Thank you, Siranjeev, and thank you to everyone who has joined us today. My name is John Lorente.

Joining me is John O'Connor, our CFO, and it is our pleasure to present Big River's results for the 2026 financial year. I'll start with an overview of the business and our performance for the year, including some of the key areas of progress across the group.

I'll then hand over to John to take you through the financial results in more detail. I'll come back after that to talk through our strategic priorities, the broader market environment, and our out- and our outlook for FY27, FY27 before we open up the calls the call for questions.

If we turn to slide three, business overview. This is a slide many of you will have seen before, and it highlights the diversity of Big River across geography and markets and supply channels.

We now operate 25 sites across Australia and New Zealand, including seven manufacturing facilities. Queensland remains our largest individual region at 31% of revenue, while Western Australia and South Australia now represent 23%.

Western Australia has been one of our stronger-performing markets, and the acquisition of Johns Building Supplies has materially strengthened our position and capability in that region. Our supply chain also remains deliberately diversified.

Approximately 20% of our revenue comes from products manufactured by Big River, 15% from direct imports, and 65% from local supply partners. That mix gives us flexibility and supports our ability to offer differentiated products while maintaining strong supplier relationships.

Across our end markets, detached housing represents 36% of revenue, but we also have meaningful exposure to multi-residential, alterations and additions, commercial, civil, and OEM markets. Importantly, our largest customer represents less than 2% of our group revenue.

The key message from this slide is the breadth of the platform. We have diversity across customers, products, regions, and construction markets, which remains particularly important in the current environment.

If we go to slide four, divisions. Big River operates through two complementary divisions: Construction and Panels.

Construction generated $295 million of revenue in financial year 2026 across 16 sites 16 sites. It incorporates our building trade centers, frame and truss operations, and formwork and commercial businesses.

Panels generated $131 million of revenue across nine sites and remains a leading supplier of differentiated decorative and technical panel systems across architectural, fit-out, residential, commercial, and OEM applications. Across both divisions, our execution focus is consistent.

We are focusing on areas where Big River has a clear competitive advantage, strengthening trade, customer, and supplier relationships, growing higher-margin and differentiated categories, and continuing to improve the efficiency of the network. We are also investing selectively in profitable growth, both organically and through targeted acquisitions.

The objective is to grow above the market while continuing to improve margins and creating operating leverage through the existing platform. We now go on to slide five and the performance highlights for financial year 2026.

Overall, this was a solid result in a market that remained challenging. Group revenue incre- increased 5.3% to $426.4 million, reflec- reflecting resilient trading across the group and a partial-year contribution from Johns Building Supplies.

On a like-for-like basis, revenue was down approximately 1%, which reflects the continued softness in residential construction markets in some geographies. Despite that, we were able to grow both gross profit and earnings.

Gross profit margin increased a further 30 basis points to 26.5%. That continues the margin improvement we have reported over several periods and reflects disciplined pricing, better product mix, procurement initiatives, and closer alignment with our key suppliers.

Underlying EBITDA increased 8.4% to $31.1 million, with EBITDA margin improving to 7.3%. Importantly, earnings grew faster than revenue despite the underlying market environment.

Cash performance was also strong and a highlight of this performance this year. Cash conversion increased to 101.5%, while net working capital to revenue improved materially from 17.7% to 15.9%.

Gearing reduced from 21- 20.1% to 17.9% despite completing the JBS acquisition and continuing to invest in the business. The board has declared a fully franked final dividend of $0.02 per share, bringing total dividends for FY26 to $0.04 per share.

Overall, financial year 2026 demonstrates good execution across the areas we can control: margin, earnings, working capital, and the balance sheet all improved, providing us with a stronger base entering into financial year 2027. We now move to slide six and divisional performance.

Now starting with Construction. Revenue increased 7.1% to $295 million, supported by the partial-year contribution from JBS.

Construction EBITDA increased 19.4% to $27.7 million, with EBITDA margin improving from 8.4% to 9.4%. Formwork and commercial remained comparatively resilient and delivered positive organic growth, with particularly strong contributions from Western Australia and New South Wales.

