I would now like to hand the conference over to Dr. Linda Mellors, Managing Director and Chief Executive Officer. Please go ahead. Thank you very much, and good morning, everybody. Thank you for joining us today to discuss Regis Healthcare's 2025 half-year results. I would like to begin by acknowledging the Wurundjeri Woi-w urrung people of the Kulin Nation, traditional custodians of the land on which we meet today, and pay my respects to their elders past and present. I extend that respect to any Aboriginal or Torres Strait Islander peoples on the call today. I'm joined by Rick Rostolis, our Chief Financial Officer. To begin on slide two, Regis is one of the largest and most geographically diverse providers of aged care in Australia, operating residential aged care homes, home care service hubs, day therapy and respite centres, and retirement villages. Regis has a team of more than 11,500 dedicated people delivering care and services to more than 9,500 residents and clients. Regis owns and operates 69 residential aged care homes across all states of Australia and the Northern Territory, with 7,740 available beds as at the 31st December 2024. All homes are owned freehold with substantial real estate value. Our homes offer a variety of support options tailored to individual care needs, excuse me, together with a range of additional service programs that provide varying levels of personal services and amenities. Across the 69 homes, 93% of our rooms are single rooms, a key requirement for many current and future residents. We retain a small proportion of double rooms to cater for couples. Moving to this morning's agenda, I'll start with an update on the new Aged Care Act, as well as other significant changes and reforms in the aged care industry. Following that, we will discuss the financial results and operating highlights, provide an update on our strategic priorities, growth plans, and outlook. Then lastly, we will open the call for questions. So, if I move now to the aged care industry overview, we were very pleased to see the Aged Care Bill 2024 pass both Houses of Parliament with bipartisan support in November 2024. The support from both major parties provides confidence to the aged care sector that they understand the critical importance of aged care to Australia. Subject to transitional arrangements, the new Aged Care Act is expected to be operative by 1st July 2025. The new Act will establish a modern rights-based framework focused on the safety, health, and well-being of older Australians, and the strengthened quality standards will set clear expectations for providers in delivering quality care and services. The new Act reflects the government's response and support for many of the recommendations from the Royal Commission and separately the Aged Care Taskf orce, including funding proposals. There are three primary sources of revenue for providers to deliver residential aged care services, separated into care, everyday living, and accommodation. I'll spend some time now explaining the impacts of the reforms on these revenue lines. The new arrangements will separate care into clinical and non-clinical activities. In terms of clinical care, the government will fully fund these activities for all residential aged care residents through the Australian National Aged Care Classification, or AN-ACC, funding model. The Independent Health and Aged Care Pricing Authority will continue to recommend the AN-ACC base price to government each year. The means-tested care fee will be abolished and replaced with a new means-tested non-clinical care contribution with a lifetime cap. Non-clinical care includes bathing, mobility assistance, and lifestyle activities. Today, providers receive two payments for everyday living activities: the basic daily fee, which is set at 85% of the single basic age pension, which is paid by the resident, and the hotelling supplement paid by government. On average, residential aged care providers are losing money providing these everyday living services. A key element of the Task Force recommendations, which has been legislated by the government, was that residents with means should make greater contributions to non-care components such as everyday living and accommodation costs. The hotelling supplement will now be means-tested with consumers who can afford to, making a larger contribution. From 1st July 2025, a higher everyday living fee can be charged by providers for services that are clearly of a higher standard or different from those funded by the everyday living fee. The higher everyday living fee would be paid by consumers directly to the provider. Additional services and extra services currently offered by providers for a fee will be phased out. No new agreements for additional or extra services can be made after the 30th June 2025. Providers have until the 30 J une 2026 to transition residents from additional services or extra services to the higher everyday living fee. In terms of accommodation, from the 1st January 2025, there was an increase in the maximum room price from AUD 550,000- AUD 750,000 before regulatory approval is required from the Pricing Authority. This is in line with the price threshold recommended in the 2017 June review. A refundable accommodation deposit retention scheme will recommence for new resident admissions from the 1st July 2025, set at 2% per annum up to a maximum of five years. This means providers will be able to retain a portion of incoming rents and potentially use this to build new homes or refurbish existing facilities. The accommodation supplement, which is paid by government for concessional residents, will be independently reviewed over the next two years to ensure sufficient incentives are in place for providers to improve the quality of accommodation for lower means residents. By 2030, the government will commission an independent review of sector readiness to consider the phasing out of rents by 2035. This review will determine whether the sector can secure adequate levels of capital from alternative sources and if the removal of rents would make residential aged care unaffordable for many consumers. We understand there is resistance to this recommendation from the large banks who currently finance the sector. The Department of Health and Aged Care hasn't released all of the draft rules yet, with the remaining rules expected in March