Operator

Thank you for standing by, and welcome to the Elders Limited Half Year '26 Investor teleconference.

[Operator Instructions] I would now like to hand the conference over to Mr. Mark Allison, CEO and Managing Director. Please go ahead.

Mark Allison
CEO, MD & Executive Director

Thank you, and welcome to all to the Elders half year results presentation for the FY '26 financial year. Thank you for joining Paul and myself for the session today. As an overview, the half year results today are solid on a year-to-year basis with EBIT up 33%, strong cash conversion, transformation and integration projects on track and positive progress on leverage and ROC as we move to the end of the year.

Throughout the half year, Elders demonstrated solid operational and financial resilience in the face of improved, although mixed seasonal conditions. Our diversified portfolio through its national geographical footprint, and multi-product and service offering played a key role in mitigating the dry conditions across some key agricultural regions and the increased competitive activity in our retail business. Stronger activity in livestock and real estate and high financial discipline also supported the solid result.

On the transformational projects front, we have also made good progress on the final project components with Wave 3 and 4 of our SysMod project with the targeted completion on track, advancing to the end of this