Good morning, and thank you for joining GemLife's FY 2025 results presentation. My name is Adrian Puljich, and I'm the CEO of GemLife. Joining me today is Ashmit Thakral, Chief Financial Officer. Against the backdrop of a milestone year for GemLife, being our first full year results post-IPO, I am pleased to report that ahead of prospectus forecasts across all key financial metrics. Today, I will speak to the continuing success of GemLife's vertically integrated business drivers for the year. Ashmit will then take you through the financial performance before I return to discuss our portfolio positioning and our FY 2026 Q & A. GemLife is a leading pure-play founder and operator of land lease communities, boasting a strong track record of operating performance with an established financial history backed by almost 45 years of sector knowledge and experience through its connection with the Puljich family.
GemLife operates a fully vertically integrated business model that delivers superior style facilities and amenities, underpinned by material home building, profit margins, and rental income. At our core, we are placemakers exclusively servicing Australia's over-50s market, providing affordable housing opportunities and well-being, transparency, and long-term financial and life. We now move on to our FY 25 group overview. Our proven and unrivaled vertical integrated group, exceeding prospective forecasts across revenue, EBIT and underlying NPAT. Settlements were modestly below prospective expectations, margin performance more than offset volume timing difference. Average sale prices and home building margins is attributable to GemLife's internal building capability that we define as being a reactionary function, responding directly to seasonality and market forces in each specific geographic location.
This unique approach ensures home building margins by strategically assigning a range of, whether they be single, multi-story, or split-level homes on specific home sites to maximize home build revenue. The average home sale price increased 18% to AUD 833,000, 11.8% ahead of prospective, and the average home rent to AUD 418,000, 12.8% ahead of prospective. Our reactionary approach has led to margin preservation amid Australia's worst housing and construction crisis. Import completed and sold into FY26, supporting earnings visibility into the new year. To this end, we have of underlying EPS between AUD 0.285-AUD 0.30. I will elaborate on this point further toward the end of this presentation. GemLife generates value through two distinct revenue streams.
The first is development profit, utilizing our time-proven proprietary building methods to construct, allowing us to recycle capital into new greenfields development opportunities to support disciplined organic. The second is recurring and growing rental income, retaining land ownership and benefiting from a surplus that continues to stabilize as communities mature. These two revenue streams are home resale agency functions, GemLife Resales. At year-end, GemLife's portfolio hundred sites across 33 communities in four Australia, 2,116 occupied homes, 4,107 sites, 4,244 sites in the greenfields development pipeline. This 10-plus year fully funded visibility over our future organic greenfields growth activity. It has firmly entrenched GemLife as a dominant innovator, strategically positioned to expand for the burgeoning Australian downsizer cohort. Importantly, we do not charge deferred management fees. Moving on.
GemLife's unrivaled, fully vertically integrated business model that ensures consistent development, margin preservation, while also fueling organic portfolio growth. Having enabled us to dynamically manage all stages of the development and operations lifecycle. This includes site acquisition, planning and civil works, through to residential and commercial construction, ongoing community operations, and resale of established homes. This degree of autonomy means we maintain control over all costs, speed to market, specification and quality, while retaining and internalizing the build margin that would otherwise be paid to a third-party builder. Unrestricted building license in each of the operating states, thereby allowing us to contract directly with homeowners to collect progress build process. This unique attribute within the listed landscape allows us to reduce by more efficiently managing our working capital.
GemLife's internal building capability also enables us to adjust build pace in response to seasonality and market conditions while maintaining delivery momentum. GemLife Moreton Bay, shown on slide nine, is a practical example of this simple residential and commercial construction teams operating concurrently, enabling multiple uninterrupted revenue streams to progress in parallel. Finally, we will focus on financial performance. The model is underpinned by long-term community. Our purpose is to create high-quality, thoughtfully designed communities for Australia's downsizer cohort structures.... aging in place design, energy efficiency initiatives, and strong homeowner engagement all contribute to sustained demand and long-term asset value. Importantly, the large community attributes that have made our 3,600 kids, with 47% of new home sales inquiries generated through existing homeowner. I'll hand over to Ashmit to provide a detailed overview of our financial performance.
