Good afternoon, ladies and gentlemen, and welcome to SXE's full year results presentation. Turning to slide 2 for a brief introduction to SXE.

SXE is a leading and trusted national provider and manufacturer of specialised electrical, instrumentation, communications, security, fire, and maintenance services and products that operates across the three broad market sectors of infrastructure, commercial, and resources. We operate through several company entities, as shown, that have been acquired through our disciplined M&A strategy.

With our focus on operational excellence, we have delivered profitable growth over many years that has culminated in SXE achieving another record underlying profit this financial year, following on from the record profit achieved in the last three years. A key takeaway from today's presentation are the six thumbnails at the bottom of the slide that outline the investment proposition for SXE.

Firstly, we are heavily exposed to the growth tailwinds of decarbonisation, electrification, data centres, and overall infrastructure investment. We are diversified across markets and operations and have a longstanding blue-chip client base.

We continue to grow the recurring revenue and deliver earnings growth that has resulted in a financially strong company with strong shareholder returns. Finally, we have a track record of successful acquisitions.

Turning to slide 3 for a reminder of our stated strategy. SXE sees electrical contracting as its core capability whilst increasingly diversifying into adjacent disciplines and servicing a broad range of sectors.

We will grow by deepening our presence in those sectors and broadening our geographic diversity through expanding our core competencies and adding adjacent and complementary capabilities, either organically or by acquisition. We are increasing our exposure to recurring revenues with service and maintenance-style works.

We are actively exploring acquisition targets offering further geographic diversification and new capabilities, and we aim to maximise the synergies and cross-selling opportunities created by the increasing diversification and multidisciplinary nature of the group. Now turning to slide 5 for a summary of our record FY26 financial performance that our CFO, Chris Douglass, will take us through.

Thanks, Chris.

Thank you, Graeme. Yes, slide 5, and pleased to say I'll be using the word 'record' a lot on this.

We had an underlying EBITDA of $77 million. That was up 40.5% on the prior year, which was a record EBITDA performance.

The underlying EBIT was $64.4 million, and that was up 40.3% on the prior year. Included in that EBITDA number is $4.4 million for acquisition amortisation, mostly arising out of the Force Fire acquisition and a smaller amount with MDE.

This all resulted in an underlying NPAT of $39.4 million, which was up 24.3% on the record prior year. Included in that NPAT number was $4.4 million for remeasurement of share-based payments, and I'll talk a bit more about that on the next slide.

Our statutory result for the year was an NPAT of $7.1 million, down 77% on the prior year. That includes the WestConnex arbitration settlement costs of $46.1 million, which we announced pre-31 December.

Then, we're very pleased with our cash performance. We had a record cash result of $261.5 million, obviously primarily driven by the $144.7 million net equity raise we did in June, but we had very strong cash collection in the underlying business as well.

Again, I'll talk about that a bit later on. We had a record order book of $810 million, and that was up 18.2% on the prior year.

Out of all of that, the board has declared a record final dividend of 7.5 cents per share, and that will be fully franked. Going to the next slide, 6, a bit more detail on the profit performance.

The revenue of $718 million was down 10% on the prior year, which I will note was a record result at the time, and that's really driven by Collie BESS and the Western Sydney Airport terminal projects, which were both very big in FY25. They finished in the first half of this year.

Ongoing significant revenue contributors that we have are the NEXTDC S3 Data Centre and the DigiCo Data Centre. We're at the Atlassian building, Shoalhaven Hospital, we still have works ongoing at Western Sydney Airport, although that is now an operating airport, and we continue to do works for BHP, Rio Tinto, Woolworths, and Coles.

I will note that our activity ramped up considerably at the back end of the year, with June being a record monthly revenue result for the group. Noting again, Force Fire was acquired in April 2025, it was only consolidated into the group for three months in FY25, and for a full 12 months this year.

We had a record gross profit of $136.7 million, up 29.1% on the prior year, and the gross margin percentage was 19%, which is higher than our sort of normal outcome, driven primarily by the very good result at Collie BESS, Force Fire being slightly more profitable than some of the other businesses, and just the general project mix is going very well at the moment. Overheads were up 15.7%.

That increase is almost entirely from the Force Fire being consolidated for the whole year. Otherwise, we'd held the balance of overheads pretty much even across the year, which we're pretty pleased about.

Again, underlying EBITDA was $77 million, and underlying EBIT of $64.4 million, and then underlying NPAT of $39.4 million. That did include within it $4.4 million for the remeasurement of the cash-settled share-based payments.

