I would now like to hand the conference over to Mr. Paul Digney, Managing Director. Please go ahead. Hi, all. Thank you for joining this morning's call. I'm joined in the room by Qube's CFO, Mark Wratten, and Head of Investor Relations, Paul Lewis. As usual, I'll kick off the call with a summary of our highlights for the half, followed by some comments on the divisional performance. Then I'll hand over to Mark to discuss some key financial items, and then back to me for, to go through the full year outlook before taking your questions. Starting on slide 6, results overview. Qube has once again delivered a solid half year result. The financial performance reflects the strength of our business, reflects a combination of organic growth and the contribution from acquisitions recently completed. Activity levels remain mostly favorable across our core markets, and as you have heard before, the diversity of our operations supported growth and helped offset any challenges. Both Mark and I will talk more about the financial result as we get through this presentation. On to slide 7. We provide an update of the scheme of arrangements here. As you know, on Monday, we announced that the MAM-led consortium have confirmed their offer at AUD 5.20 per share for Qube. We have now entered into a Scheme Implementation Deed with the consortium. This is an exciting milestone in the evolution of our business, and MAM's offer underscores the value of our strategy and the quality of our business and our people, most importantly. I'm confident that this transaction will provide a platform for the business to grow and continue to grow while maintaining our strong track record of enhancing supply chains in the regions that we operate. Obviously, the timing is contingent now on regulatory and other approvals, and we're aiming to have a scheme booklet out to shareholders in May, so the shareholders will then have an opportunity to vote on the scheme. Returning to our performance for the half and safety performance on Slide 8. The positive safety performance was sadly marred by the death of a tire fitting contractor at a Narromine Agri facility in October. Qube and the management team is continuing to support investigations into this tragic event. During the period, with our ongoing focus on safety, our TRIR continued to improve, decreasing by 21% compared to last year's result. Our LTIFR and our CIFR also improved during the half. The rollout of our Be Safe program also continued. There are some great safety videos worth checking out on our social media networks. Turning to our key markets, slide 9. Once again, it's clear that strong performance in some areas helped balance out some challenges in others. In Containers, Australian Logistics operations performed in line. New Zealand Container Logistics impressively performed better than expected, and so did Patrick's, performing better than expected also. In Agri, Agri again made a good contribution, which underscores the value of our trading strategy and our agile integrated service offering to our customers. Automotive benefited from a full period contribution from the AAT Webb Dock West, which is also known as MIRRAT, but was offset by lower than anticipated storage and quarantine services across all AAT terminals. Forestry was relatively stable, despite some softer wood chip volumes in Australia, while in New Zealand, we saw a modest uplift in earnings. The Resources business was better than we expected due to better volumes and also to better cost controls, which helped offset a major contract ceasing in the period. Energy once again delivered ahead of expectations, except for some delays in renewable projects. In general stevedoring, in the other section on the slide, this was slightly impacted mainly due to unfavorable volume mix across our port operations in Australia. Now turning to divisional performance onto slide 11. For the Operating Division, I won't spend much time on this slide, as I'll dive into each view shortly. As you can see from the slide, Logistics and Infrastructure was responsible for the lion's share of the growth in the half. Turning to slide 12, Logistics and Infrastructure. EBITA profits jumped around 22%. The addition of Webb Dock West helped the performance in the period. However, the AAT terminals performed weaker overall due to a decline in high margins and ancillary service, which I mentioned before. Container and logistics volumes were broadly stable across Australia and provided another solid result. The New Zealand performance was better than expected in the half, and with the Nexus acquisition completed in December, we are expecting further New Zealand upside in the second half. The IMEX continued to deliver improved results and volumes as volumes ramped up, and Agri performed well in the period, with grain up almost 50% through our bulk terminals in the half. Turning to slide 13, Ports and Bulk. In the Ports and Bulk business unit, it's fair to say it had some mixed performance across its end markets. The energy business delivered another strong earnings contribution from the oil and gas activities, including the commencement of decommissioning work getting underway during the period. However, in the energy space, we had profit, profit impacts from our renewables sector due to set up costs in Western Australia and some project delays