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, and thank you for joining us today for Regis Healthcare's 2025 full year results. I'd like to begin by acknowledging the Wurundjeri Woiwurrung people of the Kulin Nation, traditional custodians of the land on which we meet today, and pay my respects to elders past and present. I extend that respect to any Aboriginal or Torres Strait Islander peoples with us on the call. I'm joined today by Rick Rostolis, our Chief Financial Officer. I'd like to start by highlighting a significant milestone for Regis. In July, we announced the acquisition of four premium homes from Rockpool in southeast Queensland, which will add 600 purpose-built modern beds to our portfolio. This transaction is expected to complete next Monday and marks our third residential aged care acquisition in two years following CPSM and Tea Tree. This acquisition is in line with our growth strategy and target of 10,000 beds, which I'll return to later in the presentation. As outlined on slide two, Regis remains one of the largest and most geographically diverse aged care providers in Australia, with operations spanning residential aged care, home care, day therapy, and respite centers, and retirement villages. With a dedicated workforce of over 12,000 people, Regis delivers care and support to more than 10,000 residents and clients across the country. Regis owns and operates 68 residential aged care homes today, with a total of around 7,600 available beds. Regis owns the freehold of every home, providing significant value in land and buildings. We now have nine development sites, up from four this time last year. Across the 68 homes, 93% of our rooms are single rooms, which is a key requirement for most current and future residents. We retain a small number of double rooms to cater for couples. We finished the year with 95.7% spot occupancy at 30 June 2025 in our mature homes, excluding Regis Camberwell which opened in November 2024 and remains in ramp-up. Next week, following the completion of the Rockpool acquisition, we will have 72 homes, 8,200 available beds, and almost 13,000 staff. This morning, I'll start with an update on sector dynamics and the funding environment, as well as the new Aged Care Act, which is expected to commence on 1 November 2025. Following that, we will discuss the financial results and operating highlights, provide an update on our strategic priorities, growth plans, and outlook. We will open the call for questions. Moving to the aged care industry, in terms of demand, residential aged care is an essential service for many older Australians and their families. 26.5% of Australians aged 85 and over access residential aged care during the FY 2024 year. The proportion of Australians aged 85 and over, headlined by the Baby Boomer generation, is forecast to double by 2041 to over 1.2 million people. An estimated 9,300 net new beds are needed each year for the next 20 years to meet this expected surge in demand. In terms of supply, only 6,546 net new beds were added across the four years to FY 2024, well below the replacement rate and growth required to support demand. Regis is well placed to build contemporary homes with high-quality amenities that Australia desperately needs, through its access to capital, development, and property management capability. Regis has expanded its pipeline to nine sites this year and plans to open two to three greenfield developments per year over the medium term. The Productivity Commission's report on government services 2025 highlighted a sizable increase in aged care assessment times. The data also shows that in FY 2023, older Australians waiting for a place in residential aged care used 438,779 hospital days. The strain on public hospitals is being felt most severely in New South Wales, Queensland, and South Australia. There is significant financial cost to older people remaining in hospital longer than they need, with each hospital bed day costing multiples of the cost of an aged care bed day. The government's Aged Care Taskforce response, reflected in the funding chapter of the new Aged Care Act, is designed to encourage providers to build new aged care homes and replace existing stock. This slide on sector funding outlines the three primary funding buckets available to residential aged care providers and where money is being made and lost in the sector. Care funding, which is primarily comprised of AN-ACC funding from the government, saw increases in October 2024 and March 2025, as recommended by the Independent Health and Aged Care Pricing Authority. These increases funded the Fair Work Work Value Case, Stage Three, uplift in staff wages from January 1, 2025, the 3.75% annual wage review increase to minimum award wages from July 1, 2024, the increase in mandated care minutes from October 1, 2024, and the increase in nurse wages following a separate Work Value Case from March 1, 2025. 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 recognized the important work of enrolled nurses in the sector, with enrolled nurse minutes able to contribute up to 10% of the registered nurse minute requirement from last October. The government announced that providers failing to meet care minute targets will have AN-ACC funding reduced by up to AUD 31.92 per resident per day from April 2026. A recent report from the UTS Aging Research Collaborative showed that around 43% of homes were meeting their total and registered nurse care minutes targets in Q2 FY 2025, noting, of course, that this quarter coincided with the lifting care minute targets from an average of 200 minutes to 215 minutes per resident per day. Everyday living consists of catering, cleaning, laundry, and lifestyle activities. This is primarily funded by the basic daily fee paid by residents and the hotelling supplement paid by government, which will be means-tested from 1 November 2025. The same report from the UTS Aging Research Collaborative showed that providers lost AUD 8.33 on average per resident per day in the first half of FY 2025, and everyday living services have been loss-making for a number of years. Professional services firm Stuart Brown estimates that the 1 July 2025 hotelling supplement rate of AUD 15.60 falls short by