Good morning, everyone. Welcome to those of you that have joined us here in the room at Deutsche Numis, and hello to everyone online. My name is Philip Hoare, Group Chief Executive of Balfour Beatty. Over the course of the next hour or so, Phil Harrison and I will talk you through our great 2025 performance. First, what a way to start. That video for me, that film epitomizes everything that is great about Balfour Beatty. The complex projects that we work on around the world, the depth of our end-to-end capability, the great customer relationships that we enjoy. When you hear the stories from Richard, Amber, and Wayne, what a fantastic legacy that they are working on. You can see, can't you, the pride that comes from them. This is a great organization poised for the future. I look forward to telling you more about that. Before I do, I just wanna say a huge thank you to all the staff and employees of Balfour Beatty. It's you that makes this happen, it's you that delivers the great results that we're gonna be talking about today, and it's you that will take this organization into the future. Thank you. We really appreciate everything that you do for this company. Now, let me talk to you about the highlights of the great results. I think for me, this is really captured in three things. Firstly, we're improving across every single part of our organization. Secondly, we've got great momentum into the future. Thirdly, you know, my first six months in Balfour Beatty, what I see is a great platform for future growth, and I have great confidence in the future. Let's turn to those results. You know, we delivered against our full year expectations across all key financial metrics. What that did was allowed us to improve earnings per share by 9% from 2024 into 2025. Our order book stands at a record high GBP 23 billion. It's not just the size and scale of that order book, it's the great quality work that we see within it and the resilience that that brings to our business. Of course, when you take everything together and look at our overall capital allocation strategy, you know, we're really pleased to announce this morning a GBP 200 million share buyback, you know, returning value to our shareholders. A great position, and of course, Phil will take you through the detail of that in just a moment. Let me introduce you to something new. You know, over the course of the last six months, I've had a fantastic opportunity to work across the length and breadth of this organization from the northwest of the United States through the U.K. into our business with Gammon in Hong Kong. What I've learned from that is incredible. You know, those deep customer relationships that we enjoy, the fabulous talent and end-to-end expertise that we have across the business. What I've really seen and able to triangulate from my own experience is some real opportunities to improve this business. Let me introduce you to the next chapter of growth, the next chapter of profitable growth for Balfour Beatty through three words. Evolve, Energize, and Explore. Evolve is all about how we're going to strengthen the core of our business, and this is in meaningful, tangible ways. Firstly, through a group wide margin improvement program driven by data that will allow us to systematically move margins forward. The second is by a relentless focus on operational excellence, making sure that every project we deliver, large or small, is delivered to the best of our ability and in line with our expectations. Finally, of course, it's about investing in our people. People are the lifeblood of this company, and our ability to continue to invest in people and create great careers is going to propel this business into the future. The second pillar is all about energize. This is about accelerating profitable growth. Now, this is about doing this in a disciplined and focused way. You know, remembering the stable platform and great governance that we have across this organization, but really taking advantage of markets where we have that capability and where we have good customer relationships. For me, this is about expanding and accelerating growth in the U.S. market, and I'll come on to talk more about that in a moment. It's about leveraging the high growth opportunities that we see in U.K. energy and defense. It's fundamentally about getting closer, deeper customer relationships and extending the range of capabilities that we sell to those customers, as well as bringing new capability to those organizations. Then finally, you know, explore. Explore is all about shaping what's next. It's about being agile and dynamic for the future. It's about being responsive to changes in the markets that we have, but it's also about thinking ahead and exploring adjacencies where we can propel growth into the future. Finally, it's about making some really disciplined investment choices in terms of what we look at, for whether that be on technology or on other things as we move forward. Evolve, Energize, and Explore, the next chapter of profitable growth for Balfour Beatty. I look forward to coming back later in the year and telling you more about that. For now, let me hand you to Phil, who'll take us through the detail of the numbers. Thanks, Philip. Good morning, everyone. I'm very pleased to present these results today. 2025 has been another strong year for Balfour Beatty. We delivered against the targets we set out a year ago, and as we look ahead, there is real momentum in the business. We are confident in delivering further margin growth and long-term value for our shareholders. Let's kick off things with the numbers. Revenue increased by 8% to GBP 10.8 billion. This was driven primarily by growth in U.S. buildings and power transmission in the U.K. Profit from our earnings-based businesses increased by 16%. Strong growth in U.K. construction and support services more than offset the write-down in U.S. civils, which we disclosed at half year. In infrastructure investments, disposals were a highlight. We generated proceeds of GBP 120 million and gains of GBP 36 million. That said, higher military housing costs pushed up the division's pre-disposal operating loss. This offset most of the improvement from our earnings-based businesses, limiting group PFO growth to 2%. We remain fully focused on completing the work needed to conclude the monitorship by the sixth of June this year. If all goes to plan, we expect investment returns to return to a more normalized level of profit in the second half and for the full year in 2027. Profit for the period climbed by 5% to GBP 239 