Good morning, everyone, and welcome to the Cobram Estate Olives Limited full-year results presentation for the 12 months to June 30th, 2026. Thank you for joining us online. My name is Sam Beaton. I am one of the joint CEOs. I am joined here by Leandro Ravetti, who is my other joint CEO of the group. I will be taking you through a financial and a commercial update for the year. I will then hand to Leandro, who will take you through an update on the California Olive Ranch acquisition, an update on our operations, and also an update on our capital projects. We will have plenty of time for questions at the end. There is a raised hand icon at the bottom of your screen. When we get to question time, if you would like to ask a question, just press that button. We will then unmute you when it is your turn. In the meantime, please make sure your microphones are on mute. This year has certainly been a transformational year for the company following the acquisition of California Olive Ranch in March 2026. Not only has this increased the scale of the business on a global basis, but more importantly, delivered us scale in the U.S.A. and a great platform for growth. We are now the number one grower and producer of U.S. extra virgin olive oil, and we are also the number one marketer of locally grown olive oil in that important U.S. market. Pleasingly for us, our normalized EBITDA, particularly in an off cropping year in Australia, was AUD 61.4 million. This was underpinned by modest growth in Cobram Estate on the back of tougher competitive environments, maturing olive groves in Australia, and a three-month contribution from COR. All these results have three months' worth of results and cash flow and profit relating to the California Olive Ranch business that was purchased at the end of March 2026. We strengthened our balance sheet during the year. We raised AUD 178 million in September, October 2025. That capital raising has largely been deployed investing in groves in the U.S.A. and contributing to the funding of the acquisition of California Olive Ranch. Our asset value now sits at AUD 1.4 billion. Pleasingly during the year, our Cobram Estate Australian sales grew despite very heavy promotional campaigns run by our imported competitors. This really highlights the strength of the brand and the consumer demand for high-quality extra virgin olive oil. From a CapEx perspective, we continue to focus our growth CapEx into the U.S.A. For a more detailed profit and loss, our sales grew by AUD 27.3 million. I will talk through the sales in more detail on the coming slides. From a normalized EBITDA perspective, our Australian business reported EBITDA of AUD 52.1 million, which was down from AUD 110 million. This was expected due to the off cropping year in Australia. As a reminder, under accounting standards, you are required to measure the majority of the profit relating to the crop in the year of harvest, not in the year of sale. We do that by estimating the expected net selling price of that crop, and then we deduct the actual cost of selling. The result was also driven by higher operating costs, particularly in Australia, where we saw an increase in water cost of over AUD 6 million, temporary water cost. Also a modest reduction in selling price across our packaged goods portfolio. In the U.S.A., our EBITDA increased to AUD 9.4 million. The majority of this increase was driven by the three-month contribution from California Olive Ranch, offset slightly by an increase in costs. From a normalized earnings before tax perspective, AUD 13 million against AUD 76.1 million in the prior period. There are a number of one-off costs or abnormal costs in our profit and loss this year, particularly most of them relating to the acquisition of California Olive Ranch. I will just take a little bit of time explaining that. The warrant expense of AUD 41.8 million. As you may remember, as part of the acquisition, we issued subordinated debt to both the sellers and a third party, AGR Partners. As part of that subordinated debt, there were warrants attached to that. The warrants relating to the AGR debt, the third party debt, the value of that at acquisition is required to be measured through our profit and loss and expensed. The movement in the warrant valuation between the acquisition date at the end of March and June 30th, is also required to be expensed. T hat makes up the AUD 41.8 million. It is non-cash, and I will explain a little bit more about the warrant when we get to the balance sheet. Transaction costs of AUD 4.8 million relating to the COR acquisition has gone through our balance sheet. Sorry, our profit and loss. Also other of AUD 4.1 million, which is predominantly made up from a downwards revaluation of a property that was externally valued. From a tax perspective, the reason this is positive number of AUD 33.5 million is because we have recognized historical losses from our U.S. business. Previously, they had not been recognized on our balance sheet. With the acquisition of COR and the assessment of profitability of our U.S. business, we are able to recognize those carry forward tax losses, and we will offset future tax gains and sit on our balance sheet, and the other side has gone through our profit and loss as a tax benefit. Cash flow statement for the group. We reported a AUD 47.5 million cash flow from operations before interest and tax. This was down from AUD 83 million, and we have got a slide coming up that explains the variance in those two numbers. Other key items on our cash flow statement. W e spent AUD 101 million on CapEx projects during the year, the majority of those in the U.S. and the majority of those on growth capital projects. We also paid just under AUD 160 million for the purchase of California Olive Ranch. That is the cash component of the purchase. Of course, we raised equity during the year, which totaled just under AUD 180 million. From a liquidity point of view, we have undrawn debt facilities and cash of AUD 115 million, at the end of June 2026, and this compared to AUD 41.5 million at the same time last year. This chart shows our cash flow from operations over the last five years, both pre-interest and tax and post-interest and tax in the gold bar. Just want to point out here that we did pay AUD 27 million in tax during the year. There was AUD 12 million that related to FY 2025, being the final installment of the FY 2025 tax. To explain the variance in our operating cash flows and why that decreased so much this year. Last year, we reported operating cash flow before interest and tax of AUD 83 million. We invested more in buying olive oil during the year, both in Australia and in the U.S.A., which totaled just over AUD 16 million. The temporary water price in Australia contributed to AUD 6.2 million more in operating cash outflow. From a bulk sales perspective, we sell all our non-extra virgin low-value oil as bulk. Pricing certainly softened during the year, and there were some timing differences there as well. Of course, our core transaction costs, which go through our operating cash flow, were AUD 5.7 million. From a balance sheet perspective, our net assets increased to AUD 517 million. Just a reminder here that our trees and irrigation infrastructure are carried at written-down costs, not at external valuation. Our brands, Cobram Estate and Red Island, are also carried at initial cost, which was under AUD 7 million. There is an apportionment to the California Olive Ranch and Lucini brands now on our balance