Today, as stated, we'll be presenting our FY '26 results and discussing why this year for Mayfield represents another significant step in our company's evolution. '26 has been a transformational year for us.

We have delivered record revenue, record earnings, completed two strategic acquisitions and expanded our manufacturing footprint, strengthened our balance sheet, and we're entering into FY '27 with a position of considerable momentum. Just turning to the results themselves, which you can now see up on the screen, revenue was a record year across all metrics.

Revenue increased 43% to $169 million. Underlying EBITDA increased 54% to $18.5 million.

Underlying NPAT increased 50% to $10.9 million, with NPATA up 55.8% to $11.4. Our underlying earnings per share increased almost 29%.

These results really demonstrate the leverage inherent within our operating model, and as we grow revenue, we continue to convert a greater proportion into earnings. Importantly, the performance indicates contributions from both organic and inorganic growth, which we'll touch on as the presentation proceeds.

Our shareholders also benefited from a 37.5% increase in ordinary dividends to 4.4 cents. Throughout the webinar, we will be touching on what drove that.

We'll be talking about the key milestones, including the acquisitions of BE Switchcraft and SMEC. We'll also talk about the raising of $33.5 million of growth capital in November, expanding our manufacturing footprint in Adelaide and Perth, and also substantially completing and signing off on the Nielsen switchboard acquisition, which was an event subsequent to FY '26.

As we enter into FY '27, we've got strong visibility. We've issued some guidance about where we think we're going to land, between $224 and $229 million, representing growth of about 33 to 36%.

Look, honestly, everyone, the key takeaway is pretty clear. Mayfield has emerged from '26 a materially larger, stronger, and a better-positioned company for growth into the future.

Thanks, Mel. For those that don't know or are new to Mayfield, who are we and what we do?

Fundamentally, we provide a diverse suite of critical electrical infrastructure right across Australia from our Adelaide headquarters. Our core capability or what we're famous for is the design, manufacture, and delivery of switchboards and switch rooms, together with kiosk-style or skid-mounted substations and other electrical manufactured solutions.

We operate as five business units across Australia: Mayfield Industries, which is the turnkey switch rooms and control room division of the business or the foundation company within Mayfield Group; BE Switchcraft, which is commercial industrial switchboards; SMEC, which specializes in mining electrical solutions; ATI for telecommunications; and Power Parameters for electrical test gear and measurement equipment. We operate around Australia, again, from our Adelaide headquarters.

Our second-largest manufacturing site is in Perth, along with a site office out in Kalgoorlie. We have a national footprint with Sydney, Brisbane, and Melbourne, as well.

The sectors we serve: data centers, mining and resources, utilities, renewable energy, defense, telecommunications, transport, and infrastructure. Our diversification of product and our coverage of market sectors really offers a competitive advantage, allows us to participate in some of the major tailwinds that are just driving Australian economies at the moment around electrification.

Thanks, Mel. What this slide really indicates is this is not a one-year story.

This has been a four-year story. The growth trajectory of the business, when we look back at FY '23, we can see from that base of four years ago, we've increased revenue from $78 million to $169 million.

Our profit before tax has risen from $3.9 million up to $12.8 million. Our underlying EBITDA has grown $6.7 million to $18.5 million.

Now, the earnings per share are standing at about 7.38 cents, but that's a bit of a function of the acquisitions and the increase in the share base. It's really been a very tremendous growth story, not only in revenue growth, but EBITDA efficiency growth over the last four years.

Thanks, Mel. Comparing '26 to '25, we can see, again, that growth story continue throughout the year.

Revenue is up by 43%. Even more impressively, we've grown that revenue by 43% and increased our underlying EBITDA by 54%, from $12 million to $18.5 million.

That EBITDA margin has expanded 80 basis points, from 10.1% to 10.9%. Our underlying earnings per share is up by 29%.

Underlying NPAT is up by 50%. Positive contributions with manufacturing, which has really been the engine room of the business, and also great contributions from our critical communications business and product solutions.

As a business scaled, everyone knows that maintaining or improving margins is often more difficult, our ability to grow earnings faster than revenue reflects a combination of operating leverage, project selection discipline, and increasingly efficient operations. It really demonstrates that our organic strategies and inorganic strategies are sound, and our strategy is repeatable going into the future.