million. Together with our ongoing share buyback, this drove a 9% increase in earnings per share to GBP 47.6, Our order book is looking very healthy, up by 23% to GBP 22.7 billion. The Directors' valuation of the infrastructure portfolio reduced by 15% to GBP 1.1 billion, mostly driven by our disposal program. Average net cash increased to GBP 1.2 billion, thanks to a big working capital inflow. With this strong performance, the board is announcing a final dividend of GBP 0.098, bringing the total for the year to GBP 0.14. That's a 12% increase, marking another year of double-digit growth. We're also committing to GBP 200 million in share buybacks for 2026. Let's turn to construction services. Overall, PFO grew by 8%. U.K. construction had an excellent year. If we leave out, insurance recoveries, profits were up by 22%, and we surpassed our long-standing 3% margin target a year earlier than planned. This was down to better operational performance and a lower risk contract mix. We also received a GBP 11 million insurance recovery in the first half of the year tied to an ongoing project. Looking forward, we see further scope for improvement. We expect U.K. construction margins in 2026 to go beyond the 3.2% achieved in 2025. In U.S., construction, PFO was GBP 25 million. Strong growth and operational delivery in buildings was offset by cost overruns and schedule delays on the Texas Highways project. The second half was much better. Buildings continued to grow, civil stabilized, and we beat our August forecast. For 2026, we're expecting more revenue growth from buildings and for the delayed Texas project to complete this year. PFO will start to recover towards historic levels in 2026, with further progression in 2027. At Gammon, revenue was 30% lower, reflecting less activity at Hong Kong Airport as our two major projects moved towards completion. PFO only reduced by GBP 2 million as improved margins and operational performance largely made up for lower volumes. For 2026, we think Gammon's PFO will be broadly in line with 2025. Moving on to support services, which shows the group's broader growth themes. In energy, power transmission growth is strong, and we've got excellent long-term visibility. In transport, our road and rail businesses are aiming for medium-term growth, but will likely stay broadly flat in the short term. In 2025, revenue increased by 18%. Power revenue has nearly doubled over two years, beating our original plan. Operational delivery across the division was strong, with PFO up 31% to GBP 122 million and margins at 8.5%, pleasingly above our target range. In 2026, we see more revenue growth coming from power, and we're focused on keeping PFO margins above 8%. Many of the power projects driving this growth are still in their early stages and will move into main construction over the next 12-18 months. This portfolio gives us a genuine opportunity to further improve margins throughout the rest of the decade. Operational excellence remains our critical focus to deliver this margin improvement. Now let's look at the order book. Our high-quality order book rose by 23% to GBP 22.7 billion, with growth across all four divisions. U.K. construction jumped by 44% thanks to Sizewell C and NetZero Teesside orders. Our disciplined contracting approach is key, with 88% of U.K. construction orders on target cost or cost-plus terms. In the U.S., the order book rose by 18% in dollar terms, with growth in both buildings and civils. Gammon benefited from robust orders in civil and buildings projects, especially in the Hong Kong's northern metropolis, a key growth area for the business. Support services went up by 25%, driven by rail and power. Beyond the order book, we've got a deep pipeline of selected work yet to contract, including Rolls-Royce and more power schemes. We expect these to move into delivery phases within the next year. Moving over to our infrastructure investments business. In investments, the loss before disposals was greater than we expected, mainly because of higher monitorship and legal costs in military housing. As we've mentioned before, we agreed with the Department of Justice to extend the monitorship to the sixth of June this year, and that's still our target. If we hit it, we expect PFO in 2026 before disposals to be a small loss, returning to more normal profits in 2027. The business took advantage of a favorable market, making strong disposals in 2025. We sold 12 assets for GBP 120 million, resulting in gains of GBP 36 million above our guidance and helping us to commit to a strong buyback in 2026. Each deal achieved a 2 to 2.5 times cash multiple and was at or above directors' valuation. Looking ahead, we expect disposal gains of GBP 5 million-GBP 15 million in 2026, reflecting last year's elevated activity and the maturity cycle of our assets. We'll stay disciplined in both valuation and disposal timing, aiming to maximize value. Net interest income was GBP 88 million lower year-on-year as a one-off impairment write-back in 2024 didn't repeat. On the next slide, we can take a look at the portfolio valuation. The directors' valuation dropped by 15% to GBP 1.1 billion, mainly driven by three factors. First, the disposal of 12 assets for GBP 120 million. Second, higher discount rates in H1 reflecting long-term interest rate changes, which reduced value by GBP 62 million. Finally, sterling strengthening against the US dollar, reducing value by GBP 53 million. Returns from equity invested remain strong. During the year, we acquired two U.S., multifamily housing assets and continue to see a range of investment opportunities across our markets. For instance, at the start of this year, we completed the refinancing of Fort Carson Army housing. The Army extended our concession by 25 years, giving the project another 48 years to run. This raised $444 million to redevelop 750 houses, which our U.S., businesses will deliver. With our continued confidence in these and other investment opportunities, we expect equity investment in the portfolio to rise towards GBP 50 million in 2026. Now on to cash. Our cash performance this year was exceptionally strong, with average net cash up by nearly 60%, thanks to superb work from all the teams. Operating cash flow was nearly GBP 300 million, and working capital increased by GBP 400 million, driven by revenue growth in US construction and power, and of course, rigorous cash management. Our working capital ended up at 17% of revenue this year, and we expect it to remain pretty steady as we head into 2026. Looking a bit further ahead, we think it'll sit