Thank you, Ben, and welcome to our FY26 results announcement. Despite a challenging year on on revenue and financial results, we've made a continual progression this year in expanding our footprint globally.

Some key statistics here of of that footprint. Probably most most importantly there is that 66% of revenue outside the ANZ ANZ in a year in which our largest market, the US, is achieved a revenue result only 2/3 of what had been achieved the prior year on the back of government government continued federal government funding delays in the US.

That that financial result on the 3rd of July, we flagged a a revenue result between $60 million and $62 million, $61 million was was back from $69 million in the prior year for a net loss after tax of $15.7 million, which was reflected that funding continued funding funding delays that we'd that we flagged in in our half-year announcement on the first year. Unfortunately, they did continue into the second year second half of the year.

FX headwinds as well had impacted both first and second halves. Then there was a non-cash partial tax asset derecognition, which Andrew will go to in his report.

Really pleasingly, for the second year in a row, we've been able to generate positive operating cash flows, $4.5 million for the year, which is fundamental in funding the business going forward. As we also flagged on the 3rd of July, second-half contract signings was up on the prior comparable period, and there were some major projects of focus signings in particularly late in June.

Our first-ever project in Oklahoma opens up a new market for us, together with continued work in in California. One of the ongoing projects is is in Costa Rica, a project we're very proud of, the Sunara Project.

We secured both the second and third stages in FY26, with the the the third stage there coming late in June. That is a that that is an an exciting and ongoing project for us.

Also in Chile, we signed one of our largest-ever deals, $2.3 million with importantly with the Department of Hydraulics, which is the the larger government funding funding scheme. Really important development for the business is the ongoing interaction and engagement with corporate funders.

Late last week, and so we're just announcing today, a contract with a major major corporate for water stewardship commitments in Nebraska, valued at $1.4 million. That was that came on the 21st of August, and we're announcing that today.

That really solidifies our engagement with large corporates and hyperscalers, following on from the $2.3 million corporate-funded project we delivered for Glenn-Colusa. We'll have some more on on that space later on in the presentation.

Again, really important technology demonstrations being delivered this year. The Ceres Main project for Turlock Irrigation District has been benchmarked at 69% in operational spills, which was one of the key metrics for funding that project.

Turlock Irrigation District is one of our longest-term customers. It's a benchmark in the US, but particularly in the Central Valley.

Likewise, Chaffin Farms in the Colorado River Basin achieved a 18% increase in yield with 35% less water, really demonstrating the power of our technology when applied to farms. Also, a super important metric for the business is that is that base business.

The base business is comes from customers, existing customers using their own funds to continue to support, maintain, and roll out on on lower scale than the than the bigger flagship projects across our business. That that business did did expand.

We've got some more on that later in the project. In the presentation, sorry.

Our our unique value proposition is is still being maintained globally. That really comes comes to the fore when we participate in tenders in our space around the world.

We are typically the sole tenderer or at least the sole qualifying tenderer. We are also more more and more entering into direct sales contracts with end customers rather than going through public procurement processes because we're recognized as being unique in our value proposition.

That's that that's a really strong position for us. Clearly, water resources is a is a major issue for the world.

The United Nations this year has has moved beyond calling it a water crisis to saying that the global water bankruptcy the globe is in a state of global water bankruptcy. This slide here from the FAO in the background shows where those water-stressed basins are around the globe.

Then we've overlaid that with where our offices and our presence are, we are in all these spaces. Obviously, Australia, India, Europe, North Africa, Central Asia, really importantly India, the US, and and South America.

We have and maintain our investment in these places to be able to to deliver on what we know this company is going to deliver. If we just some global highlights around what we did achieve last year in terms of projects.

I spoke in about that in the intro, the the Ceres Main project in Turlock. Whilst that has delivered really successful water savings.

It's got great engagement with the farmers who are in that pilot area, which are all ordering their water on our software now. TID has publicly linked that to its 20-year modernization project.

TID is a a big customer for us in the years to come, but most importantly, the rest of the US market, particularly in California, is watching what they're doing and what our systems are delivering. We also in in California delivered the the project, $2.3 million contract for Glenn-Colusa.

That was provided by a private private sector entity seeking to advance its ESG and water sustainability. Again, we'll talk a bit more on that to come.

I've mentioned the Sunara Project in Costa Rica. This is third stage now, two won last year, and there's more to be tendered this year there.

We see that as a very as a long-term commitment. Our technology is embedded in a really significant irrigation development in Costa Rica.

