Good morning, and thank you for joining today's call. With me on the call this morning is Group CFO, Will McMicking, and Group Head of Strategy, Mischa Mohr.

Before we commence, HMC Capital would like to acknowledge the Traditional Custodians of Country throughout Australia and celebrate their diverse culture and connections to land, sea, and community. We pay our respects to their Elders, past and present, and extend that respect to all Aboriginal and Torres Strait Islander people today.

I'll start the presentation this morning on slide 4, First Half Financial Year '26 Results. Before we begin, I want to acknowledge the dislocation in our share price.

Whilst the market has been volatile, the current share price does not reflect our view around the outlook for our business, specifically the durability of HMC's recurring earnings base, the visibility on AUM growth, nor the liquidity and resilience of our balance sheet. Across the group, we are seeing strong operational momentum, expanding fee-earning AUM, and growing earnings streams from our three newest verticals: private credit, digital, and energy transition.

Turning to our first half financial year '26 result, I'm pleased to report a first half that continues to demonstrate the resilience of our platform and our growing funds management earnings. During the period, assets under management increased to $19.5 billion, up $600 million since June, and we expect this will grow by over $4 billion through active deployment opportunities across all of our verticals.

Operating EPS for the half came in at 10.1 cents pre-tax and 18.6 cents pre-tax if we include the capital charge generated from the recently announced capital partnership with KKR in our energy transition platform. Our first half earnings were underpinned by recurring funds management income and investment earnings.

During the period, we did see a lower contribution from performance fees and principal investment income, which were impacted by the fact that we were cycling against a record performance fee period in first half '25 and adverse mark-to-market movements in HMCCP during the first half of 2026. While performance fees are inherently variable, but the underlying trajectory of our business remains firmly positive.

On capital management, we maintain a net liquidity position of $1.6 billion, which reflects the strength and flexibility of our balance sheet. This was strengthened over recent months in the following ways: in November, we increased and extended our corporate debt facility by two years to November '27; and in early February, as part of the KKR transaction in our energy transition business, we expect to release $155 million of cash proceeds at financial close, plus fully repay the mezzanine facility in the ET platform.

As we move into the second half of the year, we expect to return to a position whereby we aim to carry zero core debt and use our balance sheet opportunistically. Finally, the board has declared an interim dividend of 6 cents, partially franked, consistent with our commitment to sustainable shareholder returns while reinvesting retained earnings into high conviction opportunities.

Turning to slide 6, where we will discuss our growing funds management earnings. A core strength of our business model is our ability to generate both recurring and non-recurring income from our funds management activities and principal investments.

In the first half, our recurring funds management earnings grew meaningfully. This was demonstrated by a 33% growth in management fees compared to the prior corresponding period.

This uplift was underpinned by strong deployment across digital, private credit, and unlisted real estate. Today, we have more than $15.9 billion of fee-earning AUM, and the strategic partnership with KKR in energy transition will add a further $2.6 billion of fee-earning AUM in the second half of financial year '26.

I'd now like to move to slide 7 to discuss a number of our growth initiatives in AUM. This is a really important slide in this morning's presentation, and highlights that we are progressing over $4 billion of growth initiatives across all of our verticals.

Importantly, these initiatives are capital light and demonstrate the strong organic growth in each of our businesses. Starting with our real estate platform, where we are now seeing a significant level of institutional investor demand for retail assets, a subsector where HMC has been a market leader since our IPO in 2019.

Specifically, we see strong AUM growth momentum across all our unlisted funds this half. Within HARD, we have this week exchanged on $200 million of acquisitions and are in due diligence on further opportunities.

In our Greenfield Fund, we have committed equity from institutional partners in partnership with the Coles Group to support more than $800 million of new acquisitions and greenfield developments over the next 12 to 24 months. Our Last Mile Logistics Fund is now fully deployed with approximately a billion dollars of assets and has over $150 million of developments underway.

