Good morning everyone, and thank you for joining us. For those less familiar with Boom, we're Australia's only ASX-listed crane and lifting company, operating nationally across 17 locations.

Cranes and lifting remain at our core, but we're increasingly more than a crane business, combining our fleet with engineering, workforce solutions, and technology to meet the broader needs of our customers. FY26 was a strong year for the business, particularly across earnings, margin, cash generation, and how we're managing shareholder capital.

Let me get straight into the results. We're delighted to present the FY26 result.

There are a few numbers that particularly call out. Revenue increased 2.4% to $271 million.

Underlying EBITDA increased to $53.3 million, and underlying NPAT increased 37.6% to $12.8 million. Underlying EPS increased 48.2% to 32.9 cents, and free cash flow increased 83% to $18.3 million.

Importantly, margins improved, and we're generating better earnings and stronger cash from the business, while also strengthening the balance sheet. We're very pleased with that result, and it reflects the improvement we're seeing in the underlying business and how we're managing shareholder capital.

The next slide puts that FY26 result into a longer-term perspective. Stepping back from the FY26 result, the three-year progression is equally important.

Revenue has grown from $260 million to $271 million, EBITDA has increased from $46 million to $52 million, and EPS has more than doubled from 16 cents to 32.9 cents, with the on-market buyback also contributing to the FY26 EPS result. The important point is the relationship between those numbers.

We're growing the revenue base while seeing stronger growth in the earnings and returns coming from the business. That's being supported by better utilization, improved margins, the quality of the work we're taking on, and how we're allocating capital.

When I look at the three-year progression, I see a business producing more from its revenue base and generating better outcomes for our shareholders. That's the direction we're focused on continuing.

Onto the next slide, the portfolio has also evolved over the year. Resources remain at our core and represented 55% of FY26 revenue, supported increasingly by long-term operational and maintenance work.

Infrastructure has grown to 20% of revenue, with transmissions becoming an increasingly important part of our infrastructure business. In renewables, we've deliberately moved to a more selective model, primarily focused on crane and lifting scopes where the commercial terms, risks, and returns are right for Boom.

Industrials also remain an area where we see opportunities to build longer-term customer relationships. The change in mix reflects the deliberate choices about the work we want to do and the returns that we expect from it.

I'll now hand over to Pieter to take you through the financials.

Thanks, Lester, and good day to all of you on the call. You've heard the key highlights and the broader story of the year, let me get straight into these financial results.

Our revenue up 2% to $271 million, EBITDA increased 4% to $51.8 million, and EBIT increased 11% to $18.6 million. The statutory NPAT comparison needs some context.

FY25 included the recognition of a $14 million deferred tax asset, which materially increased statutory NPAT in that year. Also in 2026, we've separately identified $2.3 million of costs associated with the Clarke Creek incident, a net $800,000 recoupment relating to the misuse of company funds, and a $300,000 loss on asset sales.

Therefore, on an underlying basis, NPAT increased 38% to $12.8 million, and underlying EPS increased to 32.9 cents, compared with 22.2 cents in the previous period. The improvement reflects stronger margins, utilization, and cost discipline across the business.

Turning now to the cash flow on slide eight, please. Strong operating cash flow and improved cash conversion increased our capital management flexibility to invest in the fleet, manage the balance sheet, and deliver shareholder returns.

A strong opportunity pipeline and diversified revenue base provide a foundation for organic growth. The improvement in earnings translated into materially stronger cash generation during FY26.

Net operating cash flow increased 42% to $52.8 million, and free cash flow increased 83% to $18.3 million. Stronger cash generation gives us greater flexibility in how we allocate capital across the business: maintaining and investing in the fleet, managing debt, and returning capital to shareholders.

During FY26, we purchased 7 million of shares through the on-market buyback, and an unfranked dividend of 2 cents per share, totaling approximately $800,000, was paid during FY26. Furthermore, a 2.25 unfranked dividend has been declared, which will be paid in September, representing an uplift in the dividend paid compared to the previous year.

We continue to target returning 40% to 60% of prior year's NPAT to shareholders through dividends and/or on-market buybacks, while retaining flexibility to invest where appropriate returns are available. Turning now to our debt and funding position on slide nine.

