Good morning, and thank you for joining us for Lindsay Australia's FY26 full year results presentation. I'm Clay McDonald, CEO of Lindsay Australia, and I'm joined today by our CFO, Justin Green, and COO, Craig Baker, who will be available for questions following the presentation.

Before we begin, I'd like to acknowledge the traditional owners on the land on which we meet today, and I pay my respects to their elders past, present, and emerging. Lindsay Australia is a national leader in integrated rural services and refrigerated transport.

We operate across Australia's major horticultural regions and freight corridors, delivering essential inputs, packaging, and logistics solutions for the agricultural, manufacturing, and temperature-controlled food sectors. The role we play is both essential and vital, delivering time and temperature-sensitive freight that sustains millions of Australians every day.

Over the last three years, the team has focused on creating a scaled and efficient national network that provides customers with end-to-end solutions, creates value through our unique integrated model, express road, rail, and sea services, and our modern infrastructure that provides volume and sales flexibility. Regardless of what's happening globally, and focusing through the cycles, the key demand drivers for Lindsay's service offering remain positive.

Population growth and changing consumption habits is driving strong growth in the freight task. Through our strategy and investments, we are flexing our core operating model to align with changes in the market and to de-risk our exposure to natural events that impact horticultural volumes.

For example, our national networked cross-docking infrastructure is designed to support variations in customer order size as demand and inventory management signals change. As delivery frequency, express flow-through, and availability expectations change, we have the network infrastructure and systems to support our customers.

Through organic growth and acquisitions, we have intentionally diversified our revenue by region, service, product, and customer to achieve more consistency in volumes. We're particularly pleased with our success in the dairy category.

Changing consumption habits and preferences drive demand for protein, and dairy companies are benefiting through increased volumes. Customers with a national task and products that are in high demand with time and temperature-sensitive characteristics is Lindsay's sweet spot.

We're excited to be partnering with blue-chip dairy brands, supporting the supply chain side of their escalating demand. We consistently get asked, where are we in the cycle?

There are way too many variables to be definitive about what, when, and how things will play out in our market, other than acknowledging that there are periods of oversupply and undersupply that can influence returns. At Lindsay, we don't try and pick these cycles, but have a long-term focus on consistently investing through the cycle, and readying the business to take advantage of changes in the market as they occur.

Disruption in the transport market continues to play out, as the compounding pressures of high interest rates, deferred tax payments, claiming back super, and increased property, labor, and maintenance costs are leading to escalating insolvencies and year-on-year reduction in heavy-duty truck sales. I'm delighted to provide an update on two developments that define this year for Lindsay: the completions of SRT Logistics integration and our scaled entry into the secondary freight market.

First and foremost, I'd like to thank Rob Miller, Ray Tildon, and the SRT team on a very successful first year as part of Lindsay Group. SRT integration is now complete, and has delivered everything we set out to achieve.

The transaction delivered 15% EPS accretion on an FY26 pro forma basis in year one. We realized $1.5 million of cost synergies against our original target of $1 million, and redeployed $5 million of capital from the combined business.

SRT's Trans-Bass and Tasmanian operations has improved the seasonality and consistency of our earnings and reduced our geographical risk. Whilst on the commercial side, extend and connect strategy has been well received by SRT customers looking for a national end-to-end solution, plus Lindsay customers who are targeting sales opportunities on the island.

Just as importantly, we recognized the capability SRT had in a sector of the market that is large, attractive, and in which Lindsay doesn't traditionally compete. By leveraging off their capability, combined with our size, scale, and regional presence, I'm delighted to announce we have secured a five-year contract to provide secondary freight services to approximately 40 Woolworths and Big W stores from Mackay to Cairns in North Queensland.

This is Lindsay's largest single contract win, and will generate between $30 to $36 million of revenue a year, a return above our hurdle rate of 15%, supported by $20 million of dedicated CapEx across four sites, including two greenfield sites, Townsville and Cairns. Rollout will begin in October '26, with full operations in July '27, and the full run rate captured in FY28.

