

I'll begin with an overview of the year and a summary of our financial performance. Ralph will unpack our financial performance and balance sheet metrics across our 3 geographies and at a group level in detail. I will conclude with our outlook and the decisive strategic actions that we are taking to reset the group for improved profitability and returns.

To keep our presentation crisp and focused, between us, we will also cover credit as well as the TFG London and Australia operating environments and their results.

Dean and Justin will join us for the Q&A session to provide you with more granular detail and flavor in respect of these businesses. FY '26 was disappointing from a result perspective and well below what we believe was achievable at the beginning of the year, albeit under very different circumstances. We traded through a difficult economic and consumer environment across all of our key markets. Discretionary spend was under pressure and consumer confidence weakened materially.

We saw continued strong e-commerce sales via our Bash platform, which allows for