...up on the screen. I'll just remind you that analysts can raise their hand and ask questions audibly, or alternatively for others, you can submit a question through the Q&A button at the bottom of your Zoom screen.

With that, Scott, I'll hand it over to you.

Thank you, Simon, and thanks, shareholders, for dialing in today to listen to our FY26 results. I'm I'm pleased to say that FY26 was was very much a a year of of resetting the base, but we are delighted to have delivered on our profit guidance that we set at the AGM last year, increasing our normalized NPAT to $36.1 million, growing our earnings around 14.7% per share.

The other thing that characterized FY26 was the return of the growth return to growth for the Australian business. The loan book closed in Australia at $920 million and continues to grow.

June was one of the best months the group has ever ever ever produced in terms of settlements, and that's not just the the Benji commercial business growing, but also complimented by AFS and the Money3 business all returning to to quite good growth. I'm pleased to say that that momentum has continued through July and continues in in in August as well.

We've had good, positive momentum coming into FY27. Other things I'd like to call out on this page in terms of what characterizes FY26 is, the the the our proposed or our planned reduction of exposure to New Zealand is well underway.

We had a very good result with the sale of the post-write-off loan book in New Zealand, $9.4 million agreed, $8 million in cash paid, New Zealand dollars, I must admit, this last financial year in FY26, and that is progressing well. That loan book is coming down.

We'll see it in the results here is only about $33 million, really is the end of that chapter for us. The other thing that we should call out is meaningful growth coming through our commercial operations.

Commercial receivables for the group now exceed $109 million and growing, powered by the Benji business. As we sort of highlighted to shareholders, we would be in a setup year in FY26, but Benji continues to move from setup to growth.

It's now writing around $10 million a month. That will drive our loan book along with the growth that we've seen at AFS and Money3 towards that billion dollars hopefully by Christmas this year.

I know Siva and I brought that out just before COVID, that that was our aim. It took us a few years.

We had some challenges, COVID being one of those, but we are well on track to hit that number by by the end of the year. Why that's important is that loan book growth in the Australian operations will allow us to replace the revenue that was coming out of New Zealand in years to come, so that's a positive momentum there.

The other key thing to call out in terms of achievements throughout FY26 is sort of that reestablishing funding as an advantage for our business. You would know that we established a new warehouse.

We also improved the margins in our facilities. We now have over $400 million in available funding to grow our business, which is which which, as you will see in the balance sheet as you read through the results this year, have created quite a bit of surplus cash in our business, but we have been able to establish a very solid funding platform for that for which to grow from here.

Apologies, a bit of a cold, but we are well placed to grow our our loan book into FY27 by leveraging the existing debt that we've got in place without the need for any additional capital. FY27 and the future is going to be about creating operating leverage with what we've done.

We've resolved our issues with the regulator here in Australia. We're not far away from the resolution of the matter in New Zealand.

We have a strong funding base, and we have good momentum for growth. It is, Benji is leading our business units in terms of driving that growth, but pleasingly, Money3 has been consistently lately, delivering more than $30 million a month, and our other two businesses around $10 million, so that that is driving our our loan book growth.

If we can go to the next page. In terms of highlights, we talked about loan book, $920 million.

I think we will we very much put out to our team driving that growth to around a billion dollars by Christmas this year. Momentum is good in that regard.

Interest income, this is the Australian interest income at $180 million. You'll appreciate interest income has been coming down in our organization as a result of the contraction of the loan book in New Zealand.

We've hit the trough. It's now starting to grow again.

As a result of the loan book growth that you'll see in Australia, interest income will lift in FY27. Cash collections amazingly strong.

Just evidence of a resilient consumer in this current market. If anything, cash collections are probably stronger than we'd like them to be.

It's indicative of early redemption and early payout of customers, but a very strong result from our customer care and collections team. Origination, $470 million.

It's certainly our our June, July were near record levels. For many investors that were at the AGM, you would appreciate we highlighted some of our challenges with our software roll out when we retired platforms at AFS, which essentially saw the first 4 months of FY26 our loan book go backwards as a result of some challenges.

We've turned that around in the second half. Second-half growth has been has been very good.

