Association of Manawa Energy's financial year 2025 results. We're pleased that you are able to join us this morning. My name is Clayton Delmarter. I'm the Chief Executive of Manawa Energy, and I'm here together with Phil Wiltshire, the Chief Financial Officer for Manawa Energy. We'll get underway with our presentation this morning. I'll kick off with a bit of an overview, and Phil will step through some of the financial results in a bit more detail, and then I'll talk to the prevailing market conditions, the impact on Manawa this year, and some of the great things that Manawa and the wider team achieved throughout FY 25. Thanks, Phil. In terms of the snapshot, it's clear from these numbers that Manawa has had a very challenging financial year. This is a combination of unprecedented market conditions, which is really the confluence of a number of factors around fuel scarcity and how that turned up in market prices, and of course, the unique nature of Manawa's portfolio, which reflected the general market conditions, but in many ways, some of those were amplified or exacerbated in terms of the impacts on our portfolio. I will talk to that in a bit more detail after Phil's taken you through some of the core financial information. What I would also point out is, of course, this is potentially Manawa Energy's, or likely to be Manawa Energy's, last investor presentation, given the impending scheme of arrangement with the acquisition of Manawa by Contact Energy. We'll talk to that a little bit more later, but I'd also really like to acknowledge the team's performance over what has been a tough year and also dealing with quite a lot of uncertainty as a result of a transaction of that nature. I'll hand over to Phil now, and he'll talk through the core financials and come back to me for a bit more detail about our business performance across FY 2025. Thank you, Phil. Thanks, Clayton. Good morning, everyone. As Clayton said, it's been a disappointing result for Manawa, financial result for Manawa in FY 2025. Manawa's profit has been materially impacted by very challenging hydrological and extreme market volatility that we've seen in FY 2025, with our reported EBITDA of NZD 84 million being down 42% on the prior year and our normalised EBITDA down 37% on the prior year. Apart from the impacts of those, the hydrological and market impacts, there are two material cost items that impact on our reported EBITDA. There was a NZD 6.8 million bad debt expense as a result of the Prime Energy customer default, and I'll talk a little bit more about that in a moment. In our reported EBITDA, there are NZD 7 million of transaction costs in relation to the Contact Energy scheme of arrangement. Obviously, both of those are one-off in nature. Our profit after tax was a very modest NZD 300,000, down from NZD 24 million in the prior year. That profit after tax includes a NZD 30 million fair value loss on financial instruments. This is obviously non-cash and reflects the historically high electricity wholesale prices that we've seen and how they flow through and impact the valuation of our electricity derivatives. A capital expenditure of just over NZD 52 million, while it was down on the prior year, remains elevated relative to long-run levels as we continue to progress our major asset refurbishment program. There is quite a bit more information on that coming up in subsequent slides. Our total investment in the development pipeline is still significant at NZD 9.7 million. It is NZD 10 million lower than the prior year. That prior year includes a significant land purchase for one of our solar projects. Our net debt rose by NZD 49 million to NZD 501 million, and that's directly related to the lower profit in FY 2025. Finally, given the board's expectation around the implementation of the scheme of arrangement and the expected implementation in July, the board has decided not to declare a final dividend. An interim dividend of NZD 0.04 was paid in December 2024. For the same reasons, the board has decided not to provide earnings guidance for FY 2025. Breaking down the EBITDA result in a bit more detail, the chart on the slide shows the EBITDA compared to the prior year. The poor EBITDA result was almost entirely due to the impact of those market conditions on our energy margin. You can see our energy margin was down NZD 48.8 million on the prior year. Pleasingly, our operating costs, when you exclude the development OpEx and exclude the transaction costs and the bad debt, our core operating costs were very well managed and were NZD 3.1 million lower than the prior year. Back to that energy margin for a moment, the hydro inflows into our schemes were 370 GWh lower than the long-run average. This translated into production volumes through our schemes being approximately 320 GWh, or 17% lower than average after taking into account the impact of changes in storage levels. On top of that, the purchase wind volumes were also 60 GWh below average levels. In total, those volumes were about 380 GWh lower than average. As I noted on the previous slide, the bad debt relating to the Prime Energy customer default was NZD 6.8 million. While extremely disappointing, this was an improved outcome compared to the potential loss that we were looking at when the contract was terminated in August 2024. We have recovered a significant portion of the original debt. You may have also seen that Prime has recently entered the traded default process administered by the EA, and we do not expect that to have any material impact on the bad debt expense that we have reported for FY 2025 or any material impact on FY 2026. Other variances to last year that you can see on the waterfall chart, carbon revenue was down, and that is a factor of the fact that we had sold some carbon units