Good morning, all. Welcome to PharmX Half Year FY 2026 Results. Thank you all for joining. My name is Tom Culver, I'm the CEO. We also have Zoe Hillier here, our CFO. Today, we'll be taking you through our FY 2026 H1 results, some platform metrics, as well as some strategic highlights, our P&L and cash flow, to give you a good solid overview of the business for the first half. There's also attached an appendix with some additional details, including our top 20 register, which I know one of our investors on the call today has asked for. We would like to hold questions until the end. We will leave time for Q&A. Please enter your Q&A into the chat as you go. Otherwise, we'll give people opportunity to raise their hand and ask a question as we go through. As a reminder to those who've been following us for a while and for those who are new, PharmX is a fully integrated, highly efficient pharmacy technology provider with unrivaled reach, capability, and opportunity for revenue growth and scale. We provide ANZ's most reliable integrated ordering network, used by 99% of all pharmacies across ANZ. We work with all the major wholesalers, suppliers, government agencies, and vendors, and are responsible for over AUD 23 billion worth of transactions each year. As part of running ANZ's largest pharmacy network, our services offer a single platform solution supported through gateway, procurement, and analytics. Increasingly, we are a provider of a range of customer-oriented, owned and partner solutions, from analytics to trade marketing to tech services. As we look at our financial apologies, skipped a slide, important one. As we look at our financial update for the half year, I'm pleased to say that our metrics and core revenues are up entirely across the board. A 3% uptick in revenue, up to AUD 3.9 million, 5% uptick in revenues against our Gateway, a 24% uptick in revenue against our Marketplace, and pleasingly, a 54% increase in our New Zealand revenues. As you will understand or you'll see, there is clearly a discrepancy or differentiation between our performance in Marketplace New Zealand and Gateway against our total revenue. This comes about from our delaying of some of our additional revenues whilst we have been going through the process of launching the new single platform, which went live in November. These are revenues such as integration fees, marketing partnerships, et cetera, which we expect to start to flow through again into the second half of the year. Our margin has also increased, up by 2% improvement on previous periods. EBITDA remains positive. We have had questions from investors around the base performance of the business, so understanding how the business would be doing if we were to take out our growth initiatives. Clearly, our current strategy is around growth, technical, implementation, and new services. We're pleased to say that on a base case business, the business continues to perform very well with a 23% uptick in EBITDA, and we also maintain strong cash position at AUD 3.2 million. As we think about our strategic successes over the first half, we're very pleased to share numbers in relation to the adoption of our Pharmacy Portal and our Marketplace. As at the end of the period, our Pharmacy Portal adoption was up to 875 pharmacies. This is now over 1,200 pharmacies as we sit here today. 57% of those registered users now use our StockView feature, which was launched in September, and since September to the end of the period, we've had a 39% month-on-month growth usage of that feature as well. Demonstrating very strong adoption of these high utility pharmacy solutions that have been released in support of our customer, being pharmacy, to drive better outcomes for them as they manage store and ordering. As we look at our Marketplace launch, which went live in mid-November, in December, we delivered a record Marketplace GCV up 68% versus our previous prior peak on our PharmXchange platform, which has now been replaced, and our GCV has grown to 79% month-on-month, demonstrating strong early traction. We're very satisfied with the results of these two areas of our strategic product roadmap, and we are where we expected to be at this point in the cycle, given the very early stages of release, but with some incredibly encouraging performance to date. We've already touched on the continued expansion of New Zealand with strong revenues. This will now become an increasing focus for us under the recently announced strategic alliance with Sigma. On Monday, we announced this partnership with Sigma Chemist Warehouse. This is a strategic partnership which appoints PharmX as their preferred EDI and growth partner, reinforcing our position at the center of the supply chain for ANZ. We'll talk about that a little bit more in the next slide. Our revenues have continued to grow. We have seen a slight softening in gateway revenues due to the change of distribution method of two suppliers. However, we're very comfortable that this is being offset by our record supplier integration pipeline, the continuation of our strategy to increase volumes-based ARR, and to continue to diversify revenue. This is demonstrated by the fact