With overall loan book has grown a little bit over 10% for the year, but if you look year-on-year in that second half, I think we are around up, in terms of originations in Australia, up around 40%. That is now you'll start to benefit from that growth starting to come through.

Bad debts, bad debts were at the bottom end of our range. Just want to call out that that is principally as a result of that one-off sale in New Zealand, but overall, Australian bad debts, which is predominantly the one that investors should focus on, 4.4%, which is at the upper end of guidance, upper end of our our target range, and almost spot-on to where we told investors in in October, November last year where we thought we would land.

It is pleasing that our while our bad debts were at the upper end of that range, our arrears improved over the course of the year, it does set us up to have a good FY27. Normalized NPAT of $36.1 million, we'll step through that in another slide.

We moving to to dividends, this year, we declared, as in FY26, we declared three special dividends aligned with the run down of the loan book in New Zealand totaling 7.5 cents, and two ordinary dividends of 6 cents each for the interim and and final year, bringing dividends paid to 19.5 cents for the full year. The next dividend to be paid in in October is 8.5 cents, which is a combination of of two there.

Net tangible assets is $1.66. It is a slight reduction on last year, and that is a result of those special dividends and returning some of that capital back to investors as a result of running down our our New Zealand loan book.

The other place that we use some of those funds for was the share buyback program. We've bought under the net tangible asset value of the business, which means EPS will improve for all all the shareholders that are on the register today as a result of that buyback.

While the program is in place, we don't have, if the share price stays where it is, we don't we don't plan to use that tool. We plan to leverage the special dividend in order to, use up some of the franking credits that are sitting on our balance sheet, which has been the feedback that we got at the AGM last year and continues from a number of shareholders.

Next slide, please. This is the earnings bridge just in terms of what did we normalize.

For shareholders that were at the AGM or have read the notice in November last year, these are the three core elements of normalization that we said we would have this year. We have resolved the issue with with ASIC, which was the principal legal cost or one-off legal costs that was going through our business, and including the penalty that's now being resolved, we normalized that out.

As a result of our run down in New Zealand, we repatriated funds from New Zealand back to Australia, and we we did crystallize some loss as a result of FX fluctuations there. The other part is the it's just normalizing out the setup costs of Benji.

Most of that cost is actually a non-cash provision that we've taken up for impairment potential impairment of our commercial receivables, so, that that's brings us back to $36.1 million. Next page, please, Simon.

I'll I'll hand over to Siva to take you through the financials.

Thank you, Scott, and good morning, everyone. Just to quickly summarize the income statement for the group, you'll notice that our interest income appears to come down.

That is predominantly as a result of the run down of our New Zealand book, but equally, our interest expense, bad debts, and operating expenses have also come down. What's pleasing to inform is we had an orderly run down of our New Zealand book.

The book is roughly $30 million at the end of FY26, and going forward, you would see less of this distraction coming out of New Zealand on our P&L, and you'll see more of the contribution coming from our emerging and growing segments in AFS and Benji, and hence, the group results presented going forward will reflect more of the continuing operations predominantly in Australia. The three items that we have normalized to Scott's comments earlier were predominantly one-off.

We did include the startup investment cost of setting up Benji. What we expect is Benji's contribution to the income line will start to materially increase over FY27 and beyond as the loan book starts to mature.

We'll move on to the next slide. A couple of key callouts on this slide.

You'd notice that the bad debts at a group level has come down to 3.6% to the comment made earlier that reflects the one-off sale of the New Zealand write-off book. Notwithstanding that, we are still within our range of 3.5% to 4.5%.

Probably the additional callout is as the Australian book continues to grow with Benji and AFS contributing significantly to the loan book mix, we expect the trend of the bad debts continuing to go down over future years. The loan book quality slide on the far right also reflects a good picture to Scott's comment earlier.

We had been quite resilient in our arrears management, even though the inflationary struggles are still visible in the economy. What's pleasing to note is a strong and good part of the book has been increased from 77% to 81% of the overall portfolio.

At the same time, Australian leverage has also gone up from 71% to 74%, reflecting that the growth engines of AFS and Benji are well funded. You'd also note that we have over $400 million in funding capacity that provides strong support for future loan book growth.

