Good morning, I am Vikesh Ramsunder, the Chief Executive Officer of Sigma Healthcare and welcome to our Results Presentation for the 12 months ending June 2025. I am joined here today by Mark Davis, our CFO, and Gary Woodford, our Head of Corporate Affairs. In terms of today's agenda, I will start with some highlights. Mark will then take you through the financial performance in more detail. I will then take you to the rest of the presentation and open the call for questions. Before I get into the detail, a reminder that these are the first set of results for the merged group and they are encouraging. With a 41% increase in normalized EBIT, Chemist Warehouse's exceptional 20-year growth trajectory has continued and our offer is resonating with more customers across our major markets. With our margin-enhancing product strategy and increasing efficiencies, we are driving significant operating leverage. Most pleasingly for me though is that we have a highly scalable capital-light business model and have the balance sheet strength to deliver enduring long-term growth. We will also touch on the pro forma numbers which assumes the merger had occurred on July 1, 2024. Our performance for the year was driven by three main factors. Firstly, the Chemist Warehouse retail network continues to perform well and is gaining traction internationally. Chemist Warehouse has a proven track record of growth and this year is no different. With network sales reaching a milestone of AUD 10 billion, up 14% for the year, 35 stores were added taking the global network to 674 stores at June 30 and with the inclusion of Amcal and Discount Drugstores we are approaching 900 franchise stores in Australia and 1,000 stores globally. Secondly, our own brand portfolio has remained an important pillar in our growth strategy and has grown by over 20% for the year. Whilst we remain committed to being a house of brands, we have also invested in building our own brands and growing key categories. Scale is driving operating leverage with our combined distribution center volumes up 29% to over 530 million units. The efficiencies gained through volume has seen our cost per unit reduced by AUD 0.11 as we leveraged our investment in automation and spec capacity. Importantly, we maintain key service delivery metrics while achieving this outcome. Having had the opportunity post merger to reassess assumptions and complete a detailed analysis of potential synergy benefits, we have upgraded our target from AUD 60 million-AUD 100 million per annum. We anticipate to achieve majority of these savings in year three and four with the merger completed partway through the year. We are today also providing normalized EBIT numbers, which adjusts for the one off costs relating to the merger, as well as normalized pro forma numbers, which assumes the entities had been merged for full 12 months, and Mark will talk to this shortly. Performing EBIT of AUD 903 million is the base from which we expect to grow in FY 2026. In terms of key financial highlights, revenue for the year was up 82% to AUD 6 billion, reflecting a combination of market share growth as well as the Sigma wholesale business. From February 2025, normalized EBIT was AUD 835 million. 41% normalized net profit after tax was up 40% to AUD 579 million. Our balance sheet remains strong. With net debt of AUD 752 million and with a AUD 1.5 billion debt facility in place, we have significant room to fund our growth ambitions. The Board has declared a final dividend of AUD 1.30 per share, fully franked. With that overview, I will now hand over to Mark to discuss the financial results in more detail. Thank you Vikesh and good morning to everyone on the call. Before we get into the details, let me provide some context on the accounts. The legal acquisition by Sigma of the Chemist Warehouse Group is treated for accounting purposes as a reverse acquisition under the business combination rules. While the financial statements are presented as Sigma financial statements, they've been prepared based on Chemist Warehouse continuing financial statements. As a result, they include a full 12 month contribution from the Chemist Warehouse Group and 4.5 months contribution from Sigma following the merger completion in February. During the presentation, when we say normalized, we exclude merger transaction costs, non-cash charges related to purchase price accounting allocations, and the initial integration costs. When we say pro forma, we assume the merger took place for the full period commencing from the 1st of July 2024 and we adopt this same approach to the normalisation adjustments. We've included a reconciliation to the statutory results in Appendix 2. Finally on this point, and just to be clear, the comparator numbers are to Chemist Warehouse standalone numbers for FY 2024 unless noted otherwise. While there's a bit of complexity here due to the timing of the merger and the acquisition accounting requirements, hopefully this is all clear. Now let's turn to the Sigma FY 2025 outlook. I'd like to start by calling out our earnings momentum and strong capital position to support long term growth. Normalized EBIT was AUD 834.5 million, a rise of 41.4%. You may remember when we released a trading update on the 6th of May, growth for the first nine months of the year was around 36%. We had a very good Q4, so you can see there has been some further acceleration in our earnings growth. Pro forma EBIT was an impressive AUD 903.4 million, showing very substantial growth on FY 2024. Cost management was a standout in these results and we'll cover the detail there later in the presentation. Cash conversion was high. Pre-tax operating cash flow was AUD 693 million and after deducting cash