So good morning, everybody, and welcome to the Babcock Marine Investor Event at Rosyth Royal Dockyard near Edinburgh in Scotland. My name is Andrew Gollan, Director of Investor Relations. Firstly, a thank you to those who have made the journey here to Scotland. I know that some of you have come a long way. Also, to those on the webcast, a warm welcome to those. So just a few introductory words from me. Today's event is the next in a series of investor teachings around the Babcock Group, and they're designed to demonstrate our specialist capabilities, the growth drivers of our business, and the strategies to create shareholder value. Earlier this year, we shone a light on the exciting growth story of our Cavendish Civil Nuclear business. Today, it's all about naval marine, specifically our naval build and support capabilities, which together currently generate just under GBP 1 billion of revenue, or around 20% of the group. I know that some of you will have attended our group Capital Markets Day in early 2024, which we hosted at our Devonport Royal Dockyard facility in the southwest of England. There, you learned that Devonport is a national critical asset, an asset that we own, and where we provide unique technical support to the entirety of the U.K.'s nuclear submarine fleet. Not to steal anyone's thunder today, but Rosyth Royal Dockyard here in Scotland is another of the group's highly valuable and strategic assets. It's an asset that underpins our Marine business, and as you will hear today, has exciting growth potential over the medium and long term. This morning, you will hear from another strong leadership team within Babcock, with today's event led by CEO of our Marine sector, Sir Nick Hine. For those in attendance, there will be a lot to see around the yard, with the impressive QEC carrier, HMS Queen Elizabeth, in dock, and the first Type 31 frigate, HMS Venturer, nearing build completion. There's an outline agenda shown on the screen. Today, there will be two presentation sessions this morning, followed by an early lunch and a facility tour this afternoon. The first session will last around 1 hr and 15 min, and the second around 45 min, with a 20-min break in between. Both sessions will include plenty of time for Q&A for those in the room. So I'm sure you're keen to hear from the team. We'll start with some opening remarks and perspectives from our Group CEO, David Lockwood. David? First, a health and safety announcement. If you Google Rosyth, it describes it as a town and a garden town in Fife. Okay? You're north of the river. Andrew said you're in Edinburgh. If you suggest to any of the people you meet that you are in Edinburgh, you will probably end up at the bottom of the dock. Don't say you're in Edinburgh. Over the last five years, we've transformed Babcock. We've focused on our core strengths, strengthened the balance sheet, and have substantially improved our risk management across the group. As you will hear from the team, that's particularly true in Marine. Recently, we've seen demand in defense markets increase, as evidenced by the SDR, and also some interesting press commentary on export opportunities in Europe over the last few days, where Ilgi will talk about how we are striving to win live active competitions, and I'm sure that if it was a slam dunk or nailed on, he'd have told you already. All of this backdrop, the improved operational performance and the improved market backdrop, have enabled us to upgrade our medium-term guidance and commence a GBP 200 million buyback. But the subject today is Marine, and when we arrived, Marine was definitely a hold your nerve business. Discussions with investors in 2021 were all about what are the termination clauses of Type 31? How do you get out of it? And we said then that we were building a world-class capability and a world-class product. It was just gonna cost us more than we thought because of the way we contracted, but that the end point was still worth striving for. And I think four years later, the new management team that we've assembled will be able to explain why that decision was correct. It's, it is a magnificent facility, and the sun is shining, we won't talk for too long. We'll get you out there because that's the third time this year. I'm gonna hand over to Nick Hine. Nick, as he will tell you a bit about his history, was Second Sea Lord, which is probably the best job in the Navy. First Sea Lord is a kind of gin and tonic job. Sorry, Gwyn. But Second Sea Lord, you actually get to run the Navy. So when you leave the Navy, you've got to find something that's even more exciting, and I think there was only one job that could be even more exciting than being Second Sea Lord, and that's being the CEO of Babcock Marine. So Nick is probably the luckiest person in the room, so I'll hand over to him. Ladies and gentlemen, good morning, and David, thank you. You are absolutely right, this is the best job in the world, and if I fail to get that across to you in the next couple of hours, then I have personally failed. I'd like to personally welcome you all here today to our Rosyth site. This is a fabulous opportunity for me and my team to showcase the work we do here today. What we do here in Rosyth is world-class, and we look forward to sharing it with you throughout the day. But let me start with a bit about me first. I started my career in the Royal Navy, as a submariner, although I am famously known for being one of the only individuals to ever have commanded both surface and subsurface ships and submarines, both conventional and nuclear. Therefore, the Marine domain is something I know profoundly well and care deeply about. Following years of operational service, I progressed into the senior ranks, which led me to work for Her Majesty's Treasury, working directly to the Chancellor. That was followed by some time in policy and strategic development for the U.K. government. I then returned to the Navy to take up the very privileged position of Second Sea Lord, which, again, is a great title. For those of you not in the defense sector, I was the Chief Executive of the Royal Navy, which is a global organization with about 35,000 employees, a GBP 7 billion budget, and a significant stakeholder base. Therefore, a natural step when I left the service was to join one of the U.K.'s leading defense companies, who specializes in the Marine domain, and here I am. But I have a long history with Babcock. In fact, I recall being here in Rosyth in 1999, in HMS Splendid, in a refit, where we were the first submarine, U.K. submarine, to get the Tomahawk missile. And then we took it to sea and test-fired it in San Diego, and then, into operational activity in Kosovo. And for those of you who wish, I am the subject of a BBC documentary called HMS Splendid: Under the Sea, which is still available on Amazon Prime for those who are interested, and I have a concession stand as you leave. And I will touch on this later, but I was also the godfather of the Type 31 program. It was my creation, and I stand by my views today that the Type 31 is the platform that navies need. I joined Babcock initially to lead our AUKUS campaign and to focus on how we started to drive significant international growth across the group, and campaigns I started now, started then. I am now delighted to lead across the Marine sector. So I've had the privilege of leading the Marine sector for the last 12 months, which is a year of change and transformation. I refreshed my top team and now have a brilliant group of people with some of the industry's most credible leaders in their fields, and they include my Chief Operating Officer, Gareth Hedicker, who joined us from Rolls-Royce, an expert in manufacturing. Our Arrowhead Managing Director, Paul Watson, an expert in the delivery of complex programs, was deployed to Devonport four years ago to lead the site and crucially recover the U.K. Vanguard Programme, which he did successfully, and he is doing great here in Type 31, delivering for us here. Phil Craig, who runs our programs business, previously ran Devonport nuclear site before running the Babcock U.K. aviation business, and my Chief Commercial Officer, Ilgi Kim, headed up the big deals team in EY before joining us. So you'll see them today, and I, I've built a team, who you will meet, of ex-leaders experienced in delivering complex programs to time and cost consistently. This slide is one you will see and hear repeatedly throughout the day, and we'll keep returning to these five points. To put it simply, I stand here today confident that the Marine sector is positioned to deliver strong, sustainable growth over the long term, with significant margin improvement. This business will be a key contributor to the group's financial ambitions. Marine has a proud heritage, deeply rooted in naval capability, and you'll hear more about that during the site tour. What I wanted to emphasize is the transformation we've been on over the last five years. The evolution of our engineering capability, our delivery model, and our customer engagement has been nothing short of remarkable. We are now exceptionally well-positioned to capitalize on a dramatically improved global naval marine backdrop. Defense budgets are rising, naval fleets are being recapitalized, and sovereign capability is back at the top of the agenda. The ability to deliver to time and cost is now critical, and we will continue to deliver what we say we will do. You can see here from the first bullet on the slide, we have a strong platform for growth, built on differentiated engineering capabilities and high barriers to entry. This is not a market you can simply walk into, and we are already here with proven delivery and trusted relationships. Secondly, the structural growth we're seeing from naval fleet recapitalization is driving a significant increase in opportunity. You can see there from the third point, our pipeline now stands at GBP 22 billion and is growing, and we're investing organically to support this growth, fully aligned with our group's capital allocation priorities, and this is disciplined investment targeted at capability, capacity, and innovation. In short, Marine is a business with momentum, with ambition, and with the capability to deliver, and I look forward to showing you more. Let me now situate Marine within the broader context of the group. You'll see here that we've split this slide into three to keep it simple: the group, sector, and the high-level breakdown by segment. You will note that the Mission Systems and LGE areas will be covered in a future planned IR event. But Marine is not just a business unit; it's a major part of Babcock's identity and future. It's a sector with significant international exposure and strategic relevance, not just in the U.K., but I also have operational teams in our focus markets of Australia, Canada, and New Zealand, and in other countries such as Brazil. This all plays a central role in our group's performance and ambition, and as reported, Marine accounts for roughly 1/3 of group revenue in FY 2025. That's a clear indicator of its scale, and it's important, and it's becoming increasingly international. This is a trend we expect to accelerate, driven by growing demand for sovereign naval capability and significant export opportunities. Our footprint is growing, and our relevance is expanding. Today, we're focusing specifically on two core business streams: our design and build capabilities and our support activities. Together, these represent around GBP 0.9 billion in revenue that we have pulled out here on the slide on the left, approximately 20% of the group total. From this point forward, our conversation will center on just these two areas. Why? Because these are the engines of growth, the foundation of our differentiation, and the focus of our investment and strategic delivery. Marine is a global business built on trust, capability, and performance, and it's one of the clearest examples of how Babcock is delivering value today and building for tomorrow. I'm now going to outline what makes our Marine business truly distinctive, and an easy way, a n easy visual way to break it down is design, build, and support. However, at its core, Marine is an integrated business that delivers highly complex equipment and support across long life cycles. This isn't just about building ships, it's about an engineering capability, systems integration, and lifetime support. We offer the full spectrum of naval engineering. We design, build, and integrate complex naval systems and equipment, and we support them through life. From initial concept and construction through upgrades, modernization, and second-life programs, we are involved at every stage of the naval engineering life cycle. But when I'm asked, "Nick, what sets you apart?" There are three things I want to highlight. Firstly, our technical capabilities are world-class. We operate at the cutting edge of naval engineering with deep expertise in systems integration, digital shipbuilding, and complex program delivery. Secondly, our role spans the entire naval life cycle. We're not just builders, we're long-term partners, supporting platforms through decades of service. And third, we have strong, enduring customer relationships. These are built on trust, performance, and delivery, and they give us privileged access to future opportunities. In short, Marine is a business built on capability, complexity, and continuity. It's a strategic asset for our customers and a long-term value driver for our group. This slide is a snapshot of where the