Thank you, Amy. Kia ora, good morning, and welcome to the PGW Wrightson's results briefing for 6 months ended 31 December 2025.

My name is Stephen Guerin, Chief Executive Officer, and I'm pleased to provide you an overview today of our interim results for the 2026 financial year. Joining me on the call are Peter Scott, our CFO, and Julian Daly, General Manager of Corporate Affairs, who is also our Company Secretary.

Today, I'll summarize the highlights of our financial results and operating performance, and will comment on our thoughts on the year ahead. There will be time for questions at the end of my commentary, and we'll receive those from you.

More detailed commentary on our half-year results are available in our half-year report, which was released on the NZX online today. I will not present all the content outlined in our release, but I will summarize key matters so that we can move on to more questions and answers time towards the end of this call.

Turning to the financial performance: Operating EBITDA of $45.7 million was up $4.4 million or 11% on the prior corresponding period. Operating revenue of $619.4 million was up $49.1 million or 9%.

Net profit after tax of $17.3 million was up $1.3 million or 8.6%, sorry, 8%. To repeat that again, net profit after tax of $17.3 million was up $1.3 million or 8%.

An interim dividend of 4.5 cents per share was declared today. We reaffirmed our forecast for FY 2026 full-year operating EBITDA guidance of around $64 million.

PGW delivered improved performance for the 6 months of the financial year, reflecting both strong operating execution and generally supportive market environment. The first half of the year was characterized by favorable commodity prices across a number of key segments for PGW customers.

Dairy pricing remained supportive, providing confidence and cash flow stability. Red meat markets were particularly strong, driven by tight global supply and resilient offshore demand.

Improved on-farm profitability translated into demand for PGW's livestock services, pasture renewal, agronomy, and animal health products. Wool prices also improved during the period.

Positive export prices for kiwifruit and apples resulted in good demand for PGW's products and advisory services. By contrast, the viticulture and arable sectors have experienced weaker demand.

The buoyant rural real estate market has continued positively during the period, reflecting increased confidence across the rural property sector generally. Against this backdrop, PGW delivered improved performance across several key areas of the business.

PGW invested in strategic initiatives designed to strengthen its market position and enhance customer value. Investments during the period included the acquisition of animal health manufacturer Nexan Group, and the launch of PGW's BlueAg ag-chemical product range.

Looking specifically at individual business units: Our Retail & Water business, which incorporates Rural Supplies, Fruitfed Supplies, Water, and Agritrade, saw operating EBITDA of $41.8 million, up $2.3 million or 6%. Revenue was $528.6 million, up $38.3 million or 8% over the prior corresponding period.

PGW acquired the lease of the inland [family waste?] Research Station in Hastings, continuing our longstanding commitment to research and development.

The 2.8-hectare site provides our team with dedicated hub for horticultural and agricultural product trials. This strengthens PGW's technical capability and innovation product development pipeline.

PGW acquired the Nexan Group, owner of the Nexan and Vetmed animal health brands. This acquisition strengthens our position by bringing this trusted New Zealand-made product range in-house.

This business is trading well, and we're already seeing the benefits of a well-aligned strategic fit. Another key initiative was BlueAg, our private label for ag-chem range, which was launched and has been through its first trading season.

The new portfolio includes active ingredients, improves supply chain resilience, provides price-point control, and offers customers greater choice. Turning to our Agency businesses: Our Agency businesses include Livestock, Wool, and Real Estate.

The Agency group delivered an operating EBITDA of $8.7 million for the first 6 months of the 2026 financial year, an increase of $1.8 million or 27% compared to the same prior period. Revenue was $89.8 million, up $10.7 million or 14% compared to the prior period.

Cattle continued to be in high demand, supported by firm beef schedules, which encouraged increased trading activity. Sheep prices were significantly higher than last year, and confidence in the dairy sector improved on the back of strong milk forecast and pricing.

Demand for our GO-STOCK products continues to grow, with a large number of new contracts being signed. Tallies and clearances were also strong across the network.

bidr, our online livestock trading platform, made gains through the first half of FY 2026, reinforced by sustained demand for online bidding, hybrid premium for sale yards, and on-farm auctions. Heading volumes with key partners remained ahead of the prior period, and more livestock was transacted through strategic relationships.