One of those one of the most stressed rivers in the world at the moment's the Po River in Northern Italy, and our footprint there has continued to to to grow this year with some signature projects, Villoresi, Torrenesi, and also CER Romagna. We did in Central Asia, a couple of projects there were were delivered over the year in small pilot projects in Azerbaijan and Tajikistan.

That is clearly a water-stressed area where we're where we're really being pulled, pulled into there with some some scalable opportunities. I think one of the Then in Australia, we we we have been contracted for our first environmental watering program, and we see that as a growing part of our business here.

Most importantly is the is the base business, or really significant is that base business where we delivered more than 280 projects contracted across 11 countries with a combined value of over $30 million. That's that is all these projects from our from our existing customers that are using typically utilizing their own budgets to progress the implementation of our systems.

The dots on that diagram there show you where that is. Clearly, Australia, Europe, a lot of that is coming from the US, even though the corporate I mean the federal funding part of the the US was delayed into the second half, our existing customer base was still was still ordering, and the US was still the biggest part of our business in FY26.

Corporate water stewardship is a is a real is a very important and growing opportunity for Rubicon. Here we can see the commitments being made by a sample of major corporates, but you could go to any, that list could be could be 50 50-strong.

We're seeing it across all sectors, but predominantly yeah, particularly the hyperscalers looking to secure water savings at a basin scale to be able to offset and contribute to the offset their water use, but also contribute to the communities in which they're building their facilities. That really comes around, and it's if there's a growing recognition of basin-scale water stewardship.

Rather than a a factory in an area trying to offset its actual water use by doing something to create an efficiency, the big corporates are talking about basin-level impacts and they're wanting measurable outcomes. That most of the major corporates have got targets around 2030 about being water-positive outcomes in the basins in which they operate, and there are there is an established accounting methodology for the measurement of these volumetric water savings.

These these systems are are long term, it's not about a project to deliver something. Typically, these water accountability projects are over a 10-year period.

The upfront, we're delivering the technology that creates the water savings. We're auditing those, and our systems being data driven really put put us in a unique position in over the 10-year contract typically to be able to, year on year, demonstrate what we're delivering, the savings that are coming out of the investments that corporates have made.

These large corporates and hyperscalers operate in thousands of facilities globally, and and in the particularly in the case of the hyperscalers, thousands under construction and being built. That really as we engage more and more with these parties, clearly, it's an it's an exciting space to be for us to not be subject to the the vagaries of government timing, politics around release of capital funds, to deal with corporates that are that are making commercial decisions, but also those those those facilities are opening up new customers.

For those that track us know that our our systems are really the the operational the facilities we provide are the operational systems for the irrigation districts in which we engage. Once we engage with an irrigation district in a meaningful way, then we have multiple years of of both capital rollout and then support.

This opportunity to deal with the hyperscalers and and other corporates allows us is already giving us access to to new customers. If we and this isn't just a plan.

Clearly, it's yeah, it's been enacted now with we've had four contracts over recent years, two in in this this calendar year alone, which which are from these corporately funded projects. Gila River Farms and Bear River in with the were previous projects, and then we had Glenn-Colusa, and then the one that we've just announced this morning, which was contracted late last week.

One of those projects, Gila River Farms, Google has referenced that within Gila River Indian community, deploying our technology to save the water. There's a a link there for anyone who wants to see that, the statements being made and there's some videos of our technology.

The the shot on the right-hand side of that slide is actually Gila River Farms delivering irrigating a crop. The second reference there is Procter & Gamble.

That was one of the projects we delivered for Bear River. That was really to automate a section of canal to better facilitate the delivery of water to a sensitive environmental wetland.

That then there's a range of opportunities in Utah there around that Great Salt Lake system. With that, I might throw to you, Andrew, to to lead through the deeper dive into the accounts.

Thanks, Bruce. Group revenues fell 8% in period-on-period.

This 12% reduction was predominantly due to the delays in US government funding for some of their larger projects. Despite this, our US revenues at $22 million still represent our largest region, indicative of the reliable base business that flows from the recurrent, smaller projects from our large, existing US customer base.

As per our market announcement on the 3rd of July, $30 million of priority projects that whilst well advanced had not proceeded to contract signing by 30 June, and therefore did not contribute to the FY26 result, but rather will support our revenue growth in FY27 and beyond. Solid contributions in ANZ, Europe, and Latin America were welcomed.

An appreciating A dollar negatively impacted on the revenues to the tune of $1.5 million. The gross margin result of 41% was relatively indicative of a $61 million top line, albeit that the stronger A dollar depressed it by 1.4 percentage points.

A further impact of exchange rate was a loss of $2.5 million that was crystallized on the repatriation of funds to settle intercompany loans during the year. Other controllable operating expenses were $2.1 million lower than the previous year.

