I would like to advise all participants that this call is being recorded. I would now like to welcome Paddy Gregg, Chief Executive Officer, to begin the presentation. Paddy, over to you. Good morning, everybody, and welcome to the 2026 Full Year Results Call. I am Paddy Gregg, the CEO at Austal, and I am joined by our CFO, Christian Johnstone. We will be presenting the same format as usual. I will give the business overview and context, while Christian focuses on the financial details. Then I will finish with the outlook as I see it. As always, we plan to present for no more than 30 minutes to allow plenty of time for questions. FY 2026 has been a year of significant strategic achievements for Austal, both in Australia and the U.S. In Australia, the execution of the Strategic Shipbuilding Agreement has delivered a record-breaking Austal Australasia order book with a AUD 5+ billion, 12-year build program for the Landing Craft Medium and Landing Craft Heavy. Plus, the General-Purpose Frigate is very real, valuable, and compelling future opportunity. Ou r Australian operations have delivered a record result with EBIT more than doubling to AUD 85 million, demonstrating the strength of our defense and commercial programs. As we announced two weeks ago, the group EBIT result was shaped by an accounting adjustment at Austal USA. While our request for accelerated contractual relief was not agreed by the U.S. Department of War at this stage, notwithstanding prior constructive engagement, we have proactively commenced the longer formal process to recover value on these contracts. Our position is supported by documented factual and contractual records that give us confidence in that outcome. We took this change of approach to ensure maximum transparency and to actively facilitate Hanwha's due diligence on Austal USA. The receipt of an indicative, non-binding and conditional proposal from Hanwha Defense USA, to acquire Austal USA, was a major development this year. Austal is determined that it merits further evaluation, and we have approved Hanwha to undertake some due diligence to strengthen the certainty of any proposal. We are really pleased to see the revenue and employee numbers in both businesses are growing in line with the order book as programs come online. The outlook in Austal Australasia is truly exciting. A combination of a profitable and high-growth Austal Australasia and potential proceeds from the sale of Austal USA, will be carefully assessed as to whether that outcome provides the best value for shareholders, but it is certainly looking very interesting. For those of you who are looking at the presentation that we have uploaded, Austal at a glance. We have a couple of slides covering key facts. It is a summary overview of the business for anyone who does not know Austal. Revenue has grown beyond AUD 2 billion for only the second time in the company's history, a milestone that reflects the accelerating momentum across our operations. As many of you know, we operate five shipyards in four countries, five aid service centers, giving us the opportunity to design, build, and service ships and submarine modules. We also operate the United States Navy's Additive Manufacturing Center of Excellence in Danville. What does that order book look like in ships? We have about 75 ships under construction or scheduled, with approximately 64 under sustainment contracts. We can build in steel, we can build in aluminum, we can build ships, we can build submarine modules for both defense and commercial customers. Our major customers include the United States Navy, the United States Coast Guard, Royal Australian Navy, Australian Border Force, and many commercial passenger ferry operators around the world. Importantly, we've continued to build the order book in Australia, which now stands at a record high, a testament to the confidence our government partners place in Austal's capabilities. With orders for some 32 ships in Australian, delivered six this year. Employee headcount globally is growing daily to make sure we service these contracts like the sub-modules in the U.S. with the opening of the module manufacturing facility, and then the Strategic Shipbuilding Agreement in Australia for the Landing Craft Medium and Landing Craft Heavy contracts. The vast majority of our work is in the defense sector, and that will continue to grow relative to commercial. We'll also see more balance between the U.S. and Australian operations as the Australian shipbuilding revenue will more than double over the next five years. If we look at the FY 2026 overview, turning to the financial highlights, I'm pleased to report these are presented with no qualification from our auditors that we had at half year. I talked about the record revenue of over AUD 2 billion, is an 11% increase year on year. As I said, it's just the second time that we've surpassed that AUD 2 billion mark. Really driven by a successful ramp-up in shipbuilding programs both in the U.S. and Australasia, including meaningful progress on new defense contracts awarded under the Strategic Shipbuilding Agreement here in Australia. EBIT was finalized at a loss of AUD 125 million as part of Austal USA's year-end closing adjustments, resolving the half-year audit qualification in the process. As previously advised, the FY 2026 result was largely driven by a one-time accounting adjustment in the U.S. programs, relating to contracts like T-ATS, AFDM and LCU. The adjustment reflects a conservative and prudent accounting approach to contractual claims, and Austal is actively advancing its formal recovery process with the U.S. Department of War. This EBIT position was partly counterbalanced by a record EBIT of AUD 85 million in Australasia. Up 49% on the prior year. It's important to touch on that figure. Previously, our record EBIT in Australasia was AUD 36 million, set last year. This year's EBIT is 