Marine business stands today. We've covered the Marine sector as a whole. We've spoken about how Mission Systems and LGE will be covered at the next IR event, but this is now us focusing on the design and build and support businesses for Marine. This is a large and strategically important area within our group, and we expect it to grow meaningfully over the medium and long term, driven by a strong design and build pipeline. To give you a sense of scale, Marine contributes significantly to group revenues with a robust order book and a healthy pipeline of opportunities. It's a business with real weight behind it. Today, our revenue mix is approximately 25% build and 75% support, but that balance is set to shift significantly over time. Based on our current order book and pipeline, we expect build to become a much larger proportion of the business in the medium and longer term. Historically, Marine has delivered steady revenues, underpinned by long-term build programs like Type 31 and enduring support contracts, and this has provided a stable foundation for our growth. Operationally, we've made material improvements. We've traded through legacy issues and executed a successful turnaround. Performance is up, delivery is sharper, and customer confidence is strong, and we believe there's still much further to go. It is simple: more money in, less money out, and the opportunity set ahead of us is substantial. Our pipeline, as I said, stands at GBP 22 billion, and we expect strong growth over the medium and long term as global naval investment continues to rise. In short, Marine today is a business with scale, resilience, and momentum, and it's poised for significant growth. Moving on to Marine's position on the global stage, we've built strong long-term relationships with a broad range of industrial and governmental partners across the world, and these aren't transactional engagements. They're strategic partnerships built on trust, delivery, and shared ambition, and I can honestly say that we speak to these people daily. Remember, it's important to note here that these are partnerships of choice on both sides for the complementary skills we bring. These are not marriages of forced marriages. We are deeply embedded with our customers and our partners, and in many cases, we work directly with militaries through their governments, supporting sovereign capability and national defense priorities. One of the things that sets Marine apart is the depth and breadth of our specialist capabilities. Our collective technical and operational expertise positions us exceptionally well to capture the growth opportunities ahead, and it's not just about scale, it's about the quality and the uniqueness of what we can offer. Rosyth is a standout example. It's one of the few sites in the U.K. and globally where we can deliver large-scale, modular, advanced manufacturing. That gives us flexibility, speed, and precision at scale, and it's the combination of our capabilities that gives us a strong competitive edge, from advanced design and systems integration to complex program delivery and through life support. But it's not just about infrastructure; it's about how we operate. We live and breathe the asset life, from concept to build, to decades of in-service support. And that operational asset knowledge, combined with deep technical expertise and a flexible, collaborative delivery model, is what makes us a trusted partner to governments and navies around the world. Rosyth is the only site in the U.K. where our capabilities come together in one place across the group. Manufacturing, support, design, build, nuclear, it's all here together as one, and that's what adds to the magic of the site, as you will see during your tour later. So in short, Marine is not just capable; it's uniquely capable, and that's a powerful foundation for long-term value creation. I'd like to now highlight what makes Marine truly stand out in a competitive global market. First and foremost, there is a strong competitive barrier around this business. It's built on a combination of specialist capabilities, strategic assets, and deep customer relationships, and it's not easily or quickly replicated. We are fundamentally a people business. Our technical experts, engineers, program leaders, they are our number one asset, and as with the rest of the group, our people strategy is central to delivering on our growth ambitions. We're investing in skills, leadership, and culture to ensure we stay ahead. Rosyth is a highly valuable strategic asset. It's a nuclear licensed site, home to large-scale advanced manufacturing, and the largest dry dock in the U.K., capable of, and indeed currently accommodating, HMS Queen Elizabeth. It's modern, well-invested, and increasingly digitized, a true digital yard with high levels of automation and integration. And we are delivering for our customer, and I can say this honestly, having been the customer, and doing what we say we will do, which is the most important thing. That's all the customer is after. Finally, it's a real advantage being part of the larger group. We're increasingly exploiting synergies across sectors, teaming with nuclear, Mission Systems, and exploring further opportunities in Land, and this cross-sector collaboration is unlocking new value and expanding our reach. For example, we currently deliver over 200 engineers to our nuclear colleagues to support critical nuclear engineering services. So together, these differentiators give Marine a unique position in the market and a powerful platform for long-term value and growth creation. While we focus on the future of Marine, and I always seek to look forward, I want to take a moment to reflect on the journey. Marine is a business with a long and rich history, one which stretches back decades, well before the timeline you see on the slide here. But what's most important for you today is the transformation we've driven over the last five years. We've evolved from a steady, reliable operation into a world-class naval build and support business. This transformation has been deliberate, strategic, and highly effective, and the catalyst was the Type 31 program. Following our acquisition of the Arrowhead 140 design rights, we reshaped our design and production model to deliver at scale with precision and speed. That program has become a blueprint for how we will build and how we will win. The result is a business that now competes at the highest level globally. We have the infrastructure, the talent, and the delivery model to support complex naval programs, and we're doing so with increasing confidence and capability, so Marine's journey here is one of transformation, resilience, ambition, and I can say honestly, we're only just getting started. Let me take a moment to explain how we built what is now recognized as a leading naval shipbuilding capability. The key message here is simple: through the Type 31 contract, we've transformed our approach and capability to meet emerging global naval demand. This program has been a catalyst for innovation, investment, and operational excellence. We own the design rights to the Arrowhead 140, a proven exportable platform. In simplistic terms, we have the design rights of what will become an Arrowhead wider family. The U.K. version of the Arrowhead is, of course, the Type 31 program, but as we grow internationally, this portfolio will expand, and that ownership gives us flexibility, control, and strategic advantage. We've built a modular production model around it, supported by significant investment in Rosyth, turning it into a modern, highly capable shipbuilding facility, but let's be honest, that journey has not been without challenge. We've navigated the design and mobilization of a first-in-class ship, stood up a new yard during lockdown, and managed through Brexit-related labor disruptions and inflationary pressures. Every lesson learned has been fed back into the system, and the result is a highly efficient, resilient production model. Today, we operate a world-class design, build, and support model, and you'll see today, Rosyth features a covered build hall, automated steel cutting and welding, modular construction, and automated painting systems. It's a digital yard with integrated planning, real-time production tracking, and predictive maintenance tools that bring data and delivery together. So this capability is not just fit for today, it's built for the future, and it positions us to win and deliver the next generation of naval programs, both in the U.K. and internationally. Let me now turn to the Type 31 Inspiration Class Programme, a cornerstone of our naval shipbuilding capability. From contract award to delivery to the customer within 10 years has never been done before anywhere in the world. The key message here is that program at risk has been materially reduced. We've made consistent operational progress, and we're now well into the delivery phase with strong momentum. We recently passed a major milestone with a successful float-off of the first vessel in class, a significant achievement that demonstrates our capability and readiness. We expect the second ship to float off before the end of FY 2026. Three ships are currently in build. This is a no-change program, a testament to the robustness of the design and delivery model. It features a proven open architecture combat system, and we're progressing down the learning curve exactly as planned. Production units three, four, and five are tracking to target, with unit cost profiles in line with our original expectations. Our relationship with the customer remains strong and collaborative, and that trust was recently reinforced when we were awarded the Capability Insertion Programme on a sole source basis, a clear vote of confidence in our performance and in our partnership. In future programs, we have learned from Type 31, and whilst the customer is happy, we recognize the shareholder was not. We will, of course, address the contract issues. We learned significant amounts through the mobilization period, and our risk management and supply chain resilience is in a different place from two years ago. We now have real shipbuilding experience, and we will learn from our mistakes. So in short, the Type 31 program is delivering. It's stable, it's efficient, and it's an attractive platform for future growth, both in the U.K. and internationally. Arrowhead, in its simplest form, is a strategic export platform. So now let me turn to the export strategy, and specifically, the success to date of the Arrowhead 140 frigate design. The key message here is our flexible, affordable Arrowhead 140 model is proving highly attractive in naval export markets. It's a platform that meets the needs of modern navies. It's adaptable, affordable, and available. Importantly, we've not yet lost a campaign where the Arrowhead 140 design was in competition with similar vessels, and that speaks volumes about the strength of the platform and the confidence our customers have already in our delivery model. Why are we winning? Because Arrowhead 140 is a multi-role frigate that can be tailored to meet specific national requirements. It's supported by a flexible production and sales model, including in-country build via license sales and varying levels of Babcock engineering support and program participation, and that's attractive to the customer. This flexibility is a key differentiator in today's market. You'll hear more today about the export programs already underway, and importantly, both have follow-on potential, you can see from the slide. That includes further license sales, additional build and engineering support, and over the longer term, through-life support opportunities. So Arrowhead 140 is not just a ship. It's a strategic export platform, and it's helping us to open new markets, deepen international partnerships, and drive long-term value for the group. I'd now like to walk you through our growth strategy for Marine, a strategy that is clear, focused, and fully aligned with the group's broader ambitions. We've built our approach around a set of interrelated strategic pillars, each reinforcing the other. These pillars are designed to drive sustainable growth, to expand our global footprint, and deepen our capability across the naval domain. International expansion is a key pillar. We're growing our global alliances and developing strategic build and support partnerships. You'll be familiar with PGZ in Poland, Saab in Sweden, and OMT in Denmark. All are strong examples of how we're leveraging local partnerships to deliver capability and unlock new markets, and we're actively exploring further opportunities to replicate this model across the globe. We see significant growth potential in shipbuilding as global navies continue to recapitalize. So our strategy is targeted. We're pursuing opportunities where we know we can compete and win, and we're backing that up with continued investment in our build and manufacturing facility, much of which you will see later. And you'll hear more shortly about the scale of international opportunities we're engaging with from Ilgi. But, ultimately, our ambition here is to become a multi-domain naval prime, designing, building, supporting, and maintaining platforms across both the surface and subsea arenas. And we believe we have the expertise, the assets, and the delivery model to make that ambition a reality. So Marine is not just growing, it's evolving, and we're building a business that's fit for the future, globally competitive, and strategically aligned with