Morning, everyone, and welcome to the Camplify Holdings FY 2025 Results Call. I'd like to pay our respects to the traditional owners and elders past and present. Camplify Holdings is a proud Newcastle original company built on the lands of the Aboriginal people. I'm Justin Hales, CEO and Founder of Camplify. Joining me today is Brett Edwards, our CFO. FY 2025 was a truly pivotal year for Camplify Holdings, marking a decisive strategic refocus to ensure future sustainable profitability. After facing challenges in the first half, we implemented a clear strategic focus on marketing spend efficiency, automation for reduced employee costs, and greater control over our insurance products. This has led to a significant improvement in the second half of FY 2025, demonstrating an enhanced operational efficiency and stabilized cost base. Our achievements in the second half are clear indicators of our strategic effectiveness. We've dramatically improved our marketing efficiency, reducing our spend from 27% of revenue in H1 to a highly efficient 9% in H2. We've also optimized our operational structure and reduced our employee costs, which decreased from 42% of revenue in H1 to 35% in H2, a result of automation and centralized roles, with further reductions to be realized in 2026. Furthermore, we successfully rolled out our new insurance mutual program, MyWay Mutual, in Australia and New Zealand. This program has already shown significant cost savings in the first two months and is poised to be a material improvement in gross profit margin for FY 2026 for member-related revenue. In the German market, we've seen a more predictable performance in market revenue during the second half of the year, with an uplift in take rate following rectified migration issues. These efforts include a group-wide cost reduction program that delivered AUD 4.6 million in annualized cost savings, creating a leaner operational model. Importantly to note, PaulCamper GTV and revenue grew in H2. Australian GTV grew in H2 despite reduction in Temporary Accommodation Program. New Zealand grew GTV and revenue across the whole year. We also focused on strengthening our leadership team and board, bringing new resources with significant experience across technology, marketing, finance, and insurance. This has already been reflected in our H2 positive results. I'm particularly pleased to highlight that John Myler joins the board as an executive director. John's extensive experience as CEO of major insurance companies like Auto & General, RACQ Insurance, and Allianz Worldwide Partners is providing an instrumental guiding piece to Camplify towards becoming a member-led business. His expertise is valuable as we expand our member-led products globally. I'll now hand over to our CFO, Brett Edwards, to walk you through a detailed financial performance for FY 2025. Thanks, Brett. Thanks, Justin. Morning, everybody. FY 2025 was indeed a period of strategic transition and consolidation. We have done some significant foundational work to unify the technology platform, streamline the cost base, and launch the new products with the MyWay Mutual. So gross transaction value for the year was AUD 139.5 million. It was a 15% decrease on the prior year's AUD 165 million. This is mainly attributable to three areas. First, the TAP program in New South Wales came to a conclusion. We've wound down the older areas of that. That was about an AUD 11.3 million reduction in GTV. We also had the final phases of our PaulCamper integration and our planned exit from van sales that took place during the prior year. So for half-year FY 2025 too, GTV did increase to AUD 74 million, so we're up from AUD 65 million the prior year, sorry, the prior half-year. One of the things to note is that PaulCamper actually saw a growth of 6% in the second half on a prior comparison period basis and 10% up in revenue for the same period compared to last year. This growth and improvement has been achieved while we've been cutting the marketing spend, and really due to the much better operational focus that we've had in the PaulCamper market for the second half. Total revenue for the year was AUD 42 million. That's down compared to AUD 47.8 million last year. For the first half, we had AUD 20 million, but we've grown that to AUD 22.1 million for the second half. Our take rate's also been fairly steadily improving, up from 27.8% in the prior year to 28.82% in FY 2025, mainly driven by an increase in the Accident Excess Reduction schemes. We've been boosting sales, particularly in the German market. We're pleased to report a quite substantial improvement in EBITDA in the second half of the year. We moved from EBITDA loss of AUD 6.8 million in the first half to only a AUD 2.6 million EBITDA loss in the second half, a AUD 3.7 million improvement. This clearly reflects the focus we've had on expenses, particularly marketing employment costs. We've seen significant reductions. Our gross profit margin also improved. It's up 61.8% in the second half compared to 58.5% in the first half. And the full-year gross profit margin came in at 60.2%. We've seen employee costs decrease from 42% of