Thank you, Michael, and good morning, everybody, and thanks for joining us today for our Smart Parking FY 2025 Results Investor Conference call. As Michael highlighted, I'm joined today by our CFO, Richard Ludbrook, here in Melbourne. On the call, I'll present our strong results for FY 2025, a positive progress report on Peak Parking, the U.S. acquisition we completed in February of this year, and an update on our growth strategies across our key markets. After that, Richard will take you through the numbers in more detail, and then, as Michael highlighted, we will open the line for some questioning later on. If we can go to Slide 2, please, I'll start with some key highlights from the year. I'm pleased to announce another set of record results. We delivered 47% growth in adjusted EBITDA and a 37% rise in EPS. We generated $9.5 million of adjusted EBITDA in the first- half of the year and $11 million in the second- half. I will call out the second-half includes four months of ownership of Peak Parking. We had a strong finish to the year, which boosted our results and sets us up well as we enter FY 2026. Compared to the PCP for 2025, revenues are up 42% to $77.2 million. For the first time, we issued over 1 million PBNs, which is a milestone for us and up 21%. Adjusted EBITDA is up to $20.5 million, and adjusted margins have expanded 110 basis points to 26.6%. We generated $13.3 million of free cash flow. We are growing strongly, expanding margins, and delivering cash flow and earnings. Also, having raised $45 million in February to fund the Peak acquisition, we closed the year with cash on hand of $12.7 million. This means we're well placed to fund technology investments and execute our growth strategy. If we turn to Page 3 now, please, and looking back on the year, what pleased me most about our performance was the disciplined execution of our plan. We invested for growth and delivered high earnings. We closed the year with 1,799 ANPR sites. That's growth of 26%. Including our non-ANPR sites in the U.S., our total estate at 30 June is 1,938 sites. We've grown the estate by a CAGR of 31% since 2018 and accelerated this growth to 36% this year. The growth in the estate provides momentum into the new financial year, long-term revenue streams over a life of contracts, and higher incremental margins as we scale. I'll remind you, our financial model is very simple. More sites under management will create increased Parking PBNs and, in turn, generate higher revenues. We issued over a 1 million PBNs in total with strong growth over the PCP in every quarter. The quarterly average number of PBNs is now 260,000. That's up 21% on the PCP. In 2019, the U.K. generated 100% of the group's PBNs. As we've expanded to new territories, the U.K. now generates 73% of the total. SVZ is clearly now a stronger and more diversified company. In FY 2025, we delivered good growth in our existing markets with 437 new site additions in the U.K., New Zealand, Denmark, and Germany. That's an increase of 45% on PCP. We also continue to invest in our technology leadership. Our priorities are to improve the customer experience and drive efficiencies. We are a technology company at heart. We're enhancing recognition capabilities and reducing the cost of hardware. With our proprietary ANPR and Smart Flag technologies, we believe we have the best parking management offer in the markets. We also increased our liquidity. We secured a new three-year debt facility in November to fund our growth and selective acquisitions. It includes a $10 million line of credit and a AUD 10 million accordion facility. With our positive cash flow and strong balance sheet, we are well placed to fund our growth. Overall, we can continue to grow across all of our markets. We are focused on leveraging our technologies into new and existing opportunities, and we are well placed to self-fund our growth. This is a good and strong position to be in. On slide four, the successful expansion into the U.S. with Peak Parking was a standout for us in FY 2025. Peak is performing well, and we're very pleased with the acquisition. Revenue for the last four months of FY 2025 is up 16% versus the PCP, and EBITDA up 19%. The business is on track to achieve the stretched earning target of $4.5 million by the end of the calendar year. Peak is exceeding the acquisition investment case. The 25% earnings accretion on a pro forma basis that we expected back in February is being delivered. I'll remind you, Peak is an ideal beachhead for us in the world's largest parking management market. It provides a comprehensive portfolio of parking services to businesses and clients across 139 locations, predominantly in Texas, Georgia, and Washington State. Since completion in February, we've been busy integrating the business, deploying ANPR technology to upgrade sites, and expanding the places where we operate, such as Indiana. The ANPR rollout is progressing, and the Smart Cloud implementation is complete. Added to this, we've recently opened seven new locations in Indianapolis and continue to look at new states for expansion. Slide 5 is a news slide. We show you the group's high-level results for July, one month into FY 2026, compared to the PCP. As you can see, we've started FY 2026 well with ongoing strong growth. Revenues in July are up 73% versus the PCP, and adjusted EBITDA is 60% higher. The purpose of showing you these results for one month is not for you to analyze the performance to set new high-end four-year estimates. Remember, our performance is seasonal, with the Northern Hemisphere summer being one of our strongest periods. We do want to demonstrate the earnings power of the expanded estates, and the momentum from Q4 into FY 2025 has continued through into the new financial year. There's still 11 months to go before we close the year and much to do, but the larger estates do have higher earnings power and good momentum, which you can see on this slide. It's a pleasing start to FY 2026. On Page 66, we recap on our growth strategy and how we are building scale and leveraging our core technologies and capabilities across new and existing markets. All of our operating