somewhere between 15% and 18% in the medium term. CapEx went up by GBP 21 million, reflecting equipment purchase in Texas roads and the expanding U.K. power business. On pensions, we just concluded our triennial negotiation with the trustees. We're all very pleased with the outcome, which includes a one-off GBP 30 million payment this year. This puts the scheme on a strong, sustainable footing, and we don't expect any more deficit contributions going forward. We've also agreed that once the defined benefit section moves into surplus, the excess may be used to meet defined contribution obligations. This could mean a net annual operating cash inflow of around GBP 10 million from 2027, compared to the GBP 24 million deficit outflow seen in recent years. Finally, we believe our strong record of cash management will carry on, with average net cash in 2026 expected to be between GBP 1.3 billion and GBP 1.5 billion. Moving to our long-term capital allocation framework. This remains unchanged. We invested GBP 77 million in the business, including two new investment assets, as we keep investing in projects that we believe meet our ambitious return targets. We received GBP 120 million in disposal proceeds and delivered strong cash performance. The board is recommending a 12% dividend increase to GBP 0.14, and we're upping this year's share buyback to GBP 200 million. As many of you know, I'll be leaving the business later in the year after a decade as Chief Financial Officer. I thought it'd be a good chance to reflect on the financial progress I'm most proud of. Looking at the P&L, we can see the progression of EPS, not only the improvement in results, but also the consistency and reliability in the post-COVID period. This is partly thanks to the fundamental changes we made to our governance and risk processes, which have strengthened the group's risk profile. Equally, to the strong performance of our teams. The group is well-positioned to deliver further growth, supported by our GBP 23 billion order book, which has doubled over the last 10 years, and the additional pipeline we've discussed. Our investments business has also been a key part of the group's success over the past decade. We've invested GBP 400 million and realized GBP 1.6 billion of value while keeping the valuation nearly flat. We aim to carry on with this model of value creation while optimizing our strong portfolio. What does all this mean for shareholders? The group's strong cash generation and transformed balance sheet have enabled us to commit over GBP 1.2 billion to dividends and share buybacks, reducing the share count by around 30%. This approach, which prioritizes investments in the business before distributing surplus cash to shareholders, remains unchanged. With the growth we're forecasting, I expect to see significant shareholder returns continue well beyond 2026. Let's wrap up with the outlook for 2026. After strong growth in 2025, we're expecting solid PFO increases next year, mainly thanks to improved margins in U.K. and U.S., construction and higher support services revenue, which should drive high single-digit growth. In investments, we expect a small underlying loss in 2026, aligned with planned completion of the monitorship in June. Disposal gains should land between GBP 5 million and GBP 15 million. Net finance income is forecast at GBP 28 million-GBP 32 million, and the effective tax rate should be close to statutory levels. As I mentioned, average net cash is expected to be between GBP 1.3 billion and GBP 1.5 billion. In summary, the group heads into 2026 with considerable strength. Our financial business position is solid, and the strategic investments made in previous years have set the stage for future growth. The momentum in earnings is expected to carry on beyond 2026, giving us confidence in continued progress over the medium term. With that, I'll hand you back to Philip. Thank you, Phil. I'd just like to take a moment, actually to publicly acknowledge the great job that Phil has done for this company over the course of the last 10 years. Now, I think you could see that track record, that visible track record of success. Phil, we really thank you for everything that you've done for the business. Thank you. Absolutely. Look, this has created a really strong and diversified group. You know, we have a really stable platform to continue the growth momentum that Phil just talked about. You know, when you look at the order book strength and look at its distribution across our focused geographies that we operate in, when you look at the strength and the underpin of the great infrastructure investment business that we have at GBP 1.1 billion, and then when you look at the real momentum that exists in the core markets that we operate in from U.K. transport, defense, energy, and U.S., buildings, I think we are well-poised to move into the future. What's really key for me, though, and, I've seen as I've traveled across our business, is that deep end-to-end expertise, I think is a real differentiator for Balfour Beatty. Our ability to work across the whole life cycle of a project, from sitting down with our customers at inception and thinking about how a project will be delivered all the way through construction and then into operations and maintenance, underpinned by our ability to raise project finance and to be part of that overall story, I think is an incredible differentiator for our business and places us uniquely to capture some of the opportunities that will be there in the future. Let's move on to talk about that. Firstly, let me start with the U.S., The U.S., represents a significant growth opportunity for Balfour Beatty. When you look at our performance in the previous year, you know, our revenue's up by 28%, our order book up by 18%, and that has come from a clear, disciplined approach to how we win work in that market. Two key areas of that for me. You know, the first one is all about how we land and expand in geographies where we're already strong. Take, for example, our business in Florida. You know, we're really strong in Orlando. We've moved some of those operations into Tampa. You know, an adjacent city where actually the demand for the expertise that we have is high, and that allows us to safely and in a disciplined way, continue to grow our business. That happens in each of the states that we operate within. I think there's also a really significant opportunity to continue to leverage really strong customer relationships. Where we might operate with a customer in one part of the U.S., that has a national footprint, how