I would now like to hand the conference over to Mr. John Lorente, Chief Executive Officer and Managing Director. Please go ahead. Thank you, Mel, and thank you all for joining us today. Joining me today is John O'Connor, our CFO. It is our pleasure to present the first half results for the 2025 financial year. I will go through the business overview and business performance, and then John O'Connor will go through the financial detail. I will then wrap up with the outlook for the business before we get to questions. Getting straight into it, if we go to slide three, business overview. This slide highlights our group's geographic segment and supply chain diversity. I will focus today on the major changes. In supply chain, we have seen strong growth in BRI manufactured product, moving from 18%- 23% of our revenue, reinforcing vertical integration and providing a strong position amid AUD/USD volatility. The key drivers have been the addition of SLQ, increased Grafton production after the site completion last year, and offset by lower volumes in frame and truss. Onto revenue by construction market. The residential detached housing decline, seeing that reduced to 36% of our revenue due to the market softness. Multi-residential decreased, but we saw some growth in low-density townhouses and a decline in high-rise. We saw a slight increase in the commercial segment. Onto revenue by region. We have a strong business mix spread across Australia and New Zealand. Queensland retains our largest footprint, now boosted by SLQ and solid market growth. We are well positioned, with Queensland forecasted to be the fastest-growing region in Australia moving forward. Softness in New South Wales, Victoria, and New Zealand markets impacted the performance during the period. Our asset mix and the map. We'll continue to review our geographic footprint and asset base to better serve our customers and drive synergies and efficiencies. Over the years, we've successfully amalgamated several sites, including the recent consolidation of Kiama and Albion Park in New South Wales. This brings our total to 25 sites, including eight manufacturing facilities across the group. We continue to assess opportunities where consolidation delivers value, ensuring a stronger, more efficient network. Now, if we go on to the next page, page four, divisions. This is an overview slide on our divisions for any new investors. We run two core businesses, panels and construction. The and construction. The panels business is an industry leader in decorative and engineered panels, dealing predominantly with cabinet makers, fit-out trades, and OEMs. We've expanded this business substantially over the past few years, both organically and by acquisition, delivering differentiated high-value offering to the market. We now have nine sites, including four manufacturing sites across the east coast of Australia and New Zealand. The construction division is a leading diversified formwork and building products manufacturing and distribution business focused on trade customers. The majority of our customers are builders, carpenters, and commercial contractors. There are three parts of this business, being the building trade centre, distribution, frame and truss, and formwork and commercial business. This gives us a good diversity across segments, buying power, and technical expertise. The group remains committed to its strategic priorities of driving growth in key differentiated trade market segments, both organically and through acquisitions, while continuing to unlock synergies and operational efficiencies. Now, if we go on to slide five, investment highlights. This slide here, we're giving a high-level investment thesis for the business. Now, I won't read through all the detail, but just as an overview, we're a diversified vertically integrated manufacturer and distributor in a very large addressable market. We focus our efforts on growth segments of the market where we can differentiate our offering. We have a strong financial profile, delivering positive returns both on profit and cash generation year on year, with upside on material cost synergies as volumes increase. As I mentioned, we have a solid footprint across Australia and New Zealand, and we have circa 600 fantastic loyal staff with long tenure, delivering knowledge and expertise to serve our customers. We have a diversified and differentiated product mix, our scale and supply chain diversity provide the ability to pivot when the markets change. We're in a cyclical industry with very positive medium to long-term fundamental growth opportunities. Now, if we go on to slide six, the performance headlines for the first half. It's definitely been a tough period over the past 12 months, but I believe as a business we've navigated it well and are well positioned as the market starts to turn. The group revenue was AUD 211.5 million for the half, down 3.3%, or down 9% like for like, off the top of the market in calendar year 2023. Obviously impacted by a soft residential segment, which is now 30% off its peak and the lowest in more than 10 years. Pleasingly, revenue was up 8% on the second half of financial year 2024, or up 3.9% like for like. Given the softer volumes, continued delays on site and competitive pressures, gross profit margins