AUD 8.00 per resident per day to deliver these services. Accommodation consists of furnishings and fittings, building maintenance, utility costs, and appreciation of buildings and resident rooms. Providers lost AUD 10.94 on average per resident per day in the first half of FY 2025, providing these services. The government has legislated the reintroduction of a 2% RAD retention for new residents from 1 November 2025 to help improve accommodation funding. There is a growing gap between the amount of accommodation funding received from a non-concessional resident, such as a self-funded retiree, and a government-supported concessional resident. For a AUD 550,000 room, which is approximately the average RAD value held in the sector, there is a sizable and growing difference between a DAP paid by a non-concessional resident and the maximum accommodation supplement paid by the government on behalf of a concessional resident. There is a two-year government review into the accommodation supplement due to conclude by July 1, 2026, which we hope will address this gap and ensure providers are incentivized to admit residents of all means. Moving to slide seven, in June 2025, the government announced a four-month delay to the new Aged Care Act, which is now expected to commence on November 1, 2025. This was recognition of the substantial amount of work required by government agencies and aged care providers to transition to the requirements and rules of the new Act. The new Act reflects the government's response to and support for many of the recommendations from the Royal Commission and separately the Aged Care Taskforce, including funding and financing proposals. 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 AN-ACC funding model. Non-clinical care includes bathing, mobility assistance, and lifestyle activities. A key element of the Taskforce 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. Regarding the proposed new liquidity standard, the regulator is recommending that aged care providers maintain liquid assets and/or committed facilities equal to 10% of their RAD liabilities and 35% of their quarterly cash expenses. Following a strong response from the sector and constructive consultation with the regulator, providers will be able to provide alternative liquidity assurance to meet their financial obligations. The sector is currently awaiting the final determination of this standard, which is expected to commence with the new Aged Care Act on November 1, 2025. We note that Regis operates under robust governance with a majority independent board, an established liquidity management policy, and comprehensive cash flow forecasting practices. The new arrangements expected to commence on November 1, 2025 will permit providers to charge a higher everyday living fee or health for services that are demonstrably superior or distinct from those covered by the basic everyday living fee. The health will be paid directly by consumers to the provider, and any existing additional and extra service offerings will be phased out. Providers have 12 months until 31 October 2026 to transition current residents from additional or extra service arrangements to the new health structure. Moving now to our financial and operational performance for the year. I'm pleased to report a strong set of financial results this year, with continued growth in key metrics including occupancy, revenue, underlying earnings, and cash flow. Revenue from services of AUD 1.161 billion was up 15% on the prior corresponding period. Underlying EBITDA of AUD 125.8 million was up 17%, and underlying net profit after tax of AUD 53.4 million was up 37%. The improved financial results were driven by higher occupancy, contributions from recent acquisitions, and additional government funding through AN-ACC increases. Pleasingly, net operating cash flow of AUD 306.1 million was up 21% on the prior corresponding period, and the company ended the year in a net cash position of AUD 192.5 million. The board has resolved to pay a final dividend of AUD 0.813 per share, 70% franked, with total FY 2025 dividends of AUD 1.622 per share, representing 100% of FY 2025 NPAT. Average occupancy in our mature homes increased to 95.6%, up from 94.1% in the prior period, and spot occupancy on 30 June 2025 was 95.7%. Our star ratings have improved again, increasing from 3.62 in the third quarter of FY 2024 to 3.78 in the third quarter of FY 2025. Total average care minutes have also increased from 210.5 minutes in quarter four FY 2024 to 226.7 minutes in quarter four of FY 2025, as Regis has continued to invest in our direct care workforce and increased worked hours to meet the higher government mandated care minute targets for our cohort of residents. I will now hand over to Rick to discuss further details on the result. Thanks, Linda. Good morning, everyone, and thanks for joining us today. As Linda's already mentioned, revenue from services increased to AUD 1.16 billion, up AUD 147 million on the prior corresponding period. Government revenue increased by AUD 122 million, primarily due to three factors. Firstly, an increase in average occupancy at our mature homes from 94.1% to 95.6%. Across our portfolio of 67 mature homes, which excludes the Camberwell ramp-up, we had 45 homes average 96% occupancy or greater during the financial year, and of those, 19 averaged 98% or more. Secondly, the Regis AN-ACC price per resident per day increased by circa 11% in October 2024 and a further 2% in March 2025. AN-ACC funding also increased during the year due to higher resident acuity. Importantly, a significant portion of the increase in AN-ACC care funding was absorbed by a full pass-through to direct care staff as a result of the Fair Work Work Value Case. Thirdly, there was a revenue contribution from recent acquisitions and the opening of Regis Camberwell. This added around AUD 52 million in revenue, but was partially offset by the closure of Regis Bulimba and the sale of our Western Home. Resident revenue increased by AUD 25 million, driven by the occupancy uplift, basic daily fee indexation, and acquisitions. Additionally, the daily accommodation payment, or DAP income, increased mainly due to the higher average maximum permissible