Good morning, everyone. Thank you for joining us for the 2026 EBOS Investor Day. I'm Cameron Sinclair, head of investor relations at EBOS. I begin by acknowledging the traditional owners of the land on which we meet, paying my respects to elders past and present. I'm speaking today from Gadigal country here in Sydney. I welcome everyone joining us today. Kia ora to those joining us online from New Zealand, a warm welcome to all cultures joining us today. In the unlikely event of an emergency, the nearest fire exit is through the doors behind you and to the left. The intent of the day is simple: to give you context, transparency, and confidence both in the strategy and in the assets that sit behind the numbers. This morning, we'll walk you through our strategy and financial framework here at the hotel. After the presentations, you'll have time to engage with our teams at the various booths, and following lunch, we'll head to Kemps Creek and Eastern Creek for site tours. You'll see the infrastructure underpinning the story firsthand. For the presentation itself, Adam will start with the group strategy, followed by Alistair on the financial framework. We'll move straight into the divisional presentations, starting with Brett, who will take us through Symbion and Healthcare Distribution, and close out the first session. After the break, you'll hear from the remaining divisional CEOs. Across all divisions, the focus will be the same: how their businesses make money, where growth comes from, and how capital is being deployed. Adam will then bring it all together, and we'll conclude with an extended Q&A session. With that, I now hand over to Adam. Thank you very much, Cameron. Welcome, everyone, to EBOS's Investor Day 2026, both those in the room with us and those online from New Zealand and throughout Southeast Asia. We're excited to have this opportunity to share our vision for EBOS. Today, you're gonna hear us walk through the four key messages of the EBOS story: our strong positions and advantage, how our care portfolio is set for growth, the detailed divisional strategies, and then how this all comes together in disciplined value creation. Importantly, this isn't just PowerPoint. You'll hear this not just through the presentation material, but also by hearing directly from our experienced leadership team. They'll also walk you through eight specific case studies of EBOS's successes, and you'll have a chance to interact with some of those products at our booths outside. For those online, we'll post a video of that later. This afternoon, many of you will also have the opportunity to spend time at two of our sites, Kemps Creek, which is Australia's most advanced medicines warehouse, and Eastern Creek, one of the best contract logistics facilities in the country. Before we start, please let me share a personal reflection on starting work at EBOS. When I started, to understand our business, I spent a lot of time with our frontline staff across the firm, and each time I'd ask, "What are we doing today?" When I visited our warehouse, I thought I would hear, "Oh, I'm just loading a plastic tote with boxes." I heard something else. I asked one of our colleagues, "What are we doing today?" She said, "Today, I'm picking the medicines for the kids' ward at the hospital." Later I heard, "Today, I'm helping to vaccinate our community." From another colleague, "Today, I'm feeding Australia's puppies." Outside an operating theater not far from here, I was told, "Today, our implant is gonna help a man walk again." The common thread that my colleagues share is clear. It is care. Behind that care is a steely determination to keep doing it as efficiently as we can, and in concert with other players in the human and pet care sectors. That's what you receive reflected in the next page on the EBOS model. The EBOS Group is unified by a repeatable model of care, productivity, and partnerships. These are the themes you're gonna hear a lot about today, and they're this repeatable advantage model that binds the whole portfolio together. Our purpose is connecting people, pets, and communities to outstanding care anywhere, and it's supported by those core values I mentioned. Delivering care, which is an attractive market, driving productivity using our scale, and doing so in partnership with others, which allows us to create differentiated options and grow faster than the market. The outcome is that together these enable us to deliver trusted support. We're relied upon customers across our portfolio, including hospitals, pharmacists, pet owners, and surgeons, to deliver critical products and services, but we also deliver sustainable growth. Our EBITDA growth has averaged around 10% over the last 10 years, with a similar contribution from both organic and inorganic sources. We have a strong track record of disciplined capital returns, with our bolt-on acquisition program delivering around 16% return on capital employed over the last five years. We've done that throughout by maintaining, while maintaining a consistent dividend payout ratio of 60%-80% of underlying NPAT. I'm very conscious that the ELT and I are not creating this model. We're articulating it. That's what we've found with the rollout of this Care, Productivity, Partnership Strategy internally. It resonates with our team because they live it every day. If that's the model, what are the businesses that enable us to deliver it? On this slide, you'll see that EBOS is a scaled care portfolio with four divisions broken into two reporting segments. Firstly, Healthcare, which encompasses Symbion Healthcare Distribution, Retail Pharmacy Brands, and Medical Technology, as well as the Animal Care segment. In our financial reporting, we also share additional detail on customer groupings, and there's a key to that reporting structure in the appendix. Importantly, each of the divisions that you see here is a leader in the field. Symbion and Healthcare Distribution is number one or number two across its portfolio of healthcare distribution businesses. That includes pharmacy wholesale, contract logistics, and hospital distribution. Retail Pharmacy Brands is Australia's number one community pharmacy store network, with more registered pharmacists operating under our banner than any other group in the country. In medical technology, we are the number one medical technology partner in multiple therapy areas across Asia Pacific, with leadership in biologics processing in Australia. In animal care, we're the number one brand and supplier of specialty dry dog food by volume, and the number one vet wholesaler in both New Zealand and Australia. How have these leadership positions been created, and how is the portfolio defined? This is one of the most important slides in the presentation, because it demonstrates the deliberate shift of the EBOS portfolio over the last few years. We've redeployed over NZD 2 billion of capital into high-growth businesses, including ANZ Medical Technology, Southeast Asia Medical Technology, and Pet Nutrition Manufacturing. Importantly, in pet manufacturing, this includes not only acquisitions like NextGEN Pet Food and Superior, but also organic investment in our wonderful facility in Pet Care Kitchen in Parkes. You're going to see a terrific video of that a little later on this morning. Overall, what have these capital decisions achieved with our portfolio? In the middle chart on the page, you can see that back in 2019 and 2021, pharmacy wholesale represented about half of the EBOS Group EBITDA. Today, it's less than 30%. As we continue to invest in high-growth, high-return sectors, the rest of our portfolio grows proportionally larger. The absolute dollar value of pharmacy wholesale, shown in the gray brick, stabilizes, but its share of the mix continues to moderate as the other businesses grow faster. Just how is that growth sustained? Well, it's through those leadership positions I mentioned earlier. As you can see on the right-hand side of the chart, around 85% of our EBITDA now comes from businesses that have the scale advantage from being number one or number two in their sectors. This is true across the businesses that you can see there, like TerryWhite Chemmart, Black Hawk, Symbion Hospitals, Symbion Pharmacy, and Healthcare Logistics Australia. We also have strong emerging businesses like Kiwi Kitchens and Sentry that are building momentum quickly. With that evolution, what the markets we operate in look like? I think on the next slide you can see that across our portfolio, we operate in health and pet care markets that are structurally attractive. These are essential sectors, typically supported by demographic tailwinds, where demand compounds over time and underpins our growth agenda. The population's aging, and today around 40% of Australia's healthcare spend is attributable to people aged 65 and over. That's a consumer group that particularly enjoys engaging with TerryWhite Chemmart. Unsurprisingly, we're also at the forefront of the shift towards more healthcare services being delivered through pharmacies. Pharmacists who've gone through the intensive additional education to be able to write scripts are called prescribing pharmacists. Of all the prescribing pharmacists in Australia, more than a quarter operate within the TerryWhite Chemmart network. You're gonna see a great video, a little later on, of one of our new large format stores in Tewantin. It'll give you some insight into the role of the care clinic within almost all of our TerryWhite Chemmart pharmacies. In the middle of the page, you'll see the continued rise in healthcare spend. For example, total Australian PBS spend is growing at around 9% per year. Much of this spend is on new therapies, we're well-positioned to help bring those therapies to market, particularly through our eight bolt-on acquisitions in high-growth medical technology segments across ANZ, Southeast Asia, and Hong Kong. Of course, we're also seeing the increasing humanization of pets. They're increasingly treated as family members, as a result, we've seen more than 20% volume growth in some category segments, including air-dried treats. We're a leader in format innovation, with around 9% of Black Hawk sales coming from new category additions, including Healthy Benefits and senior dog ranges. Whether it's medicines distribution, pharmacy services, medical technology, or pet nutrition, the common thread is long-dated, non-discretionary, ongoing demand. There are of course headwinds across the care sector as well. Competition has intensified, particularly in pharmacy wholesale and community pharmacy. We're positioned to continue building our cost advantage here, supported by proactive investment in our DC renewal program. We've invested in Symbion and Healthcare Distribution facilities over the last four years, with that major capital renewal project coming to an end on the 30th of June this year. There's also pressure on healthcare costs, with healthcare inflation outpacing CPI. What we've observed is that both public and private healthcare partners increasingly rely on us to help manage their healthcare spend. I've seen this in person at a warehouse where we helped a public sector customer make meaningful savings on their overall spend. So much so that they consolidated their other contracts into our facility so that we could help manage more of their spend more efficiently. That demonstrates care, productivity, and partnership all coming together at once. The final factor affects all four divisions, which is the increase in supply chain and distribution complexity, and even more so with the recent Middle East conflict. The mix of co-products is becoming more complex. That means more cold chain medicines, more specialized therapies, and as a result, our role has grown in importance. We've become a trusted advisor to many healthcare participants, a good example of that would be the global pharmaceutical companies, where we help them manage that complexity in New Zealand and Australia, often through bespoke value chain solutions. That creates value for them and, of course, for the EBOS Group. These headwinds exist and are meaningful, but they continue to winnow out weaker players, and our advantages of scale and partnership serve us well in this environment. Speaking of which, let me turn to productivity. How do we think about productivity in each of our four divisions? What you see on this slide is how each of our divisions is using their position to drive productivity improvements. In Symbion and Healthcare Distribution, as I mentioned, we're number one or two across institutional healthcare, contract logistics, and pharmacy wholesaling. As a result, national productivity and pharmacy wholesaling has improved by around 25% since 2017. What's notable on this chart is that those productivity improvements were resilient through a period of significant volume change, and that's a real credit to the Symbion and Healthcare Distribution team. In addition, that FY 2026 number is only year to date. The full benefit of our significant investment in facilities like Kemps Creek is still to come, as it was only commissioned just months ago, and Brett will talk about this further in his presentation. In Retail Pharmacy Brands, as we mentioned earlier, we're Australia's largest community pharmacy network. Same-store sales in FY 2025 and 2026 have grown around 8% per annum, again reflecting that strong consumer engagement with the TerryWhite Chemmart brand. Nick and the team have a terrific runway here, not only on services, but also on private label and retail media. He'll share more on that soon. In Medical Technology, we're number one in multiple therapy areas and in biological processing. A key feature of this business is our programmatic bolt-on model. As we bring new acquisitions onto the platform, they share the same back office infrastructure, things like finance, market access, regulatory support. Between FY 2024 and FY 2025 alone, that drove around 100 basis points of operating leverage across the division, primarily through improved labor efficiency, with runway to continue as we add further scale. I'm delighted that Kristine will share with you some of the future growth options that we see in MedTech. Now, in Animal Care, we love our brands, and more importantly, the pets of New Zealand and Australia love our brands. Those brands are underpinned by a scaled manufacturing footprint. Since 2022, manufacturing productivity has increased by around 19% across the network, measured as output per dollar of input. Of course, continuing to evolve that format range that I mentioned earlier. Scale matters because it translates directly into lower unit costs, higher throughput, and ultimately better return on assets. Of course, it's hard to make an impact alone, and this is where the value of partnership comes to the fore in each of our divisions. In Symbion and Healthcare Distribution, a natural example of that partnership is in contract logistics. In this business in New Zealand and in Australia, we act as agents for global pharmaceutical companies, and that includes repacking, relabeling, and temperature-controlled storage of these important medicines. Doing this across dozens of principals requires operating to the highest standard consistently, and those partnerships continue to deepen. As a result, we've been able to deliver strong gross margin growth in New Zealand and in Australia. In Retail Pharmacy Brands, we partner with independent pharmacists who retain ownership of their dispensing businesses. We provide the brand, scale, marketing, merchandising, and private label support. As a result, our banners have delivered more than twice the expected share of pharmacist-administered vaccinations. Importantly, Nick is going to walk you through how that translates into value for EBOS. In Medical Technologies, we serve over 4,500 hospitals and clinics across Asia Pacific with a curated portfolio of devices and technologies. We aggressively curate that portfolio to make sure that we are focused on the higher touch, more sophisticated therapies. As you can see, by supporting clinical leaders in Australian