Can you hear me, Brett? I can hear you.

Can you hear me? Yep, yes I can.

We're live, Brett, we're good to go. That's cool.

It just says my microphone is muted, that's all. If we're live, good day, and welcome to our first half 2026 results for Kelly Partners Group Holdings Limited.

My name's Brett Kelly, the Founder and CEO, and I'm joined by my colleague Kenneth Ko, our Chief Financial Officer. It's really terrific to meet with everyone today, and we'll have a short presentation which was published this morning, and we'll take largely as having been read, and then we'll move to some questions.

We like to have this front page, it makes a quick, clear summary. The team has grown strongly while maintaining the revenue per person.

We've grown our number of partners and businesses and are now operating in a new country, Ireland, that's performing well. Revenue has grown by 17%, revenue run rate's grown by 22%, and shares have increased 0.8% over the period, which is still below the number of shares at IPO in 2017.

Our free cash flow per share has grown by 10%, and our return on invested capital plus organic growth continues to remain strong. Next page, Kenny, thanks.

We'll go through the highlights about us and capital allocation, but the big rocks that we wanted to share to understand where the firm is and where it's going are these big themes, which are: we are trying to build a global firm, an Australian global firm for private business owners, who we describe as people that want to go somewhere, they're those active business owners; and we are now in a position where we have a global team, we have people generating revenue 24 hours a day, essentially 7 days a week, all across the globe, which is frankly tremendous, and we are delivering on this prospect of growing a global business from Australia, through the US, and now into Ireland through our 51% ownership in the Kudos network that has 60 firms in 48 countries. We believe many of those firms will become Kelly Partners firms over time, with an emphasis on the expression "over time."

In terms of M&A, we have a programmatic acquisition playbook that is well practiced and very well proven, and we are implementing that in the territories that we're seeking to play, with our focus remaining on Australia, where we are obviously very advantaged. We are building, and have quietly been building, a suite of software applications for our firms that are unique and different and give us a way of differentiating for our people and clients.

We are working on our data consistency and our ultimate implementation of AI broadly and specific tools to continue to make Kelly Partners the best place to work for talented young accountants that really want to help clients and build their careers. We've outlined in some slides in simple terms what that all looks like, but we can see clearly that we are growing our revenue outside Australia, and that is developing a more differentiated posture and reality for the business.

We're very excited to see that the huge engagement of private equity over the last 5 years, we think will provide real opportunities for Kelly Partners. In the recent AI-driven rerating of businesses like ourselves and CBIZ that's listed in the US, we believe that many of these PE-backed investments are going to struggle to exit at valuations that their investments assumed.

We believe that that will create more opportunity for Kelly Partners as a listed permanent capital HoldCo at likely lower valuations. It will mean, I think, that AI will drive fear into vendors, meaning that they will increasingly look to exit their businesses with their pending retirements.

I think there'll be more dead PE deals that will provide acquisition opportunities over the next 5 up to 10 years, and I think there's a separation of the leadership-driven tech-enabled firms from the rest. I think attitude and age, to a degree, are going to very much matter for the ability of a firm to adopt AI and apply it effectively.

AI will be adopted in every piece of software we use and platforms we play on by our clients and by ourselves, and so I think it will just become ubiquitous and frankly quite helpful for our teams. Implementation in terms of acquisitions is the hard work, and it really matters, and KP has a playbook and a track record that makes us very confident in our ongoing ability to win in that way.

In terms of software, since 2021, we've been building internal software development capability supplemented by external capability, and we've been building tools like a single point of truth for our directors that sits over the top of our other systems and gives us a unique view of how we're playing the game. We've built applications for our team, clients, client niche, and we're building an audit platform for our Kudos firms.

We just call that out because it's a quiet, key part of our business that we've been investing in, and we will continue to double down in that space. In terms of how AI will disrupt the accounting industry, I don't think anyone knows all of the ways that AI will impact, but technology has always impacted our industry, and it will continue to, I think, add value to our firm more than it actually destroys value.

The principal advantage our firm has is the quality of our people and their alignment to our purpose. When you take very smart people and give them new and better tools, I believe that we will be uniquely placed to find ways to create and deliver value with AI or any future technology.

