Great. Thanks, Harmony.

Thanks, everyone, for joining the call today. I'm here with Brendan Pentland, for those who haven't met him yet, is our new CFO that's been on board for a couple of months.

I'll go through the high level at the moment, and then I'll hand over to Brendan for the detail. Just turning over, you can see our underlying result is sitting at good sales at $1.9 billion, our underlying EBITDA at $49 million, which I think is a good, solid result, net profit after tax at $13.3 million.

On the statutory result, revenue remains the same, EBITDA is a loss of $400,000, and net loss after tax of $21.3 million. Just to go straight to the difference at the moment between the EBITDA figures of the statutory and the underlying is we've put in our notes to the market is that we have, as a board, taken a decision to make the full provision for the Infiniti debt.

As our shareholders know, we've been working tirelessly with this group for some time. We did put them on hold in March last year.

We had hoped that prior to Christmas that we had come to an arrangement with the Infiniti Group and other creditors. Unfortunately, that remained difficult, and it's all public knowledge what's happened with that, and that group was put into administration, receivership and then the rest of it into administration.

We are continuing to work with the administrators weekly, and the other creditors are working with that as well. We aren't taking our foot off the pedal there, but we are making a full provision for Infiniti.

We do need to move on and be cautious around that debt. However, from a statutory perspective, that's what we need to do.

We think it's a prudent approach to take. I want to ensure shareholders we will do everything we can and keep on track as we can to recover our funds.

It is expected, as you all know, that the administration process is expecting binding offers in quarter four. Hopefully at the beginning of May, we'll have a further update for shareholders.

That's the difference there, and Brendan will take you through a few other underlying differences as well. From a revenue perspective, I'll just touch back on that.

I think it was a really good result from the team. We did have the Infiniti, when we put that account on hold, we lost for the first half $78 million worth of revenue.

For the team to have built that back up and recovered it to have a positive growth, I think, is a really good outcome. That also included the deflation of the COVID drug of about $48 million as well.

From an EBITDA perspective, expenses were well maintained. We did have some challenges around freight during the period, and that was more around some of our integration work that we were doing and some of our new business.

We've now opened our new Brisbane site. We had a delay around that.

That's all up and running at the moment. It's not fully up and running, but we do have stock in there and it's transitioning, and it's certainly taken that initial pressure off our network.

We did have that in the first half. However, if you look at our expenses as a percentage, I think the team maintained them well.

I'll just turn over now to our statutory bridge slide with Brendan. We'll just cover off a couple of other points there.

Thanks, Carmen. We provide the bridge between our statutory and underlying EBITDA just to give you a better understanding of how we get to our underlying result.

As Carmen said, the statutory EBITDA was a loss of 0.4 of a million dollars. We add back the Infiniti Group debt net of GST recoverable of $46.4 million.

We also incurred merger and acquisition related costs of $2 million in the period. As we've made complete a couple of acquisitions in the half, being ASP Dental in July and SomnoMed in December.

We've entered into or signed a SPA with [unclear] that is yet to be complete, and there are a couple of other smaller acquisitions that have completed. We still continue to curate a really encouraging pipeline of further acquisitions, strategic acquisitions that we think complement the existing business, particularly as we look to grow out Asia, but also locally as well.

We identify those and isolate those costs. As we know, we're nearing the completion of the 3-2-1 implementation and integration strategy.

The costs associated with that program, which does take costs out of the business, which sets us up very well as we move into FY '27 as a fit business to a scalable business as we look to improve margins. The costs associated with that, we identify and back out of our underlying earnings.

Then we have also some unrealized FX gains or losses stated there, which in the period was a net gain. We reverse those as we have in prior periods as well.

That's where we arrive at our underlying EBITDA of $49 million for the period.

Turning over?

We're now moving to slide seven.

Thanks, Brendan. As I touched on before, the revenue, a good solid result there at $1.9 [billion?]

, EBITDA the $49 [million?] .