Our balance sheet also strengthened during FY26. Cash increased to $24.7 million, while net debt reduced from $93 down to $85 million.

Closed the year with $77 million of undrawn facility capacity, and remain compliant with all financial covenants. Net gearing was approximately 40%, within our target range of 35% to 45%.

Combination of a stronger cash generation, available funding capacity, and our existing facilities gives Boom flexibility to fund the business while maintaining a disciplined approach to capital allocation. That flexibility is important as we balance the ongoing requirements of the fleet with selective growth investment where returns meet our hurdle rates.

Turning now to slide 16, I'll take you through the fleet and asset position before moving to our return on net assets. Boom finished FY26 with a fleet of approximately 295 lifting and ancillary assets and a value-weighted average fleet age of 5.9 years.

This is within our target range of five to seven years. Therefore, we now have a fit-for-purpose portfolio where we are well below the midpoint of our fleet lifespan of 15 years, and hence do not have to make investment decisions under pressure.

FY26 net capex was $16.7 million, comprising $21 million of gross capex less $4.6 million of asset disposals. Labor efficiency and asset utilization both remained around 86%.

Our sustaining investment will continue to focus on safety, productivity, technology, and customer requirements, with growth capital deployed selectively where returns meet our investment hurdles. Slide 11 shows that operating and capital discipline translate into our focus on improving returns.

Return on net assets is a key measure on how we're effectively using the capital investment in the business. RONA improved from 6% in '24 to 8% in '25, and now is at 9%, reflecting the progress we have made through improved utilization, stronger margins, and disciplined capital management.

Our aspiration is to deliver sustainable double-digit returns over the medium term. We see a number of levers to get there: improving our asset utilization, strengthening our margin discipline, redeploying assets to higher-return markets, rationalizing underperforming assets, and also improving working capital efficiency.

Importantly, growth investment will remain disciplined. We will deploy capital where customer demand is clear and where the expected returns meet our investment hurdles.

Ultimately, RONA brings together margin, utilization, and capital discipline. I'll now hand back to Lester to take you through the broader strategy behind these disciplines.

Thank you, Pieter. Let me now take you through how we're positioning the business going forward.

Long-term contracted work anchors this business, giving us greater earnings visibility and supporting utilization of our fleet and people. Around that base, we're selective about the growth opportunities we pursue, looking at the commercial terms, risk, and expected returns.

Returns over volume is central to how we're thinking about growth. We want profitable growth, supported by strong utilization and disciplined capital allocation.

Underpinning it all are our people and safety. How we grow the business matters just as much as where we grow it.

These are some good examples of the strategy in action across resources, infrastructure, renewables, and industrials. What I'd also call out is the technology behind the capability.

We're continuing to invest in modern equipment and technology that improves safety, productivity, and the solutions we provide our customers. That's increasingly important as our customers' requirements evolve, and is another way where we're extending our capability beyond providing cranes.

Let me now turn to FY27. Safety is at the heart of how we operate at Boom.

We never lose sight of the fact that behind every job are our people, their families, and the communities we work in. That brings a responsibility we take very seriously.

We're always learning and looking at how we can improve, and we continue to invest in our safety systems and the way we plan and execute work. TRIFR improved to 2.0 per million hours worked.

That's encouraging, but we're very conscious that safety can't be defined by a single measure. Our focus is on preventing serious harm and making sure our people go home safely.

Strategy is only as good as our ability to execute it, and it starts with our people. We have some of the best people in our industry, and we're continuing to invest in their development and leadership capability to make sure that we have the skills and capacity to support our customers as this business grows.

Our social license to operate is equally important, particularly given the regions and communities in which our works takes place. Our Reflect RAP was endorsed during the year, and the focus is now turning that commitment into meaningful Indigenous engagement, employment, and participation opportunities.

We're also preparing for our FY27 sustainability reporting requirements. For us, these aren't separate ESG initiatives; they're part of how we look after our people, build stronger relationships with our customers and communities, and maintain our license to operate over the longer term.

Looking ahead to FY27, we enter the year with a solid foundation. Our focus is on continuing to improve earnings quality, growing our base of long-term contracted work, protecting margins, and maintaining strong asset and labor utilization.

