Thank you very much, and welcome to all of those on the call for the Elders Half-Year Results Presentation For The FY25 year. Thank you for joining Paul and myself for the session today. As an overview, the half-year results today are very strong on a half-year comparative basis, with a 67% uplift in EBIT on the first half last year. As flagged in the FY24 full-year results in November last year, we anticipated a normalisation of the very poor first quarter from last year. This has been achieved with a corresponding improvement in the FY25 first half result from an EBIT, ROC, and gearing viewpoint. We've also made good progress on our Sysmod rollout with South Australian and Tasmanian branches rolled out, with Queensland and Northern Territory branches being rolled out currently. It's planned for all states to have completed their branch rollouts by year-end, in line with the plan and within budget. In addition, Project Slimline has delivered our targeted cost reductions, and Project Streamline is also on track with our supply chain efficiencies benefits, as shown in the numbers that we will review today. Over the first six months of FY25, we have experienced good growth across our livestock and wool agency services, our real estate services, and our feed and processing services, and our financial services. Our rural products category has seen some market softness with very dry conditions in South Australia, southern New South Wales, and western Victoria. However, the outlook looks quite promising with wetter-than-average conditions predicted for the second half of the winter crop and the year, and we're starting to see those rainfall patterns coming through southern Australia now or at the moment. With this in mind, the performance of Elders, with its clear and consistent strategy, multiple diversifications, high financial discipline, and enduring customer anchor as the most trusted brand in Australian agriculture, we have remained very, very resilient. The result is strong in safety, sustainability, EBIT, and ROC from a first-half performance viewpoint. Our eight-point planned commitment is to provide 5-10% growth in EBIT and earnings per share at a minimum of 15% return on capital in a sustainable manner through a safe and inclusive workplace. The outlook remains consistent with our 5-10% growth through the cycles through to the end of this eight-point plan in FY2026, albeit with a difficult year one of this three-year strategy. Moving now to the Delta Agribusiness acquisition announced in November and the investment highlights and progress on this acquisition. At a high level, this acquisition is fully aligned with the Elders acquisition rationale that delivered Titan Ag, Air, and many other bolt-on acquisitions to Elders. With pre-synergies EPS accretion, enhancement of our technical and ag tech expertise and offerings, a strengthening of our geographical diversification, particularly in New South Wales and northwest Victoria, South Australia, and Western Australia, building on our crop protection and animal health regular package portfolio to drive our backward integration strategy, providing an additional platform for retail segmentation, allowing greater customer centricity, and providing further coverage for our real estate and financial services offerings. We have continued to actively work with the ACCC team on the Delta Elders combination and expect to receive the findings from the ACCC this Thursday. This will provide helpful clarity and certainty for the next steps of this transaction. With the strengthening of our financial performance progression and the conclusion of many of our transformational projects, including SysMod, Elders Wool, the automated Distribution Center, Project Slimline, Project Streamline, and also the expansion of our mill feeding facility in our Feed and Processing area, and with all of these benefits beginning to flow, and also with the impending Delta Agribusiness findings and a positive market outlook, we are both confident and optimistic for the future of Elders. We're truly on the cusp of a very positive period for the business, our customers, our people, and our shareholders. Our approach for today is that I'll provide an overview of the results. Paul will then go into the detail of our financial performance, and I'll then provide an update of our outlook and growth and transformation initiatives as we deliver our fourth eight-point plan over the next two years. With that overview, we'll now commence with the FY25 half-year results presentation. Moving to the agenda slide. We'll follow the common approach that we use, but I did want to highlight on the appendix on item five there because we don't touch the appendix unless there are questions, that we pride ourselves in high disclosure and transparency. I would direct you to the appendix section to see the KPI trends for all products and services over the last five years, detailed diversification data, the transformational impact on ROC, and we will talk a little to this because the significant capital investment that we've made to transformation over the last few years has had a cost in terms of our ROC and also our EBIT. Now, as we're breaking the back of that, we're coming to a period where we'll be able to reap the benefits of those multiple projects. It shows our business model in the appendix, gross margin sensitivity analysis we normally include, and also the discipline of our capital management framework. Moving then on to the key investment drivers. The key investment drivers for Elders, as you see this EPS growth, and we'll see as we go to future slides the trending on this, a very strong return through the cycles, the first three eight-point plans, 20% plus in terms of ROC, and also the growth rate