I would now like to hand the conference over to Mr. Rob De Luca, MD and CEO. Please go ahead. Thank you, Drew. Good morning, and thank you for joining us for the MMS full-year results presentation for the 2025 financial year. My name is Rob De Luca, and I'm the Managing Director and Chief Executive Officer of MMS. I am joined this morning by Paul Varro, our Chief Financial Officer. I would like to start by acknowledging the traditional custodians of the lands on which we meet and pay my respect to their elders, past and present. The presentation will commence with an overview of the group performance during FY2025, including the progress we've made on our strategy and the Simply Stronger program. We'll then provide more detail on the performance of each of our segments before expanding on our financials and balance sheet. We'll conclude with our outlook for FY2026. This morning's presentation will refer to the slides that we released with our results, and at the conclusion, Paul and I will be happy to take any questions you have. Moving to slide five, I'd like to touch on five highlights that stand out. First, we saw revenue growth across all three segments, with group normalized revenue up 3% and normalized NPATA of $103.2 million. Importantly, momentum built as the year progressed, with the second half normalized NPATA up 8% on the first half. Second, we saw strong customer growth. Our Group Remuneration Services segment performed well during the period, with novated lease sales growing by 4.1%, Asset Management Services written down value increased 6.4%, and Plan and Support Services customers grew 21.5%, including the acquisition of MyPlan Supports, or 10.5% excluding the acquisition. To support growth and productivity, we invested $6.1 million in non-recurring costs, of which $4.4 million was in one half of FY2025. In the second half, we saw a 230 basis point improvement in our cost-to-income ratio compared with the first half. Third, our digital and technology investments are delivering for our customers. Our superior digital solutions for customers and partners have been well received. These include My Maxxia, which has an app rating of 4.5 stars, the OLI employer portal, which has enhanced our novated leasing proposition to the SME segment, reducing time to onboard an employer, and our digitized trading process in AMS, which has translated into growing opportunities from novated customers, deepening customer engagement across the group. Fourth, Onboard Finance has now scaled with receivables, which at the end of the financial year are approximately $503 million. During the period, we successfully executed a $300 million private placement with strong support from global financiers, enhancing our investor diversity and lowering our funding costs. FY2024 was the last year we normalized our results, being $8.4 million in the year. Finally, shareholder returns remained consistent. Our payout ratio was 100% of normalized NPATA, with a dividend yield of 8.3%. Normalized return on capital employed was 63.4%. Turning to our strategy slide on six, across the group, our vision remains clear to be the trusted partner providing solutions in making matters simple. Whether it's managing employee benefit solutions through our GRS segment, or managing assets and mobility solutions in our AMS segment, or managing and administrating NDIS plans in our PSS segment, this guiding ethos underpins everything we do. We strive to deliver on our vision by our three strategic priorities: excellent customer experience to grow trusted relationships, drive simplicity and technology enablement to serve customers more productively, and deliver valued solutions to meet broader customer needs. We have five key investment areas to drive our strategy forward. Firstly, our focus on digital and service excellence is enabling us to create superior solutions and tools for our clients and customers. This is underpinned by our people who are empowered to deliver better customer experience. Secondly, data-driven insights are at the core of how we understand our customers' needs and shape the value we deliver. Thirdly, our investments in AI and automation are underpinned by our data and are becoming pervasive in our business to support a more insightful customer experience and a more productive organization. Fourthly, we are at the same time continuing to simplify our processes and systems, making life easier for our customers and our people. Finally, we are continuing to invest in broadening our ecosystem of partners and expand the opportunity and market for our valued solutions. Together, these investments are helping us make matters simple for our customers while strengthening our capabilities as an organization and creating opportunities for long-term sustainable growth. As a values-led business, it is our people who underpin all we do and bring our vision to life, delivering on our strategy. Now moving on to slide seven. Over the past 12 months, we've made strong progress on our strategy and are delivering results from our strategic investments. This includes superior digital solutions for our customers, technology-enabled productivity, and accessing new markets. Our new My Maxxia app is already rated 4.5 stars since launching earlier in the year. We've seen strong digital adoption, which in turn is driving productivity, with customers per FTE up 15% year -on -year in July. In GRS, we have been using AI and data tools with our telephony platform to now label and analyze every customer interaction in real time, providing insights to help improve the customer experience while reducing after-call work for agents. While early in our application, we expect to see after-call work time across our agents reduced by 23% by December this year. In PSS, our use