territories delivered growth in sites, PBN s, revenues, and earnings. The U.K. continued to grow strongly, and the contribution from new territories is impressive. Revenue in the U.K. was up 19% to £52.5 million, driven by the new site additions and a broader base of new business wins. Our largest territory continues to grow at strong double-digit rates. We issued 13% more PBN s, which is consistent with the year before, and closed the year with 1,355 sites under management, an increase of 19% from PCP. EBITDA increased by 17% to £16.7 million. These are solid results in the U.K. Our U.K. business has a long growth runway. We estimate the total addressable market is around 45,000 sites, with our market share at less than 3%. We have plenty of scope for growth in our largest business, as well as in new territories. There is also a good development on the regulatory front in the U.K. In July, the government released a new industry consultation paper. It's a positive step in the process of setting higher industry compliance standards, which we've been advocating for for many years. Without preempting the results, the paper is significantly more positive and favorable towards SVZ and the private parking marketplace. We will continue to actively participate in shaping the settings and standards for our industry. As I mentioned, growth in new territories, excluding the U.K., was impressive. In these new territories, we increased sites under management by 72%, we issued over 156,000 PBNs, a rise of 57%, and we generated 77% revenue growth. These results validate the strategy that we can drive growth in the U.K. and successfully scale in our new markets. What's driving the growth in the new territories? Our New Zealand business is a highlight. It continues to perform strongly. We're building scale and driving operating leverage. Revenue was $7.4 million for the year, up 62%. Adjusted EBITDA increased by 128% to $3.2 million, and margins here are the highest in the group at just under 43%. We now have 238 sites under management in New Zealand. That's up 47% on the PCP, and we delivered 48% growth in PBNs. The business has more than doubled in two years. Once again, there is substantial scope for long-term growth. With a town of 3,000 sites, we have less than 1% of our addressable market and scope for long-enduring growth. In Germany, growth is accelerating. Revenues for the year increased by 60% to over $4 million. PBNs were up 37%, and the number of sites under management is now over 100 at 107. It's a good milestone. While we continue to invest, scale is building, and it will deliver higher profitability. Adjusted EBITDA for the year was a - $1.5 million in the year. However, we expect our German business to turn profitable this calendar year and for margins to trend upwards towards group levels over time. In February 2024, we started operations in Denmark. The business has performed strongly and generated revenues of $1.3 million in the period. We have the sales team and structure in place. We have 48 sites under management and a strong pipeline in place to convert. In Denmark, there have been some changes in the regulations around PBN issuance since we last spoke. After some discussion with the Transport Department, they have decided the first notice to keeper, or the PBN, in the enforcement process should be placed on the car windscreen. Whilst this will add some costs in the early stages, SVZ is well positioned to respond with proprietary technology to the update and adjust our processes as required. Added to this, we still have access to the driver details database to facilitate the debt recovery process. This is an important point as it drives payment ratio and also provides us with the optimism that the process of the initial PBN issuance will revert back in the near future. This update does not change our growth strategy or ambition in the region as the commercial environment is still very positive. Last month, we established a new business in Switzerland. We see Switzerland as a constructive market and a natural extension of our growing European operations. We've recruited a well-qualified Managing Director to lead the business on the ground and are busy setting up our operational structures to support scale. These are the foundations we build from in every market we operate. We've started to recruit sales and operational people so we can win customers and commence revenue generation. We expect to invest around $1.5 million in this new market in FY 2026 and start to generate positive EBITDA contribution during FY 2027. In conclusion, why are we winning in these markets? We provide market-leading solutions and the industry's best practice compliance standards to drive improved outcomes for parking site owners and landlords. We deliver increased compliance, revenue growth, and an improved customer experience for our clients. That's why we are growing so strongly in these nascent markets. I'll now hand over to Richard, who can take you through the financials in some detail. Thanks, Paul. I'll start with Slide 12, where you will see the basic earnings per share of $0.0145 per share is up 37% on the prior year. Adjusted EBITDA of $20.5 million rose 47% on FY 2024, driven by significant organic growth and through disciplined M&A. Revenue of $77.2 million, excluding interest, is up 42% on the prior year. This was the result of a 21% increase in Parking Breach Notices, driven by organic growth and sites under management across all territories, with the exception of Australia. The revenue includes a $10.2 million contribution for a four-month period related to the acquisition of Peak Parking. Further detail on the revenue increase is included later in the deck. Overheads are up 24% compared to PCP. This is a result of increased activity, ongoing investment in the newer territories, and, of course, the acquisition of Peak Parking. The adjusted EBITDA margin increased 110 basis points to 26.6%, which is pleasing given that Germany and Denmark are margin diluted. You can see on this slide that there are $1.7 million adjustments to EBITDA, which are non-operating costs and relate to the acquisition of Peak