I would now like to hand the conference over to MD and CEO. Please go ahead. Thank you, Allison. Good morning, everyone, and thank you for joining us today for the McMillan Shakespeare FY 2020 session. My name is Rob De Luca, and I'm the Chief Executive Officer and Managing Director of MMS, by our Chief Financial Officer, Paul Varro. At the both, Paul and I will be happy to take any questions you may have. I would like to start by acknowledging the traditional owners of the land on which we meet today, past and present. As we move through our presentation, we're released with our results this morning. We will commence this morning's presentation with an O period before we move to a more in-depth summary of each of our segments. To Slide 5, which provides an overview of our 1H FY. Importantly, I'd like to note that our 1H effort got normalized following the successful transition period and scaling of Onboard Finance. For ease in this high 26 results to previously reported normalized financials, this will be to previously reported normalized results. Starting with our financials, we did metrics in the period. Revenue increased AUD 11.74 million. Operating income was up 4.4% to, after accounting for cost of sales. EBIT to AUD 84.7 million, and UNPATA grew 1.4% to AUD 50.3 million. Growth in financial performance was supported by an s alary packages increased to 380. Novated leases grew 7% to 82,100. Fleet sent to 15,400, and PSS 3,000, up 16.1% on the prior period. We are seeing clear benefits from the strategic investments we've made over recent years, comprising 5.2% of group novated lease sales, which is up 220 basis points. The launch of our new GRS apps has increased customer digital% of service interactions, improving the customer experience and in turn reducing cost to serve. Increased by 14.1%, reflecting productivity. Against this backdrop, we continue to shareholders. Earnings per share increased 1.4% to 72 point. She remains strong at 62.8%, up 110 basis points, and we declared a fully AUD 0.02, equating to a dividend yield of approximately. We have also announced an on-market share buyback of up to AUD 10 million over t his, combined with the first half dividend, reflects AUD 53.2 million, up 7.6% on one-half FY 2025. Our first half demonstrates the progress we are making on our strategy, activity, and returns to shareholders. To detail on our financial performance. For ease of comparison, we have included 1H FY 2025 normalized results. As mentioned, I will compare results to previously reported 1H FY 2025 normalized results. Income, we saw growth across all segments. Revenue was up 11.2% in the period to AUD 200. Cost of business growth and the inclusion of Onboard Finance, which saw operating income up AUD 110.1 million. Turning to operating expenses, inflationary pressures, with cost-to-income ratio improving. Operating expenses. Once accounting for AUD 3.4 million in Onboard Finance costs, FY 2025 normalized results, operating expenses were up just 1.3%. Cost management and the productivity benefits of investments in technology, automation, and... EBITDA increased 4.8% to AUD 84.7 million, gained at approximately 40% prior period. UNPATA increased 1.4% to AUD 50.3 million. Expected increases in amortization, which was up AUD 3 million following the conclusion in 2H FY 2025, and the inclusion of onboard NPAT grew 9.7% to 49 point. Turning to slide 7 and the progress we're making in delivering on our strategic investments. To execute on our 3 strategic priorities, excelling in things simplicity and technology enablement, and delivering partners. To deliver on our vision of being the trusted partner, providing solutions made simple. Our strategic investments are delivering measurable outcomes across the business. Starting with our new superior GRS digital apps, which have resulted in improved customer some 10 basis point improvement to 83% of service interactions completed digitally. Is being utilized to improve customer experience and operational efficiency. An example of this is in our GRS customer AI capability with our telephony platform, enables ingestion and analysis of the customer calls a month, assisting our agents in real-time stations and efficiently wrapping up calls with automating call reasoning and customer notes. Reduced our after-call work time by 16%. AI and automation are continuing to streamline our processes and strengthen fraud detection in percentage point increase in the number of invoices processed digitally. Trade-in process with access to multiple data sources to improve valuation for our GI, and a 23% increase in sales. Finally, as part of our ongoing partner and market expansion focus, we have continued to enhance our Oly platform, which has seen SME clients increase to 1,033% on the prior year. These investments have translated into positive outcomes for Net Promoter Scores across all segments, a high ROCE of 62.8%, strong operating margin, EPS growth of 1.4%, and continued recognition that