Financial Data and Key Metrics Changes - The company reported a significant improvement in normalized earnings before tax, which increased by 61% year on year, with the strongest quarterly result in two years in Q4 FY 'twenty five [5][19] - Net loss after tax reduced by $32.5 million to $15.6 million, showing consistent improvement throughout the year [17] - Operating cash flow increased by 35% to $25.3 million, with adjusted net operating cash flow of $300,000 [21] Business Line Data and Key Metrics Changes - The freight and fuel business experienced a turnaround, with normalized earnings loss improving by 90% year on year, moving to a positive result in Q4 FY 'twenty five [11] - Warehousing faced ongoing challenges, with aggressive pricing tactics leading to reduced storage costs below pre-COVID levels [12][13] - The specialist business performed well, particularly in infrastructure projects, with a healthy pipeline for the next two years [14] Market Data and Key Metrics Changes - The company retained revenue despite low demand in a highly competitive market, with ongoing economic headwinds affecting business and consumer confidence [8][10] - The interisland ferry service disruption and extreme weather events further impacted market activity [9] Company Strategy and Development Direction - The company is transitioning from cost reduction to value creation as part of its Accelerate transformation program, which has one year remaining [6][25] - The focus is on building value in the freight business, improving warehousing performance, and enhancing customer service [23][24] - The company aims to become the preferred logistics provider in New Zealand, supported by a strong national network and partnerships [22] Management Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty in the timing and speed of economic recovery but expressed confidence in the company's positioning for future growth [24][25] - The sentiment among partners is starting to lift slightly, indicating potential for improved market conditions [10] Other Important Information - The company has established a new funding partnership and extended its bank facility through August 2026, ensuring adequate capital for operations and growth [20] - A significant reduction in operating expenses of $27 million was achieved, with labor savings of approximately $15 million [17][18] Q&A Session Summary Question: Will there be any months in FY 'twenty six with positive net profit after tax? - Management indicated that while they cannot specify exact months, they have a clear plan and forecast, with expectations of ramping up activity after slower months [26] Question: Is a capital raise likely given the erosion of equity and uncertain net profit? - Management stated they expect a positive EBT but are focused on ensuring adequate capital for business operations and growth [27] Question: What is the EBT range guidance for the coming year? - Management refrained from providing specific guidance due to economic uncertainty but confirmed a return to positive EBT in FY 'twenty six [28] Question: Can management provide clarity on core freight revenue and margin amidst the realignment of fuel services? - Management declined to share specific details on core freight results, citing confidentiality regarding customer relationships [29] Question: No further questions were raised during the session. - The operator confirmed there were no additional questions, concluding the conference [31]