I'm David Hamill. I'm the Chair of Dalrymple Bay Infrastructure Limited, which I'll refer to DBI's annual general meeting. I extend a very warm welcome to the security holders joining us. National custodians of the country north and south of the Brisbane River as the home of both the Turrbal and Jagera Nation. It's now 10:00 AM, the appointed time for the holding of the meeting. I'm advised by our company of Dalrymple Bay Infrastructure open. Before I go any further, I'd like to briefly cover off some. All recording or broadcasting devices such as tape recorders and cameras are switched off. Of the venue staff who will direct you to the safest exit. Now, the agenda for today's meeting is set out on the screens behind me. First, officer. Michael will present his review of DBI's activities in FY 2025 and present business in FY 2026 and beyond. We will proceed to the formal business meeting dated 13th April 2026. The first agenda item is the consideration of the financial report and the reports of the directors and auditors for the period ended 31 December 2025. Time they are considered. The second agenda item is the re-election of Dr. Eileen Doyle. Eileen is retiring, and being eligible offers herself for re-election to the Board of the company. Mr. Thomas Laidlaw as a Director of the company, in accordance with the ASX Listing Rules, offers himself for election to the board of the company. The fourth agenda item is the increase to the Non-Executive Director fee pool. The sixth agenda constitution. In accordance with the company's constitution as the Chair has, we've adopted these procedures to ensure that the views of as many security holders as possible. Be it known of MUFG Corporate Markets as our Returning Officer. In the conclusion of this meeting. As this is a security holders meeting, only questions or make comments and vote at the meeting. Security holders viewing the web by selecting the Ask a Question button located at either bottom or top of the webpage. Select the item of business your question relates to. Type in your question and press Submit. You may have questions that relate specifically to your own securities rather than matters on the meeting agenda should you see our security registry staff at the registration desk outside this room after the meeting. Security holders should also be aware that defamatory, repetitive, or domineering questions or questions that are not. For those attending the meeting in person, you'll have been given an attend voting shareholder, sorry, voting security holder, a proxy holder, or a corporate representative. Voting security holder. While you're entitled to ask questions and make comments, you're not entitled to speak at this meeting. If you're holding a yellow or blue The microphone at the top of the aisle at the appropriate time. Please announce. All security holders. Please also state your affiliation. If you are not here today, questions only, and then wait for another turn. Please limit each question to no longer. Now, joining me today are all of the Directors of DBI. To my left, our Finance and Audit Committee. Dr. Eileen Doyle, Chair of our Compliance, Risk and Sustainability Committee. To my right are DBI's Managing Director and Chief Executive Officer, Mr. Michael Riches. Legal and Risk Officer and Company Secretary, Ms. Liesl Burman. They'll be happy to address any questions you may have at the conclusion of the meeting. Mr. Stephen Tarling. Today, there'll be an opportunity to ask questions of our auditor in relation to the conduct of. Ladies and gentlemen, good morning and welcome to our 2020-. The independent non-executive chair of DBI. I thank you for joining us today. Export facility and serves as a critical link in the global steelmaking supply chain. Global seaborne trade of metallurgical coal. The 2025 finance- risk business model. Revenue increased by 3.9% through a higher TIC. Moves developed by the DBI team. The revenue uplift, combined with stronger cash flow generation and the ability to continue to grow distributions. TIC year commencing 1 July 2026. That's the TIC year 2026, 2027 increase of approximately 8.1% on the TIC, for TIC year 2025, 2026. During FY 2025, the company completed a comprehensive review of its capital allocation. The resilience of our balance sheet and our commitment to delivering sustainable. Our distribution guidance for TY 2025, 2026 to 7% increase on prior guidance and an increase of 22%. 