MMS is in America. Now, turning to our digital investments within GRS. During the period, we continued to see superior digital apps designed to simplify salary package with real-time information and greater control. Salary packaging complex. New and enhanced features to our apps are changing that perception, with our simplest to manage their benefits more confidently through improved budget and cap management, seamless integrated digital wallet functionality, and enhanced security. Customer response has been positive, reflected in strong outcomes. Just as importantly, these enhancements are delivering productivity benefits with increased customer digital interactions and continuing growth in customers per FTE, of how our technology investments are improving both customer experience and operational efficiency. I will now step through the performance of each of our segments. We begin with our Group Remuneration Services segment on slide 10. GRS delivered strong performance in the first half with customer growth, productivity improvements, and the inclusion of Onboard Finance. Revenue increased 16.6% on a normalized basis to $167.6 million, underpinned by customer finance lease interest income. Operating income, after factoring in Onboard Finance cost of funding, increased 5.5% on a PCP basis. Well in the period, up 1%. When accounting for $3.4 million of OMG in 1H FY 2025, not included in the normalized risk, we're actually down 2.8% on a like-for-like basis. Result, EBITDA saw strong growth of 12.8% to $62.5 million. UNPATA increased 7.7% to 36, allowing for the inclusion of Onboard Finance and the expected increase in amortization, up AUD 3.2 million, stronger investments in 2H FY 2025. Customer packages growing to 387,500, novated leasing 82,100, and Onboard Finance receivables scaled to AUD 539 million. Novated both terms of units up 0.4% and yield up 1 point. Performance reflected a continued shift to new customers and longer-term leases and new cars, including EVs, price point. Sector strategic investments in the segment, AUD 4.4 million in non-recurring costs were removed. Productivity improvements of AUD 2.9 million in cost reduction. Invested further in scaling Oly with AUD 2.7 million in sales for future growth as we enhance our position in the SME market. Overall, productivity continued to improve and reflects prior program, with customers per FTE increasing 17.8% to 600. Now, turning to slide 11 and our novated leasing performance. Novated continues to benefit from a strong value proposition, new customers, and an expanding market opportunity. Addressable market comprises approximately 7.9 million, emerging opportunity of 3.8 million SME corporate employees. Over the period, we have continued to expand our actual employee reach in market. We now have access to approximately 546,100, which has grown by 15.9% on a CAGR basis, 2023, and now represents approximately 9%. The strategic focus is reflected in our sales mix. Corporate and SME novated sales of total sales up from 21% in one half, effectively diversifying our customer base while growing our reach and portfolio. We continue to outperform. In 1H FY 2026, GRS new novated sales increased ahead of the new car sales market growth of 2.7%. As previously, customers increased 7%. This growth is underpinned by three key levers: improved retention, entering another lease up 120 basis points, new novated customers points, and increasing penetration, which is now at 21% of our total salary. Looking ahead, our foundations for growth and momentum are supported, and the prior period yet to commence. Ongoing expansion of our Oly SME brand and a network of growing opportunities. Slide 12, the performance of our Asset Management Services segment. As a specialist fleet provider, AMS grew revenue by AUD 6.9 million. Operating income was up 4.3% after factoring cost of sales of AUD 715.2 million. UNPATA was up 3.2% to AUD 9.9 million, increased 5.7% to 389 point net growth. Overall, fleet units increased 4.4% to 15 by both growth in financed and managed only units. Managed only units grew faster at approximately 21%, reflecting growth from new client wins over recent periods. In terms, improved yields were supported by a high mix of early terminations, which attracted high margins from exit fees. Two and a half as clients continued to retain assets for longer. Continued its productivity focus, investing AUD 500,000 in the period outsourcing arrangement for some back-office functions to drive future efficient team to remain customer and business development focused. We secured 20 net new clients, investments made in business development, which will benefit future periods. Highlight for the period was our AutoGuru partnership, which is now delivering digitized vehicle making clients for a better client experience in creating operational efficiency opportunities. Turning now to slide 13 and our Plan and Support Services segment. During the half, supported by continued organic customer growth