ARB Corporation Limited

Good morning, ladies and gentlemen, and welcome to the ARB Corporation 2026 Half-Year Financial Results presentation. To all of those online, thank you for taking the time to join us this morning. My name is Lachlan McCann, Chief Executive Officer at ARB, and joining me today to present is Damon Page, ARB's Chief Financial Officer and Company Secretary. Today, Damon will take you through the financial update of the half-year results, and I'll present an update to the company sales and operations. During the presentation, questions can be made through the chat box. At the top right-hand corner of your screen, you'll see a blue circle with a hand icon. By clicking this, it will open a chat box for you to enter your questions. At the conclusion of today's presentation, Damon and I will answer these questions. I'll now hand over to Damon who'll take you through a financial update.

Yes. Thanks Lachlan and good morning everybody. Thank you for joining us as we present ARB's results for the six months ended 31 December 2025 or the first half of the financial year ending 30 June 2026. This presentation follows the company's market update released to the ASX on 20 January 2026. The final report released to the ASX this morning and forming the basis of this presentation is consistent with that market update release dated 20 January 2026. If we move to slide three, we see an outline of the company's sales revenue, profit before tax and profit after tax. To the left of the slide, ARB sales declined 1% in the first half of the 2026 financial year, generating total sales revenue of $358 million. The sales environment in the past six months was challenging with the sale of new vehicles declining globally and consumer sentiment constraints. Sales into the US were the standout contributor with growth of 26.1%. Performance by sales channel is outlined on the following slide. ARB's reported profit before tax of $57.1 million declined 18.8% compared with last year. After adjusting for one-off items, including gains from real estate sales and costs associated with determination of the tool and distribution agreement, the profit before tax decline was 16.3%. Lower sales margins, driven by the weaker Australian dollar compared with the Thai baht, and lower factory overhead recoveries were the key factors driving the decline in profitability. We will cover this in more depth on slide 6. Costs were otherwise relatively contained with the exception of non-cash depreciation resulting from the company's recent elevated capital expenditure program. Reported profit before tax represents 15.8% of total revenue. below the 19.4% achieved last year. Driving sales growth and focusing on restoring margins is key to achieving the company's target of 20% profit before tax to sales. To the left of the slide, reported profit after tax of $42.2 million declined 17.2% compared with last year, marginally better than the company's reported profit before tax result. and earnings per share declined 17.9%. Slide 4 outlines sales performance by channel, and we see there that the sales into the Australian aftermarket declined 1.7% in the first half, affected by lower new vehicle sales for ARB's core model platforms and the ongoing shortage of accessory fitment resources. Sales were marginally down in all states except for in Western Australia. ARB's retail store network grew by four stores to a total of 79. Five new stores were opened in Mittagong and Griffith in New South Wales, in Mildura and Victoria, and in Rockingham and Midlands in Western Australia, whilst the store in Burnie, Tasmania was sold but continues to trade as a private stockist. While sales declined during the half, customer demand remains at historical highs and the open order book ended the half year 5% higher than at December 2024. Export sales increased 8.8% during the half. Sales growth of 26.1% was achieved in the US driven by the strategic relationship with Toyota US, the e-commerce site in the US and growth through the ORW and four-wheel part. retail networks. Other export markets were impacted by lower new vehicle volumes and reduced government funding to the aid and relief sector. The decline in sales to original equipment manufacturer customers of 38.2% or $11.2 million reflects increased inventory levels held by the OEMs, resulting from lower new vehicle sales and slower sale through of inventories purchased previously. Across on to slide five, we see the company's profit and loss statement for the financial half year ended 31 December 2025. It highlights sales revenue was down 1%, underlying profit before tax was down 16.3%, and reported profit before tax was down 18.8%. Some key items to call out include the combination of a decline in sales revenue of $3.7 million and the increase in materials and consumables used of $6.9 million, representing a $10.6 million reduction in gross profits