and April 2025. The consultation period is very short, with a large volume of new material to consider. Given the pace of reform required, with the new Act effective in just over four months, a transition task force has been established to support the aged care sector through this period of significant change to the requirements of the new Act. The government appears committed to a commencement date of the 1st J uly 2025 for the new Act. Also, from the 1st July 2025, the Support at Home model replaces home care packages and the short-term restorative care program, with the Commonwealth Home Support Program to follow from the 1st July 2027. Support at Home will see the expansion from four levels of home care packages to eight classification levels. The Pricing Authority will advise the government on pricing services and support, with price caps and participant contributions to be set by government. This next slide outlines some of the key government reforms which are having a meaningful impact on the sector. Care funding, which is primarily comprised of AN-ACC funding from government, saw a 10.3% increase in the industry starting price from 1st October 2024. This increase will cover the Fair Work, Work Value Case Stage Three uplift in staff wages from 1st January 2025, the 3.75% Annual Wage Review increase to minimum award wages from 1st July 2024, and the increase in mandated care minutes from 1st October 2024. Providers are now required to achieve an average of 215 care minutes per resident per day, including 44 minutes from registered nurses. Pleasingly, the government has recognised the important work of enrolled nurses in the sector, with enrolled nurse minutes now able to contribute up to 10% of the registered nurse minute requirement from last October. The government issued enforceable undertakings to 11 providers with homes in metropolitan locations that were well below their care minute targets. The government also announced that providers failing to meet care minute targets will have AN-ACC funding reduced by up to AUD 31.64 per resident per day from April 2026. Many aged care workers have received or are soon to receive pay rises, including the Fair Work, Work Value Case Stage Three, which increased eligible care and support worker wages by up to 13.5%, phased in from 1 January and 1 October 2025. Additionally, in December, Fair Work announced changes to the Nurses Award, where eligible registered and enrolled nurses will receive wage increases of up to 25.5% to be phased in over three tranches commencing on the 1st of March 2025. The government has just committed to fund these increases through an increased AN-ACC price from this date. In October 2024, the Department of Health and Aged Care launched an advertising campaign to raise awareness and promote the benefits of star ratings to the public. The Department commissioned an evaluation report into Star Ratings, which was prepared by Allen + Clarke Consulti ng and was published in November 2024. This highlighted a number of areas for improvement, including comparability of homes, usability of information, lack of market differentiation between homes, and accuracy perceptions of star ratings in the community. Broadly, the report found that there was support for Star Ratings from many stakeholders, but that improvements were required to maximize the benefits across consumer groups. Moving now to market dynamics on slide seven, the residential aged care market remains highly fragmented, with more than 700 providers and approximately 450 of those operating just one home and another 200 providers operating two to six homes. Smaller operators are exiting the sector, as many are loss-making and challenged by the increased regulatory and compliance burden and finding staffing. The release of draft liquidity rules last week has caused further speculation that the pace and degree of sector consolidation may increase. There remains a significant and growing shortfall of suitable residential aged care beds across Australia. The aging population, headlined by the baby boomer generation, is forecast to drive significant growth in demand for beds. Only 6,546 net new beds were added across the last four financial years, well below the replacement rate and growth required to support demand. The Productivity Commission's report on government services 2025 highlighted a sizable increase in aged care assessment times. The data also show that in FY23, older Australians waiting for a place in residential aged care used 438,779 hospital days in total. The government task force response is designed to encourage providers to build new beds and replace existing stock. Regis is well placed to do this with its access to capital, development, and property management capability. Moving now to our financial and operational performance for the year, I'm pleased to report a strong set of financial results this half, with continued growth in key metrics, including occupancy, revenue, underlying earnings, and cash flow. Revenue from services of AUD 564.2 million was up 18% on the prior corresponding period. Underlying EBITDA of AUD 68.1 million was up 31%, and net profit after tax of AUD 24.4 million was up 301%. The improved financial results were driven by higher occupancy, additional government funding through AN-ACC increases, contributions from recent acquisitions, and increased resident outcome. Net operating cash flow of AUD 208.6 million was up 37% on the prior corresponding period, and the company ended the year in a net cash position of AUD 179.9 million. The board has resolved to pay an interim dividend of AUD 0.0809 per share, 60% franked, which represents 100% of net profit after tax. Average occupancy in our mature homes increased to 95.7%, up from 93.6% in the first half of FY24. Spot occupancy on the 21st of February was 96%. Our Star Ratings have continued to improve, increasing from 3.32 in Q1 FY24 to 3.56 in Q1 FY25. Total average care minutes have also increased from 210.1 minutes in the Q1 of FY25 to 215.3 minutes in the Q2 of FY25. Regis has continued to invest in our direct care workforce and increased worked hours to meet the higher government-mandated care minutes. I'll now hand over to Rick, who will provide some further details on the result. Thanks, Linda, and good morning, everyone. As Linda's mentioned, revenue from services increased to AUD 564.2 