The underlying revenue has been strong around the growth back up in the pharmacy division closing the gap with the loss of Infiniti and also that COVID drug. If you normalize that out, it was a good solid result.

Underlying EBITDA growth on 3.3% on prior year, which is solid enough with where we've been. We've taken out the impact of the Infiniti Group and integration costs.

Just to touch on that as well, we haven't been over the top on what we've backed out on integration costs, they are pure in that regard. There are some M&A costs with those new acquisitions that Brendan just mentioned, and we're maintaining solid margins there as well, there's no concern around those.

Just move on to the next slide, thank you. Expenses.

Obviously, I touched on before around the operating cost, which we had some freight particularly in New South Wales. We did have some good news where we won some new contracts, particularly in contract logistics.

The contracts that we won did put pressure on that network. We did have a bit of a double whammy there where we had a delay in entering our new Brisbane site, we had to keep some of that stock or the balance of stock in New South Wales and transferring it up there.

Definitely put some freight pressures on there. Finally got the keys just before Christmas to the Willawong site, and it alleviates instantly that excess space need.

We'll be able to control that a lot better in the second half. We did strategically invest into the marketing space.

Obviously goes without saying, we expect our investment into marketing to have a return on future growth, and I can see that in the other areas that we've invested into. Then the statutory EBITDA is obviously impacted around the Infiniti.

Net debt is about in line with the group's expectation. Just for all the shareholders there, we have a period over the December, probably from about mid-December until about mid-January, where we need to build that stock, and our manufacturers often close down over that period of time.

We have to keep our stock at a peak level pre-Christmas whilst we have record sales, which is a good thing, a good challenge to have, and then it doesn't start really declining down until about mid-January. You'll see that consistently then come into line with where our sales cycle is, and it'll finish nicely by the end of June as well.

It's just a seasonal peak in inventory that we always have as a challenge. Moving over to the next slide.

I'll pick this up, Carmen. Carmen spoke to the revenue bridge.

We've covered off a couple of the items here, but it is worth just stepping through a couple of those. As we rebase the previous comparative period where we back out the Infiniti sales and also the COVID drugs, it gives us a rebased FY half year '25 of 1.7 mil-.

GLP drugs has been very positive for us in the first half, particularly around being added to the PBS and also the safety net and dated at the end of December, there was a strong sales of those in the half. Then also with organic growth, which we identify there, of $114 million.

We think that's a pretty good outcome. A small contribution from the acquisitions, mainly the ASP Dental, which was in July, a smaller contribution from SomnoMed, but we'll see better contribution in the second half along with the other acquisitions as we complete those, contributing into the second half.

I think just to characterize that, yeah, we only adjusted for the Infiniti sales in the first half and then also excluded the revenue contribution from the acquisitions. The net organic growth of $7.1 million against the prior periods is a pretty solid result in our minds.

7.1%, yep. Sorry.

Might just move now to the next slide, which is just as we talked to our geographic segments. I think so yeah, the ANZ region solid normalized revenue growth at a steady margin, I think is really the feature of this result.

Before normalizations, the growth rate for the region was 2.1%, and after normalizations, which we just stepped through, was 9.8% on PCP, and the margin remains steady at 7.8%. In that wholesale channel, which did see a decline of 2.6% period on period and finished at $1.5 billion in the half, that was impacted by the Infiniti sales and COVID drugs.

When normalized for those, was a 6% growth PCP. Wholesale margin improved slightly to 6.1% from 6%, in a competitive space, that's a good outcome.

Still in wholesale in our total pharmacy, so as hospital and retail, revenue did decline, but noting that those normalizations that we spoke to, and when adjusted for those, it did have pretty solid growth of 7.4% on PCP. I mentioned the acquisition of ASP Dental, so that's a division that we're pretty keen on in dental and developing and that sets us a really solid platform as we further our go-to-market strategy under a single brand to drive profitable revenue growth in dental, which we see as fertile ground for us.