and accounts for most of the $11.3 million decline in underlying profit before tax. The two factors driving the decline in ARV's gross margin, being the significantly weaker Australian dollar against the Thai baht, and lower factory recoveries as inventory levels materially increased in the prior comparable period, are covered in more detail on the following slide. Consequently, materials and consumables used represented 43.7% of sales, which compared with a historically low 41.4% of sales achieved in the prior half year. Costs were otherwise relatively well contained, with the exception of depreciation expense, which increased $2.4 million, or 16%, resulting from ARB's elevated capital expenditure program over recent years. Also of note, employee expenses were flat at $90.5 million. Operating expenses including advertising, distribution, finance and maintenance expenses all declined marginally over last year. Pleasingly, ARB's recorded its $777,000 share of equity accountant profits from its investment, primarily in ORW and four-wheel parts. Regular monthly profits recorded by ORW are ahead of the business case. Overall, the underlying profit of the business declined $11.3 million of 16.3% of which $10.3 million relates to lower gross profits resulting from the 1% decline in sales and lower sales margins. Adjustments to profit include a $1.3 million gain on the sale of a retail store following a relocation to a larger flagship site and costs associated with the discontinuation of the Toola distribution agreement with Toola choosing to operate in the Australian market directly. Sales and profits associated with Toola were not material to the business. Slide 6 provides more detail around the reduction in gross profits referred to earlier in the presentation. Firstly, ARB manufactures the majority of its fabricated products in one of its three Thai factories where the costs are denominated in Thai Bahts. Unfortunately, the Thai Baht traded at its historically strongest range, i.e. between 21 to 21.5 Baht to the Australian dollar throughout all of calendar 2025. Based on a three-month lag representing inventory holdings and timing of creditor payments, the BART averaged 21.17 BART to the Australian dollar in the first half of FY2026. This compares with 23.71 BART to the Australian dollar in the comparative first half of FY2025. This represents an 11% decrease in the purchasing power of the Australian dollar against the Thai BART, meaning the Thai manufactured product was significantly more expensive in the first half of FY2026, which is reflected in the lower sales margins and ultimately the lower company profit achieved. Secondly, factory overhead recoveries in the first half of FY2026 were lower than in the first half of FY2025. During that period, During that prior period, ARB's inventory levels increased materially from 240 million to 278 million, resulting in an over-recovery of factory costs. Inventory was subsequently reduced in second half FY2025 and again in the first half of FY2026, leading to lower factory cost recoveries and contributing to the overall decline in profitability in the first half of FY2026 compared with the prior December half year. On a positive note, the company has largely hedged its tie-barred exposure for the second half of FY2026 at rates slightly more favourable than those contracted in the prior corresponding period, and overhead recoveries are forecast to be consistent with second half FY2025. Consequently, sales margins in second half FY2026 are expected to be broadly in line with those achieved in the second half of FY2025. Slide 7 calls out major company cash flows during the year. The company generated cash from operating activities of $63.9 million, which is marginally higher than the profit after tax of $41.2 million and the non-cash depreciation and amortization expense of $17.8 million, reflecting relatively flat working capital. The company invested $11.7 million on property, plants and equipment during the half year, $5.2 million on land and buildings, and $6.5 million on factory plants and equipment. The company paid $59.3 million in two dividends during the period, net of dividend reinvestments. The final dividend of $0.35 for FY2026 was a cash outflow of $24.2 million and the $0.50 special dividend was a cash outflow of $35.1 million. Both dividends were fully franked at 30%. The company was holding $59.4 million in cash at the end of the half year and has no debt. This was a decrease of $9.8 million from 30 June 2025, reflecting the special dividend paid. Slide 8. The Board has declared an interim fully franked dividend of $0.34 per share. This is consistent with last year and represents a payout ratio of 67.2%. The dividend reinvestment plan and bonus share plan will both be in operation for this dividend with a 2% discount and will be paid on 17 April 2026. I'll now hand the time back to Lachlan.