million, up AUD 84 million or 17.5% on the prior corresponding period. I'll now take you through some of the major components of the uplift in revenue. Government revenue increased by AUD 68 million, mainly driven by the AN-ACC care funding increase on 1 December 2023, followed by the 1 October 2024 increase, which was accompanied by the need for increased care minutes. Importantly, a major portion of the care funding was and will be absorbed by direct care wage increases resulting from the Annual Wage Re view, the major uplift in mandated care minutes from 1 October 2024, and the 1 January 2025 Fair Work Commission Work Value Case Stage Three. We also saw an increase in average occupancy at our mature homes from 93.6% to 95.7%. Pleasingly, occupancy once again improved across all states and the Northern Territory. We also saw an incremental contribution from both the CPSM and T3 acquisitions. Resident revenue increased by AUD 16 million compared to the previous period, driven by indexation, occupancy uplift, and acquisitions. Additionally, the daily accommodation payment, or DAP income, increased due to the higher maximum permissible interest rate, the MPIR. Other income of AUD 58.6 million primarily consisted of AUD 51.7 million of RAD imputation under AASB 16 Leases and AUD 3.7 million of government grant income through the Aged Care Outbreak Management Supplement. In terms of expenses, staff costs increased by AUD 59 million, or 16%, on the prior corresponding period, with the main impacts being additional worked hours due to the increase in mandated care minutes, as well as higher average occupancy levels, the Annual Wage Review increase of 3.75% to minimum wages, enterprise agreement increases, and the employees who we welcomed from the CPSM and T3 acquisitions. As Linda has mentioned, Regis's average care minutes per resident per day increased from 210.1 minutes in the Q1 of FY25 to 215.3 minutes in the Q2. The business has employed various workforce strategies during the six-month period to increase employee numbers in response to care minutes and occupancy. Underlying EBITDA, which excludes the impact of one-off items, increased 30.7% to AUD 68.1 million. The H1 EBITDA results and increased margin of 12.1% was aided by the AN-ACC increase from 1 October 2024, which was paid in advance of the Work Value Case pay increases which commenced from 1 January 2025. The first half benefit will be less evident in the second half of the year, as the cost of care minutes will be higher in H2, and we will see the impact of Fair Work increases applying from 1 January. Depreciation for the half was AUD 24.2 million, up 1.8%, with the increase primarily attributable to the CPSM portfolio purchased in December 2023. We should expect to see an increase in depreciation in the short to medium term following the opening of Regis Camberwell in November 2024, the T3 acquisition in December 2024, and we continue to invest in further greenfield, brownfield, and refurbishment projects. Excluding non-cash imputed interest under AASB 16, finance costs were AUD 4.3 million for the half, in line with the comparative period. Interest paid on RADs awaiting probate increased and was offset by lower interest and commitment fees. Statutory NPAT was AUD 24.4 million, an increase of AUD 36.5 million from the statutory NPAT loss of AUD 12.1 million in the comparative period. Please note that the prior period was negatively impacted by the amortization of bed licenses of AUD 28.5 million after tax, which were fully written off the 30 June 2024. Taking into account one-off items, underlying NPAT for the half was AUD 29.6 million. The H1 FY25 effective tax rate was 35.4%, primarily due to AUD 3.2 million of stamp duty on the T3 acquisition, which is non-tax deductible. Net operating cash flow of AUD 208.6 million was up 37.3% on the comparative period, with the net RAD cash flow increasing 100% to AUD 85.8 million, driven by an increase in the average number of residents, as well as a shift in consumer preference towards 100% RAD payers as the MPIR remains high. I note that from 1 July this year, we will see the benefit of RAD retention on this higher RAD pool. Capital expenditure increased 7.2% to AUD 32.7 million as the company completed and opened the Regis Camberwell home, progressed other greenfield development projects, and increased investment in home refurbishment to keep the portfolio fit for purpose and in keeping with our brand. The company held net cash of AUD 179.9 million at 31 December. This included AUD 73.3 million of government funding for January 25 received in advance. This is an increase of almost 1,000% against the prior period. Our strong cash position continues to allow us to invest in growth initiatives, including M&A and property development. Just moving to drivers of shareholder value. During the half year, average available beds across the portfolio increased to 7,493. Consistent with our strategy to improve the overall quality of our portfolio, Macleod in Victoria was divested in June 2024, and Weston in Western Australia was closed in September 2024. In addition, we recently announced to residents and staff that our home in Bulimba, Queensland, will be closed later in the calendar year. Importantly, the pipeline for M&A is active, and we are engaged at different stages with various providers to acquire quality homes. This, together with our greenfields program, will ensure increased bed volume in the short to medium term. Average occupancy at mature homes, which excludes Regis Camberwell, increased from 93.6% to 95.7% during the half. Mature home spot occupancy at 31 December was 95.1% and improved to 96% at 21 February 2025. Our increased occupancy reflects in part the ongoing capital investment in our existing homes and management efforts to build stronger connections with local communities through fostering relationships with healthcare providers and aged care bed consultants. Aged care government revenue per occupied bed day averaged AUD 313.70 and was up AUD 34.90, or 10.9% on H1 FY24. This increase largely reflected improved care funding through an increase in the industry AN-ACC starting price of AUD 10 per resident per day on 1 December 2023 and a further AUD 26 per resident per day on 1 October 2024, as well as increased resident acuity. Aged care government revenue per occupied bed day for Q2 FY25 was