Good morning, and thanks very much for joining us. Welcome to the Clover Corporation FY2025 results presentation. My name is Peter Davey, and I'm the Managing Director and CEO of Clover. With me is Andrew Allibon. Andrew is the CFO and Company Secretary, and we are very pleased to be taking you through some very good results. It's lovely to be talking to you again this year. The first slide takes us just a bit of an overview of the company. Clover is a global leader in the microencapsulation of omega-3s, and we service the infant formula and food market. We are in infant formula, we are in functional food and beverage, and pharmaceuticals and supplements. Certainly, over the last 12 to 18 months, we've seen a significant differentiation of our products into alternative markets. Our manufacturing footprint is across Australia, New Zealand, and Ecuador. Later in the presentation, I'll talk you through our vertical integration strategy and how that's servicing the business. We have just over 68 employees, and we use vertical integration in the business into other suppliers that provide us with a lot of services. It's a fairly light business in terms of the amount of employees we have. We have 22 different products. We have 81 patents, which is a pretty fabulous thing for a relatively small Australian company. We service over 40 countries in the world. We are truly a global organization with 99% of the products that we manufacture in Australia exported overseas. It's very pleasing to turn to the results for FY2025. We've had a really strong year across all metrics for the business. The revenue position for the year ended at $86 million. That's up 38% on the prior year, which was $62.2 million. An interesting conundrum of the year was really the variance in first half to second half. We have seen significant seasonality in the business. The first half, you may recall, was $37.6 million. The second half was $48.4 million. We continue to see a stronger second half in the business, which has become a tradition over the years. The EBITDA position was $12.1 million. Our cash and our balance sheet has been really strong. We've seen significant debt reduction. We finished with $8.7 million. The overall NPAT position, pleasingly, is a $7 million result. That's up $5.5 million on the prior year, which was only $1.5 million. I'm very happy to report that the board has declared a dividend of $0.01 per share as the final dividend for the year. Overall, great result for the business. Nice to see the business back on track. We've gone through some difficult times, but the fundamentals of this company are extremely strong. Some of the operational highlights for the business for the year: we saw record revenues come through, significant growth of new customers, and those new customers that we've added have increased their orders across a period. Our existing customers in the infant formula market have really recognized that they need to change their models, and they've expanded into other products like adults, seniors, and children's nutritional segments. Our products have supported them in that process. We have gone through a strategy of appointing distributors across markets. We now have distributors in North America, in some Asian countries, and some European countries, which has really improved our access to other segments of the market. I'll discuss that in more detail. We have applied for a global patent for our choline product, which we call CholineXL. I'll talk more to that as we go through as well. Ecuador, you may recall that we invested in a facility, a greenfield site in Ecuador, to extract tuna oil from fish. That facility started coming online and sending oil to Australia in November of 2024. The facility is now operating at about 60% of its capacity and providing 30% of our oil requirement. The plan was that that would supply 50% of our oil requirement, and it's well on track to achieve that. The quality and the yield that we are achieving from that facility is outstanding. It's the best quality oil we've ever seen. Overall, we've effectively paid off most of the debt regarding that factory. It's really only been a very short-term debt. Melody Dairies, which we invested in around 2020, we've seen a really improved performance from that facility as well. We've increased production volumes through the facility, so we're getting a better cost through the business, and Clover is recognizing that in its cost of goods. It's contributing to the margin improvement of the business. We've added some more capacity to the business, and it looks set to have a good year ahead of it. What were the drivers of growth for the FY25 year? Really, there's been some strong parts to the business. The market has certainly recovered, and we've seen expansion. It's given us a better outlook for our core market. We've been a long-time focused supplier into the infant formula market. We've differentiated our product and diversified our offering that's allowed us to access other parts of the market. In that, also, our traditional customers have also expanded their products and launched new products. Many of those customers who are producing infant formula are now having seniors' products, recognizing that they need to diversify their own businesses. We've seen strong growth in the business across Asia and Europe. Asia does incorporate for us the ANZ business, which has been particularly strong over the last 12 months. That's really been, again, by diversifying our product offering and getting new segments. We're now supplying into many nutritional food and beverages businesses along with our traditional infant formula customer base. That's really been driven by our new products that we've launched. The new products that we've launched over the last four to five years have gained traction in the marketplace. They've gained new customers, and they're delivering improved margins. That's really the story of the entire year. Our capital strength has been really good. It's reflected in our balance sheet. Our U.S. cash position, both receivables and our cash holdings, have driven a strong balance sheet, and the U.S. dollar has provided a natural hedge for the majority of our purchases as well. The investment in