spine surgery with a better and broader set of products, we've delivered around 10% revenue CAGR from FY 2022 to FY 2025. We have a terrific video a little later on that'll show the power of partnerships in Medical Technology. In Animal Care, we partner with around a third of registered puppy breeders across ANZ and thousands of in-store staff who act as our key recommenders. As a result, our dry dog food volumes have grown around 50% faster than the broader market. Across every division, we're deeply connected with our customers and partners beyond a transactional relationship. This gives us the right to compete on reliability, relevance, and integration, not simply on price. We have a track record of bringing these advantages of care, productivity, and partnership not only to our existing businesses, but also to a range of new bolt-ons. We see this on the next page. One thing that's been a hallmark of EBOS's success is the ability of the business to consistently unlock value through acquisition. There are four key reasons for that. The first is advantaged access to deal flow. A good example is Medical Technology, where relationships with OEMs and surgeons matter enormously. Because we're a market leader, founder-owned distribution businesses often come directly to us when they're considering a sale. These are typically bilateral discussions, where we help the sellers work through the complexity of a transaction, and as a result, we're able to acquire businesses at a fair price that reflect their current state, while allowing us to earn attractive returns once they're part of the EBOS portfolio. We've seen that again and again with businesses like Pacific Surgical in the Philippines, and now with Precision Surgical and alphaXRT as well. Second, we have strong synergy opportunities. A great example of this is in Animal Care, where we have a set of brands that resonates strongly with consumers and their pets. When a new product format emerges, such as the air-dried format we acquired through Next Generation Pet Foods, we're able to buy that business at a sensible price and then bring that format into our existing brands and scale it quickly, which creates value for both. Third, there are clear and proven pathways to value within our networks. In Retail Pharmacy Brands, for instance, TerryWhite Chemmart and now MediADVICE have demonstrated the ability to lift margin across the network through merchandising, through private label, through retail media. That creates a really attractive investment case for pharmacy banners and supports the ongoing conversion of independent pharmacies into our network. Finally, there's a real muscle memory within the business. We have a repeatable playbook and deep experience integrating bolt-on acquisitions seamlessly, and that shows up in the track record. On the right-hand side of the page, you can see that since July 2020, we've invested around AUD 520 million across 19 bolt-on acquisitions, delivering an average return of around 16%. That's a position that we're very pleased with. We see this disciplined, returns-driven M&A as an important part of the EBOS story going forward. Speaking of that story, I'd love to introduce you to the executive team who's responsible for the next phase of growth at EBOS. You'll hear shortly from Alistair Gray, our CFO. He, along with Janelle, Jacinta, and Mithran, are a fantastic set of functional leaders for the group. Each of them brings deep experience, either from within EBOS or from other blue-chip companies. Together they support the divisional leaders you see at the bottom of the page. Brett's combination of industry engagement and operational knowledge is unrivaled in the medicine supply sector. He's regularly called on by government leaders, leading pharmaceutical players, and of course, Australia's pharmacists. He also knows how exactly how productive the warehouses need to be to meet that need. I've literally seen him coach forklift drivers or work through a robotics issue without missing a beat. I know you'll enjoy hearing his thoughts shortly. As you will with Nick Munroe. Nick Munroe and I hosted the famous Terry White, the man who started it all, at a gala dinner in February. Terry and Nick Munroe were absolute rock stars, with pharmacists pushing past us to get selfies with the two of them. That's because he's so deeply engaged with the TWC and MediADVICE leaders. The pharmacists care about him because he has connected with so many of them to bring them into the brand and work with them to drive their success with TWC. He's no doubt excited to share his thoughts on the future of Retail Pharmacy Brands shortly. Kristine has a similarly deep relationship with the medical technology brands from around the globe. She's assiduously cultivated this network of relationships from Spain to Shanghai, each in a therapy area that transforms patients' lives. She was directly responsible for driving growth in Transmedic in recent years, and she'll be delighted to share with you the opportunity set ahead. She's delighted, Grant's gonna be wildly excited to speak to you. He has been responsible for not only driving growth in some of the biggest brands in Australian pet care, but also in creating a highly efficient manufacturing and supply chain to unlock that growth and support product development options. He is almost as beloved by his team as he is by his bloodhound, Hubert. That's our people, but what's the priority for growth going forward? These four leaders are empowered to deliver results across our portfolio. Symbion and Healthcare Distribution has been a cash-generating engine for EBOS shareholders over the last five years. Through COVID and a very advantageous contract, there've been periods of strong profitability. We've systematically reinvested those profits into the other divisions, and now it's time for those other divisions to shine. As a result, you'll see Symbion and Healthcare Distribution focused on productivity, with growth broadly in line with the industry in pharmacy wholesale and ahead of the industry in the other parts of Brett's business. Our investment focus is selective, and we'll be prioritizing the other distribution components of that division. In Retail Pharmacy Brands, the strategy is store and margin-led. We see opportunities to add more stores as independent pharmacists look for a banner to join, and we also see opportunities to improve the margin per store. Nick and the team are leading that effort, and the capital priority in this division is medium to high. In Medical Technology, our opportunity is to continue adding therapy areas across Australia, New Zealand, Southeast Asia, and Hong Kong. Kris will walk through those opportunities shortly, but the capital priority here is high, reflecting the demonstrated returns over the last few years. Finally, in Animal Care, we have a set of strong hero brands across ANZ and Asia. Our goal is to grow those brands and support them through service excellence and customer focus in pet wholesale, particularly as our COVID-era furry friends start to age and require more care, which is exactly what we're here to help provide. In combination, this continues the evolution of the EBOS portfolio from a capital-intensive pharmacy wholesale distributor to an advantaged scale care portfolio operating in higher growth, higher return markets. If I were to leave you with four messages to take away today, I'd break our value story down into these. First, we have strong positions with structural advantages. You just heard me walk through a number of those number one and number two positions, and each of the divisional leaders will add more shortly. Second, we have a care portfolio focus now on higher growth, higher return businesses. That's been a purposeful strategy over time, and Alistair will walk you through the anticipated returns. Third, in just a few moments, you're gonna hear the detailed divisional strategies that underpin the next phase of growth, and you'll get a sense of the work the teams are doing to drive value here. Finally, there's a disciplined approach to that value creation that's central to the group's success, including a rigorous approach to capital allocation, which Alistair will expand on more shortly. I'm looking forward to hearing from the other speakers, as I'm sure you are. I'm also looking forward to coming back to you a little later for the Q&A. On that note, I'll invite Alistair up on stage to talk through our financial framework. Thank you, Adam. Good morning, everyone. My name's Alistair Gray. I'm the Chief Financial Officer. I'll be taking us through the EBOS financial framework, starting with our performance trajectory, stepping through how we allocate capital, ultimately how that translates into shareholder value. On this slide, we can see the resilient and strong growth EBOS has delivered over the past decade, with the business expected to triple EBITDA across that time. From EBITDA of NZD 208 million in FY 2016 to the current year guidance of approximately NZD 610 million-NZD 620 million. That represents approximately a 10% compound annual growth rate delivered in broadly equal parts from organic growth and disciplined acquisitions. That strong growth has been consistent except for two factors. One temporary in the operation of the Chemist Warehouse Australia wholesale pharmacy contract between FY 2020 and FY 2024, as well as one permanent in the acquisition of LifeHealthcare in 2022, which, as you've heard from Adam and we'll hear more from Kris later, has delivered high growth and provides us with an attractive platform for future growth. Beyond FY 2026, we will continue to reliably deliver mid-single-digit organic EBITDA growth, consistent with our long-term track record. As Adam outlined, we have a differentiated ability to unlock value through bolt-on acquisitions, which result in attractive returns. It is worth highlighting that any future acquisitions from here would provide upside to that mid-single-digit organic growth rate. What underpins our confidence in our future growth is the continued but deliberate evolution of the portfolio over time. EBOS has evolved from a business heavily concentrated in distribution and wholesale into more diversified and resilient portfolio of businesses, with increasing exposure to higher growth, higher margin sectors. That evolution hasn't been accidental. It's been driven by a repeatable playbook, aligning capital to strategy, applying clear return hurdles, and maintaining a relentless focus on operational efficiency and productivity. I will share a couple of recent examples that bring this to life shortly, but first I will step through the EBOS capital allocation framework in more detail. This page sets out the framework that governs how we deploy capital. This is central to how we think about value creation and will support achievement of our 15% return on capital employed, our ROCE target. Before walking through the framework itself, it's important to emphasize that the group generates strong and consistent operating cash flows. These strong cash flows being sufficient to maintain a strong balance sheet, fund all maintenance CapEx, support reliable and attractive dividends, and investments in growth. From FY 2027, these cash flows are set to improve with the conclusion of the DC renewal program and a 30% reduction in CapEx. Thereafter, capital and operating productivity improvements, as well as market growth, are expected to continue to support future increases in cash flows. Now moving to our capital allocation framework, which is built around four objectives. One, maintain financial security and flexibility. Two, protect the existing earnings base by maintaining resilience and competitive business operations. Three, provide attractive cash returns to shareholders. Four, grow earnings by deploying capital in a disciplined way, aligned to strategy and delivering attractive financial returns. This framework also provides clear prioritization for the use of capital with operating cash flow first directed at retaining a strong balance sheet with leverage remaining between 1.7-2.3 times, in line with investment grade metrics, and well below bank leverage covenants of less than 3.5 times, as well as maintaining operational stability. Thereafter, we return capital to shareholders via dividends, targeting a payout of 60%-80% of underlying NPAT, reflecting our confidence in strong future cash flow and earnings growth. Finally, cash flow is allocated to growth investments with both organic and inorganic opportunities competing for capital and needing to meet stringent financial hurdles, including exceeding our 15% ROCE target. I would also stress that this capital allocation framework isn't simply a theory. It practically guides all our capital decision-making. I will now turn to share a couple of examples of recent growth investments, one organic and one inorganic, which bring to life how this disciplined approach manifests and drives attractive returns for shareholders. This is a good example of a typical organic investment, and I share this one as many of you will have the opportunity this afternoon to see the Eastern Creek DC firsthand. Eastern Creek is a contract logistics site which opened in 2023 following the full utilization of our original Sydney DC, which had been operational since 2018. The business case was clear. Without additional capacity, we faced turning away high priority global pharma customers and missing out on the growth of high value medicines in GLP-1s. Importantly, this investment was underpinned by existing partnerships long established in New Zealand and the success of the original Sydney DC. Demand was visible, customer partnerships were in place, and the investment was aligned to a part of the portfolio with structurally higher growth and returns. As such, the returns and outcomes have been attractive. Eastern Creek is already delivering a return on capital deployed above 15% and has reached approximately 70% utilization within two years of opening. The 18% per annum step-up in contract logistics growth in Australia over the last four years would not have been possible without this, the incremental capacity this facility unlocked. This is a good example of how targeted infrastructure investment translates into measurable earnings and growth with further upside as the utilization continues to increase. Brett will expand on the broader DC renewal program and the tangible benefits we're extracting shortly. Now I'll show you how this disciplined approach works with a recent acquisition. This case study provides an example of a typical bolt-on acquisition. With this particular example, a Southeast Asian med tech company called Pacific Surgical. Pacific Surgical is a leading orthopedic surgical devices distributor in the Philippines, which we acquired in 2024 for NZD 46 million and have since integrated into our Transmedic platform in the Philippines. Kris will share our med tech strategy as it relates to Southeast Asia shortly, this acquisition neatly filled a gap in our portfolio. The investment also met all our criteria, a leadership position in an attractive adjacently aligned market, profitable growth, and an aligned founder-led management team who remained with the business post-acquisition. Strategically, the acquisition extended our orthopedics footprint from ANZ, Indonesia and Malaysia into the Philippines while leveraging infrastructure and capabilities already in place. The financial outcomes speak for themselves, delivering strong growth with greater than 15% EBITDA growth and immediate contribution with greater than 1% EPS accretion at the group level and excellent returns with a return on capital deployed more than 20%. These returns illustrate the value created when bolt-on acquisitions are integrated into an existing scaled platform in an attractive sector. As Adam has outlined, we have an advantaged access to this type of attractive MedTech bolt-on business which will continue to provide pathways for future growth. I will now move on to how we intend to deliver higher ROCE through both high return capital investment and efficiency