approximately AUD 327.70. The Australian government has recently committed to funding the Fair Work Commission's increase of the Nurses Award through an increase in AN-ACC from 1 March 2025. This is expected to be the primary driver of government funding increases in the second half, which will be 100% passed through to eligible nursing staff. This is a good outcome and reinforces government's commitment to fund direct care costs, which in turn de-risks our P&L. Aged care resident revenue per occupied bed day of AUD 107.60 was up AUD 4 per resident per day, or 3.9% on H1 FY24. This increase was mainly driven by the basic daily fee indexation in March 2024 and September 2024. Aged care resident revenue per occupied bed day for Q2 FY25 was approximately AUD 108.30. In the second half, resident revenues expected to benefit from indexation of the basic daily fee in March 2025. Aged care staff expenses of AUD 299.60 per occupied bed day increased 8.3% due to the items previously mentioned. Recruitment of frontline staff and higher worked hours in response to the increased care minutes mandate, the Annual Wage Review decision to increase minimum award wages, as well as EA and salaried staff pay increases. Aged care staff expenses per occupied bed day for Q2 FY25 were approximately AUD 307.20. This is expected to increase in the second half as a result of the Fair Work Commission's increase of the Nurses Award, additional worked hours to meet the increased care minutes mandate, EA increases, and higher costs associated with additional public holidays. Total RAD liabilities have increased from AUD 1.58 billion- AUD 1.72 billion, with the T3 acquisition adding AUD 63 million of RADs, together with very strong RAD cash inflows across the business. Importantly, the average income RAD increased 5.5% during the half to AUD 537,000, following room price increases across the portfolio. This increase occurred ahead of the government's changes to the maximum room pricing, without regulatory approval, from AUD 550,000- AUD 750,000. The business has a robust and mature RAD pricing process, and we should expect meaningful increases in the average incoming RAD over the coming six months and beyond. Just turning over to one-off items. We incurred AUD 3.9 million of one-off acquisition integration costs relating to the T3 acquisition, mostly comprised of AUD 3.2 million of stamp duty. We also recognized AUD 3.7 million of government grant income from the aged care outbreak support, and the impact of outbreak expenses, which is mainly agency fees, was around AUD 2 million. Following the Fair Work Commission's Work Value Case decision, we increased wage rates, which increased wage rates by up to 13.5%. Regis incurred a one-off increase in employee entitlements of AUD 2.6 million. That was not fully funded by the AN-ACC increase last October. Importantly, upgrades to human resources software systems, including time and attendance and recruitment, are now operating after several years of investment. Over to cash capital management. In December 2024, Regis conducted a part refinancing, extending maturity dates with better terms while repurposing facility C to provide more flexibility with ongoing working capital and investment requirements, including M&A. Strong cash flow generation, including net RAD cash flow, has allowed Regis to improve its cash position to AUD 179.9 million of cash. In terms of cash outflows, Regis paid a net AUD 40.3 million for the acquisition of T3 in December 2024, as with the CPSM business acquired in December 2023. T3 is another great example of the type of business Regis is looking to acquire. The homes are relatively new, situated in desirable locations with an excellent compliance record and great reputation in local communities. In terms of the going forward, a majority of the government's response to the task force recommendations will be effective with the new Aged Care Act from 1 July 2025 for residents entering care from that date. Regis expects to benefit from increased funding to everyday living through a higher Hotelling Supplement. With respect to accommodation funding from 1 July 2025, Regis will benefit from the reintroduction of a 2% RAD retention, with the full benefit realized by the end of FY28. Last week, the Aged Care Quality and Safety Commission held a webinar where they laid out proposed minimum liquidity standards under the new Act. We are in active discussions with the Commission and our peak body, Aged & Community Care Providers Association (ACCPA), to ensure that any proposed liquidity standards do not work against the government objectives of ensuring that providers are more financially viable, including incentives to build the much-needed 80,000 beds over the next decade. The consultation period will occur throughout March, and we expect to know more at that time. Notwithstanding any new liquidity standards, Regis's strong balance sheet and significant undrawn debt facility provide the company with considerable capacity to aggressively pursue its growth initiatives, including greenfield developments, brownfields, major refurbishments, and acquisitions. Regis has access to capital markets, be it debt or equity, that many other providers do not have. As mentioned earlier, the M&A pipeline is strong, and we are in discussions with various parties to acquire quality homes. Just over to capital expenditure. Development CapEx of AUD 16.6 million primarily relates to completion of the Camberwell home, which opened to new residents in November 2024. Regis has made considerable progress with other greenfield development sites, with construction underway at Toowong, Brisbane and soon to commence at Belrose and Carlingford. Linda will talk to this shortly. Maintenance and refurbishment CapEx increased as the company continues to invest in existing homes, improving the customer experience for current and future residents. Investment in maintenance and refurbishment programs directly benefits the business by enhancing occupancy and RAD pricing. By creating more desirable living environments for residents and better working spaces for our staff, we boost our reputation in local communities. The resident profile. The increased number of RAD-paying residents was a key driver of the AUD 85.8 million of net RAD cash inflow during the half. We had an additional 254 100% RAD-paying residents in our