through that period above 20% as well. The geographical diversification and product diversification, which helps us do well in bad situations as we've done this year with the first half with wet conditions up north and dry conditions Down South. Significant room for growth for the business as we have many of our products and services are very low market share. There are multiple areas to grow from that viewpoint and also many geographies that we're not in at present. We have focused on the transformational initiatives, and these benefits are coming through FY26 on an ongoing basis. Our estimate of the investment over the period in these transformational initiatives is in the area of AUD 100 million of capital as we've reported and showed you in a transparent way as each of these business cases has been approved. Significant pipeline of new opportunities, and I think we are at a turning point in terms of our growth opportunities. With the clarity and certainty around the Delta Agribusiness acquisition, our view is that we have a big portion of our ongoing growth opportunities through integration benefits, through backward integration benefits, and through the efficiencies improvements from our major transformational projects as opposed to the component that we had of bolt-on acquisitions. We look at the robust balance sheet, and we talked about the normalisation of Q1 from last year and the implications that would have on our balance sheet, and Paul can talk to that detail as we go through the presentation. We move to the next slide. You can see for the next slide, through the first three eight-point plans, very clearly we way overachieved our objective from an ROC viewpoint and also from a growth viewpoint. At that time, we took the decision that this was the right time to invest heavily in our transformational projects. You can see we have outlined the transformational period that we are, as we say, we have broken the back of. As I mentioned, in that period, we have had Elders Wool, the automated wool facility that we have put in place. We have had SysMod, and we are through the half of that project. We have had the feed mill improvements in Kialla. We have also had our formulation facility in Western Australia, Agritoll, that we have invested in and is now producing product, as well as the other internal projects of Streamline and Slimline. Significant activity, capital, and expense through this period on ensuring that Elders is in a very strong position then to take advantage of the benefits. All of the benefits we talked through were above the 15% return on capital, and our sense is that we've moved through those. We've taken the capital pain, which is a part of the trend on that slide, but we know that the benefits are coming through. If we move to the next slide, in terms of our people and customer highlights, three lifetime injuries this year. In the first half, these were all livestock injuries, and for the whole of last year, we had two, so we had two in the first half last year. It is disappointing with our very, very high standards of zero harm to anyone ever. However, we have put in place further reinforcement of our safety culture, particularly in the area of livestock management. In terms of the total recordable injury frequency rate, down, and both the lifetime injury frequency and the total recordable injury frequency are significantly below industry benchmarks. I guess the story here is that we're doing well and better than the majority of other players that we compare ourselves to, but any injury to anyone is unacceptable. We have some work to do there. The Net Promoter Score has improved over the previous period, and then we go across to the other side with the women in senior positions at 23%. That's good progress from the 4% of women in senior positions when we started the eight-point plan approach to running the business. We've got a long way to go, but it is very, very pleasing that we're making really good progress as we bring pathways for young female managers to come through the business. In terms of employee engagement, again, in the top quartile of all companies in Australia in terms of the high performing, and we've done a little bit of work around the additional organic points of presence. Moving to the next slide, you can see the trend line and our total recordables on the right-hand side, and also on the left-hand side, the three lifetime injuries for the first half. Moving to the next slide in terms of sustainability performance. Again, some really good progress here in a way, as we like to see it, as being a very authentic, practical, and real way with the partnering that we're doing with Charles Sturt University, with a number of initiatives, the partnering with SmartSat CRC and the Zero Net Emissions CRC, again, working very closely, the Bagmaster initiative. For us, it's all about ensuring that it's real and not virtue signalling. We're quite comfortable on the left-hand side of the slide. You see the flight path for us to achieve our objectives there. Finally, it's an overview moving to the financial analysis. You can see the underlying EBIT, some 67% up on last year. Paul will go to the detail, but that 67% up with what we say is a normalised Q1, if we go apples for apples. As I say, we'll talk to this in more detail. There's AUD 6 million of incentives that are in that AUD 64 million number that were not in last year's comparative number. Apples for Apples, it's very much at or above the commitment that we talked about at the full year result. The outlook remains quite positive given that this includes the flood conditions in Queensland, Northern Territory, and also the drought conditions in South Australia. Going to the return on capital, as you'd expect, the responding