Thank you, Betsy. Once again, thank you, everyone, for making the time. We know what is a busy couple of weeks for everyone. It's pleasing to be able to present what we consider a really strong set of financial results for the full year of FY2025. If we jump into it, and we'll cycle through probably to slide four, thank you, Betsy, which is the financial highlights. The really pleasing thing about this is the financial highlights and improved financial metrics have been consistent through just about all of the different key metrics that we track. We did see revenue growth by 9.5% to $267.1 million. That's a combination of a full-year run rate of previous acquisitions, as well as organic growth in both segments that we operate in. Just as pleasing, or more pleasing, is the fact that that revenue growth dropped into profitability at a higher rate. We ended up with EBITDA margins at 10.2%, which is in line with our previous communication of striving towards double-digit metrics in that particular space. We saw net profit before tax of continued operations grow 38% to $12.7 million for the full year. We saw a strong cash conversion in the 80s, which we'll talk through a bit later, but operating cash flow was $17.3 million. A chunk of that operating cash flow was used to pay down debt, so $7.2 million worth of net debt at the end of the period, which was a decrease of $8.7 million, and puts the leverage ratio sitting at 0.3 x. We did see the profit flow into strong EPS growth from continued operations, up 43.9% on the prior year, which resulted in a final dividend of $3.12, taking the full year to $6.17 per share, up 20% on the FY2024 period. If we jump to the next slide, we think it's important to recognize and demonstrate that it's not a one-year story, that the business has shown continued growth in revenue, but also with a focus on improving margins since the separation of the trailer business, which, if we think back at the time, the business had $137 million worth of revenue, of which a large portion flowed through to the previously owned trailer business and was operating in mid-single-digit EBITDA percentage range. That improvement and the sustained improvement has come from a range of different initiatives, including core acquisitions in the MaxiPARTS operations, expansion into an adjacent revenue stream with higher margins in terms of the Förch Australia business, as well as maintaining our focus on implementing a continued stream of organic projects to drive both revenue and margin % increases over time. We can see there that the CAGR growth rates have 25% at an EBITDA level over that period. If we look at revenue excluding the sales to the formerly owned trailer business, a 27% CAGR over those years. If we jump to the next slide, this time 12 months ago, when we released our FY2024 results, we highlighted that the business would focus on four key items. It's really pleasing to see that we've delivered on all of those commitments. We've seen margin improvements, as we said before, jumping to greater than 10% for the first time since separation. We certainly have a more diversified, resilient business within the independent parks, which has bolstered our WA presence. That has been a stronger local market in the last 12 - 18 months. We have seen year-over-year growth in our underlying businesses in those segments that we've generally considered a challenging market. In terms of systems integration, it's pleasing that we've gotten through all of the planned systems integrations or upgrades that we highlighted. The MaxiPARTS operating business both upgraded its version of its ERP system and then consolidated the independent parks database into that system during the year with little to no interruption. The Förch Australia business has transitioned to a new CRM system that has significantly enhanced functionality, which will allow us to drive sales efficiency through that sales team. All the IT integration activities relating to any of the acquisitions that have taken place over the last three years are all complete. We have extended our debt facility out to September 28, which has resulted, in addition to, as well as the time extension, a lower fee structure as we move forward. As I mentioned before, we have paid down debt, which was flagged as our intent 12 months ago. We did resolve the lengthy dispute in relation to the trailer solutions business over the year that did result in a net cash inflow, but also removed a distraction from the business and a risk of further legal fees. We have invested in inventory to support not only growth areas, but a new Kalgoorlie store in a key market that started trading in July 2025. The Förch Australia business has been a key part of our story this year, and we expect it to be a key part of our story as we move forward. We did see revenue exceed $20 million, which was a 13% year-on-year like-for-like revenue base. That was further enhanced with the acquisition of Förch Brisbane. We did invest heavily in that business in the first year after MaxiPARTS bought it, which did see the profitability step back from traditional levels, but it was pleasing to see the EBITDA margins start to lift back up above the traditional MaxiPARTS rates. As we grow that business at an accelerated rate, the higher margins will also continue to help us grow our higher overall average group margins as we go through. We also completed the acquisition of the 20% minority shareholding that the Förch business had, which completed in July 2025. As part of that exercise, it was pleasing we worked with the German parent company of Förch to further extend the Australian distribution rights for that business out until 2032. With that, I'll now hand over to Liz Blockley, our CFO, to take through some of the more detailed areas of the financial statements. Over to you, Liz.