in Queensland. We saw reasonable volume stevedoring across most commodities in our ports operation. However, unfavorable product mix in the half did impact earnings and margins. Overall, Forestry was relatively stable, with a modest uptick in earnings in New Zealand. The bulk activities in Resources sectors was better than we expected. This helped offset the impacts of some major, major projects ceasing and the delays in some new projects coming on stream. And also, the bulk business did benefit from a full period contribution from the Colemans acquisition and the initial contribution from the Albany Bulk Handling acquisition. Now on to slide 14. Briefly looking at Patrick. Patrick was better than we originally forecasted, which was pleasing. Market share was relatively stable at 41%, and the EBITDA improved thanks to a number of things: higher volumes, a favorable volume mix, and increasing ancillary revenues. Pleasingly, during the period, the business also extended several key customer contracts. I will now hand over to Mark to take you through some of the key financial information, and then I'll get to the outlook after that. Thank you, Paul, and thank you for everyone on today's call for listening in. As Paul has already highlighted, Qube delivered a very pleasing first half set of results. I'll now take you through a few financial slides. Starting with slide 16, Qube's underlying results. Paul has already covered our Logistics and Infrastructur e and Ports and Bulk business units, as well as Patrick's. A few other points to note include: the strong result in our Operating Division contributed to an increase in group underlying EBITDA of 9.8% over the prior period. Pleasingly, Qube's EBITDA margin, excluding the high revenue, low margin grain trading business, improved from 10% to 10.6%. As we had guided to earlier in the financial year, this EBITDA improvement was partly offset by an increase in net finance costs, which increased by AUD 9 million against the prior period due to higher average debt balances and no interest income on the now fully paid, repaid shareholder loans to Patrick. The NPAT share from associates increased by AUD 7.5 million, which was mainly attributable to the great first half result from the Patrick business. At the underlying NPATA line, we delivered AUD 157.5 million, which was an increase of 10.1% over the first half of FY 2025. On the back of these results, the Board has declared an interim dividend of AUD 0.0535 per share, fully franked, which will be payable on the ninth of April. This dividend is at the top end of the Board approved dividend payout ratio, which is 60%. Before leaving this slide, I'll make some short comments on the two material non-underlying adjustments that we reported in our H1 statutory results. The first item is AUD 101.5 million pre-tax profit on the divestment of our interest in the Beveridge property, which we announced was sold in December 2025. The second material item of AUD 37.3 million was a reversal of an onerous contract provision relating to Qube's obligations at the time of exiting the Minto property, which we divested in January 2025. This obligation was successfully resolved during the period, allowing us to now reverse this provision. The original provision was also treated as a non-underlying item in our FY 2025 accounts. Moving to slide 17, capital expenditure. In first half FY 2026, Qube's gross CapEx was AUD 216 million. This is broken down into the four major categories on this slide. Qube spent AUD 35 million on two small but strategic acquisitions in the first half, being the Albany Bulk Handling business in Western Australia in July and the Nexus Logistics business in New Zealand in early December. The Albany Bulk Handling business has been fully integrated into Qube, while the Nexus integration is progressing to plan. We also spent AUD 88 million on organic growth-related assets in the categories set out in the table below. The major spend was on new bulk storage facilities in Queensland and Western Australia, and mobile assets and specialized containers to support new or expanded contracts. The AUD 22 million investment in specialized containers predominantly relates to new contracts with Iluka for the Balranald project and WA Oil for a decommissioning project. In the period, we also spent AUD 88 million of replacement CapEx, mostly on mobile fleet assets and material handling equipment. Finally, we spent AUD 5 million on the two Moorebank rail terminals. During the first half, Qube also received proceeds of AUD 163 million from the divestment of assets, with a significant amount being for the Beveridge property, which I mentioned earlier, and some rail rolling stock assets in excess of our business requirements. After all of the above, net CapEx in the first half was AUD 53 million. Taking you now to slide 18, cash flow. During the first half 2026, Qube's net debt decreased by circa AUD 51 million, with the key cash flow items detailed on this bridge. The first half cash conversion, excluding grain trading working capital, was 71%, which is a relatively typical result for Qube, given the material first half outflows that don't repeat in the second half. Working capital movements for our grain trading business were a +AUD 29 million for the period, to total AUD 117 million at the end of the first