We also saw strong organic growth in South Australia and Western Australia more broadly. JBS performed ahead of expectations in its first partial year of ownership and has further strengthened our presence in WA.

The improvement in Construction earnings also reflects the operational and network efficiencies we have been working on over the past two years. Now moving to Panels.

Revenue increased 1.3% to $131.4 million. We continue to see organic growth in bespoke and value-added categories, which was partly offset by softer conditions in New Zealand and ongoing weakness in the recreational vehicle market.

Panels EBITDA declined 8.9% to $12.3 million. That reflects competitive pricing and product mix pressures, together with the investment we are making in targeted growth initiatives.

Importantly, the areas where we have deliberately where where we have been deliberately investing continue to gain traction, particularly decorative bespoke panels and other differentiated, higher-value categories. At group level, corporate costs increased $0.9 million, reflecting inflation, employee costs, and investment in group capability and governance.

The overall message is that Construction delivered strong earnings growth, while Panels' differentiated categories, central central to our long-term strategy, continued to grow despite challenging market conditions. I'll now hand over to John O'Connor to take you through the financial results in more detail.

Thank you, John, and good morning, everybody. Starting on slide seven, the profit and loss account.

Revenue for the year was $426.4 million, up 5.3% on FY25. This included the partial-year contribution from Johns Building Supplies following the completion of that acquisition in in December last year.

On a like-for-like basis, revenue was down approximately 1%, reflecting the subdued residential construction environment that John has discussed earlier. Pleasingly, despite those market conditions, gross profit increased 6.5% to $113.1 million, with gross margin improving a further 30 basis points to 26.5%.

This continues the improvements we have reported around pricing discipline, product mix, procurement initiatives, and that tighter alignment that we have with our key suppliers. We're particularly pleased that the margin improvement has been achieved despite the ongoing competitive environment and lower volumes across some of our larger markets.

Operating expenses increased by 5.8% for the year, largely reflecting the addition of of Johns Building Supplies and continued investment in capability across the group. Importantly, on a like-for-like basis, operating expenses increased by approximately 2.8%, which is below underlying inflation and reflects the ongoing cost discipline across the business.

The combination of the stronger gross profit and controlled costs resulted in an underlying EBITDA of $31.1 million, up 8.4% on FY25, and with the EBITDA margin improving from 7.1% to 7.3%. That return to full-year EBITDA growth is important.

We have achieved it despite continued softness in the underlying construction market, which gives us confidence in the operating leverage available as volumes improve. Moving below EBITDA, depreciation and amortization increased to $18 million, predominantly reflecting the impacts of the JBS acquisition and continued above-inflation increase in lease costs that came up for market review during the period.

Our net finance costs reduced modestly to $5.3 million, notwithstanding the acquisition during the year, reflecting the disciplined cash and debt management. As a result, NPAT before significant items increased 20.

20.5% to $5.2 million. Looking briefly at significant items, these included approximately $1 million of acquisition costs, predominantly associated with with Johns Building Supplies, together with restructuring and rebranding expenditure.

Then costs associated with the implementation of a new HR system and a subsequent payroll data review. These were partially offset by a $1.4 million fair value gain associated with contingent consideration.

Reported NPAT attributable to the shareholders was, therefore, $4.9 million, compared with the prior year's statutory loss following the $20 million impairment recognized in FY25. I would also highlight the contribution from JBS.

During our partial ownership period, JBS contributed approximately $25.2 million of revenue and $3.1 million of EBITDA, ahead of our acquisition expectations. Looking at slide eight, the profitability waterfall.

This slide helps to explain the movement from the $28.7 million EBITDA result in FY25 to $31.1 million in FY26. The first point is that the like-for-like revenue decline resulted in reduced EBITDA of approximately $1 million.

That was more than offset by approximately $2.6 million of benefit from that gross margin improvement, reflecting that pricing, product mix, and procurement initiatives I mentioned earlier. Like-for-like operating costs increased reduced EBITDA by approximately $2.3 million, although those increases were partly mitigated by continuing operating and network efficiencies.

