Thank you for standing by, and welcome to the Mader Group full year results for the financial year ended June 30, 2024. If you wish to ask a question via the webcast, please enter it into the Ask a Question box and click Submit. I would now like to hand the conference over to Mr. Justin Nuich, Executive Director and Chief Executive Officer. Please go ahead. Thanks very much, Harmony, and good morning, everyone. Welcome to Mader Group's full year results presentation for the 2024 financial year. With me today is our Chief Financial Officer, Paul Hegarty. It's been another impressive year for the group and one that I'm very proud of. Through hard work and determination, we have continued our evolution into a global diversified services business. This year, we expanded our footprint and capabilities across new markets and industries, resulting in record revenue of AUD 774.5 million, a 27% increase compared to FY 2023. Now, before we dive in, I just wanna take a moment to extend my sincere thanks to our entire team. They have been instrumental in achieving these results that we're presenting today, and I couldn't be more appreciative of their hard work. With that said, let's get into it. On the first slide, for those who are unfamiliar with our story, Mader started back in 2005 with Luke Mader, our Executive Chairman, founder, and first-ever tradesman on the tools. What started out as one man providing mechanical support in the Kimberley region of Western Australia has since evolved into a global business, with technical services being provided across multiple industries. Nineteen years on, we proudly have a team of over 3,200 skilled technicians, who this year have operated in seven countries and supported over 430 customers in more than 570 locations. As you can see here, we've evolved into a truly global, diversified business, with our business model replicated across multiple industries worldwide. By launching fully organic start-ups in new markets, expanding geographically and broadening our suite of trades, we have been able to achieve an average compounding annual growth rate of around 30% over the last 10 years. The effect of this success has reflected clearly in our ability to achieve compounding financial results. Moving over onto slide three, and a little more on our specialized workforce. Evolving from one mechanic to today, having almost half of the business made up of other trades, we're proud to have a diverse skill set. This includes, but is not limited to auto and high voltage electricians, heavy road and light vehicle mechanics, fixed plant trades, and many more. Throughout this presentation, you might hear us mention adventurous careers, and this is simply to cater to the demographic of our workforce. Now, two-thirds of our workforce are under the age of thirty-five, and while we create meaningful careers for people in any stage of life, and me included, our company culture and adventure-driven lifestyle particularly resonate with a certain demographic, drawing in those who seek more than just a job. From tailored rosters, site variety, wide equipment exposure across multiple industries and locations, we invest heavily in our people to provide opportunities that are unparalleled within our industry. The centerpiece of our efforts lie in our Global Pathways and Three Gears programs, which have been continuously refined each year to align with the evolving aspirations of our people. I will expand on this a little bit more later on. As always, we're dedicated to achieving zero harm across our operations. This year, our focus on safety led to the creation of our Gear for Safety initiative. Gear for Safety embeds safety into every aspect of our business, emphasizing the shared responsibility among our people, leadership teams, and customers to prioritize and maintain a safe working environment. With this underpinning everything we do, we're pleased that our total recordable injury frequency rate improved with 3.49 recordable injuries per million hours worked. Over the past financial year, we undertook a major vehicle safety upgrade project, equipping our fleet with advanced driver monitoring tools, including driver fatigue monitoring systems. We remain committed to continuous improvement and will continue to seek ways to ensure our people return home safely to their loved ones. Okay, moving on to the executive review and the results I'm sure you're eager to see, our FY 2024 financial highlights. In FY 2024, we delivered a total revenue of AUD 774.5 million, an increase of 27%, up from the AUD 609 million in FY 2023. Our EBITDA was up 32%, with AUD 99.2 million delivered. NPAT closed out at AUD 50.4 million, an increase of 31% from AUD 38.5 million in FY 2023. Our net debt closed at AUD 31.2 million, which was down 27% from AUD 42.7 million at June 2023. And finally, we have declared a 7.8 cents per share, fully franked dividend for the full year period ending June 30, 2024. This presents a 34% increase from 5.8 cents per share last financial year. The progress we made is evident in these results, showcasing our continued transformative growth. Looking over onto slide five, you can view our revenue profile segmented by region. In Australia, revenue was up 25%, delivering AUD 585.7 million. Our core mechanical services remained strong nationally, growing by 24%, while our growth drivers, infrastructure maintenance, delivered 35% increase versus the PCP. In North America, revenue increased by 34%, producing $177.8 million for the full year. Operating in 37 states in the U.S. and 8 provinces and territories in Canada, we significantly broadened our reach. In