of AI and robotics is streamlining our processing and strengthening fraud detection, with a 56-point increase on the number of invoices now processed digitally. In AMS, our digitized trading process has led to a 19% increase in sales from our GRS novated customers half on half, demonstrating the benefit of our complementary and trusted businesses. In OLI, the introduction of our end-to-end digital platform has streamlined employer interactions, reporting, and compliance in one centralized solution that has empowered employers with customized dashboards, self-service reporting, and on-demand insights. For our new SME customers, the OLI platform has opened up novated leasing and accounted for 4.7% of all novated sales in June. These are clear, tangible outcomes from the investments we've made, and they provide a strong foundation on which we can continue to deliver excellence in customer experience, growth, and improved productivity. Let me now turn to the group's financial performance on slide eight. Revenue was up 3% on the prior year to $541.6 million. In FY2025, we invested $20.8 million in growth and productivity, of which $6.1 million was non-recurring costs. Much of this was directed to our Simply Stronger program, which is now complete and already starting to deliver stronger customer experiences and productivity gains. Despite these investments, we maintained strong margins. Group EBITDA was 31.2%. Normalized NPATA was $103.2 million, down 4.1% on the previous year, reflecting our investments in growth and productivity. Statutory net profit after tax was $95.8 million, up 6.4%, while normalized return on capital employed increased to 63.4%, and normalized EPS was $1.482. Let me now turn to slide nine and the progress we're making on our sustainability strategy, supporting our customers' transition to a low-carbon economy and making a social impact as a responsible business. In supporting the transition to a low-carbon economy, our on-the-go EV charge card is now accepted at more than 300 locations, and 100% of quotes for GRS and AMS passenger vehicles include emission rating estimates. $6.2 million of EVs have been funded through AMS's green finance. In terms of social impact, our PSS segment delivered over 65,000 hours of education to NDIS providers and customers. Our partnership with Wheelchair Rugby Australia supported adaptive sports participation and the 2025 Wheelchair Rugby World Challenge. We also extended our partnership with Jigsaw Australia to promote mainstream employment for people with disability, while assisting approximately 43,000 PSS customers to participate more fully in social and economic life, furthering the NDIS goals. Through our salary packaging services, we supported 376,000 Australians to maximize their pay at a time when it's needed most. As a responsible business, we progressed further on our gender equality goals with our gender pay equity ratio of 102.9%. In FY2025, we earned a Great Place to Work, highlighting our commitment to employee engagement while maintaining our MSCI ESG AA rating. We now move to the performance of each of our three segments during the period. Now turning to slide 11, GRS demonstrated resilience in FY2025 with normalized revenue up slightly at $293.4 million, despite the previously announced non-renewal of the SA government contract. Novated lease sales grew 4.1% year -on -year, supported by new client wins, growth from existing clients, the rollout of OLI, and shorter delivery times, leading to a quicker order-to-sale process. Yields remained steady, down 0.1% on PCP. As expected, the conclusion of the plug-in hybrid EV FBT discount in April caused a temporary spike in sales for PHEV in Q3 of FY2025, with EV percentage of new novated sales reaching 56% before returning to around 45% in Q4, consistent with two half FY2024 and one half FY2025. Notwithstanding the strong Q3 novated result, with the lead up to the end of the PHEV FBT exemption, novated sales activity continued in Q4, which was up 1.4% on PCP and up 9.2% on Q3. Demand and momentum has remained strong as we ended FY2025 and started FY2026, with order growth of 11.3% in June and July on the same period last year. We're starting to see the productivity benefits from our strategic investments, with customer-to-FTE ratio up 8.9% in the second half. Now moving on to slide 12 and the operating performance of the GRS segment. Our strategy for GRS of diversifying our offer has expanded our serviceable, addressable market. Our expanded opportunity represents 7.9 million employees in Australia, with at least $60,000 in income. Of these, 2.1 million are in our more traditional employer areas of government, health, education, and charities, whereas 3.8 million are employed in the SME segment and 2.0 million are employed in the corporate segment. We have enhanced our focus and proposition to this large and increasing opportunity in the SME and corporate segment. This has translated into a 15.8% increase in the number of employees of our SME and corporate clients over the past 12 months, with our novated sales in these segments representing 29% of total novated sales in FY2025 versus 25% in FY2024 and 22% in FY2023. We continue to grow clients in the second half of FY2025, including an additional six net new clients to be onboarded in one half FY2026, with approximately 60,000 employees. OLI also continues to open us up to new market opportunities, with now more than 650 SME employers accessing novated leases for their employees and 14 strategic partnerships providing new novated lease referral channels. Now moving on to slide 13. FY2025 marked the last year our results will be normalized for our funding warehouse Onboard Finance. Receivables grew strongly, up 54.6% to approximately $503 million. Our successful $300 million private placement was well supported, validating the scalability and strength of the Onboard funding model. We are pleased with the progress made in Onboard Finance, which reinforces the strategic rationale for its introduction. Onboard diversifies our funding and helps manage our risk profile. It provides MMS with a sustainable new source of income and a recurring revenue stream, delivering incremental NIM versus P&A funding. Now moving on to slide 14. Our Asset Management Services segment delivered consistent performance in FY2025, with revenue up 4.3% to $185.5 million and NPATA at $19 million. Improved vehicle supply and customer demand saw written down value increase 6.4% to $386.3 million. Remarketing units rose 6.5%, with yields proving to be resilient, down just 0.6% against moderation in used car prices. We continue to invest in growth and digital solutions, including a digitized trade-in process for novated customers and a new carbon capture product for gray fleets to support clients with emissions reporting. Investments in productivity saw leased assets per FTE rise 7.1%. Turning now to PSS performance on slide 15. PSS revenue grew 11.5% to $56.5 million, while NPATA rose 20.9% to $10.3 million. Organic growth saw participant numbers increase 10.5%, and with the acquisition of MyPlan Supports, which was completed in May 2025, we saw total customers increase 21.5% to more than 42,600. The MyPlan Supports acquisition provided us with approximately 3,800 customers and strengthens our regional footprint on the Central Coast of New South Wales. PSS EBITDA grew 20.4% to $15.8 million, with margin expansion to 27.9%. These gains reflected both customer growth and the benefits of automation, which also saw productivity improve, with customers per FTE up 8.3% to 234. In FY2025, PSS continued to support scheme integrity, as $67.3 million of invoices were withheld for investigation, while also delivering $86.9 million in scheme savings as customers received services under the price guide limits. During the period, we gained more regulatory clarity. In October 2024, the NDIA defined what participants are allowed to spend their funds on, being the black and white list, making it very clear what NDIS funds can and cannot be used for. As part of the annual pricing review, monthly plan management fees have been maintained at FY2025 levels, while setup fees were removed effective 1 July 2025. While the government continues to focus on measures to manage NDIS cost growth, NDIS participants' growth in FY2025 was again strong at 11.8%. PSS remains well positioned to support the sustainability and integrity of the scheme and continues to engage constructively with NDIA and government stakeholders to ensure our services remained aligned with reform objectives. I will now pass to Paul Varro to talk to our financial performance in more detail. Thanks, Rob. If you turn to page 17, what we thought we'd do is lay out some of the financial outcomes for FY2025 in some more detail. On the left-hand side of the page, you'll see the P&L, and as noted by Rob earlier, revenue was up 3% year -on -year, or $15.8 million, with growth across all segments, a resilient performance in particular from the GRS business to mitigate the non-renewal of the SA Gov contract through the year. Cost of sales were up 5%, predominantly on Asset Management Services' written down value, which grew 6.4%, driving higher operating lease depreciation, with further detail on cost of sales noted on the bottom of the P&L. Operating expenses, as noted in our first half results, increased due to our deliberative investments in future growth and productivity. I'll talk about these in further detail in a moment. Further down the P&L, D&A and interest was relatively flat year -on -year, taking you to our normalized NPATA for the year of $103.2 million. Whilst down 4.1% on FY2024, a strong result when you consider the level of investment we've made in the business this year. Statutory earnings were up 6.4% to $95.8 million from continuing operations. The other key callout in the P&L is our Onboard normalization adjustment of $8.4 million, down from $17.2 million, with FY2025 being the last year of normalization. If we move to the right-hand side of the page, you'll see our normalized expenses walk, with total costs up 6.9%. If you move from left to right, the first two bars are our cost increases due to wage and vendor inflation, along with extra tech usage costs and cyber investments. We've also realized some efficiency benefits in the year, which largely offset the inflation cost pressures, and we expect to deliver more benefits into FY2026. The next four blue bars are our investments in growth and productivity for the year, which drives the vast majority of our cost increase versus FY2024. The first bar is the finalization of the Simply Stronger program, which concluded in FY2025. Any non-recurring costs for this program are $5.7 million, which along with the acquisition costs for MyPlan Supports and other costs takes us to $6.1 million in non-recurring costs for the year. Next, we have our investments in OLI, increasing $4.9 million to support the product scaling and to increase our market reach, noting OLI already has reached 4.7% of novated lease sales in FY2025. The increase of $6.9 million in the walk is our investments in automation, customer experience, and process improvement. $2.9 million of the cost is our investments in customer and partner experience, which has contributed to our strong NPS results across the board and new client wins. The other part of the cost is our investments in process efficiency and automation. These investments are delivering benefits such as improved novated lease customer journey experience, enhanced dashboards for