Good morning, and welcome to today's annual general meeting. I would like to begin by acknowledging the Wiradjuri people, traditional custodians of the land in which we meet today, and pay my respects to the elders, past and present. I extend that respect to Aboriginal and Torres Strait Islander people here today. It is 10:00 A.M. I have been advised by the Company Secretary that we have a quorum and declare the meeting open. Today marks the 76th Annual General Meeting of Ricegrowers Limited. For those of you who have not met me before, my name is John Bradford, your Chair. It is wonderful to be here in Leeton today with our growers and shareholders. I extend a warm welcome to those of you joining us via the live webcast.
Seated at the head of the table with me today are Paul Serra, our Group Chief Executive Officer and Managing Director, Dimitri Courtelis, our Group Chief Financial Officer, and Kate Cooper, our Company Secretary and General Counsel. Our other directors are also here, and I ask them to stand as I mention their names. Luisa Catanzaro? Dr. Andrew Crane. Melissa De Bortoli. Ian Glasson, who is standing for re-election today as well. Rachel Kelly. Ian Mason. Ian chose not to stand for re-election this year and whose term with SunRice will end at the conclusion of this meeting. Technical problem. As you will be well aware, we have announced the results of SunRice Grower Director election. I would like to thank A Class shareholders for electing me for a further four-year term along with Drew Braithwaite, who will be joining the SunRice Board as a Grower Director from today.
Drew, could you stand please? Give him a I also want to acknowledge Monica Morona. Monica? Yep. She also stood in the grower elections and ran a very strong race. Monica, we encourage you to continue engaging with SunRice and our grower community. I particularly welcome all our growers and shareholders here today. In terms of today's agenda, Kate will go through procedural matters next before I start my Chairman's address. Paul will deliver his Group CEO presentation with Group CFO Dimitri Courtelis also presenting segment analysis. After that, we will conduct the formal business of the AGM. We will consider the annual report, sustainability report, director report, independent auditor's report for the year ended April 30, 2026. During that items, shareholders as a whole will be given a reasonable opportunity to ask questions or comment about the management of the company.
We will then proceed to considering the resolutions set out in the notice of meeting. B Class meeting will follow either at 11:30 A.M. or immediately after the AGM, whichever time is later. Once the results of today's meeting are known, they will be announced on the ASX and the SunRice investor website. I confirm that I am holding undirected proxies in my capacity as Chair of the meeting, and I will vote those proxies in favor of each resolution. I will vote all directed proxies in accordance with those directions provided by shareholders. Please note, if you need to exit the room during the meeting, please do so via the side door on the back left corner. The main doors through which you have entered are now closed.
I would now like to hand over to Company Secretary Kate Cooper, who will explain how the vote and questions will work during the day. Thank you.
Thank you, Chair. Voting today will be by way of a poll. The resolutions in the notice of annual general meeting are only able to be voted on A Class shareholders. Resolution one is an advisory resolution only and will not bind the directors or the company. Resolution two is an ordinary resolution, which requires a 50% majority of votes cast to pass. In accordance with the constitution, if you are the registered holder of a A Class share or multiple A Class shares, you are entitled to one vote in respect of that shareholding. If you are the registered holder of a A Class share, you are entitled to one additional vote. We will share with you the proxy and direct voting results of each resolution before you vote.
Please note, voting will close once MUFG Corporate Markets has collected the voting cards at the end of today's AGM. As communicated in our notice of meeting, online proxy and other forms of voting ahead of the meeting closed at 10:00 A.M. on A Class shareholders present at the meeting here today are, however, able to cast their votes using the voting card they received during registration this morning. Before we go any further, I just need to check that everyone present at today's annual general meeting is holding either a voting or admission A Class shareholders and their proxies, attorneys, and representatives will use the yellow voting cards for each resolution.
A Class shareholders who are not voting at the general meeting, for example, if you're voting in general holdings, should be holding a blue non-voting admission card for this B Class shareholders who are not A Class shareholders are not able to vote at today's AGM and should be holding blue non-voting cards. Visitors have been issued with red admission cards and are not able to ask questions today. If anyone present does not have a card, please make your way to the registration table immediately and you will be issued with an appropriate card. A representative of MUFG will conduct the poll as returning officer. At the end of today's meeting, the MUFG team will collect your voting card. If you have to leave after the poll is opened, but before the end of the meeting, please leave your voting card in the poll box on the registration table.
I should note that if you have previously voted by proxy, your votes cast here today will override your previous proxy direction. As the Chair noted, there will be time for questions from shareholders. However, as with all shareholder meetings, I ask you to confine your questions or comments to the matters under consideration today. If you have any general questions or comments about the management of the company or any questions or comments relating to the annual financial report, sustainability report, directors report, or independent auditors report, please ask your questions or make your comments during discussion of those reports. If you have any questions or comments relating to the remuneration report or the re-election of Ian Glasson, please ask those questions or make those comments during our discussion of the relevant resolution.
In order to provide shareholders as a whole a reasonable opportunity to speak today, I will ask that you initially limit the number of your questions or comments to two. If time permits, we may allow you to ask further questions or make further comments once other shareholders have had an opportunity to speak. I note shareholders were able to submit questions in advance as outlined in the notice of meeting, and these questions will be responded to before we open the floor to questions from shareholders present with us in Leeton. For those shareholders who would like to ask a question or make a comment at the right time, just a reminder to hold up your yellow or blue card and wait for a microphone, and if you could also please state your name for the room. Thank you. I will now hand back to our Chair.
Thank you, Kate. We really love holding these meetings right here in the heart of the Riverina. It is the birthplace of this great company and remains the beating heart of rice growing in Australia. It has been such a great privilege to serve on your board for 11 years and as your Chair for the last 12 months. That makes me very proud to reflect on the incredible business our team has built to date. Through clarity in strategy, discipline investment, and a commitment to delivering on what we said we would do, we have built an outstanding global rice business with great brands and an incredible team of people, many of whom are here today. The Riverina is also my home, and the story of rice growing in the region is my family's story. We started growing rice in 1969 when I was one year old.
My father, who is still going strong at 94, saw the benefit of irrigation when it first came through our region and built a life around it. Rice was the financial foundation that allowed him to invest in his family and the community, and it has been the foundation of ours, too. I am proud to say that my daughter and son will be following in our footsteps as third-generation rice growers right here in this great region. Growing rice is hard work. It takes discipline, precision, and a willingness to constantly adapt. All these principles I see as ever present in the DNA of SunRice as we work here to realize our ambitions to be everyone's favorite rice food company with some of the best brands in the business, delivering value for both A B Class shareholders.