we've got 19 new suppliers onboarded in H1 and a strong pipeline as we go into H2. Finally, we're pleased to say as well that with the release of the first stage of single platform Marketplace, true to plan, we have started to reduce the engineering headcount within the team. We will obviously continue to run higher costs going forward as part of this growth agenda, but we are bringing down those costs to plan from a development perspective. Focusing on the strategic alliance with Sigma, announced on Monday. We've established a multi-year strategic partnership, positioning PharmX as the key technology and growth partner. This reinforces our strategy and our role as the leading independent whole of market platform underpinning pharmacy supply chain. This now puts our business in a position where we have two of the largest market players with significant positions on our register, being DBG, Arrotex, and Sigma Chemist Warehouse. We think this Sigma's decision to deepen its relationship with PharmX during a period of major transformation for their business, following the merger with Chemist Warehouse, signals strong confidence in our technology, our strategy, and our execution. That said, we maintain our position as an independent, critical infrastructure provider to the entire industry. This partnership, we believe, strengthens our ability to continue to provide secure, high availability gateway solutions to the entire market at an unmatched level for the whole industry. It also helps us enhance our ability to bring innovation for the benefit of the market. What is the alliance? This is a multi-year strategic partnership where we are appointed as the EDI and growth partner for Sigma Wholesale and Chemist Warehouse Retail across ANZ. It is completed under two parts. Part A, with a focus on optimization of existing services, New Zealand expansion and analytics solutions, then Part B, expansion into international marketplace, bringing online marketplace partnership solutions both here and globally for the benefit of us and for Sigma Chemist Warehouse. It's a five year renewal of the wholesale agreement. In return, Sigma have acquired 10% equity stake in our business. Sigma will appoint a board member, a representative to our board. There is a pathway for Sigma to increase ownership up to 19.9% ownership of the PharmX business. This will come through increased revenues generated through this partnership. Beyond the 10%, the additional 9.9%, Sigma Chemist Warehouse will generate revenues through new services with our business. A rebate, a portion of those revenues is paid as a rebate. That rebate is effectively used for credits to buy a larger equity stake going forward. How we anticipate this working is that, you know, we see an opportunity to increase our revenues under Part A as part of the initial 10% equity stake significantly, and then our businesses grow together in future as we look at Part B, moving up to the 19.9%. Why does this matter? What's the strategic impact for us? We see this as an opportunity to materially change the profile of the PharmX business. You know, we are now partnered in an equity-backed partnership with an ASX top 20 company with a global expansion strategy, and this opens up a significant number of opportunities for us to grow services and to grow revenues across this region and globally. This secures our core business through our renewal of our agreement, and it expands and strengthens our ANZ footprint. It validates and accelerates our single platform strategy, and it provides opportunity for vertical international expansion, expands our Marketplace and procurement capabilities, and it unlocks our partner-led data analytics opportunities, both at a national and a global scale. As we focus down on the business today, our strong financial results are supported by excellent platform metrics, once again, showing a strong growth of lead and lag indicators, you know, illustrating and supporting the impressive strides we've made as a business. Over the half, our GTV across the platforms has again increased 17%. Our volume-based ARR, as part of our strategy to diversify our revenue away from standard account fees, has continued to increase. We've seen the number of orders on our Marketplace, increase by 134%, and the number of orders on our gateway platform increased by 10%. Obviously, a big difference between our Marketplace being a nascent platform, but I would say very impressive numbers for us on our gateway platform, linked to our GTV, given the maturity of that business, and again, a continued demonstration that we play an incredibly important influential role in this sector. As we think about adoption of our platforms, the number of suppliers that we work with has continued to increase, 8% increase in total suppliers and 14% increase in the half. This has led to a 4% increase in the number of accounts that we operate with, and again, considering the maturity of the platform, impressively, a 5% increase in the average revenue per user on the gateway compared to the previous half. As we think about Marketplace, a very, very strong 99% increase in monthly active users, a very strong 33% increase in