Thank you, Adrian. Good morning, everyone. Turning to slide nine with our 2025 performance, delivering pro forma underlying NPAT of AUD 90 million. Despite fewer settlements than last year, revenue increased, and both EBITDA and UNII to 10% on FY24. This outcome was driven by the strong sales prices and margins achieved, which I'll expand on shortly. Statutory NPAT includes approximately AUD 49 million of one-off stamp duty on the Aliria portfolio acquisition and higher pre-IPO interest costs. As Adrian said earlier, our business sell homes for a profit through the development segment, and we retain land ownership to generate recurring rental income through community operations, and on slide 10, we break down the performance across these two segments. Both developer formed FY24 and exceeded prospectus forecasts, as shown in the table. Within are sales prices, margins, and settlement volumes.
Together, these drivers delivered development EBITDA 6.6% above prospectus and 7.4% higher than. In community operations, all key drivers improved year-on-year, compounding to produce a 30% in 2024. Performance was consistent with prospectus expectations, nature of this rental income. Looking more closely at development on slide 11, average sales prices and build margins were up 18% and 24%, respectively, more than 11%-12% ahead of prospectus. This reflects both the quality of our locations and our disciplined approach to optimize. We are measured in the timing of new stage releases to the market. This is done to ensure we, once we know how much that home will cost to build. By applying this method, we have consistently maintained our home build margins between four.
That same discipline meant we entered FY 2026 with 246 homes under contract over EOIs, have continued to sell very strongly as well, and add that earlier this week, which we believe is an optimal level aligned with the current build activity. Moving to slide 14. To further elaborate on our debt facility earlier this month, splitting the facility into branch maturing in 2031. This was achieved at the same time as reducing the overall cost of debt. Our debt is 78% hedged, and we believe we are well cushioned from it. With over AUD 250 million available to be drawn under our facility, we're also well maintaining strong covenant headroom. Apologies. I, to page 12.
Moving growth in occupied homes continues to strengthen community operations, while new agreements have contracted increases to site fees by the greater of 3.5% or CPI, 0.3% over last year. This is driven by two factors: one, new residents paying current market pricing, and two, communities where clubhouses reach completion. Resale commissions were well ahead of last year and prospectus as a result of strong resale price. Demonstrate that sector supply is still falling short of demand, leading buyers to purchase completed resale dwellings. Operating margins are used and improved as they mature, we're pleased that we still maintained a 64.6% operating margin across the group, even with the addition of new communities in our portfolio.
When considering the drivers of this segment, more occupied homes, higher site fees, strong resale performance, and margin expansion to create earnings growth. Over the past three years, while community operating profit grew at 39% per annum. On the balance sheet on slide 13, at year-end, comfortably within our target range of 25%-35%. The modest increase and investment into early civil and infrastructure works at new communities. We expect gearing to increase slightly within our stated band at 2026 and 2027, before trending lower as those projects begin selling homes and generating cash. The ability to acquire new sites on balance sheet while remaining within our target gearing range is a key feature of our model, demonstrated by the recent addition of the Townsville site. Turning to page 15, inventory management is another important element of our capital management strategy.
As Adrian mentioned earlier, control build volumes at each site allows us to respond efficiently capital carefully. We also utilize our working capital to build. This is to ensure sufficient product for buyers seeking immediate occupancy and is reflected in our inventory on hand. At year-end, there were 59 completed homes construction, a big step up from June, demonstrating our ability to... Importantly, of the 59 completed homes, 38 were already sold and could have settled in our 21 unsold homes across 10 communities, if we exclude the display homes, the number of genuinely under 10, highlighting how effectively the platform manages inventory and working capital. On that, provide key updates.
Thank you, Ashmit. Page 17, we now review the portfolio. We now have 10,400 sites across Queensland, New South Wales. Geographically, our portfolio remains weighted toward high-demand coastal and regional pronounced undersupply of downsizing opportunities for our target customers. Queensland remains our largest market, followed by New South Wales with 7, South Australia with 1. Importantly, the portfolio spans active, under development, DA approved, and providing responsible, fully funded growth for at least the next 10+ years. When considering land opportunities, GemLife natural undulation, view corridors, aspect, and breezes. These top building capability, enabling us to deploy a range of curated home product types across specific home sites to maximize. Australia's land lease, legislative, and regulatory framework remains deeply fragmented across.
To hedge differing legislative requirements and regulatory risk, universal proprietary chassis system that ensures compliance with movability requirements in each of the . Over the last six months, we secured development approvals for 604 additional homes. Earthworks and civil construction are underway at seven communities, and active home construction is occurring across 10 communities. We also commence GemLife Fontaine and Highfield Heights, further broadening earnings contribution. Facilities have also commenced in earnest, including country clubs, summer houses, and other sports, which underpin pricing strength and homeowner satisfaction. Vertically integrated business model allows for steady and disciplined construction progression across multiple sites, manages concentration risks, and ensures consistent delivery of products to the GemLife standard. Moving on to outlook and guidance on page 21.
