Firstly, I'd like to thank everyone for taking the time to join us for our half-year results presentation. It's very clear that our results for the half have not met our collective expectations, and it's true that we've faced some challenges and headwinds throughout the period.

This morning, Todd and I will talk you through the results, the challenges that we faced, and the actions that we've taken to address these challenges. We're also keen to talk to the path forward and the conviction that we have that the business will return to a state of growth in the second half and into FY27.

As mentioned, the consolidated results fell well below expectations both on revenue and earnings, and I want to directly address the reasons why. Firstly, the largest impact came from energy services, where a single key customer had a continued disruption of their frac schedule, removing most of our X-FLIK sales revenue for the period.

This was expected to improve as the half progressed, but the impact continued through December. This alone reduced EBITDA by $3.6 million versus the prior year.

Secondly, we saw further earnings impact from our international water technologies business, where sluggish market development saw our investment phase cost base outpace revenue as we establish presence in these markets, and which saw an EBITDA loss of $1.5 million for the period. We've taken clear and decisive action in addressing these issues.

In energy, we've added additional business development resources and targeted key shale formations to broaden our customer base and reduce reliance on any single account. This action has delivered early results and has seen the number of customers adopting our proprietary CathX product grow 75% year-on-year.

In international water technologies, we've strategically moved from direct investment to a channel partner model, removing up to $3 million in annualized fixed costs from the second half onward. This channel partner model has already proven successful for us in Sweden with Swedish Hydro and will provide us with a significant reduction in our cost base while building on our progress to date and expanding market access in the US and Europe.

Beyond those headline impacts, the rest of the business has performed well. Process chemistry delivered record revenue for the half, while APAC water technologies returned to profitability.

I can also report that we've streamlined our corporate functions, reducing corporate costs by 19% year-on-year. Importantly, we've built out our recurring revenue base, with more than half of our revenue now coming from long-term chemistry contracts, O&M agreements, and CathX sales, improving both earnings quality and visibility.

Our success on these fronts has come from our continued ability to couple our high-value proprietary technologies with high-touch, end-to-end technical support to solve complex water challenges across the energy, mining, and construction sectors. Thank you, Todd.

Thanks, Sean. Moving into the financial results for the first half of 2026.

While the headline numbers reflected a challenging period, the second quarter showed a positive shift in momentum as revenues started to build and our cost reduction initiatives began to take hold. Revenue for the half of $47.9 million was down 4% on the prior year, primarily due to the completion of a D&C contract in our water business and the frac schedule disruption in our energy business.

Underlying EBITDA came in at $1.1 million. As Sean mentioned, this was heavily impacted by a $3.6 million hit from reduced X-FLIK sales and higher costs in our overseas water business, which grew by a further $700,000 over the prior year.

Looking at the result by quarter, we saw a strong sequential recovery in the second quarter, with revenues up 9% and underlying EBITDA reaching $1.1 million after a break-even first quarter. Our cost reduction program across the group has started to yield results, with $700,000 in underlying cost savings achieved this half, and expectations of $1.3 million in lower annualized fixed costs by year-end.

The earnings bridge illustrates the performance of our core business units. Outside of the specific X-FLIK and international water headwinds, which together represented a $4.3 million drag, all other divisions and our corporate cost center showed year-on-year improvement.

Process chemistry and APAC water technologies both contributed positively, supported by record sales in process chemistry and a shift towards higher-margin services in water. Looking at the divisional breakdown, process chemistry was a standout, with revenue up 16% to $14.5 million and EBITDA growing 58%.

Water technologies in APAC successfully returned to profitability, delivering $200,000 in EBITDA and an $800,000 turnaround from the loss in the first half of the prior year. We also made structural improvements at the corporate level, reducing costs by 19% through leaner headcount, administrative savings, and reduction in external professional services.

In energy services, while the $3.3 million result was lower due to X-FLIK sales, as previously mentioned, a key positive in the half was our expanding CathX client base, which grew 75% over the prior year. This growth is critical as it diversifies our revenue and reduces reliance on any single customer.

On the operational front, we also deployed 25 new branded ISO tanks to optimize our on-site delivery and lower distribution costs. Process chemistry continues to be a reliable growth engine.

The record revenue result in the first period were delivered by multi-year tunneling and infrastructure contracts here in Australia. We also re-signed our largest mining customer at slightly improved margins, providing improved visibility for the year ahead.

In APAC for water technologies, the revenue decline reflected a roll-off of a legacy design and construct contract. However, we are now ramping up the $19.5 million Rum Jungle project, which contributed its first $1 million this half and is expected to deliver the majority of the remainder in the second half.

Internationally, we pivoted our water operations to a low-cost channel partner model. This shift allows us to maintain and expand market access in the US and Europe while stripping out $3 million in annual fixed costs.

Looking at our balance sheet, our $4.4 million in net cash and $6 million in unutilized debt facilities as of December 31st leaves us in a robust financial position, with sufficient capacity to fund our operations and organic growth opportunities. Reported operating cash flow of negative $700,000 included one-off items like restructuring costs and ISO repairs.

However, our underlying operating cash flow remained a positive $800,000. We expect the positive cash flow trend seen in the second quarter to continue through to the second half.

Finally, a key highlight of our strategy is recurring revenue, which now represents 54% of our total revenues. By growing our book of O&M contracts and long-term chemical supply agreements, we are significantly improving the quality and predictability of SciDev's earnings.

I'll now hand the call back to Sean for closing remarks on our strategy and outlook.

Thank you, Todd. Looking forwards, our strategic focus is to continue innovation, deepen penetration in existing markets, and continue to grow recurring revenues.