Thanks, Mel. The revenue bridge from 118 to 169—and just hold the 204 for a minute, please, everyone on the call.

We can see that not all of our growth in FY '26 came from acquisitions. 40% of that revenue growth, around $20 million, was just organic revenue in the foundation businesses.

A 10-month contribution of BE Switchcraft added $19 million, and just a three-month contribution of SMEC added $12 million. That gets us to the 169.

It demonstrates that we're not just relying on acquisitions to grow. We've got a good organic base for growth, as well.

Now, if we take the full-year contributions of 12 months of SMEC, i.e., another nine months, and 12 months of BE, that means another two months, we would have hit a number that looks more like about 204 this year. Again, only having nine 10 months of BE and three months of SMEC, we came in around the 169.

It really just demonstrates our growth story is well balanced, and we've got strong organic growth complemented by well-executed acquisitions. Just on the next slide, please, Mel, turning to the NPAT bridge, $7.3 million through to $10.9.

Approximately 1.6 of that, again, came from organic growth through the foundation businesses, which translate to about 22% of organic growth. BE Switchcraft and SMEC added a further $2 million to the NPAT contribution.

While the acquisitions have accelerated growth, the core Mayfield businesses, I want to just reiterate and emphasize, also perform exceptionally well in their own right. Thanks, Mel.

The acquisitions, I think we've spoken about this broadly and largely. BE Switchcraft, which was September last year, $18.6 million of revenue contribution for $1.4 million profit after tax, had some really big wins in the year with the Osborne Shipyard, Mount Barker Hospital, and a whole bunch of infrastructure projects.

Now, they will also incorporate and house what will become Nielsen switchboard division in our co-located facility at Old Port Road in Royal Park, South Australia. It's a bit of a tongue twister.

SMEC, with three months of contribution, $11.9 million for 0.6 profit after tax, underground mining specialists with a Perth and Kalgoorlie base. The contingent consideration, I won't talk about that.

I'll let Karl talk about that a bit later. That just shows how they've come into the business.

SMEC is also a really interesting one for us because they've got real parallels into what's happening across electrification broadly, with skid-mounted substations, which is one of their core products for the underground market, and also for microgrids, where small-scale battery, solar, wind and transformers all come together to provide a islanded power grid. Lots of exciting things to be happening with both those businesses.

Honestly, they've performed exceptionally well under our ownership, and they're integrating very well. Couldn't be happier with the way those two are going.

Just turning over now to cash flow, I'll pass over to Karl to talk a bit about cash conversion and what happened throughout the year.

As you can see from the slide, the cash conversion in FY '25 was 79%, and it dropped to 27%. There's a few reasons for that.

Midway through the year, we've now exhausted all our tax losses. We're starting to pay tax, and so that had a good impact on the conversion factor.

If you add that back, that would be 46%. We also had to make a payment to a trust account in relation to a legacy legal matter for the reverse acquisition of the Stream Group, so that's also included in that 46% conversion.

The biggest portion of this is that we've purchased the SMEC business, basically, debt-free and cash-free. Then with no trade payables, trade receivables coming through.

They have delivered in Q4 delivering 11 $11.9 million in revenue. All of that had to be funded within that cycle.

That is the big portion of that cash conversion. Obviously, also then the add-backs that we have in relation to the contingent consideration as well as the acquisition costs that you can see.

Then just offsetting those two were some interest income and share-based payments. The majority of it is in relation to SMEC, working capital funding, and also the tax payments.

Now, obviously we believe that this will improve over coming years. If you look at annually, from year to year on an annual basis, that conversion should improve.

The 79% that we had in FY '25 was never going to survive two acquisitions, 43% increase in revenue and still getting back to a cash position of $21.8 million and being debt-free. I think overall, the cash conversion that you see there in terms of the 46% is really telling you a story of timing until the working capital for SMEC worked through and the one-off payments and add-backs in relation to the acquisition is finalized.

Thanks, Karl. Can we go the next slide, please, Mel?

Just quick notes on the balance sheet. As Karl said, we've finished off the year with 21.8 cash, up from 16.9.