Parking. Depreciation and amortization increased following a 26% increase in the number of ANPR sites, and the amortization and intangibles from acquisitions increased following the acquisition of Peak Parking. The company incurred a tax expense of $1 million compared to a tax expense of $1.9 million in FY 2024. The U.K. business is in a tax-paying position, and this was partially offset by the recognition of a deferred tax asset of $1 million related to losses in New Zealand, which will be consumed in the future. The net profit after tax increased 46%. We remain optimistic about the outlook for FY 2026, given we'll get the full-year benefit of new sites added in FY 2025, we'll get the revenue from new sites to be added in FY 2026, and we'll get a full year of earnings from Peak Parking. The Peak Parking acquisition is on track to deliver greater than 25% EPS accretion on a pro forma basis, as was outlined in the February acquisition and capital raising presentation. Slide 13 shows the breakdown of the 42% increase in revenue driven by the 21% increase in Parking Breach Notices issued. Total PBNs issued for the first time exceeded 1 million in a 12-month period. Revenue from organic growth in the managed services business was up $13.8 million, making up 25% of the revenue increase from FY 2024. This was from a full-year contribution of sites added in FY 2024 and a part-year contribution from sites added in FY 2025. The company added 437 new sites, up 45% on FY 2024, taking total ANPR sites to 1,799, up 26% on the prior year. We saw an acceleration in the rate of site wins across all territories. Average revenue per Parking Breach Notice for the group increased 2% over the year. In the U.K., there was a reduction in the average revenue per PBN following the adoption of the industry code in October 2024. However, this was fully offset by enhancements in debt recovery for processes in HQ FY 2025. Peak Parking contributed a revenue of $10.2 million related to a four-month period, and this is up 16% on the pre-acquisition prior comparative period. The company continues with its strategy of expanding into countries where there is a suitable regulatory framework, and the company has recently established operations in Switzerland in early July 2025. Over the last four and a half years, the company has established parking management operations in New Zealand, Germany, and Denmark. All of these businesses are growing strongly. Revenue in New Zealand of $7.3 million increased 62% on the prior period. The New Zealand business has experienced strong inbound inquiry as a consequence of achieving scale in the New Zealand market and has achieved multi-site wins for iconic global and New Zealand brands. Germany contributed a revenue of $4 million, up 43% on the prior period. The company is seeing an acceleration in growth in sites, and in late FY 2025, the business won a multi-site contract with 25 new Burger King sites. Revenue in Denmark was $1.3 million, up from $0.1 million in FY 2024, and Denmark ended the year with 48 ANPR sites. July revenue was a record at $9.8 million, up 73% on July 2024, and this includes the buying of sites installed in FY 2025 and the acquisition of Peak Parking, which happened on the 28th of February 2025. Paul will talk more about the substantial runway we have in all markets, which will drive future growth. Slide 14 shows the group has cash on hand of $12.7 million. The company generated adjusted free cash flow of $13.3 million, up 15% on FY 2024. The company made a substantial investment in future growth with $8.8 million spent on CapEx and intangible assets. Just a reminder, CapEx isn't included in the free cash flow as it relates to future growth rather than maintenance CapEx. The acquisition of Peak Parking was funded by a successful equity raising for $45 million. There are fully underwritten placement entitlement offer at $0.88 per share. The proceeds were used to fund the acquisition, related costs, and working capital. The company's strong cash flow, cash reserves, and debt facilities enable it to continue to explore new growth opportunities. Slide 15 shows the movement in the group's operating expenses. Overheads of $29.6 million include $1.6 million for four months related to Peak Parking. The Denmark operation commenced in February 2024 and incurred a full year of costs of $2.7 million in FY 2025. U.K. cost increases included a 9.7% increase in the minimum wage in April 2024, a further 6.7% increase in April 2025, and they will also increase national insurance contributions. Including the acquisition of Peak Parking, the headcount stands at 310, and FY 2026 will also see additional costs related to the expansion into Switzerland. Slide 16 shows the group maintained a strong balance sheet and is well placed to fund organic growth, expansion into new territories, and further acquisitions. During FY 2025, SVZ established debt facilities with a $10 million revolving credit facility and a further AUD $10 million accordion facility available on request and satisfaction of certain conditions. The facility was fully paid down during July. I'll now hand back to Paul to discuss the business update. Thank you, Richard. We'll pick up on Page 17, please. Thank you. Maybe you've seen this page before, but the consistency of our growth strategy is key to good execution. Our strategy is consistent. We aim to drive organic growth in existing territories, build scale in new countries, and complement this with selective acquisitions and accretive prices. We have multiple growth drivers. As I said earlier, our markets are nascent. We feel we're at the forefront of driving industry change, raising standards, and delivering better solutions for site owners. Our opportunity is to scale quickly and entrench ourselves as the leading technology provider of parking management solutions across major markets. We can scale through these three growth vectors. We can build share in our existing territories by displacing legacy providers with our chaos systems. We're demonstrating that capability in the U.K., New Zealand, and Germany. We can leverage this expertise into new territories such as