PWR Holdings Limited (PWH) Earnings Call Transcript & Summary

My name is Kristen Podagiel. I'm the acting Chairman of PWR Holdings Limited, and I'll chair today's Annual General Meeting. We acknowledge and pay respects to the traditional First Nations people of these lands and waters, and we acknowledge their descendants. We also acknowledge the many Aboriginal people from such regions as the Torres Strait and South Sea Islander people who now live in the local area and have made an important contribution to the community. On behalf of the Board, welcome to PWR's 11th Annual General Meeting and our first at our new global headquarters here at Stapylton. Welcome to everyone also who could not join us in person, but who is watching our webcast. A copy of the webcast recording will be available on our website after the meeting. And as a quorum is present, I formally declare PWR's 2025 AGM open. The notice convening today's meeting was made available to shareholders on the 8th of September 2025 and lodged with the ASX on that date. Consequently, I'll take the notice as read. Now as you might have noticed, we've got some selected products on display here today. At PWR, we're very conscious of both our own IP as well as the confidentiality obligations in place for our customers for product development. So we request that you do not take photographs or video of our products or of the factory. In addition to those participating in the meeting today, we've received proxies from 331 shareholders, representing approximately 42% of the issued capital. Now I'd like to introduce my fellow directors. Firstly, Kees Weel, the founding shareholder and Managing Director of PWR. Kees is a globally recognized automotive cooling expert. His ability to lead constant change and ongoing growth continues to be critical to PWR's success. Kees retires as PWR's Managing Director today, and he's standing as election as a Nonexecutive Director. If elected, he will assume the role of PWR's Chairman, and you'll hear from Kees shortly. Kym Osley, who joined the Board in February 2023. Kym is a widely respected aerospace and defense industry executive with extensive connections across the defense ecosystem in Australia and overseas, including connections with the defense force, government and private defense and aerospace-related companies around the world. Amanda Holt, joined the Board in September 2023. Amanda is an accomplished and respected senior executive and defense industry leader. Amanda has been SYPAQ's Chief Executive Officer since 2015 and brings aerospace, defense and cybersecurity skills to the Board. Jason Conroy joined the Board in May 2024 and is the Chairman of PWR's Audit, Risk and Sustainability Committee. Jason is an experienced CFO and has a broad range of Board and executive experience. I'd also like to extend a warm welcome to Lisa Dalton, who has been PWR's Company Secretary since before listing in 2015 and who retires today at the end of the AGM. I also extend a welcome to Alexandra Coleman, who will take over Lisa's role as PWR's Company Secretary. Erin Neville-Stanley, an audit partner at KPMG, the company's auditors; and Jason Adams, who will be our new audit partner for FY '26 onwards following the expiry of Erin's 5-year term. Jeannette and Frazer Green from the Commonwealth Bank, the company's bankers; Stephanie Davidson, partner at Clayton Utz the company's lawyers; Jessie Yerma and the team from Computershare, the company's share register and all of our employee, PWR employee shareholders, who are here today. I will now hand over to Kees to say a few words.

