Thank you for standing by, and welcome to the SG Fleet Group Limited 2024 full year results call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to turn the conference over to Mr. Robbie Blau, Chief Executive Officer. Please go ahead, sir. Thank you. Good morning, everybody, and thank you very much for making time for us today. We know it's a very busy reporting day, and particularly so in our sector. My name is Robbie Blau, the CEO of SG Fleet, and with me today is Kevin Wundram, our CFO. As usual, I'll refer to the slide numbers as I go through the presentation. Please turn to slide number three for a quick overview of the period. This has been an exceptional year for us, with underlying profit after tax growing close to 20%. The second half picks up where we left off in December last year, and orders and deliveries again achieved new highs. Both the corporate and the novated funded fleet grew materially, which is very pleasing for us. While deliveries reached exceptional levels, the order pipeline reduction has only been partial to date, particularly in the tool of trade channel. At the rate of reduction seen in the second half of the 2024 financial year, a return to pre-COVID pipeline levels could take another year and a half to two years. We were anticipating a drop-off in used vehicle values as supply and deliveries improved, but as the months passed, we did not see that occur as early or as materially as expected. More on that a little bit later. We do believe this will finally start to occur in the current financial year, and while we are confident earnings will remain strong, lower used vehicle values in combination with a couple of other factors will see us return to what I would call a more normal environment and revenue profile. With the LeasePlan integration on track, this will of course be followed by the extraction of the associated synergies, and we reaffirm our synergy number of about AUD 20 million, as I've said over the past few years. And again, as I've mentioned over the past few results, in addition to that, there'll be some additional savings coming out of our technology investments, which should add to that number. I'll come back to all of that at the end of the presentation when I talk to our outlook. As was the case in the first half, the increase in revenue generated by the strong deliveries more than offset the adjustments in end of lease disposal income. Our confidence in the continued success of our model and our growth potential is evidenced by the decision to declare a special dividend of AUD 0.15 per share, bringing the total dividend for the year to AUD 0.3393 per share, more than double that of last year. Please now turn to slide number four for a recap of the period in our Australian corporate or tool of trade channel. It's been an exceptional year for vehicle registrations in Australia so far, and despite the slower than usual June month, it looks like we'll reach record registration numbers in the calendar year. I'll come back to this in more detail a bit later, but we've seen more stock coming into the country, which is obviously positive for both of our channels. While for some models we still have orders to fill that date back two years, we are gradually clearing the supply challenges of the past few years. In line with that, extensions and inertia are starting to drift lower. The economy remains in a good state, and corporate confidence is stable. Competition has remained largely rational in our Australian tool of trade business over the past year. Very pleasingly though, our business development teams in the corporate channel have never been busier, and the structural demand drivers that have had a positive impact in previous years still remain very much prevalent in our market. This is bringing more organizations to outsource fleet management or funding for the first time, typically via sale and leasebacks in the case of financed assets. We also continue to make good progress with widening our products and services offering, and take up by our customers has been very encouraging. You might remember that in the 2020 financial year, I said about 42% of our customers took two or more of our products. Well, four years later, this has become the norm in the SG Fleet book, with about 85% of customers taking multiple products. A really great achievement for our business development teams. Interestingly, the legacy LeasePlan book, that figure stands at 47%. As the LeasePlan SAP platform creates limitations to upselling that book, completing the system migration will instantly free up significant potential to increase product penetration across a significant part of our combined customer book. Please now turn to slide 5 for a look at the novated channel. While during this period, consumers had to process a flood of seemingly contradictory economic data, we continued to see strong inquiry levels and leads in novated. The performance of the novated channel confirmed that novated leasing has remained front of mind as a product for both drivers and employers. Employers are increasingly recognizing its financial appeal. Sorry, my apologies. Employees are increasingly recognizing the financial appeal of the product, and employers see them, that novated leasing is a must-have employee benefit that can conveniently be provided and managed by third parties, such as ourselves. As I mentioned, while the EV incentives have undoubtedly attracted attention to this product, we are seeing increased driver interest across all vehicle types. I'll talk a bit about this in a bit more detail, and particularly around low and zero-emission vehicles later on in the presentation. But I think it's important to say that our novated customers remain huge fans of these assets. Interest in EVs has not dropped off as consumers continue to take advantage of the FBT incentives introduced almost two years ago now. The incentives have also led to significantly greater interest in plug-in hybrid vehicles. A widening model range and the narrowing price gap between EVs and comparable ICE models have also helped. Additionally, plug-in hybrid demand has grown strongly from a very low base in our novated channel. Orders for battery EVs grew 32% on the first half, and plug-in hybrid orders grew 69% on the previous period. Adding in hybrids, low and zero emissions vehicles now account for the majority of novated orders in our book. ICE orders, however, have remained strong. Overall, leads grew significantly again over the previous