Good day and thank you for standing by. Welcome to Monadelphous 2026 Full Year Results Presentation. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question- and- answer session. To ask a question during the session, you need to press star one, one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one, one again. Please be advised that today's conference call is being recorded. I would now like to hand the conference over to your first speaker today, Kristy Glasgow, Company Secretary. Please go ahead. Hello, and welcome to the Monadelphous 2026 full year results investor and analyst briefing. I'd like to begin by acknowledging the traditional owners of the lands on which we are joining you from today in Perth, Boorloo, the Whadjuk people of the Noongar nation and the traditional owners of country, and pay respects to elders past and present, and extend that respect to all Aboriginal and Torres Strait Islander people. Presenting from Perth are Monadelphous' Managing Director, Zoran Bebic, and Chief Financial Officer, Phil Trueman, who are joined in the room by our Chair, Rob Velletri. Throughout this presentation, the speakers will guide you on when to click through to the next slide. The structure of this morning's presentation will be similar to previous results presentation, with some further detail provided as appendices. Copies of today's presentation and associated materials are available on our website at monadelphous.com.au. I will now hand over to our first presenter today, Zoran Bebic, who will start on slide two. Thanks, Kristy, and welcome to our 2026 full year results briefing. Today, Phil and I will present our financial and operational performance for the financial year ended June 30, 2026, as well as our outlook. We will then answer any questions you may have. I'll begin with our group performance and highlights on slide three. Monadelphous achieved the record revenue for FY 2026 of AUD 2.98 billion. A 31% increase on the previous year, with strong operating conditions experienced across all sectors. Activity levels were supported by the record level of work secured last year, together with more than AUD 2.7 billion in new contracts and extensions awarded since the beginning of the 2026 financial year. Our Engineering Construction division delivered revenue of AUD 1.37 billion, up around 48% on the prior year, with significant project activity experienced in the iron ore sector. The result also reflects the success of our service expansion and integrated services delivery strategy, with growth in the Melchor civil business and Inteforge's fabrication services, as well as the acquisition of Kerman Contracting. Zenviron, our renewable energy business, also experienced higher levels of activity with the delivery of larger wind and battery energy storage projects. Our maintenance and industrial services division reported record annual revenue of AUD 1.61 billion, a 20% increase on last year, reflecting high levels of turnaround activity and project work in the energy sector, along with increased maintenance services for iron ore customers. Our strong operational performance drove a significant lift in earnings for the company. Earnings before interest, tax, depreciation, and amortization was AUD 226 million, an increase of 43% compared to the prior year, delivering an EBITDA margin of 7.58%. Net profit after tax was AUD 127.3 million, up 52% compared to the prior financial year, delivering earnings per share of AUD 1.276. The board declared a final dividend of AUD 0.59 per share, taking the full year, fully franked dividend to AUD 1.08. We ended the year with a cash balance of AUD 293.6 million, and cash flow from operations was AUD 245 million. Phil will talk more about this later. During the year, we progressed our markets and growth strategy with several strategic acquisitions that broaden our service offering and delivery capability. In November 2025, we acquired Kerman Contracting, a West Australian-based design and construction business specializing in non-processed infrastructure. Kerman brings a long-established reputation for the successful delivery of site infrastructure and accommodation, bulk storage and materials handling facilities across a range of sectors. Post-year end, Kerman secured a contract for the design and construction of non-processed infrastructure associated with Rio Tinto's Brockman Syncline One project, valued at approximately AUD 165 million. Late last year, we also acquired Australian Power Industry Partners, APIP, a business based high voltage electrical contractor servicing utilities, resources, and renewable energy customers across multiple states of Australia. This expands our high voltage electrical service offering following the acquisition of Perth-based High Energy Service, which completed on July 1, 2025. Moving now to slide four. As mentioned, Monadelphous has been awarded more than AUD 2.7 billion in new work since July 1, 2025. We have entered the new financial year, FY 2027, with a strong pipeline of committed work, an expanded customer base, and a broadening capability