Monadelphous Group Limited

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

Hello and welcome to the MonoDelta's 2026 Fully 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 Perth, Beirut, the Whadjuk people of the Noongar Nation and the traditional owners of country and her respect to elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples. Presenting from Perth are Monad Alpha's Managing Director, Lauren Bebich, 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 monadalpha.com.au. I will now hand over to our first presenter today, Zoran Bebic, who will start on slide two.

Zoran Bebic Thanks, Christy, and welcome to our 2026 four-year results briefing. Today, Kim and I will present our financial and operational performance for the financial year ended 30 June 2026, 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 achieved the record revenue for FY26 of $2.98 billion, a 31% increase on the previous year, with strong operating conditions experienced across all sectors. Activity levels were supported by the record level of work secured last year, together with more than $2.7 billion in new contracts and extensions awarded since the beginning of the 2026 financial year. Our engineering construction division delivered revenue of $1.37 billion, up around 48% on the prior year, with significant project activity experienced in the iron ore sector. The result also reflects the success of our service expansion and integrated services delivery strategy, with growth in the Melcore Seville business and Interforges fabrication services, as well as the acquisition of Kerman Contracting. Zimbiron, our renewable energy business, also experienced higher levels of activity with the delivery of larger wind and battery energy storage projects. Our maintenance and industrial services division reported record annual revenue of $1.61 billion, a 20% increase on last year, reflecting high levels of turnaround activity and project work in the energy sector, along with increased maintenance services for iron ore customers. Our strong operational performance drove a significant lift in earnings for the company. Earnings before interest, tax, depreciation and amortisation was $226 million, an increase of 43% compared to the prior year, delivering an EBITDA margin of 7.58%. Net profit after tax was $127.3 million, up 52% compared to the prior financial year, delivering earnings per share of $127.6. The Board declared a final dividend of $0.59 per share, taking the full-year fully-framed dividend to $0.108. We ended the year with a cash balance of $293.6 million and cash flow from operations was $245 million. who will talk more about this later. During the year we progressed our markets and growth strategy with several strategic acquisitions that broadened our service offering and delivery capability. In November 2025 we acquired Kerman Contracting, a West Australian based design infrastructure business specialising in non-process infrastructure. Kerman brings a long established reputation for the successful delivery of site infrastructure and accommodation bulk storage and materials handling facilities across a range of sectors. Post year end, Kerman secured a contract for the design and construction of non-process infrastructure associated with Rio Tinto's Brockman Sincline 1 project valued at approximately $165 million. Late last year we also acquired Australian Power Industry Partners , a business based is a high-voltage electrical contractor servicing utilities, resources and renewable energy customers across multiple states of Australia. This expands our high-voltage electrical service offering, following the acquisition of Perth-based high-energy service, which completed on 1 July 2025. Moving now to slide four. As mentioned, Monodelphus has been awarded more than $2.7 billion in new work since 1 July 2025. We have entered the new financial year, FY27, with a strong pipeline of committed work, an expanded customer base and a broadening capability aligned with long-term growth prospects. Strong demand for our services continued from WA's iron ore sector. and we secured over $1.6 billion of construction and maintenance contracts during the period. In construction, awards included a multidisciplinary contract with BHP associated with the Jimilbar train loadout replacement project, a car dumper replacement contract with BHP valued at approximately $175 million and a contract with Rio Tinto worth approximately $250 million for the Brockmans Incline 1 iron ore development. Subsequent to year end, we were also awarded a major construction contract valued at around $200 million associated with the Port Thief Bottlenecking Project 2 located at BHP's Nelson Point facility in Port Hedland. We secured several long-term services contracts with iron ore customers in the Pilbara. Awards included three contracts with Rio Tinto including a five-year contract valued at approximately $300 million for fixed plant and shutdown maintenance services, a three-year contract for multidisciplinary sustaining capital works and a new five-year panel award to provide mobile crane and lifting