period, and orders were up around 15% on the first half, a really strong result from our team. In line with my observation earlier about EVs having brought an entirely new consumer cohort to the product, customers new to novated leasing accounted for a significant portion of the growth achieved in our book. In parallel with that, we were able to sign up a large number of new employers. Those will bring growth in future periods. Further new business opportunities continue to arise at a significant pace. Our focus is on translating the inquiry growth into actual orders by further improving our conversion rate. In this regard, I mentioned our digitization efforts at the first half, and I'll return to this theme a little later in the presentation. A smoother digital journey, we are building. The smoother digital journey rather that we are building, will yield a world-class customer experience from initial contact to conversion and ongoing service, which will, of course, support retention in our book as well. Combined with the efficiencies achieved via our integration process, the digital service portal will, of course, also lower our cost to serve. That was some of the savings that I talked about a few minutes ago. If you could now turn to Slide six for my comments on our New Zealand business. It's been a mixed bag from an economic perspective in New Zealand. While we seem to be moving out of recession, economic conditions are likely to remain subdued in that market. Although this has been reflected in slowing vehicle registrations, particularly in the passenger segment, these conditions have had little impact on our business there to date. Used values other than for EVs have normalized very gradually. New business development and tender activity has remained particularly strong during the period for us. As to EVs in this market, sales took a hit earlier in the period after the end of the Clean Car Discount, which in turn led to some heavy discounting and a drop in used values in EVs. That seems to have stabilized somewhat in the past few months. At the same time, hybrids have attracted more interest in the New Zealand market. We've seen one particular competitor in this market acting fairly irrationally in terms of pricing, but other than that, the mainstay players have remained pretty rational over the period. Nevertheless, we've been very successful in retaining existing customers that went to tender during the period, and we picked up additional wins across a range of sectors, in some cases as part of trans-Tasman arrangements. We have a firmly established presence in the government sector in New Zealand, and this has again allowed us to present a number of additional solutions to existing customers in that segment, including sale and leaseback opportunities. Pleasingly, demand for our eStart product continues despite the drop in private EV demand. Turning now to slide number seven and a look at our U.K. business. With the elections out of the way in the UK, there's definitely a feeling things will settle down and investment will pick up again in that market. This is likely to drive some economic growth. Inflation now appears to be under control, and wage pressures are falling off in that market. Car registrations are picking up again, and battery electric vehicle demand continues to grow, largely driven by tax incentives. Used EV values have however remained under pressure in the UK market. As is the case in Australia, plug-in hybrids are gaining in popularity as they also take advantage of the Benefits in Kind incentives. I'll come back to that theme a little later in my presentation. Our business there has stayed on the steady course we've seen for a few years, and we are seeing a healthy stream of opportunities in that market. We continue to sign up new accounts for both Tool of Trade and for our Novalease product, and we have extended a number of sole supplier arrangements for multiple year periods. At the same time, upsell within existing customers continues at a steady pace in the U.K. business. Short-term hire solutions, in particular, are attracting strong interest for us over there. These trends have continued in the current period, with a number of contracts expected to be awarded in the first half of the twenty twenty-five financial year. I'll now recap on the various comments I've made regarding supply, order pipelines, and used vehicle values on slide number eight. As mentioned, supply has definitely improved further, although we are still facing challenges with some makes and models, and where special body builds or accessories are required. That also applies to telematics devices. We have where we have seen some supply shortages. In Australia, we're making about 3,000 funded deliveries a month, and we are yet to fill some model orders that we originally received two years ago, as I said a little earlier. In terms of the order pipeline, generally, the Tool of Trade pipeline has come off by about 18% over the past year. At about 9,500 units at the end of the period, it's still about 3.5 times what we would consider a normal level. As reported in February, the novated pipeline started to shrink a little earlier, peaking in June 2023 and reducing by 45% during the financial year, although the rate of reduction has slowed markedly in the last few months. It now stands at about 3,600 units, which again is still 3.5 times normal levels. In summary, Tool of Trade and novated combined, we still have a backlog of about 13,000 units, and that translates to somewhere in the order of an AUD 80 million backlog on that pipeline. Taking the rates of new orders and deliveries seen in the second half, it could take a year and a half to two years, as I said earlier, to reach levels seen in mid-2020. In other words, we clearly will continue to have elevated delivery numbers for quite some time now. In terms of average end of lease selling prices, these have continued to normalize gradually. As you can see on the chart, the rate at which used vehicles are normalizing has been slowing recently as well. And I think that's because we're starting to get, you know, down towards what the new norm might be, which we've said consistently will be, you know, elevated from pre-COVID levels. EVs have suffered from the volatile new car pricing practices of some manufacturers, however, and certainly, you know, used EV prices have been more volatile. We're also seeing, you know, used prices come down somewhat because we're getting back a number of