Endeavour Group reported sales up 1%, but EBIT down 9% in FY26. The decline in EBIT was concentrated in the Retail segment, with lower gross margins the source of pressure. As we move into FY27e, Retail sales trends will be stronger and gross margin declines smaller, but the headwind in FY27e is higher operating costs. Endeavour is delicately balancing debt and equity holders. The dividend in FY26 was part funded through debt and we expect this will occur again in FY27e.