sheet. The deferred tax asset of AUD 40 million relates to the carry forward U.S. tax losses that will offset our future tax gains in future periods. The AUD 66.8 million of carry forward tax liabilities relates to an historical asset write-up of property, plant, and equipment for accounting, and would only be payable if we sold the assets outside of the group. In other non-current liabilities is the warrant liability of AUD 61.7 million. We are required to measure that at June 30th,, using the Monte Carlo simulation model, which takes into account, amongst other things, the share price at the time and the time value of those warrants. In those warrants, there are 30.8 million warrants, and the real value of the warrants is actually when you pay it out. We have to pay out the warrants when we repay the subordinated note, and the warrant payout is the Cobram Estate share price at the time we pay out that warrant, calculated as the higher of the 30-day trailing volume-weighted price and the 12-month volume-weighted price. We then deduct the AUD 3.20 strike price, and the difference is multiplied by the number of warrants and paid out. For example, if that price was AUD 4.20 when the subordinated debt was paid out, if it was AUD 4.20, we deduct the AUD 3.20 share price, which gives you a AUD 1 gain. That would be multiplied by the 30.8 million warrants, and the liability would be AUD 30.8 million. Just another point to highlight here, our net debt ratio has increased from 32.7% to 35.6%. Just a comment on debt, the board is certainly comfortable with the debt levels, particularly with the level of tangible assets on our balance sheet, our assessment of forward earnings and cash flow. We will expect our free cash flow from the group to increase in the medium term. As a result, those debt ratios are expected to come down. Tangible asset backing. These charts show the tangible asset backing, where the purple bar is up to the light green at June 30th, 2026 compared to June 30th, 2025 against our net debt levels. This excludes any value relating to the brand and our lease assets. As we can see, AUD 1.3 billion of real tangible asset backing. Accounting for the acquisition of COR, I will take a little bit of time to talk through this. When we purchased California Olive Ranch, we were required to consolidate their balance sheet. We do that by taking their balance sheet at the end of March 2026 and then adjusting those balances to fair value. The column on the left-hand side is the COR balance sheet on acquisition. Then we make a number of adjustments, and the column on the right-hand side is the balance sheet that we adopt. The key movements that were assessed when we did this assessment of our COR balance sheet, we wrote down the value of inventory by AUD 22 million. That is an assessment of net fair value of the olive oil. The other key items, the right of use assets, relate to the leased olive groves. During due diligence, we had recognized that these leases were onerous and certainly require us to turn them around, and certainly we are expecting to in the medium-term. As a result of that assessment on acquisition, we wrote down the right of use or those leased assets by AUD 34.9 million. The property plant equipment increase of 15.7 million relates to an external valuation of our property plant equipment. The brands and customer contracts, we had this externally done. This was valued. That evaluation was placed on the brands California Olive Ranch, Lucini, and also our customer contracts. That came in at AUD 65.3 million. N et assets adopted of AUD 219.9 million. This compares to what we pay or the accounting consideration, which was cash, vendor notes of AUD 64.9 million, and the purchase price warrants. The warrants issued to the sellers, less a small adjustment. The total consideration paid of AUD 245 million. The difference between that and the net assets is recognized as goodwill on our balance sheet, which is AUD 25.2 million. Again, all this is in Australian dollars. Moving on to sales. We reported sales growth for the year. This chart shows the last four years of Australia and U.S. sales, and I will talk more detail around our packaged goods sales, which makes up well over 95% of our sales. From an Australian perspective, our sales grew only by 1.6%. Pleasingly for us, Cobram Estate grew by 2.1%, and this was really on the back of a more competitive trading environment where we saw total supermarket sales across the category actually down by 2.6%. From a total Australian sales perspective, we reported a small decrease from AUD 172 million down to AUD 170.6 million, and that includes our bulk sales. In the U.S.A., we reported 82% growth in packaged good sales. All of this growth was driven by the acquisition of California Olive Ranch, where it contributed sales of $35.1 million from the California Olive Ranch brand and $6.7 million from the Lucini brand. Cobram Estate, if you exclude big box retailers where we had a big rotation in one of those retailers in 2025, Cobram Estate supermarket sales grew by 6.5% for the year. If you include that big box retailer, then our revenue actually declined by 16.2%. Again, pleasing results given the category declined by 6.6% in dollar terms. If you include bulk sales, our U.S. business sales increased from $64.6 million up to $95 million. From a marketing perspective, we continue to invest significant amounts across multiple marketing channels and strategic partnerships. Really a lot of our marketing continues to be on educating our customers around the health benefits and superior quality that we sell through our domestically produced olive oil in both Australia and in the U.S. B usiness update looking ahead. The U.S., certainly the COR acquisition, and the development we've been doing in the U.S. on our own grove development, gives us a terrific platform to accelerate growth and earnings. We're seeing continued growth in oil supply through both our maturing groves and by turning around a large portion of the California Olive Ranch underperforming groves. We'll continue to drive sales. Of course, we have a much stronger retail footprint through the acquisition and a much better brand architecture to leverage on. Of course, this coming year we'll have a full-year of California Olive Ranch earnings and a full-year of synergies. In Australia, we're expecting to continue to increase supply of olive oil as our groves mature. Leandro will talk more around that in his slides, but there's certainly a significant amount of growth still to come from maturing groves. We continue to invest heavily in marketing and selling our Australian oil in the domestic market. Again, this is really around education of the benefits and the health benefits of extra virgin olive oil that's been domestically produced. Cost control is a big focus and focusing on production efficiencies. As we've said in the past, the Australian business has transitioned to a sustaining CapEx level, which is around AUD 10 million-AUD 15 million. All our growth CapEx will be in the U.S. From an outlook perspective, so next year, FY 2027, we expect EBITDA to be materially higher, driven by a couple of factors. Firstly, the Australian crop, which will be an on year, and also the full-year of earnings from California Olive Ranch and a full-year of realizing the synergies of combining our two U.S. businesses. We also expect operating cash flow to be materially higher. In the short term, we're seeing trading conditions to remain challenging, mainly