On behalf of my fellow directors, I'd like to welcome you to the annual general meeting of Pro Medicus Limited, and thank you again for taking the time to be with us today. As most of you probably know, my name is Peter Kempen, and I'm chairman of the board, and I will act as chairman of this meeting. We are meeting in Hawthorn, a suburb of Melbourne, and I would like to acknowledge the traditional owners of the land, the Wurundjeri people of the Kulin Nation. As indicated in the notice of meeting, this AGM will be a hybrid meeting with physical attendance here at Leonda, and online through the MUFG Corporate Markets facility. Link was much easier, but unfortunately, they've been taken over, so I'm instructed to use MUFG Corporate Markets. I'm delighted that many shareholders have decided to join us today, either in person, and I'd like to welcome all shareholders to the meeting. There will be opportunities to ask questions and to vote during the course of the meeting, either in person or online, and I will go through the process later in the meeting. I'd now like to acknowledge my fellow directors, and they might stand when their name is mentioned. Ms. Deena Shiff, non-executive director and chair of the People and Culture Committee. Ms. Alice Williams, non-executive director and chair of the Audit and Risk Committee. Sorry. She's just standing because she's just walked in. Dr. Sam Hupert, the joint founder, CEO, and executive director. Mr. Anthony Hall, joint founder and executive director. Mr. Tony Glenning, non-executive director. Dr. Leigh Farrell, non-executive director. And we're also accompanied by Clayton Hatch, the chief financial officer, and Ms. Danny English, company secretary. Also joining us is Matt Burnett of Ernst & Young, the company's auditors, and he's sitting right in the front row, so if you have any questions, they'll be directed to him. He's available to answer any questions in relation to the financial statements and their report to the shareholders. It's also very important for me to mention the following key personnel who, in addition to the executive directors, have provided excellent leadership during the year. Malte Westerhoff, who's our general manager Europe and global chief technology officer. Sean Lambright, who's the global head of sales. Teresa Gschwind, who's the global head of customer service. Danny Tauber, general manager of Australia, who is, I think, here. Brad Levin, who's general manager of North America and global head of marketing. Clayton, I've mentioned, and Sharni Redenbach, director of people and culture, and she's here too. Each of those individuals is depicted on page 10 of the annual report. Before we deal with the formal business of the meeting, I will provide my report to you, which will be followed by a report from Dr. Sam Hupert, our CEO. As I mentioned earlier, there will be an opportunity to ask questions during the course of the meeting and following the formal business. Now to my chairman's report, the overview. The company has enjoyed another extremely successful year, both from an operational and a financial point of view. The success of the company and the markets that we serve continues to be due to the quality of our leading technology and quality of the management team, the passion, enthusiasm, and dedication of all our staff, and the robustness of our business model. The company continues to deliver the highest level of service to clients and their patients. Your company is fortunate to have a group of highly skilled professionals led by Dr. Sam Hupert and the management team. The majority of our staff has been with the company for many years and the core management team for over a decade. As a consequence, the company has continued to deliver long-term, profitable, and substantial, sustainable financial results by delivering on the milestones in accordance with the company's strategic plan. The group continues to invest in our best-of-breed suite of innovative products to maintain market leadership, which we believe is fundamental to our company's success. In addition, we look to further add to our product suite by acquisition or licensing arrangement. We also continue to invest in our management staff, which is growing in line with our strategic objectives. Dr. Hupert will no doubt provide further commentary in relation to the company's personnel in his presentation. New contract wins and renewals. During the fiscal 2025 year, the company announced seven new contract wins in North America, including our largest contract to date, Trinity Health, which, you'll be pleased to know, commenced implementation in late October 2025, along with many others implemented during the year. Since 1 July 2025, the company has announced six new contracts, five in North America, including those that we announced this morning, which are slightly smaller each individually, but collectively are quite significant, and the one in Germany as well. In addition, we have one client renewal, an increased transaction fees, and with additional products. An increasing number of new opportunities continue to present, and as a result, our pipeline remains strong. Financial results. Fiscal 2025 was another record year for the company, with revenue increasing by 31.9% to AUD 213 million, and net profit after tax increasing by 39.2% to AUD 115.2 million. The company continued to be cash flow positive, with retained cash and liquid investments increasing from AUD 155.4 million to AUD 210.7 million after a AUD 7.9 million buyback of shares in March and April and paying increased dividends. The board anticipates fiscal 2026 will be another strong year. The budget for the current financial year has been determined, anticipating continuing strong profitable growth from both existing and new clients. I'm pleased to advise that the results to date are ahead of budget on both a constant currency basis and an Australian dollar basis, despite some volatility in currency markets during this period. We're entering the second half of the year with strong momentum, driven by a successful completion of Trinity phase I and University of Iowa implementations in late October, both of which will contribute a full six months of revenue in the second half. In addition, we have several major contracts scheduled to go live early in the second half. We therefore appreciate that the second half bias will be greater this financial year than in prior years. Surplus cash and M&A. As I indicated earlier, our cash and other financial instruments have continued to grow during the year. These funds are maintained to allow the company to continue to invest in the development of its product suite, including AI, to meet our dividend obligations, and to take advantage of opportunities that might arise. Excuse me. In July 2025, the company invested AUD 10 million in ASX-listed company 4DMedical Limited. This is in the form of a loan with very attractive terms and conditions. The board is also continuing investigating potential M&A opportunities, which meet our criteria, and this process is ongoing. Dividend policy. The board is pleased to increase dividend payments for the 2025 financial year to AUD 0.55 per share, fully franked. This represents an increase of 37% over the previous year and a payout ratio of approximately 50%. The dividends were funded from the company's internally generated cash flow. The board anticipates that future dividends will continue to be fully franked. The board will continue to determine an appropriate level of dividends, having regard to the profitability of the business, its need for ongoing investment, and the necessity to retain sufficient funds to pursue other growth opportunities. Strategic planning. The 2026 financial year, which is the one we're currently in, is the final year of our current three-year strategic plan, and the board and senior management are confident that the company will achieve all of the strategic goals which we set three years ago. However, we do not intend to rest on our laurels. Last month, the board and senior management met to discuss the next three years of the company's development. The meeting noted our current position and the opportunities for further growth. The meeting determined another set of ambitious targets for fiscal 2027 through to fiscal 2029 and agreed on strategies to reach the ultimate goals of that plan. In closing, on your behalf, I'd like to thank all of our dedicated staff in Australia, North America, and Europe for their contribution to the company during what has been another very successful year. I'd also like to thank my fellow directors who have also worked tirelessly and diligently to ensure that the company continues to grow and prosper. That ends my report, and I'd now like to hand over to Dr. Sam Hupert to give you an overview of the performance of the company over the last year and provide you with an update on the company's current activities. Thank you, Sam. Good morning, everybody, and thanks for joining us. As you all know, we work in three jurisdictions: Melbourne, our corporate office, and where we do the development for our RIS product; Berlin, the development and support center for the Visage imaging product; and the U.S., which