I would now like to hand the conference over to Sharyn Williams, CEO and Managing Director. Please go ahead. Good morning. I am Sharyn Williams, CEO and Managing Director of PWR Holdings Limited, and I am joined by Robert Shore, Chief Financial Officer, who joined us in April. Today, we present PWR's full year results for the financial year 2026. Before we begin, I would like to acknowledge the executive team for their leadership through a year of significant change. Our Founder and Managing Director, Kees Weel, moved into the chair role and Matthew Bryson stepped in as the Acting CEO while that transition happened. My thanks to Matthew in particular. That continuity of leadership supported the result that we are presenting today. I will cover the group highlights and market segments. Rob will take you through the financials, and I will close on strategy and outlook. Turning to slide four, FY 2026 was a year of strong execution. We delivered on our strategic priorities and the momentum in the business is now delivering operating leverage. The group delivered record revenue of AUD 171 million, up 31%, driven by significant growth in our two largest strategic growth markets, motorsports and A&D. Importantly, that revenue growth translated into a materially stronger earnings outcome. Statutory NPAT increased 83% to AUD 17.9 million, and NPAT margin improved to 10.5%. At the FY 2025 result, we said we expected modest NPAT margin improvement in FY 2026. We have delivered three percentage points. At the same time, we absorbed the cost of the new facility, increased research and development spend, and added capability and capacity. This demonstrates early benefits of operating leverage as the investments we have made begin to scale. The first quarter saw constrained output as we commissioned new manufacturing assets and settled into our new location. We then gained momentum to finish the year with record revenue, a considerable achievement by our teams, and a clear demonstration of what the new capacity and capability can do together. Consistently strong cash conversion is a defining characteristic of this business, funding deleveraging. This discipline provides flexibility to invest in growth and deliver returns to shareholders with the full year franked dividends of AUD 0.08, double the prior year. Operationally, the Stapylton transition is complete, and it delivered record Australian revenue of approximately AUD 106 million, which was not achievable at the former site. Pleasingly, there is a strong momentum in the forward order book. We enter FY 2027 with a record order book of more than AUD 82 million. Half of this within A&D, which gives us confidence in the medium-term growth pathway for that segment. With our current revenues less than 0.1% share of a large and growing market, we believe there is substantial growth runway, particularly in the U.S. and European markets. We previously flagged capital allocation towards the European A&D opportunity to help deliver that medium-term growth. We have now taken that step with a measured, phased investment in a fourth manufacturing location in Poland. It sits within our existing CapEx forecasts and margin expansion profile, and I will come back to it on slide 20. After an exceptional year, motorsports has reset to a higher baseline. OEM is returning to growth, and aftermarket has been repositioned towards higher value SKUs. I will take each of those in turn over the next three slides. Turning to slide five, which outlines our value-creating strategy against the tangible progress we delivered in FY 2026. Key progress includes increasing our investment in R&D by 17% above the prior year, A&D scaling, relocation of our headquarters, accreditations, progress on sustainability, and investment in our people. The latter is of great importance as labor markets remain tight and access to skilled trades constrained across all three locations. Turning now to slide six in motorsports. The year was a record for the segment, with revenue increasing 45% to AUD 102 million, representing approximately 60% of group revenue. More important than the record itself is that the business is now operating at a structurally higher baseline. Firstly, the investments made over recent years are translating into revenue. The completion of our new controlled manufacturing environments, expansion of MMX and energy store cooling capability, and targeted investment in Europe, have allowed us to convert demand into revenue more effectively than in previous cycles. That capacity met genuine demand. We are seeing increased adoption of PWR's differentiated core constructions across motorsport categories, driven by the packaging and aerodynamic advantages they deliver for our customers. Secondly, the 2026 Formula 1 electrification and chassis changes created a significant opportunity as teams and power unit manufacturers continue to optimize performance under the new rules. Thirdly, our technology continues to extend beyond Formula 1 into other racing categories, and I will come back to that later in the presentation. We are also seeing increasing demand for technical services as customers engage PWR much earlier in their development cycle, leveraging our CFD capability, simulation, testing, cleanliness validation, and durability expertise. Strategically, motorsports remains critically important. It is our largest business today and our innovation engine where new technologies are developed. Turning to slide seven and A&D. A&D delivered another record year, with revenue increasing 31% to AUD 35 million, and now representing approximately 21% of group revenue. Importantly, we have opportunities across multiple programs and customers. We are starting FY 2027 with our strongest ever order book and multiple selection to tenders for multi-year defense contracts. I will come to the order metrics on slide 23, but the foundations for a strong year ahead were built this year. FY 2026 was also a year in which new capability opened up a broader set of programs. Historically, PWR's expertise has been strongest in aluminum-based thermal management solutions. During FY 2026, we expanded our capabilities into higher