services. We were also awarded a three-year contract to continue delivering maintenance services across Port Askew's Pilbara operations and secured extensions to our BHP maintenance and panel agreements. In the energy sector, we expanded our customer base with the award of a four-year contract with BW Offshore to provide services at the BW Opal FPSO located offshore from Darwin. We also secured hookup and commissioning work for Shell's Crux platform, which forms part of the long-term backfill to Preview. And a large amount of work was secured with Santos in Papua New Guinea. As we continue to grow our market position supporting Australia's energy transition, a major highlight was the award of a $380 million construction contract with CS Energy for the Brigalow Peaking Power Plant near Chinchilla in Queensland. We also continue to support water skews decarbonisation activities, securing several BESS and WIN projects. Zimbabwe further strengthens its market position in the renewable energy sector, with the award of a contract to deliver the Bennett's Creek Best in the Latrobe Valley, Victoria. Over the next few slides, we will cover the key areas of focus within our sustainability framework, being people, safety and wellbeing, diversity and inclusion, community and environment. Moving now to slide five, people. Our total workforce at 30 June 2026, including subcontractors, totalled a record 9,365 people, reflecting sustained high levels of activity across the business. During the year, around 430 graduates, undergraduates, apprentices and trainees participated in our early career programs. and nearly 200 of our emerging and senior leaders engaged in programs focused on networking and leadership development skills. Our commitment to retaining and developing our people supported strong key talent retention of 97%. Our registered training organisation in Vibra Lake WA continued to deliver a significant number of workforce development activities for trades personnel including high risk work licensing, nationally accredited training and verification of competency assessments. Let's now look at safety and wellbeing on slide 6. We saw a solid improvement in safety with our total recordable injury frequency rate reducing by 19% to 3.57 incidents per million hours worked. following successful campaigns to ensure the safety and wellbeing of our people through a period of rapid growth. We also achieved a historically low high potential incident frequency rate, reflecting our continued focus on preventing serious incidents and managing fatal risks. Guided by our principle, the Safe Way is the only way, we strengthened several key safety programs across the business. This included targeted initiatives focused on frontline engagement critical risk controls, effectiveness of high risk work competency assessments and the safe interaction between forklift operations and pedestrians. We continued to leverage technology to improve safety outcomes. During the year we further embedded driver fatigue and distraction monitoring systems, expanded the use of drones for high risk inspections and progressed the rollout of AI enabled pedestrian avoidance systems on mobile plant. We also developed crane overload monitoring technology to help further reduce operational risk. We enhanced our psychosocial risk management and mental wellbeing programs through further training, awareness initiatives and ongoing access to services that support employees' physical, mental and emotional wellbeing. Pleasingly, these efforts were recognised externally with Monodelphus receiving the 2025 ARIA Mental Health Wellbeing Award for our Wellbeing Supporter Programme, while both Monodelphus and Elevro were recognised as finalists across a number of Workplace Health, Safety and Innovation Awards. Moving now to Diversity and Inclusion, Community and Environment on slide 7. We remain focused on creating a positive legacy in the regions where we operate through our commitment to diversity and inclusion, community investment and our long-term environmental objectives. During the year, we launched our new Stretch Reconciliation Action Plan, 2026-2029, building on the success of our previous plan where we exceeded all commitments. The new plan sets our clear priorities to strengthen cultural understanding, expand development and career pathways, deepen engagement and retention initiatives and further enhance collaboration with Indigenous business partners. We continue to support meaningful employment and development opportunities for Aboriginal and Torres Strait Islander peoples through apprenticeships, and our Indigenous Pathways Program with Rio Tinto, which was extended for a further five years. We also significantly increased our engagement with Indigenous suppliers, spending approximately $40 million, up 42% on the previous period. Support the attraction, development and recognition of women in our industry, while also supporting broader STEM education, leadership, development and gender equity initiatives across the resources sector. To help strengthen the communities where our people live and work, we expanded