impact on return on capital. Paul will go to the detail on a normalised return on capital just to give you a sense of the transformational project impacts. We'll also go to the detail on cash conversion. With that, Paul, I'll hand over to you to go to that detail. Yeah, thanks, Mark, and welcome everybody. I'll commence on slide 12 of the pack, which summarises Elders' first half, with the first quarter playing out largely as forecast with a significant turnaround in our agency services business. Underlying EBIT, as Mark mentioned, AUD 64.3 million, an increase of 67%, but compared to what was a challenging corresponding period in FY2024. The improved result was supported by a strong turnaround in livestock prices and volumes, as well as continued momentum in real- estate from both acquisition and organic growth. These positive contributions were partially offset by a reduction in retail growth margin, most notably from South Australia and Western Victoria due to a dry start to the winter crop. Progress has been made in restoring return on capital and leverage to target, with continued improvement of focus for the second half. I'll now move to slide 13, which displays Elders' five-year financial performance from FY2021. Over this period, sales have increased at a five-year compound annual growth rate, or CAGR, of 6.5%, supported by acquisitions and organic growth. Gross margin has increased at a five-year CAGR of 7.7%, with first half gross margin up AUD 39.1 million compared to the prior corresponding period, or PCP. Comparatively, costs have increased at a five-year CAGR of 11.6%, but were reduced compared to PCP after excluding additional costs from acquisition and transformation. Underlying EBIT increased AUD 26 million compared to PCP. Moving now to slide 14, which focuses on shareholder returns over the past five years. As displayed, underlying earnings per share increased to AUD 0.214 from AUD 0.091 in the PCP, up AUD 0.123, supported by the turnaround in livestock agency and a strong performance from real estate. A dividend of AUD 0.18 per share has been announced, unchanged from the prior period and franked at 50%. I note that consistency in dividend payments remains a priority within Elders' capital management framework. The dividend payout ratio is currently elevated above Elders' target of 40-60% of underlying NPAT, but is forecast to return to within the target range in FY2026. Moving now to slide 15, which contrasts FY25 against PCP. In addition, this slide details the impact on key financial metrics from the capital currently held that will be applied to the completion of the Delta acquisition, subject to ACCC approval. Elders has delivered a strong first half result with the following highlights evident. Sales revenue increased AUD 71.3 million, up 5%, despite dry conditions in some key cropping regions. Gross margin increased AUD 39.1 million to AUD 324.5 million, up 14% against PCP, with growth achieved across most products. Return on capital increased from 11.4% to 12.7%, with additional uplift forecast once the benefits from systems modernisation are realised. Net debt was negatively impacted by intra-week volatility from livestock networking capital over balance date. We will discuss these key metrics further as we move through the pack. Moving to slide 16, which displays Elders' gross margin diversification, a key defense against seasonal variability. As noted, gross margin increased AUD 39.1 million to AUD 324.5 million. The key drivers of this result include agency gross margin increased AUD 20.5 million, or 36.7%, following a strong recovery in livestock prices, increased livestock volumes, and a full first half of Elders' wool operations. Livestock volumes have been driven by strong international demand for protein, as well as some destocking in drier regions, which may impact volumes in the second half. Should this occur, a price offset may follow, mitigating the impact on Elders' agency services business. Real estate services gross margin increased AUD 18.5 million, or 52.3%, with property management, residential, and broadacre sales all improved compared to PCP, supported by both acquisitions and organic growth. Wholesale products increased AUD 3 million, or 8.9%, due to higher sales and tight cost and margin management. Financial services gross margin increased AUD 2.7 million, or 10%, supported by growth in the broker model through the acquisition of Riverland Lending Services and the addition of company-employed agri-brokers, alongside improvement in the livestock in transit warranty product. An increase in on-balance sheet lending was also achieved. Collectively, the increase in gross margin across these products more than offset the reduced earnings from the exit of the Rural Bank Exclusivity Agreement in FY 2024. Feed and processing was another highlight, with gross margin up AUD 2.1 million, or 23.6%, due to productivity and efficiency benefits from the new feed mill commissioned in August 2024. Growth in the above products significantly outweighed the negative impact from retail products, which will be discussed further on the following slide. Moving to slide 17, which further analyses product performance in the first half. We hesitate to include weather maps in Elders' investor presentations, but in this instance, we feel they are the optimal way to demonstrate both the significance of the dry conditions, especially in South Australia and Western Victoria, as well as the case for cautious optimism based on the seasonal outlook. Notwithstanding the dry start, the outlook for retail products nationally is considered average, with favorable conditions in many cropping regions. In the winter crop regions currently under moisture stress, widespread dry sowing brings the