in the existing capital base. These charts specifically summarize at a division level how ROCE has moved in the last three years. More than that, this slide is illustrative of how we closely monitor ROCE at an individual business and division level as a key measure of business performance and progress towards achieving a 15% ROCE. Also, as a critical consideration in both growth capital allocation and portfolio optimization decisions. As I previously said, we remain committed to a medium-term ROCE target of 15%, and each division is a clear identifiable pathway towards that outcome. In Symbion and Healthcare Distribution, ROCE was temporarily impacted by the loss of the Chemist Warehouse contract, as well as the higher capital employed resulting from the DC renewal program. As the investment cycle concludes in FY 2025-2026 and utilization continues to improve, returns will rebuild. In medical technology, capital employed has increased through programmatic bolt-on acquisitions, with ROCE improving as earnings grow faster than the capital base, supported by both operational leverage and margin expansion. In animal care, ROCE is also tracking well, underpinned by strong performance in the branded business and a capital efficient veterinary wholesale model. Retail Pharmacy Brands, as noted in the slide, follows a similar positive path to animal care. In summary, with the DC renewal program concluding this year and a subsequent return to a more stable capital employed base coupled with continued earnings growth and disciplined capital deployment, group ROCE will progressively improve. Turning to what investors should expect financially over the next three years. FY 2026 is the final year of elevated capital investment. The associated step-up in depreciation, lease, and interest costs in FY 2026 and FY 2027 will temporarily weigh on EPS. However, from FY 2027, CapEx reduces by approximately 30%. Combined with earnings growth from improving productivity and utilization, plus growth in high return sectors, this creates the conditions for EPS growth to outpace EBITDA growth in FY 2028 and beyond. With respect to EBITDA, we will deliver mid-single digit organic growth from here, broadly consistent with our long-term track record, with upside potential from future disciplined M&A. In summary, the major capital investment cycle is months away from completion. That means we have the infrastructure to support continued long-term growth with cost to serve improving as utilization and productivity increases. This, alongside ongoing capital allocation and portfolio, a portfolio weighted to higher growth, higher return businesses, positions EBOS to deliver compelling value to shareholders. Thank you for your attention. I'll now invite Brett up to take you through the opportunity in Symbion and Healthcare Distribution. Thanks, Alistair. Good morning, ladies and gentlemen. My name is Brett Barons, and I'm the Chief Executive Officer of the Symbion and Healthcare Distribution. It's great to be with you all today and to showcase our business to you. The Symbion and Healthcare Distribution Division plays a critical enabling role across the healthcare systems of Australia and New Zealand. Our purpose is to connect communities to care, and we do that by ensuring Australian and New Zealand patients have access to the products they need, whether that's through community pharmacies, hospitals, medical centers, aged care facilities, primary care providers, government agencies, or manufacturer partners. While we largely operate behind the scenes, we touch almost every part of the healthcare value chain in both countries. Simply put, healthcare in Australia and New Zealand would function very differently if it wasn't for us. Adam spoke earlier about how our scale drives productivity and better ways to succeed every day, that's exactly what this division is about. The money we've invested in our distribution or DC network is designed to turn our scale into structural cost advantage, you'll see what that looks like when we visit Kemps Creek together this afternoon. This division operates three main business units: pharmacy and hospital wholesaling, contract logistics, and medical consumables. I'd like to now focus on a few of the key businesses, I'll work from left to right of screen. The business most investors will be familiar with is the pharmacy and wholesaling business. Over decades, in fact, 180 years in Australia and 140 years in New Zealand, we've built leading positions in through our scale, through Symbion and through ProPharma. I believe we've got the best wholesaling teams across both countries, and it's our deeply embedded relationships with independent pharmacies and major pharmacy groups, as well as public and private hospitals, that are a key element to our success. A key structural advantage in Australia is that we serve both pharmacies and hospitals from the same Symbion distribution centers, and that materially improves our asset utilization and our productivity. The pharmacy and wholesaling division delivers defensive, cash-generative earnings underpinned by demographic demand and sustainable new government funding mechanics. We win through three key factors. One, our long-standing reputation for service and reliability. Two, our relentless focus on cost leadership. Thirdly, through our great team. We have strong relationships with industry players given the unique tenure of our management and staff. The competitive landscape in pharmacy is evolving. Over the next three slides, I'll step you through the three forces outlined in the bottom left box that are shaping wholesale economics. Beyond wholesale, I'm also responsible for the strategically important contract logistics and medical consumable business units. Both these businesses sit in higher growth and higher margin segments of the healthcare value chain. In contract logistics, as shown in the middle of this slide, we provide specialized pharmaceutical logistics services through our Healthcare Logistics business. We provide services to around 170 pharmaceutical manufacturers, supporting market access for them by distributing to wholesalers or through our bespoke distribution solutions. Our facilities are sophisticated, high-end, and healthcare specific. They're Good Manufacturing Practice or GMP approved. With temperature-controlled storage, rapid fulfillment, and innovative solutions for our principal partners. These capabilities have been instrumental in us winning new principal partners. They also create defensible market positions that are strongly favoring scaled, specialized operators like us. Our recent distribution facility investments, including Eastern Creek, which many of you will tour this afternoon, are generating already returns in excess of 15% ROCE. In Medical Consumables, as seen on the right of this slide, we distribute medical consumable products to primary care providers, including aged care facilities, medical centers, GP clinics, daycare, hospitals, and also general hospitals. We're also building a private label platform through targeted bolt-on M&A, which supports higher margins than the traditional wholesale business, and our recent Sentry investment is one example of that. In addition, our Onelink business provides vital outsourced warehousing and distribution services to government customers in New Zealand, here in New South Wales, in Victoria, and in Western Australia. We distribute a combination of medical consumables, vaccines, and pharmaceuticals to those partners. Together, the Symbion and Healthcare Distribution division delivers strong cash generation today with clear growth pathways beyond wholesale. A central theme in this division is the DC renewal program. As Alistair noted earlier, FY 2026 marks the completion of our major investment phase, a key driver for these investments is productivity improvement. In the case of Kemps Creek, we are looking to unlock a 30% increase in productivity. We've also invested to increase much-needed capacity to ensure we can grow into the future. The investments we've recently made are generational investments with useful lives of around 15 years. We are now well set for the future. We've now invested in new Symbion DCs in Melbourne, Brisbane, and Kemps Creek here in Sydney. For ProPharma in New Zealand, we no longer had capacity to grow in our old facility and therefore invested in a new facility in Auckland, and that's also enabled us to then consolidate other facilities into that one. In Contract Logistics, we have new DCs in Sydney and Auckland, and in a very short space of time, we'll have another in Perth. In Medical Consumables, we've enabled our future growth with larger brownfield facilities in both Sydney and Melbourne. In Onelink New Zealand, we were at capacity, and we've therefore invested in a new site in Auckland. These investments have set up our network with capacity and also productivity headroom for many years ahead. From here, the focus shifts for us to utilization, I should say, and operating leverage, which of course further supports profitability. To drill down on this slide to a couple of examples. On the left I've called out Symbion Kemps Creek facility, which services pharmacies and hospitals in our largest state here in New South Wales. This facility was needed because we had outgrown our old site at Greystanes, and we needed more room to expand. The new site also includes a major uplift in automation to materially reduce labor intensity and travel time. Despite having only gone live, as Adam mentioned, at this site around five months ago, as you can see on the graph here, we've already delivered an 11% increase in productivity from FY 2025 to 2026, and we expect this to compound further into 2027. In fact, we're looking to finish FY 2027 with a 30% increase compared to Greystanes. For those of you that will be lucky enough to visit the site today, be sure to ask the team to point out some of the world-class automation that we have there, like the A-frames, the automated storage, also known as the Cuby system, and we've got goods-to-person systems there, and an automated dispatch system. Other than the A-frames, those other systems are new for us in Sydney, and they will drive the increased productivity we are targeting. It's the combination of these technologies that means Kemps Creek is the most advanced of its type in Australia and I think close to the most advanced in the world. The team will also show you when you're there, how we use spiral conveyors. We supply mezzanine floors and utilize Schaefer systems. It's those solutions that mean that we can reduce the required footprint and therefore incur less lease costs compared to other options in the market. We're also proud of the green credentials at Kemps Creek, and on the tour you'll see the biodiesel generators when you get off the bus with the solar panel charged batteries next to the generators and the connection to the local green grid. You won't be able to see, however, the impressive solar array, which is up on the roof, but I do have a photo of that later in the deck. As you can tell, I'm extremely proud of this Kemps Creek investment and really pleased with the improvements the team have already made there. Turning to the right of this slide and drilling down into healthcare logistics. For those not familiar with Healthcare Logistics, or HCL as we call it as well, think of it as the precursor to the Symbion wholesale business. Healthcare Logistics operates at the start of the value chain, and it provides contract logistics services to manufacturers. Our manufacturer partners store their product with us, and we then supply that product onto wholesale facilities. That's not just Symbion, but all wholesalers in the industry. On the graph on the right, those vertical bars reflect the capacity in HCL's Australian distribution centers in terms of available pallets. The line graph then indicates the utilization of these pallets inside the facilities. In June 2023, you can see we're at the optimum capacity of around 95% in our lone Sydney DC. I say that's optimal because a logistics business like this, it always needs some flex for room to cope with the peak times. In 2023, HCL at Pemulwuy was pretty much full. It had gone live in May 2018 and reached full capacity after five years. We opened our new Eastern Creek facility in November 2023, and as you can see on that line graph, the utilization dropped to around 55% in June 2024 when the new pallet capacity was added from the new site. Since then, existing customers have grown, and we've won new customers, and that's quickly increased the utilization of the new Eastern Creek site. The investments in HCL facilities prior to contract wins are necessary because pharmaceutical manufacturers won't hand their vital products to us in the hope we'll have storage available for them later on. What they want, they visit our facilities, they audit us, and most importantly, they like to site the exact position, and the pallet areas where the pallets will be, where they're going to store their products. Since going live, Eastern Creek facility is already around 70% utilized, with significant runway for further growth still available. I think as investors, you can feel confident that we have a proven track record of investing in new facilities at the right time. The next phase of the HCL rollout is Perth, which is on track for completion this financial year. With this new facility, which is smaller than the Sydney DCs, our utilization will initially fall. The Perth site's a really important one for us because we think it will materially expand our national capability in the eyes of manufacturers. Given the distance from here to the other side of Australia, it is the preference of many manufacturers to store their West Coast demand in Perth whilst the remainder is here in Sydney. Without a Perth presence, it meant we actually missed out on those tenders that required a local Western Australian capability. Our expectation now is that this new site will provide us access to those tenders which we previously couldn't win, and that therefore should further expand opportunities for our contract logistics business. I hope that gives investors some background on the two facilities, Symbion's Kemps Creek and Healthcare Logistics Eastern Creek, that we'll be proud to take you around later today. On the next slide, we turn back to pharmacy wholesaling. Ahead of time, this is a heavy slide. There's a bit to cover on here, so bear with me. I do think it's important to take you through the dynamics around the industry funding. On this slide, I'll take you through the impact of three important elements. Firstly, the impact of higher valued medicines on our gross operating revenue, or GOR. Secondly, the advent of diabetes and weight loss products, also known as GLP-1s. These two items are covered on the left-hand side of the graph. Thirdly, the new government funding in Australia that ensures a more sustainable wholesaling sector in the future, and I cover this on the right-hand side of the slide. As Adam referenced earlier, volumes in the wholesaling sector continue to be supported by aging demographics and an increasing consumption of medicines by patients. There's an increasingly important drive, and that is innovation and mix rather than just pure volume growth. With the increase in more complex medicines, there's an increasing number of higher value medicines, and this is highlighted by the top line of the graph on the left. You can see the value of medicines there, priced at AUD 720 and greater, is growing at a CAGR of 11% versus the total PBS at approximately 7%. As the mix moves towards these higher value therapies, we see our reported GOR percentage decline, and this dynamic is more pronounced for us because of our hospital wholesaling operations. However, the absolute GOR NZD and EBITDA NZD we make increases. That's because high-value medicines generate greater NZD returns per line and drive better utilization of an increasingly fixed and automated asset base. In other words, margin dilution is real, but return dilution is not. This matters because