Switzerland. We look for a constructive regulatory environment, legacy-style competitors, and an ability to deploy our technology advantage. We can then take these capabilities, learnings, and expertise into new markets and build scale. Our proprietary technologies are highly scalable. They have proven our ability to buy and integrate well in order to augment our organic growth. Our model is capital light, cash flow positive, with high return on investment. We will continue to supplement this growth with accretive acquisitions. It's a question of capital deployment, speed to market, and risk-adjusted returns. Peak is a great example. We have a good balance sheet, and we'll continue to ensure expansion is low cost and risk-averse. On Page 18, I'd like to highlight our execution strengths. It's the key to how we scale and transport the business model. This new page lays out the key pillars of our process from site origination and conversion through to technology implementation and regulatory expertise. You can see the depth of the domain expertise we have developed over decades across these pillars. These strengths are a competitive advantage. They create moats around our business and enable us to scale. I'll close on Page 19 with our outlook and priorities and then open up some questions. In FY 2026, we have a positive outlook and expect another year of profitable growth. We have good momentum, as you've seen, and we've started the new financial year well. What are the key growth drivers? There are several. There are several that should deliver, irrespective of any wider macro volatility. First, we have a full year contribution from the 437 new organic sites we added to the estate last year. That's captive growth. We'll get a full year's contribution from Peak, which is growing strongly. That's an additional eight months of earnings this year. We see further miles of expansion from technology implementation in the North American market. The opportunity to upgrade site performance with our proprietary ANPR technology is a key part of the opportunity there. We will continue to add new sites. The pipelines are strong. Sales execution will deliver a significant uplift in sites under management across all our major markets. We'll continue to selectively add further acquisitions to accelerate our growth and enhance our earnings. Acquisitions provide the opportunities to leverage our market-leading proprietary technologies and offer customers a differentiated and superior service. What excites me and the team most, though, about Smart Parking is the opportunity to build a strong international business that can deliver enduring results over the long- term. In FY 2023, we became a multi-territory business. In FY 2024, we proved we could successfully scale in multiple countries and expand our addressable market opportunities. In FY 2025, we successfully entered the U.S., the world's largest parking management market, and converted growth into higher earnings. In FY 2026, we will continue to grow and strengthen the foundations for future growth. We've developed market-leading technology and have over a decade of domain expertise in understanding customers' needs and the compliance and regulatory frameworks in the markets in which we operate. Smart Parking is well placed to continue to grow in existing and new markets for many years to come. We are executing well and on track to deliver our site target of having 3,000 ANPR sites under management by December 2028. That now concludes my presentation or our presentation. Thank you very much for joining. We can now open the lines for some questions, Michael. Thank you, Paul. Thank you, Richard. Yes, let's start the Q&A session. If you'd like to ask a question directly, please raise your hand and take yourself off mute, or alternatively, please use the chat function. I can see our first question comes from Owen Humphries. Go ahead, Owen. Morning, team. Just a couple of quick questions. The first one, just looking at your site growth, looks like it's running at 500- 600 per annum. Now, just looking at the second-half and then adding on the U.S. there, just to kind of confirm, that's now running six to 12 months ahead of your plan for FY 2028. Is that right, or calendar year 2028? We're very pleased with the site acquisitions this year. Clearly, as we take on new territory, Germany's starting to pick up, which is positive. We're seeing pickup in Denmark. We're seeing New Zealand perform strongly, and of course, the U.K., you can't forget, has had a great year with over 200 new installations. These things are very positive for us. That's obviously before we then start looking at Switzerland getting moving, which is only six weeks old. Of course, the U.S., to get the ANPR sites moving there. Yes, we're very pleased with where we're at, Owen, in terms of site acquisition, and it is accelerating. Provided we maintain that level of acceleration, we will meet that target earlier. Just on the average PBNs in the U.K., does that benefit from the secondary debt recovery provider that you guys put in place during the year? I guess the question here is what would be the impact to PBNs in FY 2026 from FY 2025 levels, if that makes sense. What will be the delta on the average PBN? I think what we're seeing is we highlighted this in the half- year quite clearly, and also again in May, update the date, is that, you know, the changes in the code of practice late last year in October, we did see a reduction in the average ticket value in the U.K. However, we did say, you know, with the new initiatives we'd put in place early this year, we did see that we thought they'd be offset somewhat. That's actually been more successful than anticipated, which is great, and it'll be continuing on into the, or has continued on to the new financial year. There's a number of initiatives we've put in place around the debt resolution process and the debt recovery process, which have been successful, and we see that continue into the future. In terms of the delta, I can't give you that right now, but it's positive. We see that that average ticket value will be maintained. You know, from where it was, we've