Perenti Limited

Thank you for standing by. For operator assistance throughout the call, please press star zero, and finally, I would like to advise all participants that this call is being recorded. I'd now like to welcome Vanessa Torres, Managing Director and Chief Executive Officer, to begin the presentation. Vanessa, over to you.

Good morning, everyone, and thank you for joining the Perenti FY26 results call. My name is Vanessa Torres. and presenting with me today is Mike Ellis, our CFO. Today, we will outline our full-year performance, the outlook for our business, and how we plan to maximize returns for our shareholders. As this is my first reporting period as CEO for Purenci, I am very pleased to be announcing another year that Purenci has delivered to our guidance, marking our fifth consecutive year. For those who are new to the Perentia story, we illustrate on slide 3 our diversified portfolio of businesses spanning across the mining life cycle. Our businesses offer a broad suite of services spreading across 12 different countries. We have world-leading expertise in underground mining and drilling. 66% of our revenue in FY26 was generated from underground operations, and this was mostly from gold and copper projects. We operate 20 mines around the world, and collectively we employ around 10,000 people to service more than 160 different clients. We aim to be the safest and most productive in industry, which unlocks enduring value and certainty for our people, our clients, our communities, and ultimately delivers sustainable returns for our shareholders. As announced on Friday, we have agreed to sell the BTP Group for 100 million Australian dollars. The accounting standards require DTP to be reported in our annual report as a discontinued operation in our financial results. In order to allow comparison between FY26 and FY25 in a like-for-like manner, the results presented here represent the division as it was on 30 of June, 2026. which is inclusive of the BTP group. Mike will step through a reconciliation to statutory numbers later. Before I get into the financial performance, I want to highlight our focus on safety. As Perenti, we are committed to ensure that everyone comes home safe and well. This mindset shapes how we operate our business and the decisions we make. In FY26, we continue to strengthen our safety system in four key areas. Our critical risk management systems have strengthened the identification of hazards. Safety leadership training is building our safety culture across all of our workforces. direct workforce engagement. It's also simplifying our systems, making them more accessible and practical for our workforce, and technology and engineering solutions are prioritized to reduce exposure to hazards where possible. We are proud to report zero fatalities in FY26, and improvements involve Total recordable injury frequency rate, which is down to 6.0, and significant potential incident frequency rate, down to 2.8. Whilst these results are encouraging, a safety culture requires continued focus and an enduring commitment from everyone in our organization. Turning to our FY26 financial results on slide 5. As guided to the market, FY26 has been a transitional year that sets up our company for future growth. A shift in revenue mix from Africa towards Australia and North America has been underway for some time, and the success of this strategy is now building momentum. EBITDA margin increased to 9.8%. delivering a record EBITDA result, even with revenue holding steady from FY25. At the same time, the balance sheet has continued to benefit from the strong free cash generation. Leverage at 0.4 times and gearing at 12.8% is the strongest position our balance sheet has ever been in. This provides significant capacity to pursue growth options that I will unpack later in this presentation. On an adjusted basis, free cash flow of 182 million exceeded our guidance, which was upgraded during our first half results. Underlying and Part A grew 8% compared to FY25. benefiting from the lower finance costs. The strength of these results has allowed our board to declare a final dividend of 4.5 cents per share, which lifts the total dividend for FY26 to 7.75 cents per share. Underlying EPS increased to 20.5 cents per share, compared to 19.1 in FY25, a 7% improvement year on year. On slide six, we show our performance against guidance for the past five years. This is the fifth consecutive year that guidance has been met, which has also occurred in parallel with the portfolio transition shifting the concentration of revenue in West Africa towards Australia and North America. The consistent free cash generation has enabled the balance sheet to be fundamentally transformed and now provides the group with significant funding capacity to pursue growth options aimed to maximize shareholder return. Operationally, FY26 included several important highlights. In Australia, we won the Bellevue contract, worth approximately $850 million, which is the largest Australian contract in the history of Bamenco. Our drilling businesses continue to build momentum with rising utilization, which is encouraging for FY27. In North America, development at Gold Rush has maintained a high operating standard that has been helpful to showcase the productivity advantages that Barminco's high-speed development can deliver for clients to maximize value. The award of the neighboring four-mile contract is an important step to build regional scale in the USA. And the recently announced addition of the four-mile project to the Nevada Goldmine JV between Newmont and Berwick enables us to unlock the benefits of working on these neighboring mines. I recently had the opportunity to visit our operations in Ghana, and I was pleased to see our underground mining