interest rate, or MPIR. Other income of AUD 131 million primarily consisted of AUD 111 million of RAD imputation under AASB 16 leases. This increased by AUD 30 million over the prior year, mainly through to a greater number of RAD-paying residents. Also included in other income were AUD 7 million of interest income as Regis remained in net cash throughout the year, a AUD 4.5 million fair value gain on investment property based on an independent valuation, a AUD 3 million profit on the sale of our Western Home, and AUD 4.5 million of government grants for the aged care outbreak management supplement. In terms of expenses, staff costs increased by AUD 113 million, or 15%, with the main impacts being additional direct care hours due to the increase in mandated care minutes, the annual wage review increase of 3.75%, enterprise agreement increases, and staff that joined us from CPSM, Bode Well, and Tea Tree acquisitions, as well as our new home in Camberwell. As Linda mentioned, average care minutes per resident per day increased from 210.5 in the fourth quarter of FY 2024 to 226.7 in the fourth quarter of 2025. The businesses employed various workforce strategies during the year to increase staff numbers in response to higher care minutes targets. With Regis meeting its care minutes targets on average across the portfolio, worked hours per month have now stabilized, excluding the impact of M&A and new greenfield developments. Non-staff expenses increased by around 8% in FY 2025, due primarily to increased utility costs, which continued to rise well above CPI, and the ongoing investment at our homes, such as increasing catering choice, best-in-class additional services, technology upgrades, and repairs and maintenance spend. Underlying EBITDA, which excludes the impact of one-off items, increased 17% to AUD 125.8 million. As flagged during the first half results, H1 FY 2025 EBITDA generated a 12.1% margin, which was aided by the AN-ACC increase from 1 October 2024, paid in advance of increased wages under the Work Value Case that commenced from 1 January 2025. As we expected, the second half of the financial year saw higher staff costs, primarily due to the increased care minutes mandate and the Fair Work Work Value Case increases. This resulted in the full-year EBITDA margin moderating to 10.8%, but still above the 10.6% in the prior year. Depreciation of AUD 49.8 million was up AUD 3.1 million, with the increase attributable to Regis Camberwell and the two Tea Tree homes acquired in December 2024. We should expect to see an increase in depreciation in the short to medium term following the expected completion of the Rockpool acquisition in September 2025, and as we continue to invest further in greenfield and brownfield developments and refurbishment projects. Excluding non-cash imputed interest under AASB 16, finance costs were AUD 8.3 million, down from AUD 10 million in the prior year. Interest paid on RADs awaiting probate was broadly unchanged, while interest and commitment fees paid on bank debt reduced as the company remained in a net cash position. Underlying NPAT was AUD 53.4 million, an increase of 37% in the prior year. After taking into account one-off items, statutory NPAT was AUD 49 million, a significant improvement on the statutory net loss of AUD 21.4 million in the prior year. Please note that FY 2024 was negatively impacted by the amortization of bed licenses of AUD 57 million, which were fully written down at 30 June 2024. The FY 2025 effective tax rate was slightly above 30%, mainly due to AUD 3.2 million of stamp duty paid on the Tea Tree acquisition being non-tax deductible. The company held net cash of AUD 192.5 million at 30 June 2025, an increase of 197% on the prior year. Net operating cash flow of AUD 306 million was up 21% in the prior year, with net RAD cash inflows increasing 39% to AUD 195.4 million. The paid-up RAD balance increased by 16% to over AUD 1.8 billion at 30 June, driven by room price increases, Tea Tree acquisition, and more RAD-paying residents. The RAD balance is expected to increase by approximately AUD 200 million when the Rockpool transaction completes next week. With the introduction of the new Aged Care Act, we will begin to see the benefit of 2% RAD retention from new residents, which will be recognized in our future earnings. A resident remains in our care for around two and a half to three years. As a result, the benefit of RAD retention should increase over the next few years, with the full run rate expected in FY 2029. Capital expenditure increased by 32% to AUD 88 million, as the company completed and opened the Regis Camberwell Home and construction commenced at the Toowoong and Carlingford greenfield developments, and planning and pre-construction activities occurred at other greenfield development projects. The Newport greenfield development site settled in the second half of FY 2025, and we increased our ongoing investment in home refurbishment to keep the portfolio fit for purpose and in line with consumer expectations. Just turning now to slide 11. During the year, average available beds across the portfolio increased to 7,567, consistent with our strategy to improve the overall quality of our portfolio. Regis Bulimba in Brisbane was closed in April 2025. The Bulimba Home is located in a desirable suburb, so the land will be retained for a future greenfield development project. Separately, our end-of-life Western Home was closed in September 2024 as part of the sale of the land. As mentioned earlier, average occupancy in mature homes increased from 94.1% to 95.6% during the year. Aged Care Government revenue per occupied bed day averaged AUD 323.30, an increase of 11% on FY 2024. This increase largely reflected improved care funding through the AN-ACC price increase on 1 October 2024 and 1 March 2025, as well as increased resident acuity. Aged care government revenue per occupied bed day for Q4 FY 2025 was around AUD 34.50. Aged care resident revenue per occupied bed day of AUD 109.50 was up 5% on FY 2024. This increase was mainly driven by the biannual basic daily fee indexation. Aged care resident revenue per occupied bed day for Q4 FY 2025 was approximately AUD 112. Aged care staff expenses of AUD 