Question via the phones, you will need to press the star key followed by the number one on your telephone keypad. If you wish to ask a question via webcast, please enter it into the Ask a Question box and click Submit. I would now like to hand the conference over to Mr. Raimond Coneliano, with CEO. Please go ahead. Thank you. Good morning, and welcome to Redox Limited's FY 2026 full year results briefing. I'm Raimond Coneliano, Redox's CEO and Managing Director, and I'm joined today by our Chief Financial Officer, Kim Yap. Moving to slide two. I'll begin with the FY 2026 highlights and discuss our sales performance. Kim will then take you through the financial results, after which I will return to cover our strategy and outlook. We will conclude with questions. Turn to slide four. Sales revenue increased 6.9% to a record AUD 1.33 billion in FY 2026. This was a good result in a generally subdued operating environment, and was driven primarily by organic growth, supplemented by contributions from previously acquired businesses. Gross profit increased 11% to AUD 298 million, supported by an improved product mix and strong growth in North America. Gross profit margin increased by 0.8 percentage points to 22.4%, again, demonstrating the resilience and breadth of our operating model. EBITDAFX increased 9.9% to AUD 134 million, and our conversion margin remained highly competitive at 44.8%. Statutory NPAT increased 19.2% to AUD 92 million. Pro forma basic earnings per share increased 19.2% to AUD 0.175, while after-tax ROIC increased by 1.1 percentage points to 14.6%, or declared a final dividend of AUD 0.065 per share, bringing total FY 2026 dividends to AUD 0.13 per share and representing a payout ratio of 74%, within our target range of 60%-80%. Moving to slide five. Sales revenue increased 6.9% to AUD 1.33 billion. This was driven primarily by organic growth, including fully integrated acquired businesses and a full 12-month contribution via Molekulis. As the chart demonstrates, Redox has consistently produced sustained long-term growth, achieving a 30-year revenue CAGR of 10.1%. We believe this validates our business model and broader strategy. Geopolitical volatility affected product availability, demand, and replacement pricing during the year, particularly through the Middle East conflict and its broader macroeconomic and supply chain effects. Importantly, selling prices were broadly flat with FY 2025, although they increased in the second half. Growth was therefore primarily driven by volume. Sorry, apologies. My computer glitched there. By volume and mix rather than inflation. Gross profit margin rose to 22.4%, supported by an improved product mix in APAC and a strengthening margin profile in North America. Turning to slide six. Australian sales increased 6.1% to AUD 1.12 billion, supported by growth across several of our largest industry segments and a healthy contribution from Molekulis, which continues to build sales of transformer oils to the energy generation and transmission sectors. We were particularly pleased with the momentum in our North American business. Revenue exceeded AUD 100 million for the first time, increasing 33.8% from the prior corresponding period. This growth reflected new customer wins and increased share of wallet across the industrial, food, human health, and personal care segments. We also broadened our product range, adding 47 new active products during the year, and achieved further progress in the U.S. Southeast and Canada. Moving to slide seven. This map demonstrates the breadth of our North American footprint. California remains our largest market, but we are now generating sales across most of the United States, as well as in Canada and Mexico. We have people on the ground in Seattle, Portland, Los Angeles, Columbus, Dallas, Houston, Orlando, and New Jersey, giving us a genuinely coast-to-coast presence. This growing local capability brings us closer to customers, improves our responsiveness, and allows us to offer innovative solutions to their chemical and ingredient sourcing needs. The North American market is highly fragmented and truly enormous. The United States alone presents a potential addressable market measured in the hundreds of billions of dollars. As such, we believe there is considerable opportunity to greatly expand our presence across the continent. Kim will now take you through the financial results in more detail. Turning to slide eight. Thank you, Raimond, and good morning, everyone. Let's move straight to slide nine. This slide sets out the key profit and loss measure for FY 2026 compared to FY 2025. Revenue increased 6.9% to a record AUD 1.33 billion. With organic growth, particularly in North America, supplemented by contribution for our Molekulis. Gross profit increased 11% to AUD 298 million, while our underlying EBITDAFX increased 9.9% to AUD 134 million. The underlying EBITDAFX margin increased by 0.3 percentage point to 10.1%. Underlying NPATFX increased 8.8% to AUD 87 million. Pro forma basic earnings per share increased 19.2% to AUD 0.175, reflecting the highest statutory profit and the company's capital structure. ROIC increased by 1.1 percentage point to 14.6%, as higher operating earnings more than offset the additional capital invested in acquisitions and working capital. Moving to slide 10. Slide 10 provides further details on the revenue and