possibility of stronger demand for post-emergent crop protection products in the second half. We note also that the favorable moisture outlook extends into spring, which has the potential to push livestock turnover to the first quarter of FY26 should it occur. Turning to slide 18 to discuss costs, which reduced AUD 8.8 million when adjusted for acquisitions and new business. The primary drivers of the decrease are tight control of discretionary spending alongside a net reduction in FTE following a cost rebasing completed towards the end of FY2024. The increase in costs from Elders Wool resulted from the first full half of operations and is more than offset by a corresponding increase in gross margin. I'll now turn to slide 19 to discuss return on capital, which improved from FY2024 but remains below Elders' target of 15%. Over the period, return on capital increased from 11.3% to 12.7%, primarily from the improvement in underlying EBIT. When adjusted for the impact of acquisitions and transformational projects, return on capital is 14.9% and close to Elders' target. Move now to slide 20 and working capital, where we see an increase in working capital of AUD 45 million from FY24, notwithstanding a decrease in retail products working capital of AUD 80 million, driven by retail debtor collection in line with expectations outlined at the FY24 full year announcement. This was offset by an increase in livestock agency networking capital of AUD 81 million due to high livestock settlements leading into balance date and the timing of balance date itself, which will be further discussed in subsequent slides. Retail inventory was stable compared to PCP, a pleasing result given the late start to winter cropping key cropping regions. This was achieved through active inventory management and specifically the relocation of stock between states. Moving now to slide 21 and cash flow, where we see an operating Cash inflow of AUD 31.2 million, a pleasing result considering the balance date timing impact from livestock agency. The outlook for operating Cash flow and Cash conversion in FY25 is considered neutral, with livestock networking capital forecast to reduce in the second half, but potential for retail debtors to be elevated at full year balance date if higher post-emergent crop protection sales eventually. I note that the physical payment of company tax for Elders Limited will not recommence until 2026. Excuse me. I'll now move to slide 22 to provide a detailed update on net debt and leverage. What are full charts to provide our best assessment of a normalised net debt and leverage position, adjusting for the benefit of capital held at balance date that will be applied to the Delta acquisition if approved, and also the intra-week timing impact that livestock agency has on this balance date. Breaking down the movement in net debt, we see a slight decrease from AUD 436.8 million at the end of FY24 to AUD 423.4 million at half-year balance date. Acknowledging this includes the benefit of AUD 50 million of equity retained for flexibility in acquisitions. While there is more work to do on net debt, the half-year result is considered reasonable given the working capital uplift that occurs at half-year in preparation for winter crop. Turning to leverage, we see a reduction from 3.1 times at the end of FY24 to 2.4 times on a normalised basis. This remains above our target of one and a half to two times as the business balances capital expenditure for systems transformation, dividend maintenance, and business growth. Further improvement in leverage is within Elders' control through moderating the pace of acquisition spend and more selective capital allocation to balance sheet lending and seasonal finance, which comprise a significant portion of trade receivables. Assuming seasonal conditions, Elders expects continued progress in the second half on returning accounting leverage toward our target of one and a half to two times. I will now move to slide 23, where we see significant headroom across banking covenants. I note that our bank leverage covenant excludes receivables funded through debtor securitisation, given their self-liquidating nature. For context, client lending comprised approximately 30% of the receivables balance at 31 March, or AUD 270 million, almost 60% of the net debt balance. This concludes the financial section of the presentation. I'll now pass back to Mark, who will provide an update on strategy and outlook. Okay, thanks, Paul. If we just move to the next slide, and it's referencing the fourth outgoing plan. I actually just noted that when I talked about one of the introductory slides, I forgot to emphasize the fact for the fifth year in a row, Elders is the most trusted brand through Rural regions of Australia, and that does form a part of our ambition in the outgoing plan. With regard to this slide, we'll just focus on the transformational component and the innovate and grow component. I think the numbers that Paul's just run through demonstrate the business as usual and running the existing business with high financial discipline areas. I just also like to note that in terms of the innovate and grow, our backward integration component, which has been delivering a significant part, has hit the 65% level that we targeted for this year and looks like running through as we kind of complete the year through this winter crop. In terms of bolt-on acquisitions, there have been five completed in this year, AUD 4.3 million of annualised EBIT in that period. Also for the second half of FY25, we have in the order of AUD 6 million of EBIT coming through from last year's bolt-on acquisitions that were not referenced in the same period last year. I think from a bolt-on viewpoint, that will be also an upside for the