Here we are. Another day. So let's roll on with this, and let's get a bit serious about what's going on here. Good afternoon, everyone, and welcome to our AGM at our new headquarters facility here at Stapylton. Thank you for your continued support of PWR and joining us here today. Well, as you know, 2025 has been a big year for both myself and PWR. In April this year, I had a bit of a bump in the road and spent the best part of a couple of months at the Gold Coast University Hospital, recovering and going through some intense rehabilitation. We're just reflecting on that the other day, talking about a few mates of mine that came in and they said, sh*** you visited 2 times in hospital, and they said, you're probably the patient that swears the most. And I was reminded that I was swearing up my leg. I couldn't move my leg or I couldn't move arm. So I'm saying, get up you bas***, get up. And so that's what I was known for. There was a little bit of a voice and swearing it myself. I just couldn't get things going. So anyway, I've come pretty good, I think, but it has caused me to pause and reflect a bit on my own health and future and the future of PWR, an amazing team that I've built. And I say that, it's not -- it should be we have built here. As you can see, I'm recovering well. I'm continuing my rehabilitation and believe I will be -- will continue to improve on a daily basis. I want to stick my heartfelt -- I want to extend a heartfelt thank you to everyone that sent their best wishes for my recovery. As you know, today, I'll step down as PWR's Managing Director and hand over the day-to-day running of PWR over to Matthew Bryson, our acting CEO and the rest of the management team. And I know Matthew will have a few words to say a bit later. But I can really say that between Matthew, myself and Paul, we were the guts of PWR when we started. And Matthew joined us in the year 2000 and has been nothing but an inspiration to this whole company. So thank you, Matt. And as we said the other day, I think we're only scratching around, a couple of old trucks in the back paddy because I think we're only halfway. We're less than halfway. We haven't started. And I think as most of you know, and you've seen the facility and had a pretty good tour guides, and thank you for the team for being so professional doing that, but that's what we are. We are a team of people that make it happen. And really, as I say, we're only scratching around, I'm bloody serious about that. We're not even halfway. And so the best is yet to come. And I'll be hopefully happily sitting back and guiding the ship once more of our future industries and what we do, particularly overseas and the vision for the bigger PWR in the next 5 to 10 years. So I will still be involved as Nonexecutive Chair, where I intend to guide PWR's strategy and growth plans. Given that I would not be considered as an independent Chairman because I'm more about myself. I'm pleased to advise that the Board has appointed Kristen as PWR's Lead Independent Director. The Board believes in ensuring we maintain a strong governance of PWR and appointing Kristen as the Lead Independent Director, along with updating our Board charter to reflect this as to our strong governance ethos. Although stepping down as PWR's MD is the end of the era for me. I have absolute trust and confidence in my team who, while I was in hospital, continued not only to run PWR, but also oversee the fit-out of our new headquarters here. The team moved the bulk of our machinery and equipment and almost 400 staff from Ormeau to here and did so safely and with minimal disruption to production. And there is nil, absolutely nil safety issues because I know everybody is about safety. So I just want to add that in there, just so everybody's got it right. So don't get misconstrued with that. Some of you have taken part in factory tour this morning. And as you have seen firsthand, the incredible job PWR staff done in organizing and setting up this facility, a facility that will be set for PWR up to the next 25-plus years. We are not done yet, and we're hoping to have all our remaining equipment and staff moved here by Christmas. Today is a special day. I'm proud to have Paul here. So this is Mr. PWR. So he's the guy that started. I was just in the background. And without that start, none of you would be here today, absolutely 0 of you would be here today. So that's what happens when you have a crack. And you got off his a** and learn how to weld and what have you, TAFE and what have you and where there's a will there's a way. And the rest of it is history, but you got to look back at history. Don't forget where we come from. And that's what I say to a lot of people. Do not forget where you come from. So we're -- I think, and I know 2 very humble guys that know what dollar is worth and how to make a $1, but more so, how to keep a $1. I know we've got great staff in our finance department. Sharyn, thank you for coming on board and trusting your position with PWR. It's going to be a journey. It's a massive journey. It's been a massive journey so far. But as I said before, I don't think we're halfway. So well done to you, Paul, and what you've achieved in your life and what have you. And I know you're doing a lot of other things and with hotel investments, et cetera, et cetera, and commercial properties. So good luck with that, but I would say from everyone here, I would say thank you for your sight and your tenacity that you put in on those early days where we came into the factory and you're knocking off cores, knocking off cores and going in the back shed and weld them up and selling them and I guess we're not out to talk about cash today, no. But we can't do that, but didn't -- but when he was a kid, that's what happened. So I said, well, just keep your money wisely, so -- but that was the start. And there's very humble beginnings, and it's no different when I started. I looked at a road out and [indiscernible] said you'll never make that. I said, bullsh**. I will make that. So that's started in '82. So we have got a few runs on the Board and what have you. So as time goes on, as we all know, that you've got to pass the baton. You do have to pass the baton. This is not a teary day for me. This is a proud day, absolute proud day that you passed the baton to others. And what we have put together here is a fantastic team, and you'll hear from some of these people shortly about their journey with PWR. And they invested here. And I will say the investors. Now without Morgans, thank you, without [ Meca ], thank you, [ Meca ]. We wouldn't be -- none of us would be here. Absolutely none of us would be here. So we were obviously looking at people that were going to help us float the company back in 10 years ago in '15. And we had a few guys down from Lahrs, a few people down from Sydney. The Sydney people are a little bit different, but that's okay. But that's okay. I'm not -- I guess you're not able to politically say that. But what are you going to do? You're going to keep me out here? At the end of the day, we decide to go to Morgans and [ Meca ] come down and he gave you spool [indiscernible] me. I couldn't talk quick enough. But [ Meca ], it was because of you, why Morgans have finally won our vote of confidence to do the job you both have done. And you both have done a fantastic job when I look around, and there's a lot of Morgans employees here today. So thank you. Thank you for believing in me. When I put my spool up in 2015, you invested in me, not everybody else, you invest in me. And hopefully, I was putting a good team together. We were a bit rough back then. We're a private company. Paul and I buy that, write a check for that. You do this to that, we're doing that sort of stuff. It's a lot more organized and a lot more correct today. But they are the early days to get to where you start. And I see Benny laughing there with his white shirt on. I said to Benny yesterday, I said now I want to go with the white shirt mate. He's doing a bit of a presentation to the Board yesterday about a few things. He said, well, so I've got to look professional and particularly when I'm after money. He said, I have to -- even if I'm not smart, I've got to look smart. So these are things that we do, we do have a laugh and what have you. But when it comes down to the serious side of things, it's bloody serious. And this is a serious company. And so I thank you, getting back to investors, I thank you for investing in us because you can invest in anybody. You can buy shares anywhere. You don't have to buy PWR shares. But you've taken the trust in what we have here, whether it be through me, whether it be through the journey of other people, but more so the team. And I know the team word is used very loosely today, but I have a fantastic team here, absolute fantastic team. It's incredible. And as you would know and as you have seen here today. So also on top of that, I'm extremely proud to let you know that PWR took the checkered flag last Friday night, and it was awarded the Queensland Exporter of the Year at the Premier of Queensland Export Awards. And that's not something we look for. It's not something we try to get. It's humbling, and it's fantastic that we got that award and we're seen by peers in the industry that they recognize what we have and what we've built here as an industry and employing people. And as we say, we're not done yet. So I could always say watch this space. But I think just with natural growth in 2 years' time, we'll have probably close to 600 employees here. We've got 400 here today. So just in natural growth and what have you. But we want the right employees. We are fussy. We are very fussy. We built this facility here where we are today, this training academy here today. And it's about apprentices. I've always had apprentices every year before we were a public company. We put on 10 apprentices. Paul and I put on 10 apprentices every year. Some of those people here today sitting right at the front there, Hicks. Hicks is going to say a few words after. He only looks 20, but he's a little bit of his first job with us. He started when he was 16, fresh out of school. And now he's our production manager and what a journey and what a credit to people that have a go and have a crack of what the opportunities are in the industry today. I said, I think if you look around with a lot of successful people, and I say to a lot of people here today, if the cards fall your way, make sure you're close enough to grab them. And that's a life thing today. If you're close enough to the action and you're smart and what have you want to have a go, the cards will fall, make sure you grab them. So we took out the win last Friday for the Manufacturing and Advanced Materials category for outstanding international success in manufacturing, engineering and advanced materials development. PWR now is running for the Australian Export Award to be announced at the end of November down in Canberra. So who knows? We might have to go down to the Big Smoke. And maybe we might have time or I might get time to talk to the government of what they're not doing right. And I think I could get plenty of advice today from you guys of what you'd like me to say. But I think I'm capable of saying it, and I've got to list them all along. But congratulations to everybody at PWR who has worked so hard to make this award possible. But as I said, it's not what we are looking for. It's what comes your way. PWR is a strong, skilled, capable leadership team, some of whom are here today. Now it might be the done thing, but I know we're the disruptors in our industry globally. We go and get the business. It might be the done thing that you do at a Board meeting, but I'm not too worried about what the done thing is today. So well, I think it's important for you to see that -- and I say a lot, PWR is not just about me. It's the caliber and commitment of our leaders that's outstanding, and you should hear for their stories. So today, you'll hear from Matt Bryson, Benny Jackson, Jason Hicks and Sharyn Williams. So Matt, without any further ado, if you wouldn't mind stepping up and saying a few things, and I guess we'll move on. I get all this nonsense out of your way. I don't think you need any of this stuff. So thanks again, and thanks again for everyone who is coming today and joined us for this AGM.