revenue in the first half to only 35% in the second half. And we expect the continued savings from there will bring us into around 30% revenue for FY 2026. Marketing spend was also dramatically reduced from the first half to the second half, down from 27% to 9%. We expect that to be stabilized. Our longer-term aim is around 12%. We've also had some one-off costs in the second half. We spent over AUD 500,000 just in the final establishment of the MyWay Mutual, and we've took up some additional debt provisioning, about AUD 1 million extra there. So for the full-year results, we recorded a net loss after tax of AUD 15.8 million. That includes a one-off non-cash impairment of goodwill, which totaled AUD 6 million. We've taken that against the marketplace business, really addressing some of the issues we've seen in the Netherlands and Austria, as well as the final transition of the PaulCamper platform. We're now completely on a global platform. It's important to note this adjustment didn't reflect in the cash number or the underlying operational progress. It is mainly just an accounting adjustment against goodwill. Cash and cash equivalents closed the year at AUD 8.4 million. That's providing sufficient liquidity as we come into the FY 2026 year operations. Market-wise, the total number of RVs on the platform grew by 5%, so we're up at 35,398, and the number of owners subscribing to our premium membership increased by 9% to 5,360. This is a key pillar for the future revenue and margin expansion, so we're pleased that we've got that moving in the right direction, and we've now got the MyWay Protection product to particularly launch that into the next year. While new paying hires did increase by 19% and bookings saw a 10% decline, leveraging our key platform, the global platform, should allow us to improve that metric as we go into FY 2026. Market-wise, most of GTV continues to be in the Australian market at 49.9%. Germany is now a strong second at 25.3% of the market, and New Zealand increased its share of the overall Camplify earnings to 15.6%. Our future bookings, excluding TAP, last week stood at AUD 22.9 million. That's about an 8% increase over the prior comparative period. It's a strong pipeline indicator that the revenue growth is coming through. In summary, with the PaulCamper market showing that improvement in performance in the second half and the future bookings showing improvement versus the prior comparative period, and with that cost savings program pretty much already realized, we're in a much stronger position than we were in the first half. I'll hand back to Justin now to talk through the outlook and priorities for FY 2026. Thanks, Brett. Entering FY 2026, Camplify Holdings is on a clear path to profitability with a stabilized cost base and significant upside potential for revenue growth in our core markets. Our focus for FY 2026 includes delivering profitability, achieving cost-effective growth in core markets, generating positive cash flow, further rollout, and cost reduction in the insurance program into the Northern Hemisphere, achieving an EBITDA positive result for the full year FY 2026. Our successful rollout of the MyWay Mutual in ANZ is a cornerstone of our strategy, dramatically improving gross profit margins for membership-related revenue. This captive-backed mutual allows us to centralize all risk and insurance assets under the MyWay entity structure and allows us to enable reinsurance to cap our market exposure. This strategic control over our insurance product is a key advantage, providing better governance, improved margins, and the ability to offer a broader range of membership types, including personal use members. It allows us to create a retail member offering, enabling customers to start their journey with Camplify as a member first, with the full protection for their RV, allowing for the nurture funnel to the marketplace. This significantly reduces our owner customer acquisition costs through leveraging channel partnerships and provides a scalable model for other regions. It deepens our expertise. We deepen our expertise, notably with John Myler joining our board as we run this transition into a member-led business for the period. For FY 2025, the CHL closed the period with 5,360 paid members. Our operational framework is significantly improved compared to the first half. The decisive action taken in H2 includes strategic refocus on marketing efficiency and employee cost reduction. We've stabilized our cost base. CHL will undertake a full strategic review of all European markets with a focus on efficient operation and profitability for each market in 2026. We'll continue to scale our program for MyWay membership model and maintain disciplined cost management, leveraging our investment in automation and AI for continuous operational efficiency. Technology improvements such as AI for ticket resolution, which now resolves over 90% of customer tickets in ANZ, and a new search algorithm with increased customer conversion from traffic requests are fundamentally reducing manual tasks and customer acquisition costs. These, combined with successful global implementation