the group's long-term vision. I'll now define the growth dynamics underpinning our Marine business. The key message here is that we have significant medium-term potential in design and build, particularly across shipbuilding and advanced manufacturing. This growth has been driven by the global naval fleet recapitalization, and we are well positioned to compete for and to win these opportunities. Our modular build model, advanced manufacturing capability, and proven delivery track record give us a clear edge. Beyond the medium term, we see substantial long-term growth potential in our support opportunities. You'll hear more about that, as we go through today. As new fleets enter service, the demand for through-life support, maintenance, and capability upgrades will grow, and we're already embedded with customers to deliver that. So in short, Marine's growth is not just forecast, it's structured. We have the pipeline, we have the capability, and we have the strategy to deliver sustained value over the medium and long term. To close, let me bring together the key messages from today. To reiterate from the first bullet on the slide, we have a strong platform for growth built on differentiated engineering capabilities and high barriers to entry. This is not a market you can simply walk into, and we are already there with proven delivery and trusted relationships. Secondly, the structural growth we're seeing from naval fleet recapitalization is driving a significant increase in opportunity. Our pipeline now stands at GBP 22 billion, and it's growing. And we're investing organically to support this growth, fully aligned with our group capital allocation priorities, disciplined investment targeted at capability, capacity, and innovation. Lastly, on this slide, Marine is well-positioned to pursue significant growth opportunities over both the long and medium term. I hope you can see that we have the strategy and the capability and the momentum to deliver. We've transformed the business over the past five years into a world-class naval build and support operation. We're a major player in the global naval Marine sector, with strong international partnerships and a growing export footprint. Our differentiators, from our people to our infrastructure, create a clear competitive advantage that's hard to replicate. We've developed a leading shipbuilding capability through the Type 31 program, and Arrowhead 140 is already leading the way in global markets. So in closing, in short, Marine is a business with scale, resilience, and ambition, and we're building for the future with confidence. I'm now going to hand you over to my delivery director, Paul Watson, who is going to deliver a storm here this morning and who leads our Arrowhead family. So, Paul, over to you. Thank you, Nick, for that very generous introduction. It's certainly a step up from the one I received from David Lockwood some twenty years ago, when I was introduced as the person he'd recruited to make him look slim. I'm pleased to say I've made significant progress on that one. So I'm Paul Watson, Managing Director of the Arrowhead business. I joined the business last August, tasked with stabilising our Type 31 program and then driving operational efficiencies to ready the business for the growth opportunities we have ahead of us. You'll have heard David refer to this, where successful programs are set up, where 50% is about the estimate and commercial conditions, 30% is about mobilisation, and 20% is on program delivery. I'm operating in that 20% space after we got the first 80% wrong. I don't have an Amazon Prime documentary or a YouTube channel, but I do have a very dynamic, innovative team who are driving positive change into the program, and you'll hear and see more of that through the course of today. Nick has kindly introduced me already, so there's not much more I would like to add to that, other than that I'm delighted to be leading the business for such an incredible platform for our Royal Navy and for partner navies, and to be head of one of the world's leading shipbuilding capabilities here at Rosyth. There are a few key messages I hope to take you through this morning. First of all, as Nick highlighted, we're operating in a fundamentally changed global environment. Geopolitical tensions and rising defense budgets are not short-term trends. These are structural shifts. This creates sustained demand for sovereign capability, and we're well positioned to meet that demand through our naval shipbuilding and advanced manufacturing expertise. Secondly, our capital investment is focused on areas where we can lead: sovereign U.K. programs, export opportunities, and partnerships that allow us to scale internationally. This disciplined approach ensures we deliver while building long-term capability. Third, our digital transformation are not just buzzwords here. It's embedded in how we deliver. From digital twins to advanced simulation and AI-driven planning, we are equipping our teams with the tools to innovate faster, reduce risk, and improve quality. And it's not just about tech, it's about talent. We are building a digitally fluent workforce to match that. Next, our facilities are world-class, but it's our people who make the difference. We've relaunched our apprentice program, bringing in over two hundred apprentices and committing to at least one hundred new starts each year. We're also proud of our Production Support Operative program, creating real opportunities for local people, including those returning to work for the first time in a long time or those looking to change careers. This is about building a workforce that reflects the communities that we serve here. And finally, our partnerships with international shipbuilders are more than just export opportunities. We're helping our allies develop sovereign industrial capacity, sharing knowledge, and creating long-term value, and this is how we grow responsibility and strategically. Our operations span four core areas, each of which contribute to a resilient and exportable defense capability. We design complex platforms and systems, built-in adaptability and affordability with our Arrowhead 140 designs, adopted by the U.K., Indonesia, and Poland. We've digitally enabled ship build using cutting-edge technology to build at pace. Our team of engineering experts are drawn from across Babcock to support ongoing improvements on Type 31, and they also enable growth opportunities by transferring that knowledge and technology to our partners, as we have done in Poland on the Miecznik frigate program. Digitization of manufacturing for ship build has been delivered through our advanced manufacturing cells, which we've also included as part of that toolkit offer, and of course, the manufacturing high precision missile tube assemblies for the U.K. and U.S. nuclear submarines. Our design and build offering is a core part of our business, with strong momentum and significant growth potential, particularly in the near term through shipbuilding exports. We have a global workforce of around 2,000 people, primarily U.K.-based and centered here in Rosyth. Shipbuilding generates over GBP 200 million annually, dominated by the Type 31 program, alongside international additional design and engineering support revenues. Our advanced manufacturing capability contributes a further GBP 50 million of sales from the missile tube assembly, deliveries for the U.K. Dreadnought and U.S. Columbia submarine programs, and looking ahead, we see substantial opportunity through a strong pipeline over the next 10 years, which further develop longer-term opportunities in our through-life support capability, as we digitally enable ships to capture the data to help Arrowhead users predict maintenance requirements much more effectively, which will lead to increased platform availability and service. Phil will cover a bit more of that later. Our differentiators: specialist engineering, we're delivering scalable, adaptable warship solutions built on advanced shipbuilding capability, leading-edge digital tools, and modular design. Our ability to integrate autonomous systems and secure data ensures we have a future-proofed platform ready for evolving defense needs. Our asset investment in Rosyth, we're continuing to transform our site into a modern digital dockyard, highly competitive, and built for scalable delivery. Through our track record in the U.K. and U.S. nuclear submarine programs, we've developed an unrivaled large-scale advanced manufacturing capability, delivering precision components at volume, and we're actively expanding our global alliances and strategic partnerships to unlock international opportunities, and we have the physical capacity to scale further as demand grows. Moving on to the advanced manufacturing facility, specifically focusing on our export business. We are uniquely positioned to support large-scale products being manufactured, where high-precision requirements as required across naval and nuclear domains. We're delivering tight tolerance modular assemblies through the U.K.-U.S. Common Missile Compartment program. This includes missile tube assemblies for the U.S. Columbia and U.K. Dreadnought nuclear submarine classes. Babcock is one of only two suppliers to this program, with more than 80% market share, reflecting our superior performance, and we've recently won a follow-on contract, extending production into the 2030s. Looking ahead, we see strong medium to long-term growth potential across submarine build, and also for civil and defense nuclear equipment. The knowledge and expertise and investment in bespoke equipment creates a high barrier to entry for any competitor. So pivoting to the so what, and how this aligns to the market. We're operating in a highly supportive global defense environment, with rising investment, particularly in the naval capability. This has been driven by growing geopolitical instability, NATO rearmament, and the need to reinforce sovereign defense. Customer priorities are shifting towards faster delivery, affordability, and adaptability. There's increasing demand for less complex modular platforms that can be rapidly deployed and easily upgraded, and digitization and autonomy are also reshaping delivery and design in ship build, and we believe we are significantly ahead of most in that space, and you'll see that when you walk around the facility a little later. We also have increased our focus towards whole life costs, and Phil, again, will cover some of that during his section a little later on. We've positioned ourselves well here with an extensive through-life support experience, coupled with a mindset where our designs are created with availability in mind. So in summary, we have enduring demand. We're evidencing sustained global defense investment driven by geopolitical shifts. Secondly, we're disciplined in our capital investment to capture U.K. and international opportunities, and we're embedding digital tools and talent to transfer delivery and innovation. I've been the warm-up act for much of what you'll see in today's tour of our facilities, and also the warm-up act for Ilgi Kim, our Chief Commercial Officer, who will take you through the growth opportunities we have ahead of us. Thank you, Paul. So as pointed out, Paul, what him and his team is doing is absolutely exceptional. They're making available products and services that is truly world-class, products and services that's underpinning our undoubted growth and the growth potential I think I'll walk you through, which I'll walk you through now. So good morning, everyone. My name is Ilgi Kim. I'm the Chief Commercial Officer for Babcock Marine. What does that mean? My primary accountability is to drive sustainable, profitable growth of our global Marine business. For over 20 years, my focus and passion has been in big-ticket contracts and portfolios, specializing in four key things. Number one, business development. I like to identify, position, and shape opportunities. Two, commercial structuring. I make products and services buyable. I, I design and draft contracts that are deliverable, and I ensure prices deliver profitable performance across the contract term. Three, sales execution, negotiating winning contracts, and lastly, contract delivery. That means ensuring we deliver what we say we'll deliver. That fuels the cycle of growth. I'm grateful and excited by the opportunity to present to you all today. I'm particularly excited because today is exactly one year to the day I started working with Babcock, and so it is perfect timing for me to share the progress that the team and I have made in driving growth for our global Marine business. We are very pleased and proud of what we've achieved thus far, so we have so much potential within our business in the market. Let's get to it. So as mentioned, there is significant potential and activity in the global maritime design and build markets. To ensure we secure our share, we've refreshed and focused our strategic pillars from which to attack the market. Pillar one, we focus on targeted programs. In the past, I believe our Marine business was guilty of pursuing a pipeline that was too large and too wide, sometimes overtly focused on an opportunity we wanted to win rather than strategic opportunities we should win. We now only pursue opportunities that hit four key criteria, as set out on the screen, and that are robust and continuously qualified against three key measures: wantability, winnability, and deliverability. The four key criteria are one, maximize leverage of our build