Thank you all for standing by, and welcome to the Service Stream FY 2022 half year results briefing. At this time, all participants are in a listen only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question at that time, you'll need to press star one on your telephone. Please also be advised this call is being recorded today. I'd now like to hand the conference over to Managing Director, Leigh Mackender. Thank you. Please go ahead. Thank you. Good morning, ladies and gentlemen, and welcome to Service Stream's FY 2022 half year results presentation. As per the introduction, my name is Leigh Mackender, CEO and Managing Director of Service Stream, and I'm joined today by our Chief Financial Officer, Linda Kow, and our Head of Investor Relations, Chloe George. We first wish to begin today by acknowledging the Wurundjeri people, the traditional custodians of the land in which we meet here in Melbourne, and to pay our respects to their elders, past and present. We also extend respect to Aboriginal and Torres Strait Islander people here joining us today. We're recording this session today via the webcast. It's open to all registered Service Stream shareholders, and we have a number of institutional investors and analysts on the conference bridge who are welcome to ask questions at the conclusion of the presentation. It's been an exciting six months for Service Stream. I'm really pleased to report these results for the half year, which I think reflect solid delivery against the expectations we set for the year when we announced the acquisition of Lendlease Services in July. In particular, I think it's been pleasing after a challenging prior 12 months, which was characterized with the rebasing of works across our telecommunications division, with work volumes and mix changing or aligning to shifts in the market and the business navigating through the initial stages of the COVID pandemic, all while ensuring that we maintain our focus on our strategic imperatives and continue to deliver for our valued clients. I'll now direct you to slide three, and we'll talk through the key highlights of the presentation. Despite that period being characterized, as I just said, with the rebasing of our telecommunication operations, the operational result across our legacy Service Stream business was strong. The group had an exceptional cash flow generation during the period, which equated to an EBITDA to OCF conversion rate of 235% and resulted in the group's net debt position closing at AUD 47.1 million. On the first of November 2021, we successfully completed what is a transformational acquisition with Lendlease Services. To that regard, I'm really pleased to report a couple of key metrics. Firstly, we received strong support from clients for the acquisition and all contractual agreements have now successfully transitioned. The integration program has mobilized and is well underway, and the targeted synergies we announced of AUD 17 million have been validated. They're in the process of being delivered, and 50% of the run rate now has been brought forward 5 months to June 2022, previously November. The initial profit contribution from Lendlease Services operations has been strong over the period post completion, noting there's only two months, being November and December. More broadly, the group has successfully navigated through the COVID pandemic, and whilst there have been some impacts across our operations at a group level, we've not had an overall negative impact on our financial position in relation to what we had forecast. As we look to the future, Service Stream has a strong and exciting pipeline of growth opportunities across each of our sectors. These are strengthened with the additional capabilities that we've acquired through the Lendlease Services acquisition, and we see growth being supported through the continued deployment, renewal, and upgrade of essential services, gas, water, electricity assets, upgrade or further deployment of improved wireless and fixed line telecommunication networks. We see increasing public and private investment in improving road transport networks across the country, where we now have a strong capability, assisting our electricity clients with the transition and augmentation of the country's energy networks to a lower carbon footprint, which will utilize an increased portion of renewables and battery technology. Each of our markets are strong. They're benefiting from solid investment from both government and the private sector and will continue to support the group, the group's growth over the next period. Moving on to slide four, and I'll briefly walk through some of the key financial headlines for the first half, which Linda will expand on further in the presentation. Total group revenues for the half was AUD 566.2 million, reflecting an increase of AUD 156 million or 38% on the prior corresponding period. That was made up of about AUD 168 million contributed from the Lendlease Services over those two initial months, coupled with growth in infrastructure upgrade works across our legacy Service Stream utility operations with Comdain. The business reported EBITDA from operations of AUD 39.3 million, underpinned by a solid operating result across our legacy Service Stream business and again, a positive contribution from Lendlease Services. The group's EBITDA margin