Resources remain the anchor, and we continue to see good opportunities across infrastructure, alongside selective participation in renewables and in industrials. We expect to invest more in our fleet in FY27, supporting customer demand and growth opportunities where the returns make sense.

We're also budgeting for continued EPS growth. Alongside that, we're targeting up to $7 million through the share buyback, subject to board approval.

We have the balance sheet and the cash generation to invest in the business while continuing to focus on the returns to shareholders. We're well positioned entering FY27 and focused on continuing on the progress that we've made so far.

To bring it all together, we believe there's a very good story here for our shareholders. We're improving earnings quality and cash generation while managing shareholder capital more effectively.

We have national scale, modern specialized fleet, strong customer relationships, and broader capability across engineering, workforce solutions, and technology. We're positioned across markets where we continue to see long-term demand and opportunities for profitable growth.

Ultimately, our focus is on translating that into continued EPS growth, sustainable returns on the capital we deploy, and long-term value for our shareholders. That brings me to the end, thank you for your time.

Pieter and I are now happy to take any questions.

Hi Lester, hi Lester, thanks for taking my call. The question for me is about the outlook for FY27.

I think the notable thing for the FY26 year was the very high growth in profit relative to sales. You've got 2% revenue growth, NPAT 38%, and then you've got EPS, which is 50% with the buybacks.

You've been doing a lot of work sort of beneath the surface around margins, utilization, cost discipline, capital allocation, this whole concept of profitable utilization as opposed to just having the assets being used but not making a profit on them. Could you just give a bit more color on that and how much scope there is to go to continue doing that work in '27 and maybe some of the things that give you confidence in your outlook for continued EPS growth into 2027?

I'll start before handing over to Pieter. James, thank you for your question, by the way.

Look, the first point I want to make is it's we've got a really solid foundation, and as as we spoke earlier and as I addressed earlier, we are budgeting for continued EPS growth. I'm confident in the direction that the business is going, and obviously we're not putting a specific forecast around that today.

We also just announced a few weeks back that, sorry, at the back end of June, that we've got, a significant contract with Olympic Dam, and it's, it's future-facing, and it's and it's copper. On that note, I'll I'll stop and say solid foundation, there's opportunities that are coming.

They have to meet the hurdle rates, but but I'm I'm pretty I'm pretty confident that we're going to we're going to be in a decent position going forward.

James, I'll just add to that that, as you called out, there's really no single driver, but that double-digit RONA that we want to get to is really going to be looking and again at utilization, what we can improve. I think in a previous conversation with you guys, we've talked about what a small percentage increase in utilization makes to the underlying performance of the business.

We'll continue to work on utilization. We've had a long discussion yesterday in the board around our metrics around that, our definitions around that, and what we want to do in the year coming to sort of give some more focus on that.

I think the important part, and again, the free cash flow that came in, despite the revenue uplift only 2%, the underlying EBIT has just continuously, sort of, benefited us and our shareholders, because I hate using the word chasing revenue, but we definitely not doing that anymore. We are looking at profitable business, and therefore sometimes we're selective of the work that we take, but we're taking work that we know we can make money and we can do the work safely.

Asset deployment, underperforming assets, yeah, we've done a lot of that. You saw we had some losses on the sale of assets this year, and where we've had profits on the sale last year, but it's to that point where we actually get rid of the stuff that's not bringing the levels of all the hurdle rates that we've set ourselves.

You can take some comfort, James, and that the assets will go where the margins are the best: has wheels and will travel.

Just a quick follow up on that point. When I visited you up in Brisbane, there was a whole lot of equipment that was going out to do work on electrical transmission lines, and I also noticed that I guess transmission is a more prominent part of your presentation this year versus in the past.

Could you perhaps talk to maybe that segment of the market and then the pipeline you've got and maybe any work that's going on generally in the sector, what's your advantage in being able to address some of that demand?

Glad you're not asking me to give away all my trade secrets there, James. No, you're right.

Only the ones that you can.

Yes. Look, it's an increasingly important part of our business, and sort of moved it into that infrastructure space.