Thank you very much, Kees. Even managed to get a state of origin job in there as well against the New South Wales. I do originate from New South Wales, and it has been a theme for the 25-plus years. So it's always a bit of fun. I didn't take it personally though. Anyway, good afternoon, everyone. I am Matthew Bryson, acting CEO. I joined PWR in January 2000, working alongside Kees and Paul from the very early days and helping to grow the business from its foundation. Initially joining in the capacity of design and mechanical engineering, this quickly grew to include key customer contact responsibilities as it was evident that PWR's real competitive advantage was through its customer engagement to partner with them to engineer a solution they wanted rather than selling a developed part-number. This particular aspect of the role has been a passion for the last 20 years, where a can-do attitude and the desire to embrace technical innovation has been a shared goal of the PWR team and our growing customer base. It has been both challenging and a privilege to align my passion with my profession at PWR through my journey. Considering the diverse nature of the PWR business and the caliber of customer programs that we have, the opportunity to support with product and engineering services, I'm not sure what else I could have done over the last 25 years that could provide the same sense of achievement and job satisfaction that I have done here with Kees, Paul and the wider PWR team. During my years at PWR, I've held responsibilities through engineering, operations and commercial functions and now lead an excellent team who share the same passion and sense of achievement to deliver world-class solutions to our diverse global customer base. Since stepping into the acting CEO role, I've been drawing upon that background and working with the team to keep the momentum going as we position PWR for the growth and the opportunity that we see ahead. Before I finish up telling you about me though, I do want to let you know that after careful consideration and while I'm very happy to take on the responsibility of acting CEO, I have decided that my skills are better placed leading our Motorsport business and servicing our customers. This is truly where my passion lies. As such, I've decided not to apply for the permanent CEO role, but I do want to stress, however, that I am fully supportive of the independent executive search process that the Board has in place, and I give my full support to the new CEO, the Board appoints. I will leave it at that for now, and you will see me again shortly when I present the CEO's report. Ben, if you would like to come up and share your PWR journey with shareholders.

Good afternoon all. It's a real honor to be here today and reflect on my journey with PWR in my asking for money shirt. My story with PWR started 10 years ago today with an interview with Matthew Bryson for a junior engineering role. And at the time, I had no idea how far this journey would take me. I came from the family business with an engineering background drawn in by my passion for motorsport, especially Formula 1. Starting with PWR, my first role was on the floor, stretching and compressing fin by hand. That's though where I learned and began to learn not just manufacturing, but what makes PWR different, the attention to detail, pushing the manufacturing boundaries and the teamwork to make the impossible happen. From there, I moved through other production departments, learning how to build heat exchanges. Ultimately, this hands-on experience instilled within me a respect for PWR's manufacturing know-how. After broadening my manufacturing expertise, I then joined the tooling design office, taking this experience into the design world. Then came the opportunity to join Matt's team as a project engineer, and I was later promoted to senior engineer for supporting many of our key F1 and OE customers. This role helped me to learn and understand not just engineering, but the commercial side of the business, selling a solution and delivering complex technical projects to our top customers. Then one day, Kees sat me down, he had a vision as he often does for our U.K. operations and asked me to become European engineering manager. My task to set up our European engineering and design team and assisting with building the production facility from the ground up. We grew the U.K. from a team of 6 to a team of 60-plus, laying the foundation for our future in Europe. I spent 2 years there, honing my management skills with our GM Wayne and helping make that vision real. Later came my next chapter, the U.S., another opportunity, another challenge. I found myself as acting GM in the U.S., helping to unify our global operations under the banner of One PWR. During this time, we expanded into MRO, completed setup of our A&D center and moved into our third U.S. factory. Most recently, I returned home, taking on the COO role and tackling the move to this new facility. The last 5 months have been some of the most intense and rewarding of my career so far with this factory move being a monumental team effort. Now I'm proud to be carrying on our Stage 2 constructions, implementing new planning software and laying the foundations for global systems and data-driven decisions. Kees once told me be ready to catch the cards when they fall your way. And he jokes that I've tried to catch the whole deck. But I believe luck is just preparation waiting for an opportunity. Throughout this journey, I've been incredibly fortunate to have the preparation and opportunities from PWR, my fellow colleagues and mentors. This journey has given me the building blocks for my current role and an understanding of the business from the ground up from manufacturing, engineering, engaging in technical sales, managing teams and building factories. PWR's strength lies in our engineering excellence and manufacturing know-how. These are the pillars that allow us to deliver world-class solutions and push the boundaries of performance. And with this new facility, we feel like we're just getting started. I reflect back on my personal journey over the last 10 years, not just on the personal journey in the last 10 years, but the growth and achievements of the company I joined of what was just 120 staff. And I think imagine what we'll achieve in the next 10 years. Thank you. And I'll now pass over to Jason.

Thanks, Benny. Good afternoon, everyone. My name is Jason Hicks. I've been fortunate enough to call PWR my home for the last 23 years. As Kees said, I probably don't look that old, but my journey started back in 2002, straight out of year '12 when Kees and Paul gave me the opportunity to undertake an apprenticeship in boiler making and fitter and turning. This was actually PWR's very first apprenticeship program with a cohort of 10 apprentices. In my first year, I had a chance to rotate through every department, learning the art of manufacturing a heat exchanger, the knowledge that I still draw on today in my current role. From there, I went on to become the machine shop manager for several years before taking on the challenge of running PWR's first OEM program with Porsche. That project was incredibly rewarding and taught me a great deal over that time. After the Porsche program, I was asked to develop and lead the quality control department. I spent a number of years building up a strong team and strengthening our systems before moving on to the role of production manager. That was a great learning curve where I gained valuable experience in management, the requirements of an ASX-listed company. And I still obviously draw on that today. Today, I'm proud to serve as a General Manager of PWR Australia. Looking back, I'm grateful every opportunity I've been given and the people I've worked alongside. My passions have always been manufacturing, automation and most importantly, supporting our PWR team and apprentices. It's been an incredible journey so far. I look forward to what's still to come. As Kees said, we're just still scratching the surface. But a massive thank you to Paul and Kees and the team for everything that you've given me over the years mentoring me. Thank you. I'll pass on to Sharyn.

Thanks, Hiksie. Having been a shareholder of PWR since the IPO, I've long admired the company, Kees and the management team, but from afar. So I had the opportunity 9 months ago to join the company, and I knew it was something I could not pass up. So the past 9 months, it's only reinforced my belief that this business is truly exceptional, and it's something which shareholders and our team can be extremely proud of. The manufacturing know-how, the ability to commercialize innovations, so not just come up with innovations, but to make money from them, which is so key and the PWR DNA, which is part of not only the people, but the fabric of the business, they're all key components to what makes this business so special. So having served as a CFO of several listed companies for almost 20 years now across manufacturing, technology and service industry, I'm really proud and delighted to be part of a Queensland manufacturing and headquartered business. That's not only amazing in terms of the products that we make and deliver, but is also a global leader in our field. And with our recent investment, which you all saw today in the new facility and our exceptional people, including the leaders you've seen and heard from today, I'm really excited and looking forward to be part of the PWR team that delivers the growth over the next few years. Thank you.

