Thank you. Good morning, everyone, and welcome to our financial year 2026 results presentation.

Thank you all for joining us. FY26 has been a defining year for Maas, another record result, and importantly, a year where we've taken decisive strategic steps to reposition the group for its next phase of growth.

I look forward to taking you through it now. In terms of the agenda, I'll go through the first two sections, our business strategy, performance, and outlook, and our business unit reviews.

Then I'll hand over to our CFO, Craig Bellamy, who will go through the group level consolidated financials, and I'll follow up with a wrap. Starting with our FY26 highlights, we delivered another record performance with underlying EBITDA of $300.3 million, up 37% on the prior year and in line with our guidance range, driven by a strong continuing operations result and the investment uplift on our Firmus holding.

Importantly, our continuing operations underlying EBITDA, excluding the investment uplift, was $143.3 million, up 37% on the prior corresponding period and above our 130 to 135 continuing operations guidance range, demonstrating the strength of the ongoing business. Underlying EPS of 34.2 cents was up 51% on the prior year, driven by record underlying NPAT.

On a statutory basis, NPAT attributable to owners of MGH was $136.1 million, up 89% on the prior corresponding period, driven by continuing operations growth and reversal of held for sale depreciation. A disciplined focus on working capital delivered strong cash flow again of 93%, in line with our targeted range.

We recycled $99.3 million of capital during the year, crystallizing around $26.1 million of historical fair value gains, with a further $158.3 million contracted to sell over the next 18 months. We have historical electrical work secured in hand of $1.2 billion to be executed over the next 18 months, providing locked-in continuing business earnings growth for FY27 and beyond.

Our leverage ratio of 2.6 sits within our targeted range of 2 to 3 times, and will sit well below this range upon settlement of the sale of our Construction Materials business. Consistent with our new capital management framework, our focus on maximizing total shareholder return, the board has not declared a final dividend.

Our share buyback program will remain active. The headline for the year, the sale of our Construction Materials portfolio to Heidelberg for $1.7 billion has now been approved by the ACCC and is on track to settle in October 2026.

On the safety front, our LTIFR increased from FY25 to FY26 to 5.6. While we've made substantial progress in recent years, safety performance improvement remains a key priority for the group and a clear focus for management.

Moving to slide 4, our values-driven culture is the foundation of our success and remains true differentiator for Maas. As we continue to expand and evolve, it is critical that both the existing and new team members not only understand the values, but embrace them.

Our values being: trust, commitment, candor, teamwork, leadership, and ownership. Pleasingly, our culture and values remain the core strength and are very much embraced across the broad management team, including those who have recently joined the group.

Moving to slide 5, we remain strategically positioned for long-term growth, with our investment framework underpinned by disciplined focus on return on capital employed. What sets Maas apart is a continued focus on supporting key infrastructure markets and aligned founder-led team focused on being a market leader and low-cost provider in each end market, a proven track record of maximizing investment returns through organic growth and accretive mergers and acquisitions, along with a strong, well-capitalized balance sheet to support continued growth.

A sharp focus on return on capital has driven more than 20 years of growth, and our integrated operating model provides a genuine competitive advantage in a fragmented, subscale markets. Moving to slide 6, our investment highlights.

Our FY26 underlying EBITDA of $300.3 million was in line with our guidance range, with cash flow conversion at 93%, in our targeted range. Underlying NPAT and EPS were up 57% and 51%, respectively, on the prior year.

We have a $1.2 billion electrical work order book secured, and we remain focused on disciplined capital deployment into sectors that will continue to deliver strong returns for shareholders over the long term. The Construction Materials sale to Heidelberg has now been approved by the ACCC, and is on track to settle in October.

Since listing, that business has delivered around 50% per annum return on capital employed, and the greater group has delivered 27% per annum return on capital employed, a clear demonstration of our disciplined focus on returns. Finally, we have introduced a new capital management framework that prioritizes share buybacks to drive total shareholder return, while continuing to support core business execution, our operational pipelines, and strategic growth opportunities.