half. The first half FY 2026 cash flows also included the AUD 53 million of net CapEx that I just spoke to, as well as AUD 81 million in distributions received from our associates, mainly from Patrick. Finally, if I can now take you to slide 19, balance sheet and funding. You will remember that in FY 2025, Qube completed a number of capital management initiatives, which together continued to place the business in a strong balance sheet position. During the first half of FY 2026, we haven't been required to revisit our debt facilities as we have significant available liquidity, which at the end of December 2025, was over AUD 1.1 billion. Our average debt maturity is 4.4 years, and we have no facilities maturing in the second half or in FY 2027. Qube's gearing ratio reduced to 31.6%, which is at the lower end of the Board's current approved range. And overall, all we retain significant headroom against our bank covenants. Qube maintains investment grade credit ratings from both Fitch Ratings and S&P. That's all from me, so now I'll hand you back to Paul. Thanks, Mark. And now slide 21, the full year 2026 outlook by key markets. The outlook across our key markets for the full year is generally favorable. In Containers, we expect Patrick's to perform slightly better, as well as New Zealand. The outlook for Agri year to date has been good, although the remainder of the year could moderate due to global conditions and farmers currently holding onto inventory, which is reflected in the revised outlook for Agri. In Automotive, there are some early signs of improvement in the demand for ancillary service in the second half, which is positive. In Forestry, we expect, we expect that to stay the same as the first half of the year. And while in our Resources businesses, we anticipate some improvements thanks to more favorable product mix and better volumes. This should partly offset that misalignment I spoke about before between contracts ending and new ones starting. Finally, in energy, as I mentioned before, the outlook remains positive for the oil and gas activities. However, the new renewable projects will be delayed into next year and will be a benefit to next year's revenue. Now to the final slide, slide 22, before I take questions. Full year 2026 underlying earnings outlook. The underlying earnings outlook remains positive for the full year, with solid EBITA growth for the Operating Division. The outlook for associates also looks positive, largely thanks to the higher contribution from Patrick's. And at a group level, we expect to deliver a solid NPATA and EPSA growth of between 6% and 10% for the year. To summarize, while it's been a very busy half, particularly with the Macquarie transaction and the due diligence bubbling along in the background, our half year performance saw us deliver another record result. Revenue improved, margins improved again, return on average capital employed improved above 10% for the first time and now on its way to our new target, plus above 12%. Our earnings per share improved, and the outlook remains positive for the full year. Thank you for your time. I now would be happy to take your questions. Thank you. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. And if you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Justin Barratt from CLSA. Please go ahead. Hi, guys. Thanks very much for your time today. My first question, I just wanted to ask about if you could talk a little bit more about your grain trading business. It looks to be doing a pretty good job of materially improving throughput through your operations. Yeah. Justin, yeah, I mean, yeah, our strategy's been very successful. Yeah, we, a lot of the grain that's moving through our assets is, I think more than 50% is our trading arm pushing that inventory through our terminals and our upcountry facilities. So yeah, we've been, we've built a pretty good strategy there. It's, we've kept our product to our customers and through our trading arm, fully agile and fully flexible. So yeah, I mean, the current conditions, you know, pricing is a bit low. The FX is, you know, not working as good as possible for, you know, for trading. But, we're pushing through some good volumes. Okay, great. And then on Ports and Bulk, your guidance for FY 2026 now a little bit softer than your previous guidance. And just noting your comment around the timing between cessation of some contracts and ramp up of new contracts, I was wondering if you could expand on that comment a little bit for us, please? Yeah, I mean, some areas... I mean, we've had probably the in the wind farm sector, we've felt that we've probably, from a profit point of view, we'd do a bit better. There's probably set up costs have been a bit more, but we're setting up for the future in Western Australia. Some of the tail of some of the wind farms that we're finishing off at the moment, before other ones start in 12 months time or so, it's probably been probably not as financially benefit for us, so there's been some impacts there. General stevedoring turnaround after the industrial, the IR issues last year have improved, but we felt that they probably might improve a bit better, so we're looking for that improvement in the second half a bit. So we're just being a bit cautious there. Iluka, Balranald delayed probably three months into next half. So yeah, it