operations continue to deliver strong results. The culture amongst our Ghanaian workforce is excellent, and the flow and impact on the communities is immense. As we will be shortly exiting surface mining in Ghana, the recent agreement to sell the EDIAPRIM fleet as part of this transition will allow the recycling of capital toward new high-performing opportunities elsewhere in the portfolio. The numbers at the base of this slide provide a glimpse of the size of our operations. Over 120 kilometers of development advance and more than 14 million tons of ore was delivered by contract mining in FY26. The total drilling interest in the lower right includes every train drilled by drilling services and also the contribution of the drillers who work as part of the contract mining operations. And to give context to the 13,000 kilometers of drilling, it is more than the diameter of planet Earth. So effectively, in a single year, our teams have drilled the equivalent distance from one side to the planet to the other. Turning to slide 8, Parenti delivered record EBIT-A of $340 million. up 2% on FY25 and a broader flat revenue of around 3.5 billion. The key feature of this result was the improvement in EBITDA margin, which increased to 9.8%, supported by improved operational performance from contract mining. As highlighted, during our first half results and consistent with prior years. Earnings were heavily weighted to the second half. This is typical of the nature of our business and we anticipate a similar first half and second half profile in FY27 as new projects ramp up. Looking ahead, the sale of the AMS fleet and the divestment of BTP are expected to recycle approximately 150 million towards higher return opportunities. Moving to contract mining, our largest division, which generated revenue of 2.4 billion and EBITDA of 291 million. As I mentioned previously, the pivot from Africa towards Australia and North America has shifted the revenue mix within this division. Our long-term contracts are advantageous for many reasons, but it does take time to shift the portfolio. This is evident in these results, but pleasingly, we are still delivering very strong margins. The EBITDA result from contract mining was a key driver of the groups EBIT-A results. This is not surprising when you consider that contract mining represents approximately 75% of underlying group EBIT-A before corporate costs. Recent project wins at Bellevue, Formile and Dalgaranga continue to move the portfolio mix towards a high-quality, long-life project in both Australia and North America. While the proportion of revenue from Africa is changing, our clients in Africa retain an important part of the portfolio. AUMS has recently commenced some early works at Sabodala in Senegal for Endeavour Mining, with a longer-term agreement under negotiation. I will discuss later our working hand and pipeline. But the outlook for underground operations is particularly bright in North America, where there's visibility of $6.4 billion of potential work. Turning to drilling services, the division has grown revenue to $843 million and set a new record EBITDA of $85 million. Drilling services now represents 22% of underlying EBITDA before corporate costs. Utilization across the fleet continues to trend upwards and positions the division for further earnings and margins growth, with mobilization costs and some few sensitive inputs expected to normalize in FY27. has delivered an outstanding year in Australia and continues to see strong opportunities emerging in North America, particularly across gold and copper projects. A recent highlight, subsequent to the end of the financial year, was the award of a five-year, $92 million contract for Oldsville for drilling and blasting services at Volt Minerals' King of the Hills mine. On slide 11, Mining and Technology Services delivered revenue of 190 million and EBIT-A of 11 million. As announced, an agreement to sell the BTP Group has been reached. So BTP has been reported as a discontinued operation in our financial results. The results presented in this slide represent the division as it was on 30 June 2026, inclusive of the BTP Group. The proposed sale of BTP is a pivotal move that will transform this division, leaving Supply Direct, Logistics Direct and IDOA focused on lower capital intensive services. This year, Supply Direct and Logistics Direct performed in line with expectations, and both have opportunities to grow in FY27. Adobe product development costs reduced in FY26 and reduced again in FY27. And moving forward, they will be included in the underlying results. As announced, the divestment of BTP will unlock $100 million that will be recycled into higher return investments. In addition, the sale of the Ideaprint fleet that is part of the conclusion of the contract as announced in 20 of July to 2026 is expected to generate a further 30 to 40 million. There's also some further ANS idle surface fleet that is currently in Ghana and expected to be sold in FY27, realizing an additional 10 to 15 million. In total, these initiatives are expected to return between 140 million and 155 million to the group, funding near-term opportunities that meet our investment criteria and support EPS growth. It is important to note the timing associated with these sales. The first range of the BTP sale, 80 million, is due to arrive towards the end of October 2026, with the final 20 million due 12 months later. The 30 to 40 million sale of the Ideaprint fleet is due to arrive at contract conclusion in December 2020. The final 10 to 15 million for the remainder of the idle AMS fleet in Ghana will be collected as and when the fleet is sold, and several buyers have expressed interest already. I will now pass on to Mike, who will take you through the financials.