The thing that's probably worth calling out, because investors will bring it up, I'm sure, about our return on equity. We have the right foundation.

Our return on equity is not where we want it to be, and you can see the programs we've built with special dividends and the buyback helping with that. We know that we're carrying a large amount of cash.

The leverage has been a contributor to that. It does give the business optionality to continue to fund in a tighter environment.

I guess, more than anything, we want investors to be aware we are well aware and conscious that over the course of this year, that cash that's come back on the balance sheet, that we will use it appropriately, supporting dividend return and potential buybacks if needed, along with using that to grow our business. The positive is certainly the resetting of the base in terms of our funding and giving us that additional leverage for which to grow our business.

We've sort of talked about some of these. There is plenty of headroom to grow our business, particularly the Money3 business within our group.

Talked about return on equity. We are very conscious about improving that over time.

Just trying to call out on the dividend slide the return of capital through special dividends and separate them out from our normal dividends so that you can see that the base dividend is a sustainable payment into the future and the buybacks that we've done through the course of the year. Next slide, please, Simon.

The outlook, as I was saying earlier, we think we are well on track to exceed a billion dollars of receivables this year. Loan book has been growing.

The combination Australia and New Zealand is now at $966 million, as you can see there. I think the Australian loan book was well past $940 million as we speak.

There's good growth coming out of AFS and Benji, and a very solid performance near record levels coming out of Money3 as well, we see our loan book growth returning to all parts of our business as some of our challenges with that software are now behind us, as well as the closure of the ASIC matter. Excuse me.

We expect to see interest income or revenue in a non-accounting term grow at a double-digit manner in FY27. The leading indicator is the growth of loan book, and you can see our loan book, as a portfolio yields around 20%, a little bit better, you can see that growth will come back as a result of the revenue growth, that is, will come back as a result of growing loan book, which is a positive in our business because we are very conscious of managing our operational expenditure ratios, which will improve through the course of FY27.

Lots of funding headroom, and as a result of a little bit more time on our hands, now we've actually been able to look at some other avenues of underserved markets within Australia that we think provide opportunities to fund. In the appendix, you'll see some new assets that we have funded there, some trucks as well as some other vans and other to provide assets that we don't normally fund, but not a huge exposure to the book, but driving some of that growth.

In terms of operations, we are making a sizable investment in FY27 into improving our platform that takes applications from the broker site or from a website. I think we talk about different parts of technology innovation that occurs every year.

This is probably one of our bigger investments to try and change that platform really aimed at providing a better software base for which to leverage AI that is coming. We've had a few goes, as we've talked about, implementing AI, particularly around improving our record keeping, which is a big burden from a governance and compliance point of view in our organization.

The more we can use AI to record conversations and to provide notes on accounts and manage the client interactions that we have on a daily basis, the better it will improve our productivity in our business. A significant investment going on to retire more platforms and have a better software foundation for which to grow our AI initiatives on top of those.

Just moving to the market, I'm sure it's not lost on most people attending call, we've seen record amounts of new car sales. A lot of that's driven by imports from China.

We typically benefit in a delayed fashion in the used car market. Most of what the Solvar group funds is used assets, and I think there's no coincidence that we're starting to see record levels of Australian originations coming through the group a couple of months after we've seen record levels of new car sales.

We think that there is headwinds in terms of customers' affordability in market, which I think from a used asset finance company is benefiting us as our customers coming into our spaces growing and our business is benefiting from that. I think, in terms of outlook, I think we're well placed within the market to have a really good FY27.

A number of the issues that we've talked about are now behind us, whether it's software, regulatory, or some of our other issues that are there. Growth is returning to the business, powered by our commercial operations, but all parts of our business are benefiting, and we're investing in tools that will improve our productivity as an organization, which will result in higher EPS growth and better return on equity.

With that, we'll hand back to Simon for any questions. Awesome.

Thanks, Scott, and thanks, Siva. Our first question comes from Allan Franklin at Canaccord.

Allan, please go ahead.

Thank you. Morning, guys.

Keen just to get a bit of a feel for Benji through the fourth quarter. Maybe just a bit of detail on origination, breadth, how are you going adding new brokers through the channels?