the economics of wholesale distribution are increasingly driven by absolute NZD per line and returns on fixed assets rather than the headline percentage margins. The second line on the graph plots the growth of GLP-1 therapies reimbursed under the PBS. Please note that therefore excludes those prescriptions issued privately outside of the outside the PBS. As the graph shows, we've benefited from a 49% CAGR for those products since FY 2022, and there's further upside to come. We're confident of that further upside based on a comparison of GLP-1 consumption in Australia versus the U.S. These numbers aren't on the slides, but if we look at this comparison, just under 2% of Australians are currently consuming GLP-1s, and that's compared with 10% of the U.S. population. That implies multi-year growth runway for Australia, even before considering the fact that there are oral formulations that are coming out, we think around February next year. We expect broader adoption of GLP-1s once an oral form of the drug is available. Because those that dislike a injection formulation are likely to have no such concerns with an oral formulation. The third dynamic I referenced was that alongside the mix shift, wholesale economics are evolving under the first wholesale agreement or the 1PWA. For those of you that aren't aware, our Australian pharmacy wholesaling funding is secured via two sources. One's via a regulated maximum markup we're allowed to charge pharmacists, and the second is via an allocation from the CSO, the Community Service Obligation pool or CSO pool. Under the CSO arrangements, we're paid funds directly from the government in accordance with the proportionate share of PBS units sold each month. These funds are available to wholesalers who meet certain service standards and requirements, such as meeting minimum percentage of sales of low volume products or a minimum threshold of sales to rural and remote pharmacies. Effective in a few months' time, in fact, on 1 July 26, the markup wholesalers are allowed to apply to PBS medicines will change. The general markup is going to fall from 7.52% to 4.3%. The margin floor will decline from AUD 0.41 to AUD 0.24, but the margin ceiling for high-value medicines increases materially from AUD 54 to AUD 223. That's an important point given that high value mix that we just discussed. The net impact of the changes to our markup, and hence GOR when assessed alone, is actually a reduction in the funds we receive via that regulated markup. The reduction, however, is largely offset by an increase in the CSO pool. In addition to that, there is a separate increase in the CSO pool of approximately another AUD 78 million. That injection of funds is designed to cover the cost of distributing Section 100 medicines, which, in short, are more specialized drugs. For the first time, CSO distributors will be required under the CSO to now meet the standards for Section 100 products, similarly to what we've had to do in the past for Section 85 PBS medicines. The increase in CSO will also be allocated as it is today on the units that are distributed. To summarize, under the new framework from 1 July, the CSO pool increases to offset a reduction in the margin, and then there's another increase in the CSO of NZD 78 million, to assist us in delivering Section 100 medicines, and that will be again allocated based on the market share of units distributed. I should also highlight the CSO pool will now be indexed each year, and that provides a structural underpinning, that had been absent in previous agreements. That's an important win, particularly beneficial in the current circumstances we now find ourselves in. What are the key takeouts of all of that? Well, taken together, the combination of high-value medicines, improved funding mechanics, the rising utilization of our assets, all supports more resilient wholesale economics. While headline margin percentages are structurally lower, absolute earnings, cash generation, and returns on assets are protected, and in many cases improved, particularly for scaled operators like EBOS. To the next slide, I think it is important to acknowledge that competition in pharmacy wholesaling in Australia is elevated right now. I've been around a little while, and whilst pharmacy wholesaling has always been competitive, this competition has increased over the past 12 months. I personally think it's substantially linked to CW's move to Sigma. The market has been through periods of rebalancing before, including when we won the CW contract. Ultimately, the market stabilized after that. I think we're undergoing that rebalancing again right now, post CW's move back to Sigma. That contract is now embedded there, so we do not expect a major long-term viability again like we are seeing right now. From our perspective, we'll continue to manage our business on the basis of stable market share through disciplined cost leadership, a relentless pursuit of productivity, supported by the industry funding dynamics. We are confident we will win in the market through our best-in-class service, our industry-leading relationships, and an excellent retail partner in TerryWhite Chemmart, and the other brands that we support from a wholesale perspective. Turning now to a couple of businesses outside pharmacy wholesaling. We've deliberately leveraged the cash engine of wholesale to expand into attractive adjacent markets, in contract logistics and medical consumables. We've done that because they offer higher margin and higher growth opportunities than what we experience in pharmacy wholesaling. In contract logistics, the investments in new facilities that I've just detailed have, over the past five years, delivered number one and number two positions in New Zealand and Australia respectively. There's still upside as utilization increases across our expanded footprints. Coupled with the fact that if you consider that our share in Australia is in the mid-teens, but over 50% in New Zealand, we feel there is further growth potential in Australia. We're confident we can draw upon our relationships and experience in New Zealand to continue to grow our Australian business. Importantly, contract logistics as Alistair referenced, provides ROCE returns above 15%. In medical consumables, we see opportunities to continue to gain share in the primary care sector. That is a large fragmented market in both Australia and New Zealand. Our strategy is to continue to pursue selective bolt-on M&A to expand our private label offerings. These product businesses deliver better margins and greater control over the supply chain. We have a track record of seamlessly integrating them into our existing infrastructure, into our warehouses, our sales team, and our relationships. In the booths outside, I encourage you to have a chat with the team about examples of the products that we have acquired. We feel very positive about the outlook for the Symbion and Healthcare Distribution division. Adam opened this morning by describing EBOS' evolution from a capital-intensive wholesale distributor into a higher growth, higher return care portfolio. This division has played a central role in funding that evolution, and the next chapter for us is clear. Pharmacy wholesaling remains the stable cash engine. It generates strong defensive earnings, and we will continue to drive our cost leadership. Overall, we'll grow in wholesaling in line with the industry, but the above-market story in this division increasingly sits in contract logistics and in medical consumables, where we've built leading positions, where margins are higher, and where we have significant runway ahead. Sorry, before I move off this slide, on the on the left is a photo of Kemps Creek, and on the roof you can see that solar array that I referenced earlier. In summary, in Symbion and Healthcare Distribution, we will win business through through service, through our service quality, and our deep relationships. We will drive high utilization across our renewed DC network. We'll continue our relentless focus on productivity and cost discipline. We will benefit from aging demographics and GLP-1 volume growth. We will see improving economics from revised government funding arrangements. We'll expand into higher growth and higher margin opportunities in contract logistics and medical consumables, all whilst remaining disciplined in our use of working capital and capital employment. Thank you. That's all from me. Thanks for your interest in our business. It is appreciated, and I look forward to catching up on the tours this afternoon. I'll be at our Symbion, Kemps Creek site, so I look forward to seeing you all there. I believe we're now having a break. We've got 30 minutes, so please feel free to go and grab a coffee, have a chat with the Symbion teams around the booths, I encourage you to take as much home to your family or to the office as you can fit in your bags. We don't want to take anything home. Also, if you don't get around to the booths now, there is time at the end of the Q&A later on. If you wouldn't mind being back here in 30 minutes, which, what have we got? That's about 25. Yeah, about 10:20 A.M., if you don't mind. Nick will then take you through the Retail Pharmacy Brands division. Thank you. Welcome to TerryWhite Chemmart, where care comes first. TerryWhite Chemmart has the largest community pharmacy store network in Australia, with a focus on health services. At the heart of more than 630 communities, TerryWhite Chemmart pharmacies do more than just dispense medicine. They are at the forefront of an expanding scope of health services, with care clinic programs delivering better health outcomes through medication management and professional services, chronic disease support and preventative health checks, vaccinations across all life stages, and full scope pharmacist prescribing. Providing accessible, convenient healthcare that meets people where they are and when they need it. As demand for primary care continues to grow, TerryWhite Chemmart is positioned to lead. Our strengths lie in our scale and integration. An unrivaled pharmacy network dispensing over 39 million prescriptions each year, supporting more than 2.8 million rewards plus members, with 1.6 million retail orders processed in the past 12 months, and 18 million prescriptions managed via the app. Leveraging digital capability to enhance efficiency, compliance, and customer experience. Care is our extra ingredient, with more than 300 trusted private label products and exclusive lines and continued range expansion ahead. We're unlocking deeper customer engagement through our growing health-powered retail media network, TWC Connect, giving us the ability to connect suppliers, our network, and extend our reach to consumers and patients. Embedding AI across clinical systems, enhancing productivity, compliance, and full scope pharmacist capability. TerryWhite Chemmart combines healthcare leadership, retail excellence, and digital innovation to create long-term value. A network built on care. A platform built for growth. Shaping the future of community pharmacy in Australia. Good morning, everyone. My name's Nick Munroe, and I'm the Chief Executive Officer of our Retail Pharmacy Brands division, or RPB. I really do hope you enjoyed that glimpse into the TerryWhite Chemmart brand. This video highlights some of the services and capabilities within Australia's leading health services-focused pharmacy network. Earlier today, you heard Adam describing partnership as creating differentiated relationships where value is created for both sides, and where EBOS is rewarded with above-market growth as a result. That is the RPB model in a sentence. At its core, RPB is a capital-light retail platform that aggregates pharmacy demand and earns a return on that scale through advertising and merchandising arrangements with suppliers. We add value to our franchisees by creating pharmacy propositions that customers love, and by driving that performance across our 780+ pharmacies. We add value to our supplier partners by understanding and aggregating customer buying behavior and making it easier for them to reach targeted potential customers at scale. Importantly, we do this without owning pharmacies. Instead, we partner with Australia's most trusted independent pharmacy owners to improve their economics, and at the same time, generating higher quality recurring earnings for EBOS. This model is highly aligned with our Symbion and Healthcare Distribution business that Brett's just covered, and it extends our role across the full pharmacy value chain. In the time I've got today, I want to cover four things. Firstly, what is RPB and how it delivers returns for EBOS. Second, why the market we operate in is structurally attractive. Third, how the platform compounds value through scale, data, and through loyalty. Fourth, why this underpins the long-term investment strategy for the group. RPB operates across two mutually reinforcing businesses, our pharmacy brands and our pharmacy services. Our pharmacy brands business brings together a growing network of 782 pharmacies across three banners, TerryWhite Chemmart, our newly acquired MediADVICE network, and our value-focused brand, Cincotta. We've scaled the RPB network by offering franchisees a compelling customer-led health services proposition that combines strong consumer brands, dedicated commercial support, and scalable digital infrastructure to help grow their businesses. As we continue to expand the network, we're also focused on strengthening its quality through digitally enabled consumer loyalty, scalable health programs, and services that support franchise productivity and performance. Importantly, RPB is fundamentally a marketing and media platform that commercializes participation, scale, and consumer demand across a large pharmacy network, rather than relying on pharmacy ownership or franchise income alone. Complementing our retail brands is our retail services portfolio. This includes Minfos, Intellipharm, Zest, and Pharmacy Brands Australia. EBOS Retail Services engages with both pharmacies and pharma partners, providing products and services designed to improve pharmacy productivity and deliver better commercial outcomes for both our pharmacy and pharma partners. Our retail services businesses are not simply support functions. They form an integrated stack that allows us to capture demand, generate high-quality, first-party health data, and convert that into recurring scalable revenue streams beyond pharmacy transactions themselves. As a division, Retail Pharmacy Brands creates a powerful ecosystem. Our services provide a point of entry, while our branded network allows us to deepen engagement, support franchisee success, and continue to grow the network. Our advantage comes from deeply embedded relationships, a strong understanding of pharmacy workflows, and an ability to deliver practical solutions that improve performance for our partners. As I mentioned before, Retail Pharmacy Brands operates within a structurally attractive sector, supported by three key tailwinds. First, pharmacist scope of practice reform is expanding the role of pharmacists. Over time, we expect to see up to 20 million services annually that could shift into community pharmacy. This increases demand flowing through the network, which we are best positioned to capture, structure, and drive earnings through the platform. Secondly, consumer behavior is shifting towards health, wellness, and preventative care, with spend outpacing GDP growth. This trend is also increasing engagement, frequency, and expanding the value pool beyond just dispensing prescriptions. Third is the PBS funding environment. It remains incredibly supportive, with expenditure growing at around 9% per annum, underpinning the volume and stability. For EBOS, these tailwinds are attractive, not just because of the volume growth, but because they increase the density and the value of the demand flowing through our network. RPB captures that demand and converts it into higher value revenue streams through loyalty, through data, through media, and through services, rather than relying