At 9:45 A.M. Okay, it is 9:45 A.M., and I would like to welcome everybody to Trajan's full year results investor webcast for FY 2026, the period ending the June 30th, 2026. Please note, at this stage, all participants are currently in listen-only mode, and today's webinar will feature a presentation from our Trajan CEO, Managing Director, Mr. Stephen Tomisich, and our Interim Chief Financial Officer, Mr. Simon Billingham. There will be a Q&A session to follow. If you do wish to ask a question at any time, you can type it into the Q&A panel at the bottom of your screen. Investors were also invited to submit questions ahead of time when registering for the webinar, and we will go through those today as well. Please note, we will hold on all questions until the conclusion of the presentation. I would now like to hand over to Stephen Tomisich, our CEO and Managing Director at Trajan. Thank you, Marie, and good morning, everyone. Thank you for attending today's presentation. A special welcome to Simon Billingham, joining us for the first time in his interim CFO position. It would be very difficult for me to start this presentation without acknowledging the elephant in the room. If we look at our current share price, there is no doubt that myself, the board of Trajan, and indeed, I can say with some confidence, the industry that we participate in, sees a significant disconnect between the current share price and the value of this global enterprise. As we go through the presentation today, you will see that the business is continuing to execute its plan. In the second half, delivering some real improvements over the first half results and continuing to follow our vision as we execute the long-term strategy. Before I get into the deck, I will just repeat something that I said at the end of the half year result presentation, and that is that there is a valuable intrinsic valuation of this overall enterprise. One way or another, I am very determined and very confident that the shareholders of Trajan will ultimately realize that value. Let me get into the presentation deck itself here. As I start recapping the nature of our overall global business, we are involved in analytical science. We are a critical supplier across the industry, not just of components and consumables, but also a growing range of capital equipment. When we look at our business and consider the different segments, they really fall into these three areas. First of all, our components and consumables business is now AUD 100+ million recurring revenue activity. It holds a strong position across the global industry. We service some of the leaders, the captains of our industry, through that portfolio, and we are continuing to see that business return to its long-term growth trajectory. Capital equipment is a part of the business we have been building, and it is coming together well, forming a global team. But we have experienced some softness in that part of the business, particularly in the second half, related to our food applications area, our food workflows. Disruptive technologies, this has been a long-term investment of Trajan. Some very good growth in FY 2026. We are seeing now further and further adoption of some of these technology in real-world applications, and we are quite bullish about the outlook as we go into FY 2027 for those parts of the portfolio. When we look now at the financial dashboard for FY 2026, there is a couple of things I think to consider before we look at the full year results. First of all, I am sure many of you will recall that when we spoke about the half year results, we said that it was a tale of two quarters, that we executed a number of programs in Q1, and that in Q2, we saw the business gain new momentum. In fact, the AUD 5 million EBITDA we reported in the first half, AUD 4.5 million of it was in that second quarter. What we said at that point in time was that as we go into the second half, we expected that momentum to continue, and indeed it has. I will show you some of the quarter-by-quarter breakdowns as we step through the presentation today. When I look now at our full year results, I am thinking about it as a tale of three quarters rather than a full year. The momentum that we have got in those three quarters is carrying through now into FY 2027. We made a notice to the market back in May that we had seen a step change in currencies that was going to have an impact on our reported P&L. I wanted to include the charts here just to highlight the sustained change that we saw take place in January and February and what it means to our reported numbers. First of all, you can see in that chart the Australian dollar versus the U.S. dollar and the euro. 85% of our revenues around the world are denominated in U.S. dollars and euros. When we convert that now at these higher rates, of course, it translates to a lower number in Australian dollar terms. The impact in the second half of that was about AUD 5 million to the revenue line and about AUD 2.4 million to the EBITDA line. What will happen, though, over time, is that we will continue to see the Australian dollar part of our cost structure diminish as an overall part of the cost base that we need to service. You would expect this sensitivity to decline over time. Importantly, we also continue to take out significant hedging against the U.S. dollar in particular. But the value of that forward hedge book does not show through when we report our current profit and loss. When we look at the EBITDA, we can see, despite the currency, that there was a 61% uplift on the first