Excellent. Thanks, Peter. I'll now take you through the financials of the group. Pleased to present what we deem to be quite a clean set of numbers to give you some solid comparatives to show you. I'll start on slide eight, please. I'm looking at the profit and loss. Again, a lot of these were called out already in the highlights page, given some strong metrics there. I won't repeat too much. Revenue of $267.1 million was up 9.5%. As Pete called out, it was really pleasing. Both the EBITDA growth in terms of dollar terms of 18.4% for $27.3 million EBITDA, but also the 10.2% EBITDA margins that we achieved, which were up 70 basis points or 7.8% year-on-year. We do consider this to be a very pleasing result from the group achieved for a combination of factors with the additional revenue scale that we've pulled through from the business, the strong pricing discipline that we need to manage on a daily basis, the improved product mix with the higher margin sales with both the Förch and Japanese product ranges being key organic programs there, as well as on the close management of our cost base across the group. Moving to the net profit before tax and amortization line item, $13.5 million was up 23.8%. Pleasing to see that we've pulled through all that from the revenue and margin slowly through all the way down to that line item. Net profit before tax for the continued operations of $12.7 million was up 38%. The FY2024 comparative had $1.1 million of significant items in the cost base in relation to transaction costs associated with the acquisition. These weren't repeatable in the FY2025 year, a big part to the improvement in that line item. The reportable profit for the group of $7.9 million was up from $2.8 million, which does factor in the losses reported in the discontinued operation line that we've now, as we've reported, achieved resolution on the discontinued operations dispute with the freighter group. I'll now move us to slide nine, please, and talk through some balance sheet highlights. We've called out the headline of both debt reduction plus further investment in inventory. We're noting that we have reduced our net debt from $15.9 million to $7.2 million during the period. We invested an additional $5.5 million in inventory across our segments throughout the course of the year. Overall, the total working capital of $72.6 million was slightly up for the group, with the growth in payables offsetting some of the growth in inventory that I just called out in the previous statement. In FY2024, we held a financial asset of $3.2 million, which was related to the dispute with the freighter group. That's all been settled in full now, so hence no more financial asset being reported there. Looking at the DTA line item, we have an $8.9 million deferred tax asset there, of which in that balance $7.8 million relates to income tax losses that will provide further cash flow benefit for the group over the FY2026 period in its entirety and into the FY2027 period is what we're expecting there. The last item I wanted to call out was the financial liability of $2.2 million that relates to the buyout of the remaining 20% stake in Förch Australia, which, as Pete's already alluded to, we have subsequently completed that transaction in early July 2025. We move now, please, to slide 10 on cash flow. Strong operating cash flow conversion of 84% throughout the year, up from 69% in the prior year. We did have a net cash inflow for the year for the settlement of the discontinued operation dispute with freighter group split across two line items there in the cash flow. We see outgoing for the expenses as well as the proceeds from the legal settlements. Capital expenditure for the year was $1 million, again demonstrating that the business remains capital light and does include costs of those system upgrades in the IT space that Pete alluded to earlier on. We paid down $7 million in debt throughout the period. We move now to slide 11. We've called out the highlight there of the full-year dividend up 20%. The group's just declared a fully franked final dividend of $3.12 per share being declared for the period, which will take the full-year dividend to $6.17 per share. We did secure a debt extension on our main debt facility out to September 2028 with a facility limit of $28 million, reported a leverage ratio of 0.3 x. When we look, I just made a statement there on what we intend to do with our free cash flow again, which is again looking to continue to reduce drawn debt at this point in time, as well as obviously the $2.2 million buyout for the Förch Australia that has already occurred in July. With that, I'd like to hand back to Peter so he can take you through a little bit more flavor on the business unit updates across the two segments. Thanks, Peter.
