Good morning, everybody, welcome to the call today, thanks for joining the half-year results presentation for Worley for 2026 financial year. The results are defined by a solid revenue growth and resilient earnings outcome, once again, showing our adaptability in the face of dynamic markets. As I start my 7th year as CEO, these results continue a pattern of consistent growth. Despite market disruptions, Worley continues to deliver. Our performance reflects deliberate decisions about portfolio, capability, where we compete, and the agility with which we can adjust. We've a dedicated team around the world who work to deliver the outcomes that our customers trust. Let me now give you an overview of our business performance for the period before our CFO, Justine Travers, takes you through the financial results in more detail. I'm pleased to share an early look into how we're positioning for the next phase of growth as we go through this presentation today, with the strategy focused on increasing our Total Addressable Market and generating value for shareholders. Today, we reconfirm the outlook we provided to the market at our full year results in August last year. We continue to expect a year of moderated growth, but calendar 2026 has started with renewed momentum. Some big wins recently include being provisionally named as EPCM partner on Glenfarne's Alaska LNG pipeline and appointed Marine and Port Infrastructure Technical Advisor for the WA Westport program in Western Australia. We're already delivering phase one of Venture Global CP2 LNG project in the U.S. and are continuing our partnership to deliver phase two. These wins on some of the largest projects in the world demonstrate the confidence customers have in our capability to execute major complex projects. We continue to scale across a growing pipeline of these opportunities. Given this momentum, we're encouraged by the visible signs of growth for Worley beyond this financial year. Turning to slide two, I remind you to review the disclaimer shown here. I'd also like to take the time to acknowledge the Gadigal people of the Eora nation, the traditional custodians of the land from which I'm calling today. I pay my respects to the elders, past, present, and well, and as well to the emerging leaders. Turning to slide three. Let me now turn to our business performance for the first half of the financial year. Let's turn to slide four. As I said, revenue has grown even while navigating challenging market conditions, and earnings have been resilient. The last six months, we've seen solid revenue growth of 5.4% over the prior corresponding period. A number of major projects in execution phase contributed steady earnings, and bookings are up 63% on the prior period. Venture Global CP2 Phase 1 was a major contributor. I want to highlight some of the other significant wins across the sectors and regions, like the EPC for ConocoPhillips Scandinavia for their Norwegian Continental Shelf project, the FEED for OQ Refineries and Petroleum Industries' Decarbonization project for the Sohar Refinery in Oman, and construction for ExxonMobil's major reconfiguration project of its integrated complex in Baytown, Texas. Momentum through increased wins in the first few months of this calendar year reinforced our confidence we can deliver a stronger second half. We've taken deliberate actions to enhance earnings quality. Our cost out and business restructuring initiatives are well advanced, and we're targeting more than $100 million of annualized savings from 2027 onwards, resetting our cost base and positioning the business for our next phase of growth. We acknowledge there's been $82 million of transformation and business restructuring costs this half, and Justine will talk to this later. Finally, our balance sheet remains strong. Disciplined working capital management drove strong first-half cash performance, giving us the capacity to keep investing in growth. Turning to Slide five. Our highest priority remains the safety of our people. Our safety performance has been maintained with a total recordable frequency rate of 0.10. At Rio Tinto's Rincon project in Argentina, for instance, we recently marked more than one million work hours with zero safety incidents. Visiting last year, I witnessed the discipline, care, and pride the team brings to their work. It's milestones like this that reflect the safety leadership on the ground and the commitment to looking out for one another each and every day. Positive ESG progress continues, too. We've maintained leading external ESG ratings. We've strengthened our approach to preventing modern slavery. We remain on track with our own Scope 1 and Scope 2 emissions reduction targets. We're also well prepared for the new Australian sustainability reporting requirements. Bookings are up 63% compared to the prior 6-month period. In the first half, bookings totaled AUD 9.8 billion, including Venture Global CP2 Phase 1, which achieved FID last July. Sole source wins also increased, reinforcing customer confidence in Worley's capability and delivery. As I've mentioned, a number of significant project awards already this calendar year build on this momentum. Energy and resource have both grown, with the Americas continuing to deliver wins for our portfolio, the mix of bookings reflect increased construction, fabrication, and procurement activity as these projects move into the execution phase. The quality of these bookings remains high. As noted, large, complex projects where Worley is supporting customers across the full project life cycle underpin backlog quality and forward earnings visibility. Turning to slide seven. I'll now turn to leading indicators. Backlog remained resilient at AUD 6.7 billion, providing good