is our biggest market and where we now have our biggest base of staff. I don't know what the number was last year, but as of now, we're about 142. We have continued to grow, but in a very measured manner, and we'll talk about that a little later. The product set remains pretty much the same. In Australia, it's Visage RIS and Pro Medicus Net, which is our electronic delivery, secure delivery of results mechanism. In the U.S. and the rest of the world, it's the Visage 7 product, which is the product that the radiologists use as their day-to-day desktop. As Peter said last, it was our best year ever. I won't dwell on all the numbers. They've been out for a while, but I think all of our key metrics headed off up in the right direction. It's not just about growth. It's about profitable growth, and we've been able to maintain that momentum over the years and into last year. The company is debt-free, and as Peter said, we do use some of our retained earnings in terms of payment of dividends, which makes us a little bit of a hybrid because we're a growth company at the front and very traditional at the back in terms of no debt, dividend payments, etc. That's our DNA, and I don't think that's going to change. In terms of the revenue split, again, I won't go column for column, but I think the main thing is the pink columns and blue are recurring revenue. You'll see the vast majority of our revenue is recurring year on year. Whatever we implement in this year forms a bigger base as we go forward into next year. We had a busy year. I was dreading a question this time last year, which was, where are all the new sales? Because as I stood here last year, the only sale we had in the pocket was the first one up the top, which was one of our smallest ever, which was Lurie Children's in Chicago. Now, the reason we did a sale like that was twofold. One, they're sort of on campus with Northwestern, who many of you may remember are a large and important client of ours. B, we do special sort of we lower the bar of entry for two sorts of hospitals, which I'll talk about later, pediatric and cancer specialist cancer hospitals. We announced two of those sales today in the bundle that we talked about. Having said that, as soon as we adjourned the AGM, and Clayton and I were in the lounge on our way to Chicago, which we do this Thursday, we announced the Trinity deal, which was by then our biggest deal and still is, and then a cascade of deals in all forms of the market, which I'm sure you've seen in the slides before. It turned out a slow start came home with a big finish. The results, it was a record year. As Peter mentioned, we had our biggest year in terms of new sales. We also had two very large contract renewals. We sold additional product to clients in NYU and Duke. We completed a lot of implementations. RSNA last year, I can talk about that because it's gone, was our busiest, and I'll show you some photos. We made significant progress with our otherologies and AI, and we formed a strong base for FY 2026. Where are we year to date? We've come out of the gate pretty strongly this half. Early in July, we announced our second largest deal ever, UCHealth Colorado, as they call themselves. We announced a renewal and upgrade for Franciscan or FMOL. We won a key contract in Germany, Heidelberg University, which is one of the top medical schools in Europe. We won another deal in the private radiology, which we announced about a week ago in Advanced Radiology Management. This morning, we announced three deals, which in their own right, we most probably wouldn't announce independently, just to show that we are doing work up and down the scale. At the beginning of the half, we had a huge one in UCHealth Colorado. As we sit here today, we had an amalgamation of three small to medium-sized ones and everything in between. In terms of finance, as Peter said, we are ahead of our budget to date, which is very pleasing. We are also on track to deliver on or above the three-year growth target we set ourselves back in 2024. That completes at the end of this financial year. As Peter said, not giving us management a rest, we've already cranked up and planned out for the years 2027-2029 going forward. We have successfully sold at a minimum total contract value of AUD 273 million so far in the half. We've implemented Trinity phase I in October. I'm sure it's the biggest single big bang implementation in the history of our industry. It's the equivalent of roughly a few million exams, over 100 radiologists. I hate to think how many technologists and support staff all went live that Monday morning. It is the first of five phasings for Trinity, and it went very successfully. We also completed UIowa, which we announced last year. Our bookings for RSNA, which we tend to get bookings in advance, are by far the strongest and the most we've ever had in terms of pre-bookings. We are building momentum from the first into the second half. Full six months of Trinity phase I and University of Iowa. We have another run of our academics, which we announced last financial year in University of Kentucky going live next month. We then have three quite large implementations in the first few months of calendar year 2026. Our existing client base is growing well above industry average. Industry average is around 2% -3%. Our clients are growing 8%-10% on a compound basis. The pipeline, we believe, will continue to grow materially following this RSNA. As Peter said, based on all our budgets and the timing of the implementations, we believe the second half bias, which we have from year to year, may be a bit more exaggerated towards the second half because of timing of these implementations going forward. Our products, Visage RIS, we still manage to be the leading RIS supplier in Australia. We are getting incremental sales. Some of the big corporates, smaller players, are splintering off, and we tend to pick up a fair bit of those going forward. We are actually growing that base in Australia, albeit in smaller percentages than what you would see for growth in the U.S., but it is good and profitable growth nonetheless. To Visage 7, the cornerstone product we sell in the U.S., I mentioned three things, and they still are very, very pertinent and where we're number one without any doubt. Speed of the product, speed at which the images come in and which a radiologist can work. Functionality. We do all of the basic things, the middle things, and super complex things in one desktop. We are still the only ones globally that can do that. Scalability, because now our clients are dealing in petabytes. I can't even remember how much Trinity's archive is, but it's many, many, many petabytes to which they keep entering near petabytes every year. You're talking about at-scale data that needs to be accessed on demand. Things that are driving the industry, those of you who have heard me before, the explosion of data, the cameras just creating bigger images, it's happening exponentially. What makes us different? Legacy technologies, pretty much everybody else in the market must compress that image, send it down the network, unpack it locally, and then do the manipulation and rendering on that workstation. The problem with that is it worked well in the old days when a chest X-ray was 35 MB or a CT was 300 MB. Now with photon counting CTs, 4 GB is not unheard of in terms of one file size. You have got 10 times data size explosion, and this does not work. Our streaming solution, which is proprietary, no one has been able to copy it that we know of, has changed the whole paradigm. We can on demand look at diagnostic images, usually sub one second, which when you're looking at multiple gigabytes, almost defies physics. That is how it works in the real world, and that is so incredibly important for our customers and for the industry going forward. Which markets do we work in? You have seen before the academic medical centers. You know the names. We've picked up a few more academics in University of Iowa, University of Kentucky, and you'll see in some of the new sales, there are always medical schools built in. We've picked up Baylor Medical School, and even though they're known as large RDNs, there is a teaching university and teaching medical school in a lot of our clients. RDNs, they're the large hospital networks. They can be any size, actually, but these are the larger ones. They are the bulk of the market. We estimate they're roughly 40% of the market, maybe a touch more. As I mentioned, it's not a black and white delineation between them because some of the RDNs do have universities. It is a market where we've seen incredibly strong growth over the last, even from the beginning, but even more so in the last few years. You'll see in some of the sales we've made last year and this year that there's a good representation of this market space. Because Trinity wasn't announced when I stood up here last year, I'm going to mention a few things about it. It is one of the top 10 RDNs in the U.S. They have hospitals. I don't know how many. Clayton may know, but there's too many to count. In 26 states, so half the U.S., they took full stack. They took everything, worklist, viewer, archive. It is fully cloud deployed