gross profit by geography. Australian sales, while represented more than 84% of the total revenue, increased 6.1%. New Zealand sales declined 4% with the softer demand in human health segments, while weighing on their results. North American revenue increased 33.8%, driven by expansion into new industry sectors, additional active products, and further customer wins. Gross profit margin increased 0.8 percentage point to 22.4%. The improvement reflected product mix, include a greater contribution from higher margin activity in North America. Turning to slide 11. Underlying operating expenses increased by AUD 19 million to AUD 176 million in FY 2026, reflecting both higher activity levels and increased investment in our capabilities. Distribution and storage expenses increased by AUD 6 million, principally due to higher sales volume, while fuel and transport costs also contributed. Administration expenses increased by AUD 8 million due to additional headcounts, wage growth, and incentive payment. We continue to invest selectively in our workforce despite subdued market conditions, because we believe this will support future growth, strengthen our capabilities. Other expenses increased by AUD 5 million, primarily reflecting a AUD 4 million movement in foreign exchange outcome on receipts. This was offset by the corresponding movement on payments, which reduced cost of goods sold. Despite these investments, our margin conversion remains highly competitive at 44.8%. Moving to slide 12. Cash flow from operation increased by AUD 40 million to AUD 88 million. Cash before financing was AUD 84 million, compared with AUD 59 million in FY 2025. Free cash flow conversion earned improved by 21.8 percentage point to 62.5%, returning to our long-term range of 60%- 80%. This demonstrates that the improvement in earnings translated into stronger cash generations while the business continued to grow. Turning to slide 13. Net working capital was at AUD 470 million at year-end. As a percentage of revenue, it improved by 1.3 percentage point to 31.4%, and remained within our long-term range. Cash and cash equivalent, including short-term deposits, were AUD 183 million, and the group remained in a zero net debt position. This provides sustainable capacity to fund organic growth and pursue strategic acquisitions which meet our investment criteria. Moving to slide 14. The board has declared a final dividend in FY 2026 of AUD 0.065 per share, in line with the FY 2025 final dividends. This brings total dividends of FY 2026 to AUD 0.13 per share, an increase of 4% on the prior year, and represents a payout ratio of 74% of NPAT, within our target range of 60%- 80%. The record date is 26th of August 2026, and the final dividend will be paid on the 22nd September 2026. I will now pass back to Raimond to cover our strategies and outlook. Turning to slide 15. Thank you, Kim. The FY 2026 result demonstrates that Redox remains in a very good shape, both operationally and financially. Moving to slide 16. At Redox, our vision remains unchanged, to develop an enduring network of customers and suppliers that creates mutual value. We support that vision by providing quality, competitively priced raw materials through responsive, personalized service. Today, Redox connects more than 8,700 active customers with more than 1,200 active suppliers across more than 5,500 SKUs and over 100 stock locations. This network is supported by our 494 team members and our internally developed Redebiz platform. Our long-term growth record reflects the strength of this model. While market conditions remain dynamic, our diversified platform, strong balance sheet, asset-light model, and disciplined approach to acquisitions position us well for the future. Change to slide 17. Although market conditions remain subdued and geopolitical uncertainty continues, the chemical distribution sector remains highly attractive. Its fragmented structure, essential role in global supply chains, and scope for consolidation provide meaningful opportunities for both organic growth and disciplined acquisitions. Redox is well-positioned to capture those opportunities. We have strong commercial teams, proprietary systems, a robust balance sheet, and a diversified business model spanning industries, products, and geographies. We will continue investing in our people and product portfolio, expanding our North American platform, and assessing acquisitions that meet our strategic and financial criteria. Thank you for your interest in Redox. Kim and I will now be pleased to take your questions. Thank you. If you wish to ask a question via the phones, you will need to press the star key followed by the number one on your telephone keypad. If you wish to ask a question via the webcast, please type your question into the Ask a Question box. Your first question today is a phone question from Vignesh Nair with UBS. Please go ahead. Good morning, Raimond and Kim. Thank you for this presentation. Can you hear me? Yep. Great to hear from you, Vignesh. Amazing. The first question, it clearly looks like the backdrop of supply chain stresses and a real tailwind for the business, particularly over the 2H. I suppose I just wanted to get some further color on the durability of the gross margins you've delivered. You've got 80 basis points of an uplift against FY 2025 over FY 2026, and particularly, 180 basis points in