Good morning and welcome to AVJennings Half-Year Results Webinar for financial year 2025. My name is Andrew Keys, and I will be facilitating today's webinar. In a moment, participants will see presentations from CEO Phil Kearns and CFO Shanna Souter. At the conclusion of the results presentation, there will be a Q&A session. Participants are invited to enter questions into the Q&A portal. Good morning, Phil. Handing over to you. Thanks, Andrew, and good morning, everyone. Welcome to our half-year presentation for FY2025. With me today is our CFO, Shanna Souter. Today, Shanna and I will be referring to the result presentation we released on the ASX platform earlier today. In addition to discussing AVJennings' first-half performance and providing an update on the proposals under due diligence, we look forward to answering your questions at the end of the presentation. Now, turning to that presentation. On behalf of AVJennings, I'd like to acknowledge the traditional custodians of the lands on which we work and where we build communities, and acknowledge Aboriginal and Torres Strait Islander people and Māori people attending today's event. We pay our respects to elders past, present, and emerging. While managing variable conditions across our markets, we delivered a result in line with the first half of last year. This was, as we anticipated, giving our expectations for a strong skew to the second-half earnings of FY2025. The company settled 325 lots, a 20% increase on the 270 lots settled in the first half of last financial year. This flowed into a stronger revenue result, primarily due to a higher number of apartment sales than the prior period. This product mix skewed towards apartments, along with cost escalation in built-form housing and capital recycling initiatives, led to a solid but lower gross margin percentage against the previous corresponding period. Inquiries were in line with the prior year, and it's worth calling out the pre-sales value of AUD 62 million. We carried that into the second half, but it's below the previous corresponding period, which was boosted by the sales at the Merchant Apartments and Waterline Place. Our land bank comprises almost 10,000 lots under our control. Turning to the P&L numbers and accompanying growth rates on page four, revenue increased by 9.1% to AUD 131.4 million. Key contributors to the first half 2025 revenue were Waterline Place, Evergreen in New South Wales, Aspect in Victoria, and Rosella Rise on the Central Coast of New South Wales. Additionally, multiple medium-density sites within the St Clair South Australian project were settled during the period as we continue to work through capital recycling for completed projects. Gross margin percentage is 22.2%, down from 25.8% in the prior period. Margins were impacted by lower margin apartment settlements, cost escalation, and built-form housing, and as I mentioned, the capital recycling initiatives. Our overheads declined by 2.6% as we manage the business and slow down spending due to the acquisition offers for the group. The board decided not to pay dividends during the period, deferring the decision pending the completion of the potential acquisition, the acquisition process underway regarding the proposed takeover of AVJennings. EPS was well down on the previous corresponding period as we continue to expect a material earnings skew to the second half of this year. NTA remained at AUD 0.82 during the period. What differentiates AVJennings? Before I recap our strategy, it's worth touching on what differentiates AVJennings. Doing so helps contextualize our strategy. We do not rely on third-party builders except for our apartment projects, and we're not a contract builder. We only build on our own land. Our diversified portfolio reduces market concentration risk. It's a portfolio approach providing access for our investors to five important regions across Australia and New Zealand. Our diversified product mix is a further overlay to reduce the market concentration risk. Price growth is maximized by bringing product to market nearer to product completion. Our approach offers enhanced capital management flexibility through staged land and home development. This is something that's not afforded this flexibility to apartment builders. We're innovative, and this is exemplified by the Pro9 walling system, which our joint venture manufactures in Australia. Finally, there is exposure to future recurring revenue and enhanced sustainability credentials through the Pro9 product. Our strategy is to transform, modernize, and grow. We're committed to developing communities for a sustainable future and ensuring we take the necessary steps today to set ourselves up for the future. We remain focused on flexibility in our product offering with land and built-form housing, modernizing our foundations, including our technology, our capital, our capabilities, and processes, and the banking club modernization is a great example of that. We're building annuity income along the way, and Pro9 is our first step down that path. With an ongoing disciplined approach to capital management and successful execution of these three objectives, we believe over time we will deliver an improved return on equity, and if the rate-cutting cycle continues, we'll be given further impetus. Page eight highlights the key regions in our portfolio. We have 24 communities for development across five geographically diverse regions, from Adelaide to Auckland and along the eastern seaboard of Australia. All 24 communities are located in urban growth and fringe capital city areas. The map also highlights our capital deployed across the five markets, with New South Wales having the highest net funds employed percentage with 32% of total NFE. The NFE graph highlights our flexible product offering with capital allocated across land, housing, and apartments, with 53% allocated to land. Our approach allows us to move between land and housing as the market demands. On the right-hand side of the page is the lot allocation by region. This again highlights the geographic diversity of our portfolio and exposure to future growth. At the moment, Victoria