I would now like to hand the conference over to Stephen Guerin, Chief Executive Officer. Please go ahead. Thank you, Ashley. Morning. Good morning and welcome to the PGG Wrightson results presentation for the financial year to 30th of June 2026. As Ashley has introduced, I am Stephen Guerin, the Chief Executive Officer for PGG Wrightson, and it is my pleasure today to provide a brief overview of our results for the financial year to June 2026. With me on this webcast are Peter Scott, our CFO, and Julian Daly, our General Manager of Corporate Affairs, who is also the Company Secretary. During the call today, I will cover the year's financial results, our trading performance, key themes and initiatives, and some thoughts on the year ahead. There will be some time for questions at the end of the call, both on the telephone call and via the new technology we are using today. For those who are on the webcast and the Slido and which you will send details when you have been registering for the webcast. Julian Daly will be acting as moderator for those questions on Slido. Before I start today, I would like to acknowledge PGW's 175th year anniversary. Since May 1851, when George Gould opened Christchurch's first general store, PGG Wrightson and the businesses that have come before have walked alongside New Zealand farmers and growers, adapting to changing markets, new technologies, and shifting needs of our rural communities. The predecessor companies include Pyne Gould Guinness, Wrightson and NMA, Dalgety, and Williams & Kettle, which is my own heritage in the business, and many more. As we like to say, the PGW of today leverages our 175 years of heritage while embracing innovation to shape the future of agriculture. Turning to our financial results. I will comment briefly on our headline results for the year ended 30th of June 2026. Operating revenue of NZD 1.1 billion, up NZD 99 million, or 10% on the prior financial year. Operating EBITDA of NZD 64.3 million, up NZD 8.2 million, or 15% on the prior financial year. Net profit after tax of NZD 15.6 million, up NZD 4.9 million, or 46% on the prior financial year. Earnings per share of NZD 0.206 per share, up NZD 0.065 per share on the prior financial year. Cash flow from operating activities of NZD 52.6 million, up NZD 40.2 million on the prior financial year. Fully imputed final dividend of NZD 0.055 per share, which is NZD 0.10 per share for the full year. As has been declared by the directors. Our FY 2026 results reflect disciplined progress across three strategic key performance indicators measures that contribute to our long-term success. That is the financial performance, our safety performance, and the experience we deliver to our customers. In terms of each of those measures, our EBIT KPI, which is normalized earnings before interest and tax of greater than 10% normalized growth over three years on a rolling cycle. Following the FY 2026 result, we achieved the business measure with a growth of 91% over the three years rolling cycle, reflecting significant increase of earnings. A target of 10% growth in return on capital over the three-year rolling cycle. We missed this measure with an average of 8.1% over the three-year rolling cycle, impacted by the tough market conditions we experienced in FY 2024. Our earnings per share target for FY 2026 of NZD 0.157. We exceeded our earnings per share target with our NZD 0.206 per share result benefiting from much improved operating result across the Rural Supplies, livestock, and real estate businesses in particular. Our safety performance. The continuous annual improvement of PGW's total recordable injury frequency rate. I am pleased to report that, at PGW, we record a 3.5% decrease in our TRIFR compared to the prior year. Ensuring our people return home safe and well each day is a collective priority, and we are committed to building a stronger and safer and orientated culture within the business. Our customer experience KPI, which is continuous annual improvement on PGW's Net Promoter Score measures. Independent market research has confirmed a significant year-on-year increase in PGW's Net Promoter Score to FY 2025, meeting our KPI. Given the importance of customer experience to sustainable business performance, we focus on continuous improvement in this widely used measure of customer satisfaction and loyalty based on customers' willingness to recommend our business to others. Turning to the group highlights. Our strategy continues to guide decisions making across the group, providing a framework for investment, innovation, and growth. By refocusing our prioritized economic drivers, we have strengthened our customer offering, enhanced operational capability, and continue to build on PGW's position as a trusted partner to farmers and growers. During FY 2026, we made further progress on several initiatives designed to strengthen our customer offering, build our technical capability, support long-term growth. Key initiatives during the year included the acquisition of Nexan, the manufacturer of the Nexan and Vetmed animal health brands, which has been distributed