Brambles Limited (BXB) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.080 Good morning everyone and welcome to Bramble's full year results presentation for FY25. 00:00:05.080 -- 00:00:06.502 I'll 00:00:06.502 -- 00:00:10.148 begin our presentation today with an overview of our results for the financial year, 00:00:10.148 -- 00:00:13.835 including key highlights and achievements. 00:00:13.835 -- 00:00:17.902 I'll then give an overview of the operating environment before sharing an update on our 00:00:17.902 -- 00:00:23.386 transformation programme, including progress with Serialisation Plus. 00:00:23.386 -- 00:00:28.475 Finally, I'll cover our FY26 outlook before passing to Joaquin to take us through a detailed 00:00:28.475 -- 00:00:31.697 review of our financial performance. 00:00:31.760 -- 00:00:37.550 Starting with our FY25 highlights, we have again delivered a strong set of results, 00:00:37.550 -- 00:00:42.318 with our financial performance highlighting operating leverage and a step change in cash 00:00:42.318 -- 00:00:44.395 flow generation. 00:00:44.395 -- 00:00:49.762 For the full year, we achieved sales revenue growth of 3%, with a 10% increase 00:00:49.762 -- 00:00:55.069 in underlying profit and exceeded $1 billion in free cash flow before dividends 00:00:55.069 -- 00:00:57.630 for the first time. 00:00:58.093 -- 00:01:03.981 Our sales revenue comprised a mix of cost-to-serve recovery and a return-to-volume growth, 00:01:03.981 -- 00:01:09.408 where momentum in net new business wins helped offset lower like-for-like volumes 00:01:09.408 -- 00:01:13.150 as consumer demand remains subdued. 00:01:13.741 -- 00:01:18.769 Meanwhile, our underlying profit continues to benefit from asset efficiency and supply 00:01:18.769 -- 00:01:23.617 chain initiatives and ongoing discipline around overhead costs. 0...