Canada, the region was supported by our Global Pathways Program, which mobilized more than 65 technicians just in FY 2024. Mader Energy will continue to target gas compression across multiple shale formations and customers across the United States. Jumping over to our Rest of World operations, we provided specialist services and technical support for customers in four countries across Asia and Oceania. With revenue up 36% versus the prior corresponding period, this year has been the best growth we've seen for this segment since rebuilding the operations following the COVID-19 pandemic. I'll wrap it up here for now, and I'd like to hand over to our CFO, Paul, to run through our financial review. Thanks, Justin, and thanks to everyone who has taken the time to join us on the call this morning in what is a very busy results day. I'll be going over the financial performance for the group. Justin's already stolen my thunder on a fair bit of this, but there's a few things I'd like to point out. As Justin mentioned on slide four, revenue delivered was AUD 774.5 million, up 27% versus the PCP. Importantly, this revenue growth has been delivered with improved margins, with EBITDA and NPAT margins increasing year-on-year as our higher margin segments continue to scale. To be able to deliver these margins in today's environment is a testament to the flexibility of the Mader business model. From a shareholder perspective, earnings per share increased to AUD 0.252 per share, an increase of 31% versus the PCP. Total dividends related to FY 2024 were paid or declared at AUD 0.078 per share, fully franked, representing a payout ratio of 31% of NPAT. All in all, some decent results, especially in the context of the compounding growth that has been delivered in recent years. Moving on to the financial position on slide seven. As you can see, our asset base primarily comprises cash on hand, trade receivables, and property, plant, and equipment. We don't have contract positions or any intangibles to be concerned about, and therefore, we think we have a relatively simple balance sheet. Our trade receivables position is largely with Tier One principals and large mining contractors, and we generally don't have any abnormal credit risk profiles in the debt book, touch wood. Property, plant, and equipment increased year-on-year as we invested in growth. We added circa 300 service vehicles to our fleet, taking our total to over 1,400 service vehicles deployed across multiple continents. Supply chains improved during FY 2024, and we're well-positioned for FY 2025 with our vehicle build pipelines. From a leverage perspective, we continue to view our business model as CapEx light, and we closed out the full year with net leverage at around 0.3x. We are well supported by our lenders, in particular with our primary lender, NAB, in Australia, and have strong working relationships established across all regions in which we operate. The flexibility that has been established within our finance facilities allows us to respond quickly to opportunities as they are presented. Finally, we announced earlier in the financial year our plan to transition the business towards net cash in the medium term. This will allow greater flexibility and freedom to make strategic decisions around future growth. Pleasingly, net debt closed at AUD 31.2 million, a 27% reduction over the last 12 months. With forecast CapEx in FY 2025 to be between AUD 40-45 million, we expect the business to transition into a net cash position in line with our medium-term target. Now on to the cash flow slide. Our net cash flow from operations was AUD 68.7 million. Our intense focus on EBITDA conversion was maintained throughout FY 2024. Operating cash flows before interest and tax, as compared to EBITDA, was 88%. This reflects the quality of our client base and trade receivables ledger, as I mentioned earlier. I've already spoken about our investment in growth CapEx for the year, which was AUD 40.7 million, when considering the cash flows for these continued investments in growth. That's all from me. I'll hand back to you now, Justin. Thanks, Paul. Some great financial results there and which are indicative of our progress against our strategic goals. This takes me on to our next slide, the strategic plan. Three years ago, the board laid the foundation for our future by setting out some key areas of focus in our first strategic plan as a publicly listed company. Since then, this has been a blueprint to guide our growth. Without going into too much detail, essentially, the strategic plan set out some strategic growth targets and operational goals in four key areas: geographical diversification, service line diversification, expansion of industry verticals, and of course, to scale the existing business. Further, targets for NPAT were set out, as you can see, detailed on the slide. With that said, we identified the need to establish a series of core building blocks to create a solid foundation for future growth. And that leads us on to slides nine and ten, which outline our building blocks. So the building blocks we've developed over the years embrace a comprehensive approach to growth that goes beyond just financial metrics. Starting off with probably the most significant growth driver behind our business, which is our culture. You may have heard the term culture-led business used by us quite frequently, and this is no mistake. It underpins everything we do, and all facets of operations are driven with culture in mind. We're proud to have a number of exciting programs like Global Pathways and Three Gears. With these, our employees really get the