through the Agritrade to our Rural Supplies and Fruitfed Supplies stores, other rural merchants, and vet practices. Nexan provides a strong strategic fit to reverse integration strategy and builds out an animal health product offering. Establishing our private Blue Ag label portfolio of registered agrochemical active ingredients, which improves our supply chain resilience and provide customers with greater choice. We leased our new R&D facilities, which expanded our R&D capabilities through investment in a dedicated R&D station in Hastings, supporting innovation and accelerating the delivery of evidence-based solutions for farmers and growers. Our livestock supply chain partnerships gained momentum during the year, with increasing volumes being directed through preferred processor channels. PGG Wrightson recorded a 23% reduction in operating greenhouse gas emissions from our FY 2021 baseline. This figure is currently undergoing assurance checks, and we have some caution to confirm that in due course. This is primarily attributed to the continued rollout of our hybrid vehicles into our fleet. Dairy real estate sales volumes increased 30% and horticultural sales volume increased 60% year-on-year. We expanded our GO-STOCK offering to provide farmers with greater financial flexibility, while supporting long-term customer growth and loyalty. Our PGG Wrightson Wool business consolidated its auction activities into a national open cry wool auction, creating a single marketplace to maximize buyer participation, competition for growers' wool from across New Zealand. Our bidr platform market penetration continued to deepen the market penetration for this product to expand digital livestock trading networks, increasing transaction volumes, and provide customers with greater market access and flexibility. Approximately 30% of all of our sale yard bids were placed through the bidr platform, reflecting the growing online role of digital participation in livestock trading markets. The strong seasonal nature of our business means most of our earnings occur in the first half of the financial year. The retail and water business contributes more strongly in the first half, reflecting the strong spring trading activity. Livestock typically generates a large portion of its earnings in the second half of the year, due to the timing of livestock transactions and dairy forward contracts. Revenue of NZD 1.1 billion represents an increase of NZD 99 million, or 10% over the prior year. This marks the first time PGG Wrightson has exceeded NZD 1 billion in revenue since the divestment of PGG Wrightson Seeds in 2019, which is a positive indicator of the continued growth in our business. The retail and water business operating revenue of NZD 851.2 million was up NZD 78.3 million or 10%. Our agencies group operating revenue was NZD 221.5 million, up NZD 20.5 million or 10%. Turning to each of the business units within the group. The retail and water group first. This business unit recorded operating EBITDA of NZD 44.5 million, an improvement of NZD 2.3 million or 6% from the prior year's results. The Rural Supplies business benefited from reinvestment in on-farm activity by our customers. Rural Supplies delivered strong results, supported by favorable market conditions and sales execution across the business. Farm confidence remained positive across most sectors, supporting increased on-farm spending and investment. Our Fruitfed Supplies business experienced a solid year, with increased revenue despite challenging conditions across parts of the horticultural sector. Market conditions varied across the sectors during the year. The kiwifruit sector remained a key contributor to performance, supported by ongoing launch development and continued investment across the industry. The grape and wine sector remained subdued, with reduced harvest and lower wine production impacting demand across several product categories. Our farming also experienced lower returns, continuing to constrain margins. Turning to our agency business. The agency business delivered operating EBITDA of NZD 29 million, up a notable NZD 5.5 million or 23% on the prior year's results. Our livestock business saw elevated livestock prices across sheep, cattle, and dairy markets, supporting an outstanding financial result for the livestock business. Favorable international demand for red meat improved farm economics, stronger farmer confidence, and robust buying interest from farmers and finishers. Our wool result was broadly in line with the prior year, albeit a small reduction in volumes transacted. New Zealand's strong wool industry experienced renewed optimism, which saw crossbred wool prices reach their highest levels in decades. Micron wool prices nearly doubled. Fine wool experienced significantly improved returns. Our export business, Bloch & Behrens Wool (NZ) Limited, increased export wool volumes into key international markets, particularly Europe, despite an overall decline in New Zealand wool production. Our PGG Wrightson Wool consolidated its auction activities into a national open cry wool auction, creating