Good morning everyone, and it's great to be here. I think today's half year results are a really strong set of numbers.

You can really see our strategy, our portfolio construct, and our outlook for superior, sustainable long-term growth all coming together. I think everyone in Australia would agree that we have a housing affordability crisis playing out in front of us, and Eureka is uniquely positioned to provide a real, scalable solution to that.

Eureka today is fundamentally a different company to my first reporting period 12 months ago. We have grown the portfolio by over 40%.

We have established a new all-age business with over 1,000 homes or units. We've acquired over 10 communities.

We have another 10 communities currently under due diligence or under assessment, which represent a further 1,000 sites. We are scaling at speed.

Joining me on the call today is Shiv Chetan, our Chief Financial Officer. There's a lot of really interesting data in the presentation to get through, but I only intend to talk to 8 to 10 slides before handing over to Shiv, who will take us through the financials, the capital position, and our outlook.

Now if we can jump to slide 6... slide 3.

Today, we will step through our highlights and scorecard, portfolio performance. We'll share with you some industry trends and data which hopefully will leave you understanding why we believe our strategy moving forward is so compelling.

We've got some new information on how we're going to scale the business and what Eureka looks like in 2 to 3 years. Finally, Shiv going to step us through the financials and our outlook.

If we now jump to slide 5... Right, Eureka has a unique investment proposition.

We own land, we own and develop fit-for-purpose residential housing, and we collect CPI-linked rents. Our communities are operating at near full capacity.

We are on a trailing 12-month same-store rent growth of 5.7%, and we have a huge pipeline of growth and opportunities identified which we're working on in front of us. Our business can't be disrupted by AI or offshored.

Demand greatly exceeds supply, and no other institutional capital is currently looking at what we're doing. If we can move on to slide 6...

To be fair, the share price where it's currently trading is immensely frustrating, and something that I can assure you that the board and management are acutely focused on. I believe our strategy is well considered and unique, and our execution is going very well.

Personally, I have over $2 million of cash tied up in Eureka, and most of my remuneration is at risk and share-based, and you can be assured that myself and the executive team are moving at pace and doing everything we possibly can to deliver strong performance and value for our shareholders. Moving on to the next slide...

The annualized recurring revenue. Today, we're really pleased to introduce a new measure, which is annualized recurring revenue.

This is a point-in-time contracted recurring revenue base, which is really the focus of Eureka. It is effectively long-term rents and recurring funds management fees.

It excludes things such as short-term site fees or short-term tourism income, which we collect as we convert to long-term rents, and our intention is to report against it every 6 months. If we jump forward to slide 16...

Okay. Across Australia over the last 12 months, property prices, the sale price of homes and apartments increased by 9.4%, but what many people might not realize is it's actually the combined regions of Australia which is growing at a meaningfully faster rate than the capital cities.

As an example, last week I was in Albury, which is on the New South Wales and Victorian border, and it's hard to believe that in Albury today the median house price is over $900,000. That's playing out across many regional markets across the country.

Just on to the next slide, rental rates. In the last 12 months in Australia, rents increased by 5.4%, but again it was the regions where Eureka has significant exposure which meaningfully grew at a faster rate than the capital cities.

The combined regionals of Australia grew at 6.1% rent growth, whereas the capital cities only grew at 5.10%, 5.2%. This increase in regional rents is really being driven by regional drift, people moving out of the cities based on affordability.

It's about populations moving to the regions driven by investment in infrastructure and renewables, changing work locations, and demographics. On to the next slide, and this is probably one of the most interesting slides that I've seen for some time.

Over the last 5 years, residential rents have increased at 2 and 1/2 times wage growth. For the 15 years to 2020, rents basically tracked wages growth, but this nexus fundamentally changed during COVID and has never recovered.