Looking forward to over 4,000 home sites under development and development approval, and a further 4,200 home sites. Capital recycling from near complete communities into new greenfield development intend to achieve our aspirational growth objectives. Recycled capital has most recently been deployed at our latest greenfield development site in Townsville, which, upon development approval, will boast 550 home sites. We continue to innovate in both format and delivery. GemLife is continuing to pioneer through the upcoming development of Australia's first vertical land lease community on the Gold Coast and the success Pocket Park community at GemLife Fontaine in Rockhampton. Our vertical multi-story land is living landscape and provide operators the opportunity to target middle and inner-ring metropolitan locale and access to the land lease model.
Pocket Park development, comprising of 50-100 homes per community, situated within established urban or regional locations, providing a practical downsizing option for older Australians and seniors seeking lifestyle-orientated living. GemLife is also in the early stages of pioneering a new factory-built home construction and building method that will enhance build margins across the group, further improve build 16-week build program, reduce waste, and enhance our ESG credentials. I am pleased to report that we delivered a post community on the eve of Christmas 2025, and its application and will continue to develop the business case. Over far, so good. In FY 26, our focus remains on disciplined execution and preservation. While we expect to settle over 420 homes, earnings remain out.
We have provided FY 2026 underlying EPS guidance of AUD 0.285-AUD 0.30, representing growth of 20%-27%. This is well supported by both construction and sales. As at year-end, we also had 246 homes under contract or with expressions of interest. While early-stage communities, the average sales price of the 246 homes we have sold is greater than the average sale, providing strong visibility into 2026 earnings. GemLife remains bullish on the favorable long-term trends and demographic tailwinds expected to persist over the next 20-30 years. Overall, FY 2025 demonstrates the scalability of our model, the visibility embedded in our pipeline. With that, we're happy to take 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, if you are on a speakerphone, please pick up your handset. First question comes on the line of Connor Eldridge with Bell Potter Securities.
Morning, Adrian, Ashmit. Thanks for your time this morning. First question from me, just around, maybe give us some color on the key projects contributing to that AUD 420. Just looking like Gold Coast and Moreton Bay are obviously... Yeah, maybe just the number of actively selling communities for FY 2026, so I guess we can start thinking about sales rates.
Sure. At the moment, we have active house construction across 10 communities. That's at Elimbah, GemLife Fontaine, Gold Coast, Highfield, Moreton Bay, Palmwoods, Rainbow Beach, and Three Borders. Importantly, we have another seven communities where earthworks are underway, as well as our site at Beachmere and New Gisborne. Those will all start contributing towards the end of the year. We expect the year picking up what projects are finishing in the first half of the year.
Great. Average sales price, premium homes coming through obviously push that number up a little bit, for the full year. Just wondering how we should think about the mix of homes going into that average sales price number to land?
Of the current sale prices at FY25, we've actually given a breakdown on page 30 in the appendix. That's the graph on the right. A lot of homes in that sort of standard range, over AUD 1 million ex GST. Having said that, the average sales price of the 246 contracts in a year, on the year was actually higher than the FY25 average. Even though we expect new sales, and new communities to start at more standard homes, we still believe the average will 25.
Yeah, great. That's very clear. Just a final question from me, just around cost pressures and what you up in Queensland, just with, you know, materials, civils, labor, and I guess how confident you are in being able to sustain these strong development?
Yeah, thanks, Connor. Adrian here. Look, we continue to manage that responsibly with our suppliers and subbie networks. We have had for quite a number of years, where we actively manage inventory and balance sheets of our subbies and suppliers to ensure that they are able to assist GemLife's growth. At the moment, as far as GemLife is concerned, we are managing those risks extremely well. No doubt there are price point pressures and cost escalations starting to creep in. However, as a business, because of our vertically, there are many levers that we can pull before there is any building margin erosion. Monitor weekly, but at this stage, managing quite successfully.
Thanks, Connor.
Thank you. Next question comes on the line of Adam. Please go ahead.
Hi, Adrian and Adrian. You got 246 contracts on hand at 31 December. How's that tracked year to date?
