Good day and welcome to the MotorCycle Holdings investor briefing. My name is Anne, and I will be your Good day and welcome to the MotorCycle Holdings investor briefing. My name is Anne, and I will be your ever-call coordinator. The format of the call includes prepared remarks from the company, followed by a question-and-answer session, at which point attendees will have an opportunity to ask questions live. Attendees are also welcome to submit questions in writing via the Ask a Question button found on the upper right of the Deal Roadshow. With us today are the team from MotorCycle Holdings: Matthew Wiesner, CEO; Nicole Spink, CFO; and Michael Poynton, COO. At this time, I will turn the call over to Matthew Wiesner, CEO of MotorCycle Holdings. You may now begin. Thank you. Good morning, everybody, and welcome to our presentation in regards to the recently announced acquisition by sales of Peter Stevens and Harley Heaven. I'll run through a number of points initially, a summary thereof it, and also some of our strategic rationale before we dive into some of the operational and financial aspects. In summary of the transaction, we've entered into a binding sale agreement for a select number of dealership assets from the Peter Stevens broader group and Harley Heaven business that have been obviously in voluntary administration. Our total consideration will be of a range of between AUD 7 million-AUD 9 million, plus our vehicle inventory through various wholesale buyment financiers, and we'll be staggering our completion dates through July, hopefully following an execution of the final documentation on or about the 20—sorry, post our signing of our documentation on last Friday. Settlement through July. Our strategic rationale obviously materially enhances our MTO national footprint and allows us to and takes us to new geographical areas in the West with South Australia and Western Australia, Adelaide and Perth. We'll be earnings, increasing expected in the first half of 2026 and with a corresponding EPS uplift. We've secured some high-value assets that we would otherwise risk brand dilution through liquidation if we didn't. The impact on ourselves certainly increases our national market share. We're approximately just over 16% of the market today. We expect this will be somewhere around 20% of the national new motorcycle market, certainly strengthens our competitive positioning, increases our enterprise value without adding any goodwill to the balance sheet. Obviously, it provides continuity of operations, and with integration of the retained staff of the Peter Stevens group, we're bringing across all of the retail people in the dealerships that we are bringing across and their e-commerce capabilities also. People being a very important part of this process. The acquisition will be funded from our existing cash reserves and wholesale buyment facilities for new vehicles. From an integration point of view, we're taking an isolate-stabilize approach, which effectively means we will treat this acquisition as a separate division within our group to make sure we manage and retain all the good things about the targeted assets that we're bringing across because the businesses we're bringing across have been trading well. We're working on planned engagement with staff and customers and OEMs to ensure, obviously, that retention and alignment is there. We see, obviously, through this quarter especially, we'll be doing a lot of work to ensure that we maintain a positive message post the settlement of this and ensure that the relationships with OEMs, that we have very strong relationships with our partners, and also ensure that the existing customer base of Peter Stevens and Harley Heaven really understand that we're putting some strong financial clout behind this business and really drive that peace of mind for customers, existing customers, and future customers in the future. From a completion point of view, we want, obviously, title of all assets acquired at completion, unencumbered, and we're just working through a number of areas at the moment. One, of course, we currently do not have operations in Perth or Adelaide, so we are working through a number of things like licensing and so forth at the moment to make sure we keep the timelines we need to. Of course, we are working with our OEM partners to ensure we have all of our various deal agreements and so forth in line as we work through each store through this process. I would also like to thank our advisors in the process, being Clayton Utz from a legal perspective, Ernst & Young from a finance perspective, and Morgan's acting as our corporate advisor through this process. Back to the strategic rationale. As I said, in summary, we are looking for basically a turnkey profitability with the combined Peter Stevens and Harley Heaven businesses coming on board. As I said, we certainly expand our OEM relationships and opportunity to a true national footprint and certainly go a lot deeper in those relationships with our OEM partners through that process. As I said, it will be EPS accretive, and we will also be looking for, as we dig deeply into the opportunity, there will be a number of other opportunities that we will identify that will be of benefit to the group and existing operations with our group, whether it is Catherine's, our parts and accessories distribution business, whether it is our used bike and buying processes that we can add further strength to. We will certainly see opportunity in our finance insurance business as we write greater volumes in that space and a number of other areas that we are going to be working our way through also. To talk, I guess, further