our community grant program from three to eight regions and contributed to around 130 community organisations across 19 locations. From an environmental perspective, we advanced initiatives associated with our net zero by 2050 goal. This included installing solar to more of our operational facilities, expanding our low emissions fleet, including large hybrid cranes and electric forklifts, and introducing battery energy storage solutions to support future development across our operations deployment. We also embedded our greenhouse gas reporting solution, prepared our first sustainability report under the new mandatory climate disclosure standard, and progressed the development of scope for emissions methodology and data collation in preparation for reporting in FY27. Turning now to our engineering construction divisional highlights on slide 8. The division delivered revenue of $1.37 billion, up 48% on the prior period. Demand for construction services was strong across the iron ore and energy sectors. with a greater revenue contribution from projects with integrated services. Pleasingly, the Division secured more than $1.6 billion in new contracts since 1 July 2025, including several major multi-disciplinary projects. Across the Pilbara, we successfully delivered several packages of work for BHP, including the Big Car Dumper 3 renewal project and All Body 32. We also commenced work on another car dumper project at Finnegan Island and at Jimble Bar's Crane Loadout Replacement Project which showcases the breadth of our capabilities with involved Melcor and Interforge. We expanded our relationship with Rio Tinto securing a major contract at the Brockman Sincline 1 iron ore developer. The project incorporates a broad range of services including fabrication, supply, Detailed Concrete Networks, Structural, Mechanical, Piping and Electrical Instrumentation Works highlighting our ability to deliver integrated service solutions at scale. Shutdown services were delivered at Rio Tinto's Western Range project along with electrical and instrumentation services at the Parker Point Stockyard Sustaining Project. We also commenced providing mobile crane and lifting services under a new five-year panel agreement with Rio Tinto. In energy, we maintained strong levels of activity across several significant projects. Modification works continued at Woodside's Pluto LNG Train 1 facility near Karratha, while we completed critical electrical infrastructure works associated with Chevron Australia's JANCE IO compression project. We also continue to support FortisQ's decarbonisation ambitions through the award of several BESS and wind energy projects across Western Australia. As previously mentioned, we were awarded a significant contract with CES Energy for the Brigalow Peaking Power Plant in Queensland and completed works on the Fitzroy to Gladstone Pipeline project. Finally, Zimbiron experienced high levels of activity progressing works on Energy Australia's Maureen Bess and CES Energy's Lotus Creek Wind Farm. Our recently acquired high voltage electrical business, APIP, will also participate at Lotus Creek through the installation of overhead transmission infrastructure. Looking now at our Maintenance and Industrial Services Division on slide 9. The division reported its fifth consecutive record year of revenue, reaching $1.61 billion, an increase of 20% from a prior year. Demand was particularly strong across the energy and iron ore sectors, and the division secured around $1.1 billion in new contracts and extensions since the beginning of the financial year. In energy, significant demand continued from key customers including Impax, Woodside and Shell. High activity levels were experienced across INPEX's ICFEAS onshore and offshore LNG facilities. Maintenance, turnaround and brownfields project services continued at Woodside's onshore and offshore assets, including hookup and conditioning workscopes associated with the Scarborough development. We continued to support Shell with maintenance services at Prelude FLNG. and provided multidisciplinary hook-up and commissioning services for its crux platform. We also secured a multi-year services contract with Santos in Queensland and expanded our customer base, securing a new four-year maintenance contract on the BW Offshore FBSA facility, Opal. In iron ore, strong demand for maintenance and sustaining capital work continued across the Pilbara. We delivered significant volumes of maintenance, shutdown and project work for Rio Tinto, BHP and Fortescue, and secured a number of important multi-year contract awards and extensions during the year. Beyond Australia, we continued to grow our presence in Papua New Guinea, securing further work with Santos, as well as new customer Harmony Gold for construction services at the Hidden Valley Gold Mine in the Murubi Province. We also continue to deliver projects and maintenance services across a diverse range of customers in the resources, energy, utility and rail sectors. We will now move on to slide 10 and I'll hand over to Phil who will provide you with more detail on our financial performance.