A bit of gain across a strong wool market with prices moving to an upward trajectory, providing a more positive outlook for growers. PGW Real Estate delivered a pleasing first half performance, supported by continuing confidence and improved profitability in the rural sector.

Turning to the all-important cash flows: PGW recorded an operating cash outflow of $49.9 million for the first 6 months of the financial year. This represented an $18.9 million higher outflow versus the prior comparative period of $31 million.

That higher operating cash outflow was a result of seasonal increase in working capital over the spring trading period. Strong trading in our rural and water and livestock businesses, together with higher livestock values, resulted in higher net working capital movements, including GO-STOCK of $22.3 million versus the prior comparative period.

Cash net outflows from investing activities was $20.5 million, an increase of $15.2 million. This included $19.7 million acquisition of the Nexan Group, along with fixed asset intangible purchases of $2.3 million, partially offset by proceeds from fixed asset disposals of $1.5 million.

Net interest-bearing debt was up $64 million from 31 December 2024 to be $170.7 million. The board declared a fully imputed dividend of 4.5 cents per share, which will be paid on the 8th of April 2026 to shareholders on PGW's share register at 5:00 p.m.

on the 26th of March 2026. We've included an update on our sustainability progress within the half-year report, including the introduction of further electric vehicles into PGW's fleet.

I refer you to page 16 of the half-year report for full details in that regard. Looking ahead for the remainder of the financial year, the operating environment is expected to continue to be predominantly positive, and presents big opportunities for PGW in the sector.

Overall conditions across agriculture remain favorable. Most sectors are set to perform well, supported by good demand and strong export pricing.

The red meat market remains particularly source of strength, underpinned by constrained global supply. The positive outlook for dairy was reinforced last week by Fonterra raising the forecast milk payout midpoint range from $9 to $9.15 per kg, kilogram of milk solids.

Wool has also shown renewed momentum, with improving demand assisting greater price stability. These conditions foster returns and underpin farmer confidence.

Horticulture continues on moderately steady, experiencing rebound in kiwifruit and apple sectors. Viticulture and arable crop growers remain the key exceptions, with subdued demand and pricing.

Confidence in the rural real estate market is expected to continue, supported by dairy profitability and lower interest rates. Broader economic indicators are looking more encouraging also.

Given these trends continue positively to the farm and farmer incomes, it reinforces an optimistic outlook for the rural sector moving forward. PGW is well-placed to support its farmer and grower customers, and to benefit from opportunities arising from the forecast export growth.

While remain mindful of the ongoing challenges, we are optimistic about the remainder of the financial year and remain on track to deliver our forecast 2026 full-year operating EBITDA guidance of around $64 million. Grateful to the contribution of our nationwide team of specialists and their commitment to supporting our customers and rural communities, and each other.

I thank and acknowledge our shareholders for continued confidence in PGW as we work to deliver long-term value. Our half-year report is available on the New Zealand Stock Exchange website under the PGW ticker, and on PGW's website also.

This concludes the formal part of the presentation, and, Amy, I now welcome questions from participants. Thank you.

Good morning, guys, and good to have a growing result there. I'm just wondering what the NPAT contribution was for Nexan?

It cost about $20 million as an investment, so, maybe I should ask you, Peter, what was its contribution to NPAT? Yep.

Yep, good question, Paul. If you go to note 7 in the financial statements, you'll see the revenue and the NPAT.

The NPAT contribution, it was actually 5 months, from the 1st of August through to the 31st of December, given we acquired on the 31st of July, was $1.9 million. One thing to bear in mind, of course, is that Nexan, most of the transactions are with them internally, they are eliminated from an accounting perspective, but the contribution was $1.9 million from an NPAT point of view.

Paul, Stephen here. Can I make a couple of additional comments?

As Peter said, that's the first 5 months. In terms of our business case for approval from our board, the business is trading ahead of expectations in that regard, too.

Thank you for the question.

Thank you, Amy. I want to acknowledge the support of our staff and the producing of the results.

The market environment is conducive, but our team have to get out of bed every day of the week and across the country, and we really appreciate their efforts in supporting our investors of the confidence in PGW. Thank you again.

We look forward to talking to you in August when we deliver our full-year results, and we're focused on meeting our market guidance, and we thank you for your time today. We really, really appreciate you making yourself available for this call.

Thank you, Amy.