half through the execution of the various programs that we've highlighted that would be happening, and that we've also seen about 3.2% uplift in the gross margin, and that indeed would've been even further if the exchange rates had remained stable. Let's then think a bit more about some of the trading conditions that we've been experiencing. In the first quarter, we executed the in region for region strategy, and we spoke at the first half the cost of doing that, and that was one of the big factors in depressing that EBITDA result in that first quarter. But it's a strategy that has really stood by us and stands us out from some of our competitors in the global marketplace. We can see that the use of tariffs as a negotiating tool backwards and forwards is continuing to play out, and by adopting an in region for region strategy gives us more resilience to be able to push through some of those challenges. When I look at our components and consumables business, it has continued to return back to its long-term growth trajectory, and I will show you later in the deck a more detailed chart that helps to explain that growth curve. Capital equipment definitely was weaker in the second half, particularly in our food workflow business, and a number of factors that have been impacting upon that. We did finish the year, though, with a reasonably strong order book going into fiscal 2027. The nice thing about our disruptive technologies, particularly in the microsampling portfolio, is that we can see that the nature of the customers, the nature of the business, is really starting to change. Many years ago, it was a project-based type revenue, in that we would be participating in clinical trials or in certain research programs, and you'd have a stream of revenue for a limited amount of time. Whereas now what we're seeing is more of a recurring revenue base building up. For example, there are parts of Europe now where our microsampling devices, our blood microsampling devices, are used for patient monitoring who are the recipients of organ donations, transplants. And that is allowing that patient to be monitored more frequently and indeed have their treatment adjusted accordingly. It was a very moving moment, I think, for the Trajan organization a few months ago when one of the clinicians in Europe called our organization and said we had saved our first patient, in that the information that was available, because of the ability to monitor more frequently outside of the clinic, allowed an earlier intervention with that particular patient to adjust the medication regime. And that is very much a great example of the Trajan vision. The Project Neptune program you've heard a lot about in prior years, and I've spoken about the fact that while there are many initiatives with Project Neptune about putting things in place to allow the transition, for example, of production lines from Australia into our Penang, Malaysia, facility to allow automation equipment to be rolled out on production floors, there's always a cost impost before you realize the savings. In this second half, we really started to see some of those savings become reality, and it shines through in terms of an uplift to the gross margin and therefore through to the EBITDA in that second half. If we remove the FX effect and when we provided the second half guidance, we landed within a couple of percent of what we had projected in terms of EBITDA and revenue for the full year. Getting a bit more detail about some of these headwinds, we feel a bit like a lighthouse at time out there in the world and getting battered by everything you might read about in the media, from the various conflicts to the impact of tariffs, through to many other factors as well. For example, when I speak to some of the leading customers we have in the food industry, even things like the arrival of the GLP-1 drugs in the U.S. and the impact that's had on food consumption has flowed through to some of their budgeting and planning around capital equipment purchases. The food business is also directly impacted by some of the global conflicts, particularly in Ukraine. The funding of government departments, agencies in the U.S. has played out a bit as well, affecting our capital equipment business, things like the NIH and the Centers for Disease Control and Prevention. No doubt, we still see a bright future for that business, and we have a range of new product introductions that are happening, and I'll speak a bit more about some of the recurring revenue strategies we have for capital equipment that are already starting to deliver some results. This slide here hopefully looks familiar, because this slide was included in our first half presentation. It started on the left-hand side with the AUD 5 million EBITDA that was reported for the first half, and we spoke at the time about the fact that that was really just AUD 0.5 million from the first quarter and AUD 4.5 million from the second quarter. Then we described this bridge in terms of if that rate of the second quarter continued on for the rest of the half, here's what we would expect to happen. Plus, next, here's what would happen from some of the other actions that we were taking, cost reductions, Project Neptune rolling out, and so forth. If we put again the impact of the FX change in the second half, what we actually executed and what we actually have seen delivered is very much in line with that EBITDA bridge, which would've been about AUD 10.5 million uplift based on the exchange rates that we saw in that first half. To show you that in another