on pharmacy throughput. Over the past five years, Retail Pharmacy Brands has been able to scale its network by delivering compelling economic proposition to independent pharmacy owners. We've added more than 250 pharmacies, growing at approximately 10% compound annual growth, and well ahead of the broader market. Today, RPB represents 13% of all Australian pharmacies. This growth has been driven by pharmacist choice. Pharmacy owners join because the platform improves their competitiveness, improves their customer engagement, and their financial performance. A key driver of that performance is our loyalty and data ecosystem, which now includes 4.3 million, I should say, members across all brands and services. These members are significantly more valuable. If I talk about the TerryWhite Chemmart brand for a moment, we see our loyalty customers spending approximately 44% more and visiting around 73% more frequently. This translates directly into improved economics for our pharmacy and pharmacist franchise partners. Importantly, it creates a self-reinforcing compounding growth loop. Our network growth increases our data scale. This data improves targeting and engagement. This engagement then lifts pharmacy performance. This improved performance attracts more pharmacies into the model. As this cycle compounds, our ability to monetize demand through supplier investment, through retail media, and through own brands then increases disproportionately. For EBOS, this delivers revenue growth, reoccurring revenue, and improving the quality of those earnings. We are also making strong, tangible progress on scaling TWC Connect, our health-powered retail media platform. TWC Connect is differentiated by where we sit in the healthcare journey. As a pharmacy-led network, we operate at the point of care, combining first-party transactional data with health and clinical interactions. This allows us to offer supplier partners highly targeted, measurable engagement that goes well beyond traditional retail media. As you saw in the video, we are materially expanding our in-store screens, our in-store digital screens across the network. Today, our digital screens are rolling out across the TerryWhite Chemmart network with more screens scheduled over the next few months. This significantly extends our ability to engage customers at moments with high health intent directly within the pharmacy environment. We are seeing clear performance signals from these assets, these results reinforce our confidence in screens as an effective and scalable component of the TWC Connect ecosystem. An impactful example of the use of screens and first-party data was a six week promotion we ran with one of our top-tier suppliers earlier this year. This exclusive promotion prioritized high-value shoppers with an offer to win a share of 1 million rewards plus points. This campaign resulted in growth of over 7 x the last 12 months average for that supplier. Importantly, nearly 50% of purchasers came from new members, with 15% then repurchasing within the period. To top it off, this campaign is now a finalist for Best Use of Retail Media at the 2026 Mumbrella Awards. While TerryWhite Chemmart is leading the way as a group with retail media, we've structured our retail media business to enable us to scale across our retail brands of MediADVICE and Cincotta as they grow their presence within the market. Our data assets, reporting, media sales, and asset development can all be scaled across our three retail brands. The network grows and as services adoption increases, the depth and quality of that data improves, which in turn increases the value of TWC Connect, creating a further high margin scalable revenue stream for the group. To go deeper into one of the significant tailwinds I mentioned earlier, the expansion of pharmacist scope of practice is a key structural shift in Australian healthcare that has significant scale opportunities. Expanding pharmacist scope of practice improves patient access, it strengthens community pharmacy as a sustainable healthcare platform, and it relieves pressure on an overstretched healthcare system. It's all about using the clinical workforce we already have more effectively. While all pharmacies can participate, the success of the outcome will depend on scale, infrastructure, clinical governance, digital capability, and most importantly, a trusted brand. This is where our platform provides a clear advantage. Across our network, we are embedding clinical services infrastructure, digital booking and workflow systems, data capture and reporting capability, and governance frameworks required for scaled delivery. Combined, this supports the TerryWhite Chemmart pharmacists being the experts in care. This structure is now in place for TerryWhite Chemmart, who as a brand is leading with more than 570 pharmacies operating a Care Clinic, and 27% of all pharmacist practitioners nationally being part of the TWC network. We've got two of the first and finest standing in the back of the room today, who you can see at the Care Clinic booth in the next break. This means that the TerryWhite Chemmart is best placed within the industry to lead this shift. What I wanna highlight today, though, is not just the leadership of TerryWhite Chemmart, but the ability to extend this capability across our broader retail brands of MediADVICE and Cincotta, and to provide services to non-branded pharmacies who want to operate in this space. From an economic perspective, expanded services are delivering new customer acquisition, with two in three customers being new to the pharmacies, increased spend per visit, and improved retention and frequency to the network. This increases the overall demand, which in turn enhances the value of our data, our loyalty, and our media assets. For EBOS, this represents high-quality growth that has expanded beyond dispensing and retail sales into services, while strengthening the compounding effect of our retail brands ecosystem. Our strategy for Retail Pharmacy Brands is clear. We will continue to grow our scale, quality, and capability of our network, which in turn will improve the division's earnings and quality. What we're focused on is expanded our branded pharmacies and connecting non-branded pharmacies to the platform across all segments, scaling clinical and professional services, leveraging our digital ecosystem to increase customer lifetime value, and growing higher margin revenue streams, including retail, media, and own brands. As we execute this strategy, we expect to deliver mid to high single-digit EBITDA growth, margin expansion improvements by a continued and focused mix shift towards data, media, and services, and increasingly recurring capital light earnings. Retail Pharmacy Brands is a strategic priority for EBOS, with strong returns, clear competitive advantage, cross-divisional interoperability, and a scalable growth pathway. RPB will be Australia's leading care network. Now, as I wrap up, I want to reinforce that Retail Pharmacy Brands extends EBOS' leadership in community pharmacy into a high-performing, data-enabled, demand-driven platform. It combines network scale, first-party health data, and integrated services to create a model that drives franchisee performance, improves returns for EBOS, and is difficult for our competitors to replicate. Adam described this morning how EBOS is evolving towards a higher growth, higher return business. RPB is exactly that. Capital light, increasingly reoccurring, and with clear margin expansion ahead of it. That's why we're investing in it for the long term. I'd like to really thank you all very much for attending today. I look forward to catching up in the booths and on the tour later on. I'm now gonna pass over to my colleague, Kris, Chief Executive Officer of our Medical Technology Division. Kris, over to you. EBOS MedTech is one of New Zealand, Australia, Southeast Asia, and Hong Kong's leading medical technology partners, encompassing an expanding portfolio of specialist companies across medical technology distribution and biologic solutions. With offices in 10 countries, we create life-changing solutions that drive positive outcomes for patients across surgical specialties, including orthopedics, spine, oncology, cardiology, neurovascular intervention, plastics and reconstruction, and allograft tissue processing. Our companies provide a platform for advancing care by supplying product to and connecting surgeons and clinicians with innovative medical technology solutions. Leveraging our global network, local expertise, and complementary businesses, we tailor solutions for our customers and their patients, providing the right medical devices, instrumentation, and capabilities required for each of the markets we serve. As well as providing deep product knowledge, clinical insight, and support by our 1,500 passionate people that together develops trusted, long-term partnerships with healthcare providers. We are committed to delivering professional education to support our healthcare partners, investing heavily in clinical education and training for surgeons, clinicians, and our people. Together, the companies of EBOS MedTech connect across the region to ensure we are advancing care and delivering life-changing medical solutions. Picture this. It's 1983, Northern England. An 11-year-old boy has just had a terrible accident on his BMX bike. He breaks his fibula, his tibia, and his foot is 180 degrees off angle. Treated through the NHS, and bedridden for six weeks after multiple operations. He has had a leg length discrepancy of three and a half centimeters. He recovers. He's strong in athletics, a marathon runner, as well as completing a number of Ironman races. Fast-forward, he is now 44, his injuries catch up with him. He now experiences knee injuries from his body's compensation of his leg injuries. He has a tibial distraction. His leg lengthened using an external fixation system where he can't walk for nine months, he has in excess of 100% risk of infection. He starts trail running, as it's less impact than Ironman racing on road. He completes a 50, a 100, and then a 100 miler, 162 km. He experiences worsening ankle pain from the arthritis as a result of his injuries. He has an ankle fusion so he can keep doing what he loves, running. Today, after 11 operations over the course of his life, he's able to run and keep active when he was once told he wouldn't be able to run again. This person is my husband. I've experienced firsthand, as I'm sure many of you here today have as well, how accidents and injuries affect people and their families throughout their life. The leg lengthening and ankle fusion were performed with one of our clinical team members guiding the surgeons on clinical use of the products that EBOS MedTech provide in market. If you've been to the MedTech stand outside, you'll see the model of the external fixation system that was used for his leg lengthening operation. Good morning. I'm Kris James, the CEO of our Medical Technology division, or as EBOS MedTech as we call it. The video introduction has hopefully given you a glimpse into the important role we play in the healthcare landscape. For over 45 years, we've built our businesses, which now extend across 10 countries and include over 1,500 dedicated and passionate employees. What binds this business is our united purpose of creating life-changing medical solutions that improve the outcomes for the patients in the markets that we serve. Adam opened this morning by saying our purpose is connecting people, pets, communities to outstanding care anywhere. In MedTech, we deliver on that purpose in its most literal sense. We are in the operating room, in the cath lab, working alongside surgeons and healthcare practitioners to ensure our customers and their patients have access to those life-changing medical solutions. This is what care looks like in MedTech. Since the NZD 1 billion+ EBOS acquisition of the LifeHealthcare Group of companies in 2022, MedTech has grown to be a meaningful and increasingly important contributor to the group. We are now EBOS' highest growth division and a key driver of portfolio quality improvement, supporting the group's deliberate evolution towards high growth, high margin segments. We also have an established and scaled presence in Southeast Asia and Hong Kong, which is an enabler not only for our division's growth, but also for the rest of the group. Our medical technology distribution businesses is fundamentally people-led and clinically embedded. Our focus is on surgical and interventional therapies, as well as clinical aesthetics. We serve surgeons and interventionalists predominantly in the operating room, the cath lab, and bunker, as well as aesthetics clinics. Just to be clear, a hospital bunker is a specially constructed room designed for cancer radiation therapy. It is not one you will find on the battlefield. Our distribution businesses stand out from other players in the space because we are focused in the therapy areas we are present, providing deep clinical knowledge and support. We provide solutions for the entire procedure tailored to the needs of the markets that we serve. We also have long-standing trusted relationships with surgeons. We have developed a scalable way of supporting these procedures that enables new technologies and programmatic acquisitions, rapid access to commercialization, and expansion in market. Our biologics business is a complementary capability. We develop and process allograft tissue using differentiated technology that leverage our distribution businesses and relationships to accelerate market access. For those that might not know, an allograft biologic is a human tissue processed and transplanted from a donor to a recipient. It is used then to help repair, replace, or reconstruct damaged tissue or bone. It is used in a number of therapy areas, including spine, orthopedics, and plastics, among other applications, for indications such as bone fusion, bone void, wound management, tissue and tendon repair. The combination of product innovation as well as channel access is what makes our MedTech platform particularly powerful. Importantly, the division has a proven ability to not only scale organically, but through programmatic acquisitions, whilst maintaining strict capital discipline and delivering attractive returns to the group. MedTech sits at the center of a fragmented ecosystem of suppliers, clinicians, and care settings. We add value as we connect different parts of this ecosystem to ensure that patients across the region have access to those life-changing medical solutions. Our scale and breadth make us an attractive channel partner for growth for global suppliers looking for reliable, compliant access to global markets. At the same time, our broad supplier relationships give clinicians access to a curated portfolio of technologies that meet evolving clinical needs. The solutions we offer encompass advanced technology that meet the needs of our customers, specialty clinicians, across the therapy areas we serve. Our customers trust that we will provide access to the latest innovative technology, have deep therapy expertise, and be able to provide both clinical and professional education and support. We do all of those things, and we do them really well. This has earned us the reputation in market as a leading distributor in medical technology solutions for surgical intervention and interventional therapies across Asia Pacific. Through our role as a full-service distribution provider across the region, we focus exclusively on understanding local customer needs and tailoring solutions to meet those needs. To explain further, we are not a 3PL. We are not a 4PL. We provide a full-service distribution model designed to support our supply partners and customers at every stage. From product sourcing, regulatory compliance, market access, through to product education, specialist clinical-facing staff, training, and after-sales support, including service and engineering, we are more than just a distributor. We are a partner that delivers end-to-end solutions that reduces friction, saves