We continue to progress new institutional partnerships across our platform focused around urban renewal and large format retail, which we expect to convert over the next 12 months. Between our listed HDN REIT and the unlisted funds, we see 10% to 15% annualized AUM growth over the medium term through asset revaluations, developments, investments, and new fundraising.

In digital infrastructure, our retention is firmly on prioritizing and accelerating the execution of the $1 billion Sydney 1 expansion. Demand from hyperscalers and enterprise customers continues to strengthen, and we are close to handover on the 20 megawatt upgrade program.

Importantly, demand for the SYD1 asset has far exceeded expectations at the time of IPO in 2024, and it's by many multiples. Today, we have a strong pipeline of demand for the balance of the asset's capacity.

Executing on the SYD1 expansion will accelerate the growth of this vertical by up to a billion dollars. In private credit, where under the leadership of Matt Lancaster and Craig Schloeffel, we have invested heavily in bringing the platform to an institutional standard.

Our pipeline for commercial real estate loans is very healthy and today stands in excess of $4 billion of loans. Our current plan is to fund this pipeline with the following sources of capital: our Core Fund, which has doubled since inception, today being $550 million in AUM and is likely to move to over $700 million by the end of the financial year; wholesale, our $600 million wholesale and institutional mandate where we are seeing strong appetite for deal flow and investment in direct loans.

We're looking to broaden our funding this half with a $1 billion offshore note offering under Section 128F, and multiple institutional investors now progressing through diligence, and we are planning to explore an ASX-listed note structure. This vertical is becoming a major contributor to AUM growth and recurring earnings, and should, as it scales, generate strong ROE for the group.

In energy transition, the strategic partnership with KKR positions us exceptionally well to accelerate growth. We're targeting 20% return on equity, and we now have committed equity in place to develop the first $800 million BESS project, which we expect to reach final investment decision this calendar year.

The remaining development pipeline is very strategic and provides significant optionality for future value creation for ourselves and our partner, KKR. Finally, in private equity, our focus remains on delivering strong performance from our existing portfolio while being selective and disciplined about new deployment.

We continue to evaluate accretive co-investment situations supported by $140 million of cash on balance sheet within the fund. This vertical has delivered great returns over time and will continue to be managed with a high conviction value creation lens.

Let's step back. The important message here is that our future unlisted AUM growth will continue to be driven by scalable, capital-light strategies supported by strong institutional demand and a balance sheet that provides meaningful co-investment support.

Each vertical has a clear pathway to growth, and we are well positioned to execute. I'd now like to turn to page 8 of this morning's presentation.

On this slide, we'd like to talk about our high-growth and self-funding platform. Stepping back from the individual priorities, this slide reinforces the strength of the HMC model and why we remain confident in the outlook for our business.

At its core, HMC is a self-funding business. Our balance sheet is deliberately structured to maximize flexibility and return on equity.

We continue to maintain a low debt profile, which ensures we have the full capacity of our $750 million corporate debt facility available for new commitments. This approach has been a critical enabler of our growth, particularly over the last two years as we established three new verticals.

We also maintain a low payout ratio, which means the majority of our excess cash flows are reinvested back into the business. On the left-hand side of this slide, you can see how our revenue continues to scale across the five verticals.

We target 10% per annum growth in management fees, supported by recurring revenue across the platform. As these platforms grow, they become more profitable.

In financial year '26, funds management and co-investment income is expected to contribute 70% of our earnings. Our principal investments, such as energy transition, target a 20% return on their invested capital.

These investments provide us with meaningful optionality and the ability to capture outsized returns when well executed. This combination delivers a scalable platform with strong recurring earnings, augmented by outsized earnings and principal investments, and critically, a business where the majority of earnings are now recurring in nature.

I'd like to now move to our funds management section which starts on slide 10. As you can see on this slide, HMC today manages $19.5 billion across a diverse range of asset classes.

Our strategy remains centered on high-conviction sectors. Every one of our verticals is underpinned by megatrends with the potential to deliver non-correlated, inflation-protected returns.