the 2H versus the 1H. As I understand it, a lot of the benefits from the market disruption should flow into 1H 2027. So I just wanted to get some color on what style of gross margins investors can expect into 1H 2027, and maybe beyond as well. Yeah. Thanks for that question. You're right. I guess what you have to think about is the sort of volatility that we've experienced, particularly through the Middle East conflict. What that does is increases the value of the service and the products that Redox provides, because we're, in a way, helping our customers deal with that volatility. And I think they realize that, recognize that, and there's more value in those times. So naturally, we're rewarded for our ability to help them through those sort of problems. So yeah, you're right. In the second half, there was some tailwinds from that. But you have to also recognize that there were products that we'd like to have got more product out of the Middle East, obviously, or other partners who weren't able to supply. So it's not all upside. There is some downside there. But we're very good at managing that and managing disruptions and volatility and our customers obviously reward us for that. And we consider going into FY 2027, which is the second part of your question, what's our outlook, we think there's more inflation to come, more higher prices. Those higher replacement costs, which started somewhere in February, March, that'll start being reflected into our selling prices coming into FY 2027. Obviously, we'll do our best to help clients through, but we can't shield them from every price increase. Okay, that's helpful. And the second question, I suppose, no real news incrementally on inorganic growth opportunities in the U.S. is it possible to get some more color on opportunities you're exploring in the U.S. market at the moment? Is the size of the targets still in that $50 million-$100 million U.S. range I think you've mentioned in the past? And maybe some color on indicative timing would be pretty helpful. Thank you. Yep. What do they say about watching a pot? It never boils. Well, look, we are very hard at work. Our teams have been hard at work through the year on that pipeline. It's a good pipeline. I'm happy with it. Things have dropped out of that pipeline, quite frankly, things that we weren't happy with during the various processes. That's part of doing this in a diligent way, in a careful way, a considered way, looking at the full strategic benefits they may offer. We're very careful. We don't make any apologies for that. But look, we would have hoped to have one done by the end of the FY 2026 financial year. I'm still confident we'll get one done this financial year, but let's see. You can't predict and you can't rush or prejudge these things. We're very happy with the pipeline of opportunities are in the, let's say, $30 million-$40 million revenue, U.S. million revenue, up to over $100 million U.S. revenue. We feel comfortable in that range. That suits us. I think I've said before, Vignesh, we're not looking for transformational M&A. We're looking for bolt-on size acquisitions around that 10% of our current revenue, we'd be pretty comfortable with. Amazing. That's very helpful. Thank you, Raimond. That's all for me. Thank you. Once again, if you wish to ask a question on the phones, please press star one. Your next phone question is from Chenny Wang with Morgan Stanley. Please go ahead. Hey, morning guys. Thanks for taking my question. I have a few, maybe just firstly on that price dynamic. I am keen to unpack what you saw on that in the second half. You mentioned, you increased half on half, but how meaningful was that? I guess, just taking some cues from maybe some of your global peers, it does feel like in that June quarter, there were some pretty significant price spikes on the commodity side. But in your commentary, it sounded much more subdued for you guys. Just kind of interested in getting more color there. Yeah. Thanks for the question. I think if you are looking at our peers overseas for comparisons, and I know I have had a look at their results too. If you think about it, they are much closer to the origin of a lot of these products, let us say, in Europe for the Europeans or in the U.S. for the Americans. Whereas here in Australia, it takes many months for us to ship the goods, let alone get them into our store and out to customers. So the effect is somewhat more lagged for an Australian, New Zealand predominant business. I think that explains the difference in timing. What you have seen there from some of those peers internationally is they started feeling it much earlier than we have. I think it is safe to say Q4 was where it started being felt. Replacement costs that went up in February and Q1 and so forth started to be felt towards the end of Q4. So that is why I am saying that it is certainly more of an FY 2027 story, I imagine, than an FY 2026 story. I think that is good because for Redox we pass those costs along. We have been able to do that quite effortlessly, and we will continue to do so. It is that sort of business. Got it. No, that is super helpful. Maybe just on that, I guess you have kind of mentioned that, look, there is more of that price inflation to come. I am sorry, Raimond, but I am going to ask for a crystal ball here because, when you look at some of the global data, like that