The strategy we are following to unlock that ambition is built on three pillars. First, we place rice at our heart, not only because it is our heritage, but because rice is one of the most extraordinary and highly potential categories in food, something Paul will talk to in a little more detail shortly. In Australia, around that heart, we are also embracing some great opportunities in gourmet, specialty foods, pet foods, and animal nutrition. We do this with great care and focus to leverage our proven capabilities in brand building, our deep customer relationships, and using our distribution scale. Second, we bring a global focus. We are exploring into many markets where rice, style plays more strongly. So as Australia markets like the Middle East and the United States, markets where we know well we have the brands to cut through and the customer relationships to drive success.
This global mindset is also extended to diversifying where we get our rice. This year, I am pleased to report that we have harvested our first South American commercial rice crop. By diversifying where we are assessing the rice we need to help support our growth and supply our customers with what they need at a time when changing policies are impacting how much we can be growing here in Australia. The third pillar is a relentless focus on our consumers. By building brands and investing in innovation where people really want, they are willing to pay a premium for and they encourage them to choose rice more often. Through these three strategies, placing rice at our heart, having a global mindset, and being relentlessly focused on our consumers, we are incredibly committed to creating value for you and our shareholders.
Paul will share more of that strategy in his remarks shortly. It is now time for a few comments on our performance since we met last 12 months ago. I am sure everyone is aware the world continues to be a very unpredictable place. Issues globally have disrupted supply chains, stoked inflation, and caused some concerns to reassess people's spending. Despite these dynamics, SunRice delivered a solid financial result. While revenue was modestly down, our profit after tax increased 4%. We will continue our strong track record on dividends. A record fully franked total dividend of AUD 0.70 B Class share at a 68% payout ratio reflects our strong balance sheet and the quality of our earnings and cash flow. Our CY 2025 paddy price of AUD 400 / tonne for medium grain was very close to the previous AUD 406 return.
I understand some growers will be disappointed, and I want to reassure you that we are doing what we can to maximize returns from Australian rice in high-value markets, including to moving to contracts that reward quality paddy. As a grower myself, I completely understand the impact of dry seasonal conditions and high input costs caused by geopolitical instability in Europe and the Middle East. At the same time, continued high water prices and around 2,100 GL of water recovered for environmental purposes since 2012 have reduced the water available to support productive agricultural, regional jobs, and long-term strength of Riverina communities. Against this backdrop, we recently made some extremely difficult decisions to make changes to our operations in the Riverina, including changes to shift structures at Deniliquin to some of our AGS sites and our mill here in Leeton.
Since making those decisions, we have seen some unexpected rain in the Riverina, which we know has motivated more growers to allocate paddocks for upcoming season. Our grower services team will stay in close to the growers to understand what that means for next year's crop and how we can best partner with you. We understand the combined weather and water allocation dynamics at play in the Riverina have real implications for every grower, and in fact, the people, businesses, and communities in this region. We take our role as an advocate for this industry seriously, and we are working closely with the Ricegrowers' Association of Australia to encourage the government to increase water availability and to shift the next 10 years of the Basin Plan from recovery to better water management, including improved use of environmental water already held by the government.
We welcome the constructive engagement to date with the Australian government and the local member, and we're encouraged that the government is considering financial assistance of our rice cake manufacturing here in Leeton. Despite these pressures facing our industry, we see some encouraging results for the CY 2026 crop. More favorable growing conditions during the season and a greater adoption of tools we're providing help growers make the best possible decisions on farm. Helped deliver some of the highest quality scores we ever seen in recent years, and that's despite a smaller CY 2026 crop than last year. It's important at a time when we align quality scores to our Riverina paddy pricing, so growers are directly recognized for their high-quality rice they are producing. This week, we launched our new grower handbook, and on September 7th, we're opening seed ordering for the season ahead.
Both are the most important steps as growers have been planning for the next year. The rice growing in this region to be viable over the long term, more balanced and pragmatic policy settings are needed. At the same time, we're encouraged to embed sustainability practices across the business. In FY 2026, we released our first mandatory sustainability report, which details how we manage climate risk and opportunities and how we integrate these considerations into our business and our strategy. I encourage our shareholders to read the report. Thank you for your trust you have placed in me as your Chair, and for the opportunity to serve you for another four more years. Before I close, I'd like to recognize the stellar eight years of Ian Mason. Could you stand, Ian?
Ian has been a highly valuable member of our team, an important champion for grain innovation to drive quality and advance yields. Thank you, Ian. I know I speak for the entire board when we say how proud we are to see Paul and his outstanding team make such a strong progress on our 2030 Growth Strategy. They truly embody the discipline, precision, and the willingness to constantly adapt that I mentioned towards the start of my remarks today. It is now my pleasure to hand over to Paul to share his update for this meeting. Paul.
Thank you, John, and good morning to everyone here in Leeton, the heartland of the Australian rice industry. It is a privilege to be here with you at the Roxy Theatre in Leeton, in the Riverina. This year marks my third year as CEO and my third AGM, and it's my first year working alongside John as our Chair. I wanted to start by thanking John and the whole board for the support and guidance that they've given to not just me, but the executive team over the past 12 months. This year was another important year for the SunRice Group. We have continued to diversify and strengthen the business while delivering meaningful progress for both our A and B Class shareholders.
For more than 75 years, the SunRice Group has continued to evolve, adapt to changing conditions, and capitalize on new opportunities while building on the foundations that we have created together with our shareholders. We are not a company that stands still. Today, SunRice is a diversified global food company with operations in over 10 countries and products sold in close to 50 markets around the world. We manage a portfolio of 45 brands, employ approximately 2,300 people, and generate more than half of our revenues outside of Australia. Approximately 68% of our revenues also now come from branded products direct to consumer shelves. The evolution of SunRice from a grower-founded Riverina rice business into this diversified global food company has been a key ingredient of the success of this company.
It has enabled us to build stronger brands, diversify our earnings, expand our sourcing capabilities, and create a more resilient business, all the while keeping rice at the heart of what we do. Financial year 2026 marked another important year in that evolution and progress. We accelerated execution of our 2030 Growth Strategy, and we implemented important transformational initiatives, invested in our brands, peoples, and capabilities, and continued to build a structurally stronger business for the future. It is an increasingly complex and uncertain operating environment that we face globally. Our focus remains on continuing to build a more resilient SunRice so we can create value for shareholders throughout the cycle while remaining well-positioned for future opportunities. With that in mind, let me turn to our financial year 2026 performance.