Moving now on to slide 7, this slide captures our disciplined evolution through the infrastructure cycles, from the civil construction and hire business to a scaled national plant hire platform, to a diversified into materials, property, and underground [chuckle] through to our ASX listing and the scaling of construction materials. 2026 marks the transition into the next phase.

Since listing, we've achieved 29% EBITDA compound annual growth and an overall 27% average return on capital, a track record we are very proud of. Moving now on to slide 8, we've been growing our business and capabilities through cycles for over 20 years.

Throughout our history, the growth has been very strong, but not linear. We've invariably moved through periods of consolidation and then step changes in growth.

Each chapter of this journey has been built by our people, and it is their work that has taken us from those regional beginnings to the diversified national platform we have today. Moving now on to slide 9, on capital allocation.

We are announcing a new capital management framework focused on capital allocation initiatives that maximize long-term shareholder value. The model itself is straightforward: capital is directed to whichever use delivers the best long-term return.

Buying back stock below intrinsic value, repaying debt to cut gearing and protect headroom, acquiring into industries with macro tailwinds, investing organic capex above our hurdle rate, and recycling assets once they've reached their full value. Consistent with that framework, MGH will seek shareholder approval to expand the on-market buyback program to 20% of the issued capital over a 12-month period.

Since February 2026, we've allocated $55.1 million to share buybacks, acquired at a discount to the group's intrinsic value, and in line with the enhanced framework, no dividend has been declared for FY26. Moving now to slide 10, sustainability.

We're committed to operating in a sustainable way, recognizing the important role we play in reducing environmental and climate-related impacts. We continue to invest in lower carbon product lines and alternative fuels to build our environmental data collection and reporting, including our Scope 1 and Scope 2 greenhouse gas emissions.

In FY27, following the Construction Materials sale, we will enhance our sustainable reporting practices and review our emissions profile to support future reporting requirements. Moving on to slide 11, health and safety.

Ensuring our people return home safely each night is our top priority. In FY26, the group recorded an LTIFR of 5.6, compared with 4.7 in FY25, and a TRIFR of 16.7, compared to 15.8 in FY25.

Total recordable injuries increased to 94 from 89 in FY25. These results remain above our benchmark targets and a clear area of focus for management.

We remain committed to reducing these frequency rates through visible leadership, strong critical control commitment, and targeted risk reduction initiatives. Moving now on to slide 12, our people, culture, and community.

As a values-driven company, we're committed to the well-being of our people and communities in which we operate. We now have around 2,143 teammates and 33% female representation in our senior executive team.

We build capability from within through external training, mentorship, hands-on experience initiatives, our Maas Edge leadership program. In FY26, we supported 80 trade apprenticeships and traineeship positions, including 37 trainees in accredited programs.

We also continue to support initiatives that reflect who we are as an organization. Some of these include the children's hospital, the mental health charities, grassroots sporting and community organizations, and programs that create lasting impacts to the regions where we operate.

Moving on to slide 13, the market overview and trading conditions. The outlook: we see strong digital infrastructure demand is driving growth in our Electrical division, coupled with tailwind opportunities in our other businesses.

Demand and pricing for the self-storage and industrial projects remain robust, supporting our capital recycling initiatives. We have strong pent-up housing demand and low rental vacancy rates, which are positive in the markets we operate, such as Rockhampton, Dubbo, Tamworth, and others.

We expect strong revenue and profit growth to continue with our operations in FY27. Key factors include the electrical work in hand becoming a very dominant force, a substantial carry-in of more than 200 residential land lots and 158.3 sales in our Commercial division.

We have a very strong balance sheet following the Construction Materials sale, supporting an earnings-accretive redeployment of capital in Q2 FY27. As usual, we expect to provide further update on trading conditions and outlook at the annual general meeting.

Moving now into the business units and on slide 14. On a FY26 underlying EBITDA contribution basis, Construction Materials represents 41% of the segment EBITDA, Civil Construction and Hire 23%, Commercial Real Estate 21%, Residential Real Estate 11%, and Manufacturing 2%.