way and to demonstrate the cost benefits by the different areas, Neptune delivered around AUD 1.2 million, and that's just in the half. Addressing some of the corporate service costs was another AUD 1.2 million just in that second half. Then through some of the pricing actions and from some of the Neptune benefits, we saw an uplift in the gross margin. The chart at the bottom there is another way of perhaps highlighting the way the cost structures are now starting to be realized to setting new levels. Back at the beginning of the fiscal year, at the end of Q1, there was around 645 full-time equivalent staff in the Trajan organization. By the time we got to the end of June, we had dropped that by 45, down to around just over 600. Indeed, if you look at the July number there, we are now below the 600 number. You can tell by that chart, as we go into fiscal 2027, we are starting the year with a lower cost base than what we experienced, even with what we experienced in that second half there as we were still transitioning through some of those rationalizations. Perhaps this chart is the most powerful of all in terms of sharing with you, here is the quarterly breakdown of our EBITDA. Now, keep in mind that Q3 and Q4 here are shown at the actual exchange rates. That graph is showing that in Q3 and Q4, we are still achieving these levels of EBITDA performance, even in the new exchange rate environment. Had we been back on the rates of the first half, you could add about another AUD 1.2 million or so to each of those columns in Q3 and Q4. This chart here is one that I want to share today, because often we speak about the components and consumables business of Trajan. We talk about its recurring revenue nature, and we speak about how it gives us insight into the global market conditions. We use these types of charts, which are referred to as moving annual totals. In other words, at a monthly resolution, we are always showing a full year's worth of revenue. We do it on a fixed FX rate basis so that we remove any impact that currency fluctuations are having on the chart or on its trends. One of the things that you can see when you look at this particular chart is the destocking impact that we spoke about many reports ago, and how at the time we spoke with some confidence that that ended in March 2024. You can see we hit the bottom of that destocking activity in March 2024. From that point forward, right through the middle of last year, we returned back to our long-term growth trajectory in the components and consumable segment. Then in the first half of this year, we saw a bit of an uplift in growth and then a bit of a tapering of growth. We know what that is all about, because in many parts of this consumables business, we have a strong market share. We can see the trends by different customer groups. We can see the trends by different geographies. We can even see the trends down to a product or portfolio level around the world. When we look at something like this, it gives us great insight into a little bit of tariff panic around purchases going into China after the announcements of the U.S. government back in the earlier part of last year. Then a bit of a tapering off once that was realized to perhaps not be the threat that it could have been based on some of the early exchanges that were going on. Yes, I have included even the July number there. It gives you an idea, again, of the return back to the long-term growth trajectory. This is the way we look at that business every month in terms of a dashboard and really understanding what the trajectory is, and it gives us confidence in projecting forward where we expect to land. When you see the traditional way of displaying this, which includes currency volatility and also cuts it into different full year or half year type numbers, you do not get the same clarity around the actual dynamics of the global industry. I am now going to hand over to Simon for his debut to speak through some of the financials around each of our operating segments. Over to you, Simon. Thank you, Stephen. We will start with the components and consumables. This remains the largest segment in the group, contributing two-thirds of group revenue. It encompasses a large product portfolio over a broad and diverse customer range, and represents a large sustainable revenue stream, which is consistent long-term growth profile, which delivers our predictable cash flow. Along with the core product range that we have, we also continue to invest in innovation. With consumable launches during 2026, including the Constant Bore Emitters at ASMS and more recently, the Pure-Pass GLC well plates at Association for Diagnostics & Laboratory Medicine. These product launches are expected to contribute to growth in FY 2027. For FY 2026, this segment delivered net revenue of AUD 102.6 million, which was broadly flat on the prior year, whilst carrying the impact of the AUD appreciation in the second half. On a fixed FX basis, sales growth was up 2.2% for the full year, and importantly, H2 was up 3% versus H1, which indicates continued underlying growth and demand and resilience in the core portfolio. Gross margin in the segment was 39.3%, down 2.3% from 2025, but that margin compression was primarily a first half issue and reflected investment associated with our in region for region strategy, as well as broader operating pressures like tariffs. Positively, margin recovered in the second half, improving from 37.5% in H1 to 41% in H2. Normalized EBITDA for the segment was AUD 32.1 million, down from AUD 34.9 million in