I would now like to hand the conference over to Michael Juniper, DigiCo CEO. Please go ahead. Good morning, and thank you for joining. And joining me on the call this morning is DigiCo's Chief Financial Officer, Simon Mitchell, and DigiCo's Chief Development Officer, Ralph Goninan. Today's presentation demonstrates that DigiCo has clear operating momentum. On the agenda today, we'll take you through our results, the execution of our strategic initiatives, and our strong outlook for the business. First of all, an acknowledgment of country. Before we commence today's presentation, I'd like to acknowledge the traditional custodians of country throughout Australia and celebrate their diverse culture and connections to land, sea, and community. We pay our respects to their elders, past and present. I started my role as CEO of DigiCo only 2 months ago, after spending almost 20 years in the data center industry. Since joining, I have committed myself to evaluating our strategy and to listening to our customers, our partners, our stakeholders, and our internal teams. My message today is very clear: Our business has an incredibly strong underlying platform. Quickly close the gap between our market valuation and the net asset value. Our data center asset base is high quality, strategically located, underpinned by hundreds of customer relations. One of the exciting opportunities is the highly accretive SYD1 development, which I'll talk about shortly. At the same time, I've identified clear opportunities to sharpen our focus and further enhance performance. These include redesigning the organization to lift accountability and deliver cost efficiencies, for which we're expecting to achieve AUD 5 million in OpEx savings per annum. We have also strengthened our operating model eventually. These new team members not only know the industry and the segment, but they have customer relationships, and they really understand customer demands. We are also taking a disciplined approach to capital management and capital recycling where it creates value, prioritizing deploying capital only where returns are compelling and where we can leverage our existing power, infrastructure, and development approvals. Our primary capital focus will initially be on SYD1 assets. Finally, we are building a pathway to long-term growth. We are securing strategic greenfield sites where we have high visibility to the end customer, but also the power world opportunity, when we have a very high conviction about the end customer and when we have the right approach to funding to de-risk the project. These early actions are about unlocking value, building momentum, and setting a clear path to disciplined and sustainable earnings growth. Moving on to our strategic update. We acknowledge that we're on strategic initiatives to close the discount to net asset value. Since our IPO, the fundamentals of our business have continued to strengthen. Having now spent time with the business, it is clear to me that Sydney One is our most significant growth opportunity. It really is the jewel in the crown. Our expansion pathway is extremely strong and has been validated by inbound demand from AI expectations at the time of our IPO. As a result, existing capacity at Sydney One, including our next 20 MW tranche, is now 100% contracted. There is no doubt that the 88 MW project represents our most attractive near-term value creation opportunity, and we are confident it will unlock meaningful earnings and NAV growth. The 88 MW project at Sydney One is expected to del... For this reason, under our new strategy, the management team, the management team is focusing on growing out that site to 88 megawatts as quickly as possible. We are on track for delivery in Q2 this calendar year. Importantly, the broader expansion program for the 88 MW project is now materially de-risked. We have State Significant Development Approval, and our 120 MVA power approval has been secured. Design is progressing very well, and the head contractor is expected to be appointed by Q3 this calendar year. The full original IPO plan. In relation to funding, we currently have approximately AUD 650 million in cash and undrawn debt lines, providing immediate liquidity to fund a significant part of the Sydney One development project. In parallel, we are actively progressing capital partnering and recycling initiatives across the Australian portfolio, with advisors already appointed and multiple parties. On the U.S. assets, we will continue to opportunistically look to partner and recycle capital to fund higher-returning projects. Importantly, any capital partnering a sustainable level of gearing. Turning now to our first half performance, I'd like to take you through a few highlights. In 1H of financial year 2026, we signed 22 MW of new customer contracts in the Australian business, taking total Australian contracted capacity to 41 MW, a 95% increase from June 2025, demonstrating that our strategy is delivering real operating momentum. Our balance sheet remains resilient, with sufficient liquidity and gearing of 35.8%, which is at the low end of our target range. Finally, we have declared a first half distribution of AUD 0.06 per security, equating to a 5.3% annualized yield on yesterday's closing share price. The business has already been able to achieve in the first half of the year. First, we have secured meaningful customer wins with 22 MW across the Australian business, including 2 megawatts in Queensland. These customers represent contracted capacity across Australia has increased to 41 MW, representing 95% growth from June 2025. Second, our development program continues to move at pace. The accelerated expansion at Sydney One is tracking well, with the