visibility of revenue into the second half of FY 2026 and into 2027. Backlog is slightly lower than the reported period for June 2025, this reflects the delivery timing rather than a drop-off in demand. AUD 6.3 billion has been added to backlog through scope increases and project wins during this period. While work on the Baytown Blue project is paused, we've retained in the project backlogs and continue to work closely with ExxonMobil on that. Project wins already in the first few weeks of calendar year 2026 will add more than AUD 3.5 billion to backlog. Our factor sales pipeline remains robust, and we continue to convert opportunities into backlog as we secure contract wins, and the pipeline keeps replenishing. Around 46% of these opportunities are expected to be awarded in the next 12 months, reflecting the extended project delivery timeframe for major projects. As we target more of these projects, we're focused on opportunities in the early stage consulting phase, with potential for pull-through. Consulting opportunities have increased by 24% in our pipeline over the past six months. Turning to slide eight. The slide shows the diversification and competitive strengths underpinning our business model and earnings resilience. Our broad exposure across sectors, geographies, and services reduces reliance on any single market or customer decision, and revenue is well balanced across Energy, Chemicals and Resources. It's geographically diversified with meaningful scale across the Americas, EMEA, and APAC. Our services mix across professional services, construction and fabrication, and procurement shows our increasing relevance to customers across the full project lifecycle. We're attracting a greater share of project capital with expanded capabilities. We also continue to differentiate through our use of digital and AI. Enterprise efficiency is a non-negotiable. Technology is transforming project delivery. Our digital and AI initiatives will reshape how we deliver projects and strengthen our competitive advantage. For customers, intelligent solutions will bring their assets into operation sooner and accelerate returns on capital. I'd now like to give an update on each of our sectors, turning to slide nine. Aggregated revenue from energy work increased 8.8% over the prior corresponding half, growth was driven by major projects moving into the execution phase, lifting construction, fabrication, and procurement activity, particularly in the Americas. Integrated gas continues to be a growth driver. Demand for gas is supporting ongoing LNG import and export terminal developments, integrated gas work represented 25% of Worley's total revenue during the period. The variety of LNG projects we're working on around the world is notable in places like Germany, Indonesia, and Australia, as well as the U.S.. While the outlook remains softer overall in oil, activity is increasingly concentrated in higher-margin offshore projects and selected onshore developments, particularly shale. Power is an important growth market. Structural change is driving energy demand and investment across gas-fired power generation, renewables, and nuclear. Turning to slide 10. The global Chemicals market remains important to us. Near-term conditions are challenging, reflecting regional... Aggregated revenue declined 9% over the period, with project cancellations in Western Europe and lower professional services activity across APAC and EMEA. This was partially offset by ongoing major project execution in the Americas, where construction and fabrication activity continues. Looking at specific subsectors, refined fuels remains promising, and it continues to attract investment in product slate optimization, decarbonization, and asset life extension. Petrochemicals remain a major contributor to our chemicals revenue, although Western European plant closures related to global overcapacity have had an impact. Low carbon fuels present more selective opportunities where projects are commercially viable. Turning to slide 11. Finally, Resources have delivered growth for Worley in the first half, and aggregated revenue has increased 12.3% over the prior corresponding period. Resources now represents 29% of our business. Population growth, urbanization, and the energy transition are our demand fundamentals, which will continue long term. Fertilizers remains our largest subsector. Here, demand is supported by population growth and food security. Demand for copper is driven by the need for energy transition materials and an increasing demand from Data Centers, Cloud, and AI Infrastructure. In battery materials, there's been a resurgence in activity and sentiment, with a focus on front-end work and commercialization of technology. We're confident Resources will make an important contribution to second half growth, and we expect this to continue beyond the next year. I'm now going to hand over to Justine for further details on the financial results. Justine? Thanks, Chris. Good morning, everyone. Turning to slide 13. Our half year performance and execution of strategic priorities, such as cost management and earnings quality, coupled with strong capital management, positions us well to deliver moderate growth this year. I want to reemphasize three points in relation to the results we are delivering today. First, we continue to deliver aggregated revenue growth and solid earnings, supported by our global operations and strategic focus on major project delivery. Second, targeted actions to reset the cost base are underway and aim to strengthen earnings, quality, and resilience. Finally, we remain in a strong financial position to support growth and return capital to shareholders. Aggregated revenue for the half was AUD 6.3 billion, up 5.4% on