care at 31 December 2024, including residents from the T3 acquisition. The MPIR rate at over 8% since 1 October 2023 has driven a shift in consumer preference towards RAD payers. And with that, I'll hand you back to Linda. Thanks very much, Rick. So I'll move now to the strategy update, our growth plans and outlook. So on slide 17, I wanted to briefly speak to our new three-year strategy that we introduced in August. Our strategy is focused on leveraging our culture of excellence and emphasizing growth and innovation. Our growth efforts are targeted around five key areas: expanding our residential aged care footprint through acquisitions and greenfield and brownfield developments, offering top-tier lifestyle and additional services to enhance the well-being of our residents and clients, exploring innovative and more efficient aged care models, providing an exceptional concierge and dining experience, and accelerating home care to meet growing demand. One example of continuous improvement and market differentiation is our dining experience. The dining experience provides nutritious food with seasonal menus, as well as social interaction with our employees and fellow residents. Our catering team sources a healthy array of fresh foods and prepares the vast majority of meals and snacks in our on-site kitchens. We are also improving our molded food options for residents who require them to ensure texture-modified food is visually appealing, nutritious, and satisfying. We continue to pursue operational efficiencies through leveraging technology and redesigning our work processes, as well as supporting our people through innovation in education and training. We are already making good progress towards meeting our growth targets set out in our strategic plan. This includes acquiring the two homes from T3 operations in December, announcing the Bodwell Community Care Home Care acquisition in January, and securing two future greenfield development sites in Coburg and Essendon. These are in addition to the growth delivered by our new home in Camberwell and the current building programs in Belrose and Carlingford in New South Wales and Toowong in Queensland. Regis is committed to investing in our people, care outcomes, homes, and development pipeline, as well as our systems and processes. Our commitment to providing exceptional care and service to our clients and residents is the cornerstone of our reputation and ongoing success. Regarding our workforce, we have continued to invest in talent acquisition capability and learning and development to attract, retain, and nurture skilled employees. Regis has enhanced health and safety measures in both physical and psychosocial risks, and we have seen a reduction in our lost-time injuries by over 30% across the past few years. Our diligent focus has resulted in our claims lost-time injury rate dropping below six for every million hours worked. This is a market-leading result and compares highly favorably to the average rate for our sector at 26. Our workers' compensation premium rate is below the industry rate in all states and the Northern Territory. Across the past three years, we have reduced average claims costs by 55%. We have also hired qualified experts in areas such as wound management, palliative care, infection prevention and control, and behavior management to provide ongoing guidance and support to our frontline workers. Increased levels of permanent staff have strengthened our continuity of care model, allowing staff and residents to spend more time together, which builds rapport and improves the overall experience. This also reduces our reliance on agency staff, who are more expensive and may be unfamiliar with the home, their colleagues, and residents. Regis provides our employees with extensive career progression opportunities and diverse career pathways that are not available at smaller providers in the sector. Many of our management roles are proudly filled by individuals who started their careers in frontline positions, showcasing our dedication to nurturing talent and offering internal progression within our company. Our team members are gaining benefits from new technologies and systems, including AI and machine learning, which enhance the employee experience, increase productivity, and support clinical decision-making. We plan to expand these programs in the coming years. We continue to focus on our clinical care approach, which has greatly improved through various targeted initiatives and a strong clinical research agenda. As a result, we have seen advancements in several key indicators, including the prevention and management of pressure injuries, decreases in weight loss, and a lower incidence of falls with injury. We recently introduced a new enterprise-wide people information management system, again to enhance the employee experience, boost efficiency, and ensure accuracy and compliance in reporting. Like our other technology investments over recent years, this new system is scalable to support our planned growth. Our disciplined financial management has concentrated on cost efficiencies and productivity outcomes. We can leverage our substantial technology investments to reduce the administrative burden on our employees, making tasks more efficient and effective. This frees up time for employees to spend with residents, thereby lowering risk and enhancing the experience for both workers and residents. Regis has earned a reputation for building, owning, and operating premium purpose-built and desirable aged care homes, exemplified by our recent development and opening of Regis Camberwell. Our strategy focuses on continued growth through strategic acquisitions, with this inorganic growth being supplemented by greenfield and brownfield developments. We have recently added two more development sites to our land bank in Melbourne and have several brownfield projects underway. We have increased our investment in refurbishing our existing homes to ensure they remain attractive to current and future residents, with part of this investment recoverable through higher RAD pricing. Moving to the T3 acquisition, where in December we completed the acquisition of two premium residential aged care homes on the Mornington Peninsula in Victoria, coming with 262 beds, which were opened in 2014 and 2018. These two homes are consistent with Regis's acquisition criteria to