Thank you very much, Damon. Let's begin with new vehicle sales in the sixth month to the end of December 2025. And on to slide 10. New vehicle sales for 4x4 pickup and SUV variants where ARB has its highest attachment rate was challenged. This not only affected the Australian aftermarket business, but also ARB's OEM channel. Given ARB's association with Ford through our licensed accessory program, we watched the Ranger and Everest sales very closely. Despite a strong month in December for the Ford Ranger, it finished the half year down by 1% while the Everest was down 9% on the prior corresponding period. ARB produces aftermarket and OEM products for Isuzu and Mazda. In the half, the D-Max, MU-X and BT-50 all declined over the prior six months. Most notably, the D-Max pickup sales were down 13%. Toyota recovered its Prado 250 sales in the half with a 67% increase, comping off the model change in the prior corresponding period. The iconic Land Cruiser 70 Series and 300 Series both experienced off-sales. While ARV continues to invest in existing and new product for the BYD Shark, models where we are confident of higher accessory attachment rates, such as the new Ford Super Duty and Toyota Hilux, have been prioritised through the business. Unfortunately, January 2026, new vehicle sales continued this negative trajectory, which we will hope to see recover during the balance of the financial year. On to slide 11. Touching on the Australian aftermarket, today ARB's store network comprises of 79 stores nationally, up from 75 stores this time last year. In line with new vehicle sales, in the first half of the financial year, the ARB domestic aftermarket declined by 1.7%, which now represents 56.9% of total sales. With resolute confidence in the future of the business, ARB and our independent store owner network continue to invest in the future expansion, which I'll dive into further in the following slide. As Damon has commented, the order book at the end of the half finished up 5% compared to December 2024, which gives us confidence as we head into the second half of the financial year. In lockstep with our independent store owners, ARB is exploring expansion opportunities for specialised resellers for specific products where ARB may not necessarily access a customer through our ARB store network. Specialised mechanical driveline shops for our airlocking differentials or auto electrical stores for ARB's aftermarket lighting lineup are examples which we are currently pursuing. The partnership between Ford Motor Company and ARB continues to flourish. Whether it's on a Ford national television advertising campaign or driving past a Victorian police Ford Ranger adorned with ARB product, the solution Ford and ARB provides to our collective customer base has definitely resonated with the market. In later slides, I'll speak to the launch of the Super Duty platform, which has now been integrated to the FLA program. Moving on to slide 12. In the half, we completed one upgrade of a flagship corporate site and added two all-new independent flagship stores. Confident in the future of ARB and the profitability of these stores, our mapping of Australia combining new vehicle sales, distribution of wealth by postcode and other key inputs suggests there remains a lot of headroom for store expansion. To our partners, James Whitworth and the team in Mildura, Victoria, and to Matt Powalski and the team in Griffiths, New South Wales, thank you for your commitment and effort to launch all new flagship showrooms. It's deeply appreciated. To our ARB corporate team members in Launceston, Tasmania, and to our new employees in Warragul, Victoria, we appreciate your contributions to the business in bringing your stores to market in the last six months. Pleasingly, for the balance of 2026, we have two priority developments. Globally, ARB's largest footprint store in Tamsville, Queensland, will launch in FY2026, in addition to an all-new corporate site in Metro Sydney region. In FY2027, the expansion continues with two all-new stores and three flagship upgrades. Moving on to slide 13 and our e-commerce program. When COVID arrived on our doorstep five years ago, there was a reflection point on our retail strategy in Australia as we were unable to transact with customers online. While we're far from a box-in, box-out business given the need for the majority of our products to be fitted, there is a customer demographic that either prefers to shop online or are capable of DIY fitting that do make our products less accessible by exclusively being a brick-and-mortar retailer. This really challenged ARB's management during COVID with an incredible temptation to stand up a simple e-commerce platform. After careful consideration, we knew there was a much bigger long-term play in designing a best-in-class integrated 4x4 accessory e-com site that provides a seamless customer interaction online with the incremental benefit of our omni-channel offering where a digital experience is complemented by our in-store customer service. The road to a best-in-class site required significant investment in proprietary tools that supported the success of this site. These include an e-catalogue, which provides a guaranteed fit of ARB parts to the complex car park in Australia. We've worked extensively with our independent store network to ensure their business is integrated to the new site and their primary market area is respected online. We've also worked with premium vendors to ensure our site uses best-in-class technology. As referenced on screen, we have a million unique visitors to the ARB.com.au website today, which with quick calculations referencing our e-commerce site in the USA, based on average order value and conversion rate, suggests this will become an important commercial channel for ARB. Additionally, we note that the different