of CMS, CRM, and Finance Systems, will enable more efficient business in FY 2026. I'm also excited to share on the business-to-business front that CHL will begin the second phase of the Temporary Accommodation Program with the New South Wales Government. You may have seen our release earlier in the week in regards to this. New South Wales has restarted and expanded the recently completed TAP program to 26 newly affected LGAs, with the program relaunching earlier this week. So we'll start to see that program being rolled out to those customers in those affected regions in the coming weeks and months. In summary, for the second half of FY 2025, CHL improved results in PaulCamper, improved results in Australia, saw continued growth in New Zealand, delivered a significant cost-saving program across the business, providing a new leaner operational framework, delivered on the MyWay Mutual, allowing for member-first protection products to be implemented in ANZ with a rollout plan for the Northern Hemisphere, improved our leadership team, improved our systems and core operational platform, positioned the business well for FY 2026 and beyond, and now in the process of restarting the Temporary Accommodation Program, which accounted for a significant amount of GTV and revenue in prior years. We remain committed to our plan and positive about the ability to deliver against these objectives, ensuring long-term profitability and sustainable growth. So now have a look at some of the questions coming through. Firstly, Brett, I guess just a question in regards to cash position and any change in cash receivables, if you can just give a little bit more color on cash at the moment? Yeah, so cash, as I said, we're fairly focused on making sure that we handle the cash well. It's about AUD 8.4 million at the end of the half-year, and similar today. I said the focus has been on just making sure the receivables are performing well for us. There is a little bit of a backlog of some quite older insurance-related receivables where we've billed people for losses in accidents and so forth, and those individuals, yeah, their credit card has bounced. So we are chasing those. But you will see the provisions have gone up just to cover that. Going forward, we're tightening up our controls to make sure that putting in place bonds and so forth to make sure that if there's accidents, we don't lose money from the hirer and ensure we fully cover the losses on those vans. Otherwise, I said we're doing a number of areas to ensure the cash is solid for the coming year. They're listed out in one of the notes to the accounts, and we remain confident that putting those strategies together will set a fairly solid FY 2026. Question in regards to marketing and media strategy, I guess. So I suppose to answer that in general, we've really changed our approach to marketing, particularly in the last quarter, and really focusing on a variety of channel mixes, including partner marketing, various different strategies around SEO improvement, working for improvement around AI marketing via ChatGPT, etc. And that has allowed us to have a really broad market channel acquisition strategy, which can see the effectiveness through the reduction in marketing spend. So we'll continue that strategy, and we'll also look at placements that make sense in terms of cost acquisition. So, for example, at the moment, we've got some active acquisition around digital billboards in key metro areas that are particularly around stressed assets, which means we can get them at reduced prices. But the marketing approach is working well, and we'll continue to build on that and develop that further into particularly the next six months. Question around our app, how often do we update that. So that is being constantly updated. At the moment, we've got some significant work around improving our platform overall, particularly for owners. So our new CTO is coming. We've done a huge amount of discovery. We've already made some major improvements to the platform around our search algorithms and improving those, which will then flow on to better response rates for customers, improved customer engagement, etc. And so now we're sort of flowing that through that process. But our app, in particular, we've had a huge piece of work on improving that team and the ability to deliver some significant results in that. So I think we'll see some major improvements in that over the next six months. Question around the Temporary Accommodation Program and where it sits, what do we expect from that program. So I guess some numbers from the previous years. You would see there's a slide in the pack which provides a summary on that. So the Northern Rivers program, which is a program that has come to an end, was across 15 LGAs. And during that period of time, we deployed around 600 vehicles for a total of AUD 46.8 million in GTV. We saw that that declined significantly in FY 2025 as that program ceased, and all of those vehicles are now off that program. Our indication from the government in the new program is obviously we know this program is now being rolled out to 26 LGAs that are being