Thanks, this is Aaron and good morning everyone. FY26 has certainly been a fantastic year for us from a financial perspective. with revenue increasing 31.5% to a record $2.98 billion, as Sorry mentioned earlier, and net profit after tax up by more than 50%. Sorry, 50%. So we experienced strong operating conditions across all our key markets during the period, and the performance also reflects the record level of work secured in the prior year, as well as more than $2.7 billion in new contracts and extensions that have been awarded since 1 July 2025. The combination of strong operational performance and economies of scale earnings, with EBITDA increasing about 43% to $226 million, and earnings per share up around 50% to 127.6 cents. And the board declared a final dividend of 59 cents per share, which brings the full year 40 franc dividend to 108 cents, a 50% increase on last year, and gives a dividend payout ratio of 85%. We ended the year with a cash balance of $293.6 million, which is boosted by a number of material advances associated with the award of several large construction contracts. Cash flow from operations for the period was $245.1 million, delivering an impressive cash flow conversion rate of 147.4%. And our strong balance sheet will continue to support the investment in future strategic as well as shareholder value. So I'll now hand you back to Lauren who will provide you with an overview of the outlook going forward.

Thanks Bill. Slide 11 shows relevant current and forecast Australian market conditions for our business. Pleasingly, the sectors in which we operate continue to provide a positive outlook for capital investment and operating expenditure over the next few years. Turning to slide 12, energy transition. Australia is progressing through a significant energy transition in the move towards lower emissions energy sources. At the same time, energy demand continues to grow, driven by factors such as electrification, artificial intelligence and the rapid expansion of data centres. Together, these trends are expected to drive substantial investment across the energy sector for many years to come. Monad Office is well positioned to play an important role in this transition, by leveraging our core capabilities, integrating the strengths of our recent acquisitions and continuing to develop new services across the five sectors highlighted on the left of this slide. Our acquisitions of HENSE and APIP have further strengthened our capability and market position in transmission and distribution, enhancing our ability to support customers as investment in energy infrastructure accelerates. Importantly, we believe we are still in the early stages of what is expected to be a substantial long-term pipeline of opportunities across energy transition. Moving now to the outlook on slide 13. The long-term outlook for the resources and energy sectors remains strong. While geopolitical and trade-related uncertainties may have moderated, they continue to influence some investment decisions. Production levels for most commodities are forecast to grow, supporting the continued demand for sustaining capital works and MACE services. The iron ore sector is expected to continue investing in both new projects and existing operations to maintain production rates, with a high focus on productivity and cost competitiveness. The outlook for energy transition metals continues to strengthen, supported by improving battery metal prices and advancing major investment decisions. Over the medium to long term, growth in the mining and mineral processing, particularly for copper, other base metals and critical minerals, is expected to accelerate in response to increasing global demand, driving significant investment across the sector. The energy sector continues to present substantial opportunities supported by multiple gas construction projects and sustained demand for maintenance services. Honour the Office remains well positioned to support customers across the full asset lifecycle, including late-life operations and decommissioning activities. Increasing energy demand, together with the rapid expansion of data centres, decarbonisation initiatives and grid stability requirements, is driving long-term investment in energy generation, storage and transmission infrastructure. As noted on the earlier slide, Our modded office is well positioned to capitalise on energy transition opportunities by leveraging our broad services capability and expanded high-voltage services offering. While Zimbiron is well placed to secure further wind farm and best projects. Investment in gas generation to support base load and peaking power requirements is also forecast to grow, presenting further opportunities for our integrated capabilities. Our committed pipeline remains strong with more than $680 million in new contracts secured since the beginning of the new financial year. Following a period of significant expansion during which revenue increased approximately 50% over the past two years, FY27 is expected to focus on consolidating the business and positioning for future growth. We are well positioned to capitalise on our broadening revenue base, robust pipeline of opportunities and positive output across all key markets. We remain committed to delivering quality earnings through a considered and selective approach to new work, strong and collaborative customer relationships, high standards of execution and prudent risk management. Supported by a strong balance sheet, we will continue to leverage our enhanced delivery capability, including recent acquisitions, while maintaining the flexibility to pursue strategic opportunities that support long-term sustainable growth. In closing, I thank the entire Monad office team for their dedication and commitment, which are fundamental to our continued success. I also extend my gratitude to our customers, shareholders and the many other stakeholders for their ongoing trust and support. Thank you. I'll now hand over to the operator for any questions.

Thank you. As a reminder, to ask a question, please press star 1 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 1 again. Please stand by as we compile the Q&A roster. First question comes from the lines of Nicholas Deich from RBC.

Oh, thank you. Thanks, Lauren, and thank you, Phil. First one for me is just the contract one and the proportion that engineering construction contributes to the proportion of the total looks quite well relative to prior years, I think 1.6, Phil. in the 12 months is gone and then I'm just trying to reconcile that against the guidance or the outlook commentary of consolidation into FY27. Should we interpret consolidation as flat per the conference call six months ago and how should we think about that relative to that mix of work that's been won over the last 12 months, please?

I didn't necessarily pick up all of your question, Nick, but I think it's consistent with the narrative we provided to Hartley. Our expectation in terms of serving revenue next year will be flattish with potentially some modest growth, recognising very early on in the period. Engineering construction has secured a lot of work over the 12-month period, but also recognising the runoff of that work is not necessarily all in FY27.

Is that answering your question? Yeah, it does. The inference being just that last comment, Nolan 27, the inference being 28. Is that what you're getting at there?

Yes.

Okay, thank you. And then I think stepping back slightly more broadly, just interested in any key projects on the horizon. I mean, if yours, Nolan's project is one that's clearly very interesting and quite significant, I think it has FID. just curious on any other projects that the business is focused on that are presenting as meaningful opportunities over the next 6 to 12 months from a procurement perspective please?