It's really been driven again in the regions by immigration, by Airbnb, by people buying holiday homes, by a collapse in building volumes, by a huge escalation in construction costs, and the inability to secure trades. This data's been provided by the Australian Bureau of Statistics and Cotality, and Cotality's perspective is that with rental demand and rental supply remaining disconnected, it is likely that this significant growth in rents is going to continue for the short to medium term.

Again, that is fundamentally playing into Eureka's market. If we just jump forward to slide 21...

Over the past year, Eureka has moved at pace at investing all of the capital that we raised back in November '24. Since then, we have made 10 acquisitions, totaling just under $90 million.

It was only in October of last year, October '25, that we had fully deployed the capital that we raised in the previous year, and this has represented a significant drag on EPS over the last 12 months. However, it is pleasing now to note that that capital is fully deployed, and then some.

For the first time, as we move into the second half of 2026, you're going to see these acquisitions become strongly accretive as they contribute for the first time ever for the full 6 months. During that last 12-month period, we've expanded the portfolio by over 40%.

In addition to that, we also have a further $90-odd million of acquisitions under assessment, which represents over 1,000 further sites. There's a lot of growth coming through Eureka as we move forward.

If we jump a few slides now to slide 26... This is a new chart, slide 26.

A question we often get asked by analysts is, what could Eureka look like in a couple of years? What we've really tried to articulate here is what all these building blocks, what it's going to look like over the next 2 to 3 years.

This is not giving guidance, but it's really trying to give a little bit of color as to what Eureka is going to start looking like. Over the next 2 to 3 years, it's really not that difficult to see the size of the portfolio growing by upwards of 35%.

We are going to be shedding some non-core, poorly performing assets, or handing back some management rights where we have no clear pathway to ownership. Our development pipeline today exceeds 800 home sites.

Many of those are already DA-approved, or the DA's lodged awaiting council approval. We've included here just over 800 acquisitions, but we have over 1,000 in our pipeline at the moment.

That comfortably, in a pretty non-taxing way, gets you to a portfolio size exceeding 5,000 rent-collecting sites. What does that mean financially?

I should say that sort of scale of portfolio, combined with our same-store rent growth of 5% to 7% year-on-year, should translate into underlying EPS cumulative annual growth of between 12 and 1/2 and 17 and 1/2%, whilst keeping our LVR below 40%. That's really what we're working towards, and I think that would be very interesting from an investment perspective.

Just want to jump forward 2 slides back. Finally, before I hand over to Shiv, I'd just like to briefly touch on capital partnerships.

We are categorically not going to be issuing any more scrip in the headstock for the foreseeable future. We have 2 existing funds which are performing very well.

One is a joint venture partnership in Tasmania, which has been running for close to 10 years, and we have a fund in WA, an unlisted fund. In the coming couple of months, we're intending to launch a new all-age fund, which will be seeded with 1 to 2 assets from our balance sheet and will be supplemented by another 2 to 3 acquisitions which we are currently working on.

The sort of investors that will be targeting, and we're already in preliminary discussions with them, would be family offices, high-net-worth individuals, similar to the investors who are currently invested in our WA fund, where since that fund inception back in December 2023, we have delivered an IRR of above 15% and we're about to do a capital return. The beauty of these sort of funds for Eureka is that we charge a development management fee, we charge a percentage of the rent we collect, we also have an outperformance fee if we can deliver above a pre-agreed IRR, and lastly we also have a first right of refusal that if the fund ends up getting wound up, then Eureka has the right to buy those assets at market.

We see this growth in capital partnerships or funds being a key driver of the business moving forward. I'll now hand over to Shiv, who'll step through the financials and guidance.

Thanks Simon. Good day everyone.

I'll cover our financial statements, capital position, and guidance from here, then I'll hand it back to Simon for Q&A. Please move to slide 30, profit and loss.

Revenue was up 19.7%, reflecting acquisitions and rent growth. Underlying EBITDA grew 11.2%, and underlying profit before tax was up 14.2%.

This is consistent with the strategy execution you've heard about today. Profit after tax was impacted by acquisition transaction cost write-downs and one-off GST adjustments.