tax paid it was AUD 599 million. I do call out that there are some initial timing benefits impacting cash tax paid during the period, but we expect that will normalise in FY 2026. We maintained a conservative balance sheet during the year and we closed 30 June with leverage ratio to normalized EBITDA of 0.85x. To close the year with such low leverage and funding capacity demonstrates the strength of the group's cash flows and the highly scalable capital light nature of our business model. Net debt at 30 June was AUD 752 million. This was pleasingly well below our prospectus expected range of AUD 1 billion-AUD 1.3 billion anticipated at merger completion. I say pleasingly because remember that Chemist Warehouse Group paid out AUD 486 million in dividends in total over the last 12 months and has also funded considerable transaction costs and the initial integration costs in FY 2025. Turning now to the group P&L where I'll focus the attention on the normalized numbers, you can see revenue exceeded AUD 6 billion, of which AUD 2.4 billion reflects consolidating Sigma sales. For four and a half months since the merger, gross profit increased to AUD 1.45 billion. You'll recall from when the Chemist Warehouse reported its standalone half year numbers, there was strong improvement in the gross profit margins on the back of improved supplier terms, including the rollout of the Wagner Pharmaceutical sales and the benefits of the operating leverage from strong network store sales. Those benefits continued throughout the period, but with the four and a half months of consolidated Sigma we start to see the blending of the merged business impact headline margin percentages. Cost management was a standout of these results, with GP growth substantially outpacing cost growth. I'll break down operating costs further on a later slide. I will say there are very little integration savings in the FY 2025 numbers, so these are largely pre the AUD 100 million per annum synergy targets we expect to deliver over the coming four years, which will further support EBIT margin percentages. Normalized D&A was AUD 49.6 million. This is a relatively modest amount and in part reflects the depreciation of our leased assets and owned distribution centers. We continue to benefit from the CapEx spent by Sigma over recent years. Net finance costs were AUD 24.1 million for the year. We have a competitive cost of debt funding. Normalized income tax expense was AUD 235.7 million. The effective tax rate for the year was close to 30% and we'd expect this to be consistent next year given the Australian bias to our earnings mix. Non-controlling interest was a EUR 4.5 million loss and normalized EPS was AUD 0.055 per share. I note that last year's weighted average number of shares was restated per reverse acquisition accounting requirements to 9.83 billion shares. In FY 2025 the weighted average number of shares was 10.45 billion, and we closed the year with 11.54 billion shares on issue. Turning now to our pro forma results, which assume the merger completed on the 1st of July 2024 and adopt the same approach to the normalisation adjustments. Under this approach, we include an additional 7.5 months of contribution from Sigma. Here we use the FY 2024 Pro Forma Prospectus base as the comparator, as that's the most useful guide. We show these numbers to demonstrate Sigma Healthcare Ltd's earnings power and provide you with an FY 2025 base to model and subsequently compare our results. In FY 2026 pro forma revenue was AUD 9.59 billion, and normalised pro forma EBIT was AUD 903.4 million, some AUD 68.9 million higher than the normalised results, which only has the benefit of Sigma for a four and a half month period. Under this analysis, you can see that the EBIT margin percentage would have been lower, reflecting the full year blending of the two businesses. This is a full year contribution from the Sigma wholesale business in the mix here, and we'll see that in our actual numbers in FY 2026. Turning now to our revenue analysis, pro forma revenue growth is up 44%, and I'll call out some of the key drivers here. Firstly, from the 1st of July, Sigma took on board new Chemist Warehouse supply contract PBS supply arrangements that added around AUD 2.7 billion of new sales in the period on a pro forma basis. Secondly, the Chemist Warehouse Australian store network delivered 11.3% like-for-like sales growth, driving further demand for wholesale sale of goods. Thirdly, as Vikesh has talked about, 35 new Chemist Warehouse stores were opened during the year, and we had the full year benefit of the new stores which opened partway through FY 2024. Slide 10 provides more details on our cost structure. Disciplined cost control was a key driver of our operating leverage. On a pro forma basis, operating expenses were up 9.4%, supporting a revenue increase of 44.1%. You can see this leverage across the cost lines, especially with the very modest growth in warehouse and distribution costs that is supporting 29% volume growth. The 12.5% increase in other costs simply reflects ongoing operational investments to support growth. On slide 11, we show our reported cash flow. We had a strong cash performance with AUD 717 million of receipts net of payments, AUD 599 million in net operating cash post tax, and AUD 266 million from investing cash flow. A large part of the AUD 266 million was attributable to cash that came from consolidating Sigma and AUD 56 million from proceeds of sale of investments that occurred prior to the merger. As mentioned earlier, there are some initial timing benefits impacting cash tax paid during the period, and that will normalize in FY 2026. Turning now to the balance sheet again, I emphasize that Sigma is a