Thanks, Kees, Matt, Ben, Jason and Sharyn. Let's turn to today's meeting, which will proceed as follows. First, I'll provide my Chairman's address. Matt will then provide his address. After Matthew's presentation, shareholders will be able to ask questions. As we're webcasting the AGM today, we ask that you come up to the microphone to ask your questions as it makes it easier for those online. If you're unable to come up, please raise your hand. We've got some roving microphones that we can provide to you. We'll then undertake the formal business of the meeting, at which time I'll take any questions, specifically regarding each of the proposed resolutions. And then we'll take some final questions before we close the meeting. So I will now turn to my formal Chairman's address, where I'll provide an overview of 2025 and the progress we're making on PWR's 2030+ strategy. Matt will then review the financial performance and the operational performance for PWR for the past year and our future plans. As I mentioned, we'll take questions after Matt finishes his presentation. It goes without saying that 2025 has been a very busy and challenging year for PWR. As Kees mentioned, he faced severe health challenges in April this year, requiring a period of hospitalization. The PWR management team is a close-knit team and it was a difficult time for them, being concerned about Kees, managing the Quarry Road remodeling and fit-out and the move to our new headquarters, all while continuing to fulfill customer orders and expectations. In true PWR style, they stepped up, they remain focused on the business and safely moving into our new headquarters at Stapylton, and you can see the results for yourself. The Board had an emergency succession plan in place and appointed Matt Bryson as acting CEO. And on behalf of the Board, I want to extend my sincere thanks to Matt and the management team for stepping up and maintaining focus during what was an incredibly difficult time. This is testament to the strong and capable team that Kees has built during his time as PWR's Managing Director. The Board's global search for a CEO is well underway. The process has Kees' support, and it's designed to ensure PWR secures the best possible leader to guide the business through its next phase of growth. In addition to external candidates, the Board is also considering internal options. And as part of this process, there's a strong emphasis being placed on cultural alignment, ensuring that the successful candidate embodies PWR's unique culture and values. We commend Kees for his remarkable recovery, his unwavering determination during rehabilitation and his willingness to take on the role of PWR's Chairman, which we see as a natural transition from his role as Managing Director. The continuity of having Kees remain on the Board as its Chairman is instrumental in supporting PWR's strategy and its future growth. I'm also honored to be appointed to lead as the Lead Independent Director as PWR heads into its new phase of leadership. A significant milestone this year was the relocation to our Australian headquarters following an extensive remodeling and fit-out. The team spent the best part of 11 months designing, overseeing construction and fitting out this great facility. The move from our long-standing Ormeau site was a necessity due to space constraints and our desire to grow PWR. As you've seen firsthand, this is an extraordinary facility. It will set PWR up for its growth journey over the next 25-plus years, supported by our manufacturing sites in North America and the U.K. Now we've got a few more departments to relocate over from Ormeau, but we're on track to have these moved in and operational by the end of the calendar year. PWR's 2030 strategic plan focuses on 4 key areas: innovation, profitable growth, sustainability and investing in our people. In the area of innovation, we are committed to continued R&D investment, which is generating increasing revenue from new technologies and an expanded product range. We're investing in new automated and high-capacity equipment, and we're exploring enabling technology to design applications and solutions using alternative materials. From a profitable growth perspective, we have confidence in our forward pipeline. We're disciplined in our production and capability expansion. Our capital is being allocated towards growth segments, Aerospace and Defense, Motorsports, emerging technology. We're focused on achieving efficiency gains through automation and our process optimization over the medium term, and we're optimizing manufacturing costs by leveraging our global operating model and our production flexibility. Moving on to sustainability, we are committed to sustainable practices, including the installation of 1.8 megawatts of solar and water treatment plant here at our new Stapylton headquarters. We're members of the Defense Industry Security Program in Australia, and we're upgrading our cybersecurity with our U.S. CMMC accreditation underway. We're also measuring Scope 1 and Scope 2 emissions across our global operations, and we're taking steps to implement mandatory climate change reporting from 2027. Finally, investing in our people. We have a global team of 590 skilled, dedicated and passionate people. Our team retention is focused around workplace benefits and flexibility. And we continue to invest in our people, completing PWR's new training academy, PWR Accelerate, where we are holding today's AGM to offer in-house training and development. We also strengthened collaborations, expanding partnership in education with TAFE Queensland and Griffith University to enhance apprenticeships and STEM initiatives. The PWR Academy facilitates a talent pipeline and a multiskilled workforce to support growth areas. We're expanding talent pathways to broaden our reach and support innovation and growth. Our team is key to our success. Before I finish up, I wanted to let you know that yesterday, the Board settled on the EPS hurdle for PWR's long-term incentive plan. And we're cognizant of shareholder feedback on the CAGR EPS hurdle we had in place for prior years, and we appointed an independent remuneration consultant to benchmark and give advice on an appropriate hurdle. We settled on an average EPS over the performance period, which for the FY '26 LTIP is 1 July 2025 to 30 June 2028. And you'll see the EPS hurdles that we've established for FY '26 on the slide. The Board is confident that we've set the appropriate targets, including a genuine stretch target, and we thank you for your patience as we work through that issue. On behalf of the Board, I'd also like to thank Roland Dane for his contribution to PWR as a Nonexecutive Director since 2017 and as a Chairman for the past 2 years. Roland elected not to stand for election at the AGM and retired last month as a result of some personal commitments that clashed with today's AGM. On behalf of the Board, the management and all of PWR, thank you, Roland. Lisa Dalton, our Company Secretary for the past 10 years, also retires from PWR today, and the Board sincerely thanks her for her contribution to PWR and its growth since listing. Finally, I'd like to thank the entire team for their passion and resilience during a challenging year. I want to express my gratitude to Kees, our shareholders and everyone who has supported PWR through, as I say, a challenging but ultimately rewarding year. Thank you. I'll now hand over to Matt.