Together, our industrial operating segments and real estate operating segments provide a diversified platform across the infrastructure supply chain. Moving now on to Civil Construction and Hire on slides 15 and 16.

We had an outstanding year. Revenue increased significantly on FY25, driven by growth across all streams, the segment benefiting from contract wins in the second half '25 and the first half '26 on data center, renewable, and transmission projects.

The segment EBITDA increased by 64% to $65.1 million on segment revenue of $424.9 million, up 47%, driven by a strong contribution from Electrical and increased plant utilization, with EBIT up 113% to $47.6 million. Cash flow conversion of 86% is consistent with the long-term averages of this segment.

Looking forward, the significant contract win on the Firmus electrical manufacturing order of $855 million is expected to provide significant benefit to FY27 and beyond. Our initial electrical infrastructure project previously announced was over 40% complete in FY26 and is expected to be delivered in the first half of FY27.

We are seeing improving momentum with increased utilization benefiting from plant hire as renewable and transmission projects scale up. A solid work in hand of $1.2 billion on the electrical projects drive continued growth and additional opportunities for significant electrical infrastructure projects outside of Firmus.

Moving now on to Residential Real Estate. Revenue increased on FY25, driven by additional land settlements, with 253 lots versus 151 in FY25.

This is excluding the build-to-rent, coupled with increased housing revenue. EBITDA, excluding fair value gains, increased by 64% to $28.8 million, driven by additional land settlements.

The business has settled 264 lots in FY26, including the disposal of 11 build-to-rent properties, versus 201 in FY25. Land gross profit per lot was around $105,000 against $112,000 in FY25, driven by real estate product mixes and I must say overall pricing remains stable.

The outlook is strongly positive. We have a strong FY27 carry-in of 200 lots already secured.

Stage 1 of our Eliza estate in Rockhampton has settled more than 60 lots in the second half of '26, with strong underlying demand already driving price increases, and we continue our focus on the master planned community strategy while developing opportunities to realize capital from some en globo sales. Moving now on to Commercial Real Estate.

Segment revenue decreased on FY25, which included a large land inventory sale representing around 13% of that year's revenue. The external commercial construction revenue also a little subdued, where they've delivered a higher proportion of internal developments in the period.

EBITDA increased 20% to $59.4 million, driven by fair value gains, with EBITDA, excluding fair value gains, lower given the FY25 land sale and the internal works mix. The fair value gain on investment properties was $57.4 million, up on FY25's 38.3, with around 62% of the FY26 relating to properties under contract expected to settle over FY27 and the first half of FY28.

The segment recognized proceeds on the sale of developments of $93.6 million in FY26, above book value, as part of our capital recycling program, also crystallizing $24.9 million of previously recognized fair value gains. Looking ahead, in addition to the $93.6 million of proceeds received in FY26, the segment is also contracted a further $142.6 million of sales expected to settle in FY27 and the first half of '28.

The Aerotropolis is expected to contribute materially in FY27 as key project milestones are achieved. Moving now on to Construction Materials.

Segment revenue increased 24% on FY25 to $629.6 million, driven by the full year contribution from businesses acquired in the prior year. EBITDA was largely in line with FY25 at $115.4 million, with a softer contribution from the quarries and concrete business relative to FY25.

Margins were compressed by fuel cost inflation from February and softer demand across quarries and concrete, though management regards these pressures as short-term. Importantly, the return on capital achieved for Construction Materials, incorporating the gain on sale from the Heidelberg transaction, is around 50% per annum since listing, a standout outcome and validation of our disciplined quarry-led strategy.

On the outlook, the ACCC has approved the transaction, and it is expected Heidelberg Materials Australia will settle in early October 2026. On slide 23, a little more on the sale to Heidelberg.

Gross proceeds of $1.7 billion, including a contingent consideration of $120 million, which is primarily around three quarries yet to be approved. The transaction accounts for around 1,140 employees that move across in the transaction, and net proceeds, after tax and minority interests and debt transfer, is expected to be around $1.3 billion.