aligned with long-term growth prospects. Strong demand for our services continued from WA's iron ore sector, and we secured over AUD 1.6 billion of construction and maintenance contracts during the period. In construction, awards included a multidisciplinary contract with BHP associated with the Jimblebar Train Loadout Replacement Project, a car dumper replacement contract with BHP valued at approximately AUD 175 million, and a contract with Rio Tinto worth approximately AUD 250 million for the Brockman Syncline One iron ore development. Subsequent to year-end, we were also awarded a major construction contract valued at around AUD 200 million, associated with the Port Debottlenecking Project 2, located at BHP's Nelson Point facility in Port Hedland. We secured several long-term services contracts with iron ore customers in the Pilbara. Awards included three contracts with Rio Tinto, including a five-year contract valued at approximately AUD 300 million for fixed plant and shutdown maintenance services, a three-year contract for multidisciplinary sustaining capital works, and a new five-year panel award to provide mobile crane and lifting services. We were also awarded a three-year contract to continue delivering maintenance services across Fortescue's Pilbara operations and secured extensions to our BHP maintenance and panel agreements. In the energy sector, we expanded our customer base with the award of a four-year contract with BW Offshore to provide services at the BW Opal FPSO, located offshore from Darwin. We also secured hook-up and commissioning work for Shell's Crux platform, which forms part of the long-term backfill to Prelude, and a large amount of work was secured with Santos in Papua New Guinea. As we continue to grow our market position supporting Australia's energy transition, a major highlight was the award of a AUD 380 million construction contract with CS Energy for the Brigalow Peaking Power Plant near Chinchilla in Queensland. We also continue to support Fortescue's decarbonization activities, securing several BESS and wind projects. Zenviron further strengthened its market position in the renewable energy sector with the award of a contract to deliver the Bennetts Creek BESS in the Latrobe Valley, Victoria. Over the next few slides, we will cover the key areas of focus within our sustainability framework, being people, safety and wellbeing, diversity and inclusion, community, and environment. Moving now to slide five, people. Our total workforce at June 30, 2026, including subcontractors, totaled a record 9,365 people, reflecting sustained high levels of activity across the business. During the year, around 430 graduates, undergraduates, apprentices, and trainees participated in our early career programs, and nearly 200 of our emerging and senior leaders engaged in programs focused on networking and leadership development skills. Our commitment to retaining and developing our people supported strong key talent retention of 97%. Our registered training organization in Bibra Lake, W.A., continued to deliver a significant number of workforce development activities for trades personnel, including high-risk work licensing, nationally accredited training, and verification of competency assessments. Let's now look at safety and wellbeing on slide six. We saw a solid improvement in safety with our total recordable injury frequency rate reducing by 19% to 3.57 incidents per million hours worked. Following successful campaigns to ensure the safety and wellbeing of our people through a period of rapid growth. We also achieved a historically low high potential incident frequency rate, reflecting our continued focus on preventing serious incidents and managing fatal risks. Guided by our principle, the safe way is the only way, we strengthened several key safety programs across the business. This included targeted initiatives focused on frontline engagement, critical risk controls, effectiveness of high-risk work competency assessments, and the safe interaction between forklift operations and pedestrians. We continued to leverage technology to improve safety outcomes. During the year, we further embedded driver fatigue and distraction monitoring systems, expanded the use of drones for high-risk inspections, and progressed the rollout of AI-enabled pedestrian avoidance systems on mobile plant. We also developed crane overload monitoring technology to help further reduce operational risks. We enhanced our psychosocial risk management and mental wellbeing programs through further training, awareness initiatives, and ongoing access to services that support employees' physical, mental, and emotional wellbeing. Pleasingly, these efforts were recognized externally with Monadelphous receiving the 2025 AREEA Mental Health and Wellbeing Award for our wellbeing supporter program. While both Monadelphous and Alevro were recognized as finalists across a number of workplace health, safety, and innovation awards. Moving now to diversity and inclusion, community and environment on slide seven. We remain focused on creating a positive legacy