Morning and welcome to the Pacific Current Group first half of the 2026 financial year. By way of introduction, my name is Michael from Pacific Current Group.

I joined the board of Pacific Current in February 2024 as a non-executive in July 2024. I'm joined on the call by the financial officer of Pacific Current Group.

Ron joined Pacific Current over 17 years ago. Also on the call is the recently appointed Chief Operating Officer.

In our full-year update to shareholders in August last year, we highlighted that PAC was committed to taking and to report the progress made to achieve this goal. We are gratified to report that the momentum of the previous financial years 24 and 25 has continued into this financial year.

If we turn to slide 3 in the presentation pack, Pacific Current is pleased to update on the company's interim results for the six months ending 31 December 2025, declaring an underlying net profit after tax, or NPAT, of Australian dollars 6.7 million, down from 15.3 million period. NPAT was adversely affected by lower distributions from boutiques and lower interest income after the off-market buyback, but was partially offset by, particularly including debt reduction and corporate cost reduction and by a lesser extent to 22 cents a share from 29 cents in the previous period, and the number of shares on issue.

Statutory profit declined by 11.7 million in the period, driven by fair value adjustments. Pacific Current is declaring an interim dividend of 20 cents with a record date of 5 March 2026.

This is an increase of 33% on the previous corresponding period and for some time. Declaring an increased fully franked dividend continues the capital management initiatives of the past two years, returning surplus capital to shareholders.

Implementation of further resulted in a 31% reduction in corporate costs compared to the previous year. It is also a gain worth highlighting that although underlying net profit and the number of ordinary shares on issue was significantly reduced following the off-market share buyback, further enhancing capital efficiency and shareholder value.

Because of capital management initiatives, asset sales during the period and fair value estimate of net asset value increased to $16.30 per share in 2025. This estimate exceeds the statutory net book cents per share and compares with a fair value estimate of net asset 32 cents per share on 31 December 2024, 14% from the previous corresponding period.

As we'll discuss later in the update, 14% per annum over the past five years from $8.40 per share to $16.34 per share. Turning to activity, it was another busy period.

Transactionally, significant portfolio transactions completed. Victory Park Capital, in September 2025, PAC sold a portion of its interest, specifically 2% and 0.8% interest in Victory Park's Holdco for future carried interest entitlements for US $5.5 million, reduced in Victory Park reduced to 9.2% equity, 18.6% non-current existing carry, repaid the senior debt facility in October 2025.

This debt facility, the senior secured debt facility with WH Sol Patterson, went US $1 million, and the transaction included a $0.8 million US dollar early retirement premium and US $0.3 million of interest for October. The facility was settled using the restricted deposit account over which WH holds.

PAC also commenced an on-market share buyback in October, 1 million shares or 6.8% of issued capital, which commenced and fully funded from existing reserves. Ord Minnett was appointed as execution-only broker.

As at 31 December 2025, PAC had repurchased just under 200,000 shares for around 2 per share. The buyback will commence post the results announcement, subject to board confirmation of material interests.

PAC also exited the Janus Henderson 25, selling its entire stake and generating US $9.4 million in proceeds. PAC conducted growth capital deployment initiatives, and as of December 2025, PAC facility with an affiliate of Roc Partners, bearing a 10% interest rate and maturing on 30 November 2028.

In the period, we also completed lending facilities for both Northern Lights Alternative Advisors and Independent. to accelerate the growth trajectory of each business.

I'd now like to hand over to Ron to cover.

Thank you, Michael. Turning to slide 4, underlying results.

The first half of business that continues to transition following the significant portfolio realisations of the past. The profit after tax was $6.7 million, down from $15.3 million, driven by lower distribution, management fees and interest income.

By lower interest expense following the repayment of the debt facility, together with a 31% reduction with the balance sheet now debt-free, there will be no interest expense for 6. Despite the decline in net profit after tax, underlying earnings per extent, supported by the materially lower share count for Pacific Current, declared a fully franked 20 cents, up 33% on the prior period, rest of the balance sheet and disciplined approach to capital management.