Thank you, Vanessa, and good morning to everyone on the call today. I'll now walk you through the underlying profit and loss on slide 13. Revenue in FY26 was $3.46 billion, broadly flat year on year. A solid result given the changes in the portfolio. The completion of various projects impacted our revenue growth in FY26 with the Botswana and Underground project finishing at the end of FY25 accounting for circa $250 million of revenue. This was offset by increased drilling services revenue on rising utilisation and several contract wins in contract mining. further highlighting the benefits of scale. Our revenue and earnings quality has continued to improve in FY26 with now over 62% of our revenue derived from Australia and North America. This further diversification into Tier 1 jurisdictions highlights the execution of our strategy. With the transitioning portfolio mix, our depreciation expense decreased by $23 million in FY26 to 9% of revenue. This was a result of the higher depreciation last year for some large projects such as the Botswana and Underground project and two African surface projects, Mako and Sambrado. All three of these projects had large fleets and have now been completed. Record EBIT A of $340 million, an increase of 2%, meeting our guidance for the fifth consecutive year. EBIT A margin improved to 9.8%, an outstanding result and underpinned by a strong contribution from contract mining Steady margin performance from both drilling services and mining and technology services and an ongoing focus on corporate overheads. Interest expense reduced by 23% to $54 million benefiting from the significant reduction in gross debt over recent years and reduced leverage. Our effective underlying tax rate was 32.8% in FY26. It is worthwhile noting that we do expect this to increase slightly into FY27. to circa 34% as we repatriate cash from the AMS asset sales. Underlying NPAT A increased 8% to $192 million and underlying earnings per share increased 7% to 20.5 cents per share. Our reported statutory NPAT significantly reduced in FY26 as a result of non-underlying adjustments of $148 million included in the statutory results. Accordingly this has had a corresponding impact to our reported statutory earnings per share for the year. I'll provide further detail of these adjustments on the next slide. Slide 14, the statutory to underlying reconciliation which has more substantive adjustments than in FY25. Working backwards from our statutory results at the top, the amortisation of customer related intangibles has reduced further to $28.2 million in FY26. This reduction was mainly due to several African contracts concluding during the year. To assist with anyone who needs to update their models, our CRI amortisation will further reduce to approximately $15 million in FY27. Net foreign exchange losses and other one-off costs were $8 million, predominantly due to unrealised FX losses, noting that last year we did have an FX gain of $12.4 million. Adobe product related costs reduced further to $7.6 million during the year. As a part of our year end impairment procedures, we incurred non-cash asset impairments totaling $54.3 million in FY26. To break this down further, firstly a $25.1 million impairment on idle AMS surface fleet due to localisation changes in West Africa impacting surface mining contractors. Accordingly, this changed our valuation methodology for these assets. and resulted in an impairment. As Vanessa mentioned, we plan to liberate a minimum of $10-15 million of cash in FY27 in relation to these idle assets that are currently not deriving any returns. It is important to note that this is separate to the $30-40 million of surface equipment scheduled for sale that is currently operating at the Idiprim contract. So realising redeploying this capital to higher returning projects will be beneficial for our shareholders. Secondly, we incurred a $29.2 million impairment on Adobe-related goodwill and intangibles. In FY27, Adobe will see a further reduction in development expenditure and an increased focus on internal project application within Parenti. This accordingly changed the assumptions and the recoverable value of Adobe at year-end. Going forward, Adobe will be included in our underlying results and is included in our FY27 guidance. Discontinued operations relates to the BTP divestment as announced on Friday last week. The full year BTP revenue, EBITDA, EBIT contribution is included in the underlying result for FY26 that shifted to discontinued operations in line with the accounting standards. The transaction is scheduled to return $100 million and as a result books a non-cash loss on the revaluation of the BTP group of $64.4 million. For clarity, the EBIT A result shown in the reconciliation table is after corporate overheads charged to the business for support services. Finally, after the net tax effect of $14.4 million results in an underlying MPAD A of $192.1 million. Turning to the cash flow, at the half year result we listed our free cash flow guidance to greater than $170 million. After adjusting for two client receipts totalling $50.9 million, receipts on the 1st and 2nd of July, we delivered a free cash flow of $181.6 million up on the FY26 guidance. Operating cash conversion was 97% after adjusting for the same two late receipts and our seventh year above 95% cash conversion. Net interest paid reduced to $52.8 million following the early and final repayment of the 2025 senior unsecured notes in July 25. Cash tax was steady year on year and we do expect that to increase into FY27 with the increased effective tax rate. Net capital expenditure was $321 million, slightly under our guidance of approximately $325 million. Dividends paid to shareholders have increased for the third consecutive year to $70.4 million and $13.1 million was utilised by the on-market share buyback. Slide 16 shows the further strengthening of the balance sheet that occurred during FY26. Consistent real free cash flow generation over the past four years has transformed our balance sheet position to the strongest in Perenti history. With the BTP group being classified as held for sale, you will notice some changes on the face of the balance sheet with a held for sale asset and corresponding liability. This reclassification also has impacted the year on year comparatives for inventory and PPE on a like for like basis. Gross debt is reduced to $594 million and net debt reduced to $271 million. This has brought leverage to 0.4 times which now puts us under the previously advised targeted range of 0.5 times to 1 times. While this is below our targeted range we will continue to be very disciplined in deploying this capacity. Liquidity increased to $911 million comprising of $323 million of cash and $589 million of undrawn syndicated facilities. In October 25, the new $650 million syndicated debt facility was completed on better terms and rates. The book was well oversubscribed and attracted several new domestic and international lenders to the syndicate. With several organic or inorganic growth opportunities ahead, the balance sheet provides substantial capacity for us to move quickly when the right opportunity presents. This will also be further bolstered upon the receipt of the first tranche of the BTP proceeds on completion of $80 million expected to be received around October 26. Turning to slide 17, highlighting our disciplined approach to capital allocation and free cash flow generation. Over the past several years, revenue in EBITDA have grown materially. Strong free cash flow has funded growth projects, allowed repayment of gross debt, dividends to be resumed and increased and 80 million shares have been bought back on the market and cancelled. We believe this balanced approach to capital allocation allows flexibility to capture opportunities and drive sustainable returns to shareholders. We continually assess the relative returns available from growth, dividends, buybacks and debt reduction. Thank you. I'll now hand back to Vanessa.

