Ladies and gentlemen, we'll start in a moment. Just for a bit of fun, because he's out there. We've got about a minute to go before we're meant to start and one of our long-term now retired employees, Colin Griffin, is sticking to his policy. Arriving just in time. When we first introduced modern day logistics, we were very keen on making sure we did everything just in time. Colin stuck to that ever since he worked for us. How long did he work for us for? About 30 odd years. Anyway, just to embarrass him when he walks in, I'll make sure. Sorry. Yes, indeed. Hey, Colin. Just in time, mate. We've just got a few people registering, so I'll just give it another minute or two. Okay, everyone, we are at start time. As many of you would know, the AGM is a very formal process. I'm normally a more relaxed presenter, but for the purposes of the AGM, this is being live streamed and it of course is a very important and formal meeting. I will be reading from a script which has already been released online. To commence, welcome to the Bega Annual General Meeting which is being recorded and webcast. Sorry, this microphone is just not sitting what I'd like it to set. There we are. As we have a quorum, I now declare the meeting open. When you registered this morning, you will have received an admittance card. For all shareholders and proxy holders who are voting, you should have received a yellow voting card. If you are a shareholder who is not voting, you should have received a blue card. If you are a non-shareholder, you will have received a red card. Yellow cardholders will be able to vote for or against resolutions and ask any questions they wish relating to the business of the AGM. Blue cardholders will be able to ask questions but not vote. Red cardholders are most welcome at the meeting but will be unable to participate in the proceedings. Further information regarding voting procedures will be provided prior to commencement of the resolutions to be put to the meeting. Shareholders attending this meeting in person and online are able to ask questions. For those shareholders attending in person, I would ask that you identify yourself before asking a question. For those shareholders attending online, please follow the process contained in the online guide. The Company Secretary, Brett Kelly, will then read out your questions. At today's meeting, we have a number of formalities to deal with, including the consideration of the group's 2025 annual report, the adoption of the remuneration report, and the election of directors. I am pleased to welcome new shareholders and our long-term shareholders who know the company so well and have supported the strategy and directors of the company over many years. This is indeed our 126th AGM. Let me introduce my fellow directors: Patria Mann, Peter Margin, Terry O’Brien, Harper Kilpatrick, Rick Cross, and Janette Kendall. Raelene Murphy is an apology. I'm sure Raelene wouldn't mind me saying that she's broken her patella, so she's in a leg brace which makes travel very, very difficult. She would have, of course, otherwise been here. I'm also pleased to welcome Sam Lobley, representing our auditors, PricewaterhouseCoopers, Julie Stokes from MUFG Corporate Markets Limited, and a number of Bega Group staff. Apart from Raelene, I have no other apologies. We will now move on to the formal part of the meeting. Good morning and thank you all for joining us at our annual general meeting. It is truly inspiring to witness a business vision evolve into tangible reality, a testament to the dedication and hard work invested over many years. For our long-term shareholders, you will no doubt recognize the transformation we have undergone over the last decade. The company has transitioned from a traditional business-to-business model, heavily exposed to commodities, into a brand-focused organization. We have embraced value adding, built an efficient supply chain, and extended our reach to consumers both here in Australia and internationally. A pivotal moment in our development was the acquisition of Vegemite, an iconic brand that laid the foundations for our transformation. The milestone enabled us to further strengthen our business through the acquisition of Lion Dairy & Drinks. These strategic moves have given us the platform to innovate, launch new products, and respond with agility to evolving consumer needs and market dynamics. We've built a robust infrastructure and capabilities that position us strongly for the future. Our innovation pipeline and product development efforts are thriving as discussions around productivity increasingly center on technology and scale. We are proud of the progress we are making. Our international opportunities remain promising, and our sophisticated approach to global sourcing continues to reinforce our long-term growth. We are very pleased with the normalized earning result for the financial year 2025. This outcome reflects our unwavering focus on executing our strategic plan and the key initiatives we outlined to the market several years ago. As we remain committed to that plan, we continue to see significant opportunities ahead both in terms of growth and in driving productivity and efficiency. It is encouraging to see our strategy translating into performance with a healthy balance of expansion and operational improvements. This past year has been one of substantial change. We've implemented major initiatives that will deliver significant benefit in the financial year 2027. These include announced closures of our Strathmerton site and the Peanut Company of Australia, which will deliver meaningful bottom line improvements and drive efficiencies across the group. Our branded performance has been another key highlight, driven by a strong focus on category innovation. In a year marked by a constrained consumer, the team's ability to innovate was instrumental in driving growth. Looking ahead to FY 2026 and FY 2027, we are excited about volume growth in white milk, yogurt, and spreads as well as the launch of our high-protein better for you products in milk-based beverages and yogurt. These offers align with growing consumer demand for functional and healthy focused dairy products. Our strategic plan has been bold in its approach. We have maintained focus on core grocery while also pursuing accelerated growth in our foodservice and international branded business. I am pleased to report that we have achieved strong results in both areas despite challenges in Australia's out of home market. We have outpaced market growth by gaining share, refining our offerings, and pursuing new accounts. Efficiency improvements across our network have been another area of success. By focusing on line utilization, waste reduction, and overtime management, we've extracted meaningful savings even in a year where top line growth was limited. There is still room to grow in this area and we will continue to optimize our footprint moving forward. Our bulk business has rebounded from the lows of 2024 thanks to a better alignment between Farmgate milk pricing and commodity pricing as well as the team's hard work in reducing