average monthly spend, and an equally impressive 4% increase in very early stages of average revenue per user. Once again, we're incredibly satisfied by the results that we're showing, particularly the early stages of this transformation, our ability to maintain growth of our existing core capabilities, as well as demonstrate growth in our new strategic objectives. Take a quick note to have a look at where some of these increases in volumes are being driven from. As we look at the platform insights, this is representative of the flow of volumes across the industry, which impacts our business, both as ultimately a lead indicator into volumes and the type of suppliers and the diversification of revenues and SKUs that we're operating with. We've seen a significant increase once again in the volume of GLP-1s. This is your Mounjaro, your Ozempic, et cetera, coming across the market, driving huge volumes. This isn't new to our industry. This has been steadily increasing, and this is not unique specifically to pharmacy distribution. We're seeing this as a trend across broader medical supply to customers. I think what is relevant to this is if we look at the slide below, the box below, around chronic reset post-pandemic, we've now seen a significant drop-off in COVID antivirals that were seen previously in our top 10 and are no longer in our top 10 core products. I think this is a very good demonstration of the cyclical nature of supply across the industry, and it gives us great comfort that should the GLP-1 trend diminish, that we will capture it elsewhere in the next phase of the cycle. As we move into the middle of the slides, as we look at the volume resilience, this once again is a very impressive signal for our industry. We've seen an increase in the total units sold across the industry, particularly looking at prescriptions and OTC categories. However, we have seen this demand, this strengthening demand rather than being price inflation. Prices have maintained consistency, gone up with inflation, yet we've seen outstrip demand. This is coming from critical areas such as medicinal cannabis, where once again, we've seen strong growth. We've also once again seen strong growth across beauty, calling out MCoBeauty as a key leader in that in the first half. Also we're seeing a greater mix of products across the portfolio, increasing the number of SKUs that are available on our platform in the last six months by just under 10,000 or 10% of the total active SKUs on platform currently. Once again, very strong performance from the industry, starting to reflect strong performance across our metrics. At this point, I will hand over to Zoe, who will take you through some of the more detailed financials, profit, loss, and cash flow. Great. Thank you, Tom. Morning, everyone. As Tom mentioned, I'll now go through over just a little more detail around the financials. Revenue for the period was AUD 3.9 million. The Gateway revenue has increased 5% versus prior comparable, and this was largely driven by the New Zealand revenue and growth in our third-party network user revenue. Marketplace commission revenue has increased 24% versus prior comparable period. This growth was despite an intentional pause in onboarding and marketing activities on the old PharmXchange platform until the new Marketplace was launched in November 2025. We have seen a significant uptick in December on key Marketplace metrics, as Tom went through a bit earlier, and this is only the second month of operations of the new platform. This growth has been partially offset, as I mentioned, with some reductions in paid marketing revenue, one-off integration fee revenue, and as well as interest income. That was due to that sort of intentional pause around onboarding new suppliers and pharmacies to the old Marketplace. This overall led to a net increase in total revenue of 3% compared to the prior period. Total operating costs were AUD 3.4 million, which is AUD 0.7 million more than prior period. This increase in operating costs was in line with plan to support the launch of the new Marketplace. The increase was driven by our investment in development resources, sales and marketing capability, and IT infrastructure. People costs have increased by AUD 447,000, technology costs up by AUD 94,000, marketing costs up by AUD 65,000. There were also some additional legal and advisory costs in relation to the recently announced Sigma and Chemist Warehouse strategic alliance. EBITDA for the half was positive at AUD 0.5 million, compared to AUD 1.1 million in the prior period. This reduction was entirely driven by increased growth expenditure. The normalized phase business EBITDA improved by 23%. What we mean by this is the estimated underlying Gateway business contribution and the cost to run it. Excluding all revenue and cost contribution from the Marketplace and data and analytics business currently in their launch and early growth phase. This investment into growth initiatives is aligned to the strategy to drive future revenue and profits. Amortization and depreciation for the period was AUD 0.7 million, which was an increase of 17% due to the ongoing investment in product development