do we work to expand across the rest of the country? I think we've seen some great evidence of that. We're also seeing some really big opportunities in some fast-growing markets. Let me give a bit more color to that. The first of those is the rising demand for data center expertise. When you look at the map on the slide there, you can see the states that we're strong in, where we've got deep-seated capability, colored as they are on the chart. You can also see the massive expansion, GBP 250 billion market over the course of the next five- years, and you can see where that investment is happening on the states marked with a star. Now, we have a 20-year-plus track record of delivering in data centers focused around the shell and core of those buildings. The opportunity to expand from the strong footprint that we have in Washington State and in Oregon, we've recently won a new project in Virginia, and there are opportunities emerging across Texas, Georgia, Pennsylvania, all areas where we have real strength as a business. This is an example of where we can take those customer relationships, those deep relationships that we've built over many years and move that around the U.S., to drive growth. I think this is a really significant opportunity for Balfour Beatty moving into the future. It's actually similar when I look at the aviation market. You know, when, again, you look at the investment in aviation over the next five years, around about $140 billion, you can see where that investment is happening and where we are aligned to capitalize on that. We've got an incredibly strong track record of delivering airports in our U.S., business already. Actually, this is one skill and capability that really does travel. Our expertise of working on airports in the U.K. as well as delivering in Hong Kong, we're able to take that capability, move that around the world and help us deliver more strongly. It creates a fantastic CV, or as we'd say in the U.S., a resume, in terms of how we grow that business into the future. A great opportunity for us. Turning now to the U.K. The U.K. markets, you know, we are laser-focused in terms of where we operate. U.K. energy, U.K. defense, U.K. transportation. You can see from those numbers on the slides just how big those market opportunities are. GBP 70 billion in energy, GBP 15 billion in defense, and GBP 85 billion in transport over the course of the next five- years. It's not just about the future opportunity, is it? It's very much about what we're winning and delivering here and now. This year, we made significant additions to our order book through the likes of the Main Civil Works alliance at Sizewell, adding GBP 3 billion to our order book moving forward. To the relationships that we're developing with Rolls-Royce, winning our second project, which will appear in our order book soon. Then finally, in transport, again, you know, winning across the rail environment and in roads and being close to our customers has enabled us to extend the long-term relationship that we already have with Warwickshire County Council into the future. Some great wins that underpin the strength of the business moving forward. One of the things I absolutely love about this visibility and commitment to investment is that it allows us to do what we really want to do, which is about investing in skills for the future. You can see, you know, from the numbers on the slide, that 9% of our workforce are in earn-as-you-learn positions. That's all about creating new job opportunities, creating skills for the future, and leaving a legacy as Balfour Beatty as this country moves forward. A fantastic platform for us to continue to grow in. Turning now to some details on those markets. Let's start with U.K. power transmission. This is a great opportunity for us moving into the future, as well as a core part of our order book today. GBP 600 million delivered in 2025, GBP 1.6 billion in our order book, and a strong, clear pipeline that will move into construction of between GBP 6 billion and GBP 8 billion into the future. When you look at the graph on this slide, it's incredible, isn't it? You know, the U.K.'s demand for safe, clean, secure energy is high. You can see how the power transmission need is reflected in the growth that you'll see over the course of those five years. We already enjoy a 25% market share in this space, and you can see that growth opportunity moving forward. One of the things that's critical about this is Balfour Beatty's differentiated position in this market. You know, we've invested in the skills and capabilities needed on that end-to-end approach, in this case, from design through into manufacture, as you saw on our video earlier, all the way through to construction and sitting alongside our clients step by step as we deliver those programs of work with them. A great opportunity moving forward for our business. Secondly, let's turn to power generation. This is a story of long-term secured workload. We are a trusted delivery partner in this space, and you can see how we've taken our long presence at Hinkley, supporting our clients to deliver the first nuclear power station in a generation, how we've taken that experience and knowledge and are beginning to apply that as we start works at Sizewell C. That's a great story. It's also great momentum as we move this business into the future. As I look forward, you know, opportunities around net zero, you know, we're currently delivering the world's first carbon capture gas turbine plant at Net Zero Teesside, working very closely with our customers to do that. We see a number of other opportunities in the pipeline. With the government's commitment to quadruple U.K. nuclear capacity by 2050, I think again, we are really well-placed to work with our customers to deliver that vision. U.K. power generation, really solid order book moving forward, but also plenty of opportunity into the future. Turning now to defense. We are well-positioned in a complex market. You know, this is about delivering infrastructure in defense, and there are high barriers to entry which we meet the requirements of. As well as a strong pipeline into the future and a good order book through some deep customer relationships, you know, we see significant opportunity where we are well-differentiated. You know, we are clearly a U.K. Domiciled company, and so our ability to work in this space is higher than perhaps some of our international competition. We've invested heavily in the skills and capability needed to be able to deliver this type of, complex infrastructure. In