I would now like to hand the conference over to Rob De Luca, Managing Director and CEO. Please go ahead. Thanks, Travis. Good morning and thank you for joining us for the McMillan Shakespeare full year results presentation for the 2026 financial year. My name is Rob De Luca, and I'm the Managing Director and Chief Executive Officer of MMS. Today, I am joined by our Chief Financial Officer, Paul Varro. I'd like to start by acknowledging the traditional owners of the lands on which we join this meeting today and pay my respect to the elders, past and present. The presentation will commence with our FY 2026 highlights, move through segment and financial performance, provide a strategy update, and close with our outlook for FY 2027. This morning's presentation will refer to the slides that were released with our results. At the conclusion of the presentation, both Paul and I will be happy to take any questions you have. Moving to slide 4. FY 2026 was a year of strong organic growth, strategic execution, and a relentless focus on delivering excellent experiences for our customers as their trusted partner. We are pleased to deliver a record profit in FY 2026 with NPATA and underlying EPS up 13.8%. GRS was a standout segment with NPATA up 24.9%. MMS performance was underpinned by customer growth across all segments where we continue to see strong digital engagement and satisfaction. We made strong progress in executing on our strategy, delivering superior customer experiences, enhanced distribution, and improved our operating margin, which was up 250 basis points, reflecting the operating leverage in our platform. We delivered attractive returns for shareholders with ROCE of 62.1% and an annual fully franked dividend of AUD 1.32 per share and a dividend yield of 6.6%. Now moving to slide 5 and looking at some of the financial highlights for the period where we saw strong performance across all key group metrics. Revenue for the year was AUD 602.1 million, up 6.8%. Operating income grew 7.2% to AUD 435.2 million. Operating expenses were up just 2.8%, which saw EBITDA grow by 14.1% to AUD 180.7 million. As previously mentioned, NPATA, our measure of underlying profitability, grew 13.8% to AUD 107.9 million, while statutory NPAT grew 11.4% to AUD 106.7 million. We continued to deliver strong returns for shareholders with ROCE of 62.1%, underlying EPS of AUD 1.55 up 13.8%, and an annual fully franked dividend of AUD 1.32 per share, comprising of a AUD 0.62 per share interim dividend and a AUD 0.70 per share final dividend. The results presented today are no longer normalized, as we foreshadowed at the half year, having successfully transitioned and scaled onboard finance within the timeframe set. Moving now to our customer highlights on slide six. We achieved customer growth across all segments while continuing to lift digital engagement and satisfaction. In Group Remuneration Services, salary packages grew 7.1% to 402,000, and novated leases grew 13.5% to a record 90,000 with an NPS of +50, while 94% of claims are now digitally processed. These outcomes reflect the investments we've made in automation and AI-enabled processing, which is translating directly into a faster, simpler experience for our customers who continue to rate our app strongly at 4.6 star. In Asset Management Services, fleet units grew 3.3% to approximately 16,000 with an NPS of +53. Our pool booking platform is enabling more customers to digitally self-serve their vehicle bookings, which was up 308%. In Plan and Support Services, customers grew 3% to 44,000 with an NPS of +45, while our digital payments platform increased the invoices processed by 45 percentage points. These results highlight the commitment to delivering market-leading customer experiences. Moving to slide seven and highlighting how our investments and strategy execution are delivering superior customer experiences, enhancing our distribution, and resulting in productivity gains reflected in a 250 basis point improvement in our operating margin. Our first strategic priority is to excel in customer and partner experience. In the period, we continued to strengthen and grow our ecosystem of strategic partnerships with leading global automotive brands. Our investment in a superior and more integrated digital platform for dealers representing OEMs is making the vehicle ownership process easier and faster for customers while more efficient for dealers. In the period, we saw a 42% increase in the number of dealers using our platform, and we're able to reduce the time from lead inquiry to settlement for customers by approximately five days. Our second strategic priority is to deliver simplified and scalable solutions, which we set out to achieve for Oly, our SME novated offering. In the period, we continued to significantly expand distribution, including partnerships who have strong access to SME clients like NAB. We also continued to simplify the employer onboarding experience, a key enabler for their employees to access the