314.70 per occupied bed day increased by 10% due to the items previously mentioned: recruitment of direct care staff, higher worked hours in response to the increased care minutes mandate, the annual wage review decision to increase minimum award wages, as well as enterprise agreement increases. Aged care staff expense per occupied bed day for Q4 FY2025 was approximately AUD 323.90. Staff expenses are expected to increase again in FY 2025 as a result of a 3.5% annual wage review from 1 July 2025, the next phase of the Stage Three and Nurses Award Work Value Cases from 1 October 2025, and ongoing enterprise agreement increases. We expect that these additional cost imposts are funded by government through the next increase in the AN-ACC price on 1 October 2025, which helps to de-risk future earnings. Pleasingly, on 1 January 2025, the government increased the maximum room price without the requirement for regulatory approval from AUD 550,000 to AUD 750,000. The business has a robust and mature RAD pricing process, ensuring that room prices reflect the quality of our offering in the local catchment area while being mindful of competition. On the back of the government decision, Regis increased room prices throughout the majority of the portfolio, with the average incoming RAD increasing over 12% during the year to just under AUD 580,000. Importantly, from 1 January 2025, the average advertised room price for a standard Regis room has increased by around 18% to AUD 650,000. The strategy to build new homes, refurbish existing homes, and acquire higher quality assets is expected to underpin further increases in the average incoming RAD price over the short to medium term. Just moving to one-off items. During the year, Regis recognized AUD 2.5 million of government grant income net of costs, which was comprised of AUD 4.5 million of government grants, partially offset by AUD 2 million of COVID outbreak costs, including additional staff and agency. We recognized the AUD 4.5 million fair value gain on investment property based on the independent valuation. This relates to Regis Retirement Village portfolio and associated development land. A AUD 3.4 million gain was realized in the sale of land comprising the site of the former Western Home in Perth. We also incurred AUD 3.8 million of one-off acquisition and integration costs related to the Tea Tree and BodeWell acquisitions, mostly comprising stamp duty. Following the Fair Work Commission's Work Value Case Stage Three decision, which increased wage rates by up to 13.5% for eligible workers from January 1, 2025, Regis incurred a one-off increase in employee entitlements of AUD 3.5 million that was not fully funded by AN-ACC increases. Importantly, upgrades to our human resources software systems, including time and attendance and recruitment, are now complete after significant one-off investment. Moving to cash and capital management. In December 2024, Regis conducted a part refinancing, extending maturity dates on 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 inflow, has allowed Regis to improve its net cash position to AUD 192.5 million at June 30, 2025. The business generated AUD 122 million of net cash inflow from operating activities before interest, tax, RADs, and entry contributions. In terms of cash outflows, Regis paid a net AUD 40.3 million for the acquisition of Tea Tree, AUD 4.4 million for BodeWell in April 2025. The Tea Tree acquisition is another great example of the type of business Regis is looking to acquire, both homes comprising a total of 262 beds of contemporary fit-for-purpose aged care homes situated in desirable locations with a strong compliance history and great reputation in local communities. Regis continues to invest heavily in its property portfolio and increased CapEx investment to AUD 88 million during the year. This included increased greenfield development activity, further investment in refurbishing the existing portfolio, and land acquisition. We expect to receive a strong return on this investment from increased room pricing and higher everyday living fees. Moving on to CapEx, development CapEx of AUD 35.9 million relates to the completion of Regis Camberwell and the acquisition of a development site in Newport, Victoria. Regis has made considerable progress with its greenfield development sites, with construction underway at Toowoong in Brisbane and Carlingford in Sydney. Five greenfield development sites were secured during FY 2025. Newport, as mentioned, settled in the second half of FY 2025, with the remaining four sites expected to be settled in the first half of FY 2026. Development CapEx is expected to increase in the short to medium term as we target two to three greenfield developments per year. Refurbishment and maintenance CapEx increased during the year to AUD 49.2 million as the company continues to invest in existing homes, future-proofing the portfolio and improving the customer experience of current and future residents. By creating more desirable living environments for residents and better working spaces for our staff, we also bolster our reputation in local communities, benefiting Regis over the long term. Now to resident profile. The high MPIR rate, which has been at or around 8% since October 1, 2023, has been a factor in the shift in consumer preference towards RAD payers. During the year, the business saw an 11% increase in the number of 100% RAD-paying residents. This was a key driver of the AUD 195 million of net RAD cash flows generated. As announced in July and as mentioned by Linda, we expect the Rockpool acquisition to complete next week, adding four new to near new quality homes with 600 beds to the portfolio, increasing total available beds to around 8,200. The net cash consideration paid at completion is expected to be circa AUD 135 million. The home at Oxley, which opened in March 2025, is in ramp-up mode, with a forecast to contribute a further AUD 40 million net RAD inflows following Regis's ownership. This should reduce the final net investment in Rockpool to AUD 95 million, or AUD 158,000 net per bed, at around a 7x pro forma annualized forecast EBITDA. Regis's strong balance sheet, combined with AUD 367 million undrawn debt facility, provides