demographic between an in-store customer to those browsing the ARB website where over 60% are aged between 29 to 44, suggesting opportunities to reach a new customer demographic and bring these guys into the brand. The story is now live as of last week. We've traded seamlessly through our first weekend. Orders and quotes are strong and we're looking forward to a brave new world for ARB. I'll play the following video shortly, which will give you a quick recap of the features of this brand new site. Excellent. Hey, to all those online, please jump on the new website and have a browse. We think it's pretty special. Just a quick update on the Ford Licensed Accessory Program. Just as a reminder, this is where we've partnered with Ford Australia and Ford globally to deliver in excess of 180 branded accessory products for the Ford Ranger and Everest platforms, available through Ford dealerships with a full five-year Ford-backed warranty. As an extension of the partnership, Ford and ARB have collaborated on a special interest pack for Raptor. These special interest packs support an OEM's mid-model lifecycle strategy to reignite excitement in a model that is in the middle of its lifetime. In the half, Ford released the Ford Raptor Desert Pack, which features ARB-branded sports bar, four-nutro Quattro lights, along with a number of other Ford upgrades. The Desert Raptor Pack is now available to order at Ford dealerships. Again, the range of Super Duty is now in market. Our FLA partnership has flowed through this model and, as presented at the AGM, we believe is a customer profile directly in the bull's-eye for ARB product. Early indications suggest accessory attachment rates are high and in some products exceeding our expectations. We continue to discuss with Ford further product expansion opportunities for this model. Later in the presentation, I'll quickly touch on ARB's marketing push for the Super Duty. Moving on to our international business. And on slide 17, we see ARB's export business achieved 8.8% growth in the half and now represents 38% of our total business. Asia, New Zealand and the Pacific region performed well with 6% growth. Unfortunately, our European, Middle East and African business declined 6.9%, which I'll speak to later in the presentation. The USA again outperformed, achieving a fantastic 26.1% growth to the half. Despite very challenging economic and political environments, with the recent tariff news seemingly going to continue, we're dedicated with the progress of our sales, marketing and distribution channels in the Americas. It's important to note that the off-road warehouse for parts and nacho revenue is not consolidated, and therefore this revenue is excluded in the outdoor sales of the ABBA USA business. Moving on to slide 18. And again, as a quick recap, on September the 9th, 2004, 2024, my apologies, ARB announced that Offroad Warehouse, ARB's associate company in the USA, had entered into an asset purchase agreement to acquire the four parts business, which includes 42 retail stores in the US, alongside associated IP, including the four parts e-commerce business. The acquisition was finalised on 18 October 2024 for a provisional amount of US$30 million, which was subsequently adjusted down by US$4 million as a result of excess and obsolete inventory. Combined with ORW's existing 11 stores, this significantly expanded the retail network to 53 stores and provided ARB with the majority opportunity for a long-term brand and sales expansion in the US. To facilitate ORA's funding of the acquisition, ARB increased its ownership interest from 30% to 50% for $16.7 million and provided a loan to ORW of $7.5 million. The main shareholder partner of Offroad Warehouse is Greg Adler. Greg's family founded Four Parts in the 1960s. Greg has spent the majority of his time... Sorry, my apologies. Greg has spent the majority of his working life in the business, including over two decades as CEO of Four Parts, and is happily back at the driving wheel, running the family business to its former glory. Moving on to an update on slide 19, in the eight months of trading, four parts have successfully integrated over 500 employees to the business, transitioned the ERP system, closed a total of five stores, three of which were geographically closed to other stores, and two are underperforming. The business now has a total of 48 stores. We've restructured a loss-making e-commerce business back to profitability, and as a result, the business has achieved a net profit before tax shift, of US$3.5 million from the second half of 2025, noting that we acquired a loss-making business. At 30th of June 2025, ORW had a positive cash balance of US$14.5 million, and as reported by Damon, has repaid its ARB debt facility in full. With all of that, the comeback has just started. Through a lot of operational heavy lifting, Greg and the team have begun to raise their eyes to grow the business. Optimisation of existing store network remains a strategic priority. And while we're better in many of these stores, there's a lot of room for improvement. We have fantastic engagement with our supplier partners who are eager for a deeper engagement with a fresh looking forward parts business. Truck Fests have been a long-term known strategy where the business plans and executes customer-facing retail shows to provide access for manufacturers directly to the retail public. Four events have been planned for 2026 and with great excitement from our retail customers and valued suppliers alike. And then expansion opportunities across new locations and possibly specific house-branded categories are being considered. Moving on to slide 20, which speaks to the ARB product sales inside ORW in four-part stores, and again a good news story where ARB product sales have achieved excellent results. The product exposure and education are