costs and seeking premiums in our commodity sales mix. We're transitioning towards high value protein offerings and focusing on high return fat streams with increased capacity, particularly in cream cheese. We are now operating within the normalized earnings range of our bulk segment outlined in our five year strategy, supported by a strong AUD 30 million- AUD 40 million EBITDA. In reviewing our financial performance for FY 2025, it is notable that there is a significant difference between our normalized and statutory results. This is primarily driven by significant announcements that were made regarding the closure of Strathmerton and the Peanut Company of Australia sites. These announcements meant that there were some asset write-offs for the facilities no longer in use, along with substantial restructuring costs. We feel strongly about taking this decisive step given the material impact it will have, particularly in FY 2027 and beyond. These actions position us to be a stronger business moving forward. Our normalized earnings show strong year on year growth and demonstrate strong progress in achieving our long term goals. Financial outcomes include a significant improvement in profit after tax and a lift in earnings per share. We remain focused on driving margin across the business. This includes growth and premiumization within our branded portfolio as well as improving the underlying stability of our bulk operations. While branded margins may appear modest, it's important to note that this was achieved in a year when the chilled dairy cabinet declined in value by nearly 2%. Given those circumstances, we are very pleased with the result. Net debt was reduced to AUD 126 million, which saw our leverage ratio reduced to 0.8 x. To perhaps add perspective, it is notable that the leverage ratio for the business some five years ago was approximately 3.5x. The team have done a tremendous job in reducing that ratio following some significant acquisitions in that period. A strong balance sheet positions us well for the future growth, whether it be organic or by acquisition, and we are very positive about the opportunities ahead. Return on funds employed remains the focus. We are constantly thinking about how we can do more with less and how we can work our assets harder. This mindset underpins our site optimization strategy and our daily efforts to improve line utilization and working capital efficiency. Efficiency in summary, we are pleased with our financial performance for FY 2025 and the strong foundations they provide for the next phase of our development. To provide you more detail on this and at his second AGM as CEO, I'm very pleased to introduce Pete Findlay to the microphone. Thanks, Pete. Thank you Barry. I won't dwell on our strategic priorities for FY 2028 for too long as I'm sure many of you are familiar with this slide. Clearly, what we endeavor to reflect is a focus on traditional strengths while also responding with agility to the opportunities we have identified as we look to build to FY 2028 and beyond. Moving to operational highlights, I'll expand on some of the key areas driving our momentum, innovation, and new products. Coming out of COVID, we experienced nearly five years of stagnation in innovation largely due to navigating the pandemic and absorbing significant cost pressures. Like many consumer goods companies globally, growth was challenging, but we have now shifted to a strong growth platform and product innovation is central to that strategy. We are focused on launching products that meet evolving consumer needs, balancing functionality, affordability, and value. Milk Based Beverage and Protein: we're particularly pleased with the early success of our protein-focused milk based beverages, which gained traction in the second half of the year. This category is shaping up to be a strong growth platform through FY 2026 and FY 2027 as we continue to expand our better-for-you offerings. Peanut Butter Innovation: after several years, we have reignited innovation in peanut butter with the launch of a WIP product designed to suit more consumption occasions. In the coming months, we will unveil further innovation aimed at tapping into the treat segment, the fastest growing part of the category. Yogurt is a functional health platform. Yogurt continues to demonstrate wonderful growth potential. It is an ideal vehicle for protein and we're excited to have announced an extended protein offering in recent months. This will further accelerate our growth trajectory in this space. We also launched our Gut Good Yogurt slightly ahead of the curve but aligned with emerging trends in Europe and the U.S. These products support both physical and mental performance and we are confident they will gain traction with the consumer over time. Treats and Brand Engagement: we've also looked to bring fun back into some of our categories with our treat rotations, including a standout collaboration with Mars in the flavored milk segment. Given the level of activity in terms of new product development and brand innovation, we've ensured to put the appropriate support behind our brands with an increased investment of over AUD 8 million year on year to strengthen our share of voice and maintain visibility at shelf. We believe this investment will pay dividends throughout FY 2026 and beyond. Bulk Segment Recovery. Our bulk segment has continued its recovery thanks to the strategic groundwork laid in prior years. We focused on selling high value products, particularly milk protein concentrates which performed strongly. Our cream cheese capacity expansion in 2023 proved timely, driving higher returns in 2025. The cream cheese capacity expansion also benefited our branded business, especially internationally, and will be a key growth driver moving forward. I'll continue to focus on operational highlights a little longer as they demonstrate well the strength of our branded business. Site Rationalisation and Strategic Investments We made the strategic decision to divest our Leighton orange juice manufacturing site, which was successfully sold to another processor in FY 2025 through a supply agreement with that processor, and we now benefit from a lower cost per unit across our juice portfolio. Major structural changes announced in the year included the consolidation of our Strathmerton operations into Ridge Street Bega, which is expected to deliver a AUD 30 million earnings uplift in FY 2027. Additionally, the closure of our two Peanut Company of Australia sites will reduce cost pressure on our spreads business by approximately AUD 5 million- AUD 10 million annually. These are complex, high impact projects with many moving parts. As part of the Strathmerton consolidation, we are investing AUD 50 million into our Ridge Street Bega site, which will absorb the same capabilities while increasing volume at significantly lower cost per unit. This reflects our ongoing commitment to doing more with less. Despite these structural shifts, we've continued to grow output across FY 2025 and expect further volume increase in FY 2026 and FY 2027. Distribution and