Thanks, Liz. If we jump through, I guess, into slide 13, we'll put a few slides in here that are more for reference for people. Normally, at the full-year results, we tend to put some breakdown of revenue by customer type and revenue by product area. I guess the first one, just to highlight, we now sit at 30 branches across Australia with the opening of our new branch in Kalgoorlie that commenced trading in the month of July. It's a key market in WA . It allows us to further enhance our strong customer relationships in that state. It is a branch that we do expect to see a higher than normal uptake in terms of revenue and profitability as opposed to what we might see through a traditional greenfield store. If we jump through to the next slide, there's some minor movements. If you go back 12 months and look at the previous pack in terms of growth by revenue type or products, the mix has moved in line with what we would expect. In particular, in the customer segment, we certainly have seen further growth and exposure in the fleet segment and a reduction in the trailer OE business as that traditional relationship has moved through the historical supply agreement that was in place. If we jump to the next page, in terms of MaxiPARTS segment, we've got the segment operating results there. EBITDA margins of 10% on $246.7 million worth of revenue. There was a 2% like-for-like revenue growth rate in the underlying MaxiPARTS business. The underlying MaxiPARTS business, just to reconfirm, excludes the historical sales to the previous freighter group or the previously owned trailer business. We have seen, you know, there are a different number of working days in the different halves. We saw a consistent level of sales per day between half one and half two in the MaxiPARTS segment. In terms of the highlights, certainly continuing to grow the Japanese program at slightly higher than 15% year-on-year is pleasing and is a program we expect to continue to grow at higher rates as we move through the next number of periods. We talked before, the Western Australian market is a stronger market, and certainly our expansion in that state on the back of independent parks has helped grow the overall group resilience. We've continued to build strong customer relationships with leveraging those relationships in different markets where we might not have transacted with those customers. That's allowed us once again, I guess, to maintain our position in a softening market, particularly on the East Coast, but certainly will allow us further revenue growth levers to realize in this coming period and the next. As we talked about, we did put in the ERP version upgrade. Our business is very reliant on our ERP. It's a high transactional business. Our staff use it by the day. We've got 150,000 products lined loaded in and 12,000 - 13,000 customer data. Our ERP is critical to how we operate. To complete that version upgrade and/or consolidation and remove that risk of disruption is extremely pleasing. That was a big achievement through the period. In terms of what we're focusing on, as I mentioned, we do have the new Kalgoorlie store. It is trading. We have had some very strong favorable customer reaction already by being in that region and would expect that to continue to grow fairly quickly. As mentioned before, we do see the growth in Japanese product range as a long-term revenue accelerator at high margins. We'll be continuing to focus on expanding our stocking strategy and our range and our overall reputation in that space as we move forward. We'll continue to have active management in pricing discipline, working capital management, and cost optimization. We'll continue to service key customers and look to make sure we're adding a value solution to those customers, which allows us to hold volume in a price-sensitive market. We will complete a strategic review of systems and technologies. We're not talking about ERP upgrades there. We're talking about how we can use new technology or AI to either enhance our processes and/or our data availability. If we jump to the next page and we look at the Förch business, once again, some background information here. I guess the red box is the key box that is why we remain so excited about the long-term opportunity of the Förch business. In terms of a like-for-like distribution model, there is one large national competitor who has revenue above $185 million versus the current business of Förch being just north of $20 million. We have seen growth. We have seen a very strong favorable reaction from customers on a national basis, and we would expect to continue to grow this business in the coming periods at an accelerated rate. If we jump to the actual detail slide, the next slide there, we can see we did see revenue grow by 26.6% within the period year-on-year. Part of that was the full-year realization of the Förch Brisbane acquisition. If we strip that out, then we did see a 