Our clients' needs remain very similar, and in particular, our core product is our trusted advice, which we believe, in a world of more information and easier computation, will frankly become more valued. While there is a commoditization of accounting generally that's been going on for some decades, certainly since my involvement in accounting 30 years ago, what's always remained true is that the people that have trusted relationships and really deep expertise at solving complex problems are best placed to prosper and navigate a changing environment, which our industry has always been.

Very interestingly, the one thing to look at is the age of our workforce, and our team are young, highly qualified professionals, and I think that this profile of our people and our partners—the average age of our partners is about 42—is very, very different from the industry. The average age of partnerships in private client firms of the nature that we seek to acquire is typically over 60, and we don't believe that cohort's going to be very good at taking on the new technology that is confronting the industry and creating opportunities for the industry.

We've popped a slide in there to show the sort of indiscriminate impact of recent share price movements. If KPG's down 49.51% the last 12 months, and Constellation Software's down 49.94%, then I'm feeling comfortable that this is a broader sell-off.

Xero is down 52%, Salesforce down 40%. We think the market's done what it has done, and what we will continue to do is focus on our business and let the market do whatever it does.

Mr. Market's having a crazy day, and that's okay.

By the way, we've been here before. During the pandemic, I think people will note that our share price fell well more than 50%, and the world didn't end then either.

We will seek to take advantage of the recent share price change through buybacks using our employee share scheme to give our team long-term exposure to the upside of the stock. I'm very confident that we will very much benefit all shareholders by this momentary opportunity.

Calling out some quick highlights, we've got this KPG in 10 seconds: revenue growth of 17% in the half; margin remains very, very strong; parent NPATA is growing; our returns on equity are strong; gearing's strong; cash flow's strong; and efficiency of our cash conversion is strong. We feel very good about the way the business is operating.

We'd speak to the long, consistent business model and flywheel that we operate and its ability to generate consistent results, and remain very confident that that model and our flywheel remains very strongly placed. I'm particularly pleased that we've had six firms join us in the last 6 months, and the demand to join the group has never been stronger.

I'll leave these slides to read in your own time if you haven't read them yet, but revenue growth, EBITDA, programmatic acquisition, cash conversion, return on invested capital, return on equity are all in very, very strong places. We've always looked at the progress of the firm in 5-year periods.

We said in 2020-2021 that we would look to accelerate our growth, and we're pleased that over the 5 years since then, we've nearly tripled our revenue from $48.9 million to $135 million last June. Our run rate is at $165 million, and so we are in that acceleration phase that's requiring some investment, but we feel very good about our ability to foresee and deliver on the business plan.

We share this slide on the earning power of the business and the sense of our numbers just for shareholders to have some clarity, and that's for your review in your own time. Profitability right across all of the firms, EBITDA margins have improved, and they remain as strong as anyone I'm aware of at our scale in the industry globally.

In terms of capital allocation, this is a slide that we've shared consistently over the years, and we'll leave that there for your review. We aim to build per-share intrinsic value over time, and you can see the strong performance of our compounding of book value at a CAGR of 34.9% for nearly 19 years.

It'll be 20 years in June, and we're very pleased with that progress, and we believe that it demonstrates that there's a systematic way and a flywheel to what we're doing. Our mindset is, as investors operating a holding company, that are experts at the specific small circle of competence that we understand, which is these $2 to $10 million revenue accounting firms, and we think that's proven out in our track record over nearly 20 years.

We'll leave this for you to review in your own time, but it just shows our emphasis and our focus on a return per share that is on issue for all shareholders. EPS and free cash flow per share continue to grow, and again, emphasis on per-share returns.

You'll notice from 2021 to '26, that return's nearly doubled in line with the revenue growth. In terms of locations, we're pleased to be into Ireland with a fantastic firm and partner.

It's a 55-year-old firm grown by father and son, and now we've stepped in the father operating. It's a great story.

We're into India, Hong Kong, Philippines, strong in Australia, and growing in the United States. We are the only firm, to my knowledge, from Australia that's ever had an equity interest in a US-based firm, and we believe that the US-Australian and US-Ireland, these cross-border private company and their family growth opportunity is very differentiated, and very outside the realms of AI to disrupt ever.