for the first half was 6.9%, with both our EBITDA and the EBITDA margin in line again with those expectations we set in July last year. The adjusted NPAT was AUD 16.4 million, understandably down on the prior corresponding period by 18%. Finally, with respect to dividends, as outlined in our 2022 AGM, the board has declared not to pay an interim dividend to assist with the funding of the Lendlease Services acquisition. We certainly understand the importance of dividends to our shareholders, and a key priority for management and the board in the second half is to make sure Service Stream is in a position to resume the payment of dividends at the full year. I should now turn to slide five. I will provide an update and further insight into the group's revenue profile. First point to note is the group has a solid order book of AUD 5.6 billion in secured revenue. Under this, I think it's important to note that that only reflects the initial term and not the multi-year extension options which exist across almost all of our long-term agreements. Revenue mix continues to improve as a result of our intentional strategy to diversify the revenue concentration over recent years from what was a dominant focus on telecommunications to now include an extensive utility operation, gas, water, electricity and industrial shutdown and transportation. As outlined earlier, the acquisition of Lendlease Services has further improved the revenue mix and dramatically increased the proportion of annuity style revenues across the group. Revenue mix continues to improve, and we note again that only two months of Lendlease Services contribution was evident in this result. Some of the percentages here in terms of our split across gas, water, electricity and transport will change over the full year. The group has approximately 65% of our revenue secured through government entities and 35% across industrial blue chip clients. I'll provide some further insight on the major clients across each of our divisional updates later in the presentation. Again, those revenues are supported by long-term multi-year agreements to which the business has a strong history of retaining. Two final points I think are important to make, particularly given the current environment where we're seeing increases in labor and operating costs. Our group's longer term multi-year agreements generally all include a rise and fall or annual review mechanism to support any escalations in labor and/or operating costs. Our shorter dated project works where the business is upgrading infrastructure assets are being priced by the business, taking assumptions on near-term escalations in labor and operating costs. The business has a number of levers there under our commercial agreements, which it can and does utilize to assist in offsetting any dramatic increases in our cost base as we move forward. Moving on to slide six, and I'll provide an update in relation to the COVID pandemic. In relation to, my prior or in line with my prior comments and updates, Service Stream's exposure to essential infrastructure networks continues to position the business well to navigate through that COVID pandemic without material financial impact. Group has not, however, been totally immune from the COVID impacts, and they've included, but not limited to, reduced preventive and discretionary work volumes across our utility operations, some of which have historically delivered a higher margin to the division. Some restrictions on movement still continue across state borders, particularly Western Australia, as we sit here today. Construction-based lockdowns during Q1 of this year, which impacted the progress of utility project works in New South Wales and Victoria. In terms of specific workforce impacts, I'm really pleased to report that these have often been short-term in nature. The business did experience sporadic workforce absences in early 2022 associated with the Omicron variant, either due to illness or quarantine requirements. Importantly, those absentee pressures were short-term in nature, with the workforce promptly returning within one to two weeks. There have been no long term major labor shortages across this period as the business has continued to adopt our staggered rostering and utilize our flexible resource base, including our subcontractor network wherever possible. Western Australia, as I outlined earlier, still presents some challenges with border restrictions making it difficult to move resources in and out of the state. Some operations which utilize a predominant casual workforce have found it challenging given our national border restrictions. Again, they are now easing. The impacts of COVID are dissipating and the business has been able to mitigate against any negative impacts through the enhanced portfolio of our works, reducing our dependency on any one particular market segment. As I outlined earlier, we've got a strong pipeline of contracted works. We've developed a range of COVID-safe operational practices in conjunction with our clients to support our operations continuing and work to refine flexible rostering and other changes across our resource base to ensure that we're well supporting operations. Our clients have been very supportive of any short-term challenges we've had associated with the COVID pandemic and particularly the Omicron variant. I'm really