best of both worlds, to travel the world while working and then spend their downtime with our internal adventure division, Three Gears. This is truly unmatched in the industries that we operate in. Excitingly, this year, we delivered Three Gears' adventures in four countries, Australia, New Zealand, the United States, and Canada. I was lucky enough to go on some of these experiences, which range from exhilarating thrills like canyoning and zip lining to tranquil campouts and relaxed barbecues, as well as family days. Our adventures are designed to be as diverse as our people, and I commend the team for extending these experiences globally to mark the final stage in our rollout of Three Gears. Additionally, and almost as important as culture, are our building blocks across different industry verticals. Applying our tried and tested business model into new addressable markets allows us to create a compounding effect and diversify revenue streams. For instance, there are a wide range of opportunities in several large addressable markets in resources and infrastructure maintenance, and we're only just getting started in these. Over to slide eleven, let's dive into two more of our large addressable markets, energy and transport logistics. In the energy market, we have primarily been focused on delivering maintenance for natural gas compressor stations in the United States. In the transport and logistics industry, we have really expanded our efforts to provide maintenance for rail and road transport, now operating in a number of states in Australia. Given the critical role of transport and logistics in and outside of Australia's resources industry, there is significant growth potential that aligns with our existing operations. Finally, a building block that is key to our future growth involves deliberate entry into emerging markets. As necessary, we will conduct market research into new industries and assess the suitability for the Mader business model to be deployed within them. If slide eleven, up to this point, hasn't given it away already, we really do have a proven track record of organically replicating our unique business model across multiple industry verticals. Exploring opportunities outside of our core services will allow us to capitalize on extending across industry verticals and geographies, effectively creating more opportunities for our people and diversifying revenue streams for sustainable growth. In addition to enhancing our service offerings, geographical expansion remains central to our growth strategy. We have multiple geographical beachheads and are always looking to enter new locations and diversify our commodity exposure. As you can see, North America now contributes 23% of group revenue. Our North American segment continues to perform in line with business unit maturity. There is a significant runway ahead for us, with demand in the region largely untapped. Our Australian business continues to generate a large portion of revenue for the group at 75%. We are confident that we'll continue to deliver strong results in this area with diversification across sites, customers, industries, and service offerings. Our Rest of World segment contributed 2% of the revenue across the business, and while this is still a modest number, we believe in the value this segment brings to our adventurous workforce as a method of attracting and retaining skilled specialists. This year, we continued to actively engage in opportunities with customers in Asia and Oceania to meet this demand. As a business, we continually seek to improve the diversity of our revenue profile. This is a pivotal step towards achieving our FY 2026 target of AUD 1 billion in revenue. Through the strategic enhancement of our service offerings, we're able to tap into new markets that allow us to expand the group's revenue streams. We are constantly assessing addressable markets that we can apply our culture-led business model to. This is key to driving future growth and ensuring the long-term sustainability of the business, and diversified operations will create compounding returns for our shareholders, with our historical growth rate of around 30% year-on-year, expected to continue into FY 2024 and beyond. If you cast your mind back to slide 9, where we first touched on our strategic plan, this slide here shows our progress against those NPAT targets that were set. As you can see, for the first three years of our strategic plan, we have not only achieved but exceeded our NPAT targets. This is an exceptional result and one that we'll continue to strive towards maintaining in FY 2025 and FY 2026. We are more determined than ever to achieve these ambitious goals and believe we have the drive, the team, and the financial discipline to do so. Now, the highly anticipated FY 2025 guidance. With low capital intensity, a unique culture-led business model, and opportunities identified to accelerate growth, Mader has the confidence to reaffirm FY 2025 guidance of at least AUD 870 million of revenue and an NPAT of at least AUD 57 million. We've delivered a 10-year compounding annual growth rate of around 30%. As the business continues to mature, we are excited to continue to deliver the compounding effect of the Mader business model to existing and new markets. In doing so, not only will we deliver continued growth in FY 2025, but solidify our longer-term target of AUD 1 billion of annual revenue and an NPAT of sixty-five million in FY 2026. As I reflect on FY 2024 financial year and the few before that, the transformation of Mader into a global diversified services provider is nothing short of extraordinary. For