Thank you, Mike. Slide 18 illustrates how our strategy is contributing to reach our long-term financial targets. We have several strategic levers. that have been used to drive performance and deliver long-term value. As Mike mentioned, our balance sheet has never been stronger in the history of Perenti. This position of strength gives us significant optionality. The earnings quality and stronger margins give us confidence that the business can continue to deliver consistent returns. In turn, The optionality provided by the balance sheet and the stability of the underlying business provides a platform to confidently pursue organic opportunities, particularly in Australia and North America. The decision regarding ETP demonstrates our active approach to inorganic opportunities and portfolio quality. we continue to assess acquisitions to add scale and capability to our group. And finally, we continue to prioritize delivery of free cash flow from operations because we appreciate the flexibility that this provides across the portfolio. Over time, we continue to target revenue growth of 5% to 10%. EPS growth above revenue growth, with each project generating returns on invested capital above our risk-weighted cost of capital. Additionally, we target return on equity above 10% and free cash flow above 5% of the revenue. Whilst free cash flow generated by operations provides us the optionality to invest, We aim to strategically allocate this cash in a way that we optimize our long-term DSR for shareholders. In this way, we start with our dividend policy that has a range of underlying 30 to 40% of NPA. We then assess between growth options, share buybacks, and debt reduction. depending on the availability of options and the best return for shareholders. A quality growth opportunity, either organic or inorganic, will usually outrank buybacks or further debt reduction. But the timing of when to invest in growth opportunities is important. Over time, counter-cyclical capital allocation maximizes TSR and In this context, a strong balance sheet is key to enable transformational growth. Additionally, strategically timed buybacks are also attractive on an EPS basis and an important way to reward our long-term shareholders. Turning to the outlook to give some color on the opportunity ahead. Working hand at 30 June 2026 was $6.2 billion. And the tender pipeline has grown to $20 billion. Our working hand number has been pushed up slightly during the second half, following wins at Bellevue, Ducaton and Formal, together with smaller contract wins and extensions across all divisions. The pipeline remains incredibly strong across all regions, with Australia representing $8.6 billion and North America $6.4 billion. Gold remains the largest commodity exposure, whilst, importantly, a copper pipeline has almost doubled in value, from $3.5 billion at the beginning of 2026 to $6.6 billion. A number of near-term extensions provide further opportunity to increase contracted work for FY27 and beyond. Slide 21 highlights the strength and longevity of our client relationships. Our clients are extremely important to our business, and our many long-term relationships are one of our best indicators of our performance. This line shows the current longest project for several clients. And importantly, our relationships with these clients often extend across multiple projects and are generally aligned with the life of the mine rather than a single contract term. For more than a decade, the renewal rate for long-term contracts has exceeded 90%. And when deciding which opportunities to pursue, we prioritize projects with long mine lives, lower unit costs, aligned values, and financially stable owners. This has led to us working with many of the world's limited mining companies, including Newmont, Anglo-Gold Ashanti, Barrick, and Goldfields. as well as with the most significant and high-quality Australian mines. Turning to FY27 guidance, we expect revenue of 3.45 billion to 3.65 billion and EBIT-A of 335 million to 355 million. This guidance takes into account the sale of the BTP business as announced. Net capital expenditure is expected to be approximately 370 million, which includes the previously announced requirements in FY27 for Belleville and Four Mile, and an allowance for growth capital, net of the proceeds from the AMS fleet sales. Earnings are expected to remain weighted to the second half, consistent with prior years and the characteristics of our business. The portfolio management related to BTP and AMS is expected to unlock approximately 150 million over the next 12 months. As outlined earlier, this capital will be allocated strategically to improve total shareholder returns. Several near-term options for capital exist, within the $20 billion pipeline. A number of projects our team is already working on are scheduled to ramp up in FY27, making successful execution of these projects a key driver for FY27. Our drilling team client engagements and internal data indicate that drilling utilization is gaining momentum, which bodes well for further growth in FY27 and beyond. Finally, our strategic and disciplined approach to capital allocation will continue, balancing growing dividends, EPS-accretive organic and inorganic growth opportunities, and the buyback to drive total shareholder returns. And in summary, FY26 was another year of consistent delivery, with record EBITDA strong margins, stronger cash generation, and a further reduction in leverage. In this context, we are also rewarding our shareholders with record dividends since inception of Prenti. The portfolio is increasingly weighted towards high-quality opportunities in Australia and North America, while our long-standing African operations continue to deliver strong results. with a strong pipeline, a healthy balance sheet, combined with strategic and disciplined capital allocation. Grant is well positioned to deliver enduring value and certainty for our people, clients, communities, and shareholders. Thank you for your time. Mike and I will now take your questions.

