I would now like to hand the conference over to Mr. Nick Pagent, CEO. Please go ahead. Thank you very much. Thank you, and good morning to everybody who's dialed in. Welcome again to the Investor presentation for the financial results of Autosports Group for the first half of the 2025 financial year. As the presenter said, my name is Nick Pagent. I'm the CEO of Autosports Group. Joining me today on the call is Aaron Murray, who is the CFO of Autosports Group. This morning, we'll start with a brief presentation on Autosports Group, covering the first half of the 2025 financial year, financial highlights, the operational highlights, and our outlook for the balance of the 2025 financial year. I'll then summarize our first half of the 2025 financial year trading results before handing over to Aaron, who will provide a deeper analysis of Autosports Group's financial metrics, including the revenue drivers, a gross margin and OpEx analysis, net margin analysis, cash flows, and our capital management priorities. Following this, I will provide an update on Autosports Group's progress against our consistent luxury brand growth strategy. This will include details of our greenfields growth with two new brands for Autosports in this period, Polestar and Zeekr. As we move through the presentation lodged this morning with the ASX and also on our own Autosports Group investor site, I will, where possible, note the relevant slide numbers for those following along, starting with slide number three, our first half 2025 financial highlights slide. Trading conditions in the new vehicle market were challenging throughout the first half of the 2025 financial year. The market fell by 7.4%, and the luxury market retreated by over 13%, primarily driven by tighter economic conditions. Within this environment, Autosports Group saw pressure in two key areas of its business: new vehicle revenue and new vehicle gross profit margins. Our costs, although well controlled from an OpEx perspective, are still impacted by higher interest costs. Despite these headwinds, we remain on the right path. Our luxury-focused business is positioned as well as possible for the current conditions and well positioned to benefit from any improvements either in the new vehicle market or indeed with interest costs. In the first half of FY 2025, Autosports Group total revenue grew by 2.1%. Margins, gross margins, fell by 1.4% to 18.3%. This was driven by a combination of pressure on new vehicle margins and the cost of Autosports Group's deliberate strategy to reduce new vehicle inventory levels. The EBITDA was down 25.1% to AUD 80.1 million. Interest costs grew to AUD 32.3 million on the combination of higher AASB leasing costs, acquired floor plan from our Stillwell acquisition, and higher inventory levels in quarter one of the financial year. The normalized net profit before tax, as announced in our most recent trading update, is at AUD 20.2 million exclusive of the AASB 16 costs of AUD 1.8 million. Today, we're announcing a first half 2025 financial year fully franked dividend of AUD 0.035, which is in line with our dividend policy. If I turn to slide four and look at some of our operational highlights, as I noted during our highlights slide, the new vehicle market is challenging and competitive. While revenues grew by 2.1%, they did so on acquired growth of AUD 80 million from our strategic acquisition of the Stillwell Motor Group, which completed in October of 2024. Overall, we were disappointed with where the revenues finished but satisfied that we outperformed the broader luxury market. Gross margins were impacted by this competitive environment. We saw this coming. Gross margins, however, were also impacted by the costs and deeper discounts associated with our inventory reduction strategy. Put simply, we're outperforming the market and reducing inventory, and that cost us some margin, but only on a temporary basis. The group's achievement in reducing inventory by AUD 47.2 million during H1, the 2025 financial year, and significantly more from our peaking inventory levels from April 2024 should not be underestimated. It was hard work achieving this reduction, and it improves our positioning as we move towards the 2026 financial year. Our growth continued to be structured through the end of the 2025 financial year. We completed the acquisition of the Stillwell Motor Group complementary brands: BMW MINI, BMW Motorcycles, Volvo, and Ducati. They're in long-term locations: South Yarra, Brighton, Doncaster, and the Mornington Peninsula. This acquisition is on track with AUD 80 million in revenue being generated since the October settlement. We have greenfields growth that we're announcing today, and I'll talk about a little bit later in more detail with the expansion of Autosports Group's brands to take on the brands of Polestar in Sydney and in Melbourne, and also the Geely-owned luxury Chinese brand Zeekr in Doncaster and South Yarra. These brands are on strategy growth opportunities, luxury brands, and they align with Autosports' overall luxury strategy. Capital allocation during the period was high in the first half of the 2025 financial year, but it was in all the right areas. In growth with this Stillwell Motor Group acquisition, in organic growth with capacity extensions in Queensland, repayment of debt, and also shareholder returns in the form of fully franked dividends. If I move now to slide number five to the outlook, our outlook remains cautious through the balance of the 2025 financial year. New vehicle