If you think about the fact that we're now paying tax, we've got the property, plant, equipment expenses plus the acquisitions going through, our net cap position is still really good. Just wanted to draw to attention that our assets are up 118%, and our net assets doubled to $80 million.

A very good, strong balance sheet. We're still well-funded and well-positioned to continue our growth and thinking about acquisitions into the future.

Thanks, Mel. What's driving our growth?

I don't think this is going to come to any surprises to anyone sitting in the room. AI data centers, large-scale computing are just big, power-hungry beasts.

Not only do they need power in the data hall, they also need power outside to fuel their load. These things are now coming up to 800 megawatts, almost up to a gigawatt, there's extra generation that's needed to power them, and they consume a lot of power themselves.

As I touched on previously, mining electrification, a lot of diesel in mining. They're moving madly to decarbonize.

There's renewables, batteries systems going in, as well as fleet migrations that are going over to electric fleet, which is all driving the electrification inside mining. Energy transition links to AI data centers and mining and electrification, because we just simply need more generation.

That's coming through renewables, BESS, which all need kiosk substations, ring main units, control panels, and other things that we make. There's also projects that we're working on, as well, for more gas-fired generation to support the grid to supplement coal coming out.

Then we're also going through an infrastructure redevelopment at the moment. There's tunnels going in, ports, power lines, transmission lines, precinct developments, hospitals.

Everything is powered by electricity, and it all needs switchgear. In that, we can see our work in hand has been rising steadily since December '24 from $99 million.

We closed up at year end at 135. We peaked a little bit before that at about 150, but then you had a really high-revenue month, and that sort of dropped back a bit.

135 is a really good number. 135 is good for us.

It gives us a very good runway of what is in front of us and what we need to do. The conversion aspects also of companies like BE Switchcraft and SMEC, they typically convert everything in a month cuz they work on four- to six-week manufacturing cycles.

While they don't add a lot to the work in hand, they've got a steady run-rate of converted work that all just stabilizes the business and helps us move on going forward. Thanks, Mel.

We'll just pass on to some completed projects. What were we doing in '26, and what are we going to be doing in '27?

The two major projects we finished in '26 are on the left. That was Rio Tinto's Cape Lambert high-density ore project, nine switch rooms and 30 boards, around about $26 million all for Rio's Cape Lambert port in the Pilbara.

That was finished early this calendar year. The Melbourne 3 data center stages 1 and 2, 18 switch rooms and 96 switchboards for stages 1 and 2 of the M3 data facility in West Footscray with West Footscray, I'm tongue-tied.

What we've kicked off last year and is continuing into this year, the Central-West Orana Renewable Energy Zones, 26 control rooms and 200 protection panels for the Renewable Energy Zone in Central-West Orana in middle New South Wales, just outside of Orange. We're also doing a lot of work with GE on the Brigalow Project for their power station there.

There's a lot of major projects in mining, data, renewables, power generation, all coming through the mix into 207. Thanks, Mel.

The great thing that's underpinned us is our consistency. At the end of '25, we outlined several key objectives, and we've kicked goals, or we like to think we've kicked goals on all of them.

We said that we would be acquisitional, and we completed the acquisitions of BE and SMEC, the details which you can see up on the screen. We funded growth while preserving the balance sheet.

We've raised 33.5 in November through the placement and the share purchase plan. We've maintained no drawn borrowings right throughout the year, and we've closed basically debt-free at the end of FY '26.

We needed more capacity to meet the demand, and we've expanded our facilities. Old Port Road here in South Australia, which we acquired in January, that comes now into FY '27.

We spent 5 months basically renovating and getting it ready. That's now fully operational and is in production.

Hope Valley, we signed a build-to-lease agreement for a new 20,000 m² facility to off-hire the two rented facilities and move into that. That will be ready and up and operational December this year.

We've continued paying dividends, an interim of 2 cents and 2.4 cents at the end of year, making 4.4 cents for '26. Whilst still maintaining the balance sheet, funding growth, investing ourselves, we're still ongoing with our dividends.

We're now providing outlooks and guidance for where we see the business going into '27 and beyond. Just one other point, and to support that growth, sorry, Mel, if we can just go back, and also to support our growth into '27, while we're increasing our manufacturing capacity, we've got our supply chains in China and Malaysia, we can start to prebuild and preassemble switchgear so we can operate in Australia much more efficiently.

