[Non-English content] Welcome everybody, and thank you for your time. It is a pleasure to be here today to talk you through our FY 2026 results. My name is Malcolm Johns, Chief Executive of Genesis, and I am pleased to be joined today by Emma Oettli, our CFO, and Michael Hunter, our GM Investor Relations. I would also like to introduce you to the wider executive team doing an awesome job. Claire Walker, our Chief People Officer, has worked hard to strengthen our leadership bench through a combination of building and buying talent, setting up strong internal succession lines. Stephen England-Hall, our Chief Revenue Officer, leads our trading portfolio and customer teams, driving commercial performance and customer value to a strong result in this past year. He also led the final stages of our move to a single repositioned Genesis brand, which went live in August. Matthew Osborne is our Chief Corporate Affairs Officer. A busy year with a number of regulatory and policy matters in play. Ed Hyde, our Chief Transformation & Technology Officer, delivering our three major platform upgrades on time and within budget. Tracey Hickman, our Chief Operating Officer, excellent execution of existing asset upgrades and delivery of our pipeline of new renewable generation. Every part of our business is delivering our strategy well, and you will see the proof points as we talk through our FY 2026 results and then look out to FY 2028 and FY 2032. On the screen now is today's agenda. We will spend about 20 minutes talking through FY 2026 before touching on our outlook to 2028 and 2032 and then moving to your questions. Our strategy remains Gen35, and we are delivering Horizon 2, the period out to FY 2032 or what we call the FY 2032 growth plan. At Genesis, we believe electricity is the solution to New Zealand's energy challenge. It is efficient, it is increasingly renewable, and because it is made in New Zealand, it provides greater energy security and independence. However, today, it only makes up around 30% of New Zealand's total annual energy. 70% comes from fossil fuels, and as we have seen since the Iran conflict began, this can have a material impact on the total energy costs for Kiwi homes and businesses. If electricity made up 60% of New Zealand's total annual energy today, the average household would save up to NZD 3,000 per annum on their total energy costs. Or New Zealand's total annual energy bill would be around NZD 10 billion a year less than it is today. This is why our vision is a country that lives life at full power. Homes, businesses and a country leveraging our natural renewable electricity advantage to thrive at full power for this generation and the generations that come after us. Achieving this is about the electrification of transport and heat. This will not only lower the total cost of energy for our customers, it will also grow demand for our products and services. As a sector, we must deliver the 60-95-100 formula. 60% electrification of New Zealand's total energy, at least 95% renewable generation, and electricity that is available 100% of the time, regardless of the weather or customer demand outcomes. For Genesis, Gen35 is about growing customer demand for electricity through electrification, reducing average generation costs from increased renewable generation investment, and energy security and flexibility from Huntly Power Station. For our investors, we are focused on embedding three commercial foundations in our culture: margin quality, cost discipline and strong capital management. Gen35, life at full power, delivers for our customers, our investors and for our country. Can I now hand to Emma to talk you through FY 2026. Emma. Thanks, Malcolm, and [Non-English content] everyone. FY 2026 provides a number of important proof points that Gen35 is translating into financial outcomes. At the heart of our strategy, we are focused on three commercial disciplines: margin quality, cost discipline and strong capital management. On margin quality, group gross margin increased to NZD 949 million, our strongest result to date, reflecting improved customer netback and lower generation cost. On cost discipline, cost to serve reduced as planned and investment within our big rock program remains within the overall NZD 145 million program envelope. On capital management, the March equity raise materially strengthened our balance sheet and provides capacity to fund the next stage of our growth program while retaining investment-grade credit metrics. Together, these highlights demonstrate tangible progress in executing Gen35. I will now take you through our FY 2026 business performance and the progress we have made across customer, renewables, Huntly and our big rocks technology program. On customer, our strategy over the past 18 months has deliberately prioritized value over volume to support margin quality and cost discipline. We