Thank you, Kristen. As Kees mentioned, 2025 has been a huge year for PWR or as we like to think of it, a transitional year investing in the foundation for our next phase of growth. I'll touch on the key achievements and challenges over the past year. For the financial year 2025, revenue was down 6.7% to [ $130.1 million ] in line with the guidance set at the first half result. This was a solid performance delivered during the relocation of our Australian facility and the impact of Cyclone Alfred, which cost us 4 days of production. The declines in EBITDA and NPAT reflected OEM contract completions, relocation costs and investment in our next phase of growth. Importantly, cash conversion was robust, giving us the flexibility to invest and the balance sheet remains strong with modest leverage. The factory transition gained momentum in May and June with our foundation production areas operational here at Stapylton. This was a proud milestone for the team, delivered in the face of continued delays with the permanent electrical connection in true PWR style, we mobilized 4 generators, and we managed to move effectively to ensure continuity of our production. I'm now pleased to advise that we're officially connected to the power grid, which allows us to get on with our growth plans. Looking forward, we enter FY '26 with a strong order book position across Motorsports and A&D. Our ongoing shift towards emerging tech solutions continues to strengthen our competitive positioning, broaden our customer base and improve visibility as the pipeline matures. At the same time, we've scaled our operational capability to support this global growth. So while FY '25 was a transitional year, it has strengthened our platform, not only in Australia, but in our U.S. and U.K. operations as well. We, therefore, start FY '26 with increased capacity, expanded capability and a resilient order book, positioning us well for our profitable growth this year and into the future. Despite being a transitional year, we delivered on the 4 key strategic priorities of FY '25, the new Australian factory, the A&D platform, profitable growth and our global operating model. As you've seen firsthand, the new Australian factory is now operational here in Stapylton, Phase 2, the final stage of the relocation. It's expected to be completed by the end of calendar year. This phase will see a step change in our controlled atmosphere production areas to improve capability, business continuity, product quality and compliance. Our A&D platform continues to mature with further NADCAP accreditations in the U.S. facility, installation of new furnaces and anodizing capabilities in Australia and strong growth in the number of relationships PWR has where we are an approved supplier. We saw continued growth in our key market segments of Motorsports and Aerospace and Defense. Our R&D investments continue to bear fruit, reflected in the 21% growth in emerging technology revenue. Our progression towards a global operating model continued with both our U.S. and U.K. sites increasing manufacturing volumes on the back of enhanced capabilities and targeted capacity investments. A key driver in this success is our team. Pleasingly, team turnover has improved by 9 percentage points. This is a critical success factor in our skilled workforce, brings the knowledge and experience required to deliver high-quality outcomes for customers. Our FY '25 revenue mix highlights significant growth in Aerospace and Defense, steady growth in Motorsports and declines in OEM and aftermarket revenues. Aerospace and Defense delivered 28% year-on-year growth with half 2, flat on half 1. Importantly, no revenue from the U.S. government project was recognized in FY '25, so this represents a solid result. Initial orders were fulfilled for MRO, which is maintenance, repair and overhaul in the aerospace industry, those customers, creating new revenue stream for PWR. Motorsports delivered growth in both halves, reflecting the consistency of this revenue stream across broadening customer base. We generated growth in F1 and World Endurance Championship programs and saw increased adoption of new technology solutions in MotoGP driven by packaging and aerodynamic performance gains. Our F1 powertrain programs are maturing, specifically in MMX and battery cell cooler projects and an increasing number of car manufacturers and teams participating in LMH and LMDh hypercar classes are supporting steady growth. In OEM, revenue declined following the completion of 2 concurrent high-volume, high-complexity OEM programs and cancellation/delays in niche EV programs. However, half 2's performance improved, supported by incremental spares orders from these high-end platforms. Automotive aftermarket revenue declined due to 2 factors: a deliberate revision of discount structures to improve margins and softer domestic sales as the Ranger program matured following strong launch phase revenues. We are very proud of our journey since listing, which on the 16th of November will be officially 10 years. During this time, we've achieved milestones, including becoming a leader in motorsports, diversifying into aerospace and defense and achieving vertical integration. Looking ahead, our focus is on further building the aerospace and defense platform, capturing share in adjacent markets and leveraging the platform to drive the next phase of growth. To recap on PWR, we are a global leader in thermal management with a flexible, vertically integrated manufacturing capability. Our advanced manufacturing capabilities and global footprint support our growth in emerging technologies and new markets. We have a strong presence in motorsport, aerospace and defense and high-performance cooling applications. This sets us up well to capture the Aerospace and Defense opportunity as outlined on the next slide. Our global Aerospace and Defense Thermal Management system market is forecast to grow at 6.6%, or I should say, the global Aerospace Defense Thermal Management System market is forecast to grow at 6.6% CAGR, reaching over USD 24 billion by 2034. This represents a significant opportunity for PWR and that we are investing in and leveraging our technical expertise and innovative solutions to capture that growth. PWR has made great progress delivering revenue of $26.9 million in FY '25 and 56% CAGR since FY '21. Our competitive advantages are driving this growth. Our vertically integrated global footprint, specialized equipment and capabilities and strong R&D leverages motorsport technology transfer. We will continue to invest in our compliance readiness to further strengthen our position as evidenced by NADCAP accreditations and CMC 2.0, which are critical precursors to achieving approved supplier status. The number of companies for whom we are approved suppliers has increased from 11 in FY '21 to 46 in FY '25 to now include the key defense players. This is a testament to our commitment to excellence and our ability to meet stringent requirements of our partners and positions us well to capitalize on the long-term growth of the A&D market. We continue to build our A&D defense platform, investing in the specialized equipment and maintaining robust quality system accreditations, including NADCAP for heat treatment and chemical processing. Our CMMC 2.0 security program aligns us with the U.S. Department of Defense standards, which has evolved from a self-assessed approach to an externally audited standard, which has resulted in higher costs than initially planned. We've strengthened simulation and testing capabilities, production planning, procurement controls and our manufacturing capability and warehousing spans 3 locations to support growing demand. A key enabler in expanded -- in our expanded Australian factory, where we've doubled our capacity to support revenue growth for the next 25-plus years. The new space enhances production flow efficiency and allows for increased automation. This investment is expected over time to reduce our unit costs through productivity gains and improve the working environment of our team, including development opportunities via the PWR Academy, which we're sitting in here today. The team and I are looking forward to the next calendar year, particularly after we have everything operating under this one roof here in Stapylton. One other benefit of our new factory here at Stapylton is the sustainability elements that we have included in our headquarters. We've incorporated a closed-loop water treatment plant, which is designed to recycle water from many different parts of the factory and reuse it in our operations. We've also installed just over 1.8 megawatts of solar panels on our roof. And since we connected to the electricity grid just over 2 weeks ago, the site is sourcing a material amount of its daytime usage from solar power, which is a great result. Turning now to the trading update. Our FY '26 outlook remains positive and consistent with that presented at the FY '25 results, noting that delivery of the U.S. government project announced on the 14th of January '25 is expected to span Q2 and Q3 in FY '26 due to customer-driven design changes. Q1 performance, as foreshadowed, Q1 was impacted by the delayed final power connection at our new facility here with reduced production delays and prolonged -- and prolonged the inefficiencies caused by temporary generator power. Despite the inefficiencies, we delivered 6% revenue growth on the prior corresponding period. Importantly, momentum in revenue strengthened through September. Half 1 outlook. We've entered Q2 with a materially stronger order book across both Motorsports and Aerospace and Defense than this time last year, reflecting solid demand and growing program momentum. Together with a strong order book or back order position carried over from Q1, this underpins confidence in the near- and medium-term growth outlook. A short disruption of around 2 days is planned this month to complete the electrical component of the wind tunnel commissioning. The final phase of the factory relocation, construction and relocation of the controlled atmosphere production areas is on and a stronger second half skew in FY '26 with NPAT more heavily weighted than revenue. Before I finish up, I did want to say a thank you to Kees, who officially finishes as PWR's Managing Director today. I have spent most of my working life working alongside with Kees, which has been an honor and a privilege. This year has been a challenging one, but he has met those challenges head on, and we are all very excited that he's stepping into the role of PWR's Chairman, where his leadership, strategic insight and experience will continue to oversee our growth. Yes. Kees, you're a legend, and you'll certainly be missed in your current position, but we know you're not going too far, mate, but we wish you all the best, and we know that you'll stay close anyway. So all the best, mate. Thank you. I'll hand back to Kristen.