in the regions where we operate through our commitment to diversity and inclusion, community investment, and our long-term environmental objectives. During the year, we launched our new Stretch Reconciliation Action Plan 2026- 2029, building on the success of our previous plan, where we exceeded all commitments. The new plan sets our clear priorities to strengthen cultural understanding, expand development and career pathways, deepen engagement and retention initiatives, and further enhance collaboration with Indigenous business partners. We continue to support meaningful employment and development opportunities for Aboriginal and Torres Strait Islander peoples through apprenticeships, traineeships, and our Indigenous Pathways Program with Rio Tinto, which was extended for a further five years. We also significantly increased our engagement with Indigenous suppliers, spending approximately AUD 40 million, up 42% on the previous period. That support the attraction, development, and recognition of women in our industry, while also supporting broader STEM education, leadership development, and gender equity initiatives across the resources sector. To help strengthen the communities where our people live and work, we expanded our community grants program from three to eight regions and contributed to around 130 community organizations across 19 locations. From an environmental perspective, we advanced initiatives associated with our net zero by 2050 goal. This included installing solar to more of our operational facilities, expanding our low emissions fleet, including large hybrid cranes and electric forklifts, and introducing battery energy storage solutions to support future development across our operations deployment. We also embedded our greenhouse gas reporting solution, prepared our first sustainability report under the new mandatory climate disclosure standard, and progressed the development of scope three emissions methodology and data collation in preparation for reporting in FY 2027. Turning now to our engineering construction divisional highlights on slide eight. The division delivered revenue of AUD 1.37 billion, up 48% on the prior period. Demand for construction services was strong across the iron ore and energy sectors, with a greater revenue contribution from projects with integrated services. Pleasingly, the division secured more than AUD 1.6 billion in new contracts since July 1, 2025, including several major multidisciplinary projects. Across the Pilbara, we successfully delivered several packages of work for BHP, including the Car Dumper 3 Renewal project and Orebody 32. We also commenced work on another car dumper project at Finucane Island and a Jimblebar train loadout replacement project, which showcases the breadth of our capabilities involved with Melchor and Inteforge. We expanded our relationship with Rio Tinto, securing a major contract at the Brockman Syncline One iron ore development. The project incorporates a broad range of services including fabrication, supply, detailed concrete and earthworks, structural, mechanical, piping, and electrical instrumentation works, highlighting our ability to deliver integrated service solutions at scale. Shutdown services were delivered at Rio Tinto's Western Range project, along with electrical and instrumentation services at the Parker Point Stockyard sustaining project. We also commenced providing mobile crane and lifting services under a new five-year panel agreement with Rio Tinto. In energy, we maintain strong levels of activity across several significant projects. Modification works continued at Woodside's Pluto LNG Train One facility near Karratha. We completed critical electrical infrastructure works associated with Chevron Australia's Jansz-Io Compression Project. We also continued to support Fortescue's decarbonization ambitions through the award of several BESS and wind energy projects across Western Australia. As previously mentioned, we were awarded a significant contract with CS Energy for the Brigalow Peaking Power Plant in Queensland and completed works on the Fitzroy to Gladstone pipeline project. Finally, Zenviron experienced high levels of activity, progressing works on EnergyAustralia's Wooreen BESS and CS Energy's Lotus Creek Wind Farm. Our recently acquired high voltage electrical business, APIP, will also participate at Lotus Creek through the installation of overhead transmission infrastructure. Looking now at our maintenance and industrial services division on slide nine. The division reported its fifth consecutive record year of revenue, reaching AUD 1.61 billion, an increase of 20% from the prior year. Demand was particularly strong across the energy and iron ore sectors, and the division secured around AUD 1.1 billion in new contracts and extensions since the beginning of the financial year. In energy, significant demand continued from key customers including Inpex, Woodside, and Shell. High activity levels were experienced across Inpex's Ichthys onshore and offshore LNG facilities. Maintenance, turnaround and brownfields project services