current and prospective investors, Mader presents a truly robust investment opportunity with many prospects ahead. Acting with confidence, seizing opportunities, and creating adventurous careers for our people, we have grown to have a market cap of around AUD 1.3 billion today. We remain laser focused on delivering a superior service for our customers, driving value for shareholders, and above all, strengthening our workforce. I'd like to extend my gratitude to each of those alongside us for this journey, our valued team, customers, suppliers, and shareholders. So everyone, this concludes our presentation, and we'd be pleased to take a few questions at this point in time. Thanks, Justin. I'll let you get a drink of water, and I'll start going through some of the questions that have come through online. The first question here from Jonathan Higgins at Unified Capital Partners. His comment or question is: "Gentlemen, well played on results to date and the company you've built. Everyone will ask this, but it looks like a reasonably conservative guide. You're probably run rating not far off this in Q4. Can you provide some context for the run rates and what's gone into that number?" Clearly, I wrote guidance and not Justin, but Justin, you know, comments on guidance seems to be a common theme in the questions. Yeah, thanks, John. Yeah, obviously, expecting a bit of that. Look, I guess, you know, if we look back at the year that's been, you know, we saw a few things that we probably didn't expect, and looking at a few of the, I suppose, outlooks, I guess guidance just reflects, I think, a prudent approach to making sure that we can, we can deliver on that. You know, it's still another AUD 100 million of revenue on last year. Our path to debt-free remains unchanged. You know, our organic growth, again, you know, is all in on that number. You know, it leaves us well on track for our FY 2026 target to exceed that, and still having a growth CapEx of sort of that AUD 40 million-AUD 45 million for the year. But you know, I guess with things like, you know, lithium and nickel this year, having a bit of a wobble up, we've got, you know, maybe some softer iron ore targets coming out or outlook, and U.S. elections sort of pending. We just wanna make sure that we're well and truly poised to deliver what we say we're gonna do, as we always have. Yeah, fair enough. Pretty early on in the financial year as well, given it's the 20th of August, bit to play out still. Another one from John O. Could you perhaps provide some comments on Canada versus USA in the context of North American growth in the second half? And what should that look like into the FY 2025 and beyond? Yeah. Thanks, John. Yeah, the North American segment was an interesting one for the year. I guess we saw a fair bit of movement in the U.S. markets. We saw a fair bit of our coal activity come off and sort of some sites coming to end of life or going into care and maintenance. So that was, you know, I guess a bit of a headwind for us in FY 2024. Canada, you know, we talked early on about our diversification sort of out of the oil sands. And I guess we saw some cost-cutting pressures in the oil sands through that period of time, and I guess, you know, we strategically started growing into different regions in Canada. It was good to see us, you know, being able to sort of hold our head above water as we sort of reallocated people across from the oil sands into different regions across Canada. You know, that said, I think with both regions, we're sort of seeing a reasonably strong start to FY 2025, Canada in particular. You know, and looking forward to some really good, some sort of great opportunities there in FY 2025. I guess, still pending the, you know, U.S. election as well, I guess there's a reasonable amount of uncertainty there, and, you know, we don't know what that's gonna look like once that comes out. But, you know, we feel like there's a few tailwinds there, you know, under a few different scenarios, I guess, John. It's a real thing, that U.S. federal election uncertainty, isn't it, Justin? Like, it's hard to believe it when you sit here in Australia with the system that we have, but it is a real thing, isn't it? Yeah. No, we've definitely seen some, you know, I suppose some volatility or probably lack of decision-making or investment decisions being made, particularly in the US, and yeah, to your point, Paul, if I hadn't sort of seen it with my own eyes, I'd probably question it. But no, look, it. You know, companies are really waiting for some, I suppose, some clarity and direction on where the election's gonna fall before they make sort of major investment decisions, based on what that looks like. So yeah, we'll stand poised for November, and you know, hopefully, there's a bit more, I suppose, fluidity in decision-making and business growth from there. Yeah, for sure. Question through from Joe House, from Bell Potter. Could you provide some color on how we should think about guidance on a segment-by-segment basis? Keen to get your thoughts on activity for the USA and Canada separately over the next 12 months. Kind of went into that USA, Canada story, a bit already. I'll just quickly go through the segment-by-segment and then, I'll throw it over to you, Justin. Sort of, Joe, I guess, thanks for the question. We're sort of thinking Australia, within the guidance number that has been put out, working backwards, sort of around that 9%-10%, North America around the 25%, and Rest of World at 10%. That's the build-up for guidance, into the 870 number. USA and Canada, you kind of spoke to that already a little