Thank you for standing by, and welcome to the Dalrymple Bay Infrastructure Limited First Half 2024 Investor Call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Michael Riches, CEO. Please go ahead. Thank you very much, and good afternoon, everyone, and welcome to Dalrymple Bay Infrastructure's results for the half year ended thirty June 2024. I'm Michael Riches, CEO, and with me today is Stephanie Commons, our CFO. Today, we'll be providing an update on our financial performance for the half year, detailing our organic growth opportunities, as well as providing an update on our strategic priorities and opportunities going forward. Starting on Slide three, and most of you on the call today will be very familiar with DBI, but just to highlight the core pillars of our business. DBT is the largest metallurgical coal shipping terminal in the world, accounting for approximately 13% of seaborne trade in met coal. We have a fully contracted take-or-pay volume of 84.2 million tonnes per annum. Our port services 20 mines in the Bowen Basin, and 81% of our revenue is from predominantly metallurgical coal mines. If you like to go to Slide 5, which sets out an overview of our first half performance. We continue to grow both our financial performance and distributions to shareholders when comparing our results to the same period last year. EBITDA rose 8.6% to AUD 135.5 million, and our funds from operations increased to AUD 74 million. We delivered an increase on our Terminal Infrastructure Charge to AUD 3.59 per tonne, a lift of 4.2%. We continued to invest back into the growth of our business with approximately AUD 395 million of capital projects underway via our NECAP program. We generate a return of and on our NECAP investment, which will be seen by a higher Terminal Infrastructure Charge in future years. The strong financial performance resulted in AUD 0.1075 per share being returned to security holders during the half year, in line with our guidance. Our distribution for the TIC year, ended 30 June 2024, totaled AUD 0.215 per security, representing a yield of over 7.2% based on the share price at 30 June 2024. Our operational highlights are set out on Slide 6. As a reminder, our export capacity is fully contracted under 100% take-or-pay contracts, so there is no volume risk in our business. Safety continues to be of paramount importance at DBI. The ongoing development of our safety culture is particularly focused on preventing serious safety incidents, both physical and psychosocial. Total exports for the half year totaled 29.9 million tonnes of predominantly metallurgical coal. The key export destinations serviced by the terminal included Japan, South Korea, India, Taiwan, and China, accounting for almost 71% of total exports. Slide eight sets out key aspects of our Terminal Infrastructure Charge. As we announced in May this year, our TIC for the twelve months from 1 July 2024 to 30 June 2025 increased by 4.2% to AUD 3.59 per tonne. Under the ten-year pricing agreement secured with our customers under the light-handed regulatory regime, the TIC is adjusted each year and comprises the following elements: The base TIC that is indexed annually in line with the Australian All Groups Consumer Price Index, a non-expansionary capital expenditure charge that reflects a return on and a return of the invested capital into our NECAP projects, and the Queensland Competition Authority fees, which are a pass-through of those costs. The inflation-adjusted TIC, coupled with our continued investment in significant NECAP projects, delivers the stable and predictable growing stream of cash flows. On Slide nine, which evidence the stable and growing revenue profile, which is derived from our TIC revenue. General Infrastructure Charge, levied under our access agreements, is key to that financial performance and cash flow. As mentioned, all of our contracts are on a 100% take-or-pay basis, and there is a 100% pass-through of operating and maintenance costs. Further, 100% of our terminal's capacity remains fully contracted to June 2028, with evergreen renewal options in favor of our customers. The chart on this slide illustrates the positive impact, having long-term locked-in pricing, adjusted for inflation, as shown on our base Terminal Infrastructure Charge, and how our investment in NECAP will lead to future revenue growth. While we will continue to focus on driving improvements across the business, DBI and my management team are now focused on advancing other strategies to create long-term total security holder value. On slide 10, you'll see that our growth in revenue leads to growth in distributions. Today, we announced our Q2 2024 distribution of 5.375 cents per security, in line with previous guidance. The distribution will be a combination of a fully franked dividend and part principal repayment of the stapled loan notes. Guidance for the twelve months, commencing 1 July 2024, is for a distribution of AUD 0.225 per security, which represents a 4.65% uplift on the TIC year, 2023-2024. Our distributions are funded across a predictable cash flow stream, as I