Importantly, the majority of our AUM, or approximately 75%, sits in open-ended structures, which gives us a stable, long-term capital base. We also continue to see growing momentum in unlisted institutional capital, which now represents 35% of our AUM.

As we execute the deployment opportunities underway across our business, we expect this proportion to increase to 50% over the next two years. Turning now to slide 11 of this morning's presentation, where we focus on our real estate platform.

I've already touched on our $1 billion immediate growth opportunities in this business, which will significantly expand our $2.7 billion unlisted platform. The key messages I want to emphasize is the strong performance of our existing unlisted funds, which have generated a 12% weighted average IRR since inception.

This strong performance has been driven by our market-leading operating and development capability in our target sectors. The HUG strategy, for example, with Coles Group and major institutional investors, is a great way that we express this leverage and our deep track record and relationships in developing institutional grade retail assets.

Accordingly, we are well positioned to harness the strong level of institutional investor demand for both core and value-add exposure to non-discretionary retail assets. Turning to slide 12 of the presentation, where we'll touch on our digital vertical.

As I mentioned earlier, and as Michael Juniper and the management team discussed last week at their results, our priority in this vertical is clear: close the NAV discount through capital recycling and accelerating the execution of the highly accretive, approximately $1 billion SYD1 expansion. We do not believe the current share price of DGT reflects the financial or operational results achieved since IPO.

In addition, the surge in demand from hyperscale and enterprise customers for our flagship Sydney asset has materially exceeded our previous expectations. I'm extremely confident in the outlook for the business and our strategy under the leadership of Michael.

Our team are actively progressing a number of capital initiatives across the Australian and US platforms. This, combined with DGT's existing liquidity, will enable the business to progress and accelerate the expansion of the Sydney 1 asset and take advantage of strong customer demand.

Moving now to slide 13, private credit. During the period, we delivered 13% AUM growth for the period to $2.2 billion across our private credit platform.

This reflects the high scalability of our private credit business since acquiring the Payton platform in mid-2024. Our private credit business now operates at an institutional standard of credit assessment, governance, and risk management.

The business is now positioned to meaningfully scale its revenue base with more diversified capital sources. We are in active discussion with multiple offshore institutional investors to establish a co-investment mandate and are also looking to establish an ASX-listed debt product, which would grow our existing Core Fund to over a billion dollars in the near term.

These initiatives will deliver strong operating leverage and high ROE outcomes for the HMC Group. Turning to slide 14, energy transition.

The $603 million investment by KKR marks a defining milestone for HMC and is a clear validation of the high quality platform we've built under the leadership of Gerard Dover. The market reaction to the announcement suggests to me that investors do not yet appreciate the significant value and growth we expect to generate from this business and our partnership with KKR.

The transaction fully recapitalizes the platform, pays down the mezzanine facility, and includes a further $250 million of committed follow-on capital from KKR to unlock the value of the platform's 5.7 gigawatt development portfolio. It also substantially reduces HMC's balance sheet exposure to just $180 million, while we expect to generate private equity style returns on our invested capital of at least 20% or a 4 times money multiple over the next five years.

It is important to remember that this is a development business and accordingly, significant value is created when projects reach final investment decision, or FID. Since the acquisition of this Neoen portfolio and our investment in StorEnergy, we have already achieved significant de-risking milestones in unlocking the value of our portfolios.

The platform now has committed equity funding to develop an $800 million BESS project, which we expect to go to FID this calendar year. This forms part of a 2.3 gigawatts of projects that we expect to reach FID in the next 12 to 18 months.

Importantly, we have the flexibility to sell FID-ready development assets or introduce new equity funding to deliver these projects and materially grow the platform. Either option will deliver positive outcomes for HMC shareholders.

We expect this business will contribute meaningfully to the group's earnings in financial year '26 and beyond. We're looking forward to working with KKR and excited about the potential to explore additional opportunities which leverage our respective capability in the Australian market.