have repositioned the portfolio while simplifying our brands, products, and operating model. This did result in lower customer numbers during FY 2026, but the economic outcome was strong. Electricity netback increased to around NZD 176/ MWh, cost to acquire reduced materially, and cost to serve also declined. At the same time, we continue to build higher value relationships around electrification. EV plan connections increased, rooftop solar connections grew, and flexible customer demand reached 58 MW. The final stage of our move to a single brand strategy was completed in the fourth quarter, and since June, ICPs have returned to growth. The important point is, we are targeting profitable customer growth that supports both margin quality and cost discipline. Alongside customer, we are investing to structurally lower the cost of our generation portfolio. Our FY 2032 growth plan targets more than 2 TWh of additional renewable generation, allowing us to progressively displace higher cost base load thermal generation. During FY 2026, Tihori Solar Farm moved into construction, and today we are pleased to announce the final investment decision for the Leeston Solar Farm in Canterbury. Lauriston completed its first full year of operation, and we have also secured additional geothermal supply from Ngāwhā from 2029, further strengthening and diversifying our renewable supply. We continue to progress a broader pipeline across wind and solar. Investment decisions remain subject to our capital management framework. They need to improve portfolio economics and meet our target returns. As our renewable portfolio grows, Huntly continues to evolve alongside it. We are positioning Huntly for the future needs of Genesis, transitioning away from baseline gas generation by around FY 2029 or earlier, adding Huntly Firming Options, increasing our asset-backed trading activity, and firming Genesis customer needs. Based on current market conditions and assuming no major outages or significant regulatory change, we are confident that Huntly, together with our hydro assets, can provide all the flexibility, firming, and peaking capacity Genesis will need to grow securely for the foreseeable future. We see Huntly centered around our new BESS, three upgraded Rankine units, and our fast start peaker. We retain the option for a second fast start peaker, although there is no commercial case for that investment today. Those assets will be supported by diversified fuels of coal, gas, and diesel, with biomass remaining an option as economics improve into the 2030s. Should imported gas become an option, fuel pricing will determine which fuels are dispatched at what times. We continue to engage on gas storage. However, while this may be helpful, it is not fundamental to delivering our FY 2032 growth plan. We plan to continue contracting minimum levels of take or pay gas except where price and volume is commercially attractive. As we have done over recent years, we will continue to leverage our fuel diversity alongside the wholesale electricity market and tactical short-term gas contracts to drive margin quality. Unit 5 is a large, well-maintained generation asset. However, its size and minimum operating range of 180 MW makes it increasingly challenging to see a commercial case to support it once baseline gas generation is displaced. We have been clear since we launched Gen35 in FY 2024 that we will only maintain assets with clear and reliable commercial business cases. Over the next 12 months, we will be undertaking a review of Unit 5's commercial future. All options will be considered, including offshore sale. Finally, a quick update on our technology program. As we set out at our 2024 Investor Day, we are delivering three major technology programs, a new billing and CRM system, a new financial management system, and a new electricity trading and risk management platform. These are complex programs, but we remain on track to complete them by the end of FY 2027 within a total cash envelope of NZD 145 million. Turning now to our group financial performance. FY 2026 delivered strong earnings, strong cash generation, and a stronger balance sheet, reflecting the disciplined execution I have discussed. In FY 2026, we delivered our strongest growth margin to date, up 10% on the prior year, reflecting improvement in margin quality in our customer book and lower generation cost. This translated into reported EBITDAF of NZD 580 million and normalized EBITDAF of NZD 522 million, while also funding around NZD 56 million of operating expenditure associated with our big rock technology investment and single brand strategy. Looking at the NZD 85 million increase in gross margin, the two largest drivers were improved margin quality in our customer book and lower generation cost as a result of increased hydro and a full year of Tauhara and Lauriston. Market conditions