have been under pressure. Pleasingly, the gross profit margins were flat on the prior corresponding period and also up 76 basis points on the second half of financial year 2024. This was driven by our proactive margin initiatives and product mix. EBITDA was impacted predominantly by volume and was down 26% on the first half, financial year 2024, but up 17.5% on the second half, indicating we have potentially turned a corner. Our working capital continues to be managed very well at 17.7%, giving the right balance of stock to service our customers, and our cash conversion continues to be strong, 78%. Despite posting an impairment, which we will talk about shortly, we continue to pay fully franked dividends, with interim dividend declared by the board at AUD 0.02 per share at a 69.4% payout ratio. We now go on to slide number seven, investment and building for the future. Our group strategic priorities are the safety and development of our people, growth both organically and by acquisition, delivering synergies across our group, improving operational efficiencies to achieve better service for customers, cost savings, and best practice, and one Big River, focused on our culture and market positioning. While we've experienced challenging market conditions, we are focused on growing the business today and delivering results while continuing prudent investment into building for the future. Our investments in the last half have been predominantly customer and market-facing to deliver growth and margin improvement, which is around branding and market margin initiatives, investment in distribution and manufacturing to deliver synergies, such as a new fit-for-purpose site for the Epping business in Somerton and a new PUR laminating line for the SLQ business, and investments in support structures, including our data and ERP projects and HR team development initiatives. We also had some robust cost-down initiatives in the first half to right-size the business, given the current macroeconomic environment. If we now go on to slide eight and divisional performance. The construction division, with volumes impacted, declined in the residential housing and delays, made up from a decline predominantly from frame and truss and of historic highs. Up 2.4% on this, but it was actually up 2.4% on the second half, and both GP and EBITDA was up on the second half. Our commercial market project pipeline delivered positive growth as projects started to be delivered, albeit in a competitive market environment. As reported previously, lightweight cladding is a growing segment and an area where we have been continuing to grow share year on year, and we expect the construction division to show first signs of volume improvement as the market turns. If we move on to panels, our panels division was up 10.7% with the addition of SLQ, but down 8.4% like for like. Again, revenue was up on the second half financial year 2024, and margin and EBITDA was also up on that period, indicating a potential turn for the market. New Zealand was the softest market with a decrease in market volumes. Interest rates, the decrease in interest rates and increase in confidence in our project pipelines both bode well for the future. SLQ, or Specialised Laminators Queensland, has integrated well and extended our capability across the group and delivering growing product synergies for the business. The Grafton site is now complete and delivering higher volumes of bespoke decorative panels and high-value formply. I'll now pass on to our CFO, John O'Connor, to run through the financials. Thank you, John. Good morning, everybody. Starting with the P&L on slide nine. As mentioned previously, the revenue at AUD 211.5 million was down 3.3% on the prior comparative period and on a like-for-like basis, 9%. That was as our key residential markets continued to remain challenging in the short term. Our gross profit result was AUD 55.7 million, a 3.6% decline on the prior period. While the GP percentage was flat year on year, we did see an improvement in that key indicator from the second half of last year. This was driven primarily by favorable mix, good cost management, and just overall better pricing disciplines being demonstrated across the business by our teams. However, as I said six months ago, the market still remains very contested. Our operating expenses have increased in the period, but on a like-for-like basis, they have been managed well at +2.9%. As John mentioned, we did implement a number of cost reduction programs in the first half of the year, and we will see the full benefit of those in the second half of this year. Overall, we achieved an EBITDA result of AUD 14.8 million, down 26% on the prior period, however, up 17.5% on half two FY2024. Looking at increases in DNA of AUD 1.1 million, SLQ was part of this as they came on board, but we are continuing to see increases in right-of-use building assets where, again, we're continuing to see double-digit increases as we hit more market reviews in the year. As John said, we have merged a number of sites, and we will continue to look at opportunities as they arise in the future. Finance costs showed marginal increase against prior comparative period, which was after the additional borrowing costs due to the SLQ acquisition. The benefit