temperature materials, including Inconel, stainless steel, and nickel. That is strategically important, because high temperature heat exchangers represent around 30% of the global heat exchanger market, a portion we previously could not address. It positions us for high temperature, high pressure applications, such as aerospace turbine engine cooling. We also continued extending our proprietary MMX platform into new applications through the Moon to Mars development program, which completed during the year. This demonstrated that technologies originally developed for elite motorsport environments can be adapted for extreme aerospace applications. While still early stage, it highlights the broader applicability of our thermal management technologies across a growing range of high-performance markets. On accreditation, these are not simply compliance milestones. They are prerequisites to participate in larger defense and aerospace programs. PWR North America is now officially CMMC 2.0 accredited, which reflects cyber maturity and drives increased business opportunities within U.S. government defense supply chains. This combines with our NADCAP heat treatment and chemical processing in U.S., AS9100 and NADCAP in Australia. We were also proud to receive the Supplier Excellence Award from Northrop Grumman. Independent validation from a customer of that scale carries weight in this market. Turning now to OEM and aftermarket on slide eight. Combined, these businesses contributed approximately AUD 30 million of revenue during FY 2026, 18% of group revenue. Both segments remain strategically important and a source of diversification. Starting with OEM, FY 2026 revenue was AUD 14.6 million, and the FY 2027 growth outlook is positive. OEM is inherently program-driven, and individual years are influenced by launches, product timing, and customer development cycles. We continue to be highly selective and have been nominated on new customer platforms, and two of those underpin the improving FY 2027 outlook. The Ford Mustang S650 is now in production, and we have signed a new eight-year hypercar program expected to begin contributing from late FY 2027 or early FY 2028. Turning to aftermarket, revenue was broadly stable at AUD 16 million, despite deliberate actions taken during the year to rationalize the catalog toward higher volume vehicle opportunities and focus on high-performance direct fit kits. More broadly, we reshaped the strategic direction toward brand awareness, product performance, and manufacturability, freeing bespoke manufacturing capacity for higher margin opportunities elsewhere in the group. To summarize, OEM is rebuilding towards growth on new programs, and aftermarket has traded revenue for margin quality and operational efficiency over short-term growth. I will now hand over to Rob to run through the financial performance in greater detail. Thanks, Sharyn. I will walk through the key elements of our financial performance, starting on slide 10. The header captures the result. Strong volume and earnings momentum, continued funding for the investments that keep us ahead of the growth opportunity. Revenue of AUD 170.7 million was up 31.2%, driven by higher volumes across motorsports and A&D. Raw materials increased in line with revenue and greater purchases of third-party components for the U.S. government program. We did see some increases in costs associated with both U.S. tariffs and the inflationary impact on our raw material costs, including fuel surcharges. We actively managed this through increasing production in our U.S. facility and our pricing strategies. Employee expenses increased 19.6% against revenue growth of 31.2%, which reflects operating leverage on that higher headcount to support greater throughput, and also includes an increase in incentive provisions. Average headcount increased by circa 12%, reflecting the additional capacity and technical sales capability that the Formula 1 regulation changes and A&D program growth required. Labor availability across some skill sets remains tight alongside wage inflation, which was approximately 4% globally. Occupancy expenses in the year included higher outgoing costs for the new larger facility and make good costs on our old Queensland facility, our prior Queensland facility, which was fully exited during FY 2026. That brings us to EBITDA of AUD 40.7 million and a margin of 23.8%, which was up 4.2 percentage points. This result includes AUD 800,000 pre-tax of one-off factory costs relating to generator power and with the relocation. Low EBITDA, we carried the higher depreciation rights of use assets, leasehold improvements to equipment, as well as the finance charges on the debt that funded the new facility. NPAT for the year was AUD 17.9 million, which was up 83.2%, with the NPAT margin improving 3 percentage points to 10.5%. Return on equity improved 7.1 percentage points to 16.8% as we leveraged the higher capacity to deliver a strong first year of our multi-year NPAT margin improvement strategy. As Sharyn outlined, a final fully franked dividend of AUD 0.05 per share has been declared and is payable in September 2026, which brings the full year dividend to AUD 0.08. At around 45%, this is consistent with our proportional payout guide of between 40% and 60% of net profit after tax. Slide 11 breaks down revenue by market sector. Sharyn has taken you through the drivers, so I'll just cover the numbers and the phasing. Motorsports is the largest contributor to the bridge, up 45.4% on the prior year, and the drivers are as Sharyn described. The point I'd add is that the F1 regulatory change lifted content per car, and that will continue into FY 2027. In February, we guided to a strong but moderating second half growth, and in the second half, motorsports came in stronger than expected, with additional development activity following early season testing and racing. In A&D, we guided to a broadly even split, and that's what we delivered. The major U.S. government program shipments were weighted to the first half of FY 2026, with the second half growth driven from wider A&D opportunities, including the maintenance, repair, and overhaul opportunities. FY 