due to continued discounting from our import competitors and of course, cost of living pressures. Debt levels, as I said before, we expect our debt percentage to come down in the medium term, as the business generates more cash flow, more free cash flow. Really excited by the foundations that we've established in two key markets, and Leandro will talk more around that in his slides. Dividend, we announced a dividend this morning. We're keeping the dividend flat at AUD 0.045 per share. It still will be 100% or fully franked. Full details of the dividend are on this slide and in the announcement. We will be offering a dividend reinvestment plan again, and the payment date will be November 6th, 2026. Before I hand to Leandro, I'd just like to thank all of our employees in both Australia and in the U.S. It's been a huge year for the business, and there's been some extraordinary efforts from a number of individuals which I won't name here, but you know who you are, so thank you. You are very much appreciated. Leandro, thank you to you and your wife, Lada, for moving to California. Certainly one thing, buying a business, but integrating the business is another thing. W e're very grateful that you're over there. You've been there nearly the best part of a year. On behalf of the company and the board, thank you for making that move. No worries, Sam. Thank you. Thank you to everyone joining us today. I think we can move straight to the next slide that in very quick terms, this slide summarizes the scale of the platform that Sam was talking about and that we now have. In Australia, we remain the number one olive oil producer and marketer with approximately 7,000 hectares of owned groves and 1,000 hectares of third-party groves, and a mature production base that continues to grow. In the U.S., following the acquisition of California Olive Ranch, we are now also the number one producer and marketer of U.S.A. grown olive oil. In an almost identical position than in Australia, the production of our own groves, combined with third-party growers in the U.S., is approximately 2/3, 66%, 67%, of the total amount of oil produced in the U.S. What I think is most exciting is that this scale, both in Australia and the U.S., is not static. In both countries, a significant proportion of our future growth is already embedded in the business through young groves maturing, new plantings coming into production, and as Sam touched on, the application of our operating systems across a broader asset base. Move to the next one where we will be turning to Australia first. The FY 2026 harvest was successfully completed on time in early July with a total production of 11.1 million liters of oil. FY 2026 was an expected lower yielding year, but importantly for us, the production was still around 10% higher than the previous comparable off-year harvest in FY 2024. That is a good operational result, particularly when we consider that the oil accumulation during the past year was about 14% below long-term average due to seasonal conditions. In other words, the trees delivered a very strong volume of fruit, but the amount of oil within that fruit was lower than normal. That distinction for us is actually very important because it shows that the underlying productive capacity of the groves remained really sound. Looking ahead, FY 2027, as Sam said, is expected to be an on year for most of our Australian groves. I have been at the groves for the past couple of days, and the trees are currently in really good shape, and winter conditions since harvest has certainly been encouraging. Rainfall have helped to replenish soil moisture, and importantly, we have not experienced any damaging frost events to that. These are all positive conditions for flower differentiation and give us a confidence subject, of course, as to normal seasonal risk that FY 2027 Australian crop should be materially higher than FY 2026 and above the previous on-year harvest in FY 2025. We can move to the next slide. Very briefly say that despite the very volatile cost environment that we are all aware of, discipline management kept FY 2026 operating costs very much under control, excluding largely water, and broadly consistent with the prior year. Obviously, we cannot control certain input prices like fertilizer or fuel, but we can control efficiency, and that is why we continue to develop and invest in adopting technology, including the first new generation of faster harvesters that we successfully tested this year in Australia. For example, the rolling of automatic guided vehicles in different areas of the business, just to name a few example. In terms of water in FY 2026, like we normally do, nearly all Australian grove water was sourced from the temporary market at a weighted average price of AUD 349 per megaliter. Rainfall timing helped to reduce total water use for the year, and pleasantly recent rain have lifted Southern Murray-Darling Basin storage levels above the levels we saw this time last year. Move to the next slide. In our modern medium-density production system, olive trees typically reach full productive maturity at around eight years of age. Today, approximately 75% of our Australian groves are mature, while the remaining 25% are either immature or not yet productive. That means that they are less than three years old. Based on the current plantings, as you can see from the graphs in this slide, our mature grove area in Australia is expected to increase from around 5,250 hectares to 7,000 hectares over the next six years. That represents a 33% natural uplift in mature area without needing to plant a single additional hectare. The implication is quite powerful because as these trees mature, the average Australian production, including 1,000 hectares of third-party growers that we have long-term signed contracts, is expected to rise to around 20 million, 21 million liters per annum over a two-year cycle average. For an agricultural business, this is very attractive growth, because it is already planted, it is already managed, and it is expected just to flow through as the trees reach full potential. Moving now to the U.S. As obviously Sam have touched on, we completed the acquisition of California Olive Ranch at the end of March. It was certainly a transformational transaction for us. It added leading household brands, approximately 1,675 hectares of owned and leased groves, around 2,500 hectares of contracted third-party groves, and a large scale mill, bottling, and warehouse facilities. Just probably as importantly, I would say it brought together two organizations with complementary strengths and a shared commitment to high quality extra virgin olive oil to help California successfully compete against lower quality imported oil. I think that I am stating the obvious here, but integrations of this size are never simple, and that is why we should acknowledge the effort required from both teams to get us there. We are very pleased with the progress so far. The U.S.A. operations are now fully consolidated and most of the initial annualized synergies of approximately $12 million have been already implemented. Obviously, as Sam touched on, because the acquisition was done late in FY 2026, the more meaningful impact will come through in FY 2027 and beyond. One more thing, importantly, past the initial costs and operating synergies that we touched on before, we see a larger opportunity to lift yields, improve production efficiency, and reduce cost per liter across the California Olive