Turning to private equity on slide 16. HMCCP Fund 1 has recorded an annualized net return of 23.5% since inception, materially outperforming the broader market, albeit delivering a soft first half.

We retain significant flexibility with around $140 million of dry powder, allowing us to move quickly should attractive or compelling buy-in opportunities arise. We'll continue to focus on situations where our active ownership model can unlock meaningful value, and in parallel, we're progressing selective co-investment opportunities that can broaden the vertical over time while maintaining the fund's strong return profile.

Moving to slide 17, where I'll discuss sustainability. As the group has expanded into new verticals, we're updating our sustainability strategy to set clear emission reduction targets across relevant areas of the business.

In the first half, we continue to make solid progress from advancing decarbonization initiatives in real estate and energy transition. We've continued strengthening our governance framework, as demonstrated in private credit recently with the appointment of three new independent directors, and are actively continuing to support our community partners through the HMC Capital Foundation.

It's an ongoing effort, but we're committed to ensuring our growth continues to deliver positive long-term impact for all stakeholders. I'll now hand over to Will McMicking to talk through the financial results.

Thanks, David. Turning now to the earnings summary on slide 19.

For the first half of FY26, HMC delivered operating earnings before tax of $41.6 million or 10.1 cents per share. This reflects strong growth in recurring funds management income, offset by lower investment income in the period.

Management fee revenue increased 34% year on year, driven by fee-earning AUM growth in real estate and private credit, and a full six-month contribution from digital infrastructure. Transaction and performance revenue reduced to $4.2 million, reflecting the absence of larger transaction revenue that was recorded in the first half of FY25.

Salaries and wages were lower year on year following the reversal of the FY25 $8 million retention provision, whilst corporate expenses increased modestly as we continued to invest in platform capability. Funds management EBITDA grew 33% to $43.7 million.

Investment income of $15.9 million was primarily distributions from HDN and DGT. Interest expenses increased to $8 million due to senior debt drawn to warehouse energy transition assets.

An interim dividend of 6 cents per share has also been declared. Turning now to the divisional earnings on slide 20.

Starting with real estate, operating earnings before tax was $38.2 million for the half, reflecting continued growth in fee-earning AUM and management fees. In private equity, operating earnings before tax was a loss of $3.1 million, driven primarily by lower investment income, offset by a modest contribution from management fees.

Private credit delivered operating earnings before tax of $9.6 million, supported by a 13% increase in fee-earning AUM and strong growth in management fee revenue. In digital, operating earnings before tax was $15.8 million, reflecting the full six-month contribution to funds management earnings, stable fee-earning AUM, and investment income in the period.

Corporate recorded a loss of $18.9 million, reflecting central costs, platform investment, and net interest expenses associated with the energy transition assets. Overall, this has resulted in total operating earnings before tax of $41.6 million for the first half, with earnings increasingly weighted towards funds management EBITDA across our core platforms.

Turning now to slide 21. Net tangible assets at 31 December 2025 were $1.3 billion or $3.21 per share.

Net debt was $621 million, representing gearing of 28.5% as at 31 December, which increased during the half to warehouse energy transition assets. Following completion of the KKR energy transaction, HMC's investment in the energy fund will reduce from $305 million as at December to approximately $180 million, with the returning investment proceeds being used to repay debt.

I'll now hand it back to David.

Thanks, Will. Turning to the outlook and our guidance.

We continue to see strong momentum across the platform, with funds management EBITDA of $85 million tracking to guidance, supported by double-digit growth in real estate and private credit, and the initial contribution from energy transition following the KKR partnership. Investment income is expected to be at least $85 million, driven by distributions from our co-investments and valuation gains in our energy transition platform.

On that basis, we are reconfirming our pre-tax operating EPS target of at least 40 cents per share. Finally, our dividend guidance for financial year '26 remains at 12 cents per share, consistent with our commitment to provide sustainable shareholder returns while reinvesting retained earnings into high conviction, high returning opportunities.

