Monadelphous Group Limited

Good day and thank you for standing by. Welcome to MonaDelta's 2026 Have Your Results presentation. At this time, all participants are in the listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 1 again. Please be advised that today's conference is being recorded. And I'd like to hand the conference over to Christy Glasgow, Company Secretary. Please go ahead.

Hello and welcome to the Monodelphus 2026 Half-Year Results Investor and Analyst Briefing. I'd like to begin by acknowledging the traditional owners of the lands on which we are joining you from today in Vooloolootur, the Whadjuk people of the Noongar Nation and the traditional owners of countries. and pay respect to Elders past, present and emerging, and extend that respect to all Aboriginal and Torres Strait Islander people. Presenting from Perth, I'm on Adelphos' Managing Director, Zoran Bebic, and Chief Financial Officer, Phil Truman, who are joined in the room by our Chair, Rob Belletri. Throughout this presentation, the speakers will guide you on when to click through to the next slide. The structure of this morning's presentation will be similar to previous results presentations with some further detail provided as appendices. Copies of today's presentation and associated materials are available on our website at monodelphus.com.au. I will now hand over to our first presenter today, Zoran Bebic, who will start on slide two.

Zoran Bebic Thanks Kristy and welcome to our 2026 Half Year Results Briefing. Today, Phil and I will present our financial and operational performance for the six months ended 31 December 2025, as well as our outlook. We will then answer any questions you may have. I'll begin with our group performance and highlights on slide three. Monad Office has had a fantastic start to FY26, achieving a record revenue of $1.53 billion for the half year, which is a 46% increase on the prior corresponding period. We experienced strong operating conditions across all sectors, with activity levels supported by the record level of work secured during the previous financial year. Our engineering construction division delivered revenue of $677.8 million, up around 67% on the prior year, supported by service expansion and growing capability in end-to-end delivery, particularly from Melcor and Interforge. Zenbyron, our renewable energy business, also saw increased levels of project activity from larger wind and battery energy storage projects. Our maintenance and industrial services division reported a record half-year revenue result of $852 million, up 32% on the same time last year, reflecting an increase in energy sector activity and sustained strong demand in iron ore. Earnings before interest, tax, depreciation and amortisation was $116.2 million, an increase of 46% on the prior year, delivering an EBITDA margin of 7.59%. Strong operational performance resulted in net profit after tax increasing 53% on the prior year to $64.9 million, delivering earnings per share of $0.652. The board declared a fully franked interim dividend of 49 cents per share. We ended the half year with a cash balance of $322 million and a very strong cash flow from operations of $171 million, resulting in a cash flow conversion rate of 186%. Phil will talk about this more later. We continue to progress our markets and growth strategy. In late 2025, we acquired Perth-based Kerman Contracting, a design and construct business specialising in non-process infrastructure with a long established reputation for the successful delivery of site infrastructure and accommodation, bulk storage and materials handling facilities across a range of sectors. We also acquired Australian Power Industry Partners, APIP, a high-voltage electrical contractor based in Brisbane. APIP is a specialist provider of end-to-end high voltage solutions, including design management, procurement, construction and renewals of power transmission, distribution and substation infrastructure. We also completed the acquisition of Perth-based high voltage business, High Energy Service, further strengthening our electrical capability. These acquisitions support the broadening of our delivery capability and open new markets for us. Moving now to slide four, Mononautas has secured a healthy $1.4 billion in new contracts and contract extensions since the beginning of the 2026 financial year. Strong demand for construction and maintenance services from Western Australia's iron ore sector continued and we're awarded more than $1 billion of contracts with blue chip customers. This comprised several major construction contracts including a multi-disciplinary contract for BHP's Jimble Bar train loadout replacement project with earthworks and symbols to be delivered by Melcor and fabrication and procurement provided by Interforge. We also secured a $175 million contract with BHP associated with a car dumper project at Finnegan Island in Port Hedland. as well as an integrated multi-disciplinary contract with Rio valued at around $250 million associated with the Brockman