the business with ample firepower to fund its growth pipeline. This is an exciting time for the business as we continue to seek out quality acquisition opportunities and scale up our greenfield development. The Baby Boomer generation, Australia's wealthiest cohort in history, comprises approximately 25% of the population, yet controls over 50% of the nation's private wealth. Boomers are uniquely positioned to afford and actively seek premium accommodation and lifestyle experiences in aged care. This demographic's financial strength is part of our strategy to grow and elevate the quality of our homes, with anticipated returns for increased room pricing and higher everyday living. Lastly, the M&A pipeline remains active, and together with our expanded greenfield development program, we'll ensure that bed growth continues in the short to medium term. With that, I'll hand you back to Linda. Thanks very much, Rick. I'll move now to the strategy update, growth plans, and the outlook. Our strategy is focused on leveraging our culture of excellence, emphasizing growth and innovation. Providing high-quality care and services to our residents and clients remains critical to Regis, with measures in place to target continued improvement in areas including resident experience, quality of life, and care outcome. Our business growth efforts are targeted around five key areas: providing an exceptional concierge and dining experience, offering top-tier lifestyle and additional services to enhance the wellbeing of our residents and clients, expanding our residential aged care footprint through acquisitions and greenfield and brownfield developments, accelerating home care to meet growing demand, and exploring innovative and more efficient aged care models. This strategy remains focused on disciplined strategic acquisitions, complemented by greenfield and brownfield developments and refurbishment of our existing homes. We continue to pursue operational efficiencies through leveraging technology and redesigning our work process, including the use of AI, as well as supporting our people through innovation in education and training. This balanced approach ensures that we continue to scale sustainably while delivering exceptional care and services to our residents and clients. The strategy is designed to meet the needs of our current residents, as well as anticipate the future needs of the Baby Boomer generation, ensuring Regis remains a trusted and high-performance provider of aged care services over the long term. We've made good progress towards delivering on our strategy this year, and I'll mention a few highlights. We have refined our model of care, which is designed to enhance resident outcomes and employee experience. Detailed action plans have been implemented to prepare our staff and the business to transition to strengthened quality standards as part of the new Aged Care Act. We focused a lot of attention and effort on our workforce, including updating our workforce strategy, improving roster optimization, and providing our leaders with balanced forecasts. A new learning strategy and employee value proposition were launched, supporting targeted recruitment and retention in key roles across the business. Staff engagement was 87%, well above sector averages and a range of high-performance norms, and employee turnover reduced to 23%, down from 29% in FY 2024. The claims lost time injury frequency rate of 5.03 was lower than our 5.95 in FY 2024. Given the industry average is 26, Regis's result is outstanding. We made further progress to improve processes and work towards replacing our clinical and care management systems. We refinanced our debt facility, providing flexibility and funding for our growth plans, including M&A. Our investment in human resources systems is now complete, and we implemented a layered care, a new and improved technology platform for our home care business. In terms of growth, we completed the acquisition of two premium homes and 262 beds from Tea Tree in December 2024. We opened Regis Camberwell in November 2024, expanded our land bank to nine sites, and have two homes under construction in Toowoong and Carlingford. Finally, in home care, we purchased the home care BodeWell business in April 2025, which increased the scale of our Victorian home care business and expanded our footprint into southeast Queensland. Moving to slide 19, Regis is targeting 10,000 residential aged care beds by FY 2028, up from approximately 7,600 beds today. A key step towards this goal is the recently announced acquisition of four homes and 600 beds from Rockpool expected to complete next week. In parallel, five greenfield developments—Toowoong, Carlingford, Belrose, Bulimba, and Coburg—are expected to open by FY 2028 and contribute a further 600 beds. We'll endeavor to acquire further high-quality businesses to achieve the remainder of our growth target. This growth is underpinned by Regis's core business, which generates substantial free cash flow and is supported by significant unutilized borrowing ability, AUD 367 million. Strategic acquisitions and greenfield developments not only stand out in scale, but also enhance average portfolio quality and allow us to leverage recent investments in technology and operational capability. Once the Rockpool transaction completes, Regis will have added approximately 1,500 high-quality beds over the last two years through the CPSM, Tea Tree, and Rockpool acquisitions. Each of these transactions reflects our disciplined approach to growth, acquiring high-quality assets at attractive valuations that are earnings accretive. Our M&A strategy is guided by key criteria focused on cultural alignment, financial performance, and long-term value creation. Aged care remains a highly fragmented market, where most providers operate just one to three homes. Regis will continue to be selective in identifying services that align with our strategic and operational standards. This disciplined approach supports our aspirations to grow beds, revenue, and earnings, ultimately enhancing shareholder returns. Slide 20 and our acquisitions. In December 2024, Regis completed the acquisition of two premium residential aged care homes on the Mornington Peninsula