the prior year. While earnings were lower year on year, the second half recovery in margin is encouraging, and it shows that the cost actions taken during the year are having the intended effect. This result in the second half was achieved despite the impact of the AUD appreciation, as we mentioned previously. Project Neptune continued to yield benefits, with H2 showing AUD 1.2 million lower manufacturing labor costs over the first half, with these benefits to have a further impact in FY 2027 as we realize the annualized savings of the actions taken. The takeaway is that the components and consumables sector remained stable and resilient, and we saw an improving performance as the year progressed. Now we move on to capital equipment. This segment experienced the most challenging trading conditions during FY 2026. The net revenue was AUD 52.9 million, which was down 9.7% from AUD 58.6 million in FY 2025. The softer result reflects a combination of factors, including funding challenges from U.S. agencies, including the NIH and the Centers for Disease Control and Prevention, and also delayed customer decision-making due to the impact of the macroeconomic uncertainty in the food and pharma sectors. Despite the lower revenue outcome, there were some encouraging signs in the quality of execution. Gross margin increased by 1.2 percentage points to 36.3%, and in the second half reached 37.4%, driven by input cost management and operational improvements. Gross margin will remain a focus for FY 2027 to drive further gains and efficiencies. Normalized EBITDA was AUD 8.6 million, down from AUD 9.7 million in the prior period. While earnings were lower due to reduced volume, the margin improvement demonstrates that the team maintained discipline and responded well operationally to tough market conditions. Importantly, we ended the year with a capital equipment order book of AUD 8.7 million, which was up on the prior year, and indicates that we had continued customer commitment to Trajan workflow solutions. While order timing can remain uneven in this segment, that closing order book does give us confidence as we look into FY 2027. In summary, capital equipment was the segment that had most impact by the external environment in FY 2026, but we finished the year with better margin performance and a stronger order book than we had when we entered the period. Now moving on to disruptive technologies. This segment continued to make encouraging progress in FY 2026. Net revenue increased 14.2% to AUD 5.9 million, up from AUD 5.2 million in FY 2025. That growth was underpinned by sustained momentum in microsampling, which remains a key strategic platform for the group. Gross margin also improved slightly to 57.2%, which was up from 57% in the prior year, maintaining the attractive margin profile of this segment. Most notably, the normalized EBITDA improved to a loss of AUD 0.6 million, compared to a loss of AUD 1.5 million in FY 2025. This highlights the growing profitability of the microsampling products while maintaining the investment in the Versiti platform as it progresses towards commercial release. Operationally, we are seeing important validation of the underlying technology. Mitra devices are now used routinely for therapeutic drug monitoring of transplant patients in Europe, representing a meaningful step towards a broader adoption of microsampling in patient care. Overall, disruptive technologies remained an important medium-term value driver for Trajan, and FY 2026 showed tangible progress both financially and commercially. Now moving on to cash flow. Normalized operating cash flow was AUD 1.5 million, down AUD 13.4 million in the prior year. As a result, the cash conversion ratio declined to 0.11 times. The main reason for that weaker cash conversion was working capital movement, which was a AUD 5.2 million outflow in FY 2026 compared to a AUD 2.2 million inflow in FY 2025. That movement was primarily due to an increase in inventories of AUD 1.7 million, a decrease in receivables of AUD 1 million, and a decrease in payables of AUD 5.5 million. The largest impact came from the reduction in payables, but also alongside our investment in inventory to support supply chain resilience and growth across key international markets. Alongside the facts mentioned, we also invested in the implementation of our global ERP system in Germany towards the end of the financial year. As a result of the timing of this implementation, it had an estimated impact of around AUD 2.5 million to working capital at the end of the period, as payables were paid in advance of go live to assist in a smooth transition. This is a timing difference only, and is expected to normalize and provide positive cash flows in the first half of FY 2027. The increase in working capital had a direct impact on net debt, as it increased to AUD 34.6 million, up from AUD 29.5 million. That said, with cash of AUD 12.6 million at year-end, the company remains in a positive position to execute its capital management priorities, particularly around inventory optimization, debt reduction, and improving cash conversion. While cash flow in FY 2026 was below our expectations, it was impacted by several one-off items, and we are very focused on strengthening conversion in FY 2027 and improving the balance sheet as trading conditions and internal actions continue to normalize. I will now pass back to Stephen, who can continue with the rest of the presentation. Thank you, Simon. The outlook when we think about fiscal 2027, we expect the EBITDA momentum that we demonstrated