Fonterra Shareholders Fd

Thank you for standing by and welcome to the Fonterra FY26 interim results briefing. All participants are in a listen only mode. There will be some opening remarks followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Myles Hurrell, CEO. Please go ahead.

Good morning. Thank you for joining us this morning. I'm joined this morning by Andrew, Murray, Ronald and Richard here to answer your questions on the half year results. But headline numbers for me, headline comments for me is that I'm really pleased with the results that we've been able to put out today on the back of an increase in milk price in recent times of which we've increased our forecast on that this morning. The team have delivered a set of strong results. across all parts of the organisation. So on that, I'll hand across to the questions. Thank you.

Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question today comes from Joshua Dale with Craig's Investment Partners. Please go ahead.