Underlying EPS was 1.44 cents, down on prior comparative period. This is mainly due to full-period impact of shares issued from the November '24 equity raise and the timing of deployment.

EPS in the second half will be stronger, as acquisitions for the first time have a full 6-month contribution. The underlying EBITDA margin was 33.6%, down from 36.2%, mainly due to the integration and lease-up impacts.

Our focus is stabilization and cost normalizations as the all-age segment matures. In the second half, this should stabilize around mid-30%.

Please move to slide 31, balance sheet. You can see the growth in investment properties and the corresponding increase in borrowings as we funded acquisitions and developments.

LVR is 33.5%, well within our conservative policy settings. Net tangible asset per share is 55.6 cents.

Please move to slide 32, covenant headroom. The headline is, we're funding growth while staying conservative.

There are three things to take away: First, covenant headroom and leverage discipline. At first half '26, our LVR is 33.5%, comfortably below our internal ceiling of 40% and well within the bank covenant of 55%.

The interest cover ratio was 4.24x versus a 2x covenant requirement. Even as we deploy capital into growth, we do so with a very clear internal gearing framework.

Second, funding capacity and the toolkit. Our core debt facility is 185 million, and we also have a documented $200 million accordion.

This gives us a meaningful optionality as we convert the pipeline. The undrawn headroom at first half '26 is 71.6 million.

Third, the headroom rebuilds as we execute. Adding assets into the security pool and same-store rent growth increases borrowing capacity to keep funding the pipeline while maintaining the conservative gearing policy.

Finally, on interest rate risk, we have a hedging and step-up strategy in place. We'll continue to build the hedge position as debt is deployed.

That's the balance sheet message: conservative, flexible, and built to fund the next stage of earnings growth. Please move to slide 34, cash flow statement.

Operating cash generation was strong. Net cash from operating activities was 7.2 million, which was underpinned by high occupancy, recurring collections, and acquisition contribution.

Investing cash flow reflects disciplined reinvestment into acquisitions and the development pipeline. The business is converting performance into cash, and we are reinvesting that cash and balance sheet capacity into growth pipeline.

Please move to slide 35, financial 20- financial year '26 outlook and guidance. We are on track to deliver FY '26 guidance: underlying EBITDA guidance of 20.2 million to 21.1 million, which is 20 to 25% growth on FY '25, and we are on track as full-period acquisition contribution is realized in second half '26 and cost normalizes; underlying EPS guidance is 3.37 cents to 3.44 cents, up 7.5 to 10% on FY '25.

Again, the key drivers are full-period contribution from acquisitions and cost normalization. Earnings will be higher in the second half.

Capital raised in November '24 was fully deployed in October '25. The acquisitions will have a full-period impact in second half of FY '26.

Thank you all for your time today. I'll pass it back to Simon for closing remarks, and then we can move on to questions.

Thanks Shiv. Look, lastly before I hand over for Q&A, if we can just touch on slide 36...

Just the priorities to deliver on guidance and set ourselves up for the next financial year. It's really about launching our our new all-age fund, which I've spoken about.

We've got over $90 million in acquisition acquisition opportunities that we're currently working through. Some of those are currently in the contracting phase.

We expect some of those to close in the coming months, which should be accretive to this financial year, and will also set us set us up strongly for FY '27. We are continuing to focus on divesting remote or non-core communities, and exiting or handing back low-profitability management contracts.

We're really continuing to focus on same-store rent growth. I think that slide that you saw showing that that rents are growing at 2 and 1/2 time times wages growth, hopefully gives you some insights into why we're confident we can continue to grow rents at 5 to 7% for the foreseeable future.

We've got around 40 new prefab homes currently under construction, which are going to be delivered to communities in Western Australia, Victoria, and Queensland. We've got multiple DAs that are in the process of either we're working with council to seek timely approval, or we're about to lodge them.

We're continuing to focus, very vigilantly on on our cost base. With that, I'll now hand over to the moderator for Q&A.