next 20 MW scheduled for delivery in Q2 of this calendar year. Also, Brisbane Two is now very pleasingly. The design for our Adelaide site has been upsized from 8 MW to 15 MW. We will, of course, only build out this capacity once we find a cornerstone customer, and that customer has been secured. This is a substantial development for our business and a very recent achievement. Chicago One remains firmly on track for completion by Q2 for this year. These outcomes reflect well-positioned to deliver on our development pipeline. DigiCo is ready to capture the surge in data center demand. In all of my years working in the data's largest infrastructure build-out, we have seen in decades, customers are demanding larger, hyperscale density footprints than ever before and continue to signal more capacity to come. This global surge is translating into local demand for DigiCo, particularly at SYD1, a scarce Tier 1 global carrier hotel in a tightly held market. At SYD1, 100% of existing, both the velocity and depth of customer requirements. Importantly, we have over 50 MW of embedded development upside here, scaling to 88 MW, positioning Sydney One as one of the largest Tier 1 exceeds 200 MW, providing us with meaningful selectivity. We are not reliant on any one single outcome or any one single counterparty. Instead, we're deliberately partnering with long-term, credit-worthy customers where we can deliver high-value solutions at attractive risk-adjusted returns for the business. I'll now hand over to Ralph to take you through Sydney One. Thanks, Michael, and I'd like to take you through a few highlights, starting with the SYD1 20 MW delivery update on page 11. As flagged last October, we have upsized the original 9 MW project to 20 MW to capture incremental customer demand of the SYD1 facility to deliver high-density capacity at speed. Execution on this project is progressing well. As you can see from the photos, we've installed a tower crane to expedite delivery of critical items. We are nearing completion of the data halls, and we are installing major cooling infrastructure that not only supports the 20 MW project, but also forms part of the future 88 MW project. We have secured all long lead time equipment, and the project remains firmly on track above 15%. This demonstrates our ability to efficiently convert secured power and adapt our existing asset into contracted high-return capacity. Lastly, the work we are doing now not only benefits us in the short term, because by developing an established supply chain for the 20-megawatt project, it also provides us with a solid foundation for future construction works at SYD1, and gives us the ability to accelerate further development to meet future customer demand. A target of 15% using our secured power... Turning now to the broader SYD1 88-megawatt development project. This project has been strategically designed to deliver contiguous, high-density power and AI-driven customer requirements. The full 88-megawatt project integrates both the SYD East and West buildings into one campus, to allow greater flexibility to convert secured power into high-value capacity for DigiCo in an efficient and staged manner. The key aspect that allows us to deliver future tranches and megawatts in an efficient and staged manner is due to the fact that the structure is already built and a large portion of the building is empty, which means we do not need to deal with the traditional con- Other highlights for the 88-megawatt project include: for approvals, we've received the State Significant Development Approval in December 2025 for the full 88-megawatt project. For design, the design for the 88-megawatt project is progressing well and nearing completion. In regards to delivery, early works are underway, and we have commenced an early contractor involvement process to work alongside the design to ensure that the project is significantly de-risked and able to be delivered in an efficient and cost-effective. Following commissioning of the initial 20-MW tranche in the June quarter of this year, we expect an incremental 20 MW of capacity to be delivered in 2027, with the full 88-MW project expected to be complete in financial year 2025, which is underpinned by planning approval, disciplined capital allocation and strong customer demand. I'll now pass along to Simon, who'll provide the financial results overview. Thank you, Ralph, and good morning to everyone on the call. On slide 13, we show our results for the six-month period to 31 December 2025. The Appendix 4D and statutory accounts lodged today also show comparable results for the period 1 November 2024, showing the sequential period being the six months to June 2025, which represent a full six months of trading and provide a better sequential comparison of trends. Revenue was AUD 108 million, up 11.8%. Operating costs grew by 8%, at a lower rate than revenue, due to the positive mix shift towards higher margin US revenue. Underlying EBITDA grew by 15% to AUD 57 million. Today, we have upgraded FY 2026 guidance to the top end of the range, being AUD 125 million, which implies a second half skew due to the phasing in of contract wins in the Australian business. Deducting net interest expense, AUD 5 million. From this, we declared an AUD 0.06 dividend and maintain our full year guidance of AUD 0.12 per security, reflecting 90%-100% payout of full year FFO. I would now like to explain the accounting treatment for the Chicago asset and the corresponding adjustments we have made for underlying EBITDA and adjusted FFO. The Chicago project is due to be physically handed over to the tenant in stages during the June 2020. This pre-completion rental income of AUD 18.5 million is recognized as