older vehicles that were in inertia while we were waiting for deliveries. And so they've either been in inertia or extension, and so, you know, they do come back a little older. Again, that trend is normalizing now as we start to get vehicles through, which is beneficial to where the numbers might settle. Our vehicle tenders continue to attract significant dealer interest. Average end of lease selling prices in the past financial year were about 130% of pre-COVID levels. As we've said repeatedly over the past few years, taking into account new car price inflation and continued structural supply challenges, we see values above pre-COVID levels for the foreseeable future. They will, of course, fluctuate seasonally and in line with volumes coming to market. We're already starting to see this seasonality creep back into the market, which is actually a really good sign, because it's a sign that the market is normalizing, and we're obviously happier to operate in a normalizing market. It's more sustainable for us. I'll hand over to Kevin now to talk about the financials, and I'll be back a little later. Thank you. Thanks, Robbie. If you could please turn to Slide 10. This year, we've had exceptional growth in the volume of vehicles delivered across both the corporate and novated channels, which has driven significant growth in most of our revenue lines. As foreshadowed, used vehicle disposal values have softened as a result of the continued normalization of mainstream vehicle supply. This has caused our end of lease income to fall by 27%, and yet despite this, we were able to grow our total net revenue by 11.4%. The growth in operating expenses was slightly lower than the growth in net revenue, and as a result, operating income grew by 12.8%. Interest on corporate debt was lower due to lower leverage, as well as due to the fact that the prior period included a one-off charge of unamortized debt establishment fees that were expensed in the lead up to the refinance of the facilities. The net result of all of this is we were able to grow underlying NPAT by 19.2% versus PCP. If you could turn to Slide 11 for a look at the corporate fleet movement. We received orders for 15,687 tool of trade vehicles, which is 12% up on PCP. Stock availability from the mainstream manufacturers that make up a typical corporate fleet continues to improve, and this, together with a number of large sale and leaseback opportunities in the second half, allowed us to grow our deliveries for the year by almost 40%. The improved supply and material growth in deliveries has meant that we are starting to make inroads into the order pipeline, but it still remains elevated at circa nine and a half thousand vehicles. Turning to Slide 12 for the Novated fleet movement. Order growth remained strong, coming in at 9.3% above PCP. Delivery growth for the year was exceptional at 36.8% up on PCP, largely driven by demand for electric vehicles due to the zero FBT incentive. Touching briefly on the light fleet on Slide 13. The light fleet declined slightly this year, largely as a result of our success in converting an unfunded customer to funding through a sale and leaseback transaction. Turning to Slide 14 for a look at the individual net revenue streams. Net rental and finance income grew by a massive 44%. This was driven by a combination of strong growth in deliveries, vehicle price inflation, and lower depreciation for on-balance sheet funded operating leases. Over to Slide 15 and touching on net mobility services revenue. We were able to grow net mobility services revenue by 10.2% during the period, driven by growth in the total fleet under management, as well as the cross-sell of SG Fleet products into LeasePlan customers. Please turn to Slide 16. Net additional products and services income grew by 22.6%, driven by the growth in new funded deliveries, which resulted in a significant uptick in accessory sales as well as rebate income. Over to Slide 17 to look at finance commission. Finance commission was up by a whopping 50%. This was driven by growth in P&A-funded deliveries and extensions of 20%, coupled with growth in the average finance commission per unit of 25%. The growth in finance commission per unit was driven by a combination of higher average funded capital per unit caused by vehicle inflation, as well as proportionately fewer extensions relative to new vehicles in the funding mix. Please turn to Slide 18. As expected, the improvement in new vehicle supply has caused used vehicle pricing to soften. Our average disposal profit per vehicle reduced by 31% versus PCP, but it remains at about two point six times pre-COVID levels. Disposal volumes were marginally up versus PCP. Please turn to Slide 19 for a brief look at the fleets and credit provisions. The growth in the residual value and inventory provisions is largely due to the softness of used electric vehicle values in the UK and New Zealand. We have not experienced this in Australia because of the vast majority of electric vehicles on our fleets are novated finance leases. The growth in the ECL provision is driven by growth in the book, as well as increased vehicle usage by novated customers. Over to slide 20 for a look at operating expenses. Operating expenses are still growing faster than we would like. Our average headcount increased by 8.2% versus PCP, as we gear up for the final push in our migration projects. We have also invested significantly in improving our overall employee value proposition. This investment is already paying off through improved engagement and reduced staff turnover. The growth in technology costs is due to our ongoing investments in infrastructure, platforms, cybersecurity measures, as well as our ongoing digitization project. On slide twenty-one, we've presented the detailed P&L, but since I've spoken to the key line items already, I won't spend more time on this. Over to the financial position on slide twenty-two. The balance sheet obviously reflects the strong growth in the book and the related increase in lease portfolio borrowings. In this period, we have materially improved the advance rate on the lease portfolio, which has released a large amount of cash and allowed the board to declare a special dividend, which I'll talk to in a few slides. Corporate leverage remains conservative at point six times. Touching on funding on slide 23, we saw continued improvements in the lease portfolio composition towards our goal of having half of the book funded by securitization, but it's fair