Ann: FY24 Results Investor Presentation, page-16

Hi Alexis. It’s not a criticism, just trying to test how robust their narrative is by their own numbers. I think the reason it’s useful to look at it half-on-half is because the EBITDA has been quite lumpy; there’s a number of times they could point to half-on-half improvement (and therefore make the case that things are trending the right way), only for the next half to disappoint to the downside again. Investors have been very patient with KQ, I think.

Is this the first time they’ve predicted positive EBITDA in the coming FY or have they done this before?