unearned rental income on the balance sheet for accounting purposes. But for the purposes of this slide, we've included this income in recognized to the balance sheet until physical handover. During the half year period, AUD 12.9 million of pre-completion interest payments that related to the rental income has been included in Adjusted FFO to better match revenue and financing costs. Moving to slide 14 and balance sheet. DigiCo ended the period with cash of AUD 349 million and net debt of AUD 1.51 billion, both largely flat over the period. Adjusting for first half CapEx in Australia results in an adjusted NAV of AUD 4.62. Capital expenditure amounted to AUD 50 million during the half. Completion of the Sydney One 20-megawatt project will see higher CapEx in the second half to reach our full year guidance of AUD 160 million-AUD 180 million. The value of investment properties rose by $202 million, translating US dollar. Turning now to slide 15, capital position and funding. We ended the period with a strong liquidity position of $658 million, comprising 35.8% at the lower end of the 35%-45% range. All interest rate exposure remains hedged to maturity at an effective all-in cost of 6%. The weighted average debt tenor is 3.4 years, with no maturities before FY 2029. With the ongoing development of Sydney One and the stabilization of Chicago, we are well-placed to refinance our debt facilities at lower costs when market conditions are- Further capital for funding the 88-megawatt project from the Australian capital partnering process and capital recycling from the US assets. Overall, the balance sheet remains robust, liquid, and positioned to fund near-term capital projects. ... Thank you, Simon. I'd like to briefly provide an update on our Los Angeles project. As many of you know, LA is an emerging, high-growth, Tier 2 data center market in the United States, and importantly, it is also a supply-constrained market. Challenges around land availability and access to power in California have limited new capacity, which is why our site is generating such strong interest from AI, hyperscale, cloud, and enterprise customer management, and delayed the approval process. In response, we have voluntarily agreed as a business to prepare an environmental impact report to address public concerns to ensure the project moves forward with full transparency and community support. It is important to be clear that our underlying investment thesis remains unchanged for this asset. The land in L.A. is very strategically located and offers a broad range regarding capital allocation for the project, and we'll keep the market updated in the usual manner. Turning to our outlook and guidance. FY 26 underlying EBITDA is expected to be AUD 125 million, now at the top end of our previous guidance range of AUD 120 million-AUD 125 million, despite EBITDA of AUD 180 million. We are maintaining FY 26 growth CapEx at between AUD 160 million to AUD 180 million, due to the capacity expansion at Sydney One, funded through- Twenty-six are expected to be AUD 0.12 per security, implying a 5.3% annualized yield, which is in line with our policy of 90%-100% payout on FFO. Thank you, and I'd now like to hand back to the operator for our Q&A. 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. Go ahead. Good morning, Michael and team. Thanks for your time. Just the first question on SYD1, the yield on cost is now 15%, versus the 12% target indicated at the IPO. So if you could please just talk to the underlying assumptions there and what's changed? Yes, good morning, and thank you for your question. Perhaps I can take this answer. In short, I spoke to the benefits of Sydney One earlier, so let me start there and data centers like it near Sydney CBD. It's extremely highly connected. It's a very rich ecosystem. We've, as we mentioned, and I think Ralph mentioned before, we've got our SSDA arranged already. We've got site demands a premium, and we think that premium is a yield on cost of 15%. And in fact, just to support that a little bit further, we have proof from recent customer wins that we're able to achieve that sort of pricing. Thank you. The second question is on capital partnering. The group previously noted that it could release between AUD 500 million-AUD 1 billion in equity proceeds. You didn't include that statement today, SYD1, based on your conversations to date. Yeah. Hi, David, it's Simon. I might take that one. So nothing has changed in our expectation on the Australian capital partnering process. We have very strong conversations. As Mike's just highlighted, we see that our asset is very premium in this market and able to demand a premium return. Obviously, we are still working through some of the final design work on the 88-megawatt project, which Ralph just spoke to, and any potential partner coming in is going to want to have some visibility on the final costings and the final sequencing of that project. So we remain confident that we can achieve an outcome on capital partnering on the asset. And we see no- Thank you. If I could just sneak one in, one more in. Building IT capacity was 51 MW across the portfolio. What do you expect that to be by June? Australian business, and the guidance that we've given, the run rate guidance of AUD 180 billion FFO is based on that 41 MW being built from July onwards. Does that answer your question? It does. Thank you for your time. Thank you. Your next question comes from Richard Jones with JP Morgan. Please go ahead. Good morning. Can you Can you just remind us what's the total cost expected on the full build-out of- Our expectation on cost for that project, we previously guided the market to AUD 15 million per megawatt. So, that includes the 20-megawatt project that we've talked about today, somewhere around AUD 930 million. Okay. And just from a, I guess, portfolio composition perspective, can you, can you kind of discuss the options around capital partnering? 