Before closing, as I noted at the start of the current presentation, the current price does not reflect the strength, visibility, and quality of HMC's significant recurring earnings base and the resilience of our financial position. The fundamentals across the group remain strong, with consistent operational momentum and a clear long-term growth trajectory.

As outlined today, we have over $4 billion of growth initiatives across the group, which will drive significant capital-light AUM growth within each of our platforms and our ability to continue delivering sustained value over time. Finally, I'd like to acknowledge our staff, who have remained focused and committed to our mission.

Our leadership teams across our verticals remain as passionate as ever about their businesses, and I would like to acknowledge and thank them and our entire HMC team. Thank you again for joining the call this morning, and now I'll hand back to the operator for Q&A.

Good morning, David and team. Thanks for your time.

Just the first question around expected fund growth going forward. This year was about consolidation, it's good to see you still progressing $4 billion-plus worth of capital-light growth opportunities across the group.

Would you mind just ranking those opportunities in terms of timing, what do you have the most confidence on, David?

I think, importantly, David, what we want to really highlight is the year has been, as you correctly point out, one of consolidation and setting the platforms up for substantial, scalable growth. The funding's there.

It's in place. I think if you start with, and probably the best slide that summarizes it is the AUM growth slide in the deck on page 7.

You just start with real estate. We touched on, that is all in place.

The partnerships are there. The deployment is happening.

As we said earlier, the HARD Fund has this week exchanged on a couple hundred million dollars of new investment opportunities. HUG has $800 million of dry powder and other investors wanting to come in and join that platform.

Then the development pipeline, again, is near a billion dollars. Now that'll take a couple of years to deploy, but all of that is funded, partnered, and in place.

Obviously, we're looking to add to some of those strategic partnerships. We then go to digital.

The Sydney 1 asset is, in our view, hitting every marker that we set for it at IPO. Importantly, we've got a $900 million-plus development project there with returns of over 15%.

Importantly, there's plenty of liquidity in the digital platform. There's over $600 million of liquidity.

We're actively looking at recycling. Again, organically in-built another billion dollars of deployment and AUM growth.

In private credit, I touched on there. Importantly, there, we've had really strong growth in our Core platform, and our AUM's grown by 13% this half.

As I said earlier, that we're seeing really continued strong momentum because of the performance in our Core Fund, and we expect to see that grow strongly this half. In addition to that, we've got an institutional note offering going off into the offshore market at the moment, which we expect to be able to generate.

That has actually generated and garnered a very strong reaction from offshore institutional investors, all looking at Australia as a place that's a pretty well understood market, rule of law, good enforcement rights for borrowers, and so forth. That's a really strong vertical for us.

Again, through those two opportunities, we see good deployment there. Then in energy transition, I think the market has been very harsh in assessing the KKR transaction.

Importantly, we have secured development capital to roll out a BESS project of $800 million. That's secured, it's in place, and it's committed.

That'll go to FID this year, and that'll be another $800 million of AUM. In total, you put all that together, that's $4 billion of deployment, and it's all funded, and it's in place, and we're looking to deploy that later this year.

We sit here today, we've consolidated the business through the course of the back half of 2025. We've got energy transition off the balance sheet.

We've got the balance sheet back into good shape, and we're looking really positively to the future.

Thanks for the color, David. Maybe just one for Will.

Just in reference to slide 8 and some of the EBITDA targets that you have for FY26, I just wanted to confirm whether those are all post-expenses. If you add them all up, is the expectation that you deliver about $170 million of group EBITDA in FY26 versus the 50 you delivered in the first half?

Is that the right way to read it?

That's right.

Just one last one. The $53 million expected from principal investments in terms of the fair value gains, would you mind just unpacking that in regard to energy transition, please?

I don't think we're going to provide the details today, but we have put out a few markers just to give you a sense. We've had some independent valuations of the portfolio.

The midpoint was $1.3 billion. We paid $1.1 billion.