self-funding growth company with a strong capital base. You'll see much of the change to the balance sheet in FY 2025 relates to the acquisition accounting impacts of the merger, most notably an increase of AUD 3.6 billion in goodwill. As we've touched on earlier, we finished the period with a conservative leverage ratio of 0.85x. Coupled with our cash flows, we have the capital to support our growth strategy and reward shareholders. A final dividend of AUD 0.013 per share, fully franked, payable on the 18th of September has been declared. This dividend is in line with our stated dividend payout ratio of 50%- 70% of MPAT. Before I hand back to Vikesh, I'd like to recognize our team's tremendous achievements in FY 2025. We continue to expand the store network. Sales again grew very strongly, we improved our supplier arrangements, and we became more efficient. We did all of this while concurrently managing the considerable complexities of the merger transaction and the initial stages of the integration. I'm tremendously proud of what our team has been able to achieve, and I wanted to take this moment to thank them. I'll now hand back to Vikesh. Thank you, Mark. I will now move on to the four pillars for delivering sustained earnings growth. Our strategic drivers are divided into four key growth pillars being domestic growth, international expansion, product differentiation, and improved efficiencies and synergies. We are a proudly Australian business and domestic growth is core to our strategy. In Australia, we are looking to expand our market leadership position by delivering continuous value to our franchise partners and customers while expanding the pharmacy network in underpenetrated locations. International expansion of our CW store network is an emerging growth engine. We are focused on driving scale in our existing markets of New Zealand, Ireland, and Dubai whilst assessing new opportunities for profitable growth. Our product strategy drives sales growth and enhances margin. We are expanding our own brand portfolio and extending our product reach across our pharmacy network, and fourth, we have a group-wide efficiency program with an upgraded synergy target. This covers all aspects of the business including supply chain, procurement, back office systems, and processes with value to be incrementally extracted as we execute over the next four years. Starting with growth pillar one, our ongoing domestic store rollout, we have a long-term growth runway here in Australia. There are over 5,900 community pharmacies with less than 10% of those licenses attributable to a Chemist Warehouse franchise. As noted on the slide, the CW network is underpenetrated in certain states, providing good organic growth opportunities. We also saw around 8% of the CW network either refurbished or relocated during the year, providing an improved customer experience and uplift in performance following the merger. We are now also reinvigorating the Amcal and Discount Drugstore network through an enhanced retail offer that leverages the group's new capabilities. We are also streamlining our brand portfolio and have converted 14 My Chemist stores into Amcal and DDS and expect to convert the balance over the next two months. The strength of the Chemist Warehouse retail network is clearly visible in these graphs. The store network has achieved steady and consistent growth for over 20 years. In fact, over the last 10 years, including the international expansion, the Chemist Warehouse network has grown on average by 33 stores per year. Importantly, the store number growth is mirrored in the retail network sales which has grown an impressive 13% CAGR over the last decade. We anticipate a sustained level of store growth over the medium term. The second growth pillar is international expansion. We are building the foundations for long term scale across international markets. Our domestic performance remains strong, providing the opportunity to test and enter new markets with a low cost and low risk approach. We opened 16 stores offshore in the year and have 77 stores across New Zealand, Ireland, and Dubai with a further nine stores in China. New Zealand is a great example of how our model is transportable and scalable with our value proposition resonating strongly with customers. Having gained a foothold in New Zealand, our network has almost doubled in three years with retail sales now reaching in excess of AUD 1 billion. Importantly, our strategic focus is in driving profitable growth in the markets we enter. As a result of the complexities faced in China, we have made the decision to close the brick and mortar stores over the next few years to focus on the growth opportunity that exists in their online market. We can see that the Chemist Warehouse offer resonates with customers outside of Australia but will execute the strategy with a measured approach. The third pillar is around products and brands. Supplier brands are key to our value proposition and provide franchisees and their customers with a full range of everyday health and beauty staples at low prices. Our focus is to continue working with our suppliers to expand categories with new and innovative products to complement supplier brands. We also have a proven ability to originate and develop new product ranges. Our Wagner generics range was launched in November 2024 with over 260 products. The Lionel Messy fragrance was successfully launched globally. IMC Sports Nutrition has become our number one selling whey protein powder and Goat Soap continues to thrive. These are all living examples of our capability in product development which is supported with in-house marketing and media activations. Owned and exclusive label products have