Ecuador and Melody Dairies has really driven lower input costs, which has helped us in a margin position, but also given us supply chain security. We are now assured of our product supply and our capability to produce with multiple sites, which helps and provides a better risk mitigation for our customers. Our balance sheet strength provides us with the cash and the position to be able to invest for the future of this company. The discipline in our operations has been strong over the last 12 months as we saw in the prior year a reduced sales. We put a lot of controls in around our operational business. Tighter inventory controls, the operational efficiencies that we put through the business, the cost optimization that we've done has driven improved cash position and improved margin position. The profitability helps us fund and support growth opportunities for the future. Our product pipeline will continue to grow, and we will start to see things like CholineXL launched into the marketplace and allow us to continue to invest in new projects like the Prem Neo project. I'm going to now turn to the financials, and I'll ask Andrew to take you through that part. Thank you, Andrew. Thank you, Peter, and good morning, everyone, on the call. In terms of revenue, I won't repeat the numbers. Our Appendix 4A gives a greater breakdown in terms of revenue and segments, which I'm sure there may be questions on that later in the presentation. Peter's talked about EBITDA and our overall result. Pleasingly, our margins, which we've talked about before and certainly Peter's mentioned, in reference to our Appendix 4E, we can see that we've had 3% margin point improvement across from the prior year, upwards of now around 33%, previously 29%. Within our detailed P&L statement, I'll just probably draw your attention to the Appendix 4A, which is obviously not in this presentation, but many of you will have access to that document. We have put some additional disclosure in the result this year and for the prior year comparative around share-based payment reserves. It's not a material amount, but the board itself and the auditors felt it was prudent that we started to disclose liabilities relating to future performance rights that lay best. We've had to restate parts of the operating statement to include that adjustment. I'm happy to handle questions on that later, but I thought I'd raise that now whilst I'm talking to the profit and loss. Again, strong second-half performance. Operating expenses were up. Strategically, they're up with hires in R&D, quality assurance, and support and testing as a result of greater volumes, continued innovation, and our regulatory compliance. Notably, year-on-year within our administration costs, they're up significantly as compared to the prior year where we had nil merit or STI awarded. In the current year, we've taken a larger cost to the books in relation to that future liability. Turning to the balance, the cash flow statement, it's a good news story for the course of the year. Whilst our cash, when we look at FY2025 from operating activities at $8.3 million, is in line or slightly below the prior year, our trade receivables in the final quarter rose significantly, which obviously impacted the payments from cash receipts from our customers. We would expect that to be higher. That's the result in terms of timing for the year-end. Plant and equipment purchases represent the final installments and payments regarding the Ecuador facility. Dividends paid, as noted there, at $2.5 million. Our net loan and drawdowns is the good news story where we've used cash last year and this year to pay down the majority of our debt in the business. At this point in time, we're remaining with about $0.9 million of debt on the books. Turning to the balance sheet, again, a nice positive story. I don't want to be repetitive in terms of some of the commentary from Peter. We can clearly see that the trade receivables position rose, as I referenced in the previous slide. Inventories at $24.1 million. I've been asked previously where should that balance sit. It's somewhere between there and probably $30 million. As we closed out the year with the strong orders we fulfilled, we saw our inventory balance depleted. I'd like to see that move back up into close to that $30 million as we go forward. As referenced, our current borrowings are at $0.9 million. A really good story where we've used cash to remove that debt and position us well for the future. I've skipped through this pretty quickly, probably something like the last round of the voting at the Brown Eye last night where the result was known and they wanted to get on for the rest of the evening. I'll hand it back to Peter now to take you through the new products driving growth. Let me take you through the future of the business and where we're going to see growth and what's going to drive that position for the future. We've discussed last year the introduction of a new product called CholineXL. Choline, by its nature, is a salt. It is the carrier of lipids in the bloodstream of humans. Effectively, if you take DHA or omega-3s, it is the component in your bloodstream that connects it and transports it around your body. In that, it is a very difficult product to use in a manufacturing process. It attracts water naturally from the atmosphere. When you're trying to use it in a dry blending product like a powder, it turns into a sludge. It gets sticky, and then it dries into very hard rocks. It's a very extremely difficult product to use. We have successfully been able to turn this product into a free-flowing powder, which is white. It's tasteless. It flows exactly the same as a milk powder. It is unique. No one else in the world has ever been able to achieve this. We have got a solution for customers that are looking forward to using the product. It's an exciting development for the business. We have spent really much of the year trying to turn this into a manufacturable product. It's one thing to invent something. It's another to actually be able to make it at scale. Pleasingly, now we can do that. We've taken much of the year to actually turn it into a product that we can manufacture in tons rather than in a kilo. We've now achieved