That's the LTI schemes that the executives and senior management of the group are entitled to. That is primarily a non-cash amount, and is a consequence really of the significant share price growth in FY26, with 166% share price growth in the year, that led to a significant number in that part of the P&L.

Then the statutory NPAT was down because we also had the WestConnex arbitration costs. Turning to slide 7, the revenue split.

We split the revenue here by sector, by geography, and by discipline. Revenue was down 10% overall, driven by the completion of the Collie BESS project.

I will note commercial was up, and that is the contribution really from Force Fire. We classify their industrial warehousing projects in commercial, and they do work in the standard commercial buildings as well.

Revenue by geography: so revenue in WA was down almost halved, again, that's driven by Collie BESS winding up. I will note on the East Coast, pretty much all the states on the East Coast, our revenue increased.

We now have over 75% of the revenue of the group on the East Coast. Then by discipline, again, first time we presented this chart is in this financial year, and you can see that in FY26, over 40% of our revenues came from what we call the non-electrical disciplines of manufacturing, security, communications, and fire.

Slide 8, the balance sheet. Again, very pleased about the cash result.

We had a very successful capital raising in June, $150 million gross raising, with the shares issued at a 0.5% discount, and noting there's another $15 million came in in July with a heavily oversubscribed $15 million share purchase plan as well. We also renegotiated our financing facilities in June, our bonding capacity has increased from $150 million to $220 million.

We've also added a brand-new revolving credit facility of $50 million to fund working capital, and a $50 million acquisition facility to help with future acquisitions. That's all about positioning the group for the future organic and acquisitive growth we see, and there's a slide about that later in this presentation.

At 30 June, we had $104 million of our bank guarantees and surety bonds on issue, leaving us a headroom in our facilities of $116 million, which means we foresee we've got plenty of capacity for future growth. The company remained debt-free at 30 June, the franking account balance was $65.5 million, and as already mentioned, we've declared a record final dividend of 7.5 cents per share, which will be paid on the 7th of October.

Turning to slide 9, a bit more detail about the cash flow performance. As I mentioned, we're really pleased with the underlying cash performance as well as the capital raise.

If we were to strip out the capital raise, we still ended the year with $28 million more in the bank account than we started, and that was after some really significant payments out, including a record total dividend payout in the year of $18.9 million. We paid $4.7 million of deferred acquisition payments because our acquired businesses were achieving their earnouts, including Force Fire achieving their stretch earnout in full.

We had the settlement payout on WestConnex, which was $26.6 million of cash out of the door. Then noting again, we had the successful capital raise with $144 million coming into the bank before 30 June.

Then the final slide that I'm presenting is on slide 10, the order book. Again, a record order book we've declared.

The order book is up 18% to $810 million. Again, sets us up for that growth that we are expecting in FY27.

Part of the growth in the order book came from Force Fire with their commercial sector, and then there's data centre growth has driven the infrastructure sector. By geography, we can see that all the eastern states have grown.

Obviously, WA has fallen back as that, again, the Collie BESS project is finished. We also now have 30% of our order book is in the adjacent non-electrical disciplines.

At that point, Graeme, I'm going to hand back to you to do the outlook.

Thank you, Chris. Now turning to our operational highlights and outlook, slide number 12.

Very pleasingly, we were lost-time injury-free across the group for the fourth consecutive year, having undertaken 2.9 million man-hours in the period. Our workforce stands at circa 1,700 direct employees, including 250 apprentices.

We have now moved into our new Brisbane office and new manufacturing facility there. Overall, Trivantage Manufacturing doubled its floor space to 1,700 m² in FY26 with three new leases.

The Collie BESS project was completed in the period and recently won the NECA award for an extra-large industrial facility in Western Australia. The Western Sydney Airport terminal project was completed in the period, and we still have further works ongoing in that precinct.

Force Fire performed ahead of budget and achieved all vendor earnout targets. We are seeing an improvement in the commercial sector, with opportunities in industrial warehousing and building projects emerging.

The infrastructure sector outlook remains strong, with medium-term prospects of rail and hospital projects. We maintain a strong presence in the battery market with the award of the Steel River East BESS project for the Ausgrid network.

There remains an unprecedented pipeline of data centre projects, with DigiCo and the NEXTDC S4 works awarded in the period. A growing feature of our market offering is our ability to provide multidisciplinary solutions to our clients.

There remains several acquisition targets being actively explored that will provide geographic and disciplinary diversification, and our FY27 EBITDA guidance is for at least $100 million with further growth beyond. Overall, a very successful operational year for the group.