In terms of the platform, the platform's very strong and very differentiated in our view. I'll leave that for you to review in your own time.

Our strategy to become a top 10 accounting firm in Australia is well and truly on its way. In our mind, we exclude the Big Four and other firms that are not pure-play accounting and tax firms, and we've really taken our place with names that have been around for 50 to 100 years longer than us in Australia.

We consider our position in the Australian market to be very strong, with profitability far beyond our typical competitor firms and less exposure to AI impact on things like audit services, where our audit services are 5% of our revenue or less. Most of these comparable firms are 25 to 40% of their revenue in the audit space.

We expect to continue to grow very, very strongly in Australia and to be able to maintain our profitable margins in the sectors that we operate. In terms of going global, that plan is proceeding and frankly better than expected.

It's an ambitious and difficult challenge to take on board. When you're trying to do something that other people haven't done before, no one would expect it would be easy, and it hasn't proven easy, but we are, as we always do, just working through to make that happen.

I really couldn't be more pleased with the progress we've made, with the quality of our teams, our partners, and our impact in these markets, and the demand frankly is overwhelming and exciting. Where I was hopeful and thought well-considered in this approach 3 years ago when we started, today I'm certain that we can build a strong global presence for Kelly Partners as Australia's global accounting firm for private business owners that want to go somewhere, more so than I ever have been.

It's extremely exciting. If you consider today, the business that we own by revenue outside Australia after 3 years is the same size as the business that we listed on the ASX in 2017.

That was in terms of our ASX listing after 11 years of building the group from the foundation. It's taken us 3 years to duplicate that size in these markets, it's a great effort by all of the team, and there's a lot to do to really build that business to its full capacity.

It should be certain that the addressable market outside Australia is something like 10 times the addressable market that exists within Australia. We'll continue to drive our advantaged position in Australia while gently proceeding to grow a private business in an intelligent and in capital-light manner.

In terms of partnerships, this is how many we've done and sort of what the pipeline looks like. We have a process, we have a great pipeline.

Right, might hand over to Kenny to talk about capital allocation, which remains very strong, and take us through the financials.

Okay. We've got one more slide here, Brett, on the additional investment, and then it's the financials.

Oh, great. A little bit early there, Kenny.

Additional investment, we often get asked, could we get the full look-through earnings or the full earnings through the KPG without additional investment? We make really clear here how we've driven this investment over time.

We've always got a return on this additional investment. It's really just a choice as to either pay dividends, retain cash, or invest in the internal capacity of the business.

We've chosen to invest in the internal capacity of the business and grow that business, and that has worked out really well. We'll continue to do that.

We're looking for shareholders that are long-term in their orientation in the way that we are as owners, and that partnership has proven to be very, very effective over time. While we will be very diligent about this investment, we're not running the business for short-term cash profits in terms of NPAT.

We're looking at continuing to grow the capacity of the firm to drive these types of growth numbers. I think that the return on the capital that we're investing is sensational, frankly, looking at strong ROICs, and so I'm keen to deploy the capital available to that use.

Great. Thanks, Brett.

Great to see everyone again—

Anytime, Kenny. Anytime.

Great to see everyone again and present the financial results and highlights for the half year ended 31st of December 2025. I will start off with this slide that shows the key financial metrics for the group and the parent, starting off with the highlight for the year in an increase in group revenue from $64.9 million to $76 million, being a 17% growth on prior year, and the underlying EBITDA for operating businesses growing 15.2% to $21 million.

The margins are comparable to last year. Our underlying NPATA for the parent has increased 12.8% to $5.6 million on $4.9 million last year, and we continue to generate great cash flows and strong balance sheet, as you can see below, and great return on equity and invested capital metrics.

On the income statement, as I alluded to just now, revenue increased 17% to $76 million. Our run rate currently is $164.2 million.

The revenue growth is driven by organic growth of 4.2% and acquired revenue growth of 12.8%, noting that, as Brett said earlier, we completed six acquisitions this year, all of them throughout the year. Those acquisitions really contributed part year into the half-year numbers.