Secondary transport market is complementary to our existing operations, and this opportunity is a direct dividend of bringing SRT into Lindsay Group and combining our strengths to create customer value. Let's take a look at our key performance highlights for the year.

Backed by the network expansion, Lindsay delivered a record full year result. Revenue exceeded a billion for the first time, reaching $1 billion and 72 million, up 26% on FY25, with SRT Logistics contributing $149.7 million, and organic growth and market share gains a further $73.2 million.

Underlying EBITDA rose 25.6% to $127.8 million, and underlying EBIT rose 37.7% to $60.4 million, reflecting the first full year contribution from our acquisitions and improved utilization of a network that is now substantially built. Underlying NPAT was $27.6 million, up 27%.

Underlying EPS rose 10% to 7.6 cents. A key safety metric, lost time injury frequency rate, improved by 34% to 10.9, a pleasing result following continued investment in safety, leadership, and technology.

The board has declared a fully franked final dividend of 1.7 cents, bringing the full year dividend to 3.8 cents. Taking a closer look at segment performance, Transport, including SRT Logistics, delivered revenue of $762.9 million, up 32.9%, with EBIT up 25.9% to $77 million.

Tasmania now represents 19% of transport revenue, and expansion into South West WA, together with the new Perth facility, continues to broaden our geographic base. The transition to high productivity vehicles is helping to soften margin pressures across the division.

I'm also pleased to advise that we've successfully re-contracted our rail linehaul services with PB for another five years. PB's investment in their sites and fleet make them an ideal partner for Lindsay.

Rural had another strong result, with revenues up 15.3% to $190.8 million, EBIT up 22.8% to $12.2 million, and margin expansion from 6 to 6.4% on broad-based growth across cartons, fertilizer, and nutrients. The team leveraged off the GJ Freight acquisition in South West WA to strengthen our integrated Rural packaging and transport offer.

Rural overcame supply disruptions in key product lines caused by the war in the Middle East to deliver a standout performance. Hunter contributed $118.9 million in revenue, up 7.9%, with EBIT of $3.2 million, up 11.3%.

Wet produce, fertilizer, and cartons all traded positively, and the Nagambie and Seymour stores are now fully embedded. Under Chris Curtis's leadership, and with Rural, Hunter, and Transport now working more closely together, we expect the Hunter's improvement trajectory to continue.

I'll now hand over to Justin to take a closer look at some of the numbers.

Thanks, Clay. Welcome, everybody.

Over the next few slides, I will take you through the key financial measures, and will draw your attention to several key callouts. Let's start today with cash.

Operating cash conversion strengthened in the second half, consistent with our normal seasonal trend. Reported conversion rate for the year came in at 61%.

However, after normalizing the prior period tax timing, conversion was 74%, which was above our normalized long-term average. The bottom left table is a really big callout for cash, as it shows how the deferred tax balance that we have spoken about over a number of years now has largely been unwound.

After peaking in '24 at just over $40 million, we paid a further $15.4 million of deferred tax in FY26, leaving only $16.9 million to unwind. What this cash slide demonstrates is that the cash-generating capability of the business remains really strong, and that the business continues to convert earnings into cash, which underpins the balance sheet strength.

Let's now take a look at CapEx, as it has been a big couple of years. You can see here that the capital spend did moderate in 20- 2026, coming in at $40 million, which was at the lower end of our half year update.

The reduction in 2026 reflects genuine efficiency gains from several key initiatives. As Clay mentioned, we were able to extract capital synergies from the SRT acquisition.

Those synergies, coupled with higher equipment utilization and value extracted from fleet transformation projects, enabled the fleet spend to come in line with the prior year at just over $35 million. CapEx spend on facilities is forecast to normalize, as major projects to unlock growth in Perth and Adelaide were completed.