in FY 2024 when we sold all of our remaining units in FY 2024. That margin on the carbon sale of those carbon units does not recur in FY 2025. Our CNI gross margin was up on prior year. That's primarily due to demand being lower during high-priced periods experienced during the year, and therefore our CNI unit benefiting from being long during those periods. As I said, pleasingly, our operating costs were down on the prior year, and our generation maintenance costs were down. That doesn't mean we are not maintaining our assets to a high level. It's more of a reflection that in FY 2024, those costs were higher due to the timing of some significant routine maintenance that don't occur every year. We also had some reasonably material costs in FY 2024 that related to remediation of weather-related impacts on our schemes. The lower operating costs also reflect the full year benefits of some changes made in our operating model and structures during FY 2024. The other revenue is up NZD 2.5 million. That reflects a very strong irrigation season. The first quarter of FY 2025 was very dry, and so we had higher irrigation revenues than we did in the prior year. It also includes the finalization of the insurance proceeds for our ESC insurance claim, which was the scheme that was damaged during Cyclone Gabriel. With that, I will hand back to Clayton to talk a bit more about some of the assets and the development pipeline. Thanks. Thank you, Phil. Phil summarized well. I think the very challenging year we had, many of you online will understand that for the majority of the financial year for Manawa, it was truly unprecedented, certainly unprecedented in the history of Manawa. I think if you were to ever reflect on something that demonstrates that the electricity market is not a game of averages, these charts really highlight that. If you drew a line through the middle of many of them, they might look relatively benign. Of course, what we saw throughout FY 2025, particularly for Manawa, given its balance state and the period that spanned, was really three quarters of pain in many ways, where winter 2024, clearly the market as a whole was suffering from a severe fuel scarcity, very low hydro inflows. It was a calm period, so wind generation levels across the fleet in New Zealand were materially below average. Of course, the gas scarcity issues were really starting to bite or become more apparent to the wider market and industry. Given the nature of the way Manawa sells most of its energy via the Mercury Hedge, that does mean that we have exposure to periods where we cannot essentially supply the shape that is the volume and at the right time to service that hedge. We are exposed to not only not making revenue if we produce less product in simple terms, but also covering that shortfall when we are exposed to it in the market. Following the challenges of winter 2024, clearly the industry took steps to respond to that. There was the Methanex gas deal, so gas coming back into the market. We saw inflows pick up materially. Wind returned to more average levels in that sort of last calendar quarter of 2024, which saw wholesale prices soften materially. Now, whilst clearly it was pleasing to see a lot of that extreme pricing come out of the wholesale electricity market, those prices were materially softer than expectations for that period, and therefore there was some impact during that period as well. Of course, in Q1 or Q4 for us of the financial year, we saw another very, very dry period. In fact, the lowest on record, not only for Manawa across essentially all of its assets, but for really the market as a whole, reflected in both national hydro storage levels and also Manawa's performance. I think the very unique thing for Manawa is one of our key benefits and attributes, of course, is that we have a significant geographic footprint across the country. Many of our assets are run of river. That is, the water's only there when it's there, with limited storage at our key assets at Coleridge, Cobb, and Waipori. We really saw dry conditions everywhere, which was a very unique impact on our portfolio in tandem with, as Phil outlined, significantly lower wind generation and purchase volumes from the Mercury assets, Trustpower assets back in the day. That is the story of Manawa's pain in simple terms in FY 2025. Perhaps, Phil, if we look at the next slide, we probably don't need to spend too much time on this. This is really just another way of representing that volume shortfall across both the hydro and the purchase wind volumes, which, as noted, given the nature of our primary channel to market at the moment being the Mercury CFD or hedge, meant we did at times have quite material exposure as a result of that fuel scarcity. Thank you, Phil. I will turn to, as I noted earlier, what has otherwise been, I think, a very strong year for Manawa. The strap line on our annual report, some of you may have noted, talks about maintaining focus in a challenging environment. I think the team at Manawa very much did that, and I am very proud of the efforts throughout the year. It was a year where not only in terms of our sort of day-to-day operational maintenance and management, the team did well, also responding to the market conditions with a high degree of flexibility. Clearly, we moved a lot of outages around to try and mitigate the impact of the conditions we saw last year, for example, as well as obviously trading activities and other things, other steps that were taken to mitigate that impact. As Phil noted, we also have and are still in the midst of one of the most significant capital or the most significant capital investment program in the history of Manawa and Trustpower previously in terms of upgrading a number of our key strategic existing