market conditions are expected to remain challenging. Autosports Group will continue to monitor its inventory levels and will adjust them in accordance with the new vehicle market trends. Our used car service, parts and collision repair businesses are expected to remain resilient and expected to grow during the period. Our growth will be supplemented by the addition of the six Polestar and Zeekr outlets that we're taking on as greenfield sites. Growth will also be supplemented by the full-year cycling of our Stillwell Motor Group acquisition, which settled, as I said earlier, in October last year. If I move to slide number seven now to look at the statutory results for the business. The slide on slide seven gives all the movements between our normalized results and the statutory numbers. As you can see, those movements are minor and consistent with previous periods. We have AASB 16 interest slightly up on the Stillwell Motor Group leases. Interest costs were up on the combination of higher inventories in quarter one, Stillwell Motor Group acquired inventories, and of course, that lease interest move that I discussed earlier. Dividends will be paid out at AUD 0.035, again, as I said, which is within our target range for dividends. That dividend is, of course, fully franked. If I move to slide number eight to discuss the trading highlights, I'll focus here again on new vehicle trading, as all the other relevant streams are on target, resilient, and performing at expectations. The new vehicle market was lower than we expected at the half year. The luxury market was 13.2% down. Autosports Group was only 0.4% down. Of course, that number was supported by the Stillwell Motor Group revenues in the last quarter. Like for like, the business was down 7% in new vehicles and while this is a credible result and shows that Autosports Group is clearly outperforming the market that it performs in, this outperformance was partially aided by margin reductions. One thing I'd like to make clear, however, is that we did not lose control of the margin profile. What we did was deliberate. What we did was intentional. In April of 2024, when we started to see declines in the new vehicle market, we took the deliberate step to reduce our inventory levels in the business. We did this to improve our stock turns. We did this to ensure that we were not oversupplied. We did this to position ourselves correctly for the balance of the second half of FY 2025 and into FY 2026. From April to January 2025, we reduced our inventory by approximately AUD 80 million. AUD 47.2 million of that was within the first half from July to December. The scale of this movement should not be underestimated. It is the best thing that we did operationally over the last seven months. Of course, margins were down to 18.3% off the back of this, with the combination of the market pressures and the inventory contributing to it 100% of our margin reduction came in the area of new vehicle margin reduction. Over the medium term, we've seen margins improving as the market stabilizes, and of course, interest rate movements create significant operating leverage for the group. I'd now like to hand over to Aaron so that he can share some further detail on our revenue drivers, gross margins and OpEx, net margin analysis, cash flows, and capital management priorities. Aaron. Thank you, Nick, and good morning to everybody joining us on the call. If you move to slide 10, I'll talk you through what drove our revenues for the half. Historically, ASG has achieved consistent revenue growth through a mix of organic and acquired revenue. In the first half of FY 2025, ASG achieved revenue growth of AUD 27 million on PCP. The growth in this period was driven by AUD 80 million of acquired revenue with the settlement of the Stillwell Motor Group in October 2024. The challenging new vehicle market saw organic like-for-like new vehicle revenue decline by AUD 59 million on PCP and a small reduction of AUD 2 million in used vehicle revenue. This used vehicle result is very strong given the reduction of trading opportunities available from the new vehicle department. In our high-margin after-sales departments of service and parts, we saw like-for-like organic growth of AUD 11 million, up 6% on PCP. ASG's second half FY 2025 revenue drivers will be supported by a full six months trading from the Stillwell Motor Group and continued organic growth in the after-sales departments. If you turn to slide 11, we'll look now at gross margin and OpEx. Historically, gross margin has been supported by ASG's long-term strategy of investing in assets that present high margin opportunities. This strategy has seen ASG's GP margin improve from 15.6% in FY 2020 to a high of 20.1% in FY 2023. Disappointingly, in the first half of FY 2025, gross profit margin has reduced to 18.3%, down from 19.2% in the second half of FY 2024. However, we think that the current margin position now has upside. The margin decline we have seen has all come through our new vehicle revenue stream, with new vehicle margin down 2.9%, equating to around AUD 20-AUD 25 million of gross profit. Part of that reduction has been driven by deeper trading or higher discounting to maintain our new vehicle market share. We feel that we've been quite effective in this area, with VFACTS showing the luxury market down 13.2% compared to our like-for-like new vehicle revenue, only down 7%. Secondly, new vehicle margin has been impacted by a mix of product, aging, and our targeted strategy to reduce new vehicle