and the capitalization of those costs. Employee performance rights expense also increased in the current half as a long-term incentive scheme was rolled out to the broader organization to incentivize and retain talent. We had positive underlying cash flow were delivered despite the launch of Marketplace and the increased investment into the areas I mentioned around people, sales and marketing, and technology. The prior period operating cash flow included the payment to Fred IT of AUD 9.9 million, hence you're seeing that large improvement on prior period. That was made in accordance with the final orders issued by the Supreme Court of Victoria in the prior period. The net R&D incentive received in the current period was AUD 368,000, down from the AUD 862,000 received in the prior period. This was due to a one-off true-up payment of income tax in relation to the previously reported early termination of the Alchemy revenue share agreement, which related to the PharmXchange intellectual property. The launch of the Marketplace has led to increased development costs, with AUD 1 million of capital expenditure on product development during the current period. The prior comparable period capitalized development was AUD 654,000. You see the investing cash flows in the prior period were actually an inflow. That was because there was also inflows related to the sale of the legacy pharmacy software business in the prior period, too. Marketplace development, enhancement, and optimization is expected to continue in H2. Additional features and new services will continue to be added to the single platform to drive utilization and future revenues. I'll now hand back to Tom. Thank you, Zoe. Just in summary, you know, we think we've had a very strong half, with some very solid lead indicators and very solid early signs on our new strategy. The most recent addition to that is obviously the strategic partnership, us being appointed as the preferred EDI and growth partner to Sigma Chemist Warehouse. You know, I can't understate how important we think this is to the future of our business and how impactful this potentially is for us in terms of completely changing the revenue profile of this business, whilst also continuing to align it to the strategy that we've implemented. I think this is an incredibly exciting development for us and the business. Equally in the half, you know, the launch of our Marketplace in November 25, with some very, very strong early traction figures, we're very satisfied with. I think this is an excellent result. We've had record performance on that Marketplace. We've continued to see strong adoption of pharmacies across our platforms, and we've continued to see good, strong supply momentum, with new suppliers continuing to join the network. As well as this, our New Zealand expansion, which was started last year, continues to be strong, and we expect this now to accelerate further under this one. Lastly, as I mentioned, you know, cost on plan, you know, we're very clear and often reported about our ability to deliver on time, on budget. Very satisfied that we're now already at a point where we're reducing those engineering headcounts to deliver against plan, whilst we still continue to focus on growth going future. At that point, we will leave it for Q&A. There have been a couple of questions come through on the chat. I will run through those quickly first, and then we'll give everybody an opportunity to raise their hands and jump in, introduce themselves, and ask a question if they so wish. First question from Al, running through the base business case for EBITDA. Zoe has, I think, mentioned, touched on this a little bit. Ultimately, this is, you know, a comparison of our business with the removal of what we call our growth initiatives. Our elevated headcount, our elevated marketing spend, our focus on new platform development versus management, maintenance, and limited growth around our core business. I think the increase in EBITDA is a demonstration of the performance of the core business and the continued performance of the core business. That also is an indication of the strength of the core platform more broadly and our opportunity to expand. We also have a question here on payback period on establishment fee for Sigma partnership from Michael. Excellent question. I'm not in a position to fully answer this. As part of the Part A and Part B services, we are developing scopes of work for separate items to be delivered. These will be announced over time as we both agree the next phase, also release and roll out these items. Needless to say, though, there is confidence from management and the board that revenues will look to at least recoup but exceed the establishment fee that we have paid. We see this as a partnership that allows us to grow revenues very, very significantly. Sigma and Chemist Warehouse see this as a partnership to secure their position with us, given the important role that we play within their business, but also importantly, be part of our growth as our revenues increase and our market cap increases and our share price increases. This is very much a partnership designed for win-win. I have a