Complementary medicines within wholesale remained resilient, continues to perform in line with our expectations. Then also our continued expanse into our medical consumables range and reach including our private label portfolio has been a feature also in the first half.

Just move to medtech in ANZ as well, where the ANZ revenues increased by 4%, mainly driven by strong growth in the Australian medical and surgical business units, but also in our New Zealand orthopedic business unit and launch of our aesthetics being a feature in the first half. Vision revenues declined in the period as we transition and rebuild that portfolio, and we're making investments into surgical robotics and aesthetics in ANZ to support future growth opportunities in that particular channel.

Contract logistics, as I move down the table, really pleasing result at 41- 47.1% revenue growth, really underpinned by a significant contract win in June of '25, sort of full benefit of that in this half, but also an equally significant organic growth with existing principles. That was a really really pleasing result, and we look forward to seeing what we can do in that space.

The margin in that contract logistics also improved to 4.7%, and I think that's just reflecting the change in mix and some scale in that particular business. Clinical manufacturing delivered solid revenue performance, but was hampered with some delay of some equipment sales which we were hoping to land in the first half.

Margin did improve pleasingly in that particular channel, and we do maintain a solid pipeline of opportunities given our specialist sovereign capability in the production of radio-labeled cells. Just that rounds out ANZ.

I'll move to the next slide, which is Asia, which falls into the medtech channel. You'll see there a really strong revenue growth at a healthy margin.

Very well done on the team operating through those countries and region with revenue growth at 33.2%. Just a reminder that there was very little of that came from the acquisitions in the period.

That was a really strong organic growth, really underpinned by strong aesthetics sales and delivery of a couple of large capital equipment units in the period. Organic revenue growth at $16.2 million or 31% is really, we'll give that a big tick.

Margin growth of 30%, a margin of 44%, a really attractive numbers for us and why we see that as a region that we want to invest in and continue expanding our scale in that particular region. I'll just move on to the next slide, which gives a view about a balance sheet.

Carmen touched on our net working capital position that does reflect that end of calendar year build-up, we'd expect that to moderate in the second half. Acquired businesses contributed $30 million of net working capital.

Also just a reminder that Infiniti debt has been fully provided for and sits on our balance sheet at nil value, with our net debt slightly elevated. Been nice to have had the 41- $48.5 million of cash from Infiniti that would have helped that number, but as Carmen said, we remain hopeful that there'll be a substantial recovery of that in the second half, but that process needs to run its course.

As I move on to the next slide, which is a view about cash flow for the period, pleasing result in improvement in working cash flow from operations, with our working capital management in the period. Investment in net capital expenditure is largely in our Willawong DC, which is now open.

Businesses acquired, those cash outflows were in relation to ASP Dental and SomnoMed, and you'll see the use of our financing facilities to just assist with our working capital build towards that peak sales period. That I will hand now back to Carmen to take us through the outlook.

Great. Thanks, Brendan.

Just reconfirming our guidance for the year, we are confident around achieving the $3.6 [billion?] or thereabouts billion in revenue.

EBITDA, we're remaining at the $97 to $107 million, underlying guidance. Our net debt underlying, we're aiming for approximately about two times by the end of June.

That should be a good solid outcome for Paragon Care, and hopefully the shareholders and investors on the call think the same. Again, I know we've covered this a number of times on the call, but I want to be very clear about Infiniti.

We won't take our foot off the gas around recovering that debt. It's unfortunate that it is in the hands of administrators, but at the same time, I like that it's out of the control of the Infiniti Group as well.

I think it'll speed things up for us and hopefully get an outcome sooner rather than later. On strategic acquisitions, we'll continue down that path.

You would have seen in the notes that David's going to have a focus on M&A. This will be about the right acquisitions.

We do want to continue the growth in Asia. We've had a really good news story in the first six months, and we see a lot of opportunities around the Asian countries, and we'll continue to focus on what we can build on there.

Again, it'll be the right acquisitions that we know that we can bring into the business and that we can expand on them. They won't be just a set and forget.