13% year-on-year growth in the underlying revenue stream of Förch. As we mentioned before, that's dropped through. We saw EBITDA margins return to above the MaxiPARTS level, so $12.4 million for the period, up from $7.4 million last year. In terms of highlights, completing the acquisition and gaining full control is certainly a positive, along with the distribution agreement extension. We are seeing growth on a national basis, so that growth is coming from our sales teams both on the East Coast and the West Coast. We're continuing to see strong inquiry and strong rollouts of multi-site customers across multiple sales markets. We did launch a B2C e-commerce platform earlier in this year. It's still quite a small revenue stream for the business, but we certainly did see key growth in that stream. It also helps us with overall brand awareness of that particular business segment. As mentioned, we did upgrade the CRM system towards the end of the year, which will allow us to gain further efficiencies and visibilities within that Salesforce program. As we move forward, we'll be looking to get as many benefits out of that CRM upgrade as we can. We will continue to work on optimizing that Salesforce. We are in the process of putting some expansion into the sales teams in key markets. The expansion isn't at a level that we would see a fundamental change to the EBITDA margins, but we do see the opportunity to further grow that sales line. We have a number of different projects underway there, continuing to work with key customers, deploying national site rollouts. As I said before, we'll increase our digital marketing and social media strategy to further strengthen the brand and brand awareness. We are continuing to work through product range refinement and enhancement that will either drive further revenue growth and/or help us improve working capital efficiency within that business. If we jump through two slides to slide 19 and we look at our outlook and our focus for the FY2026 period, at this point in time, we are seeing and we expect our end customer markets to remain consistent with what we saw through FY2025. That's generally reflecting a softer transport activity, particularly on the East Coast. We are continuing to see a fairly price-competitive marketplace, but there are certainly pockets of stronger markets, whether that be geographically based and/or end-market based, particularly around some mining and logistics areas. Similar to last year, we remain focused on our organic programs to further grow our EBITDA margins and our revenue lines. We think we've got some great organic projects now that sit within the Förch Australia business, the Japanese product range, and/or the Kalgoorlie business. We will continue to maintain balance sheet flexibility to allow us to further drive an active capital management plan as we move through the next couple of cycles. We will continue to develop our people and systems to ensure that the business is sustainable, as well as putting the foundations in to support further growth in the future. Like this year, we expect that we'll continue to deliver, strengthen, and improve financial metrics, even in what would be considered a softer market. As the market recovers, whether that is from the benefits of recent interest rate reductions in the general economy, we expect to see that drive incremental benefits and financial results as we move forward. With that, we'll open it up to questions.
If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. The first question today comes from James Casey with Ord Minnett. Please go ahead.
Morning, Peter. Morning, Liz. I concur with Liz's comments earlier about the clean result. Always good to see and easier to analyze. Peter, just with regards to what you've seen in the first six to seven weeks of trading, just interested whether that competitive pricing or any other industry changes have occurred. Are things getting worse? Are things getting better? Or is it more of the same?
Thanks, James. It's more of the same. As we've talked about in the last few different periods, the market has been a little bit softer and the pricing pressure and competitiveness has been there. I guess we would see it like-for-like at the moment. No material deterioration or no material improvement at this point in time.
Okay. Just to confirm, that 2% comp or 2% like-for-like sales for the MaxiPARTS business, that's obviously excluding the ATSG or freighter group sales. Is that the 2% commentary?
It excludes the ATSG or freighter group sales, correct, which was minimal in FY2025. It includes a like-for-like independent parts acquisition. It picks up the revenue-based pre-acquisition in terms of that assessment.
Okay. Finally, just on your capital expenditure for 2026, just with the addition of the Kalgoorlie site, are there any major changes to CapEx over the next 12 months from last year? CapEx has been pretty modest to date.
Nothing.
Yeah, sorry.