2026, 2027 of AUD 0.2862 per security, guidance that I just mentioned. The TY 2026, 2027 guidance remains consistent with the 3%-7% guidance range, subject to business developments and market conditions. Today's distribution guidance is also between 60%-80% of Funds From Operations. We are pleased to reaffirm. To business developments and market conditions. Growth. Growth and revenue uplift. All committed NECAP projects have been unanimously approved by. Construction on assets commissioned during a year will become part of the NECAP asset base on what. Earns a return on and of this invested capital through annual TIC adjustments. DBT's long-term performance and DBI's future revenue growth. While quality infrastructure assets with a risk profile consistent with that of DBT. Safety remains our highest priority, and we're pleased to report another year of excellent performance with during FY 2025. Following an independent external Safety Citizenship status, the highest safety culture rating available. This achievement reflect safety in all aspects of our operations. DBI also sustainability as outlined in our 2025 sustainability report. Our foundation security holder, BIP Bermuda Holdings IV Limited, a subsidiary of Brookfield. Its sell-down increased liquidity in DBI securities and led to DBI's an important milestone in the company's development. As part of this transition, Mr. for their valuable contributions. We were pleased to welcome Mr. Tom Laidlaw as a non-executive with a strong track record in financing, operating, and growing large-scale capital planning and subject to the outcome of the shareholder vote Resolution 4 the appointment of further directors to add to the board's skills and experience to continue to support low-risk business model and predictable cash flows. DBI is well-positioned to deliver you. On behalf of the board, I'd like to thank my fellow Directors for their guidance and our security holders for your continued support and confidence in DBI. Thank you again. Who will provide further detail on our performance during 2025. Thank you. In the room and online. A pleasure to speak with you today, where I'll provide an overview of our growth opportunities and detail some of our key strategic priorities for 2026. FY 2025, growing our revenue, profit, and distributions to security holders. 2% year on year to AUD 294.3 million, and our Funds From Operations AUD 73.3 million. FFO excluded the one-off early repayment costs 2025 refinance. We continued to invest back into the growth of our business. AUD 9.6 million via our Non-Expansionary Capital Expenditure or NECAP program. AUD 7 billion to repay the 2020 USPP notes and repay and cancel the debt, providing enhanced flexibility and diversity to DBI's balance sheet. AUD 150 million in the Australian medium-term note market at attractive rates subscribed, reflecting strong support for DBI's credit. These refinances prove over the longer term. The strong financial performance resulted in during FY 2025, an 11.9% increase on the prior year. Safe and responsible operation of the terminal. I'm pleased to report that there were no serious injuries, demonstrating our ongoing commitment to safety. Of course, this cannot The ongoing commitment to those relationships by all parties is a real positive for our business, adding outcomes that benefit all stakeholders. Today, under our 10-year pricing agreement secured with our customers, the TIC is adjusted each year March to March Australia all groups Consumer Price Index. A NECAP charge Which will have a further amount of approximately AUD 97.8 million added to it from Queensland Competition Authority costs. The forecast TIC expected to apply per ton, up 8.1% versus last year's TIC. Delivers a predictable and growing stream of cash flows for our business. As well as the continued growth in earnings through our new revenue opportunities and a disciplined approach to cost management. AUD 0.0862 per security for TIC year 2026, 2027. With the announce Review process, together with the additional uplift today through additional revenue derived from NECAP projects and an expected higher 10-year government bond rate. DBI's distribution guidance. As David mentioned, we reaffirm our distribution per security growth target and market conditions. Our distribution guidance I just mentioned remains. Distributions are expected to comprise both payments of dividends on DBI stapled. We have a range of growth opportunities that are expected to underpin a conti... To support those growing distributions, we continue to deliver organic growth. These initiatives involve no capital deployment and nominal additional costs. Our NECAP program has been and will continue to be a source of organic growth and uplift in our NECAP expenditure, with the Terminal Infrastructure Charge adjusted each 1 July. Stockyard machine replacement projects are running on time and to budget, we therefore expect 2026 that we will add approximately a further AUD 300 million plus interest. We will have a similar spend of approximately AUD 400 million forecast for sustaining capital. It remains a significant growth driver for our business and will continue to add meaningful value. It retains significant expansion optionality to accommodate metallurgical coal exports from the Bowen Basin, 9.9 million tons per annum of additional capacity with the option of delivering that capacity to optimize the utilization of existing capacity so as to ensure capital is deployed through the terminal and its customers. As we focus on generating total security hold in alignment with our current risk profile. Our competitive advantages will be key guides of our existing business and any opportunities we'll pursue