We've got a strong pipeline, but we actually want to make sure that we do something with them. We are growing.

We're in nine Asian countries now, which is hard to believe in a short period of time. We would like to cover off getting up into one or two other regions, but at the moment, we're focused on just those nine.

We are looking towards finalizing our 3-2-1 strategy by the end of June. The team at Paragon Care are very clear from myself that once we get to the end of June, integration's done, and it's business as usual.

We're mostly of the way through. We are on track.

There are some things that we do need to cover off by the end of June as well, we'll work hard at getting that done. I did announce around the Ramsay business.

It was important that I shared that as soon as I could with our shareholders, more so because it is a big top-line number. It is a large private hospital group, but from a profitability perspective, we were confident in taking all those costs out because it was such a low-margin business, and we're well progressed down the track on doing that as well.

You can have confidence around that. Also hopefully to make sure that our shareholders do have confidence in what we can achieve is that we have been awarded the Australian Defence Force contract for the pharmacy, medical, and dental.

It's a five-year contract with some options there, and we certainly won that contract on capability. It wasn't a price-driven contract, it was about capability.

Really proud of what the team did there to achieve that. From a dividend perspective, no dividend was declared in the period, but we will review the dividend at the end of June, and we are committed to reviewing that for shareholders each half as well.

Just to wrap up, you would have got the news this morning, but I'll be transitioning a little bit earlier, not that much earlier, but over to Managing Director role from the 1st of March. David's still in the business.

As I said, he'll focus on M&A and making sure that those businesses that we do acquire are bedded down into our network and that we leverage the opportunity that they bring. That's about all.

I'll hand back to Harmony, and she can see if anyone would like to ask any questions.

Oh, good morning, Carmen. Good morning, Brendan.

Thanks for taking my questions. Can you hear me okay?

Hi, Tom. Yes, we can.

Great. Maybe if I can just sort of start with the guidance, noting that we're in Feb and there's sort of $10 mil range there.

I'm just sort of interested in your thoughts around what the key drivers of a bottom end of the range outcome versus a top end of the range outcome would be, or what are the key puts and takes in the second half?

Probably the biggest factor is making sure we clear out and finish off the end of that 3-2-1 transition piece. As I said, we're three quarters of the way through it.

There's some complicated pieces in that. I just want to make sure that that's bedded down.

I need to make sure that the transition into the new Willawong site's completed because I've had some pressure around that freight cost there as well. They're probably my two biggest risk areas between the top and the bottom end of that.

Right, now that's really helpful. Maybe just on the net debt guidance, I just wanted to confirm that's pre-AASB 16 EBITDA, it's got the leases in there?

If that is the case, it sort of has you coming down towards $200 mil of net debt from $287 [million?] in this half.

Are there any assumptions around the Infiniti outcome in that?

No, Infiniti's not in it.

Yeah.

That excludes Infiniti.

Yeah.

Tom, just to reiterate, that is a post-AASB 16 EBITDA calc.

Post. That's helpful.

Yeah.

Good afternoon. Carmen and Carmen, just in relation to the medical technology business, it looks like FY '25 revenues were $196 million and you had $100 and you had a big second half, $114 million, and it's dropped down to $86 million in the current period.

What happened there?

Oh, you're in comparison to last year? Sorry, John, you broke up a

bit. First half '26 versus second half '25, sorry, just to reiterate.

Oh, they can be lumpy, John. It depends on where they fall, yeah.

Are you talking medtech? Because medtech on the first half was $86 [million?]

, and half year '25 was $82.7 [million?] .

Correct. What I'm saying is that the second half of '25 was $114

[million?] and

it's come back to $86 [million?] , hence the question, why is such a dramatic decline?

It's just lumpy, John, on what we bring forward, I'm not concerned about that. Oh,

right. It seems an extraordinary decrease.

Yeah. The only area that we have had been problematic in medtech would be the vision, we've definitely had a decline there.

With OEM, we've had a really strong growth in that space. We have invested into robotics there in medtech as well.