time, provides greater market coverage, and ultimately delivers better patient outcomes. Our ability to curate a portfolio of products across the entire therapy area means that we are a partner of choice for specialty clinicians in each therapy area we are present. Our cardiovascular business is a great example of this, where we offer a comprehensive portfolio across our seven markets in Southeast Asia and Hong Kong, across interventional, structural heart, thoracic, all the way through to heart failure and transplant solutions. This local focused distribution model has scaled across Asia Pacific and has potential for reach. Our allograft biologics businesses use differentiated technology to be at the forefront of product development. This makes Australian Biotechnologies, or AusBio as we call it, the solution of choice for Australia and New Zealand, as well as a growing allograft manufacturing presence in the U.S. via our Origin Biologics business. The medical technology market is exposed to structural growth tailwinds. Aging populations across the region is increasing the demand for the solutions that we provide. This is especially true in Southeast Asia, where a growing middle class and increasing spend on healthcare support a positive market outlook. Rising reimbursement rates and increased procedure penetration make the region an attractive focus area for growth. Our presence across Southeast Asia and Hong Kong positions us to participate that growth in a measured and disciplined way. Finally, demand for biologics and advanced tissue solutions is growing globally, driven by innovation and clinical adoption. This is an area where MedTech is a market leader in Australia and New Zealand and is scaling its presence in the U.S. We have deliberately built leadership positions in the therapy areas that require deep surgeon engagement and complex portfolio needs, ensuring we have a defensible business where we are considered trusted partners for both our supply partners and customers. In spine, our portfolio curation, clinical education, and embedded surgical relationships have driven a sustained number one position across Australia and New Zealand via our LifeHealthcare business. We have continued to win in spine through providing a comprehensive offering across deformity, degeneration, trauma, and oncology, including enabling technologies of imaging, navigation, and robotics, implant hardware, and biologics. Come and see Rowan, Rachel, and myself at the MedTech booth, and you'll see some of our differentiated technology, including the 7D Spine Navigation System. We partner with spine suppliers to provide full global reach of peer-to-peer education for our surgeon customers and provide opportunities for them to participate in global product design programs. We have the largest sales and clinical support channel, with more than 65 representatives in Australia and New Zealand, and a leading young clinician education program, educating in excess of 20 young clinicians per annum. We also have a preeminent education offering, including industry-leading flagship events, such as Deformity Down Under, in its 15th year, and have scaled this across Southeast Asia and Hong Kong with the introduction of Deformity Down Under ASEAN in its fourth year and being held in Vietnam for 2026. We are replicating this success in spine through our Transmedic business, where we have a rapidly growing spine offering, with a presence in six of our seven Southeast Asia and Hong Kong markets. Alistair talked earlier about the success of the acquisition of Pacific Surgical. Swissm ed also demonstrates the power of our programmatic M&A, where we carefully identify and build relationships with distribution businesses that complement either our existing therapy areas, infill existing geographies, or expand into new therapy areas. Swissm ed enabled us to establish a presence in a new therapy area, ophthalmology, then use our existing platform to grow our position. Since acquisition, we've utilized our infrastructure and scale in Southeast Asia and Hong Kong to develop a comprehensive ophthalmology offering. We now have 13 more ophthalmology supply partners than we did at the time of acquisition. We've extended our coverage into additional markets, and our offering now covers all seven markets where Transmedic operates. We cover all surgical ophthalmology segments, including cataract, cornea and refractive, glaucoma, and dry eye, and have plans to extend our leadership position further. On the far right of this slide, we love all of our examples, though I'm especially proud of this one. Through AusBio, we developed a differentiated acellular dermal matrix, ADM, derived from human skin to provide structural support, enhanced tissue regeneration, and accelerate healing in applications such as breast reconstruction post-mastectomy. Our ADM has a hydration state that reduces contamination risk, utilizes processing techniques that enable a deeper cleanse of the tissue, and is provided in a meshed option that allows implants to be easily wrapped. This innovative product development, alongside our channel to market and relationships through our LifeHealthcare plastics and reconstruction channel, has enabled scale growth in this new solution. We've reached greater than 25% market share since launching in April 2025 and growing. All of these examples highlight how growth in MedTech is earned. It's not speculative. The table on this slide represents our presence and relative coverage in therapy areas across surgical intervention and interventional therapies. We have a presence in more than 20 therapy areas across Asia Pacific in the nine markets we serve, offering a scaled platform for our supply partners and a portfolio of solutions that meet the needs of our customers, backed up with a full-service distribution model and deep clinical knowledge. As we look to expand into new therapy areas, we must deeply understand the trends and dynamics that are growth drivers in market. For example, oncology convergence to treatment across patient journey and disease state, rather than siloed by procedure. We must focus on next-generation technology that will shape the future of the therapy area sufficiently to enter with scale, and ideally with a foundation partner if organic growth. A good example of this is our partnership with Hysons in interventional oncology. Finally, we must develop relationships in industry so we can acquire established distributors in the therapy areas where we can drive growth, utilizing our knowledge and infrastructure. An expanded presence in existing geographies through the infill of existing therapy areas improves our offering to our customers. At the same time. Our competency, market positioning, and geographical coverage provide our supply partners with a turnkey solution for channel two growth and market access across the region. While our MedTech division is opportunity rich, our strategy is focused. In distribution, we only play in attractive segments. We use our relationships and expertise to extend our competitive advantage in each market, and we stay at the forefront of MedTech innovation. In biologic solutions, we are expanding our biologics offering through new product development and scaling our U.S. operations. MedTech has a clear pathway to sustained organic growth with an additional upside from programmatic M&A, which we have a strong history of delivering. Our margins will continue to grow as we hone our growth platform and fill in our therapy area portfolio. Our division is one of EBOS's highest capital priority, reflecting high growth and margin nature of our business and our track record of value creation since joining the group four years ago. In summary, I'd like you to leave today with four key messages related to MedTech. First, we are a leading MedTech distribution partner across Asia Pacific, with leading positions in a number of therapy areas. Second, structural tailwinds across Australia and New Zealand and Southeast Asia, Hong Kong, are fueling sustained demand for care. Third, our business is therapy area led with leading biologic solutions. Fourth, we are EBOS Group's highest growth division and a high capital priority. We're really passionate about the business that we've built, and we're really excited about what future we have and the opportunities ahead of us. Thank you for your time. I'm now gonna pass over to Grant, our CEO of Animal Care. The Parkes pet food manufacturing facility sets a new standard for pet food production in Australia. This world-class facility manufactures our market-leading premium Black Hawk dry food range. Strategically located in Australia's food bowl, the facility gives our pet nutritionists and veterinarians access to high-quality ingredients from local growers and suppliers, extending production capability into grocery channel through the Vitapet brand. Advanced processes ensure efficiency, reliability, and compliance with the highest standards, enhancing the commitment to healthy pets of all ages that underpins Black Hawk's trust among breeders, owners, and partners. Designed for growth, our Parkes facility accelerates new product development and provides capacity to expand existing ranges. Strategically positioned for logistical freight efficiency, the Parkes facility is located within a 12-hour drive of major capital cities of Brisbane, Sydney, Melbourne, and Adelaide. Proximity to national freight routes delivers supply chain efficiencies and greater access to key markets, building long-term value. Helping to shape a healthier future for pets and their parents. Good morning, everyone. My name's Grant Viney. I'm the Chief Executive Officer of our Animal Care Division. You've just seen a glimpse into our Pet Care Kitchen facility at Parkes. This is one of our four manufacturing sites that we operate across ANZ. It's a key strategic asset for the Division. You've already heard from Brett, Nick, and Kris detailing their wonderful businesses. Commencing this presentation, I do so in the knowledge that I get up every day with the purpose of helping consumers to be the best pet parent that they can be. Whether this is an AUD 200 bag of food catering for main meal needs, an AUD 10 bag of treats for training or reward, or a cold chain distributed vaccine for a puppy beginning its lifetime journey with its new family, EBOS Animal Care has a high quality and accessible offer. I reckon this purpose is one of the best reasons to come to work every day for me and the entire Animal Care team. Animal Care holds a unique position in the EBOS ecosystem, combining premium branded growth with a capital efficient wholesale cash engine. Our portfolio includes veterinary wholesale and vertical offerings in the brand of pet food value chain. Adam spoke about three themes that bind the EBOS portfolio together: care, productivity, and partnership. In Animal Care, you can see all three at work. Care, because we operate in a market where pets are increasingly treated as family members and fed accordingly. Productivity, because our own manufacturing footprint has given the scale to improve output by 19% since FY 2022. Partnership, because our network of breeders, retail staff, and vet clinics gives us a recommendation engine that drives our brands to grow faster than the market. On the branded side, we operate across specialty retail and grocery with our core offerings in pet food and treats. This is led by our hero brands that Australians and New Zealanders know and trust, Black Hawk and Vitapet. Crucially, these brands are supported by our four owned manufacturing facilities and our long-term contract supply agreements, which gives us the ability to control quality and manage costs and positions our brands favorably with the consumer as an affordable premium option. Our in-house manufacturing also allows us to evolve quickly with consumer preferences and drive strong innovation-led growth. Our veterinary wholesale segment operates through Lyppard in Australia and SVS in New Zealand. We serve approximately 3,500 vet clinics and are the clear number one vet wholesaler in ANZ. This leadership position is underpinned by deep supplier relationships, national scale, and highly efficient warehouse and logistics networks. These advantages allow us to deliver reliably to vets while maintaining strong cost discipline. Over time, we have developed long-standing relationships across the market. We deal directly with one in every three registered breeders in ANZ and conduct thousands of retail staff training sessions. This has created a platform of thousands of breeders, retail staff, and key influencers who recommend our products every day. As a small lighthearted note, we'll be sharing some product samples with you today that you can take home to your pets to enjoy or, under the strict supervision of our R&D team, you're most welcome to try them yourselves. Hopefully you'll get a practical sense of why these brands resonate so strongly with pet owners. There are three structural trends I'll highlight today that I believe position Animal Care very well for the medium term. COVID provided there be a pet ownership boom in Australia as consumers chose to bring joy into their households at an uncertain time. These COVID puppies are now approaching six years of age. This is a key life cycle stage where specific care needs will emerge. In veterinary wholesale, the treatment needs of these pets will increase across the next seven-eight years as age-related conditions emerge and consumers seek to treat their family member with the same care they dedicate to themselves, if not even better care. Health regimes established in early life through, for example, vaccination schedules begin to expand as conditions such as arthritis and various skin ailments emerge. This results in two phenomena. Firstly, more regular visits to the vet, and secondly, new treatment regimes are required to assist with these conditions on an ongoing basis. Our branded businesses portfolio is also well-positioned to deal with these life cycle changes. The Black Hawk Healthy Benefits range has been developed and launched from our Parkes facility in 2023. In a segment previously dominated by science brands, Black Hawk now offers a naturally formulated range to cater for conditions such as weight management, dental, and skin conditions, providing loyal Black Hawk consumers the opportunity to remain with their trusted brand and provide the daily nutritional benefits for dogs with specific needs. Humanization in pet care is an enduring global mega-trend. Since the 70s, pets have moved progressively from being permanently in the backyard to holding a position more regularly in the family living spaces, then into the family Christmas photo, inside the house more permanently, and in many instances now onto or into the bed. In days gone by, it's almost certain that pets were outside during mealtimes. They would never have been fed at the dining room table. Indeed, scraps from the table would most likely have been tossed out into the yard. Feeding has also changed. Many people in the room would have grown up with canned dog cake as being the staple in the seventies and eighties. Generally, this was typified by advertising campaigns resembling a gelatinous meatloaf carved like a Sunday roast dinner. This moved to the grocery kibble era and now to premium specialty options, nutritionally and scientifically balanced. Our investment in Parkes has ensured stability of supply, containment of costs, and agility where we release new products to cater for the depth and breadth of range required to service main meal feeding needs. Additionally to these main meal trends, high protein air-dried, freeze-dried, fresh, and chilled formats have emerged as people feed more intimately. This includes the trend of more hand feeding, particularly in emerging markets. Animal Care, through the Kiwi Kitchens and Next Generation acquisitions, is rapidly expanding in these high-growth, high-value subcategories. The Kiwi Kitchens brand was acquired in March 2025 to lead our entry into international markets. phase I of this is complete with our relaunch