Thanks, Adam. That's a great question. We have 301 sales on hand, including 69 EOIs. We measured with how we release stages. It was the right time to release those stages. In the first half of the year, we've seen a really good uptick. Whatever we've settled year to date, we've replaced with a new sale and on top of that to refill that bucket.
Okay, that's pretty clear. I'm just trying to reconcile, I mean, you or above that number for settlements, but I mean, at that sales rate, with those current contracts on hand, it seems like to get well above 420. I mean, what am I hindering that number?
It's a combination of a couple of things. I think completing this year and a few communities that are starting towards the end of the year. Yes, I guess the current sales at hand are pretty strong, but, you know, there's not many competing communities like Rainbow Beach and Tweed Waters, you know, they're all spoken for, but really it's the new sales of the second half. It's more of a timing thing, but really with the number of active projects we have in the second half of the year, 2025, 2026 guidance is in line with just with what's active at the time.
Maybe just one more just on the... I mean, if you, if you take the average sale price, you put a margin on it, and assume the rest of the business is tracking with top end, if not above that, is there anything that's going to be dragging at 28.5%-30%?
Yeah. One thing that made is that we're marketing a lot of new sites that will come on in 2027, second half 2026. There, there's a lot of set up and, I guess scalability call that future growth. Otherwise, yeah, look, things are obviously we hit our numbers appropriately.
Adam, Adrian here, just to add to Ashmit's comments. Look, where we need to revise guidance this year, we will do so. What we security holders had confidence in GemLife's ability not to blame weather and other reasons for not delivering. We've taken a very consistent approach as an operator, developer, and builder, that we are releasing, we can price correctly and ensure a margin. Whilst we look at those numbers and the guidance we've given you, paper, you know, there are many factors across multiple locations that could potentially drag them, that with the numbers that we've provided today, we should very much be FY 2026.
Great. Thanks, Adrian and Ashmit. Congrats on the result.
Thanks, Adam.
Comes on the line of Lauren Perry, Morgan Stanley. Please go.
Just on the FY 2025 result, you delivered AUD 300. Originally, you've been saying AUD 333, and why those have slipped into FY 20-
Look, I think it's important to know, Lauren, it's a very good question. We had 30 at year-end, that could have settled in F 25. Really for us, they're just timing differences. More importantly, for GemLife, noting that we are not a widget business. For us, we are a margin-driven business who to grow our portfolio organically. Those homes that are now starting to settle in the early part of this year to date and reflect on January and February and now obviously into March, the guidance that we've given for the, and strong on delivering.
Was this more like or were you managing the process?
Just timing differences, obviously, with so much activity, some people push their settlements into January, just smooth transition from their homes into ours. At the end of the day, we're confident in the margins that we will receive for those homes. As far as we are concerned, it's not so relevant, because, you know, they are still profitable sales and they complement the.
Just to add to what Adrian is saying, Ashmit here, obviously, the 21 homes that didn't settle now fall 26 earnings. The fact that we still surpassed our forecast by 4%-5% and giving clear visibility of additional earnings that clearly didn't exist before, is, we view as an overall positive.
Yeah. Just on that, Lauren, Third only had 10 homes. When you strip it all back, there were only 10 that remained unsold in the group. We were very inventory light, whilst also recognizing the fact that no homeowner missed out, nor did we miss out on a sale.
Just on production, you've called out you've got 300 lots under production at the moment. You've got seven sites. Can you give us a bit of a feel how you expect the product course of the year, and particularly as you hit the end of FY 2026, please?
Very good question, Lauren. Look, you might where civil construction's now in full swing. I can say that we have now filled all of the positions required to now execute home delivery and amenity delivery. We certainly anticipate half, and we are primarily positioned to capitalize preservation and growth across those communities based on what we are seeing from a house cost perspective. Whilst we have a number of communities, this first half coming to what is, which is Ashmit, raised earlier, for us, it's very much those Aliria communities that we acquired, will now come into their own. That's why in the past, when we've spoken to that uninhibited runway to embark on that runway, kicking off in the second half of-
Okay, great. Just final one from me. Can you make
first half, second half
skew that you expect on the settlement numbers, please?
There is always a bit of a skew. November, December tends to be a bit stronger, not materially so this year, simply just because, I guess instead of finishing in the first half of the year, that's replaced by new community.
Great. Thanks, guys.
Thank you. Next question comes from the line of Suraj.
For the opportunity. A couple of quick ones. Just looking at the slide 28 at the back, I know, Ashmit, you've called out number of communities, you know, being becoming active. Walk through which ones they will be out of the under development.