The expansion in Adelaide, which is a Lindsay freehold site, came in at just under $9 million. Fleet highlights for the year included the deployment of another 25 high productivity road combinations across the network.

These combinations now account for over 13% of our total road kilometers. Looking ahead to 2027, our capital plan is expected to be around $57 million across fleet and facilities, which includes the $20 million of growth capital for the new secondary freight work.

Touching now on returns, you can see on the ROIC table the strategic investment made over recent years takes our invested capital to $400 million. Those investments have built a larger, more diversified, and more capable network, and positions the business for the long term.

Although returns for the year at 13.9% are below our medium-term target range of 15 to 20% and down slightly from 14.3% in 2025, important to note much of that step-up in invested capital was recently deployed in the past year. Encouragingly, returns have already improved from 12.6% at the half year.

The level of investment we have made over the recent years naturally takes us down to a deeper dive on the borrowings slide. The increase in debt in the past 12 months was driven by strategic growth investment.

Net leverage for the year finished at 1.92 times, which was a reduction from 2.23 times at the half year, and importantly, finishing within our target range. Moving to 2027, net leverage may be above the top of the target range at the half year due to the capital deployment timing, but like this year, we forecast it to normalize in the second half, and reducing to around 1.8 times by next year's end.

We finished the 2026 year with plenty of funding capacity, with around $85 million in available facilities, which provides flexibility to support future opportunities. What these borrowings graphs demonstrate is that our balance sheet remains strong, net leverage is being managed through the cycle, and that we remain well placed for the next phase of the group's development.

As Clay called out, the board has declared a fully franked final dividend of 1.7 cents per share, bringing the full year dividend to 3.8 cents per share fully franked, and in line with the prior year. The dividend reflects confidence in the strength of the balance sheet and the cash-generating capability of the business, which we expect to strengthen further as the remaining deferred tax unwinds and earnings continue to build.

Our approach to capital management remains unchanged. We will maintain balance sheet strength, stay disciplined in allocating capital, and pursue growth opportunities that support sustainable shareholder returns over time.

FY26 marks an important transition for the Lindsay Group. The platform is built, SRT is integrated, and the fleet and facilities are in place to support a larger and more capable business.

With that, I'll hand back to Clay.

Thanks, Justin. Turning to how we grow from here.

Over the last three years, we've intentionally been in build mode, expanding our reach, building out our customer offering, and unlocking infrastructure constraints. We've deployed $400 million of invested capital into making Lindsay stronger and resilient in our market, and more valuable and efficient for our customers.

How we have shaped the business has us has us positively positioned for growth, and we see three key opportunities. The first growth engine is refrigerated primary logistics, growing where we already lead.

It's a market worth around $5.7 billion, and we hold the number one position in rail and road, and number two in Trans-Bass. Our investment in equipment, sites, and people will enable us to efficiently grow our share on the lanes we already compete, lifting utilization and continuing our transition to high productivity vehicles.

This is about capturing incremental volume over capacity we've already paid for, it comes with only modest sustaining capital. The second opportunity that has been unlocked is the secondary freight market.

This is a complementary sector with a market size of roughly $3 billion. Contracts in the market are usually larger, have reasonable term, and more consistent volumes.

As a group, we are very focused on the successful rollout of the North Queensland contract, and from that process, we'll develop critical skills and capability that will set us up for further opportunities. The third is ag services, deepening our integrated model across Rural and Hunter.

This is a network-led growth that requires minimal capital. It means growing our unique integrated offer and packaging across our rural regions, gaining share where we already operate, and continuing the turnaround we're driving through Hunter's.

All of these three growth engines are underpinned by the transformation work running across the business that targets a medium-term ROIC of 15 to 20%. Looking ahead to FY27, the team is very focused on extracting operating, customer, and financial benefits from the investments we have made over the last three years.

Externally, the transport sector remains in flux due to a combination of cost, regulatory, supply, and customer pressures. Refrigerated transport is expected to remain competitive in the near term, with the volume outlook anticipated to be flat, driven by static customer demand.