has 28% of total lots under control, followed by New South Wales and Queensland, each 27% of total lots under control. The significant shift in allocation follows the decision to exit the Rochedale project in the second half of 2024. Positively for future growth, 12% of the pipeline has been activated. That is the percentage of lots either at work in progress stage or completed. As conditions improved, we have the land bank capacity to increase the level of activation subject to resolution of planning outcomes. The Pro9 factory on the Central Coast of New South Wales commenced production last year and delivered the first domestically made walling system for an AVJennings home in November of 2024. Initial teething challenges of the factory have been ironed out, and production volumes are growing. To date, 20 AVJennings homes with domestically manufactured Pro9 walling systems have been completed, and 44 more homes are currently under construction, including the first double-story townhomes at Elderslie in New South Wales. Over 90 AVJennings homes are in the pipeline for delivery across FY25 and FY26. Pro9 provides AVJennings with a range of benefits, including increased revenue diversification, faster capital recycling, sustainability outputs, and risk minimization. The use of the Pro9 prefabricated walling system in housing delivery sets us apart, providing us with a significant competitive advantage. This innovation has already begun to accelerate our delivery of built-form housing and, in turn, capital recycling. This page shows an illustrative example of the potential we see with Pro9 in relation to the recycling of capital. A house build requiring AUD 500,000 of capital, which may take approximately nine months to complete, and will deliver a return within a year. If we can complete the build in less time and capture the return on investment earlier, we can redeploy the capital more quickly to a new Pro9 build and potentially build three homes in the same one-year period. Our capital recycling is enabled by shorter build times using the Pro9 walls. As the onshore manufacturing facility scales up its production, the Pro9 JV has the potential to redefine AVJennings' earnings and growth profile into the future. I'm now going to hand over to Shanna, who will share some more detail with you on the financial results. Thank you, Phil. Starting with revenue diversification, in the first half of FY25, we've seen a significant revenue skew towards apartments as compared to the prior year. This skew is driven by a large number of settlements at Waterline Place and Harvest Square, both in Victoria during the period. From a lots perspective on the right-hand side, the increase in apartment settlements is clearly seen, noting a significant increase also in retail land settlements as compared to the prior comparable period. While built-form housing settlements have been steady year on year, first half to first half. This diversification of product, along with the market diversity Phil touched on, highlights our strategy to diversify our revenue streams and ensure that we can respond to a broader pool of purchaser demands and market dynamics. Moving on to the balance sheet, we have continued to focus on strengthening our balance sheet to provide future financial flexibility. Total inventory remained stable as development expenditure was generally offset by settlements. Total payables declined over the period following payment of the previously committed land acquisition at Beaudesert during the period, and borrowing levels were maintained. Overall, our net assets increased slightly, reflecting an ongoing solid financial position. The first half of 2025 saw a significant improvement in net cash flows from operating activities compared to the prior period. This change was driven by significantly lower payments for development expenditure and land acquisitions during the first half of 2025. This improvement in operating cash flow has allowed us to recycle capital previously funding apartment construction to fund increased built-form housing construction from our operating cash flows. Finally, and pleasingly, our debt facility modernization work was completed during the period to better align our facility covenants and terms with AVJennings strategy. As part of this, our facility was updated to a three-year evergreen facility, with the maturity moving from September 2025 out to September 2027 and providing greater funding certainty and visibility. We maintain a significant amount of undrawn facility, while our weighted average cost of debt has increased slightly due to higher variable rates and associated borrowing costs through that modernization work. While our gearing has increased from the prior period, it remains comfortably within our target range. I will now hand back to Phil to provide an update on the potential acquisition currently underway. Thanks, Shanna. Obviously, a large topic of conversation. Our announcement from February 24, last Monday, we'll just recap those announcements. These comments are regarding the conditional non-binding and indicative proposals from both Ho Bee Land and Avid Property Group, who both remain in active due diligence. The exclusivity period for both parties has now expired. AVJennings is in active discussions with both parties, and further updates will be provided when available. Looking at the market going forward, these slides show the varied performance of our key markets, reflecting ongoing macroeconomic pressures and supply and demand imbalances. The focus is to look at the diamonds, and you'll see the good markets, and the single diamonds are the tougher markets. Calling out a few observations, Brisbane and Adelaide continue to show strength with record-high dwelling prices and tighter supply. Sydney's price growth moderated in the late part of 2024, and the supply of housing into New South Wales is well below target. Auckland is showing signs of affordability improvement, and it looks to have turned the corner out of the bottom of the cycle, albeit still early days. Melbourne is the weakest capital city market by far, with limited signs of