the prior corresponding period. We continue to see an increase in construction and fabrication revenue as we execute on major projects, as well as an increase in procurement revenue. Supported by the contribution from our global operations and our major projects, underlying EBITA was steady at AUD 377 million. Underlying NPATA was AUD 207 million. A lower statutory NPATA, at AUD 152 million, reflects the inclusion of transformation and business restructuring costs. While business as usual costs are included in underlying EBITA, these transformation and business structuring costs were beyond the scope of the normal course of business. Normalized cash conversion was 95.5%, a fantastic achievement. This continues to be an important focus for our business. Our balance sheet strength and strong cash position provide capacity to invest in growth and return capital to shareholders through our ongoing buyback and payment of dividends. Leverage at the end of the half was 1.5x, comfortably within our target range, reinforcing the strength of our financial position. Turning to slide 14. Our aggregated revenue growth has supported steady earnings despite the challenging market backdrop. As I've highlighted, a driver of revenue growth, this half, was major project activity, with increased volumes flowing through construction, fabrication, and procurement, particularly across the Americas. This work is delivered under a lower-risk contracting model and has supported a stable earnings outcome, reflecting both project delivery stage and disciplined delivery across the portfolio. As a reminder, we don't do competitively bid lump sum turnkey projects. On the right-hand side, the EBITA margin walk highlights our continued focus on rate improvement. Margins reflect the combined impact of volume, mix, and pricing, with rate improvement partially offsetting mix impacts in the period. Importantly, this demonstrates an ongoing focus on margin discipline. While near-term earnings reflect project phasing, the underlying drivers of margin improvement continue to build through backlog, the cost out program, and disciplined execution. Turning to slide 15. As communicated at the full-year results in August, we're transforming the way we work by removing complexity, improving efficiency, and driving consistency. This work is well underway. We acted proactively to reposition the business in response to softer conditions in chemicals and some project cancellations in Western Europe to strengthen margins and ensure ongoing business resilience. We've accelerated actions aligned with our strategic priorities, specifically resetting the cost base, scaling GID, and expanding margins. During half one, we incurred AUD 82 million of costs associated with these actions, much of this being severance and related costs, predominantly in Western Europe, where we have seen high restructuring costs due to local labor protections. We expect further costs in the second half as the program continues. We do anticipate these costs being lower than those already incurred in half one. The actions we've taken include repositioning capability to areas of higher demand and right-sizing where demand has softened. These restructuring actions, together with our efforts to transform the way we work, are setting the foundation for stronger earnings and margin quality. Our business will be supported by a leaner, more scalable operating model, supported by Global Integrated Delivery, GID. In delivering this transformation, we're progressing at pace. With a disciplined cost-out program, we're targeting over $100 million annualized savings from FY 2027 onwards. Our cost management efforts are focused on and include repositioning capability to areas of higher demand, increasing enterprise service center utilization, rationalizing our third-party contracts, and adjusting our office network to reduce costs while supporting global delivery. We're also deploying digital solutions to simplify processes and improve productivity. Embedding AI across our business will be an ongoing part of our broader strategy to leverage technology and new ways of working to create sustainable value. I have been working closely with the business on this program, and it is clear to me that steps that we are taking strengthen our cost discipline and will enhance our earnings quality. We will ensure we retain the capability and capacity required to support growth and deliver for our customers with greater cost discipline, commercial agility, and technology focus. Turning to slide 17. Finally, I'd like to take you through our capital management position. Operating cash flow is strong. Normalized cash conversion of 95.5% is above our target range and continues to reflect strong underlying cash generation and a disciplined approach to working capital management. Days sales outstanding of 46.2 days remains well controlled and comfortably within our target. We have been consistently delivering returns to our investors through dividends and our buyback program. The Worley board has determined to pay an interim dividend of AUD 0.25 per share, which is unframed. We continue to execute our share buyback program of up to AUD 500 million, reflecting the confidence we have in our business. As at 31st of December 2025, we had purchased over 24 million shares for a total consideration of AUD 324 million. We will continue to execute on this program. During the half, we continued to invest in the business in a measured way, while prudently managing debt and maintaining flexibility to invest in growth, with capital directed towards initiatives aligned with our strategic priorities. Our balance sheet remains strong, with leverage at 1.5x comfortably within our target. We continue to use free