a priority through the retail and e-commerce sites, both of which have significantly improved. On a like-for-like store basis, ARB product sales through the ORW four-parts channels are growing at over 100% on prior corresponding periods. I'm pleased to report that the store-in-store ARB displays passed probation, and we now move on to our next batch of six stores, which include, in April, Kearney Mesa, California, Las Vegas, Nevada, Denver, Colorado, and then in May, 2026, Dallas, Texas, and Orlando and Doral in Florida. Following the completion of these stores, we will assess the timing and activation of our next bunch of store developments. ARB, of course, will also have a fantastic presence within the Truck Fests presented on the previous slide. Moving on to slide 21, and with great credit to our team at ARB USA, led by Rich Bortello, we're delighted by our continued growth of 26.1% in the half and the continued strengthening of the ARB brand in the US market. All sales channels perform well in the US, Latin America and Canada, including our strengthening partnership with Toyota USA. On to Poison Spider, and as a part of the Wheel Pros Chapter 11 process, there was an opportunity to acquire an iconic off-road brand in the USA, which is close to the hearts of Jeep enthusiasts and rock crawlers alike. This is Poison Spider. Rock-crawling legend Larry McRae drove the brand to its original heights after various ownership changes, including Tom as a part of the Fall Aparts family. The sleeping icon has laid dormant or semi-dormant for a number of years. Under ARV's ownership, the brand has now relaunched with much excitement both online and at events such as King of the Hammers in Johnson Valley, California. Product is now in market, demand has exceeded original expectations and we're in back order. The dedicated e-commerce site has now launched and we're looking for product expansion opportunities. Watch this space. To finish, the U.S. Update ARB has leased a 8,100 square meter facility in Norco, California, which is approximately 80 kilometers from downtown LA. The expansion site will support ARB's future growth on the US West Coast, housing engineering, poison spider, the expansion of full-path ORW and new products ARB will bring to the market in coming months and years. Unsurprisingly, today our largest single market on the West Coast is California, where servicing this market from our current Seattle location is slow and expensive. As a result of this, we will close the Seattle Distribution Center, but retain a core team of marketing, product management, operations and administration in Seattle. Moving on to slide 22 and talking through further international business. Planning for ARB's presence in China through our wholly owned foreign entity remains on track. Confident with this presence will stabilize then grow this important market. Opening is planned for April 2026 where customers, OEM partners and key dignitaries will attend the event. Product is on the water and we look forward to providing sales updates in future presentations. An important miss for the half was our business in Europe, Middle East and Africa. The business was materially impacted by three factors. A reduction in customer demand in the aid and relief sector. I have previously reported our framed agreements with organisations such as the UNHCR, World Food Programme, Médecins Sans Frontières, all have experienced cuts to their funding in the last six months. Isolated non-recurring issues with key customers in Africa have also weakened the first half trading. in addition to which lower 4x4 pickup sales in key European markets affected sales, as reported by Damon. Offsetting the lower aid and relief sector spending, we've seen increased tendering of contracts in the defence space, which we anticipate will support improved sales in this region in the second half of the financial year. Truckmen in the UK performed well in achieving 5.2% lift in revenue. This result was achieved despite a 13% reduction in registrations of pickup models, key to the truckman business in the first half of the financial year. ARB product sales combined with additional defence spending supported this growth. Moving on to slide 23 in ARB's OEM channel. The OEM channel, to the next slide, sorry, 24, thank you, The OEM channel has had a tough six months with a 38.2% decline. While we'd previously flagged a reduction in sales, a combination of increased inventory holdings by OEM partners and lower vehicle sales affected platforms and compounded this result. The result does not reflect a loss of any OEM contracts. It does indicate softening of specific models key to ARB's OEM and aftermarket business. In the prior corresponding period, ARB was delivering Toyota Genuine Prado bull bars at this, which, as this vehicle ramped up, exacerbated the decline in revenue in this first half. Given the multi-year timeframe of these OEM programs, ARB is actively pursuing business with both new and existing OEM customers. Moving on to slide 25. Consistent with our Trailhunter program in the US, investors will have seen an increase in ARB brand partnership collaborations with Toyota markets outside Australia. ARB has been working with Toyota for over 40 years and is immensely proud of this partnership. ARB is delivering branded content on the recently released FJ Cruiser in the top right-hand corner of the screen, which is a platform restricted to specific markets outside Australia. We also collaborated closely with Toyota Thailand on the release of the Hilux vehicle, which we hope to see further commercial opportunities into the future. Now we'll move on to our product section, and firstly to slide 27 on the winch. ARB has respected our long-term partnership with Warne Industries, the global leader in the design and manufacture of electric recovery winches. This