Thank you, Vanessa. And as mentioned, we will now begin the Q&A session. For those listening by phone and would like to ask a question, please press star followed by 1 on your telephone keypad to raise your hand and join the queue. And to withdraw your question, simply press star 1 again. When called upon, please use your handset, ensure your line is unmuted and be ready to ask your question. Again, that is star 1 to join the queue. And your first question comes from the line of John Campbell at Jefferies. Please go ahead.

Hi guys, thanks for this. Firstly, just a couple of questions. Firstly, in terms of contract mining, which you'll pivot out of Africa, West Africa, into North America and Australia, what are you expecting in terms of margins, CBA margins from 26 to 27 within your guidance for contract mining? Are you expecting a decline in margins?

Thank you. So what we see today, and I think you've seen already that the contract mining overall margins actually increased. So what we are doing is that with a very strong pipeline, we are definitely being focused on capturing finishes between projects and also ensuring that we are choosing well the opportunities So as we go and get more and more in Australia and North America, we might see a slight decrease of margins, but I wouldn't expect that to affect anything materially. And at the end of the day, we will have revenue growth, especially from the second half of this financial year, growing into 2018. But the focus that we have today, for instance, is to ensure that we're capturing a lot of synergies between projects. So, for instance, Gold Rush and 4 Mile, the two projects are now being done by the same entity, which is Nevada Gold Lines, who definitely help us to keep our margins as high as we can.

John, I'll add there is we still remain very committed to Africa. We've been saying that for a while for the RIOT projects, so I just want to be clear on that as well.

Not getting out of Africa, but we're getting into America.

Yeah, I understand that. And just since you raised it, obviously there's that nationalisation movement afoot in Africa, or at least in West Africa, and it's impacted surface mining, do you see any risks at all for underground mining?

I recently actually went to Ghana to see operations there. Underground mining is very different than surface mining. Surface mining today, I think there is a lot of players there. There is a lot of incentives from, for instance, equipment suppliers. I think that some of that speaks for itself. But underground mining in terms of What we really bring is the productivity and the techniques. And those are very difficult to localize. Of course, there's a pressure to work in giant ventures. But so far, managing those giant ventures haven't... reduce our margins overall. So I'll say with Underground Wine, I'm still very, very confident we have some very good opportunities ahead. But also, I think we have a lot of standing in Africa. So we do have a lot of work with the communities, a lot of work with government. So we're well positioned there to continue.