2027 shipments have already commenced in July 2026 for the follow-on U.S. government order, and so we expect that order will be weighted to the first half of FY 2027 as well. Also within A&D, the MRO revenue grew 356% off a low base. While small in absolute terms, it's significant in terms of the repeatable revenue we expect from this opportunity over time. Our A&D business predominantly bills in USD and saw headwinds through the year, with revenue up approximately 35.6% in constant currency against the 30.8% reported. The A&D order book finished the year at $40 million for delivery in FY 2027, and that supports our expectations that the FY 2026 revenue growth trajectory will continue through FY 2027. In OEM, we saw a slightly softer second half, reflecting completion of major programs and the timing of commencement on two newly secured programs. In the aftermarket, we guided to muted revenue while we reshaped the sales mix and focused on higher volume and higher value SKU opportunities. We expanded the aftermarket e-commerce platform into the U.K., which supports continued growth in online sales. Moving to slide 12, we provide more detail around currency, given 86% of revenue is billed in foreign currency, predominantly sterling at 50%, U.S. dollars at 32%, and euro at 4%. Our absolute exposure has grown as revenue has scaled. Our U.S. and U.K. manufacturing provides an offset where revenue and costs sit in the same currency. But growth in offshore revenue manufactured or partially manufactured in Australia carries Australian dollar costs against foreign currency revenue, and so the natural hedges do not cover the full exposure. We have hedging in place for GBP 17.3 million and $5 million to partially manage this residual exposure in FY 2027. In FY 2027, the unhedged FX impact was a AUD 3.4 million revenue headwind, so revenue grew 34% in constant currency against 31% reported, predominantly due to worsening U.S. dollar rates, which was particularly impactful to our A&D segment, which saw an unhedged headwind there of approximately AUD 1.5 million. We expect currency to remain a headwind in FY 2027 and subject to significant volatility, which our foreign operations and our hedging policy aims to mitigate. Looking now at the balance sheet on slide 13, we have a strong balance sheet with minimal net debt of AUD 5.6 million following rapid deleveraging in the second half. Our gross debt reached the second quarter peak of around AUD 28 million and was reduced to AUD 12.8 million at the year-end. Gearing is 4.7%, and we had unused borrowing capacity of around AUD 30 million at 30 June, which provides plenty of flexibility to execute our growth strategy. Receivables remain carefully managed. 97% of debtors are within terms. Inventory increased with higher volumes and a strategic decision to hold greater raw materials given global supply chain uncertainties. PP&E reflects the investment in global capacity and capability and is in line with our expectations. Slide 14 shows working capital was flat despite 31% revenue growth, and operating cash conversion on EBITDA was strong at 104.9% for the year. Pleasingly, free cash flow returned to positive AUD 10.6 million, which is a AUD 25.6 million turnaround on FY 2025 as CapEx normalized following completion of the Australian factory relocation. Moving to slide 15 and looking at the CapEx in more detail. Total group CapEx was a net AUD 22.7 million against a peak of AUD 40.6 million in the prior year. Looking at the split of CapEx, the majority of that spend was growth-related, with AUD 7.6 million to complete the Stapylton upgrade. AUD 14.7 million was further growth CapEx, particularly to expand A&D capabilities into new materials and technology, alongside more general CapEx to expand capacity. Only AUD 400,000 was replacement and stay-in-business CapEx. FY 2027 CapEx is expected to normalize to approximately AUD 14 million-AUD 16 million, including investment in offshore facilities and our initial investment on the new Poland facility. The lower table sets out the Australian relocation and the step change in lease expenses. Whilst the relocation cost is a one-off, the right of use depreciation occupancy expenses are ongoing from FY 2026, and naturally, net debt costs will be expected to fall in FY 2027 as the drawn portion of our debt facility is repaid. On slide 16, we set out how we apply a disciplined approach to capital allocation, which balances investment with shareholder returns. The hierarchy runs from protecting the business through high-return growth opportunities, innovation and research and development expenditure, maintaining a conservative balance sheet, and then returning surplus capital. Organic investment remains our preferred use of capital, deployed where expected returns exceed our internal hurdle rates, and our dividend policy of 40%-60% NPAT sits within that framework. Sharyn will now talk through the strategy and the outlook for the group. Thanks, Rob. The next several slides go deeper into our two growth platforms as the shape of both businesses has changed materially. This year, we thought it worth setting them out in more detail as a one-off. Slide 18 sets out where PWR plays and why we are well-positioned to win in those markets. PWR is not trying to compete across every part of the thermal management market. We are deliberately selective, as the matrix on this slide sets out. It maps two axes: standardized and commodity work on the left, through to engineering, design, and complexity on the right. Low- to mid-volume through to high volume vertically. We sit deliberately in the engineering-led space, and the applications we focus on are outlined on the bottom left-hand side of the slide. The common thread across all of these markets is complexity and often low- to mid-production volumes. That combination is where PWR is at its best. The right-hand side of the slide summarizes why we win. First, we have a vertically integrated global manufacturing model. Second, we are technology agnostic. Third, we maintain a structural lead time advantage with lead times approximately 50% of industry norms. Fourth, the quality systems and