cash flow to manage liquidity and support growth. We remain committed to maintaining a diversified funding base and proactively manage our debt maturity profile. We are looking at a variety of options for the group's euro medium-term note debt as it matures at the end of the year. I am getting to know our debt investors. We are confident and well-placed to manage this upcoming maturity in June. Our weighted average cost of debt remains stable, and our effective tax rate continues to track within our expected range. Overall, our disciplined approach to capital management remains a key differentiator and supports long-term value creation. I'd like to make a final comment on Foreign Exchange rates. The Australian dollar has moved over the past few weeks. We note the possibility of FX being a headwind in the second half if it remains at these levels. In summary, our solid half-year performance and execution of strategic priorities, including cost management and earnings quality, coupled with consistent and strong cash conversion and balance sheet strength, positions us well to scale for growth. I'll now hand back to Chris to take you through strategy and outlook. Thanks, Justine. Just moving straight on to slide 19. Look, before I share the outlook for 2026, I want to step through some of the fundamentals underpinning growth, then I'll turn to our growth strategy. Worley is a diversified, resilient business with a robust foundation and demonstrated agility to adapt to market changes. This foundation and agility gives us the confidence as we move into our next phase of growth. Our end markets are supported by strong structural tailwinds, energy security, affordability, electrification, energy transition, and decarbonization, along with the rapid progress of AI and digitalization, are long-term demand drivers. Worley's growth should be viewed independently of cyclical factors. Our growth has been secured across commodity cycles, not depend on oil prices, and continues to outpace customer capital expenditure. Turning to slide 20. Our strategy has three pillars supported by disciplined capital management and operational excellence. One, we're strengthening leadership in our core markets. Two, we're expanding into growth markets and along the value chain, including expanding EPC and EPCM capability. Three, we're innovating to differentiate delivery with technology. This strategy supports sustainable growth and resilient earnings. Moving to slide 21. We remain committed to our purpose of delivering a more sustainable world, and Worley's next phase builds on our strengthen, expand, and innovate strategy to secure both within and beyond our core markets. We build a leading position across energy, chemicals, and resources with sustainable solutions embedded now in the business. Now, we'll grow our Total Addressable Market by extending our project delivery capabilities to capture a greater share of spend across the customer asset lifecycle. This positions us for more EPC and EPCM scopes, with continued growth in consulting and value-added services from concept to completion. These capabilities mean we can target high-growth, adjacent markets beyond ECR. We'll selectively expand into adjacent, complex, critical infrastructure where our skills are transferable. The next phase of growth is supported by disciplined capital allocation, margin focus, which will ensure accretive and resilient growth. Turning to slide 22. We're expanding our Total Addressable Market by accessing a greater share of our customers' capital expenditure. The graphic on the left represents a typical customer capital program for an asset. As projects progress into execution, customer spend scales significantly. By extending our EPC and EPCM delivery capability enabled by technology, we're positioning Worley to capture a larger share of this overall capital investment. You can see the results of this focus as we turn to slide 23. The major projects shown here in LNG, Cement, Decarbonization, and Iron Ore demonstrate our execution capability at scale and reward our deliberate shift to more EPC and EPCM scopes. While major projects are reinforcing our confidence in this strategy, extending our ability to support customers across their the asset lifecycle is not just about project size. It's an evolution as we expand the services we offer all customers globally, deepening and broadening the capability of our workforce. EPC and EPCM have always been part of Worley. Consulting and other services along the value chain, enabled by digital and AI, differentiate how we deliver. Now we're leaning into scaling this Full Project Delivery with intent, and we're excited by the early success shown in major projects. Turning to slide 24. Backed by the capabilities I've described, our growth strategy seeks to strengthen our leadership in existing markets by growing market share and expanding into high-growth adjacencies. LNG and energy transition materials are areas where Worley has an established presence and a strong track record in execution, and we can further grow market share with more major projects. We're also expanding into new growth opportunities in complex, Critical Infrastructure markets, such as Data Center Infrastructure, Power, Ports and Marine Terminals, and Industrial Water. These are capital-intensive markets where we have an existing or an emerging presence and can leverage transferable engineering services, EPC, EPCM, and digital delivery capability. Importantly, these markets offer a clear pathway to scale. Together, these existing and new market opportunities reflect a balanced but deliberate approach, and they build on what we do well today while selectively expanding into adjacent areas of growth. More detail of this will