PSS suppliers, and operational productivity. The last bar is our cost of sales, which, as I noted earlier, is the cost of growth in our AMS business, driving increases in depreciation and cost of funds. On the bottom right-hand side of the page, you'll see the half-on-half momentum in FTE efficiency and cost-to-income ratio, which remains a focus for the management team into FY2026. If we turn to page 18, the balance sheet remains strong. On the left-hand side, you can see the material movements year -on -year relating to the growth of Onboard Finance, novated lease receivables in the assets, and the associated debt movements in liabilities. On the top right-hand side, all of our key covenant metrics remain in line, and we continue to hold strong net cash and run a conservative level of debt in our AMS business. On the bottom right-hand side, we've laid out our debt maturity profile. Through the course of FY2025, we completed an inaugural private placement transaction in Onboard Finance for $300 million, which increased investor diversity, lowered drawn margins, and balanced our maturity profile. This month, we also completed an increase in extension to our Onboard Finance warehouse, adding further room to grow and extending the revolving period out to March 2027. Our debt profile remains well balanced with no maturities due in the next 12 months. Overall, we've got a strong balance sheet position to enter FY2026, with plenty of flexibility to grow. I'll now hand it back to Rob, who'll take you through our outlook. Thank you, Paul. Finally, turning to the outlook for FY2026 on slide 20, MMS enters FY2026 with business momentum and a clear strategy for growth. We expect auto supply and used car values to remain broadly consistent with second half FY2025. While the benefits from the plug-in hybrid EV FBT exemption expired in the second half of FY2025, the FBT exemption on battery electric vehicles continues with the federal government committed to review by mid-2027. Following the 2025-2026 NDIS pricing review, monthly plan management fees will remain consistent while setup fees were removed effective 1 July, 2025. Setup fees represented 7.9% of PSS revenue in FY2025. Cash rates are expected to reduce as inflation moderates, supporting customer confidence. From a business outlook perspective, new client wins in GRS and AMS, buoyant novated orders in Q4 FY2025, and continued NDIS participant growth are expected to support customer growth across all segments. Benefits are to be realized from our strategic investments and removal of non-recurring costs. As previously mentioned, Onboard Finance normalization concluded in FY2025. Finally, we will continue to take a disciplined approach to investing and execute on our strategic priorities, excelling in customer experience, driving simplicity and technology enablement, and delivering valued solutions. We thank our people for their commitment, our customers for their trust, and our shareholders for their ongoing support. Paul and I would now welcome any questions you may have. I will pass back to Drew to moderate questions. Thank you. 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 are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Phillip Chippindale and Ord Minnett. Please go ahead. Hi, good morning, Rob and Paul. Thanks for your time and thanks for taking my questions. Just firstly, on the novated yield, you said that the 2025 number was broadly flat. This is 2024. If we look at the first half, it was down, I think, around 4% or 5% sequentially on the first half of 2024. It sort of implies the second half was up 4% or 5%. Can you just unpack sort of the drivers for that improvement, please? Yeah, thanks, Phil. We were up about 4% in the second half. Largely just reflected a couple of things. I'd say the first one is a higher proportion of plug-in hybrids in Q3 at higher price points, given they're all new vehicles. Second is, we've continued to see generally in our OLI businesses, quite new, a larger proportion of what we've written in our novated at higher prices for EVs and plug-in hybrids are being a much higher proportion than our core business. Largely reflecting net amount finance, some elements of some improvements in insurance, particularly around residual risk, which has grown by about 5% over the period, reflecting customers more aware of that product and available to them, particularly with EVs. Okay, thanks. You mentioned the OLI brand. You've got a stat in the pack. We've talked to, I think it was the month of June, volumes about 4.7% or thereabouts of all novated leases were in OLI. Do you view that as being incremental volumes versus, you know, MMS without OLI, or is part of that 4.7%, you know, the best part of 5%, is part of that coming from, you know, Maxia and other brands that may well have serviced smaller enterprises, or is this really all new businesses as far as you consider it? Yeah, thanks, Phil. No, largely we see this as incremental flow to our business. Slightly over 90% of the customers we're acquiring are in employee brackets of 20 - 200, which wasn't a segment that we target through our Maxxia and RemServ brand. There is always some through our partnerships that we use the OLI employer portal for, that somebody might walk into a dealer or go online to the OEMs and purchase the car directly and get novated leases or finance that might be employed with a larger organization. All of those coming through the SME channel would be incremental for us. Okay, thanks. Just turning to the cost-to-income ratio, it improved in the second half versus the first half. On the full year number, I think it was about 58.7%, but you've referred to about $6 million of non-recurring costs. If we exclude that, it pulls that CTI down to sort of closer to the 