proud of how the team has operated across this period and how the business has continued to support our valued clients. Moving on to the next slide eight, Lendlease Services acquisition. I just thought it would be important to recap on the acquisition, the transaction and how it's assisted in transforming the business and supporting that future growth. As I've outlined previously, the acquisition marks, I think, a significant strategic milestone, creating a broader portfolio of operations across the wider infrastructure services market. It really complements and deepens our existing capabilities across our utility operations, that's our gas, water, electricity. It supports the business to target a broader share of expenditure as we move forward. It also expands our business into new sectors, transport and industrial services, which represent two exciting markets. It's also reduced the group's exposure, as I said, to any one particular market segment or reliance on a client or particular program, and enables the business to better weather the cyclical nature of infrastructure investment. It's assisted in expanding our strong portfolio of blue-chip industrial clients, reflecting major asset owners, operators and a larger portion of work from government and government entities across the country. We identified significant cost synergies as part of the transaction. That initial assessment was AUD 17 million. Additional synergy opportunities have been identified and will be further assessed during the business integration program as it proceeds. Finally, the transaction will support strong EPS value creation circa 30%, of course, excluding those one-time transaction and integration costs during that initial period. Outside of the strategic focus, slide nine talks in a more granular fashion to the integration update. I think there's a couple of key points we certainly want to note. Firstly, from the outset, we are very pleased with the progress the integration program has made in line with our expectations. Post-completion, the business successfully mobilized our dedicated program management office to assist with the management and governance of the integration program. We've had strong engagement with staff across the business, even despite COVID restrictions being in place. Most importantly, we've maintained our strong client relationships, continued to deliver to support their operations. Again, very pleased to report that all the client contracts held by Lendlease Services have been successfully transitioned across. The restructuring activities are well underway in line with our plan, which focuses primarily or initially in this phase on telecommunication operations and our corporate and support divisions, where there was some duplication in terms of the services provided across each business. Business is working to exit from the transitional services agreement with Lendlease Group. That remains on track, and got confidence that we'll be able to conclude that agreement by 30 June 2022. In relation to the delivery and the realization of synergies, as outlined in my initial comments, we've validated AUD 17 million. We're very confident on it being realized. The program, I'm actually really pleased to report, is running ahead of schedule, and that the 50% run rate target is being brought forward by five months from November 2022 to June. Really pleasing to see the progress there. Our initial focus on this 12-month period was to implement much of the organizational restructure and to ensure the business is well-positioned to exit from the TSA and start to deliver those targeted synergies, all of which is tracking to plan. Finally, before handing across to Linda again, who'll go through some more detail in terms of the group financial results. I thought I'd provide an update on each of our reporting segments, and we refer you to the telecommunications section on slide 11. Over the period, the division generated AUD 234 million in revenue and AUD 21.1 million of EBITDA for the first half. Revenue was up 11% on the prior corresponding period, and that reflected the addition of Lendlease Services' telecommunication operations from November. It also included revenue from the mobilization to support NBN's network construction upgrade program and an expanded portfolio of fixed line maintenance and wireless operations with those key clients. Our revenue and margins across that rebased legacy telecommunication operations performed better than anticipated. That was supported by increased maintenance and upgrade works being evident across the East Coast, particularly. Telecommunications' EBITDA margin of 9% reflected the reduction across the rebased historical operations, again, due to changes in our work volume and mix, as we've previously discussed, and the addition of the lower margin work from the Lendlease Services business. Following the acquisition, as we look forward, the telecommunications division has really made significant strides now in expanding the depth and breadth of the services that we deliver across all major clients in that space. We hold an enhanced mix of contracted operations across the key telecommunication clients across fixed and wireless infrastructure. Moving to slide 12 and providing an update on our utilities area. As you can see on the right-hand side, the utilities division