in Victoria, with 262 beds from Tea Tree operation. Regis paid final net consideration of AUD 40.3 million for the two homes, or AUD 154,000 net per bed. In April 2025, Regis completed the acquisition of the BodeWell home care business, which provides home care services in Melbourne and southeast Queensland. This acquisition was completed for net consideration of AUD 4.4 million. In July 2025, Regis announced the acquisition of four premium homes with 600 beds in southeast Queensland from Rockpool Homes. The homes were all opened in the last six years. Regis expects to pay around AUD 135 million cash at completion. This amount is expected to reduce by around AUD 14 million in future net RAD inflows from the Oxley Home, which opened in March 2025 and remains at rump-up. This reduces the final net investment to around AUD 95 million, or AUD 158,000 net per bed. The transaction is expected to be completed on 1 September 2025. Moving to slide 21, Regis continues to expand its greenfield development pipeline, having secured five new sites during FY 2025. Construction is currently underway at Toowoong in Brisbane and Carlingford in Sydney, with work at Bellrose in Sydney scheduled to commence early next year. Four of the development sites secured are in Melbourne: Coburg, Essendon, Seaford, and Newport, with the fifth site in Parkside, Adelaide. In addition, our former home in Bulimba, Brisbane, will be retained for future greenfield development. The Newport site settled in the second half of FY 2025, with the remaining sites expected to settle in FY 2026. This timeline allows Regis to progress development approvals ahead of planned reconstruction and design activities. With these additions, Regis's greenfield development pipeline now comprises nine sites, representing over 1,000 beds. We are targeting two to three new developments to open each year. With the removal of bed licenses, Regis can be selective for the locations we've purchased land in to build future developments. With a strong track record in delivering both greenfield and brownfield developments, Regis remains committed to building modern, purpose-built aged care homes that uphold high standards of care and service for older Australians. Given the current tight supply and market, we anticipate strong consumer demand for new developments. On to slide 22. At Regis, we are committed to integrating sustainable and ethical practices throughout our operations and business value chain. We recognize that robust environmental, social, and governance practices are essential to our residents, clients, employees, shareholders, and the communities we serve. Regis has completed work this year to determine baseline consumption and usage across key metrics, including emissions and energy consumption. Under the Australian Sustainability Reporting Standards, Regis is a Group 1 level entity, and next financial year will be Regis's first reporting year for mandatory climate disclosures. Regis has created environmentally sustainable design guidelines, which are used in new developments, refurbishments, fit-outs, and upgrades. This framework includes energy and water efficiency, material reuse and responsible sourcing, and climate-adaptive design features. With nine greenfield developments in our pipeline and substantial investment planned in refurbishing our existing portfolio, this framework has become increasingly important to the business. One example of our social impact and refurbishment efforts was through a collaboration with Green Chair. We closed our former aged care home, Regis Western, in September 2024, and this partnership allowed for around 1,200 items, including furniture and equipment, to be diverted from landfills. Sixteen charities across Australia benefited, as well as some community organizations in Ghana. Moving now to the outlook. Regis expects to benefit over time from the new funding reforms, demographic tails, and improved workers' availability. Supported by strong balance sheets, substantial undrawn debt facility, and disciplined financial management, Regis will continue to actively pursue further maturing strategic acquisitions and greenfield developments that drive long-term value to shareholders. I would like to sincerely thank our more than 12,000 employees for their unwavering dedication, commitment, and compassionate care provided to our residents and clients every day. Regis remains dedicated to enhancing the quality of care and services for our residents and clients and supporting our people to achieve this. I will now hand back to the operator so we can take 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 are on a speakerphone, please pick up the handset to ask your question. The first question comes from David Lyon from JP Morgan. Please go ahead. Thank you. Thanks for taking my questions. Just if we could start with the transition to health from extra services. Just wondering how you're thinking about that over the next couple of years, and given the ability for residents to take 30 days to decide whether they want to go ahead with it, please. Thanks, David. We've got confidence in the value of our current packages. We'll be transitioning most of what we have in the current packages into bundles. We note that we will be required to provide individual services as well, not just the bundles. We'll make sure that the value of the bundle is well in excess of the price of the bundle. We get really good feedback around our existing range of additional services. Obviously, it's something that we'll need to keep a very close eye on over the next 12 months. Given that you have about a third of your beds filled with new residents each year, this next year will give us a really good look at how it will look into the future so we can make any adjustments as needed. Great, thanks for that. I guess the topic of the day probably is just what's happening with RADs. A much stronger contribution than we'd forecast and fairly rapid uplift in prices. Obviously, some of this is an adjustment to supply and demand and an adjustment to the new maximum rates. What is the expectation? How much further can RADs go up? Does it slow or is there still opportunity to go at a similar rate this year than