Thanks, Matt. We'll now be happy to take questions from shareholders about the company, its management and future plans. As I said, if you do have a question and you come up to the microphone and just state your name and where you're from or if you're not able to make it up to the microphone, pop your hand up, and we'll bring a roving mic to you. Hi Paul, good to see you again.

Yes. Hello. My name is Paul Donohue. I'm representing the Australian Shareholders Association today. First of all, good to see you back on deck, Kees. So excellent. And secondly, what a fantastic facility. We were lucky enough to see the previous facility and the change to this one here is just unbelievable. So looking forward to a good future. You've answered most of my questions. So well done. I do have a question about certification. As I understand it, it's tied to a facility. So do you need to recertify this facility and what's involved in that?

I'm going to hand to you, Matt.

Yes. As far as our AS9100, we have got a recertification that will take place. It's really just a check-in to make sure that everything that we were doing in Ormeau has transferred with regards to certain, I'll say, aerospace manufactured components with certain machine moves, you need to do new first article inspections, just validating the machines are still capable of producing the same part to the same quality standards and the same tight tolerances. So yes, there are certain processes in place, but PWI is on top of all of those.

Hi. Yes.

[ Ray Clause ], I'm a shareholder. I'm also a member of Teaminvest. Last year, our aggregated holdings, and we invest separately ranked us at 19th on the share register. People have obviously been buying because we're now -- we would be if we aggregated our holdings at 14th, just under 13. So the weakness in the share price has been a great thing for our members. Well, me -- sorry, I'm not speaking on behalf of our members.

It's good to see you again.

Yes. First up, with the retirement of Roland. Is it intended to replace him with another person with high-level motorsport management expertise? And obviously, Kees is around and has still got that background, but is it intended to replace him?

So obviously, the process we're going through at the moment is in and around recruiting a new CEO. So the Board will look at what skills we need. Each year, we do an assessment of what skills we think we need on the Board, and we will continue to do that. But we have decided to see what skills we end up having coming out of the CEO. And once we've got that piece in place, then have a look and see what additional skills we need for the Board. But watch this space.

Yes. My next question relates to finance. So maybe I should leave that until we deal with the finances.

Either way.

The annual report referred to balance sheet management. Is it intended that we end up with a 0 bank debt?

I hand over to Sharyn for this one.

Certainly, as part of our capital allocation, we're conscious we have both debt, equity and prior to now, we had a cash position. So in terms of our appetite for debt, probably the philosophy of having minimal debt is something that will still remain with the company. We think, though, with the investment in growth that we've undertaken, it was sensible to draw on some debt. But I do want to call out our leverage level is extremely conservative still. But our philosophy would be in the absence of other options to reduce our debt as swiftly as possible.

Jeff Rogers, I'm from Melbourne, Teaminvest member and shareholder for just over 12 months. Very pleased today to be hosted by 2 young guys, not so young, but very impressive, [ Peter Simpson ], I think it was. And [ Ben ] gave me great hope to see that, that level of management is abundant here, which is terrific. My very pleased to also hear that I think it was Ben said that you're keeping the generator connections sort of ready to go. I guess the generators don't belong to the company at the moment, but my strong counsel as a power systems engineer for many years would be to keep those connections functional because with things like the Callide incident last year and [indiscernible] you to talk to the government about in this field. But I think the unreliability of power is much worse than expensive power, especially for a business like this. And not advocating high-cost power, by the way. But I think that it's something you need to keep in mind because I used to live in Africa and intermittent power was a daily event. So everybody had their own generator, and you just wouldn't think about going into business in a third world country without your own generator, 100% backup. So I just keep that in mind when you're doing your capital planning. And if whoever owns generator is smart, I'll leave them there anyway because you're pretty sure you want to need them sometime in the next 12 months.

Thanks Jeff. Matt, just remind me, we do own 2 of the generators. Any other questions anyone had generally?

There's no more questions, I'll now move on to the business of the meeting. So before we put the resolutions to shareholders, I want to go over some meeting procedures. All resolutions at today's meeting will be by way of poll. If you're a shareholder or a proxy holder, you should have received a blue admission card with the resolutions on the back of that card. When I open the voting, you'll be asked to cast your vote directly on the card and your completed cards can be handed back to Computershare representative at the conclusion of the meeting. Jessie Yerma from Computershare will be our returning officer and will take the tally of each resolution. Results of all the resolutions will be released to the market after the meeting. I also propose to take each resolution in the sequence that's listed in the Notice of Meeting, and there'll be a reasonable opportunity for shareholders to make comments and ask questions about each of the resolutions before they put to the meeting. After we received comments and questions and prior to putting the vote to a poll, the resolution, together with the proxy votes for the resolution will be displayed on the screen. I don't intend to read out the resolutions or the proxy numbers unless I'm specifically asked to do so by a shareholder. Before we move on to the business set out in the Notice of Meeting, I'd just like to highlight that key management people -- personnel, sorry, details of whose remuneration are included in the remuneration report and their closely related parties are not entitled to vote on the adoption of the remuneration report or remuneration-related resolutions. So these are resolutions 1, the remuneration report; 3, the termination benefits for Kees. There's also voting exclusions for resolution 4, which is a refresh of the performance rights plan. However, a vote can be cast by a member of the key management personnel with the votes cast as a proxy, the appointments in writing and directs the proxy how to vote in respect to the resolution and the votes not cast on behalf of a member of key management personnel or a closely related party of a member of the key management personnel. So as confirmed in the Notice of Meeting, as Chairman of the meeting, I intend to vote on each resolution I'm entitled to, consistent with the recommendations of the Board, which are all in favor of all resolutions. Whereas the Chairman, I've been appointed as a proxy that's undirected, I'll be voting undirected proxies in favor of resolutions consistent with the Board's recommendations. So besides the financial report, there's 5 items of business to deal with today. The first item of business is to consider the 2025 financial reports, the directors' report and the auditor's reports, and these reports are all contained in the 2025 annual report. The Corporations Act requires that these reports be laid before the meeting. There's no requirement that shareholders vote on or approve or adopt the financial reports. However, there's an opportunity to put questions regarding the financial reports or other matters relevant to the performance of the company. Shareholders are also entitled to direct audit-related questions to our auditor, Erin Neville-Stanley from KPMG. I note that there have been no written questions to the auditor submitted prior to the meeting. So if you've got any questions on the financial report, please ask them now.