addition to that, we've made a number of investments to ensure that our platforms are secure and safe. A growing market with high barriers to entry, which we are well-placed to grow into the future. Turning now to U.K. transport. Transport remains an attractive and resilient market with significant size as we move into the future. This is an area of business I know well. It's a market that I grew up in, and so, you know, I'm passionate about our ability as Balfour Beatty to be able to support this market as it pivots and changes over time. But we have a really strong, stable platform to continue to deliver against a strong order book, and we see opportunities into the future. In particular, we were very pleased about the government's announcements on their commitment to Lower Thames Crossing and the opportunity to bring private finance to support the delivery of that project. In the future, as roads pivot away from capital investment to infrastructure maintenance, we're again well-placed with the great capability that we have within the organization. On major projects that we're delivering across rail, we are well-placed to continue to work closely with our clients to deliver on their key milestones, and we look forward to continuing that success as we move forward into the future. Attractive and resilient market where we are well-placed to continue to operate. Let me turn now to Gammon, our joint venture in Hong Kong. We have a strong reputation and are renowned for high-quality delivery. Actually, when I visited our business there, last November, one of the things I was really struck by was the strength of the relationships we have with our customers. In fact, one of our customers said to me, "You know, people like to live and work in Gammon-built buildings because of their renowned high-quality delivery." That's a fantastic accolade, isn't it, to have from any client that we operate with. We've seen real momentum in the market. Our 18% increase in our order book in 2025, driven in part by the expansion of Hong Kong into an area called the Northern Metropolis. That will see, you know, long-term investment in that from an infrastructure perspective and a buildings perspective, the two areas of the markets where we're strong. One of the things that fascinated me about that particular trip to Hong Kong was the level of investment in technology driven around improving productivity. I saw some great examples there where I believe we can apply that across our wider business. Gammon, in a good place for the future. Now let me turn to infrastructure investments, and I'm pleased to say that this is an improving landscape across the board. I wanted to just pick out three examples of that. Firstly, within the U.K., the government's creation of a new body called NISTA, which brings together something called the Infrastructure Projects Association with Treasury and Strategy for the first time, a joined-up approach to thinking about how we'll deliver infrastructure in this nation, including how we'll look at driving up productivity and how we'll introduce private finance to fund and support some of those programs of work. We're working really closely with NISTA. Last week I held a roundtable with industry leaders, with NISTA and the Cabinet Office to work out how we will work to best effect the delivery of that program. A great opportunity. As I said, Lower Thames, you know, forms a key part of that. We're also putting our capital to good work. I was really pleased with the 20 years deal that we announced with Kent County Council to install electric vehicle charging points on their road network. Not just a sustainable solution, but also, you know, great use of our capital moving forward. Then finally, and Phil mentioned it, you know, the refinancing of Fort Carson. You know, extending our relationship there by 25 years, but also bringing significant investment to provide new homes and refurbish existing homes for American servicemen and women. What a fantastic opportunity for us to provide a great service to those customers. A changing landscape and one where we are flexible and agile to respond to it. Finally, what does this mean for you? What does this mean for our business? I think that we have a powerful platform for growth. Our strong 2025 performance is clear, as is the momentum that we're building into 2026. We have a significant and high-quality order book, which we're really pleased with and know that we can capitalize on and deliver. When you couple that with our disciplined approach to governance, selecting with real focus the right projects to work on, as well as our robust balance sheet and the consistent capital allocation framework that Phil described, I think we're incredibly well-placed to deliver long-term shareholder value well into the future. Of course, I'm keen about unlocking the next chapter of growth. Evolve, Energize, and Explore. How we'll take Balfour Beatty's profitable growth story into the future. I look forward to coming back later in the year to tell you much more about that. Thank you very much. Phil and I are looking forward to your questions. Thank you, Philip. We're gonna take Q&A in the room first before going to the phone. If you've got a question, please raise your hand, a mic will come round, and fire away. Thank you. Thank you so much, Philip and Phil, for this presentation. If I may, two and a half questions from me, please. Broadly, you sound like you wanna grow in construction. The order book will allow that. I'm talking really first at group level. How do you plan to balance construction growth with improving the margins? The second question is basically the same, but a bit more focused on the U.S., where your track record on margins is generally lower, though I appreciate it's the type of contracts you have there. Sounds very ambitious in terms of U.S. construction growth. Is it more buildings or do you think transport could have opportunities as well? What sort of margin improvement do you think is achievable in the U.S. construction in particular? Lastly, just thinking about data centers, you know, you had a slide about it. How do you specifically differentiate or win data center projects relative to the likes of Turner or Skanska of this world who are also competing for those? Thank you very much. Okay, great. Thank you very much for the question. I mean, I guess, let me start with, you know, that balance, I guess, between growth and margin improvement that you mentioned. You know, we see the opportunity for both things. You know, you've seen the strength of the