provided less opportunity to add value through links. That lower contribution was partly offset by Huntly Firming Options premiums in the second half. On operating expenditure, normalized OpEx increased NZD 16 million to NZD 377 million. The increase reflects wage inflation, technology support, a full year of Ecotricity OpEx, and NZD 5 million associated with the single brand strategy. Note, there has been a NZD 15 million reclassification of metering costs to gross margin during the year. As the major technology and single brand programs conclude in FY 2027, the focus increasingly shifts towards converting these investments into ongoing margin quality and productivity benefits. The operating result translated strongly into cash. Operating free cash flow was NZD 322 million, which is the equivalent of a 62% cash conversion ratio. Working capital was a positive contributor, including payments from counterparties supporting the strategic coal stockpile under our Huntly Firming Options. Our capital program remains balanced between maintaining the resilience of existing assets and investing in growth. Same business CapEx was NZD 119 million. This included investment in the Rankines as part of their Huntly Life Extension program. This multi-year program supports the continued availability of Rankines through to FY 2035, consistent with the Huntly Firming Options. Growth CapEx was NZD 182 million, concentrated on solar development and BESS, which will progressively displace higher cost thermal generation and structurally lower our long-term cost of generation. Our strong cash generation, together with the NZD 400 million equity raise, has materially strengthened the balance sheet. Net debt has reduced to approximately NZD 940 million, and our debt-to-EBITDA ratio has reduced to 1.6x. This gives us the financial capacity to execute the FY 2032 growth plan while maintaining resilience through energy market cycles. The board has declared a final dividend of NZD 0.0758 per share, taking the full-year dividend to NZD 0.1488 per share. The board has set a fixed dividend policy through to FY 2028. We expect to provide an update on our dividend policy beyond FY 2028 at the FY 2027 half year results. Turning now to FY 2027. For FY 2027, we are guiding to normalized EBITDAF of NZD 480 million to NZD 520 million, assuming P50 hydro, wind, and solar conditions. As always, guidance remains subject to hydrology, fuel availability, and plant reliability. Our digital big rock program will conclude in FY 2027 with around NZD 45 million of final program spend. Same business CapEx is expected to increase to NZD 140 million to NZD 150 million, reflecting the second year of the Huntly Life Extension program. Growth investment is expected to be up to NZD 325 million, predominantly supporting battery and solar developments. I will now pass back to Malcolm to discuss the group outlook and closing remarks. Thank you, Emma. A solid year with good proof points our strategy delivery as we balance the needs for our customers and investors. We have balanced investment well between supporting better services and products for our customers and to set the business up for competitive returns and growth for our shareholders. FY 2028 remains our target year for being clear of major technology investment. Current wholesale electricity prices present a potential near-term opportunity and risk. However, our outlook to FY 2028 continues to see credible pathways to EBITDAF in the upper NZD 500 million range. That outlook is based on P50 generation assumptions, no major changes to regulatory or market settings, and no significant unplanned outages or fuel disruptions. Importantly, that reflects the continued benefits to our customers and investors from executing our strategy to deliver improved margin quality, cost discipline, and strong capital management. If we now look beyond FY 2028 and out to FY 2032, this is Horizon 2 of Gen35, the period from now out to FY 2032. We first shared this framework during our successful capital raise earlier in the year. The FY 2032 growth plan has five commercial pillars to it. Customer, where we are focused on growing demand through electrification of transport and heat, along with new and emerging demand sources. This will also lower the total cost of energy for our customers. As I mentioned earlier, renewables, where our focus is structurally lowering our long-term average generation cost through investing in new renewable generation. Huntly, where we are leveraging the existing and emerging growth opportunities the Huntly site offers us to firm our portfolio and increase asset-backed trading. OpEx, returning to core operating cost levels from FY 2028 and delivering ongoing productivity gains. Our headwinds, the cost of maintaining a future development pipeline of around 2,500 MW and the known and planned decline of Kupe out to