sort of swings around about, but yeah, we are sort of we've sort of said broadly flat outlook for Ports and Bulk. Great. Thanks for the color. Cheers. Thank you. Your next question comes from Jakob Cakarnis, from Jarden Australia. Please go ahead. Hi, Paul. Hi, Mark. Just two from me, if I could please. Can you just talk to the drivers of the CapEx guidance change, please, for FY 2026? I'm just interested in your considerations as you've put that together for us today, please. I'll hand over to Mark. We've obviously got a reduction there. Yeah. Hi, Jakob. Yeah, no, we've so we spent less CapEx in the first half than we had anticipated, and there's an element of that flowing through into the second half. I think we had in the initial guidance that we gave in August, we had included sort of what we call, refer to as a CapEx pool, so for acquisitions, and we've completed a couple, as I mentioned, AUD 35 million in the first half. We've got a couple that we sort of anticipate may drop in the second half, but overall, we think across the year, it's less than what we sort of had sort of set as a sort of a an amount aside back in August. Then there's just an element of the guys just being very, you know, very careful around, you know, other maintenance CapEx, and we've been not consciously, I guess, trying to make sure that we're, you know, we're sweating our assets as much as we could. So I think it's just been a, yeah, maybe an element of, you know, first half being a bit too ambitious around when we could spend it. But we've got some really good... I think, some of it goes to what Paul was mentioning earlier around timing. So we've got some really good projects coming up, where the CapEx is now more likely to be spent in 2027 than it is in 2026. Understand that. Maybe you'll be in a different environment as that goes ahead. Just one final question. Appreciate that there's still a bit of water under the bridge, but for those on the call, how do we think about a distribution of any surplus capital, if that exists in the business? And how do we think that around timing with your other announcements and maybe the implementation deed, please? Yeah. So if per the announcement on Monday morning, and you'll see it in the Scheme Implementation Deed as well, obviously the cash price is AUD 5.20, but reduced by any dividends that we pay between now and completion, and that's inclusive of the interim dividend that we announced today, AUD 0.0535. So per the Scheme Implementation, we can pay a maximum of AUD 0.40 of dividends overall. And the whole idea around that, Jakob, is to try and optimize our franking credits. We've got quite a large franking credit balance and we're trying to get a lot of that to the benefit of shareholders between now and completion. So you'll see that we've got the ability to pay a special dividend within this agreed with Macquarie, and we'll seek per the note. In the announcement, we'll seek ATO class ruling to make sure that that's all, you know, dot the I's, cross the T's, so to speak, in regards to those franking credits for any special dividend being available to shareholders. Thanks for that color, Mark. So am I right in thinking that that occurs, sorry, in terms of timing as the deal's closing, or is there an interim milestone that we need to keep in mind? No. So, obviously, if the deal drags into the, you know, to the second half of this calendar year, Jakob, and we do our full year results, you could expect a final dividend, right? If it, if it's sort of, if not completed before October, say. Otherwise, a special dividend will, is, likely to be paid, you know, immediately prior to, to the actual completion of the deal. So very, you know, a few days, probably before, before the, the actual cash component would get paid, so it would be almost simultaneous. Understand. Thanks, guys. Thanks for the color. Thanks, Jakob. Thank you. Your next question comes from Andre Fromyhr from UBS. Please go ahead. Thank you. Good morning. Maybe just staying on the scheme topic, wondering if you could give any sense of, you know, what are the main regulatory approvals that are gonna require you to work on and, you know, what kind of timeline you would expect around that? Yeah, I'd say that, obviously, ACCC and FIRB are the key approvals. And so, I mean, I think we're working a timeframe between up to 4-6 months, potentially that. So, yeah. Are there any particular parts of the portfolio that you've already identified as sort of more in focus for, from an ACCC approval? I mean, from our perspective, we don't think there should be any issues. I mean, the actual sale process, I mean, again, this is not a merger, it's a change of ownership transaction. So, you know, there may be a look-through on Port of Newcastle, but, you know, the actual sale go through that process of... But once they start that process and go through it, they'll understand that, you know, the ownership structure and the management structure is totally different. So there's no alignment there, and again, this is just an ownership change. It's not a merger of operations. So, from my view, there shouldn't be any issues, but obviously, there's a process we need to run through, and we'll respect that process, and so will Macquarie. Okay. Then back on the operations. I just wondering if you could talk a bit more about the drivers