We've deepened our management team with the introduction of a chief operating officer, chief technical and innovation officer, and a general manager commercial, legal, and risk to help us manage our portfolio and the general areas around the business, and to also help improve the business through digitization. We've continued and expanded our employee share option plan, we can lock in our senior executives and critical roles to make sure they're maintaining and motivated to stay with Mayfield now and into the future.

We can't do anything without excellent people, and we're continuing to invest in our people through ongoing training and development to make sure we've got everyone shipshape and ready to support growth into '27 and beyond. Thanks, Mel.

In terms of our ESG and being responsible, environmentally friendly, and safe, lost time injury frequency rate for the year of 0. Gee, that's a tongue-twister.

LTIFR of 0. We've maintained our certifications for ISO 50 45001, as well as our safety and our environmental accreditations.

We've appointed a dedicated environmental specialist to help with our ESG obligations and reporting that we'll need to bring to account at the end of FY '27. That in and above constantly and consistently monitoring our Scope 1 and Scope 2 emissions and reporting those through.

Installation of solar and looking at the batteries that we're going to put into SA to try and be net-zero as far as practical. Our employee base is now sitting at 535 at year end, up from about 250 at the start of the year.

Again, spending money on apprentices and technical training to bring them up, and the employee share plan. Sorry, all the things I just touched on previously.

Thank you, Mel. What does it look like going into 27?

Sitting here today, the outlook for '27 is really positive. We are looking at a guidance of about 225 to 229, which is about a 33 to 36% growth.

That's supported by our very strong work in hand, which underpins a lot of that, and plus the recurring work that we get through BE Switchcraft and SMEC, also supporting that of the full-year contributions from BE and SMEC. We're also supporting that with the recent acquisition that came into this year of the Nielsen switchboard division, which we've flagged to the market is contributing about 10 to 15 as well, on top of that pipeline.

Our order book, our project pipeline, and our manufacturing capacity that we increased, along with the acquisitions, really give us confidence that we're going to be up around that level at the end of the year. Thank you, Mel.

What are our priorities? Again, I sound a bit repetitious.

It's bringing those new facilities at Hope Valley and Royal Park in and online as quickly as possible to expand our manufacturing capacity, alongside bringing in the Nielsen switchboards acquisition, which is progressive from now through to the end of October, and getting all that plant, people, and product in as quickly as possible. We're looking at our East Coast footprint.

We're pursuing an East Coast expansion. Largely or predominantly, that would be an acquisitional play.

We'd be looking at buying a business over there to expand our footprint. It's a much quicker and risk-free way of doing it than an organic opening.

Again, more growth through product development. There's plenty more we can do in medium voltage switchgear through relationships we have with companies like Leipold.

We're looking at our transformer partnerships and how we can bring those into skid-mounted substations, what we need to be doing to do more in the battery energy storage, kiosk, and other related energy infrastructures like soft starters, power converters and conditioners, and charging equipment. The lean program which we've embarked on in Edinburgh, the next stage of that is driving digitization into operational excellence.

While we've done that at a macro level and at a factory level, it's the systems and everything that sits behind the advanced manufacturing to digitize our operations from end to end to make the connectivity as seamless as possible. That'll be a big focus of what Chris will be looking at, our chief technical officer, in the coming year.

Then it's taking the lean principles that we've established in Edinburgh and applying them across all aspects of our business. Now, lean, I'll talk a lot about throughout the year.

Lean is not a one-off process. Lean is continuous improvement, and we will be continually looking at how we can get better efficiency and efficacy into our manufacturing operations.

As we grow, we want to strengthen our market positions. There's plenty more that we can be doing in the data center space, utilities, renewable energy, and utilities.

Resources infrastructure is always there, and there's real green shoots coming through in our portfolio in the defense sector. In doing that, we'll be looking at our market position to integrate and scale BE Switchcraft, SMEC, and the switchboard division of Nielsen's, and there's plenty of cross-selling opportunities that we want to be able to capture going into FY '27.

Thank you, Mel. Then just rounding out on the Nielsen switchboard division, we concluded that on the 31st of July for $4 million in cash.