to say that we would like to see faster progress in this regard. In relation to corporate debt, at the time of the LeasePlan acquisition, we entered into a three-year interest rate swap at a very attractive rate. That swap unwinds at the end of September this year, and as a result, we will see an AUD 7 million uplift in interest costs in FY 2025. Turning to slide 24. Based on a 65% payout ratio, the board has declared a final ordinary dividend of AUD 0.0933 per share, fully franked. As mentioned earlier, as a result of our efforts to optimize the advance rate on the lease portfolio, the board has been able to declare an additional fully franked special dividend of AUD 0.15 per share, bringing the total final dividend to AUD 0.2433 per share, and the total dividend for the year to AUD 0.3393 per share, an increase of 110% versus PCP. Finally, please turn to slide 25. Cash generation came in at 101.2%. While we delivered significant growth in the book this year, we were simultaneously able to reduce the equity invested in the lease portfolio. This translated into a material increase in cash generated from operating activities. I'll now hand back to Robbie for an operational update. Thank you, Kevin. Turning to slide twenty-seven for the five-year horizon slide we've presented now for a couple of years. This is probably the first time we have not made any changes to timings, as we expect the supply and used value normalization time to play out in the near future, with used values to reach a stable and higher level than the pre-COVID base during this financial year, and supply to improve further over the next few years. As mentioned before, reducing the order pipeline to levels seen pre-COVID could possibly take up to two years. The integration timeline remains unchanged, as I will explain next. We expect to realize the cost synergies once we complete the integration, and the revenue synergies will obviously be continuous over the next number of years. Essentially, the synergies will become permanently embedded in the combined business. All the other key drivers of revenue growth and efficiency enhancement are now effectively becoming permanent features of our longer term outlook. Please now turn to slide number twenty-eight. In February, I provided an overview of the future state that we are shaping for SG Fleet by integrating the LeasePlan businesses and by digitizing key processes in our operations. Since then, we've made really good progress in both regards. We've successfully brought together the two existing SG Fleet, excuse me, platforms in the novated channel. This means that for the first time in our history, the SG Fleet brand operates off one single platform. Two out of three phases have been completed for the LeasePlan New Zealand system migration, with the third and final phase following in a couple of weeks' time to complete that process. I'll add that that process is well on track, as we sit here this morning. Having completed these two projects, we can now deploy additional resources to the LeasePlan Australia system migration. We will also be able to leverage off the work done in New Zealand to develop a consistent Trans-Tasman business model. If you could turn now to slide number 29 for a snapshot of how digitization is shaping our customer journey, as mentioned, when I spoke about our novated channels. We are increasingly digitizing processes across our business to improve our efficiency. As outlined in February, we'll be able to generate benefits in terms of sales capability, lower cost to serve, and enhanced innovation, and the most visible manifestation of this progress can be seen in the way we interact with our customers. The objective is to allow our customers to directly engage with our products and services through preferred channels and allow them to provide constant feedback on our product offering and service provision. It's a very customer-centric approach that we're taking to this project, the first pieces of which are already being delivered, importantly, and we're very excited about what this means for our customer journey and for our ability to better serve those customers at a better cost. To achieve this, we're building a very comprehensive end-to-end action model, and that will certainly make sure that our customers have a completely seamless experience across the life of their lease. Please turn to slide thirty now for a quick comment on the current EV landscape. It's been an interesting period in the EV world over the past six months. Very volatile new pricing and consequently, used prices, higher insurance premiums, and an immature maintenance network, have all played a role in that volatility. What has emerged is a widening interest in low emission vehicles generally, which is wider than just battery electric vehicles. More recently, we've seen plug-in hybrids become much more popular in the Australian market, and of course, standard hybrids are now firmly established as a large segment in our market. It's worth pointing out that the first hybrid vehicles came to Australia almost twenty years ago now, when the first Prius was launched here. And so maybe there's something to be learned for how long sort of adoption takes for these technologies. You'd have read the stories about oversupply in some EV markets and aggressive pricing tactics as sales growth has been slowing. In Australia, EVs now account for about 8% of all new vehicle registrations and are likely to remain at that level for the foreseeable future. Interestingly, plug-in hybrids are becoming more popular, helped by the FBT incentive and a widening model range. That incentive continues to drive interest in zero or low emission vehicles in our Novated channel in Australia, as I mentioned earlier. Battery electric vehicles are now definitely a feature of the market, but growth rates have invariably fallen off. Having said that, the government remains firmly committed to driving adoption. Not only will we have the new vehicle efficiency standards coming in on January 1st, but the federal and state governments are setting ambitious targets for their own fleets to shift to zero or low emission vehicles. Of course, given our strength in the government tool of trade sector, we are looking to play an important role in achieving those objectives for these very important customers. New Zealand has had mixed fortunes in the low emissions world, in the second half of this financial year. After the end of the Clean Car Discount scheme late