A big part of Benji was levering the existing distribution channels, and what we haven't wanted to do is bring on all broker partners at the same time. Part of that growth of origination is the team at Benji starting to broaden, attend a few conferences, mainly from your other listed aggregators.

That's where the volume is coming from, pushing into our group. There's a lot more brokers that we can add to the Benji platform, we're just not ready for it at the moment.

Our intent is to stay around that $10 $10-odd million a month through Benji while we continue to refine our underwriting models and just the other processes. Nearly all of the growth we have received is coming from our existing distribution partners.

Makes sense. Just on the loss experience in Australia in recent quarters, could you just sort of align the experience versus I guess your framing of lower watchlist loans, I guess that's coming out of the period?

Look, majority of bad debts do come out of the Money3 operation, and we have been through a number of loans with a view that where people are suffering some level of hardship, writing them off earlier. That is part of the contributor to overall portfolio quality improving through the year, which you can see in the previous slides.

We think those same cost-of-living pressures continue through FY27, but given our target range of 3.5% to 4.5%, I think we can manage those cost-of-living pressures and continue to meet the goals of the organization. It is Money3 where most of that is coming from.

Yep, following. Just the last one on sticking with Money3, how's just framing pricing and competition in the market as it stands today?

I think you do reference second-hand vehicle pricing getting a bit more palatable from your side of the equation. Talk to pricing and competition within Money3 and how you're thinking about volume v margin?

There's been a bit of an uptick in volume, number of customers, but the average loan size has actually been fairly consistent over the last two or three years at Money3. The growth that we're seeing is actually more customers, and more customers will have a positive impact on yield.

We have a static application fee, if the loan size is lower, the yield will come up a little bit out of that. Money3 has been a beneficiary of that.

Long term, I expect Money3's bad debt experience to decline. Over the last 3 years, as you're aware, we've spent a lot of time with the regulator, and we've become a more conservative lender in that space as a result of that.

It takes a year or two before the portfolio flows through, but we expect to see Money3's bad debt performance continue to decline as we've shifted where our bulk of that businesses is exposed.

Helpful. Thanks.

Thank you.

Thanks so much, Allan. Next up, we've got Larry Gandler at Shaw and Partners.

Larry, please go ahead.

Oh, thanks, Scott and Siva. Done on the excellent result for '26 and transition to a clean year.

Just a couple of questions. With regards to the remaining New Zealand loan book, 30 million bucks or so New Zealand, as those loans are collected, is it the intention to pay those proceeds out by way of dividends?

Look, I think the way we would context that is a special dividend. The board is open to a special dividend in FY27, but performance over the first quarter is usually what dictates that.

It is right to think that we will align special dividends with the run down of New Zealand, but we would give a more definite answer to what that might look like towards the AGM. Yes, you're right.

When New Zealand is done, the special dividends will stop.

Great. Another question is, can you discuss the system changes or the new systems you're implementing FY26, developing FY27, and implementing, and how that is going to drive growth for Benji and AFS?

A lot of the systems, if we go back 18 months ago, we recognized the platform AFS was on was aging and in need of an update. We licensed some software from one of the aggregators, and we had some challenges rolling that out.

As they resolved, AFS's origination volume picked up. Through the course of FY27, our intent is to build our own origination platform, which means when a broker wants to deal with AFS, and the beneficiary being Money3, that we will have them originate or write that loan into our own software rather than into a third party's.

Our intent is to reach not just into the front end, but also into the underwriting platform that we have today. The underwriting platform for Money3 has been in place for about 8 years.

Our intent is to replace that in FY28. The work starts in FY27.

What that will give us, now most of this is about improving our speed, our time it takes to say yes to the broker or to the intermediary or the customer that we're happy to write the loan. The part of the new platform is about accessing more and more third-party data, which is, as the world becomes more digitized, things like bank statements, payslips, confirmation of income, all of these things, there are government databases that we can leverage in a more automated fashion than what we have in the past.

As a lender that does lend to a slightly higher credit risk applicant, we do more searching at the underwriting stage than probably many of our peers, and we rely on more sources of data to make a decision to underwrite people. The more of that that we can place our rules over digital data, the more it will drive productivity throughout our group, and that's a big part of what we are wanting to do.