about the businesses that we're targeting and some of that detail, I'll ask Michael Poynton to take us through the next steps. Michael. Thanks, Matthew. Good morning, everyone, and thank you for joining us this morning. My name's Michael Poynton, the Chief Operating Officer of MotorCycle Holdings. I'm just going to cover off on a couple of slides about the businesses and the sites in particular that we're looking to acquire as part of this transaction. Peter Stevens and Harley Heaven, they're very strong brand names, probably more so in the southern states. They were founded in Victoria in 1970, and they've expanded since then to 15 dealerships, which spread across WA, SA, Victoria, and also New South Wales. The revenue generated from the business last calendar year was around about AUD 270 million, and they employed around about 400 people. As part of the administration process, we essentially got to cherry-pick the assets that were of most interest to us. There were certainly some businesses in there that made no sense to us, nor did they fit our business model. So, we've been working with the administrator over the last six weeks, identifying assets where they made sense from a geography perspective or from an OEM perspective. At the other end of that, out of their 15 dealerships, we've successfully, or in the process of successfully, acquired a total of seven dealerships across four states. We will also be taking over all their IP, so the Harley Heaven and also that Peter Stevens brand name that's been built up over the last 50-odd years. The sites that we're going to be taking over include Peter Stevens in Adelaide, Harley Heaven in Adelaide, Peter Stevens in Dandenong, Savage Motorcycles in Perth, Harley Heaven in Perth, Harley Heaven in Penrith, and Harley Heaven in Sydney. As I said, both the trading names will continue, so all three of the trading names, including Savage Motorcycles, will continue, with the IP being transferred across as part of this transaction. We are not looking to make any changes there, so these businesses will continue to trade as Peter Stevens, Savage Motorcycles, and also Harley Heaven. Another Harley dealership where we are acquiring the assets, but we will be closing down the dealership, is the site in Blacktown. We have already got a Harley shop in Auburn, New South Wales, which opened up early last year. As part of this transaction, we are taking over the Penrith dealership, which Harley Heaven opened up early this year, a brand new state-of-the-art dealership. In consultation with Harley-Davidson Australia, it's been agreed that the Blacktown store will be closed down, which we believe will instantly benefit the performance both through Penrith and our existing store in Auburn. We're working with the administrator now on the staff at the Blacktown location to move the key staff from that site across to both Penrith and also Auburn. As Matt briefly touched on, just with the integration strategy, our plan is to run this independent to MotorCycle Holdings. there will obviously be some financial and also legal oversight, but from an operational perspective, we're keeping it very much business as usual. We're going to continue to use their systems, and we're doing that because the strategy is to really get things back on track to minimize disruption. Of course, in time, we will be looking for synergies, and we'll be looking where the two businesses can more efficiently work together, but at least initially, this is going to run 100% independent. As part of our transaction with the administrator, we will be retaining all the employees at the seven sites that we'll be taking over. Over the last six weeks, we've been busy meeting with key personnel across these sites. They've got a very good team that we look forward to working with over the months and years ahead. In addition to that, we've handpicked a team of head office staff. The Peter Stevens and Harley Heaven business had about 35-40 head office staff previously. We've identified about 15 key personnel that are going to be coming across as part of this transaction. We won't be taking on the head office property cost. There's another property that we've already got in the greater MotorCycle Holdings business in Victoria where we're planning to relocate all the head office staff to. I will now hand over to Nicole, who will speak about the financial side of the transaction. Thanks, Mike. Thanks, Mark, and thanks, Matthew, for giving an overview of what I think is a fantastic acquisition for our business. It also gives us the opportunity to offer employment to over 200 staff and, of course, continue on the legacy of the Peter Stevens and Harley Heaven brands. In terms of the numbers, we will be funding the purchase price using existing cash reserves. There will be some buying facilities that we rely on to acquire the new motorcycle inventory. The cash price is for the non-floor plan motorcycle inventory, which is used motorcycles and some new motorcycles, parts and accessories inventory, and plant and equipment. We will not be paying any goodwill in the transaction. We do expect this to be earnings accretive in the first half of FY26, with, of course, the associated uplift to our EPS, which adds to our return for our shareholders. We have identified throughout the due diligence process several opportunity areas that we think we can leverage on post-acquisition. The main one, I think, probably the low-hanging fruit for us, is increasing the ratio of used motorcycles to new motorcycles that we sell, which then, of course, comes with the associated pipeline revenue from finance insurance and after-sales revenue from those