FY26 full year results call for Mastermyne Group Limited. As Ben says, I'm Jeff Wightman, the Managing Director and Chief Executive, and I'm joined by our CFO Matt Raw.

Thanks for taking the time to dial in. Just turning to our results document now.

Working that, sorry, just trying to space for it, there we go. Starting with the highlights for FY26.

I'm very pleased that they show a marked return to growth. Revenue of $237 million was up 13% on the prior period, above the upper end of guidance that we provided back in February with the first half results.

Similarly, underlying EBITDA was above guidance at $20.3 million, an impressive 47% increase on FY25. Much of this translated into both net profit before tax of $15.7 million, 148% up on last year, and also operating cash flow of $20.3 million.

The ultimate outcome of this performance was a material increase in our net cash balance to $46.5 million by 30th of June. Our strategic focus on winning work closely aligned with our core capabilities has achieved strong order book growth, being valued at the year end at $432 million through a combination of new contracts and contract extensions with major clients including Glencore, Anglo, and Yancoal.

The recent award post-year-end of our Dendrobium contract with GM3, valued at $85 million in the initial 2-year term and up to $255 million in total across the full 6-year term, builds on this strong foundation and provides great momentum as we enter FY27. With increased activity across the year, including the ramp-up of our GM3 Appin project, we had already grown our workforce from 640 to 689 people by the end of June.

With the new Dendrobium contract to add another 140 people shortly and other near-term opportunities progressing well, this growth is anticipated to continue towards the 1,000 headcount mark. On the supply side, we've continued to build our relationships with strategic partners and notably have extended our exclusive agreement with Jennmar Holdings out to 2047, locking in long-term supply of our market-leading strata consolidation products.

The business has evolved significantly in recent years, we've included a brief overview here. Essentially, the company is a specialist provider of value-adding solutions to coal mining projects, currently focused on the underground sector.

We operate under two brands, Mastermyne and Wilson Mining, both of which have been leaders in the market with greater than 30 years of history. The business is recognized for its high level of technical capability and holds long-term relationships with pretty much all of the global Tier 1 miners in Australian underground coal, and you'll see the names on the right there, very familiar names.

Through its project portfolio, offices, and facilities, Mastermyne covers all of the major coal regions on the Australian East Coast and typically has activity at 12 to 15 mines at any time. Our market-leading solutions comprise a set of integrated capabilities categorized into three main areas: mining services, this is really around providing specialist labor, technical expertise, and equipment to deliver safe, efficient, and production for our clients; in the middle box there, strata consolidation, where we use an exclusive range of market-leading resin injection and cavity filling products to ensure the safety and productivity of our clients' longwall operations; and then on the right-hand side there, in terms of our products area, where we cross-sell a growing range of specialist and innovative products and consumables into our client projects.

I'll now hand over to Matt to take us through the financials.

Thanks, Jeff, and good morning, everyone. Firstly, on our earnings, FY26 was a year of strong earnings growth, with both revenue and underlying EBITDA exceeding the upper end of the guidance range provided at the half year results.

Revenue increased 13% to $237.7 million, while underlying EBITDA increased 47% to $20.3 million. This translated into a significant improvement in profitability, with underlying net profit before tax increasing 148% to $15.7 million.

This result was driven by increased activity levels across the business, particularly within strata consolidation, the full year contribution from the GM3 Appin project, greater client diversification, and the recovery from prior year external events. Importantly, earnings growth outpaced revenue growth, resulting in EBITDA margin expanding from 6.6% to 8.5%.

This reflects a favorable mix shift towards higher-margin activities, particularly strata consolidation, together with continued focus on productivity and cost discipline. Statutory profit was impacted by $8.8 million of non-underlying items, the largest being provisions and costs associated with legacy legal matters.

Excluding these items, the underlying performance demonstrates the strength of the operating business and the progress made through FY26. Moving to the next slide on the overall financial performance.

Having covered the strong earnings outcome, one of the key features of FY26 was the diversification of revenue sources. Growth was generated across multiple clients, projects, and activity lines rather than relying on a single contract or customer.