last year, EV sales dropped dramatically, to which manufacturers responded with very heavy pricing discounting on new assets. Things have stabilized, though, somewhat in recent months, but battery EV registrations have certainly gone backwards to levels last seen a few years ago in the New Zealand market. This has led to a shift from zero to low emission vehicles, particularly hybrids, in that market. The U.K., which is obviously further ahead on the curve in this regard, continues to see steady growth in EVs and PHEVs, although for EVs, this growth is well short of the growth rate seen over the past five years. EVs are struggling in the light commercial segments in that market, as range anxiety continues to scare off delivery companies. A big part of the passenger vehicle EV demand is driven by the tax incentives available in respect to those vehicles in that market. This is greatly benefiting us, creating strong demand for our novated lease product in the U.K. With the new government in place, it'll be interesting to see whether there'll be an attempt to kickstart EV adoption again. It's anticipated that the emission reduction target postponed by the previous government will be moved forward again, but Labour has given no indication it will postpone the end of the road tax exemption for EVs in the UK market. In summary, as we've indicated over the past few years, EVs are here to stay, as is the global drive to reduce vehicle emissions, and this will play out in the tool of trade segments as well in due course. Obviously, a very significant opportunity for us at SG Fleet. The only thing that has changed is that we are gaining more experience through the full life cycle of the vehicle. Again, will be very useful to our customers. If you could now turn to slide 31 for a few words on our continued progress in the ESG space. It has always been our stated objective that our approach to long-term value creation is driven by the principle that industry-leading ESG behavior should be integrated and embedded in our daily business practices. In the past few periods, we've made significant progress in this regard. This year, we executed our first full-year ESG and emission reduction action plan, created an ESG information hub for our people, and introduced a more comprehensive environmental and social assessment of our supply chain. We also achieved group-wide carbon neutrality, with New Zealand joining Australia and the UK in that respect. Our next ambition is to set clear net zero targets for all of our geographies, part of which will be continued transition of our own internal fleets to EVs. As I always note, the biggest difference we can make is by helping our customers achieve their own sustainability goals. For that purpose, in addition to sourcing vehicles and coordinating the development of support infrastructure, we are now also developing integrated mobility solutions that include targeted actions to meet our customers' sustainability objectives. Our people, as always, are our strength, and during the year, we introduced a number of additional initiatives to enhance the attractiveness of our workplace, as Kevin alluded to a little earlier, our training and the benefits we offer to support our people at work and beyond. On this slide, you can see some of the images of the ESG initiatives we introduced during the period. Please now turn to slide 32 for a quick summary of today's presentation before I move on to our outlook. In summary, this has been another exceptional period for us, as I said earlier, with close to 20% growth in underlying profit after tax. Just as in the first half, the increase in revenue generated by the strong deliveries easily offset the adjustment in end-of-lease disposal income. Orders and deliveries continued to set new records in both the corporate and Novated channel. The trend we saw in Novated in the first half, namely greater consumer awareness from Novated leasing, on the back of that, greater employer interest, continued to drive new leads and orders, as well as a lot of new customer wins. While New Zealand is currently doing it somewhat tougher from an economic perspective, opportunities continue to arise for us there, and we are picking up our fair share of what is on offer in that market. The U.K. is clearly benefiting from a stabilizing environment post-election, and this is starting to translate into improving business confidence and greater investment, which benefits our business there greatly. While vehicle supply is normalizing, the rate at which we are reducing the outstanding orders pipeline means that we will continue to have elevated delivery numbers for quite some time to come. The LeasePlan integration has made significant progress during the period, and we remain on track for completion. At the same time, our digitization drive will ensure we deliver an exceptional connected customer experience moving forward. We are expecting the end of these tailwinds to abate at some stage during the second half, as supply normalized. While supply did improve and we were able to step up deliveries on the back of that, used vehicles continued to hold up for longer than expected. We do believe this will finally unwind during the current year, and so I'd like to talk you through our view on the outlook for the year on slide 33. Looking at how we expect the current financial year to play out, the first and major factor to take into account is that, as Kevin said, we are projecting an increase in interest on corporate debt due to the maturing of an interest rate swap originally entered into 2021. Obviously, rate movements have and will continue to have an influence on that, so this does not come as a surprise to anybody. As mentioned by Kevin earlier, we forecast the increase to be about AUD 7.3 million. With regard to operating expenses, we expect that our technology spend will temporarily increase in the lead-up to the final phase of our system migration program. This spend will, of course, come out in the 2026 financial year once the integration is completed and the synergies are realized. As mentioned earlier, we reaffirm about AUD 20 million in pre-tax synergies per annum following the system migration of the LeasePlan business, and as I said earlier, our other technology investments and initiatives will certainly yield some further upside to that. Our financial profile will also start to reflect the gradual return to a more normal environment. We've obviously had quite a few years in which external