Thank you, Allison. Good morning everyone and thank you for joining us today for the McMillan Shakespeare FY26.

My name is Rob De Luca and I am the Chief Executive Officer and Managing Director of MMS by our Chief Financial Officer, Paul Varro. At the conclusion, both Paul and I will be happy to take any questions you may have.

I would like to start by acknowledging the traditional owners of the lands on which we meet today, past and present. As we move through our presentation, we released with our results this morning.

We will commence this morning's presentation with an overview period before we move to a more in-depth summary of each of our segments, to slide five, which provides an overview of our one half FY26. Importantly, I'd like to note that our one half FY26 has normalised following the successful transition period and scaling of Onboard Finance.

For ease in this FY26 results to previously reported normalised financials. This will results to previously reported normalised results.

Starting with our financials, we did metrics in the period. Revenue increased 11.7% to 4 million.

Operating income was up 4.4% after accounting for cost of sales. EBITDA to 84.7 million, and NPAT grew 1.4% to 50.3 million.

Growth in financial performance was supported by an increase in salary packages, increased to 380. Novated leases grew 7% to 82,100, fleet spend to 15,400, and PSS 3000, up 16.1% on the prior period.

We are seeing clear benefits from the strategic investments we've made over recent years, comprising 5.2% of group novated lease sales, which is up 220 basis points. The launch of our new GRS apps has increased customer digital percent of service interactions, improving the customer experience and in turn reducing cost to serve, increased by 14.1%, reflecting productivity.

Against this backdrop, we continue to deliver for shareholders. Earnings per share increased 1.4% to 72.

Payout ratio remained strong at 62.8%, up 110 basis points, and we declared a fully franked 22 cents, equating to a dividend yield of approximately. We have also announced an on-market share buyback of up to 10 million over the This combined with the first half dividend reflects 53.2 million, up 7.6% on one half FY25.

Our first half demonstrates the progress we are making on our strategy, activity and returns to shareholders. More detail on our financial performance.

For ease of comparison, we have included half and one half FY25 normalised results. As mentioned, I will compare results to previously reported one half FY25 normalised results.

Revenue income, we saw growth across all segments. Revenue was up 11.2% in the period to 200.

Cost of sales growth and the inclusion of Onboard Finance, which saw operating income up to 110.1 million. Turning to operating expenses, inflationary pressures with cost to income ratio improving.

Operating expenses. Once accounting for 3.4 million in Onboard Finance costs, FY25 normalised results, operating expenses were up just 1.3% cost management and the productivity benefits of investments in technology, automation and process.

EBITDA increased 4.8% to 84.7 million, contained at approximately 40% prior period. NPAT increased 1.4% to 50.3 million, expected increases in amortisation, which was up 3 million following the conclusion in two half FY25, and the inclusion of Onboard Finance.

NPAT grew 9.7% to 49.6 million. Turning to slide seven and the progress we're making in delivering on our strategic investments to execute on our three strategic priorities: excelling in simplicity and technology enablement, and delivering to partners to deliver on our vision of being the trusted partner providing solutions made simple.

Our strategic investments are delivering measurable outcomes across the business. Starting with our new superior GRS digital apps, which have resulted in improved customer self-service, 10 basis point improvement to 83% of service interactions completed digitally, being utilised to improve customer experience and operational efficiency.

An example of this is in our GRS customer AI capability, with our telephony platform enables ingestion and analysis of 100,000 customer calls per month, assisting our agents in real time, stations and efficiently wrapping up calls with automating call reasoning and customer notes, reduced our after call work time by 16%. AI and automation are continuing to streamline our processes and strengthen fraud detection in period, 40% percentage point increase in the number of invoices processed digitally, paid in process with access to multiple data sources to improve valuation for our GRS, a 23% increase in sales.