of the, the margin in Ports and Bulk. I understand it's a, you know, diverse segment, but I guess that margin has been depressed and, for, for a few years now, and, and it's come down year-over-year again, this period. I wonder if you could talk through the role that the, you know, demand or utilization side has played there, or is there cost inflation, or is it a mix issue? Just curious to understand a bit more detail around that. I think for the period, it's just been, I mean, we did call out that bulk would sort of go into a little bit of a decline because of you know, contracts ceasing and that sort of stuff, so we did call out. We actually, it was better than we expected, and that and the way the guys have managed that process. We haven't really seen much wind farm activity, and which sits in that sector, which is, you know, which goes to a lot of fixed costs and, you know, it's reasonably high margin, so we didn't get that. The general stevedoring business, you know, we had products, we had reasonable volumes, but, you know, certain volumes, certain commodities, and certain ports make more money than other things. It's just the way that mix fell out, probably wasn't. Hopefully, the second half's better with how that product mix goes. There's some stuff that we're working through in that area. I just think it's the period's just sort of a combination of some areas that where we, you know, where would've impacted margins and hopefully we can get that improving in the second half. Okay, and last one from me is MIRRAT. Wondering if you're able to share what the EBITDA contribution was in the period, or even better, like a sense of what a normal annualized run rate is for MIRRAT's EBITDA under Qube's ownership, and sort of what your plans are for growing that business, or is it more just the, you know, the bolt on to your existing AAT terminals? I haven't got a number in front of me, so I can't provide that. I think we provided Yeah. M aybe a number at acquisition. Yeah. So we were tracking a little bit low on that, this period, because of, you know, the less quarantine and storage services. So but, we look at MIRRAT as a long-term asset, and so we're very confident where we're at with MIRRAT. Yeah, so Andre, I think the normalized or sort of what we sort of coming into the year is around, you know, AUD 30 million-AUD 33 million of EBITDA. And as Paul said, the first half was sort of a little bit sort of below what we expected. Then that 30-33 is, sort of, on a full year basis, and that's sort of at a very, I guess at a sort of very normalized, well, run rate without sort of heavy, you know, volumes of ancillary services. Great. Thank you. Thank you. Your next question comes from Samantha Edie, from Morgan Stanley. Please go ahead. Hi, Paul. Hi, Mark, and the greater team. Congratulations on the result and the takeover. I just have two questions today, please. So just with the first question, so I can see that the Resources outlook has improved, which was guided to be a bit of a headwind in FY 2026. And you did have a strong first half overall, but I guess if we're just thinking about the second half earnings in each of the key markets you provided on page 21 of the preso, are there any key market earnings there that are expected to go backwards half and half? I think I probably called out, we're a bit cautious around, just around the Agri, Agri volumes. I mean, we've done very well to date in regards to the strategy, and, and there is a lot of there, there's a lot of weight on, on storage, upcountry, and that sort of stuff, so we'll look to continue to push that through. So we've been a bit, a bit more cautious on that. Renewables, renewable projects is, that's not gonna change too much. We're not gonna see much of that, that work, so which we expect it to be better. So they're probably two areas, but on the flip side of that, I think as I called out, you know, the auto, you know, the storage and quarantine services that we have through, you know, through AAT terminals, looks to be more demand for that, come in the second half. It was very light in the first half. Patrick's, New Zealand's been really good for us and looks promising what we've done there, putting those businesses together. So that's, that's, that's been a good sign. And all the gas, there's probably potential slight upsides there to offset any, any of those other things that might be, maybe a bit lighter than what would've expected probably a couple of months ago. Okay, that's great. Thank you. And then just my second- I think, Sam, just. Sorry, just. Yep. I mean, it just goes to our diversity again, right? That's just, yeah, it sort of, we self-protect ourselves through the strategy. Yeah. Great, thank you. And then just the second question is around Patrick's Fremantle lease. So I think that lease is meant to expire around 2031, unless that's changed. So is this, like, still the case? And then is it likely that this will be extended? And then can you also talk through what an extension will look like? So yeah, just any color around that, please. Yeah, I think, Sam, the unknown on that is really what happens at Westport and the relocation from Fremantle down to Westport. It's still unclear of timeframes on that sort of stuff, so you would assume an extension at Fremantle will occur. When that occurs, I'm not too