A major milestone for the business will be in October, when we commence the first region in our Woolworths contract, with all regions operating by July '27. On the Rural side, growing conditions across our rural regions remain broadly favorable.

Lower bi-annual avocado and citrus volumes in WA and Central Queensland are expected to be offset by continued growth in Tasmania and other key regions. While forecast rainfall in the 12 months ahead is largely negated, as the regions we service are irrigated and have good water supplies result of the last three years.

With that, I'll hand back for questions.

Guys, thanks for taking the question, and yeah, well done on a pretty solid second half. Just on the expansion into secondary freight, can you just give us a bit more detail, please, of how that contract came about, and how quickly you hope to expand into some of the other states?

Thanks, Philip. I think we flagged reasonably early on that the SRT acquisition had a whole bunch of benefits, and one of those benefits was their expertise and reputation in secondary freight.

As part of that, as we integrated the business, we then started looking for opportunities to expand their secondary freight capability on the mainland. That really came through a combination of both what we've got is in a network and coverage and the SRT capability and reputation in that sector.

I don't know whether there's anything Craig Baker sitting here dying to answer questions, whether there was anything else you wanted to add to that, Craig. Oh, look,

yeah, I think it's, when you look at the North Queensland particular, Philip, it's that and network, like Clay said, in the north, but it's also expertise in an outage. The rail in North Queensland is particularly unreliable, and I guess our road services and stuff, so, it lends itself to be a great partner in that space.

Thanks. I don't know if I can sneak in a second one, please.

You've mentioned sort of $85 mil balance sheet capacity for M&A. Would imagine at the moment probably plenty of businesses coming across your desk waving the white flag up for sale.

Have prices adjusted accordingly? Is there much interesting that's out there?

I think the main thing here, Philip, is, and we try to emphasize through the presentation, is we've built capacity into our business, and as the market gets disrupted, bringing that volume across into, we've got that operating leverage, bringing it across cheaply would probably be our goal rather than kind of any immediate M&A activity. Justin, is there anything you want to add to that?

No, that's spot on, Clay. We always want to maintain sufficient capacity to be in position like we were in '23 to act swiftly if opportunities arise.

That's why it's always important to make sure that we maintain sufficient capacity on the balance sheet to do that.

Thanks. Thank you for taking the question and yeah, well done.

good morning, Clay and team. Thanks for taking my question and congrats on the result.

Just with respect to this secondary freight expansion, can you maybe just give us a sense of the CapEx involved? I know you flagged some numbers there, just interested in the, I guess, the leasing component relative to the fixed facilities, and is it a case of investing that capital and potentially getting more throughput in excess of the numbers that you've flagged from a revenue perspective?

Ian, we've got $20 million of dedicated capital against that five-year contract at this point in time, and most of that is in kind of rolling stock, new fleet, trailers, etc. We will be opening two new sites in Cairns and Townsville, and they'll be leased sites for us.

What was the second part of your question, sorry, Ian?

Just wondering whether associated with that capital investment, is there any incremental revenue opportunities above what you've flagged to the market? Oh,

sorry, yeah. Great.

Thank you for reiterating that. Listen, that opens up a whole new market for us.

Today, we don't have a depot in Cairns, and we don't have a depot in Townsville, and they are sizeable towns and cities, there is other incremental opportunity that is available to us there that we will seek to expand those operations. Our main focus being on a really positive integration and a really positive start up for this particular contract, but certainly it does open new markets for us today where we don't have a significant presence.

Craig, anything you want to add to that?

I think, currently in how we do Townsville and Cairns is our drivers actually have to complete the deliveries in those sites, you're limited to what freight we can actually push into North Queensland, having our own hub and spoke model as you will, with the ability to be able to manage freight in those areas, we should be able to grow out our Lindsay network that's outside of the secondary freight task.