that. We've got a sustainable, achievable, stable product, which is good. We've presented samples to customers, shown them. Some of them have already used it in trial work, and we're in agreement with some of them around how to use that. It will be a fairly carefully driven process to ensure that we get this right and the customers have good experiences with it. We have applied for a global patent for this product as CholineXL, which will cover the manufacturing process and the formulation that it is and give us a global position where we have a unique product for the world. We expect customer trials, and we are currently in the process of talking to customers right now about signing agreements and providing them with product that they can do their own shelf-life work and trials, understanding that this is going to go into food-style products, nutraceutical products, pharmaceutical-style products, and of course, infant formula, all of which will take time in terms of going through their own manufacturing processes, their product development, and essentially shelf-life testing. Any new product that's introduced into this world requires that it has to go through a stability testing process, which will be 12 to 24 months. It will be a frustrating 12 to 24 months because we just want to sell the product. Given that, we will need to find facilities to manufacture that as well. We are currently searching for factories in which we can make this product at scale. That will be a development for the future of the business. Just to understand how choline is required and used, choline is mandated to be used in infant formula under EU and China law in equal or greater quantities to the level of the DHA or the omega-3 that's put into those products. For example, any product that's made in the European market or is destined for the European market must incorporate 20 milligrams of DHA. Therefore, at minimum, you have to use 20 milligrams of choline or more to make it a viable product for that marketplace. Effectively, the entire world needs this product. It's been legislated, but no one has a solution except us to how to make it manufacturable. It's creating significant products for the world market. It's a great opportunity for the business for the future. We just need to be able to have a factory we can make it in and get customers through the trial process. It's certainly an exciting development that's moved well beyond what I've spoken about last time and looking forward to having it as a commercial product in the next 12 to 24 months. A little bit of an update on some other programs, Prem Neo. Prem Neo is a unique emulsion product. It contains omega-3 or DHA. It is unique. It has been through a clinical trial with preterm infants, and it is proven to increase the IQ of a preterm infant by 30%. We are in ongoing clinical trial work with experts that would then give us regulatory approval for it. It is a long, frustrating process, but ultimately, we hope we will get there. With that going on in the background, we've also had discussions with potential partners to take this product to the marketplace. We have got manufacturing negotiations going on where we expect the product will be made in India, and it will be made for two categories. In some markets, it will be classed as a pharmaceutical. In some markets, it will be classed as a food for special medical purposes. In that, you have to make it under pharmaceutical standards. India is by far the largest manufacturer of pharmaceutical products in the world, and it's quite cost-effective. We have people there today with manufacturers talking to them. In the adult and infant formula market, I'll give some explanation around this. The global infant formula market appears to have stabilized. If I can give you some context to that, if you've followed the business for some time, you'd be aware that the infant formula world has gone through a number of changes. The channels have changed. The regulatory environment has changed. There's globally a position where markets, the infant formula world, is reducing because of the reduction in the birth rate. For us, though, you would see through our results that we've seen growth. That growth has certainly been driven by our customers finding their way through the channel. They have diversified their infant formula products. In those, they use our unique products. Our non-allergenic products and our higher levels of fortification allow customers to release new infant formula-style products that put them into the premium and super premium segments. Many of our customers have been able to navigate their way back into China through online sales quite successfully. Most of those customers that we service are now moving away from just being infant formula manufacturers. They have significant asset investment in large spray drying, blending, branding, marketing. They're looking for new opportunities, and we have gone down that channel with them. We've seen growth in nutraceuticals products, sports nutrition products, and significantly in the seniors' nutrition market. As the birth rate reduces, we're certainly seeing a larger proportion of people in the aging population. Most of our customers now have launched a seniors' nutrition product, and we have gone down that track with them, both through the application and then finalizing products that have been onto the market. Into the other products category, an update on some of those. We have a highly concentrated product powder in the omega-3 segment, and that is allowing us to get into nutraceuticals, pet food, and the food for special medical purposes market. All of them are quite niche products in their own market, but they provide solutions to customers to be able to launch new products in those segments. I'm amazed at how much people are willing to put omega-3s into pet food. It's quite significant. The gel form product we've had commercialized in the U.S. for some time and across Europe is on. We actually have commercialized and getting sales in that product. We have got trials going on with products. In other Asian markets, we are going through regulatory approval of the product. It is a unique, completely different product. It's an emulsion form of DHA that