assets. That is summarized on the slide here with some really great progress. I think not just the progress that the major projects team made on those core investments, but also just a relentless focus by the team on ensuring that every kilowatt of capacity was available when it could be. That included getting Bream Bay back up to 8 MW, which served us very well in terms of mitigating the Bream Bay diesel peaking assets, the impact of some of those conditions last year. ESC was fully restored following the damage as a result of Cyclone Gabrielle. We had a number of other units where essentially the reliability and the performance of the fleet, in my view, was outstanding given the nature of our assets. We have 90 generators across our portfolio. All of those essentially are unique and bespoke units, very geographically diverse. I do want to congratulate Todd and the team on a sensational year given the challenges we had and really ensuring that every bit of kit was available to throw at things when we needed it. That is represented in a very exciting collage from my perspective on the next page, just really highlighting again some of the great work the team did across our asset fleet. The upper left there is a project where we converted the existing pumping infrastructure at our Highbank scheme, which sits on the end of the Rangitata Diversion Race Canal, where we could utilize them not only obviously as pumps, but also as generators or turbines. So use the water both directions essentially. That has helped us mitigate the impact of the extended outage at Highbank, which is sort of the picture in the middle at the bottom there where that is a full complete unit replacement. You can see some very serious removal of concrete given all of the embedded elements, the scroll case, et cetera, were all removed and will be replaced as that machine is progressively rebuilt and returned to service next calendar year. In addition, the projects at Coleridge, where a lot of the kit is starting to arrive and the first outage actually commenced in the last few weeks to replace G1. Both units at our largest asset at Matahina have both the turbines have now been replaced, and that gives us additional volume. There's a slide on that coming up, as well as a number of other projects, including some of our dam strengthening activities to just improve the resilience and overall risk rating across our portfolio. The center photo there being an excellent example of that with the dam safety works and the strengthening of the Arnold Dam over on the West Coast. A lot of stuff happening, all of it delivered well, generally a very strong safety record, very strong record of environmental performance also maintained over the period. As I noted earlier, I think the team has done a remarkable job over the course of FY 2025. The next slide is again just sort of highlighting the progress we've made on that major capital asset refurbishment and enhancement program. Clearly, you have ticked off a number of great milestones throughout the year and captured well in excess of half of that, circa 80 GWh per annum uplift across our portfolio, with the balance to be captured largely over the next sort of 12-24 months. I look forward to watching perhaps from afar as the team continues to deliver that program of work as well as they have to date. Thanks, Phil. This is just an example of one of those projects. As noted, Matahina is our most significant asset, both in terms of sort of capacity and annual volume delivered in any given year. We replaced for the first time since they were first commissioned both of the runners, or the turbines, the wet end, however you like to think about it, at that station and on those generators. One of the things that the team did through this process was look to optimize for the station's regular sort of hydro flow patterns. A lot of the year it's operating in sort of lower flows in and around floods and higher rain events, et cetera. You can see the chart on the bottom left there is really showing the very significant shift with the new turbine that's been realized by putting in a modern, more efficient runner design that is optimized to those lower flow conditions. The other unit sort of comes in when flows pick up. Between the two, we get quite a material uplift in annual energy production from one of our key assets. The project was delivered in line with the business case and very safely and was a real testament to the efforts of the team over the last few years. Thanks, Phil. Just turning to the development pipeline. I mean, again, obviously for Manawa, this is something we're very proud of. I think in a relatively short period of time, the team has managed to secure some very attractive options across the country, a reasonable weighting toward wind, as you can see from the information on the slide here with some solar options coming in as well. We talk about secured options. I think from our perspective, it's important to differentiate where we have full options that gives us the time and optionality to properly develop these projects and accounting for the effort that's required to get through the resource consenting process, connections, build a business case, procurement, et cetera, and get these things through to FID as quickly as we practically can, but also acknowledging some of the challenges that come with that and allowing us to optimize to really get the best outcome, the best business case we can for these projects. Throughout the year, we saw the Argyle Solar project, which is adjacent to our branch hydro scheme, fully commissioned. That's an exciting opportunity. It sort of allows us to utilize existing infrastructure there for the hydro assets, also sort of the intraday storage around the hydro to work in