Automation Enhancements We are also optimizing our chill distribution network. A key milestone is our automation project at Laverton, Melbourne, our largest distribution site and the central hub for yogurt distribution nationwide. The project is in its final stage of implementation and we expect it to be complete in the second half of FY 2026. We are already successfully loading and unloading full pallets using automated equipment. With the concept proven, we are now focused on scaling cost to serve improvements. We made significant progress on our cost to serve initiatives in FY 2025. Much of this was enabled by our new digital portal for food service customers, which improved communication around minimum order values and enhanced drop optimization. We continue to streamline our logistics and depot networks, driving better utilization and cost efficiency. Domestic Food Service Relaunch Our domestic food service team delivered a successful relaunch of our range, attracting a wave of new customers, and we are very encouraged by the results we're achieving. International Expansion Our international branded business continues to perform strongly. We've expanded our teams' on-the-ground presence in Singapore, Thailand, and Dubai. These investments are yielding results both through direct-to-customer channels and by increasing distributor accountability and effectiveness. We are seeing strong traction in these markets. We continue to believe that our portfolio and activation priorities align exceptionally well with current and future consumer trends, particularly in the area of gut health, everyday performance, treat and reward, weight, wellness, and health in mind. I won't dwell on this slide, but I do want to emphasize that we continue to hold strong positions across all of our key categories. This strength enables us to consistently bring innovation to market while also driving tangible benefits back into our manufacturing and logistics networks. It is helping us to operate at scale, unlock efficiencies, and maintain momentum across the business. In line with the consumer trends we mentioned earlier, we are proud of the strong innovation we launched this year—sorry, last year. Bringing protein offerings to market in our largest national milk-based beverages and yogurt brands helps reinforce Bega Group 's category leadership and importantly stepped up our marketing investment to increase consumer awareness of these new products. Lactose free milk also delivers on health preferences for some consumers and continues to launch in new states and customers. Coupled with a strong distribution expansion program, it is important to acknowledge the significant transformation of our manufacturing network over the past few years. Following the acquisition of Betta Milk in Tasmania, we made the strategic decision to close two legacy sites and consolidate them into our Lenah Valley facility in Hobart. We've closed our Canberra site and more recently announced the closure of our Strathmerton cheese packing and processing site and two Peanut Company of Australia sites. Despite these structural changes, our business has continued to grow volume and our efficient footprint enables us to make important decisions around automation and capital allocation. This positions us strongly for future competitiveness both domestically and internationally. We are pleased with how the network is evolving and remain committed to ongoing optimization as we move forward. Moving to Farmgate Milk Price, it is important to highlight the realignment we have seen between Farmgate milk pricing and commodity pricing. I'm particularly pleased with our competitiveness at the Farmgate. Both last year and this year we've successfully increased our milk acquisition. This is a direct result of the dedication and hard work of our farm services team and ability to offer a higher competitive Farmgate Milk Price while still delivering strong returns. It is a testament to the strength of our relationships and the efficiency of our model and we are very proud of that achievement. In FY 2025 we relaunched our Sustainability Strategy which is outlined in our recently released Sustainability Report. The refreshed strategy is anchored around three core pillars: Circularity, Community, and Collaboration. These focus areas reflect our ongoing commitment to create long-term value not just for our business but for the environment and the communities we serve. I want to reaffirm that we remain fully committed to the pledges and initiatives we have announced over the past few years and we are proud of the progress we continue to make. It's been just two years since we unveiled our five-year strategic plan where we set an ambitious target to exceed AUD 250 million in EBITDA by FY 2028 and to lift our return on funds employed from approximately 4% to over 10%. I am pleased to report that we are more than on track to achieve those objectives. Normalized EBITDA has risen from AUD 160 million to over AUD 200 million with the most significant uplift occurring in FY 2025. While there are many important aspects of our financial performance, it is important to comment that we are not solely focused on earnings growth. It is also about disciplined capital management that includes selling non-strategic assets to reallocate capital more efficiently and effectively. The sale of the Laverton site in the first half was a prime example, as was the divestment of some of our warehouses. Over the past five years Bega Group has sold nearly 25% of its warehouse and cool rooms nationwide. As outlined earlier, these initiatives along with our manufacturing footprint optimization have left us with a more focused logistics network. This allows us to invest in the right ranges and infrastructure, ensuring our footprint is lean, strategic, and Future Ready. In FY 2025 we invested AUD 94.4 million in capital expenditure with the Laverton Automation project being the most significant. Depreciation and amortization for FY 2026 is projected to be approximately AUD 92 million- AUD 93 million, which aligns closely with our capital expenditure profile. I won't dwell on this slide, but it is worth noting that we achieved an 8.4% return on funds employed, representing a substantial uplift compared to the prior year. Looking ahead, we anticipate posting approximately 9% in the upcoming year. Importantly, we believe there is a real opportunity to reach our ROFE targets a full year ahead of schedule. That's a very positive signal and confirms that we are tracking well ahead of expectations on this key performance metric. It is always important that we are transparent on the items we are normalizing. As previously mentioned, these are relatively straightforward in FY 2025 and include the closure of Strathmerton, the Peanut Company of Australia, and our portfolio rationalization. I would like to make two comments on the balance sheet. First, we are very pleased with the AUD 36 million reduction in net debt, reflecting disciplined financial management and strong cash flow performance. Second, you will notice a AUD 28 million increase in provisions