allows the product to pass through the UHT process and therefore deliver a UHT drink that has fortification with omega-3. No one else in the world can achieve that. Some markets are looking at it and don't understand it. Certainly for Asia, we're going through some challenges in regulatory. The U.S. and Europe, we've got some good traction going into that market. Finally, probiotics. Probiotics is an R&D project that's been going through the business for some time. The challenge with probiotics is that generally the production process is to freeze them. Whilst they're frozen, the probiotic stays dormant. Once they defrost, the probiotic hopefully is alive and then starts to die off. We've been working on formulations where we can microencapsulate the probiotic, which would make it available to the marketplace and it never defrosts. We've had some success over the last 12 months, and we will look to do some project work with customers over the next 12 months to trial the product in more of a production setting than an R&D setting, similar to the path we've taken with the choline product over the last few years. The strategy and outlook for the business, it's been a good ride, and we're going to continue down the same track with some variances. We have a significant pipeline of products, and we're looking to accelerate the introduction of some of those new products. CholineXL will take a large part of our effort over the next 12 to 24 months, but we have other unique products that we have done testing with in the background and development, and we intend looking at bringing them to market, some with individual customers and some that are very market-driven, specific market-driven that will allow us to get into different markets like the nutraceuticals market and more into the food market. We have instigated a strategy of moving from our own representation to distributor representation, and that has only begun in the last 12 months. We are continuing down that track where we are identifying, working with, and appointing distributors in the market. That does two things. It allows us to expand our reach to market. Whilst we've had a sales force that's been able to access the infant formula customers, which were fairly confined, going through distributors gives us a much broader reach to be able to go to much more customers. Those distributors then give us diversification to other markets as well. Our products are very suited to go into other segments like nutraceuticals and food, and we've proven that over the last 12 months, and that's where we've got significant growth. By having the distributors with multiple sales contacts and other customers and other products they take to those customers, it's allowing us to access a much broader market. We provide growth for the future. A large part of our business, and it's always been the biggest part of our business, is that we work with customers to solve their products. We have our own applications people working in our R&D business that's up in Brisbane here, and they will work directly with customers to develop solutions for them. In solving those problems for our customers, it really delivers value and really strong retention with those customers for the future. With those things in mind and the year behind us, the outlook for the business is that based on the current market and the global conditions, the board expects the first half of FY26 to be in line with the first half of FY25, remembering that that's the context of what we actually understand at the moment. The forecasts we have from customers are about three months. That's what we're seeing and that there is significant seasonality in the business. As tradition, we probably expect an improvement in the future, but currently, what we can see is that it's in line with the first half of FY2025. An additional slide that we've added this year is why invest in Clover Corporation. We are in a significantly large global marketplace that is actually growing. The awareness and understanding of omega-3s driven by the health and wellness industry is significant, and we've certainly benefited from that by broadening our product and our market reach. Our unique technologies help solve problems that customers have that allow us to grow the business. We have really long-term supply relationships with the largest infant formula and food manufacturers in the world. To do that, you have to have significant compliance with regulatory and quality standards, which is very difficult to achieve. We've been working at it for a very long time, and it puts us in a very strong position to be able to grow with new customers, but also retain our existing business. We're a leading provider with the best technology in the marketplace. Our proprietary technology has not just great quality, but its actual delivery of bioavailability is incredible. We've just completed a testing of our products and shown that the bioavailability, so the human take-up of the omega-3 of our product, is higher than using just direct oil. The gut takes up the oil directly rather than the oil passing through the body. Our product has significant shelf-life benefits to other alternative products. Most customers will get 12 to 24 months with using our product. We are a specialist that's delivering omega-3s into infant formula, the functional food, and the pharmaceutical market. Certainly, the food and the pharmaceutical market are areas of growth which we've started to leverage and will get more with our distribution strategy. Overall, we've had a really strong record in terms of being a profitable business. We generate cash quite consistently across the years, and we continue to pay dividends, which is a pleasing part of our business. We are positioned well for growth with our innovation pipeline, our continued investment in our R&D business, our sustainability, and our supply chain strengths. With the supply chain strengths, the next slide will give you a good understanding of where we're positioned. We are the only player in the world that has an integrated supply chain that covers the tuna market. We produce tuna oil powders. We also do algal oil powders. In terms of the tuna market in Ecuador, we have a facility that takes the heads of the fish that don't go into a can effectively. It is a very sustainable operation. We take that head, it's crushed, the meal is sold into the marketplace. 