The way it works, it's a bit of a tricky one. They're running down their switchboard division as Nielsen, and as they run it down, we pick it up.

There's a transfer of people, projects, and plant that is happening now all the way through to the 31st of October. Why is it staged?

When you pick up a business and move it down the road and you're halfway through building switchboards, it doesn't make sense to pick it up and move it. They're better off finishing what they've got, and we'll start all the new work.

What it does do, though, is it really supports the rapid utilization of the Old Port Road facility here in Royal Park, South Australia, and it just gets it up and running quickly. If I could show you what's happening out there now, I think a lot of your eyes would pop out of your head.

From a factory that was empty about 3 weeks ago, it's a pretty busy place. Through this acquisition, we're expecting it to contribute about $10 to $15 million of revenue in FY '27.

As a switchboard division inside Nielsen's, it was doing about $25 to $30 million year-on-year, and that's the sort of size and scale we see it when it's up and running full speed when it comes into Mayfield. Thanks, Mel.

The real story and one of the most important things is our capacity to grow. This slide is one of the most important ones inside the presentation.

It demonstrates the investments we've made over the last 12 months. Now, when we say our capacity to grow is going from 55,000 m² to 73,000 m², don't forget we started the financial year '26 without SMEC and without BE Switchcraft.

Our footprint at the beginning of the year was about 40,000 m². The acquisitions through the year took us to 55,000 m², and bringing on the new facilities in Royal Park, South Australia and Hope Valley, Western Australia increase our footprints to 73,000 m².

I've written this on the context of year end at 55 to 73, but over the year, we've gone from 40 to 73. I hope that makes sense.

It's quite a staggering expansion. The important thing also for investors is that capacity is already secured, already funded, already been worked through in FY '27 '26, I beg your pardon.

The opportunity now for us is to execute, get it up, get it running, and bring that into production as quickly as possible. Setting our sights further, we're light on the East Coast, and again, I've mentioned previously, we're looking for acquisitions for Mayfield-aligned industries that would help us accelerate and provide a presence on the East Coast.

Thank you, Mel. To summarize, why invest in Mayfield?

Why us? Pretty simple: We're a pure-play exposure in terms of electrical manufacturing.

We offer exposure to the long-term electrification trends and tailwinds that come with them. We've got strong market in demand.

We've got a proven acquisitional strategy and a capacity to compound. We're growing earnings and dividends.

We're growing our profitability, and we're becoming a significant and scaled-up manufacturing company. We believe we occupy a unique position.

We've got really good structural tailwinds. We've got a stellar delivery record over the next four years, and we think the next four years are going to be even better.

In closing, I suppose before I hand open up back to Mel for questions, '26 was a transformational year. We delivered our record revenue, record earnings, completed two acquisitions, expanded capacity, strengthened and bolstered the balance sheet, and laid the foundations for continued growth.

As we enter '27, we've got strong visibility of our record work in hand position, our expanded national footprint, and the tailwinds that are driving electrification are just going to keep on blowing. Look, Karl and I, on behalf of all the board, we'd like to thank you for your continued support.

Now I'd like to open up to questions if we may. Thanks,

Mel, can you guys hear me okay?

Yes.

Yes, Max, loud and clear.

Awesome. Congrats on the result, guys.

Talk us through the second half. Obviously, you called out a slower Q3, and obviously that picked up in the in Q4.

Just talk through the momentum during the half, and if that's carried into the first half '27. Do

you want to take that one?

Yes. I guess we did have a slow start for Q3 in FY '26, but that certainly accelerated quite a bit into Q4.

We had a good support also from the acquisition from SMEC in terms of the delivery in that quarter. We have now very, very good momentum going forward into Q1 and Q2, and for the rest of the year.

I think that variability that we probably saw in the past where we talked about the lifecycle management of projects, we think we're trying to mitigate that as much as possible, and I think we will be successful in doing this by having BE Switchcraft and SMEC and the growth that we also see in Mayfield, and also with Nielsen's switchboard division coming on board. As long as we get more diversification in terms of the product range and the contracts coming through and the short conversion factor that we have for SMEC and BE Switchcraft, we believe that we are now much more stable in relation to our revenue and our earnings throughput.