order book that we've described and what that means for the future, as well as some of the opportunities that we've outlined. I think you also heard Phil talk about, you know, the position that we have moving forward in terms of completing the challenging project that we had within the U.S., We expect margins there to return to a more normalized level towards the end of 2026 and beyond. In addition to that, you know, the approach around evolve is all about strengthening the core of our business. When you take those factors together, I believe that we can drive that top line as well as improving the margins in the business. I think secondly, when you look at the U.S., you know, a significant proportion of our workload in the U.S., is through our buildings business. When I talked about that sort of land and expand approach, you know, that is working really well for us, and that's what we expect to continue to do. I think from an infrastructure perspective, it's a clear case of remaining really focused and disciplined about what we select to bid within the capabilities that we have within the organization. Finally, on data centers. Look, data centers is a big opportunity. You know, it's around about 6% of our U.S., portfolio at the moment, but actually we see significant growth. You know, I'm sure when you look at, you know, peer companies in the, in the U.S., market, as I'm sure you do, you know, you will have seen that a number of them have had significant growth off the back of the data center market. Look, that opportunity is there for us as well. Thank you very much. Thank you. Joe Brent from Panmure Liberum. Three questions from me as well, please. Firstly, on U.S., monitorship costs, can you give us an indication of what they were in 2025 and what they will be in 2026? Presumably, the budgeting assumption is nothing in 2027. Secondly, on PPP sales, clearly the guidance is that disposal gains will be a bit lower in 2026. At what point do you expect that level of disposals to increase again? And thirdly, maybe Part A, Part B, I'd be interested in Philip's perception on the U.K. margin and where that can get to, 'cause I know what Leo's thoughts were on that subject. Part B is, Phil, you talk about U.S., margins back to their history. Could you just tell us what you mean by history? Okay. Well, I'll let Phil take the answers to most of those questions, but perhaps I'll start with the comment about U.K. margins and where we think that can move to. Look, this is about taking a really disciplined approach in the core markets that we work in across energy, defense, and transport. We gave some guidance around where we see for the full year in 2026 on an improving margin story. We're gonna be really focused on continuing to drive in that way and I'll come back to you later in the year to talk about evolve, energize, and explore. Perhaps, Phil, you wanna take the monitorship. Yeah. Let's disposal gains. Clearly, we've said for 2026 between GBP 5 million and GBP 15 million. I think for 2027 you should think about something similar. Clearly, as we move into 2028, we'll reassess that. I think that's you know, because we've had very strong growth of disposals this year. I think that's the way to look at that. U.S., monitoring cost, what we're thinking about there is that a clean 2027, you should see our investment business be between GBP 15 million and GBP 20 million P&L. Clearly we posted GBP 31 million loss this year. I think you can work out the kind of magnitude of the monitoring and legal costs from that. On U.S., look, we've our margins there have been in the 1.1.5 level, previously, 0.6 in 2025. I think we've got the ability, as we've always said, to get towards 2%. I think with Philip's focus on operational excellence, I think we'll try and go over that as well. First of all, let's get back to the two. Mm-hmm Then move on from there. I'm sure a lot of the programs that we'll initiate this year and next year will drive that. Thank you. Jonny Coubrough from Deutsche Numis. Thanks for the presentation and also the cinematography at the start. Could I ask firstly, Philip, on the Evolve, Energize, and Explore, you mentioned implementing a group-wide margin improvement program. It would be good to hear a bit more detail about what that could look like, whether it's price focused or cost, or a bit of both. Then in terms of the power growth opportunity, within support services, you set out the GBP 6 billion-GBP 8 billion pipeline. I think in the past, the presentation slides have included the opportunity to get to GBP 1.5 billion revenues a year. Is that still the correct level? In order to get there, how many more engineers would you need in-house? Mm. In terms of the steel pylon fabrication facility, it'd be good to hear what the capacity of that is versus where it is today? Presumably it's quite high gross margin. Thanks. Yeah, certainly. Let's start with Evolve, Energize and Explore. You know, I have the advantage of having run a group-wide margin improvement program previously, in my previous role. You know, I think I know what it takes to drive that. It's not about one thing, Jonny. It's about being really focused across the whole of the organization and taking a really data-led approach to that program. That's what we're looking to put in place across Balfour Beatty. As I said, I'll come back later this year to talk about a bit more detail about where we're really focused on that. I think secondly, on the power growth, you know, I mean, let's be clear. On the GBP 6 billion-GBP 8 billion pipeline, it's a bit more than pipeline. You know, we're delivering the first part of those schemes, and we expect those to move into construction sometime later this year and then through 2027 and into 2028. You know, that projection around GBP 1.5 billion+ in terms of revenues from that, I think is realistic and something that we can expect. In terms of you know, the Painter Brothers fabrication facility that we have, you know, we have a full order book for at least three years within that facility. We've recently put some investment into that to improve production outputs and we're confident that we have a great program moving forward. Yeah. We've invested in Painter Brothers over the last three years, new machinery, and expansion of that. I think we've made the right investments to capture the market. The other point I would make is that, you know, in terms of the growth of power, let's not forget some of this does move left and right. Mm-hmm Depending on the government. We think it's there. Timing, as always, is the key