I'll provide a high-level overview of our results before Chief Financial Officer Dimitri Courtelis shares more detail on our segment and group performances. SunRice delivered a solid financial result in a challenging operating environment in FY 2026. We maintained the quality and resilience of our earning margin and improved after-tax profitability despite the pressures that we had on the top line. As you can see on screen, in financial year 2026, we delivered a group revenue of AUD 1.8 billion, slightly down from FY 2025's AUD 1.85 billion. We delivered EBITDA of AUD 143.6 million, down on financial year 2025's AUD 147.7 million, while maintained our EBITDA margin at 8%, unchanged year- on- year. We grew profit after tax to AUD 73.3 million, up from AUD 70.70 million in financial year 2025, largely reflecting a change in the geographic earning mix across the group.
We delivered total shareholder return of 22.4% for financial year 2026, outperforming the ASX 300 accumulation index TSR of 10%. Over the past five years, our TSR has grown at a compounded average rate of 22%. We declared a fully franked total dividend of AUD 0.70 B Class share for financial year 2026 and delivered a paddy price of AUD 400 / tonne for medium grain rice for our Australian growers. As the Chair said earlier, lower whole grain mill out rates from the CY 2025 crop and the need to preserve the Australian paddy amid a drier CY 2026 season placed pressures on those paddy returns. Overall, these results reflect the group's focus on strategic growth, strengthening profit margins, and maintaining discipline in a dynamic global environment.
A combination of strategic growth initiatives and market factors supported revenue growth in some of our core branded markets, including North America, Papua New Guinea, and parts of the Australian and New Zealand business. These gains reflected continual investment in our brands, expanded distribution, new product launches, and strong execution across a number of our priority markets and categories. Together with growth in our bulk and animal feed segments, these areas grew around AUD 65 million when we compare to financial year 2025. These gains were, however, offset by external structural changes in other Pacific markets, where we are rebasing part of our business to improve profitability. We have had evolving consumer spending, which impacted certain product categories, particularly in ANZ, and delays in Middle East trades due to the conflict-related supply chain disruptions and FX translation of our international businesses.
Lower whole grain mill out rates for CY 2025 crop and the need to preserve Australian paddy in light of the drier conditions for the CY 2026 season also constrained the availability of product for lower value tenders, which impacted on our top line. Foreign exchange, as I have mentioned, was also a headwind for the year. The appreciation of the Australian dollar against the Papua New Guinean kina in FY 2026, and also against the U.S. dollar towards the end of the year, impacted translated earnings and further lowered revenue compared with FY 2025. Importantly, the resilience of our global supply model continued to support the continuity of supply to key branded markets, despite the pressure that we had on the availability of Australian rice.
While EBITDA declined slightly year-on-year, in line with revenue, EBITDA margin was maintained at 8%, supported by profitable growth, the disciplined execution mentioned earlier, and our cost control. Lower input costs, particularly for the U.S.-sourced rice, together with the more favorable mix of business, further supported these margin outcomes. NPAT increased, supported by a change in the group's geographic earnings mix, which resulted in a lower effective tax rate. We also incurred some upfront costs associated with executing our 2030 Growth Strategy, including increased spend on brand building and talent. Those investments weighed on the profitability in FY 2026, especially in the ANZ division, but they are important to positioning the business for future growth. While FY 2026 was not without pressure, it demonstrated the quality and the resilience of the business that we have today and that we are building.
We delivered a solid financial result, maintained returns for shareholders, and continued investing for the long term. I would now like to invite Dimitri to take you through our segment performance and financial positions in more detail.
Thank you, Paul. Good morning, everyone. Following our transition to a new divisional structure during the year, we are now reporting our results across four key segments. That is the international consumer packaged goods segment, the Australian and New Zealand consumer packaged goods segments, bulk rice and animal feed, as well as our corporate segments. International CPG delivered revenue of AUD 736.7 million. That was down 7% on the prior period. Despite top-line pressures, the segment did improve profitability with EBITDA up 1% to AUD 87.1 million. Importantly, our EBITDA margin increased to 11.8%. Net profit before tax was up 4% to AUD 69 million. Favorable drivers in this division included targeted execution in North America, brand strength and execution in Papua New Guinea, and active management of input costs as well as other trading conditions.
In our ANZ CPG segment, we delivered revenue of AUD 735.3 million, and this was broadly in line with the prior period, whilst EBITDA was down 14% to AUD 62.6 million as the segment navigated external conditions and invested for growth. Encouragingly, we did see continued expansion of our bakery portfolio, volume growth in our core rice segments, and the development of our premium pet food products and portfolio. These positives were offset by heightened competition and evolving consumer spending habits, challenges in the pet and equine divisions, and planned investments to support the 2030 Growth Strategy, as Paul has mentioned. This also included the SunRice Baby advert and the Together, We Eat campaign for our Toscano brands. In our bulk rice and animal feed segments, we delivered strong performance with revenue up 4% to AUD 327.9 million and EBITDA up 158% to just under AUD 18 million.
This was supported by favorable conditions from a seasonal perspective for animal feed, as well as improving conditions in bulk rice, including higher global tender prices and lower U.S. input costs for rice. The corporate segment, those results by nature can be volatile, as they are influenced by the timing and the extent of expenditure and income items that are often less recurring in nature. EBITDA was -AUD 24 million, down from -AUD 17.7 million in the prior period, and this was primarily driven by the non-repeat of certain income items in the prior year, increased operating costs in the current year, and targeted investments in the future supply resilience of the company. As a group, we look to maximize shareholder value through our capital management framework.
This seeks to add value both through organic and inorganic growth, managing other investments, our balance sheet in relation to debt and equity levels, and when possible, returning this to our shareholders. Over the past five years, SunRice has delivered strong total shareholder returns outperforming the index while continuing to invest in the business, strengthen the balance sheet, and position the group for future growth. That balance is important. We are focused on delivering results today while making the disciplined decisions needed to support long-term value creation for the company. In the past year, as Paul mentioned, we were also included in the S&P/ASX 300 index, and this was a very important milestone since we listed on the ASX in 2019. We continue to work on various initiatives to enhance our shares liquidity and broaden the investor base in SunRice.
