Financial Data and Key Metrics Changes - Statutory NPAT for FY 2025 was $28.1 million, including $52.3 million in post-tax significant items, reflecting a challenging year [41] - Pro forma NPAT decreased by 8.4% to $80.4 million, with group revenue declining by 1.5% [41][42] - EBITDA grew by 5.2% compared to the prior period, despite an overall revenue decline [9][41] Business Line Data and Key Metrics Changes - Trade business revenue grew by 1.3% and EBITDA increased by 5.4% [10][25] - Specialist Wholesale experienced a revenue decline of 3.2% but improved EBITDA by 5.2% due to network reconfiguration [26][30] - Retail revenue declined by 3.5%, with a significant impact from the difficult retail environment [33] Market Data and Key Metrics Changes - New Zealand's revenue declined by 3.2% in Australian dollar terms, reflecting challenging economic conditions [37] - The company closed four stores and opened two new locations in New Zealand to adapt to market conditions [38] Company Strategy and Development Direction - The company outlined six strategic imperatives: optimizing the network, one supply chain, customer focus, digitalizing the business, store fitness, and simplifying the business [15][52] - A focus on long-term sustainable profitability and cultural changes within the organization is emphasized [5][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced during the fiscal year but expressed confidence in the company's ability to execute its strategic reset [8][40] - The expectation for FY 2026 is that impacts will skew towards the second half, with a focus on recovery and sustainable performance [55] Other Important Information - The company declared a final dividend of $0.55 per share, representing a full-year payout ratio of 57% [12] - Significant items recognized in FY 2025 included $52.3 million, with 82% being non-cash items [43] Q&A Session Summary Question: Update on trade segment performance and recovery focus - Management confirmed that the trade segment is focused on recovery following disappointing performance in May and June [58][59] Question: Outlook for achieving sales CAGR and EBITDA CAGR targets - Management indicated that while they are not providing guidance for FY 2026, they will communicate progress towards long-term goals as results develop [63] Question: Impact of store closures on profitability - Management acknowledged the need to actively manage the network, including closing underperforming stores, and confirmed that two stores have been closed since July 1 [100][102] Question: Market share performance in trade and retail - Management stated that while market share was stable over the year, they acknowledged losing share in May and June, and emphasized the need for growth in the trade segment [87][88] Question: Performance of the loyalty program and its impact on sales - Management noted that it is early days for the loyalty program, and while they are pleased with initial growth, specific sales impact figures are not yet available [70][72]