factors, such as the supply disruption and its impact on used vehicles, have led to an exceptional performance in some of our revenue lines. We expect these influences to somewhat abate during the twenty twenty-five financial year. In other words, we're not going from tailwinds to headwinds, not at all, but we do expect to return to more normal, a more stable environment, which we believe is a positive base to build off longer term. As supply of mainstream brands continues to improve during this financial year, this will drive further growth in deliveries, boosting finance commissions income, where we fund the vehicle through a principal and agency arrangement, and net rental income, where we fund the vehicle on balance sheet. Obviously, also, the movement to on balance sheet for us, you know, constantly has an effect of spreading income over the life of leases. The growth in deliveries will also reduce the volume of older vehicles in extension and inertia, again, a feature of the last few years in the market. These typically are in our book at higher margins and lower depreciation costs, so their run-off will impact net rental and finance income. On the plus side, more deliveries will mean higher end-of-lease disposal volumes, so while growing supply should lead to a continued gradual reduction in average end-of-lease disposal profits, net vehicle risk income will be positively impacted by the greater number of disposals. Taking all of these into account, we expect to deliver an underlying EBITDA between AUD 88 million and AUD 95 million in the 2025 financial year. The expected AUD 7.3 million increase in interest on corporate debt referred to earlier accounts for a substantial or most of the difference between 2024 underlying EBITDA and the middle of the 2025 underlying EBITDA range. The balance is made up of other potential ups and downs, the variables that I've just discussed over the last few minutes. As it's still very early in the year, we'll need to see how quickly and to what extent the expected normalization of the environment occurs. As I've said, over the 2024 year, we expected some of that to happen, and it certainly, you know, didn't happen as quickly, or as vociferously as we thought it would. In other words, the range still puts us well ahead of the 2023 financial year, when we were still, we were very much enjoying the tailwinds of average end-of-lease selling prices. To put that in perspective for you, in that year, net end-of-lease income accounted for more than 57% of operating EBITDA in our business, whereas in the 2024 financial year, the contribution dropped to about 36%. You know, notwithstanding this decline, we grew EBITDA by about 17%, so a very, very pleasing result, and a very, very pleasing sort of endorsement of our model and the resilience in our model, which we're very pleased about. This certainly does show, you know, that all profit drivers are improving, and the business is in very, very good shape. The progress is very much reflected in our ability to declare that special dividend of AUD 0.15 that, I referred to at the start, and that Kevin has explained. We're very happy to declare that for our shareholders, and that, for now, is all I have on the formal presentation. Thank you very much for your time, and happy to take all and any questions. Thank you. If you wish to ask a question, please press the star key and the number one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star, then two. If you're on a speakerphone, please pick up the handset to ask your question. And our first question will come from Paul Buys with Canaccord Genuity. Please go ahead. Morning, Robbie and Kevin. First question, just around your novated lease business. You spoke a lot about, obviously, how that's growing in a number of ways. I just wanted to get a sense of your view on yields on the novated leases into next year, and there's just been some, I guess, competitive commentary on the impact of price competition in EVs in particular, which is obviously a very well-known factor, but just wanted to get an idea of how your business is handling that. Look, I think, I think a couple of points there, and, Kevin, jump in if I'm missing any of them. EVs are still priced ahead of normal ICE vehicles, so we still continue to see higher margins on those vehicles. All we were pointing to is the fact that they're, you know, they're normalizing somewhat. So we're very positive on that front. In addition, as I've said over the last few periods, we are not banking our future solely on EVs. I think that would be a somewhat irresponsible strategy for our customers, actually, because remember, all of these EVs have to come back into the market at some point. So we very much selling PHEVs to our customers. We also sell to a corporate customer who has a higher salary than a government sort of employee. So PHEVs remain very interesting to them, ICE vehicles remain very interesting to them. We still have a really good spread over our fleet. So we remain positive on margin opportunity in that book over the time. Also important to note that, as we've said for a number of years, we feel that our interest margins are in that business are very, very sustainable, if not, they'll have some upside. They're certainly on a very different place to some of our competitors in the market, so we're not seeing competitive pressure on pricing at all. Quite the contrary, actually, given where we price. Got it. Thanks, Robbie. And then just kind of extending that into hybrids, just wondering if you've got any thoughts on the possibility of an extension from an FBT exemption for the hybrids specifically? And I guess either way, what would the impact be on your Novated business if it's not extended? Look, I think, let's firstly, to be clear, we're only talking about plug-in hybrids, just for those on the call. Look, our feeling is, and again, I'm giving you an SG Fleet view, I can't speak for the government. We are talking to the government about their views on this. It would be very responsible in a number of reasons, to extend that plug-in hybrid opportunity. And the reasons are numerous. The first being that there are a number of markets where pure EV just doesn't work. You can't shove pure EV down rural people's throats, because where do they charge them, and how do they get the distance they need in them? But plug-ins are a very obvious solution for that. Plug-in hybrids are an obvious solution for youths, where range anxiety on fully battery electric