Ranch grove base. This is where our Oliv.iQ system is highly relevant. The aim is simple. More high-quality oil from each acre or each hectare produced at a lower cost and with better sustainability outcomes. I think, as I said before, this acquisition, it is not only company changing, but it is also industry shaping. The board of the company visited California recently and saw firsthand the progress being made. We all remain highly encouraged by the integration, the quality of the people, the scale of the opportunity, and the long-term prospects for a stronger Californian olive oil industry. I think that I'm right to say that few food categories offer this combination of market size, consumer relevance, domestic production potential, and quality differentiation. Our role is probably almost simply, just to put it in those terms, to help unlock that potential in a disciplined way from now on. The next slide touches a little bit on our U.S.A. brand strategy, that can be expressed quite simply saying that we want to make fresh the new premium. Obviously, for many of our Australian shareholders, this is not a new thing. We honestly believe that for consumers, freshness is easy to understand. Fresher products generally taste better, they retain more of their natural character, and they are more closely connected to origin. Our ambition is to position California extra virgin olive oil as the freshest, most trusted, and most desirable olive oil in the United States. We are very conscious that that requires more than just marketing. It requires local production, the availability of it, consistent quality, a lot of consumer education, as well as credible industry standards and a clear understanding of why, in this particular case, really origin matters. In the case of California, the Olive Oil Commission of California already provides a very strong quality assurance framework, and we believe that industry bodies like the OOCC will play an important role in building that or helping us to build that consumer trust and lifting the overall category. Our commitment, and we've been very open about this, to transition all California Olive Ranch extra virgin olive oil products back to 100% Californian grown is the clearest expression of that strategy. It links local production with freshness with quality, and quality with taste, health, sustainability, and an overall trust. I think that is a very powerful message for consumers, for retailers, for our growers, our large base of growers that we have in California, and for the industry as a whole. Probably the last thing that I want to say on this slide here on the brands, Sam mentioned that new portfolio architecture, and that architecture for us is very, very important. In very simple terms, California Olive Ranch will be our flagship U.S.A. brand, representing the best of California extra virgin olive oil and serving as the main platform for driving awareness, trust, and category leadership, just like Cobram Estate does here in Australia. In the U.S., Cobram Estate will play a complementary role by helping us set a high standard for quality and helping through pricing to recruit mainstream shoppers into premium California extra virgin olive oil. Lucini, in the meantime, will continue to serve premium imported oil consumers who value provenance, craftsmanship, and also Italian heritage. I think these brands are designed to play distinct roles across the different consumer occasions, price points, and origin, and that is a major advantage that we have now. As you can see there, the detail in this slide, we know through research that only a very small proportion of shoppers currently buy both California Olive Ranch and Cobram Estate, which tells us that there is a limited overlap and quite a meaningful opportunity to grow that total portfolio. I think that together, these brands give us a broader platform to educate consumers, to expand our household penetration, where there's a massive opportunity in the U.S.A., and to trade shoppers up from unhealthy seed oils or commodity olive oil into higher quality extra virgin olive oil. I think also that it's a sizable commercial opportunity because this combined portfolio already has significant retail presence, and I think that the next step, the next stage for us, it's about using that established platform more effectively. With clearer brand roles now that we are all together, stronger investment in education, better shelf execution, and a more compelling link between Californian grown freshness and quality. Move to the next slide. I think from the operational footprint perspective, CBO now has around 3,000 hectares of owned and leased groves in California that we manage. We also have key operating hubs in Woodland, Artois, and Chico. They're all in Central and Northern California, supporting a wide range of activities from milling to bottling, storage, warehousing, finance, HR, and supply chain functions. The map shows the geographic spread of our managed grove base and some of those production assets in Northern California. The two main production hubs, which are the purple and the light blue dots surrounded by green dots, provide a meaningful horticultural and water source diversification, but remaining still close enough, we're talking about 130 km, 140 km for efficient coordination across people, equipment, milling, and logistics, not that dissimilar than what we have here in Australia between Boort and Boundary Bend. Move to the next slide. I think that this slide highlights the scale and the age profile of our Californian growth portfolio. The core acquisitions significantly increased the mature growth area, as we can see in these graphs. Importantly, I think it's worth understanding that these groves have not yet reached their full productive potential under our management system. A lthough they are mature, they still have not fully realized their cropping yielding potential. At the same time, 37% of our Californian groves are still immature or not yet productive, and this figure does not include over 800 hectares that are going to be planted in the coming months that you can see in the graph on the right as the bar in year zero. That young age profile is a major source of organic growth coming forward. I think the opportunity is similar to what we have seen in Australia over time. When young groves mature, the production rises naturally, and when yields improve and fixed costs are spread over more liters, the cost per liter falls. This is why grove maturity, improving yields, and the operational discipline are actually so critical for the value of the company. We move to the next one. Operationally, the U.S.A. business continued to perform effectively, while at the same time progressing the integration of the merged operations and several important capital projects that I am going to touch on at the same time. That is obviously a demanding combination, and because of that, I also want to acknowledge the professionalism and the commitment of our teams across all sites in the U.S.A., and also the support from many of our Australian staff over this challenging period. In terms of outlook, the Californian crop is developing well. The flowering took place in April with good spring and early summer conditions, supporting good flowering induction, fruit set, and the early development of the fruit. Obviously, as with any agricultural crop, final yields will still remain subject to seasonal conditions. A t this stage, the outlook is encouraging to us. We