near the bottom of the statement. This is largely tied to the Strathmerton restructuring and most of those provisions are expected to be paid on a cash basis during FY 2026. These movements reflect the strategic direction we have made to strengthen our balance sheet and position the business for long-term efficiency and growth. We have seen a very strong improvement in both leverage and cash flow on a like-for-like basis. Cash flow is up by more than AUD 30 million and our leverage is reduced to 0.8x, well below our previous levels and ahead of target. Looking ahead to FY 2026, two key developments will shape our financial profile. We will be paying down provisions related to the Strathmerton consolidation and there is an increase in milk prices which will have a short-term impact on leverage. As a result, we expect leverage to temporarily rise to around 1.5 x during the year, but we remain confident in our ability to deleverage from that point forward. We closed year two of our strategic plans with gross margin and cash flow performing, exceeding expectations. This positions Bega exceptionally well to continue creating shareholder value through both organic growth and strategic inorganic opportunities. We are positive about the outlook for the Bega Group. Our strategy remains highly relevant and continues to be anchored by the six strategic pillars we outlined to the market two years ago. We believe there is significant opportunity within these pillars to not only meet but exceed our FY 2028 commitments. Our new product development pipeline is robust and closely aligned with evolving consumer needs. I have long been a strong advocate for the functional benefits of dairy, benefits that resonate with both Australian consumers and those in our key international markets. Dairy continues to be a powerful vehicle for delivering daily health and wellness outcomes and we are well positioned to lead in that space. We are also deeply focused on cost management. Across the business, we are implementing AI-driven initiatives, improving our cost to serve model, enhancing demand planning, and optimizing line utilization and waste reduction. At the Head Office level, the team have made impressive strides with robotic process automation, unlocking further efficiencies and scalability internationally. We remain very positive. We've invested ahead of the curve in our branded global business and we see tremendous opportunities to expand our reach and deepen partnerships. These efforts will not only contribute meaningfully to our current strategy, but also lay the foundation for sustained growth over the next five to ten years. While we have made some very difficult decisions such as the closure of Strathmerton and Peanut Company of Australia, we are confident these changes will deliver a step change in earnings by FY 2027. Though we are reducing our workforce by approximately 450 roles, we are simultaneously increasing business capacity, which reflects the efficiency gains and sharper capital focus these changes enable. Importantly, despite the scale transformation in FY 2025, including head office optimizations, we have seen improvements in employee engagement and safety. These outcomes speak volumes about the discretionary effort and resilience of our people, and we are incredibly proud of that. We are also pleased that in milk recruitment we increased our milk acquisition over the past two years. This adds stability to our bulk business and reinforces our competitive positioning. Bringing all of this together, we believe we're on track to exceed our EBITDA target of AUD 250 million by FY 2028. We are pleased to provide guidance for FY 2026 with a normalized EBITDA range of AUD 215 million- AUD 220 million, further evidence of our strategic momentum and delivery capability. Finally, I want to extend my sincere thanks to our team, our suppliers, and our customers for their partnership throughout the year. To our consumers, thank you for your continued support, and to our shareholders, your trust and commitment have been instrumental. We deeply appreciate it. Thank you. Thank you, Pete. Before we move to questions, I'd like to take a moment to reflect. For those attending today, whether online or in person, who have followed Bega Group' s evolution, I am delighted to, with Pete, present these 2025 results. It has always been about laying strong foundations for the future, ensuring we have the capacity, agility, and resilience to respond to change. I hope this presentation has conveyed the depth of capability, the strength of our infrastructure, brands, and people, and the strategic groundwork we have established over many years. These are the pillars that position us so well for what lies ahead. Ladies and gentlemen, that brings us to the end of the presentation. We do have both. I no doubt we'll have questions from the floor, but we do also have a number of questions online that Brett's been keeping me informed about. Brett, we might go to the online questions first, so if you could just read them out. Yes, sure, Mr. Chairman. We've got a number for general business and then a couple for the resolution. The first one comes from David Everett. What is Bega 's plan to transition from gas energy to generating most of its own renewable energy? Surely being able to market your products in future as carbon free, zero emission cheese or similar is a highly desirable market advantage. I don't expect an instant switch, but hope for a realistic process of change in a timely manner as possible. Thanks for that question, and I think there's some key words in that question. You know, a realistic, timely transition is what we actually need to achieve. Maybe the way I would approach the sustainability questions is that indeed this organization has been around for 126 years. Its intention is to be around for another 126 years. We've got a very strong focus on all aspects of our business around improvement, and that includes our environmental footprint and sustainability. We are both in some cases making sure that we adopt well-proven methods to improve outcome, and in other cases we are looking to innovation to help. In terms of the transition from gas, there is no question that we are a large energy user and a big gas user. There is as yet no alternative that is effective. There are a number of innovations that are beginning to come to market, and we are strongly involved in testing some of those innovations. In fact, we have some trials going on as we speak. I think I can reassure our investors in the community that we continue to seek knowledge, seek innovation, adopt accepted practice, and meet community expectation, while of course wanting to continue to develop and grow the business. The relaunch of our sustainability platforms this year around circularity very importantly talks about achieving three things: sustain positive environmental outcomes, positive community outcomes, positive economic outcomes. That's where we focus. I'm very aware that at last year's AGM the meeting became a little bogged down, and I got a lot of feedback from people that they felt that