obviously got it back to pre-change of code levels, and it's slightly better. We see that maintaining at that current level. Okay, good one. In the past, you've talked about not having too many loss-making regions at once. Obviously, Denmark was a $1.5 million court drag in last year. Switzerland's this year is now flagged for a $1.5 million investment. I guess the question here is, is Denmark expected to turn too? It looks like there's more cost that's going to be required in that region. How many regions are you comfortable with having now, given you've got the balance sheet and you're profitable? Just understanding more around the dynamics of how you're thinking about your level of investments in different regions. I think the opening of Switzerland for us is a kind of natural progression of that as we build out that DACH region, you know, so Germany, Switzerland, and potentially Austria in the future. Of course, what we can do in that area is utilize costs we've already built. The processing team, for example, based out of Germany, will also service the processing requirements for Switzerland as well. Essentially, what we're building in Switzerland is a leader in that area, as well as a sales capacity and installation capacity. The installation team that we currently have operating in Germany will also be servicing the Swiss installations. It's really part of a plan to build out that DACH region. We would look at the same for Scandinavia as well. We're very keen to look at places like Sweden and Finland, but utilize the base we've already built in Copenhagen and Denmark for the processing element and that kind of management and administration. There's a bigger picture of building out regions, if you like. Clearly, with the Australian or the Queensland operation, we've wound back, and that's obviously going to save a significant amount of money this year. If we're not making that investment, we've really wound that back. That opens up the ability to invest that money elsewhere into places like Switzerland and to places like Denmark. Yes, I'm comfortable having the likes of Switzerland taken on board. Denmark, we still see that as a very exciting and very profitable area for us. Yes, a few changes, but we see that as short- term, and it's not concerning for us at this stage. We see Germany turning the corner, as I've mentioned during the deck there. We see that breaking even this year and being profitable for the financial year. I'm comfortable where it's at now. Yes, we have a stronger balance sheet. Yes, we can take on more, but it's a very measured approach. It's a very considered approach. We only enter markets where we really feel like we've got the right people to do that. Just a last one from me, more of an accounting question. What was Peak Parking's revenue for FY 2024 after the FS adjustment? Can you go to the last slide, please? Stacey, can you go to the very last slide? Thank you. Okay, this shows pre and post-conversion. The pre-FS is obviously what we reported in the February capital raising deck. After you convert to FS, the revenue goes from $9.1 million- $16.3 million, and the EBITDA goes from $3.3 million- $4.5 million. There are some lease sites, so those costs now go below the line and are included in depreciation costs. You don't have an FY 2024 number? This is calendar year 2024, because that's what we obviously presented in the capital raising presentation. Good one. Easy, guys, well done. Thank you and good results. Thanks, Owen. Larry, let's turn to you. Can you hear us? Yes, go for it, Larry. Okay, thanks. I wasn't sure if you'd call my name. Thanks for the questions, guys. Just following on from Owen's last question. In terms of that $4.5 million post-difference EBITDA for CY 2024, how does that relate to the $4.5 million CY 2025 target? Is that just a pre-difference comparison? Correct, yeah. That's exactly right. It's been near $5.5 post-difference conversion, exactly right. Okay, $5.5. Thank you very much. While we're on the U.S., guys, I think, Paul, you've identified something like 20 sites where you can deploy enforcement. Maybe you could give us an update on how that's progressing and what learnings you've got, and maybe even take a stab at how that might augment revenue 20%, 30%. Yeah, sure. I mean, I think clearly, you obviously took ownership on the first, but officially on the 1st of March of this year. The initial work to do, Larry, is obviously integration, the finance side of things, and getting Peak Parking into being part of a public company from a private company. That takes a bit of time. You're right, we've highlighted a number of existing sites that we already manage that we can supplement or overlay our technology to try and supplement the income and grow a different revenue line through the issues of PBN s. We've actually installed, there's over 10 sites now that are operating. However, what we are doing is testing that system, stress testing the technology to ensure that we obviously access the DMV correctly. We can, you know, the appeals process is up and running. Once we've got a smart cloud implemented, we're trying to train the team to actually understand how that process works. I guess that takes a little bit of time to bed down and get correct. We look back at how this compares with other territories we've opened. I mean, it took us well over six months to issue our first tickets in Germany, a similar timeline in Denmark to actually get the process up and running. I think we're around about right in terms of our time to market and our time to actually install, train the team, recruit additional salespeople that's going to sell this product in the U.S. because it's quite different to what they do today. Yeah, I feel like we are on target to deliver a large number of ANPR sites in that marketplace. Again, whilst we're stress testing the system and sending tickets through, we're actually not issuing them to motorists at this moment in time, but that day is very, very close. Okay, great. We'll keep an eye on that. A few other questions from me. Just coming back to the U.K., it sounds like you're indicating that the revenue per PBN should