price inflation can get pretty large. So yeah, is there a ballpark figure that we should be thinking about at least for the next six months just so we do not get carried away? Yes, I'd like you not to be carried away. With you here. Look, I think maybe let's just think about what's happened in the past events, and maybe that can help you. During the GFC or the run-up to the GFC, I think our products inflated by about 10%-15%, and deflated some portion of that afterwards. In COVID, that inflation was more like 15%-20%, so a very strong event then. We think it's somewhere more towards the GFC side of that ledger, but we're not sure yet. It will take time and let's see. But could be in that range. But we're not making any firm predictions. It's too early to do that. Let's see how things unfold. It all depends on. At the moment, we have two broad baskets of products. Products which are very directly inflating because of the direct effects of the Middle East conflict. We can think about petrochemicals in that bucket, plastics in that bucket, urea, some fertilizers. Those things directly made in the Middle East or very reliant on oil for their actual makeup. Then you can think about another basket, which just is collateral damage in things because it has the higher freight costs or the higher transport costs or higher wage costs or all the things that are coming as a macro effect of the Middle East and inflation effect. So in those two buckets, some things are meeting very high demand and some are meeting very low demand. So it's just to say that it's not an easy number to pull out, but it's certainly there. It's certainly a real thing, and I appreciate everyone wants to know exactly how much. I'd love to have that crystal ball, too. But I think, looking at the past, you can see 10%-15% wouldn't be outrageous. But it really depends on how long things go on. It also depends on the demand side. Higher prices will act to push down demand for some customers in some industries and it's quite hard to always predict that. But till now, customers are pretty. The economy is doing okay. It's not doing great, but it's going along, so. Yeah. Got it to note. That's super helpful. Maybe given that you touched on that demand side, and maybe you've already answered this question, so my apologies, but I was just hoping to get some color on ordering patterns over the half. Obviously, when the Middle East conflict broke out, it felt like maybe a bit of similar reaction to when the tariffs were announced last year in terms of that kind of shock. But just maybe some color on those ordering patterns over the half and, as those price increases have started to flow through here in Australia, how those ordering patterns look now. I understand the question. I guess, immediately when the war broke out, we're lucky we have a lot of good stock positions around the company. So certainly a lot of customers were very keen to get a hold of that stock and so orders did increase pretty rapidly, as it was clear what was unfolding. So they sort of flew up a bit and have come back down a little bit now, but they're still healthy, still representing 4.5 odd months of forward sales. So very comfortable where they are right now. Got it. Sorry, just one last one from me. Can you guys help us understand the FX impact in the second half on Redox? It sounds like, there's going to be some sales headwind given the translation, but, I think in your presentation or prepared remarks, you also called out some COGS benefit. So yeah, just want to understand that better given the strength of the Aussie. Yeah, well, it really depends on whether it's a U.S. dollar strength on its own against a basket of currencies, or it's an Aussie dollar strength story. If for instance, it's a story of the Aussie dollar outperforming all currencies, then you'll see prices for our goods fall quite a lot. If it's just a U.S. dollar weakness, then you might not see much effect because our suppliers will increase their prices in U.S. dollars, in order to receive the same sort of money in their local currencies. So, I think that's pretty clear. You can't control the FX effects, so we don't spend a lot of time worrying about them. I know you have a model there you're trying to furiously put together. The effect that's called out on one of the slides there is really, you have to kind of deep dive into it. It's the effect of when we sell U.S. dollar amounts in Australia, sell goods in U.S. dollars in Australia, the difference between the point at which we make those sales and receive payment for those sales, and then there's an equal and opposite movement when we pay our suppliers, when we receive our goods and we pay our suppliers, and so there's an accounting thing there which offsets each other. So it's really not much of an important effect really in the scheme of things, but it has to go on that slide complying to your local accounting standards bureau, I guess. Awesome. Thanks, guys. Your next question comes from James Tracey with Blue Ocean Equities. Please go ahead. Yes. Hi, Raimond and Kim. Thanks for taking my question. When we spoke last six months ago, I guess there was a bit of concern about low sort of deflation in the Chinese prices of a basket of chemicals. It appears as though that's changed a little bit with the disruption from Iran. Could you just give a bit of color on how that's