capabilities in the U.K., but also our ability to transfer our know-how for in-country builds like in Poland and Indonesia. Two, we focus on products that have export potential. We do not focus on one-offs. Three, we focus on products that are adaptable, deliverable, available, and affordable. And lastly, four, we focus on opportunities that can quantitatively be prioritized by strategic impact, and that allows us to ensure clear focus on resource priorities across the Marine business. Moving to Pillar Two, digitization, automation, and autonomy. Advanced digitization and automation is the future of design and build, and our industry is sprinting into the world of autonomy. There is no debate, this is the future, and we are sprinting hard to ensure we stay ahead of our competitors. And lastly, Pillar Three, international partnerships. We know where geographically we want to play and grow. We know the strength of our global partnerships will act as force multipliers. It will force multiply our ability to make an impact in target region. It will force multiply our ability to enhance our offerings today and tomorrow. It will force multiply our ability to best understand where and how to invest and drive growth in our target region. And it will also force multiply our ability to build high-quality pipeline. All the above is being enabled by targeted, intelligent investments in our people, capabilities, and capacity. We have the best people making the best decisions, with leading industrial, industry capabilities at a scale that can satisfy the needs of our targeted strategic customers. In a nutshell, we know where we want to play, what we need to win, why we need to win, and how best we can maximize our ability to win. On our next slide, let me walk you through the scale of our design and build opportunities within our Marine business. So we all love numbers in this room, so in a series of numbers, let me tell you a story of why I and the business are confident in our ability to grow our global Marine business. Starting from left to right, we know there is just under GBP 500 billion of global design and build programs for naval surface ships over the next 10 years. That's over 400 programs that, in total, will design and build circa 2,000 ships. We know that from such a large pool of opportunities, factoring our capabilities today, we have just under GBP 90 billion of addressable opportunities. That's opportunities that we are capable of delivering. That equates to just under 20% of the total global programs. It's also worth noting that 70% of the GBP 90 billion is focused on frigates, with other areas of growth, including corvettes, offshore patrol vessels, and a small number of other ship types. That gives us the long-term view. How about the next five years? We have a GBP 23 billion design and build pipeline that we are tracking and pursuing. That's 20 programs to build or license over 60 ships in seven different geographies. GBP 23 billion is an important number. I said to you earlier, we now focus on what we should win. So one year ago, our pipeline was well north of 30 billion, and what we have done is we've cut this by over 1/3. For me, that is absolutely a brilliant thing. We're now focusing our efforts on less to maximize our ability to win more. So that's five years. How about the next three years? A GBP 16 billion pipeline, which is a subset of the GBP 23 billion across the five years. That is five major build programs with the opportunity to build over 20 naval ships. For context and scale, our GBP 16 billion three-year pipeline is only 3.5% of total global surface warship opportunities. What does that mean? We are being highly, highly selective. Again, I want to stress, we will pursue opportunities we need to win, with a high P-W in, and those we can confidently deliver to ensure profitable growth. This growth story really excites me. I hope it excites you, too. But I've shared a lot of information here, so let's focus specifically on the next three years. So in the previous slide, we stated in the next three years, we have five. We are pursuing five major programs, with a total award of contracts totaling 16 billion. Those programs will potentially deliver revenues over a period of 7-10+ years. Those five major design and build programs are focused on four geographies: Sweden, Denmark, New Zealand, and the U.K. As an example, in Sweden, we are presenting our solution for a four-ship program. In fact, I was in Stockholm last week doing exactly that. In the U.K., we're supporting option developments of up to 11 ships across two ship types, which I'm sure you're well aware of. But those are big numbers concentrated in a small number of opportunities, so why are we so confident? We have significant presence, strategic links, and/or strategic partnerships in each of the four geographies. For instance, in Sweden, we went through a competitive process to be the build partner for Saab, the Swedish national defense prime, and we've been working with them and the Swedish government, designing their preferred requirements for their future surface combatants. In Denmark, our Arrowhead ship, more commonly known as the Type 31 for the Royal Navy, is based on the Danish Iver Huitfeldt design, and we remain in a strategic partnership with a leading Danish naval design house. In the U.K., we are, without question, along with BAE, the leading national naval maritime champion. If you asked me one year ago, "What do naval customers want?" I would have said, in this order, "Capability, price, schedule." If you ask me today, schedule is the top priority. Ships are needed right away. Our experiences, learnings, and enhanced capabilities derived from our Type 31 program, led by Paul, makes us a tier one world-leading ship design and build-builder who can deliver ships to schedule, to require capabilities at a market competitive price point. On average, each major build program will deliver circa GBP 150 million-GBP 200 million of additional revenues per year. So if we were to secure two of the five programs I've just mentioned across the next three years, we should be delivering additional annual revenues of circa GBP 250 million-GBP 350 million. So I've focused on five major build programs, but we have many more upside opportunities in the design and build market, including licenses and engineering support opportunities in countries including Poland and Indonesia. Both countries have huge maritime ambitions, and Babcock will be a key enabling partner for both nations. This backdrop really assures me of our growth potential. We know what we want, and we know how we can win. I trust it assures you, too. So I've spoken a lot about our naval design and build opportunities, but we have more in the next slide. So advanced manufacturing. Our world-leading advanced engineering and manufacturing capabilities can do far more than just design and build ships. Over the next 10 years, we have over GBP 2 billion of opportunities to support both the civil and defense nuclear sectors, as well as submarine programs, including missile tubes and submarine blocks. Over the next three years, we're tracking, pursuing circa GBP 500 million of opportunities, specifically focused on the above. Today, missile tubes are the leading pillar for advanced manufacturing pipeline. Our missile tube manufacturing capabilities are unique and world-leading. As Paul mentioned earlier, we deliver over 80% of the missile tubes required for the U.K. and U.S. Navies. All these opportunities sum up to how we are driving Marine towards 2050, a Marine 2050 roadmap. So capturing everything I've said and more, we've set out on this slide our high-level roadmap to Marine 2050. Clearly, this is a dynamic roadmap, but it is a roadmap underpinned by significant data, significant engagement, and significant solutioning. Beyond the five-year programs already shared with you over the next three years, we're also diligently tracking opportunities in Netherlands, Portugal, Chile, U.S., Canada, and so forth. We are currently tracking 17 different countries. To focus on other maritime opportunities, let me quickly give you an overview of Indonesia. In 2022, Indonesia procured two design licenses for the Arrowhead, and off the back of that today, we're supporting the Indonesian government and their selected national shipbuilder, PT PAL, by sharing our engineering expertise and our experiences. Tomorrow, I'm confident we'll be supporting Indonesia maritime-wide, both naval and civil. This is a country with a population of 300 million people, with 14,000 islands. This is a substantial opportunity, a long-term opportunity, and we're working very closely with the Indonesian government to formalize our support. In summary, we have built, and we continue to build a high-quality, targeted pipeline that will deliver near term, medium term, and long-term strategic growth. These opportunities are strategically targeted, they have a high P- Win, and we are confident that we can deliver. So let's summarize everything in a small number of bullets. One, we know the global market is there. It's ready and willing to procure. Two, the Babcock Marine business is strongly positioned for growth. We have the capability, we have the capacity, and we have the talent to secure and deliver ops, opportunities. Three, we are accelerating true enablers: digital, automation, and world-class talent. Four, we have a highly targeted, high-quality, near, medium, and long-term pipeline to allow for highly targeted investments to fuel our growth. And five, we have the footprint and three-year pipeline that gives us strong confidence in our ability to deliver our medium-term growth objectives and beyond. This is an incredibly exciting time for our industry in serving Babcock. We have a group executive leadership team with incredible vision and unwavering support. We have a Marine CEO with exceptional leadership, drive, and unparalleled domain know-how. We have a Marine senior leadership team that is extremely skilled, experienced, and relentless in our drive and commitment to grow our business. And finally, we have a Marine organization that holistically has the capabilities, determination, and most importantly, the belief in our growth journey. I personally am loving every moment helping Babcock Marine achieve its potential, and I have little doubt we will deliver to expectations. So thank you for your time. I pass you back to Sir Nick. I think we're on this microphone now. Possibly? Yeah, there we go. Ladies and gentlemen, good morning again, and thank you for your time. That's the first, t he end of the first content-rich download. It's a bit like being hosed down by a fire hose, in terms of data, I get that. So we'll let you draw your breath for a couple of seconds. We're onto the first session of questions, opportunity. Bear in mind, there's this one, and then there's the one following, our final session this morning. So if we don't get around to you this morning, first time around, I apologize. We'll come back to you. You get a second bite of the cherry. The way this is gonna work in practice is, please, if you put your hand up only so that I can see where you are, we will then rush to a microphone to you. Easy, steady tiger. We'll rush, we'll rush the microphone to you. That will then get you an opportunity to ask the question. If I can answer the question and I like it, I will do my best. If I can't answer the question or I don't like it, I will pass it to my expert team. All right? So we'll try and answer your questions as fast as we can, in activity. So please, over to the first gentleman. If we just wait 2 sec for the microphone. Thank you. Sash Tusa from Agency Partners. I wonder if I could pick up on a couple of points that have been made in the three presentations, and just question the bases for them. I mean, first of all, you talk about this being a business, and particularly design and build, with a very, very high barrier to entry. But if we go back 15 years, you were assembling carriers, but you actually hadn't produced a complex warship ever, and now you're producing complex warships. That doesn't seem to me to be a business, therefore, that has high barriers to entry. You were nowhere 15 years ago, and you've come in now and are pretty competent at it. So if you can do that, why cannot, for example, Navantia or Harland & Wolff, apart from clearly all the problems of Harland & Wolff, or anybody else with a very large dockyard? So, thank you. The first, the answer to the first bit is, of course, the Type 31 wasn't the first ship we ever built. We did build OPVs for the Irish Navy, so. Not here. Not here. No, don't. But that's part of the Marine sector. We are. T he sector-wide conversation is one of they weren't the first ships we built. Navantia clearly is bringing quite a lot of expertise to Harland & Wolff from its home base, so I would say they're not operating from a standing start. 