and around solar production during the day. I think that's an exciting benefit and something that's unique to the Manawa portfolio given the nature and spread of our assets. Hutawaka in the Central North Island, Kaihiku, which is a JV with our friends at Pioneer Energy, both made really good progress through the year. They were both accepted onto the fast track approvals bill schedule along with two of our reconsenting projects, the FAO and Kaimai hydro schemes in the Bay of Plenty. We are, like many, sort of learning about a new process, and there's some things that we've identified that maybe could be done a bit better. I think by and large, the fast track pathway is a great opportunity, particularly for the new developments, to get those moving. We're expecting to see consents lodged for both of those projects later this year off the back of a lot of good work by the teams on both the environmental consenting front, but of course also their engagement with community, tangata whenua, and other local stakeholders. We now have options for just over 4,500 GWh, 4.5 TWh, with another 3 TWh or so in advanced discussions, which hopefully will be something that comes to light in the coming months. Really good progress, as I noted, just across all of the environmental, connection, and technical assessments that are required to get these projects ready to bring to market. Thank you, Phil. I'll move us on to some of the other great work the team's done across the environment and community space. Again, something that's unique to Manawa, just given the nature of our assets and spread, is a very large number of consent conditions that we must comply with, circa 3,500. Once again, a fantastic year with the team achieving over 99% consent compliance with only eight non-material non-compliances that were all sort of remedied in action throughout the year. I think that's consistent with prior years where the team have done a great job monitoring and maintaining compliance across our schemes. Reconsenting is another big area of focus for Manawa Energy. We have 26 schemes clearly across the country. Many of them have never been through or consented via the Resource Management Act. We have essentially an ongoing program of work there. We're seeing Mangorei and Motukawa in the Taranaki getting near the end of that process, which is very pleasing. As noted, FAO and Kaimai advancing toward lodgement also, as well as planning for some of the other assets across the fleet in the Mangahao and the Manawatu, Kuratau, which is one of the KCE assets, and Coleridge, which is a very key strategic asset for us in the Canterbury region. Some great work was done with our overall systems, really improving not only our compliance, oversight, and assurance of our environmental performance, but also that engagement with the site teams who are really integral, given they're on the pointy end of how those assets interface with the environment, and the team continues to perform strongly there. Another area that I'm particularly proud of, and I think again is quite unique to Manawa, just in terms of the nature of our assets and the extent of our conveyance systems and geographic footprint, is our opportunity to do better with fish passage. Again, working closely with tangata whenua, I think the team continued to do an outstanding job there. We had nearly 2 tonne of alva transferred at our Matahina scheme, which was, I think, a record or certainly the highest since 2015, 2016. We continue to look at sort of bespoke site-specific solutions where essentially we have barriers to fish passage given dams, weirs, and other infrastructure in our schemes. I think that's a huge benefit, not only environmentally, but clearly culturally with some of our key stakeholders. The team has made great strides there again in FY 2025. In terms of our community footprint, like our asset footprint is widespread, clearly it is critical that we are key contributors and partners in the communities where we operate. Again, the team managed to get through a power of an amount of work throughout the year. We did celebrate the centenary on a couple of our assets, the Mangahao and Piriaka schemes, obviously King Country in tandem with King Country Trust, King Country Energy schemes. We had over 400 people turn up at Mangahao. It is always really interesting to me to see just how much interest there is from the community when they get the opportunity to look at some of the assets we have. That was reflected in the outcome on the day there. As the slide outlines, a lot of really great initiatives, I think, across educational community, environmental funds, small, medium, and large. I think a lot of good engagement by our teams. Of course, one of the photos there is we were also celebrating coming into a new office early in the financial year. I think certainly the Tauranga office has proved to be a wonderful spot, as you can perhaps pick up from the photo there. It's got great views, a lot of light, and it's a really sensational place to work. Look, I'll hand back to Phil now just to have a check through some of our ESG or ESC, as the case on this slide, provide a bit of an update on the scheme, and then we will throw it open to some questions. Thank you, Phil. Thanks. In terms of our sort of some key ESG stats and information, our total emissions, total CO2 emissions were 4,100 tonnes during the year. That is a fairly big increase on the prior year, and that's all attributable to the fact that we ran the Bream Bay diesel peaking plant a lot more during FY 2025. That's due to the particularly stressed market and the low levels of renewable generation during particularly winter 2024 and earlier this year. That thermal plant was able to provide some good support for the market during that