Financial Data and Key Metrics Changes - Group sales for FY25 increased by 3.6% to $69.1 billion, with sales growth in all operating segments [22][23] - Group EBIT before significant items was $2.8 billion, a decrease of 12.6% compared to the prior year, primarily due to lower EBIT from Australian Food and BIG W [23][24] - Group NPAT attributable to equity holders before significant items was $1.4 billion, a decrease of 17.1% [25] - Group ROCE was 13.7%, down 194 basis points compared to the prior year [25][31] Business Line Data and Key Metrics Changes - Australian Food sales increased by 3.1% to $51.5 billion, benefiting from strong e-commerce growth of 17.4% [25][26] - BIG W recorded a full-year sales increase of 1.1%, with a loss of $35 million for the year [29] - E-commerce sales in Australian Food grew by 17.4%, with 87% of orders fulfilled within 24 hours [12][13] - Cartology revenue increased by 19.5%, contributing positively to the group's performance [20] Market Data and Key Metrics Changes - New Zealand sales increased by 3.4% in FY25, with a strong EBIT performance increasing by 40.6% [28] - The Australian B2B segment saw sales growth of 4.1%, driven by double-digit earnings growth in PFD and PC Plus [27][28] Company Strategy and Development Direction - The company aims to be the first choice for customers for the freshest Australian food, improve returns in New Zealand Food and BIG W, and grow complementary businesses [41][44] - A focus on delivering consistently good customer experiences and establishing price trust is emphasized [45][46] - The company plans to invest in lowering prices and improving retail execution to enhance customer perception [50][56] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in FY25, including cost of living pressures and industrial action, but noted early positive signs with improving customer scores [4][5] - For FY26, the company expects mid to high single-digit EBIT growth driven by strategic priorities and a more stable operating environment [55][57] - Management is confident in the ability to deliver long-term sustainable growth despite near-term challenges [57] Other Important Information - The company completed its five-year sustainability plan, delivering an estimated $2.6 billion in net societal benefit [21] - A final dividend of $0.45 per share was approved, bringing the total ordinary dividend for the year to $0.84 [39] Q&A Session Summary Question: Online profitability improvement - Management is focused on optimizing picking and packing processes and enhancing customer experience to improve e-commerce profitability [60][61][62] Question: Investment confidence and competitive positioning - Management emphasized a long-term strategy and early signs of improved customer value perception, acknowledging that momentum takes time to build [66][68] Question: Clarification on sustaining CapEx - Management clarified that capital expenditures are strictly monitored and only capitalized if they have future cash flow value, with ongoing investments aimed at modernizing supply chains and store assets [74][76][80]