a single marketplace to maximize buyer participation and competition for growers' wool from across New Zealand. Our real estate FY 2026 results saw a significant uplift in real estate activity, resulting in improved performance. Favorable trading conditions, particularly in dairy and horticulture, predominantly kiwifruit, markets underpinned the market. Market conditions have been largely positive for farmers, growers over the past year, and as already noted, I will call out a few points of noting on the slide, including the dairy sector benefiting from Fonterra's capital return, positive farm gate returns in key markets such as dairy, red meat, and horticultural categories, notably kiwifruit. Some continuing challenges in the arable space and in viticulture, and the wine sector responding to changing consumption habits were on the inverse. Turning to net profit after tax. Our net profit after tax of NZD 15.6 million was an increase of NZD 4.9 million, or 46% on the FY 2025 year result. This was a result of improved operating EBITDA result versus FY 2025, fair value gains on foreign exchange derivatives. This year includes the full amortization expense for the Microsoft Dynamics 365 Enterprise reporting platform that went live in April 2025. The group reported strong operating cash flows of NZD 52.6 million, an increase of NZD 42.2 million versus FY 2025. This resulted from improved financial performance of the business, along with favorable working capital movements compared to the prior year. Operating cash flows represent the cash generated by PGW's day-to-day trading activities, and is a key measure of the group's ability to convert earnings into cash while funding working capital and supporting future growth. Cash flow from investing activities. Investing cash flows of NZD 24.5 million, an increase of NZD 10.3 million from FY 2025, reflects a combination of inorganic growth through the Nexan acquisition and ongoing investment in capability and technology to support the group's long-term strategy. The acquisition of Nexan represents a strategic capital allocation decision designed to strengthen PGW's market position and expand earnings opportunities. Our working capital saw a NZD 7.3 million increase in working capital, which was largely driven by the growth of our GO-STOCK book, reflecting continued customer demand for livestock financing solutions and higher livestock prices. The investment in GO-STOCK receivables supports a core strategic initiative and contributes to strengthening customer engagement. Excluding GO-STOCK growth, underlying working capital reduced, reflecting continued focus on inventory and receivables management. Net interest-bearing debt, or otherwise referred to as NIBD. The group ended the year with NIBD of $88.0 million, higher than the prior year by $2.4 million, reflecting the strong operating cash flows and the numerous strategic investments undertaken during the year. The group has maintained a prudent balance sheet with funding both the Nexan acquisition and the growth of the GO-STOCK portfolio. On a like-for-like basis, excluding these strategic growth investments, NIBD reduced, highlighting the strength of the underlying cash generation performance within the group. The small increase in debt versus the prior year demonstrates the group's continued focus on cash flow management and capital efficiency. Investment in both Nexan and GO-STOCK is expected to support future growth and strengthen PGW's long-term competitive position. Since August 2019, share consolidation, PGW has delivered a total shareholder return of 44.6%, exceeding the NZX50G Index of 25.5% by 19.1 percentage points over the same period. Turning to outlook. New Zealand's agriculture sector enters FY 2027 from a position of relative strength, supported by healthy international demand and favorable conditions across key market sectors. Strong returns in red meat, dairy, and horticulture continue to provide positive momentum for rural New Zealand, supporting farmer and orchard profitability and investment. While the outlook is positive, and we've seen a pleasing start to FY 2027, some areas of challenge remain. Geopolitical tensions, supply chain disruptions, elevated input costs, and potential impact of the dry El Niño conditions continue to present risks. Dry conditions in a number of key farming and horticultural regions could impact production, cash flows, and customer confidence. In addition to this, we have the election year dynamics, which may contribute to a degree of caution. Viticulture and arable farming is also expected to remain challenging in the near term. New Zealand recently signed the India-New Zealand Free Trade Agreement, which provides additional optimism for future growth through improved market access. Although conditions across the agricultural sector remain favorable, the critical spring trading period remains ahead of us. It's too soon to provide guidance on the expected FY 2027 performance. PGG Wrightson expects to be in a better position to provide FY 2027 guidance at our 30 October annual shareholder meeting. In closing, I