The next five slides explore how we are positioning for growth. Turning to slide 14.

SXE is positioning for significant short-, medium-, and long-term growth through exposure to the structural tailwinds of data centres, infrastructure, energy, and electrification. These structural tailwinds are forecast to have considerable longevity, driven by AI development, general Australian population growth, and a drive to net zero.

Off these tailwinds, we are guiding to at least 30% profit growth in FY27, supported by entering the period with a record order book. As Chris mentioned, June was a record month for the group as well.

In line with our stated strategy, the growth will be both organic and acquisitive. We will maximise each of these paths.

Importantly, we don't anticipate material constraints in our ability to capture this growth. Following our recent capital raising and the expansion of our finance facilities, SXE is well funded for working capital and executing acquisition transactions.

From a labour perspective, SXE is an employer of choice in the industry, and we will be able to access pools of labour from other parts of the economy if and when required. We are contractually well placed to pass on the inflationary impacts of materials and labour costs.

To provide some extra colour to our acquisition strategy, we are looking at a range of actionable targets offering geographic diversification into both Queensland and Victoria, as well as expanding our existing disciplines of fire and security within the group. Additionally, we may add new disciplines to the group, such as HV, power lines, and mechanical HVAC.

The final element of growth to consider is our anticipated entry into several market indices, including entering the MSCI Australian Small Cap Index in August 2026, our expected entry into the ASX 300 in September 2026, and finally, we are targeting an ASX 200 index entry during FY27. Clearly, we have many levers to grow the business.

Now turning to slide 15 for a discussion of our multidisciplinary offering. In accordance with our strategy over the last 10 years, we have successfully diversified our business.

With the existing diversification and the planned further diversification of the group, we will be able to submit to clients even wider multidisciplinary offerings that will give us access to a larger share of project spend. Additionally, the overlapping client bases of SXE businesses leads to internal sharing of market insights and business development coordination that enables us to develop deeper client relationships.

By maximising these synergies and cross-selling opportunities, our combined services offerings provide a competitive advantage to our group. This is evidenced in recent awards in battery, data centre, and infrastructure projects, where two or more SXE businesses are involved, either through separate packages with clients or where one SXE business subcontracts work to other group companies.

The multidisciplinary offering provides value to clients beyond the sum of its parts, as SXE can internally manage interfaces between disciplines, de-risking potential schedule and cost issues on projects. Now turning to slide 16.

SXE businesses have worked on data centres for over 20 years, and the sector is in unprecedented growth. SXE group's breadth and depth of client base and service offerings is amongst the strongest in the Australian data centre market.

To illustrate this, in FY26, we worked inside 10 different data centres owned by six different hyperscale cloud providers, providing various electrical, communications, and fire services. Trivantage Manufacturing provided switchboards to two of those 10, and then to a further four data centres.

Clearly, we have a great coverage across the data centre market. Going forward, the Australian data centre capacity is expected to double from the current 1.6 GW to 3.2 GW by 2030, and potentially double again by 2035, clearly an outstanding opportunity overall for SXE.

To maximise our potential, SXE businesses have a multi-layered relationship in the sector, with both data centre developers and the Tier 1 builders. This provides us with an excellent insight to opportunities as they present.

To illustrate the opportunity in this sector, we turned over $120 million in data centre work in FY26, and are forecasting this to triple in FY27. Beyond the current opportunities, we are anticipating that a segment of data centre construction will shift to remote locations over time as power becomes constrained in Sydney and Melbourne.

SXE is well positioned to compete for these style of projects by combining our data centre and remote location delivery experience. Additionally, data centres could increasingly be required to provide their own power, opening further opportunities for SXE with its experience in performing wind, solar, battery, and gas-powered projects, overall, an outstanding market for an electrical contractor.

Now turning to infrastructure on slide 17. For SXE, infrastructure is a very wide sector across government and private investment.

Apart from data centres, renewables, and energy, this sector also includes transport, health and aged care, defence, education, agriculture, water, and utilities. Currently, there is a strong pipeline of infrastructure opportunities for SXE, including: at the Western Sydney Airport, where we have been continuously present for over five years, the standalone facilities projects are underway, and we are expecting ongoing works and further airport expansion projects; at the wider Aerotropolis and the City of Bradfield, there is a long-term pipeline of industrial warehousing construction for both Force Fire and Heyday, this area holds the bulk of Greater Sydney's new industrially zoned land for development; in healthcare, Heyday were awarded the Shellharbour Hospital, their largest-ever hospital award that is now well into construction, they continue to position for further major hospital developments in the medium term; on the Sydney Metro, we continue the construction of the St Marys station as part of the airport line, and we have high confidence of further projects on the Sydney Metro West station developments; and finally, in the ACT, we continue to be active with government buildings and school expansion programs.