Awesome. Just one more on SMEC.

It looks to be sort of annualizing $48 mil of revenue. You bought it looking to do 41.

Is there any sort of seasonality in that sort of Q4 number? Or do you think you've seen a bit of growth since you've picked it up?

Look, we only had it for 3 months, I think if you annualize that, it's roughly about $44 million. That's how we looked at it.

That $44 million will probably land in FY '27. It's a little bit too early to talk about growth if we only had 3 months of that sitting within FY '26.

No worries. Thanks, guys.

Thanks, Max.

Yeah. Can you guys hear me okay?

Yes.

Yes, Joseph. Hello again.

Hello. Congrats on a good result.

Firstly, just on SMEC, just would like to know how far along the integration journey you are here, and just has this been a acquisition being good cultural fit with the rest of the group? Maybe just an extension to that question: Is it too early to be thinking about a cross-selling opportunity realization over FY '27?

In terms of cultural fit and the integration on a humanistic level, it's going absolutely fantastic. Already, we're working between SMEC and Mayfield Industries WA.

Characteristically, we say that the SMEC guys do the blue boxes, which is the 1,000-volt AC boxes that are required for electrical distribution. The orange boxes, which is the 415-volt boards, are being done by Mayfield Industries in sort of supporting what they're doing.

There's already that integration of working together there. The two facilities between Naval Base and Bibra Lake are only about 15 minutes apart from each other, so that's working quite well.

Yes, we are looking at a number of cross-selling activities, particularly with the kiosks and skids in terms of what they have a core product in. In terms of the integration itself, we'll be migrating them in this financial year over to our group ERP, but we're not going to rush into that.

It's working as it is at the moment, we'll migrate them over slowly and carefully. Then we're also putting them onto other corporate systems to do with safety, reporting, and other compliance issues.

It's all going fantastic.

These additions are also more complementary than overlapping,

and

as such, it's less disruptive than it would have been otherwise, Joseph. I think yeah, we've got a good runway in front of us to actually integrate them well.

Excellent. Good to hear.

Maybe I remember you mentioned you're starting to see some green shoots in the defense sector. I know this sector is generally commercially insensitive, but are you able to elaborate how you're seeing the opportunities in the defense sector going forward?

Yeah.

In the here and now, a lot of it is in the commercial industrial space, which is being done with BE Switchcraft. They're doing quite a number of switchboards and distribution boards for the Osborne Shipyard here in South Australia.

With Mayfield Industries, we make a range of customized cabinets that have specific insulation resistance to certain frequencies and electromagnetic interference, we're making a range of those for clients like Lockheed and BAE, but I can't really talk too much about that. We've also been doing some other switchboard work for RAAF bases.

Again, that's out of BE. ATI, our telecommunications business, also does some crypt comm work in some of the defense sector, as well.

We're seeing more to be happening there, but again, anything with defense, to everyone in the room, you all know, it's coming, but it takes a long time to get up and running.

That generally is the consensus I've heard from speaking with other companies, as well. Thank you.

Then just lastly, I know some input cost inflation's been noted across the industry, particularly copper wiring. Have you been able to pass on these higher input costs pretty well through your tendering?

Yeah. Look, we try to, but it's always a hedge.

We've taken a lot of copper to inventory, sort of 3 months Yeah, from 3 months ago. We're always sort of using yesterday's copper price or today's copper price based on what we bought it on 3 months ago, if that makes sense.

That's sort of a natural hedge that we can do there. Then some of the copper is different lengths and thicknesses, you've got to be a bit careful about there.

Look, generally, when we're doing a tender, we'll be pricing right up to the point of award and refreshing, updating our switchgear prices, our copper prices, and our sheet metal prices. Then usually the award cycle, once we do have the job, we've locked in those prices.

It's pretty quick, and then we can place those awards pretty much straightaway. That helps us manage that.

Yes, we're managing to pass them through because we're tendering and pricing right up to the 11th hour, and then we're placing those awards pretty much on award of the contract.

Great. Thank you.

That's all for me.

Thanks, Joseph.

Thanks, guys, and thanks for taking the time for my question. I guess the first one is just can you help us think through what you look for in terms of acquisitions?

Is it IP? Is it the product suite they have?