I will now provide some additional detail on our financial position, and I will highlight some key aspects from our balance sheets and our cash flow performance. Net debt decreased to 31%, which was AUD 151 million, and in turn, our gearing and leverage both decreased to 19% and 1.1 x respectively. This reflected strong EBITDA generation and a reduction in our net working capital. Return on capital employed, or ROCE, remained broadly consistent with FY 2025 at 13.5%. Operating cash inflows increased year-on-year to AUD 141.8 million, and this was driven by strong EBITDA generation as well as a larger reduction in our net working capital. Investing cash outflows decreased to AUD 30 million, and this reflected the absence of any acquisitions that were made in FY 2026 compared to prior periods.
The group also completed a roughly AUD 15 million strategic capital expenditure project to upgrade our Leeton manufacturing facility, which is expected to enhance capacity and support our Australian commitment to transition to 100% recyclable packaging. Financing cash outflows increased significantly year- on- year, and this was due to operating cash that we generated during the year being directed towards debt repayments, resulting in that low debt that we have on the balance sheet. Our effective tax rate for FY 2026 was 23%, and this was down from 28% in the year before, and that reflected predominantly a change in the geographical mix of earnings, with earnings driven overseas compared to Australia. A disciplined approach to investment, divestment, and corporate development was maintained during the year.
Delivering consistent high-quality earnings and value for shareholders remains a focus with a total fully franked dividend of AUD 0.70 per B Class share declared for FY 2026. I will now hand back to Paul to take us through our strategic progress as well as our outlook for FY 2027.
Thank you, Dimitri. As the Chair touched on in his remarks, the 2030 Growth Strategy continued to guide the group's actions in FY 2026, as initiatives were progressed to help the transformation of the business. Growth is important, but the strategy is equally focused on strengthening the business for the long term. We invested in brands, capabilities, and operating models needed to compete in the markets that we have chosen and to support the long-term success of the business. We made progress in core rice, including growing our ANZ rice business, continuing to expand our Middle East business, and deepening the position that we have in North America. In ANZ, we continued to strengthen the SunRice brand through the SunRice Baby campaign, expanded distribution of premium Jasmine and Basmati across grocery and ethnic channels, and accelerated innovation across the portfolio.
This included the preparation for the launch of the SunRice Protein+, which you can see here today, which is an exciting world-first formula. The same rice, same taste with added protein. Innovation that demonstrates how we are continuing to evolve and add value in our core rice category by tapping into real unmet consumer demand. In the Middle East, we continued momentum in core categories including premium Sunwhite Basmati and Calrose Rice, delivered targeted Sunwhite campaigns across the Kingdom of Saudi Arabia, the United Arab Emirates, and Jordan, and enhanced our in-market execution and partnerships in the region. In North America, we launched our new SunRice brand, advanced innovation readiness for the SunRice Protein+ Rice. We accelerated in the Asian distributor channel and delivered category share gains through new product launches and expanded distributions across the West Coast and Hawaii.
We also strengthened our route to market and capability through continued investments in our mainland U.S. operations. In our adjacent portfolios, we continued to drive value in our non-rice categories. This included growth in the ANZ bakery, supported by Toscano's range expansion of SavourLife into new categories in geographies, and those included cat food in New Zealand. An entry into the commercial baking segment in Papua New Guinea and the Solomon Islands through the Trukai Bakers Flour launch, and reinforced brand positions for Pryde's and CopRice. Innovation is just one of the ways that we are responding to a changing consumer preference and creating new opportunities for growth. We are a food business, and that means we need to understand our consumers.
We need to build strong brands, develop relevant products and food occasions, and execute well across all of the markets and all the geographies we operate in. During FY 2026, we continued to build momentum across product innovation, brand investment, and market execution. We also took initiatives to accelerate the use of data and AI to help synthesize consumer insights and shorten our innovation cycle ahead of a broader AI literacy program, which we are in the midst of rolling out. At the same time, we continued embedding our new global operating model following the divisional restructure during the year. That structure is designed to bring our teams closer to the markets we operate in, improve accountability, and support more disciplined execution of our 2030 Growth Strategy.
We also strengthened cost discipline through an enterprise-wide operational efficiency program and continued to explore mergers and acquisitions and other partnerships aligned to the group's commercial strategies and overall group strategy. Taken together, these initiatives show the strategy is moving from words into its execution phase. They are practical strengths that strengthen the business, improve resilience, and support long-term value creation for our shareholders. We remain focused on disciplined execution of the 2030 Growth Strategy and creating long-term value for shareholders. Our priority remains centered on strengthening our core rice position, scaling in priority international markets, unlocking the full potential of our adjacent portfolio, and creating resilience through diversified sourcing, operational efficiency, and capability investment. The strategy is clear, and the work underway across the group is helping to build a stronger platform for the future of this company.
In financial year 2026 and the early part of financial year 2027, we have also required us to make some decisions about how we operate the business for the future. Before I move on, I want to acknowledge the recent changes to our Riverina milling operations and the impact those changes have had on our people and the communities in Deniliquin and Leeton. Following a formal consultation process, we confirmed changes to shift structures across our Deniliquin, Leeton, and Australian Grain Storage operations in response to reduced Riverina rice supplies, ultimately driven by the current water policy settings, including recent rounds of buybacks, as well as the drier conditions we're facing. Those changes impacted 92 roles. Through the consultation process, 14 employees were redeployed, excuse me, into alternate roles, but the outcome still resulted in a significant number of redundancies.
This has been a difficult period for our people, their families, and the wider Riverina communities, and it's not a decision that we took lightly. Throughout the consultation process, our focus was on retaining as many employees as possible while supporting affected employees with care, respect, and transparency. The changes are necessary to better align our operations with current and forecasted rice supply levels and to ensure our milling operations remain viable for the future. They also reflect a broader reality. When rice production goes down, the impacts are felt well beyond farm gate. They flow through into regional manufacturing, employment, and the communities they're a part of, affecting the people, businesses, and towns that rely on a strong and viable rice industry.
We will continue to advocate constructively and strongly to the highest levels of government for more balanced policy settings that better support the long-term viability of the Australian rice industry, regional jobs, and the communities, like this one, that rely on them. This includes targeted support under the Sustainable Communities Program. More broadly, this is consistent with the approach that has supported SunRice for more than 75 years. We continue to evolve, making disciplined long-term decisions and helping to ensure business remains strong and competitive for the future. As John touched on with rice at our heart, a key component of our 2030 Growth Strategy relates specifically to the Australian rice and helping to support the long-term viability of the Australian rice industry. Australian rice remains an important part of our future.