would like to acknowledge the dedication of our people across the country and thank our customers and shareholders for their continued support and trust. This concludes our 2026 financial presentation. I'd like to open the webcast for questions, firstly on those on telephone, and thank you very much for your participation. Ashley, I'll now hand back the slide to you, and I'll just remind you, for those on the webcast, the Slido application is the form we're taking questions. Thank you very much. Thank you. If you wish to ask a question on the phone line, 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're on a speakerphone, please pick up the handset to ask your question. We'll now pause a short moment for any questions to register. Once again, if you wish to ask a question, please press star one on your telephone. Thank you. There are no phone questions at this time. I'll now hand back to Stephen Guerin. Ashley, we have one question through on Slido here, so I will just read that out. The outlook commentary remains positive, but what is the biggest risk to achieving another strong result in FY 2027? Thanks for those online who posted that question. That was Julian's voice in the background there, as acting moderator today. The risks, in terms of the FY 2027 result, fall into two areas. The commodity cycle price position that impacts the returns for our growers and underpins their confidence levels, and then weather. They are the two factors. Right at the moment, you would say that the commodity price cycle looks positive, whereas there is certainly uncertainty and increased commentary about the impact of El Niño out there. Time will tell as to how that actually plays out, because it is a forecast. Another question online regarding the Nexan acquisition. The question is: How has Nexan performed relative to the acquisition case for the business, and when would we likely to see the full benefits of this acquisition being realized? We are very pleased with having the Nexan business as part of our family. We have had a relationship that goes back over 10 years with the business, and we saw it as this really strategic opportunity to invest in the business to grow both the Nexan business and PGW as well. The business has settled in well. We have good data around how the business performed before the acquisition, and has traded ahead of expectations in terms of that. We have a number of initiatives underway, in terms of future product portfolio growth, and I have actually traveled with the Nexan team into China just in the last few months to visit some of their suppliers. I am confident that that is going to be delivered on, starting from this year. We welcome to see that provide a return to our shareholders and to our growers around future profit opportunities. Animal health is one of those areas where we haven't seen a lot of innovation in the marketplace, so for us to make that strategic investment underpins our performance. We're really confident it will perform ahead of expectations, because that's what we've seen in the first 11 months of the business within our organization. A follow-up question on Nexan. Have other stock and station or vet companies, like Farmlands, stopped selling Nexan and Vetmed products since the acquisition? No. They continue to support the product brands. That is very pleasing to see. We were very transparent. We have a team that's engaged with those customers. As we said, we do treat them as customers, and they've continued to support the brand. Another question, has AI disrupted the work of our technical advisors somewhat? It's a really good question. Right at the moment, the short answer is no. There are certainly a number of AI tools out in the marketplace. Our customers are experimenting with those. We ourselves are experimenting with those. We have the research facility I spoke about earlier on in the Hawke's Bay. We're in the process of setting up a digital twin for that research facility. We're going to see how we can model certain scenarios in that environment. It's an area of investment for us. We have, both in terms of the technology and staff that are on, we've got in our teams to support the innovation that we're seeing. We continue to monitor what's going on in the world as well. Our teams travel internationally to see what's going on. Our observation at this point in time is New Zealand is well-placed around innovation, and we at PGW are well-placed. The challenge is not going too bleeding edge on this stuff as well. Further question in relation to the Nexan acquisition. Can we disclose the Nexan revenue, EBITDA and EBIT? Peter, I'm just going to turn to you, because we do have got some information in our financial reports on that. Yeah, we do. It's Peter Scott here. We do actually disclose in our financial accounts that Nexan had revenues of NZD 8.1 million, generated a net profit after tax of NZD 1 million. We don't really go into EBITDA because that's commercially sensitive. But as Stephen mentioned before, the 11 months have been very positive from an acquisition point of view, and we're very pleased with