in the last three quarters to continue on. I have made a note here that Trajan is a business that we have constructed through a range of acquisitions and various initiatives. It is inevitable as we continue to progress towards some of our goals and some of our optimized structures, there are restructuring costs that happen along the way in that journey. But the cost base will continue to reduce as we make progress along that road. We have spoken a lot about currency and the impact it has had, the change in the second half on our fiscal results. But I will remind everyone that we also have significant hedging now out until the end of fiscal 2027 at sub AUD 0.70. What that means is that we have a hedging book that has value. But of course, the embedded value of that is not translated when it is unrealized. But nonetheless, we have that in place to protect our cash position going forward. We have assumed in our fiscal 2027 projections, the current rates as our new starting point, and the results that we expect to deliver take that into account. The softness in capital equipment, dominantly what that is about right now is in our food portfolio. And I have been spending more time outside of Australia than I have in, and a lot of that time I have been engaging with the market, speaking to customers, trying to understand what are some of the impacts that they are experiencing due to some of these economic factors. When I speak to our capital equipment customers in the food sector, there's a range of factors that are impacting their current behavior. I mentioned earlier things like the reduction in consumption being driven by GLP-1 drugs. But even things like the conflicts in the Middle East and in the Ukraine, the uncertainty that comes with some of the volatility around the use of tariffs. Even some of the things that relate to the supply chains that are largely in equatorial zones such as Southeast Asia, South America, Northern Africa. The impact of the volatility of climate change is also conveyed to me as one of the things that has given them less predictability about their costs and their supply structures. Nonetheless, it is an area where we have a strong position, in particular types of analysis. Part of our strategy is that we'll be broadening that portfolio to make it more resilient to some of these factors. When we think about other parts of our capital equipment business, we are now targeting and starting to see some tangible results in how we provide more services, how we provide more custom consumables to our own install base of capital equipment, and indeed how we start to escalate the growth of some of our software products. You will all recall we made an investment in that a couple of years ago. We refer to those strategies really as our attachment rates. The key strategy for the group this year is to continue to build momentum in that attachment rate. The pharma side of the capital equipment is actually still growing, and we're pretty excited about what fiscal 2027 holds for that team. We have a strong presence in a number of areas, particularly in proteomics, and we see the opportunity now for expanding the product portfolio to adjacencies that also service that proteomics target marketplace. We've even seen some analogy or some correlation with the deployment of some of our microsampling tools also being deployed in the omics area, particularly in proteomics. So that will be one of the key target applications areas for us going forward. Per Simon's earlier comment, we do expect that some of the factors that caused us to move the net cash position or net debt position and our cash conversion won't be repeated in this financial year, and we will expect to reverse some of the things that we've seen there. But we did execute some of the initiatives that we felt were essential for the long-term wellbeing of the business. As we think about fiscal 2027, the guidance we'd like to provide is directional, which says that we have every confidence that we should continue to see now mid-single digit organic growth as we go into 2027 and beyond. We would expect to see a compounding effect of some of the factors we discussed today to deliver much better growth rates in our EBITDA compared to that revenue. What we would like to do is to then have a good look at how the first quarter progresses with that expectation and target providing more specific guidance when it gets to our October AGM. To wrap up thinking about the overall Trajan business, just a reminder of the role we play in this global segment that we participate in. We have thousands of SKUs that service hundreds of customers. We work with the blue-chip partners around the world, not just in our components and consumables, but we partner with them as well with workflow solutions and our capital equipment. We are seeing now some of the benefits emerging from our longer-term investments, particularly in disruptive technologies. We spoke about microsampling today. We also have the portable analytical instrument platform, once called Hummingbird. We now refer to that as Versiti. That had a negative impact of about AUD 1 million in fiscal 2026. You can see if you back that out, microsampling is actually cash generative now, and we expect that profitability to continue to expand in fiscal 2027. But we've also seen good reaction in the marketplace to our analytical platform. There are five of those systems now installed throughout the world. We're getting good solid feedback. We are now having high-level discussions about the next phase of commercialization of