I had left too much time around sustainability questions. While I will take some, I will limit them. Brett. Another question from David Everett. Does Bega preference or incentivize its milk suppliers to practice regenerative practices? Okay, it looks like we're on the sustainability train again. I would say look, I'm extraordinarily proud of what Bega has done in this area and particularly as we sit here in the Bega Valley and it is outlined in our sustainability report. We can go back if you like in this generation. In 2005, we launched a program in the Bega Valley that saw some, I think, around 470 hectares of waterways and wetlands protected and revegetated because of the project that we launched at the local Catchment Management Authority. It saw 50 upgrades of waste systems on farm. I think it's around over 200 km of fencing going to actually make a significant difference. If anybody actually looks down on the Bega Valley, they can see where all the waterways are because they're all fenced off and the vast majority of them are fenced off and they're all revegetated, improving great biodiversity, great outcomes. That was one of this generation's first initiatives I can recall. Between 2014 and 2018, we launched a sustainability and growth program where the company put AUD 25 million out in matching grants to farmers to improve their environmental footprint, which was an extraordinarily well embraced program. We've had small grants programs since that program that very much focused on sustainability, and in fact, we relaunched with the relaunch of our circularity program. We launched the On Farm Circularity surveys where we've actually paid farmers to participate in those surveys, and again, they're all about introducing regenerative and circular practices on farm, which have been very much embraced. Whilst we don't necessarily pay an incentive, we do work very closely as demonstrated by those few stats that I've given you to make sure that we see our farmers, like the company itself, continue to improve. Stephen Mains asked a couple of questions. The first one, how many full time equivalent staff do we currently have, and is this likely to fall over the coming 12 months with the rapid rollout of AI? Which parts of our business and operations are the most prospective for AI productivity gains, and how energetically are we embracing these opportunities? Pete and Gunther are working on the AI strategy, so I'll hand to Pete to answer that questioning. We have sort of between 3,700 and 3,800 full-time employees, and that will drop to about 3,500 by the end of the year as we close our Strathmerton and PCA sites. AI is not figuring in that reduction, but it certainly will figure in further efficiencies throughout the business. We use AI robotic process automation throughout our back office and a lot of our decision-making processes. We use AI in market assessment and market trends, and we begin to use AI to optimize the performance of our factories more and more. We're in the process of developing a fully fledged AI strategy that will shape our next three years of AI initiatives. I expect there'll be several areas across the business we'll continue to pursue opportunities in using AI. Stephen Mayne's asked another question. The AFR last week reported that we were poring over the sale documents of Capilano and are expected to launch a bid for Australia's largest honey business which we previously owned a stake in. What is our history with Capilano? If we do buy Capilano and large capital raising, please ensure retail shareholders are given an opportunity to participate. Could the Chairman please outline his memory of Bega 's history in dealing with retail shareholders in past capital raisings? I don't have a corporate update to give at this meeting, Brett, and I think the capital raisings that we've done in the past are well documented and well understood. I think I'll just leave that answer at that. Sure. Hendrick Kay has asked the question with regards to health, people have acid problems in their stomach. Is Bega going to introduce a product including Mandarins? A question I did not expect. Whilst I don't have a corporate update, I think I can confirm that at the moment we are not looking at mandarins but also maybe in our juice business. Pete, I'm looking across at you. Maybe you would like to add something. A huge amount of work done on not Mandarin specifically, but we are doing a huge amount of work on gut health, and we've been involved in a number of studies with universities. We see dairy being a key provider of gut health in the future. I think in terms of one of the things that Pete is pushing hard, all our gut, our gut good products. That consumer trend around protein and now the emerging trend around fiber is very much on our minds in terms of our brands. Not meaning to be flippant, but I've got to admit, I haven't been involved in the Mandarin. One final general business question. Chair, with regards to the Strathmerton staff, were they offered redeployment within the company? Yes. Questions from the floor. Philippa. Hi. Philippa Russell, farmer from the Bega Valley. It's lovely for the valley to have more employment with the Strathmerton closure, although. I do to fill for people over. There in readiness for that closure, though. Do we have the site ready for that closure? I'm thinking more about warehouses, cool rooms. We also do own some land still up on Ridge Street. Would you utilize any of that? Very good question, Philippa. I think the investment going into Ridge Street at the moment is in the area of AUD 50 million. We're investing, and at the moment it's within the four walls. That's why you're not necessarily seeing a lot of activity outside. There are not many of the Ridge Street team here because they're there trying to make sure that site is ready. It's a flurry of activity. There's a lot of equipment now completed and getting ready to be moved. It's coming in. You won't see anything at this stage. You won't see much development on the outside. All the development is actually happening on the inside with automation, improved lines, improved efficiencies. I think it's a great initiative for the facility there, which was always leading edge when you would remember, we installed it almost 30 years ago. This is giving it a refresh that will take it to being globally competitive at leading edge around warehousing and logistics. We will see how that evolves. Obviously, we need to get that balance right between saying the best thing you can do with a product when you've completed it is have it on the road and into its market, wherever it might be. I think our logistics guys would always say, give us more warehouses. We would say, let's automate the ones that we've got and make them as efficient as possible, which is what Pete talks about when he talks about the robotics and handling capacity at Laverton that's occurring, which is, I think, one of our biggest individual capital expenditures over the last decade or so. The learnings we get from that we will look to put in our other sites. I think it will still be more likely