Finally, as part of our ongoing partner and market expansion focus, we have continued to enhance our Oly platform, which has seen SME clients increase to 1,033% on the prior year. These investments have translated into positive outcomes for shareholders: net promoter scores across all segments, a high RoE of 62.8%, strong operating margin, EPS growth of 1.4%, and continued recognition that MMS is an employer.

Now turning to our digital investments within GRS. During the period, we continued to see superior digital apps designed to simplify salary package with real-time information and greater control.

Salary packaging is complex. New and enhanced features to our apps are changing that perception with a simpler customers to manage their benefits more confidently through improved budget and cap management, seamless integrated digital wallet functionality and enhanced security.

Customer response has been positive, reflected in strong outcomes. Just as importantly, these enhancements are delivering productivity benefits with increased customer digital interactions and continuing growth in customers per FTE of how our technology investments are improving both customer experience and operational efficiency.

I will now step through the performance of each of our segments. We begin with our Group Remuneration Services segment on slide 10.

GRS delivered strong performance in the first half with growth, productivity improvements and the inclusion of Onboard Finance. Revenue increased 16.6% on a normalised basis to 167.6 million underpinned by customer finance lease interest income.

Operating income after factoring in Onboard Finance cost of fund increased 5.5% on a PCP basis. In the period, up 1%.

When accounting for 3.4 million of OMS in one half FY25, not included in the normalised risk, we're actually down 2.8% on a like-for-like basis. Result: EBITDA saw strong growth of 12.8% to 62.5 million.

UNPATA increased 7.7% to 36. Allowing for the inclusion of onboard finance and the expected increase in amortisation, up 3.2 million, stronger investments in two half FY25.

Customer packages growing to 387,500, novated leasing 82,100, and onboard finance receivables scaled to 539 million. Novated both terms of units up 0.4% and yield up 1.4%.

Performance reflected a continued shift to new customers and longer-term leases and new cars, including EVs price points. Sector strategic investments in the segment, 4.4, non-recurring costs were removed.

Additionally, productivity improvements of 2.9 million in cost reduction. Further in scaling Oly with 2.7 million in sales for future growth as we enhance our position in the SME market.

Overall productivity continued to improve and reflects prior program with customers per FTE increasing 17.8% to 600. Now turning to slide 11 and our novated leasing performance.

Novated continues to benefit from a strong value proposition, new customers and an expanding market opportunity. Addressable market comprises approximately 7.9 million.

Emerging opportunity of 3.8 million SME corporate employees. Over the period we have continued to expand our actual employee reach in market.

We now have access to approximately 546,100, which has grown by 15.9% on a CAGR basis 23 and now represents approximately 9% of the market. This strategic focus is reflected in our sales mix.

Corporate and SME novated sales of total sales, up from 21% in one half, effectively diversifying our customer base while growing our reach and portfolio. We continue to outperform.

In one half FY26, GRS new novated sales increased ahead of the new car sales market growth of 2.7%. As previously, customers increased 7%.

This growth is underpinned by three key levers: improved retention entering another lease, up 120 basis points, new novated customers points, and increasing penetration, which is now at 21% of our total salary. Looking ahead, our foundations for growth and momentum are supported and the prior period yet to commence ongoing expansion of our Oly SME brand and a network of growing opportunities.

Slide 12 and the performance of our asset management service segment. As a specialist fleet provider, AMS grew revenue by 6.9% to 58 million.

Operating income was up 4.3% after factoring cost of sales of 75.2 million. UNPATA was up 3.2% to 9.9 million, increased 5.7% to 389.5 million gross.

Overall fleet units increased 4.4% to 15, by both gross and financed and managed-only units. Managed-only units grew faster at approximately 21%, reflecting growth from new client wins over recent periods.

In terms, improved yields were supported by a high mix of early terminations, which attracted high margins from exit fees. In the half, as clients continue to retain assets for longer.

In its productivity focus, investing 500,000 in the period process outsourcing arrangement for some back office functions to drive future efficiency, to remain customer and business development focused. We secured 20 net new client assessments made in business development, which will benefit future periods.