We're extremely proud of the Construction Materials business we've built over many years. The scale, the quality, and the performance of the business is a testament to the hard work and commitment of our people, and is reflected in the premium value recognized through this transaction, which crystallizes value and positions the group for the next phase.

I will now pass over to our CFO, Craig Bellamy, to take you through the group financial performance.

Thanks, Wes, and good morning, everyone. Starting on slide 25 and the group underlying profit and loss, and as Wes has already highlighted, MGH delivered a record underlying EBITDA for FY26 of $300.3 million.

This represented growth of 37% on the prior year, and finished in line with our updated guidance range of $300 to $310 million. Importantly, our continuing operations underlying EBITDA, excluding the fair value uplift on our financial assets, was $143.3 million, an increase of 37% on the prior period of $104.3 million, and also exceeding our guidance range of $130 to $135 million for the continuing business, once again demonstrating its strength.

Revenue for the year for the group increased by 27% to just shy of $1.3 billion, with the key drivers being growth in the Civil Construction, Electrical, Plant Hire, and Residential from the continuing businesses. EBITDA growth is underpinned by strong contributions from the Civil Construction and Hire and Residential Real Estate segments, together with the fair value uplift of the group's investment properties and investments.

Our other income was $108 million, with the two largest contributors being the $41.7 million uplift on our financial assets and also the property fair values of $60.4 million. Of note, the property fair values, as Wes has already mentioned, over 60% of the fair value achieved in FY26 is already contracted, with approximately another 20% $20 million of historical fair value gains also under contract.

This has flowed through to a record underlying NPAT of $123.4 million, up 57% on the prior year, and our underlying EPS of 34.2 cents, an increase of 51%, once again driven by the continuing operations. Turning to slide 26 and the expenses.

Our expenses increased by 30% for the year, with $76 million of the increase attributable to businesses that we acquired during FY25 and '26, and a further $169 million increase attributable to the organic business, broadly in line with the revenue growth. You'll see on the slide there's adjustments there of $51 million in relation to the expense line, with the majority of that being $42 million relating to our minority interests in the asphalt entities.

Of the depreciation, it increased by $6.5 million to almost $64 million, driven through acquisitions, and our amortization was up slightly to $6.5 million. Of note, in our underlying result, we've added an additional charge of depreciation and amortization of approximately $20 million from the statutory numbers to reflect the depreciation charge that would have been made in the accounts should the Materials business have been retained.

Turning to slide 27 and looking at the underlying cash flow. The operating cash flow before inventory, interest, and tax was $183.5 million, representing a cash conversion of EBITDA ratio of 93%, which sits within our target range and reflects disciplined working capital management across the group.

This was another strong result across the continuing business, with all key operating segments continuing to convert earnings to cash effectively. The group invested $82 million into land inventory development during the period, up from 44.5 million in the prior period, supporting the strong demand and pipeline across the residential portfolio.

Our net maintenance capex was $22 million for the year, as compared to $9 million in the prior year, and this is really driven through an historically low net maintenance capex in FY25, as well as the increase in the Construction Materials business that occurred during FY26. Turning to page 28 and looking closer at the segment cash flows.

Pleasingly, the continuing business segments again delivered strong conversion: Civil Construction and Hire at 86%, which is consistent with our long-term average for the segment, and our Residential Real Estate and Manufacturing achieving greater than 100% conversion. The overall working capital outflow for the year was $13.2 million, driven by movements in the businesses as they scaled.

The net outflow was in part impacted by the customer prepayments in FY25 that unwound during FY26. The Commercial Real Estate conversion of negative 50% reflects more so the timing of the development spend and the fact that a significant portion of the segment earnings were fair value gains on properties that are contracted but not yet settled, and which will convert to cash on settlement.

As we said, the fair value gains largely relate to the gains in the Real Estate segment and the unlisted investments, which are recognized in our Corporate segment. Turning to slide 29 and the capital investments.

Total capital investment for the year was $140 million, reflecting a deliberate shift towards strategic investment whilst maintaining disciplined capital allocation across the continuing business. The most significant investment was $121 million in unlisted companies, primarily driven by a $110 million investment into Firmus.