last, please? Part of the reason for the big catch-up in RAD prices was because that soft cap of AUD 550,000 hadn't been lifted since 2014. You're more than a decade down the track, so that soft cap was out of step with all of the other settings in terms of funding and financing. We were really pleased to see the soft cap lifted to AUD 750,000. There was an expectation from government that providers would increase their room prices. Government is obviously looking at the increases in terms of demand against the lack of supply. They recognize that they need to make providers more profitable to incentivize more building. There is further capacity to move. It's something that we review regularly, but there is some more capacity. I might see if Rick wants to add anything. Yeah. G'day, David. I think I'd just start by saying a 12% increase in our sales value is significant in itself. The other point that I mentioned on the call was on a standard Regis room, which is a single room, single en suite, the advertised price now on average is up 18% since January. To Linda's point, that is a correction against a cap that was kept very, very low, artificially low for 10 years. In my thoughts going forward, I'm probably thinking mid to high single digits growth in the next year. However, having said that, we just want to see how this settles down. We're still in the throes of seeing these increases come through. So far, so good, but we just want that opportunity to review over the next three to six months. In terms of 2026, probably 5% +. All right. Perfect. Thank you very much. The next question comes from David Stanton from Jefferies. Please go ahead. Morning, team, and thanks very much for taking my questions. I'm on for Vanessa. Very strong occupancy. Should we be thinking that for the portfolio that potentially you can get an occupancy above 95% for F 2026, please? Hi, David. Thank you for that. We'd love to. Most of the occupancy now is ones and twos going up and down between homes. Most homes have got really high occupancy. You'll never get to 100% because you need time for families to come and collect possessions once a resident passes, as well as for us to do any maintenance work on the room before a new resident comes in. That keeps you dampened down from getting to 100%. There are some homes that we're still working on that are lower in occupancy than we would like, but they are extremely few in number now. There might be a little bit more, but not much more in it. Understood. Am I interpreting correctly from Rick's comments that staff expenses as a percentage of revenue for 2026 you expect to be reasonably flat? I don't think that was the comment I made. I think the comment I made was that we should be seeing further increases, David. The point I did make, the important point is that when you look at these work value increases, our expectation would be that government continues to fund that, but we need to wait and see. My own expectations around staff expenses now that you've asked, having been flat on 2024, they'll probably creep up a little bit over 2026. Just be mindful of what the government does with work value in particular. Understood. Very clear. Finally, could I trouble you for a potential CapEx number for 2026, please? We did AUD 88 million in FY 2025, and I think the message is that we continue to invest both in the greenfields, two to three developments a year, refurbishment program, your basic maintenance CapEx. I'll give you some sort of heads up. It's around AUD 100 million. Very clear. Thank you very much. The next question comes from Tom Godfrey from Ord Minnett. Please go ahead. Good morning, Linda and Rick. Thanks for taking my questions. If I can just start with FY26 in the outlook and maybe piggybacking off Stanton's question, is it reasonable to assume that outside of RAD retention, which will ramp up from 1 November, that the sort of base business EBITDA margin is relatively flat next year? If that's the case, what do you sort of need to see from government on AN-ACC subsidy increases, given everything that's happening with staff costs? Thanks, Tom. I think the comment around the rest of it being flat's probably right. Going back to David's question around occupancy, we've averaged 95.6% in the year just gone. Our expectations, if you'd like, to ticket above 96%, but relatively flat compared to the growth that we've seen over the last three to four years. You don't have the leverage of occupancy growth to cover off your expenses. The RAD retention becomes very important for us to grow the EBITDA and ultimately the EBITDA margin. Having said that, I also made a comment around you'll see the full effect of RAD retention probably in FY 2029 once the whole process winds up and you've got residents washing through the system at two and a half to three years in our care. What was the last part of your question, Tom? Just what we need to see on the AN-ACC subsidy. Yeah. Yeah. Wow, that's a tough one. I'm banking on 5% - 6%. Okay. No, that's clear and very helpful. Just last one from me was just around resident profile. I sort of take your comments around mid to high single-digit RAD price increases, but we're obviously seeing the RAD penetration rate of the overall portfolio kick up a bit. I think a bit of that's Tea Tree and Campbell coming through. Are you still seeing incremental kind of gains on non-concessional residents versus concessional? Should we expect a pretty flat resident profile into next year? Just any thoughts on that? With Rockpool coming in, you'll probably see again more RAD-paying residents come into the picture. Leaving Rockpool aside, I would expect our base business, if you want to call it that, to remain relatively stable on 2025. Got it. That's clear. Thanks for taking my questions. The next question comes from Steve Wheen from Jarden. Please go ahead. Hello, Steve. Is your line open? Hi. Morning, Linda and Rick. I was just asking about the slide on page six, just with regards to the industry meeting, the home care minutes. It dipped down in the second quarter of FY 2025. Just wondering if you've seen sort of why that would have declined and you know what your expectation is for the industry, you know, as we get closer and