Hi guys. Congrats on the result, and thanks for taking my questions.

Just a few from me. First one, just looking towards guidance.

I think you've delivered kind of underlying EBITDA of 9.1 million, that was a strong result and tracking in line with that guidance. I think for the second half, that implies kind of $11 to $12 million, a decent step-up there.

I think there's some acquisition timing. Can you just talk towards the building blocks and the drivers in terms of how you get to that number?

Thanks James. That's a good question.

If we're to hit, as an example, the midpoint of the underlying EPS guidance, that would suggest it's going to be a 40, 42% first half to a sort of 58 to 60% second half skew. That, as Shiv said, is fundamentally going to be driven by the contribution from the acquisitions that we've made over the last 6 to 12 months.

Three The last three acquisitions we've made, which is Hillside Village in WA and the two communities in Victoria being Benalla and Nagambie, are the three largest acquisitions we've actually done. Furthermore, all of them, all three of those, have DA-approved sites ready for us to drop homes into them.

The full 6-month contribution from all of those acquisitions plus the additional homes that we're currently building, we have homes under construction for Benalla and Hillside as we speak, they will also be installed and leased up ahead of 30 June. That gives us the confidence that we are comfortably on track to meet guidance.

We're very confident that we're going to be able to continue to grow rents in line with the 5.7% we've delivered. Hopefully we'll see a little bit of a tip-up in the occupancy rate.

We've got some initiatives that we've been rolling out over the last few months to really drive that. Around 45% of all of the vacant units we have in our over-50s portfolio are constrained in three villages at the moment, which is Whyalla, Shepparton, and Horsham.

We're acutely focusing on those villages to drive occupancy growth.

Okay. Great.

That makes sense, and appreciate the color there. Next one, just on the pipeline, $90 million, that's also very healthy.

Typically, how much of this will you convert? Then is there anything chunky in terms of individual size in terms of acquisitions in that number?

Look, I would be surprised if we didn't convert on at least 2/3 of that over the next 6 to 9 months. These are deals that we're well advanced on.

Several of them, we're actually either finalizing our due diligence and on-site inspections, and we're at the contracting phase, or we're largely through that. These are well-advanced.

Every day or other day we would have opportunities coming across our desk. I think in the last 12 months, Eureka's established a very transparent track record as someone who is fair and reasonable to deal with, who has a balance sheet, who doesn't try and do a New York close on settlement date.

Mike Heffernan and his team have worked really hard to be the buyer of choice in the market. We have close to 40 identified regions across Australia where we're actively in those markets trying to find the opportunities.

These are capital cities or employment-driven regional markets. I would expect that we would have a pretty high success rate.

With the new fund that we're launching, some of those acquisition opportunities will go straight into that fund. In terms of the second part of your question, look, the largest acquisition we've made to date has been Hillside over in Perth, that was $22 million.

Some of the deals that we're looking at are sort of in that $15 to $20 million range, but our sweet spot continues to be in that sort of $10 million range with development upside, sort of where we're pretty uniquely positioned to be able to move quickly on those sort of deals.

Okay. Fantastic.

Just last one before I jump back on the queue, just on the development pipeline of 800-plus. With these units, are they typically presold, and I suppose what's your expectation in terms of the extent of ramping up occupancy across these development pipeline units?

Typically, we are renting them rather than selling them. When we drop the new units in, the next units that we have which will be going into both Hillside in Perth and into Benalla in regional Victoria, yeah, I would expect that as we're probably 1 month out from those units being delivered to site and complexed and landscaped, that our village managers would be in-market looking to find appropriate residents to move in.

Certainly talking to our regional manager earlier today, Sonia, who manages our Western Australian portfolio including Hillside, she looks after, amongst other things, the six over-50s rental villages that we have in WA, and they're all basically 100% full with deep waitlists. She can also move some of those people on the waitlist for the over-50s villages into the new rental units that we're installing into Perth.