unit sales. While we do intend to isolate the business operationally, we will be leveraging synergies from our existing shared services team. Of course, being a listed company, the group was audited, but we will be integrating the finance piece just for control and auditing and compliance reasons. We also see that there's some opportunities in there for our existing wholesale businesses in Catherine's and CF Moto potentially, but that's down the track. Importantly, we've been able to make the transaction without any sort of material negative impact on working capital requirements, and we'll be able to maintain our strong balance sheet once we complete, which we expect to happen during the month of July. I'll turn everyone now to slide 8, which talks about the financial profile of the target or acquisitions. This had been prepared on FY24 financial results with prepared pro formas just for the target businesses. As you'll recall, we reported an increase in our first half 25 results, so we expect this to look a little different. Obviously, now we're first day of FY26, but we've had to prepare it on FY24 because those were the audited accounts of the target businesses. You can see here that we have effectively bolted on about 25% revenue to the existing MTO business on 2024 numbers. The pro forma PBT for the dealerships that we're acquiring does come to about AUD 4.5 million when you look at those in isolation. That doesn't have any group overhead costs allocated to that, and we think that will be there or thereabouts AUD 2 million just for some of those head office staff that Mark mentioned previously. We would expect on 2024 numbers, a contribution of AUD 2.5 million PBT from the acquired dealerships. That combined meant that the PBT for FY25 would have gone from AUD 5.82 million to AUD 7.26 million, with an uplift of 12.5% of PBT up to AUD 22.5 million. That's probably it from the numbers side, and I guess now, thanks, Matthew. I'll hand back to you to wrap up. Thanks, Nick, and thanks, Michael. I'll just, I guess, summarize on some of those key points again for everybody. There's quite a few, and certainly work well for our future strategy. Obviously, the geographical expansion, very important, as it then gives us future base and opportunity to investigate further opportunities in those new markets for us of South Australia and Western Australia. Industry stability, I think, is also very important. This has happened quite quickly in the context of the team pulling this together, working with the administrator, and from a broader industry perspective, in addition to the benefit to MTO, very important, and just keeps not only the stability in the broader industry, but also, as Nicole pointed out, we're bringing across approximately 200 people into the broader MTO group, and it's great to see that we can help in that context as they continue their careers with us. There will be some wonderful people in there with extensive experience and talent that will add value to this group in the future. I also look at, in summary, I guess it's now the new Peter Stevens and the new Harley Heaven. We want to make sure, as I said earlier, that our customers and staff understand that, yeah, sure, we want to continue the great history of the Peter Stevens group and story out of Melbourne, and it will be the new version of it. As we need to make sure we put this recent period behind it and deliver that level of consumer confidence over the next weeks and months and get that momentum back to where it will be and should be. Obviously, there will be many synergies that we will identify from this deal and many efficiencies that will become apparent. From what I have seen so far, we will also identify things that they do better than us in our retail business. I think that is an important message because we do not think we are the absolute owners of knowledge in every aspect. I've seen some very good things that some of these very good businesses are doing, which we will look to adopt across our own retail business, and that's important. I'm looking forward to that. It's EPS accretive, as we said, which also, I guess, from a broader stakeholder perspective and confidence perspective, when you look at our role in regards to, say, current and future consolidation in the industry, I think we're putting our hand up to say that we want to be an important part of that. We need to earn that respect from customers and OEM partners and stakeholders alike. I hope that all of our stakeholders have seen that our ability to execute on what was not the easiest of deals to work on, but at least our ability to execute this in a short frame of time. As Michael detailed well, we aim to retain every bit of value we possibly can by managing it in what I think people will see as the right thing to do and putting a fence around it as a fifth operation of MTO and making sure we retain all of that value and knowledge and so forth that the group has developed with these good bits that we're bringing across and make sure we learn from it. After six months, a year, and we'll start to then really identify other opportunities that will become apparent from that process and also ensure that it's more from a stability perspective for those involved, it will certainly help there also. I think that's it from our presentation perspective, and I think we now go into a Q&A. Thank you. We will now conduct the question and answer session. If you would like to ask a live question, please press star one on your telephone keypad to enter the queue. If you have joined via web, please press the raise hand icon on the right side of your Deal Roadshow screen. If you would like