The rest of them are not too bad. Sorry, I'm just thinking that through as you ask that question.

Projecting forward, is it more likely to be a $114 million second half or an $86 million second half?

The second half should be stronger based on what we've got in the pipeline.

Okay. In your contract logistics business, what was the big contract you won and how much was it worth?

We can't say how much it's worth because we're under commercial agreements there. The biggest contract that we've won most recently was Owens & Minor, we do all of their distribution across Australia.

We've had some smaller contract wins as well, but that was the bigger one. We've also had organic growth in that space as well from existing principles.

Is it reasonable to expect that that'll be a long-term sustainable sort of revenue number, or is this going to sort of fluctuate around short-term wins and losses?

I'm not expecting any losses in contract logistics, but I certainly am expecting a few more wins. That business unit itself has a long runway.

I know we are subscale of where we could be on that division.

Okay. Just moving on.

In relation to other income, it was material in your EBITDA. It's consistent with how you treated it in prior periods, but what was the $2.9 million of other income?

Some of that's the GST that's recoverable on the Infiniti. Only part of it in this reporting period is recoverable, John, we've recognized that.

Due to the I guess tax office laws, we can only claim the GST back when the debt is older than 12 months old, we could only claim back part of it in this period. Once we get past March, when we ceased trading with Infiniti, there'll be a further I think $2.7 mil of GST recoverable that will also come back through our P&L.

That's just a quirk of the tax and accounting. It also does include interest income, which we recognize under our contractual terms with our customers.

That is recorded in that line as well.

That $2.9 million is not bank interest, that's interest recoverable from customers?

Part from customers and also, yeah, that GST amount. Okay.

Is it reasonable to expect that, not the GST, but the other income, the revenue income, will be repeated in the second half?

No, I wouldn't bank on it at that same number.

Okay. Okay.

Finally, just in relation to your operating cash flow number. I'm just on the slide deck.

Cash flow from operations was 4.8 negative -$4.8 million. That improved from a loss or net cash outflow of $19.5 [million?]

in the prior period. If you take out the impact of the Infiniti, and I don't think that was impacting this particular result, but yeah, why is the business sort of so capital heavy in the first half, and then you seem to get a much stronger cash flow result from operations in the second half?

I'll answer part of it, John. There would have been some impact in the PCP because of Infiniti that would have contributed to the $19.5 [million?]

. Also there would be some benefit in the first half of this year because we didn't have any sales of Infiniti, but there were continuing cash payments that we did receive.

There would be some swing factors because of that. That gives some perspective.

The second part, the capital intensity, well, it is as Carmen articulated before, it is that end of calendar year build. Our suppliers going into shutdown, we do need to order big leading into Christmas and that December period and have the stock on hand.

We've got strict SLAs with our customers around delivery, we've got to have it in our warehouses and be able to deliver within those strict guidelines. That's a major part of it.

Peaks out in December, John. You don't have the same thing in June.

Yeah. Thank you.

That's all from me.

Yes.

Hi, Carmen and Brendan, thanks for taking my questions.

Hi, James.

Sorry to labor the point on the cash flows, but would you be able to provide a bit more of a bridge between the $49 million of underlying EBITDA and the -$5 million of cash flow from operations? Cuz I guess it's a $55 million delta and looking at the balance sheet side, it doesn't look like the working capital has gone up that much, maybe it would be helpful in understanding how you get from the $288 million of net debt you've got now to sort of $200 million guidance which is implied by the two times underlying EBITDA guidance given on the net debt.

Look, I might need to take that one on notice, James. It might be a little bit hard to step that through here, if you wouldn't mind, I might just come back to you on that one.

James, there's a number of things that are in there. We're getting a tax refund, we've got the working capital benefit of Ramsay going out, we've got a few other things like that.

Even though you've got some of the acquisition costs out there, you've also got the benefit of those incoming. There's a number of things that build up that bridge, yeah.

