Financial Data and Key Metrics Changes - The statutory profit after tax for FY '25 was $36.9 million, while cash profit after tax was $52.9 million, reflecting a refined measure of performance [3][19] - Cash earnings per share was $0.01, and return on cash equity for the year was 10% [4] - Operating expenses decreased by 6%, resulting in a cost to income ratio of 51.7% [4][19] - Total dividends declared for FY '25 were $2.00 per share, consistent with FY '24, representing a 4.8% return to shareholders [5][9] Business Line Data and Key Metrics Changes - The commercial business generated a cash profit of $45.3 million, with assets under management growing by 12% and net operating income up 11% [22][23] - The consumer finance segment delivered a cash profit of $24.8 million, significantly up from $8.6 million in the prior period [25] - The Australian consumer business improved credit performance due to actions taken 18 months ago, while the Cards New Zealand business generated $15.7 million in cash profit [26][27] Market Data and Key Metrics Changes - The Irish business reported a profit of $11.2 million with a return on cash equity of 29.7%, while the UK business broke even in June [13] - The company anticipates softer volume in the Australian market due to refinements in credit processes and technology platforms [10] Company Strategy and Development Direction - The company is focused on transforming product platforms and modernizing IT to enhance revenue growth and user experience [12] - There is a commitment to balancing shareholder returns with investments in technology and product platforms [8] - The company aims to restore volumes in the HUM AU business while managing heightened losses in the commercial sector [35][37] Management's Comments on Operating Environment and Future Outlook - Management expects continued elevated losses in the commercial business in H1 FY '26 before normalizing [35] - The company is optimistic about the performance in FY '25 and has a clear agenda for FY '26 focused on transformation and growth [37] - Management is confident in the restructuring of the Canadian business and the potential for growth in that market [41] Other Important Information - The company has introduced a new reporting segment for corporate costs to enhance transparency [20] - The repayment of perpetual notes is expected to save approximately $7.7 million in future periods [9] Q&A Session Summary Question: Can you tell me about the offshore investment and the progress you are making? - The Irish business is performing well with good returns and low credit loss, while the UK business has achieved breakeven [40] Question: Commercial equipment finance system growth has been slower. How is flexi commercial performing? - The commercial business has maintained flat volume growth year-on-year despite a 5% market decline [43] Question: What is the outlook for volume in the commercial business for 2026? - An increase in volume is expected over the full year, with a potential turnaround in the second half [48] Question: What is the status of the takeover proposal? - An independent board committee has been established, and a due diligence process is underway [72] Question: Ireland ROCE of 29.7% is outstanding. How sustainable is this? - The Irish business has a dominant market position and is expected to continue performing well [73]