Highlight for the period was our AutoGuru partnership, which is now delivering digitised vehicle to clients for a better client experience and creating operational efficiency opportunities. Turning now to slide 13 and our plan and support services segment.

During the half, supported by continued organic customer growth. Revenue increased 5.4% to 29.3 million.

Customers increased 16.1% to 43,000, with 3,800 from the MPS acquisition and 2,100 as expected. Profitability was impacted during the period by the removal of setup fees we announced.

This represented approximately 2.3 million impacting EBITDA 7 million to 6.4 million. The segment growth in enhanced NDIS regulation whilst the government targets lower scheme cost growth to ensure sustainability, participant numbers have continued to grow, up 9.9% on PCP.

Participants that continue as a method to managing plans, which is up 300 basis points. The acquisition of My Plan Support contributed 1.8 million of costs in the one result, which is inclusive of corporate allocations now that the business is integrated into MMS enterprise systems.

PSS continued to focus on supporting the sustainability and integrity, investing 600,000 in enhanced fraud detection and verification capabilities. While these investments impacted margins in the period, they are and the role PSS plays as a leading plan manager.

Notwithstanding these, remains a focus with the segment assessing and processing approximately 2 million ongoing productivity improvements, i.e. increasing 25.3% to 277.

I will now pass to Paul Varro, who will cover the financials.

Thanks, Rob. If you turn to page 15, what we thought we'd do is lay out some of the financial outcome 26, more detail.

As noted by Rob earlier, our results are no longer. Onboard Finance continues to perform in line with expectations, with its results reported in the comparatives in this half will be based on one half FY25 normalised results.

This will be the last period in which we compare to normalised results. These are P&L.

The P&L for ease, we've included the results compared to both the non-normalised and normalised comparatives. As you can see, versus first half FY25 normalised, up on year by 30 million, or 11.2% for the half, segments and the introduction of onboard finance lease interest.

Cost of sales grew due to AMS remarketing sales at higher written-down values of onboard finance cost of funds contributing 15.9 million. There is with a cost of sales breakdown.

Operating income after factoring in the onboard result, up 4.4%. Operating expenses grew 4.1%, increase of 3.4 million.

On a like-for-like basis, our expenses grew just 1.3%, highlighting our focus on cost containment and depreciation and amortisation increased 3 million, as simply stronger program concluded in 2022. EBITDA for the half finished at 50.3 million, up on both a normalised view by 1.4%, by 11%.

On the right-hand side of the page, we have our... First bar shows one half FY25 normalised costs, then the inclusion of Onboard Finance operating expenses to establish of $123.8 million.

As you move from left to right, cost increases due to wage and vendor inflation of $3.6 million, offset by $7.4 million, primarily due to the conclusion of Simply Stronger investments in FY22 investing growth, in particular with investments in Oly, up $2.7 million, and of course $1.6 million. These are partially offset by our core businesses, which have delivered net savings of $2.7 million.

During the year, we embarked on a business process outsource earlier. This had implementation costs of $800,000 for the half.

All up, this grew just 1.3% for the half, a testament to our... Turning to page 16, the balance sheet remains strong with net assets, key covenant metrics on the top right-hand side all remain...

flexibility to move forward. On the bottom right, following the successful extension of Onboard Finance warehouse in August, what is due over the next 12 months.

If we turn to page 17, our strong and flexible balance sheet positions us well to manage our capital efficiently and to ensure long-term prudent balance sheet and balancing returns for our shareholders. A reminder, our net cash covenant headroom and strong underwrite, and we continue to return fully franked dividends to shareholders in accordance with our payout ratio of unpadder.

Following the conclusion of normalisation at the end of FY25, is the mix of distributions to shareholders. In this half, dividend at 85% of unpadder, or 62 cents per share, along with announcing an on-market buyback of up to $10 million over the next 12 months.