broaden our residential aged care footprint in metropolitan locations with quality and contemporary homes, with an excellent compliance history and solid reputation in the local community. The T3 transaction increased Regis's beds in Victoria by 15%. Regis's organizational governance and processes are in place, and the integration is progressing well, leveraging key learnings from the successful CPSM acquisition. In January, Regis announced the acquisition of the Bodwell Home Care business, which provides home care services in Melbourne and southeast Queensland. This acquisition adds scale to our existing home care business, doubling revenue to around AUD 30 million and increasing the number of clients to around 2,500. Bodwell builds upon our Melbourne business and expands operations into South East Queensland. Efficiencies are expected through leveraging operational and support teams, as well as technology infrastructure. This transaction is expected to complete by the 1st April 2025. Moving now to Regis Camberwell, which opened to new residents in November 2024. This home is expected to ramp up over 12 months and will be a valuable asset for the company and the local community for many decades. The ramp-up is progressing well and is ahead of plan, with 42 residents living in the home as of 21st February 2025, which is well ahead of our target occupancy at this point in the ramp-up. Moving then to our greenfield development pipeline, where we are progressing our plans and project activities as construction costs moderate and investment returns improve. Regis owns three greenfield developments, with construction underway at Toowong and soon to commence at Carlingford and Belrose. Collectively, these three homes will add 323 high-quality beds to our portfolio. During the half, Regis secured two additional sites in Essendon and Coburg, which are both in Victoria. Contracts have been signed, and settlement will occur during the first half of FY26. We will use this time to obtain and progress development approvals, with construction estimated to commence in FY27, adding approximately 240 new beds to the portfolio. With a long history of delivering greenfield and brownfield developments, Regis remains committed to constructing modern purpose-built aged care homes that meet the high standards of care and service for older Australians. As Rick mentioned, Regis Bulimba in Brisbane is planned to be closed later in the 2025 calendar year, with new construction options under consideration. With a tight supply market, we expect that new developments will have strong consumer demand. We continue to actively seek additional development sites to build our land bank and expand our development pipelines. So moving then to slide 23, Regis welcomed the passing of the new Aged Care Act, which is expected to improve sector returns. Regis continues to adapt to a changing regulatory environment and expects to benefit over time from new funding arrangements, an increased aging population, improved workforce availability, and strategic growth initiatives. Regis will continue to use its strong balance sheet, substantial debt facility, and disciplined management of the business to support the active pursuit of further material strategic acquisitions and greenfield developments to drive increased shareholder value. I'd like to sincerely thank our more than 11,500 employees for their unwavering dedication, commitment, and compassionate care provided to our residents and clients every day. Regis is dedicated to enhancing the quality of care and services for our residents and clients and supporting our people to achieve this. I'll now hand back to the operator, and we can open the meeting to questions. Thank you. If you wish to ask a question, please press Star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press Star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from David Low with JP Morgan. Please go ahead. Thanks very much for taking my questions. Just if we could start with minutes of care and just a quick update or a quick understanding of where Regis is versus what's required, how much is there still to go, please? Yeah. Thanks, David. I'll take that one. If you look at where we started the financial year and we called out, so this is before the uplift in October, we were tracking just over 210 minutes, I think against the requirement of around 212. So we're pretty close, and again, this narrative would be consistent. Where we're seeing issues, and they still remain today, is around regional areas, and in regional areas, it's mostly registered nurses. That's probably the theme of it. When you move from Q1 to Q2, we saw that significant uplift. And I'll go back to what I said on the call, that we're still playing a bit of catch-up on care minutes because of the significant uplift. And we have now, so the short story is that for Q2, we averaged about 215.3, and the target was around 222, which included the acquisition that we made at T3, which boosted it up a bit, which only had for a month. The good news is the target for Q3 is still around 222, which is no surprise to us, and we're tracking close to 222. So we're effectively there, and we've been there really from about mid-December. All right. Perfect. That helps. Thanks very much. So it doesn't sound like there's a big uplift to come from that. Then, Rick, if I could get you to talk about the Fair Work increases, nursing, what we should expect with wage increases there, and therefore what's required with AN-ACC in March, please? Yeah. So I can't quote you the absolute number for the nurses because we're still working our way through the mapping process. But because the increases are varied, I think the full year impact, and just please take this as, and we're happy to follow it up later, but I think the full year impact of the nurses' increase could be as much as AUD 10 million. So we would expect the AN-ACC increase that comes from 1 March, now the government said they will fully fund it, that AN-ACC increase will take that AUD 10 million into account over the period. All right. Thank you. So that's AUD 10 million per annum potentially. Per annum. Yeah. Got it. All right. Look, last one for me. So usually seasonally weighted to the second half. I mean, I know this year's a bit unusual with the increase in October versus the uplift in costs coming through a little