100% is used, and the oil is returned to Australia. There is no wastage in that product whatsoever. That oil comes to Australia where we have our R&D and our refinery. We refine that oil here, and then it gets sent across to our facility in New Zealand where we produce around 50% of our powders. The other 50% is produced in Australia. We are totally vertically integrated into the business. It gives us supply chain control and significant risk reduction. It has certainly been a strength in the business that's delivering in profitability and growth for the business. Our customers love the fact that we have control over our entire pipeline. The next slide is just an introduction to our board. We've got a great skill set across our board and some incredible people. They are both challenging and directing and have certainly seen this business through a challenging period over the last five years to come out the other side with a wonderful result that sets us in a direction for the future. In July of this year, we announced the retirement of Graham Billings. Graham's been with the business for 12 years. I think us and all shareholders should thank him for his years of service. He's done a wonderful job as a guiding hand. He has been very influential for me and in the direction of this business. Thank you very much to Graham. We announced at the same time the appointment of Fiona Pierce. Fiona Pierce brings significant financial strength into the business. She's got a great background. Already even yesterday at the board meeting, she was a great contributor. Overall, the skill set of the board and the interest of the board has been really a pleasure to work with. I think everybody listening as a shareholder of this has got a great board behind them leading and guiding this business. Thank you very much. It's a pleasure to present a good result for the marketplace. I'm very happy to take your questions with Andrew. 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 today comes from Apoth Segal with UBS. Please go ahead. Hey, good morning, Peter and Andrew. Hope all is well. I just wanted to spend some time talking about the guidance commentary. When you're saying first half 2026 in line with first half 2025, just to be clear, are you talking sales? Are you talking profit? Or are you talking both? It's revenue. The AP, what we can see at the moment, we've got about a three-month pipeline of forecasts, and it's in line with what we achieved in the first half of last year. We don't have any further understanding of the forecasts of our customers than that. That's the guidance we've given. I think it's a comfortable position. We're telling the absolute what we know, and it's better to be upfront and truthful with this world than trying to give some sort of figures that's going to look better than what we expect. August, September is almost done. August, September is actually flat, and the next three months, based on the audit visibility, is also basically flat year on year. Really, it's the first four months, which are generally in line with what we saw for the first half of last year. Okay. The first four months are flat year on year. Just help me understand why that would be the case. When I look through the result, strong second half, record Q4. You're talking about the market growing, fundamentals of the business extremely strong, pipeline of new products. All the commentary through the release and on the call reads like growth ahead. In the first four months, it's flat. Why would that be the case? Why would the first four months be flat year on year? I think partly we probably saw customers bring forward a bit of demand into the last quarter of last year. We may be seeing a bit of the impacts of that. We had an extremely strong Q4. It was huge, almost to the point where we couldn't get the product out the door. It may be a reflection of that, and maybe it's just a reflection of the downturn in some of the customers. Do I think it'll continue the whole year? No, but that's what we actually know at the moment. All we're reflecting in that is that what we actually know right now is that that's the numbers we're seeing, the demand we're seeing from customers. That's interesting, Peter. You're saying you've seen a downturn in some of your customers. Are we talking like your Western brand customers, Chinese customers? What would be driving that downturn? I thought the market was pretty stable at the moment. I think it's stable. It's just stable to what it was last year. It's just a downturn to what we saw in the second half of some of those customers that thought they had extremely strong growth in the second half of the year. Okay, you think it's a bit of inventory purchasing pull forward, potentially, is what you're saying in Q4? Yeah. We had an amazing Q4. It may bounce back again as they work through that inventory position. As you know, all we're doing is trying to reflect what we're genuinely seeing. That's all. Would you expect growth to return for Clover Corporation in the second half of 2026? Oh, yeah, I do. Is that logical? I think that's what we're trying to say is that traditionally, we're seeing this lower first half and a stronger second half. I would expect that. Will it actually come through? We won't know until we get the actual forecast and orders in the door. Is that second half 2026 growth year on year? I'm just going to second half 2025. You talked about the record Q4. Do you think second half 2026 could actually grow year on year on second half 2025? I would certainly hope so, but we won't know that until I see the forecast and orders. We're certainly budgeting for it, that's for sure. Okay. I just wanted to, before I jump back, I just want to ask one on Europe. Europe's sales were really strong in the second half. It went from $10.5 million in the first half to $15 million in the second half. What's driven that uplift in the last six months? How should we think about Europe in 2026? It is a reflection of the fact that we've added new distributors. Those distributors have been able to access new