I guess we're still working through what the fair value gain will be that will be booked, but I think that probably gives you a bit of a guide as to some of the bookends there.

Great. Thank you very much.

Hi. You've actually got James Druce here.

David, just wanted to understand the 80, the $85, I think it is, million that you've put. Hold on, let me just bring this up now.

The investment income of $85 million. The gap between the $32 million of distributions is really the 53 from the revaluations from energy transition?

Just wanted to confirm that, or is there something else in there?

We're not giving you an exact number, but yeah, you could assume that through the KKR transaction, locking in funding, development progress we've undertaken in that business, we will be realizing some gains this half. Importantly, if you go back in time and you look at the way we put that portfolio together, it was bought incredibly well.

We ascribed almost negligible value in the acquisition price to the development pipeline within Neoen, and a very nominal amount of money. It's just been really development capital we've put in there.

What we've done since that time is we've ticked a lot of boxes. We've achieved development approvals, we've got offtake agreements coming together, we've secured OEM supply contracts.

We've made a lot of progress. There's a lot of interest in the assets in the portfolio, a lot of boxes have been ticked.

KKR saw that coming in. We see significant upside in the development pipeline there, and we're going to realize some of that gain in this half.

Okay. That's clear.

Then just KKR's being consolidated in the JV, I'm just trying to understand the control that they have over the project. What rights do they have?

What veto rights? Can you just provide a bit of color there?

Thanks.

It's a genuine partnership. I think we haven't done a great job of explaining it, but it's a genuine long-term partnership that we've entered into across those assets.

Okay. What rights do they have in terms of?

No, no, no. We've got joint rights, it's joint control, equity accounted.

Okay. Then just one more for me.

We used to talk about some money coming from capital solutions in guidance this year. Just how that's shaping up.

Look, I think everyone can see the positions. You can see some of the positions.

You can't see all of the positions in that platform. We've basically gone to a lot of cash there.

We're just biding our time. A bit of dislocation in markets probably doesn't scare us.

We've got plenty of dry powder that we've built up in that vehicle. Let's assess that at the end of the financial year.

Thank you.

Good morning, David, Will, and Mischa. Just wanted to understand with the energy transition booking revaluations beyond FY26 in that fund from an operating earnings perspective.

Look, I think, Tom, what we're saying is that is a dynamic platform now. We've got a great global partner that's very committed.

We've got development capital locked in. What you can expect to see is that's going to be a dynamic moving business that we expect to generate private equity-like returns from, and we'll be realizing ongoing returns from that portfolio, whether it be through asset sales, value uplift, or potentially an exit over the next three to five years.

We're feeling very optimistic about it, and we think we've created something that's going to set us up for the long term.

That's great. Thanks.

Then in terms of looking at sort of the core capital, the demand for that product, what do we need to see before you'll be sort of unlocking some of this value by introducing co-investors or selling assets to co-investors? No, the assets are constructed and performing in line with expectations, or what's the constraint to them coming on board?

Basically, the way to think about that, Tom, is as I said earlier, the development projects in that portfolio were secured at incredibly attractive entry levels. We have a couple of projects down in Victoria, being the Kemps Run wind farm, which you would have seen earlier this year received the green light from the Victorian state government to proceed.

A 600 megawatt baseload wind farm in the state of Victoria is extremely valuable. We will look to unlock value from that asset.

What we've done is now we've got the approval, we're in negotiation with offtakers. There's been a strong level of interest, inbound interest from multiple and varied offtakers.

I'm not going to go into that discussion on this call, but they are serious players, all looking for baseload generation capacity in that state, remembering there's coal coming off. That asset is very valuable.

Now that we've got the green light, we'll proceed to move that along. We've also got a battery storage project, being the Moorabool project, that is DA approved.

It is adjacent to our VBB asset. Literally right next door, sharing common substation connection.

There is already an existing contract in place with the Victorian State Grid. We'll probably look to expand that contract as an offtake partner there.