couple of hands raised. Oh, no, they've gone down. Okay. We'll just give her one minute. Just any other opportunity for people to raise their hand? Yes, we've got Ryan. Do you want to jump in and introduce yourself and ask your question? Hey, thanks so much. This is Ryan from Infuse Partners, I would love just two things real quick. If any more details on the two suppliers changing their distribution methods on the gateway, that'd be super helpful. Also any insights you can offer on the Marketplace with Sigma, because my understanding was they were already an EDI partner, I guess there weren't many details on the Marketplace piece of that. Just curious. Thanks so much. Yeah, absolutely. Thank you, Ryan. The first part of your question around the suppliers. Ultimately, we had suppliers, and this happens fairly regularly, but we had two suppliers move from being direct suppliers into being wholesale fulfilled. What this has meant is that we've lost the account revenue from them being direct suppliers, and they're now part of the wholesaler fulfillment. That's why we haven't seen a drop-off in volumes, but it did have a point in time impact on revenues through those account fees. As we think about the other piece, so the Sigma partnership, as it relates to Marketplace and single platform and EDI, I will try and maybe clear up and give a little bit of history. Yes, absolutely correct, Sigma is an existing EDI partner of ours. We have resecured that relationship with them for a five year period under this partnership. As we think about Sigma, however, in today's world, we must think about both the wholesale arm being Sigma, but also the retail arm being Chemist Warehouse. Whilst we have resecured the Sigma wholesale relationship, we have also resecured the Chemist Warehouse retail relationship, which is an incredibly important element of our infrastructure and an incredibly important part of our revenue generation. As we think about expansion opportunities, we think about expansion across all services under the single platform. The international and vertical expansion opportunities for our EDI solution across the Sigma Chemist Warehouse business, the expansion of our Marketplace capabilities, that is both looking to introduce Sigma into the Marketplace, as well as looking to establish procurement solutions for the retail side of the business. Lastly, data and analytics, which, as I've mentioned in previous presentations, is a critical element to the single platform solution and execution of it. We will be providing analytic solutions back into the retail arm of the business initially, and looking to establish data solutions across the EDI areas of the Sigma and Chemist Warehouse businesses as well. These things, as I mentioned previously, happen under a scope of work, and so they will be sequential. There is not gonna be day one, turn everything on, and we're gonna make AUD 20 million more revenue. This is us building solutions, building into their business, operating as a growth partner and EDI provider for this partner, with incremental revenues coming over time through the lifetime of the partnership. That said as well, we've already commenced work on one of the key projects this week, and we expect that to be online before the end of second half, probably with a second solution as well within that period, to be confirmed. As I mentioned as well, there is a desire from Sigma and Chemist Warehouse to increase their position in our business in return for revenues, which I think is an indication of the strong focus on revenue generation between two parties in order for Sigma to acquire up to that 19.9%. I hope that answers your question with a little bit more detail. It's as much detail as I can provide for you today. Yeah, thank you so much. Thanks. I think we have one more hand. Maybe Brad, I think I saw yours go up. I actually put mine back down because Ryan-. Okay ... asked one of the questions I was gonna ask. Thanks. Good. All right. Thanks, Ryan. There's just a couple more in the Q&A. Okay, great. A question here from Christian, thank you, asking us to touch on upcoming milestones in relation to product build for the Marketplace and the expectations, the inflection points of revenue across the Marketplace. Yeah, you know, as we talked about, I think in previous announcements, Marketplace is the final piece in the puzzle ultimately of our single platform development, which includes Pharmacy Portal, StockView, Supplier Portal, and now Marketplace. Marketplace was released in mid-November, and as we talked to in this presentation, you know, we've had some very strong early indicators. There will be continuing builds for the Marketplace as we continue to optimize the platform, as we continue to expand the supplier range and the capabilities, and as we continue to work with new customers. What this means in reality is that we are continually bringing out new capabilities into the platform, such as automatic replenishment and reordering features. We are continuing to add new suppliers and manufacturers into the platform to increase range, and then we are also looking to develop what we call head office procurement services