While we have continued to grow and diversify the business, Australian rice remains a key point of difference for the group, and it's an important part of what makes SunRice unique. We remain committed to creating value from Australian rice by building demand in premium markets, investing in our brands, and leveraging the reputation Australian rice has earned across multiple generations around the world. Importantly, we want Australian rice to remain at the heart of SunRice for generations to come. That's why we continue to invest in the industry and support our growers through innovation, research, and practical tools that help improve on-farm productivity and quality. We recognize that a strong and viable Australian rice industry depends on the right policy settings.
As John has said, we continue to advocate alongside the Ricegrowers' Association of Australia for a more balanced and pragmatic water policy setting, one that recognizes the long-term viability of irrigation industries and regional communities. Our position is clear. Australian rice has a strong future, but policy settings will help determine the size and shape of that future. SunRice is committed to playing our part in supporting and advocating for that future. As the Chair mentioned earlier, in FY 2026, the board oversaw the release of the group's first sustainability report, prepared in accordance with Australian Sustainability Reporting Standards. We progressed our net zero roadmap through the year, including a 20% reduction in Scope 1 and 2 emissions and a 9% reduction in the emission intensities of Australian rice production year- on- year.
We advanced responsible packaging commitments, established the group's community investment strategy focused on food security and nutrition, learning and living, and livelihoods. We also supported disaster relief and community resilience and established the SavourLife Foundation to support SavourLife's commitment to donate 50% of its profits to initiatives that reduce the number of adopted pets euthanized in Australia. More broadly, we continued to invest in the communities in which we operate. As part of our 75th anniversary celebrations, we made a number of donations across key community partners in Australia, Papua New Guinea, and Vietnam. The group's quarter one financial year 2027 trading performance is tracking in line with prior guidance set out in the group's 2026 annual report. The group remains on track to achieve its FY 2027 outlook. Revenue is expected to be slightly below financial year 2026.
The group EBITDA margin is expected to compress, and NPAT is anticipated to be materially lower than FY 2026, primarily driven by the smaller Australian rice crop and under absorption of the group's Australian rice operations, consistent with prior lower crop cycles. This is despite continued underlying growth in our brand of businesses. Earnings are also expected to be heavily weighted to half two, as the group absorbs most of the smaller crop transition in the first half. Geopolitical instability and shipping disruptions in the Middle East continue to be closely monitored. Having delayed some trades and expansion plans in the region, further deterioration could pressure both revenue and profitability in that market. The group's balance sheet remains strong, with lower inventory levels supporting healthy cash flow and continued debt levels providing flexibility to keep investment in the group's 2030 strategy intact.
In summary, financial year 2026 was an important year for SunRice. We delivered a solid result in a challenging operating environment. We maintained the quality and the resilience of our earnings. We improved after-tax profitability, strengthened our balance sheet, and continued to deliver value for shareholders. We also accelerated execution of our 2030 Growth Strategy, progressed important transformational initiatives, invested long-term in our brands, people, and capabilities, and made disciplined decisions to position the business for the future. The FY 2027 outlook reflects the impact of a smaller Australian rice crop and lower utilizations of Australian processing assets. But SunRice continues to strengthen the resilience and capability of its global sourcing model, and the group remains well-positioned to deliver long-term, underpinned by strong brands, diversified earning, a strong balance sheet, and disciplined execution of our 2030 Growth Strategy.
Before I close, I wanted to thank our shareholders and the growers for your continued support throughout FY 2026. I'd also like to thank my leadership team who are here today and our approximately 2,300 employees across all of our markets. Your commitment and dedication have been critical to delivering these results in a truly challenging environment. Finally, I'd like to acknowledge the leadership and guidance of our Board of Directors, who are also here, led by our Chair, John Bradford, in his first year in the role, and officially welcome Drew, who joins the board today. In closing, it has been a privilege to lead the SunRice Group for a third year. As we look back on more than 75 years of SunRice, our success is a testament to the resilience, the adaptability, and the innovation that have underpinned this business from the beginning.
That same spirit gives me confidence in the group's future. We have strong foundations, but more than that, we have a clear strategy, a strengthened operating model, and the discipline to keep evolving as conditions change around us. Our ambition to become everyone's favorite rice food company and our purpose, with rice at our heart, we bring people together through inspiring and delicious food, will continue to guide us through the next chapter of SunRice's growth. Thank you for your continued support, and I look forward to the questions during the question- and- answer component of this meeting. I will now hand back to the Chair.
Thank you, Paul. As the formal proceedings are about to commence, I will declare the poll on each of the resolutions open. As Kate mentioned, for those purposes of voting, each with A Class share or their proxy attorney or representative will have received one yellow voting card. If you are a registered holder of a first A Class share or multiple first A Class shares, you are entitled to one vote in respect of that shareholding. If you are the registered shareholder of a second A Class share, you are entitled to one additional vote. You will see that this voting card includes a space for voting each of the resolutions. A Class shareholders may use their yellow voting card and place an X in the relevant for, against, or abstain boxes for each resolution. Agenda item one.
All members have been provided with their annual report, including the financial report, directors report, and independent auditor's report for the year ending April 30, 2026, as well as the group's first sustainability report. I note Eliza Penny from our auditing, PwC Australia, is here as well and available to answer any questions relevant to the financial statements and the sustainability report and the conduct of the audit. You have heard both from Paul, Dimitri, and myself, and I would like to invite comments or questions from shareholders present with us today in Leeton on the annual financial report, sustainability report, director's report, and independent auditor's report. This will be your final opportunity during the AGM to ask general questions or make comment about the management of the company. Questions? Yes. Just say your name please first, Ian.
Ian Blight. I have a couple of quick questions. One, the ongoing problem of getting money out of PNG. I see it looked to be getting worse at April 30th spot price you had. Is it going to get worse, or is it going to taper off soon?
Good question. Dimitri or Paul, do you want to?
Sure. We have actually got one of the best positions we have had in Papua New Guinea for the last few years. Despite the depreciation of the currency, particularly the kina, we have been able to extract that currency value back to our Singapore operations quite efficiently. We no longer have a large debt balance from a usual BAU perspective. What you are seeing at year-end was essentially a lumpy trade from a supply perspective as we had a lot of inventory into that country just before year-end, and that increased that debt balance. From a through the cycle perspective, that debt balance is actually well under control and one of the lowest levels we have had across the last five-year period, in fact. All in hand.