expect the production from our own Californian groves to increase significantly, mainly as the young orchards mature. Many of our third-party growers are also expecting a moderately better crop than in FY 2026. In terms of water availability, the situation also remains in good shape, with our groves drawing from both surface irrigation districts and groundwater systems, and another favorable rainfall year in Northern California supporting full water allocation through FY 2026 and what is about to start in FY 2027. Moving to the next one. Well, it is just showing some photos. During the FY 2026, we planted 340 hectares of new groves in California. These plantings form part of the early stages of a high-quality development in the Yolo County, close to our existing Woodland operations and other groves that we are already managing. The images on this slide show some of those young trees, but I would say that for us, the photos actually represent more than just new groves. They are the future supply, the future brand growth, and the continued expansion of the Californian extra virgin olive oil supply. We move to the next one. T ouching on the capital projects to come. Looking forward, we plan to develop 840 hectares in FY 2027. They are largely going to be planted over the next three or four months, and a further 420 hectares in FY 2028. That would take our total Californian owned and leased grove area to around 4,260 hectares by the end of FY 2028. These developments, we touched on this before, but worth repeating it, are being funded through free cash flow, debt, and the proceeds from the 2025 capital raising, and obviously are important part of building the supply that we need for our U.S.A. brand strategy. I think that it's probably also worth saying that given the strong level of interest that we are receiving from prospective third-party growers willing to enter into long-term supply agreements with us, we do not currently have plans for further owned growth developments beyond those that are already outlined on this slide and committed to happen. At full maturity, those hectares of Californian grows that I touched on are expected to produce approximately a bit over 11 million liters of olive oil on a two-year average basis, excluding third-party grower volumes. When we add our third-party grower base, the total future productive footprint in the U.S. becomes very comparable in scale to Australia and we expect that to reach or exceed 20 million liters, but with a more balanced mix between own production and partner growers. In practical terms, this is a long-term ag investment with very clear strategic logic. We plant high-quality growers, we manage them exceptionally well, we process the fruit quickly and carefully, and then sell it through premium brands. This is exactly the same tree-to-table model that has underpinned our success in Australia, just now being scaled in the United States. The next slide, also with some photos showing the preparation of the FY 2027 development sites. I think it's important to understand that in permanent ag, much of the value is created before the first tree goes in the ground. The land selection, the irrigation design, the soil preparation, all of that, and these images show that work progressing well. In this slide, we got to see the woodlands site expansion, which has been another part of the U.S. growth platform. These investments are not just about adding space. Obviously, they help improve our ability to mill fruit, to store olive oil, to test it, and then to distribute high-quality, packaged goods efficiently. They also help us create a stronger working environment for the people that we have and support that technical capability required for a larger and more integrated U.S. business. Finally, on the last slide, I just want to touch on sustainability. Since launching our 2030 sustainability strategy, we have continued to make meaningful progress across the business. In FY 2026 in particular, highlights included progress on safety, really, really good numbers on safety, so great credit to the team, the specific team on safety and the broader employee base that have contributed to that, waste management, and some sustainability linked loan targets. For the third consecutive year, we also delivered better than neutral Greenhouse Gas Emission positions when considering scope one, two, and three emissions across the business. We're obviously quite proud of the progress made, but we also recognize that this is and will be an ongoing journey. For those that are interested in more detail, our FY 2026 voluntary sustainability report is included in the 2026 annual report, and we would welcome any feedback or engagement from shareholders, customers, and the staff that you may have. I think that in summary, we can say or I can repeat some of the words that Sam mentioned before. It was a year of significant execution and transformation for the business. We successfully managed an Australian off year in a very competitive retail environment. We completed and began integrating a major U.S.A. acquisition. We advanced quite important capital projects and continued to invest in future supply, strengthening the foundations of no doubt the world's leading vertically integrated premium olive oil company. I think that despite the potential short-term trade headwinds that may exist, the opportunity here is substantial, and we are very conscious that it will be realized through doing what we know how to do, which is through operational excellence, strong brands, quality without compromise, and deep commitment to our people, growers, customers, and shareholders. Thank you, and I will now hand back to Sam for questions. Fantastic. Thank you very much, Leandro. We've got some time for questions. Please, again, there's an icon at the bottom of your screen with a raised hand signal, and I'll call your name. Rory, if you can unmute those as I call them. We've got Ian Munro has got a question from Ord Minnett. Yes. Good morning, Sam. Good morning, Leandro. Thanks for taking my questions. Just first one relates to the purchase price adjustment that's still ongoing. I'm just wondering, are you able to provide any commentary with respect to how long we're expecting the process to play out? Is this a six-month process? Anything of that nature. Thank you. Yeah. Thanks, Ian. I think you're referring to the $31.5 million adjustment in our favor that we're disputing with the sellers relating to the California Olive Ranch transaction. Firstly, this adjustment relates to excess olive oil on hand at acquisition, and there's a mechanism under the share purchase agreement that we can claim that adjustment. The sellers are disputing it, so it is still going through a confidential legal process. Unfortunately, I can't give you much guidance on timing. O f course, we'll update shareholders if we have any material information. Yep, very good. I understand that is the case. Just with respect to the inventory adjustment within the acquisition accounting, and then also your points around the onerous lease adjustments. Are you able to maybe just give us a sense whether there is any kind of earnings impact associated with these and has much of that been captured in the first three months of ownership relative to what to expect during FY 2027? Thank you. Yeah. In terms of the first point on the write-down of the olive oil. Yes, we knew during due diligence that there would be some expensive Californian olive oil on the balance sheet. T