into California via our partners Pet Food Express, and within five weeks of launch, we held the number one position in the air-dried category in their sector, and our freeze-dried offer has returned to the rate of sale that was achieved prior to acquisition. As the way we live continues to change, feline ownership is emerging as a structural growth trend driven by urbanization, smaller households, and changing lifestyles. We are well-positioned to benefit from this shift. Our supply chain and manufacturing capability allows us to efficiently develop and launch high-quality cat-specific products across multiple formats, leveraging existing brands and infrastructure. We're scaling our feline portfolio and are on track to become the clear number three player across ANZ with meaningful upside as this category continues to expand. Importantly, these trends are not cyclical. They're embedded changes in consumer and veterinary behavior. Our scale matters in animal care, particularly in vet wholesale. We're the number one vet wholesaler in ANZ, operating nine facilities that serve approximately 3,500 clinics. Despite increasing corporatization in the vet market, we've continued to grow clinics served at around 7% per annum. This speaks to the strength of our service and logistics reliability. On the branded side, our manufacturing footprint provides both efficiency and flexibility. As volumes grow, utilization improves and supports margin stability. At the same time, owning the manufacturing process allows us to move faster on innovation and manage supply risks more effectively than competitors who rely entirely on third-party suppliers. Together, this scale underpins reliable earnings today and supports improving returns over time. Innovation and new product development are central to our growth strategy in animal care. Our Black Hawk dog kibble range holds +20% market share across ANZ specialty by value and higher by volume, representing an important benchmark for any sub-category that we enter. We have a disciplined approach to brand-building. Our product launches are carefully crafted, ensuring brand relevance within the serviceable addressable market, and our enduring target of +20% market share of any sub-category that we enter within five years of launch. We have over 12 years of deep and bespoke consumer insight and research, allowing our decisions to be made with a strong understanding of our permission to play, consumer behaviors, and mutual benefit for Animal Care and our customer base. Our launch investment targets the high level of the consumer funnel, these being awareness and consideration to purchase. Our trial rate after launch is consistently +5% in the first six months, with repeat purchase commencing in the second phase from six-18 months. This is coupled with additional trial, with second phase awareness communications allowing for ongoing acquisition and loyalty generation up to our benchmark share of 20%. Our consumer loyalty is a key strength as consumers move from awareness to consideration and purchase, with Black Hawk continuing to index strongly versus our competitors in the preference and recommendation dimensions. The generation of this word-of-mouth recommendation, typified by the phrase, "I feed Black Hawk and so should you," is the highest influencing impact for consumers and is a force multiplier of our marketing communications. Three of our recently released NPD products are shown here on the chart, further demonstrating the success of our brand and the processes we follow to have maximum chance of long-term success. Additional to the three shown here in the case study, our air-dried and freeze-dried offers have achieved greater than 5% share after six months in market, capitalizing on the opportunity for Black Hawk in these high-growth, high-value segments. What's important for investors is that innovation is not just about population growth. It's also about mix and margin. New formats and benefit-led products carry higher value per unit and support brand differentiation across both specialty and grocery channels. This reinforces the premium positioning of our brands while broadening the customer base. Our strategy in animal care is deliberately balanced. In vet wholesale, the focus is on service-led leadership, serving more clinics, improving supply efficiency, and continuing to optimize our network as volumes grow. In brands, our priorities are to maximize the ANZ core through innovation and utilization of our manufacturing assets, expand into attractive new formats, and selectively extend successful brands into international markets where we can extract attractive returns. I spoke earlier about the successful relaunch of Kiwi Kitchens into California. We expect to grow our footprint in this market by 20% annually through targeting select retail partners and capitalizing on the unique selling proposition that New Zealand provenance offers. In Asia, the serviceable addressable markets in Korea and Japan are attractive entry points for both Kiwi Kitchens and Black Hawk, with the opportunity to engage with high-value air and freeze-dried offers across both brands and begin the journey of Black Hawk kibble penetration into this space. From a financial perspective, we expect to deliver mid to high single-digit growth, which is above industry. Our margins that remain stable, and returns supported by scale, utilization, and product innovation. Our capital priority is medium to high, reflecting the attractive, return accretive opportunities available across both branded growth and veterinary wholesale scale. We continue to assess disciplined deployment opportunities, particularly bolt-on investments, that strengthen our platform and meet our return thresholds. Today, I've been thrilled to present our Animal Care business to you. We'll continue to be the leader across the veterinary wholesale, operating growth markets and growth segments, underpinning our growth with efficient manufacturing and operations, delivering mid to high single-digit growth. Don't just take it from me. Take it from the pet owners of Australia, who deeply engage with our brands every single day. In our household, our 60-kilo bloodhound, Hubert, is a constant reminder of why our deep connection to care is so important, and that all of us need help to be the best pet parent we can be. I look forward to engaging with you further on our brands on the stand. Thank you all for taking the time to hear the EBOS and EBOS Animal Care story. If there's one message I could leave you with, life is better with a pet. Thank you. Grant, thank you very much. Before I summarize, I just wanna bring us back to this slide, 'cause I think it captures what you've heard in the last hour from our experienced divisional leadership team Each of our divisional CEOs has walked you through a distinct strategy. Brett's business is productivity-led, focused on cost leadership and monetizing our integrated value chain. Kemps Creek, which you'll see, is a great example of this. Nick's focus is store and margin-led. It's about growing the network and building higher margin revenue streams through data, media, and own brands, including through our new MediADVICE banner group. Kris's is therapy area-led, building out the Asia-Pacific presence and expanding the biologics offering, with each new therapy area adding to and benefiting from our group scale. Grant's is product-led. Scaling hero brands through an advantage manufacturing footprint while delivering service excellence in vet wholesale. You can also see the shape of the evolution. Pharmacy wholesale sits in selective industry, excuse me, selective investment, because our investment there is substantially complete. The other three divisions, along with contract logistics and medical consumables, sit in invest and grow. That is the deliberate shift from a capital-intensive wholesale distributor into a scale care portfolio in high growth, higher return markets. With that context, let me leave you with the key messages from today. First, EBOS has strong positions with structural advantages. Around 85% of group EBITDA comes from businesses that are number one or number two in their markets. You've heard from those leaders today about why those positions are durable. Second, a scale care portfolio focused on higher growth, higher return businesses, including, as I've mentioned, Animal Care, Medical Technology, and Retail Pharmacy Brands. Together, these account for more than 70% of group EBITDA, and that mix will continue to shift in that direction. Third, we have clear divisional strategies that underpin the next phase of growth. Each division has a distinct plan, a clear growth outlook, and defined capital priorities. In combination, as Alistair said, we expect mid-single digit organic underlying EBITDA growth driven by stronger contributions from our higher growth businesses. Finally, disciplined value creation. We've delivered around 16% average return on capital deployed from bolt-on acquisitions over the last five years, and we continue to build toward our medium-term 15% ROCE target. With the major investment cycle concluding this year, the next phase is about extracting full value from this portfolio that we've built. Thank you again for taking the time to join us today and to hear the EBOS value story. We're looking forward to sharing almost all of you our two facilities later this afternoon. Now for everyone's favorite part of the day, the Q&A session. We have about 30 minutes. We will need to finish at about 11:45 in order to let people have a quick additional look at the booths and then get everyone down to the buses for the trip this afternoon. As a result, to give everyone a fair opportunity, please keep it to one or perhaps two questions per person. If you'd like to ask a question, please raise your hand. John and Cameron at the back will bring a microphone to you. I welcome you to start by introducing yourself with your name and your firm. Myself or one of the ELT members on stage would be delighted to take your thoughts. I am seeing Stephen. Thanks. Thanks for the presentation. Lots of additional color today. Sorry, Stephen Ridgewell, Craigs Investment Partners. Just a couple of questions, if I may. Just in terms of the 15% sort of ROCE kind of target where you've sort of delivered in the past, can you give us a sense of when you would be hoping to get back to that level of return at a group level? Can you do that organically, or do you need to do some of these bolt-on M&A kind of deals to deliver that? That's a great question. I'm going to hand it over to Alistair in a moment to talk about the runway, but I think at the beginning it's probably worth saying that we would assume no fundamental major M&A that goes into reaching that target. I think we're quite happy to get there with organic plus bolt-on M&A, which has been the hallmark of how we've delivered over the last 10 years. I would think a very similar process than what we've had over the last 10 years in terms of growth. Alistair, what would you like to add to that? Yeah. Yeah, look, we've obviously gone through a period of elevated capital investment, which is coming to an end in a couple of months. What we expect to see as we move forward is the normalization in the capital employed. We would expect the capital employed base to be broadly stable. Then with the earnings growth, and I think you've hopefully taken away from this presentation, there's a lot of reasons to be confident in that earnings growth as we look forward. We would expect Return on Capital Employed to move over time. To Adam's point about, and your question about inorganic and organic, I would expect the majority of that to be led by organic matters. The bolt-on acquisition program that we've been sort of underway with for a number of years and we would expect to continue as we look forward, is accretive to return on capital employed, but most of the heavy lifting will be done by that stable capital base and then earnings growth from here. Okay, thanks. Maybe just one more, if I may. There's been you certainly provided an intent to, or signaled an intent to continue to do bolt-on M&A, and you've highlighted. Yes good returns out of that. I guess just a question, though, in terms of, you know, funding of that. I mean, net debt to EBITDA is already towards the top end of the target range. The shares are trading at sort of relatively low levels. If you were to do, you know, significant M&A, would, you know, is equity still an attractive way to fund M&A at these levels? You know, what are the hurdles that you're looking to deliver or have to cross to consider raising equity? Yeah. I think if I break that down into two pieces, first, we're at the very tail end of a major capital investment cycle. It's not surprising that our leverage would be at the higher end at the very final months of that process, as Alistair pointed out. The second piece comes back to the plethora of opportunities that Alistair mentioned and that you've heard from the divisional CEOs today. We have a lot in our control right here, right now to go after. You've heard some of those opportunities, whether it be retail media, new product development, some of the new acquisitions in Kristine's area. Each of them we've got great runway in front of us. I see us continuing to make progress on our return on capital employed target, and I see us able to make progress in, on that without coming back in the interim for an equity raise at this point. I think, as I was commenting to one of the investors at the break, I think our focus in the next 6 to 12 months is absolutely going to be on delivery and executing on the programs that you've heard us talk through. I wouldn't rule out bolt on M&A, but I think it's fair to say we have a lot in front of us as it is, as it stands right now. Did that address your question, Stephen? Thank you. John, you have a question over there. Hi, I'm Lyanne Harrison from Bank of America. I've got a question for Nick. This is around the GLP-1 tailwinds that we've heard about for the last few results. There was obviously a chart in there that's showing quite significant growth, about 49% in terms of PBS numbers. Can you comment on what you're seeing the growth maybe over the last six months or so, both from the PBS side as well as the private pay side? Then also can you comment on what your thoughts are around the introduction of oral GLP-1s and what that might do in terms of prices and volume for your business? Do you want me to start on that one? Yeah. Lyanne, Nick Munroe will start, but I might ask Brett Barons to comment as well. Okay. Also he has great insight onto the GLP-1 market. Yeah, certainly. On the first chart, what the slide that Brett showed, through the wholesale distribution channel, we are certainly seeing significant growth through our Retail Pharmacy Brands as well. You know, being a care and medicine-led business, in particular the TerryWhite Chemmart business, it has been an area that, you know, our, through our conversations with our pharmacists, we are seeing that growth continue to drive. In terms of the shift to the solid dose form or the oral form, certainly in the U.S., they are seeing strong uptake over there where it has been introduced, and we're expecting that here. There tends to be a more of an acceptance of injectable medications in the U.S. than what we have seen in Australia. We're certainly expecting to see greater uplift once it does move to oral. Thank you very much, Nick. Brett, is there anything you'd like to add to that? Yeah, a couple of things. I think in terms of the question around PBS versus non-PBS, that graph that we had up previously was over a four or five year period, I think. To your question about the last six months or so, year to date, the PBS is actually flat. It's all coming in non-PBS. It's about 75% now is in the non-PBS. We're seeing sort of over 50% growth, however, on GLP-1s in total. As Nick said, we're not clear, we're thinking end of the financial year, around then, will be the oral dose in Australia. In the U.S. we've seen a 25% drop in the price for those, the volume