here was due to efficient cash management in the period. The resulting end PAT before significant items was AUD 2.5 million, a 63.8% decrease on the prior comparative period. Looking next at significant items. Following a sustained market downturn and challenging trading conditions, the group has conducted a comprehensive review of the carrying value of its assets, and as a result, a non-cash impairment charge of AUD 20 million in relation to our intangible assets has been recognized in the period. The fair value recognized is in relation to SLQ, as the business may achieve lower-tier EBITDA targets for the first year and year period. Moving on to slide 10, the waterfall. The waterfall chart gives a further breakdown on where the reduction in EBITDA has come from from the prior period. Look, to summarize, with costs well managed and the contribution from SLQ, the EBITDA variance is primarily caused by that revenue reduction. Looking next at the balance sheet, slide 11. Pleasingly, we can report we've maintained a strong balance sheet, which gives us confidence to continue with our organic growth plans and the future acquisition strategies that we have in place. We have continued to maintain strong financial disciplines in working capital management. We did see a marginal 1.5% increase in net working capital as compared to June 2024. The strong discipline focus on our debtor management remains, and it's good to be able to report that we have seen a further reduction in debtor days from 39 in the prior period to 37 days. Inventory levels have also reduced in the period, down 1.4% to 71.5. This helps us maintain a well-balanced position while ensuring that we have sufficient stock availability for our customers. The reduction in intangibles is due to the non-cash impairment that I referred to earlier. The decrease of 3.5 in the continued consideration is due to the payment to vendors and the fair value gain that we recognized during the period. Moving on to cash flow, slide 12. Our cash conversion of 78.4% is lower as compared to 98% in the prior period, and that was primarily due to the unwinding of net working capital after some really strong cash conversion numbers in the prior years. Our tax payment in first half FY2024 includes payments of tax liability relating to FY2023, which starts to cycle us out of those higher years now. Contingent consideration was paid from cash generated, and we continue to fund our capital expenditure through a mixture of cash and asset financing facilities. Finally, looking at capital management on slide 13, our net debt increased by AUD 2 million due to a decrease in cash driven by that lower cash conversion and net increase in borrowing related to additional asset finance. Our gearing ratio of +4% primarily impacted by that impairment charge. The working capital to revenue ratio did increase by 1.1% due to that marginal unwinding of net working capital after the strong conversion, as I mentioned, in prior years. Finally, the interim dividend of AUD 0.02 per share has been declared, which is fully franked and payable on April the 2nd. I'll now pass back to John, who will take you through the outlook statement. Thank you, John. Okay, onto the outlook. In the short term, the market conditions are expected to remain challenging, particularly in the residential sector in regions, in particular, New South Wales, Victoria, and New Zealand. The Queensland market, which is Big River's largest footprint, is expecting stronger growth, and the New Zealand market is expected to improve, which has been driven by reduced interest rates and a higher project pipeline. The medium to long-term outlook remains favorable, underpinned by increasing and forecast population growth, low vacancy rates, and government initiatives to boost housing construction. While site delays and labor constraints continue to impact project timelines, market growth is expected to be modest in the short term, with acceleration anticipated as the group moves into FY 2026 and beyond. The group remains active in identifying and pursuing value-accretive acquisitions that enhance its capabilities and competitive position, and the business remains committed to its strategic priorities of driving growth in key differentiated trade market segments, both organically and through acquisitions, while continuing to unlock synergies and operational efficiencies. That is the end of our presentation. There are several other appendices slides included for your information. I will now pass it back to the moderator, Mel, for questions. Thank you. 