customers. We've got a lot of new customers in small segments. They're not massive businesses, but there's a lot of them. When you start with a new customer, you start to see small orders and you get incremental growth out of them as they build up and do more business with you. I think what I tried to reflect earlier was that a lot of those customers found it really challenging with the regulatory changes that happened in China. They've taken some time to work out or navigate their way back into the China market. A lot of them are now finding their way generally through online sales back into the China market. The China market represents about 80% of the world's infant formula market. Even though the products are made in Europe or made in New Zealand or made in somewhere else, a lot of it ends up in China. They've struggled over the years, and we've seen them now start to improve their positions back into the China market. Okay. I mean, it sounds like what you've seen in the second half in Europe is sustainable going forward then. Like if you've gone from $10 million in the first half to $15 million in the second half, I mean, won't that $15 million just continue to build on into first half 2026, second half 2026? You'd like it to. I'd like it to as well. All I can do is reflect that at the moment, the forecast and the orders that we've got are more a reflection of what we've got in the first half of the year. Do I think it'll improve? Yes, but I haven't got that right now. I don't want to be in a position where we go and overheat the marketplace by giving an outlook statement that looks fantastic, and then I have to come back to the marketplace and go, "Oh, no, sorry, the forecasts aren't what we expected." Would you. Would you expect the last two months to grow in first half? You said the first four months are flat, but would it be expected the last two months would show some growth? I would hope so, but I'm not seeing that right now. We don't have anything more than three months, so I would hope so. Definitely. Okay. Cool, cool. Okay. Thanks, guys. No worries, sir. Your next question comes from Mark Southwalk Healy with Select Equities. Please go ahead. Hi, guys. Hi, Mark. Hi. With respect to Europe and the Middle East, do you have a sense of how much of the sales is ultimately from consumer markets as a market in China? We can't hear you, Mark. You're on a mobile. He's cut off. He's gone. Apologies. He was disconnected. Your next question comes from Sam Pittman with Taylor Collision. Please go ahead. Hi, guys. A quick one. Can you talk about why you see that seasonality within your order base? All I can do, Sam, is to say we think it's driven by the financial years of our customers and their KPIs. We deal with some very significant customers that are at points in time there's a whole lot of pressure on their inventory positions. Generally, in the first half, that's where they start to put pressure on those systems. That's the only driver we've got. There's no rhyme or reason for why it occurs, but it's certainly consistent. I've been here for 10 years, and every year we have seen a lower first half to a higher second half. It's just been a consistent thing that occurs in the business. I don't have a definitive answer for you, and I've even asked customers, and they don't know why. Sure. The other question I had, do you have any large one-off orders this half that may generally not be repeatable, maybe not be repeatable, but be, you know, I suppose what I'm thinking about is the beauty of a large Saudi Arabian, I think, order, which was a couple of years ago. There's nothing like that in there? No, nothing like that at all. No. It's pleasing that the Saudis are back on board and buying, which is good. No one-offs, no significance. Certainly, more customers and more products being sold, which has certainly helped from the mix of new products and new customers is what's really driving some good growth and certainly helping the margin position. That diversification is the key to it. Sure. That's all for me. Thank you. Thanks, Sam. Next question is from Apollos Segal with UBS. Please go ahead. Yeah, thanks, guys. I'm back. Thanks for taking the follow-ups. Maybe for Andrew, gross margins. Second half gross margins, we saw a nice tick up. I think you were at like 29.5% in the first half, around 31% in the second half. Just talk to us, what drove that sort of uplift in the last six months and going into 2026, if you can give us some color on the outlook there? Yeah. What's driven it? Product mix. What's driven it? Sourcing of oil for Ecuador. We started to get that volume pushing through in the second half. They're the two predominant factors through there. Our outputs against the demand from Melody Dairies was strong. No take or pay obligations under the contractual arrangements with the partners. We saw a lower cost of production with larger batch sizes being pushed through that business to meet customer demand. They're the three critical or the three major elements. I guess then into, I mean, it sounds like the second half gross margins should be pretty sustainable. I'm actually thinking, given that Ecuador should sort of keep ramping up, do you think gross margins can actually tick a bit higher versus the 31% you just did, can actually tick a bit higher into 2026? Let me answer that in two parts. The first part of your question, do I think it'll remain consistent? Yes. I'd like to think that would continue. In terms of more volume through Ecuador, I think it'll help. I don't think we'll see a significant impact post this year's or this last half. I don't think it won't go backwards, but I think it'll maintain or be marginal. Okay. That's clear. Can we then talk about operating expenses? Into the FY2026, what kind of growth should we expect in your OpEx, like low single digit, mid-single digit, some sort of rough kind of idea? Lowish single digit. I have mentioned through the presentation in terms of, or I certainly noted in the presentation, we're looking to recruit. We've got some wage growth going on in certain markets where we've been underperforming. We're certainly looking to address our resourcing within the U.S. market to leverage the opportunities that we think are