Sinkline 1 iron ore deposit development. We were awarded a five-year maintenance services contract with Rio Tinto totalling approximately $300 million to continue providing fixed plant and shutdown services across Rio's Pilbara iron ore operations. We also secured a three-year extension to our maintenance master services agreement across BHP's Pilbara operations and were appointed to the BHP WAIO site engineering panel for another two years. In the energy sector, we expanded our customer base with the award of a four-year contract with BW Offshore to provide maintenance services at the BW Opal FPSO facility approximately 300 kilometres north-northwest of Darwin. We also secured a contract for the hookup and commissioning of Shell's Crux platform off the coast of WA, which forms part of the long-term backfill to Shell's pre-use facility. Zimbiron was awarded a contract with Flow Power for the delivery of the Bennetts Creek battery energy storage system in the Latrobe Valley, Victoria, which includes balance of plant design, construction, installation and commissioning. Over the next few slides, we'll cover the key areas of focus under our sustainability framework, being people, safety and wellbeing, diversity and inclusion, community and environment. Moving now to slide five, people. Our total workforce at 31 December 2025, including subcontractors, was around 8,400. reflecting sustained high levels of activity across the business. We remained focused on investing in the development of our people and saw around 150 emerging leaders participating in our suite of leadership and mentoring programs and approximately 340 graduates, apprentices and trainees participating in our early career programs. Our registered training organisation engaged with over 5,000 trades personnel with more than 6,500 training interactions during the period, comprising high-risk work licence accreditation and verification of competency. We also continue to offer services such as skin checks and resources to support our employees' physical, mental and emotional wellbeing. Let's now look at safety and wellbeing on slide 6. Our high potential incident frequency rate returned to historically low levels and the 12-month injury frequency rate at the end of December was 4.34 incidents, a slight improvement to that of 30 June 2025. In line with our guiding principle, the safe way is the only way, we continue to implement targeted campaigns to drive improved safety performance. Our ongoing fatal risk awareness program is focused on active hazard monitoring. of controls during high-risk tasks. As a part of this, we reviewed our forklift operations and implemented a range of improvements aimed at preventing loss of control of loads and making pedestrian interactions with mobile plants safer. We also reviewed the effectiveness and efficiency of high-risk work competency assessments and continued to use drone technology to eliminate the need for people to enter confined spaces. We again achieved recognition for our commitment to safety, wellbeing and innovation, with awards and nominations from various industry bodies including ARIA, the Crane Industry Council of Australia, Workplace Health and Safety Foundation and DMERS. Moving now to diversity and inclusion, community and environment on slide seven. We maintained our focus on leaving a positive legacy in our local communities, strengthening diversity and inclusion across our workplaces and progressing towards our goal of net zero. We continue to support employment pathways and development opportunities for Indigenous Australians through traineeships, apprenticeships and the Indigenous Pathways Program in partnership with Rio Tinto. Pleasingly, our Aboriginal and Torres Strait Islander workforce participation rate of 3.3% continues to exceed our target. We progressed renewing our next Stretch Reconciliation Action Plan, continuing to focus on Indigenous employment, training and development and supporting Indigenous businesses. Our spend with Indigenous businesses continues to grow, more than doubling that compared to the same period last year to around $20 million. We continue to promote development opportunities for women across the business and our efforts were recognised externally with a number of our people honoured at industry awards, including at the BHP Women in Resources National Awards and the Gladstone Engineering Alliance Awards. Our community grants program expanded to include Gladstone in Queensland, Roxby Downs in South Australia and Kalgoorlie, Newman and Port Hedland in WA. with eight regions now participating in the program. We also launched our inaugural Local Legends campaign to showcase our people making exceptional contributions to the community. To minimise the impact of our operations on the environment, we continued transitioning our facilities to renewable power with the installation of a solar system at our workshop facility in Darwin and expanded the rollout of our electric and hybrid vehicles. Turning now to our engineering construction divisional highlights