or going to be. The phase I, as I mentioned, has already, is in its own right, bigger than a lot of other institutions in the U.S., just the fifth that we've done. Next four key regions will be completed by the end of this fiscal year in June 2026. We believe it is still to this day one of the largest purely IT contracts in the U.S. market. The other market, which we talked about last year and is growing very strongly for us at the moment, is the private market, private practice imaging centers, which for a while was dormant because there was a lot of M&A activity up till about 2023, and then that sort of stopped. We did announce Julie Health last year, Elucid that gave us about AUD 70 million worth. Just the other week, we announced another big private market, this group, Reeds for hospitals and other groups. It does not have any bricks and mortar, a deal worth a minimum of AUD 44 million in five years. We are picking up pace in this market as it starts to evolve. University of Colorado, as I mentioned, we started off this fiscal year with a bang early in July. It is a AUD 170 million seven-year deal. I think the thing is it is now full stack plus one. It is the full stack, the worklist, viewer, archive plus cardiology out of the gate. Highly respected health system. It does have an academic medical center in terms of University of Colorado Hospital. It is a bit like Baylor. It is one of these hybrids, a mixture of academic and large regional RDN. Heidelberg, a little bit different. Big teaching hospital, known as one of the best universities in Europe. It is affiliated with and shares co-located campus with the top cancer research institute in Europe. It is a dual deal for the institute and the hospital. We think it will have a material impact on increasing our footprint, not only within Germany, but longer term within the European market. It is one thing to sell them. It is another thing to put them in. We talk about our fast track implementation, and we now know that we can put in systems a quarter to a fifth the time of our competitors, sometimes even quicker than that. When we look back at Trinity, one of the key things they wanted us to make sure of, or they wanted to make sure of with us, is that we could put it in quickly. They had a failed implementation with another vendor. They were already three years behind their project, and they did not have a moment to waste. We will complete Trinity in record time for a group of that size within the industry. I think that is an enormous strength because it is now coming out in the market. Some of our key competitors are failing in the implementations or taking two to three years, which clearly a client does not want. It is becoming a very big differentiator for us. We talk about ROI. It is both financial and clinical. We are the most expensive product, which is where I think we should be positioned, but we believe we give the most back. We keep measuring that. We keep using that in terms of our sales, the usual, why should we pay more for you, etc. We think we have a very credible and proven answer for that question. Burnout. I showed this slide last year. If anything, it's getting even worse in the industry globally. There is a scramble to hire radiologists. If any of you are going to be at RSNA next week, you'll actually see a lot of the groups having their own booths trying to recruit, the chairs sitting there trying to recruit radiologists. It is getting that bad. Fewer of them, more images. They even talk about silent quitting where radiologists are so exhausted, they just do the minimum that they have to do just to stay there, which clearly is demoralizing for them. The industry really needs an answer to an acute manpower shortage. We believe we're part of that answer. We can prove efficiency gains between 25%+, which is huge. Often we will come into a site that is days or weeks behind in their reading, and within a few days, they'll be up to date and never fall back again. That's how dramatic it can be. As much as it's about efficiency and money, it's also about moving the needle clinically. We do believe that we allow the radiologists to do a better interpretation, either by allowing them to do something they couldn't do before or something that they could, but it would take so long that they wouldn't. When we do things like fusion, which is overlaying things, it will take another system six to seven minutes. We do it in three seconds. That can be the delta. The growth strategy, again, we're delivering on that. It was obviously cleanly discussed in much more detail than the slide at our strategy meeting a month ago. Expand our footprint, which we're doing both in the U.S. and in Europe. We are getting above average industry average growth of transactions from our existing user base. The bigger the base becomes, the bigger the multiplier that is. We have brought out new product offerings, which I'll talk about in a minute. We are looking at new markets, in particular Europe, as it starts to get cloud and starts to become a bit more, I call it North America-like in the way it buys its technologies. That is just us starting, but we can see that progressing. We are looking to leverage our R&D capability. North America, biggest market by far, AUD 0.60 in every dollar spent on healthcare is spent in the U.S., which is amazing. We believe we can address, from a product perspective, 100% of the market. We can work in small private practice. We can work in Mayo Clinic and everything in between with the one product set. Our current market penetration is now a few basis points above 10% with the new sites that we won and growing. Whilst our footprint is material, there is still plenty of runway ahead of us. Quickly go through the products. The first product is our viewer. That is our cornerstone product. That is the desktop that radiologists use. This was our second product, the archive. It is software that manages the images. As I mentioned before, it can be petabytes of images that we have to manage, make sure that all the past exams for the patient are there and available for the radiologist as they are looking at the current test because radiology is largely about comparison. It is a very key component of our cloud strategy, the way we store, how we use tiered storage to minimize cost of storage. There is a whole lot behind this that is not apparent from the slide, but it is very critical for our go forward strategy. That is why some of the largest RDNs are coming with us, because the way we deal with them, not only in scale, but also in storage, is very important for them. It is transaction-based. The more work they do, the more we get. The workflow is the last product. Again, similar concept. It is the worklist that tells the radiologist what examinations to do. There is a lot of smarts in it, a lot of AI behind it in terms of prioritization. The radiologist does not see or feel any of that. They just see what is coming next, which is how it should be. The beauty of this product, not only is it a third product and a third transaction, but it means that we don't need to deal with third parties if the client takes full stack. We can't be held up if the work list vendor, the third party guy is running late. If it's all us, it's only us to deal with. Not only is it good for us financially, it's far more efficient. Cloud. We've been in the cloud now fully for nearly five years. We believe we're the only, believe it or not, the only company that has a full cloud offering. Cloud is actually even faster than on-premise, which is counterintuitive, but it is. It's very secure, and that's why people want it. I think most health systems realize they're in the business of providing patient care, not managing data centers. They want to offset as much of their technology stack into cloud. Now, a few things. Not only is it big in terms of data, it's mission critical. That thing cannot go off for one minute, right? Because if it does, certain parts of the hospital stop. Cloud is part of that solution of not only uptime, redundancy, and speed. We see pretty much all of our opportunities now want cloud. They're pretty much mandated. We are agnostic. We have big implementations in all three major clouds, in Azure, AWS, and Google GCP. We see that as a competitive strength. We note that as we become more successful to try and plug the hole, our competitors talk about hybrid solutions, of which no such thing exists. It's an on-premise solution with a cloud backup. To me, that's not cloud. That's been around for 15 years. We think it gives us a significant strategic advantage, and we think that will just widen as there are the can-dos and the ones that can't. The one viewer, it's becoming really important. The one technology stack, which now will do radiology, cardiology, and soon digital pathology. It's the one source code, one product. We're the only ones so far that has been able to do that. We think we'll see more growth opportunities, and we've started to see it in the cardiology offering, which is next. Again, cloud-based, part of the same source code. Our first really big major client will be UCHealth. We have other RFPs out that want imaging and cardiology. We are hopeful that we'll