Now turning to renewables and electrification on slide 18. Australia's energy transition requires investment in renewables, grid reconfiguration, and the electrification of many activities by 2050.

SXE participates in this thematic, having successfully constructed multiple solar farms, wind farms, and battery energy storage systems. The key achievements in FY26 include successfully completing Synergy's 500 MW Collie BESS project, which was over $250 million of work for SXE.

We were awarded and works have commenced on the Steel River East BESS on Ausgrid's New South Wales network, with multiple SXE businesses contributing to the project. We are currently tendering for multiple renewable developments across Australia and anticipating further battery awards this financial year.

Additionally, SXE offers services across a huge range of electrification initiatives, including decarbonising our client operations and assisting clients navigate the requirements of stricter building codes on building complexity. Now turning to the investment proposition slides.

Slide 20 presents SXE's compound annual growth rates for EBITDA, EBIT, and EPS metrics over the last six years. Clearly, our strategy has been successful in growing the business with high double-digit growth across these metrics.

Looking forward, we are anticipating FY27 EBITDA guidance of at least $100 million. This represents a growth of 30% on the underlying FY26 EBITDA.

Hopefully, this is an attractive investment proposition for all shareholders. Turning to slide 21.

A key plank of our strategy is to grow our recurring revenues. In FY26, we grew to $220 million of recurring revenues that represents 31% of the FY26 revenues.

As noted in the slide, we operate across both a wide range of recurring works, contract types, and across a wide range of sectors. Pleasingly, there is a depth and longevity to many of our arrangements that all SXE group companies contribute to.

Turning to slide 22. Over the past 10 years, we have completed five value-accretive acquisitions that have all been consistent with our strategy of growing the SXE group through deepening our presence in the infrastructure, commercial, and resources sectors and broadening our geographic diversity with the expansion of our core competencies by the addition of adjacent and complementary capabilities.

As previously mentioned, this is something that we will continue to do as we explore a range of acquisition targets offering increased geographic diversification and new capabilities. I also note that we have the financial capacity, operational excellence, and corporate experience to undertake further acquisitions.

In summary, we believe SXE has a compelling investment proposition going forward. Now turning to our final slide and in conclusion.

We had a record underlying EBITDA and EBIT that were up on the prior record year. We ended the year with a record cash position of $261.5 million that was a combination of the recent equity raise and the strong operational cash collection during the year.

The order book of $810 million was up 18.2% on the prior year. We declared a fully franked final dividend of 7.5 cents per share.

The infrastructure sector outlook remains strong, with medium-term prospects of rail and hospital projects. We maintain a strong presence in the battery market with the award of the Steel River East BESS project for the Ausgrid network.

There remains an unprecedented pipeline of data centre projects, with DigiCo and NEXTDC S4 works awarded in the period. A growing feature of our market offering is our ability to provide multidisciplinary solutions to our clients.

There remains several acquisition targets being actively explored that will provide geographic and disciplinary diversification, and our FY27 EBITDA guidance is for at least $100 million with further growth beyond. Overall, another very successful year with a very promising outlook.

We'll now turn to Q&A, and as I've been going through that, I might just pass across Chris to commence the Q&A.

Thanks, Graeme. I'll do the first one anyway.

First question is, could you please unpack the $4.4 million remeasurement of share-based payments? How should we be thinking about these remeasurements going forwards?

It would take me a whole hour to explain the whole accounting issues around all of this. It arises out of the LTI schemes that the executives and senior management participate in.

50% of the LTIs, management have the option to exercise those in cash. Effectively, that is for them to pay their tax bills.

The way the accounting treatment works is that has to be regarded as a cost to the company, and it goes through the finance expense part of the P&L. Now, you can have your own views on this accounting treatment, but that's the long-standing way that AASB 2 share-based payments works.

If you really want to understand it, you have to go and read that. If I can do this in a really simple way, and it's massively oversimplifying it, there are 3.5 million LTIs on issue.

If the share price has gone up in FY26 by almost $3, that's a $10 million increase in the values of the LTIs, and half of that has to be expensed because it could potentially be cash-settled. That's roughly where the $4 million charge comes from.

I urge you to go and read AASB 2 if you want to understand it better. How should we think about these remeasurements going forwards?