deployed at the moment and engaged with people in those regions that have been affected. We don't have any indication at the moment as to how many vehicles will be deployed. Our expectation is that they'll be there for somewhere between six to 12 months, which was the similar time in terms of the at-home program. I think at this stage, we should expect it to be probably around half the size of the previous program, but we don't really know until we start to see some of those requests start to get deployed with our customers, and we'll start to see that over the next couple of weeks. Question around how's the first few weeks of trade look for the year? So very positive. You can see from those future bookings, that's a very good indication of what we're seeing. And that's all excluding temporary accommodation. So the core underlying part of the business is looking healthy, which is great. Just, I guess, a question around actually, I might just open up. I've got a question on the line from Owen Humphries, so I'll just open up that question. Look at that. It's a photo from 10 years ago. Beautiful. Hey, team. Quick question from me just around that strategic review that you flagged there, just how meaningful that is. It sounds like you're just going to be focusing on, sounds like, Spain, U.K., and Germany. Is that what your views are there? Yeah, look, I think obviously when we took over PaulCamper, they're also trading in a number of other markets, particularly Netherlands and Austria. And the way that that was constructed was very much individual businesses trading with individual platforms in those areas. And so our goal, I guess, is to look at how we can consolidate those more, consolidate that team more, consolidate that platform more, so we really can reduce the need to have specific country strategies, which will allow us to reduce cost and effort in those particular markets. So that review's happening right now. A couple of questions here just around the temporary accommodation. You said it wasn't quite meaningful in the past. Just 50% of that size. I know they scaled up to almost 1,000 vehicles, I think it was, from back in the day. Can you maybe just talk us through that, the leverage point there, and what does 50% mean in terms of either GTV or vans in field? Yeah, so the previous deployment was 600 vehicles and for AUD 46.8 million GTV. So we're kind of expecting it to be around that half that size. But I guess as we start to see some of that deployment and exactly how meaningful that is, then we'll start to be able to provide more of an update on that. I think really at this stage, the government has announced that program. They're rolling that out into those LGAs. We know it's more LGAs than what it was before. So we're just going to kind of wait and work with them on what that really means for us over the long term. Then, last one, just around the future bookings growth. I guess you've given future bookings growth as of August of 22.9%. I'll be interested to know just the trend in that number of 8%. What was it for June? Just to kind of understand the progression of that number throughout the last kind of four months. We're just seeing a lot of retailers talk about positively around the consumer environment and people opening up their wallets and planning more. So just talk us through that trend? Yeah, so I think it's pretty much maintained that percentage point that we highlighted. And I think the other interesting point is that obviously that's on the back of also a reduction in temporary accommodation overall. So generally speaking, we're up quite an awesome amount. I think the other key point is that what we've actually seen is a reduction in time from paid bookings to travel date, which means that window is shorter than what it was in previous periods. But in spite of that, we're still trading up on last year in terms of that future booking. So they're two very positive signs for us. Good one. Thanks, guys. Excellent. I'll just open up to John O'Shea for questions. Hey, John. Hi. Thanks very much for taking my question, guys. No problem. Hopefully, you can't see me because that's okay. Look what you said from me. I missed the first part of the presentation, just a bit of delay in getting on. The insurance products, and we are up at that. Can you maybe just at a high level, and I've seen some of the detail there, but in a nutshell, sort of where are you at there? And are you happy with how that's progressing? And where do you sort of see it tracking moving forward? Yeah, so we've set up the mutual. So the mutual, it's a captive-backed mutual, and we've set it up on a global environment. So we've got that set up out of Guernsey to allow us to have a global product. We've already got our MGA status in Europe, as you would know. So adding this then laid on top of mutual in ANZ means that we can now provide an insurance-like product to all of our customers in ANZ. So we've migrated all those customers across from that previous product to the mutual. And we've had two months of trade in that. So far, we've seen, as expected, claims ratio actually probably performing a little