evolved through the half and what your expectations are based on conversations with suppliers around, I guess the local currency pricing for a lot of your inputs? Yeah. Thanks for the question. I guess, for really the last 2.5 years, financial years, prices have been flat. They've not deflated, they've just been flat for that whole time. So 2.5 financial years being flat is a long time. So it was due some inflation and the trigger I thought was going to be more of an economic recovery and a bit more verve and vitality in end markets. But as it turned out really, it was a supply shock in the Middle East because of the conflict. So yeah, that's the story till now. I think everyone's very keen to understand the future and I understand why. But some products are meeting lower demand, a subdued demand environment, and some are very short and hard to get ahold of. The Chinese have put in place some export controls in China to protect their fertilizer market, for instance. That has impacted the amount of nitrogen fertilizers we can source out of China, and we have to make other arrangements. So there are some strings and roundabouts, and that changes week to week depending on policy. Yeah. But prices going forward, we don't know. All we can say is, the replacement costs, which started increasing as the war sort of took off, are being recognized in our selling prices now in Q4 and going into the new financial year. Okay. Just to follow up to that, because it sounds like some of the things other companies have been talking about, we'll be able to see those in the first half for you, with that 10%-15% pricing that you sort of indicated. What do you anticipate the volume response would be to higher prices or, is it relatively inelastic demand, so it won't have a massive impact? It's really hard to tell and all I can say is our order book is strong, and so that doesn't signal any material change in demand. Of course, we're talking about demand as if we've got the whole market. But actually, our market's huge. Our addressable market in the U.S. is hundreds of billions of dollars. In Australia, it's AUD 40 billion or thereabout. So, we're always trying to take market share from our competition. So while demand can ebb and flow, really, our business is built around taking market share. So whether the market is going to grow 0.5% or 1% or 2% or 10%, yes, it's important, but we can't look past that very easily. Most of our business is taking market share from competition, so it's only so useful to us. Thanks, Raimond. Thank you. There are no further questions on the phone line at this time. I'll now hand back over. Thank you. Just one question from webcast. Raimond, are you still looking at acquisitions around the world or only in the U.S.A.? Yeah. Good question. We have a medium-term focus on North America that I think I've shared pretty carefully with you today. We do have opportunities elsewhere in the world. I would say it is not the right time for further expansion in Europe or Asia or South America. But Asia is the other. We have a Malaysian business. We sell into Singapore. I think we have ambitions to also start exploring Asia. But for right now, North America is our focus, and we do not want to be pulled in too many directions. And we think we have got a really great offering, and you can see from our results, we are doing really well in North America and Canada and Mexico, in the U.S., and it is such a happy hunting ground for us. We are going to keep doing that. And of course, always open to opportunities here in Australia, and we are talking to a lot of folks here in Australia about possibly them joining their business with ours, and we think there are some good opportunities there. So let us see. But yeah, North America is our primary focus for now. Thank you. A further question. What was the level of organic growth in Australia in FY 2026? I do not have the number in front of me, but the only acquisition, we had no acquisitions in FY 2026, but we did have a full 12 months of Molekulis, whereas the year before, we only had, what, how many months? 10 months in FY 2025. Two months into FY 2025, it is 10 months of contribution FY 2026. I do not have the number to hand. But look, clearly it was mostly organic growth. Molekulis as a business had revenues of. AUD 30 million. AUD 30 million on acquisition, and they are doing well while under Redox's ownership. Thank you. One further question. How is volume growth tracking to start FY 2027? Yeah, I really do not want to get into the future, and we may have updates at the AGM, but for now, look, the business is on a really great track, and you can hear from the comments I have made today, there is a lot of things working in our favor as a business and we have got a great platform and we are growing really strongly and our U.S. business is doing really well. We have got a lot going for us and it is steady as she goes. A further question which sort of backtails the previous question. To help better understand the current momentum in business, can you please talk to the size of revenue growth/GP growth in the last quarter of FY 2026? Or start of FY 2027 so far. I think you answered the FY 2027. Yeah, look, I am not going to get into quarterly breakdowns. I do not have the numbers in front of me anyway. But certainly, look, as I said before, prices started inflecting in Q4, so