Slide 5, shareholder value. As at 31 December, statutory NAV was $13.92 per share, while fairNAV was $34 cents per share, a difference of $2.42 cents per share.

The uplift in fair value market gains on financial assets, higher valuations for shares and the continued impact of portfolio simplification. Fair value NAV has grown at 14% per annum over the past five years, increasing to $16.34 per share.

Turning to section. Management fee revenues declined due to the Carlyle and partial exit from Pennybacker and Victory Park in the current period were modest and largely from Roc.

Financial asset revenues, and deferred consideration and dividends from Abacus and Janus Henderson shares. Interest income was lower due to reduced cash balances, buyback, and repayment of obligations from boutiques and investments were lower, consistent with a portfolio that currently.

Turning to slide 7, alternate balance sheet. The alternate balance sheet provides a clearer view of PAC's investment exposures.

PAC's corporate net assets increased to $264 million, up from $144 million at 30 June. This reflects the full repayment of the WHSP and the associated non-current liability, and continued simplification of the balance sheet.

The reduction in fair NAV reflects the partial realisation of PAC's interest in Victory Park and decrease in the fair value of the remaining minority stakes, funder cash shares and bonds and the Petershill deferred consideration receivable, which remains on track for settlement in May 2026. Turning down.

This table shows the movement in book value and fair value across the portfolio. As part of we undertake a valuation exercise to assess, whether and to determine the fair value of financial assets measured at fair value.

These valuations are undertaken in standards and are not intended to represent the precise value. Further detail on the valuation approach is provided on page 27.

Includ. Rock recorded a significant fair value uplift, reflecting stronger growth.

Also saw a material uplift, supported by a new current senior secured loan repaid, decreased following the partial sale and a softer business outlook. As stated, increased due to successful fundraising and improved career expectations.

Financial assets reflect the sale of Janus Henderson shares and higher value. Corp and fifty-two million dollars, driven by the sale of Janus Henderson shares and partial sale of interest in Vic.

Fair value net per share has increased to $16.34, versus 51 cents at 30 June. The significant proportion of this asset base is in cash and financial asset.

Now hand back to Michael.

Thanks, Ron. In the presentation pack, just some more details on the senior loan facility provided by Pacific Current Independent.

As an example of working closely with boutique partners to accelerate, IFP is a Florida-based independent registered investment advisor or compliance infrastructure technology and administration specifically for RIAs. At present, they have U.S.

$16 billion on their platform and are supercharged by positive trends in the private wealth sector. To accelerate future growth initiatives, $25 million debt facility on commercial terms.

This will finance existing debt and importantly provide growth capital to fund advisor book acquisitions, packages. Turning to slide 14 in the presentation pack, the financial year, Pacific Current Group management expects to maintain the strong momentum that has been built, focus on executing a clear and disciplined plan.

We'll do this by following five key initiatives. The first is accelerating growth by pursuing potential boutique partners and selectively assessing new investments to drive scalable and sustainable growth.

Our point is to unlock shareholder value by evaluating targeted capital initiatives aimed at enhancing returns and optimising. The third key point is controlling operating costs by maintaining disciplined cost management to support margins.

The fourth dot point is continuing to strengthen the balance sheet by prioritising balance sheet optimisation to enhance financial flexibility. Finally, continuing to enhance organisational efficiency by embedding and refining structural and governance changes in the financial year to improve agility in decision-making across the organisation.

In conclusion, we would like to thank our employees and the PAC board, both past and present, for their work to enhance shareholder value. Though strong progress was made in the first half of this year and we remain relentlessly focused on achieving the best possible outcome for our shareholders in the remainder of the financial year and beyond.

We'd now like to answer any questions you may have.

Thank you very much for your time this morning to continuing to work hard on the portfolio and if there are any questions that come to mind, and we look forward to being able to answer those. Thank you.