All of this contributed to an underlying EBITDA loss of $8.9 million, down $4 million year-on-year. The reoccurrence of another loss put significant pressure on the application of the accounting standard 112 accounting are required to support the carrying value of our deferred tax assets.

As such, we determined that a derecognition of $4.1 million of that asset balance was required, which meant our income tax expense was materially higher this year. In a nutshell, softer sales, a stronger A dollar, and an unfavorable tax result led to a net loss after tax of $15.7 million.

On to cash flows. Something of a more pleasing result was the generation of $4.5 million of operating cash inflows, indicative of our continued focus on cash collections.

The problematic outstanding balances over recent years from earlier Indian projects have now all been fully collected, leaving only relatively small and current balances from recent projects. The business continues to invest in R&D, as it remains conscious of the need to invest in both the hardware and software technologies that provide important competitive advantages to Rubicon.

Key movements on the balance sheet since 30 June 2025 were there was a significant reduction in both receivables and contract assets as sales were quickly converted to cash through the period. Despite the derecognition of $4.1 million of deferred tax assets, we still carried a balance of $8.7 million through to 30 June, reflective of the expectations of profits in foreseeable periods to absorb them.

On the back of the cash performance in the second half, net debt ended the period within $300,000 of last year, meaning the business maintained headroom of cash and debt facilities of over $12 million at 30 June. Back to you, Bruce.

Thanks, Andrew. Moving on to that pipeline, which is now at the half-year, we spoke about $30 million of contracts either in tender or under final award.

That entire $30 million is still very very much alive, and it's been joined by several other projects as well. This is the donut chart of our major incremental projects for FY27.

These revenues are on top of our base business, our recurring revenues, and the contract works we bring in to the year. If you look at all those factors gets us into that roughly $50 million to $55 million, and these are the contract wins we're expecting on top of that.

Already we've won three major projects for this year. The privately funded projects of the corporate ESG project in Nebraska that we're announcing this morning, and a job in Imperial California, and also the third stage of the Costa Rica project.

On top of that, there's five projects that make up $47 million, which is projects that have been tendered and under final award or tenders that are about to close that we expect to be the sole provider or other contracts. That's a really strong position.

As is, then there's a further $20 million in the next category, which is procurement processes we're very confident in for the year. That gives us a really good base, and as we report over the coming months, we will be using this as the base data with which we can track our progress.

With Rubicon, our focus is very much on water and what matters most. We've already said that the growing water stress globally, UN declaring water bankruptcy, and we are in a unique position where an investment in Rubicon technology delivers water savings of a scale that's really significant through efficiency rather than trying to create water by other means.

One of the biggest things that hit us last year and probably an obvious question is if the funding delays in the US hit the first half and then the second half, are they going to be released this year? We believe so, and that is evidenced particularly by the situation in the Colorado River.

On the 31st of July, the US Bureau of Reclamation released a preferred framework for the management of the Colorado River. That was backed up on Friday night, they released the operating rules for the next two years.

That is providing cuts across all the lower-basin users, which is predominantly where our large customer base is in the west of the US. There's some important things in those operating rules now which change the game in terms of districts being prepared to invest in efficiency programs.

That is that it allows irrigation districts to invest in efficiency systems and then take those water savings and bank them in Lake Mead or Lake Powell for their future use or economic benefit. That really changes the economics for irrigation districts in investing in our technology.

Also, we're seeing other funding streams other than we are certainly seeing the USBR funding return, and with projects have started to roll, including some of the ones what we've just mentioned from USBR particularly. We're also seeing state funding systems.

CalEPA, California's Department of Water Resources, has forecast new funding for watershed-scale conservation programs, including irrigation efficiency, and they've mentioned a figure of $60 million US for the next calendar year. We're really seeing not only federal funding return, but corporate funding and state funding coming in to really move the needle, and we're confident where our US business will sit in that.

We're very much where we fit in, yeah, as that pressure on water efficiency improves, our position of being a unique proposition for delivering high-volume water savings from environmentally sound water irrigation efficiency programs, it puts us in a really strong position. Summing up before we get to questions, what's really positive for this year is that $47 million now of projects currently in tender, under customer evaluation, and the final stages of contract award.

That's the base of what we see is really setting us up for a really strong FY27. We are seeing the US funding return.

As I said there, the Colorado River operations stuff which was released over the weekend and California new funding. Clearly, corporate funding and water stewardship from the tech companies particularly, but not just tech companies, mining companies, all the big corporates, and us being increasingly engaged with them on being an economic way to produce efficiencies and meet their water saving commitments not only for the infrastructure they're building, but for their broader ESG commitments to make a contribution to the basins in which they operate.