benefits of novated leasing. In the period, these initiatives contributed to 185% increase in Oly registered SME employers and a 23 percentage point improvement in employer to lease conversion. Our third strategic priority is to drive technology and capability enablement, where in the period we progressed deploying AI and data capabilities with real-time agent monitoring, which is flowing through directly to improve service and productivity outcomes. These enhanced capabilities allow our agents to have access to real-time dynamic information and tools, which are helping customer inquiries be resolved faster, reflected in a 13% reduction in average handling time in the period, as well as less after-call work, which was down 18%. Moving to slide eight, our FY 2026 sustainability strategy highlights. We're proud of the progress we continue to make in how we run the business responsibly. We were upgraded to a Morgan Stanley Capital International ESG rating of AAA in March, achieved 105.6% gender pay equity in like for like roles, and have again been certified as a great place to work. We supported Bravery Trust, mentored young people with disabilities through the Australian Disability Network, and commenced our RAP innovative program in September last year. 100% of MMS sites now run on green power or renewable electricity. 42% of our internal car fleet are BEVs, and we funded AUD 12.6 million of fleet EVs through green finance during the year. I will now take you through the performance of each of our segments in more detail, starting with GRS. On slide 10, our largest segment and a leading provider in salary packaging and novated leasing delivered a strong result. Revenue grew 11.2% to AUD 351 million. Operating income was up 10.3% to AUD 320.8 million, and EBITDA had a growth of 24.8% to AUD 137.2 million, taking the operating margin to 42.8% of 498 basis points on PCP. This strong performance highlights the scalability of the GRS platform. This financial performance was supported by strong customer growth and operating performance. Salary packages were up 7.1% in the period, supported by 14 net new client wins in the year. Novated leases were up 13.5%, underpinned by novated sales growth of 8.4% for the full year. Pleasingly, that performance accelerated through the second half, up 19.5% half on half. Our onboard finance receivables book grew 16.6% to AUD 587 million. While focus on productivity contributed to customers per FTE improving 17.5%, a clear sign the investment we made in growing novated sales capability through the year is paying off in both volume and efficiency. Oly novated sales growth was 77%, which validates our SME distribution strategy. Novated lease yield was down 3% on PCP, reflecting prior year plug-in hybrid surge and competitive value proposition enhancements made to support growth. Now turning to slide 11, Asset Management Services, which reflects our specialist fleet management business. Revenue was up 1.3% to AUD 188.4 million, with fleet units up 3.3% to approximately 16,000. This was underpinned by 20 net new client wins in the period, which saw a 30% growth in managed only units. As customers continue to hold vehicles for longer and fleet replacement cycles slow, written down value was down 1%, contributing to a 1.7% lower operating income. These dynamics also impacted end of contract unit sales, which were down 9%, while higher yields benefited from greater proportion of early terminations, attracting higher exit fees. Productivity continued to be a focus throughout the year, with the leased assets per FTE up 17.2% on PCP. The business incurred one-off costs during the year to implement business process outsourcing and transition to a single retail yard. This one-off cost contributed to EBITDA being down 4.8% to AUD 27.7 million on PCP, while operating margin remained strong at 53.6%. Now turning to Plan and Support Services on slide 12. PSS now manages the plans of 44,000 participants, making PSS the second largest NDIS plan manager. Revenue grew 5.9% to AUD 59.8 million, more than offsetting the removal of NDIS setup fees from 1 July 2025, which represented a 7.9% headwind of FY 2025 revenue. NDIA and NDIS Quality and Safeguards Commission continue to strengthen compliance and payment integrity requirements across the sector, supporting improved outcomes for participants and scheme sustainability. Industry-wide compliance requirements from the NDIA resulted in 88% increase in claims subject to review during the year. Operating expenses during the period reflected the acquisition of My Plan Support in May 2025, higher scheme compliance costs, and investments to support enhanced payment integrity technology. These costs, combined with the removal of setup fees by the NDIA, contributed to an EBITDA of AUD 15.1 million. Our investments in automation continue to deliver productivity benefits with customers to FTE improving 14.5% on PCP. These investments also strengthen fraud detection capabilities to support our