vehicles are a problem. Plug-in hybrids are a solution for people that are transitioning into EV and aren't quite there yet. So it would make sense for an extension there. I'm not sure whether we'll achieve that or not. You know, we are talking to government. We think that it's a sensible way forward. The bottom line is, if it's not achieved, it will drive a lot of people back into pure electric again, 'cause a lot of people are taking advantage of the legislation, there's no doubt about it. If you look at the shift out of pure retail sales from the dealers, you know, world into Novated, you can see that shift. And so what does it mean for our business? It probably doesn't have a real effect on demand in our business at all, but we think a more balanced approach would be the ability to sell normal hybrids, plug-in hybrids, and PHEVs, all of the above, and we've certainly seen that be the case in the U.K. In the U.K., plug-in hybrids have been a very successful sort of transitional road to fully electric, as well as, the right asset for certain use cases. I hope that answers your question, Paul. That does. Thank you. And then just the last one from me, just a, I guess, a general one on your cost base. So you're clear in your outlook statement there, in terms of technology costs increasing into the final phase of the migration. I guess just want to understand your view on your overall OpEx base. Is it really kind of an increase off the current base into the next year before it starts reducing, or is this sort of a first half, second half timing that we should be aware of there? Just wanted to kind of understand the drivers. If you wanna answer the detail question, then I just wanna make a general point on that. Off to you. Yeah, it's not really a first half, second half issue. The costs will be elevated throughout FY25, and then post the SAP migration, you know, that's where the synergies and the cost downs will come through. I think, I think two points on that, Paul. The first is, they'll be somewhat elevated. It's not a massive jump up, it's just that they're remaining elevated, they've been elevated for some time now. We could be, you know, too smart by half about this and get external consultants to come in and do it, and normalize the hell out of that number. The truth is, we're doing it in-house because we want the capability, we want that digital capability in the business, and then we'll trim down the capability massively, you know, when we have to. So, so that's the reason why, you know, we're calling it out. But we are, we've set a program, we're at the final stages of that program, it's on track, it's on time as we speak today. I'm never gonna be, you know, I'm never going to overpromise in that regard. We all know how hard technology migrations are, but right now, you know, we're feeling like we've got a program that's achievable and doable, and we're just trying to execute very well and efficiently. Got it. That's very clear. Thanks, guys. That's all from me. The next question will come from Scott Hudson with MST. Please go ahead. Morning, Scott. How are you? Morning, Robbie. Robbie. How are you going? Thanks, mate. Thanks for the questions. Just to clarify, that AUD 7.3 million interest cost, is that a post-tax impact or a pre-tax impact? That's pre-tax cost. Okay, so I guess in terms of the guidance or the outlook commentary, I guess that accounts for the majority of the, I guess, the headwinds into FY25, relative to the FY24 base? Correct. Yeah. Look. Okay There's a lot of moving parts, but that's a key part of it. Yeah. Am I right in assuming that you're expecting a decline in interest costs, a modest increase in the OpEx base, and a decline in end-of-lease income, which will, I guess, offset continued growth in the, I guess, the fleet and Novated earnings piece, is that correct? Sorry, just not a decline in the interest costs, an increase in the interest costs. Yeah, an increase. Sorry, interest, thank you. Yeah. Increasing interest costs, you know, end of lease, you know, the reason we're saying it's up and down, because, you know, there will be an increase in disposal volumes as deliveries come through, but against that, you know, average disposal profit will be declining. And then obviously, on the rental income side, you know, again, up and down, we'll have growth in volumes, but at the same time, we'll have fewer vehicles in inertia, fewer extensions. So, you know, that obviously causes a reduction in end of lease income. And I think, you know, as we've said. Oh, sorry, go ahead, Trevor. Sorry, go ahead, yeah. And as we've said over the last couple of periods, it's hard to predict exactly when it's gonna happen. I can tell you that the first month of the year wasn't like that. We, you know, the trends will continue where they were, but at some point, we have to get to a normalized market, and we just figured it's better to call it out, than surprise people, later on in the period. But, you know, do we have a crystal ball exactly when it's gonna happen? Absolutely not. The only one we can tell you is gonna happen, is that there will be fewer extensions because we've seen deliveries come through, and the interest cost is interest cost. For the rest, there may be more ups than downs. There might, you know, so that's why it's a wide range at this point. Appreciate that. Thank you. I guess, just in terms of, novated demand, could you talk about how that progressed, sort of through the fourth quarter relative to. Look, it's. Relative to the third quarter and- Through the roof. Yeah. New customer wins, you know, and some new to novated, leads are up, orders are up in both of our channels. We've never had, you know, busier customer acquisition times, to be honest. Has that activity level progressed into the early parts of FY 2025? It has at this point, absolutely. Thank you. And then just lastly, on the, I guess, discussions with corporate fleet accounts and potential opportunities on EV migrations and further outsourcing opportunities, could you just give us? Further outsourcing opportunities are strong. We had a strong sale and leaseback period towards the end of the period, and there's no reason why that shouldn't continue. From an EV perspective, corporates are treading gingerly. As I said, there's a way to migrate them there through hybrids and plug-in hybrids. They're still not... Because of the volatility in pricing and the immature maintenance networks and the insurance costs, they're still not a great