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Thanks, Darcy, and thanks, everyone, for joining us today. I'm joined on today's call by Martin White, our acting Chief Financial Officer. And together, we'll be taking you through the company's results for the first half of the 2025 financial year. We will be following the presentation that was posted on the ASX on Thursday, February. And at the end of the presentation, Martin and I are happy to take any questions. Starting with the key highlights of the first half, which is set out on Slide five of the presentation pack. Today's results can be seen through the lens of five key interrelated metrics that have combined to demonstrate the strong business model of Pacific Smiles. These are firstly, top line growth with patient fees of $160,300,000 for the half, a 9% increase year on year, underpinned by a 4.8% increase in the number of appointments. Secondly, improved operating KPIs where we are seeing the trend of cancellation rates continuing to decline, the result of a real operational focus on seamless patient communications and increasing the number of appointment confirmations. It was also pleasing to see labor efficiency continue to improve in our centers. Thirdly, rising utilization with improvement across all cohorts, in particular our newer cohorts.

This aligns with our key strategic focus of increasing utilization of our in situ assets. Fourthly, expanded profitability with underlying EBITDA for the half year growing by 16.8% year on year to $16,300,000 And finally, net cash where our underlying net cash generation was strong, although our net cash position was temporarily impacted by takeover related costs. No dividend was declared for this half year. These five elements together leave us well positioned to grow and to self fund future growth. Turning to Slide six. Excluding the impact of $9,900,000 in one off costs related to the takeover of Pacific Smiles, the key financial metrics for the first half of FY 'twenty five were pleasing. We have delivered strong earnings and cash flow despite some headwinds over the period relating to the inflationary and cost of living pressures that have impacted Australian spending habits. Also, the business has experienced cost increases in areas such as wage rates and occupancy rentals. We have invested resources and management focus to drive growth and utilization, especially in centers with embedded capacity that are continuing to mature. Growth was driven through a combination of growing practitioner hours and attracting new patients. Marketing initiatives to drive new patient acquisitions were implemented, including above the line campaigns aimed at stimulating increased awareness and demand for our dental services.

Top line growth was translated into bottom line growth during the half, and Martin will talk to our margin improvement outcomes shortly. The underlying cash flow generation of the business provides significant financial flexibility moving forward. Turning to Slide seven, I'll now detail the operational highlights for the year. The results for the first half of FY twenty twenty five reflect the company's approach of leveraging significant investments in prior periods to drive operational efficiencies and growth in patient appointment and practitioner hours. There were no new centers built in the first half of FY twenty twenty five and two centers at Singleton and Toronto were closed during the half. At the end of the half, we had 126 dental centers plus nine HBF dental centers, five 40 dental chairs in Pacific Smile centers, forty five chairs in our HBF dental centers and over eight fifty active practitioners. There was continued focus on delivering operational improvement enhancements aimed at improving service levels and outcomes for both patients and our practitioners. These were primarily targeted at improving the patient experience with increased use of online bookings, seamless appointment confirmation processes and rebooking of appointments. All these metrics improved during the half.

The improving employee turnover result, stable practitioner base and high patient net promoter score are all testament to the proposition we offer to our practitioners, patients and team members. The staff to practitioner ratio is the ratio of total staff hours worked within our dental centers to dentist hours worked. As such, it provides a useful metric of our operating efficiency and it was pleasing to see continued improvement in this area. Turning to Slide eight, which sets out the results for fees and earnings for the half. Patient fees increased 9% year on year to $160,300,000 with the increase being driven by both increased appointment volumes as the business continues to grow in scale, as well as modestly higher prices driven by small increases in our health fund arrangements, as well as mix of services. Pleasingly, fee growth was positive across all cohorts. Underlying EBITDA of $16,300,000 was built on higher revenue and improved operating efficiency, driven by improved staffing levels in centers and good overall cost control, more than offsetting inflationary cost pressures such as award rate increases and CPI linked lease increases. Turning now to the successful continuation and expansion of our partnership with HBF under a managed service agreement to build and run dental centers for HBF in Western Australia.