inventory over the period. Despite facing a difficult new vehicle market, overall gross margin in the first half was supported by improved revenue mix flowing through our high-margin after-sales departments. The catalyst we see to improving margin will come through improved customer sentiment, which could be boosted by further interest rate reductions and ensuring that we maintain the correct inventory levels. Overall operating expenses have been well maintained, up AUD 13.3 million on PCP. AUD 9.1 million of this increase comes from the acquisition of the Stillwell Motor Group. Like-for-like operating expenses are up AUD 4.2 million or 2.7% on PCP, with employee costs up very slightly, AUD 64,000. Occupancy costs have increased by AUD 1.6 million, and other expenses are up AUD 2.1 million, partly due to the increased marketing spend to assist in our stock reduction strategy. Historically, ASG has implemented disciplined expense reduction strategies through focused site rationalization and property acquisition, along with dealership consolidation to reduce occupancy costs. This discipline will continue across our recent acquisitions. If you turn to slide 12, we'll look at our margins. In the first half of FY 2025, EBITDA margin has declined 5.9% from the 7.4% achieved in the second half of FY 2024, with PBT margin declining to 1.3% from 3% in the second half of FY 2024. Both EBITDA and PBT margins have been impacted by gross profit margins, and PBT margins have also been impacted by the rising interest costs. Our future operating leverage benefits will come through any stabilization of the new vehicle market, which will help improve GP margins. Any future interest rate reductions in ASG's case is expected that it would assist in driving increased volumes in new and used vehicles, and any rate cuts of 0.25% would see ASG's interest costs reduced by around $2 million annually. In the second half of FY 2025, we'll see a benefit of adding the Polestar and Zeekr to our existing showrooms, providing additional gross opportunities off a very low cost base. If you move to slide 13, our cash flows. ASG is a capital-like business that has generated strong operating cash of $78.8 million in the first half of FY 2025. The strength of the cash generation in the business allows ASG to follow its capital management plan by growing through strategic acquisitions, investing in facility improvements to capitalize on organic growth, strategic property investments, and ultimately strong shareholder returns. In the first half of FY 2025, ASG has continued its aggressive debt paydown reductions and repaid corporate debt of AUD 14.7 million, reducing overall corporate debt to AUD 219 million. AUD 59.9 million was spent acquiring the Stillwell Motor Group, the buyout of the prior minority shareholder in Alexandria Mazda, and the final settlement of Auckland BMW. AUD 11.9 million has been invested in dealership expansion and improvements to maximize productivity and customer experience and ultimately support organic growth. AUD 27.2 million was drawn down on a capital debt facility to part-fund the acquisitions and the PPE spend. The FY 2024 full-year dividend of AUD 16.2 million was paid out in the period. If you turn to slide 14, our capital management and inventory targets. Moving forward, ASG investors can expect to see ASG be consistent and apply the same capital management strategy as in the past. In the second half of 2025, we plan to continue to improve our underlying inventory position, albeit at a slightly lower pace than seen in the first half. We expect to pay down AUD 15 million of corporate debt, with our debt level expected to close at around AUD 209 million, broadly in line with FY 2024. We expect to pay a final dividend within ASG's disclosed dividend range of 55%-70% of NPAT. In the first half of 2025, we had unusually high PPE as a result of showroom constructions. Completion of these projects will occur in the second half, and we expect PPE spend to be around AUD 10 million for the second half. With that, I'll hand back to Nick. Thanks, Aaron. I just want to spend a little bit of time before we open up for questions and close up, talking about our strategy. So if I move to slide number 16, Autosports Group has a simple strategy. It's a simple strategy that has been consistent over the last 20 years. We invest in luxury brands first. We look to have the major cities or the long-term points covered by Autosports Group sites. We want to be a scaled player with our partners, and in doing that, we want to deliver synergies. We want to have a dominant position in the marketplace, and we want to be the partner of choice for the brands that we represent. Within the luxury segment, we cover just on 80% of the total market when you look at the top 10 luxury brands by volume, and in each of those brands, we have multiple sites. When we listed the business in 2016, we had no BMW businesses, w e now have 11. We had no Land Rover businesses, w e now have 2. We had no MINI businesses, w e now have 8. We had no Jaguar businesses, w e now have 2. So what we have done is we have broadened the basket of the luxury goods that we sell. We have made the business more resilient, but we've also done that in moving our geographies. We've opened up businesses on the Gold Coast. We've expanded in Queensland. We've expanded in Melbourne. We've expanded into New Zealand, into Auckland as well, but all within the same template, luxury brands in dominant positions. We have the same plan with EV