15 years is quite a long time in the business. What have we done here in order to be able to achieve this? I think what we've done is we've taken an existing design, we've modified the design, and then we've employed the right number of people in order to do that. We've learned a lot, a lot of lessons, which we've tried to explain. In terms of barriers to entry, the barriers to entry are quite significant in terms of infrastructure, in terms of capacity, in terms of the capability that we've got, in terms of people, in terms of digital backbone, for instance. The things I think that we're trying to do here that have made us successful are, we have invested in our infrastructure. You'll see that later today. We have invested in our people. Hopefully you'll see that both, you're seeing that now and you'll see that later today, and we have invested significantly in the digital and automation part of that. So the barriers are high. They're not insubstantial, they're not immeasurable, but you do have to spend. You have to invest, you have to be confident, you have to be able to deliver, and then you have to get on and do that. So, David, do you want the microphone? I'll grab Sash's. Put bluntly, in addition to the infrastructure, if you look at the capital investment and the losses on Type 31, we've put hundreds of millions into getting to this place. There aren't that many people who've got hundreds of millions to enter the market. We didn't necessarily intend to, but we have. Thank you. Just one other question: the issue of sovereignty versus building here. If we look at Poland, and from an external point of view, if you look at Poland and Indonesia, investors have seen individual slugs of income come in in the period in which you've got a license. But we haven't got the impression that it's generated sustainable revenues here. And if you became a business where the sovereignty was dominating your requirements, your business, i.e., you were selling licenses, you'd be a rather different shape of business. Whereas essentially, you've got a lot of hungry mouths to feed here. So how do you actually wean some of your potential customers off the idea that they can just build in-country, and that you'll supply them with everything they need? Of course, the answer is, I'd like to do both. And we are aiming to do both. There are customers who can build in-country, and there are customers who can't build in-country. There are customers who want to build in-country, and customers who don't want to build in-country. I wouldn't want to lose any of the opportunities by saying, "We will not help you build in-country, and therefore go to somebody else." That doesn't seem to me to make business sense. But equally, we would want to work for customers who want to build here. So there are customers in our pipeline who will want to, who have no desire to build in their own country, want to build here, or indeed want to build here to start with, and then transfer the knowledge over time to be able to build in-country at a later date. There are also countries who wish to build in-country from the get-go, from scratch. Poland being a perfect example, because they have what they consider to be a baseline capability that just needs the addition of expertise. So there is enough in both of those activities to go around. I don't think that changes the shape of the business. I think what does change the shape of the business, if you don't go for both opportunities simultaneously. Okay. Thank you. Thank you. Next question. Gentleman over at the back. Morning, Chris Bamberry, Peel Hunt. A couple of questions, if I may. Clearly, you've got a lot of opportunities in front of you. What do you see as the greatest potential constraints to delivering that, and how are you addressing them? And secondly, you've talked about digitally enabled manufacturing. I mean, are there, I know nothing about this, are there off-the-shelf products you can use and, and then develop to your own needs, or are you having to develop a lot of that yourselves? Thank you. So, in answer to the first question, about capacity conversations, if you like, in terms of our ability to deliver, what are our constraints? You'll have heard already how much we've invested currently in Rosyth infrastructure, and you'll see, as you go around, we are investing further in Rosyth infrastructure, and we have a planned infrastructure investment set of activities here, dependent on success in the market, in order to generate additional capacity in the infrastructure space. So you clearly need buildings and stuff in order to be able to do this. You also need people, and people is a finite resource, and there is competition across the other side of the country in order to deliver this. So people is a finite resource. We are working very hard on delivering a long-term, sustainable growth pipeline for our people. You heard about the number of apprentices that we take on, 100 apprentices per year, and we take on. We have a production support operative activity, which is a sort of a pre-apprenticeship conversation, for want of a better term. We take 50 a year. We reduced significantly the amount of contingent labor that we had on the Type 31 program, which is therefore available to us going forward, as we want to make that forward. But I want to establish a long-term, sustainable, bespoke Rosyth workforce here that wants to work for Babcock, that wants to deliver for the long term, and therefore, we'll need to grow that people capacity alongside our infrastructure capacity, recognizing that when there is a lag in both of those, and therefore we'll need to be smart about how we do that. So the constraints are fundamentally in those two spheres. One is infrastructure, and one is the people space, and we're addressing both as we go forward. In terms of advanced manufacturing, you'll see when you go around two things I really love, and people will laugh about this, but the team will understand what I'm saying. So the first thing is when you see the advanced manufacturing of the missile tubes, we are effectively buying off-the-shelf equipment in order to be able to do these things, and they are big, multimillion-pound machines that take enormous pieces of metal and turn them through three dimensions and cut them into great shapes, all of which is just really cool. So we're able to buy that and then use that without having to develop it ourselves. The second thing that's really, really cool is in order to paint a ship, this might sound a bit weird, but the current method of painting is manual. So a person with a paint roller on a stick literally paints the outside of a ship, and it takes forever, for all the reasons you'd understand. We've got these really cool things called robot-painting Spider Monkeys. You'll see them. They're just things that crawl up and down the side of the ship and paint the ship. They're just really cool. But they reduce the amount of time it takes to paint a ship by a factor of ten. Right, okay, well, but I don't have to invent those. They exist, so we'll buy those in. There are some things, though, that we need to do independently or organically. We need the ability to manipulate data, because in order to be able to do this, in order to be able to get to a fully digitized product and support solution, we need to understand better the data that we create, and we need to be able to understand that better, we need to manipulate it better, and then we're able to do things with that data. That data is worth money, and we need to be able to monetize that, and we need to do that organically, and we have a plan. We have a partnership with a big American data company that we can do that with over time, and we need to be able to do more in that space. Does that answer your question? Yes, thank you. Gentleman in the front. When you think about the growth in the business, how much can you do that by increasing the throughput through the existing infrastructure and frigate hall, compared to perhaps needing to build another one or really increase the capital investment? So I'll hand over to Paul in a second, because we're now in a level of detail that he would better explain. But fundamentally, you'll see today we currently have the capacity to build two ships side by side and a third one in dock. So we're effectively producing three ships simultaneously. But it's only big enough to do one in, one out. If we want to do two programs in parallel, which is the aim, i.e., run the Type 31 program, but start another program while we're still doing Type 31, then we'll need a bigger hall. We'll need to extend the hall so that we can actually have more facility at the front end in order to do some more manufacturing and assembly undercover. Building ships in the open in Scotland is not a great idea, for all the reasons you'd understand. So, we will need to do that as we move from Type 31 through to two more programs. So the additional infrastructure is required effectively for the second of the two programs, because we can manage through the first, if you like, as a transition. That infrastructure is important. You'll see it today. We'll do some already. Some is already planned for the Type 31, existing Type 31 program. Then the second phase is to get us to the second of the two programs that we just talked about winning here, and then there's an additional plan should we be more successful beyond that in order to be able to deliver more activity. And it's then effectively more build capacity, more advanced panel lines. You'll see those today, so we'd put another panel line in, and then we'd do more undercover work. But we also have the ability to outsource some production activity if we don't think it's either within our gift to do or it's more cost-effective to do that. Paul, do you want to just answer? It's a very good question, Tom, and I think Nick's probably covered the majority of it. We have a number of levers that we can pull. We are working with others in supply chain where we know there's capacity that can help us in the short term. We understand very well what it needs to take on additional programs. We have a CapEx plan that will be triggered at the right point when we know the business is coming in, and that's aligned to the demand that's coming in through the customer base. So we're very clear on what we need. Thanks, Paul. Next question. Gentleman, here. Hi, David Farrell from Jefferies. A couple of questions from me, please. Firstly, can you talk about the capacity availability at your competitors when you're going up for these projects? How much capacity have they got actually to take on this, and therefore, how does that help your success rate? So the first question is, in terms of U.K. competition, the capacity in BAE, following their successful bid for Type 26 into Norway, is now. I think it's been reported as consumed into the mid-2040s. Effectively, Govan and Scotstoun are full, and therefore, that is clearly of benefit to us in the U.K. Navantia is struggling to get to what it needs to do in order to deliver FSS under the current contract, so Navantia is full. In terms of U.K.-based activity, I'd say we were now well-placed, in terms of capacity, and we've just talked about how we might deliver increased capacity, should that be necessary. Internationally, very difficult to say because, of course, lots of international people will promise the world and then give you a thousand reasons why on delivery it can't be done. But there will always be competition from other industrial yards in foreign countries, particularly if there is an incumbent in country. So we're always in competition with those. One of the reasons why international partnerships is so important, is because actually being in a partnership with a country - a company that's in country, has an in-country presence, gives us a significant advantage. When we talk about Saab, for instance, that's a partnership of build, design, build, and support that will be done across two nations because the capacity is better spread across two countries. That make sense? Yeah. Thanks. And then second question comes back to kind of automation. You obviously alluded to some of the investments you've made. But are there further investments you could do if you got a longer pipeline, i.e., you would get the return on that automation, and that might help address some of the capacity issues you've got from a people perspective? Yes, and I'll hand over to Paul again, because Paul and I talk about this pretty often in terms of why can't we do more to go faster and reduce the number of people demand that you've got in my signal. So the answer is, we can do more of what we're currently doing to generate more capacity. Panel lines is a perfect example, and we can do other things that are innovative. We have a partnership with Strathclyde University to look at more innovative robotic techniques, so we need to do. We currently do painting on the outside of the ship with my special robot painting Spider Monkeys. They currently don't do things inside the ship, so there are things that we should be able to do. Painting inside a ship is just, as you can imagine, you'll see later on, it's just hard because it's like painting the inside of your bathroom upside down in the dark with one hand, you know, one hand tied behind your back. There should be. We should be able to do that more efficiently. Therefore, there are lots of opportunities that I think we can do, but to be fair, and Paul will, I think, ask more of this when he talks, it's. We need longer-term programs, more certainty in outcome in order to generate the return on investment. So, if we look at the areas, the advanced manufacturing for the missile tube assembly, we've already increased capacity through some investment we've made over the past twelve months. There's further demand from the customer to deliver more in year. The customer's backing us there, and they're gonna make the investment to support that. If I go to the ship build side, on the panel line, we've already identified opportunities to increase capacity, increase throughput, which helps us in Type 31 program, but also creates some