accreditations required to participate in more demanding A&D programs. Slide 19 is our footprint. PWR has evolved into a global, vertically integrated, engineering and manufacturing business. We have a strong position in North America and an established footprint in Europe through the U.K. We see a large opportunity emerging across continental Europe. As A&D becomes a larger part of the group, geographic proximity to customers and defense ecosystems becomes increasingly important. That brings us to slide 20, where I will outline why Poland represents the next logical step in PWR's existing strategy, not a change in direction. We have spent the last several years building capability and reputation in A&D. The next progression is stabilizing a presence closer to what we see as a significant long-term opportunity in Europe, one of the world's largest A&D markets. Poland is an attractive entry point. It sits within one of Europe's most concentrated aerospace manufacturing regions, offers access to a highly skilled workforce, and benefits from a supportive industrial and government environment focused on A&D capability. This is a phased investment with the FY 2027 capital commitment of approximately AUD 4 million, largely for machinery. This is within our previously communicated CapEx envelopes. Over the four-year investment horizon, total CapEx is expected to be approximately AUD 16 million, scaled in line with opportunity and demand. The medium-term opportunity is significant, and the near-term earnings impact has been factored into our margin expansion plan. Strategically, it brings us closer to A&D opportunities, lets us in-source components to improve lead time and margins, is within the EU, provides access to skilled tradespeople and high productivity, and streamlines supply chain logistics across the group. It is at an early stage. The PWR Poland entity is established. We have joined Aviation Valley, along with the likes of Collins Aerospace, GE Aerospace, Boeing, and EME Aero. Lease terms are in final negotiations, and we expect initial operations to commence during FY 2027. Slides 21 to 26 go deeper on the two growth platforms of A&D and motorsports. Turning to slide 21, which outlines why we continue to be excited about the A&D opportunity. The global A&D thermal management systems is a very large and growing market at around $24 billion and growing at approximately 7.5% a year to 2030. Our share of that is around 10 basis points. Since entering the sector, A&D revenue has grown at approximately 50% CAGR, while building the foundations required to participate in larger and more complex programs. What gives us confidence is that the platform is now increasingly validated by customers, and the middle column sets that out. The clearest example is that we successfully delivered the initial U.S. government order and secured a follow-on order of approximately $9.1 million, which has since increased to approximately $11.9 million. The demand drivers behind this are structural rather than cyclical, as outlined on the top right of the slide. Overlaying that is a geopolitical environment where defense spending continues to increase globally. The U.S., Europe, and NATO members are all committing additional resources to defense modernization and capability development, creating a supportive backdrop for suppliers participating in these supply chains. With a very small share of the global market currently, the runway ahead of us is significant. Slide 22 shows why we are winning share and the increasing breadth behind that growth. Slide 23 outlines the momentum built across three end markets. Historically, A&D was read as a defense story. Today, we are building momentum across three complementary end markets, defense, commercial aerospace, and MRO. And the revenue base is materially broader for it. Across all three, this momentum shows up in two numbers we are disclosing for the first time. We finished the year with a confirmed order book of approximately AUD 40 million and a book-to-bill ratio of 144%. That is, orders taken during FY 2026 of AUD 50.7 million against revenue recognized of AUD 35.2 million, and that is what gives us visibility into FY 2027. The order book number will move between periods with order timing. Approximately AUD 17 million of the total A&D AUD 40 million order book for shipment in FY 2027 is the U.S. government follow-on order. This order is weighted to the first half of FY 2027. So it is visibility on revenue we have already flagged rather than revenue in addition. Defense remains the largest contributor, and it is underpinned by accreditations that limit competitor access, growing customer diversification, and the breadth of our approved supplier relationships, which now span all Tier 1 defense primes. The pipeline is both deepening and broadening. Multi-year contracts dominate our key opportunities, and prior year customer qualification work is now converting into revenue opportunities. Our scope is also extending from component supply into higher-level assembly, subsystem, and system-level supply, alongside engineering, simulation, and design services. Commercial aerospace is a smaller near-term contributor, but also a structural growth driver. We remain engaged with most major eVTOL and hybrid VTOL programs and are well-positioned regardless of which commercialize first. While revenue contribution remains relatively modest today, the regulatory backdrop is supportive, and we expect the volume production ramp over FY 2027 to FY 2028. On the traditional commercial side, qualification cycles are long and set by aircraft development timeframes, but we are already embedded in that supply chain through Tier 1 demand. MRO is the newest of the three and is strategically attractive because it creates the potential for recurring and catalog-based revenue streams once parts are qualified. Around 12 part numbers are now in production, up from around two in the prior year. Once a part is qualified for one customer, it is repeatable across every global operator of that airframe, which is how our catalog builds. We are deliberately mid-volume and margin-led. Lots of roughly 100 to 300 units and