I think the pipeline of opportunities is pretty significant across the board Nick and it's probably strengthened over the last 12 to 18 months. You spoke about Arifura's Nolans project. Silver Minerals P3000 project is in the market now. There are a number of opportunities that will come from BHP's copper precinct, including an upgrade at Olympic Dam. Hemi Gold project for Northern Star. Impacts have a large acid gas recovery unit project and they're still talking about the centre for train 3 on the turn of the decade and there's a lot of brownfields sustaining capital opportunities for iron oil customers particularly at the ports where those facilities are ageing, so balance machines from stackers and reclaimers to shiploaders to car dumpers and further de-bottle-necking work, as well as a couple of mine developments. So in terms of across the broad sweep of commodity markets, certainly the outlook or the pipeline over the next two to three years looks very strong.

Fantastic. Thanks, Lauren.

Thank you. Just a moment for our next question, please. Next, we have Jacob Kakanis from Jardin Australia. Please go ahead.

Hi, Lauren. Hi, Phil. Just to pick up from Nicholas's question, just on the mix, obviously more ANC. In a transition year, as you guys have called it, is it right to expect that EBITDA margins hold the current levels? I know you're not going to really be drawn here, but is there any chance that there's any incremental accretion into FY27, just given the mix of work?

Is there any chance? Yes, there is some chance. I'd like to think that we can at least hold margins. We've seen a significant step up over the last two or three years for a number of reasons, also recognising strong execution or operational performance. I think if we can maintain that going forward, then we can at least hold margins.

Yeah, that's helpful, Zoran, especially this early in the year. Thanks for that commentary. Just one for Phil. We've had CapEx bouncing around for a few years. I mean, we're not as high in FY26 as we were in FY24, but how do we think about that in 27, 28 if we are going through these kind of transition dynamics? Could you just give us a steer there, please?

Yeah, I mean, if you look at sort of the longer-term sort of five-year running rate for the investment in CapEx, it averages around that. of revenue number per annum, which coincidentally it actually was this year. I would expect that would continue. I mean, if you go back to 2024, you know, we did see certainly a lot of opportunity in the market and we took the opportunity back then to invest in equipment. It'll go, you know, we expanded the... the size of the fleet back then as well, but there's also an element of renewal or regeneration that's required. So I would think about it as just a two percent of revenue average continuing.

Thanks for that, guys.

Thank you. Just a moment for our next question, please. Next, we have Nicholas Rawlinson from Morgans.

Hi Zoran and Phil, thanks for taking my questions. Just on the maintenance one-offs in FY26, can you run through those projects and their timing for completion? I guess just came to understand if any have flowed into FY27 please?

It is a flow. There is a bit of flow but in the commentary we worked hard to ensure that there was recognition of the fact that we had an abnormal level of turnaround activity in FY26 in addition to some large brownfields project style work as well as two book up and commissioning contracts with the key customers. So the messaging was really trying to highlight and emphasise that FY26 was a little abnormal. If you look at the second half revenue for maintenance, I think it was just over $750 million, so it had come off from the first half. So my view would be if you took the second half and you doubled it, somewhere around there is the likely outcome for maintenance. which would suggest that there is a scenario where we see revenue in maintenance going back slightly in FY27.

That's helpful. Thanks, Lauren.

It was a massive year in maintenance and I made the comment fifth consecutive year of record revenues and to grow that business 20% in a 12-month period is certainly not typical or normal.

Yeah, understood. Just would you be able to give us a comment or sort of give us an indication on the level of shutdown activity in FY27 please?

Well I can say it's more normal. Less than what we've seen in the last 12 months. Not necessarily materially less but based on the shutdown program I've seen, there are less turnarounds next year. Not next year, FY27 and 26.

Okay, that's it from me. Thanks, Kaz.

Thank you. Next, we have Amanda Kelly from Baron Joey Capital Partners.

Hey, morning, guys. Just a quick one from me. I'm just wondering how we should be thinking about your corporate cost line just as revenue normalises into FY27?

We've seen a... ..absolutely, certainly a big increase this year. I would expect something probably closer to around sort of CPI for next year. I remember the business group this year and 50% over the two years. So we've worked hard to make sure that we have the right level of tension and stress between any growth in corporate overheads. But I think, you know, for a bit of this about five now, it seems about right, plus a bit of a CPI increase.

Cool, thank you. I'm sorry.

