Good morning and welcome, everyone, to an update on Vital's first half performance. I'm Jason Pigott, CEO, who will be presenting this and answering questions at the end. Fundamentally, on this call, I'd like to provide an update on first half performance and results, operational progress, and our outlook for the full year. We can just flip to the next slide. Just the general disclaimer that we're all used to, you know, obviously a reasonable care has been taken in compiling the presentation and all the data involved. Let's crack onto it into the next slide. Just briefly, Vital's a well-established business, and we've been in operation for 30 years and listed on the New Zealand Stock Exchange for 20 of those. Many of you will be aware, however, for those who may not, we own and operate critical telecommunications infrastructure from fiber networks in Wellington and Auckland to land mobile radio, both what we call trunking and conventional networks across the breadth of the country. We also operate more than 250 microwave links, many owned by us, but we also operate and maintain for others, Powerco being a prime example. We operate across multiple industry segments, from government to emergency services, health, utilities, and energy to transport, logistics, telecommunications, and more. We have approximately 65 employees and are supported by technology and service companies the likes of Tait, Nokia, Downer, Ventia, and many others who enable Vital to provide our solutions to customers. That is just a snapshot of who we are. We can just flip to the next slide. You know, this slide won't come as a surprise to many of us out there at this moment. You know, it is a challenging environment. Macroeconomic conditions have been deteriorating with six months to 31 December 2024 fall in GDP exclusive of COVID, the largest since 1991. According to Centrix's data, company liquidations are up 39% year on year. These headwinds are particularly acute in Wellington and the public sector. Vital does have an exposure to Wellington and the public sector, and this, as you will see, has impacted revenue in parts of our business due to enterprise customers downsizing or relinquishing connections. This has had an adverse impact on our wide business in the first half of the year. We're not alone, as you've all seen. There have been some sobering results in recent times in the market. However, from Vital's perspective, our operating progress continues against a difficult trading backdrop. If we hook to the next slide and throw a little bit of a, so what's happened in the first half? On the surface, the first half results are disappointing. However, we're confident of a stronger second half performance. Economic conditions have put downward pressure on components of our revenue, which includes, as earlier mentioned, the shrinking public sector and general economic malaise that's out there. A loss after tax of $500,000, however, when adjusted for lease accounting, is $400,000, is down on a small profit for the same period prior year. Adjusted EBITDA of $2.4 million is down 24% on the same prior period year. Operating costs remain tightly controlled, and whilst up 2.2% overall, this increase reflects the increased cost of newer one-off revenue streams. Our wireless channel strategy is delivering results. For example, our win with Fonterra, further wins, including delivering connectivity into the Lodestone solar farms, and thanks to our work with Lexel, one of our channels to the market. In a challenging market, there has been top-line growth of 0.8% in our wireless segment on the same prior period for last year, which is solid progress. This is further evidenced with our win with Transpower to deliver radio relay links as part of Transpower's investment to refresh its TransGo network. While this doesn't contribute revenue this year, this is a decade-long contract that will contribute revenue and earnings from next year onwards. This further demonstrates our leadership in the energy and utilities market segment, complementing our existing contracts with the likes of Powerco, Wellington Electricity, expanding work with Horizon Energy and the earlier mentioned Lodestone work and services we've recently provided to Meridian via One New Zealand. Results, however, in our wide division are more sobering. New connections and wins have been more than offset by the impact of the shrinking public sector economy. Engagement with channel partners, key customers, and prospects remains strong. However, the economy remains in a difficult position, and the market focus has been more around rationalizing or relinquishing fiber circuits from some of our enterprise customers. Late in the first half, we've commenced a partnership with another provider, another fiber provider, where the intent is to leverage each other's fiber networks. This will create a broader cross-selling opportunity and effectively virtually expand our networks. The partnership will leverage our significant network capability and capacity to deliver services between Auckland and Wellington and to other areas within our nationwide reach. Back on our major customer win, we're very proud of our win with Transpower and an 11-year contract, and again, evidence of our leadership presence and growth in utilities. I have a chart and a couple of slides that highlights our growth in that sector. Our full year 2025 guidance remains on track, but economic uncertainty does remain high, and therefore we may soften to the lower half of the range. We have a very clear line of sight over what we need to achieve and execute in the second half to deliver. Our customer and culture progress further in the pack is a slide providing visibility of key metrics, financial and non, over the