continued at Woodside's onshore and offshore assets, including hook-up and commissioning work scopes associated with the Scarborough development. We continued to support Shell with maintenance services at Prelude FLNG and provided multidisciplinary hook-up and commissioning services for its Crux platform. We also secured a multi-year services contract with Santos in Queensland and expanded our customer base, securing a new four-year maintenance contract on the BW Offshore FPSO facility, Opal. In iron ore, strong demand for maintenance and sustaining capital work continued across the Pilbara. We delivered significant volumes of maintenance, shutdown, and project work for Rio Tinto, BHP, and Fortescue, and secured a number of important multi-year contract awards and extensions during the year. Beyond Australia, we continued to grow our presence in Papua New Guinea, securing further work with Santos as well as new customer Harmony Gold for construction services at the Hidden Valley Gold Mine in the Morobe Province. We also continued to deliver projects and maintenance services across a diverse range of customers in the resources, energy, utility, and rail sectors. We will now move on to slide 10, and I'll hand over to Phil, who will provide you with more detail on our financial performance. Thanks, Zoran, and good morning everyone. FY 2026 has certainly been a fantastic year for us from a financial perspective. With revenue increasing 31.5% to a record AUD 2.98 billion, as Zoran mentioned earlier, a net profit after tax up by more than AUD 0.50. Sorry, 50%. We experienced strong operating conditions across all our key markets during the period, and the performance also reflects the record level of work secured in the prior year, as well as more than AUD 2.7 billion in new contracts and extensions that we have been awarded since July 1st, 2025. The combination of strong operational performance and economies of scale resulted in a significant improvement in earnings, with EBITDA increasing about 43% to AUD 226 million and earnings per share up around 50% to AUD 1.276. The board declared a final dividend of AUD 0.59 per share, which brings the full year fully franked dividend to AUD 1.08, a 50% increase on last year, and gives a dividend payout ratio of 85%. We ended the year with a cash balance of AUD 293.6 million, which is boosted by a number of material advances associated with the award of several large construction contracts. Cash flow from operations for the period was AUD 245.1 million, delivering an impressive cash flow conversion rate of 147.4%. Our strong balance sheet will continue to support the investment in future strategic growth opportunities, which enhance long-term business sustainability as well as shareholder value. I will now hand you back to Zoran, who will provide you with an overview of the outlook going forward. Thanks, Phil. Slide 11 shows relevant current and forecast Australian market conditions for our business. Pleasingly, the sectors in which we operate continue to provide a positive outlook for capital investment and operating expenditure over the next few years. Turning to slide 12, energy transition. Australia is progressing through a significant energy transition in the move towards lower emissions energy sources. At the same time, energy demand continues to grow, driven by factors such as electrification, artificial intelligence, and the rapid expansion of data centers. Together, these trends are expected to drive substantial investment across the energy sector for many years to come. Monadelphous is well-positioned to play an important role in this transition by leveraging our core capabilities, integrating the strengths of our recent acquisitions, and continuing to develop new services across the five sectors highlighted on the left of this slide. Our acquisitions of HES and APIP have further strengthened our capability and market position in transmission and distribution, enhancing our ability to support customers as investment in energy infrastructure accelerates. Importantly, we believe we are still in the early stages of what is expected to be a substantial long-term pipeline of opportunities across energy transition. Moving now to the outlook on slide 13. The long-term outlook for the resources and energy sectors remains strong. While geopolitical and trade-related uncertainties may have moderated, they continue to influence some investment decisions. Production levels for most commodities are forecast to grow, supporting the continued demand for sustaining capital works and maintenance services. The iron ore sector is expected to continue investing in both new projects and existing operations to maintain production rates with a high focus on productivity and cost competitiveness. The outlook for energy transition metals continues to strengthen, supported by improving battery metal prices and advancing major investment decisions. Over the medium to long term, growth in the mining and mineral processing, particularly for copper, other base metals, and critical minerals, is expected to accelerate in