137% higher than the prior year on a powerful signal of the extraordinary growth trajectory ahead for the Australian business. We had an outstanding year for orders in Australia. The 18 Landing Craft Medium vessels at AUD 1 billion, the eight Landing Craft Heavy vessels at AUD 4 billion. We also signed four Evolved Capes this year. The signing of multiple Capes is big news, and I think it has just got lost in the size and scale of the Landing Craft, but excellent. We see the aluminum program continuing for Australian Border Force. I was also in Japan a few weeks ago with the Commonwealth to commence the contract discussions with Mitsubishi Heavy Industries on the Mogami, the General-Purpose Frigate for Australia. As you know, that will see the first three vessels built in Japan with eight here in Henderson. Last week, it was fantastic to host the Deputy Prime Minister following his announcement on the defense precinct and see that coming to life in line with the requirements for Landing Craft Heavy and then moving on into Mogami. This is all about creating long-term value for shareholders. The order book at AUD 16.5 billion secures revenue for years to come. It has grown significantly in Australia following the signing of the Strategic Shipbuilding Agreement and the award of Landing Craft Medium and Landing Craft Heavy. The subs module production in the U.S. is expanding with MMF3 coming online. The commercial yards have got a solid order book and future potential for growth, particularly in the low emission space. Cash was always projected to be lower than the half year due to the value creating capital investments to increase capability and capacity for future growth. Both the submarine module manufacturing facility and the final assembly sets for large steel ships are fully funded and in construction to support future growth. You can see a progress photo of MMF3 in the investor pack, and achieving stage one opening in May ahead of schedule was a really fantastic achievement for our team in the U.S. We started using this facility almost immediately with modules being moved in and starting construction in there in July. The full facility should be completed by the end of the calendar year and is going to support over 1,000 jobs. We have already got about 500 people trained and working on sub-modules today. We put a new slide in the pack this year around the Austal Australasia business. Really based on the significant growth that we are seeing, the signing of the Strategic Shipbuilding Agreement. We really wanted to highlight the capabilities we have. How strong the performance improvement over recent years has been. There is a very exciting growth trajectory based on orders that we have placed, and the EBIT that is going to come with it. I really look at years of revenue and EBIT growth coming on those contracts, which is incredibly exciting for the Australian business. With that, I will hand over to Christian, and he will talk a little bit more in detail about the financial highlights of this year's results. Thank you, Paddy. It's my pleasure to present Austal's FY 2026 performance highlights. As Paddy mentioned, FY 2026 has been a significant year for the group, marked by strong revenue growth, substantial strategic progress and outstanding performance across our Australasian operations. Before I move into the details, the key message is that Austal delivered double-digit revenue growth of 11.3%, with revenue exceeding AUD 2 billion. While ongoing discussions with our key U.S. customers regarding contract alignment and recovery of additional scope have impacted reported earnings for the period, the underlying operational performance of the business, particularly within Australasia, has been exceptionally strong. Delivery performance remains at the core of Austal's success and reflects the dedication and expertise of our employees across the group. Their commitment enabled the delivery of ships, submarine modules, sustainment activities and additive manufacturing solutions to an expanding customer base around the world. Our balance sheet remains robust and continues to support significant investment in U.S. shipbuilding infrastructure. Importantly, we have maintained a strong cash position, providing the financial flexibility to execute on our substantial backlog and capture future growth opportunities. Turning to slide eight, group revenue increased 11.3% to over AUD 2 billion, reflecting strong growth across the majority of our business segments and continued execution of our strategic priorities. U.S. shipbuilding revenue increased 3.9%, driven by higher activity on the OPC T-ATS and submarine programs, more than offsetting the completion of the LCS and EPF programs. U.S. support revenue decreased 16.5%, reflecting changes in the operational deployment profile of the LCS fleet. Despite the lower revenue contribution, the business remained focused on supporting customer requirements and maintaining strong operational performance. Australasia Shipbuilding delivered another outstanding year, with revenue increasing almost 80%. This growth was driven by Austal's appointment as Western Australia's strategic sovereign shipbuilder. Progress on the Landing Craft Medium and Landing Craft Heavy programs, completion of the Guardian-class program, ongoing work on the Cape program, and strong contributions from our shipbuilding operations in the Philippines and Vietnam. Australasia Support continued its positive growth trajectory, increasing revenue by 7.3%, supported by an expanding sustainment footprint and increased servicing requirements across a growing fleet base. Turning to EBIT performance, FY 2026 reflects both the strength of our operating businesses, and the impact of unresolved contract matters within the U.S. shipbuilding segment. The standout performers were our Australasian operations, with Australasia Shipbuilding