second half. As we have indicated, in terms of the bolt-on strategy, we have taken the accelerator off that as we look to the for our capital management. Also, given that we've become or gone, we've strongly been investing in real services. We're looking at diversifying the bolt-ons that we target now into other areas like financial services, real estate, and to an extent agency. There are six candidates in our pipeline at the moment for bolt-on acquisitions, but we have actively taken the decision, as indicated last November, to go slow on that while we can complete all the transformational projects and hopefully over the next 12 months commence the integration of the Delta Agribusiness acquisition. Going to the next slide, in terms of our strategic priorities, the big one has been the systems modernisation. Again, we've been very transparent on our progress, and there has been great progress and transparent on our costs as well. We provide the numbers or the detailed numbers as each business case for each wave is approved by the board, and we'll do that as we go through to the next waves. Our plan is to complete the rollout of the point of sale material through to the end of this year through the Elders' branches, and then we attack wave and we're attacking wave three, wave four concurrently with a view of turning off the legacy system either in the last quarter of calendar 2026 or the first quarter of calendar 2027. Going to the next slide, in terms of strategic priorities, innovate and grow, and you can see the growth enablers we have in the right-hand box there with financial service expansion, real estate expansion. I think we're right for large acquisitions at the moment, but really focused on organic growth, efficiency, and benefits out of the internal transformational projects we've had like systems modernisation benefits, supply chain optimisation, and as I say, the backward integration that we've been moving along quite nicely. We go to the next slide, which is the market outlook, and I think Paul twisted my arm or I may have twisted his arm to include those weather maps. The outlook, we're seeing rainfall through southern Australia now. We consider the impact of late season, the early season winter crop that starts after ANZAC, and there are always upsides and downsides. You may recall last year with the late season in Western Australia, we thought that they'd started their dry seeding, and our information is that about 20% of South Australian and Victorian broadacre winter crop has been dry sown and then wait for the rain to come. The outcome of last year's late season with Western Australia was a record crop in Western Australia, and it does tend to unfold in a fairly predictable way that where you do not have fallow spraying and you do not have heavy pre-emergent use with dry seeding, you do get significant weed infestations coming up through the crop once there is rainfall, as we are seeing it starting to occur now. Therefore, there is a significant post-emergent market that emerges. With the outlook of weather conditions and normal, also an enhanced cereal fungicide market that may emerge. For us, we need to balance that carefully in terms of our product supply chain and ordering, etc., but we do have a good process in doing that. If we go to, sorry, our market outlook, yeah, basically the overall market outlook remains quite up and quite positive, and for us, we feel that a lot of the geopolitical issues, domestic issues, and seasonal issues that may have thrown us are actually okay as we look forward to the next six months. Just to finish off before we open to questions, and happy for any questions to reference items in the appendix, we are really feeling that Elders are on the cusp of a really solid period. Given that we've done all the heavy lifting around our transformational projects, that spend is coming to an end, and the benefits are starting to flow through as we complete this eight-point plan. We note that the first three eight-point plans delivered well up and above both a growth for the EBIT, the EPS, and the ROC levels, and that taking the active decision to invest in these transformational projects meant that there may be some short-term pain while we wait for the longer, mid and longer-term gain to flow through. Just to reiterate those transformational projects, we've had Elders Wool and a number of you have visited the automated facility in Melbourne, but we also have a facility in Perth. We have the Streamline project, Paul's talked to the inventory levels and the efficiencies we've gained there, Slimline. He also spoke to the cost reductions and the FTE position on an Apples-to-Apples basis. We haven't talked a lot about the feed mill upgrade in our Feed and Processing business, but the benefits are coming through, and we're seeing those in the numbers now, and also the investment in pivot irrigators that we put through the same facility that allows us to get a lower cost and more convenient access to fodder and grain for the feed mill. SysMod, we've talked a lot about, and it's very pleasing. I proudly put through my first sale last week in Loxton and didn't provide a discount to the staff member that I was doing it for, but yeah, it's great. When I was referred to leave the keyboard alone because it was a touchscreen, I came back into 2025. The final one we have not talked a lot about is the Agritoll formulation facility in Western Australia. That is up and running. We have done our first batches of Trifluralin. This provides significant supply chain benefit to us with a large volume of patent products in Western Australia, which is over 30% of the herbicide market. That has kicked off, and, as I say, we have put the costs in, and we will see the benefits flowing