The JBS acquisition then contributed approximately $3.1 million during the period of ownership. The important takeaway here is the margin expansion and contribution from JBS more than offset softer underlying revenue and higher operating costs, allowing the group to return to EBITDA growth.

This is particularly encouraging given we have not yet seen a meaningful cyclical recovery in many of our end markets. It reinforces our view that the business is well positioned to capture operating leverage when volumes improve.

Moving now to the balance sheet on slide nine. We finalized FY26 with what we believe remains a strong and appropriately positioned balance sheet.

Cash at the end of the year was $24.5 million, up from $22.8 million last year, while total borrowings were broadly stable at approximately $49.3 million. This resulted in net debt of $24.8 million, a modest improvement on the $25.5 million at June last year.

Importantly, this was achieved after funding the cash component of the JBS acquisition during the year. Our gearing ratio improved to 17.9% from 20.1% at June 25, supported by that strong cash generation across the business and the equity raising completed alongside the JBS transaction.

That remains comfortably within our target range and provides us with ongoing flexibility to invest in the business and consider future growth opportunities. Working capital was also well managed.

Our net working capital to revenue improved to 15.9% from 17.7% last year. We placed a strong focus on inventory and debtor management through the year, and we are very pleased with that outcome.

This is an area where we have consistently demonstrated good discipline. We're not getting ahead of ourselves, and this continues to be a major focus for us.

The increase in intangibles and contingent consideration largely reflects the JBS acquisition. Moving to slide 10 and cash flow.

The cash performance for the year was particularly strong. Operating cash flow before interest and tax increased to $31.7 million, representing a cash conversion of 101.5%, compared to 100.1% last year.

This was in underpinned by both the quality of earnings and the disciplined working capital management that I just discussed. Cash generated from operating operating activities after interest and tax increased to $25.2 million, compared to $23.3 million in FY25.

During the year, we used approximately $13.1 million in cash for the JBS acquisition. We also successfully completed an approximately $10 million renounceable entitlement offer, which helped fund that acquisition while preserving balance sheet flexibility.

Gross capital expenditure expenditure for the year was approximately $4.4 million, with expenditure continuing to be focused on essential replacement assets, branch branch and manufacturing improvements, and initiatives supporting operational efficiencies and future growth. We also paid approximately $3.6 million in dividends during the year, slightly up on the prior year.

Despite the acquisition, capital investment, and dividend payments, cash increased by approximately $1.8 million over the year. This is a very pleasing outcome and demonstrates the cash-generative nature nature of this business.

Finally, looking at slide 11, capital management. As mentioned, the net debt finished the year at $24.8 million, with gearing of 17.9%, down from 20.1% last year.

Our banking facilities remain well positioned. We completed the extension of our existing NAB facilities during FY26, with maturity dates extending through into 2027 and 2028.

At the year-end, we had approximately $16 million of unused acquisition loan capacity, providing appropriate liquidity and flexibility for the business. As I noted earlier, net working capital to revenue improved to 15.9%, which also remains within our target range.

The board has determined a fully franked dividend of $0.02 per share, taking the total dividends for FY26 to $0.04 per share, consistent with FY25. This represents a payout ratio of approximately 76.9%.

We continue to balance three priorities in our capital management approach: investing in organic growth and operational improvement; pursuing disciplined, value-accretive acquisitions where appropriate; and maintaining sustainable returns to shareholders. The combination of strong cash conversion, lower gearing, and available debt capacity leaves us well placed to pursue those objectives.

I'll now hand back to John, who will take you through our investment priorities, financial ambitions, and outlook for FY27.

Thank you, John. Now let's move to slide 12, investment and building for the future.

This slide brings together the work we have been undertaking across the group and, importantly, where we are now directing investment. Over the past two years, we've done a significant amount of work to improve the operating platform.

We have consolidated parts of the network, improved manufacturing efficiencies, strengthened supplier alignment, improved working capital, and maintained discipline across the around the cost base. At the same time, we've continued to invest in the business.