57% mark. Just trying to think about FY2026, given that first half, second half movement was quite significant, how should we be thinking about CTI in FY2026 if we exclude that recurring is around that 57% mark? Is that a fair sort of assessment for 2026, or do you think perhaps you could do better? Hey, Phil, great question. I think that's a pretty fair assessment. We think we will get further benefits from our investment in productivity. Just to note, we'll look to reinvest some of those savings into growth in things like OLI. I'd say around that 57 mark, probably a fairly fair kind of number to think about going forward into 2026. Okay, thanks. Last one, just before I jump back in the queue, on Onboard Finance, FY2025 is the last year of normalization. Do you expect it to be a positive contributor to NPATA for 2026? Presumably, you do. Do you have any comments there as to the quantum of that potential contribution? Yeah, thanks. Largely, it's going to be flat in FY2026. It won't be a positive contribution to that financial year. We obviously expect it to be positive after that period. If you recall some of our previous disclosures, and in particular in the first half, we noted that FY2026 was expected to be neutral and then to grow thereafter. Not positive for 2026, neutral, but then positive thereafter. Okay, thanks. Appreciate your time, and I'll jump back. Thank you. Thanks, Phil. Your next question comes from Tim Lawson at Macquarie. Please go ahead. Hey guys, thanks for taking my question. It's probably a similar theme to what Phil's asking about. Just in terms of that transition from normalization to an underlying, obviously within GRS, but do you feel that like the second half is a fair exit rate for the sort of Paul's comment on maybe it's a neutral impact into 2026? In terms of Onboard Finance, it actually grows through the course of the year, Tim. If you think about the normalization adjustments that have been through the past few years, it was - 17, then - 8.4 for this year. In the first half, it's still marginally negative to neutral, and through the second half of FY2026, we expect it to be marginally accretive, but not much. If you think about the entire year, it's going to be neutral, slightly under in the first half, then slightly accretive in the second half. We're not talking material numbers. Okay. Just a question on PSS. Obviously the pricing change is, you know, the full margin impact, but then you've got a new acquisition. Just sort of thinking about how you view margin within PSS. Obviously, you've had more automation as well, which has helped the margins there throughout this year. What are your sort of thoughts over the next year with those two major changes? Yeah, thanks, Tim. Yeah, I mean, the removal of the setup fees, we experienced a similar period back in 2022-2023 when they removed the fees that we used to generate for extensions. It'll take a little bit of time to start to get the margins back up. I would suspect 2026 we'll see a bit of margin decline. As we continue to invest in automation and process improvements over time, we'll start to eat that back. There'll be a bit of downward movement on the margin in 2026 from where it sits. I think we've started to get close to the 30%, which was always our goal for the business. I think it'll take a bit of time until we get back to those levels. You're back to the new acquisition. Is that coming in at similar margins, or is it lower margins from that? Pretty similar margins. You know, the business probably wasn't as scalable as our business. We'll get some margin benefit from moving on to our platform, which will progress during the year. There's a little bit of margin improvement for that size of the business. Yeah, and then last one from me, just on the fleet business, just on the remarketing yields you've called out. How that's been broadly stable over the year, a little bit down, but not a lot. What are you putting into pricing on current wins? Maybe get some view on your conviction as to whether that sort of holds where we are now. Yeah, I mean, certainly the last couple of months of FY2025, so far the start of 2026, they've been pretty consistent in terms of where the yields are at the moment. We had a period around that election time, April, May, that there wasn't a lot of stock coming back from our clients. I think people were just holding, waiting to see outcomes and get a bit more certainty. Started to see that flow improve over the last couple of months, which is pleasing. The yields we're receiving on that have remained at good levels. Our assumption this year is broadly consistent at a yield level from what we experienced in the second half of 2025 for AMS. Obviously, the mix of clients you win and the types of vehicles that you replace will differ. Most of those clients that we've won, we'll bring them on first as managed only assets, and then we start to convert them to financed assets over time. Yeah, what you're putting into pricing in terms of what the competitive environment's sort of forcing you to do. Yeah, I mean, look, the pricing in the market's pretty competitive. We've seen that now for a period of time. Obviously, people take different approaches to how they think about residual value risk and other elements, depending on the portfolio of their business. The market remains reasonably competitive, but we're pleased with certainly the client wins over the last few months. We've got a lot of clients to onboard over the first six months of this year. Okay, thank you. Thanks, Tim. Your next question comes from Scott Hudson at MST. Please go ahead. Good morning, gentlemen. Just a couple of questions. Just follow up on the yield question in relation to the second half. Could you give us a sense of what fourth quarter