for key pharmacy partners. This enables what we call banner groups for head office capability to control ordering down at the store level versus stores being able to manage ordering at the store level. This will be a critical next phase of the development work over the coming months. In terms of revenue, Christian, you know, we don't forecast, but thank you for your question. But we've mentioned previously that we don't communicate revenues that don't meet the 10% threshold across our business. We certainly intend Marketplace to be there quickly to be able to report on it. One also from Moritz. Thank you. Can you share absolute Marketplace GTV in AUD for November, December, and, if available, in January, not percentage growth? Again, we don't publish these numbers. We will start to publish these figures as the platform matures and becomes more materially relevant to our business. Seb, can you touch on SKUs that are not on the Marketplace, noting that you've added suppliers to the Marketplace and some current suppliers that have joined? Yeah, so when we talk about adding suppliers, we are bringing suppliers into the single platform as a whole. This means that they take up some services and all services that are relevant to them, some will start with an EDI integration and focus on distribution through POS, whilst we then migrate them into Marketplace. Others will start with Marketplace and then migrate into the POS distribution side. We have a blend of those. There is no clear answer, and I don't have a breakdown for you today, but as you might have seen from our recent announcements, you know, we have some very significant suppliers and manufacturers joining the platform. The most recent and most significant of those being Kenvue, which is Johnson & Johnson rebranded in this region. A very, very significant supplier, with a very, very strong range of high-volume product, that will be sold across our Marketplace. I think that is the last question that we have for today. One more from Ryan. Last one. Yeah. Sorry, just real quick. Are you able to share any directional details? The 875 pharmacies moving to 1,200 is really impressive in just a couple months. Are you able to share any examples or just the pharmacies that have routed a lot of the orders already through Marketplace? Just you don't have to talk any specifics, but, like, I guess moving forward to the end of the year, I know you have goals of 2,000 pharmacies. Is there any way you could paint a picture of getting there, and then in terms of what a goal would be to get, in terms of, wallet share of, pharmacies routing through the Marketplace? Absolutely. I think that's a great question, a great framing, Ryan, particularly around market share. You know, as given the position that we have in the industry, we do have a very clear view of what a pharmacy spends through the point of sale and EDI network. We do have internal targets around wallet share, movement of that spend away from the traditional EDI solution through to the Marketplace. Now, we have a number of cohorts that we are targeting to join Pharmacy Portal and then down through Marketplace. Board numbers are not quite the 2,000 that we touched on, that you touched on, Ryan, for Marketplace, it is a lesser number than that. I think more importantly to your question is that we have a smaller cohort of pharmacies that we anticipate should be able to spend up to 90% of their normal ordering flows through the Marketplace. This typically, for our pharmacy, ranges between AUD 1.5 million and AUD 2 million a year in total spend. We're looking to capture 90% of that with a target cohort across the Marketplace before the end of the year. Encouraging to say that we already in, you know, the very early stages, have a number of pharmacies already transacting at that level, and we are outside of that, continuing to see strong uptick in our average order values across all our pharmacies as they trade on Marketplace. Strong month-on-month growth in that AOV. That's fantastic. Thanks so much, Tom. Okay, we'll take a last one from Michael, and then we'll close it off. Michael, if you want to jump in. Yeah, just quickly on your response, what is the traditional EDI network or channel that pharmacies use that you might not tap into currently, but you're trying to win over? That's the core part of our business. We are the EDI network for the industry that connects pharmacies and suppliers transacting through their point of sale. This is the core GTV of our business, which is the AUD 23 billion of transactions that happen each year. We see pharmacies prior to Marketplace existing, their only option was to transact through that network. This is now about change of behavior and movement of that ordering point away through that traditional network, through to our Marketplace. Got it. Thank you. Thank you, everyone. Very much appreciate everybody giving up their time and joining the call today. As I said, I think this is a very strong set of results, and we're very satisfied with where we are as a business. Thank you again for all the questions, and we look forward to speaking again at full year results, if not before. Thank you, all.