focused early on parts with lower regulatory burden and shorter qualification. Slide 24 sets out the opportunity pipeline that underpins our confidence in the future growth outlook for A&D. This replaces the pipeline table we have shown historically. That format served the business when it was smaller, but A&D has outgrown it. It no longer reflected either the scale or the character of what we are now pursuing. What you see here is built around how these programs convert. The opportunity maturity diagram on the left reflects that process, from early discussions through quote and proposal, to best and final offer, and then to our secured orders in hand of approximately AUD 40 million at the top. Two characteristics shape that. First, conversion takes time, typically 18 months to three years, from early engagement to revenue, sometimes longer, through qualification, testing, and procurement. Success in this market is not about winning contracts today, but by consistently building and progressing a pipeline over multiple years. Second, on program duration, once we are qualified and incorporated into a platform, products often remain in service for extended periods unless redesigns or end-of-program events occur. Around 95% of our programs are multi-year in nature but are subject to annual purchase orders. A program is only captured in our order book once we have a confirmed purchase order. The table lists our top five opportunities, and these are deliberately not early-stage discussions. Every one of them is at quote, proposal, or best and final offer stage, with three at best and final offer. Together, they represent more than AUD 70 million of new revenue over their expected program lives. What is particularly encouraging is the diversity of that pipeline. The opportunities span multiple regions, multiple end markets, and multiple product categories. Conversion timing will naturally vary from program to program, but the pipeline continues to broaden and deepen and underpins our confidence in the growth outlook. As with A&D, slide 25 outlines where PWR competes within motorsports and the capabilities behind it. The message here is growing diversification on two fronts. While Formula 1 remains our largest category, today's motorsports business is considerably broader than a decade ago. The common challenge across all of these racing categories is thermal management, and our offering extends well beyond radiators and intercoolers. Three of the four advantages in the wheel are familiar. However, the fourth, data-driven optimization, is specific to this segment and moves us from supplying a component to shaping how the car performs, and it is a materially harder position for a competitor to displace. Turning to slide 26, one of the questions we are often asked is whether FY 2026 represents a peak year for motorsports revenue. Our view is that the business is now operating from a higher structural baseline as the fundamental redesign of both the power unit and vehicle architecture in F1, and to an extent in other motorsports programs, has increased cooling complexity and thermal management requirements. That complexity has increased the engineering content per vehicle. The timeline along the bottom shows why that baseline persists. Homologation runs through FY 2027, and historically, the most intensive development happens after cars begin racing as teams iterate. In 2028, the regulations rebalance the contribution between internal combustion and electrical energy. That reopens energy storage design, while the internal combustion engine and chassis stay broadly unchanged. Further re-homologation beyond 2030 is not yet defined. Alongside that, the grid is growing. The thesis is also broader than Formula 1. The transfer of MMX, battery cell cooler, and additive manufacturing into adjacent categories provides a second steadier source of growth. Turning now to slide 27 and our outlook. Before the individual markets, a word on how we are thinking about the group. The investments over the last several years are now demonstrating the operating leverage expected when those decisions were made. FY 2026 gave us the evidence of that. Where we saw it most clearly was through the higher volume months, which is what gives us confidence in the trajectory rather than in any single year's outcome. I will take FY 2027 outlook by segment and then the medium-term margin pathway. Starting with motorsports. Following 45% growth to record revenue in FY 2026, we expect motorsports to maintain that higher baseline in FY 2027 based on the current pipeline. In A&D, we expect the FY 2026 revenue growth trajectory of around 30% to continue into FY 2027. The order book of approximately AUD 40 million gives us strong opening revenue visibility, with the timing of individual orders subject to customer delivery schedules. As Rob noted, the timing of U.S. government orders is weighted to the first half. For OEM, we expect around 20% revenue growth in FY 2027, supported by programs entering production, with the precise growth rate dependent on customer production timing. The Ford Mustang S650 is in production and the new hypercar program is expected to contribute from late FY 2027 or early FY 2028. Within aftermarket, the SKU mix shift continues, and we expect modest growth in FY 2027. At a group level, FY 2027 revenue growth is expected to be largely driven by A&D. On Poland, this is a phased investment in European A&D capability. FY 2027 investment and startup costs are expected to reduce statutory NPAT by less than AUD 1 million, and our FY 2027 margin outlook already includes that impact. Inclusive of Poland, the margin improvement journey is expected to result in an improvement in statutory NPAT margin of circa 2 percentage points in FY 2027. The chart on the right sets out how we think about the pathway beyond that. A recovery towards the FY 2024 reference margin of 17.8% over FY 2028 to FY 2030. I'd emphasize that the range in the intermediate years on that chart are illustrative, but the drivers are clear. The circa AUD 800,000 of one-off factory relocation costs incurred in FY 2026 do not reoccur. Improved volume leverage through higher