increasing EBIT by more than 130%, and Australasia Support increasing EBIT by over 140% year-on-year. Australasia Shipbuilding benefited from strong execution on the landing craft programs and increased activity across commercial shipbuilding operations in the Philippines and Vietnam. Australasia Support delivered substantial earnings growth through improved operational efficiency, disciplined project execution, and increased sustainment activity across both patrol boat and commercial fleet contracts. The year-on-year performance across Australasia was particularly encouraging, with EBIT margins improving by 288 basis points in shipbuilding to 12.4% and 818 basis points in support to 14.7%, demonstrating both scale benefits and strong operational execution. In U.S. shipbuilding, revenue growth continued during the year. However, the delay in finalizing contract restructuring arrangements impacted reported earnings for the segment. The U.S. support business delivered another solid result, generating EBIT of AUD 22.2 million and maintaining a healthy margin of 9.2%. Looking at the geographical mix of the group, the continued growth of Australasia is evident, with the region now contributing 32% of group revenue, highlighting the increasing diversification and strength of the overall business. The group's balance sheet reflects the strategic investment made to support long-term growth, particularly within our U.S. operations. During the year, property, plant, and equipment increased by approximately AUD 270 million as we expanded our shipbuilding infrastructure and capability. Importantly, Austal finished the year with a strong cash balance of AUD 312 million, providing significant liquidity and positioning the group to continue executing its capital investment program while supporting future operational growth. FY 2026 represented a significant year of investment, with more than AUD 320 million deployed into U.S. infrastructure projects that will underpin future capacity and capability. Pleasingly, the group generated positive operating cash flow of AUD 62 million, demonstrating the underlying cash-generating strength of the business. I'll now hand back to Paddy. Thanks, Christian. Strategic outlook from me before we open for questions. 2027 for us is all about a commitment to return the business to profitability. We've got some contractual positions we need to work through in the U.S., but, as Christian's outlined, all other areas in the United States are performing really well, and both the U.S. and Australia are supported by a really robust order book and outlook. The Australian business has never been better positioned. Long-term order book, a landmark Strategic Shipbuilding Agreement that will provide decades of stability, growth, and value creation. Excuse me. Increasing defense expenditure in Austal's primary markets being driven by heightened global security demand. It's generating powerful and sustained tailwind for Austal's core defense client base. Austal is really well-positioned to capitalize on these dynamics through its diversified program base, strong order book, and ongoing investment in capability. The impressive order book at AUD 16.5 billion continues to grow with the signing of the Strategic Shipbuilding Agreement and subsequent Landing Craft Medium and Landing Craft Heavy contracts. This delivers greater contract diversity and deepening the operational base of our business. When I think about revenue and earnings, the Austal Australasia business performance is ahead of expectations, with continued growth expected into the medium and long-term outlook based on that order book full of government contracts. Our USA focus is absolutely on return to profitability and shipbuilding contracts. We're actively seeking to resolve those contractual matters. As previously announced, the Austal board and its advisors have carefully assessed the Hanwha conditional non-binding indicative proposal to acquire Austal USA and have determined that it absolutely merits further evaluation. We've approved Hanwha to undertake due diligence, which is very proactively happening at the minute as we work with them. We're making significant and targeted capital investment in facilities to drive growth in both the U.S. and Australia, including contractually covered investment in the Common User Facility here in Henderson for Landing Craft Heavy, alongside government investment in the broader Henderson Defence Precinct. As I said, fantastic to have the Deputy Prime Minister here last week making those announcements. On a look forward, we possess the order book, the capability, and momentum to significantly grow revenue and earnings for years to come. Another very exciting time for Austal. Thank you for listening, and we will now open up for questions. Thank you, Paddy. As mentioned, we will now begin the Q&A session. For those listening by phone and would like to ask a question, please press star followed by one on your telephone keypad to raise your hand and join the queue. To withdraw your question, simply press star one again. When called upon, please use your handset, ensure your line is unmuted, and be ready to ask your question. Today, we kindly ask that you limit your questions to one and one follow-up per person. Again, that is star one to raise your hand and join the queue. Your first question is from the line of Sam Teeger at Citi. Please go ahead. Hi, Paddy. Hi, Christian. Good morning. Morning, Sam. Morning. Can you please walk us through the timing of Hanwha's approach and the FY 2026 onerous contract provisions? Specifically, when was Hanwha first made aware of the issues that led to the write-downs, and were these matters reflected in the information available to Hanwha when it submitted its initial proposal? Thank you. Thanks, Sam. Hanwha have been around for quite a long time. We have had discussions with them probably some