near-term recovery. The overall market continues to be constrained by housing under supply, and we anticipate increased activity if continuing interest rate cuts stimulate the buyer confidence. The factors summarized on this page provide a strong picture of the macro themes supported with the residential market as an attractive growth opportunity for investment. Population growth remains a key demand driver, with Australia's population expected to increase to 27.7 million people this year. Interest rates have started to come down in Australia and more advanced in New Zealand, and this easing should support buyer confidence. Unemployment remains low at near historically low levels. There is a well-documented shortfall between the current housing supply and the national housing targets. The supply shortfall presents an ongoing opportunity given sustained demand for new homes. In terms of construction costs, they are stabilizing but may remain elevated due to competition for labor and materials with the infrastructure sector. Hence, innovation like our Pro9 walling systems becomes even more relevant to the industry. Looking ahead to 2025, segmentation across regional markets is expected to continue. Queensland and South Australia continue outperforming, whilst affordability constraints and weaker economic conditions may impact New South Wales, Victoria, and New Zealand. Diversity of portfolio in these circumstances is so important. Revenue and earnings are expected to be materially skewed in the second half of FY25, with ongoing risk tied to market recovery and Pro9 production ramp-up in Victoria and New Zealand markets in particular. Gross margins are expected to be lower due to a skew towards apartments and built-form housing in 2025. Regarding the current corporate transaction, both parties who have issued non-binding indicative offers remain in active due diligence working towards a binding proposal. I thank everyone for being online today and being part of the AVJennings presentation, and we look forward to taking your questions. Okay, thank you, Phil, and thank you, Shanna. Reminder for participants, if you can drop any questions into the Q&A portal, I will gladly try and facilitate those. Some questions have come through. What effect have the recent New Zealand interest rate reductions had on the New Zealand market? We've seen a bit of a turnaround in the New Zealand market. The first couple of rate cuts really didn't do much at all, but as those cuts have continued to come into play, they've now had five cuts. We're starting to see builder and buyer sentiment improve. It's nowhere near where it was, but there are certainly signs of life there, and hopefully that will continue. Thank you. Another question from [Mark Slack]. What is the current annual capacity of Pro9, and what are the barriers to increasing this capacity? The capacity of the factory is between 800 and 1,000 homes per year, and we are constantly in discussion with future customers, and there are some in the wings. The current barriers to production initially were the setup of the factory and the, I guess, expected hiccups that came with a brand new facility. Those have now been rectified, and now the biggest issue facing us is labor supply, and more importantly, reliable labor supply is the most critical piece. Thank you. Question from Connor Eldridge at Bell Potter with a bit of a comment in there. Still, it's clearly a strong focus on capital recycling, and it looks like you've had some good outcomes at St Clair in Adelaide. Are there any other cash return projects to call out in the pipeline that might be divestment targets? Thanks, Connor, for the question. We really are getting to the tail end of the capital management piece related to capital recycling. As you're aware, there's been a number that we've dealt with through FY24, and St Clair is the last project that we've got completed that has some long-dated sites that are some medium-density sites sitting on it that we're working through, and those will all come through in FY25. Nothing else of material note that we've got on our list of things that we're looking at capital recycling in that regard. Thank you, Shanna. Next question comes from [Michael Surridge]. Two questions. They both have a franking credit aspect to them. Can you confirm the Australian dollar franking credit account balance, either on a per-share basis or the total value in dollars? The second part is, for investors considering the offers on a similar basis, is the company guiding Ho Bee Land to match Avid Property Group 's treatment of dividends, i.e., in the context of $0.06 of franking dividend released, so a $0.14 cash dividend? After, yeah, can you elaborate on the difference perhaps between the two proposals? Yep, happy to take the question. The franking balance on the balance sheet is just over AUD 34 million. With regards to the offers from both Avid Property Group and Ho Bee Land, while the non-binding indicative offers may not be as clearly worded as might have helped some of the shareholders understand, our understanding is both have an intent to help us realize or maximize the benefit of that franking credit through the transaction, and we're not expecting there to be any material difference between both offers if both proceed to a binding offer in relation to the treatment of the franking credit. Thank you, Shanna. Understood. Question from [Ben Bailey]. Is there a formal or informal deadline on the engagement with Ho Bee Land and AVID on their proposals, given the initial due diligence period has now ceased for both? The where it's at is that Ho Bee Land came in later than what AVID did. They've only had around four weeks due diligence. Given the complexity of the business and the number of sites that they need to get through, we've given them some extra time. Our expectation is in the next couple of weeks that those binding proposals will come through. Thank you, Phil. I guess this is maybe covering the same topic and just seeking clarification. Is there any concern that AVID had been engaged with Jennings for quite a period of time now and yet have not put in a binding