Thank you. Good afternoon, and thank you very much for taking the time to join us this afternoon.

With me today is Andrew Murray, our Chief Financial Officer, and his team. I'm hoping you've all had the chance to watch the video and read through the results we released this morning.

We won't go through those. I think we wanted to maximize time for questions, I'll hand back to you to guide us through the questions.

Good morning, guys, and congratulations on the strong result. If we look at the FY '26 result, obviously some good progress operationally, but you did benefit from some quite favorable stream returns as well.

If we think then about your guidance for next year, where do these stream returns need to land for you to hit the middle or the top end of your guidance? Is the right way to think about it that if stream returns kind of stay where they are today, you should be tracking towards the top end of that guidance range which you put out there?

Look, I think what we would say is that if we are similar to what we saw in '26, then we're tracking towards that midpoint of where that range sits out. Obviously, if you look at where those relativities are sitting right now, it's a little bit more favorable than that, but we do expect a bit of reversion in the back half.

I would track it that way as heading towards the midpoint. Then we're probably in the same place we were this year.

Great. That's helpful.

Then just on returns. The business has been targeting a return on capital of 10 to 12%, but obviously the number for FY '26 was a decent amount higher than that.

Acknowledging that there has been some tailwinds from stream returns as we've spoken about, has there been any change to the sustainable level of returns on capital you think Fonterra can deliver going forward?

Look, we said when we put out the 10 to 12 that that was a post-Mainland average. I think it's a way for us to think about that, and obviously we'd much rather be at the top end of that range.

We've had a few tailwinds through '26, but we also have some other investment to do as well, which obviously we announced that today as well. I think we're in a space where certainly the top end of that range is where we would like to be.

Some years we're going to be a bit ahead of that if we've got some tailwinds, and then sometimes it might be a little bit below that, but we're not changing the 10 to 12 in terms of our ongoing outlook.

Great. Then just last one for me.

What kind of things are you seeing in terms of disruption to the supply chain given the situation that's still going on in Iran in the Middle East?

I think if we if we look at that, we've we've done pretty well in terms of actually getting product up to up to the Middle East and and actually into customer's hands. If you look a little bit of sales phasing this this year, well I'll say this year, in '26, you'll have noticed a little bit more into the the back half.

We definitely had some delays as we saw that play out, taking a little bit longer for our product to get up there. We are now reliably getting product up and through into the Middle East.

We're we're feeling pretty good about that. The relationship that we have with Kotahi, which is a a joint venture we have with Silver Fern Farms, that has given us really good access to shipping, and that's really allowed us to to continue to to get product where it needs to go.

Taking a little bit longer. It's a little bit more expensive, but we are reliably getting product up there.

Great. Thanks, guys.

Thanks very much for joining us. Perhaps those that maybe haven't had the time to digest results, as always, please reach out to the investor relations team.

We'd be happy to set up a call and talk you through it. Hope you all have a great day, and thanks for coming on.