years ago that were public around an overall company transaction. Getting to your point, we have been working very closely with them and we have shared information with them. Part of that announcement about us cleansing the market on all contractual positions and their intentions was just trying to be as transparent as possible. Yeah, in short, Hanwha are well aware of all our contractual positions and have been taken through those in the U.S. Right. Just checking, they were across everything prior to them putting in the bid? Correct. Thank you. Your next question comes from the line of Mitch Sonogan of Macquarie. Please go ahead. Good morning, Paddy and Christian. Thanks for taking the questions. Paddy, maybe just over in the U.S. first, just on the onerous contracts. I think everyone's pretty aware of the issues across the T-ATS program and the REA process that went through there. Do you mind just providing a little bit more color on the OPC? Maybe any discussions that you've been having with Coast Guard, and maybe comparison versus involvement with the Department of War. Any color you can give on that program and how you see that being rectified will be great. Thank you. Yeah, sure. Coast Guard's slightly different position. They've had some challenges with previous shipyards, and they've been in contract for OPCs for many years and not taken delivery of any. Our conversations and negotiations with Coast Guard are really around putting certainty into that program and how do we accelerate the delivery of OPC vessels. Maybe not an REA process, but maybe a sort of contract restructure as we work with them to put some certainty into that program and try and accelerate the delivery of vessels for them. Yeah. Thank you. Just looking at the Austal Australasia segment, obviously, if a bid formalizes, then that's clearly going to be the key focus of growth. Just in terms of the Landing Craft Heavy, it's obviously the most material part of the order book. Can you just talk to maybe the risk profile of that program? Is it any different given that the design's actually already a proven design from Damen? Just trying to understand how that plays out and how investors should think about the risk profile of that going forward. Thanks, guys. Thanks, Mitch. Yeah, great question. I think there's less risk rather than more risk on that program because it is an existing design and the vessel has been built. We've worked very closely with Damen around support for that design, as-built drawings, jigs and fixtures. Things that we would normally have to go and develop have already been developed. As part of that contract, they're happy to support us with people as well. People who've actually been through the design, the build, the commissioning. At the relevant points in that program, we will be able to second them into Austal. Damen, great company. We've worked with them a lot over the years, built some of their designs. There's a really good relationship there and I see reduced risk based on the fact it's a complete design and we've got a great working relationship with them. Your next question comes from the line of David Fraser of MST. Please go ahead. Morning, gents. Can you hear me okay? Yeah, loud and clear, David. Morning, Paddy. Morning, Christian. Morning. Just, we've touched on Hanwha a couple of times. Your gut feel on, I guess, how certain this deal will proceed? Yeah. Good question. I'll have to speculate but let me talk you through what I know. Hanwha have been interested for a very long time and have not gone away. They are absolutely in due diligence and taking things very seriously. They have assembled an A team with relevant consultants from each area. They're throwing resources at this. That costs money. It feels like there is support in the U.S. from senior people in the Department of War based on what we're reading and the fact that this is public. They're a very credible shipbuilder. They're very different to a private equity approach. They know exactly what they're looking at. They see our very modern facilities with a big order book and perhaps some of the efficiencies they can bring as a win for Austal shareholders, a win for war fighters in the U.S., a win for the United States. We take them very seriously, as we've opened up for due diligence, and we've all gone public on this. There's great momentum behind it and a desire to do the right deal for everybody. Great. Okay. I'm on the basis that I think this deal will go ahead. You're going to be an Australasian-focused business. Clearly, you've got a great order book. The infrastructure effectively is going to be funded by the feds for the medium and heavies. Looking a wee bit further out, if you are successful in participating in the GPFs and the LOSVs, how do you think about how you could potentially defund the infrastructure required to get those contracts and those programs running? Yeah. It is really interesting, and that's a good line of thinking. If the sale of the U.S. business did go through and we had access to significant cash funds, investing that in our own shipyard and own facilities, with the very long dated order book, may be something that's incredibly attractive to us. Yeah, having those funds available at a time whenever there's significant growth in Australasia would be very helpful indeed. I know I'm glad too, but this is part of the previous question. Given that you talk about assigning of the GPFs in, I think it's 2029, you've got a lot of cash potentially sitting on your balance sheet for a long time. How are you going to think about that? Give it back and then use it if you need it or what? Well, we'd have to commence reasonably quickly to build the facilities. That would take some time. We're talking about hundreds of millions of dollars of investment to create the shipyard of the future that's ready for Mogami. I don't think there'd be a huge