Or is it manufacturing capacity? Just what is, I guess, the most important kind of metric that you guys look at?

Good question. I suppose the a, b, and c of it is that we are predominantly looking for manufacturing companies that have IP or intellectual property that makes them unique and bespoke.

We're not looking for modular builders that are just buying things off the shelf and putting them together. We're looking for companies that have type-test, certified product, and intellectual property that is slightly unique, i.e., like the Nielsen switchboards division that has their own N-series board.

That's one of the key reasons we bought it. We're also looking for a business that is undercapitalized and seeking to grow, and has a clear and demonstrable strategy about how they want to grow and what they need to do it.

Typically, these private businesses are at their wit's end when it comes to working capital and going back into bank debt. That's another good thematic that we're looking for.

Again, we're not looking to buy companies and displace the management team. We're looking for a management team within the business, people like Martin, Lauren, Anthony, Fab, and Beck here that just want to liberate their business, get on and grow, and want to stay with Mayfield and become part of our overall executive as we go into the future.

Really, yeah, manufacturing, IP, a unique point of difference, a strong management team, and a business that we feel is undercapitalized and we can help grow.

That's super helpful. Just given the strength of I guess the end market where all three of your key verticals are firing, just how easy is it to acquire a business?

Is there many left? Or is it kind of everyone in the sector is kind of focusing on doing roll-ups at this point?

Oh,

Lachlan, I don't want to say this one out loud. It's never easy to acquire a business because there's always a human at the other end of it, right?

Humans are emotional beasts, you've got to work through all that. Look, we're trying to do things around about the 4/5 EBITDA level in terms of the acquisitions.

There's businesses out there that have stars in their eyes and are looking for multiples that have got many zeros in them. Look, there's plenty out there to look at, but we're really looking for the ones that have the IP and approach that would help our thematic.

I'm not sure if that directly answered your question, but there's still things to look at there.

No, that's super helpful. Then final one for me, just so I don't take up all the time, just in terms of pricing, putting copper to the side, just given that, I guess, all end markets are firing, are you seeing much pricing benefits in terms of margins?

Or is the increased demand kind of just going overseas? Just help us kind of think through that.

In terms of pricing, it's still a price-sensitive market. It's very hard to get your margins up by ratcheting up prices, cuz it's still a competitive market and the price point is quite discoverable.

We are seeing some of the larger-scale projects start to look at fully importing from overseas. I won't comment too much on that other than the early track record of that has not been fantastic.

Then again, looking at capacity and getting better margins, we can also import from overseas with our prebuilds that we do out of China and Malaysia, as well. It's something that we're quite adept at doing.

It's the squeeze at both ends. Customers are always trying to get price down and suppliers are always trying to get their prices up, and you've just got to manage the two competitive forces as best you can.

That's super helpful. Thanks for the time, guys.

Thank you.

Sure. What we've seen with N-series is that it's like Noah's Ark, we're bringing over the teams and the projects two by two, week by week.

What we've brought over at the moment is just the first team that's working on a specific set of boards for a particular client in Victoria. That was the first group of people that have come over.

What we're expecting to see in the next few weeks as they finish with their sheet metal production facilities is the sheet metal guys coming over, along with some of the other mining projects that we already have through N-series for projects in the West, and also some of the other infrastructure projects that they have. I'm not really at liberty to talk about what those jobs specifically are, but what we did pick up with the acquisition was $4 million worth of new work that was already won by Nielsen switchboards.

That's been novated and handed over to us. That's sort of like the free kick we get to start going from there.

Then, of course, we picked up their current tender pipeline and all the offers that they've made to the market. We're busy now talking to those clients about how we would deliver the N-series switchboards, i.e., the Nielsen switchboards as N-series by Mayfield.

Okay. Thanks, Mel.

I think I kind of sort of made my final comments at the end. Just, yeah, it's been a record year.

I'm really proud of the team and everything we've achieved. It's been great.

It was really a combination of all the parts of the business pulling together, a great efficiency to get those projects through, and then, of course, bringing in the acquisitions just was the icing on the cake that made it a great year. We've invested in ourselves.

We've expanded our capacity and capability. We've deepened our management team.

We've got our systems in place. We're looking forward to a ripper FY '27.