generated revenue of AUD 277 million, representing an increase of AUD 77 million or 39% on the prior corresponding period. EBITDA over the period was AUD 16.3 million, representing an increase of AUD 1.6 million or 10.9% on PCP. That was reflecting the continued growth across our legacy Comdain operations and a positive contribution from Lendlease Services utility and infrastructure division over November and December. Utilities' EBITDA margin was 5.9%, reflecting a reduction of 1.5 on PCP. I think it's important to note two key factors which we know we've discussed over the last 12 months. That's driven through growth across our Comdain operations associated with design and construction of infrastructure assets. While that's been growing strongly and it contributes to increased earnings, it is a lower margin business, lower margin contracts transitioning from Lendlease Services. I think both of which, again, were previously outlined and provide an opportunity to improve over time. In terms of operational highlights, the business successfully mobilized a new 10-year agreement with SA Water. That includes the provision of operations and maintenance services across their distribution network. We also resecured a multi-year extension with Multinet Gas, again, encompassing operation, maintenance, and capital works across its Victorian network. Each of those providing strong annuity-style revenues across the utility area. As for my prior comments, there was some impacts across our utility operations, associated with COVID, particularly that construction-focused lockdown, which was initiated in Victoria and New South Wales during Q1. We're still not seeing our metering inspections works recover to those pre-COVID levels, although these are continuing to incrementally improve month on month. As we look forward, I think the pipeline for growth remains robust and promising. I'm particularly excited about opportunities that will present across gas and water network upgrades associated with the replacement of aging infrastructure and the expansion of urban networks. The augmentation and upgrade of electricity networks to support that shift towards renewables and our works in supporting industrial service customers with shutdown and maintenance works across their infrastructure networks. Finally, moving to the third division in our transport area on page 13. Transport division generated revenue of AUD 55 million and EBITDA, sorry, of AUD 3.9 million. It equated to a margin of 7.1% over the half. Again, that reflects the contribution when I talk of the half, really over two months following completion being November and December. In terms of the operational highlights, the business successfully mobilized a significant 15-year road infrastructure agreement with Transport for New South Wales. Under that agreement, we provide a range of road maintenance services and the delivery of upgrade works and capital projects. We also saw an increased level of support associated with local government stimulus in WA, with a successful delivery of increased road maintenance across our WA networks and our long-standing partner, Main Roads WA. The transport division holds a strong pipeline of works associated with the investment in enhanced road operations, maintenance, and particularly the deployment of ITS or smart infrastructure. We've got a fantastic client base, as you can see represented on the slide here, representing a mix of state government and private industry, including VicRoads, Transport for New South Wales, and Main Roads WA. I'll pause there and hand over to Linda, who will run through the group financial results in a little more detail. Thanks, Lee, and good morning to everybody on the call. With the acquisition of Lendlease Services, we have introduced a total revenue metric and adjusted the definition of EBITDA from operations to include our proportionate share of revenue from incorporated joint ventures. A number of the Lendlease Services contracts are currently undertaken in JVs, and as these operations grow, we believe these adjusted metrics will provide our investors with a better sense of total group activity, as opposed to just recording our share of joint venture distributions. As per normal practice, we've provided a reconciliation of statutory results to our adjusted operational metrics in the appendix to this presentation. Total revenue for the half was AUD 566.2 million, which is AUD 156.3 million or 38.1% above the comparative half. This includes a AUD 168 million contribution from Lendlease Services post-acquisition. Revenue from the legacy Service Stream operations was down AUD 11.7 million due to the rebase of telco operations, which was partially offset by continued compound growth in the utility segment. EBITDA from operations was AUD 39.3 million, which compares to AUD 40.2 million in the comparative half. This was underpinned by solid results from the legacy Service Stream operations, with strong performance in telco offsetting a shortfall in utilities. The new Lendlease Services operations delivered a strong initial two-month contribution with a minor amount of synergies also realized during the period. EBITDA margin for the half was 6.9%, with the reduction from prior years reflective of the rebased historical telco operations, increased mix of construction work in the utility