for it. Revenue increased 5.4% to AUD 29.3 million. Customers increased 16.1% to 43,000, with 3,800 from the MPS acquisition and 2,001... As expected, profitability was impacted during the period by the removal of setup fiercely announced. This represented approximately AUD 2.3 million, impacting AUD 8.7 million to AUD 6.4 million. The segment to growth and enhanced NDIS regulation. Whilst The government targets lower scheme cost growth to ensure a sustained... Participant numbers have continued to grow, up 9.9% on PCP. Participants to continue to as a method to managing plans, which is up 300 basis points. The acquisition of My Plan Support contributed AUD 1.8 million of costs in the one results, which is inclusive of corporate allocations now that the business is integrated into MMS enterprise systems. PSS continued to focus on supporting the sustainability and taking AUD 600,000 in enhanced fraud detection and verification capabilities. While these investments impacted margins in the period, and the role PSS plays as a leading plan manager. Notwithstanding these, inflation repair remains a focus, with the segment assessing and processing approximately AUD 2 million in the ongoing productivity improvement, CE increasing 25.3% to 277. I will now pass to Paul Varro, who will cover the financial. Thanks, Rob. If you turn to page 15, what we thought we'd do is lay out some of the financial outcome, 2026, in more detail. As noted by Rob earlier, our results are no longer... Onboard Finance continues to perform in line with expectations, with its results reported in the... Comparatives in this half will be based on one half FY 2025 normalized results. As this will be the last period in which we compare to normalized results. These are PNL. The PNL for Es, we've included the results compared to both a non-normalized and normalized comparatives. As you can see, versus first half, FY 2025 normalized on year by AUD 30 million or 11.2% for the half. The segments and the introduction of Onboard Finance lease interest. Cost of sales grew to due to AMS remarketing sales at higher written down values of Onboard Finance, cost of funds contributing AUD 15.9 million. With a cost of sales breakdown. Operating income, after factoring in the Onboard result or 4.4%. Operating expenses grew 4.1% to AUD 3.4 million. On a like-for-like basis, our expenses grew just 1.3%, highlighting our focus on cost containment and Depreciation and Amortization increased AUD 3 million as Simply Stronger program concluded in 20 for the half, finished at AUD 50.3 million, up on both the normalized view by 1.4%, but is by 11%. On the right-hand side of the page, we have our first bar shows 1H FY 2025 normalized costs, then the inclusion of Onboard Finance operating expenses to a step of AUD 123.8 million. As you move from left to cost increases due to wage and vendor inflation of AUD 3.6 million, offset by AUD 0.4 million, primarily due to the conclusion of Simply Stronger investments in FY 2020. T o investing growth, in particular with investments in Oly, up AUD 2.7 million, and of course, AUD 1.6 million. These are partially offset by our pro businesses, which have delivered net savings of AUD 2.7 million. During the year, we embarked on a business process outsourcing earlier. This had implementation costs of AUD 800,000 for the half. All ops, this grew just 1.3% for the half, a testament to our-... Turning to page 16, the balance sheet remains strong, with net assets and key covenant metrics on the top right-hand side all remain bonus flexibility to move forward. On the bottom right, following the successful extension of Onboard Finance warehouse in August, 30 is due over the next 12 months. If we turn to page 17, our strong and flexible balance sheet positions as well to manage our capital efficiently and to ensure long-term prudent balance sheet and balancing returns for our shareholders. As a reminder, our net cash, covenant headroom, and strong under- We continue to return fully franked dividends to shareholders in accordance with our payout ratio of UNPATA. Following the conclusion of normalization at the end of FY 2025, is the mix of distributions to shareholders. In this half, dividend at 85% of UNPATA or AUD 0.62 per share, along with announcing an on-market buyback of up to AUD 10 million over the next 12 months. Total returns to shareholders total AUD 53.2 million, AUD 0.6 versus last half. These distributions balance share returns to shareholders, effective 7.2%, along with the buyback. Our capital returns also are managed capital in accordance with our framework, which is noted on the right. Moving now to page 18. Our cash generation remains strong, with underlying cash conversion of 88% tax installment paid in the half as the benefits of the temporary full expensing program partial. Overall, it's been a strong performance in the half, with discipline, cost control, and a strong balance sheet position to enter second half FY 2026. With that, I'll hand it