response to increasing global demand, driving significant investment across the sector. The energy sector continues to present substantial opportunities, supported by multiple gas construction projects and sustained demand for maintenance services. Monadelphous remains well-positioned to support customers across the full asset lifecycle, including late-life operations and decommissioning activities. Increasing energy demand, together with the rapid expansion of data centers, decarbonization initiatives, and grid stability requirements, is driving long-term investment in energy generation, storage, and transmission infrastructure. As noted on the earlier slide, Monadelphous is well-positioned to capitalize on energy transition opportunities by leveraging our broad services capability and expanded high voltage services offering, while Zenviron is well-placed to secure further wind farm and BESS projects. Investment in gas generation to support base load and peaking power requirements is also forecast to grow, presenting further opportunities for our integrated capabilities. Our committed pipeline remains strong, with more than AUD 680 million in new contracts secured since the beginning of the new financial year. Following a period of significant expansion, during which revenue increased approximately 50% over the past two years, FY 2027 is expected to focus on consolidating the business and positioning for future growth. We are well-positioned to capitalize on our broadening revenue base, robust pipeline of opportunities, and positive outlook across all key markets. We remain committed to delivering quality earnings through a considered and selective approach to new work, strong and collaborative customer relationships, high standards of execution, and prudent risk management. Supported by a strong balance sheet, we will continue to leverage our enhanced delivery capability, including recent acquisitions, while maintaining the flexibility to pursue strategic opportunities that support long-term sustainable growth. In closing, I thank the entire Monadelphous team for their dedication and commitment, which are fundamental to our continued success. I also extend my gratitude to our customers, shareholders, and the many other stakeholders for their ongoing trust and support. Thank you. I will now hand over to the operator for any questions. Thank you. As a reminder, to ask a question, please press star one, one on your telephone and wait for your name to be announced. To withdraw your question, please press star one, one again. Please stand by as we compile the Q&A roster. First question comes from the lines of Nicholas Daish from RBC. Thank you. Thanks, Zoran, and thank you, Phil. First one from me is just the contract one and the proportion that engineering construction contributes to the proportion of the total looks quite well relative to prior years. I think AUD 1.6 billion in the 12 months just gone. I am just trying to reconcile that against the guidance or the outlook commentary of consolidation into FY 2027. Should we interpret consolidation as flat per the conference call six months ago? How should we think about that relative to that mix of work that has been won over the last 12 months, please? I did not necessarily pick up all of your question, Nick, but I think it is consistent with the narrative we provided to the half year. Our expectation in terms of certainly revenue next year will be flattish with potentially some modest growth, recognizing that we are very early on in the period. Engineering construction has secured a lot of work over the 12-month period, but also recognizing the runoff of that work is not necessarily all in FY 2027. Got it. Does that answer your question? Yeah, it does. The inference being just that last comment, not all in 2027, the inference being 2028. Is that what you are getting at there? Yes. Okay. Thank you. I mean, stepping back slightly more broadly, just interested in any key projects on the horizon. I mean, Arafura's Nolans Project is one that is clearly very interesting and quite significant. I think it has FID. Just curious on any other projects that the business is focused on that are presenting as meaningful opportunities over the next 6-12 months from a procurement perspective, please. I think the pipeline of opportunities is pretty significant across the board, Nick, and it has probably strengthened over the last 12-18 months. You spoke about Arafura's Nolans Project. Pilbara Minerals' P3000 project is in the market now. There are a number of opportunities that will come from BHP's copper precinct, including an upgrade at Olympic Dam, KCGM growth project for Northern Star. Inpex have a large acid gas recovery unit project, and they are still talking about the potential for Train 3 on the turn of the decade. There is a lot of brownfield sustaining capital opportunities for iron ore customers, particularly at the ports where those facilities are aging. Balance machines from stackers and reclaimers to ship loaders to car dumpers and further debottlenecking work, as well as a couple of mine