will consider those factors. DBI is well positioned to continue to deliver long-term growth in total security holder. Delivering organic revenue growth through new revenue initiatives and the inclusion of the cost of completion of Shiploader 1A and Reclaimer 4 NECAP projects on time and on budget. For our continued review of the use of terminal capacity, including optimization of existing capacity, refinancing opportunities to improve balance sheet flexibility, reduce refinancing exposure while maintaining an investment-grade credit rating. We'll identify business, enable value to be created through our competitive advantages whilst maintaining we ensure. We will continue to explore and assess opportunities for further alternative uses. With the resilience of DBI's business underpinned by the strategic nature predictability of DBI's cash flows, which underpin both distributions and growth. Sets out information regarding the resolutions to be put today to today's meeting. Excuse me. The yellow card. The voting boxes are on the front of your yellow card. Security holders will have the opportunity to ask questions on that item of business. We will endeavor to you to ask a question today, please save your question on individual items until we reach the specific I. A reminder that you can log online questions at any time. However, we'll hold off on. I request that you please ask no more than two questions at a time to give all security holders an opportunity and some security holders physically in attendance. I'll then move to written questions received by the orga. Details of the proxies received on each item of business will be shown on the screen behind me after discussion this chair, and it's my intention to vote all available proxies in favor of each resolution. MUFG Corporate Markets can assist with this. Turning to the first agenda of the directors and auditors of the company for the year ended 31 December 2025. Sustainability report, the director's report, and the independent auditor's report. A copy of the 2025 holders who requested it. The terms of agenda item one are set out questions or make comments relating to the company's financial report, sustainability report, the report. As I indicated earlier, we also have here today Mr. Stephen Tarling from Deloitte Touche Tohmatsu, who's conduct of the audit, the accounting policies adopted in preparing the financial statements, sustainability report. Before questions commence, I'd ask that security holders who wish to ask questions on other matters ask to invite questions from security holders in attendance regarding the financial report, the sustainability report. If there are no questions from the floor, Craig. Thank you. Okay, so we confirm we've received no questions prior to the meeting in relation to this ite- at the meeting. You got off lightly, Stephen. The next item Company. As noted in the notice of meeting, in accordance with the ASX Listing Rules and herself for re-election to the Board of the company. To assist with the motion, I'll now ask Eileen to provide a Thanks, David. I've had the privilege of serving. I'm pleased to stand for re-election at this AGM. For those bring to your Board. Over the course of my career, I have worked across a and logistics. This has provided me with a broad and practical understand management and long-term planning. Importantly, my 11-year experience has given me deep insight into the operations, challenges, and opportunities highly relevant to Dalrymple Bay Infrastructure as we continue to focus on safe, reliable, and efficient. I was Deputy C hair of the CSIRO and held a number of directorships across ASX and Bradken. These roles have strengthened my experience in overseeing strategy. Since joining the board of Dalrymple Bay Infrastructure, I've been committed to supporting the company's strong. I believe my experience in infrastructure governance and complex operations enables me focused on supporting the company's strategic priorities, maintaining high standards of governance support and for the opportunity to serve. Noted in the notice of meeting, the Board considers that Eileen will continue to add significant value to board deliberations with Eileen abstaining unanimously recommend that security holders vote in favor of this resolution or ask me or Eileen any questions. We can confirm we've received no questions prior to the meeting in relation discussion of this item. I'll now put Resolution 1 to reelect Dr. Eileen Doyle on the screen behind me. As noted at the beginning of the meeting, we propose that voting on this resolution have a yellow voting slip, could you please stand in your place now and one of our scrutineers will attend to you immediately. Complete your voting slips in relation to Resolution 1. out on the screen behind me, it relates to the election of Mr. Tom Laidlaw as a Director of the company. Of the company. Tom is retiring by rotation and being eligible offers himself for few comments on his background. Tom. My name is Tom Laidlaw, and it's a privilege to stand here before you today, seeking