This is contained on Slide nine. As a reminder, our contract with HBF is to build and operate HBF Dental Centers on their behalf. HBF put up the capital, Pacific Smiles runs the centers. It's a mutually beneficial arrangement for both organizations. One new HBF dental center was opened in the first half of FY 'twenty five at Midland with a further center at Coburn recently opened in February. This brings the total HBF network to 10 centers currently. Utilization of the HBF network continues to grow with attended appointments increasing by 17.7% and MPS remaining steady at 86% for the half. The teams at HBF and Pacific Smiles work closely together, the business model is working, practitioners and patients are responding, and we look forward to continuing to grow the business in future periods. Turning to Slide 10, this slide provides a breakdown of our center cohorts grouped by the period in which they opened. Key metrics we monitor closely are average patient fees per center and per chair and average utilization of those assets. Average patient fees rose year on year across all cohorts during the first half of FY 'twenty five. Utilization of existing chairs also increased in all cohorts with higher growth rates achieved in newer centers established in FY 'twenty or later.

We continue to review the opportunity to increase capacity to expand utilization with limited investment through placing new chairs in available surgeries. I'll now hand over to Martin who will take you through some more detail within the financial results.

Thank you, Gary, and good morning, everyone. Moving on to Slide 12, which summarizes our income statement for the period ending thirty one December twenty twenty four. Please note these figures are presented on an underlying basis. They exclude transactions that are considered not part of the underlying business and they also exclude the effects of the AASB sixteen lease accounting standard. For those interested in the detailed reconciliations between our statutory reported and underlying financials, please refer to the appendix or to our interim financial statements. As Gary mentioned earlier, we experienced growth in patient and practitioner volumes during the half year. This growth contributed to a 10% year on year increase in revenue, bringing us to $99,000,000 This improvement in revenue combined with our disciplined cost management and efficient operations has delivered underlying EBITDA of 16,300,000 an increase on the prior period of 16.8%. EBITDA margins at our sensors improved compared to the first half of FY 'twenty four as higher revenue and better efficiencies helped offset rising wages and inflationary pressures. You can find a detailed breakdown of EBITDA margins by cohort in the appendix. On the cost side, our corporate overhead margin as a percentage of patient fees fell slightly to 6.5%, thanks to prudent support cost of office management.

Moreover, depreciation and amortization expenses dropped by 10.8%, reflecting a lower capital expenditure cycle amid moderated greenfield growth. In the financing arena, we saw a positive shift. Net interest expense turned into net interest income, driven by new funds drawn and improved interest receipts. These results culminated in underlying net profit of $6,700,000 for the half year, an increase of almost 52% compared to the previous period. However, our statutory results showed a net loss of $2,000,000 This was due to $9,900,000 of costs relating to the change of ownership and a $2,000,000 expense related to brought forward performance rights. The Board has decided not to declare an interim dividend at this time. Let's now turn to Slide 13, which breaks down the key drivers behind our improved underlying EBITDA from the previous half year to the current period. At Adar Dental Centers, underlying EBITDA before accounting for corporate overhead rose by $2,800,000 This increase pushed our underlying EBITDA to patient fees margin from 16.1% to 16.6%. An $8,600,000 rise in revenue and other income was partially offset by the additional cost of service volume. Costs were managed effectively through efficient labor and consumables controls helping to boost our margin.

We have continued our investment in marketing, which has been instrumental in driving higher patient volumes. While CPI pressures on inflation linked costs have had an impact, the growth in patient volumes especially in our newer cohorts is beginning to deliver improved operating leverage that is expected to continue to grow over time. Moreover, corporate overhead costs declined compared to the previous half year, thanks to disciplined cost management. Overall, these factors combined to raise our total underlying EBITDA margin by 0.7 percentage points to 10.2%. Let's now turn to Slide 14, where we review our cash flow performance. For clarity, all figures have been adjusted for the effects of the ASB sixteen lease accounting standard, though they do include the non underlying transactions in the detail. At the bottom of the table, you'll notice our underlying net cash flow, which shows an improvement. Our conversion from reported EBITDA to operating cash flow resulted in a figure of negative $1,100,000 This was largely due to the one off $9,900,000 of change in ownership costs. Excluding these one off items, the group delivered strong operating cash flow during the half year, driven by rising patient fees. You'll also see the income tax expenses were higher in this period for two reasons.