see more of this full stack plus one as we progress. We are seeing a lot of interest for cardiology from our existing client base. We believe we'll be able to, without much impedance, sell that back to them. Digital pathology, that is pieces of tissue you look at under a microscope. It is emerging, unlike radiology, only about 5%-7% of the market in pathology has gone digital. It will be new rather than replacement. It is something that we have available. We will be showing it at RSNA. We're waiting to start going through the regulatory FDA cycle that it requires. It will be another string to our bow as we look to do more and more departments in the hospital. AI, I won't dwell too much about it because most of you have been AI'd out by all the news lately. We think that it will have a major role in medical imaging as a second set of eyes, an aid to diagnosis for the radiologist. There are a number of things that we're doing. We're just in FDA. We've entered our breast cancer detection algorithm into the FDA. Unfortunately, with the government shutdown, everything stopped for a while. We were caught in that sort of go slow traffic, but it started again. We're hoping to release that commercially next year so that it becomes almost like a second radiologist looking over the shoulder of the radiologist. It will pick up something if the radiologist thinks it's normal. The algorithm thinks, "Hang on, I see something." It will actually warn the radiologist. A lot happening in that space, and I think we're well positioned for it. Our leadership team, they're all PhDs in this area, Malte Westerhoff, who Peter mentioned, our CTO and a co-founder, and Detlev Starling. Their PhDs are in imaging and in healthcare. Very much aligned in terms of what we need to supervise the technical part of our AI developments. Something different, many of you may not know. Self-congratulations. This year is 25 years since the company IPOed. Going back into the past, we IPOed on 10th of October 2000. Pre-IPO, these were our newsletters. Anthony and I thought we were great marketers at the time. We called the newsletter Profile. The first one actually had a photo of Eve, my daughter, who's in the front when she was one. It shows how far back we go. In that, you may not be able to read it, but we say, "Profile is back. This year, bursting with news. Since our last edition, there have been many exciting changes here. New products, new offices, new everything." That was back in 1997. You will actually see down the bottom right, it's a bit dark, a photo of our office just as we moved in a little while earlier. We had gone through the late 1990s, and we had seen something we had never seen before, which was technology coming front and center in terms of investment. The internet was starting to become real. There were a lot of companies, and there was this huge tech boom that went on around us. The next profile was in late 1999, and we were talking about the year 2000 bug, which most people would have forgotten by now. We are showing our age. There we were in 1999 looking to IPO. Here is a graph. The reason I mention the graph is you see the big peak. That was the time we were about to announce to the market. It was a weekend that we were going to IPO on the Monday. And guess what happened afterwards? Tech wreck. Tech wreck occurred the exact weekend before we were about to announce to the market. If you have a look at what happened and some of the things in the slide, it was just a complete wipeout. Anthony and I thought, "There's no way known we'll ever IPO. We've done all this work, put in all this money, and this is going to take years." We were wrong. Our brokers in JB Weir and the person leading our float, which happened to be Peter Kempen at the time, rang us and said, "We think there's appetite for your stock in the market." I said, "What happened?" They go, "You make money." That was literally the answer. You make money. Because before then, everything was just pure hyperbole. We were pictured looking very sort of dour in front of our new office. Float, just what the doctor ordered. Byline in The Age. This was just the day before our listing and our then Chairman, founding Chairman, Mel Ward, who was with us for 10 years until he unfortunately passed in 2010. There we were, just two boys coming to an IPO we didn't know how it was going to go. Here's the press after we IPOed. Two IPOs before us didn't trade for three hours and then went underwater completely. Thankfully, we started up with a large amount of shares trading, and we traded up the whole day. The share price was AUD 1.15. We traded as high as AUD 1.60, finished the day at about AUD 1.41. All the papers were like, "Oh, first float to get away in months." We had lists at healthy premium, big demand, etc., etc., etc. Last thing about the float, it seems so long ago, we issued 100 million shares at AUD 1.15. Our current shares on issue are 104,495,170. Thanks, Danny. We have increased our shares on issue less than 5% in 25 years. All of those shares have been issued to staff as part of an LTI. I think we're a little unusual on the ASX because we have been entirely self-funding throughout, and we've never had any debt. Thank you. From the past to the future. I'm nearly finished. Don't worry. The Apple Vision Pro, these are the 3D virtual reality goggles. We were a launch partner with our special software for them. It is quite amazing. We are starting to see a number of real-world uses for it clinically, which is great because people thought, "Is this just a toy? It looks great, but can it be used?" We are starting to see a number of real-world applications to the point where today, week in Chicago, Apple are putting on a huge event in their Apple store in Michigan, in the Magic Mile. It's the only store big enough to hold an event like this. They expect 100-200 people to turn up. It will be all around the Vision Pro, and it will be two users who use it in real-world clinical environments and Malte Westerhoff, our CTO. It will be highlighting our capability with Vision Pro, hopefully for a whole lot of radiologists and other clinicians there at the Apple store Monday week. If any of you are in Chicago, feel free to come. RSNA, that's where we're going. It's our biggest show. Last year, we had 50 staff. This year, we're going to have 62. So 62 out of 142, nearly half our staff will be in Chicago. It is huge. We built a literal city that you see there. It's a bit hard to tell, but at the back there, three conference rooms. One's a theater that'll hold 35 people. The whole thing is built, used Sunday to Wednesday, and just gets dismantled and taken away. It is amazing. It's like a little village. That's what the team looked like last year. I did wake up in time for the group photo, so I stood in front. It'll be even bigger this year. Some of you may notice they're all wearing these green or black striped shoes. One of our staff wore them. I went, "They're great." He goes, "Can we make those official kit?" I went, "Yeah." You will now come to RSNA, and most people will be wearing those. Summary, FY 2025, I will not go through it all, but we do think it was most probably our biggest year. In terms of year to date, FY 2026, we are off to a strong start, as Peter mentioned. We do have AUD 273 million of sales contracted so far year to date, and the half has not finished. We have completed two big implementations. We are ahead of our budget year to date. University of Kentucky to go live next month. As Peter mentioned, we think that there will be a stronger second half, which always is a bit stronger, but it will be more skewed to the second half than has been the case for recent years. Thanks very much. Thank you. Thank you, Sam. I feel like I'm Sam Straightman in this environment, but I hope you got a lot from that. I just want to make two comments before we go to questions. Yes, we did party. Unfortunately, we couldn't invite all of you to join us, but we did have a party to celebrate our 25 years. Needless to say, it was a great event. I just wanted to reflect on AUD 1.15 per share. I don't know whether there's anybody in the room who, 25 years ago, decided to invest in this small emerging company. I'm sure you're well satisfied with the return to date if you managed to be here at the beginning or even shortly thereafter. Even at AUD 1.60, it was good value. I would now like to invite shareholders to submit any questions they may have. We will initially deal with questions in relation to comments made by Sam and myself. Later, we'll seek to answer questions in relation to the items of formal business when we deal with each item. We'll deal with questions in the following order. Normally, I would say written questions first, but I don't believe we have any of those. Secondly, questions from those attending in person. Thirdly, questions from those utilizing the online portal. Finally, if there are any questions, those attending by web phone. Shareholders attending online can submit their questions during the meeting by clicking on the Ask a Question button. To ensure questions reach us in time, I ask that you submit them now if you haven't already. Before I go to the questions, I just did want to reflect