capacity at the tail end of the program for some of the opportunities that we'll be speaking about this morning. And the final one is on the build side, where we have a fairly innovative approach being proposed, now agreed, backed by the board, where as soon as we have the additional orders coming in, we have a further build capability that's gonna be undertaken to support that. Thank you. Sorry, just a final. It's not just about the. I f I come back to my time as a customer, you know, I always wanted the ship yesterday, and why was that so difficult? So, given what Ilgi was talking about, schedule, but now being paramount, the customer is gonna put more and more demand on having a schedule that is held and then look to us to propose innovative ways of improving that schedule, and that should be a reward conversation, but we will have that conversation, particularly with our U.K. customer. Gentlemen, David. Yeah, thanks. It's David Perry at JP Morgan. There are just two small questions, as clarifications. One, Sir Nick, in your slide where you said GBP 500 million-GBP 600 million of revenue, design and build in FY 2030, I'm just curious, is there any U.K. Type 31 left in that, or is that, is that completely gone? David, that runs out. The U.K. revenue program runs out 2029, third, 2030, 2031, effectively, so that's no longer U.K. revenue. So it's all new programs, basically? Yeah. But a tiny. There's a bit of legacy, but it's very, it's very small. Yeah, and the second clarification: on Ilgi's slide where he talks about five potential programs of about 20+ ships, of the two that you're assuming you win, should we just assume they're roughly equal in size, or is there, like, one very big one, one very small one, or? In my very simplistic head, we're now way beyond my level of experience, but if we just go for of the five programs, it's worth thinking about, there are two that are bigger and three that are smaller, two that are about five each and three that are about two each, and therefore, if you work on the principle that the two smaller ones are the first two that we get, the two out of two, that gives you roughly, over a seven- to 10-year period, two times GBP 200 million a year, which is the number that we're effectively focusing on. If you were to substitute either the two for one of the bigger programs, then clearly the math is pretty similar, but then if there were, if there is anything, upside on that, then it becomes additional conversation. But it's worth thinking about, out of two, most of the programs, for a four- or five-ship program, it's about GBP 2 billion. It's about 7- 10 years, in terms of revenue, and anything else is then just a variation on that activity. So that's where our math comes from, David. Does that make sense? Yeah, yeah. Thank you. Gentleman in the middle. Good morning. George McWhirter from Berenberg. I think on the opportunities chart, you talked about the four main countries were Sweden, Denmark, New Zealand, and the U.K. Can you just talk a little bit about why the existing export customers aren't included in the top four priority customers, please? Sorry, by which you mean Poland, and? Sorry. So firstly, they're existing customers, and therefore, we're trying to win additional work. The money there has already been realized and accounted for. In Poland and Indonesia particularly, they were largely license sales, so they were one-off payments. What we're trying to do in Poland and Indonesia is then expand our footprint in order to provide longer-term engineering support and through-life product support as we move forward. So those are upsides, because they're not yet programs in their own right. They're not programs that have been identified by the customer in terms of activity. As we go forward, those new programs in the design and build space are effectively that. They're new programs that would start and stop, either here in Rosyth, or indeed, abroad. So existing customers, slightly separate from activity, because they don't actually have programs that are identifiable and winnable in that period. They're not to say the programs won't exist, it's just they've not yet been identified by the customer. Okay, thank you very much. Sorry, just a follow-on. Yeah. Yeah, the U.K. opportunity, can you just talk a little bit about that opportunity? I think there are two, the Type 83 and another one. So there are two U.K. programs of record currently in play. One is MRSS, the multirole strike ship, and the other is Type 83, which is a replacement for the Type 45 air warfare destroyer. Think of multirole strike ship as Royal Marine delivery vessels. Think of Type 83, as I say, as Type 45 replacement. In my mind, as the previous customer, and I can't talk for the Royal Navy, I can talk for my previous experience, the beauty about the Type 31 program is the Type 31's modular ability to flex and morph into different things, ideally positions it to be able to compete in both of those spaces, depending on the customer requirement set. So, the customer requirement set has not yet been set for either of those platforms, but we will push hard, and we will work with the customer to define the requirement set so the Type 31 is a competitor, strong competitor in both of those activities. There'll be some derivation from the Type 31 that's currently being built, but the beauty about the Arrowhead design, right, if you like, the modular capability, is that we can adapt the current platform into producing a different set of capabilities using the same hull form, the same same propulsion train. Lots of, therefore, the design work, the non-recurring engineering, and the time to, crucially, the time to deliver is reduced. So if the customer wants, if he wants ships more quickly, then you take an existing design, and you modify it. You don't start again. That's why I think uniquely places us in this new world of the customer wants his ships, and he wants them yesterday. Last question. Sorry, so last question for the, b efore we do a break. Yeah. Thanks. Ben Varrow from RBC. Just, one clarification on the numbers, just on the GBP 500 million-600 million. So we've spoken about capacity, but does that, to hit that, would you require, or can you give us an idea of the CapEx needed to hit that level? Do you wanna do that one, too? Do you wanna take that one, David? We're now into numbers, but I would, I mean, I can have a go, but I'll probably get us in trouble. Yeah. Yeah, so there'll probably, as Nick said earlier, by the time you're looking at the second program, we'll probably need extra build capability here, and we're talking a few tens of millions. Thanks. So ladies and gentlemen, that's the first hose down finished. Thank you for your attendance. We're now gonna go back for coffee, 20-min break, and we'll round you up again and come back in for a second session, where there'll be a couple of more presentations. And then we'll give you the brief Q&A session, the Rosyth tour, and then we'll break for lunch before we get you all suitably dressed and attired and ready to go for the walk-around, which is the most exciting part of the day. Trust me, it really is. Then we'll bring you back, and if I get to you, we get back at the end of the day, and I will ask you, so do think about this on the way around. If I ask, when I get to the end of the day, and I ask you, "If you don't think this is as cool as I do, at the end of the day, I have fundamentally failed," all right? So please come back and tell me why, h ow I can make it cooler, yeah, or why it wasn't cool. But please, 20-min break. Have a cup of coffee, and we'll see you back in 20 min. Welcome to our second session today. And I'll start with a thanks. Thanks for coming back. I was a little worried that in the scramble to get a copy of Nick's DVD from Amazon Prime, that some of you might not make it back. But I've done some research for you, so you don't have to. There's good and bad news. So the good news is there's plenty of copies. The bad news is they're VHS format. Welcome to the second session today. This one is all about through-life support for the assets and the products that you heard about earlier. As Managing Director of Marine Programs, I lead a business at the heart of the Babcock Marine sector, a business that provides the stable platform underpinning growth and our export ambitions that Ilgi and Paul talked about earlier. Our Marine sector is defined by its breadth of capability. I've spent 15 years at Babcock across the nuclear, aviation, and now the Marine sectors, and that experience gives me a unique perspective on how our integrated capabilities deliver real value for our customers. Support is our foundation. We may not make the headlines, but assets that are not deployed, available, or affordable are just assets. Buying an asset doesn't buy a capability. Ensuring those assets can deliver the outcomes they were intended for is the basis of support, and that's exactly what we deliver. Support delivers reliability and underpins both stability and growth for the sector. For decades, we've been a trusted partner to leading navies worldwide. Today, I'll show you how that expertise and our reach complement the products and export campaigns, and we'll start with a short video. Support is the backbone of our Marine business. It's strong, it's resilient. Recurring revenues anchored in long cycle contracts and deep customer relationships are the powerful forces driving this market. Global shipbuilding programs and navy recapitalization programs are accelerating, as Ilgi touched on earlier. These aren't short-term cycles. They're multi-decade commitments. That means sustained demand for high-quality support services, and Babcock is well positioned to capture that growth. Support requires expertise and trust, and this is where Babcock excels. Our teams are embedded in customer operations with decades of asset knowledge across platforms and classes alike. Customer priorities are clear: more days at sea, faster turnaround, and lower total cost of ownership. Our model is built for that. We combine digital innovation, digital twins, predictive analytics with engineering expertise and operational insight of over three decades. That shifts us from break-fix to outcome-based delivery. Higher uptime, lower life cycle cost, better planning, strong and stable margins. Every new platform, whether a new build or a major refit, creates decades of downstream opportunity: maintenance, upgrades, obsolescence management, training, mission system refresh. The result? A stable medium-term outlook with strong long-term potential across both the U.K. and our international markets. So let me ground this in what we actually do and why that matters. At its core, we are a long-term support partner to global navies, delivering through-life support for some of the most complex naval assets in service today. Our role spans the entire life cycle, from in-service support and operational maintenance through deep maintenance, life extension, and even second-life support for platforms transitioning to new owners. This is not a short-term activity. It's decades-long commitment that underpins fleet readiness and national security. This is a complex business. Support is not just about turning spanners, it's about class output management and technical engineering that keeps warships and submarines safe, capable, and effective, often well beyond their original design lives. That requires specialist skills, digital solutions, and deep platform knowledge that few can match. We've been doing this for generations across multiple navies in the U.K., Canada, Australia, and New Zealand. We're following fleet recapitalization programs internationally, supporting second owner markets like Brazil, Ukraine, and Romania, and targeting new build export programs in Poland, Indonesia, and beyond. Ensuring every new platform that we design and build becomes a long-term support opportunity. This global reach gives us resilience and growth optionality. Our capabilities include through-life support for warships and conventional submarines, deep maintenance, life extension, and capability upgrades, integrations of platforms, systems, and equipment, digital defense solutions that improve availability and reduce cost, delivered from owned and managed dockyards, giving us control over schedule, quality, and cost. Where are we today? We have a team of over 3,000 professional people worldwide. The U.K. remains our single largest market, but our international footprint is strong and is growing. Today, just over 50% of our revenue is international, and that share will increase as the U.K. manages class transitions and international opportunities accelerate. Our contracts are long-term, typically 7- 10 years or more, often structured as cost plus or cost plus with incentives. That gives us predictable, stable revenues and strong visibility, which is critical in this sector. This is a business built on recurring partnerships, partnerships that give us confidence and give our customers confidence, too. Today, we have an order book of GBP 500 million and a three-year pipeline exceeding GBP 5 billion, with a significant share internationally. That pipeline reflects fleet recapitalization programs, second life opportunities in markets like Brazil and Chile, and new build exports, where we embed through-life support from day one. Support today is stable and resilient, with strong visibility and a clear runway for international growth. It's a core part of our strategy and a key driver of long-term value creation. Let's