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 two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from John Sanford-Hinde with Petra. Please go ahead. Oh, good morning, John and John. Thanks for taking my questions. Congratulations on a good result given the conditions. I just wanted to explore perhaps the outlook statement a bit further. I mean, it looks like you're pointing to Queensland as being a lot stronger and perhaps providing a little bit of a tailwind out of the first half. On the basis that the second half has been weaker historically, would you expect the composition of the two periods to be like they were historically, or is there enough of a tailwind for the second half to be even or a bit stronger this year? Yeah, thanks, John. Thanks for the question. Look, the second half is traditionally a little bit lower in volume because of the number of days. Generally, there are less days in the second half. We expect Queensland to be, from a volume point of view, to be stronger than the first half, but obviously, there is some softness in a couple of the other markets. At the moment, we are forecasting a slight, I must say, slight revenue daily run rate into the second half and, yeah, some moderate improvements. Okay, great. That's really helpful. Thanks for the detail on the cost initiatives you've put in there. It's great to see almost an 80 basis point increase from your pricing focus. Can you share a little bit more detail what's going on there? I guess, what levers you're pulling across what businesses? Can you share, I guess, is there more? Do you expect more to come? Are you halfway through this program, 75% of the way through? What do we expect in the second half? Yeah, another good question. Thanks, John. Look, there's several parts to this program. Margin obviously comes from our pricing, our front-end pricing. It starts off with our front-end pricing. We had 110 people through Pricing University, as we call it, which is basically our work on ensuring that we get our pricing to the customers correct. That started in July, and that gave us some immediate front-end pricing results. Obviously, it's still been a very competitive market. The next part's been around our manufacturing assets, and we have had a cost down, as John has mentioned, and reduced some headcounts and got some efficiencies out of our manufacturing assets, which then will continue. That has delivered some better cost of goods sold and obviously better margin. There is work to consolidate purchasing with suppliers and get LTIs. Look, we're looking again for some modest growth moving forward. It is a tough market. We're really proud of the result, being that it's at the very bottom of the market, we've been able to keep margins flat year on year, and half on half have gone up 76 basis points. I still don't think we're out of the woods in terms of the competitiveness of the market. I think all the work we're doing will bode well for this next half. Actually, when the market starts to improve, we'll actually deliver some increased results. Okay, thanks. I guess what you're saying there is you're probably expecting a little bit of a headwind from price, but the work you're doing at the moment will probably more than offset that. Yeah, correct. Generally. Yeah. Look, I wouldn't be ready to give a forecast saying that we're going to increase it further, but I don't see it decreasing. Yeah. Got it. I've just got one or two more. Just on the branches that you're expecting to migrate, I think you said you did two this period. Are there more? How do we think about you've got a lot of branches, and there's a few assets. Are there more to migrate? And where did we see that cost in the accounts? Was that through corporate costs, or was that wrapped up in margins this year? Okay, I’ll have to, first of all, pass it on to John for the second one. Sure. Over the last couple of years, we amalgamated some sites up in Queensland. Brendale was more or less three sites into that big Brendale site, the new site that we have there. We have moved the site. We have amalgamated two sites in Sydney, which was our site in Lidcombe and Smeaton Grange. This year, or this financial year, we have just amalgamated Kiama and Albion Park. Most of these have been driven by delivering operational efficiencies and also getting out of some maybe second-rate sites that did not meet our requirements. Having said that, we are working at our entire property portfolio to decide which sites remain and which ones we may amalgamate. There is no decision being made on future ones, but we still need footprint across each geographical region. There are maybe a handful of sites that could possibly amalgamate. At the moment, we may or may not do them this financial year. In terms of cost. Yeah, John, in terms of the cost migrating to the group ERP, how many more sites do you do there before we look at cost? Yeah, so the group ERP, we've now had another two sites this financial year move to the group ERP. There's now New Zealand and another couple of sites in Australia to go. On top of that, I mentioned about the project fusion, which was in the announcement, which is the data project. The ERP is a first stage, and it's about the data. We've got a pretty clear roadmap around how we can get more efficiencies out of our systems once we have everyone on board. Great. I guess in terms of answering the cost question, I guess my question is, where do we see those efficiencies that you're expecting? Where, John, do we see those as they roll through? Will that be at group level or segment level margin? It will be primarily in the segment level, John. It will be in, look, OPEX is where we'll see it first and foremost. The biggest chunk will be in DNA with reduced rental costs. Yeah. Okay. SLQ, if I may, you talked about some synergies rolling through with that business. Given that you've also impaired the asset, can you give us some color there? Was it hitting the same monthly run rate as it was in the