there. You've got general wage growth at, call it, 3% to 4% that will flow through into the business. Okay, that's fine. Just to check, FY2025, I think had about $800,000 of other income in the P&L, which was related to FX gains. Yes, that's correct. As a base case in 2026, is the way to think about it, you had this $0.8 million benefit to the profits in 2025, which may not repeat in 2026. That's sort of like it's a bit of a headwind as well. Yeah, that's a good assumption. Okay. Predominantly, that's on translation. Peter talked about it. AP is around U.S. cash holdings, U.S. receivables positions, and translation. We've seen the currency strengthen in recent times, back up into the 66s. That's where the impacts have been, have driven that gain at the lower end of the mid-65s. Okay. Just to check something on Ecuador, there was something in the annual report that talked about how there's going to be two closure periods of 60 days each, or maybe it's already happened or it's coming. Can you talk about what you're discussing there and if that is meant to have any sort of profit impact on Clover Corporation? It doesn't have a profit impact on Clover Corporation. It is the way that the marketplace works. The South American market operates under a group that controls the catch of tuna as it does for other fish products. Each year, they tend to close the marketplace for 60 days. It's currently under a 60-day close, and 50% of the fleet is held. It allows the fish to recover. It's an extremely controlled marketplace to ensure that there is sustainability of the fish catch. Right now, 50% of the fleet is in port for 60 days. Ultimately, it reduces the volume of fish that's being caught. We do get access to fish that are held in freezers, and we ourselves hold fish in freezers, understanding right now the business is a startup business. It's operating at 60% of its capacity and we are in the process of building that capacity. It's more of our own ability to access and grow the business at the moment than what that catch will be. The catch thing is more around sustainability of the industry going forward. Does that explain it? Okay, that's fine. That's that. All good. This should be my last question, I think. I just wanted to ask about receivables, Andrew. Receivables balance doubled year on year. There's a big step up. Is that purely the Q4 sales skew? Is that all it is, or is there anything else there? Oh, that's it. Just careful. That's all of it. Okay. Into 2026, overall, from a cash conversion perspective, should we expect close to 100% cash conversion? Inventory looks like it might tick up a bit. Receivables should come down a bit, though. 100% cash conversion, yes, that's correct. Okay. Okay, it's purely timing over year-end, maybe. Yeah. Okay. Cool. All right. Thanks, guys. Appreciate all the time. Thanks, Sophie. Your next question comes from Mark Southwalk Healy with Select Equities. Please go ahead. Hi, guys. Can you hear me? Yes. Yes, hearing this time. Yeah. Okay. On Europe, do you guys have a sense, or sorry, Europe, Middle East, do you guys have a sense as to how much of the sales are ultimately ending up with an end consumer in those domestic markets versus the split that's ultimately being redirected to a Chinese end consumer? Oh, yeah. It's a sense, Mark, because no one will ever tell you exactly. I would think it's 80% domestic market. In fact, a lot of the infant formula customers that we provide have found access into Middle Eastern and into African markets. Whilst they may manufacture in France, some of that product will end up in different countries, but not China. There are a few of them that have, as I described earlier, found their channel back into China through the online system. Yeah. With respect to choline, back in March, you were talking to the production process and how I think one of the things that you had to do was to spray, I think, Teflon into the parts of the facility in order to make sure that the product moves through the kitchen properly. Yep. You're now sort of talking about having to arrange for new facilities to produce the product, assuming there's demand. Can you maybe just talk to the kind of the production risks you might be seeing around being able to scale this up? Sure. Your memory is quite correct. We were having issues with the production of the product because it was, it's a very sticky product. One of the suggested fixes was to, I can't remember the name. I don't think it was called Teflon. You've got me on that word, but we did coat some of the pieces of equipment in Europe, and then they were applied. That, with a number of other fixes, has allowed us to move up into scaled production. We have been doing this product on a third-party facility, and it's relatively small. We've probably used that third-party facility forever, but it's still relatively small. We have been able to scale up to production scale now. As we release the product, we will need to find significantly more capacity. It will require another production facility, and it will either require we find somebody that'll toll it for us, we will look at potentially buying an existing facility, or doing a joint venture with someone to be able to produce the product. All of those are on the table at the moment. Ultimately, we, as a business, like to vertically integrate the business into our processes so we have control over it. It will probably mean an investment for the future. Given that's the case, what sort of magnitude of investment might be required? I still don't know that. It could be in the realms of a $10 million investment, or it could be in the realms of a $50 million investment. It depends if we brownfield or greenfield the site and what level of investment we do if it's a joint venture into an existing facility. I think also back in March, you talked about the fact that there were, with respect to Prem Neo, that a paper had just been published and that you thought you might be, or you hoped you might be able to go back to the EU regulator having just published or their paper just been published. Can you just maybe give us an update on that specifically? There was an independent third-party study done of all DHA clinical trial work that had been done on