I'm very confident that as quickly as those units are delivered, they will be fully leased up. We only focus on those regional and capital city markets where there's very tight occupancy rates, typically lower than 2%.

In a market like Perth, which currently has probably the strongest performing housing market in Australia, that there is no rental accommodation. As quickly as we can drop those new rental homes in, we expect them to be fully leased up.

In December '25, we also put in a DA for another 19 homes, we hopefully will be able to deliver those in the first half of next financial year.

Okay. Great.

Thanks for taking my questions.

Hey guys. Thank you for taking my question.

Just firstly, what was your all-in cost of debt for first half? Thanks.

Hey Mithun. Thanks for the questions.

We are operating at about 5 to 6% in terms of all-in cost of debt. That includes the commitment fee and the interest cost as well.

There is a mix amongst that as we deploy debt for acquisitions and as the cash rate changes. We draw down, and yeah, that would be the mix around the cost of debt.

On top of the BBSW, we have debt tenors out 3, 5, and 7 years, and depending on whether we draw down debt with a 3-year tenor or a 7-year tenor, there can be a 40 to 60 basis point difference, which is the range that Shiv alluding to.

No worries. Thank you for that.

Then just secondly, I know you alluded to the timing on acquisitions into FY '26. Is there a quantum for that at all, or is that still under revision?

Sorry, just to clarify, you're talking about the quantum of acquisitions for the remainder of the current financial year?

Sorry. Just from the $90 million in due diligence or under assessment.

Look, I would think if you put in maybe $30 million of that would be in this remaining 4 months of this financial year, and the balance would be into the first half of FY '27. We're moving as quickly as we can, but we only have two people in our cap trans team and there's only so many deals that they can work through at any point in time, plus they're running the launch of the new all-age fund.

That's probably the constraint in terms of why we can't close quicker.

Yep, no worries. Thanks guys.

That's all for me.

Morning Simon, Shiv. Just looking at the new segment that you've disclosed around the operationals from the all-age acquisitions.

It looks like the EBITDA margin there is about 33%. Was wondering whether there's a stabilization period relating to some of these new acquisitions or whether any improvements there would have more to do with the new developments that you're doing on the ground.

I guess just how we should think about that, how that plays out.

Murray, that's a great question. Look, over the medium to longer term, the operating margin in the all-age should stabilize at or around where the over-50s operating margin is.

There is probably a 6 to 12-month lag because when we're buying these, I guess they're effectively caravan parks, there is a period where we basically decommission the tourism component, which might be cabins or camping sites or sites for caravanning, and we convert those into long-term residential housing. We try and maintain that short-term tourism income as long as we can, but there is a period where we have to turn it off and then clear the ground to await the arrival of the new prefab cabins.

That's what you're seeing play out in the financials at the moment. Most of the all-age assets that we've acquired over the past 12 months we've only owned for a relatively short period of time, we're moving through that as quickly as we can.

Quite often the parks that we've acquired in the last 6 months, often they've got locked-in bookings for Christmas or Easter, and so we can't decommission those sites until we've worked through those peak holiday periods. Over the next 6 to 12 months, that should wash its way through and you'll see a far stronger, more consistent operating margin emerge.

Appreciate the color, thanks. Then just on the new all-age fund that you've spoken to today, could you give us a sense of what sorts of assets would be best suited to be placed in that fund and then, I guess conversely what sorts of assets would make more sense to stay on Eureka's balance sheet?

Look, we would see that we would ideally seed one asset from our balance sheet into that fund. It's probably an asset that would have a little bit of redevelopment upside to give investors a combination of strong, recurring rent, but also some of the low-risk repositioning and expansion upside.

Then probably three assets from our acquisition pipeline would progressively be rolled into that as we close, so that the fund would be fully seeded in the next 6 to 12 months. Now we would anticipate that the fund size would be around a total of maybe $50 to $60 million in enterprise value, broadly 50% equity, 50% debt, and Eureka would be a co-investor for maybe 20 to 25% of that equity.