relationship was specific to the Australian market, but in markets outside Australia, where the recovery winch remains an important accessory, we didn't offer a solution to our customers. Given ARB's investments in distribution, particularly retail-facing channels, this is an incredibly important accessory to complement our bull bar offering. Over the last two years, our engineering team have been working on innovation in this product category to bring something new to market. The ARB winch, in addition to its fantastic styling, also integrates the contactor pack back into the winch to enhance both performance and the ease of installation to vehicle platforms. Demand has again exceeded initial forecasts, where we have prioritised our international business units. First shipments will begin arriving with customers in March 2026. Now, the next few slides, we won't move slides yet, speak to the application engineering, which has consumed the lion's share of our development resource over the last six to eight months. Speed to market is everything in our industry, and we're incredibly fortunate not only to have an outstanding design and production engineering team in Kilsyth to get products ready, but also a highly capable factory that lets us build first units in Australia to put product in customers' hands as close to vehicle launch as possible. The next video showcases the already mentioned Ford Super Duty. If we can please play the video. From our Summit Mark II bull bar to the Slimline Base Rack, Old Man Emu Suspension and our Mids Alloy Service Body, thanks to our partnership with Ford, ARB was ready at vehicle launch with a full complement of products. These products were incredibly well received by customers, which today is converting to very strong product demand. Moving to slide 30. Justin Market is the facelift Toyota Hilux, again ARB benefit through our association with Toyota Corporate, with early access to vehicle data and a physical vehicle to prepare for launch. Conscious of the differences in vehicles between international markets and Australia, and also to integrate our offering, we have taken time with an Australian specification Hilux to fine tune designs of products, such as the bull bar, canopy and suspension. These products are now in production in Kilsyth and shortly in Tiling. Deliveries to customer back orders are now imminent. While there has been differing opinions in the market to the new pickup vehicle, it's a Toyota and those loyal to the quality of product and the service offered by Toyota will continue to buy Hilux. When the ARB offering was presented to market, it was very well received, which we're seeing come through now in initial customer orders. On to slide 31 and to recap ARB's 50-year celebration. From our very humble beginnings out of the family garage in Croydon, Victoria in 1975, the company has come a long way in 50 years to be a true global leader in the design, manufacture, marketing and distribution of our 4x4 accessories to outdoor and off-road enthusiasts around the world. We use 2025 to thank our employees, suppliers and also engage with our incredible customer base who follow ARB's journey. The 50th year celebration gave us the opportunity through various digital channels to explore our most popular Australian destinations, but also provide aspirational insights to off-roading and far-reaching locations such as Mongolia, South Africa, the UAE and Morocco. As you can see on screen, the engagement with our fan base was remarkable and will serve as a great springboard as we strive to grow brand awareness of ARB through the next 50 years. And finally, on to the outlook. Sales margins in the second half of 2026 financial year are expected to be broadly in line with the first half. As explained by Damon, in recent weeks we've taken the opportunity with the strengthening Australian dollar to hedge out Thai baht exposure, largely removing this headwind in the second half. The Australian aftermarket remains a challenge. We actively monitor through OEM partners' new vehicle supply. In the second half, we see the Super Duty and Hilux as a tailwind, although we remain concerned about the supply of models such as the 70 Series Land Cruiser and 300 Series Land Cruiser. The customer order book remains strong and looking beyond the next four months, ARB's investments in new store developments as well as new channels such as e-commerce will be incremental to ARB's revenue growth over time. The outlook in export is positive. We're confident headwinds experienced in the first half are behind us. The order booking in export is well ahead of December 2024, and we continue to see a long runway for growth in the USA as a result of strategic investments made in recent years. The OEM result in the second half will largely depend on new vehicle sales of those models AIB supports our partners with. The OEMs have reduced their inventory levels. which vehicle sales dependent should support improved sales in the second half. Overall, ARB's financial performance in the second half is expected to improve relative to the first half of FY2026 and trade closer to the prior corresponding period. Closing the half with a very strong balance sheet and $59 million of cash in the bank puts us in a very strong position to invest in our future. ARB management and the board remain positive about long-term growth prospects of the business. An increasing population of 4x4 pickup vehicles, the best distribution network for specialised 4x4 accessories in the world, a strong and growing global brand and a high-performing management team remain very excited about the future of the business. That concludes today's presentations. Again, thank you very much to everybody online for taking the time to join us. I'll now hand back over to Damon to answer some questions that have come through.