bit, Justin, for the sort of first half outlook. What are you seeing? You spent a fair bit of time up there in the last 12 months. What are you seeing in that region? Yeah. Thanks, Joe. Look, I guess starting off with Canada in particular, Joe, look, we've, as I sort of said in that last little segment there, we've made a massive effort to sort of diversify our services sort of outside of the oil sands as well, within Canada, and I guess we've done that, you know, fairly successfully. Yeah, we've seen the last sort of two months and coming on the third month of some really good growth in that region. Yeah, and we think there's a fair bit of, you know, I guess, work ahead as the oil sand sort of comes into winter and preparation into the next phases. So we sort of see some upside there. Moving into the east and west areas of Canada, we've seen some really good growth with some, you know, some huge addressable markets there. So we're very very excited as to what that looks like for FY 2025 and beyond. Yeah, the USA, you know, again, we've done a fair bit of work on our business development over in the USA region. We're seeing some, you know, some pretty good tailwinds in the USA. Again, I guess, you know, a lot of stuff, we're not probably expecting a huge amount of movement sort of pre-election. That said, you know, I don't feel like there's any real change to the, you know, I suppose the long-term outlook and opportunity for our business over there. It's probably just gonna be, you know, slight growth for the next few months, and then, you know, pending the election, I think you'll really see what the rest of the year's outlook looks like. Yeah. Good stuff. Cool. Thanks, Justin. Another question through from Joe from Bell Potter. In our newsletter, we've highlighted establishing a shutdown team in North America. Can you give us some color on that, Justin? What's ahead? Will we be adding more techs to expand the service line, and how is it split across North America? Yeah. Thanks, Joe. Yeah, look, I guess, and I suppose that's really sort of following into the, you know, I suppose as we're getting to vital numbers up in Canada and, you know, I guess being able to expand into different business segments as we do in Australia, it's just really sort of a natural progression of that sort of growth profile. So looking at, or, and already doing some sort of major shuts for major miners on, you know, on things like shovels and truck fleets up in North America and, you know, looking to continue to grow that as we have done in Australia. Thanks, Justin. Question through from Gavin Allen from Euroz Hartleys. Rest of World showed some solid improvement off a low base. For everyone playing at home, that was up 36% at the revenue line and 31% at the EBITDA line. What's the medium-term outlook there, Justin? Look, we're still seeing some steady growth. Like, the demand for our services sort of remains reasonably strong. You know, again, we're really targeting our Tier One miners in sort of, you know, nice areas of the world to work for our people. And we see that, you know, again, I don't think that's gonna grow by 300% year on year. But, you know, I think we expect to see some still some nice steady growth as we move into FY 2025 and beyond. Another one from Gav, from Euroz Hartleys. Does ROM tonnes continue to provide a reasonable measure of possible growth, noting that North America and rest of world is so much larger than Australia? Yeah, it definitely does, Gav, and I think if you, yeah, if you wanna look at sort of the addressable markets, I mean, that's definitely a good way to look at it. We're still, yeah, we're still very buoyant on sort of what's ahead. You know, skill shortages haven't sort of gone anywhere, and you know, we really believe our model can continue to grow, yeah, both in North America and the Rest of World, yeah, as we move forward. Nice one. Very good. Moving on, a question from Tom Granger, from Acacia Capital. Can you please talk to the shortfall of receipts from customers versus revenue and the result, particularly in the second half? I think the big factor at play there, Tom, was around the growth in the workshop facility, particularly in Q4. We had a very strong quarter in the workshop, which has a longer lead time on parts that you need to order and pay for before you end up getting paid once the invoicing is complete. So, most of that will normalize or has already normalized. It's the 20th of August now. Most of that is already normalized now, in FY 2025, but that's sort of the main driving factor around that second half cash flow. Moving on to another question from Joe, from Bell Potter. Depreciation rates lift materially in North America, half on half and year on year. Speak to what's driving these changes. I'll probably take that one. Back on the first of July 2023, so at the start of the financial year, we sort of went through a sort of fleet review in North America, and we noted that due to the environmental conditions that some of the service vehicles were in, particularly in Canada, that the wear and tear on those vehicles was a bit higher than, say, they are or it is in Australia, particularly around Hiluxes and Land Cruisers in the Pilbara. The snow, in particular, does serious damage to those vehicles. So we made the decision to increase depreciation rates in North America. We moved both U.S. and Canada rates up to sort of accelerate the depreciation, on those vehicles. So it was a bit of a conservative approach to making sure the balance sheet was fairly representative of value there. So that's what's driven that change there, and that will