to submit a written question, click on the Ask a Question button on the upper right of Deal Roadshow and type in your question. Our first question is a live question from Daniel of QValue. Daniel, your line is now open. You may proceed. Yeah. Hi, guys. Can you hear me? Yep. Thanks, Daniel. Yes. Hi. Can you hear me? Good. Thanks. I was just wondering if you could give us some idea of what the size of the inventory is that you will be acquiring from the group. Nick, do you want to? Yep. At the moment, I can give you a sort of a range. It is still subject to stocktake, and some of the items, as you can understand, it is an administration situation. Some of the items we do not know whether we will obtain in terms of inventory. I am going to say in terms of purchase inventory, it is probably going to be in the realms of 5-7 with some wiggle room either side. It is just one of those situations where we are going to have to go in, stocktake it. We do not know what that stocktake is going to look like. We do not know how many of the secure creditors will be taking inventory back. It will not go over that, but if anything, it will go down from that. Sorry, that does not include the new motorcycle inventory that we will acquire directly from the buying and finance years. At this point, we have not begun speaking with those people, so I could not give you a number I would be comfortable putting my name to just today. Okay. Thank you very much. Just one other question. On Harley Heaven, a few of those stores that that group owned were carved out and sold to another buyer called the Joe Ruskell Group. I was just hoping to understand why you did not pick up those dealerships and, in particular, the one in Melbourne? Matthew? Matthew, I'll answer that one. Yeah, Daniel, that was obviously, we've worked very closely with Harley-Davidson through this process. I think it's fair to say you'd understand that we are there or thereabouts once all of this settles, 40%-45% of the Harley-Davidson volume in this market. Like any OEM, they're very mindful, obviously, of trying to maintain a competitive environment. When you look at, I guess, what we have in Sydney, they're keen to make sure that they have another group of substance in the retail network also. We understand that, and hence they have these guys coming into the business. Okay. Thank you. Thank you. Our next question is a live question from Jared of Morgan Financial. Jared, your line is now open. You may proceed. Hey, guys. Congratulations on the acquisition. Maybe just a couple if you could maybe just touch on maybe just what exactly went wrong in terms of the Peter Stevens business. It It was obviously profitable in FY24, and I think, Matt, without sort of quantifying anything, you have sort of alluded to synergies there. I guess just interested in the sort of deterioration in that business and sort of where you see extracting the most value now as it's sort of combined and folded into the MTO framework. Yeah. Jared, I'll kick it off, and Michael will jump in as well. There's some obvious pieces there. Their foray into distribution with Zero Motorcycles has been challenging for them, and that's something, obviously, that's not coming across to us. And we were very, as I said, and as Mike said also, we've been very selective in regards to the sites that we wanted based on viability. I've spoken to quite a number of you about this post-COVID challenge of the inflationary impacts on retail. You're seeing it in this world. You see it in the four-wheeled version as well. Effectively, our cost bases from pre-COVID days to post-COVID have increased 25%-30%. Certainly, that's had an impact on them in regards to people costs, rent costs. We've managed to negotiate quite positively in regards to where we will sit in regards to the leases that we will have with the targeted sites, especially the family-owned locations, because we were very clear to them through this process that, obviously, viability is absolutely key. The family who owned some of these sites were very clear on that. That has gone well. To be clear, Jared, it's a number of points. As I said, it's people costs, rental costs, margins normalizing, and also interest because there's been a lot of inventory out there in the market. We have had, as we have also discussed on a number of occasions, that if you look at MTO and the diversity of our group, given the combination of retail, parts and accessories distribution, and vehicle distribution, we are in quite a fortunate position where we can balance those things where Peter Stevens and Harley Heaven was specifically a retail group. They did not have the flexibility, and hence, I guess those challenges were there in regards to some of those businesses. Hence, Blacktown, Peter Stevens, Blacktown closes. Their Peter Stevens business in Geelong will close. The Zero Motorcycles distribution business will close. And their Ringwood Peter Stevens business will close, and the Harley-Davidson business will go to the new group. Mike, is there anything I missed? No? There you go, Jared. Nope. That was great. Thanks, Matt. Maybe just two more quick ones. I mean, it sounds like there's quite a few staff that are being relocated, particularly within the New South Wales business. I mean, are you just interested in terms of confidence, in terms of ensuring those staff stay on, and particularly the key manager personnel as well that will be sort of relocating within Melbourne? Yeah. Very key focus, Jared. Mike and the team have been very focused on making sure those retail leaders, general managers, are an important part of this transition. We can say, certainly, that there's been a