later. How do we think about the seasonality? How did you think about the seasonality? So I would think about the seasonality no different to any other year except for two things. So the seasonality, if you look through the record here on underlying EBITDA, it's 53, 54, 46, 47 split, give or take. Now, this time around, what you've got is the Fair Work increases kicking in from January, but the AN-ACC increase occurred from October. So we've sort of had a bit of a free kick for a quarter on AN-ACC until the cost kicks in in January. And to your point around care minutes, because we've been pushing the care minutes up and effectively getting to target mid-December, there will be extra cost impost in the second half on care minutes over first half. All right. I think that's enough for me. Thank you very much. Thanks, David. Thank you. Your next question comes from Tom Godfrey with Ord Minnett. Please go ahead. Good morning, Linda and Rick. Thanks for taking my questions. Just first one, can I just pick up on how well Camberwell's ramping up and the two new sites in Vic? Has there been any changes, or has that given you more confidence around the development pipeline? Has there been any changes to your buy-versus build sort of capital allocation thinking? And maybe just in the context of how strong the balance sheet is, what we should expect for the year ahead? Yeah. Thanks very much, Tom. So I think it gives us great confidence to pursue both. So I think the Camberwell ramp-up will end up being well ahead of schedule right through to completion. So to be where we are now, only sort of three months in, is a really pleasing result. It gives us a lot of confidence around other greenfield sites, but there's still a really strong case, and we've got the financial capability for more acquisitions as well. So I think we can do both. Thanks, Linda. And the closure of Bulimba, are there more of these sites that you're looking at over the next sort of 12-18 months where you could actually sort of recycle capital and close to the lower occupancy or lower quality? Should we expect more of that, or are you sort of through that tail now? I think we're mostly through the tail for now. It's something that, obviously, with a business with 69 homes, the buildings age over time. So it's something that we need to keep a really close eye on through the decades, really. But for now, we're pretty much done. Right. And just last one from me, picking up on Rick's comment around the increase in the soft cap on one channel this year. Can you maybe give us a bit of color in terms of what you're seeing in the market around RAD price increases from competitors? Should we be expecting high single-digit increases or just any sort of way to frame that for us? I might take that one, Tom. So I think it's very, very early. We've gone out pretty quickly. One channel where we can, where it's below 750, you've got approval processes in place for those over 750. Still collating a lot of data from the market. So hesitant to say much else other than that. So we'll probably know more in the next couple of months, given it's really only a couple of months old now. Got it. Okay. Thanks very much for taking my questions. Thanks, Tom. Thank you. Your next question comes from David Stanton with Jefferies. Please go ahead. Thanks very much, team, for taking my questions. Firstly, perhaps we could talk to give us some color around regarding expected occupancy for second half FY25, given the exit rate so high. What should we be thinking, really, for second half of 2025? So we can plug that into our models. Thanks. Thanks, David. I might take that one. Linda may want to add. So we've made a point that at last Friday's date, our mature occupancy, so the only home we're excluding, and we want to be transparent about this, our mature homes are at 96%. If you throw Camberwell into the mix, I think you're 95.3, 95.4 with their 40-odd residents. My expectation is that we will trend slightly up in the second half. I say slightly up because failing an M&A transaction, the greenfields won't kick in until the next year, whether they be Carlingford or Belrose, etc. So 96% plus on occupancy on mature homes is our expectation for the second half. Yeah. Thank you. Sorry. Yeah. David, I'll just add to that that obviously we're continuously refurbishing rooms. We don't actually take them off the base in general unless we've got a really large refurbishment underway. So that puts a bit of a cap on occupancy. But we're really pleased with 96%. We'll obviously keep trying to push it. But yeah, I think relatively flat from here is the right answer. Understood. And I think you're intimating from the government revenue of AUD 327.70, it sounds like it won't be flat in the second half. Approximately, what should we be looking at for that number in the second half? Just to follow up on, I guess, on David's question. We're not going to provide that information, David. The only point I want to make about government revenue, the only driver that I can see of government revenue increase in the second half, given we had a significant AN-ACC uplift in October, which, remember, was there to absorb Fair Work, care minutes, Annual Wage Review, will be the one March increase, which will be passed through 100% to nurses. Fair enough. Understood. Then finally, perhaps you could talk to give us a bit more color about CapEx that you expect for the full year, please. So I think you can take those first half numbers and add a bit to them. I think we're just playing a bit of catch-up with the refurbs for whatever reason. So take those numbers for the first half, which I think in total, excluding the technology, is around AUD 32.5 million. I'd expect maybe AUD 35 million- AUD 40 million. Very good. Thank you very much. Thank you. Your next question comes from Craig Wong-Pan with RBC. Please go ahead. Thanks. Just wanted to understand what the current market is for recruiting staff, like you've been able to lift your care minutes. And with the sort of, I guess, backdrop around nurses in general, could you just talk about what the market is like now? Yeah. I'm happy to take that. Thanks, Craig. So the market has definitely improved. So the higher wage rates that have been funded by government have been pivotal in changing the supply of labor. So we're really pleased about that. The area where we have the