thing that we'll have to keep an eye out on. While I've got the mic, Phil, thanks very much for your tenure at the company. I think the numbers speak for themselves. I mean, Howard was pointing out the start, the turnaround. You'd spend the week in the U.K. turning around this business, then you'd fly off abroad at the weekend. During that time, you made a very timely disposal of the Middle Eastern business. Mm. Which apparently left all the liabilities there, which he thought was worth mentioning. Best of luck for the future and thanks very much. Well, thank you, Jonny. Thanks to all of the analysts and investors who have helped me as well. A lot of this is down to listening to investors and yourselves. Thank you very much for your support over the last 10 years. Hi, guys. It's Robert Chantry at Berenberg. Obviously, echo Jonny Coubrough's comments, especially the contribution of analysts, which I think was pretty instrumental along the way. Three questions from me. I guess two on the U.S., one on infrastructure. Firstly, in the U.S., can you just give it more clarity, I guess, on risk management in data centers? Are they different terms, more aggressive, kind of shorter timescale? Is there any kind of specific factors to be aware of, going heavily into U.S. data centers? Secondly, you look at the U.K. margin profile, 3.5% in construction, kind of 8.5% in support services. Then you look at U.S. at 0.6%. Are there any areas of the U.S. Portfolio you're either in or you're not in at the moment where you see a genuine potential just to get a better structural margin for Balfour in those markets rather than 1%-1.5% margin on a civils project, et cetera? Thirdly, sorry, infrastructure options. You had a great chart on your three highlights of your 10 years, Phil, looking at the amount of capital in, the cash out, and the portfolio valuation and infrastructure. Could you talk about, I guess, the opportunities to deploy fresh capital in the next three to five years? What type of scope, sectors, kind of the dynamics around where that business goes from here on a kind of multi-year view? Thanks. Okay. I'll let Phil take that last question in a moment. Perhaps I'll pick up on the two on the U.S. I mean, look, from a data center perspective, this isn't something that's new to our business. You know, we're really focused on delivering the infrastructure that supports that, you know, so the shell and core of the building and the associated infrastructure. U.S. buildings, you know, that is really the core of what we do. You know, we've been delivering data centers for over 20 years, and we have really strong relationships with some key customers that you would recognize. This is about taking those relationships and expanding it into other parts of the U.S. I don't believe it adds significantly to our risk profile because we're used to operating in that environment. It's an expansion opportunity, if you like. I think secondly, you know, on the U.S. margins. Look, we know we need to improve U.S. margin performance. You know, we've talked about some of the factors that have been a drag, particularly this year on U.S. margin. You know, coupled with that disciplined approach to the projects that we select moving forward, to the land and expand capabilities where we're really strong, to recovering from, you know, the difficult positions that we've had, that we've talked about. You know, I think when you take all those factors together and the growth opportunity that sits in the U.S., you know, we should expect to see improvements as we move forward. Finally, Phil, I don't know if you want to talk about capital deployment. Yeah, look, I think we've got some very good opportunities. I think Philip talked about the U.K. government and their view of how to expand that. I think we are in active conversations around Lower Thames Crossing. Remember we funded and operated project financing for the M25, so this is something we know and we have deep experience about. I think we're very interested in seeing if we can make that work. We talked about the EV sector. This is something we talked about previously. We were very big in street lighting for councils. We see on-street charging similar. Kent is a huge win for us, you know, 10,000 sockets. That's a, you know, one of the biggest councils actually to deliver that. We've got plans ahead to do more of that. I think there's we can deploy capital into that, into that area. Let's not forget the U.S. I think there is a pent-up demand in military housing that has to be satisfied. There's still probably half the housing stock that the military has, needs redevelopment and rebuilding. I think that's a positive. We are seeing areas around, you know, structures that people want to put in place, as well, build bridges, et c., that we're engaged in talking about. I think we've got a good level of different opportunities to look at. But we'll stay disciplined. We've still got to get the returns that we think justifies putting the capital in. Mm-hmm. We feel there's you know strong things in U.K. and U.S. now. Previously, I would say over the last five or six years, we saw less opportunity in the U.K., but I think that's changing. Yeah. Thanks. Somebody at the back. Person at the back, yeah. Yeah, thanks very much. It's Graham Hunt from Jefferies. Yeah, echo those sentiments, Phil, this extremely impressive performance over the past 10 years, and I think the share price performance speaks for itself. Can I just ask two questions? Firstly, if I could go back to slide 21 on the transmission market. Just would be interested to understand a bit more about your, the moving parts there that take you to that 2030 number. As you say, it's extremely impressive growth that you're projecting there. But how much is secure for the market, do you think, in terms of the frameworks that we've seen from your customers and what's committed versus you've mentioned there's some flexibility in terms of whether what the government does sort of what's the range of outcomes there? Second question, I guess going back to the U.S. and that infrastructure portfolio. You were mentioned on the shortlisted on the I-77 South. Just interested to know a bit more about your ambitions there in the U.S. express lanes market. Thank you. Perfect. Okay, so I guess turning to slide 21, just to be clear, that graph on the left-hand side is the market growth and so not our projected revenue, which would obviously be fantastic, wouldn't it, if we were delivering those scales of revenue in the market. But just to give some clarity on