Out of the six acquisitions, two we completed in August, two we completed in October, and another two we completed in December. Really, those acquired businesses only contributed a few months of revenues and profits to the results.

Our Australian operating business EBITDA margin is at 31.3%, and our group operating business EBITDA margin of 27.6%. Just wanted to bring everyone back to the profitability slide that Brett shared before, showing that the EBITDA margins for all of our cohorts has increased for the half, and it shows our efforts to increase those margins across all our businesses.

On the right there, in the table, our underlying EBITDA increased 15.2% for our operating businesses and 10.8% after taking into account the parent additional investments. Underlying NPATA, as I said just now, attributable to shareholders increased 12.8% to $5.6 million.

We continue to present our numbers pre-AASB, including the rent expense, because we think that makes sense, and that's how we've shown numbers throughout the years. In terms of the balance sheet, our net debt to underlying EBITDA is 1.79x, compared to 1.42 times in 30th of June 2025.

Again, due to the debt we've taken out to complete the in-year acquisitions that I just mentioned, return on equity metrics remain strong for both the group at 38.1% and the parent at 32.6% respectively. Very pleased to see our lock-up days decrease to 49.8 days, and it shows the discipline of which our business manage their working capital, and it's quite a bit of reduction from the prior periods.

In terms of debt and liquidity, our net debt increased $18.6 million to $77.1 million since 30th of June 2025, again mainly to fund our in-year acquisitions and other funding requirements, such as partner buy-in loans. I note that during the year, we completed those six acquisitions, had revenues of $18 to $22 million, aligns with the net debt increase.

One thing to note for our keen-eyed shareholders, if you compare the working capital debt against the prior period, you will see a substantial increase of $8 million from $7.7 million to $15.2 million, and that's because at 31 December 2025, our bank Westpac gave us temporary overdrafts to complete the two acquisitions in the half, and they were in the process of being refinanced to long-term debts. Both of them have been converted to long-term debts as of today, those so-called working capital debts would be reclassed as long-term debts.

Our principal debt repayments for the half is $7 million, annualizing that, that represents annual debt repayments of $14 million, and it's in line with the 5-year amortization of our loans. If you look at our acquisition term debt there of $60 million, that equates to around four to five times that annual repayment of $14 million.

We continue to maintain a healthy cash and facility headroom, and that's the debt and liquidity slide. On the next slide, the cash flows: cash from operations increased 6.4% in the half; our scheduled debt reductions increased from $5.4 million to $6.2 million due to the increase in debt obviously; and as I mentioned there, you would see that during the half, we repaid scheduled debt reductions of $6.2 plus an additional debt repayment of $0.8, annualizing to a $14 million debt repayment.

Our growth CapEx there relates to a major fit-out of our Griffith office, which is a very well-performing business within the group. Again, our cash conversion is high at 101.1% for the half, compared to 103% in the prior half, and it's consistent with our expected 85% to 100% conversion ratios.

Parent and NCI waterfall: I won't go through this in detail, but this provides us with reconciliation of the 51 to 49% interest in the parent and NCI to the statutory profits shown in the financials. As you can see there, there are various parent-attributed costs, such as parent tax, interest, and depreciation.

They're comparable to what we've done in the prior half, and obviously the additional investments and some non-recurring expenses. Those all contribute to the difference in the proportion between the parent and NCI earnings.

That's it from me, Brett.

Good man, Kenny. Thank you very much.

Why don't we go to questions? That's probably enough from us.

We've got a great showing of shareholders today, very pleased if you've dropped your questions in the Q&A chat. I'll get to work trying to answer them with Ken.

Current share price notwithstanding, what has changed in the last 6 months that impacts a decision between investing capital in acquisitions versus buybacks? Nothing has changed other than the change in the share price.

Acquisitions are still our first and best place to invest, and you'll continue to see that. We think share prices just move around, and we've never run the business with a short-term focus on the share price.

Second question: Can you explain the slowdown in revenue growth from 24% to 17%? Yep, so— I'll throw that to you, Ken.

Frankly, I wouldn't see it as a slowdown. Over to you, Kenny.