time. It also provided support for the northern community during the transmission tower outage that occurred during the year. It did provide some really good resilience during that outage. Clayton mentioned the compliance with our resource consents. We have over 3,000 consents, and we had only eight sort of immaterial non-compliance events during the year, which is a testament to the team that managed that for us. As we noted on the previous slide also, our schemes are dotted all around the country, and our site teams have some really good relationships with local communities who have a connection to those schemes. We do a lot of small events and supporting those local communities and some environmental trusts that are related to our schemes. Finally, just to wrap up, just a quick update on the Contact Energy proposed acquisition and the scheme of arrangement. We did announce early last week the fact that the Commerce Commission had cleared the Contact application. That was a significant milestone that is now cleared. The scheme still remains subject to some additional conditions, the key ones being a shareholder vote and High Court approval. We are expecting the scheme booklet will go out very soon. That will then lead to a shareholder vote in mid-June or a scheme meeting where the shareholders can vote in mid-June. We expect the implementation of the scheme to be completed in July, subject to satisfying those conditions. I think that's all we can say in terms of the scheme progress and current status. Perhaps we'll leave the presentation there and open up to any questions if there are any. Yeah. Thanks. Thanks, Phil. I mean, maybe before we do that, I'd just like to reflect, given the scheme that is a noted potentially likely this is the last investor presentation that Manawa will give. From my perspective, just really want to acknowledge the executive team, the board, the wider Manawa team through what has been a very unique year operationally, the overlay of the transaction. Hopefully, as you have seen from today, have delivered some really great outcomes. I am very confident that, subject to completion of the scheme, the combined business will be a great one and can really make a significant contribution to New Zealand's energy future. Thanks to everyone involved, and we will take a few questions. Andrew. Thank you, guys. I know you said there is definitely an end of an era, is not it? I just had a couple of really quick questions, really. I realize you have not provided any FY 2026 guidance, but just wondering if you are able to give us a sense of reasonableness, I guess, of where consensus forecasts are for FY 2026, assuming normal hydrology. I think it is around about NZD 150 million EBITDA. Effectively back to where we were in previous years. Does that sound reasonable to you? There's nothing that's happened that would sort of change that as a reasonable starting point? Yeah, look, Andrew, that's in the right range. Perhaps I could point people to, while we're not providing guidance, there is obviously there will be quite a lot of information going out prior to the scheme, which will include some forward-looking information that the independent advisor has had to opine on. Yes, that's sort of in the range. The only thing I'd add to that is that the hydro generation volumes will still be impacted by some of the outages that relate to the major asset refurbishment program. We won't get back to sort of normalised long-run volumes, even with normal hydrology in FY 2026, because of that continued outages at particularly Highbank and Coleridge schemes. Yep, yep. Secondly, I just wanted to confirm a couple of things really around the development pipeline. My interpretation is Argyle is, I guess, the only project which is ready for FID. In terms of Kuru Waka and Kaihiku, I realize, I guess this will be up to Contact Energy when those go to consenting. From your perspective, how many more months of work is actually required to get those ready for consenting? I think in the annual report, we have got a bit of a window, right? Here too, sorry. Investor presentation. There is that sort of guidance, Andrew. I mean, we sort of talk about investment ready rather than a hard line in the sand around FID and such. But yeah, look, I mean, if you assume lodgement at some point later this year for those larger wind projects, clearly all the other key work streams are progressing in parallel. We're well engaged with Transpower connection teams, etc., which is another critical work stream. They pop out of consenting Q2-ish, Q3 next year. All of those other work streams you would hope should be relatively progressed to sort of dovetail into all of that to be in a position to consider an investment, right? I think realistically, you're still talking circa 12 months minimum for some of those work streams given where they are. Certainly, the guidance we've provided and the investor comms is sort of our best view based on reasonable assumptions of some of those key work streams and the timelines associated with them when they might pop out the other side. Okay, great. Thanks. That's all I had. All the best for whatever future endeavors you end up doing. Thanks, Andrew. Felicity. Good. Yeah, you're okay. I think, Felicity, we're good to go. Yep, sorry, I was just playing with the. Can you hear me now? Yep, you're all good. Brilliant. Thank you. Yeah, I just wondered if there were kind of any, were there any particular schemes, because obviously the hydrology was low across everywhere last year, but were there any particular schemes that were particularly affected across the portfolio? Yeah, it's a good question. I mean, look, to be honest, it was pretty acute everywhere, Felicity. I think as we've noted, we've seen sort of significantly