be shared at our Investor Day in May. Turning to slide 25. Before I present the group outlook, I'd like to give a brief update on key focus areas. Our first is Full Project Delivery, a key enabler for our growth strategy, and as I've outlined today, we're winning and delivering more of this work within a disciplined risk appetite. As Justine said, we will not do lump sum turnkey EPC. We'll seek to balance the portfolio with high value and early-stage consulting, study, FEED, and scale as we pull through to more execution-based construction and procurement work. Alongside this, we're resetting the cost base to build a more efficient, technology-enabled business, targeting $100 million-plus exit run rate annualized savings. We continue to focus on margin growth by targeting higher quality work and delivery excellence, scaling Global Integrated Delivery and deploying digital, embedding AI across the business to drive capability, efficiency, and differentiation. Together, these deliberate efforts set us up for the next phase of our growth. Turning to slide 26. Geopolitical uncertainty and shifting market dynamics are a reality of today's market. Nevertheless, we've continued to deliver growth in revenue and steady earnings in the first half. This speaks to our business model resilience, portfolio diversification, and disciplined execution strategy. We reconfirm our moderate growth outlook for the current financial year on a constant currency basis. We're targeting higher growth in aggregated revenue than FY 2025 and growth in underlying EBITA and expect the underlying EBITA margin, excluding procurement, to be within the range of 9%-9.5%. We continue to benefit from favorable long-term macro tailwinds, and these support demand in our existing end markets, with high-growth adjacent markets also identified to support Worley's growth beyond FY 2026. A diversified business model, increased cost focus, commercial and financial discipline, and a strong balance sheet positions us well for both the short and the long term. That concludes the formal presentation today. Justine and I are now happy to take any questions from those on the call. Thank you. At this time, we will conduct the question-and-answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. We ask that you limit yourself to one question and one follow-up question. Please stand by while we compile the Q&A roster. Our first question comes from the line of Scott Ryall of Rimor Equity Research. Your line is now open. Hi, thank you very much. Chris, thanks for the presentation and some of the color. I just wanted to follow up on your comments on slide 24 and the energy and power slide that you that you were talking about before. I'm just wondering, you've moved into new markets historically, and you've had to invest money. A couple of years ago, you did that across a range of different industries. Are there investments you need to make in terms of expanding into some of these new areas? How long do you think it'll take? Can you just remind us on, you mentioned nuclear in the presentation. What's Worley's nuclear capability or experience, please? Let's start with the nuclear first. You know, Worley is the engineer of record for 15% of the U.S.'s nuclear, you know, commercial power generation capacity. We're currently doing a nuclear project in Egypt, the El Dabaa project, that's over a 2 GW nuclear facility where we are the owner's engineer. We're currently doing nuclear work for Canada, OPG. We have a long track record of doing nuclear, it takes expanding into that. In terms of investing, you know, we invested when we did the transition or the push into sustainability, we committed $100 million of investment over three years to support that transition. Where we have, you know, we've got effectively, there's three growth pathways: Organic, Strategic Partnering and M&A. Where we need to develop, invest out in ourselves, then we're absolutely gonna make sure that, you know, we commit to building the incremental capability. The reality is, when it comes to Power, just even look at thermal power, we're currently doing the U.S.'s largest thermal power generation facility over 2 GW. That happens to be in the CP2. We've got a long history in power out of our Reading office in Pennsylvania. Power, nuclear, long history. Industrial water, we do a lot of industrial water. It's integrated part of the offering to our customers, but we see that is gonna be an increasingly important part of our future, it's about putting focus on it. You know, Data Center Infrastructure, if you look at this really through the lens of data factories, you know, these are becoming increasingly complex in terms of needing independent power generation and also cooling. You look at the water and the, and the, and the power needs for some of these multi-gigawatt data factories, that's in the sweet spot. You know, we've got capability in, in these areas, it's about expanding them. Certainly, should it require organic investment for organic growth, we'll do that. More will come in Invest Today. All right. Thank you. That's all I had. Thank you. Our next question comes from the line of John Purtell of Macquarie. Your line is now open. Good day, Chris and Justine. Look, just in terms of what you're seeing from customers, Chris, obviously, tariffs impacted decision-making through calendar 2025. You know, what are you seeing on the ground? Maybe if you could just provide some commentary on the different segments there for you as far as energy, resources, and chemicals. Thanks. Yeah, look, I would say in the latter part of 2025, calendar year, now coming into 2026, we're seeing a different tone of voice coming from our customers. Clearly, not across every sector, every geography, but