be maintained into F 2026. Just to understand, can you maybe go into detail about the specific changes you made in terms of debt recovery and how that lifted the average PBN? Like what weren't you doing before and what did you change? There are a number of things, a number of contributing factors, but I guess the key ones are really around the partners that we use. As you know, Larry, when we issue a Breach Notice in the U.K., it's issued at £100. It gets reduced to £60 if you pay within 14 days, and that's broadly those are the numbers because some are lower than that. At 28 days, if the motorist still hasn't paid, we then pass that case to a debt recovery partner. They will then go through a process of sending certain letters to try and encourage the motorists to pay and get payment from them. Under contract terms with that partner, they have 12 months to do that for that particular case. At 12 months and one day, we used to go through a process with them which is more legal, and they would take some legal action against certain motorists. What we found was that wasn't that effective over time. We have now taken, at 12 months and one day, those cases back and we distribute them to two other debt recovery partners. It's what you call a second placement process, and that's been very successful. We have different partners with different processes and how they go about engaging with motorists. There are different ways they can do that. Like I said, that's been more successful. There are also a number of other areas with our current partner. We've changed the process with them. There's a lot of detail behind that, which I won't go into now. A combination of changing the process with the current partner, implementing a second placement process rather than a legal process through different partners, and also going through the backbook with these secondary partners has been very, very successful for us. Those are the two contributing factors. Okay, that's great. Last question from me. Just on Germany, just kind of trying to understand the messaging here. Break even in the second-half or profitable for the full year? They're not necessarily contradictory or mutually exclusive. Just wondering if what you're thinking there. We believe we'll be turning profitability in the first-half of this year, in this calendar year, the first-half of the financial year. Okay, which then would mean that for the full year, you should be profitable as well? Yep. Okay, great. Thank you very much. Thanks, Larry. Our next question is from James [Tracy.] James, go ahead. Hi, Michael. Thanks, Paul and Richard. Just a question on the U.S. Can you give an update on conversions to ANPR and what your expectations are around organic growth of ANPR? From what I understand, the 3,000 site target doesn't include the U.S. What could the U.S. be, and is it additive to that 3,000? Thank you. That's correct, James. It doesn't, that's not including any U.S. sites. The kind of 1,799 number that we provide after 30 June is just ANPR sites that's out of the existing markets, not the U.S. Site conversions in the U.S. are underway. Like I said earlier on to Owen or Larry, we've installed a good number already, and we're stress testing the system to ensure we access the DMV correctly, ensure the details that come back are correct before we issue these tickets. There's a process we go through which is very methodical and disciplined to ensure that we're issuing the correct tickets to the correct people. As I highlighted a moment ago, it took us a good six months to get that right in Germany. It took us a good six months to get that right in Denmark. We were slightly quicker in New Zealand just because the access to the database was much, much easier. That said, it still took some time to get it right. We do go through a disciplined process. How big can it be? That's a great question. The addressable market right now, we're still learning, I'll be honest. The reason we say that is, as we highlighted in the raising deck, there's over 2 billion parking spaces in the U.S. How does that convert into parking sites? There's actually no data available or research available to show us exactly how many parking sites are available. I guess if we just take the actual number of parking spaces around the country at 2 billion, that's significant. You're probably, we know we're talking around a 10x U.K., all right? 450,000 sites is what we believe. Again, we've got no real research to back that up. Having said that, we've built the sales team. We have built the processing team. We have built the structure in the U.S. now that can install these ANPR locations at scale as we do in the U.K.. In time, we will be installing, like the U.K. does, 20- 30 new locations every month in the U.S. for ANPR. We're not there yet. That's going to take some time to build, but that is the opportunity, and I think it can go a lot faster. How big can it be? Significantly larger than our U.K. business, James. Let's not forget, we've also, you know, we bought Peak Parking. This wasn't a fixer-upper, right? This was something that was a good, strong, quality business that was growing. We still want to maintain and grow those existing revenues. We see that the traditional revenues they generate today through the traditional management methods, they're fantastic revenues. It's profitable. It's running at 30% margins, which is good. We think we can improve that. We're implementing a new pay application into the sites that we already have. We think that's going to increase our management capabilities as well as drive new sites. We really want to continue to grow that traditional business at the same rate we have been, possibly quicker, and then overlay the ANPR, which is a massive opportunity. We see that as this is what's exciting, right? There's a huge amount of opportunity in our traditional sense of how Peak Parking operates today, as well as the new ANPR proprietary technology solutions that we can implement and be different and differentiate ourselves against an aging and archaic competition. That's the opportunity. Thanks, Paul. Thank you, James. Lots to get through. Question