infrastructure. I have followed the Dalrymple Bay Coal Terminal for much of my career. In fact, 26 years for the DBCT User Group, when they were considering their position in the original long-term governance and managing teams. After Macquarie, I became CEO of Infrastructure Capital Group of predominantly institutional investors. This included investments in infrastructure plant and aviation facilities, servicing the resources industry. Zenith Energy, investments that required a deep understanding of both the financial discipline and the acting Chair of the Port Authority of New South Wales. That role has provided me with direct experience within a complex and highly regulated environment, experience that is highly relevant to Spark Infrastructure and two of its portfolio companies, South Australian Power Networks and managing capital on the investor side of the table. I bring a disciplined owner's mindset focused on representing the interests of all security holders. I understand the importance of maintaining that support stable returns for security holders. I believe my skill set collaboratively with my fellow Directors and DBI's high caliber management team. If elected, my focus would be on ensuring that DBI remains disciplined in its capital management. I would welcome the opportunity to contribute to DBI's continued success. Thank you, Tom. As further noted in the notice of meeting, strengths and skills. Accordingly, the Directors, with Tom abstaining, unanimously. Is there any security holder in attendance who wishes to comment on this item or ask me or Tom any questions? Craig, are there any online questions in relation to this item? Meeting in relation to this item. As there are no questions, we've now finalized discussion of this item. The details of the proxies received in relation to this item are displayed on the screen behind me. Will be conducted by a poll. Please complete your voting slips in relation to resolution of the agenda, which relates Resolution 3. this item is set out on 5. The report is set out on pages 31 - 46 of the 2025. Prior to today's meeting, this for the AGM in particular, the transparency of disclosure, and I want to thank the proxy advisors for their positive engage. We regularly review our approach to disclosure, and we're committed to considering all feedback on our. Please note that the vote on this resolution is advisory only. In reviewing our remuneration practices and policies. Noting that each from the company. The Board unanimously recommends that security holders vote on this item or ask any questions? I can confirm then we've received no questions prior to the meeting in relation this item. I'll now put the resolution to adopt the remuneration report of the company for the financial year. In relation to this item are displayed on the screen behind me. By a poll. Please complete your voting slips in relation to Resolution 3. on the agenda, which relates to Resolution 4. This item is remuneration available to all the Non-Executive Directors being increased from AUD 900,000, with effect from 1 January 2026. Noting that each of the independent Non-Executive Directors, the Board unanimously recommends that security holders vote in favor of the increase to the Non-Executive Directors. Ask any questions. We can confirm we've received no questions prior to the meeting in relation to this item. There being no Non-Executive Director fee pool to the meeting. The details of the proxies received in rela beginning of the meeting, we propose that voting on this resolution will be conducted by a poll. Please complete. I now turn to item six of the agenda, which relates to Resolution 5. it relates to the renewal of the proportional takeover provisions contained in Rule 7 of the company's cons. Please note that the vote on this resolution is by special resolution. For provisions. Is there anyone who wishes to comment on this item or ask any questions? Craig, are there any questions online? No questions. There being no questions, we've now finalized discussion of this item, and I'll put the resolution to renew. The details of the proxies received in relation to this item are displayed on the screen behind me. Please complete your voting slips in relation to Resolution 5 of the day. If you haven't already done so, please complete your voting card and place it in one of the boxes near the exits. The poll will remain open for security holders. The final results of the poll will be announced later today on the ASX. I'd like to invite any other security holder who may have a question of the Board or the company's management to come forward. Craig, have you any questions lodged online? No general questions prior to the meeting in relation to this item. Being no further questions, I'd like to thank you all. Once again, I remind you that we have a registration desk in the foyer. Collect the ballots, please. I'd like to say, on behalf of the board and the company, thank you most sincerely for your attendance here this one to five. We would be delighted if you could join us in the foyer. Good morning.