Very good, and just confirming your go-to-market brand in secondary freight is SRT or Lindsay Transport? We're

SRT at this point, mainly focused on the island and some associated pieces there, but in North Queensland will be Lindsay Australia.

Very good. Just looking at the Rural performance, just conscious of fertilizer prices and nutrients kind of spiked during the second half.

How are you kind of seeing, I guess, that performance relative to prices amongst some of those key inputs? Did that help the result, or are we kind of cycling any kind of high water marks into FY27?

Thank you.

Thanks, Ian. I'll get Craig to answer that question.

Ian, if I think about the performance of this division, it was an absolute standout. Underneath that uncertainty, supply from abnormal supply channels for fertilizer supply, it was fairly challenging, and I'd say the team strategy sourcing from multi-supply points, improved forecasting, and pleasingly, customer engagement, which allows for seasonal volume planning and timing has led to some consistent supply to our customers.

That's also given us the opportunity to fill supply gaps from competitors that are impacted by the supply shortages, that's, for me, such a standout what the team's been able to manage through this whole uncertainty phase. If you look for growers at the moment, they're certainly under pressure with their cost centers on farms, the input costs are highly discussed when we're out there on the farms, but our team's managed to not only hold their ground, but improve our position in the marketplace, it was a great outcome for me where we managed that uncertain supply channel.

Hey, Ian, if part of that question is, was there a buy-sell arbitrage that influenced that result? It's immaterial.

It was fundamentally based off expansion into South West WA, ongoing growth in their core markets, and really good sort of cost control and margin control on the sales side.

Very good. Thanks, guys.

Just one more, if I may. Just reading the outlook statement, just highlighting the kind of challenging conditions in some parts, but obviously, noting the opportunities for market share and there's a lot of investment gone into the business.

Kind of, I guess, on a net basis, how are we thinking about kind of weights and volumes through the Transport business in sort of July, August to date? Are we up on PCP?

How are we thinking about the kind of the net of those market factors? Thank you.

What I'd say, we talk about the refrigerated transport market being reasonably flat, Ian, so that's kind of been our experience kind of in the last part of Q4, and then probably it's continued that way into the first sort of early parts of FY27. In saying that, that's where your high productivity vehicles and your transformation program becomes really important.

As those volumes become flat, you just got to become more efficient at actually moving those volumes. That's been kind of our experience in just the early parts of this financial year.

Anything you want to add on that, Craig, or? Oh, look,

yeah, I'd say, Ian, inquiry from major customers is still strong, and tender opportunities are really consistent still. We haven't seen that back off, and I think we've touched on already, but since the acquisition of SRT and the secondary freight, inquiries are starting to hit our trading desks as well, we've got some opportunity to sort of look at different regions and different streams of revenues in that space, and our customers are fairly wary of the exits of transport suppliers from the market.

Pricing, although we need to be relevant to the market, still, it's not the key driver of every decision, and performance and reliability still remain key. Supermarkets are still driving towards an improved on-delivery metric.

All they're doing is trying to chase the end customer, ensure there's product on the shelf, they just need to please the customer. For us guys, like Clay said, the market's fairly flat as far as volumes goes, but gee, the inquiry's still pretty strong.

If you think, Ian, why we've been so excited about the SRT acquisition and what we can learn from them and combining those businesses, It's a smoother profile over the year, but that entry into secondary freight, their volumes, they can vary a little bit, but generally the variation is a smaller percent than primary freight. There's that benefit of trying to smooth over the year with your freight, but also it brings some resilience to some of your volumes through this cycle.

Yeah. Thank you, Clay.

Thanks, Craig. Appreciate the answers.

Thank you. I'd like to thank our Lindsay employees for their effort in FY26.

This year is a culmination of our three-year strategy to grow our network, transform our offering, and deliver for our customers, and we couldn't do that without their ongoing commitment and support, I'd like to thank them. Thank you, everyone, and have a wonderful day.