financial model, you know, total cost of ownership model to move corporates massively. A lot of our big corporates, some of the banks, and some others are certainly dabbling. We're dabbling with EV solutions for them. We're dabbling with charging solutions for them. So the journey is on, but I don't see this year bringing the massive shift yet. There's still too many variables from a cost perspective for big corporates. Appreciate it. Thanks, Robbie. Thank you. But the opportunity is large, and it's not either EVs or nothing. There's a ton of talk on we're converting some very large fleets into hybrid fleets. There's a lot of large corporates talking about plug-ins. I think there'll be some interesting utility vehicles coming to the market over the next twelve months on a plug-in basis, which means we can support some of our customers that have you know more industrial needs with vehicles that we can trust from a range perspective. So the opportunity is large, and it's gonna play out over a number of years. Thank you. Again, if you have a question, please press star then one. Our next question will come from Richard Amlin with CLSA. Please go ahead. Hi, Richard. Good morning. Hi, good morning, gents. A couple quick questions. So, thank you for confirming the savings expected in 2026 on the IT, you know, let's say, implementation. So it's AUD 20 million on that. And my question is, with the ramp up in IT headcount to facilitate the transition, will that IT headcount ramp down in fiscal year 2026? And in fact, then the year over year for 2026 will actually exceed, the savings, will exceed the AUD 20 million that is just, you know, the implementation of the IT or- It's not just the implementation. Am I double counting? Yeah. It's not... You're not double counting. It's not just the implementation of the IT, it's the full integration of the businesses. But yes, that's what I alluded to earlier. I said, you know, some of our other digital projects and IT projects all mean there's more on top of that. So you're not double counting, and it will start to come through in the twenty-six year, absolutely. Okay. So the AUD 20 million is what we should be aiming for in terms of, like, the incremental up, you know, earnings uplift at the operating level? Twenty plus is what I'm saying. Yep. Yep. Okay. Just wanted to, you guys, mentioned that the net cash flow, net operating cash flow was up due to less equity financing required on the on-book, on balance sheet book. Can you just quantify quickly how much that was? How much free cash flow that opened up? I mean, basically, it was more than AUD 100 million that. Basically, you know, if you look at our balance sheet, we're sitting on, you know, a huge amount of excess cash at the moment. Part of it was that improvement in the advance rate on the lease portfolio, where we were able to, you know, improve the advance rate from 18% down to 12%. And then another part of it was the fact that, you know, because of the accelerated instant tax write-off that we had the benefit of over the past few years, our tax cash flow this year was substantially lower. So those two elements, you know, combined together, you know, to deliver that strong cash outlook. Sorry, cash generation for the year. So if you look at it, the cash generated from operating activities, you know, went from AUD 86 million in 2023 to AUD 230 million in 2024. And if you unpack that, basically, the improvements in lease portfolio cash flow was an outflow of AUD 346 million in 2023 and only versus AUD 206 million in 2024. So notwithstanding the you know, the massive growth in the book that we delivered in 2024, the cash that we actually had to put into the lease portfolio, you know, reduced by almost AUD 150 million. Obviously, as Kevin says, you know, every result is an ongoing strategy to get better and better at what we do on balance sheet. Okay. I'll come back to you offline on that, 'cause there is a lot going on in there, and the numbers on that annual report, the cash flow from operating activity shows an outflow. So I'll take that offline. Yeah, I think the. The last question. But the best thing to do is look at the cash flow in the investor presentation. It's much easier to understand than the annual report. Okay. Last question is just around net VRI. So I fully appreciate and understand, you know, that it's sort of starting to wind down, and that makes sense. I guess, you know, it's had a big curve over the last several years, where it went from, you know, sort of like AUD 28 million-AUD 30 million pre-COVID to, you know, AUD 100 million. The guys at FleetPartners have helpfully sort of, you know, given the market sort of like what the new normal looks like. Can you guys give? You know, without trying to back you into net timing, what is new normal post-COVID in terms of, like, where this levels out? Is it back at the AUD 20 million-AUD 25 million mark, or is it higher than that? I'll take that one. I'll make two comments. The first is we consistently think it will be higher than where it was pre-COVID. Sorry, I'm not gonna give you a dollar figure for the book, because our book's actually different. We've got a different composition in our book. We've got LeasePlan in now. So forget the dollars number, look at the contribution rather. The contribution will come back to higher than pre-COVID numbers for two reasons. The first is the higher capital values on the assets. That's remained the case. Two, there's a lot of supply and demand for used that will be there for numerous many years. And three, as the changing technologies occur, the older technologies remain very valuable. So they... It certainly will be higher than COVID. You know, is it where it is now? It's probably somewhat lower than it is now, but I think it's closer to where it is now than to where it was pre-COVID. That's for certain in our minds. I don't wanna get into the FleetPartners numbers, because respectfully, there's a lot of noise in the way they come up with that number. So I don't wanna give a comparison to that. Okay, fair enough. I appreciate the insights that you've given. That's all for me. Thanks. There are no further questions at this time. I'll now like to hand the call back over to Mr. Blau for any closing remarks. Please go ahead. Thank you very much, everybody, for your time, and we look forward to meeting a lot of you over the next couple of days. This concludes our conference call for today. Thank you for your participation. You may now disconnect.