Replace that software, allows the AI to sit on top of it better to do things like mining the data that's available through databases and also manage some of that customer interaction so there's less reliance on people.

Excellent. Thanks, guys.

That's my questions.

Thanks, Larry.

Thanks so much, Larry. Just got a few more submitted questions, guys.

First up, is commercial mainly small business lending, and is there much exposure to construction in the commercial loan book? What are the main industry exposures?

What we've tried to do to answer that, people can go to the appendix later, but we've given you a highlight of where the assets we've funded, but it's nearly all small business or sole trader. If you think of a small business director, vans, there is some trucks in there, but think more of your 4.5-tonne Isuzu truck more so than a prime mover.

There are a few that we've taken that we have lent to, but the vast majority of the assets we are funding are to small business sole traders. You think somebody working for themselves that is a sole trader that buys a ute continues to be the focus.

Benji is opening up more of a platform for small business that might have a handful of staff and a couple of assets rather than where we've been in the past where it was I think we said last year the number one commercial asset we funded was a Ford Ranger followed by a HiLux, and the third one was a Isuzu D-Max. That's changing a little bit with the introduction of some slightly larger asset categories in there, but it is all to sole traders, small business, or what would be defined as small business, big businesses turning over a couple of million dollars or less.

Thanks, Scott. What's the quantum of the investments in tech in '27?

We think that this year, the sum of the whole program will be in the range of $3 to $5 million. Some of that will be expensed this year; some of that will be capitalized.

As anyone that's followed the story knows, we've constantly invest. We spend about $6 to $7 million a year on our tech platform, and we invest about $1 to $2 million a year.

This year, we're increasing that $1 to $2 million that we've invested in the past to, if you say, $3 to $5 million. Some of that will be capitalized and released over the following 3 years, I think was your intent, as we build a dedicated underwriting engine for our business.

Thanks. Just to confirm, Money3 underwriting standards have been tightened over FY26, and have there also been changes to customers that are served?

Can you just expand on that, please? Oh,

I think it's not '26. For the last 3 years, you can see if you've looked at the loan book that our loan book is the best predictor of revenue, and we have been flat.

We acknowledge that we've had some issues to resolve in our business. That tightening of our loan book, we've really pulled back on lending into remote areas, also low-income borrowers.

We've been a lot more stricter. Anybody that has a poor credit rating, we've lifted all of our minimum standards in our organization.

I stress, a lot of this is not driven by credit risk, but driven by in improving our governance, also listening to the regulator in terms of what their level of expectation is, and we have to interpret that in terms of who we're lending to. I'll come back to, because one of the next questions usually follows, does that lead to then a reduction in net interest margin or yield?

As we have sought out other groups of markets, particularly in the used car space, some of that is being offset by higher volume of lower dollar value assets with a set application fee. Our intent is to write more volume in a slightly better credit risk segment, but continuing to focus on, particularly in Money3, lower-ticket-sized assets that we're funding.

Thanks, Scott. Just last question.

Following dealing with the NZ operations and legal issues, will you look at some kind of M&A in Australia, or prefer to stay organic in your approach?

We are in an envious position of having around $70 million of unrestricted cash on our balance sheet. M&A is something that we've done in the past, and are very much open to, but we do have strict guidelines of what we would be prepared to pay for assets in this segment.

We think that the non-bank sector, that there are opportunities for consolidation given the scale that can be created. The stars haven't aligned, is what I'm trying to say, in terms of value versus price that we would be prepared to pay.

There's nothing to inform people at the moment, but we are very much looking for businesses that fit our lending appetite, which is consumer lending and commercial lending in Australia, and businesses that fit that, we would be open to at the right price.

Great. Thanks, Scott.

That concludes the Q&A. I might just hand it back to you for closing remarks.

No, thanks, Simon, and thank you, everyone, for dialing in today. Really pleased that the start of FY27, we delivered on our commitments to FY26.

We can put that behind us. Loan book growth is continuing.

As the market gets a little bit more challenging, that tends to benefit the Solvar group in our focus in specialized markets, and I look forward to coming back to shareholders and sharing what the first quarter will look like at the AGM because we're quite confident that we've got some good momentum growing. Thanks, everyone, for your time today.