the performance of Nexan. That note's fully disclosed in the financial statements. Correct. Yes. Another question. Operating cash flow increased significantly during FY 2026. How much of this improvement is sustainable versus being driven by timing impacts of working capital movements? It's sustainable to the extent that we relied on the strong performance and commercial returns that our customers are receiving. We as a business are equally focused around our working capital. We've got a number of initiatives underway in terms of our planning of our inventory. As we go further up the supply chain as a business, we need to take greater control and deliver on better planning for our working capital. As I said, we've got a number of initiatives underway in that space. I'm really pleased to see that the retail team, in particular, which we have most of our working capital from an inventory perspective is concentrated, have that as a major project within their business. The cash flow cycle, we are monitoring what's going on within our own business. We scan across the sector as well, and compare information with our banking syndicates. In the near term, we are confident around the cash flows of our business. You'll see in our notes that we have renewed our banking facilities, notes to the financial statements, and we've modeled out our cash flows as part of that process out over the next few years. That gives us some confidence based on the underlying results we're predicting within the business. Question now in relation to net debt. Do we intend to reduce net debt over FY 2027? Well, as Stephen just mentioned, cash flows were strong in FY 2026 at operating cash flow being NZD 52 million. It depends on the year ahead, from an EBITDA performance, of course, and constraining our net working capital. However, if there are growth opportunities, such as investment in our GO-STOCK product, then that might lead to an increase in net debt. But we've seen this year that GO has gone up NZD 7 million and that we would want that to continue to grow actually, as one of our strategies. If you look in the notes of the financial statements too, you'll see that we've expanded our facilities with banks, to an upper limit of NZD 265 million from NZD 185 million. A lot of that is to account for continued growth in the GO product. So, depending on what happens over the year, we could see an increase from a GO perspective. Thank you, Peter. I acknowledge the support of our directors around the continued investment in the business, the likes of the Nexan acquisition, the ability to grow the GO product. We talked at last year's result that part of our strategic initiatives was looking at acquisitions that will grow the business. Some of those are through the investment in products and services. Some of those are the likes of new initiatives such as the Nexan acquisition, and then the growth of the GO product. So those things are already within our business. Two related questions to that topic. What is the target size of the GO-STOCK book, and how do we balance growth against credit risk and funding requirements? We haven't given anywhere in our market commentary, because we consider that market sensitive around our appetite for growing the GO product, but it is there. We haven't given a specific target around that. In terms of the market credit risk, we have a team that operate across the country. We have a senior lead in that, who's well experienced within our business. We measure both concentration risk from species type, our areas across the country, and we're monitoring the price of the underlying markets in terms of the sector. We monitor those on a monthly basis. They're part of our management reporting systems and through up to the board as well. The other point about this is that we have long and deep relationships with our customers in this space. We're doing their other trading activity. It's not as if we solely have a relationship around the GO product. We have their other farm inputs and other activities. So, we are seeing what's going on in the whole of the farm system rather than just the lending facility or the GO product. Just add to that, Stephen, that although we do not have a target, you will see in the notes of the account on note nine in the accounts that we have facilities up to NZD 115 million for GO. That is available to fund 90% of the GO-STOCK. That is one thing we do disclose in the accounts. A further question in relation to Nexan. Does the successful integration of Nexan increase the likelihood of further acquisitions? The short answer to that is, yes, it does. If you can bring a business into the PGW group, so this was a privately-owned business, a small business, tightly held, and coming into a business the shape and size of PGW is different. That is the reality of things. To be able to do that successfully demonstrates to both management, to those staff that were coming as part of the acquisition, and to our board and to our shareholders that we can actually manage acquisitions successfully as far as part of the business is concerned. I am sure that