products. It's the same criteria, but we remember on the way through that electric vehicles or new energy vehicles are a drive train. They're not a product. Traditional brands continue to be dominant in the luxury EV market. And again, here, Autosports Group is well covered. We represent six of the top 10 electric brands by volume, not simply luxury brands, but all EV brands by volume. This has us well positioned for any change in the marketplace, but also does not have us 100% linked to any individual drive train if the luxury market's preferences change during the periods. If I move towards slide number 17 to talk about our growth strategy, of course, as I said yesterday, we're focused on prestige and luxury brands, but the growth strategy is not simply linked to acquiring businesses. It is a multifaceted growth strategy which has organic growth. Aaron talked about it a little bit earlier when he talked about investing in our own capacity, particularly in after-sales, but also we can see that greenfields growth is also being a strong part of our growth over the last 10 years since we listed. In difficult markets, in markets where the market is in decline, Autosports Group has been able to grow successfully before, and it has successfully done it with low-cost acquisitions and greenfields growth acquisitions. The last time there was a declining market was between 2019 and 2020. The market declined 7.8% in the calendar year 2019 and 13.7% in the calendar year 2020. During that time, Autosports Group acquired businesses in Mercedes-Benz, Land Rover, Jaguar, Rolls-Royce, McLaren, Aston Martin, and Bentley. We opened four additional greenfields sites, showing that in difficult markets, we can continue to grow our business, and our strategy is flexible and works in all market types. In the second half of 2025 financial year, we'll focus on greenfields growth, and we'll add six locations to the business in the core brands of Polestar and Zeekr. If you move to slide number 16, I'll start with quickly, who are Polestar and Zeekr? Well, Polestar and Zeekr are both members of the Geely Group of brands, which also includes Autosports Group's luxury brand, Volvo. Polestar is a pure electric vehicle brand from Sweden. It launched three years ago as a direct sales model. With the launch of three additional models in 2025, Polestar has moved to a retail partner model, and we are delighted that they have chosen us to be their partner in Sydney and in Melbourne. Zeekr is also a Chinese-based luxury brand that incorporates the brand of Lynk & Co. Zeekr launched in Australia in late 2024 and intends to roll out its luxury product portfolio throughout 2025. Now, why are these brands fits for the Autosports Group strategy? Well, they're the best of the premium luxury EV brands. With Polestar and Zeekr, we continue to have meaningful scale with the brands. They have a luxury brand margin profile, and both brands align currently with Autosports Group's facility footprint, so as Aaron touched on earlier. They are low-fixed cost additions to the Autosports network of dealerships. The locations are key in Sydney, Polestar at Alexandria, and a flagship store at Artarmon. In Melbourne, currently at Chadstone and Port Melbourne, but more likely in the future at Doncaster in South Yarra. Zeekr will open in South Yarra and in Doncaster in Melbourne. These brands are on strategy. They're well costed into the business. They have a good margin profile, and in our view, they are the most likely new entrants to succeed in luxury vehicles. If I move now to just a recap and an outlook. On the results, revenue was up by 2.1%. Gross margins were down to 18.3%. Our interest costs were up by $32 million during the period. The EBITDA was down to $80.1 million. Normalized net profit was, as previously announced, at $20.2 million. A fully franked dividend has been declared at $0.035. Those results were impacted by new vehicle margin, which declined, interest costs increasing, and they were helped on the revenue side by the acquisition of the Stillwell Motor Group, which settled in October of 2024. Strategically, there is no change to what we do. Our strategy is to drive growth and improve shareholder returns. We're looking to consolidate the automotive market. We're looking to invest in organic growth streams, to develop scale-based synergies to improve our operating leverage, and to deliver consistent shareholder returns in the dividend range. As we look forward to 2025, second half of the year, again, we remain cautious in the outlook. We think the new vehicle market will continue to be challenging. We're watching very closely on new vehicle inventory levels. The other revenue streams of used vehicles, servicing, parts, and collision repair we expect to be stable and resilient. Growth will come from the greenfields. Growth will come from the full-year cycling of the acquisition of Stillwell Motor Group through the second half of the 2025 financial year. I'd now like to open the call up for any questions that investors might have. Thank you very much. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star and if you're on a speakerphone, please pick up the handset to ask your question. The first question is from Sophia Mulley from Macquarie, please go ahead. 