three years, which I'll take you through. Whilst we continue to look forward, it is important to pause and reflect on quantified progress. To highlight, however, we as a company and personally are exceptionally proud of our customer and employee progress. Our customer Net Promoter Score of positive 41 is an exceptional effort, particularly in the telco market, and our employee promoter score of positive 34 is also very pleasing. For context, our customer Net Promoter Score was negative 7 in FY2022, so a 48-point swing in the last two to three years. Our employee Net Promoter Score was positive 4, so a 30-point positive swing there as well. If we just flick into the next slide. The first half financial snapshot. As mentioned, the main driver of the lower results were our wired fiber revenues being down approximately 12-13%, reflecting the difficult economic conditions for customers. From an operating expenses point of view, our people costs are up 3.8%. However, this will decrease in the second half through increased deployment of activities on future revenue-generating capital projects and the result of some headcount changes late in the first half. We also continue to optimize our networks, reflected by a further 2.2% reduction in lease costs. The increase in selling and other is driven from the cost of goods associated with increased installation and hardware sales compared to the same period prior year. For example, hardware installation activities associated to customer fleet upgrades. EBITDA, whilst down in the first half, we expect a strong second half. Most of the forecasted uplift in the second half is linked to in-flight projects and committed orders from customers. Whilst small finance costs have started to decline, further OCR rate reductions will generate further savings here in the future. Onto the next slide. Thank you. Revenue. Whilst the 4.1% reduction in the same period last year is disappointing, what is very positive is our continued growth in utilities and utilities and energy segment. The outlook in the chart for FY25, so the chart down the bottom, is effectively secure. It is all contracted activities, and moving forward into future years, our Transpower contract will further add to this year-on-year growth. Whilst revenue growth is fantastic in the segment, it further demonstrates our leadership and supports Powerco, Wellington Electricity, Unison, Horizon, Lodestone, and now Transpower added to the mix is a great reference. However, offsetting is our decline in wired fiber business. These are no doubt disappointing results when we continue to work closely with our channel partners and key direct customers to arrest this decline. The economic environment, Wellington in particular, certainly hasn't helped. Overall, we are expecting revenue growth in the second half and deliver in the guidance range of $26 million-$27 million for the full year. Moving on to the next slide. Thank you. Of our two groups, wireless, and just moving into wireless before we move into radio. Look, overall, a 0.8% revenue growth in the same period last year is a really solid result here, and we're very happy about that. The makeup of the revenue did result in slightly higher costs, which did have an impact on EBITDA. Capital expenditure remains well managed, and our second half, we expect revenue growth off the back of the new utilities projects coming online. That's not the Transpower one as such at this stage, but this is the wins we've had in earlier days with Lodestone and Meridian, where that revenue and those builds are complete, so the revenue will now start to flow from those. We're happy with the way the wireless strategy, direction, and financials are tracking. Moving into wired. As mentioned, this is disappointing off the back of a 13% decline in revenue against the same period prior year. We've put a lot of effort into the segment in the past couple of years. We've removed the barriers that existed through the introduction of our portal to make ease of procuring easier, our reproductization to make it easier for our customers to benchmark against the market, our repricing to ensure we're commercially competitive, and also our service remains second to none in this space. Whilst we're securing and winning new business, this has been more than offset by an economic environment working against us. There are signs of some positive sentiment. The last couple of months have seen a flattening of relinquishments, and our Ethernet product for January and February, we've seen a net positive in circuit growth. We continue to work with our partners, and you will have seen we're in the process of partnering with another fiber provider where the intent is to leverage our existing network infrastructures to collectively grow our businesses. The partnership will leverage our significant nationwide network capability and capacity to deliver services between Auckland and Wellington and to other areas within our reach. We continue joint workshops this month. Moving on to the next slide. Thanks. The balance sheet. Net debt remains relatively flat, $13.5 million. Operating cash flow for the first half has reduced against the same period prior year, the main driver again being the decline in wired revenue. Capital expenditure remains well managed, and 53% of the first half relates to customer funded. This is positive as it means the investment generates future revenue. Our capital management continues to focus on further deleveraging of the balance sheet and to continue focusing on reducing net debt. Moving into an operational overview. In summary, the last couple of years has been focused on putting the building blocks in place. Whilst at present, we aren't seeing the returns at an overall top line