increase has more than compensated for that price reduction. That needle hesitancy. Yeah ... certainly an issue for some consumers that they get over- Yeah, definitely. the oral form. Lyanne, is that addressing the question that you. Okay. Cam? Stephen Hudson from Macquarie. Thanks for the presentations, everybody. Super useful detail. Just on the retail pharmacy, 5%-9% EBITDA growth, maybe a question for Nick. Can you give us a feel for what bounds those ranges? What sort of, you know, what do we need to believe to get to the five and, you know, what do we need to believe to get to the nine? You've made a case obviously for back of store, you know, being very, you're well positioned to maintain or grow your share there. I'm also interested in front of store as well, particularly given, I suppose one of your competitors has 3x your, you know, front of store position. Thanks, Stephen. Nick Munroe, do you want to start off on that one in terms of the front of store, back of store, and then Alistair Gray, you might want to comment as well on the, those boundaries. Yeah. Look, as I've commented a couple of times, we are positioning ourselves as the medicines experts, as the experts in care, and that differentiated model is what has been one of those real driving factors for the TerryWhite Chemmart network and increasingly in MediADVICE and Cincotta. In saying that, we are a retail business, hopefully that came through today with some of the focus areas that we are particularly through digital and particularly through the use of data and media. You know, being, you know, healthcare professionals that are also retailers is an important point for us. It's an area that we are continuing to focus on the development of our teams within stores, working with our supplier partners and continuing to drive our retail business. Certainly a key focus. Yeah, I mean, the only thing I would add about the growth rates is we've historically been able to grow towards the top end of that range. I think there's every reason to believe why we can continue to do so, both from our network expansion and our same-store sales, contributing to drive that growth. An attractive part of the portfolio. Absolutely. Yeah, sure. All right. Ian Paulsen from Macquarie. A few questions. Turning then to the Symbion business, which may be a question for Brett. Wondering if you could give us a sense from your infrastructure planning, and also, I guess your history in the market, within the EBITDA outlook, what sort of level is sort of volume growth versus margin growth with the productivity? Yeah. Maybe across both Australia and New Zealand, given that New Zealand's got the Chemist Warehouse contract still to come. Yeah. I'll let Brett start on that, and then I'll probably finish off on the Chemist Warehouse observation. You start, Brett. in terms of, volume versus productivity contribution. Yeah, I don't, we don't go as far as defining the two of them. Certainly there's a mix of both. If you look at volume growth- Mm we've got the aging demographics, we've got the GLP-1s, we've got the high value items that are growing quicker than the rest of the PBS. Then on productivity side, we've got a combination of the utilization, so as we use the facilities and utilize them more, and then we've got productivity as well from the automation. Yeah, I don't think we put a number publicly on that mix, Ian. Ian Paulsen, I know, I know you know this, but just for others in the room, the contract with Chemist Warehouse Australia came to an end, June 30, 2025, but the contract with Chemist Warehouse in New Zealand continues. Chemist Warehouse in New Zealand has a smaller presence, proportionally than in Australia. We have previously said that it's a mid-single digit million EBITDA implication in that contract. We've and the team at, very well telegraphed that that contract comes to an end on the 31st of December this year. That contract might be renewed, it may be amended, it may come to an expiry. That is uncertain at this point. However, what is certain is that it's very well telegraphed to the team in New Zealand. They know that they will need to either redeploy that, asset space or, redefine it if needed, or continue if that's what the case is. We'll keep you posted as we get closer to that date of the 31st of December. Did that answer your question on that one, Ian Paulsen? Sort of. Certainly on the last part. In terms of, like, the volume growth in the wholesale end, like, would it be fair to assume it's similar to the last 10 years in terms of, like, if we looked at script growth for S85? I think so. With the GLP-1 uplift. Okay. There's a bit extra there. Then just in terms of the, I guess the PBS unit share is quite critical for accessing, I guess the recompense against the wholesale markdowns, and also accessing the top-up for the S100 pool. When you think about the activity that's been going on securing some of those independent pharmacy groups, do you feel like you've kind of got enough of that? What sort of tenure do you have of those groups that you've won, presumably mostly from Sigma? Just give us a bit of duration on the 29% PBS share. Do you wanna start on that, Brett? Yeah, sure. I'll chime in. The tenure's now average three years, I'd say. Most of these contracts are three to five years. We've just secured a number of those. I think we're at an average expiry profile. Last year and next year, there's a relative low level of expiry. A lot of our majors we've secured over the last couple of years, including Greencross in New Zealand. We're feeling pretty good about the state of that, Ian Paulsen. Implicit in what Brett just mentioned, the FY 2025 year happened to be a battleground year in terms of contract churn. That saw a number of majors come through. The FY 2026 year, the FY 2027 year. Yeah Just a little bit of a step down in terms of number of contract turnovers. I think hopefully that gives you some comfort on the average tenure there. Other questions? At the back. The handsome gentleman. Marcus Curley at UBS. Adam, I just wondered if at the high level, when you look at this final page, you've got higher than mid-single digit across the last three divisions. Within the distribution business, you've got higher funding, you've got efficiency gains, you've got productivity gains. What's the headwind or were you going to call out any headwinds that actually gets you back to mid-single digit for the group? It's just, it doesn't necessarily, it's not obvious to me, you know, what may be going the other way. I think we tried to call out. Thanks for the question, Marcus. I think we tried to call out what Brett's focused on in terms of the competition in pharmacy wholesale is meaningful, and it will take a while for those productivity benefits that we've invested in to come through. These are long-lived assets, 15 years. To get those really humming, it will take a little while to get the choreography right. There's still plenty of upside in the productivity. There's still upside in the CSO outlook. In the meantime, the competition is meaningful in pharmacy wholesale, and we would expect that to continue. Anything you want to add to that, Brett? No. Alistair? No, that covers it. All right. When you talk about competition, how does that impact the profitability? Is that through, you know, higher levels of rebates in particular? Yeah. It's a different price to provided to the pharmacist in terms of the discount to list. That is why we were just talking with Ian Paulsen about the churn. When do you expect those changes to come through? We expect a mild amount in 2026 and 2027 after a quite a large amount of churn in 2025 that's still coming through the portfolio. Right. We, yeah, we haven't seen in this year's numbers the full impact of, you know, the current pricing offered in the market? Correct. Okay. Secondly in the presentation, you know, there was a comment about flat market share in community pharmacy. That did surprise me given we've seen to have quite good revenue growth in that division over the last couple of years. If it is flat share, we've heard about the wins. What's gone the other way? I think that one is, from the dichotomy, excuse me, the difference between the revenue growth and the market share growth. I think that's what Brett was trying to put across with the rise of high-value medicines and GLP-1s. Those have led to an increase in the dollar spend, but the market share has remained the same. Brett, do you feel free to correct me? I'd just add, one group growing ahead of the market, when we grow with the market, we're winning share. If that makes sense. To hold share? Is that- To hold our market share when there's another group growing ahead of the market, we're actually winning share to maintain our overall share. Okay. In terms of the math, you've won new customers collectively. Yeah. Terry White's growing share. So, uh- You, the rest of your customers have lost share. Is that? No, sorry. I'm referring to our share. Yes. A group outside of us- Yes ... is growing above market. TerryWhite Chemmart is also growing well, and then we've won more business to maintain our overall share because of the growth of the other group, if that makes sense. Thank you. Another question at the back. Yeah, Excuse me. Dan Hur from MST. Just, could we just clarify on the Chemist Warehouse New Zealand contract? Please. NZD mid-single digit million EBITDA impact I think you said. Is that what the business is generating now, or does that account for the negative leverage from losing a large customer? I think just our experience with the first contract taught us that there's a difference between what it's earning and what it means taking it away. I think I was expressing what the impact would be in the sort of 12-month period immediately following the net impact. Okay. it takes into consideration. Yeah the scale it made the business. Alistair, do you feel free to disagree? No, no, that's absolutely right. Yeah. That's right. Okay, great. Thanks. Got a question for Grant. That slide with that extraordinary growth of the new product development, how does that work? Are these new products, do they displace legacy products, or do those new products create, take market share? I guess I'm asking, is this new product development required to maintain market share? Is that the sort of nature of the business? The products that were called out in the presentation, there was the Healthy Benefits range, there was the puppy wet food, and there was the senior range. If we look at Black Hawk, it's a life cycle brand. We take you from the stage of puppy to adult, through the final stages of your pet's life. Within that, we also have different need states, different nutritional states. The way that we've structured that particular portfolio is that if we look at Healthy Benefits, was a sector that was dominated by science brands. We saw a window where a naturally formulated product was able to come into that, and we've seen that globally. We see that phenomena in the U.S. We've been able to steal share from a sector that's been traditionally science-based, but also we've retained Black Hawk customers because as they've approached that life cycle stage previously, they've had to move into, say, a science brand rather than being able to stay with their existing repertoire. In that instance, we've stolen share from the competitive set. If we look at wet puppy, very, very particular feeding occasion. Probably the most important in terms of generating new customers, but also lifetime loyalty. If we look at the advent of that product, we hadn't had access to manufacturing. We didn't have a partner to be able to do that. We're missing out on a chunk of the puppy market because we simply didn't have an offer. Again, seeing that window, finding a partner, bringing that to market, and then working all of these products towards that ambient share of + 20% is how we will enter and grow. On each occasion, we've taken something that wasn't there before. We haven't eaten into our own portfolio in doing so. We very specifically target areas where we know that we can get a meaningful chunk, and that that chunk is also worthy of either investment in capital to support it, or long-term partnerships with third-party suppliers, to ensure that we can enter and grow and get to where we need to on the basis of our history. Dan, I know this is sort of an adjacent to your question, but Grant, if I recall correctly, our market share in Black Hawk in the, in the half just gone that we reported on, we actually grew market share slightly faster than the market. Yeah ... because other people were trading out of other premium diets into the affordable premium Black Hawk model. Is it, do I recall that correctly? That's right. We, the two key metrics for us is in puppy. How many puppies are we acquiring into the brand? We've grown share in puppy successively for three years in a row, volume and value across Australia and New Zealand, so our pipeline of adult dogs is very strong. We have also seen some transitioning into Black Hawk at the adult life cycle stage, and that's because Black Hawk launched as an affordable premium brand. We've maintained that position, and if we go back to when the brand came into the Masterpet portfolio, we told consumers that anyone can afford to feed good food, and that's where we've stuck to, and we've very much stuck to our philosophy of nothing artificial, everything natural. The piece around Parkes and the food bowl, we source almost everything from within 200 km of that facility, and that allows us to stay very true to our brand promise. I think what you're hearing from that answer and the prior answer is, again, this reference to the ongoing non-discretionary demand growth, across all of the portfolio, and I think that's what underpins and gives us confidence in the divisional strategies. I think, Cam, still need one more. One more question from the room. Yes. Thank you. At the front. Thank you. Laura Sutcliffe, Citigroup. Two questions on your Animal Care business if I can, please. Firstly, it seems to be going well. Would you be interested in acquiring the other half of the JV that you have if that opportunity arises? I- Animates business? Yeah. I think it's fair to say that we think of our strengths in brand positioning, brand entry, consumer engagement and products, as well as manufacturing. I see our greatest synergy opportunities are probably more upstream than downstream. For, you heard us talk about being empowered with new manufacturing capability to bring in new formats. That I think is a much more synergistic opportunity for us rather than going downstream. Second question. You talked about kind of how you capture pets into the Black Hawk brand for example. How much free sampling do you do? You partner with quite a substantial portion of breeders, and I think they give away quite a substantial amount of food. They don't give away a lot of food. We do circa 30,000 puppy packs a year across Australia and New Zealand, and the 1 kilo bag that goes into that pack will be the equivalent of somewhere around the first seven to eight feeds that a puppy will receive. It's not an enormous amount. The 1 thing I will say is that once a consumer begins feeding, and if the puppy is happy and healthy, and particularly satisfying the dimension my dog likes it, very rare that they'll transition away from it. Whilst the distribution of the puppy packs is disproportionately high in terms of gaining trial, the lifetime value of what we achieve, it's a drop in the ocean in comparison. Thank you. Grant also tells me that when you change a dog's diet, it is an awkward process. It can be disastrous if people don't do it correctly. Yep. Okay. On that celebratory note, why don't we take a break and let you interact again with the booths outside. Cameron, could you just remind us what time do you need people downstairs and entering buses? Quarter past. If, quarter past, if you could be downstairs. The buses will start rolling at 20 past. We would love for you to be on the bus, but the buses will roll. Thank you again for the time with us today. Thank you.