mentioned, as well as our distribution policy, where distributions are guided by a payout of between 60%-80% of FFO and target DPS growth of 3%-7% per annum, subject to business developments and market conditions. I'll now hand over to Stephanie to talk through our financial results in more detail. Thanks, Michael, and good afternoon, everyone. Turning now to slide 12, which shows our profit and loss for the half year. For H1 2024, DBI recorded net profit after tax of AUD 36.8 million, which is up 8.2% on the prior comparative period. The Terminal Infrastructure Charge applicable during the first half of this year was AUD 3.44 per tonne, which compares to the TIC being charged during the prior half year in 2023, of AUD 3.18 per tonne, which is an increase of 8.4%. As a reminder, handling costs, as shown in our P&L, represent the amount invoiced to DBI by the third-party operator at the terminal, noting that that operator is owned by a subset of our terminal users. Handling costs represent the operating and maintenance costs at the terminal, and these costs are fully recharged back to the users of the terminal, as can be seen in the matching handling revenue line. Accordingly, these costs have no impact on DBI's EBITDA. Net finance costs were up compared to the same period last year, due to a combination of higher rates on our floating rate debt and the carrying costs of the 2023 USPP issue, with those funds invested on term deposit, pending repayment of another tranche of maturing USPP notes in September of this year. Turning now to slide 13, our cash flow statement. Both EBITDA and FFO are up on the prior period, with funds from operations of AUD 73.9 million, up 4.2% on first half of 2023. The capital expenditure represents the spend on both the annual series of a variety of NECAP projects, as well as the spend on our major NECAP projects, such as the Shiploader SL1A project and the Reclaimer RL4 project. Progress on both these major projects has contributed to the increase in capital expenditure during the first half. As a reminder, this CapEx is growth CapEx for DBI, as we earn a return on and a return of all the CapEx that we invest back into the terminal. DBI had over AUD 300 million on term deposit during the first half of 2024. Under accounting rules, where these amounts are on deposit for over three months, we classify those as a financial asset, and if the funds are then on term deposit for less than three months, we show them as cash and cash equivalents. So the amount that we record in our cash flow as cash withdrawn from term deposits merely represents the term deposits maturing and being placed on a shorter term in preparation for this upcoming USPP maturity in about three weeks. Moving now to slide 14, our balance sheet. Safe to say, DBI maintains an investment-grade balance sheet, and we've got sufficient headroom in all of our bank facilities, sufficient to fund this substantial NECAP program that we have in our pipeline. As mentioned, we have USPP notes due for repayment, and these are therefore included as current borrowings. The AUD equivalent amount we are required to pay is AUD 299 million. This is the amount to be repaid under the cross-currency swaps we took out back in 2012, when these notes were first issued. Under accounting rules, however, we are required to report borrowings inclusive of fair value adjustments. I refer you to the appendix at the back of this presentation, where we have provided a reconciliation between what we statutory report as our borrowings and what the AUD equivalent of our drawn debt is. Moving on to slide 15, which is our debt program. We continue to maintain our investment grade ratings with both S&P and Fitch, who both reaffirmed their ratings in Q1 of this year, at triple B and triple B minus, respectively, and both ratings remain stable. As at 30 June 2024, DBI had the AUD equivalent of AUD 2.67 billion of total limits, of which AUD 2.16 billion was drawn, and that includes the close to AUD 300 million, which is due for maturity in about three weeks. After taking into account term deposits of AUD 330 million and other cash of AUD 122 million, DBI's net debt position at 30 June was AUD 1.7 billion. And again, I refer you to the appendix for a reconciliation of net debt and our statutory report. The weighted average tenor of our debt book is 7.2 years, which reflects the strategy of seeking longer tenor debt in the refinancings that we've been undertaking since listing. DBI manages interest rate risk via a mix of fixed rate debt issuance and interest rate swaps, and we are continuing to implement a longer-term hedging strategy to align with the move to light-handed regulation. I'll now hand back to Michael to continue on with the presentation. Thanks very much, Steph, so if I can draw your attention to slide 17, we'll talk through some of DBI's growth initiatives and how we are thinking about leveraging our core competitive advantages to drive further shareholder returns. As we focus on generating total security holder value, we will naturally explore opportunities to grow our business