Anthony Lucas
Chief Financial Officer

Good morning, everyone, and thank you for joining us, both here in the room and also online for the Kraken Investor Briefing. I know many of you, but my name is Tony Lucas. I'm the CFO at Origin. And I'd like to start by acknowledging the traditional custodians on the land which we gather here in Barangaroo, the Gadigal people from the Eora Nation, and pay my respects to their elders past, present and emerging.

So the format of today is a presentation from the Kraken team that will go for about an hour. Then we'll have 30 to 45 minutes of Q&A, which we'll moderate here. That will be microphones in the room and webcast for online participants.

Before we get into the Kraken presentation, I'd just like to touch on yesterday where we reissued fin year '26 guidance for Octopus Energy. That revision was driven by regulatory changes and also trading outcomes in the U.K. retail business. It didn't change the Kraken story. The earnings outlook for Kraken is unchanged from what we told you and shared with you in February. The team and I are happy to talk through those changes either later today or off-line.

So to the substance of today. So about a decade ago, Origin identified that the energy transition would change the way in which energy businesses operate, the way that the market