delivered over 20% sales growth for the year supporting margin mix but making up less than 10% of Chemist Warehouse retail sales. Our fourth pillar is driving efficiencies and business synergies. We have 14 distribution centers across Australia and a renewed agreement with government to be a CSO wholesaler for the next five years. We cover the entire country with over 99% of orders delivered in full. In addition to the BAU programs, we have a dedicated Integration Management Office in place to plan and coordinate our integration activities. We have upgraded our synergy target and expect to achieve this over the next four years. The one-off cost to achieve this target is expected to be in the range of AUD 95 million-AUD 105 million. As part of integration, we have already taken some key decisions. We have combined our support centers into Preston and converted the majority of My Chemist stores to Amcal and DDS. This month we announced the closure of our Ep harmacy DC in Victoria and CWDCS in Port Adelaide, South Australia, and South Guildford in Western Australia. The volumes in SA and WA will be absorbed into the Sigma DC in Pooraka and Canning Vale. These changes are expected to be fully implemented by the end of calendar year 2024. Finally, I will now turn to our execution priorities and outlook. Our first set of results of the combined business demonstrate the strength of the merger and growth opportunities that it brings. We are now a stronger, more integrated healthcare business with enhanced scale capabilities and long-term growth pathways. Ensuring a seamless integration of the businesses will remain a top priority for the years ahead. We will continue to roll out new stores domestically and internationally with an objective to achieve network growth in line with historical patterns. The plan is also to continue rolling out exclusive lines to support margin and differentiation. Decisions that will result in us progressively extracting AUD 100 million worth of synergies per annum have already been made. Pleasingly, positive momentum has continued into FY 2026 with double-digit like-for-like Chemist Warehouse retail sales growth this financial year to date. Finally, I would like to thank our team members for their dedication and commitment to the business in a period of significant change. Thank you to our franchisees and wholesale customers for their enduring support and commitment. I remain confident in our ability to execute our plans with excellence. Thank you for listening and we will now open the line for questions. Thank you. If you wish to ask a question, please press Star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press Star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Tom Kierath and Barrenjoey. Please go ahead. Morning guys, just got a couple of questions. The first one is on Wagner s, which I believe Chemist Warehouse sold to Sigma ahead of the launch in November. Can you maybe just talk through how we should think about the profit incrementally into 2026? I understand you got a decent benefit in 2025, but just how that will annualize that benefit into 2026, please. Yeah, I'll take that question. We did get a benefit in the first half of this fiscal period because we sold considerable stock prior to the merger to Sigma as we were getting ready to roll out that inventory to the stores. We expect that we haven't got the full year benefits of Wagner and we will get them in 2026. It's largely done, but not completely done. I think for us now it's about expanding the product range and driving the increases in the volume now that we've rolled it out. Great, thanks. Just secondly, on the kind of margin drivers, you've obviously had the Wagner s one, you've had the Sigma contract where margins improved. Is it fair to assume that the synergy achievement is going to be the biggest driver of margin or percentage margin going forward? Is it more about, I guess, the operating leverage that you have from the strong comp sales that Chemist Warehouse is delivering? Tom? I think it's various actually. If you look at the strategy in terms of driving our own label mix and as we roll out more Wagner products, that'll enhance margin as we extract more ongoing efficiencies from BAU and operating leverage. That will also enhance margin and ultimately over time it's about growth. As we start to continue growing the network and we extract the benefit that come from scale out of that, that should enhance margin over time. Great, thanks very much. Your next question comes from Benjamin, Gilbert and Jarden. Please go. Morning team. Just the first question following up from Tom's, I'm just trying to understand the operating leverage in the business from you. Obviously, in what was a pretty busy period, I expect you kept good control of costs. How do we think around cost inflation when we look at those three big buckets in terms of your warehouse and distribution, given some of the changes made in terms of consolidation, admin, and general into next year? Because to the point before, if you're comping still low doubles and you've got an acceleration in Q4, these costs look pretty well under control. Are they largely fixed, or how do? We think about those as a pe rcentage of sales or growing those into fiscal 2026, please. The way I'd answer that is the operating leverage we can get from now having the capacity around the 14 distribution centers that we have available to us. We have the benefit of putting the correct product in the correct supply chain because we now have a mix of ambient distribution centers and temperature controlled DCs, and we will put the right product in the right distribution center to optimize the cost in distributing that product. Because