that you won't see necessarily much externally, but there'll be a lot going on internally to improve efficiency. Indeed, it improves capacity because it takes away forklifts, and so that means that instead of having the space for forklifts to run up and down warehouses, they're taken away. You actually improve the capacity of the warehouse through the automation. Yes. Yes. Hi. Conrad Kinnear. I'm a long-term Bega shareholder and also a shareholder of Six, an ethical trading platform that engages with ASX companies on sustainability issues, ESG issues as well. I don't want to labor the sustainability point, but I want to commend Bega on all the transparency in the great sustainability report. The question I was going to ask has already been asked, but I want to maybe put a request to the Board and the Risk and Sustainability Committee. Given the gas shortages predicted on the Eastern Seaboard in Australia and the price of gas, etc., can we request a plan to transition off gas and see what the plan would look like for Bega Cheese in the coming years? Thank you. We'll certainly consider that request. I think, as I said, one of our challenges is indeed the replacement for gas. I think we answered a question last year a little bit in the same way on packaging, and we take these questions very seriously. I think Pete said, whilst we're really excited about the steps forward we've been able to make in packaging, some of the solutions we just do not yet have. I think when we talk about why we chose to give ourselves a circularity platform, if you like, around what way the business will look at sustainability in the future, it is because we recognize that in order to solve the challenges that we know are ahead in the future, we will have to collaborate with others on a level that has not been seen before. The reassurance I would give is that we are absolutely out there. I don't think we will be. We definitely won't be the answer to all challenges, but we will be working with others that will help us get those answers. Take your request on board. Thank you. Yes, yes, there's a microphone. Yes. My name's Lloyd Sustenance and I've got a statement here. I'm in the dividend reinvestment mob, and all it tells me is how many shares I had, how many new shares I've been issued with, and how many shares I now have. What it doesn't tell me is what I need for the tax man: how much dividend I was paid and how much each share was worth. I don't want to go to jail, and this is only September, so I suppose he's still got plenty of time to give me that information. I don't have to do a tax return for another six months or more. Yeah. Thank you very much. You will have received the statement with the dividend reinvestment that shows the actual dividend, and then it converts that to the number of shares that will convert from that dividend funds available, and then what's available to carry over. There's no mention of dividend in this. Brett, what we might do, I'll get. Take it off. I'll get Brett to chat to you after them when we close. Thank you. He'll sort it. Any more questions from the floor? We've got one. Hi, Julian King, shareholder. Thanks very much for the answers of the various sustainability questions. My question, I've got three questions. They come out of the sustainability report, not because they're about sustainability, but because that's where the information just happens to be. I'd like you to. Can you please make sure you give me those three questions in the summary? I do not want a repeat of last year where I get question after question after question. If you can just give them to me in a brief summary. There are three different things. First of all, I just wanted to say, thank you so much for a really informative sustainability report and particularly the excellent diagram on page 24, which I commend to everybody because it shows very simply the business and where the various greenhouse gas emissions and things come from. It's like a flowchart of the whole business, a really good diagram. Anybody who wants to understand the business, I really commend that to you. Page 24, the sustainability report. The questions are, one, it was just to do with diesel. One is to do with the better farm program and the surveys, and one is to do with palm oil. They're quite different. You can give them to me all at once, and we'll give you a summary. It was really good to see that the greenhouse gas intensity for scope 1 and 2 emissions is trending downwards, except I saw in financial year 2025 scope 1 emission was up, the greenhouse gas intensity was up, and it seems to be because stationary diesel has gone up. That just puzzles me. I'm just wondering why stationary diesel went up in terms of the Better Farms programs. It was good. It's a really good initiative, and I really congratulate Bega on that. I saw that only one third of dairy farms were part of that, even though the most productive farms have lower emissions and better profitability. I'm just wondering, the second question is what is Bega doing to encourage the others to participate, the other 2/3? The third one is I noticed that coffee is being sustainability certified with the Rainforest Alliance with palm oil. What is it for, and why you chose RSPO and not Rainforest Alliance certification? Is the Bega cocoa sourcing policy also going to be Rainforest Alliance? Thank you. Thank you. Thank you for giving me term in three stages. We may need to come back to you on the stationary diesel unless Pete, you. It was mostly due to the increase in scope. One was mostly due to the production of MPC and gas. Milk, protein, concentrated, Koroid. If you have not mentioned the station, as I would have said, it's gas, which is to your question as we had an increase in gas use because we were making more technical products, which tends to use more energy. Those more technical value products are obviously of higher value, which is exactly what we should be making because in this country we want to be making sure we're producing premium products. I would have said it was gas rather than stationary. It was gas, yeah, I think. In terms of the on-farm circularity, that is the beginning of the program. We're really pleased that we've been able to get through a third of our farmers. We will endeavor to get through them all and we will endeavor to act and, you know, as has always been our approach, we would expect that we'll get to 80% or 90% of them and then that will mean that the rest will want to be engaged as well, which is always what we've seen occur. I'm sorry, the various certification bodies. Obviously, we are careful to select. I would say that the executives responsible with the regulatory team select those organizations and obviously that's one that we make sure is that we are comfortable with their compliance levels. Palm oil is used in infant formula and hence we're one of Australia's larger infant formula producers. Elton. Hi, good morning, Mr. Chairman. Elton Ivers, shareholder. I've got sort of two broad questions. One is to do is, I'm getting confused more. I see that your branded products versus bulk