hat is really writing it down to what we deem as fair value. So similar to what we do with our Cobram oil. There is some impact on our P&L for the first three months and going into next year. I t is really more normalizing the cost of sales more than anything. In terms of the write-down of the leased assets. T he leased liability we did not write down at all, just the asset. T he earnings impact there is really decreased depreciation going forward. I would add to that in the case of the growers and the position of the lease and the needs for the growers to improve, nothing was a surprise to us. It was all identified, and it was expected from the due diligence process. It is part of where we can see that we can add value to it, or what we call the medium-term synergies or the realization of those medium-term synergies, but short-term, that is the situation as it is. Yeah, v ery good. J ust combining that comment on the synergies with the actual earnings contribution in the first three months of ownership being a little bit better than we expected. How are you kind of seeing the, I guess, that run rate into FY 2027? It feels like you have kind of gotten all of the kind of due diligence items fully transparent now. How are you kind of feeling about P&L into the next financial year? Yeah. I think of the $12 million, the majority has been actually realized. O bviously from a three-month perspective, not annualized. The one call-out there is the bottling line integration, which will happen probably halfway through the year, as the new bottling line is on the water. B y the end of FY 2027, we will have all that fully realized, and then we will get the full annualized savings in FY 2028. A big portion will come through in 2027. I would say, remember, Ian, that with the transaction going through at the end of March, it took us, let's say, a good part of 1.5 to two months to complete the implementation of the synergy. T here was actually not much room left to get the benefit of that seeing through. We are going to see definitely a lot more of that through FY 2027 and after that. Just on that U.S. trajectory, in terms of Californian extra virgin olive oil, Cobram Estate together, as you have noted, 70% of branded sales now. How are you kind of seeing that engagement from the U.S. supermarkets this early in the transaction? Has that been better than expected relative to when you acquired it? Thank you. Yeah. I think it is fair to say that retailers, customers really like the fact that we are returning it back to 100% California. Of course, as does the industry and growers. Certainly from a retail perspective, it takes time. Some of these retailers, you are meeting once a year. It is not going to happen immediately. C ertainly the feedback from the trade has been incredibly positive. It was certainly more of a case of, for us, clearly defining the portfolio structure. I agree with Sam, the feedback from the industry in general has been very, very positive. Once we have the structure, it gets about the time to transfer that structure into the negotiation with the retailers, which normally and typically in the U.S. require a bit longer cycles than in Australia. Hopefully not outstaying my welcome here. Just one more question, please on the Australian business. You have called out a challenging kind of environment with cost of living pressures. Still, I know it delivered growth in FY 2026 in terms of sales. Are you kind of indicating that conditions are getting worse or is it kind of more of the same? What levers have you got on sort of price and volume over the next 12 months to try and offset some of that industry pressure? Yeah. I think, like any year, we plan to sell out of this year's crop by the time we get to next year, and that's no different here. We are sort of seeing continued deep promotions from our import competitors. That's more likely to just continue rather than get worse. Of course, on top of that, there's soft consumer spending as well. From a promotional perspective though, our competitors that promote, probably no different to where it was pre-COVID levels. We have certainly had some good tailwinds in the last four years, so nothing unusual. Certainly makes us work for our sales. Very good. Thanks, Sam. Thanks, Leandro, for taking my questions. Thank you, Ian. We've got Mark Topy. Hi, Mark. We can't hear you, Mark. It might be an unmute problem. It seems to be unmuted, but we cannot hear Mark. No, still not. Just looking at the side, seems to be unmuted, but we cannot- Can you hear me now? Yes. I'm sorry. Yeah, there was another bit I had to do there. Apologies for that. Yeah, just to pick up on that domestic point and, in terms of that European competition particularly, I suppose with the hot summer in Europe now, I'm just wondering, do you have any feedback as to how the volume coming from Europe might be impacted by that? Do you see any mitigation on that, Sam, going forward, in terms of the volume that might come into Australia? No, I think if I can summarize, it would be probably more of the same. For the past two years, the production overall from the Mediterranean has been a bit above average, not record but above average, and the rainfall conditions and everything that they had during wintertime was allowing and driving another above-average crop. G ood expectations. What naturally happens, as you got really dry hot summers, as you pointed out, some of those expectations get downgraded, but usually not catastrophically. It's just probably all taking a little out of it to make it not a record crop. I think all things indicate there will be still another strong crop, which pleasantly is also matched by pretty strong demand for the product globally, too. Right. Okay. Just that reference to the big box retailer, does that imply a lower margin contract that you had with this big box retailer? Can you maybe comment or expand a little bit more as to the nature of that business? No, not necessarily a lower margin. I think that big box retailers generally operate at a lower margin themselves. W e price it, so we're effectively happy with our return. W ith big box retailers, the likes of Costco and Sam's Club, BJ's, etc, some of their sales, and this is what this is referring to, are rotations where they'll bring you in for one or two months into all regions or some regions within the U.S.A., so you can get lumpy sales. T hat's really why we've called that out. Very different to our core supermarket range. Across the brands between Cobram and Red Island, just wondering, is there scope to, I guess, combat some of this sort of consumer pressure, or how do you see that, the ability to position your portfolio? Yeah, I think that's a good point between Cobram and Red Island. We have been discounting more in Red Island. We have the ability to do that. Cobram sales, promotional discounting levels return to more normal levels. Yeah, we have the ability to do that. A t the end of the day, we have a certain amount of oil to sell as well. I think we had something like two weeks stock on hand at June 30th, this year. We're always trying to balance not overselling at the same time for a less than satisfactory commercial return. Right. Okay. Then just lastly, domestically, the sort of talk about super El Niño, and it sort of looks unclear at the moment with the sort of rain that we've had, but some are saying it could still be relatively wet over the period. Just wondering in terms of water purchasing, how you're thinking about that. As