segment, and addition of Lendlease Services for the first two months. Statutory EBITDA for the half was AUD 30.4 million, after allowing for acquisition-related transaction and integration expenses of AUD 8.9 million. Dropping down to NPAT, the group's adjusted NPAT or NPATA for the half was AUD 16.4 million. This compares to statutory NPAT of AUD 5.3 million, with the difference due to the non-operational costs excluded from operating EBITDA and the amortization of historical customer contracts of AUD 4.3 million post-tax. Depreciation and amortization expense, including amortization on right-of-use assets, was AUD 14.6 million, with the increase of AUD 4.9 million largely attributable to the addition of LLS. Slide 16 sets out the cash flow for the half, with the key highlight being the exceptional OCFB conversion rate of 235%. This includes a one-off benefit from the release of some of the working capital built up in Lendlease Services prior to completion from recent project mobilizations. It also reflects timing benefit from the early receipts from a number of government clients due to year-end shutdowns and/or potentially COVID. The acquisition payment from Lendlease Services was AUD 316.6 million, which comprises of the AUD 310 million purchase price less assumed debt and debt-like items of AUD 16.4 million, plus an adjustment of working capital of AUD 23 million, less net cash acquired of about AUD 3 million. The review of the final completion balance sheet is currently in progress, with the final adjustment to the vendor pending. As a result of the strong cash flow outcome, net debt at December was AUD 47.1 million, and leverage was 0.1-0.9x EBITDA on a post-AASB 16 basis. However, I should point out that net debt is expected to increase in coming months with the December timing benefit expected to reverse, and by June, we would expect to see the full year OCFB from operations normalize in line with historical performance of circa 80% plus. Now, moving on to slide 17, which touches on the group balance sheet and capital management. We've also set out here the initial provisionally accounted balance sheet for Lendlease Services, which is included in the December numbers. Noting the acquisition has been provisionally accounted, the value of intangibles arising from the acquisition of AUD 209 million has all been allocated to goodwill in the December accounts. We have engaged advisors to assist with the valuation and evaluation of assets and intangibles, which will allocate some of the goodwill to customer contracts and relationships and which will be amortized in our future financials. You will also note the significant net working capital acquired of AUD 79 million, which reflects the respective contractual agreements acquired, plus an increase in working capital investment prior to completion due to a number of recent project mobilizations. With respect to the group's debt facilities, these were upsized to AUD 395 million during the half to undertake the acquisition and provide headroom for further growth. The key commercial terms of the refinance are aligned to the existing SFA terms. In addition to debt funding, the facilities are also used for client bank guarantees. At December, this totaled AUD 136 million, including AUD 87 million in relation to LLS operations. At December, the group maintained significant liquidity headroom, including cash of AUD 205 million, with all covenants comfortably met. Finally, as Lee has already touched on, an interim dividend has not been declared to assist with the acquisition. Resumption of dividends is expected for the full year, subject to business performance. That's all from me. I'll now hand you back to Lee to take you through the remainder of the presentation pack. Thanks, Linda. I'll now direct everyone to slide 19, where we touch on the group outlook before we move to question and answer session. First of all, to note, we're really pleased that Service Stream maintains its guidance for FY 2022 and expects post-acquisition pro forma EBITDA from operations of AUD 120-AUD 125. That's inclusive of a full run rate of synergies of about AUD 17 million. As I've outlined the presentation, I think the group has made a really positive start to half two. The Omicron impacts that we're seeing have been short term and successfully mitigated across our group portfolio. The LLS integration program is proceeding in accordance with our detailed planning, and the realization of synergies is tracking ahead of schedule. Our priorities are outlined on the right-hand side of the page there, but they include, understandably, reaching about a 60% completion rate in terms of our business integration, exiting the transitional services agreement with Lendlease Group that provides for IT and some back of house support services, the delivery of those integration synergies I previously outlined. Attraction and retention of key resource, particularly in the face of changes across the labor market that we're seeing. As Linda outlined, another priority is certainly the resumption of dividends for the full year, which of course is subject to business performance. We really believe the business is well-positioned to execute on all of the above and deliver growth into FY 2023 and beyond. That concludes the formal part of our presentation, so I'll now hand back to the moderator