utilization outside the peak motorsport season. Production efficiencies from facility stabilization, increased automation, and the use of AI. Favorable mix shift towards higher volume A&D and OEM programs and towards services. Manufacturing savings from component insourcing and the commencement of lower-cost Polish operations in FY 2027. While there is still work to do, we believe we are moving from a period dominated by investment toward a period increasingly characterized by operating leverage, productivity gains, and scalable growth. That concludes our presentation of the FY 2026 results, and I'll now hand back to the operator for questions. Thank you. If you wish to ask a question via the phones, please press star one and wait for your name to be announced. If you wish to ask a question via the webcast, please enter it into the ask a question box and hit submit. Your first question comes from Alex Lu from Morgans Financial. Please go ahead. Morning, Sharyn. Morning, Rob. Just have a few questions on Poland, please. Just regarding that facility, is that mainly targeted at European aerospace and defense? Or will you be doing some OEM and aftermarket work out of there as well? Mainly targeted on that opportunity for European aerospace and defense, Alex. Okay. Thanks, Sharyn. Then just in terms of how that complements the current U.K. facility, Sharyn, does that mean you're going to start to look more seriously or target more opportunities in European aerospace and defense opportunities in FY 2027? Yeah, that is right. We started dipping our toe in the water in FY 2026 when we put some resource into the U.K. to start discussions with potential customers there. Andy has also been doing some good work with U.S. customers that also have some physical presence in the EU. What we have found that you really need a ticket to play to be in that space. So being located in the EU certainly gives us access to more opportunities. We did have a look at our U.K. footprint in terms of whether that could be serviced out of U.K. And the reality is, the team in U.K. have done a great job in terms of utilizing that location. We actually did not have the floor space there to take up that opportunity. When we had a look at where we would go, Poland was certainly the standout in terms of location. Okay. And you mentioned location there, Sharyn. I presume you have done a lot of work on Poland, just presume you are comfortable with having a facility there, given its proximity to Ukraine? Yeah, we did certainly take that into account when we looked at our due diligence, and when we looked at things, even currently their travel ratings being fine to travel. We were comfortable when we went over there as well and had a look around. Certainly, with any location, there will be site-specific risks and, with the location over there, we just need to make sure there are contingencies, et cetera, if any of those risks realize. But there are a number of other companies there. If you have a look at Aviation Valley, which we put the link in the presentation, a fabulous opportunity to be around the likes of some of those big players, et cetera. We are certainly comfortable with that location. It is a really good opportunity to not only be in that area for opportunity to customers, the labor access has been really impressive. The capability access to skilled trades. That has exceeded our expectations even in this initial period. Great. Thanks a lot, Sharyn. Thank you. Your next question comes from Elijah Mayr from Goldman Sachs. Please go ahead. Good morning, Sharyn and Rob. Congrats on the results. Good to see some momentum back in the business. Firstly, just on the A&D side, thanks for giving a bit more disclosure. With the order books for the group and for A&D actually, can you give us some comparable numbers for 12 months ago? Twelve months ago, you are probably looking at a number in the 20s. We are pretty happy with the momentum we have got there in the order book. It is a really solid result, not only for this current year, given the headwind we had there in FX. So the 30% growth after that headwind was, in our view, an excellent result. We are really proud of that and what Andy and the team have achieved. But to come into this year with an order book, with a four in front of it from where we were last year, an outstanding result for the team. Yep. Awesome. Then just on motorsports, second half was probably a bit stronger than expected. Was any of that driven by the Formula 1 changes to the engine post the 2026 regulatory changes that were announced over the last few months? Will those changes have any positive impact into FY 2027? No, we were pretty pleased with that second half result. It did exceed our expectations, in terms of the revenues coming from the non-F1 portion of the customer base as well. Certainly, F1 has been a good contributor to the whole year. But you will see on slide 26, we have outlined some of those drivers, including more value per car because of the changes. Certainly, the regulation changes did drive momentum, but we are really pleased with those other categories as well. Those further engine changes that were announced more recently in the second half, will that positively impact FY 2027? That was unexpected, I guess, at the first. Yeah. 2027, yes, but no, not 2026. Cool. Thank you. Thank you. Your next question comes from Abraham Akra from E&P. Please go ahead. Good morning, Sharyn. Good morning, Rob. Just a follow-up to Elijah's question on motorsport. You have guided for F1 revenue base, so FY 2027 revenue base to be on a higher baseline. Is that baseline annualizing the second half 2026 numbers? So we are starting from AUD 114 million for FY 2027? Can I make that assumption? No, full year. We are talking full year whenever we are referring in the outlook. We are not talking run rates. We are talking about FY 2026. So that higher baseline is referring to that AUD 102 million. Got it. On A&D, and thanks for disclosing the AUD 40 million order book. I am just curious whether there is anything in there, any tenders that will not have that revenue delivered for long duration programs in that number in FY 