pool of funds that just sit there doing nothing. We'd want to try and deploy that as soon as possible, if we were able to, into shipbuilding. If it's not facilities, we'd do what we normally do. We'd consider other opportunities for growth, we'd consider working capital needs, and then we'd consider potential for tax-efficient ways to make returns to shareholders. Great. Thanks, guys. Your next question is from the line of Patrick Moore of KMP Super. Your line is open. Good morning. In the director's report on page three, you make the comment, or the comments made by the Chairman, that if the deal doesn't go ahead, that with the owner's contracts on the business, you have to carefully manage the negotiations. First of all, what does he mean by carefully managing? Secondly, is there possibility of a further deterioration in those amounts? Thank you. Yeah. I will take the second question first. We've provided our best estimate of everything, that we will see these contracts through to completion as we are required to by the accounting standards. We are not anticipating any further deterioration. I think careful negotiation in so much as, it's a somewhat unusual situation that we have some contractual challenges at the same time as Hanwha are trying to do due diligence. I think what Richard means is it's not quite as straightforward as if everything was rosy on the contracts. It would be much easier to evaluate positions. I think that's what he means in his remarks. Okay. Thank you. Are there any other contracts which may be subject to the same set of problems? Not to our knowledge. We would have to declare those if we saw any problems. Thank you for that. Thank you very much. Thanks. A reminder before we get to the next few questions. If you would like to join the queue, to press star one on your telephone keypad to raise your hand and join the queue. You have a follow-up question from Sam Teeger at Citi. Please go ahead. Yeah. Hi again. There is some talk that Hanwha is a done deal, but what would be the strategic arguments for saying no and retaining the U.S. business? I think it would be shareholder value is the primary view that the board would take on any binding offer that Hanwha make. We'll work with them and give them access to all the information they need to make a firm proposal, and we'll assess that in the interest of shareholders. Okay. Yeah, that's clear. The Australian order book has grown from AUD 0.7 billion to AUD 5.6 billion in a year, and historically, shipbuilders often struggle when backlog growth exceeds organizational growth. What evidence can you point to that suggests the organizational capability has expanded as quickly as the backlog here? Yeah, good question. We see it as a growth trajectory, really. We had the ramping down of the Guardian-class patrol boats, and then we see the Landing Craft Medium contract ramping up. Landing Craft Medium is probably less complex than the Guardians that the team were building. I don't anticipate a huge challenge there. The Cape-class boats continue. We've built a lot of those, and we know them very well. It's our design. It's a very mature design. That sort of gives us time as the Landing Craft Heavy ramps up. Again, a Landing Craft Heavy is a big ship, but not necessarily hugely complex. It doesn't come with weapon systems or combat systems that are the trickier bits of these ships to build and commission. We see it progressing over the next four or five years. The way the programs were bid and worked with the government, it was around steady growth rather than a big step growth. We will need to recruit people over three years rather than we need 1,000 people tomorrow. We've tried to be as sensible as possible whenever we've worked with the customer to align these programs in terms of programs coming off and programs coming on to make sure that there's a steady growth of people and capability in the business. Right. Then as these programs ramp up in Australia, what do you see as the biggest risk to maintaining margins? Is it labor, productivity, procurement, inflation, the terms of the programs, or something else? Yeah. No, probably a little bit of all of that, but certainly getting the people and making sure they are all trained up will be a challenge. We will do it the same way we have always done it, in so much as we are big believers in bringing people in at the bottom, training them up, whether that is graduates, apprentices. Then we know that they are specifically trained in shipbuilding. They come with our culture from day one, and then promoting from within gives people an opportunity to advance their careers. I think the other key feature is the government have done a fantastic job with continuous naval shipbuilding. For the first time, we can offer people a career. Whereas in the past, we have been successful in winning work every year or two to make sure that there is continuity of employment. We can genuinely look there today and say, "We see 20 or 25 years of continuous work in front of us." Bringing people in with that employment proposition is, we have never had a better employment proposition. That is why I think we will be able to attract the people, retain them, train them, and give them some really exciting work opportunities. How many people are you at now, and how many will you be at or you need to have in three years? We are just over 900 now, and I think we will need another 1,000 people over the next three or four years. Okay. Excellent. Thank you. This concludes our Q&A session for today. I would like to turn the call back over to Paddy for closing remarks. I would just like to thank everybody for their participation today. We have uploaded all the material online, so you can have access to it. Thanks for listening, and thanks for the questions. This concludes today's conference call. Thank you all for joining us. You may now disconnect.