where we are. GBP 600 million, you know, delivered this year, GBP 1.6 billion in our solid pipeline, i.e. work that is contracted and secured, as we move forward. Then the GBP 6 billion-GBP 8 billion. The reason we talk about that is pipeline is because the way that these programs of work are delivered is there's a Part A, and Part A is we work with a customer, we develop the scheme, we finalize the cost, and with a, you know, a really clear design proposition, and then we move into Part B, which is the construction. We only recognize that Part B in our order book once we actually sign Part B. At the moment, we are working on the first phase of those programs of work. The reason why, you know, Phil added a note of caution to that is because sometimes it can take longer or shorter to go into Part B. That's really why, you know, we said what we said. This is a great opportunity and because we are already working on the development phase of those programs. Turning to U.S. infrastructure and I-77 as an example. You know, Phil mentioned again, you know, the roads PPP market in the U.S. is really significant. When you look back over the last 10 years, probably back to about 2015, you'll see that there's a huge number of opportunities that have come to market and been secured in consortia. We're now looking at what does the next 10 years look like in terms of those investments. We see this as a lower risk opportunity to both deliver and deploy capital, and hence the I-77 and potentially further opportunities moving into the future. Thanks very much. Okay, I think we're done with questions in the room. Becky on the lines, have we got any questions there? On the conference call, so I'll hand back to Philip for any final comments. Thank you so much. Arnaud Lehmann from Bank of America. Just a couple of follow-ups. Philip, you mentioned acquisitions. I don't think that means geographic expansion. That's probably IT systems or AI. Could you maybe develop? Just can you confirm, I'm guessing the answer, but you're not going to Australia and you're not going to Canada in terms of your construction activity. Obviously, I join the others in congratulating. Phil, can you give us an update on the Chief Financial Officer transition? When do you actually plan to go on holiday somewhere nice? I'm not sure I mentioned acquisitions at all, Arnaud, so I don't know whether you're trying to lead me there. You know, look, we want to deploy capital in the best way that we can to maximize shareholder returns. You know, as we look at Evolve, Energize, and Explore, we'll make decisions. Certainly, we see fantastic growth opportunities in the U.S., in the U.K. where we're really focused, and in the end markets we've described. That is our area of focus. Look, I'm fully committed to the transition to Miles. We'll make it as good as we can. I think we're in a great place, in great shape, so I've got no concerns about that. My wife says I have no hobbies, so I'm gonna have to continue working somehow or other. You know, there's my job ad. You know, but we'll make sure that you know, Balfour remains in a very good position. Mm-hmm. You know, just to add, Phil has been a tremendous support to me onboarding into the company as well, you know. He's used the word discipline every second sentence, you know. I've definitely got the message. Correct. You know, we're very well positioned, you know, as we move forward. We do now have one question on the phone. Okay, great. Thank you. We have a question from Nicolas Mora from Morgan Stanley. Your line is now open. Please go ahead. Yes. Good morning, gentlemen. Just a couple of questions. First one on the cash flow. The performance being again extremely strong. Do you see a bit of a structural change in the way you are able to sign up contracts? You know, maybe a little bit more prepayments, a bit more milestones on some of the large projects. Anything you could say on that and going forward would be useful. Second on the U.S., I mean, we've seen quite amazing acceleration in order bookings over the past now 18 months. In a market which for the vast majority of your peers, not least of one, but overall has been a bit more muted. I mean, how are you managing to gain so much market share basically in a market overall US non-residential, which is basically flat overall for the best part of at least 25. That would be it. Okay. Thanks for those questions, Nicholas. I'll take the one on the U.S., and perhaps, Phil, you can pick up the one on cash flow. Sure. Look, I mean, I think the secret to, you know, our growth in the US is about sticking to what you're really good at. You know, the ability to grow in buildings over the course of the last 18 months or so has been about focused, disciplined approach and doing what we know how to do really well. That is what's triggered the, you know, the 28% growth in revenues that we saw, as well as the large increases that we've had in our order book. Yeah, Nicholas, I think I don't think it's a structural thing that we're going through at the moment. I think it's a mix for us. U.S., typically you can get higher mobilization and advanced payments just in that marketplace. Clearly, we had revenue growth, quite a substantial revenue growth in the U.S. I think one of the other things is we've taken advantage, certainly in power, to get a lot of advanced payments because we've got long lead times in power at the moment for gear, cable, etc., Also we need to prime our own division in terms of pylons. We've been able to take, I think the right constructive approach with the customer to get that preloaded. That, that's probably the two things. We do see, as we go forward, I think our working capital as we now see it is gonna operate in the between 15%-18% of our revenue, which is a new norm. Now of course, you know, I've got it wrong every single time that I've said that. Hopefully I'll get it wrong again, and it'll actually be 17% upwards, but that's where we are at the moment. There are no further questions, so I'd like to hand back to Philip for any final comments. Great. Thank you very much. Well, look, thank you for spending the time with us here this morning and online. I hope what you've heard is a story of improving performance across our business, great momentum through our order book and the opportunities that we see in front of us, and being poised for future growth in the company, future profitable growth for Evolve, Energize and Explore. I really look forward to coming back to you later in the year and talking to you more about that. Thank you very much, everyone.