in alignment with our current risk profile. Our competitive advantages will be key guides in the opportunities we consider. On the slide, you will see five of those key competitive advantage set out. Firstly, our regulatory expertise, where we have demonstrated an ability to navigate complex regulatory situations to deliver substantial value. Secondly, our capital deployment capability, demonstrated through a strong track record of successful execution of multiple major projects. Our operational expertise, where through our substantial oversight of terminal operations, we have been able to create positive operational benefits, particularly where the balancing of the interests of multiple stakeholders in the supply chain is required. Our funding capacity, we've demonstrated successful execution of numerous debt programs, which has created access to multiple debt capital funding sources. And finally, our key relationships, which have been developed with customers and key stakeholders over many years, allowing constructive and positive negotiations that have delivered win-win outcomes. Applying those skills and capabilities to enhance and/or unlock the value in other businesses or assets, will be the lens through which we assess those opportunities. In doing so, we remain mindful of the key attributes of our existing business, and any opportunities pursued will take into account those factors. Turning to slide 18 and beyond, we'll talk about some of the existing organic growth opportunities that sit within the business. Firstly, generally on our NECAP program, it has been, and will continue to be, a source of organic growth and uplift in our Terminal Infrastructure Charge. We have approximately AUD 395 million of NECAP projects currently underway, which will be progressively completed over the next two to three years. The NECAP program will be funded by debt and internal cash flows. DBI has delivered over AUD 400 million of NECAP programs since 2008, underscoring our capital allocation, operational, and relationship management capabilities. The investment we make in NECAP will see an uplift in future TIC, growing our revenue and cash flow base. Specifically, one of our key NECAP projects is the Shiploader 1 replacement, and I would like to walk you through an example of how that actually takes place. So Shiploader 1 is 41 years old. Due to operational requirements, it is being replaced with a new shiploader. That project is being undertaken using a design-bid-build execution model. Project commenced in April 2023, with commissioning and existing machine removal anticipated to be completed by Q4 2026. Cost of the project is estimated at AUD 165 million at P95 confidence level, including escalation and excluding interest during construction. The project received unanimous user support, and therefore will be deemed prudent, and 100% of actual expenditure, including interest during construction, will be added to the NECAP asset base. Project will be debt-funded at approximately 75% gearing. There is exceptionally good progress on the SL1A replacement project, and we anticipate it contributing to our TIC from July 2027. A further organic growth opportunity exists with our 8 X project. DBT retains significant expansion optionality to accommodate metallurgical coal exports from the Bowen Basin. The 8 X project is expected to deliver up to 14.9 million tonnes per annum of additional capacity, with the option of delivering that capacity incrementally via a phased approach. We will continue to explore opportunities to optimize the utilization of capacity in parallel with the 8 X expansion. Ultimately, the provision of capacity in the most efficient manner available will deliver the best long-term outcomes for DBI and its customers. With over 30 million tonnes of demand in the DBT queue, we believe there is the potential for the 8 X project to progress. However, we will assess that, as I said, in combination with it looking at opportunities to consider the existing utilization of capacity at the terminal. The development of 8X will involve a cost per tonne of capacity that is more than previous expansions. DBI will therefore likely require, subject to the structure of financing, a TIC per tonne that is higher than the existing TIC. DBI is in active discussions with access seekers that underwrite the 8 X FEL 3 studies to determine the phasing, economics, and structure of an 8 X expansion if it were to proceed. We have secured all primary environmental approvals, and the QCA has ruled the costs of 8 X are to be socialized. Beyond the immediate organic growth opportunities, we are looking at new opportunities for the terminal. Beyond coal, the strategic location of DBT, as one of only five priority ports in Queensland, delivers optionality for us to explore. Dalrymple Bay is ideally positioned for the export of new energy products, given the Port of Hay Point's deep water nature, abundant nearby land to support development, proximity to high-quality renewable energy zones, as well as our continued proximity to Asian customers. DBI envisions a future where