that we would like, we have seen significant progress on other metrics. When we get to the next slide, you'll see some of this. Winning Transpower is a significant achievement, an 11-year contract which we won off a long-standing incumbent. Once built and fully in service, this is expected to add circa 10% EBITDA growth on an annualized basis. Wireless wholesale strategy and winning Fonterra back is a good result. Utility leadership with our recent wins with Transpower and Lodestone to complement our legacy customers, Powerco, Wellington Electricity, Unison, demonstrates our growing penetration in the segment. Operating costs remain controlled. Our internal capital expenditure continues to decline, and our ongoing efforts on customer culture continue to trend positively, I firmly believe, to key building blocks for future success. Moving into the next slide, which talks a bit around our performance over the past three years. While we always continue to look forward, occasionally it's useful just to pause for a minute and look at our progress over the past two to three years. We've successfully stabilized the business. EBITDA has been consistent. Some tough commercial decisions have led to a more efficient organization. EBITDA increasing from 17.9% to close to 24% demonstrates this. Capital expenditure as a percentage of revenue has decreased from 20% to south of 10%, and cash flow is trending positively. Whilst I talk about our improved customer engagement culture, the metrics back this up. Our focus, however, does continue on addressing the top line. Moving to the next slide and looking ahead. Our second half is expected to be stronger than the first half. We have a clear line of sight and have rigorously reviewed and validated the numbers and are holding our guidance. In saying that, with the continued uncertainty in the economy, we may soften to the lower half of EBITDA. The widening of the free cash flow range is a reflection of the potential impacts of projects such as Transpower and purely just the timings of cash flow. We're heavily focused on executing in the second half. Looking through into FY2026 and onwards, we'll see a deployment of the Transpower radio relay links, expected fiber growth through partnering and continued organic growth in utilities and energy. Moving to the next slide, which is effectively the final slide with it. FY2025 guidance, we've maintained our revenue, EBITDA, and impact ranges. Adjusted EBITDA remains on track. However, as mentioned, the ongoing economic headwinds and the lag for economic improvements to flow through to customers means we may believe it may be more likely to be in the lower half of the range. Our free cash flow range has been widened just to reflect potential timing impacts of customer-funded projects. At this stage, that basically concludes the presentations and provides a bit of an overview, and I'm happy to take some questions. We'll probably just pause for a bit to give people an opportunity to log their questions online if they have some. Currently, no questions at this stage. Okay, I do have a question that has come through. This question is around, many of us are operating businesses in these challenging times and successfully growing through innovation. Do you think Vital is being sufficiently innovated with its product offerings? Yes. Again, where we sit, we're tweaking. A lot of our focus at present has been coming back to the core of what we do with our networks, but we're certainly looking at in the fiber space is looking at some new product development in there, which is not necessarily just, you know, say a dark fiber, but different ways of how we could potentially split that up and be more efficient. Obviously, in our offerings in the utility space, is it innovation or is it meeting market demands? It's probably a combination of a couple of things. I think in the LMR space, we're certainly, you know, what else can we put over the top of those networks? You know, is there IoT devices? Is there is there ability to, you know, help with consoles? Is there the ability to interoperate between, you know, the LTE cellular and the radios and so forth? I'm actually up in Auckland this week, and I've got some conversations with another telecommunications company, seeing if there's any sort of possibilities around LTE, us, what we can do and how we obviously commercialize these things and return on investment. There is always room to be more innovative, but we do continue to search and push. Here's the next question. Any dividends coming up for shareholders? At this stage, the focus remains of our capital management on deleveraging the balance sheet. I will defer that one to my Chair and Board probably, and we can update further later this year on if there's any changes to capital policy. At this stage, very much around deleveraging balance sheet. No further questions at this time, but I'll just give it another minute. Yes, so a question on, has the liability of Empire's legal action been settled? You would have seen some of the update that we had at the end, but where that is, and just for, you know, just to summarize the Empire, under the Takeovers Act, Empire is required to reimburse Vital for properly incurred takeover expenses. We've provided all the relevant information, and Vital has made a formal request for the Takeovers Panel to determine the amount of expenses that they must reimburse, and we're still awaiting that decision from the Takeovers Panel, which we believe is not too far away. We're firmly of the view, obviously, that everything we incurred was absolutely properly incurred and reasonable. Okay, that might be about it, I think. No further questions coming through at this stage. Okay, so thanks for your attendance.