I direct it to you, guys. The annual report says that revenue, earnings, dividends and profit were all lower than the prior year. We had a bit of discussion about that in your presentation. The 4 main reasons, moving to the new factory, the cyclone, fair enough, we get that. 2 large OEM contracts expiring and a contraction in the aftersales market. So we get the factory and the cyclone and you touched a bit on the other 2, the OEM and the aftersales market, but maybe give us a bit more detail was collectively, those 2 areas, OEM and aftermarket are like 25% almost of revenue. So is that decline a one-off thing? Or is something we expect to bounce back? And what are we doing to get those areas back again.

Do you like to cover that one, Matt?

Okay. Thank you. I think we've been quite open with regard to, particularly, OEM. We understand our opportunity in that space. We're definitely in that high-performance niche side of the market. So that will always be a little bit cyclic. I think the general automotive industry is extremely price competitive and extremely margin sensitive, and that's not really where this business is wanting to be. So we deliberately target the high performance, let's say, technology demonstrators. And so we're not in complete control of that market, but we are well positioned to take advantage of those opportunities when those programs come along. We're not just talking about winning business for the sake of winning business. It's about winning the right business. The business has got enough opportunity ahead of it in various other aspects and markets without chasing rabbits down a blind holes. So -- and with respect to aftermarket, you can see the scale of business that we are here now right from the early days with Paul, this business catered for somebody literally to walk in off the street and order a one-off part for their special that they were building in their garage. And whilst we still do, do that, it's fair to say that the complexity of the processes we have in place today are no longer as suitable for that as it used to be. So you can still do it, but there's just higher costs involved in getting it through because of the nature of the administration of the system for all of the controls for aerospace and defense and high-end automotive. So you can still do those things. So it's a bit of a restructure with regards to performance aftermarket to be looking more targeted at very specific vehicles, develop kits for those vehicles and sell parts in number, which is much more manageable in this facility than, I'll say, the very early days.

Thanks, Matt. Thanks, Paul. We got any other questions on the financial report? Ladies and gentlemen, a discussion and consideration of the financial report is complete. I'll now move on to the formal resolutions to be considered by the meeting. So the first formal resolution to be considered is the adoption of the remuneration report for the 2025 financial year. The remuneration report is part of the directors' report, which is contained in the 2025 annual report. The Corporations Act requires that the remuneration report be submitted to shareholders for consideration. The company's remuneration policy and practices are designed to attract, motivate and retain high-quality people. They're built around the principle of being competitive in the markets in which we operate, and the directors unanimously support the adoption of the report. The screen shows the details of the proxies received on the resolution. And the adoption of the remuneration report is now open for discussion. If you've got a question or a comment on the remuneration report, can you please ask it now?

I like the fact that you have the lunch before the AGM, because, normally, I'm asking all these questions and I'm sitting between people and party pies. So it's a great format. If I understand the rem report correctly, the NPAT hurdle for the short-term incentive plan was not met, but the KMP still qualified for the part of the short-term plan based on your own scorecards. That's all linked to business outcomes. So I'm assuming all those outcomes were met then, which is great. But despite meeting those targets, you all voluntarily gave up that part of your bonus, which is very shareholder friendly. But I just wanted to learn a bit more about the thinking behind that decision to do that.

I'm happy for you to answer Matt, I'm happy to [indiscernible]. I think, Paul, it speaks volumes of the team. The fact that the exec KMP voluntarily forfeited their personal scorecard, which is 40% of their STIP because we were having a challenging year, I think that talks to the quality and the standard and the culture that we have within our team here. The fact that we're all in it together, I think very much it does show the sort of people we have in our team, and I think it's a great testament to the incredible team we have.

That was very good gesture.

Good. Thanks Paul. Any other questions on the remuneration report? Okay. Ladies and gentlemen, if there's no further discussion on the remuneration report. Please now cast your vote on the remuneration report by marking your voting card. [Voting]

The next resolution is for shareholders to appoint Kees Weel, our current Managing Director, as a Nonexecutive Director of the company. Kees is obviously our founder and has been the company's Managing Director since he started PWR. Today, he steps down as MD, and he stands for election by shareholders as a Nonexecutive Director. If appointed, he will assume the role of PWR's Chairman. The directors, with Kees abstaining, unanimously recommend you vote in favor of this resolution. The screen shows details of the proxies that we've received on this resolution. If you've got a question or a comment on Kees standing for election as a Nonexecutive Director, can you please ask your question now?

Fully direct you, Kristen. It's generally accepted that having an independent Chair is a good thing for corporate governance, but we recognize that in founder-led businesses, the benefit of having someone who's been involved all the way along can have huge benefits as well. I'm not sure whose address it was, it was mentioned that you're going to become the Lead Independent Director, which I assume is to beef up the independence of the Board. Can you talk a bit about that role and what you'll do in that role?

Yes. Obviously, the Board thought that it was really important to have Kees continue and support us in the role that he is moving into. We recognize that, that would be a question that some people would have. So we have revised our Board charter to cater for a Lead Independent Director. So the Lead Independent Director role is really to assist with on the governance side of things, but also assist with things where there might be a conflict of interest by Kees as a non-independent Chairman. So we will release that material in terms of the Board charter and the changes to that. But we recognize the feedback, but we think that it's incredibly important to keep Kees. And I think seeing what he has created here, the ability for him to continue work on the long-term strategy of the company is very important to the growth of the company. Okay. If there's no further discussion on this item, could you please now cast your vote on the appointment of Kees by marking your voting card? [Voting]

Next resolution is to vote on -- is to approve a refresh of PWR's performance rights plan. PWR requests approval from shareholders for the performance rights plan every 3 years, so it's able to have preapproval to issue the equity grants that are for the performance rights planned without using PWR's 15% annual placement capacity under the Listing Rule 7.1. The performance rights plan is used as the vehicle for the company's long-term incentive plan and also as the vehicle for deferred short-term incentives and other retention incentives. The directors, with Kees Weel abstaining, unanimously recommend you vote in favor of this resolution. The screen shows the details of the proxies received on this resolution. If you have any questions or comments on the performance rights plan, could you please ask them now? If there's no further questions on the performance rights plan, please cast your vote by marking your voting card. [Voting]