on a question that was asked last year at the AGM by a shareholder. They raised the question of whether it would be appropriate to undertake a share split, recognizing the level of the company's share price. The board did some investigation on this issue and considered it in some detail. We did receive some external input, including from some shareholders, most of whom did not see the advantages of doing so. The board, in conjunction with other advice that we received, decided there was no particular advantage for the majority of shareholders in undertaking a share split. We do not intend to do that in the foreseeable future. May I take questions from the floor, please? Sir in the blue. Thank you. Stuart Byrne, representing the Australian Shareholders Association. We noticed that there's AUD 35 million in franking credits in the financial report. Can you please advise if there are any plans to return these to shareholders via increased dividends? As you appreciate, we've tended to have a policy of returning 50% of the after-tax profits each year to shareholders, and they're all fully franked, as I mentioned earlier. At this stage, this is probably the largest level of franking credits we've actually held because over the years, they've been quite modest. We haven't turned our mind to disbursing any additional franking credits at this stage. We do intend, assuming profits continue to rise, we do intend to increase dividends, and therefore, franking credits will be provided. Okay. Thank you. My second question is, can you please advise if the investment by PME in 4DMedical is strategic as they have very similar profiles? Are there any plans to invest in other similar companies? 4DMedical is probably a special case. Yes, it does have software that's quite interesting to us, and they are in a similar space. There may be, apart from the financial aspects of the arrangement, there possibly will be opportunities for us to be involved with the development or the marketing of that software when it becomes more available. Sorry, Peter. I just want to add that the investment was financial to begin with. We could possibly resell their software like we could any other third-party AI. We would not have to—I don't believe we'd have to take an equity stake to do that. It was just an—it came to us as an opportunity because many of you may know I used to be on their advisory board, so I knew them prior to listing. I think the board felt the terms were such that, from a financial perspective, it stood up in its own right. That was first and foremost. Whether we decide to unsell it or not still remains to be seen, but we have that right. I should just add to that that if Sam had some involvement with the company earlier on and that potential conflict was disclosed and Sam was not party to the actual decision taken by the board. Another question back? Thank you, sir. Thanks. My name's Barry Telford. I've seen literature recently about SPECT imaging. I'm just curious, is that a sort of imaging that you can bring into your system? Yes, we cover SPECT. SPECT is a type of nuclear type scan. They do a lot of SPECT for heart. Yes, we cover that in amongst PET, SPECT, and other forms of that type of imaging. Okay. Can I just—one more. 4DMedical, because of the lung imaging. Just curious, why not Cyclopharm? I'm not that familiar with it. I was familiar with 4D's technology. Their first technology around lung function was something that we felt was good, but we wouldn't add value to because it spits out a PDF report. This particular one, which is around pulmonary embolus, the one they've just got FDA, you need to look at all the CT images with it so we can add that value. Hence, one of the reasons we invested. Look, there's plenty of algorithms, plenty of good technology. We invested in a company called Elucid a year and a half ago that does AI for cardiac CT. There are now two companies in Australia that are looking to do the same. We are looking at them. I should introduce, we've got a new staff member. That's Tim Kern, our new CSO. He didn't make the cut for the AGM. His photo will be next year's. We are looking at part of Tim's remit is to look at all these things. There are a lot. There are a lot, and you can't look at everyone. We try and do a curated list of what we look at. Just wait for the microphone. Rick Howard on behalf of myself. With the data that you're uploading from these new huge clients, do you have the right to train your algorithms on them to make an even better product? No one does, believe it or not. If you're a researcher at one of these institutions and you're on staff and it's an official research project, you still have to go through a process through a board called an internal review board. You have to say what you want the data for, how long you need it for. Only that subset of data is given to you, and it's all anonymized. It might have been anonymized. Yeah. We don't. On the flip side, we have currently four research agreements with Yale, Mayo, NYU, and UCSF. In those research agreements, clearly, if we're working on things, some of which I've mentioned in the past, then we and they have access to that subset of data. We do have two other data right agreements with two other clients, but that's not standard in the industry. We have access where we need it, but you have to go through this process. I think—sorry. I think it's right to say that some of the AI products that Sam mentioned have been done in conjunction with one of those four. We have effectively had access to prove up that the algorithm actually works. I think in one case, it was quite a lot of data. About 10,000, I think. No. It was even more. It was NYU. With them, we developed a breast cancer detection algorithm. We and their researchers had access to all their past mammographies, breast tomosynthesis, breast MRI, from everything that they have. Yeah. It's a huge advantage. Data's not the only thing. It's how well curated the data is. You can get tens of millions of exams, but if they're not expert radiologists, you may not get the right answer. It's not just the volume. It's the quality of curation. If you look at the people like Mayo and UCSF, you're really at the top of the tree globally. Hi. Good morning. I'm Sufeng Chong, and thanks for sharing on the product ideas and so on. I have a question on how much of the current contract pipeline by value are expected to convert in the next 12 to 24 months? If I tell you, I'd have to kill you. We hope as much as possible. The pipeline is dynamic. This time last year, I had the biggest pipeline I have ever had. I had Trinity sitting there, and I had six other contracts, all of which dropped within a few months. They went bang, bang, bang, bang. Was there any reason they all came to contract in that time period? Zero. They had nothing to do with each other. It was not like they were all on hold waiting for Donald Trump to say something. It just happened that way. I think what we can say about the pipeline is, obviously, the day Trinity comes to contract, the pipeline gets smaller by Trinity. There is not another one just waiting like a chair. Someone gets up, another person sits down. We have been able to rebuild it with a lot of good opportunity. We think this year's RSNA will most probably be—I can't preempt it, but I think we will get more pipeline opportunity than we've ever seen before because these people actually book with us. We know who's coming. The pipeline gets rebuilt. The other thing is, I think if you've seen the range of markets that we sell in is also important because we want as big a market share as we can get. We can't leave any of the market alone other than the really tail bit that's too small to contract with by themselves. If you look at all our sales over the last few years, you'll see it's across the whole range, the whole spectrum. The one area that was sort of quiet for us but now is coming on full steam is that private market. You've seen three pretty material deals in the last, I don't know, 12 months or less. We see more opportunity in there. All I can tell you about the pipeline is it is healthy. It's across a large range of market segments. I'm only talking U.S. I'm not talking anything in Europe or possibly Australia. Thank you so much. The next question would be you have gone around seven contracts. Each of the contracts come into the system. How would it impact the margin? Would you be able to share a bit? Yeah. That one I can tell you. They go up. The margins go up simply because the revenue goes up more than our cost base. We often get asked, "Are you investing enough in the company, particularly around R&D?" The answer is, "We believe we do." Myself and my executive team, our job day in, day out is to right-size, make sure we have the resource we need. Don't get too overblown. Don't get too thin that you can't service us. I'll give you an example. We can't always predict when people want systems implemented. These implementations are really big. There's a lot of organization that goes in between the markets to put one line and say, "Oh, we did Trinity." I mean, there are months and months and months of work behind that. Having said that, we have never, ever, ever missed