couple of months you owned it in the second half? How does it compare to perhaps the legacy panel's performance for this first half period? Look, I think there are two parts to that question. SLQ, we're comfortable with its performance, but there are a couple of segments, some market segments that have been challenging for that business. It has four businesses, four key market segments, two of which being the wardrobe door market and the RV market have been soft, and they got softer over the period. We saw more softness as the half has gone on. Conversely, the install business that that business has has been very strong, and the decorative panels business has been doing well. We've been getting good synergies of decorative panels from SLQ to other sites. We have installed a new PUR laminating line to do high-value panels in that site, which then we will be able to sell across the other Big River or the Timberwood panel sites and get further synergies. My view is that SLQ, the same as any other business. We have obviously bought that recently that is in this market decline. I think it is performing well, and we are comfortable with where it is and where it is heading. Now, in terms of the impairment, the impairment is obviously off intangibles and goodwill. Look, the market is off 30% of its peak in construction. If you look at the last 10 years in housing, we have been doing on average 200,000, building on average 200,000 houses a year. We are 20% below that. We have bought these businesses not on one year's performance, but on the average of a few years' worth of performance, right? Unfortunately, we've had that impact on our bottom line, and we've taken a prudent financial management line in line with the accounting standards to do the non-cash impairment. There's no concern on the future viability of the acquisitions that we've acquired and definitely not for SLQ. Yeah. Okay. How does it compare? Just to look at the top line, how does it compare to the legacy panels business, John? Is that? In terms of growth, you mean? Yeah, did legacy grow year on year, or? Oh, no. Look, it's similar, but the wardrobe door market's probably been a bit more pronounced than some other parts because of that particular segment. Wardrobe doors have got to go into new housing. Yeah. Okay. Yeah. Okay. Where some of the other businesses have got a larger exposure into A and A. Yeah. Okay. Thanks. I'll jump back in the queue, guys. Thank you. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Rochelle Parekh with Ord Minnett. Please go ahead. Hi, John and John. Thanks for taking my questions. Just a couple from me. I might just start on the outlook. I know was asked earlier, but just wanted to delve into your comment regarding the expectation of an acceleration into FY 2026 and beyond. Just wondering what lead indicators you're currently seeing that are providing you with that confidence that that will effectively come to fruition over, I guess, the end of FY 2025 into FY 2026. Yeah. Yeah. Thank you, Rochelle. Look, firstly, on the ground, our customers have basically got renewed confidence as to what's coming further forward, right? The biggest drawback for them, and this is about sales in and people looking to buy housing, the biggest roadblock for them is currently trades and getting enough quality trades to get jobs done and infrastructure, getting water and other infrastructure onto land, right? As we know, then there's all the macro factors that HI and MBA, etc., have put out on their forecast report showing growth moving forward. We're seeing it on the ground in terms of customers telling us that there's positiveness moving forward. We're seeing it from the associations and their forecasts. Look, my view, and I've said it's not going to be a hockey stick in terms of recovery. I think it's still taking a while to get jobs completed and get them started and completed. There is definitely a requirement for housing moving forward. Yeah. Perfect. Thank you for that. On a similar sort of tangent there, just regarding your revenue development, I know in your disclosures you've talked about a sequential improvement half and half. Even just looking, I guess, more granular in terms of quarter on quarter sequentially, that being first quarter versus second quarter, it did look like your like-for-like sales actually improved again. I think in your first quarter trading update, like-for-like sales were down 10%, and for the half, they were down 9%, which would, I guess, imply that improvement in the fourth quarter of the calendar year. I just wanted to ask you, is that, I guess, an accurate assessment? If so, where are those sort of green shoots coming from within the business in terms of the top line or the revenue development? Yeah. Thanks, Rochelle. Look, we probably didn't spend a lot of time looking quarter on quarter. I can tell you anecdotally that October and November had reasonable run rates. Usually, that's what you expect out of those months. They're pretty good. December and January are generally difficult months due to the holidays, right? Anecdotally, that's my view. In terms of where the green shoots are coming from, Queensland's been our strongest state and continues to be. We've seen some good performance out of the formworking commercial