yields were like compared to the third quarter? Yeah, not materially different. A little bit different between the two quarters, but not materially different, Scott. We did have a little bit more, obviously, proportion of new in Q3 in the core business, but our OLI employer portal businesses continue to pretty similar levels between Q3 and Q4. It wasn't as impacted by plug-in hybrids in that part of the portfolio. Slightly higher with the plug-in hybrids in Q3 than Q4, but not materially different. How should we be thinking about, I guess, as that share of, I guess, corporate and SME rises? My understanding is that's maybe a slightly more competitive segment. How should we be thinking about the mix of yields as that share of volume increases? Yeah, I mean, it varies a little bit. On one hand, there's a competitive element of transparency and consumers who are kind of looking for business, particularly more in the SME space and maybe some elements of the corporate. Having said that, in the corporate space, when you win the contract, you're usually a sole provider, which is a little bit different to, you know, obviously in the government space and the large healthcare space. It's a little bit different in terms of once you've won the contract in terms of competition on panel versus sole. Obviously, just win the tender is an important part of being competitive in that space. We don't see a material difference so far as we've been growing the corporate space in our yields to where our historical levels have been in our core business. Marginally in some areas, but not a consistent across all of our corporate clients. I'd say the SME is probably a little bit more competitive because the employees in the SME are traditionally used to getting car financing or financing through dealers as they kind of explore their options. I think we're seeing a little bit more tighter pricing in that space than the traditional corporate space. Thanks. The new client wins that you've called out commencing first half FY2026, are those predominantly corporate clients? There's a mixture within it. We've got a couple of government ones that we've been appointed to panels, which is great for us. There's one very large not-for-profit organization, and then the others are largely corporates, large corporates. Thanks. In relation to the growth expenses, how should we be thinking about any further investments through FY2026? Yeah, I mean, I think if you go back to the slide that Paul Varro talked everyone through on slide 17, you know, if you look at those bars, the Simply Stronger investment goes, the OLI employer portal business we'll continue to invest in in terms of salespeople, marketing as we grow that business. The customer growth and efficiency, there'll be an element within that, but not material increase from what we've done previously. We're trying to move more to an ongoing squad model for parts of our business, particularly around digital and automation and AI. Over time, that'll be increased more as an OpEx cost and a CapEx cost as well as we modernize our systems. There'll be an element within that, but not to that level. Thank you. Just lastly, a follow-up on Tim's question around PSS. I guess removal of the setup fees is partly offset by the impact of the acquisition or neutral from a revenue perspective? Yeah, look, I suspect our objective would be to grow revenue. The profit will be a bit tougher because, you know, those setup fees that we generate the income from, the cost doesn't go away for that activity. That drops straight to the bottom line impact. There'll be a large part of it offset by the acquisition of MyPlan Supports. What I'd say in this space, certainly since the October changes came in late last year, we've experienced a period of a lot of contact from participants and providers trying to understand the changes and what that means for what they can claim versus what they claim. We've used our investments in our dashboards to help do that more self-service, but still a large portion of our client base here like to contact us. Every time there are changes from the NDIA or government around this, we get influx of calls. It'll depend a little bit about what other changes the government made during the year in terms of cost to serve that. We've also, during the second half period, continued to hold tight on what can be claimed versus what can't be claimed since the changes came in October. That has a bit of an impact as well in terms of us being a bit tighter, I suspect, than maybe some plan managers in the market. Thanks. Maybe just on a follow-up on that, in terms of any material risk to PSS from the government's shift in relation to determining who's eligible for developmental support, particularly young children? Yeah, there'll be an element. As best we understand at this stage, and I think there's work to be done between the government and the states and territories at this stage, they have signaled the federal government's going to allocate about $2 billion to it. They need to agree what the states and territories will contribute to it. Stage one, what we understand in July 2026, those with what we would term as moderate autism, children under the age of nine, will start to be utilizing the Thrive program, Thriving Kids. For the start of July 2027, the following financial year, they will look at any participants that are in the NDIS that may need to transition to Thriving. As we've done our numbers, that's probably somewhere between 4%- 5% of our customers at the moment would be under nine with what we'd say moderate or minor autism. There'll be an element with it at some point in time. We'll think a little bit about our acquisition strategy, where we focus our attention for growth versus what potentially may mean some