a go-live date. We have to make sure we have the people there, trained people. You can't just bring people off the street. That's what we do. We think all of them that we mentioned will be implemented within the next 6-12 months. Now, often, in fact, always, it's up to the client. We signed Trinity in November. They only went live in October. That was because of them, not because of us. They reckon nine months is world land speed record for them. They normally would get ready in two years. Basically, answering your question, yes, margins go up with all the new sales. Thank you so much. The margin won't go up that much, though, because the base is getting bigger. I just wanted to pick up one point in the pipeline. At least one of our more recent announcements took two years from start to contract signing. It's very difficult to predict. As Sam mentioned, then implementation's another period. The tail is quite long from first discussions to contract to implementation. That is why we can talk about a pipeline which has a long tail. There is a question at the back, I think. Mine is more of a comment than a question in that when I first got interested in this company, we used to meet over the river with maybe 20 people turned up to the AGM. I would like to thank you now, just looking at this, what a measure of the success of your company has been. I would like to thank you very much for what you have done to the value of my shares. Thank you, sir. I remember with some fondness that meeting over the river, but yes, it was a bit cramped over there, though, was it not? I'm going to tell you, our first AGM was actually in the bigger hall in Leonda. We had even more people because we were one of the first IPOs after the Tech Wreck that was successful. It hasn't always been an easy ride. I mean, in 2010, when I came back as CEO, our shares were down around, what, AUD 0.20? We were off the radar. It hasn't just been like that. It's gone up and down, but thankfully more up than down. There's another question at the back there. Sam. Clive Shilfs. Oh, sorry. Could you quantify what the benefits and advantages might be out of that access to the American veteran system? The VA? Yes. Yeah. Thanks for that. In America, they have Department of Defense, which is roughly broken down into two arms, active duty and Veterans Affairs or VA. The Americans love going to war. They've gone to many of them. They have a huge health system for veterans. They have their own hospitals, their own clinics, their own specialists. It really is very extensive. What they do is they divide the country into a thing called a VISN, which is an integrated service network. It is geographic. If you're a vet that lives in that area, you can go to any of the hospitals or clinics in that area. In the past, there was a special government contract called DIMPACS that you needed to deal with military, either active or VA. Now they're pushing everything to go into the cloud. You may have seen some of our announcements. The first one is we have a thing called FedRAMP. FedRAMP means you're certified to go into a government cloud. It doesn't talk about military. It's purely around the government because it's a hypersecure cloud. It's not the normal AWS. Recently, we got another certification, which was from the military itself, called an ATO, not Australian Tax Office, but authority to operate. You need one of those to do anything in the military hypersecure cloud. Yeah. It's very, very bureaucratic. It's all around security and permissions. We recently got an ATO, which normally takes years to get. That ATO will allow us to move our first VA, VISN 23, which is on-prem, into this hypersecure FedRAMP cloud. We think we'll be the first, if not only one, that will have the model of where all the other VAs want to get to. That opens up the, I suppose, gives us a hunting license and some credibility that there is a model that they can follow. Now, it sounds easy. They can't just go out and buy it. They have to go through a process. But they can't buy you if you're not on the list. And we're on the list. Hi. Just a question. Angie Ellis, happy shareholder. I just wanted an update, Sam, on the competitive landscape. New competitors coming in? Any leaving? Is it becoming easier or tougher? It's never a dull moment in our industry. There are the traditional players. A week ago, I would have told you the traditional players like the GEs, Philips, Siemens. The only one that's doubled down is Philips. This last week has made me a liar because GE has bought a company called Intelerad that works in our space. Intelerad is a company we know well because they have a presence here in Australia. We don't see them in the upper end in the U.S. You won't see them in Mayo Clinic or in NYU. They just don't have the sophistication. They're more for the private market. That's been their strength. The competitive landscape just changed again. I think, truth be known, don't quote me on this, but I think it's good for us because I don't think that's where a dynamic software company lives best or sits well. That'll be for GE to work out. We've seen some new entrants, one or two, some internet-based startups. You see them every few years. It's not uncommon. You see companies like Agfa, for instance, that we used to deal with trying to reinvent themselves. I mean, what this announcement by GE showed is it is a very big market, which we've always been saying it is. There will always be people attracted to it. Competitors come and go. We have to deal with that. As we see it today, we don't see another competitor that can actually work in cloud, take the whole thing, put it all up in cloud, and decommission all the hardware. This particular one that GE bought is in that boat as well. They can't do it either. Look, we keep an eye on two things: the future, run faster than the competition, never stop, and make sure you know what your competitors are doing so that you can make sure that what you're trying to do keeps ahead of them. Yep. Can I ask a second question just on how your customers pay you? These new contracts, do they always sort of do they pay upfront by scan? Or is it different? Or is it generally the same? Except in Europe, which when you buy from the government, you do not have a choice or sell to the government, which is what we did in Munich in Heidelberg. The way it works is we charge professional services, which are all the configuration, training, everything else. That is actually charged up as we do it. Milestones, usually at the beginning of the contract. Because of accounting rules, we amortize that across the life of the contract. If professional service is AUD 1 million and it is a 10-year contract, we take AUD 100,000 to revenue each year. All the rest are transactions, and we bill them once they have done them. As they do them, every quarter we bill them. Danny and Clayton's team manage all of that. We send them out a quarterly account. It would be for the quarter in arrears. As they do them. When we announce a contract, any of the ones we've announced, that is the minimum commitment. Even if they don't do one test, which of course never happens, they will pay us that amount over the life of the contract. Are there any other questions from the floor? If not, are there questions online? Please, Danny. Yeah, we do. First couple are from Stephen Mayne. Question for the chairman. Peter Kempen is a former partner of Ernst & Young. When are you planning next to run a full tender for your audit work? It's not a moment to suggest there's anything wrong with Ernst & Young's audit work, nor is it a compelling case for change. We have no plans at this stage to run a process. When you last sought approval for a lift in the non-executive director fee cap from AUD 500,000 to AUD 1 million in 2020, the poll results showed that the founders did not vote, and there was little opposition. Is that the situation again in 2025? Also, as we seek approval again to double the fee cap to AUD 2 million, did all the proxy advisors recommend in favor, and did all of their institutional clients vote in favor? What is the planned percentage pay increase for individual directors once this is approved? There is about four questions in there. One you are going to answer in a few minutes. I am just trying to remember the question. Sorry. The reason for the increase, I will go back. What did the proxy advisors say? The ones that we've seen, I think which is most of them, have all indicated or advised their institutional or their customers to vote in favor of that resolution. In relation to the question of does this mean that the current directors are going to get massive pay increases, the answer is no. The main reason for the increase is to allow for us to build additional skills on the board. That means additional directors as the company grows. We haven't had an increase in the director numbers for some years, and we are anticipating there will be an increase in the next year or two. Does that answer the questions? I can't remember all the other questions. That'll do. Absolutely. Question for Sam, Dr. Hupert. Good morning, sir. Great achievement. With the AI going forward on full throttle, will it be beneficial for the