developments. In terms of across the broad sweep of commodity markets, certainly the outlook or the pipeline over the next two to three years looks very strong. Fantastic. Thanks, Zoran. Thank you. Just a moment for our next question, please. Next, we have Jakob Cakarnis from Jarden Australia. Please go ahead. Hi, Zoran. Hi, Phil. Just to pick up from Nicholas' question, just on the mix, obviously more E&C. In a transition year, as you guys have called it, is it right to expect that EBITDA margins hold the current levels? I know you are not going to really be drawn here, but is there any chance that there is any incremental accretion into FY 2027, just given the mix of work? Is there any chance? Yes, there is some chance. I would like to think that we can at least hold margins. We have seen a significant step-up over the last two to three years for a number of reasons, also recognizing strong execution or operational performance. I think if we can maintain that going forward, then we can at least hold margins. Yeah, that's helpful, Zoran, especially this early in the year. Thanks for that commentary. Just wanted to, Phil, we've had CapEx bouncing around for a few years. We're not as high in FY 2026 as we were in FY 2024, but how do we think about that in 2027, 2028 if we are going through these kind of transition dynamics? Could you just give us a steer there, please? Yeah. If you look at the longer-term, a five-year running rate for the investment in CapEx, it averages around that 2% of revenue number per annum, which coincidentally it actually averaged it was this year. I would expect that to continue. If you go back to 2024, we did see certainly a lot of opportunity in the market and we took the opportunity back then to invest in equipment. We expanded the size of the fleet back then as well, but there's also an element of renewal or regeneration that's required. I would think about it as just a 2% of revenue average continuing. Thanks for that, guys. Thank you. Just a moment for our next question, please. Next, we have Nicholas Rawlinson from Morgans. Hi, Zoran and Phil. Thanks for taking my questions. Just on the maintenance write-offs in FY 2026, can you run through those projects and their timing for completion? I guess just keen to understand if any have flowed into FY 2027, please. If there's a flow. There is a bit of flow, but in the commentary, we worked hard to ensure that there was recognition of the fact that we had an abnormal level of turnaround activity in FY 2026, in addition to some large brownfields project-style work, as well as two hook-up and commissioning contracts with the key customers. The messaging was really trying to highlight and emphasize that FY 2026 was a little abnormal. If you look at the second half revenue for maintenance, I think it was just over AUD 750 million, so it had come off from the first half. My view would be if you took the second half and you doubled it, somewhere around there is the likely outcome for maintenance, which would suggest that there is a scenario where we see revenue and maintenance going back slightly in FY 2027. That's helpful. Thanks, Zoran. It was a massive year in maintenance, and I made the comment fifth consecutive year of record revenues, and to grow that business 20% in a 12-month period is certainly not typical or normal. Yeah. Understood. Would you be able to give us a comment or give us an indication on the level of shutdown activity in FY 2027, please? I can say it's more normal, so less than what we've seen in the last 12 months. Not necessarily materially less, but based on the shutdown program I've seen, there are less turnarounds next year. Next year, FY 2027 than FY 2026. Okay, that's it from me. Thanks, Cuz. Thank you. Next we have Amanda Kelly from Barrenjoey Capital Partners. Hey, morning guys. Just a quick one from me. I am just wondering how we should be thinking about your corporate cost line just as revenue normalizes into FY 2027. We have seen absolutely, certainly a big increase this year. I would expect something probably closer to around CPI for next year. Remember, the business grew 30% this year and 50% over the two years, so we have worked hard to make sure that we have the right level of tension and stretch between any growth in corporate overheads. I think, for a business of our size now, it seems about right, plus a bit of a CPI increase. Cool. Thanks. Recognizing [crosstalk]. Oh, sorry. No, I was just going to make the comment that the margin performance, we talked about execution, strong execution, but we also talked about economies of scale. To Phil's point, corporate costs have come up, but we would expect them to sit at a similar level now. Thanks. Also just wondering, I think I saw that JV revenue ticked up a bit. I am just wondering what the drivers were there, if you can point to some of the ventures that you have. JV revenue is more a function of our Zenviron joint venture and the level of activity in that business, which we recognized in the director's report through the narrative that says they drove very high levels of