Not really worried about how the energy gets generated, really transmission line is infrastructure. The country has to get rewired, and we have competitive advantage in that space primarily because we've erected a multitude, 1,500 to 1,600 towers already.

We're seeing that our relationship with our clients it's spanning across both sides of the divide. To that end, and to answer your question, it was a pet project of Pieter when he came on board to make sure that those assets went out.

I'm glad to report that he's been successful in that endeavor, and he sent them out. It's certainly an area of growth for us, James.

Thank you, Lester. Thank you, Pieter.

Thank you, James.

Thanks, Darcy. Lester and Lester, a number of questions following similar kind of themes to the ones you've just been addressing, but let me just work through each of these in turn.

There's a number of them. First one, what does the pipeline and opportunities for material contracts look like, and how should we think about revenue growth after significant EPS growth from the focus on returns?

Adrian, thank you for that question. Look, there'll always be movement in contracts, but what we've got in front of us is a good opportunity set.

We recently announced BHP Olympic Dam and an extension there with a seven-year contract. It's less about a large headline number, but making sure that the opportunities that are in front of us, we convert them, and those that we convert are profitable and meet our return requirements.

Again, I'm confident and quite positive going into this new year. I think

I'll just add to that to sort of say that not every contract that we sign meets the disclosure requirements, a lot of our smaller contracts and the wins that we make is not publicly disclosed. We're confident with the pipeline.

Thanks, Pieter.

Thanks, gents. The next one, and you spoke a little bit about this earlier, but just slightly different nuance here.

What is NPAT and capex guidance for FY27, noting that you have previously provided qualitative guidance?

Look, I'll start by saying we're in a good position, and we don't have to make fleet decisions under pressure. Pieter touched on that earlier.

We can invest where customer demand and returns justify it. It's a 15-year life cycle, our value-weighted average age is 5.9.

Again, it's one of those things. The metrics are good.

The capex, we spent around $17 million last year. Pick a number between 15 and 19, put it into the model, and that should potentially work, Adrian.

Thanks, Lester. Next question: how would the $200 million of secured contract work for FY27 compare to FY26 at the same time last year?

Interesting question. Look, the more significant one was the one we announced on the back end of June.

Again, I'm more interested in the fact that we're pivoting to longer-term maintenance work, and that's recurring revenue. That's good.

We're chasing growth opportunities that are profitable that we layer on top of that. The macroeconomics are changing, but one of the good things is the fact that as a business we've got within the resources space we're diversified, we've got exposure to coal, we've got exposure to gold, we've got exposure to iron ore, and we've got exposure to copper.

That gives me comfort, and that's not to mention infrastructure, industrials, and renewables. Across the board, I'm pretty sure we're doing better, but the pipeline is looking good.

Thanks, Lester. Next one.

This refers to the slide we have in the pack with respect to return on net assets. Referring to that slide, what approximate time frame do you anticipate to reach the aspiration RONA target of 15%?

A Pieter question.

Look, the 15% is a aspirational target. As you can see, the journey over the three years has been marginal improvement, if you just want to go on that trajectory, it would definitely not be in the near term, but in the sort of medium term that we will try to get there.

I'll only keep my job as long as we get to that 15% very fairly quickly. Again, like I said, at the double-digit RONA in the space where we capital intensive is aspirational, and I'll stop at that.

As I just said, there's no single lever. It's really about getting more from the assets that we currently have and being careful where we put our next dollar.

Thanks very much, Lester, and thank you, Pieter. I hope you keep your job.

Just the next question: is the improvement in free cash flow sustainable?

Yes, and I think I'll preface that on the fact that the quality of the revenue that we chasing and the deliberate decisions that we are making with regards to where do we contract, how do we do it, and how do we pick the next piece of work. I think I can say that we very optimistic, and if we look at our outlook and what we say we going to do, I think it is something to expect that our free cash flow generation will continue to grow.

Again, this is our results presentation, the outlook update will probably come in the next couple of months, but yeah, positive.

Can we go with quietly confident? That sounds better.

Quietly confident.

Quietly confident, Adrian.

Thank you, Lester. Next one's on capital management.

Either of you can take this. What is the company's order of priorities for capital management and allocation?