This will come from targeted R&D to the development of the next generation of advanced specialty chemistries and water technologies. We'll continue to prioritize key markets such as the Permian and Haynesville in energy, while cross-selling our water technologies into existing mining clients, and we'll continue to drive recurring revenue, expanding O&M and BOO to become a greater share of group revenues and target long-term MSAs across our chemistry businesses.

These initiatives will allow us to build scale and durability, while lowering customer concentration risk and improving earnings quality across the business. Now, regrettably, due to a number of recent developments that will impact the second half of the year, we've had to revise our FY26 revenue guidance to $100 to $110 million for the year.

This reflects the return of the X-FLIK sales opportunity being pushed into FY27, coupled with delays in trial conversion in process chemistry, as well as a $3 million negative FX impact on forecast USD revenue. This revenue guidance also reflects our view on current downside risk, and accounts for potential revenue phasing in our Rum Jungle project, and delays in onboarding new energy services customers that are currently scheduled for Q4.

I will note that despite the downgrade, we expect the second-half EBITDA to be higher than half two in FY25, and this is supported by stronger revenues, higher margins, and recent group-wide cost reductions. We expect revenue to build quarter-on-quarter through the second half, with a strong Q4 exit rate setting us up well for FY27.

This is underpinned by our energy services business adding business development capacity, which is expected to convert first revenues in the first half of FY27, and we'll have a full year benefit from our six new customers that we're onboarding or aim to onboard in Q4 FY26. In process chemistry, we'll see the conversion of current field trials into long-term supply agreements and adding that to a healthy domestic and international pipeline of work.

In water technologies, we have high confidence in replenishing our design and construct order book, which includes the Rum Jungle project. This is based on sole-source design engagements with a number of major mining clients that added together would cleanly replace our Rum Jungle revenue.

Also, we expect to see recurring O&M revenue growing throughout FY27. We'll continue to provide specific guidance as contracted pipeline matures.

I'd like to close on a note of conviction. We faced a difficult first half driven by those two discrete, addressable issues, but we've acted decisively, lowering our fixed cost base, broadening our customer base, and improving recurring revenues across the business.

We know we have quarter-on-quarter momentum, a high-quality pipeline, and clear line of sight to growth in the second half and into FY27. Importantly, the board and management are fully aligned and confident in the strategy and tactics we've outlined today.

We know we have the technology, the market presence, and the execution discipline to return the business to growth and to deliver sustainable shareholder value going forward. Thank you very much, and we'll now open for questions.

Thank you very much, Cherie. I will just address one question that I've received directly via text message from someone that was unable to dial in, and that is around the opportunity in data centers domestically.

I suppose my messaging here would be let's certainly not take that as too much of a distraction as it will not be a material mover of revenue or earnings for the remainder of FY26 or into FY27. However, it does present a material opportunity for us over the long term, specifically a high-growth domestic market requiring complex water solutions and an ever-increasing demand for those solutions on our doorstep.

It fits incredibly well within our existing business model. These challenges are something that we can address with our existing team, and it is a market that will continue to develop.

Right now, we are engaging with some blue chip names in that space. We're early on in the design process, which is the right place for us to enter ourselves and engage with these customers so that we can convert them over the long term.

We again would urge that this won't be a big driver of improved results in the half year or in FY or likely in FY27, but certainly one to watch, and we will keep the market updated on our progress in this space. Other than that, I would like to thank everyone again for taking the time to join us this morning.

Look forward to engaging with each of you personally over the coming weeks and months. We will certainly keep you updated on the progress of the business on a quarter-to-quarter basis as we focus on growth, return to profitability, and carrying forward momentum into FY27.

Thank you.

Hi, Sean. I was just wondering if you could give an update on kind of the pipeline of opportunities within CathX?

Absolutely. I think this has been one of the real successes of the half.

I suppose over a sustained focus on growing our customer footprint and increasing the number of customers that have been adopting CathX, this has been largely targeted towards two key basins, one in the Permian and one in the Haynesville, both strong, well, gas plays, also the Permian being the largest basin in terms of oil production and gas production in the US. Big markets for us that we know will build and continue to develop over time, particularly as demand for LNG increases globally.

We've been very successful on that front. As we've noted, we've increased the number of CathX customers by 75% during the half.

I can note that all of these are Permian customers. Pipeline is as strong as it has been.

With CathX, it is a production enhancement technology. As we build on our data set and the performance data that we have, our technical and commercial case becomes even more compelling.

We're seeing a much greater awareness of the product in the market and good sort of word-of-mouth referrals bringing new leads in to us. Don't have specific pipeline data that we will release or talk to, but it's fair to say that pipeline is as healthy as it's ever been.

That's evident in the increase in customers that we've delivered in the half.

Thank you very much, Sean. Just secondly, just on the water technologies business, obviously Rum Jungle is a significant contract for you guys.

Is there anything else in the pipeline that could be similar in size to that contract, like potentially other remediation type work in that region?

In the Northern Territory in particular, there are 11 additional opportunities, or 11 additional mine rehabilitation projects that NTG will be focused on over the next decade. Now, do each one of these present a material opportunity for SciDev?

That remains to be seen. That will be driven by whether there are complex water challenges that form part of that broader rehabilitation scope.

Mine rehabilitation is a big and growing market for us, and certainly one that we expect to see growth from off the back of this Rum Jungle project. I will call out, and we have called it out in both the release and the deck, is we've got a high conviction in our ability to replace that Rum Jungle revenue with other design and construct opportunities within the mining industry outside of that rehabilitation space or the Northern Territory specifically.

We're already engaged, and for revenue-generating design works that are the initial stages toward the final construction and O&M contracts that we're really looking to secure. As a result of already being engaged on a sole-source basis, we've got a high level of confidence that we can convert those opportunities and replace that Rum Jungle revenue in FY27.

Fantastic. Thank you very much.

Thank you, Cherie. Over to you.