Total returns to shareholders total 53.2 million, $0.6 versus last half. These distributions balanced returns to shareholders, attractive 7.2%, along with the buyback creating the...

Our capital returns also managed capital in accordance with our framework, which is noted on the right. Moving now to page 18, our cash generation remains strong, with underlying cash conversion of 88%.

Tax instalment paid in the half, as the benefits of the temporary full expensing program partially... Overall, it's been a strong performance in the half, with disciplined cost control and a strong balance sheet position to enter second half FY26.

With that, I'll hand it back to Rob, who will take you through our outlook.

Thank you, Paul. Now turning to slide FY26 outlook.

Looking ahead, we expect continued customer growth across all segments from business momentum, finance receivables and the ongoing realisation of strategic investments. There are also several external developments that we continue to monitor closely.

Government's review of the electric car discount scheme is underway, while within PSS, we expect further clarity from the annual NDIS price review. Market share buyback of up to $10 million to be executed over the next 12 months.

We continue to take a disciplined approach to investing in and executing on our strategic priorities, excelling in customer experience, technology enablement and delivering valued solutions to our customers and partners. In closing, MMS remains well positioned for growth, supported by a large and diversified customer base, strong and flexible balance sheet and disciplined approach to capital allocation.

We take this opportunity to thank our customers for their trust and our shareholders for their ongoing support. Thank you for your time this morning.

Paul and I will now be happy. I will now pass back to Allison to facilitate questions.

Hi guys, thanks for taking my questions. Just in terms of activity throughout the pack, obviously there's been a small improvement in margins or cost-to-income ratio in the reverse.

Can you just sort of talk through margins versus what you've been able to do organically throughout the other divisions? Yeah,

look, thanks Tim. Obviously a big focus of our productivity.

We've continued to look at how we can use technology and automation to enable that. In the period, if you look at obviously each of our...

benefited from some margin uplift. We had some yield improvement in our Novated sales, and then the second was obviously through the benefits coming through from our previous investment in customer self-service and use of AI.

Reducing the number of supporting customer calls coming through. You can see in terms of our cost walk, page 15 at the FTE numbers obviously represent that reduction over the one half FY26 versus second half 2020.

That's largely in our GRS business. PSS, if you think about the business, we acquired MyPlan Supporters through productivity benefits across the group in 26.

We had a net increase of only four after buying MyPlan Support. We saw PSS as well, notwithstanding it was offset by the setup fee reduction, and we also improving our fraud detection and verification process with technology.

I think what we've seen really has been a combination of some yielding margin improvement driven by productivity benefits. Paul, anything else you wanted to add?

Yeah,

I might add. If you look at the margin relative obviously to the normalised result last year, 40.1% to 40.3%, cost-to-income 59.9 down to 59.7.

To be relatively flat, just a slight improvement is obviously the inclusion of Onboard costs. If you look at it, it really shows how we're managing sort of year to year and half to half.

25 non-normalised operating margin 43 and cost-to-income reducing 62.6 to 59.7. It's just sometimes when you're comparing, it looks relatively flat, but the underlying business, I think the initiative...

Yeah. Could I just ask a second question, Paul?

versus a setup fee reduction. Set up fee reduction happens sort of instantaneously, but you've obviously called out the fact that your money went up by sort of a net four.

What's the sort of exit rate for PSS?

Obvious walk there, the 2.3 million reduction in setup fees, if you added that back in terms of 6.4 million, you added the 2.3, you'd be at 8.7. We would have been actually up about 6% or in the $600,000-odd in terms of EBITDA.

Second half of 20... sorry, the first half of 26, in the FT, that should play benefit in terms of the second half margins.

We'll have a better half. It takes time obviously to catch that.

The second factor though is we have invested in technology and fraud detection. They should start to see some improvements also in terms of the second half.