and ask for questions from those joining on the conference bridge. Thank you, Lee. Ladies and gentlemen, we will now begin the question and answer session. If you would like to ask a question, please press star one on your telephone and wait for your name to be announced. If you need to cancel your request, please press the pound or hash key. Our first question comes from Piers Flanagan at Barrenjoey. Please go ahead. Morning, Lee and Linda. Thanks for your time. Just a couple from me, if I can. Firstly, just on Lendlease Services. I think you called out there AUD 168 million of revenue contribution for the period. Just sort of looking at that run rate, it seems like it's up sort of strongly on last year's Lendlease Services revenue of AUD 790 million. Are you able to just talk through sort of the revenue profile there and sort of any recent contracts won? Yeah. Look, the revenue profile is quite similar, actually. I went back and had a look with the profile that we shared at the time of the transaction. I think we provided that revenue mix at that time. Obviously, we're only talking two months and, you know, it won't necessarily represent what the full year will look like given that a number of the businesses are in mobilization, such as the telco construction piece. It was actually a reasonably even split across the first two months, and we're kind of seeing that across the first three months now of acquisition. I think if you use that sort of, you know, pro forma guidance we provided at the time of doing the transaction, that's a good guide for you in terms of what a full year might look like. Sure. Just on the bring forward of synergies, does that mean you'll be realizing sort of AUD 8.5 million of synergies in FY 2022? Not technically on a run rate basis. What we're saying, by the time we get to June, we've done enough to have realized or to have delivered the equivalent of a full year's worth of 50%, so-called AUD 8.5 million. That's not necessarily AUD 8.5 million that will be booked into our results over the year. It just means we've done enough by June to get that much. We're pleased with the performance, Piers, of being able to identify and deliver those, and that will naturally flow through on a full year basis, particularly in the next year as well, but it's been brought forward by five months. Sure. I know you touched on the outlook, but are you able to just give a bit more color around some of the different divisions and sort of potential near-term contracts that you're looking at or that are out there? Yeah. Look, I think first of all, as I said, we're really pleased to be able to maintain the guidance that we provided in July. The business performance has been strong. As I said, our underlying legacy business has been strong in that period, and we've been really pleased with the initial contribution of Lendlease. In terms of opportunities for the second half, it's really we've mobilized many of the contracts in our transport and utilities areas that are going to support that delivery through half two. The one to note in terms of continuing to mobilize is our N2P operations with NBN. That's sort of upgrading that fiber to the node to fiber to the premises works, and that's one that we'll continue to mobilize throughout each month of this half to support sort of June 30. That's probably the only major area that is going through a mobilization period over the next six months. Growth opportunities outside that, we've got a really strong pipeline. We've been really pleased with seeing a steady pipeline of works across the entire business. We certainly have seen, particularly in relation to Lendlease, opportunities across the utilities and infrastructure space. Like I talked about earlier, just looking at not only the upgrade of existing assets, but looking at the capabilities we have now within the electricity market and the significant shift that is taking place in that sort of transition to renewables. There's a lot of augmentation required across the distribution network, providing opportunity there. We've been engaging with clients that are very interested in us assisting them with that work, so that's a particular area of focus. The industrial services area, we're seeing a lot of opportunities there as well, and have a strong pipeline of opportunities sort of coming through in shutdown, maintenance, and upgrade works there. Transport, as I said, really what we're seeing there, Piers, is we'll see continued maintenance and operation. I think we'll also see continued or higher levels of investment, I'd say, throughout sort of 2023, 2024 around that deployment of smart infrastructure, variable traffic flows, monitoring equipment, et cetera, across all of our clients really nationally. Sure. Then maybe just one final one, just on some of the fixed price contracts that you've got, you know, just given the current environment with cost inflation, I mean, have you got any levers to help mitigate any cost pressures that you're seeing? Yeah, look, I think absolutely. We know that this is going to be an area of topic. As I said, a lot of our contracts are multi-year contracts that have got a schedule of rates. They have a review mechanism. We have generally either an annually or biannually review mechanism to adjust for changes in operating costs and labor costs. Fixed price