If the share price stays flat, then there will be no further charge. If the share price was to double again, there'll be a significant charge like this again.

I'd remind you to again go back and read our annual report from FY24. We had the same thing happen then, where the share price again increased by 158% in the course of FY24, and there was a significant charge there.

That's all I'm going to say about this now. If somebody wants to call me direct to discuss it further, very happy to take the calls.

I might take the next one, Chris, which is: are we seeing any stalled data centre projects due to the grid access issues? At this stage, we're not seeing any of those issues occurring.

The projects that we're involved in, in a lot of cases, we've been through ECIs. We might be one of one or one of two negotiating these projects.

The developers have their power agreements already in place, certainly in the short to medium term, the ones that we're pursuing already have their grid secured for those projects. The next one is: are the owners of data centres embracing the parallel installation of renewables, and does this create additional opportunities for SXE?

Sort of touched on that in the presentation. Certainly, we are actively involved in renewables and also gas-fired power stations.

If there's a need for increasing the amount of power available, that is an opportunity for us. At this stage, I would see that data centre operators are probably relying more on power generators to come to the party, and then they would be just simply having offtake agreements with those particular projects.

The next question: M&A has been successful for SXE historically. As you become bigger and the acquisitions become bigger, how do you manage the risk more closely?

I guess from our point of view with M&A, as we come bigger, it's not necessarily the case that the acquisitions are going to become bigger. They could still be in the size that we've done historically around Force Fire, Heyday, and Trivantage.

It's quite a sweet spot for us at that, and there's probably more targets of that size for us to pursue. In terms of managing the risk, we've got our processes and our philosophies of how we go through the identification and eventually go through the due diligence.

I think our performance to date has shown that we've done that very well, and we've been able to manage that risk and grow those businesses when they've come on board. We're not looking to go out there and triple the size of the businesses that we're looking to buy.

Move on to the next one, the recurring revenues?

The next one was: are the SXE recurring revenues maintenance and service agreements post-installation? Generally they are post-installation.

It's sort of different in different locations, but yes, in general, they are for after we've done the installation, particularly in areas like Force Fire, where there's very sticky clients that once you've done the installation, you've signed off on it, you end up having the post-installation maintenance of those particular projects.

The next question is: why pay such a large dividend after you've just raised cash? I'm going to disagree with the implication of this question.

The dividend we've declared is entirely consistent with our dividend policy, whether or not we had done that equity raising. We will have paid out 10 cents per share for FY26, that's the 7.5 now and the 2.5 back in April.

That represents $30 million of cash roughly. That's 75% of our underlying NPAT for FY26.

It's exactly consistent with the policy, and we would have been doing that, I think, regardless of whether we'd done the capital raise. Then I will go on to say further that this increase in the dividend from 5 cents per share to 7.5 cents per share, that represents less than $8 million, and we have raised over $160 million, it's a tiny proportion of the money we raised in the first place.

Thanks, Chris. Just a couple more here.

Can you please clarify whether the FY27 EBIT guidance of $100 million-plus assumes any inorganic growth? The answer to that is no, that's just in terms of the business at the moment.

Next one: pipeline of DC opportunities. We're sort of avoiding going into greater details of the specifics of the projects that we're pursuing at the moment.

A lot of that is commercially sensitive with our competitors, but essentially, the size of data centres are increasing. I think the first data centres we did 20 years ago were less than 1 megawatt.

The ones we're doing at the moment or finishing off were about 70 megawatts, and S4 where we've started work on is 350 megawatts, and there's other ones out there of 550 megawatts. I think there's enough information there to really get an idea of the size of those projects.

In terms of the timeline, the DC operators have raised their capital and they're trying to do it as quickly as they can.

Do you want to just do that question there: can you please clarify the guidance?

Did that.

Oh, did that. Sorry.

Just hang on. Do you want me to do the next one?

Yeah.

Right, a question about ASX 200 aspirations this year. What does this say about the size of the opportunities out there, both organic and M&A?

Again, very rough maths, I think the share price only has to increase about 20% from where it is around today for us to then have the market cap to be able to get into the ASX 200 at either the December rebalance or probably the March rebalance. We've talked about the significant growth we see in front of us, M&A opportunities, we've got $200 million of capital to deploy on M&A opportunities.

We think that will easily give us 20% share price growth over FY27, and then we will obviously get into the index. I think really that's all the questions we've got.

I think we've covered off most of it either in the presentation or in the questions there. I'd just like to thank everyone for taking the time to listen to us today and the support over the past year.

Thank you very much.