business over the last few months. Great. Thank you. Just one last question from me. I just wanted to—I know that your margins were asked about earlier. I just wanted to specifically ask about your gross margin. I wanted to ask just about—it was quite resilient in the half just gone. Just your outlook for the second half of 2025 and FY2026. I also wanted to ask just your gross margin relates to some of your pricing comments and, I guess, the overall market. That being, you're expecting supply-driven price increases. I think you mentioned at the end of the third quarter, early fourth quarter. In the outlook statements, it is pretty clear that the market overall, particularly on the resi side, is still weak. It is a roundabout way of asking you, those price increases from suppliers, do you expect to be able to pass that on? Or do you think they'll have any impact on your gross margin as we look into the second half and into FY 2026? Yeah. Look, good question. I did not mention that before. Look, we have had pretty flat pricing over the last sort of 12 months, price costs from our suppliers. All the suppliers, all the major suppliers have come with price increases into March and April. Interestingly, in similar segments, and I will say LVL, LVL went down in price over the last 12 months. All the LVL suppliers have gone up more or less all the same quantum. My view is that if you want to build a house, you need an LVL. My view is that people will pass it through because everyone's margin has been squeezed. There are actually benefits with pricing going up as long as we can pass it through because obviously, we have AUD 70 million worth of stock on the ground. There is an incremental increase in terms of the value of our stock on the ground. Obviously, there may be some projects where we have to hold some price, but I think they counter themselves out. The short answer is that I believe, yes, we can pass it through. It's a hard time at the moment. Part of doing the work on the front-end pricing university is about making sure that our pricing sticks in the market. Perfect. Thank you very much for that. Thanks, Rochelle. Thank you. Your next question comes from Matthew Chen with Moelis. Please go ahead. Morning, John and John. I just wanted to ask a follow-on about, I guess, a bit of that quarterly momentum. Just wanted to see if that had been sustained in what you're saying as you've come out of January, that kind of softer period and return to, in inverted commas, work. Thanks. Thanks, Matthew. January is generally a tough month. I can say the first two weeks of January were very quiet. Lots of customers are taking extended leave, as often happens. A lot of our staff took extended leave and then got better at the end of January. February is tracking along as expected in line with our internal forecast. I do not expect any material change into February or March in terms of the way we have been tracking. Great. That's very helpful. Thanks. Thanks, Matthew. Thank you. Your next question comes from John Sanford-Hinde with Petra. Please go ahead. Thanks, guys. One more from me. Just on the inventory cycle, you've obviously managed it pretty well this period. How do you look now as of mid-February? I guess I'm noting that it's above where you were first half 2024. Is most of the increase SLQ there? Perhaps can you give us an indication on what it looks like, X, SLQ? Yeah. Thanks, John. This is maybe the first part of the question. Look, in terms of FY2024, we did do a pretty solid inventory reduction. We had LVL and structural timber reduced significantly in price back then. At the time, we actually reduced quite a bit of stock. I think at the time, when we announced that result, we said we'd probably gone harder than we might have because we were managing margin and that it should go up, right? Having said that, I'm comfortable with the levels that we're at at the moment. If it was a million or two million dollars up on that, I'd be comfortable as well. We've got to get the right balance. We're a trade business. The way trade businesses work, if you're selling into a job site, they'll generally tell you the day before, "I need these products delivered to site the next day because I have a whole bunch of trades waiting for it." If you don't have the stock on hand, then you're not servicing your customers. The stock holding is really important, getting the right balance. In terms of the way that we balance it, we look at age stock and we look at movement of stock, again, depending where it comes from, from around the world, either local or international supply. John, just on the numbers, there's circa about AUD 4 million of SLQ stock. On a like-for-like basis, again, 68.8 last December, we'd be at 67.5. Yeah. Down just a bit. Yeah. Cool. Thanks very much, guys. Well done this period. Right. Thanks, John. Thank you. There are no further questions at this time. I'll now hand back to Mr. Lorente for closing remarks. Right. Thanks, Bill. Thank you all for attending. For those of you who aren't aware, we've got our Investor Roadshow in the second week of March. If you'd like to discuss further, please reach out and we can meet up either face-to-face or virtually on the second week of March. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.