DBT could become a multi-user, multi-product terminal, shipping both coal and new energy products from a range of producers through upgraded infrastructure. Turning to slide 22, and DBI's external growth opportunities. Our competitive advantages frame the external growth opportunities that we assess to drive security holder value beyond DBT. We have a range of growth filters that guide what diversification opportunities we assess. These filters are not exhaustive nor exclusive, but act as a guide through which we consider opportunities. If an opportunity were to sit outside one or more of these filters, we still may look at that opportunity if the overall characteristics it provides is consistent with key DBI attributes. Those growth filters that guide diversification have the following elements: high barriers to entry with outsourced operations; assets which are in the fossil fuel supply chain with a transition plan, ideally; opportunities for organic growth and/or deployment of capital to existing assets to improve efficiency and customer outcomes; and a quality customer base. These filters are designed to result in growth in our business while enhancing the key attributes of DBI, being our long-term contracted revenue, our stable and predictable cash flow, strong credit, credit quality to support debt funding, and limited operational risk. We are incredibly conscious of the unique investment proposition of DBI at present, with our strong yield and low risk, and we will ensure that any growth opportunity that we assess will be against the backdrop of increasing shareholder value. Finally, if I can draw your attention to slide 24, which sets out some of the strategic priorities we have over the next 12 months. With our take-or-pay contracts and future earnings profile, DBI is well positioned to continue to deliver total shareholder returns. Our priorities over the next 12 months will include: delivering organic revenue growth through the implementation of the approved NECAP projects. Progressing opportunities to capture long-term Bowen Basin metallurgical coal production by our continued review of terminal capacity, including the optimization of existing capacity utilization and our economic assessments of the 8 X project. Identifying opportunities for diversification through acquisition of assets that have similar characteristics to the existing DBI business. We will retain our investment-grade credit rating and optimize our debt capital structure, both tenor, pricing, and diversity of source. We will continue to explore and assess opportunities for future alternative uses of the terminals, and we will deliver whole-of-terminal ESG and sustainability initiatives. Thank you for your attendance today, and I'll now hand back to the operator to take questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Anthony Moulder with Jefferies. Please go ahead. Hi, good afternoon, all. If I could start on the NECAP levels, please. Very helpful to see the NECAP balance, which I think was around that 77 million from the first of July, but that included that extra 21.8 million. So I guess the question is: How much of the additional four cents in the TIC relates to just that 21.8, and how much of it is from an annualized spend from 2023, please? The 21.8 only got added to the asset base at 1 July. The TIC for this year, I think, based on the NECAP projects, has gone up by about AUD 0.04 from last year, Anthony. Yes, most of that will have been attributable to the additional NECAP we've added. Right. Okay, so not a lot from last year. It's just purely on that 2022 equating for that AUD 0.04 that ticks up for- Yeah From next year. Okay. Can I just question for Steph, please, on the net finance costs. Yeah. You highlight the cost of that carry trade, or you- Yeah don't say what the cost of it was, but, that was in place for all of the first half of twenty-four, would... or was it in place for all- Yes ... the first half of 2024? And trying to get a sense as to what that cost was, and how much, 'cause that's expected to now reverse, once that's paid in a few, or three weeks' time or so. Is that fair? Yes, that's right, Anthony. So the USPP funding that we put in place, which we left as fixed rate, was. That all-in cost was about 8%, and then we had offset that really on term deposits, which were sitting at about, call it, 5.25% term deposits. So that's the sort of carry costs we had during the quarter, during the half year, and carry costs are coming up, yeah. And lastly, if I can ask about the long-term strategies to grow earnings. I guess, how far advanced are some of those? Is it likely that we'll hear of something of that in the next twelve months? I think there will be elements that we think could progress in the next twelve months. Obviously, they're subject to a variety of different contingencies. But yes, we would be hopeful that some opportunities progress within twelve months. Some will be longer term. That's useful. Thank you. And then lastly, if I could, the capital cost of the 8 X project has increased about 4% since December, since we last saw