future participants coming into the scheme. For sure. Thank you. No problems. Thanks, Scott. Your next question comes from Chenny Wang and Morgan Stanley. Please go ahead. Yeah, good morning, guys. Thanks for taking my questions. Maybe firstly, can I just clarify on the thorough packaging, on thorough packs? You called out 376,000 at period end, and then you also, I guess, called out that 60,000 net new. Should I just basically interpret that as, you know, pro forma to start FY2026 at, you know, 436,000? Or are there some other movements that we should be aware of? No, that 60,000 is FTE employees within those clients. Not all of those will take up salary packaging. Yeah, yep. Got it. Okay, cool. No, thanks for that. Just maybe secondly, on the Onboard Finance, you know, obviously we've talked a lot about that warehouse normalization piece. I guess is there any effect we should be thinking about from lower interest rates in terms of whether there's any headwinds there or whether that's kind of fully hedged out? Thanks, Chenny. Yeah, great question. You're right. The portfolio is all hedged. There shouldn't be any NIM sort of pressure off the back of movements in interest rates. Essentially, we'll take out a fixed-rate hedge as we lock in every new receivable. That portfolio of $503 million is already locked in. For every subsequent month through the course of FY2026 and beyond, we'll essentially hedge that out and maintain our NIM where it is. Got it. No, cool. Maybe a question on EV penetration between 3Q and 4Q. Let's put FEVs in there as well for that matter. I fully appreciate that third quarter saw the pull forward in terms of the FEV exemptions ending. Fourth quarter from an industry perspective was also really, really strong on EV and FEV sales. I just want to kind of get a sense of that quarter-on-quarter dip just against that industry backdrop. Yeah, it's interesting on the industry side and, you know, our discussions with dealers in terms of what they've experienced. If you kind of go through the plug-in hybrids in the Q4, the Shark obviously was the largest selling vehicle. That was up, you know, 16% for the period. And the Sea Line was up 10% for the period. Every other product line was down, other than there's a couple of new ones that didn't exist. What we've heard certainly through our discussions with the dealers is that a lot of the take-up in the plug-in hybrids in the Q4 has been kind of sole businesses, tradies who have taken advantage of some of the deals that are available from a financing perspective. We saw a little bit of a decline in that Q4 versus Q3. We really wanted to understand, you know, was that a sector thing? Was it an us thing? Certainly we've got some insights in terms of just who's been taking up the product and the type of financing that's gone through. Excluding the Shark, actually, it was down 29% for the quarter. It's quite interesting. When we look at our own kind of numbers, Chenny, what I've looked at is I've looked at the last quarter and then compared it to the final quarter of 2024 just to see what's changed. Now, plug-in hybrids kind of were about 6% and they're about 4% for Q4 of 2025. They're down about 2% in a relative sense. Interesting though, hybrids, so combustion hybrids went from 8% to 13%. There's been a bit of a shift in the consumer sentiment and how they're thinking about what they're purchasing. Actually, that's gone up where the ICE for us went down by the same amount. There's been a bit of a shift from ICE to hybrids. The battery electric picked up the extra 2% that we reduced in plug-in hybrids. That's kind of what's happened in our mixture for the quarter. Obviously, time will tell as this plays out, you know, what actually the kind of right level will be for the plug-in hybrid. We certainly saw a bit of a comeback, but a bit of a change in our mix and our kind of novated lease sales. Got it. Maybe just one last one from me. Apologies if this was already asked for you to kind of jump in between things. Just the next 12 months for your GRS contract renewals and maybe how we should be thinking about the opportunities out there as well. Yeah, I think I might have touched on this at the half, but obviously six months later, what's changed for us is we think about the next 18-month period. We've got a portfolio as at 30 June that you alluded to of 376,000. Just shy of 10% of that is up for contract renewals over the next 18 months. Not a very large portion given what we've been through over the last couple of years. The pipeline is pretty strong in terms of new opportunities and also opportunities for panels as well. We're optimistic about some growth opportunities from a client perspective. Obviously, we still need to give the right attention to our smaller number of renewals over that period, but we don't have as many in the next 18 months. Perfect. Thanks, guys. Thanks, Chenny. Your next question comes from Hayden Nicholson and Bell Potter. Please go ahead. Hey guys, just looking at GRS, I know orders weren't included in the deck. Going back to the interim result, OLI was pretty strong. I think it was 19% on the PCP. Your outlook comments are kind of the same in terms of supply. Sales were on the up, I think 2% second half, 25% on the PCP. Just trying to get a sense, I guess, how we bridge between some of the good progress you're seeing like in that new brand and what's actually getting settled, like how we think about that, if you have any comments. Yeah, I think as I outlined in my introduction, what we're seeing now is because the average days to settle is a lot shorter in terms of the delivery times of vehicles, we're settling a lot more in the period. For all of vehicles in 2025, our delivery time was on average 37 days versus 24 days, 64 days. We're