work, importantly, that we do, so where we're upgrading infrastructure, say in the Comdain business, et cetera, those are priced on application. We've been pricing over the last five months that work that will be delivered over the next period. The team have been taking into account what we forecasted would be sort of changes in that environment. Where we don't have levers to adjust automatically should changes occur with materials, et cetera, we've been forecasting particularly labor increases. We'll see how that sort of pans out, but pretty comfortable in terms of where the group sits to date. Of course, though, it's shifting sands in the market. We just need to continue to watch it carefully. Sure. That's great. That's it for me. Thanks, Leigh. Thanks, Linda. You're welcome. Thanks. Thanks, Piers. Once again, if you wish to ask a question, please press star one on your telephone. Our next question comes from Ian Munro at Ord Minnett. Please go ahead. Good morning, Lee. Good morning, Linda. Thanks for taking my call. Just with respect to the cash generation and the working capital unwind that you mentioned, Linda, can we just confirm that post balance date, there hasn't been any redeployment of working capital materially that changes that number? I note your comments around you know, a more normalized cash flow conversion going forward. Just conscious of you know, how much of that unwind we hang on to. Thank you. Yeah, look, to be honest with you, Ian, obviously, we can't articulate exactly what is the unwind of the working capital versus what was early payment. Obviously time will tell what that is. But what we saw was December was a fantastic outcome, and it certainly exceeded our expectations. There was a very strong element of early payments from clients across all the business, not just Lendlease Services, but also across our own historic Service Stream operations. I think that was very much led by people just wanting to go on a break over Christmas, getting things in. Potentially I think with, you know, Omicron at that point in time, being topical, I think a lot of the clients also wanted to do the right thing by their service providers and making sure that they were paid and paid properly. We did see a reversal of some of that in December, so it's gonna take a little while to shake out what exactly was release of working capital from mobilizations versus timing. We're still seeing that there is some stickiness, and so I think that comment still applies. I do have to also mention that, you know, some of the businesses from Services are still in mobilization phase or building phase, and so we'll continue to need to invest anyway. There's lots of moving parts. Generally really positive, but at the moment, you know, internally, we're certainly seeing that, you know. If you go back to what we said when we did the equity raise, and I said we don't wanna be referring to that all the time, but we said out of the blocks we were gonna be about a 1.3 times leverage, including the right of use liabilities and, you know, 12 months after a pro forma, so basically 24 months time, we were aiming for a 1. I would still use that as the guidance at the moment. It's too early to really tell, you know, where things move, but I think we're in a really good place. Just with respect to the proportionate EBITDA from Lendlease, obviously just under AUD 9 million proportionate EBITDA. Can you perhaps give us a sense of what the 100% allocation is and then what the proportionate add-backs are within that number? In terms of the AUD 8.7 disclosed in the accounts, is that what you're referring to? Correct, yes. That's the equivalent for the two months. We didn't allocate a lot to it because that, I mean, obviously it's two months in, but also they come fully loaded with their own corporate and intercompanies as well. I would use that as an indicative. They did have a strong December, and so, you know, I know the math that you're all doing, which is taking two months and times it by six. It probably doesn't really apply because we sort of looked at that. I think the guidance again will be in the context of the AUD 120-AUD 125, stick with what we've previously said. You know, they're that sort of 46, AUD 45.9 million component. Just with respect to the Service Stream contribution, you know, AUD 31 in the first half, so comfortably tracking for the sort of AUD 60-AUD 62 that we've been shooting for. Can you maybe just comment on the organic growth that you're seeing? I know the strong early start to the year, but particularly in telco, and I'd like, please, Leigh, if you're able to give us an update on the N2P pieces of work that you mentioned. Is this still in trial phase or has this moved to more of a mainstream contract? Thank you. Yeah, no problems at all. So no, in terms of N2P, no, we are still mobilizing. It's not a trial phase. This is around the upgrade of infrastructure, so transitioning from what is fiber to the node or utilizing part of that copper technology into fiber to the premises. That is still mobilizing. There's been initial contribution here through Lendlease, but it does need to continue to mobilize every month as we move forward to sort of June 30 and July and then sort of hit a standard run rate. So that's been really positive I think in terms of an opportunity to see continued growth across the