that cost. Yeah. Are you expecting construction costs are starting to plateau now, or are things getting tougher as far as keeping construction costs of large projects such as 8 X under control? So Anthony, what we did with that was it. The original cost that we had, that we reported back at December, had assumed start date of April 2024, which was probably not correct, so we've rolled that forward twelve months. So it's really just an indexation, just a CPI index. I think there's a footnote in there, but it's effectively a CPI indexation by twelve months. I think, look, going forward, Anthony, yeah. So there will be different, yeah. Yeah. Construction costs, very hard to predict, particularly, you know, regionally, because it's very labor dependent. But yeah, we would certainly hope that generally, like, you know, inflation is hopefully coming down. You would expect that hopefully the construction inflation would come down as well, so we would hope it wouldn't increase by that same proportion going forward. But yeah, until we finally, you know, decide to proceed with it, I think, as Stephanie said, we'll just make some assumptions about possible costs. When we get more progress with customers, I think we'll be firming that up to a more significant degree. Very good. Thank you very much. Thank you. Your next question comes from Owen Birrell with RBC. Please go ahead. Good morning, guys. Just a, I guess, a follow-up question on 8 X. You sort of confirmed that the cost per ton is gonna be higher than the existing regime, but of course, the costs to proceed will essentially be socialized. So just let me confirm, your existing customers are gonna be having to pay more for their existing volumes, is that correct? Yes. And given that they already have that the sufficient capacity at the port to cover the 8 X volumes, how are they positioned with respect to accepting 8 X or not? Or are they more willing to give up their existing volumes that they're not using to forgo the requirement to establish 8 X? Yeah, I think. Well, certainly, you know, the 8 X costs, the QCA has determined that they are to be socialized, so existing users have accepted that. Whether we proceed with 8 X is then a function of whether we can agree arrangements with existing, you know, access seekers. And, I think, ultimately, the fact that, you know, it's been around a while, we haven't seen any relinquishments of capacity. I think existing users are willing and necessarily want to maintain their capacity at eighty-four point two million tons in total, rather than relinquish it, on the basis that they're actually not quite sure whether 8 X will go ahead or not go ahead at present, and obviously won't know that until a final investment decision is made. But to date, we haven't seen any indication at all that customers would prefer to relinquish capacity than have 8 X proceed. Uh, understood. Thank you. Your next question comes from Sam Seow with Citi. Please go ahead. ... Oh, hey guys, thanks for taking the question. Just a quick follow-up on the interest. Thanks for your help there in the carrying trade part of the- Yep. - USPP notes. Just on the other stuff, in terms of the fair value adjustments for hedging and I guess other costs- Yeah. Is there any color or guide you'd help us to understand what reverses out? Sorry, I just didn't catch the end of that, Sam. Yeah, just any color that might help us understand any other costs associated with kind of like that double up of debt, and that might reverse out in future periods. Sure. Okay. So yeah, so we've got I guess between now and 2026, we've got the fixed rate notes that we've got in place. That's the, yeah, the $530 million of the USPP we put in place, and as I said, that was sort of around the low 8% mark, all in. For the rest of it, it is all back in float rate, and we do have the $1.45 billion of hedges that we put in place at 87 basis points. We also do have some reverse hedges, about $300 million of reverse swaps over that, because so that we won't overhedge because we left that those notes fixed. So they're probably the three components of the hedging between now and 2026. Beyond 2026, there's a whole range of different forward start hedges that we've put in place beyond that. But they've been done at sort of rates that are not dissimilar to what you'd probably see on some of the forward curves anyway. That gives a bit of guidance. And- Okay. And maybe- Just to add to that, Sam, and we, we'll still retain some cash, which will be used over the course of the next two to three years to fund the NECAP program. So, there will be a little still an amount of interest income coming through, that'll offset the debt, but as you say, there won't be the- Next six- the extent of, yeah, sort of, in, yeah, the debt that was. The interest costs that have been incurred against the USPP, and then effectively the carry costs for putting it onto the term deposit. I think that was a very wise decision at the time to upscale the USPP, given we could, and where markets were at the time. But I think you should probably assume there won't