There are, in that underlying number, there are obviously cash components to that underlying EBITDA number, James. Look, I think yeah, there'll be a number of layers to it, and for that reason, I think I'll just need to come back to you and be able to step that through.

I guess yeah, through the cycle I guess people would hope to see the operating cash flow including interest and tax closer to the underlying EBITDA,

but

I guess on a full-year basis, that should be more of the case given you don't have the issue of customers being in shutdown over Christmas and so on.

We'd expect that to unwind somewhat in the second half.

Yeah. Once you release that stock, James, it makes a substantial difference.

We never build stock to that extent during the rest of the year. You take that pressure off.

You've got your short month basically in February as well, it's just the cycles in the way that our cash flow works. The way our debt collection works anyway, it peaks at about the 25th of the month and then it goes right back down, which we've gone through with you before.

I can take you through it when we're one-on-one together. It's just cyclical in the way that it works, but that build-up of inventory in December is material.

That makes sense. Just a quick follow-up question just around this Australian Defence contract that you've mentioned in the release,

due to

kick in in the fourth quarter of fiscal quarter of the year. The AusTender website is saying that contract is worth $351 million over five years, I think.

Could you just have, comment on I guess the incremental profitability of that? Seems like it's a very big revenue number and and maybe how it compares to the Ramsay contract which you lost.

Sure. Look, I expect revenue is probably, you never know until once it's in progress, but I'm expecting revenue around the 40-odd million for that contract.

I can't go into the details of it because obviously some of that is confidential as well, but the Ramsay contract, as I said, was a very low-margin contract. Probably too low, even if I'm completely transparent, even probably the last time we tendered for that business, we went a bit too tight on what the margins were.

We always knew that if it tended again, that it would be risk. Wasn't a surprise at all actually to us where it went to.

They've got a big network that they've got to fill, and I understand their reasons for it, but you've got to get to a point that you don't want to keep giving money away for just the prestige of a contract. However, with the Defence contract, as I said, that was won on capability, I expect and we know that that will deliver a better gross margin dollar than what the Ramsay contract did.

Fantastic. Thank you, Carmen.

Hi, this is Josephine De Martino. A question for you, Carmen.

The share price has come down considerably, and today it's now sitting at 18.5 cents. That's dropped.

It's from when nearly 18 months ago, it's dropped 52.5 cents. What's your feeling about that given the fact that the dividend hasn't been share hasn't been paid, interest rates have gone up and they're potentially going to go up, and I've heard what the the brokers have been asking, and all their questions are very fair.

Where is your sentiment around the share price and and the value of the organization?

A tricky question for me to answer. It's a good question.

I think clearly, I'm going to answer the I guess the political response to say I don't worry about the share price every day, but of course we've got shareholders that I actually worry about because I want to make sure that Paragon provides a return to our shareholders, if you worry about it every single day, then that's problematic for anyone who's an investor. Do I think that it got overcooked and went too high at one point in time for where we were at?

Yes, I did. Do I think it's too low now?

Absolutely. If you look at us compared to where we sit against our peers in the market and our multiple, we're pretty low, I'm surprised at that.

I do think, we were so early on in a massive integration, and you cannot flick the switch on these things overnight to get that result better. The work that we're doing and what we've done and the result we're delivering on, if we end up at $100 million of EBITDA to $107 million this year, I'll be absolutely over the moon on that result, compared to where we were even last year.

It's a good growth. What I'm absolutely not happy about is the position that we've ended up in with Infiniti, and I've tried to be as transparent the whole way through that process, and that to me is our only black mark on us.

It's a big black mark, I'm not trying to deflect that. I do think, we're being punished a bit too hard if we look at that underlying result and where we're sitting around that.

I do think, because of the administration process, if you look where the administrators think they're going to pitch that and what they're looking at recovering, I think it'll be a good outcome for us. I know it's out of my control, I can't hang my hat on that, but I do think it'll be a decent outcome from us.