look at the key contracts and programs that underpin our business today and drive growth for the future. These are long-term strategic positions in our core markets and beyond. First, in the U.K., we deliver the Future Maritime Support Programme, FMSP, a multi-billion, multi-year contract providing technical through-life support for the Royal Navy's Type 23 frigates, amphibious fleet, and small boats. We operate this in a non-competitive renewal environment, and we are preparing for the transition to NSIGN, the Naval Support Integrated Global Network. In the coming years, bringing the Type 26 frigates into our support portfolio and extending our role well into the next decade. Internationally, we hold anchor positions in key markets. In Canada, we deliver through-life engineering support, deep maintenance, and fleet support for the Victoria-class submarines, with potential to expand into surface ship as recapitalization progresses. In Australasia, we provide fleet support for both the New Zealand and Australian navies and asset management for the Australian Navy landing helicopter docks. Plus, we support the Collins-class submarines. With AUKUS on the horizon, there's significant opportunity to grow our role in submarine sustainment capability upgrades. We're also building a growing revenue stream from second owner markets, life-extending and converting ex-Royal Navy ships for new operators in countries like Brazil. This not only generates revenue, it deepens relationships with global navies and creates future build opportunities that Ilgi and Paul were speaking about. For Ukraine, we're supporting mine countermeasure vessels that will support the country post-conflict, showing our ability to respond quickly and deliver in challenging environments. These programs give us scale, stability, and strategic positioning in markets that matter. Let's zoom out and take a look at the market dynamics that are shaping our business. The headline is clear: We're operating in a supportive market environment, and we're well-positioned to capture the opportunities that that creates. Geopolitical instability is driving significant increases in defense spending globally. We see this across NATO nations and in regions like Asia-Pacific and Latin America, where navies are recapitalizing fleets and investing in maritime security. For our customers, the priorities are clear: more ships, more available, more of the time. But budgets remain under pressure, so the challenge is delivering capability and readiness at lower through-life cost. That's where smarter support solutions, digital tools, and life extension programs come in. The key drivers are fleet recapitalization, rising operational intensity, and demand for in-country capability. This guarantees long-term support demand tomorrow. Every new platform creates a downstream opportunity that lasts for decades. The combination of these drivers creates a market that's not only growing, but also aligned to our strengths: deep engineering expertise, innovative digital solutions, and global reach. Our differentiators are designed for this market. We bring decades of deep engineering knowledge and asset expertise. And to Sash's question earlier, this isn't something that you can replicate quickly. Our teams have been embedded in naval operations for generations, building an understanding of platforms and systems that are second to none. Our heritage is rooted in through-life support. We started as a support partner and evolved into delivering products and services worldwide. That experience is built into our designs, something that our competitors simply can't match. They're product providers trying to move into support without the history and the longevity that we offer. We own and operate some of the most strategic, valuable dockyard assets in the U.K. Rosyth is the only yard capable of major work, with the capacity and capability to deliver for the Queen Elizabeth-class carrier, and you'll see it when you walk around the site today. Devonport provides covered dry docks and extensive shoreside capacity for complex warship and submarine maintenance. These facilities are strategic national assets, and they create barriers to entry that competitors can't match. Supporting one of the world's most capable navies sets the gold standard internationally, making our Royal Navy calling card an extremely powerful asset. When we walk into Canada, Australia, or Brazil, that reputation opens doors and builds trust. We're also deepening relationships with our global partners from New Zealand to Oman, creating a network that allows us to deliver in-country capability where customers need it most. This combination of heritage, owned infrastructure, and global alliances is hard to replicate and positions us as a partner of choice. We are a partnering organization at our heart, with collaboration at the heart of everything that we do. Our heritage and experience mean that global product partners want to talk to us about through life support. Together, these differentiators create a competitive advantage that underpins our resilience today and our growth tomorrow. Our strategy is clear. It's built on three pillars: secure the base, grow internationally, and lead the shift to digital. First, secure our U.K. foundation. That means delivering on the FMSP contracts and preparing for its renewal under NSIGN, which will provide stability well into the next decade. We're also targeting future opportunities like Type 31 through life support, where we have the distinct advantage of being the OEM, and the follow-on contracts for the Queen Elizabeth-class carriers, where we already play a crucial role in their sustainment today. Second, grow internationally. By following our products and leveraging our reputation, we'll accelerate growth in export markets over the long term. That includes supporting our Arrowhead 140 ships as they enter service and expanding in second-owner markets. Third, lead the shift to digital. We're working with companies like Palantir, investing in technology to differentiate our support offering. This is where we see real potential to improve outcomes and margins. These three pillars give us stability today and a platform for sustainable growth tomorrow. Let's take a moment to dive into our digital support, because this is a critical enabler of our strategy and a real differentiator for us. Why does it matter? Navies today face higher operational tempo, smaller fleets, and rapid technology change. That means existing and often aging fleets are being pushed harder than ever. Customers need more availability at lower cost, and they need it now. Traditionally, support has been reactive, with fragmented data, maintenance driven by fixed schedules or failures. We're transforming that model, investing in digital solutions, predictive maintenance, digital twins, and AI-enabled fleet management, moving from reactive to proactive and ultimately predictive support. This isn't technology for its own sake. It's about delivering what matters to our customers. We proved this through the Type 23 digitally enabled asset management trial. Using new diesel generators and a machinery control and automation system, we enabled real-time, condition-based monitoring of the key systems. The results: optimized generator loading to extend asset life, timely maintenance interventions, improved spares planning. The outcomes were clear. Significant reduction in spares holding on board, worth double-digit millions to our customer, higher demand satisfaction and validated maintenance philosophies, and an average of 10% increase in the consumed life of components compared to the baseline. Now we're scaling this, integrating sensor-driven, predictive maintenance and digital twins to monitor and manage asset performance in real time, building a unified digital backbone, consolidating global data, linking it to supply chain readiness and parts and resources to ensure they're in place before a failure occurs. And why does that matter? More days at sea, fewer unplanned outages, and lower life cycle costs. And because we already hold decades of operational data and platform knowledge, we're uniquely positioned to lead this shift and embed digital as a core differentiator in our support offering. That sets up the long-term visibility. We have stability in the near term, underpinned by long-term contracts and strong visibility of growth as new platforms enter service globally. As I've mentioned today, our revenues are anchored by a broad range of long-term contracts, both in the U.K. and internationally. These include the FMSP program, submarine sustainment in Canada and Australia, and second owner support markets like Brazil and Chile. These contracts give us predictability and resilience in the near term. Looking ahead, the opportunity set is significant. Within our pipeline, we expect to follow multiple new platforms into service over the coming decades. In the U.K., that includes the Type 31 frigates, multi-role strike ships, and the Type 83 anti-air warfare frigates. Internationally, we see opportunities linked to our Arrowhead 140 exports, Canadian submarine recapitalization programs, Collins-class life extension in Australia, and second life programs in emerging markets. Yes, some older assets will leave service over time, but they're being replaced by new platforms at a pace we've not seen before. That will require decades of support through life. That creates a rolling wave of opportunity that underpins our long-term growth story. So to recap, today we have a stable U.K. base, anchored by long-term contracts, and an international growth engine that's expanding rapidly. Our pipeline is broadly stable, although we expect more international growth in the long term. That's important because while the U.K. remains crucial, the growth story and support is international. Our long-term visibility is underpinned by fleet recapitalization programs, second owner markets, and digital transformation, all positioning us to deliver more availability at lower cost for our customers. And as new platforms enter service, we will follow them for decades. This is a business built on trusted partnerships, growing international pipeline, and a clear strategy to lead in digital innovation. Behind that is a strong leadership team and a deep talent pipeline, giving us the capability to deliver. So to close, support is about resilience, availability, and confidence. Stable today, and growing tomorrow. With that, I'll hand you back to Nick. Thank you. Thank you, Phil. Let me try and draw this together. By now you'll have seen the scale of ambition we've laid out for the future of the Marine sector, and the strength of the platform we believe we've built to deliver it. To put it simply, I need to land just two build opportunities to achieve mid-single-digit growth. That's the baseline, and it excludes the potential upside from areas like advanced manufacturing, which we believe could be significant. And as I said at the start of today's session, I am confident we will win those two opportunities within the next 12- 18 months. The pipeline is strong, our positioning is clear, and our delivery track record is building trust with customers around the world. We are preparing ourselves through investment in capability and capacity, in readiness for the future. Marine is a business with momentum, with capability, and with confidence. We are ready to grow, and we are ready to win. And when you break it down, it comes down to these three fundamentals: the right people in the right place at the right time, with the right capability, in which I include automation, digitization, and advanced manufacturing, all brought together in the right-sized capacity. And we have plans in place to deliver the right number of people as we scale up with investment. We plan to invest in advanced manufacturing and infrastructure, but of course, we will do none of this without the contractual cover. We have learned from the Type 31 experience. While our growth team is out in the market securing the next wave of opportunities, our operational team is preparing us for the future, ensuring we're ready to deliver at pace when those opportunities are realized. I'm looking forward to showing you all of this in person today as we walk the site together, and you'll see, I hope you really do see, and you feel this. You'll see firsthand the capability, the energy, and the ambition that defines Marine today. At the Marine sector level then, as per our guidance, we will reach a 9%+ margin in the medium term, and the levers you can see on the left of the screen lay out exactly how we'll get there. We're applying discipline across the board. We have learned from past mistakes, and we will not be accepting the kinds of commercial terms we've taken on previously. That's a fundamental shift in how we approach risk and value creation. We're continuing to improve our delivery, not just in terms of what we build, but how we build it. Our efficiency is increasing across the program, and you'll see that firsthand today when we walk the yard. The difference in build rate between ship one and ship two is a clear demonstration of the learning curve in action. This is all underpinned by a robust digital infrastructure, from planning and scheduling to automation and real-time performance tracking. It's helping us drive consistency, predictability, and margin improvement. So we're not just talking about margin, we're showing it, and again, I look forward to demonstrating that progress with you in