that was a benefit to us. I will just say that volume growth is still very strong and very similar to the long-term performance of Redox. We have got price inflation now, which is going to provide some tailwinds coming into the new year. We expect, as we always have, to grow around that sort of 7% or 8% in volume, and we expect this year there will be a kicker in that we will have some price inflation to help us, at least at the start of the year, evidently. There are no further webcast questions. Great. Thank you, pardon me. We have some further questions on the phone line. Your next question comes from Tim McArthur with Asymmetric Asset Management. Please go ahead. Morning, Raimond. G'day, Tim. I just have two questions. How are you going there? Very good. That is good. Just two questions from me, please. One just on New Zealand. The human health industry, which you called out as dropping in demand, what is happening there in particular? Yeah, look, I guess we have a few customers there with some very large pieces of business that they were not able to secure and therefore could not buy the materials from us this period. So, yeah, it is quite a chunky piece of business. Because our New Zealand business is relatively small, well, it is still developing, but small, it makes quite a big difference to results when you have it one year, and you do not have it the next year. But our client, they unfortunately lost it to an overseas competitor of theirs. Offshore. So, yeah. Yeah, okay. On North America, could you talk a little bit about what your medium-term goals are there? Obviously, you've already spoken on the call about the M&A that you're looking at, but more just perhaps the organic growth that you can see there, and internally, if you've got an aim, for example, to get sales to AUD 500 million over the next five years or what's the medium-term aims there, please? Yeah. It's a good question, and it's one I think about myself a lot and the team do, and we've got ideas of where it can go. I don't have the okay to share that here with you today, but I will talk a little bit about the success we had this period. I think one of the good things about volatility and dislocation and markets being in upheaval and tariffs and all the sort of things that make markets hard to look at the moment, is that it creates opportunities for disruptors like Redox, and we're disrupting that North American market. A lot of the opportunities we get is because, well, all of a sudden a product's gone short and people need someone to help out and we've been that person to jump in and help out in a lot of cases, and it's great because that allows us to prove ourselves to a whole batch of new customers. So we've got a lot of new customer wins from that dislocation and, yeah, we're going to hopefully keep those customers for a long time as we like to do. But like I said before, the market I think in Canada is some AUD 70 billion. In the U.S. is hundreds of billions of dollars. Mexico again is a very vibrant and expanding business there. So look, it's all good signs and I'm very proud of those guys. My cousins over there in L.A. and my friends that I've made over the years in our business there are doing fantastic work. Now we've got this coast-to-coast presence that's really helping us springboard new sales, new opportunities, getting closer to clients and solving their problems. It's fantastic. I think the sky's the limit, Tim. Would you be surprised, Raimond, if you did a similar level of growth in FY 2027 or do you sort of see that as doable? Or was it a one-off in FY 2026? I think if the moon and the line, it could be similar this year. I mean, let's see. But some of those opportunities we got this year maybe won't be around next year or we could have some. It is still very early stage. Although it is big, it is still finding its feet. It has got a different profile to the more established locations like Australia, where you have small clients, medium clients and big clients. Our U.S. business still has a lot of choppier, larger business, so it can kind of be thrown around a bit and at the moment it is all pointing upwards, which is great. But let's not get too carried away. I think the signs are all there, but you cannot predict when it is a new business and a developing business. Yeah. All right. Thank you very much, Raimond. Great. There are no further questions on the phone line at this time. I will now hand back for closing remarks. There is one more question from the platform. Are you holding more stock than usual because of the disruptions in the Middle East? Any issues with tariffs currently? Well, no. Stock, not really. Our stocks are within the normal parameters of our expectations, but sales are increasing, so obviously you need the stock to sell. Regarding tariffs are a headache because you have to keep adjusting the rates in the system and making sure they are correct. But other than that, they do not pose a real impediment to Redox. They are felt by everyone and everyone is in the same boat. I think I have said before, I would prefer they just work out what they are and stick to it and move on. That would be nice. But other than that, some part of that volatility helps us prove ourselves to new clients. Thank you. There are no further questions from the platform. Thank you. That does conclude our conference for today. Thank you.