certainly on the resources side, we're seeing a lot of interest in the major project delivery capability. You know, our customers in the Middle East, North Africa, you know, definitely a sense of stability. Last year was a lot of uncertainty around the tariffs and, you know, the customers working through that. We did say we thought by the end of the calendar year 2025, things would have settled down. I would say that's occurred. Look, the single area of softness continues to be the conventional chemical side in Western Europe, and just generally as a result of overcapacity. On the energy side, integrated gas, power, oil, now that continues. I'm certainly seeing a renewed interest and a renewed, I would say, buoyancy in that. On the resource side, whether it's on iron ore, copper, lithium, on the materials, we're seeing a return in interest or a contingent buoyancy there. I think generally, John, the tone has shifted with our customer base from last year, where everybody was thrust into a period of uncertainty as a result of what was happening in the U.S.. That seems to have been normalized in the decisions that our customers are making. Thank you. Thank you. The next question comes from the line of Nathan Reilly of UBS. Your line is now open. Good morning. I just have a few questions in relation to the restructuring activity. The number came in probably a little bit higher than what I was expecting. Was there a decision made to maybe accelerate slash even, you know, increase the level of restructuring activity to when you sort of previously flagged that back at the AGM? Can I just get a little bit of an update just in terms of, I guess, the nature of some of that restructuring activity in the first half, but also what you're expecting to undertake in the second half? Sure. Yeah, Nathan, you're right. The, the amount of work that we've done around restructuring is greater than we had anticipated, and I would say the cost, so both the cost and scale, is higher than what we would have initially thought we would have incurred for the first half. It is really driven by severance and associated costs that we've seen in Western Europe as we've looked to restructure that workforce and move into areas of higher demand. What we've seen is the scale and duration that it's taken to actually move on that restructuring was longer than anticipated. We've also taken the opportunity, though, as we looked at this, it was a real catalyst to take deliberate decisions around accelerating that shift of moving from higher cost locations to areas where we would see higher demand. You'd note within, you know, a number of our priorities, we talk about scaling GID. This has really been an opportunity to say: how do we accelerate in doing that and actually driving a lower cost base through the business? In terms of what we would expect for the second half of this year, we do expect continued restructuring costs in the second half. We're doing work looking across our enterprise services as part of that restructuring. We do, however, expect those costs to be lower than what we've incurred in the first half, and what we want to do is not continue to have a multi-year program of restructuring. We're really saying: What can we do in FY 2026 to reset the cost base and reposition ourselves strongly as we go into FY 2027? Okay. Thanks very much, Nat. Thank you. Our next question comes from the line of Gordon Ramsay from RBC Capital Markets. Your line is now open. Well, thank you very much for the presentation today. Chris, just wanted to ask you about where you stand in terms of project cancellations or scope reductions. I know there were none in the second half of FY 2025. Is there anything you can comment on in the first half for FY 2026? I mean, the only one is, you know, we talked about before was the Shell Red to Green project in Europe. That was announced at the time. You know, we've not seen, you know, a continuation or any sort of, you know, trend around cancellations other than the ones that we've talked about, previously. I think that's just, that reflects a shifting confidence in the market. Yeah, we've not, there's no, there's no trend of continued cancellations. Just on deferrals, are you seeing companies, especially in what I call the green energy or, you know, renewable transition area? It looks like, you know, a lot of companies are kind of slowing down investment there. Are you seeing that in your work at all? I think it depends on which region you're talking about. Certainly in the U.S., the extreme green has slowed down, but not in Europe. You know, you saw just this week, we announced a hydrogen backbone, a pipeline project in Europe. It just depends by region, but certainly in the U.S., the more extreme green is has seen a slowdown. That's reflected in our future factored sales pipeline. You know, we've actually reflected a slowing down of that, but again, no material trend around cancellations. You know, there's always deferrals, and I would say the deferrals are no more or less material than they are historically at this point. Yeah, certainly in 25, you know, as what was happening in the U.S., with the U.S. changing its position, you saw a ripple effect. I would say that's really dropped off now. Well, we are in a much more stable environment. Okay. Thank you. Thank you. Our next question comes from the line of Megan Kirby-Lewis of Barrenjoey. Your line is now open. Morning. My question is just on the margins and buyer activity. It just looks like professional services and construction dipped slightly year-over-year, but procurement held steady. I guess just came for you to talk through the dynamics for each of those areas and how we should be thinking about them going forward. Thanks, Megan. We