back to Rob, who will take you through our- Thank you, Paul. Now turning to slide FY 2026 outlook. Looking ahead, we expect uncontinued customer growth across all segments from business momentum, finance receivables, and the ongoing realization of strategic investments. There are also several external developments that we continue to monitor. The government's review of the Electric Car Discount scheme is underway, while within PSS, we expect further clarity from the annual NDIS price review. Market share buyback of up to AUD 10 million to be executed over the next 12 months. We continue to take a disciplined approach to investing in and executing on our strategic priorities, excelling in customer experience, technology enablement, and delivering valued solutions to our customers and partners. In closing, MMS remains well-positioned for growth, supported by a large and diversified customer base, strong and flexible balance sheet, and disciplined approach to capital allocation. We take this opportunity to thank our partners for their trust and our shareholders for their ongoing support. Thank you for your time this morning. Paul and I will now be happy... I will now pass back to Allison to facilitate questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait. If you wish to cancel your request, please press star two. If you are on us to ask your question. Your first question comes from Tim. Please go ahead. Hi, guys. Thanks for taking my questions. Just in terms of activity throughout the pack, but obviously, the, there's been a, like a small improvement in margins or cost to income ratio in the reverse. Can you sort of talk through margins versus what you've been able to do organically throughout the other divisions? Look, thanks, Tim. I mean, our big focus of our activity, we've continued to look at how we can technology and automation to enable that. In the period, if you look at each of our benefits, benefited from some margin uplift, we had some yield improvement in our novated sales. The second was through the benefits coming through from our previous investments of customer self-service, and use of AI. So reducing the number of supporting customer calls coming through. You can see in terms of our cost war- Page 15. Page 15, at the FTE numbers, obviously represent that reduction over them to 1H FY 202026 versus 2H 2020. That's largely in our GRS business. PSS, if you think about the business, we acquired My Plan Support through productivity benefits across the group in 2026, so we had a net increase of only four after buying My Plan Support. So we PSS as well, notwithstanding, it was offset by the setup fee reduction, and we're also improving our fraud detection and verification process with technology. So I think what we've seen really has been a combination of some yield in margin improvements driven by productivity benefits. Paul, is there anything else you want to add? I might add. If you look at the margin relative, obviously, to the normalized result, last 40.1% to 40.3%. Cost, cost to income, 59.9% down to 59%. That to be relatively flat, just a slight improvement, is obviously the inclusion of Onboard costs. If you look at, really shows how we're managing sort of year to year and half to half 25, non-normalized operating May 43%, and cost of income reducing 62.6% to 59.7%. It's just sometimes when you're comparing, it looks relatively flat, but the underlying business, I think the initiative- Yep. Yeah. This is the second question, Paul. Versus setup fee reduction. Setup fee reduction happens sort of instantaneously, but you've obviously called out the fact that money went up by sort of a net AUD 4. What's the sort of exit rate for PSS? Yeah, I mean, obviously walked there, the AUD 2.3 million reduction in setup fees, like, if you added that back in terms of AUD 0.4 million, you added the AUD 2.3 million, you'd be at AUD 8.7 million. We would have been actually up about 6% or, you know, AUD 600,000 odd in terms of EBITDA. The first half of 2026, in the FT, that should play benefit in terms of the second half margins. We'll have a better half. It takes time, obviously, to catch that. The second factor, though, is we have invested in technology and fraud detection, so they should start to see some improvements also in terms of the second half. We have a better kind of exit run in terms of obviously margin than we would have at the start of the year. It will just depend, ends up getting in the agency, gets up on kind of, the Annual Pricing Review. Yep. Okay. Just the funds were up, like, about 20%. Like, just what's happened there? Yeah, that was just a little bit of timing on one of our bids. Essentially, they remitted funds into our trust account, just pre-Christmas, and they were paying after Christmas, so it's just a little bit of timing. It's not as dramatic. If you look at, say, January, it's back to just a bit of timing, Tim. Yep. A few other sort of housekeeping trades in within the AMS segment. What, why, why are