based on the feedback we have discussed, we have their board, if we have a good business case for good strategic reasons aligned with our broader strategy as a business and the key market segments, that they would support us. Obviously, that is subject to the working capital constraints of the business as well. Slightly longer question here now. Retail and water revenue was up approximately NZD 78.3 million, and EBITDA was up just NZD 2.3 million. What is PGW doing to demonstrate operating leverage and very little increased revenue in making EBITDA? Is the increase in revenue mostly from price inflation or actual revenue growth? Thanks for the question. As you acknowledged, Julian, it is a longer question. The revenue was up as noted. Those facts, as outlined, are correct. As I talked about in my commentary, we did see some variation in terms of the underlying market sectors from a horticultural perspective and the Fruitfed Supplies business. The grape market is close on 40,000 hectares of grapes, and that particular sector has seen a downturn in confidence in the sector. We have seen some areas actually being pulled out from a grapes perspective. I think wine, globally, wine consumption has fallen 4% annually year-on-year. That is certainly impacting our business. The horticulture. From an apple market perspective, we have seen some variability in that area. Some customers perform strongly, some not so strongly. That has impacted the business. Conversely, the Zespri performance has supported our kiwifruit growers. If we look at our underlying results from a customer engagement survey perspective, the business continues to perform strongly and grow its market share. Yeah. Just adding to that point that Stephen's mentioned. Whilst revenue has grown really pleasantly, you would see from our notes to the accounts that we have taken an impairment charge over one large receivable, and that has influenced our EBITDA for the retail and water segment. So that is the main reason actually that whilst revenue has grown, EBITDA has not grown in the same percentage wise. We have a question here on Blue Ag white label product. Now that Blue Ag has completed its first full trading season, what are the early indicators that we are seeing around customer adoption, margins, and market share opportunities? There has been strong adoption from our clients. This was a key strategic initiative. We have seen the rise of the generic chemistry within the marketplace, and PGW has positioned itself well. We have had relationships with a number of the suppliers in this space for a period of time, and then we have therefore expanded the range within our network. In terms of that process, we made sure that our staff were well briefed, including a number of staff traveling to our suppliers, to understand their manufacturing process, assurance around quality, et cetera. That has flowed through to the market adoption by our clients. The fact that PGW is prepared to put its brand name on the particular products, back them, and has the support networks across the country in terms of our technical team to support those products being launched into marketplace. As you go up supply chain, the reality is that you are able to get greater margins, and that is what we have been able to achieve. We have got further expansion plans for this season that is ahead of us, both in terms of sales volumes and in terms of the number of products that we have within our marketplace. We have a question here. Which business units contributed most to FY 2026 earnings growth, and where do we see the biggest opportunities for further improvement? It is Peter here. The biggest, I guess, was from the livestock business. The livestock business is actually you would have seen red meat prices were very strong throughout the whole year, and continued to strengthen over the year. That has been one of the major contributors. The real estate business was also very positive during the year. With commodity prices being so strong, that has given confidence for the rural real estate side of the business. Rural Supplies also. The Rural Supplies business was a strong contributor, too. Also the inclusion of Nexan helped us a lot, too. Rural Supplies, our Agritrade business, and our agency businesses of livestock and real estate contributed mostly. The Rural Supplies business has a concentration of customer base around the dairy and the red meat club customers. Those underlying commodity price returns drive the performance of that particular business unit. Having said that, we've also seen some market share growth in that particular business as well. That's all the questions through on Slido. Thank you, Ashley. I'm turning the call back to you. Is there any last questions that we may have had on the phone line? Thank you. There are no questions on the phone line at this time. I'll hand back. Thank you. I wish you all a good day ahead, and thank you for your time and listening to this presentation today. We wish all our customers a good spring, because that is key to the success of the PGW business. Thank you very much. Thank you.