don't see a structural issue with margins, and we don't see a decline in the quality of work that we're being engaged to do. I think what we are seeing is, as you said, procurement margins have held relatively steady. Construction, fabrication, we see that more as a phasing around the execution stage of the projects that we're undertaking at this point in time. With the portfolio of major projects, we expect to see that really normalize over a period. In terms of professional services, again, it's largely driven by how we would see in terms of the stage of the projects that we're undertaking. We're not seeing anything structural within that margin profile that gives us, you know, a cause for concern. I think on top of that, the actions that we're doing around cost management, the efficiency within the organization, removing some of that legacy complexity that we've had, is really all in service of ensuring that we maintain that margin resilience, as we go through and over the next 12 to 18 months. Thanks. I guess just as a follow-up on that, like, more focused on the construction piece, but, you know, you are continually talking about moving more into EPCM and EPC. I guess just how, like, that will start to flow through to margin? Is there anything sort of to think about in terms of risk sharing between customer and contract, customer and Worley, and how that might impact the margins there? Well, you know, as we grow the EPC business, you know, the mix of what we do across the phasing of those, you know, the phasing of engineering against another major project being in the procurement phase or in the construction phase. It's the mix of the phase of projects that will drive the margin rather than EPC, you know, alone. I think you've got to look at it always as a portfolio of projects, which, yeah, you know, we'll do more engineering, procurement, and construction. You know, it's just driven by mixing. I mean, yeah. I mean, I'm not sure what more- I'd say, Megan, you know, we are, we're holding our outlook position on the margin excluding procurement between 9% and 9.5%. Looking at that from a mix perspective, we think that's able to be maintained. I know you've covered Worley for a long time, and you will have seen over the course of the last few years that we've really gone from strength to strength in terms of our margin profile across the portfolio. Something absolutely that we're mindful of in terms of that composition of volume, mix, and rate. We need to be doing the things that we can proactively manage around quality of what we bring into our pipeline and then through to backlog. We need to be resilient around the work we're doing on cost discipline and margin expansion. Yep. That's great. Thank you. Thank you. Our next question comes from the line of Cameron Needham of Bank of America. Your line is now open. Thanks very much for the presentation. Morning, all. Just one quick question from me, just on Baytown. Could you talk me through the logic of leaving that in your backlog, please? And then just more generally, could you talk through the process that you guys go through internally in terms of deciding if a project meets requirements to actually stay in the backlog versus what comes out as a cancellation? Thanks very much. Yeah, Baytown Blue has not been canceled, so it remains in the backlog. If you look at Exxon's announcement, it's been paused, until it will remain in backlog. We have a very rigorous process of what goes in or comes out of backlog, and we consistently apply that. Baytown Blue, if you read ExxonMobil's announcement, it's been paused, not canceled. Okay, thanks very much. Thank you. Our next question comes from the line of Tom Wallington of Citi. Your line is now open. Good morning, team. Thanks for the update. A quick question on customer mix and growth adjacencies? Just noting 28% of the backlog is associated with traditional work, including oil and gas, and appreciate you've highlighted these Complex Critical Infrastructure, scalable opportunities in your priority markets. Can I just get a bit of color as to how these early customer engagements have been, and how we should think about the mix of Worley's customers evolving over time? Thanks. I would say that the early engagement has been very, very positive. You know, the customer mix, I think it's an important point because, you know, we often, in conversations, have the conversation pivots around capital expenditure of customer base is shrinking and then, you know, or dropping off or may not be as big as the previous year. I'm speaking generally, and it may be for the majors, but if you look at the number of customers that we're working with that are outside of that analysis, it's significant. You look at Glenfarne, Venture Global is two examples. You know, these are not necessarily companies that are tracked when, you know, the overall market or the overall capital spend is being considered. Look, early phase conversations are fantastic and certainly a lot of interest in what we're offering, whether it's in the Full Project Delivery side, or on the Power, Ports and Marines or Industrial Water, or even on the data factory infrastructure side. Good early engagement. Very positive early engagement, I would say. In terms of, you know, opportunity to grow, I think that there's, you know, there's significant opportunity to grow, outside of the addressable markets that are traditionally sort of assessed and associated with Worley. You know, we do a lot of work for customers that are out, that is outside of the majors, outside of the Rios, outside of the BHPs, outside of the ExxonMobils or Chevrons, outside of, you know, the BSFs, and we see increased opportunity for growth in that space. That's very