around FY 2034. To recap, we are building a culture focused on margin quality, cost discipline and strong capital management to deliver demand growth, a lower average generation cost, leveraging the opportunities from the Huntly site, deliver a competitive operating cost base and lean into our known headwinds. Thank you for your time today. We will now move to your questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a computer phone, please pick up your handset to ask your question. Please limit to two questions. Our first question is from Grant Swanepoel with Jarden. Please proceed. Good morning, team. Morning, Grant. Morning, Grant. You started the year really well from a hydro perspective. Your guidance is sitting mid-range at NZD 500. Does that mean that because the P50 actually at the moment we are tracking above mid-guidance? On that front, the gas that you are on selling, is there a bit of a loss in that through winter? How do you mitigate that going forward? With that in mind, is the Tariki gas storage potential still looking good even though you are saying you haven't committed to that yet? Thanks, Grant. Obviously, we have guided based on P50 hydro, wind and solar, and hydro conditions will play a role in terms of where our final result lands, as they did in FY 2026. We also, of course, have the remainder of the tech project OpEx in there, and the remainder of the single-brand OpEx in there as well. That is where we have come to the NZD 485.20 is based on P50 hydro, wind, solar, and with those known big project costs in there. In terms of gas, I am not sure I understood your question correctly. Could you just repeat it? Well, you would normally have to use a lot more gas, and you sold that gas on through winter because you've had so much water. Is that gas being sold on at a material loss to what you're paying for it? No. Okay. In terms of net position, no. Tariki, how's that developing? Tariki, so we continue to have engagement with the joint venture partners that own Tariki. They're in subsurface work at this point in time. Quite clearly, as we said, gas storage is helpful. Not essential to Genesis' FY 2032 position, but potentially material to the long-term viability of Unit 5. A second question is around IT delivery. You are saying that most of that will be done by the end of FY 2027. Is there quite a bit of slippage in that, or is the slippage under your control? The slippage is under our control at the moment. As we said, I think at results last year, the three big systems we are replacing is like a heart and lung transplant for the business. The financial management system is now in. The electricity trading and risk management system is well advanced. We are through the first phase of the billing and CRM system. The big migration will occur in the second half of this financial year. Once that is complete, then all three systems will be in place. We would consider it at this point in time to be under our control, Grant. Our next question is from Joshua Dale with Craigs Investment Partners. Please proceed. Good morning, Malcolm, Emma and Michael. Good slide deck. Thanks for the detail. Just on your FY 2028 EBITDAF target for up of NZD 500 million. Staying on track with commissioning of Leeston and Edgecumbe solar is pretty critical to reaching that target in that specific time frame. What gives you confidence those are going to come in on time, and what is the risk of slippage? We are working with reputable EPCs. On that basis, and based on our experience to date, we see no reason for slippage in COD in those projects. As with all of these projects, that is based on our knowledge today. If we encounter problems, there is always a risk of that. We do not see it as a high risk at this point in time, Josh. Okay, that is great. The second question, just around gas. If we look at slide 31, it shows your equity ownership in Kupe dropping to zero in the middle of 2029. If you are off base load gas by then, I guess gas is less important to have. What is your thinking around keeping Kupe? I suppose also, if you are exploring an offshore sale of Unit 5, have you done any preliminary work around what price per megawatt might be achievable? I appreciate it is conditional on LNG. Yep. Those dips that you can see, in particular in November 2025, are the planned outages for Kupe Gas Field. They normally occur in November each year, and they coincide with the planned outages of Unit 5. That is why you see that. In essence, I am not actually 100% sure why our equity gas drops to zero then. Let us find out the answer to that and come back to you, Josh. In terms of your second question, which was about offshore sales, we have done some preliminary work around what the international market for units like Unit 5 is. You can do the same thing yourself if you want to. Just basically Google them, and there is a number of different