We had acquisitions in the Construction Materials division relating to the joint venture of the Caltec Asphalt and the acquisition of the Colas/Tomei asphalt and paving business, which are both owned through our asphalt joint venture. We undertook growth capex during the year also focused on the expansion of our Electrical business and also our asphalt delivery.

We also invested $45 million in our development pipeline in our Commercial Real Estate business. Turning to slide 30 and the capital recycling.

The group realized proceeds of almost $100 million during FY26, which has crystallized $26 million of historical fair value gains, reinforcing the validity of the valuations we carry on our balance sheet. In addition to the proceeds realized in the year, a further $158 million of property sales were under contract at year-end, comprising $66 million expected to settle during FY27 and $92 million in the first half of '28, supporting a strong capital recycling outlook.

On a realized and secured basis, the program represents $257 million of proceeds, which will monetize cumulative $83 million of total gains once all properties settle, demonstrating our continued focus on recycling capital at attractive returns. This capital recycling program remains central to how we maximize return on capital employed within the continuing Commercial Real Estate business.

Turning to slide 21 and net debt and liquidity. Our leverage ratio at 30th of June was 2.6 times, sitting well within our target range of 2 to 3 times, and well under our banking covenant, driven by strong FY26 financial performance.

The group's total underlying net debt at 30th of June was $826 million, of which $745 million relates to the continuing operations, and liquidity at year-end approximately $479 million, with $400 million of undrawn facilities. The net proceeds from the Heidelberg transaction of approximately $1.3 billion, which Wes has already said is expected to settle in October, will provide significant additional balance sheet strength following completion, supporting earnings-accretive redeployment of capital in line with our strategy.

During the year, we also advanced the Aerotropolis line to Bull Capital on a capital-efficient back-to-back line with Metrics, and completed an accordion refinance in May '26, and we will be embarking on a refinance of our syndicated debt facilities during the first half of '27 to match the facilities in line with our business going forward post the sale of the Construction Materials business. Turning to slide 32 and the capital employed.

The group return on capital employed improved to 14%, up from 11% in the prior year. More importantly, the continuing operations has delivered a return on capital of 19%, a significant improvement on the 10% of the prior year, reflecting the improved earnings profile of the ongoing business, particularly the strong recovery in Civil Construction and Hire, which improved to 21%.

The best illustration of our disciplined focus on return on capital remains Construction Materials, where a return incorporating the gain on sale from the transaction of the sale to Heidelberg will achieve a 50% per annum return since listing. The divestment of Construction Materials will provide a significant reduction in capital employed post-settlement, freeing up capital for redeployment, while our strategic investment into Firmus has provided a significant upside during FY26.

We've continued to maintain our capital discipline through prudent investment into residential land inventory in response to market demand, and our ongoing capital recycling to maximize capital returns. Turning to page 33 before I hand back to Wes.

A brief word on how we will report from FY27, reflecting the transformation of the group following the divestment of the Construction Materials. From FY27, MGH will report across four operating segments, led by Electrical.

Our existing Civil Construction and Hire segment will be renamed Electrical, reflecting that is now a business led by our electrical manufacturing. Our Residential Real Estate is unchanged, and continues to comprise our residential real estate development activities.

Our Commercial Real Estate is also unchanged, and continues to comprise our commercial real estate development, including the Aerotropolis asset. Finally, we are introducing a new segment, MGH Investments, which houses our investments that are aligned with our strategy.

This realignment will give investors a clearer visibility of the earnings drivers of the continuing business, and reflects the strategic positioning of the group as we move into the next phase of growth. That concludes my presentation, and I'll now hand back to Wes for closing comments.

Thank you.

Thanks, Craig. To summarize the key messages: FY26 has seen a record result in line with guidance, including 93% cash flow conversion.

We have $1.2 billion of secured electrical work in hand, which will drive FY27 and beyond. We've got a proven operating model aligned to powerful structural tailwinds, and the sale of Construction Materials portfolio to Heidelberg crystallizes premium value to shareholders and demonstrates our disciplined return on capital employed focus.