customers and our competitive position as a leading plan manager. I will now hand over to Paul Varro, our CFO, who will take you through the group's financials for FY 2026. Thanks, Rob, and good morning, everyone. If you turn to page 14, what we thought we'd do is lay out some of the key financial outcomes for FY 2026 in more detail. As noted by Rob earlier, our results are no longer reported on a normalized basis. Comparatives are presented on a non-normalized basis for consistency with the current year results. On the left-hand side of page 14, you'll see the P&L. As you can see, versus FY 2025, revenue grew year on year by AUD 38 million or 6.8%, with revenue growth across all business segments and in particular GRS, which grew revenue 11%, supported by excellent growth in novated leasing up 8.4%, and onboard finance interest. Onboard finance continues to perform in line with our expectations, with receivables up 16.6% year on year. Onboard results are reported in the GRS business segment. Cost of sales were higher by AUD 8.8 million, reflecting higher business activity levels, including AMS remarketing values and continued growth in onboard finance, as noted previously. There is a table at the bottom left of page 14 with the cost of sales breakdown for your information. Revenue and cost of sales combined to deliver operating income growth of AUD 29.5 million or 7.2%. Operating expenses increased by just 2.8%, reflecting strong cost management and productivity gains across the business. Our focus on productivity, along with our income growth, has delivered positive operating leverage for MMS in FY 2026, with EBITDA up 14.1% and operating margin up 250 basis points to 41.5%, highlighting the scalability and efficiency of the MMS platform. Depreciation amortization increased AUD 3.3 million, reflecting the successful completion of the Simpler Stronger program in FY 2025. The outcome of our strong performance across a number of key P&L lines resulted in a record UNPATA of AUD 107.9 million, up 13.8%. On the right-hand side of page 14, we have our operating expense profile, walking you from FY 2025 to FY 2026. As you move from left to right, the first bar shows our cost increases due to wage and vendor inflation of AUD 7.1 million, offset by savings from non-recurring costs of AUD 6.1 million, primarily due to the successful conclusion of the Simpler Stronger program in FY 2025. We continue to invest in growth, in particular with investments in Oly up AUD 5.9 million, which delivered 77% growth in Oly novated sales. In addition, we invested in sales and distribution capacity and following the acquisition of My Plan Support in May 2025, included their operating costs of AUD 2.5 million. Our investments in productivity initiatives delivered net savings of AUD 7.5 million across all business segments. During the year, we also commenced a business process outsourcing initiative designed to further enhance efficiency and scalability. Implementation costs of AUD 1.4 million were incurred in FY 2026, with further benefits on top of those delivered in FY 2026 expected to be realized in future periods. All up, operating costs grew just 2.8%, a testament to our focused cost management. Turning to page 15, the balance sheet remains strong with net assets growing to AUD 126.4 million. Our key covenant metrics on the top right-hand side all remain comfortably inside threshold levels, allowing us flexibility moving forward. On the bottom right, following the successful extension of the OBF and AMS funding facilities, we have no maturities due over the next 12 months and a well-balanced maturity profile out to 2030. Lastly, turning to page 16, our cash generation remains strong with an underlying cash conversion of 111%. Noting the elevated tax installment paid in FY 2026, the benefits of the temporary full expensing program partially reverted in the period. Our strong and flexible balance sheet positions as well to manage our capital efficiently and to ensure long-term growth while balancing returns to shareholders. In this half, the board has declared a fully franked dividend of AUD 0.70 per share, representing 85% of NPATA, the midpoint of our payout range of 70%-100%. This distribution, when coupled with the first half 2026 dividend, takes our annual dividend to AUD 1.32 and a dividend yield at an attractive 6.6%. Overall, it has been a strong performance for FY 2026 with all businesses growing revenue, positive operating leverage, a record NPATA, and a balance sheet that is well-positioned to enter FY 2027 with plenty of flexibility to grow. With that, I will hand it back to Rob, who will take you through our strategy and outlook. Thank you, Paul. Now moving to slide 18. As a trusted partner, we remain committed to providing solutions that make matters simple for our customers. We deliver on that through our three strategic priorities. Excel in customer and partner experience to grow trusted relationships, deliver simplified and scalable solutions to meet