you doing that? They are customers in our GRS business that I referred to our Interleasing business and AMS business, and sell them through our Just Honk platform. The income ends up sitting in our AMS business versus our GRS. Particularly in terms of materialities, it, it's not, I don't imagine, particularly large. From an AMS, no, but it is increasing a very small base the last couple of years. Yep. It's not included in our remarketing yields that you have there on the slide. Starting to become a nice little income earner for us in our AMS business. The new growth in that AMS segment is more organic than from, from that factor? Yeah, I mean, if you think about the total revenue in AMS, the yield improvement on the trading. The trading, you know, off a very small base, is now starting to become meaningful. Just on that, if that yield improvements on, on the trade-in is, like, around, that's just... Why is it not getting through the end of day line? Mixture of what happened during the period. We get the early termination fees, which comes through in the rema-- It's a bit of income, though, if that customer base would have otherwise our principal interest, there is cost associated, units that comes through in our cost base. Yeah. Okay, fine. Thanks. That's my question. Our next question now, of Ward Manette. Please go ahead. Good morning, guys. Thanks for your time. Firstly, just on Oly, you know, it's obviously continuing to grow. I think it's over 5% from about 1,000. The first client wins is probably a big driver of this improvement, but can you just talk us, talk to us about penetration? I know it's relatively a penetration perspective into the SME, you know, on a per-customer basis. Yeah. Look, obviously, the, in the period, what we expected, which is great to see. In terms of penetration within the customer base, our Oly customer base is largely the medium. It's not at the larger end of the SME market. We have of our clients sitting there, sit somewhere between 5 and 200 employees. We're still seeing quite a large of, you know, get one customer to cross-sell within that client base. That takes a little bit longer. It's a little bit different to our core business, where you integrate initially with the client or the employees. It takes a bit longer. We've got now just shy of that customer base, have got multiple employees now with Oly. You know, that's off of a base of which was 100% only single customer. Starting to see a bit of uptake in improving penetration with that employee base, experience so far versus our core business. Yeah, understands. Just touching on the OpEx, you called out the three months in the prior period. What, what does this look like? Yeah, the, it's, it's kind of not one off to AUD 3.4 million, was previously. As we've completed the organization, Onboard Finance comes in. There'll be a modest increase in event space that we have for Onboard Finance now in the numbers is there or thereabout, but obviously, there'll be losses, variable costs that grows with the receivable size, the amount of originations we've got. Okay, thanks. Then just the last one from me. You know, you've referenced this AUD 800,000 of incremental cost in the period for, I think, it was now two. Again, will that be a net drag in the second half as well? Obviously, perhaps you'll start to see some benefits and, and perhaps that net cost comes down. Yeah. Well, fundamentally, because we've invested in BPR in the half, we've had some dual running costs. For example, in AMS, which answers Tim's question as well. In the second benefits, so we don't expect it to be a net cost in the second half of this year. Okay, thanks. Next will come from Chenny Wang of Morgan Stanley. Please go ahead. Yeah, good morning, guys. Thanks for taking my question in on GRS and the AUD 150 income. I, I know you guys aren't giving normalized numbers, any that would have looked like in the first half of 2026, just because I think it's pretty clear for the first half of 2025 and also, with the funding warehouse that, that it was operating income drags. I think on my calc, like minus AUD 1.6 million in the first half of 2025. I'm curious what that actually looked like for the first half of 2026. Yeah. So we're not going to disclose normalization adjustments. Jenny, what we've tried to do on page 24, 25, and 26 is actually give you much more information on the normal. If you look at the overall increase in, it's up, we've got, yeah, it's up AUD 20 million, AUD 24 odd million without a little bit more detail for you. Overall, the core growth, the GRS revenue level, that's predominantly Onboard Finance growing, but there's also income growth there from the tradition. When you're looking at it versus normalized, though, you have to remember that AUD 8 million normalization adjustment, which obviously then gets you to your 23.9 variance that you see, like your cost of funds coming in. Obviously, 15 point normalized. If you had assumed that it wasn't normalized million, that