On that question, if one looks at the run rate revenue of $164.2 million, and you compare that revenue to our FY 2025 revenue of $134.6 million, the increase is 22%. As I explained earlier in the presentation, because of the timing when we did those six acquisitions, we did two in August, two in late October, and two in December, really they really didn't really contribute that much to the acquired growth.

Hence there's that timing difference in having that full acquired growth reflect in the numbers. Hope that answers your question.

Terrific, Kenny. Just looking for any other questions.

I can't see any other questions.

I think, Brett, you have to click on new posts, and it generates the new questions.

Oh, there we go. I just opened it again.

So: "Brett, during an interview with Compounding Quality in October '24, you mentioned that Kelly Partners was investing in AI through a joint venture with a 51-49 partnership to develop AI-specific tools. Since then, there's little public communication on this initiative.

Could you provide an update?" We have looked at that joint venture and a number of others, and we've decided, instead of doing those joint ventures, to continue to work with our own software development and partners within the business.

The terms and pricing of those proposed joint ventures didn't make any sense to us, and we believe that we had more to contribute than was being recognized. We just continue to push on ourselves with our own initiatives, and we feel very comfortable with that approach.

There's a lot of developments going on in AI that is just application-specific that we think might be useful in the short term, but we don't see them having any particular enduring value and they're getting duplicated very quickly. We've been constantly asked to invest either time or capital in these joint ventures, and we've just been being careful where we involve ourselves.

Next question: "You've been very positive about the impact of AI on the profession. Given the significant efficiency gain AI could unlock, combined with a structural supply-demand imbalance, you previously noted that accountants currently perform roughly eight tasks out of the 80 tasks clients require.

When would you expect those efficiency to translate into higher organic growth for the group?" I don't expect higher organic growth.

If we have organic growth of typically we think about 6%, it comes out at about 4% after we continue to acquire firms and get rid of some of their poorly performing clients. It typically impacts our reported organic growth.

I'm pretty happy with 5% organic growth, and if those tools deliver more organic growth, that would be nice, but not necessarily a focus for us. Next question: "How would you currently describe the M&A pipeline?

Has it rerated market itself?" There's never been any impact of our share price on our M&A pipeline, certainly not a negative one.

People really sell because they're ready to take on a partner that can add value, and/or retire. We've got a very, very strong pipeline, as strong as it's ever been.

It continues to improve every year, and we just don't see any particular negative impact at all. Next question: "Group's made substantial additional investments which have impacted NPATA and EBITDA margins.

When should investors expect to see the returns on these investments, improved profitability, and operating efficiencies?" If you look at overall growth in revenue, if we're growing at 30%, it takes us longer to get margins up to the levels that we would like, because we just have less time to focus on each of those businesses that join us.

Frankly, we're really matching our effort with the ability of a firm that joins us to take on our effort to get those margin improvements. I'm comfortable with where the margins are at the moment, and I expect them to continue to remain very strong.

Next question: "For us uneducated Americans, can you translate the term debtor days?" Debtor days are receivable days, and lock-up days are work-in-progress days plus receivables days, basically the working capital being absorbed by a business.

"Can we get an update on any potential IPO?" We are working to make sure that we've got the debt that we need to continue to grow the business, and when we've got the resolution of our debt structuring sorted out, it is in our intention to pursue a listing on an appropriate market other than the ASX, and that's about as much as we can say about that legally at this time.

"Next question: You've built strong momentum through programmatic acquisitions. Philippines BPO platform is now material to group capacity.

How do you balance accelerating that offshore leverage with preserving partner economics?" The Philippines BPO is not focused on providing team members to Kelly Partners.

It's a business that provides team members to all sorts of businesses. Out of its 1,150 team members, less than 20 of those would be with Kelly Partners, but that number can grow over time, and that will help us to have the right number of people right across all of our firms all throughout the world, as well as maintain and improve partner economics.

Next question: "Back in July 2025, KPG sent out a shareholder survey about potential future investments. Any update about that survey?"

No update at this point. Next question: "Is the recent internal capital raising still to be used for the reasons stated at the associated meeting?"

Yes. Yes, it is.

We are going to continue to deliver on all of the undertakings that we have made. The question about: "Can you talk more about Kelly Partners Investment Office?"