Yeah. The second question is energy. I just cannot see it in the annual report due to federal and state energy policies. Is it impacting badly for electricity and gas? Also, with the Middle East conflict, is that affecting gas as well?
Paul ?
Yep, I'll take this one. Quite a broad question. I'll try and summarize the impacts to the group. Energy more broadly than gas is an issue in terms of inflation and what it's driving across the group. When you look at the conflict in the Middle East and the flow and effects from that conflict, essentially, diesel fuels and bunker fuels, which the ships use, have been one of the more immediate impacts, as was fertilizer, which many of you in this room would be acutely aware of. We are seeing those prolonged impacts of inflation coming through our supply chain in terms of predominantly logistics, but also flowing through into things such as packaging material and other areas.
We continue to look at cost offsets to those first and foremost, and then also passing some of that price on through inflation as we can't offset all of that cost. Again, we don't expect that to materially impact the group. We're used to dealing with inflationary impacts from year- to- year.
Thank you.
Thank you, Ian. Any other questions? Yes.
Thank you, Mr. Chairman. [Louis Toschkan] from [Yugali], current B Class shareholder. Just one question. With the idiotic current water policies we have in this country at the moment, and the lack of the ability to grow our rice here, is the group going to be able to sustain a growth with our worldwide industries, hopefully?
Good question. I will throw to Paul on this one.
Yeah. As we said, first and foremost, we continue to advocate the government here to look at different ways in which they can utilize the water that they have. And first and foremost, that would be the Commonwealth water holder looking to potentially monetize more of their resource over time. Also, just timely allocations given we are in the midst of the pre-season decision making. So we continue to advocate on that front. In terms of the impact to the broader group, we, as I mentioned in my address, continue to strengthen our international sourcing. We have grown our first commercial crop in South America, and we now can grow and source across every major growing region in the world. So we are confident we can source the rice that we need to have continuity of supply to all of our brands and markets around the world.
And just further to that, I have got to thank the RGA. We are working very closely in going to the government as a united body, trying to get access to more water, to sell some cheaper water as well. So thank you to the RGA. Any other questions? Okay. Thank you. We will now move to the next item of business, resolution one. All members have been provided with a remuneration report for the year ending April 30, 2026. As I outlined in the notice of meeting, the Remuneration Report forms part of the directors' report, and the vote of this resolution is advisory only and will not hold behind the director of the company. However, the board will take the outcome of the vote into consideration when reviewing the remuneration practices and policies of the company.
As described in the notice of meeting, a voting exclusion statement applies to this resolution. I would like to clarify that the intentions of the resolution is to endorse the Remuneration Report for the prior financial year. I would now like to invite the Chair of Remuneration Report and People, Independent Director Ian Glasson, to introduce the Remuneration Report . Ian.
Thank you, Chair. I am pleased to present this year's remuneration report in the context of another very solid financial performance in FY 2026, achieved in a challenging trading environment with the group delivering net profit after tax of AUD 73.3 million, up 4% on FY 2025. Achieved a total shareholder return of 22.4% for the year and a record total dividend of AUD 0.70 per share. However, as the Chair and Paul have covered, there was a disappointing final paddy return to growers of AUD 400/ tonne due to low milling yields. This meant our operations teams were working incredibly hard to deliver the sales volume of quality milled rice required for the market, and at the same time as managing inventory to deal with a future lower crop size due to high water cost.
The outcomes for both classes of shareholders have been delivered while continuing to navigate an uncertain global environment and a continued extremely price-sensitive market. The strong financial performance meant that STI payments were also made to the majority of eligible employees across the group in FY 2026. These outcomes reflect our management team's achievements in delivering against agreed objectives and in progressing the company's growth strategy. In terms of remuneration, the People and Remuneration Committee and the board continue to closely monitor salaries and incentives to ensure SunRice is remunerating in line with the market, fairly remunerating our employees while at the same time balancing incentives to ensure alignment with shareholder interests, as outlined in the remuneration report. The CEO's and other senior executives' remuneration for FY 2026, as shown in this year's annual report, reflects these principles.
It is in line with the market and consistent with our group incentive plans. The People and Remuneration Committee also continues to review the non-executive director fees to ensure the attraction and retention of high-caliber members whilst balancing the spend due to the quantum of directors included in the fee pool. It is also worth noting the independent directors are continuing, where possible, to build their B Class share portfolio by acquiring B Class shares using their own director fees in line with our minimum shareholding policy, which illustrates the alignment of their interests with that of our shareholders. In FY 2026, the company again operated its employee share sale plan, or ESSP, under which employees are able to sell their unrestricted B Class shares to the trustee of the employee share trust.
Given the successful take-up rate by employees, SunRice intends to run the ESSP again during this next trading window. I commend this remuneration report on behalf of the SunRice board and management, and will hand back to John. Thank you.
Thank you, Ian. Kate, did we receive any questions or comments from shareholders in advance of today's meeting relevant to this resolution?
Yes, Chair, we did. We received the following question from Jeffrey and Pamela Walker. Why do the paid employees of the board always ask for additional remuneration over and above what they are being paid to do? When is enough enough? Shareholders expect the board members to do what they are employed to do. Do any other employees get paid bonuses for doing what they are paid to do?
Thank you, Kate. I can confirm that Non-Executive Directors are not paid bonuses, and I will ask Ian, the Chair of Remuneration and People, to comment on this issue about STI and LTI for our employees. Ian.
All right. Well, thanks for your question. As John mentioned, Directors other than the Managing Director simply receive fees, but we do have a market-aligned incentive program for our group executives and the CEO as part of that incentive scheme. That incentive scheme is current competitive practice. It includes both short-term incentives focused on an annual return and longer-term incentives over the period. Our incentives are in line with practice. They are only rewarded if there is underlying performance is achieved, and the levels of those incentives are benchmarked against competitive firms. So we think it is a valid incentive scheme, and if you look at the underlying performance of the group, they are certainly warranted in the last financial period. Thank you.
Kate, were there any other questions submitted in advance?
Yes, Chair. We actually also received two questions from Lionel McFadyen. The first question is: The FY 2026 result confirmed that the review of the non-standard elements first disclosed in the FY 2024 annual report remains ongoing, with the board anticipating an update during FY 2027. An update during FY 2027 spans the full year to April 30th, 2027. Should shareholders expect a substantive board conclusion or a progress statement? As the non-standard elements comprise several distinct features, including the dual class structure, A Class voting rights over director elections and constitutional amendment, the five-share A Class cap, the constitutionally fixed board composition, and the 10% cap on B Class shareholdings. Are all of these within the scope of the review, or only some? In particular, is the 10% B Class cap capable of being considered separately from the voting structure?