again is on page 24 and 25 to help you out a little bit. We're not going to disclose normalized results in this half, given. Got it. Then maybe just, to, to keep it super simple, then. Obviously, Onboard Finance, was an EBITDA drag in, in previous halves. Yeah. Was that still an EBITDA drag in the first half of 2026? I appreciate you won't give numbers, but just directionally, just to help us out to understand, I guess, some of the underlying, underlying results. Yeah, great question. It was a fairly marginal drag, being neutral across the course of this year. That's why we're removing normal- Got it. Okay. Just with the last comment, just to be super clear, you, you're still expecting, yeah, neutral over the year? Yeah. If that is the case, that obviously implies that the sec higher than, than the first half. Yeah. Can we think about then the second half base in 2, sorry, the second half, AUD 87? Again, you know, all else equal, can we just multiply the second half by 2, and that's kind of our base to work? Yeah, you wouldn't be that, that far off by, by doing that. As we've disclosed before, we expect, gets to scale. It starts to be slight, slightly accretive in that we're originating through that portfolio. Thanks, Jenny. Ask a question, please press star one on your telephone and wait for your... Our next question will come from Richard Amlin of CLSA. Please go ahead. Hi, good morning, guys. Mostly numerical. I think the expenses that are associated with a Simply Stronger is of AUD 3.8 million. Can you confirm that? Well, the net amortization increase is AUD 3 million, Richard, which predominantly is finishing or capitalizing in an FY 2025 and a small contribution. Again, as we remove a small amount of amortization coming in as well from the initial detailed P&Ls in the appendix. You can see the amortize is up AUD 3 million on page 25. Okay, that's probably where I was glazing over. Is, how long was that, how long will that 3 in terms of how long is the amortization term on that? On average, so with software app of years. We wouldn't expect D&A to start coming be relatively flat. Obviously, if we embark on- Okay ... new software investments and they add to capitalization, I would say, though, looking forward, as we build more space, data, or, or tech platforms, we'll have more OpEx like to CapEx going forward. We should probably run that half-year D&A forward at that, at that pace. Right For the next couple of periods at least. Great. Okay. Yeah. Yeah. Second, looks like Onboard Finance, the interest costs associated with that were about AUD 20.6, correct? The interest cost, if you, easiest one to go through is back to page. Mm-hmm. You can see the GRS and MPS. That's AUD 15.9 million that comes in for this Onboard cost of funds. On the finance cost of AUD 23.2 million. Yeah. Here, we've got 20, 22.6. Yeah. I'm trying to reconcile the two. Yeah, remember, we've also got costs of funds in AMS as well. Right. Yeah, 'cause that's Group. Okay. We're looking at a group number in the 4D. I'm just referring to GRS. Okay, the 15.9 is finance? Yeah. Then you can see the AUD 21 million for the variance there on 25. Trying to reconcile to the balance sheet, it looks like- Yeah ... the current and non-current receivables are pretty close to the Onboard Finance book in terms of numbers. Are those aligned? Is it, is it that easy? Yeah, no, there's other stuff in there. The, the vast majority of that is, yeah, novated and finance. In there, there's also AMS on-balance sheet funded assets and a little bit of inventory, in there as well. Essentially, the biggest driver is your novated, and finance leases. Right. Essentially, Richard, actually, this might help you. Onboard Finance receivables are in the investor presentation, as we've said before. Yep. That gives you a sense of the 777, roughly. Not exactly that, because there's other finance leases that we've got, the finances, finance and novated leases. That then gives you a sense of what that 77, how much of that is, is on board. Yeah. Thanks. Section of the question is trying to reconcile what's, what, what part of the on-balance sheet book as to the, what, what the cost of the, the debt cost associated with that is. Okay, that's fine. Final question is just around dividends. You, you've called out that, you know, dividend payment ratios, is that, is that a go-forward? You've been paying 100% for... Should we, should we be winding up, our expectations back on dividends to now 85%-86% going forward? Decision with the facts and circumstances of, of the next half. We thought this was a really good opportunity to optimize the mix of our distributions back to share. Makes sense to keep the, the divvy, obviously, it's still really strong at 85% yield, but clearly, we also see value in a, in a well, given the potential accretive benefits for EPS and obviously our confidence that we've got relative to where we see our share price. Okay. All right. That's all from me. Thank you. Thanks, Richard.