products. Is there another category called unbranded? No. No. Okay, so where does it fit in? When you have the contracts for processing. Of products in the branded segment, that goes back into the branded segment. If you're talking about toll, you know, say cutting and packing that we would do over at Ridge Street, things like it sits in the branded segment. Products for other retail chains that want their own branding. If they are finished packaged goods, they are in the branded section. If somebody comes to us and says, we need you to process some milk into milk powder, they're in the bulk section. Okay, thank you. That clarifies that. The other thing is microplastics, those bigger filters for microplastics contamination and its various food processing and packaging processes. Peter might give you that. We don't filter for that specifically. No, it's not a. Having said that, we obviously comply. We comply with all legislation in Australia. We work with the national packaging covenants in terms of what we might, so we work with the national program around packaging. Yeah, I guess I could see the packaging is a significant area because of all the. It's significant. All your plastics that are used in the containers, plastic containers. Then the. is fair to say it's a significant area with significant collaboration going on, but also a fairly challenging problem in terms of getting some standard regulations and standard agreements on where we might need to be. Be assured, we are deeply involved in that. Thank you. I couldn't find any Australian standard on microplastics. Yeah, it's contaminant. The packaging, Pete, is all under that. That regulatory is all under review at the moment. I think it is. I think that'll come out in the next year or two. It's evolving. Okay. Yeah. I noticed you're a member of the APCO Material Committee. Okay, thank you. I just thought maybe when you're doing it. Okay. When you're doing microbial and chemical contamination, is that product, if it poo's positive, is that just thrown out and destroyed or is it rectified? That is a very broad question and probably your last. It depends. It depends on exactly what the microbial challenge might be and how we can handle it within our processing system. Of course, you can be assured that Bega Cheese Ltd doesn't sell anything that is not food safe and that doesn't meet our quality standards. The processes around microbial management are intricate and broad. Might be the right way of putting it. We have an extensive testing program in place at every site, so we're very comfortable. If there are problems, we pick them up. Okay, I might call an end to questions there and move on to the formality of the meeting. Okay, so we're now in the voting area. A poll is being held on all resolutions at this meeting. If leaving early, please place your completed voting cards in the ballot box by the registration desk for each item of business. I will first open the floor for discussion and then we'll put the motion for that item to the meeting and ask you to complete your voting cards in relation to that item. Share Registrar Julie Stokes of MUFG Corporate Markets Limited will act as returning officer in relation to the poll. If there are any aspects regarding voting that you are uncertain about, please ask one of the registrar staff. The results of the poll will not be available before the end of the meeting. You can, however, obtain the results of the poll later today by visiting the Bega Group website or the ASX. The first resolution is the adoption of the remuneration report for the year ended June 30, 2025, and then there will be the election of directors. The adoption of the remuneration report, firstly to item 2 in the notice of meeting, the remuneration report on pages 35 to 55 of the annual report outlined the remuneration for the board, executive, CEO, and other key personnel. In setting remuneration, the Nomination, Remuneration, People and Capability Committee refer to market and external advisers. I would inform the meeting that the following proxies have been received in respect to the remuneration report. Are we casting the undirected proxies in favor of the motions? Are there any questions on the remuneration report? Brett? Yes, I have one. Chairman, thank you from Stephen Mayne. Thank you for disclosing the proxies early with the formal addresses. There was a modest 8.7% protest vote against this remuneration report item. Was that just retail and folks pharma shareholders lashing out or did one of the proxy advisers recommend the vote against? If so, is the company aware of what specific concerns those voting or recommending against had? Also, when disclosing the poll results, could you please include the headcount data so we can see how many of our nearly 16,000 shareholders voted for and against each item? We had four proxy advisory reports. I think Brett, three recommended a vote for the REM report, one did recommend against it. I think their concern was that they would like to see more disclosure on the KPIs for the executives in terms of bonuses, and I think they also wished us to consider a shareholder target for the CEO. As you'll see by the proxies received, we're very pleased with the strong support that the REM report has received, and of course we've got the vote yet to occur in the room. I think that answers the question. Are there any other questions? As there are no further questions. Sorry. Oh, sorry. Elton. Elton. Yes. Thank you. Thank you. Firstly, something I forgot to mention earlier. Big thank you to you and your teams for the very good result this year with Bega and also your progress towards your five year strategy. That's very pleasing to see. Thank you. Thank you, Elton. The question on remuneration is that noted that the executive remuneration was increased by 3.5% for financial year 2025. Were all the Bega employees paid similarly increased in 2025? That obviously varied across the business because we have a number of EBAs in place in various sites in various ways, but I think that would be fair to say go into that would be the average increase that's occurred across the business. Yeah. In fact, if you were to take the average of our EBAs, the workers at our sites had a slightly larger% increase than management. Okay, thank you. Thanks. Okay, as there are no further questions, I now move that the remuneration report for the period ended 30 June 2025 be adopted. I will now put the motion to the meeting. Would you please now complete your yellow voting card in relation to item 2. Moving to election of directors, I now move to the re-election of Patria Mann. Patria, I'll invite you to say a few words. Thank you, Barry. Good morning, ladies and gentlemen. It is my pleasure to be here today and offer myself for re-election to the Board. As detailed in the notice of meeting and the annual report, I bring over 20 years of diverse non-executive Director experience across multiple sectors, providing me with a deep understanding of governance, risk management, and strategic oversight. Given my background and experience, I am a member of both the Audit