The more efficient cost base gives us greater capacity to invest behind the opportunities where we believe Big River has a genuine competitive advantage. On the market side, that means targeted business development, category management, pricing and mix improvement, and building further growth in areas such as cladding, plywood, and differentiated decorative panels.

Operationally, we continue to focus on supply consolidation, value-added products, manufacturing utilization, and supply chain efficiency. Internally, we are we are investing in people, systems, processes, governance, and cyber capability to support a larger and more scalable business.

I also want to call out safety. Our lost time injury frequency rate reduced to 4.2 from 5.8, while the total recordable injury frequency rate reduced to 14.4 from 38.6.

That is a significant improvement and reflects several years of investment in safety systems, leadership, and operational processes. There is still more work to do, and safety remains a core priority for the group.

The objective across all of these initiatives is straightforward: build a more efficient and scalable business while selectively investing in the areas capable of delivering sustainable sales and margin growth. We move on to slide 13, financial ambition and growth.

Again, this is a slide many of you will have seen before. Our long-term financial ambition remains unchanged.

We're targeting revenue growth above the market, continued gross profit margin expansion, an EBITDA margin above 10% through the cycle, working capital below 20% of revenue, and sustainable, fully franked dividends. FY26 pro- represents further progress against those ambitions.

Gross profit margin expanded another 30 basis points, EBITDA margin also improved, working capital reduced to 15.9% of revenue, cash generation remains strong, and we have maintained fully franked dividends. The balance sheet gives us flexibility in how we allocate capital.

We will continue to look at targeted, value-accretive acquisitions. We will continue to invest organically where we see attractive returns, but we will maintain our focus on sustainable shareholder returns.

We have now completed 16 acquisitions since listing, with JBS being the most recent in December 2025. As outlined at the bottom of this slide, the board has also engaged Greenstone Partners to assist with a review of the group's strategic options.

That review remains ongoing. There is no certainty that it will result in any specific outcome, and we will update the market once the review is concluded.

We move on to slide 14, investment highlights. Rather than going through every point on this slide, I would highlight several things.

First, we have returned to full-year earnings growth despite an unsupportive macroeconomic environment. Underlying EBITDA increased 8.4%, while gross margin has improved has now improved against the prior corresponding period for at least three consec- consecutive reporting periods.

Secondly, the quality of our cash cash generation and balance sheet remains a significant strength. Cash conversion was above 100%, gearing reduced to 17.9%, and we retain capacity for further investment.

Third, our growth strategy is increasingly focused on differentiated, higher-margin categories where we can combine our national distribution capability with specialist product knowledge, strong supplier relationships, and local manufacturing. Fourth, our acquisition strategy remains disciplined.

We've completed 16 acquisitions since listing. Johns Building Supplies contributed $25.2 million of revenue and $3.1 million of EBITDA during the partial partial ownership period and performed ahead of expectations.

There is also meaningful operating leverage There is also meaningful operating leverage within the existing platform. We have invested in the network, manufacturing, supply chain, and systems over recent years.

As we grow revenue through that platform, we expect a greater proportion of that growth to translate into earnings. That remains an important part of the opportunity ahead of us.

Moving on to slide 15, the macroeconomic drivers. The picture remains mixed, and I think this slide illustrates that quite well.

On paper, the forward pipeline is strengthening. Dwelling approvals incre- increased 9.2% during FY2026 to just over 205,000, the highest level since FY21.

There is also approximately 244,000 dwellings under construction in at March, which remains near historical high levels. The underlying demand and pipeline are there.

The issue continues to be conversion. Affordability pressure pressures, project delays, and construction capacity constraints have all slowed the conversion of that pipeline into commencements, completions, and, ultimately, product demand.

That was evident throughout financial year 2026, and we remain cautious about the speed at which residential activity improves from here. There are, however, some favorable favorable changes in the mix.

The pipeline is increasingly weighted towards multi-residential and non-residential activity, and commencements have been stronger in Queensland, Western Australia, and South Australia. That aligns well with our exposure to formwork and commercial formwork and commercial, panels, and our broader building trade network.