We have a better kind of exit run in terms of obviously margin than we would have at the start of the year. It will just depend how we end up getting and the agency gets up on kind of the annual price review.

Yep, okay. Funds were up about 20%.

Just what's happened there?

That was just a little bit of timing on one of our big... Essentially they remitted funds into our trust account just pre-Christmas and they were paid after Christmas.

It's just a little bit of timing. It's not as dramatic.

If you look at, say, January, it's back to just a bit of timing, Tim.

Yep. A few other sort of housekeeping added trades in within the AMS segment.

Why are you doing that?

Our customer in our GRS business that I referred to our interleasing business and AMS business and sell them through our Just Honk platform. The income ends up sitting in our AMS business versus our GRS business.

Particularly in terms of materiality, is it? I’d imagine particularly large.

Income

from an AMS, no, but it is increasing a very small base last half of the

year.

It's not included in our remarketing yields that you have there on the slide, but starting to become a nice little income earner for us in our AMS business.

The new growth in that AMS segment is more organic than from that factor?

Yeah. If you think about the total revenue in AMS, the yield improvement on the trade-in, but the trade-in, for a very small basis, now starting to become meaningful.

Just on that, is that yield improvement on the trade-in, is around that? Just why is it not getting through the other DA line?

A

mixture of what happened during the period. We get the early termination fees, which comes through in the remarketing.

A bit of income, though, if that customer base would have otherwise have principal and interest. Then there is cost associated units that comes through in our cost base.

Okay. Thanks, that’s my question.

good morning, guys. Thanks for your time.

Firstly, just on Oly, yeah, it's obviously continuing to growing. You said it's over 5% from motor sales, and the first client wins is probably a big driver of this improvement.

Can you just talk to us about penetration? I know it's relatively low penetration perspective into that SME on a per customer basis.

Yeah. Look, obviously in the period, what we expected, which is great to see, in terms of penetration within the customer base.

Our Oly customer base is largely medium. It’s not at the larger end of the SME market.

We have our clients sitting there, somewhere between five and 200 employees. We're still seeing quite a large of get one customer to cross-sell within that client base.

That takes a little bit longer. It's a little bit different to our core business where you integrate initially with the client or the employees.

It takes a bit longer. We've got now just shy of that customer base have got multiple employees now with Oly.

That's off a base of, which was 100% only single customer. We're starting to see a bit of uptake in improving penetration with that employee base, experience so far versus our core business.

Just touching on the opex, you called out the three months in the prior period. What does this look like?

It's kind of not one-offs to 3.4 million, was previously. As we have completed normalization, onboard comes in.

There will be a modest increase in expense base that we have for Onboard now in the numbers is there or thereabouts. Obviously this is variable cost that grows with the receivable size, the amount of originations we've got.

Thanks. Then just the last one from me, you referenced this $800,000 of incremental cost in the period for, I think it was now two.

Again, will that be a net drag in the second half as well? Obviously perhaps you’ll start to see some benefits and perhaps that net cost comes down.

Yeah.

Fundamentally, because we've invested in BPR in the half, we've had some dual running costs, for example, in AMS, which answers Tim's question as well, in the second half benefits. We don't expect it to be a net cost in the second half of this year.

Thanks.

Good morning, guys. Thanks for taking my question in on GRS and the 150 income.

I know you guys aren't giving normalized numbers. any that would have looked like in the first half of 26, just because I think it's pretty clear for first half of 25 and with the funding warehouse that it was operating income drags.

I think on my calcs, minus 1.6 million in first half of 25. I'm curious what that actually looked like for the first half of 26.

We're not going to disclose normalization adjustments, Chenny. What we've tried to do on page 24, 25 and 26 is actually give you much more information on the normalized.

If you look at the overall increase in GRS, it's up 24-odd million, without in a little bit more detail for you. Overall the core growth for GRS revenue level, that's predominantly onboard finance growing, but there’s also income growth there from the traditional.