bit better. But really, you need to look at claims ratio over a full 12-month period. But certainly on track to improve our GP margins with that product. But I think most importantly, we were able to improve our customer experience, reduce our claims time, provide a more integrated approach to our customers. So we think that it's going to lead to better customer retention and better customer acquisition as part of that. We're also then able to leverage that product to provide that as a membership product to the retail environment. And we're doing that through a number of partners, including dealerships, etc., that we're rolling that product out into an Australian market first as a pilot, and then we'll look beyond that. So that's a culmination, I guess, of a number of years of work that we're able to realize now and be able to actually have that product in market, improve GP margins, improve product experience, and enable us to get that out there beyond the existing customer base that we have. So we know just through our existing network that we have on the platform, just in Australia, we have obviously a number of premium members in this market, which are on that product. But we're also able now to start offering that as a product to people that are on our casual or flex product who pay a daily rate for insurance when on rental and have their vehicle insured somewhere else for their personal use. So those customers were now about to start that process of talking to them about potentially moving over to that mutual protection product as an alternative to their other insurance. It's a competitive product. It allows for a number of other membership advantages. We've got 8,000 of those customers just in Australia already sitting there, as well as the ability to be able to then start to market that to other customers in the market. So it allows for a really good improvement in that product. We did see a bit of ability for us to move those customers. It was a big process in going through that with those customers. But now we're seeing that stabilize. And generally speaking, we've had really good feedback on the changes that we've made in Australia. As I said, it's only been trading for a few months now. So we're just maintaining that and ensuring that we're delivering a really world-class product before we look to then roll that out into the other markets to replace those insurance providers that we have in other markets. That's an Australian first type of product, of course. Okay, just a quick one, and I know, Brett, you touched on this before, I think. Obviously, the business, sort of from a cash perspective, can't afford to repeat FY 2025 again. Obviously, there would be otherwise, your cash balance would be at very low levels, and I'm assuming your intention is to obviously generate positive EBITDA this year. And you're a couple of months in, you've said that the cash is sort of about where it is, so do you feel that from where you're sitting, Brett, are you comfortable with that, that you're going to end the period in terms of taking account of seasonality, which happens, of course? Where do you see that sort of cash number trajectory? How do you see that cash number moving across the year? So do you understand what I mean? Do you expect that to be higher at the end of next financial year, reach a low point at a certain time, or just generally talk us through how you expect that, how we should think about that? Yeah, look, I think the pressure points for the business really come after the big Australian seasons. So really, your post-Christmas point and then your post-Easter point, that's when we have the big outflows to the owners after the hiring then. So there'll always be our pressure points. But the team's already done the hard work before I arrived on the cost-cutting programs. So we are seeing some fairly positive trends on that already. So I suspect that we will have those pressure points, but they'll be easier than prior periods because we've done the hard work on that. And the other thing now is the mutual in place as well, slightly delay some of our cash flows. We haven't got through a full year with the mutual yet, but we are expecting, again, those claims will jump post those Australian Christmas and Easter periods, but yeah, New Zealand as well. So we expect a bit of a delay there as the claims come through. So we'll have a little bit of a honeymoon for the next six months with cash flow. But as I said, we'll need to make sure we manage that tightly as we move into the second half of the year. Thanks very much, guys. We'll catch up with you shortly. Thanks, John. So just a couple of other questions, mainly coming in around insurance and, I guess, the establishment of the mutual. So I guess just to maybe summarize a few of those. There's been a question around, was there any higher levels of churn when the mutual went live? We did see an initial uptick in churn simply because we changed the product. We changed the provider. We require customers to sign up and become members of the mutual as part of that process. So that was probably just in the first month. And then since