During the year, we benefited from the full run rate contribution of the Appin project and contract growth across existing operations. In FY26, revenue was spread across three major customers, each contributing more than 20% of revenue, with the top three customers accounting for 79% of the total revenue, compared to two customers accounting for about 80% in FY25.

We also saw an improvement in business mix. Mining services remained the largest activity, however, strata consolidation increased its contribution to group revenue from 26% to 30%, supported by elevated longwall activity, strong customer demand, and the critical nature of the services provided.

This continues to demonstrate the value of our integrated business model and cross-sell strategy. We believe this provides a more balanced earnings profile and reduces reliance on any single customer relationship.

Moving to cash flow. Our cash generation remained a key highlight for FY26.

Net operating cash flow increased 20% to $20.3 million, reflecting strong conversion of earnings into cash. Our current capital-light operating model continues to underpin this performance.

Capital expenditure remained around 2% of revenue, allowing a substantial proportion of operating profits to be converted into cash flow. As a result, cash increased by $16.8 million during the year to $47.2 million at the end of June '26.

The growth in cash was achieved while continuing to invest in working capital required to support expanding activity levels across the business. The strength of cash generation provides flexibility to pursue growth opportunities.

On the balance sheet, the balance sheet strengthened materially during FY26 and remains a significant strategic advantage for the group. Net cash increased to $46.5 million from $29.1 million in the prior year, representing a 60% improvement and providing substantial financial flexibility.

Total assets increased to $124.5 million, primarily driven by higher cash holdings and increased receivables associated with the higher activity levels. Net assets increased to $76.7 million, while net tangible assets strengthened to approximately 21 cents per share.

The group ended the year with minimal debt and significant liquidity. Subsequent to year end, the company's $30 million ScotPac working capital facility was renewed through to July 2028 and remained fully undrawn, further enhancing our financial capacity.

This balance sheet strength supports both organic growth and selective acquisition opportunities, while giving the group the flexibility to convert its substantial pipeline and order book into future earning growth. I'll now hand back to Jeff.

Thanks, Matt. Moving on to safety, people, and sustainability.

We have maintained a strong focus on our Elevating Safety Performance project, which is multifaceted, but underpinned by developing our project leadership skills and nurturing a positive safety behavioral culture. Our actions have shown a significant improvement in our safety metrics over the past 3 years, notably with reduced severity of injuries.

Most importantly, we achieved zero life-changing events in FY26, and remain committed to this goal going forward. We undertake regular employee surveys and pulse checks, which provide confirmation of our team's unwavering commitment to keeping safe and a high level of engagement, in addition to very useful feedback to develop our strategies going forward.

Given the recent contract wins and the near-term pipeline, our well-established and proven recruitment capability is a key differentiator and risk mitigant when facing the challenge of building the size of team in a short timeframe. On the sustainability front, we're making good progress with developing a framework to identify and evaluate the associated risks and opportunities.

We're privileged to work with some of the world's largest mining companies operating across rural and regional communities across Queensland and New South Wales, with long-term relationships dating back up to almost 25 years. Our extensive and diversified contracts portfolio reflects both the history of Mastermyne and a conscious strategy to broaden our exposure across a number of clients and mining projects.

Our most recent client, GM3, is a joint venture formed in 2025 involving our major shareholder, M Resources, which acquired Appin and Dendrobium mines from South32. Where contracts show an end date of 2026, we are well progressed in negotiations with those clients for extensions or renewals.

It's also worth highlighting that products and ad hoc strata consolidation work is typically performed under purchase order and is therefore on top of this and not included in our order book values. Over the past 18 to 24 months, we've been firmly focused on building a targeted pipeline aligned with our core capabilities and converting those strategic opportunities into awarded contracts.

This focus has resulted in a 67% increase in the pipeline to $1.5 billion and a 38% increase in the order book to $432 million. These factors, combined with the recent award of Dendrobium mining services contract, provides strong visibility over FY27.