evolving customer needs, and drive technology and capability enablement to serve our customers more productively. Underpinning this is our core competencies. Managing B2B2C relationships, delivering simplified solutions, financing and conditional payments, leveraging data and technology, and harnessing our ecosystem partnerships. Together, they drive outcomes we have talked through today. High NPS, strong margin, high ROCE, EPS growth, and being recognized as an employer of choice. As you can see on slide 19, we are a trusted partner with attractive financial characteristics delivering long-term growth for shareholders. As a leading and scale provider in our markets, we have 402,000 salary packages, 106,000 mobility solutions under management, which includes 90,000 novated leases and 16,000 fleet units, and support 44,000 PSS customers. We have a reach of 2.6 million consumers and over 53,000 businesses, which gives us significant opportunities for growth. We have built sustained relationships over time to become a trusted partner for our customers. Maxxia and RemServ carry a Net Promoter Score of plus 50. Interleasing sits at plus 53 NPS, and PSS has a strong NPS of plus 45. While over the last 12 months, we have retained 100% of our GRS and AMS top 20 clients. We run on a scalable technology-enabled platform, which manages approximately AUD 8 billion in payments, AUD 1.7 billion in finance assets, and delivered 14.1% improvement in customers per FTE productivity in the period. The financial characteristics that come with all of that are attractive by any measure. A 41.5% operating margin, 62.1% ROCE, 50% recurring revenue, and underlying cash conversion of 111%. Let me now move to slide 20 and reflect on our proven record in consistently delivering strong financial outcomes and attractive returns for shareholders since setting our strategy in 2023. Revenue has grown at 9.1% CAGR over this period, while NPATA has grown at 17.6% CAGR over the same period, reflecting the scalable platform we've built. Our disciplined approach to delivering strong returns is reflected in ROCE, which has expanded from 35.7% to 62.1%, up 26.4 percentage points. While over the same period, our underlying EPS has grown from AUD 0.92 to AUD 1.55, an 18.9% CAGR. Now turning to slide 21 and our outlook for FY 2027. As a market leader, MMS enters FY 2027 from a position of strength. We expect FY 2027 to be a supportive environment for business growth. Certainty of the EV FBT exemption and preferences for fuel-efficient vehicles is expected to support growth in novated leasing and fleet management. Demand for salary packaging is expected to continue to benefit from ongoing cost of living and inflationary pressures. The current dynamics of elevated demand for EVs and softer demand for ICE vehicles are expected to be reflected in remarketing income. As the second-largest plan management provider, we are well-positioned and will continue our engagement with the government and industry on the emerging NDIS reforms. We will maintain a disciplined approach to delivering productivity gains, which will support selective reinvestment in broadening our sales capability while continuing to deliver enhanced value to customers in a competitive market. Finally, we will continue to execute on our strategic priorities. One, excel in customer and partner experience. Two, deliver simplified and scalable solutions. And three, drive technology and capability enablement. Thank you for your time this morning and continued support. Paul and I would now welcome any questions you may have. I will now pass to Travis to moderate the questions. 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 then two. If you are on a speakerphone, please pick up the handset to ask your question. The first question today comes from Phil Chippindale from Ord Minnett. Please go ahead. Oh, hi, Rob and Paul. Thanks for your time. First question, just on novated volumes. Rob, earlier you mentioned that second half volume growth was around 19.5%, but clearly over the 6 months there was a significant variance in volume growth over the period. You have then given us an update in July that the volumes that month were up around 8%. Do you view that 8% number as sort of being a more normalized outcome? In other words, are we sort of through a lot of the Iran-related disruptions and those spikes in activity? Yeah. Look, great question, Phil, and always challenging to have a view of kind of outlook on any kind of measurable metric. Certainly, we saw a bit of volatility in terms of the last 12 months, in the second half. Firstly, I think the market just unsure around what the government's position was going to be on the FBT exemption for EVs. Secondly, obviously the fuel crisis off the war. We have certainly seen things come back to a little bit more what I would call expectations of what we probably had for the period. Obviously July, 8% sales growth is good. Orders are still strong. The month of July, I think it is up 18% on