we currently have spare capacity, in fact the old Sigma temperature controlled DC still has about 30% spare capacity with automation in it, which means we can continue to put additional volume into that without linear growth in cost. That's what is actually going to drive the efficiencies over time. On that basis, we shouldn't really see much change outside of inflation for warehouse and distribution and admin in general. Is that a reasonable base now given you've got the embedded combinations of head office and the combination of the two groups? There will obviously be some inflation coming through. You can naturally expect that we have, you know, we'll be spending some money on technology, et cetera. The group will still be integrating over the next four years. You can expect some investment cost to extract synergies, but really the real driver is pushing the volume through the existing fixed cost infrastructure. The one additional area that I'd call out, and it's not significant amounts of cost, but in some of the offshore expansion we actually employ the labor. The store labor overseas, ex New Zealand, which is accounted for differently, is actually part of the sales and admin and general costs. As we grow internationally and as that story gets more traction, you should see some commensurate cost increases associated with that growth. Just second one for me, just around this energy upgrade from 60 to 100 pressure. It's a big increase, and it's easier for us sort of looking at spreadsheets and playing around. It feels that the scale of. The business and the fact that you're comping double digits still provides pretty significant scope for more terms and opportunities with suppliers. I'm just wondering how much of. The synergy upgrade was around terms, and was there anything else in terms of what's driven the upgrade for the synergy target? What's really driven it is really the opportunity to analyze the data in more detail. As you'd understand, prior to the merger, the ACCC prevented us from talking to each other. Over the last kind of six months we really interrogated the information and there's opportunities that have come across the board. It isn't just from supplier channels. In fact, our suppliers remain very important to us and it's quite important not to leverage our suppliers in any way. We will work closely with our suppliers and ensure that benefits are obviously shared between both parties. Ultimately, this is a combination of multiple areas of the business that has allowed us to increase the synergy target to AUD100 million. As we work closely together over the next few years, there may be other benefits, but for today, AUD 100 million is the number we feel very confident in. Fantastic. Thanks, guys. Appreciate it. Your next question comes from David Stanson, and Jefferies. Please go ahead. Morning team, and thanks very much for taking my question. Can you explain how you address under penetration in certain markets for Chemist Warehouse, particularly in certain states, given the different Australian state regulatory regimens, please? I think it's no different to how we've done it for the last 20 years. As you understand, it's quite regulated in Australia. You can't just open up a store anywhere. You require pharmacy to want to become a CW franchise. What we have done is work closely with regulators over time, and we've certainly seen licenses being approved. We anticipate that would continue in the same vein moving forward. Understood. Can you sort of help us with some ideas or some color around D&A you expect for 2026 compared to the pro forma number of AUD 65.1 million? Yeah, we expect it to be largely consistent moving forward. There's going to be. There's nothing much on the horizon that we expect to change that. I mean there are some things that we are looking at in some of the international markets that may require some investment. For instance, in New Zealand we don't have our own distribution center. That's something that we need to continue to evaluate to look at what the opportunities for benefits that could bring to our business. With limited exceptions like that, it. Should be fairly consistent. Understood. Last one from me, can you give us any help with expected CapEx for 2026 please? Again, pretty consistent to the sort of D&A story. It's going to, it should be a consistent story subject to limited exceptions if we find compelling uses for capital to invest in things like a New Zealand distribution center or issues of that ilk, understood, which will have robust business cases supporting them. Yeah, thank you. Once again. If you wish to ask a question, please press Star one on your telephone and wait for your name to be announced. Your next question comes from Tom Godfrey at Ord Minnett. Please go ahead. Good morning guys and thanks for taking my questions. Can I just ask firstly just one on international and the establishing of the Irish DC. Can you maybe just help us with how that, how we should be thinking about what that does to profitability in Ireland and also just any updated thoughts around U.K., Europe? I think actually setting up a distribution center in Ireland is actually a positive outcome because one of the challenges you have in growing in new markets is supply of stock. You can understand how challenging it is. You have existing competitors in that market. As we start to grow the scale in the Irish business, we recognize that we need to secure inventory to help continue driving our scale as well as supporting the new store growth. That was the reason why we thought it's best to open up a distribution center in Ireland. Of course, if there are other markets we are looking at in Europe and if that does play