over the next couple of years. From our viewpoint, solid result for the year. Again, Apples for Apples. One with incentives in, one with incentives out. We are up more significantly. There is another AUD 10 million-AUD 12 million of EBIT that has been forgone with the dry conditions down south for the first half and the wet conditions up north. With that, looking forward to the second half and rolling out the rest of the eight-point plan, I think we'll go to questions. Thank you. If you wish to ask a question via the phone, you will need to press the * key followed by the number one on your telephone keypad. If you wish to ask a question via the webcast, please type your question into the ask a question box. Your first phone question comes from William Park with Citi. Please go ahead. Hi, Mark and Paul. Thanks for taking my question. Just on slide 33, you provided some EBIT numbers for the full year, AUD 153 million, AUD 166 million. Just wondering how we should kind of be thinking about those numbers, whether if you've just used first half, second half skew that you've seen in previous periods to effectively illustrate this, or whether that's how you're kind of thinking about it if the conditions in South Australia and Victoria don't improve over the course of this year, please. Yeah, Paul's just grabbing my slide. Yes, yeah, thanks for the question, Will. So can you just run through the actual question again in terms of first half, second half? Yeah, sure. So if I'm looking at first half 2025 EBIT number on your slide 33 of your deck, it's got that AUD 153 million number, and then you've got return on capital normalisation that gets you to AUD 166 million. Just wondering where that AUD 153 million kind of comes from. I'm just wondering whether that is sort of a base case you guys are kind of alluding to for this year, or whether that's just for illustrative purposes looking at sort of first half, second half split in previous prior periods. Yeah, I'll take that as illustrative, Will. Yep, thank you. If I kind of think about your first quarter and second quarter split for this year versus last year, is it fair to say you've had nil contribution first quarter last year and then AUD 38 million, most of that's in second quarter? Is it fair to say that first quarter normalisation this year got you back to sort of AUD 32 million for the quarter and so AUD 32 million for second quarter? Is that how we should kind of be thinking about first quarter, second quarter split in EBIT, or are they more sort of is it more skewed to first half, then second, so first quarter, then second quarter this year? Yeah, I think the emphasis last year on providing that first quarter number is a one-off. Obviously, we do not have audited accounts quarter by quarter, so yeah, we are certainly reluctant to give that detail. Actually, cannot give that detail given the lack of audit. I think in terms from a narrative perspective, Q1 was normalised, notwithstanding seasonal differences between FY25 and FY24. Certainly, as the second quarter progressed, we saw an exponential increase in impact from South Australia and Western Victoria, even southern New South Wales to a lesser extent. Thank you. Can you just delve into your comment around increased competition in crop protection, please? Just wondering where that's coming from and how that's impacting sort of pricing that you're seeing across the market. Yeah, I think it's a really good question because what we're seeing, and we have seen this for many years, that where there are dry conditions, and particularly traders who don't have strong balance sheets, they'll have generic products that they're sitting on. In localized areas where there are traders in dry conditions, they will discount heavily to liquidate the product. They're discounting to the broad market, and as a competitive impact, obviously, we've got multiple products. We're not just crop protection, and we respond in those localized areas. I think, but Will, that is pretty standard across the country. We saw the same. I recall saying a similar thing this time last year about Western Australia with the late seasons where traders were quitting product. There was intense local competition, discounting, etc., etc. Thank you. Just one last question for me. I probably should wait until Thursday, but just this commentary around increased competition, does that kind of factor into your discussions with ACCC around Delta acquisition at all, or any color that you can sort of provide in your ongoing discussions with ACCC to date? Yeah, we have engaged clearly, engaged positively with the ACCC team and endeavored to provide our perspective on the market. I think most players would have a similar view to us that it is highly competitive. There are over 1,500, I think my estimate was 1,800 branches around Australia, all trying to win business. Some of the areas, for instance, the commentary that I think was in the Fin Review from a grower outside Moree, that grower has eight different branches that they can choose from, 10 minutes from their farm. It has always been a highly competitive market. It is the most off-patent market in crop protection, which is where a big chunk of the focus was. Yeah, that is just the nature of the market. Our backward integration strategy was because you cannot get extra margin from the farmer, from the front end. Not like a retailer like a Coles, Woolies, and the rest of them where you can get extra margin in pricing. Our avenue to get extra margin for our shareholders is through taking the margin of our suppliers by backward integrating. Thank you. Thanks for taking my questions. Thank you. Your next question comes from James Ferrier with Wilsons Advisory. Please go ahead. Good morning, Mark and Paul. Thanks