Our view is that the medium-term fundamentals remain supportive, but we are not assuming a sharp recovery in the near future. That is why our strategy remains focused on gaining market share, growing differentiated categories, and improving execution rather than relying on the market to drive our growth.

Now we'll go to slide 16, the group outlook. We enter financial year 2027 with an improved earnings based base, resilient gross margins, a disciplined cost structure, and a strong pipeline of targeted growth initiatives.

Subject to market conditions and successful execution against our strategic priorities, we re- we reiterate our expectation for double-digit EBITDA growth in financial year 2027. There are a number of drivers behind that expectation.

Firstly, we will benefit from a full-year contribution from Johns Building Supplies, and we expect growth continued growth in the Western Australian market. We are investing in greater market penetration across higher-value categories where we have a competitive advantage, supported by addi- additional sales specialists, technical, and category capability.

We expect to continue improving gross profit through pricing discipline, product mix, supplier consolidation, and procurement initiatives. We are also focused on increasing manufacturing utilization, improving operational efficiency across the branch, warehouse, and supply chain network, and continuing the implementation of standardized systems and processes.

Importantly, our outlook does not assume a strong residential market. We expect residential continues to residential conditions to remain variable, and overall market growth to remain subdued in financial year 2027.

Commercial, infrastructure, and formwork activ- activity should remain comparatively resilient. We expect Western Australia and South Australia to continue to outperform the softer New South Wales and Victorian markets, while Queensland should increasingly benefit from activity associated with preparations for the Brisbane 2032 Olympics.

Against that backdrop, FY27 is very much about execution. We will remain disciplined on costs, working capital, and capital investment, while continuing to invest behind initiatives that deliver measurable earnings and cash outcomes.

We will also continue to assess targeted, value-accretive acquisition opportunities. To summarize, we are rea- realistic about the market conditions in front of us, but we enter FY27 with a stronger business, better margins, a solid balance sheet, and a clear set of growth initiatives.

Our focus Our focus is on growing above the market, continuing to improve the quality of earnings, and translating growth through the existing platform into improved returns. I would like to thank the broader Big River team for their continued effort and commitment throughout the year, and to our board and our shareholders for their ongoing support.

With that, I'll hand back to the moderator, Siranjeev, and we'll open up the call for questions.

Good morning, John and John. Um, congratulations on a on a solid result this year.

Uh if we could start on gross margins. Um, they're pretty strong despite Panels, which I guess to be fair, it looks like it stabilized.

Can you tell us, what were the main you've gone through some of the detail, but I guess what were the main buckets that led to those more resilient margins? Is there is there more in them?

Perhaps also an update on Panels, um are we are you approaching an upward trajectory in terms of I guess earnings from that segment now as well?

Thank you, John. Uh thank you for your question.

Um, yeah, look, um uh margins, um and and they were different across our different geographies, but the the they're growing for for several region reasons. Uh firstly, we've worked pretty hard, as we we've already um uh we've already reported previously, on front-end pricing.

Um, and and part of the um uh maybe decline or or not not not as strong growth on the top line has been that we've actually been very disciplined around not discounting when we don't necessarily need to. We've been talking about profitable growth.

The front-end pricing has been the first bit. Uh secondly, we've been working uh over the last two or three years um on aligning with key uh strategic supply partners um and consolidating uh purchasing where where that makes sense.

Um, and we have been able to get um some um some slightly better deals um on that. Um, and uh and then third, is this being the mix.

We've we've had our our value-added product um uh strategy uh over the last uh few years, uh which is really looking at at at areas where we don't make the margins in particular product categories where that we need and and um and differentiated products um and and looking to increase the margin priorities at the moment. That that initiative has gone quite well.

Um, so they're the reasons why. In in terms of Panels, um a a couple of reasons.

Uh so firstly, um uh both the New Zealand uh business, the Melbourne business um, and um and and part of the SLQ business, which um if you remember, that's um um around the the RV the RV market. Uh those markets were quite soft.

Uh we saw some competitive pressures out there around um around white board and um and um um um standard standard sort of um commodity product. Um, and um that um that pricing or that that margin uh somewhat offset some of the growth in the value-added products within the the Panels category.