That the water stress in the markets with which we operate just continue to grow. Those basins in the Po and the Ebro particularly, in Italy and Spain; the Krishna and the Indus, key markets for us in India; Aral Sea, yes, but also Colorado River Basin and the Rio Grande particularly in the States.

These are markets which we've got the presence on the ground. We've got the reference sites where we're engaged, and that water stress is just continuing to grow.

We enter FY27 on the back of some good contract signings in FY26 and some good early contract signings of both base business and priority projects in FY27. We believe that places us in a really strong position for FY27.

Our priorities there are to focus on converting that active pipeline into revenue and, importantly, conversion to cash. As I've said a few times, that base business is critical for us.

Every new customer is on a journey with us. As long as we continue to support them, there is that base business part of which is the smaller orders that come from existing customer base continues to grow, as well as we have these larger projects coming through on the priority project pipeline.

That's the formal part of the presentation. Ben, I might throw back to you for any questions.

Certainly, Ben. Given our cash performance for the previous year is meant that, as I've mentioned earlier, our net debt's effectively stayed at the same level.

We exited the year with what we think is more than ample headroom in the form of cash holdings and also debt facilities. At this point in time, the board is comfortable that there won't be any need for a capital raise in the foreseeable future.

As we've highlighted in the presentation, it's not just under consideration, it's already delivering results for Rubicon. I think it's important to say that with data centers, yeah, water use is an important part for the facilities themselves, although technology is coming in to make those systems more efficient in their use of water.

Importantly for us, the water use requirement of those data centers and hyperscalers is more about making a positive contribution into the catchments in which they operate. It's not just a data center provider wanting to be able to demonstrate that they've created water efficiency equivalent to or greater than what they use in their factory, they're wanting to make positive commitments to the communities in a much larger scale.

That's where Rubicon comes in, because it's pretty hard to find meaningful, large-scale water efficiencies to deliver on those sort of commitments. There's desal to create water, there's a minimal amount of water that can be saved from improving urban and treatment infrastructure.

I'll come back to where we sit globally is we're in a space where a third of the water that's utilized, consumed globally is lost in delivering water to gravity-fed irrigation. That's the space in which we operate.

We've got the core technology delivers on those solutions, and that's what's really got us really well engaged with the data center creators, the hyperscalers, and the broader corporate community.

Hi, Bruce, Hugh Robertson. Thank you for the presentation.

Whilst I agree with you about the logic of large-scale irrigation systems, the problem, it seems to me, remains with bloody governments spending their money on other things. Anyway, by the way, to the question about the hyperscalers and the S-word, what's the opportunity do you see?

Is the company, firstly, two questions, is Rubicon well enough resourced to deal with these groups, firstly? The second thing is, can you see opportunities with the likes of the Googles and the Magnificent Seven, I suppose, to look at sort of global deals with them, given your technology skills?

Thanks, Hugh, yeah. Enough resourced, yeah, we've dedicated some of the best talent in Rubicon to dealing in this corporate space.

It's a very active and progressive space in terms of conferences around the world and the establishment of the standards around volumetric water benefit accounting. We are throwing the resources required to engage with that.

I suppose that through that engagement, we are seeing, we've signed NDAs with most of the parties that you've spoken there. We've contracted with some of them to deliver projects.

If you look even at, as an example in India, we have yet to deliver a corporately funded project in India, but there's several we're looking at. There's thousands of these facilities being built there in an area where there's across the whole of India is one of the most intensive areas of gravity-fed irrigation in the world, and there's an obvious both from an economic and a social good point of view, investment in our technology fits all the metrics.

What we're seeing is we're engaged across a broad spread of those entities that are either building, operating, or owning these facilities, all three of those, and we see this evolving into, certainly in the catchments in which they operate where there's broad-spread irrigation, we're an obvious point for them to deal with. We are confident in that being a growing and important part of the business for us.

Maybe if I could too, Bruce, add to that, I think Hugh mentioned about global contracts. Now whether that comes to be or not's another thing, but what I could say is those same companies that we're talking and signing up within the US, they're the same ones in India and even in Australia discussions have been undertaken.

There is already that extension within those companies across country borders.

Gee, I've never heard Rubicon be so bullish in the last 5 years.

Obviously we as the founders and the long-termers at Rubicon understand the opportunity, but it's been a frustrating period predominantly dealing with the vagaries of governments, and that the US experience case in hand. The US will still be the biggest part of this business, and it still is, even in a lower revenue year.