We can't buy KPG shares via KPIO, as far as I understand with the rules, independent trustee rules that relate to that vehicle. We can check that.

It would certainly make sense. "At what share price would you consider buybacks over acquisitions?"

I've always said that when I think about investing in a business, I wouldn't buy one share in a business if I wasn't prepared to buy all of the shares of that business. Certainly at the current share price, I would be more than happy to own all of the shares of our business.

That said, our current posture is to continue to partner with firms in their growth, and see a huge pipeline of that opportunity. We see that as our core competency, as our real tiny but valuable circle of competence, and we expect to continue to do that and do a lot more of that.

That said, we are a holding company. We have investment expertise.

We found this pocket of opportunity in the accounting industry 20 years ago. If we were of the view that we found another pocket of opportunity, then we would seek to develop that opportunity as well.

We've spoken I think comprehensively on AI, and there's plenty of information in the pack. There's a question around, is an opportunity, I think we've spoken to.

"Can you please talk more about the fortress balance sheet initiative you have been working on and that we referred to during the full-year presentation?" We have the view that we should keep gearing low, as we have.

I think, Kenny, net debt to EBITDA? 1.79.

1.79 times. Yeah, 1.79 times, we think is is very conservative given, the six deals we've done in the last 6 months.

Typically you'll see that sort of contract strongly. We don't see any particular pressure on our balance sheet at all, and we will look, in the way that Berkshire Hathaway has over 60 years as a public company.

We're always trying to run the business like a battleship that can perform in all circumstances, and we've we traded strongly through the global financial crisis in 2007 and '8, and we traded very strongly through the pandemic, and we continue to trade very, very strongly, and very confident about the business's positioning relative to what we see in the industry in particular. I think we've shared as much as we want to share about what our software developers are up to.

We run a a, we try to run a balance between being very transparent and and being and being very careful not to share the trade secrets of of KPG. You can see the results.

Most of the, most businesses that have achieved outstanding results in their industries are doing that largely through trade secrets, and so we wanted to let shareholders know that we for a long time now have been working on our software development capability, which, definitely entails thinking about automation, AI, and these types of areas. We haven't previously disclosed the dollars that we've been investing.

We wanted to just reassure people that we are not asleep to these issues while not sharing the specific things that we're doing that might give our competitors a heads up to to to what we're up to. "Can you give an update on increasing the size of acquisitions team?"

It's really just three of us doing it. We keep looking for talented people to join the acquisition team, but when they turn up expecting salaries of, up to half a million US dollars, that's a proposal we can resist at this point.

We'd like to increase the size of that team, but I'm not sure that that that at that type of pricing I've been able to convince myself that that makes sense as of now. That might change.

While you've got us here, if there are any other questions, I'm just seeing that, oh, there's another one. Please please lock them in.

We're we're going to be out of time soon. "Not a question, just a comment.

Hope that you and the businesses have come back stronger from the recent California fires and Florida hurricane events." Thanks thank you for your comment, and yes, we're we're we're doing our best.

It's been a, last year was a terrible year, and so I'm very happy to be in 2026 away from that. "Where do we see the business in in 10 years, 20 years?"

We're trying to build an enduringly valuable HoldCo that has as its principal business the Kelly Partners accounting business that will be Australia's global accounting firm for private business owners who want to go somewhere. Over the over 20-year period, we see ourselves as being, a globally respected listed holding company with a reputation for compounding per-share value as well as anyone ever has, as well as finding unique pockets of opportunity to drive those returns.

"Not a question, but thank you for the shareholder letter about the stock price performance earlier today." Happy to get that out.

We don't spend a huge amount of time on investor relations, not because we don't respect our investors and our our shareholding partners, but rather we know that the best thing that we can do for you as as shareholder partners is to focus on the business, to keep our eye on the ball. Share price is just a scoreboard, interesting, but, we can't do anything about the scoreboard by staring at it.

We have to keep our eye on the ball of the business and and delivering on the business plan and the long-term value creation vision of the business, which you can be assured we are doing very strongly. "Any book recommendations?