orders. So there is still certainly good demand there at the moment in the market. How long that lasts, what that looks like over what period of time, always difficult to say. Where our own analysis has shown historically the long-term growth for novated sales in our business has been about 6% CAGR over a very long period of time. That is obviously fluctuated over different periods, but certainly, where we are seeing things at the moment, it feels like it is getting back to a level we probably expected 6 months ago. Again, obviously different external factors drive that. Yeah. Understand. Just pivoting to the yield then. You mentioned that the yields year is down 3%, but I think the first half was up around 1.6%, so it implies the second half is down 4% or 5%. In your commentary, you did mention that you are cycling the EV numbers in the PCP. Is that a NAIF reference there? Is it effectively you are talking about the lower average vehicle value in this period? Then just a related follow-up. What are you seeing in terms of new vehicles as a proportion of novated sales over the last 6 months? Presumably, that has increased. Yeah. So look, obviously from a yield perspective, some of the elements that played out for us over the last period, I think the first is, yeah, the plug-in hybrid in FY 2025, the second half on the first half in 2025, our yield was up 5%, and that reflected largely high-value plug-in hybrids at the time, like the Shark and others that are generally at a higher price point than what we are seeing today in our BEVs. So that was kind of the first thing. So we lacked that in the second half, which we will not expect to happen in FY 2027. The second, in terms of EVs, yeah, our proportion of EVs in the second half was about 70%, versus the first half being about 49%. And what we are seeing is the value coming down on average as new makes and models come into the market. So our BEVs under AUD 75,000 went from 80%- 84%. So we are seeing a shift of higher proportion of those BEVs which we are financing at lower price points. So that is having a bit of an impact, and we always expected that to happen. We think that will continue to play through in terms of FY 2027. And just to give you a bit of a sense, the year before that was 72%, we are less than 75%. So it has moved quite a lot in terms of the last 12, 18 months in terms of the number of Chinese makes and models that have come to this marketplace at lower price points. I think for us, the third thing that had a bit of an impact in our yield on the second half was we reviewed some of our insurance products with our insurer, made some changes there to enhance customer value. So the second half on first half, that was down about 7% in terms of its impact on yield. Overall, our second half on first half yield total was down 4% that you alluded to. It is still up about 7% on FY 2023 before obviously the big take-up of EVs when the legislation came out and we had Tesla as the main price point. So overall, we still feel yield is good. But there are some pressures of moving it downward. Okay, thanks. Just last question from me, just on Oly. What proportion of your leases are now from that business? I think 6 months ago you mentioned a number of around 5% of volume. Just wondering where that is up to now. Clearly you spoke to the 77% growth, et cetera, but just maybe as a proportion of the total. Yeah. It is just around 6%. So it is up a little bit more. Obviously, we had such a strong performance across all of our brands in the second half. But really pleased with the performance of Oly. Our mixture is changing quite a lot in that. Half of that is only coming through partnerships, and the other half now is coming through SME relationships, which is really good. So we are starting to build a really good SME client base in that platform as well. Okay, great. Thanks for your time. I will come back. Thank you. Thanks, Phil. Thank you. The next question comes from Tim Lawson from Macquarie. Please go ahead. Hi, guys. Thanks for taking my questions. Just a couple. In terms of the NDIS segment, can you talk just the growth in client numbers and whether you see there's an opportunity there to accelerate that without buying things that are organic growth and getting some operating leverage? The policy settings are obviously still moving around. Yeah. Thanks, Tim. Look, it's interesting. Our growth was about 3% for the year. A little bit lower than what we've historically delivered. We are seeing, though, that the agencies are removing participants from the scheme at a higher rate than they historically have. So, almost 70% of our customers that we didn't have in 2026 versus 2025 was because their plans were canceled, they're no longer eligible. So, it's certainly slowing down in customer growth from a participant perspective. That's kind of one factor. The second is obviously a little bit of higher compliance that the agency and the NDIS Quality and Safeguards Commission is imposing now. We're expecting