Thanks, Lionel, for that question. As we said in our full-year results, the review of our non-standard elements is ongoing, and we expect to provide an update by the end of FY 2027. The scope of the review includes all non-standard elements. Kate, can I ask you to read the second question from Lionel, please?
Thanks, Chair. Yes, the second question is, FY 2026 closed with net debt of approximately AUD 151 million and leverage of around 1.1 x below the stated 2x-3x target range against a stated FY 2030 revenue ambition of AUD 3 billion that management has indicated is likely to require acquisitions. If a material acquisition were better funded with scrip than cash, does the current structure constrain the company's ability to issue equity, and is that constraint being assessed as part of the review?
Thank you, Kate, and thank you, Lionel, for that question. I will ask our Group CFO, Dimitri, to respond to this one, please.
Thank you. Yes, absolutely. 2030 has an ambitious target of growing the business both at the top line and bottom line, and inorganic and, in particular, M&A is going to be a key component of that strategy to reach those targets. We have a very strong balance sheet. As mentioned, we have over AUD 130 million of debt capacity to fund acquisitions should they arise. Absolutely, we would look to tap the market from an equity perspective ideally and mix that debt and equity balance to fund acquisitions and the growth in line with our capital management framework. As is evident last year, we did raise AUD 10 million by underwriting our DRP program when we declared last year's dividend and got some institutional investors onto the register. We did try and test that, and it worked.
In terms of something far more substantial, we will have to see and tap the market if and when an M&A opportunity arises.
Thank you, Dimitri. I would like to invite comments or questions relating to the Remuneration Report from shareholders present with us today in Leeton. Any questions? Okay, I think there are no questions. We will now move on to the vote for the resolution by way of poll. The valid proxy and directed votes for this resolution are on the screen. A Class shareholders, if you have not already done so, please cast your votes on the resolution one on your yellow voting card. Okay. The final item of business relates to the re-election of Non-Executive Independent Director Ian Glasson. Ian has enjoyed an extensive career across the range of sectors, including more than 30 years' experience in ag, branded food, and agribusiness. Ian has been an Independent Director on the SunRice board since 2016 and is Chair of the People and Remuneration Committee.
He is also a member of the nomination, independent, and finance, risk, and audit committees, bringing valuable perspective to the board's deliberation on strategy, governance, and organizational performance. Ian's deep understanding about agribusiness, global FMCG, and organizations combined with the considerable judgment and strategic insight that makes him a highly valuable member of the board. The board, with the assistance of the nomination committee, has reviewed his performance and particular focus on skills, knowledge, and experience that he brings to the board and the contribution to the board he delivers. Accordingly, my fellow directors and I, with Ian abstaining, unanimously support his re-election. I would like now Ian to say a few words ahead of the vote.
Thank you, John. I would like to thank the Chair and the board for their support of my nomination for re-election. If re-elected, I look forward to continuing to bring to the company the experience I have built over more than 30 years in food and agribusiness in both Australia and internationally, including leading CSR Sugar business with feed milling and agriculture operations across Asia, food ingredients businesses spanning the Americas, and my time as CEO of PGG Wrightson in New Zealand. I believe my skills and experience remain relevant as SunRice continues to deliver against its global growth strategy and as we work with our grower base on the best future for our Riverina rice growers. I am mindful of the length of time I have already served on the board and of the importance of the board continuing to refresh as SunRice enters its critical growth phase.
Consistent with this, I have indicated to the Chair and the board that if re-elected, I may not serve the full three-year term, but I will work with them to determine the tenure that best serves the company and the shareholders. With that, thank you, Chair.
Thank you, Ian. I'd now like to invite comments or questions relating to Ian's re-election from shareholders present in Leeton today. Laurie, there's a mic over here for. Just state your name, please. We might know who you are.
Yeah. Thanks. Laurie Arthur. Look, I had the great pleasure of serving on the board with Ian for many years, and Ian is an incredibly impressive director and has added enormous value to not only A Class shareholders but B Class shareholders as well, and I think one of his greatest strengths is to balance how do we reward both sets of shareholders. I'd also like to comment that I reckon Ian could probably grow a pretty good rice crop because he's been a very interested participant in the activities of growers. I'd heartily like to support his re-election. Thanks, Ian, for all your service.
Thank you, Laurie. Any other questions? We will now move on to the vote for this resolution by way of poll. The valid proxies and directed votes for this resolution are on the A Class shareholders, if you haven't already done so, please cast your vote on resolution two of your yellow voting card. I believe those who wish to vote in the poll have done so. Please raise your hand, and MUFG will now come and collect your voting cards. I believe that MUFG have collected all the voting cards at today's meeting. Accordingly, I will now close the poll. That concludes the business of today, and I will now close the annual general meeting. B Class meeting of Ricegrowers Limited will start at 11:30 A.M., here in Leeton.
For those of you joining us online, please note B Class meeting will be broadcast from the same link as the AGM. The results of the AGM will be announced on the ASX and posted on the SunRice investor website. If you're with us in Leeton, please, you can go to the cafe area through the door on the left and join us for some refreshments. Thank you for your attendance today, and we have some of our advertising campaigns from across the group to share with you now, and we'll be back in about 10 minutes. At 11:30 A.M. Yep. Thank you.
[Presentation]
[Break]
Good morning, and welcome to B Class meeting of Ricegrowers Limited. I'd like to begin acknowledging the Wiradjuri people, traditional custodians of the land on which we meet today, and pay my respects to the elders past and present. I extend that respect to Aboriginals and Torres Strait Islanders with us here today. It is 11:30 A.M., and I've been advised by the Company Secretary, with us, we have a quorum, and I declare the meeting open. I realize most of you are joining us from the AGM here earlier we held in Leeton. If you haven't met me before, my name is John Bradford, your Chair. I'd like to reiterate how pleasing it is to be here in Leeton today with our growers and shareholders.