Look, it's a bucket, right? Because we have to manage the people that trust us with their money.

Therefore, we have a program, and the shareholder buyback has been a favorite mechanism as we've generated some more cash to sort of return money to the market. The dividends, as you can see, we've announced a small uplift on the dividends as well.

That said, it's always a discussion with regards to different investors, and when we go on the roadshow with you, we'll definitely hear again from you specifically with regards to your preference, because a lot of people are happy with unfranked dividends, but most of the investors traditionally has preferred to get a franked dividend. It's a balance, and as Lester was talking, if we want to really pivot and play in very different market segments or getting into the wind space, that's really, really capital intensive, and we will make those investment decisions around how do we manage the capital with regards to the contracts that we'll be signing in the future.

I'll just close on that by saying the key is that every additional dollar we deploy needs to have a clear purpose and an appropriate return. That's generally how we both think about capital deployment.

I'll also say that we tightly controlled and squeezed by very active board members in this space with regards to capital deployment.

Thanks, Pieter. Next one, just going back to EBITDA margins.

In the second half of the last financial year, underlying EBITDA margin, is that the base for FY27? We

should we should we should we should really aspirationally say that is the base. It's again, it's going to, EBITDA after, we that the investment decisions going that we're going to make will will will clearly impact that.

I think it's right to sort of say it's the base.

Thanks, Pieter. Turning to wind farms.

According to this investor, there's a lot of talk in the media about wind farms no longer stacking up financially. How are you seeing the outlook for this sector?

I'll start by saying what we said at the half-year presentation where the lag that we've seen in wind farms was due to the approvals process. There still appears to be a long pipeline, and we think that's going to come off towards the back end of this year, early next year.

I'll also address what we've done in the wind space. Adrian, our capability remains, though our participation model has changed.

We're just being more selective in how we pursue renewable wind farm work, but the scopes we take on, and we want to make sure that the risks are managed and the returns are appropriate for Boom. All right,

thank you, Lester. Next we've got a very specific question here about your plans for extending the fleet.

Any plans to buy larger cranes than the 800 tonnes?

That is a very specific question. In line with the answer I gave just before this, the key is to make sure every additional dollar has a clear purpose and a return.

Now, if we've got forward visibility, if we've got utilization commitments, and it meets our hurdle rates, nothing's off the table. Oh,

that's very consistent, Lester, thank you. Just there's a couple more questions to go.

When do you expect to be in a tax-paying position?

Look, yeah, if you look on the trajectory, people would be thinking that we would soon be. I really think that we expect our tax position to evolve as losses are utilized.

We aren't giving a precise cash tax date, to speak, because it depends on the future taxable income and also legislation with regards to utilization of those tax losses. I would say medium term is where I'll stop.

Right,

thank you, Pieter. Perhaps a question for you, it kind of extends the capital management discussion from earlier.

You don't mention M&A as part of the strategy. Is this part of your plans going forward?

Adrian, organic growth is our current priority. We've got plenty to do here, right?

There's lots to do. Now, if something inorganic comes up, it has to compete like everything else does.

If the returns make sense, and we pass it up to the board and it meets the hurdle rates, it has to be assessed on its own merits, but as a rule of thumb, we don't generally comment on M&A, Adrian. I'll stop there.

No, that's fine. Look, this final question, which once again will probably be a question best handled by the board, but let me just share it with you anyway.

Somebody making an interesting observation. Clearly you're trading very cheaply at a 20%-plus free cash flow yield.

Thank you for that observation. If the market continues not to value Boom properly, would you begin to engaging in a strategic review sell process?

You're right, that is a question for the board.

No, thank you, Lester. Look, I think we've exhausted the crowd, look, thank you very much, and let me just pass back to you, Lester, for any final or closing remarks.

Thank you, Adrian. Thank you for all listening in, and thank you for the questions, and hopefully we'll see you on the roadshow in a couple of weeks.

No, thank you very much, and thank you really for the questions, too, and making those calculations on the back of the results just freshly released, it's good to see that there's interest, and yes, we look forward to...

...seeing you on the roadshow.

Seeing you at the roadshow and a good year ahead. Thank you.

Thank you.