All of them except New Gisborne, which will probably fall into. Just to list them out, Beachmere, Cotswold Hills, Elimbah, The Greens, Lighthouse Bay, Logan Grove.
Then what typically consider, you know, on these communities, like, you know, on a monthly basis or a quarterly basis, is a good number, or that you're targeting, you know, just in terms of the velocity of sales and volumes?
A good question, sir. A new month, until we sort of, you know, can establish a track record and we can feel we can ramp it up but to Adrian's point earlier, we always respond to market forces. If we feel, you know, demand any year, we will add more, but for forecasting purposes, we, you know, three per month is probably fair.
Thank you. I guess just one question on-
Oh, sorry. Sorry to cut off. I should note that particularly through the second half. Does that make sense? It's not everything starting-
Yeah.
from July, but they feed in.
That makes sense. Then just on the Queensland, it's obviously keen to understand how things are going there and with respect to market inquiry and any changes you've seen, there's obviously a lot of chatter around in Queensland housing. Obviously, you guys are, you know, at the other, you know, land-based accommodation, but, you know, how are you seeing the housing fees and the sales rates, you know, being impacted?
Yeah, Saraj, good question. Look, the Queensland market is still performing quite strongly, and certainly outperforming the other states and territories as to what GemLife has experienced. For the month of December, where we traditionally receive for December 2025, we had over 1,000 inquiry. Into January, we actually placed 55 in stopping communities. That has continued into very similar activity going into March. It's still very much outperforming the other states. We're very confident, we're very bullish on Queensland. That's not to say that our attention is not turning to Victoria and New South Wales in those states and a couple of development opportunities where profit margin that are currently being negotiated on in the medium to long term.
Makes sense, Adrian. Just one final one for Ashmit, please. Obviously, a big step up in settlements next year. Can you talk to tax outlook, you know, tax rates and maybe, you know, into next year, please, if possible?
Yeah, good question, sir. Look, I think as sort of like earlier, we do expect because we're putting a lot of investment into these new projects that are currently any positive cash flow, but they are kicking later. Yes, part of the PNL of next year is, there are sort of expected, generally in the medium term, we feel our effective tax rate will, but that will happen gradually over time.
Any expectations for 26 jump from where you are currently?
Yeah. Just again, it was, because of, your tax losses to IPO, there's a few deductions still flowing through, so, but no real, expectation largely about what we did this year and closer towards the 10%.
Next question comes from the line of Adam Best with JP Morgan.
Hi. Thanks for taking my question. Just a quick one on Townsville, but I guess just what gives you confidence around achieving the DA? I'm just wondering what site, when you acquired it?
Great. We have supreme confidence in achieving the DA up in Townsville, wall site. For those that don't understand code assessable, it essentially means the site benefits from type of use. We then have obligations to satisfy ecology and other matters such as traffic as well, in achieving a DA over the course of the coming 12-month period. In terms of the Townsville market is booming. It is a beneficiary of significant government funding, particularly ability aspect of Townsville has also been appealing from a migration perspective, site and competition for site, leading land lease operators that were considering this site. And we also need to make reference step.
We're extremely excited to be delivering what is typically a superior GemLife product in a market that has unsatisfied demand.
Clear. I guess probably just turning to settlements and I guess the increase in settlements. I'm just wondering your thinking around what would be the drivers in you guys stepping up these settlements rates in your out years and your key levers that will get you increasing that?
Look, I think, something that we here at head office consistently debate, recognize that all of GemLife locations are in design where there is a burgeoning cohort of downsizers seeking the GemLife product. For us, it's all about speed, how quickly we, you know, we are blessed with that cohort, as I said. It's being able to service that through, and for us, it's being disciplined in the way in which we release our staging, and how we can improve the numbers. Be disciplined in the way in which we release the homes, noting that now we are across multi, and we are solely focused on that margin to add to.
We're confident that, if the market persists, and the environment persists, GemLife is prompt coming through these locations.
Following on from that, I guess with gearing ticking up and if you guys were to increase capital management strategy.
Yeah, our capital strategy is obviously critical, for our growth objectives. You know, we've obviously continued to give guidance on that target range, and to stick within that range. What we see facilitate is that margin. If we can continue to derive healthy margin, and also maintaining our debt levels, we are still comfortable that we still deliver new communities within the existing portfolio. Projects, as Ashmit and I touched on earlier, we have a number of projects where cash is coming back into the business. The IPO, we obviously raised sufficient capital to not only power the 10-plus story, but we also had full confidence in knowing that there was additional GemLife Communities that would allow us to do things such as Townsville.