2022 remain challenging. Is there risk to further discounting that could potentially be a drag on gross profit margins? Sophia, sorry. I think I got part of it there. I think you were asking, is there further risk to new car margins through the second half of the year, and is further and deeper discounting a risk? Was that the question? Yes. Yeah, correct. Sorry, my headphones aren't working, so I'm on my phone. No dramas. It really is the question that we're looking at all the time. Of course, if the market continues to decline, we will firstly make sure that we reduce our new car inventories to keep them in line with the reductions that we've made. So that can put pressure on new vehicle margins on the way through. Having said that, that pressure was already there in the first half of the financial year. So conditions would have to get worse for the new car margins to have more pressure on it. But the simple fact of new car margins is they're elastic on demand and supply. And if the demand comes down, we'll have to trade a little bit deeper on the way through. It was a 13% down market in luxury vehicles in the second half of last year. We don't see it being worse, but we'll be watching it just as closely as you are, I think, Sophia. That's great. Thanks. And second question, just quickly on interest rates. So I guess if we look at the second half, do you expect a half-on-half decline in interest given the inventory reduction you've had and potential rate cuts that could be flowing through? There's a chance. We have to go and work on it. We have to continue to work on it on the way through there. We had a 0.25% rate reduction the other day on an annualized basis. That's worth about AUD 2 million a year to us. So that's really helpful. We think we've got our stock in a reasonable position there. We don't foresee too many extensions of the corporate debt facility on the way through. So there's an opportunity for at least for it to be stable, Sophia. And I think through 2026, there's real chances for it to decline. That's great. Thanks. And sorry, one more if I may. Just on the inventory position, you've obviously done a great job reducing that in the last half. Do you have any idea of the potential quantum that you expect for the second half, or is a stable inventory position more the plan? No. I think the best guide I can give you there was my comment earlier that we'll be watching the current market. We believe we're in a reasonable position on inventory today, but if the market drops by 5%, we need to drop our inventory by 5% as well. 5% inventory drop for us is about AUD 25 million. So we'll be watching closely, and we'll be monitoring it very closely because we want to go and ensure that we have the right stock depth on the way through this period. That's great. Thanks, guys. Thank you. Thank you. The next question is from Tim Piper from UBS. Please go ahead. Yeah. Hi, Nick and Aaron. Sorry, just to follow on from that question on inventory. So there was obviously a chunk come through the Stillwell. I'm just trying to figure out where your inventory days sit at the moment. You said you're targeting 70. It still looks like you're a margin above that 70. So I mean, are you actually going to be able to bring it to 70, or is it just going to track the market in volumes? So I'll have a go at this, and I'll explain to you why I didn't put the exact stock depth number in as well, Tim. Firstly, we're just above 70 at the moment on the way through. We added about AUD 65 million or AUD 69 million in inventory when we took on the Stillwell Motor Group through the period. So we've been successful, but the market's tracked down. And when we were looking at the numbers, really the most relevant period was the last quarter of the year after we had acquired the Stillwell Motor Group and after the market had come down and after we'd moved some stock down. When I was trying to explain it internally, looking at the first half of the financial year, looking at the first quarter of the financial year, looking at like-for-like and with the additions, it all became too confusing, Tim. So what I've done is given the raw numbers for you. We reduced the stock by AUD 47 million on a like-for-like basis. On a like-for-like basis from April through to the end of January, it's moved down by just about $80 million. It's pretty close to right so long as the market doesn't keep declining, and that's why we're looking at it. Got it. So in that 47 mil underlying reduction, my understanding there was probably a decent chunk of that maybe you sold through at a gross loss in the first quarter. Maybe can you break down that AUD 47 million of inventory reduction? How much of that inventory did you actually lose gross profit on new vehicles? I'm just trying to figure out what sort of a bit of a one-off impact is in the first half around taking a bit of a bath on some of that stock. Well, it's not so much the stock, Tim, and I'll just try it. It was the mix of stock that we looked at. So what happened in the period is we made a dramatic improvement to the mix between our demonstrator sales and our new vehicle sales. We also were able to maintain the right mix of retail sales versus fleet sales mix on the way through. The difference between a demonstrator sale and a new vehicle sale is in the region of about AUD 5,000 per car. So what we're trying to do is get our demonstrator mix down to more like 10%-15% of our total sales, and during the first half of the year, it was upwards over 20% of those sales. That's helpful. Thanks. Just a final one. Just on your outlook commentary around the used and back-end side of business, you kind of say expected to remain stable in terms of revenue margin and costs. Does that sort of imply you mean revenues and