'Cause to me, the 15% return on- ... Sydney One, you'd be better kind of trying to keep that in-house and potentially looking to sell the stabilized U.S. assets where there isn't, I would imagine, a lot of value, development upside within the trust. Thanks for your question. I'll start answering and Simon, please jump in. Firstly, we're always looking at remixing the asset. We've talked to you today about our focus on Sydney One, but we will always look at capital partnering opportunities, whether it be in Australia or the U.S., to ensure that we're delivering the most value for our shareholders. So you may- opportunities in Australia, but w- that may not be necessary at this point. As we spoke to before, we've got a very strong balance sheet, including cash and undrawn facilities amounts. And so we're not here to tell you that we're- Okay, thank you. Thank you. Your next question comes from Tim Plumbe with UBS. Please go ahead. Hi, guys. So just one further clarification in terms of that 15%, if possible. Are you guys including the AUD 5 million of cost saves within that calculation? Do we think about that as sitting within SYD1, or is that sitting outside of SYD1 in corporate? Percent, that we kinda consider that to be at the group level, and the 15% is designed to be the pure incremental yield on cost on the project. Got it. And sorry, just so that I'm perfectly clear, the 15%, the additional CapEx, and you get a 15% return on the total number? No, the 15% applies to the, to the incremental CapEx that we're spending. Excellent. Thank you, guys. Thank you. Your next question comes from Roger Samuel with Jefferies. Please go ahead. Oh, hi, morning, all. We've got a couple of questions. First one, so just on the 88-megawatt expansion you are bringing forward. And if you can't secure anyone, does it mean that that you may face the projects, so it's gonna take a bit longer than FY 21 completion? Just conscious of your gearing targets. Yeah, hi, Roger. Thanks for the question. So the best way to look at that is that the 88-megawatt project is very modular. So as Ralph has described, there's a number of stages, necessarily, in the near term to activate that project. And, you know, we remain focused on achieving the best long-term outcome on capital partnering on that asset. Just to remind you, obviously, that we do have the AUD 650 million- Okay, great. And in terms of Brisbane, what would trigger your decision to expand Brisbane Four? Look, we're always. Thanks for the question. We're always looking at opportunities to expand in our key markets. As I've explained today, our focus is gonna be on Sydney One, but also, we obviously have assets throughout Queensland. The fact that the team has been able to redesign Adelaide from 8 to 15 MW. But just to answer your question, we would certainly increase capacity in Brisbane if we found the right cornerstone customer. It would have- Okay, great. Thank you. Thank you. Your next question comes from Liam Schofield with Morgans. Please go ahead. Thanks for the presentation, guys. Can you just touch on the timeframe around utility connections? I think, Michael, you previously said if you had all the power available today, you could sell it. Can you just talk about the timing for connection there on the power? And then just on EBITDA, can you just talk about any remixing effects during the half? I think the team- Thanks for your question, Liam. It's Ralph here. Perhaps I could ask, answer the first part of your question. We have secured the full power allocation for 120 MVA from Ausgrid. We have all the feeders, which are the power leads that go from the get that full allocation, but we have that design, it's out for tender, and we'll complete those works this year. That's great. And just on remixing effects in the EBITDA for the half? Yeah, I can take that question, Liam. So when we announced the 20-megawatt project, we did talk about, you're right, we did talk about a targeted remixing in Sydney One, in the customer base. That remixing has had somewhat of a negative impact in the first half that we've just the half skew that comes through in that guidance, and that is the unwinding of that negative impact and the commencement of those 22 megawatts that we've talked about as being leased during the period. Thanks, guys. Thank you. Your next question comes from Ben Brayshaw with Barrenjoey. Please go ahead. Yes, hi, good morning. Thanks for the presentation. I just had a quick question on the budgeted or forecast yield on cost of 15% for SYD1. SYD1, at the time of IPO, was in the order of 60%. ... so perhaps that's just a reference point. If you could provide some color on that, that'd be appreciated. Thanks. Hi, Ben, it's Simon. Scripted there around the overall yield on cost that we expect and the overall cost per megawatt to build it out. Obviously, you would expect that your marginal margin on incremental capacity is materially higher than the average that applies across the current asset. But we won't be going into detail on what that number is. No problems. And just in relation to rents achieved on SYD1, on a per MW on how those rents have come through on the leasing. Thanks. Thanks for the question. It's a bit of a short answer, but yes, the rent that we've been receiving from customers, and there's a number of them, have been either in line or above what we've talked about today. Excellent. Okay. Thanks, Michael. Thank you. Your next question comes from David Guarino with Green Street. Please