a number of plan managers to probably exit the scheme. So there will be opportunities to pick up share as some players exit the market from the higher compliance costs. Then thirdly is obviously with some of the reforms that are going to happen and move to a panel of higher quality plan managers, we see some opportunities. They're probably just starting to emerge in terms of opportunities, Tim, and we'll assess those on its merits. Generally try and pick these up without having to pay anything for them as people exit. But there is a little bit of volatility in the market in terms of just obviously what's happening, in terms of how the agency is managing it and some of the reforms. Yeah. Sorry, I did not catch you when that compliance hurdle increased. When was that happening? It has been progressively increasing. Various factors. They brought in some back in late FY 2025, early 2026, with some of the black and white rules. As I mentioned in my early remarks, they are challenging and testing a lot more payments now of plan managers as well. They are going through and verifying those a lot more, and that is putting a lot more scrutiny and compliance cost to operators. Yeah. Okay. Very clear. Just on the outlook comment around the remarketing yield, so the EV versus the ICE. Are you trying to flag you have obviously unit decline versus the exit fees and yields, but you are trying to flag that there is a little bit of a reduced remarketing yield because I do not expect there is a lot of EVs in the book and obviously it will be ICE-dominated. Yeah. Exactly right. Our remarketing results in the second half were very different to the first half. First half was pretty good. We also had some benefits in our yield that I mentioned in terms of some early terminations that helped accelerate some of the income in the yield. In terms of units, certainly down. We are down 9% for the year. We are down actually 20% for the second half on the first half. The revenue that we generated from those proceeds was down 17% second half on the first half. So we expect that to play out a little bit more in the first half of 2027. To your point in terms of EVs in our fleet business, we funded about 7.5% of our units in 2026 were EVs, up from 2.9% in 2025. The month of July is about almost just shy of 10%. We are starting to see now our fleet clients make the transition, more hybrids than pure battery electric vehicles. We will hopefully see a bit of a replacement happening, which will hopefully stimulate some growth for us in terms of units. At the moment, they have been holding on to their cars a bit longer. That has been a cycle we have seen now for a couple of periods. I think that combined with probably the cost of replacements being a little bit higher than what they would have seen a few years back, that is probably just holding them back on the replacements as well. Yeah, okay. In terms of the contribution from the AMS segment, that second half, I think it is like almost AUD 13 million. Are you feeling that sort of a comfortable go forward, or do you still think there is sort of more normalization of that remarketing yield to come out of that number? Yeah, look, it is a hard one, Tim, because we have spoken plenty of times. We have always had a view that we expected the elevated remarketing values to come down over time. We have seen it probably in the last 6 months more so than we have seen it in the prior periods. I think part of that stimulated by external factors, and some of that obviously by how businesses are feeling. In terms of where that is, pre-COVID, this business was kind of generating about AUD 14 million on NPATA. We obviously had elevated post that for a few years. We will probably see a little bit more downside probably on the remarketing values in the first half of 2027. A bit hard to tell how long that lasts for. They are still delivering us good profits and higher than where they were pre-COVID, but they have certainly come back a bit. Yeah. Can I just pick up on your comment around the 6% CAGR sort of long-term growth? I think that is to do with Novated, but- Yeah just how you feel. Obviously, you have seen a bit of a fuel boost. The policy certainly helped. You talked about the 84% of vehicles, BEVs now come in below that 70,000 AUD hurdle that obviously is important in the policy going forward from next year. Can you just talk how comfortable you are that that is the right number, even with these policy settings, and fuels moving things around a bit? Yeah, I am not saying that 6% is the number to take as a forward estimate. I am just saying our long-term average across this business has had 6% as a CAGR. Some periods higher than others, obviously much lower during COVID period, bit of a boom straight afterwards. We would say at the moment there are favorable characteristics and settings for positive growth in novated leasing. The legislation is one of those things, the greater awareness of novated leasing and the benefits it provides, obviously