out, we'll inform the market accordingly. For now, we are very much focused on growing the Irish business in Europe. Sorry, I guess that was sort of the angle I was coming at. Does that sort of help with operating leverage and Irish profitability medium term? That's correct yes. Got you. Just one follow up from me on the sort of trading update and outlook comments. Chemist Warehouse retail network sales still up double digit like-for-like. Is that sort of consistent with what you saw in second half 2025, or are we seeing a minor acceleration or deceleration? Any color there? A slight bit of acceleration to the second half, but really it's very early in the year. We're very pleased with the results of the year to date nowadays. That's great. Thanks for taking my questions. Your next question comes from Aay Maraiswamy at Macquarie. Please go ahead. Morning team. Congrats on the strong result in relation. To market share, market dynamics around some of your health and beauty products. We've seen the supermarkets really drive some more investment in that area and looking to move to EDLP, particularly at Coles. Is there any sort of color you can give us on where things are right in the competitive space and how you guys are looking to counter that? I would say to you the health and beauty space will always remain competitive. What we have is a really great offer in terms of our prices are very competitive and in fact continue to be competitive. It resonates with our consumers. The other thing that we have that gives us an advantage to grocers is that we have a breadth of range and we have a premiumization of products as well. When the consumer walks into a Chemist Warehouse store, not only are they just getting great prices, right, they're getting the opportunity to shop their categories across the different variants of ranges that we offer. That is what I think will be quite difficult for a grocer, quite frankly, to challenge over the long term. We are very conscious of the competitiveness from the grocers. What we are currently saying is that we continue to take market share and all our categories are growing. Great, thank you. Just the second question around GLP-1 products, have you guys seen a material uptake in that, and any color on the contribution of that to your growth? Yes, we certainly have seen that come through and for the current year we expect that to continue. That would be, I guess, any trend or any new innovation that comes to market. We are watching it closely, but we have seen an uptick. Great, thank you. We have a follow-up from Tom Kierath and Barrenjoey, please go ahead. Thanks. Yeah, just to follow from the GLP-1 comment, I understand Mounjaro became available from October, and obviously you're lapping against a period when you didn't have that product in the market. Is it fair to assume that maybe comp growth slows a bit across the year as you lap stronger comps from the GLP-1s that were being sold from kind of October last year? I don't expect that because, quite frankly, remember you had a shortage of GLP-1 products last year. As the availability of product becomes available in Australia and restrictions are removed, you would expect, I guess, practitioners to now script those products, et cetera, for patients. There's probably no reason that we can see in our data currently that we expect a slowdown in the uptake of GLP-1. Yep. Just on that one, they're obviously quite expensive. I assume the margins are quite low compared to the existing margins. Will that have a dilutionary impact if the GLP-1 products continue to grow on the overall margins that you report in 2026? If our standard turnover stayed static, then yes. You're not necessarily seeing substitution. You're actually seeing a growth in the market, which means although you have a percentage compression, the overall margin bank is growing. T hanks, Vikesh. Your next question comes from Noah Hunt at MST Marquee. Please go ahead. Good morning. The Vikesh, Mark and Gary, just a quick follow up on Ireland. Can you just give us a sense of what achieving scale actually looks like in Ireland? Given the 14 stores currently and the new distribution center, how does Chemist Warehouse actually benchmark their performance in Ireland relative to Australia and New Zealand? Perhaps just sales and profitability. I'm talking here. We actually just look at the turnover per store and on average it compares very favorably to New Zealand and to Australia. We look at the market size and we compare that to how we currently trade in our existing markets. We believe Ireland is actually firstly a good beachhead into Europe. At the same time we've spent five years there and our teams understand now how to trade in that market. We still think Ireland provides great opportunities for growth over the long term. Great. Just another quick one on the share of profits and other income. I noticed it has gone backwards on a pro forma basis in the 2025. Can you just give us a steer As to why that is, I understand a decent portion of that. Is your share of New Zealand profits as well? I'll take. That one. I think it's really good to do with the other income and reclassification into cost of sales with the merger accounting. There's not like New Zealand is growing very strongly. It's really just got to do with the acquisition accounting. Gotcha. Thank you. There are no further questions at this time. I'll now hand back to Mr. Ramsunder for closing remarks. Thank you, everyone, for your questions, and thank you for listening to our presentation. We look forward to seeing you on our roadshows. Goodbye from Mark, Gary, and myself. That does conclude our conference for today. Thank you for participating. You may now disconnect.