2027? Sorry, I missed that. Sorry, could you repeat that one? Yeah. So the AUD 40 million order book in A&D, are there any tenders or projects within that will not get delivered in full in FY 2027, so you do not book that whole revenue piece in the order book? No. That AUD 40 million is the order book for delivery in FY 2027, obviously subject to customer shipment timing and how their programs are progressing. It is all scheduled for delivery in FY 2027. All purchase orders we have got in hand. Yep, understood. One more, if I may, before I drop in the queue. You have got the hypercar program commencing late in FY 2027. Can we apply a similar growth rate year-on-year to OEM in FY 2028, like you have got it in FY 2027, as that hypercar program gets underway, so circa 20% growth in revenue in OEM in FY 2027? Yeah, we would be looking for OEM to get back to the momentum it was having before our two programs came to conclusion the year before last. We would be looking for that program in particular to be driving growth in 2028. Right. Perfect. Thanks, guys. Thank you. Once again, if you wish to ask a question via the phones, please press star one. Your next question comes from Sarah Mann from MA Moelis Australia. Please go ahead. Morning, Sharyn. Morning, Rob. Thanks for taking my questions. Sorry, a question again on the AUD 40 million order book that you've pulled out in A&D. Can you give us any breakdown around, I guess, how that's kind of split across defense MRO or eVTOL? Then a follow-up to that is just more broadly in terms of the defense pipeline, what's the current mix between U.S. and Europe? In terms of the five opportunities we've outlined, they're all defense opportunities, Sarah. At the moment, the huge majority of our revenue is U.S. Very minimal European revenue in our current numbers for A&D. Yeah. For the AUD 40 million order book that you have pulled out, does the bulk of that sit in defense? Or how much of that is across MRO and commercial aviation? The bulk of that does sit in defense, but there are certainly programs in there across the whole range of opportunities that the Aerospace and Defense segment services. Great. Thank you. In terms of the three government contracts in the U.S. and defense that you have that are at best and final offer stage. In the past, have you ever had any instances where you have got to the best and final offer stage and did not win the contract? Or the first time you got there was the first contract that you have already won? We do have a fairly solid conversion rate once we get to those best and final offer stage, although it is always subject to things like budgets being released. We have had programs where the customer might have pivoted, or they might have had their budget pulled, et cetera. So, we have got a good conversion rate, but you can never with certainty say these things will come to conclusion. Thank you. Last question from me. Just on that initial U.S. defense contract that you have secured the follow-up order for, it has now been upsized to $11.9 million. Can you give us a feel for, I guess, how much extra scope there is from that contract to further upsize again? In terms of that upsize, that is the customer bringing a bit forward most likely from the following year in the hope that they can get some more volume out. We are very mindful with these contracts, even though they are multi-year contracts, might have budget support, et cetera. There are opportunities for customers to redesign, et cetera. So we really focus on keeping those relationships very strong, making sure we are delivering and nailing what is in our control. We rely on once we have got that purchase order in our hand, then we see it as locked in. A lot of moving parts, but really happy with how the team is delivering on that current contract. Great. Thanks very much. Thank you. Your next question is a follow-up from Abraham Akra from E&P. Please go ahead. Yeah. Thank you. On slide 27, where you've noted, I guess, the indicative recovery of your NPAT margin, it looks like in FY 2028, upper bound scenario gets you back to that 18% NPAT margin. Just curious what revenue you've assumed in that scenario. You should be looking at the chart on the right-hand side as an illustrative pathway back to that sort of 17.8% that we've guided to previously over the medium term. That's still the goal is to sort of get to the 17.8% in the sort of FY 2028 to FY 2030 years, and we haven't really provided any more guidance towards the FY 2028 at this stage. Yep. Sure thing. Also jumping back, I guess, to slide 24, when you list five tender opportunities. The three best and final offer line items, just curious when are expected results will be had? There's certainly lengthy processes that need to be gone through. What we experience through the U.S. government contract that we currently play a role in is there are a lot of moving parts to customers with approvals, et cetera. So it could be anywhere 6 - 12 months, et cetera. Every time we engage, we're pretty efficient in getting back with what we need to get back, but sometimes you can have more lengthy processes on the other side. Understood. If I may, that pyramid to the left in that graphic, can you give us an indication of the pipeline that you guys usually inspect? So the early discussion piece, how big is that versus the AUD 40 million in the order book? We are not disclosing that level of detail. Obviously, there is a lot of moving parts with how you could quantify what you have in early discussions. They are just numbers that, depending on probabilities or potential or multiple years, et cetera, the numbers are so able to be quantified in different ways. We think it is not very informative to be calculating numbers like that and presenting them. Sure thing. Thanks for the follow-up, guys. Thank you. There are no further phone questions at this time. We will now address your webcast questions. Your first question comes from Chris Savage from Bell Potter, who asks, "Last year, the order book in A&D was AUD 25 million, and you did AUD 35 million of revenue. This year, the order book is AUD 40 million. So on that basis, should we not expect you to