most trouble in general is still registered nurses. So all of the data will tell you there remains a global shortage and an Australian shortage of registered nurses. Then the other aspect is around the regional homes and trying to source enough local workforce for those regional homes. That continues to be a challenge right across the sector. Okay. And then just wanted to touch on the new liquidity rules. Sorry if I've missed this on the call, but if that was to be implemented today, does that impact how much cash you have to carry, or does the amount of cash that you've got now on the balance sheet already meet that 35 and 10 rule? We would be compliant today based on cash that we're holding and the facilities we hold. Okay. And then, sorry, just wanted to touch on sort of EBITDA and the expectations for the second half. The government, you said, has committed to funding those higher Fair Work nurse increases. Is that from 1st of March? Is that to recuperate all of the increase, or would that just be pro-rata so that the two-month difference where you're incurring the additional wage cost from nurses, there is that kind of two-month impact where you'll get? We're talking two different things, I think we're talking two different things, Craig. So there was a Fair Work increase on 1 January for workers other than nurses that was funded through an AN-ACC increase started in October. The nurses' increase, which is effective from 1 March, will be funded by an additional increase to AN-ACC from 1 March. But the important point is, as we're seeing with the previous funded Fair Work increases by government, it's 100% passed through to staff. Okay. Okay. All right. Thank you. Thank you. Your next question comes from Steve Wheen with Jarden. Please go ahead. And Steve, your line is now live. Please ask your question. Sorry. Sorry about that. Just wanted to touch on the higher everyday living allowance that you'll be able to get from residents from 1 July. What sort of proportion of your facilities would already qualify for providing those services? And is that a net benefit to you, given what you're currently receiving on that front from residents? Just trying to understand how that phases across the two financial years. Yeah. Thanks very much, Steve. So we're still working this through, as is the department in terms of the release of the rules. So to answer the first part of your question, we could technically have a higher everyday living fee on every bed across the portfolio. So there's no restriction in terms of being able to do that. So you either have to have a service that is far better than the funded service or something that's completely different and obviously desirable to residents. In effect, that's what we're doing with our additional services. So we can charge that again across the board. We don't charge it everywhere because there are some markets where it wouldn't be taken up. But we certainly offer those programs where we can. The extra services component is actually around the built form. So we have very few beds that attract an extra services fee today. So again, it's an opportunity moving across to the higher everyday living fee. But we can't actually model up any numbers at this point until we have more information. Okay. But obviously, that's an opportunity for you. And to actually qualify for that opportunity, does it require a significant investment or trying to understand what sort of investment in CapEx would be required to achieve that? So we've already got a rolling program around refurbishment. So I don't think that we would need to do anything different in that regard. Then the other component of our current additional services program comes through staffing costs, food costs, additional transport costs. So they would all stay relatively consistent. Okay. Understood. Second question I had was just trying to understand the benefit of the maximum RAD price per room lifting to 750. Is the benefit really just - I mean, you've always been able to apply for a higher rate or RAD for rooms. But is the benefit of that cap lifting, is it just the speed with which you can do that now? Yeah. That's obviously a huge benefit. So remember that David Tune made that recommendation back in 2017. So if you think about the movement in house prices over that period of time where our cap has stayed static since introduction. So it should always have been indexed. So 750 is a much better threshold for the sector to be managing. We already have a number of beds with approval over 750, particularly in our newer facilities, and we monitor our room pricing against the market on a regular basis, so we'll just continue to do that as well. Okay. Understood. Last question is just with regards to the 11 homes that are struggling to meet those care minutes. Just wondering whether or not they represent opportunities for you. And then if you could just also touch on your Star Rating. Is there anything that's sort of dragging that down over the last two quarters? So if I take the first question, which I think you're asking me about the homes that have enforceable undertakings. That's right. Yeah, and sorry, what was your question about those ones, Steve? Just whether or not they represent opportunities for you if they're struggling to actually meet to be compliant, whether or not they are sort of something that would be of interest to you as part of your M&A profile. So there are different reasons for the shortfall in performance. So we would continue to use the criteria that we use today. Certainly, we are seeing that there are more providers who are struggling overall with the compliance obligations. So that might present more M&A opportunities for us. And to address the second part of your question around the Star Ratings, they're actually flat. I know it looks like there's movement. When you look through the detail, they're really small changes across the 69 homes that contribute to what looks like it's a small decline, but really it's pretty flat. Great. Thanks very much. Thank you. Thank you. There are no further questions at this time. I'll now hand back to Dr. Mellors for closing remarks. Thank you very much. And thanks, everybody, for joining us this morning. And we look forward, as always, to having lots of conversations with you over the coming days and weeks. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.