the Versiti platform. We take this global business now into fiscal 2027 with some good confidence about where the future leads. I'll wrap up there and perhaps hand back to you, Marie, and see if there's any questions that we want to address today. Thank you, Stephen and Simon. I'd like to open up for the webinar questions now. If you wish to ask a question, please type it into the Q&A panel. We have received a few, and some of them have been quite similar in nature, so we've summarized the first two here. The first one is, what is Trajan undertaking with respect to profitability improvements? Thanks, Marie. I think we've spoken to a number of those factors in the presentation today. It has been our long-term strategy to execute the program that we've referred to as Project Neptune, and it has various phases. One of the things that perhaps is a little frustrating about the execution of Project Neptune is that in many cases, you actually go backwards before you go forwards. You have to put in place resource and infrastructure before you can start realizing the savings by closing off the previous activities. But we saw quite a bit of that happening then in that second half that delivered that improvement. Another factor I think that will help us when we're thinking about profitability going into fiscal 2027 is the implementation of the ERP system into our German operations. We have been quite sensitive to how we've rolled out the ERP into Germany. We acquired the business back four years or so ago after the IPO. We've been taking our time in terms of when and how to bring them into the global IT network of Trajan. As you saw, we bit the bullet and executed that late in FY 2026. It had some impact on cash flows and so forth that you saw in the cash conversion table that Simon spoke to. But one of the benefits of that is it provides management and myself much greater line of sight now into that operation, the processes that are happening, the orders, the cost structures, the nature of the way the business is operating, even more so than what we would have had in the past. That gives us the right sort of tool to be able to target what comes next in terms of customer responsiveness, but also in terms of margin improvement for that part of the business. Thank you, Stephen. The second question is, can management comment on the market capitalization and share price downturn and strategies planned to add value? I opened with some of those comments. It's a concern. You can imagine it's a concern for every Trajan shareholder. It's a concern for myself as well. I still, though, have strong confidence in ultimately our shareholders realizing the real value of this business. You would have noticed that the trading volumes have gone up significantly over the last several months. There's been quite a bit of selling activity from a very limited number of shareholders and quite a lot of buying activity from a broader range of shareholders. As a listed entity, we'll continue to tell the Trajan story, hopefully continue to give people confidence in our long-term growth trajectory and financial performance. I often highlight to people to remember that we're not a speculative venture here. We're not a small business based on one product or one application or one particular customer. We are a global, diversified partner with significant infrastructure and a lot of future growth potential in front of us. What we've been doing over the last few years is really repositioning ourselves to take advantage of what that next stage of growth is. This is a business that started 15 years ago and has had a very strong trajectory over that long period of time. I think when we look into the future, we'll see continuation of that trajectory going forward. Thanks, Stephen. This one's probably for Simon, again, a combination of a couple of questions. The first part is, cash conversion weakened materially in FY 2026 and net debt increased. What specific actions will improve this in FY 2027? The follow-up part of that is, were there any covenants on the debt, and are you within them? Yeah. Thank you. Yeah, I'll take that one, Marie. I'll repeat some of the items that I mentioned during the presentation. The net debt increase was a direct impact of the cash conversion during the year, and that was really impacted by several key one-off items. Firstly, we had the investment in the inventory during the period, which was a strategic decision to support growth and customer demand. That was also a strategic decision to implement our in region for region strategy, where we can duplicate our stock holdings to be able to have a better demand and a better resilience to our customers. We also had the impact of the ERP system in Germany. The timing of this implementation did have an impact on working capital at the end of the period as we brought forward payments and purchases to have a smooth transition. With those items behind us, we're confident that cash conversion will improve into FY 2027, as those items were a one-off, and in some cases will reverse in the first half of FY 2027. We do have a key performance focus in this area, and we do look to begin reducing debt as a result of that. Also just to touch on that covenant issue, we do have our covenants with our debt providers, and we are definitely in compliance with those. Thank you, Simon. How material was the loss of Certus revenue in FY 2026, and is that gap now replaced elsewhere? I am happy to take that one as well, Marie. The impact was not material on our business revenues. It was an impact that we