hell of a lot of enthusiasm and positivity coming across from the Peter Stevens businesses and Harley Heaven businesses that were targeted, which we had hoped, of course. Those leaders are an important part of making sure they bring the rest of their people along on the journey. We sent a message to them all on Friday night. We'll be talking to them further this week, and we will look to do further face-to-face addresses with them as we tour all the sites over the next couple of weeks and really focused on making sure they're settled and ready to jump out of the blocks once we settle on their sites and get that momentum back up again. It has been great to see, actually. Great to see that we've had such a positive impact on people's lives through this process. As I said, looking forward to having these 200 and a little bit people come across and be part of MTO. Great. Thanks, Matt. Maybe just one real quick last one. I mean, you've mentioned the e-commerce side a little bit. Can you give us some maybe metrics around there in terms of the level of inquiries that the Peter Stevens business had been seeing on their platform and sort of relative to yours? I guess maybe if that's an area on whether you're looking to focus some more investment or time in terms of growing that channel and just some details around that. Yeah. Yeah. I Yeah. I can come up with that one, if you like, Matt. Yeah. Thanks, Mike. Thanks. Sorry, I dropped out before. Yeah, Jared. Yeah, this would be the e-com business. It was around about AUD 6 million per year in revenue between the two sites and growing quite rapidly, so similar to ourselves. Where they are a lot stronger is Harley Heaven versus ourselves with Morgan & Wacker, so our Harley site. I think their traffic volume was about three or four times. From that revenue, they actually were not making a profit. They had some considerable property and also people expenses assigned to that e-commerce business. That is an area of the business that we believe with that revenue, we can have profitable from day one. We are not bringing across the property cost that was previously associated with our e-com business. In time, that is a part of the business that we want to integrate. We can keep the different websites. Between our MCAS and Morgan & Wacker and Harley Heaven and Peter Stevens, we can keep the different customer-facing websites, but we can definitely integrate the backend fulfillment piece. That will not happen straight away. Our objective straight away is just to get the websites turned back on. They are currently turned off as part of this administration process. In time, that is something that we are looking to do where we can be even more efficient again, improving the profitability on both sides of the business. Perfect. Thanks very much, guys. Congratulations again. Thanks, Jared. Thank you. Our next question is a live question from Bruce of BURRELL Stockbroking and Wealth Management. Your line is now open. You may proceed. Thanks. Good morning. Thanks, Matthew, for the presentation. Just on the I've read a couple of the bits and pieces that the administrators have said, and they've pointed to capital-intensive investment decisions that the company's made that has led to the that has led to the appointment of administrators, primarily the purchase of a large number of electric bikes and expensive store fit-outs. Just want to confirm that those electric bikes aren't coming across as part of your agreement and whether or not the sites you have picked up, whether they're beneficiaries of those store fit-outs, or do you need to put some money into the stores that you're picking up to bring them up to spec? Yeah, Bruce, we're not. Yeah. Firstly, thank you. From an e-bike point of view, that's the Zero distribution business that they had. No, we're not doing that. Okay? We are not bringing that across. In regards to fit-out and facilities, as I just mentioned earlier, in regards to property, Mike and the team have been working closely with the family in regards to their owned properties, which are Adelaide, Dandenong, and Tempe in Sydney. We have negotiated some very good outcomes there in regards to our new leases for those sites, which ensure that we are performing well. We have a very viable outcome from those leases. In addition to that, from a fit-out point of view, we are, in regards to the assets that we've acquired, obviously, fit-out and store improvements and so forth are part of that. We have certainly been, let's just say, quite, I guess, aggressive in how we've valued those improvements in store improvements. They will, upon settlement, be, I guess, recalculated and reset for when we take over. Really, the newest site from a fit-out point of view is Penrith, Harley Heaven. We will benefit greatly from what is a very new fit-out and how we then will value that depreciation moving forward. I guess the same with the fit-outs in regards to their large stores also. Again, when we press restart on those, it will be of benefit to us from a property point of view there too. Yeah, they are things that cause them problems, and we've ensured we make sure we address those before we as part of the deal. Okay. Thanks. Thank you. Our next question is a written question from Ron of TAMIN Asset Management. This question is in two parts. First part, can you provide some revenue and EBITDA or PBT contribution from the acquisition? My rough estimate is AUD 80 million-AUD 100 million of revenue and AUD 6 million-AUD 8 million EBITDA. Sorry, could you repeat that? Sorry, could I? Absolutely. The question is, can you provide some revenue and EBITDA or PBT contribution from the acquisition? My