If we turn now to the next resolution, which seeks shareholder approval for potential termination benefits for our outgoing Managing Director, Kees Weel. So when Kees was MD, the shareholders approved the grant of performance rights under the long-term incentive plan. The FY '23 rights lapsed for failing to meet the hurdles. However, Kees' FY '24 and FY '25 performance rights remain on foot. The Board is seeking your approval for these to remain in place and be subject to the usual performance testing at the end of the relevant periods, which would be the end of FY '26 and the end of FY '27. There's no acceleration proposed for the vesting of the rights. If some or all of the hurdles are met, when we assess at the end of the relevant performance periods, then Kees will be entitled to PWR shares. Depending on the share price at the time, that might be above what the Corporations Act permits as a termination benefit. So hence, we're seeking shareholder approval to keep those performance rights on foot. The nonexecutive directors unanimously recommend that the potential termination benefits to Kees Weel be approved. And the screen shows the details of the proxies that are received on this resolution. If you have any questions or comments on the potential termination benefits for Kees, could you please ask them now?

Sorry, if I understand the resolution, we're trying to make sure that in Kees' transition from Managing Director to Executive Chairman, you're not financially penalized for the bonuses you've accumulated along the way, is my understanding, which makes sense. One question is about the resolution relates to FY '24 and FY '25, as mentioned, '26 and Kees has been in the role during 2026, had you continued as MD continue accumulating performance rights, are they just all voluntarily forfeited?

So given that we were aware that Kees is not continuing in that role, he hasn't been issued with FY '26 rights. So we're only talking about FY '24, '25.

That makes sense. And last question. So sometimes when an executive retires as a good lever and they're part ways through the performance period, there's a pro-rata treatment on their rights. So say you were 3 years into the period -- sorry, 2 years of a 3-year period, you might be told to 2/3, not suggesting that would have been appropriate here. But was there any discussion on pro-rata treatment?

We did consider that, but we think that given the role that Kees is going to play and how critical that is to the company, as I say, in terms of the forward strategy and him moving into that nonexecutive Chairman role, we thought it was appropriate to keep the rights on foot in full. There are no other questions. Could you please cast your vote by marking your voting card. [Voting]

Our last resolution today is to approve the reinsertion of Rule 5 into the company's constitution to allow for the transfer of shares under a proportional takeover bid. As set out in the Notice of Meeting, the Corporations Act and the company's constitution requires that these provisions must be renewed every 3 years or they cease to have effect. The directors consider that the potential advantages for shareholders in having these provisions outweigh the potential disadvantage for shareholders. And we unanimously recommend that shareholders vote in favor of the resolution. The screen shows details of the proxies received on this resolution. If you have any questions or comments about the reinsertion of the proportional takeover provisions into the constitution, could you please ask them now?

I'm probably not the only person in the room who doesn't know the answer to this, so I'll just ask you question anyway. But could you just perhaps talk me through in a few sentences what this is about? I've got a rough idea but I'd like to hear from you.

So there's a bit of detail in the Notice of Meeting, but basically the proportional takeover provisions just mean that before a proportional takeover could be accepted, it has to be put to the shareholders. So this just puts that provision back into the constitution to require that sort of thing to come before the shareholders. Ladies and gentlemen, I think unless there's any further questions, that concludes our discussion on the items of business. I'll pause for a few seconds. You can complete your voting cards. [Voting]

Everyone is now done. I'll ask Computershare to please collect the voting cards and close the polls. And if you've got any other further questions or comments, if you could please ask them now.

We've been hearing for quite some time about the search for a new CEO, and I was quite surprised at your statement, but I can sort of understand how people love doing what they're doing and the extra level of management's pain. How long do you think it will be before an announcement is made?

As you say, that process is underway. We're working with an external recruitment firm, looking at candidates from around the globe. So certainly, when we're in a position to come back to you, we will let you know, but I expect that's in early 2026. As soon as we have news to report, we will announce. Any other general questions? So there's no further questions, that draws today's meeting to a close. The results of the polls held at today's meeting will be released to the ASX after the meeting. I will now hand over to Kees to say a final few words.

Well, thank you, Kristen, who has done a great job as a stand-in Chairman since Roland couldn't make it today. Anyway, I'd just like to say a final few words and this is not about me or PWR. It's about a lady that has been very special to PWR, not only PWR, but to a lot of members here at PWR. And personally, I'm very indebted to this lady. She saved me. And certainly, I'm not going to get emotional about it today, but we've had a few tears, and we've had this and that and what have you. But this is a sad occasion actually that she's leaving us here today. So Lisa, I'd like you to come forward, please. And don't bring the tissues. Just a big hug and we're good to go. But this lady has been with us since before we listed and has done an exponential job, not only currently, but these are the people that shine in tough times when the chips are down, when the s*** hits the fan. And we all know what that is. If you don't know you haven't lived yet, obviously, in a few times. And -- but if you look around, here's Lisa. She's wiping up the mess, doing the business professionally and willingly, not having to be asked, not having to ask her to do anything. It's just done. So these people do come along in life, very seldomly now. We know that. So it's -- in one hand, it's a sad day that we're going to miss Lisa. She's going off to retirement. And anyway, as I said, I'm sure she's not going to be sitting on the back porch with the rug over her knees saying s****, I hope the b******* ring me. I need something to do. But she has been absolutely a pillar of PWR on our history of the last 10 years and a lot bit more. But personally, thank you, Lisa, for everything you've done for me personally and my family and a lot of other families here, personally people here. She's the sounding board. Are you in trouble? Can we talk to Lisa? [indiscernible] Lisa, go and see Lisa. So that will be sadly missed and what have you. But we're all big boys and we're going to move on. And if there's anybody that deserves a great break and a great holiday and a great retirement, it's Lisa Dalton. So thank you, Lisa. Thank you Morgan for bringing them along. And I'm not quite sure what's in there, whether it's a card set or that you're going to play cards or read a book or...

It's a casserole dish.

It's a casserole dish. She's very good at cooking. We all know she's very good at cooking. So Lisa is going on an overseas trip tomorrow or actually see you at the airport. I'm going overseas as well, so -- no, but sincerely thanks to you, Lisa. And I think that's about it. We can stand here and what I'd say, chew the fat for a while. It's probably not recommended, as a lot of people have got s*** to do and places to go. But I do sincerely thank you, everybody, for coming today. It's a special day. It's a special day for PWR and for this new factory. And I'm sure you'll see us all here next year with bigger and better things. So thank you, and have a safe journey. Thank you.