company, or could it be a concern for the growth of our company? We think we're incredibly well positioned. First of all, we haven't spent AUD 400 billion on infrastructure like a lot of others. That's a good thing. We see our platform being AI-optimized. In other words, we've always had GPU technology. We started using NVIDIA 20 years ago. None of you would have heard of them then. The words AI and NVIDIA were never used in one sentence. Our clients have AI-capable infrastructure out of the box. The way we allow you to take pixel data, which is what a lot of AI generates, in other words, an image, we can overlay it across the X-ray or CT images, which most companies can't do. We are looking to then, where do we get the algorithms from? We know we are not going to be able to develop all of them ourselves. It is just not possible. We develop some ourselves, some with our academic partners. For those where we feel they are the best in breed, we will look to license them and bring them into our universe. Now, with Elucid, if a client buys Elucid through us, they will know it is Elucid. We are not looking to white-label it. We are just looking to add value around it. That is why the client will buy it from us rather than someone else. We think AI is a plus for us. The other use of AI is what we call under the bonnet, because radiology is all about measurements and what we call segmentation. Is this tumor tissue? Is it normal tissue? AI can speed that up enormously. That is another area that we are investing in. Our product, the Visage 7, becomes even more ahead of its competition. We see two use cases for it. We have been working in this area for many years, and we think we are well positioned. Great. Another question for Dr. Hupert. Thanks for a great update. Noticing some Visage 7 competitors such as Sectra also making strong wins in the U.S. May I ask whether Visage has lost any material deals lately and on what grounds? We will always have some we do not win. If we do not win them, it is usually around price. It is usually around price, or it is a renewal. Someone is already in there, and the simplest thing is to renew them. There are competitors. I wish we did not have them. I think we win far more than we lose. We win them at a much higher price point. If you look at our competitors, and I won't just single that one out, our margins are three times our nearest competitor. It is not just about winning them. It is winning them at a price point where you can actually provide that service. Having said that, we think we give a much better result. Therefore, they pay more. They get back more. We do not win everyone. I wish we did. We win far more than we lose. Just on the question of renewal, you are actually talking about renewal of clients we do not have, not our own renewals. Renewals of clients we don't have, where the client turns around and goes, "Oh, I'll just renew with my current vendor for two years." That I don't see as a loss. You just don't get in the door on those at that point. Because we have had instances where it has been renewed, and then two years later, they come back and buy from us. Yeah. They use a short-term renewal. Then they're ready to go to market. They put it on RFP. We compete like hell. More often than not, we win them. Question from Mr. Dixon. I applaud the company's performance and leadership to date. Has the company had any interest in being taken over? What is the current attitude to any such approach? The easiest one is no one's ever come. No one's offered. That's an easy one to answer. We go about our business doing what we do best. If things like that occur, then we'll look at them if and when. To date, no one has ever offered to come and buy the company. Another question from Dr. Hupert. Could we get licensed on Visage's platform, e.g., breast density module, Elucid? Yeah. That answer is simple. We're just about to start the next calendar year so that we have them. We're packaging them up. We know how to sell them. We know how to price them. We believe you'll see them in the market early coming calendar year. Congratulations on another fantastic year. I'd like a comment on government regulation risk. Despite the US being a huge market, what would be your ideal geographic mix? Do you see more opportunities in emerging markets? As I mentioned before, AUD 0.60 in every dollar spent on healthcare globally is spent in the U.S. It is by far the biggest market. Not only the biggest, it is the market which has the least government interference. Sure, military, that is all on its own. If you deal with some state governments like we did with the UCs, UCLA, UCSF, they are all part of the state of California. There are some nuances around all of that. Nothing like dealing with public hospital here or the NHS or even in Europe. I do not know how Malte got the Heidelberg deal, but he did. We think U.S. for that reason. Less impedance, much bigger opportunities. We are opening up to other markets. We think Heidelberg will be material for us to win more work in Germany. We think Europe is going to eventually become a lot more U.S.-like. They'll adopt cloud and other things that will make it much easier for us. That's just starting. Is there anything geographically that stops us? Only two markets we can't or won't work in: China for obvious reasons and Japan because you need to go through a regulatory cycle. Whilst I'm sure we'd be able to get that, we just feel it's a very closed market to foreigners and that we're better off, at this point anyway, focusing our resources on U.S. first, maybe U.S. second, and maybe Europe third. There are no more general business questions. Thank you, Danny. Okay. That brings us to the business of the meeting and the formal business of the meeting, which is set out in the notice paper, which you would have received or accessed online. With your permission, I'll take that notice of the meeting as read. Minutes of the previous annual general meeting. The board reviewed the minutes of the meeting held on the 25th of November 2024. I have signed those minutes as a true and accurate record of that meeting. Company Secretary has a copy if any shareholder would like to refer to them. With your permission, again, I'll note those minutes as a true and accurate record of proceedings last year. I'd now like to refer to the process of shareholder questions and voting on resolutions before the meeting. Those present at this meeting may ask questions as each resolution is considered. Those attending virtually online may ask questions and vote using the portal. If there's anybody on the telephone, I don't know whether there is, we will deal with those as well. They'll be invited to ask questions. Shareholders, just going back over what I said earlier, shareholders can submit written questions during the meeting by clicking the Ask a Question button. To ensure questions reach us on time, I ask that you submit them now if you have not already. Again, any general shareholder questions submitted online during the meeting will be addressed after the formal business is completed. If we are not able to get through all of them today, or if there are specific questions that would be better addressed on an individual basis, we will respond to those after the meeting. If we receive multiple questions that are similar, we will try to amalgamate them into one or choose to answer the broadest question, which will cover off the others. The voting instructions are on the screen for those who are here and hopefully online. I won't go through those other than to say that the voting on the resolutions will be conducted by a poll. Jim, I'll try again. Compared to your targets, MUFG Corporate Markets will act as the scrutineer or returning officer, and he's sitting just over there. When you come to cast your votes in the room, please recognize Jim as the person who wishes to receive your votes. The results will be published on the ASX and the Pro Medicus website after the meeting. They're getting ahead of me. The slides are getting ahead of me. Item one, the accounts and reports, which is the first item on the agenda, to receive and consider the financial statements of the company for the year ended 30th of June 2025 and the related director's report, director's declaration, and the auditor's report. Whilst no vote is required on this item, I would call for any questions shareholders may have in relation to this. As I said earlier, Matt from Ernst & Young is here to answer any questions you may have, which perhaps relate to the audit or the audit report. Are there any questions? Are there any questions online? Yeah. Sorry. We have one online on the re-election of Dr. Sam Hupert. I can ask now or I can wait. No, hold that until that one comes up. Thank you. If there are no other questions in relation to that matter, we'll just note the receipt of those accounts at this meeting. Item two, remuneration report. To adopt the remuneration report, which is contained within the annual report on pages 30 to 42 for the year ended 30th of June 2025. Whilst the vote in relation to this item is not immediately binding on the company, we naturally take seriously the views of our shareholders. Before putting this motion, I'd