profits from back-end will be flat, half on half in the second half? There'll be growth, which will be close to trend growth on those sides, which we'll see an established new car market, stable margins there. We'll see some slight growth, single-digit growth with service. Parts, we had quite a good period during the last six months. We were 19% up, and predominantly that was some improvements in our collision repair business filtering through the business. We don't see a 19% growth in parts during the period, but we see single-digit growth coming in parts through the next six months. Sorry, on a year-on-year basis, you're referring to. That's right. Yeah. Great. I'll leave it there and jump back in with you. Thanks a lot. Thanks, Tim. Thank you very much. Once again, five seconds, you may press star and one on your telephone to ask a question. The next question is from Sarah Mann from Moelis Australia. Please go ahead. Morning, Nick and Aaron. Just a couple of questions. Firstly, just on the, I guess, the outlook. I mean, clearly you flagged weaker new car demand on the way in November, December. Just wondering if you can comment on, I guess, how demand has tracked over kind of January, February so far, and also within that, what's kind of happened to your aftermarket as well. Sure. Thanks, Aaron. Thanks for the question. The first part is where is the market going? Well, the market was 3.2% down in January, so it continues to be slightly down, and we anticipate that deliveries through this period will be at best flat, but probably slightly down overall. In terms of aftermarket and understanding that we increased our business by 11% with the acquisition of the Stillwell Motor Group, the aftermarket for the group versus the prior corresponding period in January and in February was high teens up on the previous period. On a delivery basis for the next six months, not many of those cars are going to be delivered in the next six months. They're pushed out further beyond that. So the order bank is stable. However, we've also seen a slight increase in the last six months of cancellations on the order bank, and that's moved from around that 5% to around 8%. Great. Thank you. And then just in terms of the greenfield sites that you've called out, obviously, you said they're low-cost sites because presumably you're utilizing existing facilities. But can you give us a rough feel for, I guess, the incremental OpEx we should be thinking about for those sites on an annualized basis? And then more broadly as well, so it's clearly probably going to be a weaker market. Just any thoughts on, I guess, which parts of the market Polestar and Zeekr might be taking market share from? I'll just answer the first part of that in relation to the OpEx on the Zeekr and Polestar sites. They are operating at a very low-cost basis. There's a couple of extra headcount that we've taken on from Polestar. All of the sites, except for one, will be operating out of existing showrooms, and the fixed expenses at the Zeekr, the Polestar site that's not operating out of our existing showroom, is extremely low for the facility that we've got. And just further to that, Sarah, there's no floor plan in Polestar because it's been distributed as an agency model car, so that further reduces the OpEx expenses on the way through. Zeekr will operate as a normal business. The plan for Zeekr is that with a fully operational model lineup, which they don't quite have in place yet, and a fully operational dealer network, which they don't quite have in place yet, they're looking to sell between 2,500 and 3,000 cars a year, so they're not overshooting in terms of volume. They're trying to maintain good margins on the way through and have a sensible marketing strategy on the way through. That's one of the reasons we like them, and that's one of the reasons we're able to take a meaningful share of them moving forward. In terms of what areas of the market they will be looking to go and attack, well, they're both launching mid-size and medium-size SUVs with electric vehicle platforms between the price of about AUD 75,000 and AUD 140,000, so they are looking to go and compete with the brands that we already represent. So part of this strategy is defensive. Part of it is looking forward to a post-FY 2026 growth in the luxury segment. We see it as one that's declined and declined on the basis of affordability and consumer sentiment. And we know that when housing prices start to move and interest costs go up, our demand will go up, and we expect them to be very well positioned for the growth of the market that we see when those things come to rest. Great. Thanks very much. Thank you very much. A reminder to all the participants, you may press star and one to ask a question. And there are no further questions at this time. I'll now hand it back to Mr. Pagent for closing comments. Firstly, thank you to everybody for joining us on the call this morning. And I'd also like to pass my personal thanks on to the staff at Autosports Group for the job that they've done in the last six months in challenging circumstances. To our management team who have driven their cost reductions and the inventory reductions, thank you to you. To our OEMs, thank you for being supportive as we've run through the last six months of trading. And thank you also to our shareholders for your continued support. Thank you very much. Thank you very much. That concludes our conference today. Thank you, all the participants, and you may now disconnect. Thank you.