our own platform and entering a new market. So I think all of those things are positive for us in terms of we feel good about the outlook in terms of sales growth. I just pointed out that July was 8%, it feels more like kind of where we expected things to be before the fuel crisis. Yeah. Okay. Just last question from me. Just more a corporate structure question. With the activity we are seeing with FleetPartners, and with the structural change in NDIS, are you still feeling that the three segments are all go forward segments of the group? Oh, look, I mean, we obviously don't comment on corporate M&A activity. We're pleased with the various contributions of each of the businesses, obviously different factors affecting each of them, as I've outlined today. At this stage, we feel comfortable about the business kind of settings, how we kind of think about the future and segmentation and how we think about the business. Obviously, we'll let the market know if we make any changes to it. PSS, as we've outlined, has got some elements of reform that it's kind of faced now over the last couple of years, and we just continue to assess those on its merits to make decisions about what that means for the business. At this stage, we don't have enough certainty of what the panel would look like and the economics of it. Obviously, the Asset Management Services business have always called out that we were very cautious in terms of the elevated remarketing position of that business, and therefore doing any M&A activity when that set of inflation rates wouldn't be the best use of shareholder capital. We're starting to see that kind of logic play out, why we've kind of made that decision. How that plays out in the future, though we still see some really good synergies between our Asset Management Services and our GRS business in terms of procurement benefits and joint client opportunities. Okay. Thanks for taking my questions. Thank you. The next question comes from Andrew Hodge from Canaccord Genuity. Please go ahead. Good morning, everyone. My questions have been asked and answered. Thank you. Thanks, Andrew. Thank you. The next question comes from Chenny Wang from Morgan Stanley. Please go ahead. Morning, guys. Thanks for taking my questions. Firstly, maybe just in terms of where that impact first half versus second half. Obviously, the second half, you guys saw a pretty substantial tailwind on the novated side. So, it would have obscured some of the first half, second half. I just wanted to see if there is any more color you guys can give us on that dynamic. Noting, I think, FY 2025, first half 2026, you guys talked to the first half being lower, second half being higher on that front. I just wanted to see whether that has played out. Chenny, great question and, pleasing to say yes, that has turned out that way. First half marginally below by a couple hundred thousand AUD versus contribution, versus the second half was a plus 1.6 positive contribution from the warehouse or OBF. That was pretty much exactly in line with where we predicted it to be. Obviously, we had a good surge in our sales in the second half. Where we can, we try and keep that ratio relatively proportionate where we can, but sometimes it can get slightly out of whack when there's a number of units coming through quickly. Got it. Then just, in the past you guys talked about FY 2027 seeing a tailwind from the warehouse. Yeah Probably be harder to discern given a broader tailwind, but that trajectory is still on track, I guess, I suppose. Yep. Still on track. If you take a step back, the contribution from onboard will start to slow as the receivables growth slows. To give you a sense of it, in the first couple of years, FY 2024 to 2025, receivables grew 54%. This year you saw in the financials it's 16%. Going forward, it'll be high single digit, low double digit growth for receivables in the outlook. Therefore, that contribution or the speed of the contribution will moderate somewhat, but we still expect it to be accretive in the outer years relative to the P&L model. Obviously, it also provides a good annuity, and recurring revenue for us as well. Got it. I may have missed this, so my apologies, but did you guys carry a backlog exiting FY 2026 on the GRS side? Yeah, we did, Chenny. We didn't talk to it because obviously, as we ended 2025, went into 2026, the delivery times for vehicles were all within the month. Delivery times, as you would know, picked up a bit in the second half off the back of the supply chain challenges. We're seeing at the moment that our order book is more like delivery times of about just over a month, where previously it was about 20 days. So there's a little bit of an order book in our portfolio at the moment, but it's been less than about a month's worth. Got it. Just in terms of GRS margins for the second half. I guess, when I look at margins there half on half over the past few years, it has trended both up and down. But second half, saw about 300 basis points