Recently acquired big ideas or nuggets of wisdom?" I just saw that Jim Collins, a hero of mine, has literally just texted me before this meeting and shared that Jim Collins, who is one of my favorite authors, has a book coming out called What to Make of a Life, and the subtitle is Cliffs, Fog, Fire, and the Self-Knowledge Imperative.

I'm really excited about about that book coming out. I think that'll be quite cool.

I've loved reading Brad Jacobs's How to Make a Few Billion and How to Make a Few More Billion. In particular, the piece I like about that book is Brad talks a lot about mindset.

If you read the book by the founders of 3G Capital, talks about thinking big. You read the first chapter of Steve Schwarzman's book, talks about the importance of thinking big.

Certainly both of those gentlemen have challenged me to think much bigger about what's possible for the group, but what Brad Jacobs has done is encouraged me to focus on the role of mindset, and he talks a lot about cognitive behavioral therapy and meditation, and ways to think to to keep yourself centered and grounded amid the pressures of life, and also how to to expand your sense of what's possible. I love his little obligation that that is his little observation that he says, you've got to bring a love vibe to your business.

People have to feel really cared about and and that they're on on a mission with you. I I just love that idea.

I just think it's very nicely expressed, and very much aligns with my values and the and the values here at Kelly Partners. Really really like that book.

Now, I have a a a bag full of books at any one time going, and and I'm excited to share that I have written a new book called Progress, which is 75 Big Ideas for Life and Business, which you'll see come out this year ahead of our 20th anniversary on June the 12th. That's a book that I've pulled together.

It's the first time I've written anything that's not an interview book. I've also I will also publish this year a book called Political Wisdom, which is interviews that I've done with six Australian prime ministers.

It's part of the Wisdom series I've been writing since 1998, one every 7 years, which is the nearly the 30th 30-year anniversary, which is cool. I've pulled together a book of 14 interviews from our Be Better Off Show podcast that we'll publish this year as well.

Keep your eye out for those. Always got got some got some got some book recommendations, great question.

Happy to chat about them. In terms of nuggets of wisdom, I must comment that I love the letter that Warren Buffett wrote for Thanksgiving.

I love the way that he handled his transition. I thought the last Berkshire meeting was not only hugely informative, but very, very moving.

The most impactful part of that meeting was when Buffett was asked, why had he been able to continue for 60 years in his role? He mentioned that he just liked working for his shareholders, who many of him knew he knew personally, and he loved, delivering for those people.

I thought that was profound and moving, and certainly share share that mindset. I I'd totally recommend to anyone to watch that two or three times over.

There's just just acres of wisdom in that particular meeting. He was really at his sharpest.

"Where can you purchase books?" All be on Amazon, and if you can't find them, let me know, and I'll I'll find a copy for you.

Going once, going twice. I really appreciate everyone joining us today.

I think we've got through about 30 questions. I hope our responses have been useful.

I'm incredibly excited about where the business is, the opportunities we have in front of us, the value that we're delivering to our people and our clients, and the positive impact we're making in our communities. When we started the business in 2006, we hoped that we could make the accounting industry better for its people and clients and communities, and we know that we're doing that.

I want to thank all of our team members from our most junior through to our most senior, all of our our partners, all of our shareholders, and all of our clients, and the communities that that that encourage us in and allow us to prosper within them. We're in the business to make a positive difference.

We have a flywheel of positive outcomes. As we put in more effort, we get great positive feedback, and that encourages us to frankly do more.

I feel incredibly blessed and privileged to lead our organization of people that I I just could not speak more highly of or be more proud of. The most consistent feedback I get on Kelly Partners is when I send people to meet our people, and they come back to me and they say, it's the it's the most incredible privilege of my role, the feedback that I receive from all over the world saying, "I cannot believe, Brett, the quality of your people, of their work, and their care for for their people and and and he or she as a client."

It's it is really really very, very special. I'd like to thank everyone for joining us today on the the 10th of February 2026.

For me here anyway, Kenny, and I'm here in California, Ken's in Hong Kong, we probably should have mentioned, and for all of you in Sydney and around the world that have joined us today. If there's anything that we've missed, please reach out to us with an email, and and we'll certainly come straight back to you.

I appreciate your time, and as I like to say, thank you, Kenny, and have a great day.