you know, water prices have come off. Do you sort of start to, is there scope to buy some water now, or how are you thinking about the season going forward given that El Niño sort of backdrop? In general terms, we've given up about trying to be smarter on the market, and we just continue to buy water as we need it and ended up accepting to buy whatever has been the weighted average for the year because with any expectations, we would say, "Hey, here we're coming to a pretty dry period," and we got one of the best probably late winters of the last few years with rain. Just trying to predict weather and trying to predict pricing, we made the view a long time ago that it's better not to try to play that and just continue to buy as we need it, and we will maintain that position. Right. Okay. Leandro, maybe just lastly on the U.S., you have talked about the yield enhancement potential with the Cobram sort of process there. Can you maybe expand on, do you see that as a 10% or 20% increase in yield over the next couple of years? Can you maybe expand or give us a bit more insight into that? Yes. If we compare our average yields of our mature groves in Australia and some of the very early mature yield that we are getting from our oldest groves in the U.S., in comparison with the current yields of the COR asset that we are looking at improving, our yields are more than double. Right. Y eah, some significant upside then, even if you, yeah. Depending on the asset and the condition and everything, you may not be able to fully realize that difference, but certainly it shows what the potential is. It is quite significant. Any thoughts about timeframe? Is that like a two to three-year project, or how would you see that? Yes. Normally with olives, because of the cycle that they have, you are looking at a two to three-year cycle to really get at least the bulk of it, and then there will be a bit of an ongoing thing. T wo to three years, you normally get the big jump that you are expecting. Very good. All right. Thanks for your time there. No, no problem. Thank you, Mark. Thanks, Mark. We'll go to Apov next, who's been on there for a while with his hand up. Sam, morning, Leandro. Can you hear me okay? Yes. Yes. Brilliant. Awesome. Thanks, guys. I've just got a few follow-ups from some previous questions that were asked. Maybe just one on the water strategy. Obviously, you buy on the market temporary water costs there. Is there any consideration around maybe buying permanent water rights at all to try and hedge against future risks of water costs going up or water prices going up? Yeah, we definitely considered it. I think we've decided that our capital's not best used having permanent water on our balance sheet. I think, just as a reminder, even if you do own permanent water, you don't get any allocation until the authorities announce there's an allocation. I n those really dry years where there's limited allocations or less than 100% allocations, you've still got to go out and buy temporary water. So, we made the decision a long time ago just to purchase water on the temporary market. We understand that does create some volatility with cash flow and earnings. W e think that's certainly the best use of our capital and cheapest access to water over the long term. Okay. Just a broader question on El Niño having been declared, assuming the effects of that actually play out in the next 6 - 12 months. You have obviously got opposite effects on Northern Hemisphere versus Southern Hemisphere. Overall, when you look at Cobram Estate Olives as a group, do you see this as a net positive or a net negative for the group, all things considered? Probably neither one or the other. Okay. The impact of El Niño, it varies a fair bit depending on where you are in the Northern or the Southern Hemisphere. Just to say, look, if you are in Peru, for example, you get massively impacted. Australia has a fair bit of impact. A s you move to other areas, like for example, the Mediterranean or even California, the impact of El Niño or Niña years are not as clear. Let us say if we go, for example, by the situation in California now, winter conditions, really good rainfall so far, storage is full. Everything is in good shape. It has been for the last three or four years. If we looked at Australia now, current storages are actually better than what they were last year. E ven when now we are supposed to be in El Niño and last year we were not. I t is a bit different now. If we go into what a typical Niño is during the growing season, so we are talking about dry conditions for Australia, olives actually like it. P roviding that you have the water to irrigate them and setting aside the price that you may end up having to pay for the water or not, dry, warm weather during the growing season is actually in general terms a positive for olives. That is what they are prepared to handle. I prefer that weather than wet, cold summers, which is not what the olives like, which is typically more of La Niña year in Australia. Okay. No, interesting. Just one final one, maybe. Just with the discussion on the domestic market and some of the pressures in Australia, there was a comment made that you are investing heavily in marketing in FY 2027. Can you just maybe just outline for us just what the Cobram marketing strategy looks like, and maybe what kind of dollar step-up you are expecting in marketing budgets for 2027 in Australia? Yeah. Certainly not so much a step-up in dollar spend. We have invested heavily in marketing over the last 15, 20 years, so that won't change. It typically tends to increase in line with the sales levels. O ur whole marketing is really about differentiating our product, educating consumers on the usability of olive oil, the health benefits of olive oil, and really calling that out. G oing really hard on quality, freshness, and very similar marketing messages to what we do in both countries. Great. Thanks, guys. Appreciate the time. No worries. Thank you. We've got Lindsay. Can you hear me there? Yes. I got three questions, if I may. The first one is for Leandro. When you acquired California Olive Ranch, did you lose any of the key American personnel as a result of the acquisition? The second question, if I may, is I subscribe to the californiaoliveranch.com website, and I get an email every week or two. There's two questions. One, are you selling much directly online? And two, there always seems to be a lot of discounting. For example, on July 9th, I got an email about 20%-25% off Miller's Blend. My third question is, on a broader scale, management succession. Leandro is obviously magnificently skilled in understanding olives. What happens for the company if something happened, God forbid, to Leandro today, tomorrow, or next year, and then also indeed for Sam? I'm happy to take on probably the first couple. Certainly, the restructuring of the two businesses combined from a staff point of view require a fair bit of our commitment. What we have done is a very, very thorough analysis of the capabilities across both businesses, keeping best people for the different positions. We're quite happy with the outcome of that process that obviously drove part of the synergies. Whenever we identify there was a need for additional resources, we've been working through it, and it's still the process. That is an area that we are quite pleased with how things have progressed and, putting in different terms, no one that we wanted in the U.S. to stay working for us has left. Which is