With approximately $200 million of our order book, including the recent Dendrobium award, secured as of today relating to FY27, that's before any further renewals and/or new contracts currently sitting in our near-term pipeline are awarded. In terms of our future direction, we continue to pursue a disciplined growth and diversification strategy with two key pathways: organically, there is scope to build and convert our existing pipeline, seeking to leverage our deep long-term relationships in the sector; from a cross-sell perspective, we are actively expanding our range of services and product offerings, which can achieve growth at existing client projects; further, we're not sitting still, but rather investing in innovation and technical expertise to remain ahead of the game and drive new revenue streams and margin growth.

The second pathway is focus on acquisitions where there's a really good strategic fit, and where we can leverage our well-capitalized balance sheet, healthy liquidity, and the strong relationship with our major shareholder, M Resources. In this way, we can build broader capabilities and scale.

A key takeaway is the level of discipline being applied in identifying and evaluating potential acquisition opportunities. Given the focus on both organic growth and acquisitions, the board has taken a strategic decision to declare a nil final dividend for FY26, with the intention of further building our capital positions aligned with our organic and acquisition growth strategies.

Yes, we revisit our capital management strategies on the way through, and will advise on that at our future period ends. On the outlook, to finish, I can say that I am confident that the momentum built through FY26 is set to continue into FY27, and continued growth is underpinned by a number of key drivers, including a significant near-term pipeline weighted to first half of FY27; increased market demand as a number of longwall mines restart and ramp up; supportive industry conditions, including good demand for coal and high coal prices; our long-term exclusive agreement with Jennmar for strata consolidation products now extended out to 2047; and our strong balance sheet with $76 million of available liquidity to support organic growth and strategic acquisitions.

I'll now hand back to Ben to take any questions.

Thanks, Ben, and thanks, James, for the question. You will have seen from our pipeline that we have near-term opportunities within the pipeline of what was $823 million.

That's come down a little bit with the recent award of Dendrobium, but we're still looking at a near-term pipeline around about or in the order of $750 million. That's contracts that we expect to be awarded to the market within the next 12 months.

That is weighted towards the first half of FY27 as well. Certainly, there are opportunities out there.

It is a range of existing projects and also probably not brand-new clients, because we already work with the majority of clients in the sector, but maybe new contracts with those clients or new capabilities for them. In terms of the mix between strata and mining services, that's varying, but I think we see strong opportunities, don't we, in both of those activities.

Also with our products business as well, which has got some good growth opportunities in front of it.

We're exposed across predominantly met coal, but also thermal coal. Both of those prices have improved since 2025, where the prices were abnormally low.

As the prices have picked up, met coal price picked up from around October last year and thermal with the early this year with the Middle East situation. That certainly helped clients make some more long-term decisions and, I think, be more confident in making their investment decisions.

It's certainly helpful. I think the recent price increase this week, well, coal price is a commodity, it goes up and down.

I think, for me, it's, I guess, it's supportive, but really the main thing is that so long as the coal prices remain at a sustainable level, then, yeah, that makes our clients keen to invest, and whilst there's customer or client activity, that creates opportunities for us. Certainly, a big part of what we try to do is bring value-adding solutions to our clients, partly around improving safety, but also around improving operational efficiency.

Even if coal prices were a bit more depressed, that still creates an opportunity for us if we can see a way of helping our clients to deliver production for a lower cost.

Thanks for the question. With the Dendrobium project coming online, there will be organic working capital impacts to that.

We do expect that that over the 12 months will normalize. We'll definitely see the impacts in the first 6 months, but, pending activities across our strata and products, we're in a good position to be able to offset as much as possible.

Equally, with our ScotPac facility, we do have the options of being able to bring that cash forward, we're well positioned for the year, and I do expect that that will flatline by the end of the year.

Thanks for the question. Firstly, we're really pleased with the progress for the year from the 6.6% to the 8.5% over the year.

The result in the second half or of the 9.3% very much reflects the improvement across the portfolio of the activity levels in our higher-margin activities of strata. We'll continue to diversify our client activities and deliver on our cross-sell strategies, which supports the EBITDA margin growth.