do AUD 50 million plus revenue in A&D in FY 2027? We have taken that guidance number of 30% in the pack. We have taken into account that we have FX headwinds coming into this year, so we are mindful of that. Also, customer delivery schedules play a part. What we are really happy with and what we focus on is the combination of what we have got in hand in those orders, but also what Andy has in the pipeline. We think the 30% we have delivered repeatedly over the last few years, as well as the 30% we would be looking at in the coming year, we think that is a reasonable level of growth to guide the market to. Thank you. Your next question comes from Wayne Jones, from Ganes Capital, who asks, "Will Poland replicate product offering across the group, or is it proposed to specialize in some niche products? Certainly over the rollout over four years, we would be looking to replicate a number of capabilities that would support the A&D product line. But starting off with niche products, looking at items we might be able to insource items that are used across the global locations and really be able to leverage logistics. So starting off niche, but then we will be looking to replicate and expand. Thank you. Your next question comes from Chris Savage, from Bell Potter, who asks, "Is the AUD 16 million CapEx investment in Poland likely to be spread relatively evenly over the next four years, so that total CapEx is likely to remain around AUD 15 million per annum for the medium term? Yeah, I think that's a fair assumption. It won't be too far away from the AUD 4 million per annum, but obviously, it will depend upon the timing of demand and where we need capacity and capability over the forwards four years. At this point, the only data point we're really providing is AUD 16 million for the overall project and AUD 4 million in the FY 2027 year. Thank you. Your next question comes from Chris Scarpato from Alvia Partners, who asks, "You talked to a recovery of margins to 18%. Is there not scope to get back to the 19%, 20% +, given the significant investment in factory facilities, scale, and a focus on higher margin opportunities? Certainly, the 20% NPAT margin is an aspirational number that is a nice round number able to be communicated to people. However, when we've done our work on it, in terms of the scale of the business that we are now looking to be, as well as the support structures needed in a business of scale to make sure that we're delivering consistently, have the accreditations, the compliance, quality systems, et cetera, as well as some of the mix of products that we have and the volumes we have access to, we'd be very happy getting back to those FY 2024 levels as we've indicated. Thank you. Chris Savage from Bell Potter also asks, "Do you continue to think A&D revenue can exceed motorsports revenue over the medium term? Yes, we do. I am smiling because Matt keeps growing those revenues, so he likes to move the goalposts on Andy. But certainly, in terms of opportunity, as you have seen in the pack, the opportunity in the A&D space at a global level is quite large and our share of the market quite small at the moment. So we think a great runway. But I do not think Matt will give up that position easily, put it that way. Thank you. Your next question comes from Luke Durbin from Count Wealth, who asks, "Do you see any opportunity to apply your technology and IP towards data center cooling? You will see on our slide where we have the where we play, slide 18. That is probably more in the bottom left corner in terms of it is probably not something that is for PWR unless it is something with seriously tight packaging constraints, et cetera. So, no, we are not really chasing down data centers as an opportunity. Thank you. Your next question comes from [Josh Williams], a private investor, who asks, "Is the new Poland A&D facility expected to service both the European and U.S. markets? What were the drivers of choosing Poland as the location for this new investment? Yes, it will be servicing both European and U.S. On slide 20, we've outlined a number of those investment rationales. What we really like about Poland when we did our due diligence, one, very high productivity across the EU, very supportive incentives and government structures there. We really like the labor market and the regulations around labor there. The talent opportunities, so a number of the trade schools and pipeline for talent in machining, et cetera, engineering, very positive over there. Also the logistics opportunity in Poland in terms of its location. Poland, for us, it ticked a lot of boxes. It doesn't take anything away from our existing three sites. All of our sites play a really important role. We just see Poland and that opportunity, particularly the talent and productivity, as the ideal place to be. It certainly helped our investment decision when you look at the likes of players in that area, that Aviation Valley membership, et cetera. A lot of really strong companies also seeing the positives in Poland. Thank you. There are no further questions at this time. I'll now hand the conference back to yourself, Sharyn, for any closing remarks. Thank you. It was a defining year for PWR in FY 2026. We delivered record revenue, meaningful margin improvement, and we did it in the same year as we completed the largest investment cycle in the company's history and had a factory relocation. These outcomes, they don't happen by chance, and they reflect the dedication and commitment of our people who really continue to deliver for customers and to deliver for shareholders. On behalf of the board and management team, I'd like to sincerely thank our global team for the contribution you've made throughout the year. We're incredibly proud of what we've achieved. It's been a really great year. Very excited to enter FY 2027 with strong momentum, strengthened competitive position, our A&D platforms expanding, and we have a really clear pathway to create long-term value for our shareholders. Thank you for your time, and thank you for your continued support of PWR. That does conclude our conference for today. Thank you for participating. You may now disconnect.