Would we see that heavy lifting coming from the range that we've given, but also from the margins across these locations, noting that they are ideally cooperators would like to be in.
Yep. No.
Thank you. Peter Davidson, Pendal Group, please go ahead. Peter, please go ahead. Oh, Adrian...
Adrian.
Peter, please mute yourself.
Yeah.
Yep, please go ahead. Thank you.
Adrian, vertical land lease initiatives. Can you just expand on that?
Thanks, Pete. Good question. It is an exciting, an exciting development for the land lease sector in particular. We've been bent to ensuring that the vertical land lease model adheres to the regulatory and legislative states and territories. Being at pace, we're very excited to be working cooperatively with Gold Coast to market. When we look at some of the price points at the southern end of the Gold Coast, you know, being Burleigh Heads, Palm Beach, are very good. This, this complementary mix of land lease product that we think will do really well, will enable other operators to view vertical land lease as a viable alternative.
You know, as we've discussed previously, we have very growth objectives that we want to hit over the coming years and decades. What of customer coming through for the next 20 to 30 years, we aren't going to be the only sites that will deliver that growth for us, and provide different product types, which is why we've looked at Pocket Parks and have been quite hope that our vertical land lease in Currumbin Waters will do the exact. With respect to the modular builds, because we have that in being developed over the last 45 years, with looking at alternative building methods that will make us become more efficient and drive grab.
I don't think we are saying anything new when we speak to the employment rate in Australia, the lack of trades that are there to actually deliver this product, continue to deliver these margins the last seven years of data that we've provided. We are sober to the fact that we have to, and one of my critical requirements, modular, that it doesn't look modular, but still the modular home. At Rainbow Beach, and that house stood next door to constructed homes and super impressed what a factory-built home next to a traditional home. We'll say more on that in time.
This is testing financial metrics, prosecution, with Ashmit and the team, into lightly, and we hope to be able to report and indeed at next year's full year results as well.
Next question comes from the line of Solomon Zhang with UBS.
Good morning, Adrian and Ashmit. Actually, it's helpful to get the distribution of-
... prices, and it does seem that maybe premium homes, your expectations that you set at the start of 2025. Just wondering how this is still sitting in the same sort of premium versus standard mix or the premium percentage and therefore drive higher SP?
Good question. It's a good question. I think really what drives the prices is a lot types. We always wanna take advantage of the specific or, you know, whether it makes sense to do a split level driving factor. That, look, that mix will change year on year, no doubt, to areas that the most important thing is that the pricing that we see on the higher than the average in FY 25. I'm looking quite positive, you know, we'll continue to review that year on year.
Just on that point, to reinforce Ashmit's comments there. You know, we are very disciplined in the way in which we release those stages and those home designs on those. Yes, we are in a booming market to chase premium pricing for special homes, bespoke homes on these lots. Again, you know, for whatever goes up, GemLife has a multiple range of product types, you know, as anywhere from AUD 600,000 all the way up to that AUD 1.85 million. As I said earlier, the ability of different levers to manage, you know, inflation and material shortages and people shortages, you know, there are so many levers there, and I'm proud of those.
All right, Can you just comment on sale to some timeframes as well and how they've evolved? Has it been relatively stable, or has it increased?
No sort of increase or decrease noted. I think one thing that our buyers are generally not as sensitive to interest rates. You know, their house in suburbia, and funding a house with cash, so they're not taking mortgage, leave savings and super all tied up in term deposits, so if interest rates goes up as well. Kind of some of these macro conditions that may, you know, affect personal buyers, don't.
Great. That's it for next.
Thank you. There are no further questions. Closing remarks.
Before we give thanks to the exceptional people that make up the GemLife family, appeal of the product offering and the lived experiences of our valued homeowners. They are a direct reflection of your hard work, passion, and commitment to making GemLife best in class in everything that we do. To our bank, no inception, and for continuing trusted entity. A special thank you to our security holders for your continued confidence in our strategy and aspirational objectives and growth journey together. Homeowners who are at the heart of everything that we do. Whilst we made by your trust in the business and its people, and we are proud to be at your service, and lived experiences that ultimately underpin the strength of our brand and our board. For joining us today, Ashmit and I look forward to meeting many of you. We will now conclude the call.