When you're looking at it versus normalized, though, you have to remember that $8 million normalization adjustment, which obviously then gets you to 23.9 variance that you see, of your cost of funds coming in. Obviously 15.9 normalized.

If you had assumed that it wasn't normalized million, that again is on page 24 and 25 to help you out a little bit. We're not going to disclose normalized results in this half, given

Got it. Then maybe just to keep it super simple then, obviously onboard finance was an EBITDA drag in previous halves.

Was that still an EBITDA drag in the first half of 26? I appreciate you won't give numbers, but just directionally, just to help us out to understand, I guess, some of the underlying results.

Great question. It was a fairly marginal drag, being neutral across the course of this year.

That's why we're removing normalization.

Got it. Just with the last comment, just to be super clear.

You're still expecting neutral over the year? If that is the case, that obviously implies that the second half will higher than the first half.

Can we think about then the second half 27. Again, all else equal, can we just multiply the second half by two and that's kind of our base to work...?

You wouldn't be that far off by doing that. As we've disclosed before, we expect gets to scale, it starts to be slightly accretive in the way we're originating through that portfolio.

Thanks, Chenny. Now

Hi, good morning, guys. Mostly numerical.

I think the expenses associated with Simply stronger is of 3.8 million. Can you confirm that?

The net amortization increase is 3 million, Richard, which predominantly is finishing or capitalizing in FY25, and a small contribution, again, as we remove a small amount of amortization coming in as well from the initial detailed P&Ls in the appendix. You can see the amortize is up 3 million on page 25.

That's probably where I was glazing over. How long will that three times?

How long is the amortization term on that? So

on average, sort of with software, five years. We wouldn't expect DNA to start coming in relatively flat.

Obviously, if we embark on new software investments and they add to capitalization, I would say, though, looking forward, as we build more space data or tech platforms, we'll have more op-ex to cap-ex going forward.

We should probably run that half-year D&A forward at that pace for the next couple periods at least.

Great. Yeah.

Second, looks like onboard finance, the interest costs associated with that, were about 20.6. Correct?

The interest cost, easiest one to go through is back to page... You can see the GRS and D&A period.

That's 15.9 million that comes in for this onboard cost of funds. So

on the finance cost of 23.2 mil, here we've got 22.6.

Yeah.

I'm trying to reconcile the two.

Remember, we've also got costs of funds in AMS as well.

Right.

Because that's group. We're looking at a group number in the 4D.

I'm just referring to GRS.

The 15.9 is finance.

Yeah. Then you can see the 21 million for the variance there, 125.

Okay.

Mind to reconcile to the balance sheet? It looks like the current and non-current receivables are pretty close to the onboard finance book in terms of numbers.

Are those aligned? Is it that easy?

No, there's other stuff in there. The vast majority of that is novated and finance.

In there, there's also AMS on-balance sheet funded assets and a little bit of inventory in there as well. Essentially the biggest driver is novated and finance leases.

And

essentially, Richard, actually this might help you. Onboard finance receivables are in the investor presentation, as we've said before.

That gives you a sense of the 777 roughly. Not exactly that, because there's other finance leases that we've got.

The finance and novated leases. That then gives you a sense of what that 77, how much of that is onboard.

Yeah.

The

question of the question is trying to reconcile what part of the on-balance sheet book, what's the debt cost associated with that is. That's fine.

Final question is just around dividends. You've called out that dividend payment ratios.

Is that a go forward? You've been paying 100% for a...

Should we be winding up our expectations back on dividends to 85, 86% going forward?

Decision with the facts and circumstances of the next half. We thought this was a really good opportunity to optimise the mix of our distributions back to shareholders.

It makes sense to keep the divvy, obviously it's still really strong at 85% yield, but clearly we also see value in, well, given the potential accretive benefits for EPS, and obviously our confidence that we've got relative to where we see our share price.

Okay. All right.

That's all from me. Thank you.

Thanks, Richard.