on chat here from Peter Lewenberg. What is the breakdown of contributions, parking sites, advice, etc. from Peak Parking in the U.S.? The majority of the revenue relates to management fees for managing car parks on behalf of people. It's not shared bias, but it's having a team of people managing the car parks, cleaning the car parks. We do have some lease sites in the U.S. Obviously, there's revenue associated with the lease sites as well. Thanks, Richard. One here on chat too from Nick Oddy. I'll stay with you, Richard. Cash collected on behalf from customers. Am I right in thinking of that as cash from car park users to be paid to parking owners? Do you earn interest on it? And is the year-end balance representative of the typical balance? Yes. The customer cash balances have increased significantly since the acquisition of Peak Parking. It is cash that has gone through the car parks, which we collect on the owner's behalf, and then we remit to the owners regularly. We are working with our U.S. bank at the moment in terms of how we can earn interest on those funds. Very good. One last one from Nick. 1,845 sites as at the 20th of August. Does that still include Queensland? It does, yes. There are 71 Queensland sites included in those numbers, and they will be removed within the next six weeks, and that gear will be redeployed in New Zealand. Obviously, we will get a CapEx holiday in New Zealand as we reuse that equipment. Perfect. Thanks, Richard. I'll turn to Mark Yardwood. Mark has a question. Why are we? Yeah. Hi, guys. Congratulations. I just wanted to ask, could you give us a bit of insight into the GP margin for Peak, how you see that trending relative to the other core ANPR business? If I'm really honest, Mark, I think it's just a little bit too soon to say what the margins are going to look like from ANPR in the U.S. I think we'll have more data. We'll certainly have more data in the next six months to give you a better idea on that. With regards to the core managed services, the GP margin experience, you think we should think about there? I guess the rule of thumb is for every new managed site that we bring on in the U.S., we would expect annualized revenue of approximately $150,000 per site at an EBITDA margin of about 30%. Right. Thank you. Thanks, Mark. We'll take a question in chat from Simon. One for you, Richard. When do you see Germany and Denmark turn EBITDA positive from both a time and the number of sites perspective? There's a supplementary question of employee costs have increased. Is this mainly as a result of the Peak Parking acquisition or just general expansion? When do you see employee costs stabilizing? Thank you. Yeah, sure. I guess I did talk about overheads as part of my presentation. Yes, a big part of the increase is a result of Peak Parking. We've got four months of costs in there. We've also invested heavily in Denmark in the last 12 months. Denmark was launched in February 2024, so the costs were relatively modest in FY 2024, but clearly they've increased significantly since then. In the U.K., there's been some big increases in the minimum wage in April 2024 and then again in April 2025. The new government also increased the national insurance contributions. We have had some big increases. Certainly, you'll get an annualized impact of Peak in FY 2026, and you'll get some costs related to Switzerland, but really costs should sort of settle down after that. Thanks, Richard. Oh, Sean has a question in chat for you. Can you talk about the need for capital? Is there going to be a need for further capital given there's only $12 million on the balance sheet? Good question, Sean. I can see Sean's got his hand up as well on the chat here, which is good. As we highlighted, we're incredibly well positioned. Yes, we've got $12.7 million in cash in the bank, if you like. We've also got access to the $10 million U.S.D facility from HSBC, as well as a AUD 10 million facility, accordion facility to go with that. Combined, that's quite a significant facility that we can go and look at other opportunities. As Owen pointed out a minute ago, the balance sheet is stronger, so therefore we can afford to look at these other territories. It's just a case of getting the right people in the right place in order to execute that plan. We make no secret of the fact that part of our, or the biggest part of our strategy is the organic piece, rolling out these ANPR locations, but disciplined sales approach, delivering that month in month out. However, we are keen to look at other opportunities in the future, for the right price. As long as it's an accretive price, it's the right type of opportunity or M&A opportunity that's going to grow our business in the territories we want to grow in, and particularly the U.S. is a very interesting area for us. We see that as a big growth area. The U.K.'s got lots of opportunities still, and so does Germany. In the future, if for the right opportunity, yes, we would probably need some, but for the other opportunities today, we've got quite a lot in terms of a lot of ability to do things with the current cash on hand, as well as the debt facilities available to us. Let's not forget the business does generate a lot of cash. Prior to this year's capital raising, we completed four acquisitions. We'd expanded into new territories. We'd completed a share buyback and paid down debt, and all of that was out of cash flow that the business generates. Thanks, guys. That's very helpful. A couple of questions from Stella here. Could you please update us on the target EBITDA per site, taking into consideration the different economies and unit economics in different territories? How many months does it take to recover the site sector cost? Paul, perhaps? Sure. I'll talk to that. I'll probably talk to the U.K. just because that's the biggest market in terms of where we operate. On average, each new site in the U.K. generates about 50, just over 50 Parking Breach Notices per month or 600 a year. The average revenue per ticket issued is about £28.50. On an annual basis, we generate revenue on each new U.K. site of £17,000, and we get about a 60% incremental EBITDA