Even outside of that, we've got personal guarantees against all of those directors, we won't be stopping there. Then outside of that, as I said, if we get to $100 to $107-odd million in EBITDA, it'll be an excellent result for the PGC business.

We've merged three very complicated businesses together in just over 18 months, and when I look at the pipeline of opportunity once we're together, because I think if we can do this now with what we've been through, once we finish this 3-2-1, it's all around sales execution. That's why we've got such a big focus up in growing that Asian market, because we think it's subscale and the opportunities there are just mind-boggling, actually.

Then also overlapping our opportunities in building the Australian and New Zealand business as well. We have been focused on that integration, but next year we hit FY '27 with our sales strategy, I went and bought some more shares when I could, and I'll be looking at it again.

I believe in the company. I wouldn't be doing what I'm doing every day if I didn't.

Thank you. Just one last question.

If the share price continues to slide as it has, is Paragon Care at risk of a takeover?

No. It wouldn't be anyway, because you've got whether it's a good thing or a bad thing, you've got to get a couple of major shareholders across the line,

and

I know unequivocally they are not sellers.

Okay. Thank you, Carmen.

No, no problem.

morning, guys. Thanks for taking my follow-up questions.

Just a quick one on the Ramsay contract, sorry to flog the dead horse. I think when you sort of announced that, it was a circa $6 mil gross profit for FY '25.

Can you sort of confirm how much OpEx sits directly against that and how much you can pull out, and what's the timing of the working capital release?

The working capital release starts to kick in in about February. The OpEx against the gross margin was basically line ball.

Gotcha. You mentioned earlier you're pretty well progressed in terms of executing the costs out?

Yeah. That wasn't started until January, because the contract exited at the end of January.

We have a little bit of layover with that. We're still second line with Ramsay, but the working capital release is by the end of Feb.

Understood. Thanks, Carmen.

Last one for me, just sort of a broader question around how the sector's going. Obviously seen the API and Symbion results.

They're sort of talking to pretty strong like-for-like sales growth across their networks. Just any comments around what you're seeing across your pharmacies and yeah, just competitive dynamics?

In the wholesale channel, I'd agree with the positions that they're taking. The wholesale channel looks pretty solid, and we've got some new opportunities in that space as well.

Medtech, as I said to John before, can be a bit lumpy. You've got to get hospitals obviously, which is the biggest space to buy.

They've been okay on the smaller end of equipment, still a bit slow on the larger pieces, but we've definitely seen green shoots over the last three or four months around that, and we've had some good opportunity in medtech up in Asia as well. That we've invested into aesthetics in Australia and New Zealand, so that's also starting to take flight.

Thanks very much.

Oh, good day, Carmen. Congratulations on the promotion.

I remember back at the full year you sort of flagged a couple of acquisitions by AGM time, saying that there's a pipeline in Asia. Can we just get some indication of whether any of those might close before full-year results?

Sure. So [unclear], which we did announce, we just haven't completed yet, that should close by full year, hopefully over the next month or so, that should close.

We closed SomnoMed on the 15th of December, and we did buy that ASP Dental one earlier in the year as well, we've got another one that we're closing at the moment as well up in Hong Kong. It's a smaller acquisition.

That's probably about all I can say at the moment.

Just in our subsequent

events notes, we do detail.

There's been three subsequent that we've completed to year end: Fisher & Paykel, small tiny one in WA, Pacific Medical, Hong Kong, and PresDental. M&A is continuing with some good cadence.

Said. That's all funded by that Asia-based facility.

Brendan, you inherited that local Scottish Pacific facility. Is that behaving as expected?

Oh, absolutely.

ScotPac have been really good.

Good support from ScotPac. It's a good facility, works for us.

Done. All right, thanks for that.

Okay. Thank you very very much for your time, everyone.

Some good questions there, hopefully we answered them to everyone's satisfaction. Brendan and I will be available to take calls obviously, but we're also doing a roadshow mid-month, hopefully we'll see you all in person then.

Thanks very much.

Thanks, everyone.