We've ticked a lot of boxes in regard to these assets. As soon as we can get the boxes ticked, being offtake, an equipment supply agreement, and a connection agreement, they are the green lights to go to FID.

That results in capital. That results in lots of upside.

That's going to be achieved in the next 12 months. We are basically sitting on some fantastic assets there.

We've been patient, we've been working hard in the background, we've been operationalizing that platform, and we're really, really looking forward to the future. It's bright.

Bringing KKR in on the terms that we've brought them in, with the committed funding we've got, this is development. This is high returning private equity type stuff, we're very, very excited.

That's rushed.

morning, David and the team. Just wanted a bit of an update on how the HERF fundraising process is going.

I guess you are until fund size and a close in FY26, just an update there would be great.

I think what we'd say to you is that deployment across the real estate platform has been really good, and we've probably ended up with more deployment into HARD and HUG earlier. HERF, we're still trying to secure the right assets in order to close the fundraising, but there are plenty of interested institutions circling that.

Once we get the right portfolio of assets, we think we're close now, and so we're looking forward to giving you a pretty exciting update on that in the not too distant future.

Thanks. Maybe just a question for Will.

Could you just talk through the cost base and how that's expected to evolve over the next 12 months, given I guess the headcount has increased, but you're still annualizing some of those impacts throughout the expense line?

I think what we'd say is we wouldn't expect any material change for the second half. We're very focused on maintaining margins, Solomon.

Right. First-half run rate?

Yep.

Thanks. Thank you.

Your next question comes

Hi, David. Good morning, team.

Just had a couple of questions on Neoen. Just wanted to clarify whether you recognize any ownership income for the last six months, just noting that, of course, it settled on around the 1st of August.

Ben. You'll see in the income statement, there's held-for-sale losses of approximately $15 million.

That effectively reflects the five months of ownership. I guess the big things we'd call out is you've got $20 million of interest expenses, so that's the senior debt and the mezzanine loan running against that number.

You've also got development spend and corporate costs of about 10. The asset EBITDA was running at about 15 for the five months.

On a six-month basis, it's 20. Historically, there's been a skew to the second half, the asset forecast for the year is sitting at about $62 million versus last year's 64.

Just on that point, we obviously talked a little earlier in the year about the fact that we had a period where we were offline with the wind farm, it's obviously just impacted earnings a little bit for this full year. We expect that has all been restored, and we're coming into this year with a much stronger position.

Thanks for the color.

Morning, guys. Just one on private credit.

Just if you could talk about the timing of the CRE private credit mandate and potential LIT looking at, and what you kind of expecting to underpin both of those.

I think, Andy, the thing about that platform is that we have in-house origination capability on the ground across the major capital cities of Australia. We've been very thoughtful.

We've been investing in capability across that platform. We've got about a $4 billion pipeline.

Doesn't mean we'll execute a whole $4 billion of that pipeline, but it gets to mean that we can be a bit picky and choosy around which loans we write for our investor base. Importantly, the current investor base has still got a lot of appetite to participate in loans.

Our Core Fund has doubled, more than doubled since the acquisition of the business, and it'll go through $700 million. We'd like to be able to create an opportunity for a listed note to potentially co-invest into that Core Fund in the future.

It's got a great track record of performance. That's a very natural opportunity to explore.

Then in addition to that, we are looking at some offshore institutional partnerships that have been looking to find an opportunity to invest in this space in Australia, and so we're having active discussions around that.

The thinking, is that second half '26 or fiscal '27?

Sorry, can you repeat the question? It didn't come through very clearly.

Sorry, just asking, was that expected to be second half '26 or fiscal '27?

What am I expecting to be? Can you clarify the question?

Just timing-wise. Yeah.

Timing which? What timing of what?

The investors, or?

For those two new or the mandates and strategies.

Look, I think we'd be optimistic that we could get those in place before 30 June this year.

Thanks, then.

Thank you, Andy.

hi, David. Just on your $180 million balance sheet position in energy transition, can you step through how you expect that to move over time, and also work through the CapEx in the next six months and I guess the funding of the first development?