I was just going to make the comment that, you know, the margin performance, we talked about execution, strong execution, but we also talked about economies of scale. So to Phil's point, of course the costs have come up. We would expect them to sit at a similar level now.

Thanks. And also just wondering, I think I saw that JV revenue picked up a bit. I'm just wondering what the drivers were there, if you can point to some of the ventures that you had.

JV Revenue is more a function of our ZMiron joint venture and the level of activity in that business, which we recognised in the director's report. Through the narrative, it says that very high levels of activity, in fact, peak levels of activity in that part of the business.

Thank you. Thank you. Just a moment for our next question, please. Next, we have Ben Wedd from Macquarie.

Hi, Azoran and Phil. Thanks for the presentation, taking the question. Maybe just picking up on Jacob's earlier question there around sort of the margin piece. I see you've removed labour from the outlook statements as being a headwind. So maybe could you talk more broadly about, put some takes within that margin consideration? What are some of the headwinds? What are some of the power winds that you might be seeing as 27? Thank you.

We've talked about the step-up in margin over the last a couple of years. Now, to hold margins for the other years, we've got to continue to execute really well because what we have seen over the last two years is consistent performance across the portfolios of work, both in engineering, construction and maintenance. So that's fundamental to maintaining margins. You're right, we didn't make a specific reference to the labour market and I think over the last 12, 18 months, We've seen a slight moderation in the labour market, so there are particular classifications of trades and white collar roles that remain tight, but there's been a slight moderation more broadly. My view will be going forward, if I look at the pipeline of opportunities, it appears to be more significant than it has been over the last couple of years. If that plays out, then I think we'll see further and we'll go back to a very tight labour market just said.

Yeah, got it. Thanks, Zoran. That's really helpful. And maybe to that point as well, your views around capacity of the business from this point. I mean, is any of the sort of, you know, expectation around consolidation into 27, is some of that sort of, you know, you don't want to take on too much work, don't want to grow too fast as part of it as well?

Well, I think that's part of it, and it's not just growing too fast. We've got to be confident that we can execute the work we win well. So I think the positive is there are a lot of opportunities in the market, and we're in a position where we can carefully consider those opportunities that we're pursuing more aggressively.

Yeah, got it.

But capacity thematic is something that we are thinking about. Yes.

Yeah. And maybe just one last one, if I can, for Phil there, just sort of on the tax rate, looked like it was down a bit in the second half. I suspect that's due to the share of interest, T&A and tax and JVs, but, yeah, sort of in 27 expectations there.

I would expect the underlying rate of the business to be to stay around that 30% mark like it always has been. Got it. Thank you both.

Thank you. Last question comes from the line of Cameron from Bank of America. Please go ahead.

Yeah, good afternoon, all, and thanks for the presentation. First one, just on gas generation projects, wind projects, I guess, as well. Global lead times, I believe, are a little bit of a constraint in terms of turbine delivery. I just want to check, are you confident that commercial structures you've got in place are sufficient to protect monodelphus from many of those potential delays? Essentially, what I can confirm is monodelphus isn't wearing any schedule or labour and efficiency risk where the delays are caused by OEM equipment arriving late. Thanks.

Yeah. Yeah, I think certainly when it comes to gas turbines in particular, there would be no risk under our contracts. We don't have the risk on our balance of plant contracts for wind turbines. If you look at our gas projects, they would be free issued by clients, the turbines themselves from an OEM.

So we wouldn't carry the risk. Sure, okay, that's super clear. And then just the second one, I guess, just construction revenues now, 1.4 billion, nearly 50% year-on-year. I guess just as that business has become a larger part of the group, how are you thinking about the appropriate ceiling on individual project size and aggregate fixed price exposure? I guess just giving you on a higher base now, has your willingness to accept construction risk changed at all? Thanks.

I don't think your willingness to accept construction risk has changed. In fact, if you go back in time, if you go back 10 years ago, the business was predominantly a construction business. So I think there are, in terms of our core markets, there are plenty of opportunities going forward and we'll continue to take a considerate approach in terms of pursuit of opportunities. The comment I made earlier is there are a lot of opportunities, so we're in a position where we can understanding there are capacity constraints, we can consider carefully the opportunities we're going to target. Yeah, and the conditions of contract that go with that.

Sure. Thanks very much. Appreciate it, Carla.

Thank you. That concludes our Q&A session. I will now hand back to Christy.

Thank you, everyone, for your participation today. That now concludes our briefing.

Thank you. That concludes today's conference call. Thank you for participating. You may now disconnect.