did see in FY 2025, which we didn't see the revenue for in FY 2026, and it was primarily hitting the capital equipment revenues. The Certus product line was primarily a resale distribution type business, which didn't align with our strategic goals. The team now are focused on furthering more strategically aligned goals and business, which add more value to Trajan through direct sales to customers. Thank you. What is driving the weakness in capital equipment, and what needs to improve for a stronger recovery? I will comment on that one. There are two key markets that we service. One is food, and the other is pharma. If we start with food, I think I did comment on the various factors that we've been able to ascertain based on direct customer interaction and trying to understand what's happening in their business. Couple of things that we're doing in the food side to address that. One is that we're looking to how we diversify our portfolio there, because at the moment, we're quite focused on just a couple of high-end applications, which makes us a bit more vulnerable to some of these hesitations in capital investment. We are now able to start to execute some global account management for those larger food multinational customers. We have experience in that type of arrangement through our consumables business and what we have done with many of our OEM partners in that regard. We think that is going to also help us explore further opportunities with those key customers. If I look on the pharma side, yes, there has been some impact there in pharma in terms of the investments organizations are making, and there has been some impact by the defunding of some of the government agencies in the U.S. But pharma actually grew in units and in dollars in fiscal 2026. It is the area that we would expect stronger growth from in fiscal 2027. We have a strong position in what is called HDX mass spectrometry, which is about proteomics and understanding protein structures. We are expecting to launch this year some adjacent automated workflows that are also part of the work that those scientists do in drug discovery and drug development. Some of those will be quite unique workflows that are highly complementary to our existing position. We have also seen some nice growth in our robotics, what we call CHRONECT XPR platform, where we are working with powder materials, again, at the drug discovery level, and highly automating the workflows from powders through to liquids through to the actual measurements themselves. We are launching a scaled-up platform, a new user interface for that, in this half. Based on customer feedback, we are expecting to see some strong growth there. So, in both portfolios, there is going to be a roll of new product introductions in this financial year and a stronger approach to global account management. A lot of that has been made possible by the work we have done in prior years in setting up these sorts of structures and investing in some of these product roadmaps. Thank you, Stephen. Still looking at the roadmap a little bit is, what percentage of your cost base remains in Australia, and what do you expect it to settle at over the midterm? So it was about 10 years ago, I think, when we said we had about 90%-95% of our headcount was based in Australia, and our goal was over a period of time to see that being lesser than half of the Trajan Group. Today, that is now only 40% of the Trajan Group. Through a range of factors, we would expect that number to continue to come down, as we think about the expansion of our Malaysian facilities, growth that we will see in other parts of the world, and the further rationalization of the activities here in Australia. So that is probably as specific as I can get with regard to that question. But the fundamental issue there as well is resolving this mismatch between the cost of our currency costs and our input currencies. In other words, the currencies of our revenues versus the currencies of our costs. As we progress now, that factor is going to continue to diminish. Thank you. Could you provide some more detail on the AUD 2.5 million impact of the ERP in Germany mentioned, please? I will hand that one to you, Simon. Yeah, sure. There's three key elements impacting the ERP go live. Firstly was inventory. We did bring forward purchase of inventory and increased inventory just to be able to help us over that transition period to make sure that we had the inventory on hand to keep servicing our customers. Also, there's the impact of accounts payable. We made a conscious decision to make sure we paid down all of our accounts payable prior to go live, just to be able to help us with that, again, with the transition phase, where we could embed our new processes before we started to make payments to our suppliers. We did bring forward some payments. But then there's also the impact on accounts receivable as well. It's the whole working capital cycle because when we have a new ERP system, it takes some time to embed new processes, chasing customers for payments, et cetera, which does also have an impact on the whole cash conversion cycle. We are expecting that we'll definitely normalize in the first half of FY 2027 and expecting that it'll have positive cash flows as a result. Thank you, Simon. The next question, should we expect similar levels of CapEx, AUD 3.4 million in FY 2027, and are there any other one-off costs expected in FY 2027 worth calling out outside of any restructuring costs? I'll make a first comment, then perhaps hand over to Simon if he wants to elaborate