lift half on half. That 44%, if I got my maths correct, I may not have, but that 44%, is that a good level going forward? Especially given some of the one-off costs, so to speak, have now come out of the business. Yeah. We always have a much stronger second half than first half in terms of our seasonality across our business. So at an MMS level, just think about it, obviously, we take wage increases from 1 July. A large portion of our GRS and PSS business have got exposure to Fair Work Commission. That's up 4.75% for FY 2027. So we start with a higher cost base, and then we generally deliver benefits in productivity over time. We also have in the second half, generally a little bit more positivity in terms of 30 June sales in Novated, FBT year-end 31 March. So these things always help our second half. If you look over history, we generally have a really good second half, comes back a bit in the first half, then builds up again into the second half. I've always sort of said, this business is a 40% plus margin business, and that's what we try to continue to deliver on each half. Sometimes it's a little bit up or down around that, depending on different factors. Got it. Just one last one. Any large renewals or tenders for you guys over the next year that we should be aware of? Not in terms of major existing clients renewals. I think, all our largest ones, we've kind of been through a bit of a cycle. I think over the next short period in FY 2027, not so much. We've got quite a few opportunities we're constantly tendering for over the next period and hopefully we'll see some success out of those in FY 2027. Awesome. Thanks, guys. That's it from me. Thanks, Chenny. Thank you once again. To ask a question, please press star one on your phone. The next question comes from Hayden Nicholson from Bell Potter. Please go ahead. Hey, guys. Just had one question going off on Chenny's. Just wanted to come to the operating expense walk on slide 14. Rob mentioned it there, that second half applied up 4.7%. Some of those things, I guess, are offsetting the deck talks around your productivity and improvements that you are making. But it is getting offset, particularly in the second half. What deliverables do you have coming into FY 2027? How do we actually get to, in the outlook statement, you are talking to productivity gains. I kind of feel like, you did good volumes in GRS, and that is just waterfall down to the EBITDA line to give you a good number. Thanks, Hayden. Look, we have always got initiatives across the business on our strategy to drive productivity benefits. I think, our last few years, three, four years have proven that in terms of our results. You can see there in the productivity bar, that is obviously alluded to 7.5. The first half of that was 2.7, the second half was 4.8. We always get a bit more momentum in the second half as we deliver on some of the outcomes from the various initiatives. As Paul alluded to, we implemented some changes around BPO in the period, which we expect to get some annualized benefits. In FY 2027, we continue to digitize all of our platforms from a payments perspective in PSS, and in terms of how we manage claims in GRS, which I alluded to in my strategy update this morning, and they come through. As we continue to enhance the digital experience for our customers in using our app, the self-service increases, the use of AI is reducing call volumes into our team and reducing average handling times. We have a number of initiatives that we think that will continue to deliver ongoing productivity gains in the business. As I mentioned to Chenny's question, though, we always have a bit of a difference between the second half and the first half. If you look at our last year in FY 2025, we kind of finished the year in second half of 2025 and then came into 2026 and our underlying profit for the group was down 6% the first half off the back of a strong second half the year before. That is a fairly normal kind of experience for us in terms of seasonality. But we are always looking at opportunities to drive productivity benefits and deliver really good outcomes for customers. Got it. Just as a quick follow-up, that sales bucket, I think is a new individual call-out versus the first half 2026. I am just interested, is that adding heads for investment or is that to go along with the sales? Does it run rate from here, I guess, is what I am getting at. Yeah. On that walk, you can see there is a AUD 4 million increase in investment in sales capability in the organization. A large portion of that was the second half. That will carry forward into certainly an annualized impact of that largely in the first half. That is Novated salespeople, it is industry experts and specialists, investments in people supporting our broad distribution partnerships. Okay. Got it. Thanks. Thanks, Hayden. Thank you. At this time, we are showing no further questions. That does conclude our conference for today. Thank you for participating. You may now disconnect.