Um over the next 12 months, we're seeing good growth in those value-added products. Uh we're seeing the pipeline grow.

Um, it's important that uh um we've seen SLQ a third of that business was that RV market. Um, we we're starting to see more growth in in in those specialized decorative products we've been building over the last couple of years.

We'll start to see over the next couple of years growth um in both margins um um and uh in volumes in our view in Panels in that business.

Okay. Thanks.

Just a couple of follow-ons from that. Um is there You talked about those higher-margin products in Construction.

Are those Is there was that just one or two core products? This is obviously all with the background or during the back- the backdrop of the frame and truss business is probably still under pressure from a margin perspective as well.

Um what How does the picture look when frame and truss volumes improve? It sounds like or it looks like the leverage could be considerable.

Look, and and I don't have a number for you, John. Um, good good question.

Look, um um in that in that formwork and commercial space, uh we um uh we've benefited from uh supplier alignment and and and and uh some cost pricing on a couple of key commodity lines. Then several um more bespoke products we've been able to get um um above average, well above average margins, uh growing as well, right?

Putting those two together. Then and then the team at the front end not discounting, we're being more cautious about about the pricing discipline.

Um, from from a pricing point of view, the formwork and commercial market, yes, that has been growing quicker than than other markets, um than the other segments for us. Um, but but those those um both both the volume end uh working with suppliers um and and the bespoke end uh on um on some of the value-added products uh delivered the result.

Okay. As you reposition the Panels segment to deal with, the lost volumes with the RV market, um do you think you can get the Panels business or the Panels segment back to those historical margins?

Or do we need to think about Um I I think you did put through a um a goodwill impairment maybe this time last year.

Um We did.

Yeah. Is that Are we is there a risk of an upgrade again, or have we

Our our expectation is is that earnings will grow in Panels, John.

Yeah. Yeah.

Um um a

a lot of the work's been done over the last 12 to 18 months, unfortunately, as the market declined, we then also had a part of the market for SLQ and then New Zealand, which is traditionally a um well it is, is a stronger margin business, being soft. Uh so that impacted the the the Panels business.

A lot of the work's been done, and and and our view is yes, we will return uh to uh we will return to to a more profitable business over the next few years, John.

Got it. Um, moving on, JBS beat expectations, which is great, but what does that actually Can you give us a little bit of color on what that actually means?

Um like what what are the metrics that you were um impressed with, or what are the metrics that beat? Um, and is there more were there Were there any learnings you took away from that business, and is there more available?

Um and and how much of an impact does that have on the group?

Look, on a on a on a quantitative side, we we did um um um, and I don't have the numbers right in front of me, we did tell the market when we we acquired that business what we expected um um it to achieve, and um and uh and then we've we've got obviously earn-out targets, uh which which were uh well on target to exceed. That's from a a a quantitative side.

From a qualitative side, um Johns is a is a is a great business, um really, really strong customer relationships. We we had our our grand opening um in terms of of uh ownership with with uh Big River um a few months back.

Uh we had 43 customers turn up early morning for for breakfast, and um and the response from the customers and the relationship with the customers is is very, very strong. Um, the uh the knowledge and the expertise from the team there is excellent, um and um and and their growth has been has been uh quite strong the last 12 months um um for for us in WA.

They're getting staff in um, and um and uh and being able to deliver in what is it is what is quite a strong market. Um, the the the standard sort of um, integration issues, but I think we've managed that really well.

Uh obviously, that's a family business, and and moving into more of a corporate structure and corporate reporting is always a challenge, uh but the team there's done a really good job. The team within uh within Big River's done a really good job.

We've we've employed a um uh uh a new uh finance person to actually work with the team there, and we're employing a new operational head uh to actually um work within the WA market to then integrate those a bit closer together in what is quite a sizable business. Uh that's still It's still early days, and my view is it takes a couple of years to really integrate these businesses.

Uh obviously, we've changed the branding. We've done JBS and re- and co-branded it with Big River, but um but the um um but the progress has been really good.

The team there has done an excellent job, and uh it is integrating well.