at all. We would expect the normal CapEx rate of AUD 3 million -AUD 4 million to play out in fiscal 2027. There will be probably another AUD 1 million or so in some key infrastructure that we're going to put in place that is going to underpin a new product range launch that's scheduled to happen towards the end of this current fiscal year. There may be some additional CapEx in terms of the infrastructure required in Malaysia for the next wave of transition of production workflows into that facility. So above and beyond our normal spend, it might be at this point in time, it looks like it might be AUD 1 million - AUD 1.5 million or so, but we're going to manage that very carefully. Anything else, Simon, that you wanted to add to that commentary? No, I think that is right. We have consistently seen over several years that our usual CapEx spend is around that AUD 3 million-AUD 4 million mark. As you say, there is some key one-off expenditure we expect to happen over the next 12 months. It will probably be close to the four or a little bit higher than the four than normal, but it is not going to be significantly higher. Okay, and I can see one more question here around, does the components and consumables business derive any direct or indirect benefit from the capital equipment business? How integrated is it operationally? It does derive some benefit from the capital equipment business in that a dominant part of our revenue for our components and consumables business comes from our global OEM partners. In many cases now, the relationship Trajan has with those partners has evolved to also include the capital equipment side of the business, but it is a different type of relationship. Whereas we are designing and developing components and consumables that are used with or embedded in some of our OEM partners' instruments, when it comes to our automated workflows, they are then feeding those instruments in terms of the sample throughput in the laboratory. That part of the relationship is a side-by-side relationship. What that means is that it is increasingly starting to trigger more holistic partnership discussions about Trajan and our key OEM partners, and one part of the business starts to benefit the other. I think one of the key initiatives that we spoke of is the continued drive towards having Trajan design and manufacture components and consumables in our own automated workflows as well, and in particular, looking at our own install base of capital equipment and how we can optimize some of those workflows. Yes, there is a nice synergy there that enhances our global partnerships. I will, though, remind people that while the revenue in components and consumables has a strong OEM part as the key customer, most of our sales and capital equipment are direct. So even when we partner, we are still working directly with the end user. The cost structures are quite separate. Really, the only level where there is some sharing of cost structures is in the back office functions such as finance and IT and so on. Yeah. There is one really quick question about capital equipment installs, about what is our install base now, and how many customers do we have capital equipment installed with? The install base, of course, extends way back before Trajan acquired these various businesses. We try to think about in terms of not just install base, but the active install base. When we are selling, let us say, 100, 120 of these specialized platforms per year, over the five years since IPO, you could estimate there might be 500 or 600 of those active systems. I will also remind people that we have got into that business, first of all, by acquiring LEAP Technologies in North America back in 2016, and then acquiring Axel Semrau in Germany back in 2021. One of the complementary acquisitions we did was a business called LEAP PAL Parts in North America. We did that because they have access to the entire install base over many decades of many of those platforms. For example, in California, there are thousands of those platforms. Indeed, a lot of the time I have been spending outside of Australia has been in the U.S., in California, and have been spending quite a bit of time visiting all those sorts of customers and helping to project what our next stages of growth are going to look like and how we work with those customers. Thank you, Stephen. To close the webinar, are there any final points that you would like to highlight or reiterate for the market? I would just like to thank everyone once again. I particularly want to thank our shareholders, and I understand how everyone must be concerned about where the share price is currently sitting. I share that concern. I will reiterate what I said at the beginning. I remain very confident that the shareholders of Trajan will ultimately realize the value of this organization. I want to thank Simon for his debut performance. Thank you, Simon. Of course, as always, to thank the global Trajan team. As always, we are open and accessible to anybody who wants to approach us and ask any questions. Always happy to clarify or explain or discuss elements of the Trajan business. It is a complex business, but it is a global and diversified business, and one that we continue to have very strong confidence in its future prospects. Thank you. Thank you, Simon and Stephen. With that brings us to the conclusion of the Q&A session and to Trajan’s full year results investor webcast for FY 2026, the period ending June 30th, 2026. I would like to thank you all for joining this morning, and I will conclude the webinar now.