reduced inflows clearly into specific schemes like Waipori, Cobb, Coleridge over the years. What was unique here was that across the run of rivers and those storages, they all probably saw some of the lowest inflow sequences we have ever seen or even in terms of the hydrological data series that Manawa has available to it, which is about 75 years. Obviously, not everything is 75 years old and all that stuff, right? By and large, there is probably nothing you would call out there other than the uniqueness lies in that it was kind of everywhere, right? I mean, I would say like Kaimai trucked on pretty well, was not that far below average, but certainly Matahina and FAO probably had been in an extended dry spell, drier spell for a while, but they stayed dry. Everything else went super dry. It was very odd, but it is what it is, right? Yeah, combination, that sort of dry calm, obviously with the winds and the purchase volumes has turned up in the results as we described. Yeah, just looking out over that sort of pipeline portfolio that you've built up, and obviously it will be quite different as well with sort of joined into the Contact portfolio. It just did really strike me that what the team seems to have focused on was getting real diversity of both locations, but also solar and wind. There seems to be a fairly equal mix there. I just wondered if you could just perhaps speak to that and just if last year has also sort of firmed up that thinking. Yeah, I mean, I think I don't know that the sort of the hydrological, if you like, challenges of the year necessarily had a bearing on how we thought about the development pipeline. But certainly, the team was focused on those fundamentals, as I often refer to, right, with project development around, yeah, there is value in geographic diversity. Other players have talked about it in terms of some of the wind developments that sort of pushed on with recently, that sort of anti or lower correlation between wind assets across the country. Clearly, the solar wind diversification with a bit of hydroflex in your own portfolio. All of those things are valuable, right? We're also looking at capacity on the grid and local areas, what are the location factors, what are those sort of revenue discounts, which is a combination of your generation captured price, which is a function of how correlated output is, as well as those transmission/market, that generation versus load dynamic. Yeah, I think all of those things just inherently, not us, many others think about that stuff as well, and that's sort of reflected in the projects that have bubbled to the top in terms of what we've decided to press on with. I think in terms of how they get integrated into Contact, Contact's presentation about the Manawa deal talks to some of that. There'll be a bit more information that people might see come through in the materials around the scheme booklet and IA report, etc., that all point to the fact that there's some real positives in the combination of those portfolios and the potential faster realisation of some of those projects in a larger, more diversified business. Yeah, yeah. Just finally, I mean, you did actually just speak to this just before, but obviously there do remain many of the challenges of last year coming into this winter. Hopefully, there won't be quite as tight conditions in the hydro, but just how's Manawa feeling sort of heading into June, July, August? Yeah, it's a good question. I mean, the market as a whole, certainly businesses like ours, when you've had a tough year, obviously you reflect pretty deeply on things and have a good look back and say, "What could we have done differently?" or "What would we do differently again if we were faced with similar challenges or risks?" Certainly, I think the team has thought about that well. I mean, fundamentally, it's very difficult to fill a hole of that scale, right, in terms of fuel and volume. The market dynamics that coincided with that last year were particularly unique. I think what we've seen even in the last couple of weeks with where wholesale prices have sort of softened up a bit and moved is a reflection of actions market participants have taken, clearly not Manawa specifically, in relation to gas, managing their own storage well, bringing in thermal fuel in advance of winter. I think all of us individually, yet collectively, in terms of how we think about risks, have had to think about that really hard this year, right? I think overall for Manawa, when we look ahead, some of our storage is undoubtedly a little bit lower than we probably would like, but we have seen some good rain events, particularly for Cobb and Coleridge in recent weeks, public information, right, in terms of where those storages have moved to. I think a bit more of a regular sequence of rain events that is essentially replenishing rivers and catchments versus these very extended dry conditions where if you do get an event come through, it just soaks and has gone into the ground and has gone in a lot of our catchments, right? You need that regular pattern, which is obviously pretty normal in New Zealand, except for some of the sequences we have seen in the last 12 months or so. I would say overall, we are feeling a lot more comfortable. The market itself is clearly being very cautious, but I think it is looking, touch wood, like this winter is in much better shape than it was last year. Great. Thank you for that. I may be in touch later in the day if we have some time. Yeah. Thank you. Any other questions? Looks like we have come to an end. Thank you once again, everyone, for tuning in. Very much appreciate it and listening to our story for FY 2025, and I look forward to catching up with many of you in another forum, perhaps. Thank you. Thanks, everyone.