very much for your time. Can I first of all ask you about the agency business and just looking at the livestock volume and price metrics on slide 31 there? If you contrast that with the gross profit splits within the segment that are provided earlier in the presentation, it implies that the commission rates that Elders achieved on cattle and sheep compressed, say, 20-30 basis points on PCP. Is that the case? If so, what's happening there? Yeah, thanks. Thanks, James. It's a really good question. Yeah, it would look that way. The reason why, and firstly, commission rates are roughly flat so that they have not actually compressed. As Mark referred to, there is about AUD 6 million of incentives that have gone back into the numbers. About four and a half million of that goes through gross margins, so it's treated like a sales commission. And about roughly, from memory, AUD 2 million is in that agency number. I suspect that would account for the difference that you're seeing there. Yeah, James, I think you recall when livestock price went up significantly a couple of years ago, rather than discounting our commission because the dollars per beast was much higher, we just put a dollar per beast cap at the same commission. The idea being when it went down, that we wouldn't see a dilution of commissions. Yeah, I do recall that. I was just wondering whether there had been any sort of reversal or that or change to that, but as Paul's described it, that makes sense. Second question is just around, and to your earlier question, you were sort of commenting on backward integration. What was the GP contribution from Titan in the first half of FY25? I think from memory, it was AUD 20 million gross profit in the PCP. Yeah, thanks, James. I do not have that number in front of me. I will take that one offline. Yeah, it obviously offset by the gross margin compression out of SA and BIT. I will come back to you with that number. Okay, thanks. Maybe just for the purpose of this call now then, when you look at that contraction in gross profit for ag chem or for crop protection within the retail products segment, would you attribute that gross profit contraction to Titan and the margin that you would attribute to the retail network is preserved, or have you seen margin contraction across both the backward integration and the retail margin, so to speak? Yeah, it's a really good question and an interesting one. We haven't seen broad-based crop protection gross margin compression. We've seen it isolated to the drier areas. In terms of magnitude, I think it's important to note in that crop protection number and looking at that gross margin slide, where we're down AUD 6.7 million in gross margin against PCP, the impact from those dry states is roughly twice that. That gives you a sense that it is isolated to those areas, both in terms of lost sales, but margin compression on the sales that have occurred. Yeah, okay. That makes sense. Lastly, on the working capital front, you talked about that timing impact in livestock. I think it was AUD 35 million was the quantification of that impact. If you exclude that, working capital for livestock agencies is back at AUD 109 million. When you look at it as a percentage of the 12-month rolling gross profit that that segment generates, the working capital, the LAP ratio, steps up to 76%. It just seems like a very big step up in terms of the capital intensity of that segment, whereas historically, working capital to gross profit probably runs at 40-50%. What is happening there? Yeah, I think it is just timing. We had a very large settlement file leading into half year, and then it is very, very volatile. You can have a build into a live export shipment, which might be an AUD 10 million settlement to one client. It does move week to week. It does not work to look at sort of the average over 12 months. What we had around balance date is a very large settlement file over that Friday, Saturday, Sunday, Monday. Obviously, we prepay on Friday, and we pay twice on Monday as well. Often, we do not receive until Tuesday, Wednesday, and it just creates this exponential impact around working capital at that point in time. Okay. There is sort of a double timing headwind, if you like, part of which you have quantified and part of which is more BAU, and you have just left in the numbers. Yeah, that's yep, perfectly balanced. Yep. Okay. Thanks, James. Thanks for your time. Thank you. Your next question comes from Evan Caritas with UBS. Please go ahead. All right. Morning. Yeah, thanks. Maybe just following on to that, just this working capital bill in agency. I'll take your point that some of it is timing related, but a portion of it's also the extended terms you're also offering as part of the sort of finance facilities there. Can you just talk to how much more you're willing to, I guess, increase that? I'm not sure where that number is. I haven't looked through the accounts, but just how much more you're willing to increase that? I'm sort of just trying to work out when does this stop being, I guess, a headwind for your cash generation. Thanks. Yeah, thanks, Evan. Just a point of clarification. Where we're extending terms for livestock, that falls to that financial services part of the working capital table, not in agency itself, but that has increased against PCP. My view is that we're towards the top in terms of balance sheet lending in that financial services space. I'd also look at it from the perspective that we can use that and do, in some circumstances, as an intermediary lend to clients where we then can take them through the broken model, which is building very quickly. It is not necessarily a long-term lend. Yeah. Okay. All right. Fair enough. The call that you've made for SA and BIC, is it fair