sure, but yeah, it'll go beyond the current position at this point in time. So, I mean, we'll work with the Fremantle Port and the other stakeholders around that and potentially that transitioning a long time in the long term, which is a long way away still. There's still plenty of capacity at Fremantle to operate through decades, so yeah. So I think to answer your question, very likely of an extension. Can't, I can't give you the timeframe of when the port would get relocated, and when it does, and if it does. Okay, great. Thank you so much. Thank you. The next question comes from Nicole Penny, from Rimor Equity Research. Please go ahead. Good morning, and thank you for taking my question. I want to follow up on grain and the comment that you've moved 57% of New South Wales bulk volume. Could you comment on whether there's a clear change in market share you're seeing or whether the volume remains a function of crop volumes, high and solid crop volumes? And secondly, if you could comment on, in addition to farmers holding on to grain, that you already mentioned, are you seeing any other structural changes in farmer selling behavior? Thank you. I think just what I called out, I mean, yes, I mean, we've increased our market share, I guess, in the New South Wales market. I'm not to comment about what our competitors do and what we do, but we have done that, and I think our strategy's been quite good and quite agile with our customers and what we've built out over the last two years. Fundamental changes, I think, as I called out earlier, you know, the price of wheat at the moment is a point where... and I think farmers are holding on for this point in time, but there is abundance of wheat there, so how it pushes through the system, we'll see how that plays out over the next six months. But we're just a little bit... I guess, we've been able to push grain through. We've been able to source grain, put it through our network, but we're just a little bit cautious of how that's sort of playing out at the moment. So I don't think anything's really changed. I think farmers have decided to not sell as much as they want at this point in time, but at some point in time, it's gotta push through the system. Thank you. Thank you. Once again, if you do wish to ask a question, please press star one and wait for your name to be announced. Your next question comes from Owen Birrell, from RBC. Please go ahead. Yeah. Hi, guys. Just one first question with regards to that special dividend potential. Yeah, in your slides, you say you have the potential to pay AUD 0.40 per share dividend, with franking credit worth up to approximately AUD 0.17 per share. Can I just confirm that that AUD 0.17 per share is the level of franking credit balance you have at the moment? And if not, where is your franking credit balance? That would be. We have a franking credits balance, and this is subject to some further work that we're doing, but we believe that at this point in time that we'll be able to fully frank up to the AUD 0.40 that we have agreement with. So- Okay. Yes, we're pretty confident about that. But as I said, we're making sure that, and you'll see in that little footnote on the bottom of that page, that we're gonna seek ATO class ruling, make sure that we pass all of the relevant, you know, franking credit integrity rules, to make sure that it's fully available to our shareholders or particularly obviously those ones that can benefit from a franking credit. Okay, perfect. No, I understand that. And just secondly, on the, again, on, on the ag business, obviously that's been a, a very good success story for you. I just wanted to get a sense of where your export terminals are relative to potential capacity. You know, 49% increase to the 1.8 million tons exported through your terminals, sounds like a big increase, but if the, if FX wasn't a headwind, if pricing wasn't a headwind, where do you think you would have been able to get to with that, that, that volume? Good question. I mean, we've still got, we've still got extra capacity to push through our network. So, the first half, the first half's pretty good numbers. I mean, if you double that and plus another 10%-20%, that would be, you know, getting towards maybe capacity in those terminals. But we're still pushing, we're still pushing the limits, and we still have the ability to expand a bit of that capacity if needed to. So we're in a pretty good spot there. I guess the origin of my question is that your grain trading activity is effectively running at zero margin. Actually, it's even less margin than you were doing last year, so you're clearly leaving something on the table. Obviously, you're making it back through your utilization of your physical assets, but at some point, those physical assets get full. I guess the question is: do you then start to take margin through grain trading? Potentially. It just, it will just matter to the circumstances of the grain prices, right? So at this point in time, it's quite low. So, if prices are high, yeah, there's probably more margin going forward. Excellent. Thank you, guys. Thank you. There are no further questions at this time. I'll now hand back to Mr. Digney for closing remarks. Thanks, everyone, for joining the call. Be speaking to some of you guys and ladies soon. Yeah, thanks again for your support and, have a good day.