be any sort of. That, to any meaningful extent, will not occur going forward. Okay. Okay, that's all. Cool. And then maybe just on NECAP, while we're there, is that big bump hitting the asset base it looks like in 2026, 2027? How should we think about the CapEx profile to deliver that? Is it fairly even from here, or is there a specific year or period you'd call out where there's a big bump in CapEx to deliver that NECAP profile? Just as a guide, and it's, if you read the fine print of that AUD 395 million that we do have in the pipeline, only about AUD 38 million of that's been spent as at 30 June. So the majority of that will be spent over the next couple of years. So it does give you a bit of an idea of the scale of spend that we will see. So there'll be a significant ramp-up in NECAP spend over the next couple of years. And we do expect that sort of level just because of the major projects that we've got coming up, that there is the opportunity, depending on sort of timing and cash flow availability to, for some of the other bigger projects to come in over the next five years as well. So there'll be another ship loader replacement, for example, is planned over the next five years. That three ninety-five you should assume will be about three fifty, should be relatively the same over the course of the next three years- Yep. Sam. So it's not, it's not front-end loaded. Yeah, there's not a whole bunch coming out next year and then small amounts in twenty-six or twenty-seven. I think you can assume it's relatively consistent over twenty-five, twenty-six, twenty-seven. This year is a big step up from the But it's a big step up. Yeah, where we're about twenty versus thirty-five. Yeah. Awesome. Thanks again. Appreciate it, guys. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Nathan Lead with Morgans. Please go ahead. Yeah, thanks, Michael and Steph. I just a two or three for me. So first up, there's in the accounts 31 million of cash that's been received underneath the 8X expansion underwriting agreements. Yep. Can you talk through what DBI's obligations are underneath that, receiving that cash, and whether that will end up getting returned to the customers if it doesn't go ahead, or you get to keep it, or how does it work? Yeah, sure. Hi, Nathan, so the AUD 31 million was effectively cashing out the bank guarantees, so there was, as we've always said, that the study costs for 8 X were fully underwritten, so we are currently holding that, I guess, in lieu of bank guarantees, as cash, and probably the real benefit for us is there's a small amount of interest income, and we can use it as, you know, cashing out business to lower gearing or et cetera, so it is effectively free cash. What we do have is a matching obligation, so there's a matching liability in our accounts to potentially repay that, so that's why you're not seeing that money come through a revenue line. The circumstances on which we would have to repay it is, if we make a decision not to go ahead with 8 X, and so we effectively stop work on that project altogether, then, do we get to keep those funds? Because the study costs are fully underwritten. In the event that we decide to go ahead with 8 X, then the costs of the studies that we've done get rolled into an 8 X asset base. In which case those funds would go back at the completion of the 8 X project, when we would seek to finalize the 8 X project and start earning revenue from all the funds that we've spent on 8 X, we would then refund that AUD 30 million back to the customers. Access them. Okay. So, sorry, if it doesn't go ahead, though- Yeah. The thirty-one, you get to keep or you get a return? We keep it. No, we would keep it- So if you- And we book it. Yep. Yep. Yep. We book it as... Yeah, it'll be booked as revenue then. Yeah. Okay. The expense has already been incurred, obviously. Yeah, yeah. So those study costs, which are currently sitting as an intangible asset, they would be expensed and the revenue would come through as cash. Okay, great. So- Second question... Oh, sorry, Michael? No, I was just gonna say, we never have to give the money back to the customers, Nathan. I, I, I- If we proceed, obviously, then it comes into the overall project cost- Yeah. which we would fund effectively, so it would go back on that, in those circumstances, but we would then earn a return on and of that capital that would be expended just like any other aspect of the project. Yeah. So- Okay. That's... Yeah. Great. Excellent. Second question is, obviously your corporate costs are pretty skinny, you know, very high EBITDA margin business. Yeah. But just give us a bit of an update there. Is there any kind of lumps and bumps or step changes coming through that we should be aware of? No, no, very. Yeah, no, this, we've recently sort of gone through a bit of a quick look at our business plan, and we do expect corporate costs to remain pretty steady. We don't expect any big uplift on those. If anything, we expect them to sort of stay steady. Okay, great. Maybe even a bit down. Yep. Okay. And then just the final one for me, like, if you do go