business and at this point is tracking well. What was your earlier question, sorry? The first part you asked? Just with respect to the organic outlook in telco, we're sort of, you know, hearing about a number of large scale fiber projects progressing- Yes. in Australia. Yeah, just I guess, keen for your broader comments on the health of that segment. Thank you. Yeah, no, look, I think there's lots of opportunities certainly across the telecommunications market. Those large scale fiber networks, to be honest, I'm not sure that they are particularly areas that we'll be targeting. We've got quite a significant portfolio now of both maintenance and construction works. I'm very focused on making sure that we continue to support our clients we're currently contracted to deliver that. As I said, NBN and others are ramping. We also see in the wireless space, we've got an expanded portfolio now, which incorporates wireless operations with each of the wireless operators in the market. Lendlease Services is having agreements with NBN and Optus. We are seeing solid work coming through in that wireless area as well. I think we've just got to make sure that we continue to focus on delivering our current work, and that should support growth into and beyond this next year before we start looking at potentially some of that riskier sort of D&C work. Some of those fiber networks, I'm seeing lots of them come out across the network, but we'll just continue to watch those as they come out. I'm conscious of making sure we've got the right mix of work, and that we're not taking on a risk profile that is outside of what the business would normally undertake in terms of major D&C works. Again, just delivering for our existing clients. I think we're gonna see solid numbers come across our telecommunications area as we move forward. Excellent. Thanks, Lee. Thanks, Linda. You're welcome. Thanks. Thank you. Once again, if you would like to ask a question, please press star one on your telephone. Our next question comes from Warren Jeffries at Canaccord. Please go ahead. Morning, Leigh and Linda. Well done on a good result. Just recapping on that Synergy run rate, and I guess not unreasonable to think that, as you said, Linda, there's probably an AUD 8.5 million embedded run rate on exiting. Given that that's likely to come across this next six-month period, I think most people would have had a pretty negligible contribution for this year in an absolute sense. Does that sound like there's potential to get sort of half of the half in this six-month period or something around the AUD 4 million coming through? Yeah, I think that wouldn't be unreasonable, Warren. Yeah. I think we've made really good progress, Warren. I think as we've discussed during the sort of early stages of the transaction and our focus was given the timing of completion was around November, we really had limited levers that you could pull on leading into Christmas. We looked at whatever we could deliver in that first period without interrupting the business too much, and then came into January and started to make more of those significant changes. Really confident, though, that the positive progress made, particularly over the last two months, has really positioned us well to meet that sort of 50% run rate, and then we'll look to continue to deliver that into 2023. Just on, I think you said a lot outside that, the NBN work still getting mobilized and you're probably hitting the ground running on that in 2023. With a lot of the things mobilized then in the prior half, I'm not trying to lead you to guidance, but you sort of always are. Does it give you a better opportunity, even if revenues were, you know, on a pro forma basis, relatively similar, a bit more margin extraction than is the opportunity in the second half? Yeah, look, it's a great question, Warren. I understand it. I think it's still very early for us. When we announced our position, we called out very clearly that some of the services-based contracts were a lower margin operation. We've done a lot of work. Yeah. in trying to integrate those. For example, say our wireless teams now are really a blend across the business. We'll see how that benefit takes us forward. A lot of those changes, like I said, just being made in the last sort of two months. I can't commit to margins going up in the telco area. I think we're always dependent on volume and mix, but I think we've got every opportunity now, once we get through this sort of next couple of months with the restructure bedded down and we start to then look at integrating and consolidating some of our systems, and operational sort of delivery models. That provides, I think, opportunity as we move forward. Yep. All right. Thank you. You're welcome, Warren. Thank you. We have no further questions in queue, but just a final call before we wrap up. It is star one to ask a question. Thank you, Lee. It looks like we have no further questions, so I'll hand back to you for closing comments. No. Look, thank you, everyone, for joining us today. Really appreciate it. We look forward to engaging with you over the next coming days and certainly answering any questions and walking through this in greater level of detail. Thank you very much. Thank you so much. Ladies and gentlemen, that does conclude the call. Thank you all for joining. You may now disconnect.