helpful. Thanks, Chris. Potentially a second question, if I can, a follow-up to Nathan's question around the restructuring costs. Noting that the scale and the scope of these costs has likely exceeded initial expectations. Just curious, you know, going into the result, we thought that these costs would be taken above the line, noting that they are taken below the line now, given, you know, they have exceeded those initial expectations. Can you give us, I guess, any color as to why the change of thinking as to how, you know, this would be treated for from an accounting purpose, and potentially what this might have implied if all of these costs were taken above the line? Thank you. I don't think the, Well, I'm gonna let Justine down to the technical side, but look, there's a lot of things that go into the decision-making around this, and, you know, clearly, you know, you know, and I communicate, you know, we've communicated that the cost would be, the cost will be taken above the line. What changed was, as we got into, toward the end of the year, as we got into the detail of the restructuring costs, we saw an opportunity to restructure parts of the business more deeply than we initially assessed, with an objective of relocating that work when the markets, you know, when the opportunities and the projects present themselves, repositioning and relocating it to India. Rather than, keep people on the bench, you know, and do a moderate restructure, we took a strategic decision to do a deeper restructure with the intent of moving the work to a higher profit location, such as India or, you know, Bogota in our GID center there. It was a strategic decision. Now, in terms of the accounting side, I think I'm gonna hand over to Justine. Thanks, Chris. Tom, you know, clearly the costs that we've seen in the first half of the year around this transformation and restructuring are outside the normal course of business. Putting them the below the line for us, really, and hopefully for the market, provides a much clearer and more transparent view of our underlying operating performance. It also makes it much easier to look at the comparability of our result across periods, and it is a very typical treatment of costs of this nature for Worley historically, but also if we looked at our customers, and/or other peers that are undertaking similar programs of work to have treated them in this way. We believe that is very comparable to what the industry would do, what we have done historically, and it is important that it does provide a more transparent view around our underlying operating performance of the business. Fantastic. Thanks for the call. Cheers. Thank you. Our next question comes from the line of Rohan Sundram of MST Financial. Your line is now open. Thank you. Morning, team. Just the one from me. Following on from John's questions around the tone of customer discussions, take on board there's a renewed buoyancy in the market. Chris, just can we hear your thoughts on how that's translating into higher sole sourcing on the back of all of that? Well, it is, you know, I mean, what it is the customers that we have strong relationships with, you know, and they've, you know, historically looked at sole sourcing, is their capital, is their confidence around investment returns, then it's leading to an increased level of sole source work. You know, sole source work is now up to 48% of what we do. You know, we actually look at this very closely, you look at the percentage of sole source work, it's increased compared to the prior corresponding period. I think that's a great sign that the customer confidence is returning and the confidence they have in Worley in terms of supporting them. Thanks, Chris. Thank you. Our next question comes from the line of Ramoun Lazar of Jefferies. Your line is now open. Morning, guys. Just a couple from me for Justine. Just in terms of the treatment of the restructuring costs now below the line, how should we think about the seasonality in the business in the second half? Is that gonna look more like what it did last year now? Yeah, Ramoun, we do expect the phasing to be broadly similar with what we've seen in FY 2025. We know and traditionally have seen a strengthening in the second half. You can assume that that would be a similar profile to what we've had, if you're looking at the underlying results, just consider that phasing broadly similar. Yeah. Got it. Within that, are you assuming any benefits from the restructuring coming through in the second half out of that $100 million annualized number? The AUD 100 million, really, we see as an exit run rate. We see the real benefit of that coming through into FY 2027. We will see a little bit into the second half as we start to see the translation of that cost come through, that resetting of the cost base. The AUD 100 million is really a reset for FY 2027 and should be considered in that way. Okay. Thank you. I'm showing no further questions at this time. I would now like to turn the call back over to Chris Ashton, CEO, for any closing remarks. I just wanna thank everyone for joining today. I know over the next four days, five days, we've got a number of meetings with yourselves and others are on the call or on the dialing in on the internet. Look, we look forward to having the conversations, answering further questions after you've had an opportunity to digest what we've presented today. Look, I do think that it is a strong first half result. Look, I look forward to Justine, I look forward to talking to you and hopefully being able to answer the questions that you've got. We'll be connecting with you over the next few days and today as well. Thanks everyone for your time, and look forward to meeting. Thank you for your participation.