ahead with 8 X, it's obviously a pretty chunky amount of CapEx, but obviously, you talked before about how you can stage it, but, I mean, fair to say you'd need a capital raising to be able to fund it? Or, is this something you can fit within your coverage metrics, coverage ratio metrics for your credit rating? I think it all depends on the arrangements that we come to with customers, and how we look at the most effective way of financing this. Stage one's about, look, maybe- AUD 500 million Hundred million. I think, yeah, there are multiple ways we could look at actually financing it, whether it's through debt and our own equity, whether it's a combination of debt, equity, and contribution from customers. Yeah, there are multiple different options we've got there, and I think, yeah, at the time, and we're certainly talking to customers about what represents the best economic outcome for us and for those customers as well. Yeah, there's the potential for an equity raise, but I wouldn't say that is certain at all. It really depends on a number of different factors. Even if it were to go ahead, you may not see an equity raise. Okay, great. Look, I'll jump back into the queue. Thank you. Thank you. There are no further questions at this time. I'll now hand back to Mr. Riches for closing remarks. Thank you very much, everyone. I guess maybe we'll just check if there are any other questions. I'm not sure, Nathan, when you wanted to go back into the queue, whether you had any other questions or... But very happy if there are any other questions. Thank you. Your next question is a follow-up from Nathan Lead with Morgans. Please go ahead. Sorry, I was just being polite there. Yeah, I know. You're very polite, Nathan. You want to do it again? Hey, slide twenty-two's just interested in comments there. I suppose you've put all the sort of qualitative bits around that slide, but there's nothing in there in terms of metrics that you're really looking at for investment. You know, any comment there on you're looking for incremental cash flow per share or, you know, NPV or IRRs or whatever it is? I mean, can you make a comment on that front? Look, I think obviously we're absolutely focused on, you know, total security holder return, and we're, as just demonstrated, focused on long-term value, so you know, we do have some views on where, you know, we would look at stuff that makes sense and stuff that doesn't, absolutely, but in terms of, you know, trying to identify, well, is it, you know, a particular DPS or is it an IRR? I think it depends on the nature of the transaction, what it's going to deliver, long-term for the business, and how that can be done most efficiently, so we definitely have some views on metrics, understandably, and what we look at, but I don't think there's... You know, as I said, the list of these filters and the metrics is not exhaustive or exclusive. You know, we look at each one on a case-by-case basis, make an assessment of where we can generate long-term security holder value, and then think about the metrics in, in that context. That's great. Thanks. And is there any opportunities that are active at the moment, you're looking at? Yes. ... care to elaborate further in terms of what space that might be, or? I think you're gonna assume that, you know, they have not the characteristics that we've described in here. Yeah. But, you know, they remain very preliminary. Yeah. And so there's- There's nothing imminent, Nathan. Yes. Okay. But there's- All right. Great! Well, that's it for me. Thank you very much. Right. Thank you. Your next question is a follow-up from Owen Birrell with RBC. Please go ahead. Yeah, and I was just following on from Nathan's question just before. Again, all these sort of qualitative dynamics here, do you feel you need to own other assets? Or, are you happy to take more minority shareholdings in assets if they meet these requirements? Yeah. Again, no, we don't have a requirement about having, you know, total or majority control. If there are assets that have these elements that we feel, you know, we have the right partners in that business to deliver long-term security holder value, then we'd absolutely look at those things. Okay, thanks. Thank you. There are no further questions at this time. I'll now hand back to Mr. Riches for closing remarks. Thank you, everyone, for your attendance. It's much appreciated. You know, we're very pleased with the results for the half year. I was here for two-thirds of the half year. So yeah, the team has done a fantastic job over the six months. You know, for myself, you know, we have a great deal of confidence in the prospects of this business, the opportunities that it presents, and certainly the team here is, you know, very, very much focused on delivering that long-term security holder value to all of our security holders. We think we've got, you know, lots of potential to do that over the course of the next six to 12 months in particular. Thank you all for your participation. That does conclude our conference for today. Thank you for participating. You may now disconnect.