We're just in the last stages of finalizing the IM. Late last year we did initial soundings, a non-deal road show with some prospective investors, and we're looking to launch pretty much as soon as we finish our first half investor presentations.

Thanks. Then just lastly, noting that gearing is now back into the 30s, I was wondering whether you could just give us a bit of color on comfort levels there and, I guess how much higher you'd be happy to see that go before you'd need to ease off on the acquisition pipeline.

Look, our covenant is 55%, but we really would not be going beyond 40%. I would see 40% being a pretty firm line in the sand.

We've been really clear, today's not the first time we've mentioned the all-age fund, we see that all-age fund will mean that we don't have to fund necessarily all of the acquisitions on-balance sheet. We also have some divestments that we're currently working through which will create some more headroom, and as we progressively deliver these new prefab units into our communities and lease them up, that should lead in future periods to an increase in the valuation of those assets, which should ideally give us more headroom in our debt facility.

I guess the short answer to your question, Murray, is 40%.

Appreciate that. Thanks, Simon.

Thanks for taking my question, guys. Simon, can you just confirm that $90 million of potential acquisitions, you can do that all on-balance sheet?

Obviously you've got 70 mil of liquidity there. Is the balance sort of coming through revaluation provisions, giving you additional gearing capacity?

Liam, I think it would be unlikely that we would do all $90 million of those acquisitions on-balance sheet. I think earlier in the conversation I mentioned that we would have a high level of comfort that we would close on at least 2/3 of that.

Our working I guess straw man at the moment is that we are going to be launching the fund in the coming 1 to 2 months and that that fund will take 2 to 3 acquisitions out of that pipeline, and the balance would be funded on-balance sheet. I'm pretty comfortable that we can fund those through a combination of future asset revaluations, the impact of divestments that we're currently working through at the moment, and you can see that there's been quite a significant step-up in cash flow generation for this half compared to the prior comparative.

I think cash flow is up 450-odd percent, the business is generating a lot of cash and that can be reinvested into future acquisitions. If we have to slow down acquisitions, we will.

We categorically have absolutely no plans to issue any additional scrip in the headstock with shares currently trading where they are, we want to make sure that that's absolutely understood.

One more, if I may. Can you just touch on the type of fund that it is?

Is it closed-end institutional only, or is it retail? What's the fund structure?

As we sort of think about the overall business, should we start to think more about management fee income streams, or is that always going to be a smaller part of Eureka?

Look, I think the fund structure, Liam, it's good question, would be very similar to what we have in WA, which is a 5-year fund, high-net-worth individuals, sophisticated investors, not retail. I think in Western Australia we raised a total of maybe 20 $22, $23 million of equity, of which Eureka currently holds 27%, and the balance was very well received.

We're currently outperforming on our forecasts for that fund, and so it may be that a few of those investors recommit. It would be people who are interested in investing in the I guess growing the rental pool in Australia who you can see those charts that we tabled today shows pretty compellingly that across Australia we have an absolute housing affordability crisis.

There's no institutional capital being put into affordable rental. It's all chasing land lease or inner-city build-to-rent.

I think we have a pretty unique value proposition. We can offer greenfields development-style returns without having to undertake greenfields development-style risk.

The acquisitions that we are intending to put into the fund, yeah, they're ingoing yields in the 8s, IRRs for 5 years or more of above 15%, it's low risk. Be very similar to what we're doing in the headstock at the moment.

We just want funding optionality, and funds is one of those pathways that we're pursuing. I don't think we'll ever be a Charter Hall, but I do see that moving forward I could see us launching a new $50 million fund every 6 or 12 months pretty comfortably based on the visibility of deal flow in front of us.

Perfect. That's all for me.

Look, thanks everyone for taking the time to join us today. We're very pleased with where the business is at.

We're tracking very strongly, and Shiv and I look forward to having some further one-on-one discussions over the coming weeks. Thank you very much for your time today.

Thank you.