offer? No, I do not think we are concerned at the moment. As I mentioned, it is a fairly complex business, and there are a lot of sites to get through. They are getting good visibility, and we can clearly see that they are coming to the end of their due diligence period. No, we are not concerned. Thank you. A question back on interest rates. Following on from the New Zealand observation and what was happening in the market there, do you think the recent or last week's Australian interest rate reduction will have a similar effect on the market here? We're hopeful of more interest rate cuts is probably a better way of putting it. It's taken four or five of them to see the New Zealand market start to turn. However, their rates were higher than ours were, and they've taken some bigger chunks out than we have. They had a 50 basis point cut, ours is at 25. We think it's going to take more than just one rate cut to see the market turn, but it is an encouraging sign for mums and dads and for investors to start to come back into the market, and sometimes that sentiment is quite powerful. We would very much like to see more cuts coming to continue the momentum. Thank you. Another question from Connor regarding some of the longer-dated planning contingent projects in the pipeline, and for example, in his mind, Clyde in Victoria and Huntlee in New South Wales. Has there been any positive update or progress in regards to planning, or equally, any delays to development timelines across the portfolio? There's a really long answer to that, and there's a really short answer. Clyde, yes, we have received some encouraging word out of government over the last couple of weeks. I think, and Huntlee, we continue to engage with council on that one, and we're going through the state government new body to try and accelerate that process as we are with other sites in New South Wales. There seems to be an intent. Certainly, we've seen some from Victoria and from New South Wales in particular, those governments, to try and accelerate the process and take some of the control of that process themselves. We're hoping that intent turns to action. I would say that the sign is more positive than negative, but there are still other authorities that we need to get through, from environmental pieces through to the SES, are all people we need to get consent from. It is a long process and getting longer, but we are encouraged certainly by Clyde in particular. Thank you, Phil. A couple of questions from Royce Ritchie. The first one is, New Zealand, the New Zealand business, how do you think about that, and is it worth continuing with, or is it something that could be divested? We think about those decisions all the time. It's a regular question from people, "Why don't we get rid of the sites that aren't performing and keep the ones that are performing?" Now, the answer really to that is, two and a half, three years ago, we couldn't sell anything in South Australia. It was a disaster. Now it's one of our best-performing markets. It's one of the benefits of having a diversified portfolio is that when one state is not performing, like Victoria at the moment, then there are other parts of the portfolio that are performing. I think there is a question, or there could have been a question about New Zealand. However, the recent decline in interest rates has seen that market start to turn, and we're encouraged by that. Thank you, Phil. Question for Shanna. On a mark-to-market basis, what would be the upside to NTA? Thanks, Andrew. We don't value the whole portfolio every year. We do about 50% of the portfolio every 12 months, and it's variable depending across projects as you can appreciate, and particularly depending on the age of each of the sites in the portfolios. On the current value of land, and obviously, land values generally have been under pressure with interest rates and construction costs up, we're probably sitting at low double digits on average across the portfolio for that differential between NTA and mark-to-market. Thank you. A couple more questions in the queue at the moment. One relates to NTA at $0.82, and then the current proposals are lower than that. How do you reconcile the difference? One second. Yep. I mean, I think in any transaction, things will always come in, and people will be opportunistic at the outset with regards to how they think about portfolios and transaction offers. There are obviously the franking credit balances that are in there. We are still waiting on final binding offers from both parties. If both parties proceed, probably can talk through that further when we get to that point in relation to where those offers come in at. Thank you. I guess on the same topic, in regards to the proposals, given where we are today, if there was an agreed bid, hypothetically, what is the fastest time likely to bring us to closure? Yeah. Do you want to go? From the execution of a scheme implementation deed, the fastest time, as I understand it, is about three and a half months. There are a few things in that that are factors in that. One is the upcoming federal election and where that lands in relation to further approval in particular for a transaction. There are a number of moving parts. That is probably the biggest variable in that process and in that timeframe. To Phil's point earlier, we are understanding that both parties are actively working to close in that due diligence, and within the next couple of weeks, we are hoping to have a clearer picture on binding offers from both or either party. Within that, there's two court sessions, plus an independent expert's report and a shareholder vote to fit into that period. It will be a busy time. Thank you for the clarification. There are no more questions in the queue, so I thank participants for a very healthy list of questions that came through, and I'll hand back to you, Phil, to close the webinar. Just on behalf of Shanna, myself, and AVJennings, thanks everyone for your interest in the company. It has been a very interesting period for us over the last couple of months with this transaction possibility, and we thank you for your continued support.