rough estimate is AUD 80 million-100 million of revenue and AUD 6 million-8 million EBITDA. Yeah. I can refer you back to slide number eight on that that discusses the revenue and the PBT. We do not have an EBITDA figure that we can disclose because there has been still some work in the background on release accounting for that. But slide eight outlines that revenue is AUD 144 million and pro forma PBT AUD 2.5 million factoring in head office costs. Thank you. The second part of Ron's question, can you bring the acquisition PBT margins to MTO levels during FY26? That would certainly be the aim. Yeah. Can we bring it to MTO levels within FY26? We would hope to. We'd certainly hope to. Just give us a we'll talk more to this in August. I think when we do August, September, when we do a roadshow, and we'll be talking more to our from a strategic perspective for the next phase. We'll talk more to this then. It also gives us a little bit more time to get into a bit of the detail and understand how some of these numbers compare to the existing business. We'll be happy to refer to that then. Thank you. Our next question is a written question from Vireesh of SureFire. And it's in two parts. First part, in the beginning of this year, plan was to decrease debt. After this deal, how will the balance sheet look like? You'll have to wait till we release our FY25 results for that. That will be giving information that's not yet public. Sorry. Just on that, we have been clear that this has been funded from our cash flow and not debt. That's right. Thank you. Thank you. The second part of Vireesh's question, how are the trading conditions looking for this year? Again, that's probably a forward-looking statement. Matthew, do you have any comments to add there? Yeah. I I mean, as we alluded to earlier in the year, the new vehicle market's been, I guess, steady but reasonably flat. Trading's been fairly aggressive, which has been a nature of a few things given, A, the distressed trading of the Peter Stevens group in the second half of the year that has led to this. Also, there's been a lot of the OEMs have pushed a lot of inventory into the market, which has certainly added to the aggressive nature of the trading. That's life of the retailer. That's our job. We're a volume business. Our job is to continue to do exactly that job and do it well. We've seen our market share grow through this year. Even though the market has been a tough trading year, no great surprise there, we've managed to increase our market share, which has been important, which has created other opportunities. Thank you. Our next question is a live question from Marcus from Sierra Asset Management. Your line is now open. You may proceed. Thank you. Hi, guys. Thanks for the presentation. Just a very quick question on the rest of the sites. I mean, it sounds like there are 15 in total. You're taking on 7. I didn't quite get all the ones that were closing. It sounds like 3 sites of the 15 are closing. Is that right? There are maybe a couple of Harley-Davidsons going to a competitor. Is that roughly the breakdown? Mike, do you want to? Yeah. Correct. There are three closing: Peter Stevens Ringwood, Peter Stevens Geelong, Peter Stevens Blacktown. The other purchaser is taking four sites in Melbourne, three Harley sites, and one Ducati dealership. We are taking the balance. Okay. Great. Thank you. Is there any family member coming across or any family members coming over with the business, or is it sort of staff, ex-family? Just to get a sense of whether there is any. No. Staff, ex-family. Okay. Great. Thank you. Maybe just lastly, as a point of clarification on the guidance you've given, Nicole, on the revenue and PBT, it's a backward-looking annual number, right, from FY2024? It is. is. Yeah. Yeah. It's a pro forma from FY24. Yes. Yeah. It sounds like those seven sites probably went to losses, maybe. I do not know exactly whether FY25, I am guessing, was a lot worse than what they had. No. We haven't acquired anything that's none of the sites that we've acquired are loss-making. So no. Okay. Okay. All right. Thank you. Okay. Good to clarify that. It sounds like there's probably, I mean, you've kind of hinted at this, but there sounds like there's a significant potential to do some backend efficiencies and overhead costs, etc., to maybe align them over time as well. Anyway, I think you've sort of answered that question. Yeah, I get the idea. Okay. Yeah. Absolutely. Thanks. Thanks, Martin. Thanks, guys. Thank you. Thank you. It appears we do not have any further questions. Handing it back to Matthew for any final remarks. Thank you. Again, thank you, everybody, for taking the time out to listen to what we had to say about this acquisition. As I said, we are very excited about this. It will have a significantly positive impact to areas across our business, but also, as I said, important from an industry point of view and important from a staff point of view from the broader Peter Stevens perspective. I am really looking forward to when we finally got this settled and as we head through FY26, it'll be, as I said, really looking forward to how we manage it from this point. We will talk more to you in August, September, around roadshow time about further aspects of the deal and further opportunities we will identify in a bit more detail so you can get an even better understanding as to, I think, the positive impact that it will have across the business in the future. Thank you again. Look forward to catching up with you in the next couple of months. This concludes today's call. A replay will be made available shortly after today's call. Thank you and have a great day.