I know you've outlined KKR contributing some equity, but just how $800 million will be funded.

Thanks for the question, Richard. That's a great question, and just again highlights why it's such a great transaction we entered into with KKR.

Importantly, the platform in terms of the operational day-to-day, the OpEx, the development spend is all now fully funded within the platform itself. As part of the transaction with KKR, they have committed to fund 90% of that $800 million BESS project.

Assume a 60/40 debt-equity, debt facilities for that development. KKR will fund 90% of the development through their $250 million equity commitment, and we've committed to put in 10% of the equity in terms of that development.

That's why we generate such compelling returns from those sorts of opportunities going forward. We're expecting to hit FID later this year.

Okay. Then just on a sort of more medium-term basis, how do you think about your equity investment in the platform?

We've nailed our colors to the mast there, and we think that development opportunities should run at about a 20% return on equity. Now with the leverage that we've now got in the structure through KKR, we're hoping to do better than that.

Importantly, the way we're framing that is we've endeavored very hard to try and articulate that for you on slide 15 of the presentation today. What you can see there is as the megawatts grow, the operating megawatts grow, you'll see that the development pipeline is also growing, and we're giving you a bit of a roadmap as to how we're looking to unlock that.

Then what we're demonstrating is that it's an all-in entry price of about $1.1 billion. With the development upside and the value of the megawatts in the development pipeline we're putting together, we're expecting to generate on average about $50 million-plus of return every single year on our $180 million invested in that platform.

That comes from a mix of development profit, where we go to FID on a project, as well as just getting the whole balance of projects to FID, introduce third-party new equity, or potentially exit as a platform with a deep growth pipeline. There's a lot of options that will open up to us through the course the next couple of years through that platform.

Thanks, David. Can you maybe just touch on third parties in the energy transition platform, and if there are ongoing discussions about equity investments?

Look, I think, Richard, we've got a lot of options now. We've got one of the best partners in the world that's come on board.

They're deeply committed to the sector. They're deeply committed to what we're doing.

They want to grow this together. We want to look at turning this into a real business and a real platform with compounding future growth drivers and earnings.

It's exciting. We will look to explore together introducing capital in the future.

That could be on an asset-by-asset basis. That could be at a portfolio level.

We've got a number of options there. We've already had some inbounds wanting to co-invest in our equity piece, or even wanted to sell down our own equity piece further if we so choose, and release further capital in regard to that business.

It's a pretty exciting future, and we just need to keep our head down and execute, and hopefully you'll see that coming through in years to come. Not in the not too distant future, Richard, I hope.

Yep. Cheers.

Hi there. Thanks for taking my question.

Maybe just one for Will. Just interested to know on the gross operating cash flow, Will, just the trend there that we see from 116 down to 93.

I'm just interested to know what the core driver of that reduction is, given that we've seen a 34% increase in the management fees.

Sorry, can you just repeat those numbers again, Simon? In

the consolidated cash flows, the reduction in the receipts from customers and tenants from 116 to 93. I was just wondering what the driver is on that, and just sort of trying to reconcile that with a 34% increase in the management fees, that's all.

That's just simply a timing of a build-up of working capital. We've been upfront that we have been providing some support to some of the managed funds, namely HCW and UHF, where we've been accruing but deferring the payment of management fees.

That's the primary movement there. It's not necessarily a link to booked income, it's just a working capital timing.

No, that's very clear. Just one other question.

Are you able to provide say a pro forma in terms of where you think the debt will sit post the KKR transaction actually completing? I know that there's still some moving parts remaining in that, but what should we be looking at?

Balance sheet investment in ET today is $305 million. We've said that will go down to 180 upon completion.

The difference there being $125 million will be the cash proceeds that come back

and

are all used to pay debt. So $355 million will be applied to debt, approximately 230.

I just want to thank everyone for joining the call today, and we look forward to seeing you all over the coming days and weeks. Thank you.