ask are there any questions in relation to this motion? Thank you, Stuart Byrne from the Australian Shareholders Association. We noticed that the remuneration of Anthony Hall has gone down this year. Does this mean he's working less time or withdrawing from directorship of the company? Oh, sorry, participation in the company? Or is there a reason for his remuneration decreasing? You caught me on the hop there. I didn't think it had gone down. I think it's the same, isn't it? It might be just an adjustment of the other benefits, is it? It is actually cheap. I should indicate that both the executive directors are resistant to having more paid to them. I don't think Anthony has gone to the trouble of actually reducing his own remuneration or asking for a reduction in that modest amount. You caught me on the hop. I didn't think it had actually gone down, has it? It must be minimal. It's gone down. That must be a misprint, I think. I'll have to take that on notice. I'm not aware that the meeting should note that Mr. Hall congratulated the question on his question. I'll have to take that on notice. Sir, I must admit I hadn't noticed that when reviewing the report. We'll investigate that. Are there any other questions in relation to the remuneration report? I hasten to add that, of course, the directors can't vote on this item. We as shareholders, and we haven't. Or if we did, Jim would have excluded them. I'll put the motion. Those in favor of the motion, would you please indicate? Those against? As you can see, the slides are getting ahead of me, and the resolution is carried. We're pleased to see it's as high as 95.7%. I don't know who's operating this slide. Are you doing it? No. Okay. Let's move to the slides. They seem to be getting ahead of me, but I'll keep going. Re-election of directors. Two directors are to be considered for re-election: Anthony Glenning and Sam Hupert. The first item is 3.1, that Mr. Anthony Glenning, being a director who is retiring in accordance with the company's constitution and listing rule 14.4, and being eligible, offers himself for re-election, be re-elected as a director of the company. Details of Anthony's background and experience are outlined in the explanatory memorandum, which was attached to the notice of meeting. I'll now invite Anthony to address the meeting prior to putting the motion. Thank you, Peter. Perhaps for those that don't know me, I'll just start with a little bit about myself. As Peter mentioned, my name is Anthony or Tony Glenning. I hold degrees in computer science and electrical engineering from the University of Melbourne and a master's degree in electrical engineering from Stanford University. I worked in Silicon Valley for 14 years, starting as a software engineer, then starting my own software company in 1999, which I successfully sold to Google in 2007. There I worked at Google for a few years before pivoting to venture capital in 2010, a field in which I remain active today. That said, over the last few years, I've scaled back my venture capital work to focus more on public company directorships. Currently, I sit on the boards of Pro Medicus, OSCO Healthcare, and IRIS. At Pro Medicus, along with contributions more broadly to governance, I also specifically make contributions to strategy, M&A, product roadmap, and bring a high-growth mindset to the company's goals. I serve on both the audit and risk subcommittee and the people and culture subcommittee. When I joined Pro Medicus, which I will say was long after the IPO, the stock price was around AUD 4 and the market cap around AUD 400 million. The stock price is about 60 times that at AUD 250 thereabouts and the market cap about AUD 26 billion. I share this not to dwell on the past or perhaps only a little bit, but because even acknowledging that incredible growth, I still believe the company's best days are in front of us. AI will revolutionize many businesses, and I firmly believe that the field of radiology is one of them. As Sam addressed in some of his answers to the questions, the current generation of AI using large language models is ideally suited to process enormous amounts of data and draw meaningful conclusions. AI will help with more accurate readings in much less time. It will most certainly move the needle on clinical outcomes. With our cloud-native technology and back-end image processing, Pro Medicus is perfectly situated to be at the forefront of this digital transformation. I see very exciting times ahead. With your support today, I would like to continue to fulfill my fiduciary duty in requiring good governance and driving accountability of management. I would also like to challenge the management team to deliver on the enormous potential that I see within Pro Medicus. Thank you. Thank you, Tony. I should emphasize that if anybody holds management or forces management to think and holds them to account, it is Tony on our board. He always plays a very strong role when we get together, as we did last month on the strategy meetings that we held. Rest assured that he is pushing hard on your behalf. Are there any questions of Anthony before I put the motion? I'll now put the motion. Those in favor? Thank you. Those against? No one. The proxy votes, we can now see, hopefully. There we are. Given there is a majority of shareholders voting in favor, they have endorsed Anthony's re-election, and I take the opportunity to thank Tony for his re-election. This is a harder sell, 3.2. Dr. Huppert, there's three people in the front row here who are going to heckle at this point. For those who don't know, they're Sam's offspring. Dr. Sam Huppert, being a director who is retiring in accordance with the company's constitution and listing rule 14.4, and being eligible, offers himself for re-election, being re-elected as the director of the company. I think everybody's well known to Sam, but Sam is well known to most of you. His background and experience are outlined in the explanatory memorandum attached to the notice of meeting. Are there any questions before I put this motion? One. Well done for putting Dr. Hupert up for the vote today when you could have used the exemption from election available under Australian law for CEOs. Co-CEO Anthony Hall was last elected in 2023 and will presumably be up again next year. What is the history of this practice at Pro Medicus? And have we ever used the exemption for either of our founders? Rupert Murdoch wasn't elected for decades as executive chair of News Corp, and Richard White has never been elected at WiseTech. So well done for showing others how to do this. We don't have any plans to use the exemption. We think it's good governance to have the CEO face election like any other director. Any other questions? No more. Thank you. I'll now put the motion then. Those in favour? Those against? And the proxies? Before I congratulate—I will congratulate Sam first on his re-election and note that he got four percentage points higher than Tony. Well done. Item four, being non-executive director remuneration, as indicated in the explanatory memorandum attached to the notice of meeting and the current approved limit is AUD 1 million for the aggregate remuneration of non-executive directors, which was set back in November 2020. The level that's currently being paid in this financial year to non-executive directors is AUD 900,000. We feel we don't have a lot of headroom to either increase directors' fees or, more importantly, to add any new directors until we have an increase in the cap. This motion is in order to ensure the company continues to reward its non-executive directors appropriately. As I said earlier, the additional directors is probably more key than trying to pay everybody a whole lot more. We are seeking shareholder approval to increase the aggregate non-executive remuneration limit to AUD 2 million. I would hope that this means we won't be back for another five years until another five years has expired rather than be back every year to increase the cap. Are there any questions? I think I answered one before on this issue, but are there any other questions on this motion? I'll now put the motion. Those in favour? Those against? The resolution? I think that percentage point's higher than Sam's re-election. We must be doing a great job. Thank you very much for that. I appreciate your support, and it'll certainly motivate us to keep pushing the management team to continue to achieve the sort of results we've enjoyed in recent years. Other business? I don't have notice of any other business, but invite you to ask any further questions. Are there any other burning questions that anyone has before we wrap up? No other questions? Before closing, I'd like to remind you that, particularly if you're online, you have five minutes after the conclusion of the meeting to cast your vote on any of the resolutions. I think we'll collect your votes in the room now. I've voted online. Yeah. Yeah. Oh, sorry. Okay. I think all the votes are collected or will be. Thank you all for attending today. Very much appreciated. I look forward to seeing you again next year, maybe. In closing, I'll invite those present to join the directors for refreshments. Thank you, and I'll close the meeting.