preterm infants that showed that DHA was considered safe in general for preterm infants. That paper was presented to a group of clinical neonatologists. I forgot the word. It still didn't give us the approval. We are still in the process of presenting. We've re-presented all information only in recent weeks to another group of neonatologists. They are working through that for the EU market now. Additional to that, we are working through a secondary clinical trial in India where we will test the product on 200 babies to prove safety of the product, not efficacy, not that it works, but just purely safety of the product. That will be given to 200 children over the next 12 months for a second safety study of the product. That's required in the Indian market because it has to be classed as a pharmaceutical. India is the largest market in the world for this product because they have the highest birth rate and the most preterm births in the world. Thirdly, we are using the same information now to present into the Southeast Asian market. We have a third party that's going to present it to the regulators in that market. The first will be Singapore, as they believe that's the easiest market because that's where part of the clinical trial, the original clinical trial was conducted with, I think, eight hospitals in Singapore. It's already a known quantity there. We're looking to get regulatory approval into the Southeast Asian market. Hence, to do more clinical work, we need to start production. That's why we've got people this week in India talking to the manufacturers of the product. A long answer to a short question. Sorry, Mark. Thank you. Just finally, with respect to the U.S., I think you recently appointed, about six months or so ago, you appointed a new distributor. Sales there, while they've grown, still seem relatively small. Can you maybe talk to the progress or otherwise with respect to that new distributor and what may or may not be expected in terms of the pipeline in the next 12 to 24 months? Yes, I can. A frustratingly small marketplace for small sales for a very large marketplace. We approached a distributor around about six months ago, maybe four months ago. Three months ago, I went over there and visited and traveled with the new distributor. Pleasingly, they've got a significant sales force, and we will utilize them to get growth for us. We are currently looking to put a couple of extra people ourselves to manage that distribution relationship and help from a technical perspective. We're doing it to achieve growth. We've certainly got aspirations for, at minimum, a doubling of our business in the U.S. It should be significantly more. As I've said to the distributor, it only takes one customer to double the business in the U.S. We've got lots of irons in the fire. I, myself, met with a whole series of customers, which was really pleasing. They've got the contacts. It's now working through those relationships to try and get our product into their products to prove the use and the fact that we can help them solve some of the problems they've got. Certainly, the target is to get growth, and I am confident that that distributor has the ability to actually achieve that growth. Thanks, Peter and Andrew. Much appreciated. Thanks, Mark. Thank you very much, Mark. See you shortly. Your next question comes from Stella, a private investor. Please go ahead. Morning, guys. Can you guys hear me? Yes, Stella, we can hear you. Right. Thanks for taking questions. Just two, please. The first one is quickly with Prem Neo. With all the work that has been done, has any regulator said no, or has any explicit reason that they might potentially say no? No one's actually said no. All we've had is we're not willing to make a decision. Stella, it's so unique that people really don't know how to approve something that's so different because it's got to go into a baby, a preterm baby. Probably other than that, we've had a yes, which is the U.S. We have got what's called GRAS approval for the product in the U.S. market, but it's a relatively small market in the scheme of things. We're still working with regulators to get to a yes. All we've had so far is we're not willing to make a decision because we don't have enough information to make that decision. Right. Second one, in terms of more visibility into next financial year, I get all the things you said. Now that you've got Melody Dairies, who's got their own customer base as well and their own reach and insight into the market, just wondering if they have provided any further insights into the fundamentals, if not three to four months ordering pattern. That gives you the confidence to know beyond the four months, there is a good possibility of period-on-period growth. Yeah, I might have missed the first part of the question. You made reference to Melody Dairies. I'd ask you to just— Yeah, because they have their own. It's mainly asking for more insights through your ownership and visibility of their customer base because they target pretty similar markets. Do their insight into the market for the next financial year give you confidence to say next financial year can see year-on-year growth beyond the three to four months visibility you have yourself? Melody Dairies is a joint venture operation with shareholders. In essence, that business is a contract manufacturer for the shareholders, of which we're 44%. They are manufacturing products based on our demand that we place on the business. The other partners, one of them is effectively a silent partner. The operating partner in that group, who we've mentioned at the annual camps, is Spring Sheep, who will dry sheep milk or create their own nutritionals. They've had a solid year, but I'm not sure. I can't talk to their business and where they're going. I'm hoping I've answered your question. Yeah, that's fine. I appreciate that. Okay. Thank you. There are no further questions at this time. I'll now hand back to Mr. Davey for closing remarks. Thank you very much for joining us. I hope we've been able to deliver an improved result, and we'll see that continue for the future. I look forward to meeting with many of you over the next couple of weeks. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.