go- Capacity is a lease, but given you can bring some of that Sydney One capacity online in 2027, I'm wondering: How far in advance do you think hyperscalers or neocloud providers would be willing to sign a lease ahead of delivery? Thanks for the question. That, customers, particularly the hyperscalers, would wanna sign 6, 9, 12 months before. We're seeing that stretch out to longer periods, 12, 18 months, and sometimes more, and that's because of the constraints around demand. Having said that, it changes by geography and the exact location within the geography, so Western Sydney versus CBD, for example. But that gives you a rough idea about how we think about timing and pre-securing leases. The stabilization, but given, let's call it, let's just say, a more reserved sentiment around the tenant in that facility in recent months, could you maybe talk about where you think debt costs would land as we think about modeling in that, maybe in the next year or so? Yeah, sure. So obviously, we can't talk a hyperscale customer, and all our tenants are investment grade in the U.S., so I won't comment specifically on any credit spreads or credit rating of that particular tenant. But what I would say is that we're in a very strong position to refinance that at the right time to bring the margin down. Obviously, treasury rates are falling as well in the U.S. We're just waiting for the right time to do that. Fair enough. Thanks, guys. Hang on, it's just a couple from me. First one, with the big deal that you guys signed in SYD1, I mean, there, there was a few rumors going around that it was like a neocloud, but I've, I've sort of subsequently heard it was probably a, high credit quality counterparty. I was just wondering if you could make, like, a basic comment, like, is it, it's one of the investment grade big customers out there, or is it, is it actually like a, you know, a neocloud that's not one of the sort of the rated entities that you might engage with? Thanks, Paul, for your question, and I can't blame you for pressing on it. Of our customers is paramount to us, and we need to look after who they are, so we're just not able to comment. I can't give you any guidance, unfortunately. Okay. Yeah, no worries. Maybe more like a what, Michael, was amazing around building, you know, a really, really successful business with a few people in Australia. I mean, have you given much thought to maybe re-concentrating efforts down here instead of trying to build a North American business, given your track record in Asia-Pacific? Yeah, or are you still, like, pretty committed to, like, building out a really big North American business? I'm not pre-committed to anything. I think what we've been clear on today is that we feel the right place to allocate our resources today, at the moment, with our Singapore and Hong Kong and Japan and in Malaysia. I'm always looking at opportunities in different markets, but at the moment, we need to be focused and disciplined, and at the moment, our focus is to double down and consolidate in Australia. Okay, great. And just a really quick one for Simon. Just on the accounting around Chicago One, does that all just convert to revenue and interest costs as soon as that site goes live? So we can just presume that that all goes through the PNL on the second- When physical handover occurs to the tenant, from that date forward, it will be accounted for in a normal way, as you would expect. So rent will be revenue, and interest costs won't be capitalized. But that is to occur in the second half. Yeah, great. Okay, thank you. Thank you. Your next question comes from Mithun Rathakrishnan with CLSA. Please go ahead. Yeah, hi, good morning. It's actually James Druce from CLSA. I had just one question on... I'm sorry if you've answered this before. For your expansion for SYD1, what rack density are you designing to, and can you just share the cooling system you'll be using? A trend for AI customers increasing their rack density. As Michael mentioned, we have a range of customers at SYD1, so the density just depends on the type of customer, but we are seeing them increasing. It's given the envelope of the building. Yeah. Thanks, James. Yes, the Sydney One facility has a lot of flexibility built into it. We have the ability to design and deliver both air-cooled and liquid-cooled solutions. A big part of our offering is ensuring we address the customer needs. We have the capacity to do that in SYD-one because we have the load capacity in the structure and we have the ceiling to floor head height clearance to be able to meet those specifications. Have the questions today. I'll now hand back to Michael Juniper for closing remarks. Thank you very much, and I'd like to thank everyone for their questions, and the team here, for the work that's gone into the presentation. A final remark from me: the first half of the year, building demand into contracted capacity, delivering to our milestones, and maintaining our balance sheet strength as we position DigiCo for the next phase of growth. I'm personally very proud of what the team is achieving, and we have a lot to look forward to. We've achieved operational efficiency measures, delivering around AUD 5 million in OpEx savings per annum, per annum. We've pivoted to a strong focus on Sydney growth. As we've spoken about today, we have 88 megawatts of capacity where we believe we can achieve 50 of additional NAV per security. We're very focused, as you can see and hear from us today, on prudent capital partnering and recycling where necessary to fund accretive projects. Our amazing new design team. So look, I'm very excited about the business, and I think we've got a very exciting time ahead. Thank you for all your time.