Nothing material, James. It was sort of called out in one of the slides that it shouldn't be more than $1.5 million. We do expect it to probably be up on this year given it was very light. With what we've got in the pipeline, we think somewhere between the $1 million and $1.5 million.
Okay. Great stuff. I'll leave it there. Thanks.
Thanks, James.
The next question comes from Jason Palmer with Taylor Collision. Please go ahead.
Yeah, thanks. Good morning, Peter and Liz. I've got a handful of questions. The first one's around the margin in the second half. You were really tight in terms of cost of doing business. There was no cost growth between second half 2024 and second half 2025. You got, I think, EBITDA margin of 10.4% off the less trading days. Is that the base case now for the business to kind of grow off? Should that be higher because of the less trading days in the first half? Just trying to get...
Look, there's a little bit of trading days in there. It's generally the right base to jump off. Obviously, the introduction of Kalgoorlie adds a little bit of cost in, particularly probably that you'll see changing some of those margin percentages in the first year, sorry, in the first six months. We do expect that site to have an accelerated growth rate. By the time we get to half two, we'd be expected to be back at that run rate or slightly improved.
Thank you. The cost of doing business, the expenditure in the second half was materially lower than the first half. I guess what I'm trying to work out is, is that an annualization of the second half number for cost of doing business to kind of pulse off, or is it a fair representation of the full-year number?
It's a fair representation. You know, as we've talked previously, we manage our cost base on a site-by-site basis. We will invest cost heads, inventory, certainly where we have an opportunity to realize increased improvements in revenue, et cetera, and where we have softer markets or changes in a local market. We've certainly been active at managing that cost base and reducing it overall. We could continue through that approach as we move forward.
Okay. Just going to James's first question around the first six to seven weeks of trading, just using the metric of average daily sales, are you saying the cadence of average daily sales across Förch and MaxiPARTS is the same rate that you saw in the second half, or have you seen a slight kick-up because of organic measures within the business?
We've seen it consistent with the half. The Förch business has seen a higher growth rate, which we are expecting to continue to see a higher growth rate in sales per day of the Förch business. The MaxiPARTS business has been a little bit lower in terms of organic growth. The sales per day rates are consistent with what we saw FY2025 versus prior year.
Okay. All right. That sounds like Förch is still growing. MaxiPARTS has kind of plateaued in the first six to seven weeks, which is consistent with your messaging. You also spoke about balance sheet flexibility. I'm trying to just understand sort of where you would like the business to get to from a net debt position before you started to invest in other areas or went down the road of capital management because as I pointed 3x , net debt to EBITDA was pretty conservative.
Yep. Look, it is conservative. We think, you know, with where we are now, if the right opportunities came along, then we obviously could change that position. We're not going to just chase an opportunity if it's not there. At this point, we'd expect to pay it down a little bit further. We will look at what that means from a dividend distribution or other capital management points. Since when we separated from the business, the few years before that, we were in a non-dividend paying period and, to be honest, the world of pain around capital management. We've had a very specific, strong messaging and performance in terms of consistency over that period. We have been consistent in terms of dividend payout ratios and debt management. As we move forward, we will assess those as opportunities and/or circumstances present.
Okay. Just my last question. Was this around Förch and the new CRM system and the recruitment? I guess you've talked about business development, but you're still about a maturing Salesforce. How much maturity do you think you still have left in the existing labor base in terms of a revenue perspective, or do you feel like you've got full utilization out of them at the moment?
Yeah, look, it does depend on the market and the rep, et cetera. Certainly on the East Coast, we think there's more maturity to come out of that sales team. At the same time, I said we have made some decisions to expand that, and that expansion's come in different markets. We've expanded it in Western Australia. We've expanded it recently in Victoria and/or Queensland. Yeah, there is further growth out of that existing team. As we add staff, then that maturity opportunity will continue to flow through.