a pleasant thing overall. That is good, yes. In terms of succession, we do have pretty strong. I normally end up being the face, but we have very strong horticultural teams in both countries, in Australia and the U.S., as well as pretty well trained staff on the milling side, obviously through education systems, structures. What we do with olives and the trees, irrigation, monitoring, pruning, fertilization, all that, is pretty well documented and I could hopefully win the lottery and the company would not have to worry about it. It is all pretty well structured behind. No, I would agree, Leandro. I think that we have got an exceptional executive team and management team you do not see on these calls. C ertainly we are very mindful to make sure we have got talent coming through, and that is one of our tasks. L ike I said, we have got a very, very strong team. The third, I think the point was on the online side. Yeah, online in the U.S. In general terms, I think that both in Australia and in the U.S., olive oil is not a category that particularly sells significantly online. In the U.S. in particular, the sheer amount of retailers that you have in every single location makes the physical reach to a store even easier than what it is in Australia. That somehow limits a bit the ability of the online sales, combined with postage costs, etc, to really take off in comparison with the more traditional brick and mortar sort of retail sale. Although we try to continuously develop it is certainly a disadvantage because of the number of selling points that retail would have in the U.S. What about the discounting? I have got this one in front of me on my other screen. Miller's Blend unlocked 20% off, it said, and take 20% off with a flavor code, flavor 20, and you got 24 hours to do it. There seems to be a lot of discounting going on on these California Olive Ranch emails that I am receiving. Yeah, I think probably importantly that when you sell direct, you are cutting out the retail margin. Certainly a discount to shelf price, but the return to us as a business is relatively similar. You're still making a profit? Yes, sir. Technically, you're also using it as a way of driving trial, driving awareness, driving household penetration, but it's a combination of two. You still retain pretty good margins and use it as a bit of a way to hopefully tempting you to try the Miller's Blend. Yeah, so you buy it online- Buy it and also- You buy it online and then maybe buy it next time you are in the shop. Yes, that is right. Well, thank you, gentlemen, and I look forward to receiving my dividend. Thank you, Lindsay. Thank you, Lindsay. We have, Miguel? Good morning. Can you hear me okay? Yes. Yes. Perfect. Thank you very much. Sorry, I missed the introduction bit, the remarks. I have just two questions. Apologies if those have already been addressed. The first one is a follow-up question on a previous question, and this is this dispute about the price paid for California olive oil. I think you made a reference to something to do with an excess olive oil, an inventory issue. Could you elaborate a little bit more? Because I guess if there is a dispute about that olive oil, if it was inventory and it is no longer there, it was transformed into cash. So just to better understand what has exactly happened there. The second question, one related to M&A. I am sure that you are aware of the sale process of Deoleo. At least in the Spanish media, some of the sources have quoted Cobram as an interested party. I do not know whether you can comment on this, confirm, or deny. Those were my two questions. Thank you. Thank you very much. Yeah. Look, unfortunately, I cannot say too much about the dispute. The olive oil is there, though, to answer that question. I cannot comment more because it is going through a confidential legal process. In terms of the M&A, yes, we did say that had been reported, but that reporting is false. We are not an interested party in that M&A process. That is very clear. Thank you very much. On the first question, I understand that you cannot elaborate, but given the nature of this dispute, I guess the timeframe for a resolution is fairly short. It should be sorted out one way or the other in, I do not know, two, three months maximum. Am I right, or am I missing something? Well, it is going through a legal dispute, so it will go through a legal process, and it could well take longer than several months if it goes through the courts. Understood. Thank you very much. Thank you. Thank you. Now, we have got time for one more. Mark, you have put your hand up again. I think you have got another question? Right. Can you hear me now this time? Yeah. Yes. Great. Just to follow up, just the scale of your third party that you're looking going forward purchasing in the U.S. Can you just maybe expand on the sort of the pricing model, and would you disclose kind of the input cost or so we better understand just how the pricing. Because it looks like it will be quite significant in terms of the third-party volume that you will be buying in the U.S. The third party supply in the U.S., which is again, we are referencing roughly likely to be around 50/50 if we are talking about, by then our trees mature and everything else. It has different mechanisms. Different growers have different type of contracts, but broadly you have more fixed type contracts, let's say, a bit closer to what you would typically see out of grapes supplying to wine, linked to the quality and quantity of oil in the fruit delivered to the mill. Those contracts are normally relatively shorter term, three to four, five years, and then sort of normally get renewed and renegotiated. T hen, there is other group of contracts, which are more similar to what we currently have in Australia, which are more market-based contracts. Essentially, they are very long term where the growers share a similar value of the oil that we realize through the sales with the brand minus what we have agreed to those contract as part of the brand royalty, marketing fee or whatever we call it. W e think is a valid position to have a bit of a balance between both in terms of spreading risks. Overall, the net return to the growers is not significantly different. One is a bit more reactive than the other. C ertainly both contracts or both type of contracts deliver good returns to the company or satisfactory returns for the effort of doing it. Yeah, I am just thinking about the forward positions just to understand that better and maybe you will be able to sort of expand on that going forward. I t is not priced against an index in the Central Valley or anything like that? There is no pricing mechanism that we can sort of look to to understand how this olive oil pricing will sort of transpire in the future? No, there's very little oil per se traded in California. The vast majority of the production of oil in California is already contracted either to us or to some other processes on very similar mechanisms. There's no such a thing as a Poolred index as you got in Spain. It's more set for the values on those contracts. Great. All right. Thanks again. No worries. Thanks. Thanks very much, Mark. We don't have any more questions. I'd really like to thank all our shareholders for joining the call. We're certainly around if there's any further questions, just contact Leandro and I directly. Thanks for your support, and we're, as Leandro said, very excited by what's ahead for the business in both Australia and the U.S.A. Thank you.