Committee and the Risk and Sustainability Committee. Since joining Bega 's Board as an independent non-executive Director in 2019, I'm proud to have been part of Bega 's significant transformation. As Barry and Pete have outlined, the group led by the Board continues to successfully execute its strategy and deliver on key initiatives. I'm fortunate to be part of a diverse, capable, and passionate Board. The Board's collective strength lies in its diversity of skills, experience, and perspectives. This dynamic enables us to fulfill our Directors' duties, meet shareholder expectations, and continue to drive returns if re-elected. I look forward to the opportunity to continue this journey and to contribute to Bega 's future success. Thank you. Thank you, Patria. Before we proceed, I would like to inform the meeting we have the following proxies in respect to Patria Mann's re-election. I will be casting the undirected proxies in favor of the motion. Are there any questions? As there are no questions, I now move that Patria Mann be re-elected to the Board. I will now put the motion to the meeting. If you haven't already done so, please record your vote in relation to the resolution. I now move to the election of Janette Kendall. Janette, I invite you to say a few words. Good morning and thank you, Barry. My name is Janette Kendall and I'm seeking your support for the election to the Bega Board today. What draws me to this opportunity is pretty straightforward. Bega is one of Australia's leading food companies with a strong heritage and genuine connections to the region. Your journey from dairy cooperative to diversified food and beverage business is impressive and I'd be honored to contribute to the next chapter. I've spent over 25 years across ASX-listed companies, private businesses, and not-for-profits, working in sectors including FMCG, agricultural, retail, technology, and international markets. I'm a Fellow of the Australian Institute of Company Directors and a member of Chief Executive Women. More importantly, I've worked with organizations going through the kinds of changes Bega knows well. Growth through acquisition, brand portfolio expansion, digital transformation, and building export markets, particularly in China and Asia. I've seen what works and what doesn't when companies are integrating acquisitions, strengthening brands, and managing the complexities of modern food and beverage businesses. What I bring to the Board spans several FMCG and agriculture experience, strategic planning capability, marketing, customer and digital strategy expertise, and international market knowledge, particularly navigating cross-cultural business operations. In fact, in my last executive role, I lived in China for three years and bring that knowledge and experience to the Board. I understand the environment that Bega operates in. The Australian food industry is competitive, costs are volatile, retail concentration creates pressure, and consumer preferences keep shifting. At the same time, there are real opportunities in export markets, brand building, and operational efficiency which we've seen today. Having worked through similar challenges with other organizations, I'm confident that I can contribute useful perspectives to board discussions if elected. My commitments are simple. I'll work collaboratively with fellow directors and management, bringing strategic thinking balanced with commercial realism. I'll contribute actively to discussions about capital allocation, brand investment, and growth opportunities. I'll help Bega ensure it doesn't lose sight of what makes it really special. Your cooperative heritage, regional connections, and commitment to Australian ownership aren't just history, they're competitive advantages. As a shareholder myself, I'm aligned with your interests in building long-term value while honoring the communities and values that built this company. Bega has strong brands, operational scale, good distribution, and a committed team. With the right strategic direction and disciplined execution, the company is well positioned for continued success. I'd be honored to serve as your director and ask for your support. Thank you. Thank you, Janette. Before we proceed, I would like to inform the meeting we have the following proxies in respect to Janette's election. I will be casting the undirected proxies in favor of the motion. Are there any questions? I have one. Chairman, directed to Janette and yourself with regard to Janette's recruitment process, was the headhunter involved? Did the board interview any other candidates, and did Janette know any of our directors before engaging with the recruitment process? I'll start. Janette, as people who know me well know that when I identify talent, I'm extraordinarily patient in trying to recruit that talent. Janette was in fact identified a number of years ago as an ideal candidate for the Bega Board through a recruitment process, I believe, and Janette's just outlined her and I think she, as is true to our culture, is being humble about her achievement. She's recognized within Australia as one of the best branders and marketers of iconic brands. She's got a wonderful track record, a heritage that is actually in the rich and indeed a significant experience internationally. She was, in terms of our skills matrix, she's been long a very good fit for what we wish to achieve. I approached Janette as a result of that recruitment of her being identified by a recruiter a number of years ago. Unfortunately, her portfolio didn't allow her to join at that time. I did stay in touch with her in terms of probably outlining to her that when her position, when she was available, we would be delighted to have her join the Bega Board. That's how Janette's come to us. She comes to us with a wonderful reputation. Obviously over that period of time I got to know Janette well. She's a very good cultural fit as well, which I think are the two important things that has made Bega so successful and so stable. Have a success such an extended period of time generally. I don't know whether you want to add anything to that, but I think that probably answers the question. That said, if there are no other questions, I will now put the motion to the meeting. If you haven't already done so, please record your vote in relation to resolution 3B. Ladies and gentlemen, thank you very much for your attendance at this year's AGM. If all votes have been complete, please ensure you lodge your yellow voting cards in the ballot box stationed at the registration desk to ensure your votes are counted. The poll will remain open for a further five minutes. Voting outcomes of today's resolution will be announced to the ASX and published on the investor page of the Bega Group website later on today. If you are, please join us for a cup of tea, as is our tradition. Anybody that is leaving, there's also goody bags over on the side. Please feel free to take them. If anybody thinks that there's more goody bags than there are people, please feel free to take more than one. Thank you very much. I now declare the meeting closed. Thank you.