Mark, what's it like every year to uncover the economic engine of of this country and continue to remind our friends of dairy's impact.

Thanks, Sarah.

Yeah, no, we do.

We tend to come in with these pretty good stats every quarter almost, it seems now, in terms of good solid milk prices and dairy production going up and farmers producing more milk and we're getting good export revenue.

What this analysis does, looking back over the last four years of trade stats and some economic stats, is it's looking at that wider contribution from what's coming to the dairy farm going into the wider economy.

So the concept of, you know, it's $28.8 billion of export revenue earned by the dairy sector in the year ended December 2025.

That's a significant contribution to our economy.

If the economy is going to improve in the statistics that we're seeing in the news, how much will that have an effect in real time on the dollar lifting and therefore offsetting any growth we will see from global shortages?

Does this have a, like you look at Southland or the West Coast, does it run the risk of having a bit of a Nokia feel about it? In other words, they're so reliant it could go wrong?

No, I think it's a positive story.

Those numbers for those key regions you mentioned are really impressive.

But I think what the report demonstrates is a lot of that dairy growth comes right across the country.

So dairy is distributed across New Zealand and you can see the importance of dairy into those regions.

Key rural economies, but even some of the more, not the large metropolitan areas so much, but the larger economies like Waikato and Canterbury, dairy is still making significant contributions into those regional GDPs as well.

Is there a similar story globally? Is somebody going to get a lot of cows, start milking them, and the demand that's driving this ends?

No, I don't see that.

Like you look at Southland or the West Coast, does it run the risk of having a bit of a Nokia feel about it? In other words, they're so reliant it could go wrong?

No, I think it's, it's a positive story.

We- I mean, those, those numbers for those key regions you mentioned are, are really impressive.

But I think what the report demonstrates is a lot of that dairy growth comes right across the country.

So, uh, dairy is distributed across New Zealand, and, uh, you can see the importance of dairy into those key rural economies.

But even some of the more, um, not the, the large metropolitan areas so much, but the larger economies like Waikato and Canterbury-

Is there a similar story globally? Is somebody gonna get a lot of cows, start milking them, and the demand that's driving this ends?

No, I don't see that.

So from your standpoint, who are those patients? Like who are the patients that you would say, you live in Tulsa, you live in Northwest Arkansas, you live in Wichita, and you would really benefit from? I would encourage you to think about traveling to get proton therapy.

Traditionalist, I think, is – I think almost everybody agrees that the pediatric – cases at least need to be considered almost uniformly, considered, have a review or have somebody look at it and say yes or no and consider that as a resource.

I personally still think the head and neck data is incredibly strong.

There are two trials.

There's one in the U.S. that showed an improvement in overall survival.

There's one that was done in the U.K. to where they took a six month metric and decided that it showed, in their words, no benefit.

But if you look at it from a patient standpoint, it helped patients to swallow better.

We're going Mark the mentor.

Can you just sort of run us through the numbers a little bit, give us a sense of the profile?

Well, overall we've had, um, there was a strong production season across, um, across the board last year.

So most regions in New Zealand increased dairy production, but it was led by, by Southland and, and Otago, so dairy production was up around 7% in that area.

Overall, um, we surpassed the, the two billion, uh, the two billion threshold, as you, as you referred to.

So our production's at about 2.03 billion kg, um, of milk solid.

Um, that's up 4.5% on the previous season, which was again up on the p- on the season before that.

So across the board in New Zealand, production's been going pretty well.

I mean, is it gonna show up there in, in cashflow, or I think, or you think in some of the processor margins? Where will we get the sort of first indication of how things are?

Did I see that correctly or on average?

Yeah, on average, we publish this on a couple of scenarios depending on where we sort of see things starting to return to normal in the Strait of Hormuz specifically in terms of when we expect to see those... that freight return to normal patterns.

In our expected scenario, we're looking at overall a rise in farm working expenses as increasing up to $6.19.

So it's a 10% increase on the season gone.

That's largely been driven by fertiliser.

And that has been expected expenses in terms of the farm budget will forecast to be up 41% this year.

On last year, feed is up 10%.

Is that a sense that Dairy NZ is getting or that they're understanding, they're very realistic?

Did I see that correctly or on average?

Yeah, on average, we published this on a couple of scenarios depending on where we sort of see things starting to return to normal in the Strait of Hormuz specifically in terms of when we expect to see those increases that freight return to normal patterns.

In our expected scenario, we're looking at overall a rise in farm working expenses as increasing up to $6.19.

So it's a 10% increase on the season gone.

That's largely been driven by fertiliser.

And that has been expected expenses in terms of the farm budget will forecast to be up 41% this year.

On last year, feed is up 10%.

Is that, is that a sense that Darien Z is getting or that, that they're understanding they're very realistic.