Our goal is to achieve previous margin levels as we look to deploy that.

Thanks, Ben. We have been asked that a bit.

Obviously, when there's an ownership change of a major asset, it does create some uncertainty. We have been with Anglo, as we pointed out earlier in the pack, since 2002.

It's a very long relationship. We are the largest contractor on site at both Aquila and Moranbah North mines, but Grosvenor mine is still not producing currently.

We're currently contracted out till April next year, and are in discussions with them around continuing that relationship going forward. There is a risk.

It might be other players in the market trying to use that to get in, but I think we can rely on our points of differentiation there. The same as any other client, we've just got to remain ahead of the pack and be very competitive.

It's one I'm have a level of confidence around.

What I would say is Tahmoor was a good producing mine a couple of years ago before its ownership ran into trouble, and so the mine was put on care and maintenance. With the mine being put through a sale process, almost regardless of who ended up buying it, Tahmoor would have been on our radar.

Certainly with M Resources being involved in the purchase of that mine, that does provide us with a warm sort of entrance into the door, at least. It is a joint venture, we do still need to be competitive and compete on our own merits.

Yes, I can confirm Tahmoor is in our pipeline, and as it would have been with anyone. We're working hard on coming up with a solution to help M Resources and their partners with a successful restart of production there.

Look, certainly earlier this year when that first happened, it did cause some disruption, particularly to not on the shipping routes, but actually where we were airfreighting some product and through Dubai and have had to reroute that. That did cause some disruption, which we managed our way through and still managed to deliver record volumes through that second half of FY26.

Going forward, we've been working very closely with our strategic partner, Jennmar, and very pleased to say that we've come up with a number of actions there that will pretty much ensure security of supply going forward. We don't have those concerns looking ahead.

As I mentioned earlier, what's in the order book out of that $432 million, there was about 100 $155 million of that relates to FY27, and then with round about 40 $45 million for year one of Dendrobium contract that's been awarded post-year-end, that locks in revenue in the order book relating to FY27 in round about that $200 million mark. In terms of the opportunities we've got locked in that near-term pipeline, I've talked about Tahmoor.

We've mentioned previously that there's other opportunities with the other GM3 mines as well. We've got the, as we just mentioned, renewal discussions going on with Anglo.

We have renewal discussions going on with Whitehaven at Narrabri. We're also looking at a number of other opportunities as well, mostly with existing clients, in some cases at new projects, in some cases at existing projects.

As I mentioned, we've got a lot of growth in front of us, and so the board have taken the strategic decision to maintain and build our capital position really in view of that growth, both organic and acquisition growth. We will continue to revisit our capital management policy in future periods, and I do flag we've got a pretty significant balance of franking credits, if and when we get to that point of going back to dividends, we do have franking credits to benefit that.

Yes, at this point, we're on a strong growth trend, and so the decision has been taken that we're better serving shareholders by maintaining our cash to really deliver on the growth agenda in front of us.

That's actually a good question, but I think thinking through the bigger ones there, they are predominantly coking or metallurgical coal. There are some thermal opportunities in there as well.

I would say the thermal mines that we're involved with are the high-quality thermal mines that are delivering export-quality thermal. Yes, it's still higher up the spectrum than some other mines.

We really do try to focus on the met coal and that high-quality thermal.

Look, I would say when there's an ownership change, as the question around Anglo was earlier, I think that does provide us an opportunity to go and at least talk to Yancoal. We do have a good relationship with them through our Ashton contract.

I'd also highlight that we're actually already talking to Kestrel on an unrelated or a different proposal that's separate scope to current contractors, and yeah, that's prior to Yancoal even taking the reins there. Kestrel is a large mine.

Mastermyne has done extensive work at Kestrel previously, I think whether Yancoal make the difference or not, it's still on our target list and one that we believe we can add some value there.

Thanks, Ben. Many thanks to everyone on the call for taking an interest in Mastermyne and hearing our story.

We're certainly very excited about the year ahead, and look forward to providing further updates as we progress with our growth agenda over the next few months. Thank you again, and have a good day.