Thanks, Vanessa. Look, last question. You pointed towards drill rig utilisation going up in 26 and looking good for 27. Are there any numbers you can put on that, roughly how much of the fleet is utilised, that sort of thing?

Yeah, thanks, John. Average utilisation across the five brands in FY26 was approximately 70%. our expectation into FY27 is that we'll get into the mid-70s. And there's obviously different utilisation within the five brands, but, I mean, that's the benefit of scale and having sort of a market-leading billing division like we do. So we are seeing some pretty good, you know, utilisation looking pretty good in July as well. So all things are looking okay at this point in time.

Great. Thanks, Mark. Thanks for that. Thanks.

And your next question comes from the line of Mitch Sonegan of Macquarie. Your line is open.

Yeah, good morning, Vanessa and Mark. Thanks for taking the questions. Just a really quick one, then, following on from the drilling question. Can you maybe just talk to some of those headwinds that you saw in the second half? And obviously, Mark, you just talked to utilisation gain towards mid-70s. But, yeah, from a margin perspective, like, actually, what are you thinking about that segment with what you can see at the moment? Thank you.

Thanks Gitch. In relation to the margin, so we delivered 10% in FY26. We did have a lot of mobilisations in the second half of FY26 which did create a drag on the margin. Secondly, we did see some cost increases off the back of the Middle East situation. So as we look forward, our expectation is that the that the cost pressure will stabilise and slightly improve and we are expecting a slight EBITDA margin increase into FY27 in drilling with increased revenue as well. Just to be clear, as I said to John just before, utilisation is expected across in aggregate

Okay, thank you. And just on the outlook, obviously you've mentioned the IDOBA product development costs will be now captured in the underlying, and I think that was at the EBIT line, $7.6 million in FY26. What's expected in terms of that being absorbed in underlying in FY27?

Thanks, Rick. With my dollar, we're really focusing on our going forward with a project that's already gone into business rather than spending too much in other projects and pipelines. So we expect to be less than $5 million, and I think there's a big focus into really making sure our dollar turns into profits.

Okay, great. Thanks, Vanessa. And the final one, Vanessa, just in terms of that pipeline, $20 billion. Can you maybe just talk to some of the bigger opportunities that are, I guess, due for award over the first half, FY27? And, yeah, just in terms of, I guess, a brief comment on the competitive landscape and our margins or bids being good at margins, pretty similar in line with current segment margins. Thank you.

Yeah, I think by looking at the pipeline, you know, in near term, we're doing some negotiations for our extension in Gita in Tanzania. We're working with Newmont on Red Grist, and also we expect to see some other players, other outside Greece, you know, opportunities coming to the market at as well. So the focus is ensuring we get all the renewals in line with a plus 90% renewal rate and capture projects, especially North America, starting to move from early stage into production like Red Chris.

Thank you.

And before we move on to the next question, a reminder, if you would like to join the queue to press star one. And your next question is from the line of Cameron Bell of Canaccord Genuity. Please go ahead.

Thanks. Morning, guys. Just having you to flesh out the, I guess, the guidance impact from BTP, like I saw these three million dollar EBIT down there, but you also mentioned that's after corporate overheads and presumably BTPs. still growing. So could you flesh out the, I guess, what kind of, you know, drag that is on the FY27 guidance and therefore we can make our own estimates on where the underlying business is going?

Thanks, Cam. Yeah, so you are right. In the note, the discontinued note shows the $3 million EBIT impact for BCP in FY26. However, that is after the divisional overheads and the corporate overheads as well. So, like for like, it's a little bit above $5 million impact in the FY27 guidance for BCP.

Okay, great. Thanks, guys.

Thanks, Cam.

And this concludes our Q&A session for today. I would like to turn the call back over to Vanessa for closing remarks.

Thank you. So in summary, FY26 was another year of constant delivery. We had record GBA, strong margins, strong cash generation, and we further reduced our leverage. So rewarding shareholders with record dividends, and in particular, looking for growth. With a strong pipeline, a very healthy balance sheet, We are really well positioned to deliver value for both our shareholders and in particular to our clients. So we aim to be the safest, the most productive in industry and that's something that we are delivering and we will continue to deliver in the years ahead. So thank you very much for listening to us today.

This concludes today's conference call. Thank you all for joining us. Enjoy the rest of your day. You may now disconnect.