We've also announced a new capital management framework that prioritizes share buybacks to drive total shareholder return. To wrap up, FY27 has been a transformational year for Maas.

We delivered a record result, we crystallized significant value through the Construction Materials transaction, and we've positioned the group for its next strategic horizon. None of this happens without our people.

I want to thank every one of our team across the group, including those expected to transition with the Construction Materials business, for their commitment, care. I remain very committed to the group and business, and genuinely excited by the growth and the opportunities ahead.

I appreciate your continued interest in our company, and that concludes our formal presentation. I will now open up for questions.

Thanks for the presentation, Craig and Wes. Can you hear me there?

We can, Liam, yes.

Perfect. Just on the $855 million contract, Wes, can you just sort of touch on your capacity to deliver?

Where are you assembling the power cubes? What sort of production rate?

Can you deliver, and then just sort of dovetail that into the additional opportunities that you touched on in the announcement?

Sure. I think we've said that the $855 million would be delivered within an 18-month period.

We've got large-scale manufacturing facilities in Australia and through our locations at Newcastle, Orange, Dubbo, and also some components being built in Vietnam. What was the second part of the question, sorry, Liam?

Just the additional opportunities that you flagged.

The Electrical business is quite diverse, we cover distribution, transmission, manufacturing, and then our power service unit. We're seeing strong demand in the transmission space.

Obviously, there's significant tailwinds in the digital infrastructure space, and many of those projects where we're looking at working in the transmission space, not just in that manufacturing space, across the other parts of the offering.

Just on the Aerotropolis, do you sort of start booking fair value gains, do you think, in '27 as you kind of go and revalue those lots? That's

possibly, I might say. It just depends on what we do there, but definitely over the medium term.

I can't definitively say if it's in the next period.

From an accounting standard, Liam, it's more than likely there'll be some contribution during FY27. Once again, it'll be sort of effectively milestone-driven, which will effectively drive those valuations, but under the accounting standards, most likely there will be some contribution.

Just think about it as interest income going through that Commercial Real Estate line?

At present, you can see in the accounts, it's in the stats, there's a fair value component, which has been adjusted in the net interest expense in the underlying result. It's just in interest line at this particular stage.

Thanks, guys.

Thanks. Morning, Wes, Craig.

Just checking you can hear me okay?

Yes, James, loud and clear.

Just following on from Liam's question there around Aerotropolis opportunity. I haven't had a chance to check the accounts yet, but so just what you're saying, Craig, there is some influence on the income statement with the net impact of interest expense and interest income?

The way it's presented in the stats compared to the underlying, you'll see so the statutory accounts is a fair value adjustment for the coupon, which has been adjusted in the net interest expense for the underlying. You'll see there's a slight difference there of around $6 to $7 million in terms of that.

It's been adjusted out of EBITDA from the underlying result. The net effect, because there's obviously an interest expense on it, the net effect at the NPAT level is effectively zero for this financial period.

Yep. What's the balance sheet impact?

Are you recognizing that drawdown with Metrics on balance sheet as debt and then the...

Yes, we are. There's a effectively a financial asset there for the amount that's been advanced out by us, and there's a financial liability for the drawdown from Metrics.

Great. Just so I can get the numbers right, I think it was 775 was the net debt number ex leases,

and

I think 320 of that was advanced to Aerotropolis, right? I can back that out

if the... From a net debt, because it's a back-to-back sort of scenario, James, if you're looking at gross excluding the receivables, then obviously it would be a higher number.

Effectively,

from a net basis, it's been set off. There's really very negligible effect on the debt basis from the Aerotropolis, which given the fact that this was announced prior to 30th of June, is what you'd expect.

Yep, okay. Understood.

With the first Firmus contract, the reference there to having over 40% completion, has that translated to an equivalent revenue recognition, and what's the margin achievement that you've booked in these numbers?

Yes, the answer is yes, on the revenue side, the percentage is recognized effectively on a straight-line basis in accordance with the accounting standard. Around that $80 million mark there or thereabouts.

In terms of the margin, our previously guided that 15% to 20% range is reflective of what's in the accounts at June.