then, we've seen that settle down to normal levels. Some of those customers, as we start to get into a seasonally high period, come sort of October, November, December, January, we may see some of those customers come back onto that product as they're looking for that protection of the vehicle on rent. So I think overall, the churn levels and the migration of those customers was very successful. And now we're seeing an uptick, particularly in the last few weeks, as reduction in churn and improvement in terms of customer acquisition onto those products. So we start to then implement more of that strategy. And you may have seen a slide in the pack around Club Camplify. So we've actually launched that as our brand for our product around membership and that mutual to allow us to explain to customers that really we have two different sides of the business. We have the club, which is the membership protection product, and the marketplace, which is the ability for people to rent. So we now have a product that is distinct and not tied to if you want to rent your van or not, which particularly if we've got customers who are deciding that they no longer want to participate in the van rental market, can still keep a product from us. If people are unsure about starting on van rental, they can start with that product. So it really provides a really great nurture process and also customer retention through that product as well. Question around, I guess, the costs and any need for recovery and cost provisions around the insurance mutual, or the discretionary mutual, I should say. Maybe if you can just give a quick summary around that and how it works in terms of, obviously, we have our recoveries process, we have our AER product, and then we also have our reinsurance. Yeah, so the mutual itself is really to pick up the larger losses. The smaller losses, Camplify just takes onboard themselves. But the larger losses are picked up by the mutual. And we have reinsurance that kicks in if the mutual is incurring losses beyond AUD 4 million for the year. We have reinsurance products that will pick that up. But yeah, between the 0 up to AUD 4 million, we expect that that'll sit with mutual. But that's in line with what we've always had with other insurers. And that's covered by the expected premiums coming in to cover that policy. In terms of cash flows for claims and things, we are picking up provisions at the moment at around a 65% loss ratio. We are seeing the loss ratio act a little bit better than that. But early days, we're only literally two months officially into the mutual. So we'll continue provisioning at about that 65% for the first 12 months while we see how it fully seasons in. And then going forward, the actuaries will guide us as to what they think the appropriate number is. Yeah, I think the other great thing about running this type of business is they are good cash businesses as well. You get major cash from your customers, and claims come a fair way down the track. If you manage your claims ratio really effectively, which we've done over the last few years in particular, then it can be a really fantastic way to manage cash flows. Another question, I guess, around previously, Brett, we've reported some collection issues with the TAP program. And I guess maybe just without, obviously, can't go into too many details with our contract, but I guess maybe just highlight for people how we're going to manage that going forward. Yeah, I think the issue, when we went into the TAP program, it was always seen as like, it'll go for six months. And then suddenly, three years later, it's still going at quite large numbers. So I think going into the new TAP program, we're much more careful to make sure we manage this like a long-term project rather than just manage it on a, "Oh, this is a quick hire, and then it'll turn around." So that's where we've been working closely with New South Wales Government just to ensure that some of those old cash flows have been fully covered. Particularly around damages claims, where these vans are in the field for two to three years, they do come back with some issues that are fully covered through the processes with the government. But it's a bit of a time-consuming process to work through that. So going forward for this next phase, the team's much more focused on making sure we don't repeat some of those issues where we just got stuck with a lot of paperwork trying to recover money for owners. Great. Thank you, Brett. Yeah, look, I think we'll sum up there. That's most of the questions answered. So thank you for that. I guess last point for me is that, like I highlighted before, we've done a huge amount of work in improving the business. We're actually in a much better cost position now. We're seeing a great pipeline. We've improved a lot of the position that we were in Europe. We've delivered on that mutual now and have the ability to continue to see that improve our GP margins. So the business is in a much, much stronger position than what it was. And we're really positive about the ability to deliver for investors moving forward. So thank you very much for joining today.