With a stroke of a pen out of Washington, a major part of our growth financing, which is still there, which we can point you to government websites that show about $20 million US worth of contracts to Rubicon that are approved, they're just not released to start spending. It'll come back on that front, but certainly this corporate space adds another market, not just in the direct contracts we have with them, but at the ability for us to reach new markets.

That the deal we announced this morning from Nebraska, that's a new customer for us, they've come to us because the corporate's come in and funded them to deliver water savings. Now we have our tech in that customer, and that opens up a whole future of dealing with new customer.

That's in our sales process, it's going to be fundamental in that as well.

All right. If we talk through these for instance, if I just use that $1.4 million job in Nebraska, so that is a corporate funding us upfront to deliver a project for an irrigation district customer.

Cash flow-wise, that's a very positive cash flow job. The capital is provided upfront, there's no working capital drain on us delivering the capital side of that.

Then we're funded for 10 years to be able to maintain the system we've provided and then do annual reporting on the savings. That at the project level, dealing with these corporates in our experience across the four that we have done and all the ones that we're currently talking to, there's no working capital drain on those.

The opportunity there is, as I say, every one of those customers, if they're new customers, opens a whole new opportunity for future work as well.

I think the other question was are they profitable? The answer is yes, they are.

In their own right, they're all profitable, at least as profitable as the other projects, if not maybe slightly more. The key for the business and the key for us is to make sure that we continue to get more of those, more of the large projects, continue to deliver the base business, and get that revenue level up from where it's been the last 50 years.

The last part of that question was around how do our investors have confidence in us returning to profitability? We have continued to invest to roll out this business because we know where it's going, what the opportunity is.

Maybe, Andrew, if you could just lead through what revenue means for future profitability and describing how we move to profitability as the revenue grows.

Look, and the company has maintained an operating cost base to be able to expand globally. That's obviously meant that we've needed to strive for a revenue level, albeit that the gross margin continues to increase as you get more revenue.

You've got kind of two positives: more revenue and higher gross margin associated with those higher, which will cover that cost base. Clearly at $61 million and even at last year's, that's not sufficient, but as we bring on these stewardship projects and, as I said, the larger projects which were on the brink of being delivered last year, but they've kind of fallen into this year and beyond, all of those help push the business up to a level of revenue where we will return back to profitability.

I think that I understand that maths works that way, but it's not quite the way we've put those numbers together. The $47 million is, at the half-year, we said we had $30 million greater than $30 million in that category of under tender, customer evaluation, or awarding, $37 million when at the 3rd of July announcement, and then $47 million now.

That's the nearest portion of that pipeline that we're obviously highly confident in prove we're in the final stages of being awarded or negotiating. The next category there is another $20 million, which is the next stage of the projects, which ones that aren't quite at that procurement stage, but we're still very confident in for this year.

We see ourselves as confidently moving through that pipeline to secure that. Obviously, it's a long sales process here for us, particularly when we're dealing with governments.

We've got to work through that process of presenting a business case to a district and then assisting that district to access the funding to be able to roll out those projects. I believe, and that's part of the investment we've made and why at a $60 million business, we're not making money is because we are continuing to invest with the resources required to be able to grow that sales pipeline.

We will demonstrate that the sales process is successful as we start closing these with $5.2 million this year of what will be a significant pipeline.

Ben, can I also just clarify the question? Was it that there was $5 million of priority projects won last year, was that part of the question?

pointing

To add on to Bruce's comments, that $5 million is just the projects that have been won year-to-date this year,

FY27, yeah.

The figure of priority projects that was won last year was significantly higher than that, of which we recognized some of those revenues last year, and some of them get carried over for recognition into this year quite aside from the new projects, the $5 million that's been won.

Thank you, Ben, and thanks everyone for attending. Hugh made the comment that he perceives we're more confident and bullish than what we have been in the past.

I think that's a reflection of the work we've done, albeit through a trying period from financial performance, given the results over the last few years. Yes, we are.

That investment we're seeing and that the quality people and relationships in the markets which we operate, the need for what we produce has never been greater. The frustrating thing has been linking that need with accessible funding to deliver the solutions, because one of the challenges for us is irrigation districts themselves aren't funded through their own operations to be able to roll out this capital.

Now we are seeing that increasingly recognized by governments, and we will around the world, evidenced a lot by Costa Rica, by Chile, by what's happening in Europe, but also we're seeing corporates moving in to fill that space. There are substantial funds being grouped together from the corporates.

They're talking about collective action from major corporates to be able to make meaningful differences. That is the basis with which we enter this year, very confident about where we're going, and then confident being able to deliver for our employees and our shareholders.

Thank you for your time.