activity, in fact, peak levels of activity in that part of the business. Thank you. Thank you. Just a moment for our next question, please. Next we have Ben Wedd from Macquarie. Hi, Zoran and Phil. Thanks for the presentation, taking the question. Maybe just picking up on Jakob's earlier question there around the margin piece. I see you've removed labor from the outlook statements as being a headwind. Maybe could you talk more broadly about puts and takes within that margin consideration? What are some of the headwinds? What are some of the tailwinds that you might be seeing into 2027? Thank you. We've talked about the step-up in margin over the last couple of years now. To hold margins, the reality is we've got to continue to execute really well because what we have seen over the last two years is consistent performance across the portfolios of work, both in engineering, construction, and maintenance. That's fundamental to maintaining margins. You're right, we didn't make a specific reference to the labor market, and I think over the last 12- 18 months, we've seen a slight moderation in the labor market. There are particular classifications of trades and white-collar roles that remain tight, but there's been a slight moderation more broadly. My view would be going forward, if I look at the pipeline of opportunities, it appears to be more significant than it has been over the last couple of years. If that plays out, then I think we will see further tightening and we will go back to a very tight labor market going forward. Yeah. Got it. Thanks, Zoran. That is really helpful. Maybe to that point as well, your views around capacity of the business from this point. Is any of the expectation around consolidation into 2027, is some of that, you do not want to take on too much work, do not want to grow too fast? Is this a part of it as well? Well, I think that is part of it, and it is not just growing too fast. We have got to be confident that we can execute the work we win well. I think the positive is there are a lot of opportunities in the market, and we are in a position where we can carefully consider those opportunities that we are pursuing more aggressively. Yeah. Got it. Sorry, one last [crosstalk]. The capacity thematic is something that we are thinking about. Yes. Yeah. Yeah. Maybe just one last one if I can, for Phil there, just on the tax rate. Looked like it was down a bit in the second half. I suspect that's due to the share of interest D&A and tax of JVs, but yeah, into FY 2027 expectations there? I would expect the underlying rate of the business to be just around that 30% mark like it always has been. Got it. Thank you both. Thank you. Last question comes from the line of Cameron Needham from Bank of America. Please go ahead. Yeah, good afternoon all, and thanks for the presentation. First one, just on gas generation projects and wind projects, I guess, as well. Global lead times are I believe a little bit of a constraint in terms of turbine delivery. I just want to check, are you confident that commercial structures you've got in place are sufficient to protect Monadelphous from any of those potential delays. Essentially what I confirm is Monadelphous isn't wearing any schedule or labor inefficiency risk where the delays are caused by OEM equipment arriving late. Thanks. Yeah. I think certainly when it comes to gas turbines in particular, there would be no risk under our contracts. For wind turbines. Wind turbines. We don't have the risk. Yeah, we don't have the risk on our balance of plant contracts for wind turbines. Okay. No, great. Look at our gas projects, that would be fully issued by clients, the turbines and cells from an OEM. We wouldn't carry the risk. Sure. Okay, that's super clear. Then just second one, I guess just construction revenues now AUD 1.4 billion up nearly 50% year-on-year. I guess, just as that business has become a larger part of the group, how are you thinking about the appropriate ceiling on individual project size and aggregate fixed price exposure? I guess, just giving you on a higher base now, has your willingness to accept construction risk changed at all? Thanks. No, I don't think our willingness to accept construction risk has changed. In fact, if you go back in time, if you go back ten years ago, the business was predominantly a construction business. I think there are, in terms of our core markets, there are plenty of opportunities going forward, and we'll continue to take a considerate approach in terms of pursuit of opportunities. The comment I made earlier, there are a lot of opportunities. We're in a position where we can, understanding there are capacity constraints, we can consider carefully the opportunities we're going to target. Yeah, and the conditions of contract that go with that. Sure. Thanks very much. Appreciate the color. Thank you. That concludes our Q&A session. I will now hand back to Kristy. Thank you everyone for your participation today. That now concludes our briefing. Thank you. That concludes today's conference call. Thank you for participating. You may now disconnect.