I extend a warm welcome to those of us joining via the webcast. Seated at the head table with me today are Paul Serra, our Group Chief Executive Officer and Managing Director, Dimitri Courtelis, our Group Chief Financial Officer, and Kate Cooper, our Company Secretary and Group General Counsel. Our other directors are also here, and I ask them to stand as I mention their names. Luisa Catanzaro. Melissa De Bortoli. Ian Glasson, who stood for re-election at the AGM. Rachel Kelly. Julian Zanatta. Ian Mason. Ian will retire at the conclusion of the meeting, and as I mentioned in the AGM, we thank Ian for his many years of service to SunRice and the rice industry. Andy Crane. We're looking for, yeah, rotation of directors, but anyway, we still want you, Andy. I warmly welcome Drew Braithwaite. Drew, are you here? Oh, thank you.
Drew will be joining the SunRice board today as a Grower Director as elected by our A Class shareholders. Drew, thank you for running. I'm also very pleased to be continuing the capacity of SunRice Chair, having had my four-year term renewed in the SunRice grower elections just occurred. I will also welcome our shareholders and growers to this meeting today. In terms of today's agenda, Kate will recap on the procedural matters next before we conduct the formal business of the meeting. After that, shareholders as a whole will be given a reasonable opportunity to ask questions or make comments about the management of the company during questions and answer time. Once the results of today's meeting are known, they'll be announced on the ASX and SunRice's website.
I will confirm that I'm holding undirected proxies in my capacity as Chair of the meeting, and I will vote these proxies in favor of each resolution. I will vote all directed proxies in accordance with the directions provided by shareholders. None of the other Executive Directors will be voting undirected proxies in this resolution. I'd now like to hand over to Company Secretary, Kate Cooper, who will explain how to vote and ask questions during today's meeting. Kate.
Thanks, Chair. Voting today will be by way of a poll. The resolution in the notice of B Class meeting is only able to be voted on by B Class shareholders. There is only one resolution today, and it is an ordinary resolution, which requires a 50% majority of votes cast to pass. We will share with you the proxy and direct voting results before you vote. Please note: voting will close once MUFG has collected the voting cards at the end of today's meeting. As communicated in the notice of meeting, online proxy and other forms of voting ahead of the meeting closed at 11:30 A.M. on Tuesday. B Class shareholders present at the meeting here today are, however, able to cast their votes using the voting card they received during registration this morning.
Before we go any further, I'd like to check that everyone present at today's B Class meeting is holding either a voting or an admission card. B Class shareholders and their proxies, attorneys, and representatives will use the white voting cards for today's resolution. B Class shareholders who are not voting at the B Class meeting, for example, in joint holdings, should be holding a blue non-voting admission card for this meeting. A Class shareholders who are not also B Class shareholders are not able to vote at today's meeting and should be holding blue non-voting cards. Visitors have been issued with red admission cards and are not able to ask questions today. If anyone present does not have a card, please make your way to the registration table immediately and you'll be issued with the appropriate card. A representative of MUFG will conduct the poll today as returning officer.
At the end of today's meeting, the MUFG team will collect your voting card. If you have to leave after the poll is opened but before the meeting ends, please leave your voting card in the poll box on the registration table. I should note that if you have previously voted by proxy, your votes cast here today will override your previous proxy direction. As the Chair noted, there will be time for questions from shareholders. However, as with all shareholder meetings, I ask you to confine your questions or comments to the matters under consideration today. If you have any questions or comments relating to the long-term incentive award for the Group CEO, please ask your questions or make your comments during our discussion of the resolution.
If you have any general comments or questions about the management of the company, please ask your questions or make your comments during the general question- and- answer time. In order to provide shareholders as a whole a reasonable opportunity to speak today, I ask that you initially limit the number of your questions or comments to two. If time permits, we may go back and allow you to ask further questions or make further comments once other shareholders have had an opportunity to speak. I note shareholders were able to submit questions in advance as outlined in the notice of meeting. However, no questions have been received from shareholders in advance for this meeting. For those shareholders who would like to ask a question or comment at the right time, just a reminder to hold up your white or blue card and wait for a microphone.
If you could please also state your name for the room. Thank you, and I will now hand back to our Chair.
Thank you, Kate. As the formal proceedings are about to commence, I will declare the poll on the resolution open. As Kate has just mentioned, for the purpose of voting, each B Class shareholder or their proxy, attorney, or representative will have received a white voting card. B Class shareholders are invited to place an X in the relevant for, against, or abstain box for the resolution. Resolution one. Similar to last year and outlined in the notice of the meeting, we are seeking B Class Shareholder approval for the grant of the Group CEO's long-term incentive, LTI, award under the SunRice Group's LTI scheme, SunShares. The LTI award is designed to create long-term value for the company and our shareholders. The LTI is an equity-based plan whereby eligible participants are allocated rights that vest over a three-year period, subject to achievement of mix of service and performance criteria.
The performance criteria applicable for Mr. Serra LTI award is from May 1st, 2026 to April 30th, 2029. The board has determined the performance conditions applied to the rights and has selected hurdles that are aligned to the group's strategic objectives and financial performance. These performance conditions for Paul are structured around maximizing Riverina grower returns, value creation for investors, strategic revenue growth, and sustainability metrics aligned to the net zero roadmap. The LTI award is a significant component of the Group CEO's remuneration package and designed to reward performance that is in line with the performance of the company and returns to both sets of shareholders. Accordingly, the board, with Mr. Serra abstaining, recommends shareholders vote in favor of this resolution. I'd like to invite comments or questions relating to the long-term incentive award for the Group CEO from shareholders present with us here today.
Any questions? Okay. Sorry.
Yeah, I'd like to support this resolution very strongly. I've had the pleasure of working with Paul, and Paul's a top-class executive and gives his all to this, so I'd really strongly support this.
Thank you, Laurie. Any other questions? Okay. We'll move on to the vote for the resolution by way of poll. The valid proxies and directed votes for the resolution are on screen. B Class shareholders, if you haven't already done so, please can you cast your votes on resolution one on your white voting card. I believe those who wish to vote in the poll have done so. Please raise your hands, and MUFG will come and collect your voting cards. Okay. I believe that MUFG has collected all the voting cards in today's meeting. Accordingly, I will now close the poll. As mentioned at the start of the meeting, we will now consider any questions or comments from shareholders about the management of this company for shareholders present with us today in Leeton. I'll take any questions from the floor. No.
That concludes the business of the day. I will now close the B Class meeting. The results of today's meeting will be announced on the ASX and then posted on the SunRice investor website once available. I thank you again, everyone, for your attendance, participation, particularly those shareholders that are with us today at both meetings. For those who are in Leeton today, please join us for refreshments, they are still warm, out the door. Thank you so much.