Sorry, I just want to sneak one more in just around the Japanese and European programs, which are pretty small, maybe in combination, they're sub $15 million or something like that. You sort of made a comment there around expanding stocking in the Japanese program, which I thought was maybe a step up in terms of the messaging around that business from, you know, sort of six months ago. Is that sort of a fair read? Is there a reason behind that? You just feel comfortable with where the rest of the business is at from a run rate perspective?
We have been expanding that product range over the last three years, so it probably just hasn't come out as much in different comments. It's not a dramatic change or a change of approach in terms of what we're doing with the Japanese product range. Obviously, as it becomes a bigger part, then expanding that offering and levels across the business is naturally part of that. It's not a fundamental change. It doesn't really signal anything outside of our continued focus and desire to grow that particular product segment at an accelerated rate.
Okay, thanks for your time.
Thanks, Jason.
As a reminder, if you would like to ask a question, please press star then one to join the question queue. The next question comes from Warren Jeffries with Canaccord Genuity. Please go ahead.
Morning, Pete and Liz. Well done on a good result. I was just going to touch on the Förch thing as well. I noticed there, Martin, just sort of adding to the EBITDA level creeping up to $12 million, $13 million at the moment. We know it's a significant gross margin contributor. Where does that EBITDA margin probably get to as it matures? I know you're still expanding. It's probably a bit of a drag on realizing the full opportunity. At an EBITDA level, where would you like to get that to?
In a couple of years' time, it's probably going to be around that 15% line. As I said, we do have some investment in people that will temper that a little bit over the next couple of periods, but we certainly expect it to continue to improve as we move forward.
I think you alluded to Förch is running probably at a higher daily sales clip than the rest of the group. Just going back to what I was just asked, is the Japanese product range piece and the European truck parts piece, would that be outstripping the broader group as well?
Yeah, correct. If you looked at, if we use Japanese, which is the larger piece, that year-on-year growth last year was 15% on a like-to-like 2%. It is certainly still continuing to outstrip the traditional revenue growth of the MaxiPARTS business.
You are still getting that Japanese product range piece fully loaded into the network, aren't you? It probably hasn't reached its opportunity yet.
Yeah. When we spoke last time, we were probably rolling out through some of the independent parts stores that were acquired. You know we certainly have good coverage and good stocking. The setup of the Kalgoorlie store had what we consider our core Japanese stock offering as part of that process. People look at Kalgoorlie as a mining heavy market type town. I was there last week and you know there's still Japanese inquiries and people coming in the counter as part of that process. It will continue to develop. No, it's certainly been a key program so far.
Getting the right salespeople for the Japanese European parts offering, and even Förch would agree, able to get the right people there. I know the jet parts piece is a little bit more harder to get the right resources, but has that become easier to come by?
If you look at the Japanese parts, it's actually one of the easier parts interpretation processes that we have in the business. That Japanese make model part inquiry is more structured based off the nature of how those trucks are developed than trying to interpret for a part for a trailer, which has a whole range of different mix. It's actually easier to feed people into the Japanese. In terms of Förch, it's a well-catalogued business. It's really about making sure we find the right staff with the right attitude, resilience, customer service makeup to leverage the strong product data systems that sit behind it to be successful.
Good. Just to kind of fill with Kalgoorlie, probably a slight OpEx drag in the first half, but more than washes its face in the second half. That'd be. Correct.
Yep. Right on. Good one.
Thanks, Pete.
Thanks, Warren.
There are no further phone questions at this time. I'll now hand the call back over for any closing remarks.
Thank you. Thank you, everyone, for taking the time to dial in. You know we're pleased with the results. We're pleased that we met all the commitments that we made 12 months ago in terms of what we were going to focus on and what we deliver. We certainly think that programs like our Japanese product range, Förch , certainly have a long way still to develop in terms of how they mature over the course of the year. All of those programs will continue to grow both revenue and profit margins. Thank you for your time, and I'm sure we'll catch up with a few others on further calls in the next couple of days.
The call has now concluded. Thank you for participating. You may now disconnect.