closer to that implementation of the Aged Care Act. Thank you, Steve. I'll respond to that one. The care minute targets lifted in the second quarter. The entire industry was fishing in the same pool of staff to meet the higher care minutes target. It took all of us a bit longer than one quarter to get there. Obviously, you've seen where we finished the year. On average, we're meeting the higher targets. You'll also note that our target is higher than the 215 on average. Our target was 226-odd minutes because the acuity of the average resident at Regis is higher than the industry average. Yeah. Understood. I think, just for the second part of your question, there is good momentum to providers meeting their care minutes. We can see that there is momentum across the sector. The thing that probably is on my mind is if we need an extra 9,300 beds a year every year for the next 20 years, that's a lot of extra workers that we will need for our sector. The availability of labor will become increasingly important. Yeah, that's kind of where I'm going. I'm just sort of curious about the industry, is their ability to meet those targets even in the first instance, and whether the impact of them getting penalized from a funding perspective, you know, is this part of your backdrop for future M&A? I think most providers are committed to meeting the care minutes. You'll see that the Commission has taken action against a range of providers who didn't show sufficient progress and intent through enforceable undertakings. You can see those on the Commission's website. In terms of everybody being able to meet the targets, we know that there are some areas where it remains really difficult, like regional areas where you just don't have enough local workforce. For the 9,300 extra beds that's needed every year, we're well behind as a sector in being able to deliver those beds. That's part of the reason that the government is trying to improve the profitability of the average provider so that there is incentive to keep building. Yeah. Understood. Okay. Just to kind of finish this round of questioning off, you don't expect any further delays for the implementation or the introduction of the Aged Care Act from 1 November? I don't expect further delays, Steve, but I didn't expect the other delay either. Okay, fair enough. Okay, last one from me. On the concessional accommodation supplement and that gap that's emerging, I'm just curious as to what sort of feedback commentary you're getting from the government. Do they recognize this as an issue and how hopeful are you that they will address it? They absolutely recognize it as an issue. From a government policy perspective, the last thing that they want is for providers to turn away from concessional residents. That would be a really poor outcome from a government perspective. I'm a little bit disappointed with how long it's taking to review that because the difference is pretty stark now, but it does send a pricing signal to the sector that seems to go against government policy. They've still got another 12 months to finish that review. I'd like to think they might get to it sooner than that, given how important it is. Yeah, understood. Thanks very much. Thanks, Steve. The next question comes from Craig Wong-Pan from RBC. Please go ahead. Good morning. Just wanted to touch on acquisitions. On your slide 19, you've put 1,200 future beds coming from future acquisitions. Just wanted to understand how vendor expectations might have changed, if at all, over the past six or 12 months. Thanks, Craig. I made a point of saying that the Rockpool acquisition on a net-per-bed basis, about AUD 158,000, lines up very, very well with Tea Tree at AUD 154,000. From a multiples perspective, by the time this Oxley home, which is the brand new home at Rockpool, ramps up, we expect our annualized earnings per format multiple to be around 7x. If you go back to the CPSM acquisition, it was roughly what we acquired there. Vendors' expectations are always high, higher than ours, clearly. With all the task force stuff now washing through and the reality of life hitting providers, I think we should probably be still expecting 7x-8x. As I famously say, it all depends. It depends on where this thing's located, the number of beds, the quality, the compliance issues, all of that plays a big part. The cultural issues all play a big part in our determination. The short answer is 7x-8x. Okay. Thank you. Just the liquidity standards. Wondering, would you currently meet those standards with how you currently operate, or is that like a headwind if those ones just come into play? Under the strict 10% and 35%, the short answer is we wouldn't. We would need to hold, I think, a last calculation around AUD 300 million+. The reality is we've got the undrawn facilities anyway. I think for us and providers, there will be an alternate measure used by the Commission to assess our liquidity. I expect that what they will want from us is cash flow forecasts, probably audited by a top-tier firm. I think that's where the reality will be once the Act is in place. Okay. With the care minutes, you mentioned that you're achieving the care minute targets across the majority of your homes. Just wanted to clarify with the kind of AN-ACC funding that is penalized for people who don't meet their care minutes. Is that calculated per home, or is that done across the average of the portfolio? Thanks, Craig. It's per home. The places where we're not meeting are largely contained to regional areas. We're making really good progress. There are a number of government schemes around workforce availability with acronyms like PAM and DARMA. We have been able to bring in workforce from Fiji to some of our regional homes and under the DARMA scheme to other regional homes. Our care minutes are increasing, but we really need that government support through those ongoing policies and provisions. Okay, thank you. There are no further questions at this time. I'll now hand the call back to Dr. Linda Mellors for closing remarks. Thank you very much. Thanks, everybody, for joining us this morning, and we look forward to catching up with many of you over the coming week. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.