to assume those are now, I guess, lost sales? Is there any way you can, I do not know, I guess, quantify what the sales opportunity could be from a higher level of post-emergent spray please as well? Yeah. Very difficult to quantify, but I think our very rough estimates of the impact of the dry conditions, not including the floods up north, the dry conditions in the south was around AUD 12 million for the first half. Our thinking in the second half, I was around country South Australia last week, and it was still dry as a chip then. The thinking was that from a fertiliser viewpoint, that given that it has been dry conditions, nitrogen, so nitrogen phosphorus will still be in the soil. It is probably a reduction in fertiliser applications. We will lose that completely. The thinking is also that there will be heavy weed burdens given that there's been no fallow spraying, no pre-emergent, and the seeds, given dry conditions, stay fertile in the soil. They will come up with the break that's coming through now. From a post-emergent viewpoint, you may recall that the profitability profile of post-emergent crop protection chemistry is higher than for pre-emergent and for fallow spraying. It's just the product mix of the trifluralins and pendimethalins and glyphosates versus more modern chemistry that's coming through as post-emergent. That's a benefit. If the outlook is right and there's cereal fungicide activity, that profile is also higher than post-emergent. Very hard to give you a number, but just really to paint the picture. I'd say one casualty, though, is nitrogen fertilisers at side dress, given that the nitrogen is still being soiled. Yeah. Okay. All right. Maybe just final one. I'll propose just to harp on this. I mean, that slide C3, the AUD 153 million that you sort of put there at EBIT. What actually is that number? How have you generated? What exactly are you trying to say there with that disclosure? Yeah. That's a rolling 12 months. It's not 12 months. It's just the actual from last year rolled on top of the half year. Oh, okay. Okay. All right. Thanks. It's just indicative for the ROC. The focus is ROC, not the EBIT forecast. Yep. Yep. Okay. I see. I'm sick. Thanks. Thank you. Your next question comes from Ben Wed with Macquarie. Please go ahead. Hi, Mark and Paul. Thanks for taking the question there. Just thinking about the leverage, I think you've got a note in the slide deck somewhere that you sort of expect leverage to decrease back towards that 1.5-2 times range. I'm just interested in sort of the quantification where we might get to by the end of the year on that. Also, just sort of as a related point, Paul, I think you referenced client lending and percentage of the receivables book was sort of 30% or so. You sort of said you see that at the upper end. I mean, I guess as you look into the second half, do you think that'll remain elevated, or do you think that sort of comes down, and how much of it is tied into dry conditions that we're seeing now and an unwind of that into the second half? Thanks. Yeah. Thanks, Ben. The first one around leverage, obviously, there's a lot of balance date volatility that will impact that metric. I'm hesitant to give a number. I think as well this year, one of the unknowns is what we just discussed there in terms of the amount of post-emergent sales, which will occur leading into September 30. There is the prospect that receivables will be higher at balance date, probably similar to what they were last year, just because of the later activity that will occur through the sales profile. It is difficult. It is difficult to give a number. In terms of the pathway back, and as discussed, we are moderating the pace of our acquisition spend. I note as well that we're not physically paying tax through FY2025. Cash generation is closer to EBITDA than NPAT. Obviously, we're coming into our peak earnings months. Yeah, relatively optimistic for leverage. The second part of your question, Ben? Yeah, just around that client lending as a percentage of the receivables there, sort of your expectations for that going into the second half? Yeah, probably tied to the answer I just gave, I think, in terms of that will be driven by activity in that post-emergent window from July and August. Yeah. Y ep. Got it. Thanks, Paul. Maybe just on the cost base there, I mean, it looks as a percentage or if you've done the number right there, it's sort of stayed relatively flat year-o n- year. I mean, do you sort of see opportunity to continue moving that down, I guess, on a normalised basis, considering some of the benefits from SysMod, Project Streamline, etc.? Yeah, absolutely. Over time, as we get to use the technology, and obviously, with the spend that is going into Microsoft Dynamics as well. Over time, AI will increasingly be built into that tool. Our expectation around cost over time is that it grows 50% of CPI over time as we get the benefit of the spend in technology. Yeah. Got it. Thanks, Paul. And then just a quick one on tax rate there. I mean, I think sort of normalized tax rate of just over 23%, relatively less than expectations there. Just any comments around the key drivers? Yeah, I might come back to you on that. I thought it was a bit higher than that, but I will take that offline. No worries. Thanks, Paul. Thanks. Bye. Thank you. That is all the time we have for our question and answer session. I will now hand back to Mr. Thank you very much. I think there are a bunch of other questions and discussions to happen this week. Paul and I look forward to catching up with many of you in the one-to-ones as we go through the rest of the week. Thank you very much for coming in today. That does conclude our conference for today. Thank you for participating. You may now disconnect.