The final income tax payment in November 2024 increased on improved FY 2024 profitability. Secondly, the final tax payment for FY 'twenty three was made in February 2024 affecting the second half of FY 'twenty four. On the investing front, cash flow was higher compared to the prior half year reflecting increased capital expenditure on our dental centers and dental equipment. I'll provide further details on capital expenditure later in the slide pack. Finally, our financing cash decreased year on year as we had no debt repayments despite a larger dividend being paid. This slide effectively captures the overall improvement in our underlying net cash flow, highlighting both the operational strength and the impact of one off adjustments. Let's now turn to Slide 15. This slide provides a detailed breakdown of our cash flow over the past twelve months. While it offers further visual insights, the key message remains unchanged. We continue to generate robust underlying operating cash flow. We have successfully deleveraged our balance sheet and the one off change in ownership costs has had a significant impact on our cash flow. Moving to Slide 16, which delves into our capital expenditure for the half year. Although our overall capital spend remains below FY 'twenty three levels primarily due to the slowdown in Greenfield expansion, year on year expenditure increased.

This rise was driven by ongoing investments in dental center equipment and the refurbishment of 11 dental centers. Additionally, we relocated our Lake Haven Dental Center to a new site within the Soffing Center. This move has allowed us to expand our surgery capacity and enhance the patient and practitioner experience. Of the remaining capital expenditure, dollars 700,000.0 was allocated to IT related hardware, though it's important to note that this figure does not capture our full technology investment as expenditures on our technology and software infrastructure are expensed in the P and L as they are SaaS in nature and no longer consider capital. Turning to Slide 17, which provides an overview of our balance sheet. Again, for clarity, all figures have been adjusted to the effects of ASC sixteen, but they do include the non underlying transactions. Total assets have decreased year on year, primarily due to reduced cash from the one off change of control costs and lower property and plant equipment resulting from both the decline in new center capital expenditure and the natural depreciation cycle of our assets. Payables and liabilities have also declined driven by lower current tax liabilities and the elimination of debt.

As a result, net assets have reduced by $5,700,000 I'll now hand back to Gary.

Thanks, Martin. Turning to Slide 19, which provides an update on trading performance and guidance for the FY 2025 year. Trading to date as of the 02/25/2025 shows patient fees of $208,100,000 a 9.7% year on year growth or 9.1% year on year growth when measured on an equivalent like for like trading days basis. Full year guidance provided on the November 13 is reaffirmed being full year patient fees in the range of $310,000,000 to $318,000,000 representing a 6.2% to 9% growth on FY 'twenty four and forecast underlying EBITDA for the year in the range of $31,200,000 to $34,220,000 representing between 10.621.3% growth on FY 'twenty four. Year to date trading continues to be strong with fee growth underpinned by an uplift in appointment volumes and price. Importantly, this growth continues to be seen across Pacific Smile's newer centers, the FY2020 to FY2023 cohorts, which continue to show uplift in both patient fees and profitability. The fair work determination increasing the modern award, which applies to the bulk of the company's team by 4.25% has been applied from 01/2024. Wanted to provide an update in terms of the Genesis Bidco update. On the 02/06/2025, Beam Dental Bidco Proprietary Limited and associate of Genesis Capital Manager One Proprietary Limited or Genesis Capital announced that it had voting power of 89.23% of Pacific Smiles.

This voting power has now been increased to 89.27% as of the February 25. The offer closed at 7PM Sydney time on the 02/11/2025. Under the control of Genesis Capital, Pacific Smiles intends to continue its focus on organic greenfield growth supplemented by potential M and A opportunities as they arise. That concludes the formal presentation. I'll now hand back to the operator if there are any questions.

Thank