purveyors of these machines. I would not want to put a price on it at the moment. The four-year timeline that the waitlist, sorry, that is in the market at the moment means there is a demand for these machines, and people are paying attractive prices for them. Okay, thanks very much. Thanks, Josh. Our next question is from Andrew Harvey-Green with Forsyth Barr. Please proceed. Morning, Malcolm and Michael. Thanks for that. First question I just have is following on from Josh here, just on Unit 5, and I am assuming the LNG decision is very tightly tied to what happens with Unit 5. Is that presumably a precondition to Unit 5 staying around? As we've said since 2024, we won't maintain assets that don't have a compelling commercial case to maintain. In the case of Unit 5, you essentially need three things. One is you need committed demand for it. The second is, you need cost-competitive fuel for it. And the third is you need to be able to match the flexibility that will come into the market. In other words, gas storage. So to build a commercial case for Unit 5 domestically, you need to tick those three boxes. And we're at a point now where, whilst there's work going on around those three boxes, it's incumbent on us to start investigating other options beyond 2029. Yeah. Next question I just had was around your CapEx guidance in particular. So are you able to just give a bit more color in terms of the Huntly work that's ongoing? How much is included in the SIB CapEx number for this year, and what we can expect for the next probably two or three years if it's a multi-year program? We've provided standard CapEx guidance this year between NZD 145 million and NZD 155 million. This is elevated, and if you look across the FY 2032 growth plan, what we've also included in the integrated report is up to NZD 800 million, will be spent on same business across this time period. So that's now out there as an outlook to point to. Huntly Life Extension continues for the next maybe two to three years. But at the same time, we've also got midlife CapEx programs across generators and turbines out in our hydros, and that's underpinning the elevated forward view. In essence, if you take that NZD 800 million, remove the Huntly Life Extension and the replacement of turbines and generators, you get to our long-run average of about NZD 80 million a year of same business CapEx. Great. Thanks. Thanks for that color. As a reminder, if you would like to ask a question, it is star one on your telephone keypad. Our next question is from Stephen Hudson with Macquarie Group. Please proceed. Morning, everyone. Can you hear me okay? Yeah. Morning, Stephen. Hi there. Just on Kupe, can you discuss the EBITDA improvements in a little bit more detail over FY 2026 and what you're sort of baking in for FY 2027? Is that from the segment note, Stephen? When you look at EBITDA improvements? Yep. Yeah. That is predominantly the gas price that's transferring between the two business units. So there has been an increase in that price year on year, and that's what's increased what's driving it. Production is down, price is up. And what you're expecting sort of into FY 2027, I think it's, what is it, NZD 36-NZD 69, and then sort of a more normalized number in 2027 or? We do not provide guidance, I guess, at an individual segment level. But what we can say is that in the FY 2028 number and the FY 2032 growth plan, we have included that headwind that comes from our Kupe asset long term. Would you still expect 2027 to be sort of an elevated EBITDA number? Or I guess should we expect a large normalization back to the 2025 kind of level? Just direction, broadly speaking, given it was such a large movement on 2026. Can we come back to that, Stephen? Sitting here, we do not have that information to hand. Sorry. Yeah, no. No problem. Okay. And then just on HFO, can you There's obviously been a bit of talk about the LNG terminal and what it may mean for all sorts of dry year energy swings. I understand there's a five-year break on the HFO. Is that correct? If so, how does the break clause work? We're bound by confidentiality on that. There is a review midway through the contract that has a number of aspects to it, but we can't go into detail on that, Stephen. Okay. No worries. I'm going to sneak in a third, if you don't mind. Just in terms of normalization, it was obviously a fairly quiet year in terms of normalization this year. Can you call out any kind of expected normalization that you're expecting over FY 2027? No. Looking forward, we see normalization becoming quite a small number, quite a small part of those numbers. Again, we'll probably revisit across the year to understand if that's helpful or not. Okay, cool. Thank you. Thank you. There are no further questions at this time. This will conclude today's conference. Thank you for your participation. You may now disconnect.