continue as spend in that region also continues. Question through from Andrew Walton. Great result in terms of emerging sectors, how are you approaching the opportunities in the growth of data centers, as a key infrastructure for AI-enabled service economy? Right now, for us, it's probably not on our radar as yet, but we do note that there is a fair amount of interest in that sector so far. Matt Chen from Moelis. Morning, Justin and Paul, just an update on the net cash target and pathway from here. Thanks." I'll probably grab that one. So in January of 2024, this year, we announced a net cash target in the medium term. That was kind of based on our continuing to grow top line significantly, continuing to pay out about one-third of NPAT. And as a result of, I guess, the CapEx-like business model, free cash flow starting to spin out quite significantly. You know, from all things considered, where we see FY 2025 shaping up, you know, that target is well in track. We said medium term, which is sort of two to three years, and I think we're comfortably inside that timeframe at the moment, all things considered. Question from Marcus Burns. Morning, Marcus. Thanks for the question. Can you give us some more color on CapEx in FY 2025, please? You said 40 to 45 for FY 2025. You just spent AUD 40 million in 2024. So still see strong demand, or are you replacing a lot of existing fleet? Yeah. Good day, Marcus. I'll take that one. Yeah, look, most of our CapEx moving forward is still growth, like almost all of it. Yeah, we'll probably start looking at some of the real old clangers in the fleet, around some change outs at some point, but largely all of that CapEx will move towards growth. We're still expecting strong growth from Aussie drive-in services, you know, as well as the verticals in North America, as we're only really just getting started there. So, you know, we think we can still, yeah, maintain that sort of CapEx rate. And then obviously, as the business grows, all those low CapEx verticals, you know, will continue to come on as well, which, you know, I guess, promotes our free cash flow and that drive down towards net zero debt. Yeah, no problems. Question from Ari, from Barrenjoey. Talking about North America, first half versus second half, how do we gain comfort on some of the things that we're seeing in North America? Are they cyclical or structural? I think probably a couple of things there, Ari. I mean, one is really that, sorry, the political landscape there with that U.S. election. So that is really, you know, I guess that's probably a sort of cyclical as far as the U.S. and every four years, probably gonna take a bit of a slow period there. Canada, you know, we, we've sort of seen the, you know, the oil sands, you know, have some sort of cost cutting, and that was really around some sort of major clients or management changes and sort of, you know, I suppose some direction there. So we've sort of seen that come back a little bit. Not affected us a huge amount, but you know, our ability to diversify our business across Canada, you know, was really handy as we sort of shuffled, you know, to the beat of their drum. You know, coal, again, we had some major coal clients come off, and that did hurt us in the USA. You know, that said, you know, to Gav's point before, you know, that the ROM tonnes remain as they are, and again, you've got to remember, we're still very early days in those markets. And you know, with some long sales cycles, particularly in the USA. But look, I think if we look at the, you know, the headcount growth over the last few months, you know, I feel pretty comfortable with how we're tracking into the FY 2025. No worries. There was some comment in one of the analyst notes earlier today, and Ari raised it again today: Is the AUD 1 million revenue aspiration still by FY 2026? Do you want to talk to that? Yeah, sure. I mean, I guess, you know, we're looking at some and a few of those slides sort of showed that strategic pathway to AUD 1 billion rev and AUD 65 million of NPAT. You know, we're internally very, very confident of that number. You know, obviously, the guidance reflects that, you know, we're still seeing that you know AUD 100 million of growth plus this year. You know, and internally, we're targeting you know a little more aggressively than that, but I think that you know that shows that we're confident of that organic growth continuing there. You know, our margins remain strong and actually getting stronger as we sort of scale some of those higher margin areas of our business. You know, we think that FY 2026 target is well and truly in our sights. Thanks, Justin. Jason Palmer from Taylor Collison. A couple of questions here. With work in progress sort of increased on 2023 versus 2024, and what's the reason for that? It's really around the timing, in particular, of those machine rebuilds in the Mader Maintenance Centre here in Western Australia. Jason, it's just about the timing of when those invoices are actually issued. So there was a fair bit. That was all done in June and in July. And it's obviously the parts and other pieces to bring those rebuilds into or to complete those rebuilds, which is the main reason for that increase year on year. All right. Just making sure I've wrapped up all the questions there. That's all I can see in the portal now, so we'll probably call it there, and. Yeah, we've got some one-on-ones with most people- Got plenty of one-on-ones in the next little bit. Thank you, Robin- So we'll talk to you soon. Thanks very much, and back over to you. Thanks, Harmony. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.