Yep, great. National plant sales business that is part of the Construction Materials divestment, with the restatement out of the CCH segment, we can see it did about $9 million of EBITDA in FY25.

What did it achieve in FY26?

It was a similar amount,

similar.

Yep, okay. Then last question.

I saw some press coverage recently of an industrial site that Maas Group reportedly acquired in Newcastle. Is that for commercial property development purposes, or is that part of your efforts to expand capacity within the Electrical segment?

It's commercial development.

Okay. Good one.

Thanks, gents. Thanks for your time.

Thanks, mate.

Good morning, Wes and Craig. Can you hear me this time?

We can, Mitch.

Hi, Mitch.

Morning, guys. Congrats on a good result.

Clearly a lot going on in the business. Wes, just on the Firmus contract, and sorry if these have already been asked, I was dropped off there.

Just in terms of, I guess, the delivery, you're on track to deliver the first contract this year, and you've clearly got a much larger second contract. Just wondering, can you give us an update on how much capacity you have through the existing network of factories and production capacity?

Does that second contract sort of absorb a lot of that, or is there still a lot of space over in Vietnam, etc.? Just can understand where you are in terms of capacity on delivering those contracts and scope for more.

I think we've said before, 40 40 odd at the end of the period, 40 odd percent finished on the first order, and we're continuing to scale up. We do have further capacity beyond that second order.

I don't have an exact percentage, but we're definitely working towards scaling up beyond that.

I guess I was thinking with that, as you start delivering that second contract, is say all of the factory capacity full, or is there still plenty of capacity to do that or, say, over in Vietnam, is there additional space around the existing factory that you can take on if you continue to see further growth?

There is additional capacity available to continue to scale and grow.

Thanks. Then just in terms of other parties outside of Firmus, have there been any conversations that you've had or you're getting inbounds on the back of these initial contracts that you've won and are delivering to Firmus?

I imagine if you successfully deliver that first one, that's going to be a pretty big tick of approval and might generate a bit more inbound interest. Just keen to understand how you see the future growth potential of that business outside of Firmus.

Thanks, guys.

The business is very broad, and we're already working for many of the other data center providers today. That was probably prior to working for Firmus, we're continuing to do that.

It's very widely reported the various data centers that are coming online in various locations, and we're doing quite a bit of work in the transmission space to connect up these data centers, etc. We definitely can see the pipeline in the future as being quite exciting and working for many of the operators.

Thank you.

Thanks, Mitch.

Just sort of one last one from me. On the acquisition front, and maybe looking at this through the lens of your updated capital allocation framework, can you give a bit more color, Wes, on what your focus is with respect to strategic acquisitions?

You've sort of given us that framework, you've talked about going forward with that 2 to 3 times target leverage ratio, there's still plenty of capacity there, but over the last 6 to 12 months, how've you refined your thinking about where you're looking now for strategic acquisitions?

Look, I would say that we're unchanged. We're looking to bolster our existing businesses, and by that clearly you can see that we're saying we've got a strong outlook in electricals, we're looking at some potential acquisitions to bolster our capability and maybe spread a little bit further in that supply chain there.

We don't have anything definitive right here, right now today, but we understand where we're going. We've got a clear focus on our return on capital, and we've got a few rules that we must be able to understand what we're doing, we must be able to add value, and it must be scalable.

That's our rules, and we've been successful in the past, and we believe with the opportunities that are in front of us, we can reasonably deploy that capital to get a sufficient return.

Have you missed out on anything recently, given that financial discipline you're talking about and there's a lot of interest in the sector, in that electrical space? Have you missed out on anything?

No, we haven't. No.

We haven't been in a process where we've missed out, the answer's no.

Okay. Thanks, gents.

Appreciate your time.

Thanks, James. Thanks.

Thank you. Again, just to wrap up, FY26, I'll say again, it's been a transformational year, crystallization of the significant value we created in the Construction Materials business.

We think we're very well-positioned to take advantage of the next phase. Thank you, everyone.

Appreciate your interest, and thank you.

Thank you.