Good. Um last one from me.

You you're seeming your commentary today on the call, you you're incrementally comfortable on the growth profile. I know it's hard to talk about these sorts of things, but perhaps where are you spending your strategic time at the moment?

Um and it seems like, JBS was a good acquisition, and I'm assuming there's a couple more of those floating around um the nation. Um is that a logical path, or do you have something more exciting um up your sleeve?

Yes, so um so another another good question. I think there's there's two parts.

Firstly, uh we continue to to look at value-accretive acquisitions to add to our business. Uh we've got uh we've got several that we're talking to um as we speak, but these things take a while, and some of them have have been um um have been in the pipeline for a while, John's uh Johns was on in the pipeline for several years, as as we spoke about previously.

Um, we will continue to to look at those, and and particularly looking at not just dots on the map, but but areas where where um it can add to our competitive advantage and and our capability in our group. Uh so so that's going to continue.

Um, I I did mention um in terms of our our our growth um ambition, we're not quite there yet. While I'm really happy with um us controlling everything we can control, uh the top line's not, delivering enough growth, and we've we've we've done a lot of work in the back end to get the operation operating leverage, and I think when those volumes come back, um we will actually get more growth uh we will absolutely get more growth and multiples on the bottom line.

We need to deliver more growth on the top line, and the market is looking a little bit patchy. We yeah, we are accelerating some of our work in those key differentiated product categories that we believe we've got a right to win in.

We we talked about them: cladding, um our bespoke decorative panels, and plywood. Um, we've uh we've employed a number of people in in uh a number of new people in our business in those areas, and um and uh that's strategically important the next couple of years to deliver the growth in in in what will still be uh a a patchy market in terms of delivery.

Got Got it. Thanks, John and John.

Um

Thank you, John.

Cheers.

Hey, John and John, can you hear me all right?

Yes, we can. Um,

just one question on my end, as most have kind of been answered, but um you've indicated double-digit growth into FY27, um and you've done a great job over the last two years with achieving operating efficiencies, I guess. Can you give us a little bit of color on where and how you're hoping to achieve these?

More so, is it should we be thinking about this as more of a margin expansion story into '27 and beyond? Um,

yeah, thank you, Patrick. Thank you for the Thank you for the question.

Um, look, a couple of areas. Firstly, um uh uh uh a good portion of that is obviously the the the the full 12 months of Johns and and and the Western Australian growth.

Uh so so that will will help us grow um um grow those EBITDA um the the EBITDA numbers um close to double digits. Uh on top of that, um we have been accelerating uh some of those um um um some of those value-added products and um and and those key segments we've been talking about: the cladding, the plywood, uh and the decorative panels.

Over the last um two years, uh we've launched quite a few new decorative panels um, which are now starting to see growth. Uh so we expect that to continue to grow over the next uh 12 months.

Uh uh plywood is an area that that we continue to see growth and is a very large market, and a um and and and focusing on on uh differentiated plywood solutions um, one because we've got a right to win. We've we grow plywood, manufacturing and been doing it for 100 years.

Um, and uh and so we've got the knowledge and the expertise um in the in the market. Um, so we believe that will grow as well.

Um, and then thirdly, it's it's it's all the back-end work. Um so there's there's there's a there's a mix, there's a there's a pricing discipline, um and um um and and the cost management we've been doing.

Um that continues um, into into into into this month, and we we believe it'll continue into the year. Um, I still think the residential market will be will be difficult because in particular geographies, in particular Victoria, um uh because um um we're struggling to actually deliver houses at the rate that are needed.

Medium term, I think that market looks looks great. Um, we need to double down in the areas where uh where we have that competitive advantage and grow share, and that's uh that's what we're doing and that's where we believe we'll get we'll get growth next year.

Awesome. That's That solves my only question.

Thank you. All right,

thanks, Patrick.

Great. Thank you.

Thank you all for jumping on the call. Um, as as usual, we will uh be doing a an investor roadshow um in uh in early September.

Uh, please reach out um um if you haven't already uh if you'd like to meet. Thank you.

Uh, thanks for your time.