person today. So before we finish up, let me once again bring you back to these key messages. Firstly, we have a strong platform for growth, built on differentiated engineering capabilities and high barriers to entry. This is not a market you can simply walk into, and you'll see that today. We are already there, with proven delivery and trusted relationships. Secondly, the structural growth we're seeing from naval fleet recapitalization is driving a significant increase in opportunity, and that opportunity looks like a GBP 22 billion pipeline, and it's growing. And as a result, we're investing organically to support this growth, fully aligned with our group capital allocation priorities. This is disciplined, targeted at capability, capacity, and innovation. And lastly on this slide, Marine is well-positioned to pursue that significant growth opportunities over both the medium and long term. In sum, Marine is a business with scale, resilience, and ambition, and we're building for the future with confidence. And as it says on the slide, we're only just getting started. I look forward now to take any further questions. Again, back to the same position as before, please. I know Sash's got his hand up, so we'll come to him first, but I'll just grab the microphone, and then we'll do that. Thank you to those that joined us online. We'll now be drawing the webcast to a close. Sorry, you can't join us on the tour, but you are more than welcome to come and visit us in the future. So, thank you to those online, and then, into the room please for Q&A. And I think, Sash, first question. First question? Thank you, Sash Tusa from Agency Partners again. A couple of questions. First of all, on the, you know, the pre-loved ships support market. If you look at the work that you did, let's just take the amphibious ships. Take a 10-year rolling average of the work that you did on supporting the amphibs in the U.K., and then the profile of the sort of work that you might get supporting them in Brazil. Is that work the same in monetary value, half, a quarter, double? And are the margins similar, or it's trying to work out whether this is just a continuation of the existing revenues, or whether actually there's a change in profitability, or whether there's a change in the nature of that work? So, I'd love to answer that question, but we are in the difficult, and I don't like it, so I'm going to hand that to Phil. David probably wants me to give it to him, to be honest. There, there's a, the, i t's not the same, so that's for sure. The Royal Navy standard of support and what they consider they want to deliver is very, very different depending on where you are in the world. So there is a change. The quality of earnings and the margins are better, I would say, but the revenues might be different, so. Thank you. And then the other transition is clearly the transition between Type 23 support, which has been the dominant support program for as long as I've covered Babcock, to Type 31. And I'm interested that you don't have a contract yet for Type 31 support. But if we, I mean, if we look at, at that, is Type 23 on a per-ship basis, incredibly high because it's a very, very old class, and you've just got to keep on patching them together? And so should, should we expect, on a per-ship basis, to see that again, the same up, down? I think there's a whole bunch of stuff in there, Sash, if I might. Firstly, clearly the Type 23s is there. I mean, they were designed for 18 years of life in the North Atlantic at 180 days operation a year, and the Royal Navy, let's say, far exceeded its. Thrashed them. Far exceeded its activity. Therefore, the amount of maintenance they required and the length of time they've been running on has clearly far exceeded that which would be the norm. So the first part to say is that Type 23 norms are clearly high. The second thing to say is, whilst we don't yet have a Type 31 contract, because that hasn't been yet competed, we do have the Type 26 support contract. So there will be an inevitable transition between time in service, Type 23s as they exit, Type 26s as they enter, and there's a Type 31 thing to have in the middle of all that, at some point. In terms of the volume, Type 26, I have to be careful what I say, but let's assume that Type 26 in a level of complexity that assumes similar to that of a Type 45, then the amount of work and the complexity, and therefore the revenue, will be high. That's on a per-hull basis? On a per-hull basis. Because a like-for-like comparison with a Type 45 demonstrates a high level of requirement and revenue for a Type 45, for Type 45 support than it does for a Type 23 at a similar point in its life cycle. So the volume will go up. The timing is different, and clearly, we're not quite sure what that looks like, depending on the delivery, and the Norway contract will change some of that, depending on whether there's a shift in the delivery schedules for U.K. platforms. So that's going to be. The Type 31 contract is yet to be completed. Now, as Phil said, we must be. I find that very difficult, and I will find it very hard not to be in prime position to get that, particularly when we start to talk about our advanced digital support conversations that we did in the past. So, I can hand to David if he wants to talk about the numbers particularly, but he may not. The short answer, the long answer to your short question was, yes, it's going to change. Can I give you a number? No, I can't. But am I confident that we will get out of this? If you think about Type 23, if we have Type. There's an interesting conversation I had with Phil this morning. If we have the Type 26 support solution for the U.K., then I'm going to go really hard after the Type 26 support solution in Norway. That's. I'm going to go after that. Now, not yet a competition, and but. So there are opportunities that are coming that we are going to try and exploit. Phil, do you want to say anything else? No. The only thing I would add was that there's the fleet recapitalization programs around the world means there's going to be more hulls in service. So even if there's a change, there's more per-hull basis on which to base that change on, if that makes sense. And sorry, one tiny follow-up question. Do you need a new frigate hall, given that Devonport won't fit anything the Royal Navy is bringing into service now? It sort of depends what you want to do. I don't think the Navy quite knows what it wants to do yet in terms of how it wants the maintenance conducted. Would I like the Royal Navy to pay for a new frigate hall in Devonport? The answer is absolutely. Do I think that the way that Type 26 is going to be maintained will necessarily require a new frigate hall? I'm not sure. If you look particularly at the way its docking life cycle is completely different to anything we've seen previously. Therefore, I don't think we quite know. Clearly, we can bring Type 31s here, and therefore, you would need to do that. So I think, again, Sash, the answer is, I'm not quite sure, but the answer would be yes, in an ideal world. Next question. Yes, David? Yeah, thank you. Just wanted to understand a bit better, FMSP and how much it's linked to the contract renewal discussion in the nuclear division. Is the way I'm reading your chart, the page 44, with the long-term, are you going to break FMSP into two completely separate contracts going forward? So NSIGN is something, so ships will be completely separate to subs, or is it all part of one big negotiation? There's a kind of yes and no answer to that. And I'm not being evasive. At the moment, FMSP is broken into lots, and I've tried to not kind of detail that, so we didn't get into the discussion or confusion. But yes, the surface ship element of FMSP will transition to NSIGN. So the Strategic Surface Support Alliance that is currently delivered under one of the lots under FMSP today will become NSIGN. And FMSP at large will become submarine support effectively. However, under the Gateway Agreement, which is the nuclear version, new version of FMSP, there will be an infrastructure element to the Devonport site that the surface ship still will rely on. So there is still a link between the two, and that will be managed by our customer, but ultimately, for the actual work and the delivery, there'll be NSIGN and there'll be Gateway. Sorry. And David, it's probably worth saying that we're not, we're not in the, I don't think we're in the vinegar strokes of any of those conversations yet in terms of where we get to, so there is a good chance that some form of FMSP extension will likely to have to be there to bridge any gap between new contracts and old contracts. Thank you. Any more questions, or have we stunned you into silence, and you're desperate for lunch? Yes, sorry, gentleman in the white shirt. Sorry, can you talk about the margin progression towards the 9%+ in Marine? I think you talked about 90 basis points expansion from Type 31 roll-off. Any more color there? And then, when we get the new build ships as well, do you expect that to be a bit of a, to lower the pace of progression, potentially? How much leeway is that there for that? Obviously, as long as there are Type 31 revenues under the current contract going through, that will weigh on the margin, as reported. At the moment, it's about 90 basis points. By 2030, working assumption, they will have worked through the system, and therefore, we should be with all the new contracts and the better delivery at the 9%+, for the sector as a whole. Okay? And it's worth also adding, sorry, and I don't know this to be true, but intuitively, it should be, that there will be a premium for schedule that customers were going to have to think through. So you want, if capacity is limited, and you want your ships, and you want them early, then that's a supply and demand conversation. So David's right to say that we, you know, we wean ourselves off the Type 31 problem by 2030, and the new contracts will be at significantly better margin. Gentleman next to you first, because you've got the microphone, and then the gentleman in the blue jumper. Thanks. I'm Ben Varrow, RBC. Just, I didn't see or hear anything on the Dreadnought contingent docking facility. Can you add any color on that? I can. We continue to negotiate with the U.K. government about what that looks like, what it is they want, particularly, so the requirement set is still yet to be fixed. What exactly do they mean by contingent? That will work through the system over the next 6- 12 months. I guess, we're working very closely with our nuclear colleagues, so effectively, we own, y ou know, the asset is here. The expertise is in nuclear. We will work together to deliver well, that which the customer requires, which will be a contingent dock in order to support Dreadnought's exit from Barrow, and be ready to deliver other things, so watch this space. Expect that to be, you know, sometime in the next 6-12 months. Thanks. Gentleman in the blue jumper. Thanks. Yeah, it's actually just a follow-on from George's question on the margin. So, just so I'm clear, like, you get the 90 basis points fades away, so that gets you to the 7% if you use the 6.1% as a start. The other 200 basis points, are you saying that's coming from new ships that's significantly higher than 9% margin, therefore enriching the mix? Because presumably, the support element of the business, a lot of that's governed by SSRO and things like that, and therefore, the margin's gonna be pretty stable. Is that fair, or? No. So all of the things that we laid out are the full year results, and they were repeated on those slides contribute to it. So, you know, ship build, if you can look at all the competitors, it's not gonna be significantly above 9% unless we get license fees and other incentives, et cetera, et cetera. But today, that's sort of in line. But we've got productivity, we've got overhead savings, we've got all the other factors that have driven margins in the other sectors to still come through as well. But is it fair to say that the support element will probably be a more stable margin going forward? Probably. Thank you. Any more questions? Yeah, David, again. David Mellors will give me the death stare, but I'm going to ask the question anyway. Right, I mean, if we just take what you've said of 5% sales growth, and we take the most conservative view of your margin, so let's say 9%, not 9%+, and we say it's year five, which is, I think, the absolute max for the medium term, it's about 90% EBIT growth from where we're starting from. So just can you talk a little bit about the phasing of that? Is it, you know, are we looking at high teens per year, or is it hockey stick to the back? Yeah, okay. So there's quite a few variables in there, not all of which we know. Timing of wins, we can't be precise on. Amount of wins, we can't be precise on. So that's the revenue line. Obviously, we've got support with things coming in and out of service as well. On the margin, what we have said historically, you'll remember, is that on complex programs, like Skynet, for example, recently, we'll recognize margin at a more conservative level to start with. What we're not gonna do is get back to the old habit of recognizing margin full bore at the start, until risk has been retired. So I think I don't think it will be a straight line. Obviously, it depends on the timing of wins, but we will be relatively cautious on margin recognition in complex programs to start with. Thanks, David. So I'm gonna call it a day there, because we're now being overwhelmed.