margin. It costs us about £10,000 to deploy the equipment on each new site. We get a payback of around about 10 months. If I look at the other territories, the value of a ticket and the cost to get keeper details does vary by country. In some countries, we do get a faster payback. In New Zealand, we get a faster payback, and indeed Denmark. Thank you, Richard. The follow-up question here from Stella. Can you touch on customer retention and churn on the U.S. customer book, please? Sure. I guess it's pretty early days, Stella, in terms of our U.S. journey. What I would say is, whilst we've won some new traditional locations there, I've been very direct with the team, and we work very closely in terms of our strategy about how we go, our account management strategy, how we look after customers. We want to optimize the estate. We want to make sure that the sites that we have are profitable, actually are going to be good for us. If they're not profitable, why? Let's really understand that. If it can't make it work, then we'll exit those. What you're seeing, whilst we've won some new locations in the U.S., we have optimized some. There's been one or two contract removals as well, which is just a result of other competition and other people learning about the acquisition, those sorts of things, which is just a normal course of business. What I would say is, if you look back at the past history or the history of Peak Parking and the number of contracts they have and how long they've had those contracts for, you'll see the retention is pretty good. The plan is no different to any other area we have within the business. It's a very keen focus on customer service. Make sure the customers, you know, we'll make sure that we're clear on what the customer's objectives are when we go into that location. What is it they're looking to achieve? What sort of service do they want to provide to their customers and the motorists visiting their location? Make sure that we provide the best possible technology, the best possible service to ensure they want to stay with us. I think the retention we see across the group and the churn rate across the group is pretty low, so therefore we must be doing a reasonable job. I believe we do a great job in looking after our customers, which is also why we're growing and they stay with us for a long period of time. We'll take our last question from Stella. If you're so started, a follow-on question, Paul. Can you touch on customer concentration in the U.S. as well? Sure. I think what we see, the majority of the sites and the majority of the customers are coming out of, as you can see today, Texas, which is the biggest area, and that's because that's where Peak Parking is based. We have the office there in Austin. Also, it's growing. Texas is a big place, and the fourth largest city in the U.S. is in Texas, in Houston. There's obviously a lot of big growth opportunity for us in that part of the world: Houston, Dallas, Austin, and other parts of Texas. We also have some good concentration up in Washington State. Again, Washington State is a great location for the ANPR side of things as well. That's an area we're looking at pushing and installing more locations for ANPR. We also have a good concentration now in Georgia, in Atlanta in particular. We have a great team there. We've grown that. Atlanta's grown significantly over the last 18 months for Peak Parking. We've recently opened in one customer in Indiana or Indianapolis. We've got seven locations there now, and that's very recent. That's obviously since acquisition. We see that area as a good growth area for us. Of course, the U.S. is a big place, and it's a massive market. We see an opportunity to grow our traditional services that Peak Parking has today right across the country. We also see the opportunity for number plate recognition and the Smart Parking proprietary technologies to have a large impact. You can actually access keeper details in over 40 states. For us, it's to make sure we get the right state, the right regulatory environment, get the right people in place, and then we can really start to land and expand in that area. Lots and lots of opportunity in that part of the world, and we'll continue to grow for a long period of time. Thanks, Paul. That concludes the Q&A session. Thank you to everybody that asked a question. Paul, I'll hand back to you for closing remarks. Thank you, Michael. I guess the things I'd like to close on today and just to remind people that we expect FY2026 to have another year of profitable growth. We've got good momentum as you've seen, and we've started the new financial year incredibly well. The key growth drivers, we have a number of those right away across the marketplace, and we believe we've got enough growth drivers that will allow us to grow despite any macro volatility in the future. We expect to see a full-year contribution from the 437 new organic sites we've added to the estate this year, which, of course, is captive growth. We'll also get a full year's contribution from Peak Parking, which is growing strongly, and that's an additional eight months of earnings that we'll see this year. We're also very keen to keep growing our organic sites if we're well on track to meet our 3,000 sites under management by 2028. We're also keen to continue to work on and selectively add further acquisitions to accelerate our growth and enhance our earnings. The acquisitions provide us opportunities to leverage our market-leading proprietary technologies and offer our customers a differentiated and superior service. As I highlighted at the end of the presentation, the exciting nature of our business is that we have the opportunity to build a strong international company that can deliver enduring results over the long- term. That's something we really want to get across to people. I guess that will really conclude our presentation today. Thank you very much, everyone, for joining. Richard and I are going to be on the road this week and seeing a number of shareholders, and I suspect we'll get further questions as we go through the week. Thank you very much for joining, and we'll see you all again soon.