on slide eight. Our engineering construction division reported revenue of $677.8 million for the six months, an increase of 67% on the prior corresponding period. The result was driven by strong demand for construction services across all sectors, particularly iron ore and energy, with a greater contribution from vertically integrated projects. The division has secured approximately $770 million of new work since 1 July 2025. We successfully completed BHP's Car Dumper 3 renewal project in Port Hedland and All Body 32 in Newman, as well as services at Rio Tinto's Western Range project in Paribas. We also secured an electrical and instrumentation package at Rio Tinto's Parker Point near Dampier. Work progressed on a multidisciplinary contract at BHP's prominent fuel copper expansion project in South Australia. We also completed work at Taliesin Lithium's Greenbushes site in the southwest of WA. MELCOR continued structural concrete works at Pertamon's urea plant located near Dampier, with Elevero providing heavy haulage services to the project. MELCOR also progressed work on the Geraldton Port maximisation project in WA for Midwest Ports Authority. In the energy sector, we progressed construction works on modifications to the existing woodside operated Pluto LNG Train 1 facility near Karratha, with the Levero also providing specialist haulage and lifting services to other woodside operated facilities in the region. We also continued the installation and modification of essential electrical power and control infrastructure at Chevron Australia's Jans IO compression project. Interforge continues to support a Lucas Iniava rare earths refinery project with the supply and fabrication of structural steel work and pipe racks and secured a two year extension to its agreement with Origin for the supply of modularised equipment for APLNG in Queensland. In the renewable energy sector, Zembiron progressed the balance of plant works for the Wurundjeri Battery Energy Storage System, or BESS, for Energy Australia in the Latrobe Valley, Victoria, as well as balance of plant works at CS Energy's Lotus Creek Wind Farm in central Queensland. Work also progressed with the construction of Fortescue's North Star Junction BESS, supporting Fortescue's commitment to decarbonising its Pilbara operations. Looking now at our maintenance and industrial services division on slide nine. Our maintenance and industrial services division reported revenue of $852 million for the half year, up 32% as we saw strong demand continue for services, particularly in the energy and iron ore sectors. Since the beginning of the financial year, the division has secured approximately $640 million in new contracts and contract extensions. A significant volume of the work was delivered for our energy customers, including shutdown and other major works for impacts, with over 1,000 people mobilised across offshore and onshore facilities over the period. We continue to provide ongoing maintenance and turnaround services for Woodside's onshore and offshore gas production facilities in WA's North West. This included preparations for shutdown activity and planning work associated with the hookup and commissioning of Woodside's floating production unit in the Scarborough gas field. We continue to deliver maintenance and minor construction services for Shell at the Prelude FLNG facility and at QGC's Curtis Island LNG operations in Gladstone, Queensland. As previously mentioned, we expanded our customer base in the energy sector by securing a four-year contract with BW Offshore. WA's iron ore sector continued to drive strong demand and we provided fixed plant maintenance services and sustaining capital projects to Rio Tinto, fixed plant services to Fortescue and general maintenance services to BHP. For Rio Tinto, we secured a 12-month extension to provide marine infrastructure maintenance and minor projects at Rio's Cape Lambert and Dampier ports. We were also awarded a contract for modifications to the existing process plant at Rio Tinto's Hope Downs II project. In addition, we continue to deliver fabrication, supply, installation and commissioning services at the Tom Price mine, as well as non-processed infrastructure services at Brockman Fork. Under our BHP Wayo Asset Projects Framework Agreement, we secured works at berths C and D at the Finnegan Island port facilities in Port Hedland. In South Australia, we continued at BHP's Olympic Dan mine site in Roxby Downs, as well as South 32's Worsley Illumina operations in WA. For Newmont's gold operations, we secured a five-year extension to our existing contract delivering general maintenance services in Boddington WA and Tanami Northern Territory and provided sustaining capital projects and maintenance at Lahere Island in Papua New Guinea. Also in PNG, we continued work for Santos in the Southern Highlands region where we secured a contract for the demolition of the Hideo Pipeline Bridge. We'll now move to slide 10 and I'll hand over to Phil who will provide you more detail on our financial performance.