able to convert a lot of that much faster during the period, which helps support obviously the sales in the period. In terms of OLI, we had really good growth in the OLI part of our channel, supported in part by partnerships, in part by just the SME growth within it. We're pleased with how that's going. In the core business, it takes a little bit of time from when you win a contract to then start to see the novated lease come through. I have an existing portfolio in some cases, which have generally somewhere between four to five years in terms of the average life of the lease. If they're newer to the market, some of our clients that we've brought on board during the period have never had employee benefits packages arrangements for their employees. There's a lot of effort that goes into education of the customers to get them to a point of comfortable to take on the product. That's generally a little bit more work in progress. If we look at our sales during the period, as you alluded to, our second half on second half was shy of 2%. Our second half on first half for novated sales was just over 3% in the period, 3.3%. Yep. Just coming back to the FEVs and I guess the mix, looks as well like, you know, ICE was down, EV going pretty strongly. Should we be worried about cannibalization here in terms of, you know, selling into the future with that change in the policy? No, I'm less concerned about cannibalization. At the end of the day, obviously our objective is to help our customers, clients with their needs in terms of salary packaging and novated leasing. If they make a decision to have an ICE vehicle, plug-in hybrid, traditional hybrid, or battery electric vehicle, indifferent from our perspective, it's making sure they've got the right customer to suit their needs. As I alluded to before, what we've seen here is there's always a mixed shift slightly depending on what happens at any point in time. We certainly feel that there is incremental growth in novated leases as a result of the introduction of the EV legislation. Yes, there was obviously a bit of pull forward for Q3 between plug-in hybrids that kind of inflated the Q3 on the mix there. As I said earlier to one of the other questions asked, we've seen a bit of a shift out of that into battery electric. There'll always be a little bit of a shift between consumer preferences between the types of cars that they take on. Okay, thanks. Just last quick, just to clarify on PSS, did you say that revenue loss is going to be fully seen at the bottom line in terms of the leverage there, like just straight, you know, revenue that's taken up front on the onset for those plans? Is that right? Yeah, what I said was, you know, a lot of the cost doesn't go away with renewals of clients and setup of clients. You know, we onboard a customer and nothing changes in terms of the removal of that fee. The opportunity for us is, you know, twofold. One is we onboard a business that we acquired, MyPlan Supports, which wasn't, you know, using a scalable platform that we migrate onto our platform and get some opportunities to make that more efficient and productive in terms of how we service those customers. The second is the ongoing investments we're making in our platform and driving efficiencies as we've done over the last few years. Okay, thanks for that. Thanks, Hayden. We have a follow-up from Scott Hudson at MST. Please go ahead. Thanks. Rob, did you say that novated lease sales were up 9% in the fourth quarter versus the third quarter? Novated sales? Novated lease sales. Is that what you said? I said in the Q4 on the Q3. Up 9% sequentially. Quarter -on -quarter. Yeah, quarter four -on -quarter three in FY2025. To obviously address the point, which is, did the world fall over after the plug-in hybrid went? No, we had a really good quarter in Q4 and probably our strongest quarter ever. you maybe help us reconcile that given that, I guess, the PHEV sort of cut off? I mean, did you maybe underperform a little bit in the third quarter and catch up some of that in the fourth quarter, or would it be a strong fourth quarter? Yeah, a couple of things to think about during the periods that happened. In the Q3 period, we had the impacts in Queensland from the cyclones. We had a number of days that actually we had no orders and were unable to deliver cars. Our Q3 in March at the end, whilst it was a really strong performance, wasn't as strong as it would have been without that. That was, and because obviously Queensland government for us is our largest client, we've got a larger exposure to that than otherwise. That would be the first thing. The second would be obviously the end of the Q4, both between OLI and the June month with kind of financial year-end deals that were going on, was a really strong month for us. Appreciate it. Thank you. No problem, Scott. We have a follow-up from Chenny Wang and Morgan Stanley. Please go ahead. Yeah, hey guys. Just following on from that, could you update us on what your carryover was at the end of FY2025? It sounds like, you know, with the strong June month, there's still a delay in terms of when the orders are processed versus when the sales actually come through. Just wondering if there's some color on carryover you guys can provide. Yeah, carryover is sitting somewhere around $13.5 million at the end of June, Chenny. It was $15.5 million at the end of one half. In part, we're seeing, as I mentioned earlier, a lot more movement between the month now from orders ending up in sales as the delivery times are shortening. Got it. Thanks, guys. No worries, Chenny. That does conclude the question -and -answer session and the McMillan Shakespeare Limited Full Year Results FY2025 Conference for today. Thank you for participating. You may now disconnect. Thank you.