Thank you. Thanks everybody for joining us this morning as we run through the FY26 Acrow results, and also talk about the FY27 position as we go into a new financial year.

I'm joined today by CFO Andrew Crowther and COO Matt Caporella. We're going to walk through the investor presentation that was released on the ASX platform this morning.

Firstly, just in terms of the overview of the business, I think the first thing to, I guess, recognize is that this company was listed in April 2018 with a $70 million turnover and a $10 million EBITDA, and was effectively a commercial scaffolding business. We've now obviously developed it into a market leader in formwork hire and sales.

We are the market leader in the Australian market, and we've developed a significant industrial access business over the last 3 to 4 years. The cornerstone of all of that growth has been around the competitive advantages that we have in engineering, the general quality of our people, product range, and the geographic footprint of the business.

I think we can add to that now innovation. Now, innovation sort of goes hand-in-hand with our product development and our engineering area.

Matt will talk about some of the new products that we're bringing to the market later on in the presentation, and as I said, innovation is very much front and center of the Acrow way of doing business. In terms of the FY26 highlights, we've now grown a $200 million industrial access business in the FY26 period, up 53% on prior corresponding period.

Importantly, that growth was still about half organic and half based on the acquisitions we made at the end of the FY25 year. This is going to keep growing.

I'll talk later about what our forecast for revenue is in this business in 26, sorry, in 27. We've made two complementary acquisitions post-30 June that were part of a very successful capital raise towards the end of June, both the Preston SuperDeck loading platform business and the AusGroup industrial access business.

I'll give a bit more color about that shortly. We had a great year in both our jumpform and screens business.

It's the best example of cross-selling we have in Acrow. They're both at record levels of revenue, and especially screens now, where we've grown a very significant national presence off the back of what was really only a New South Wales-based business a couple of years ago.

A great example of innovation is the column climber jumpform project we've got on the Gold Coast, working with Meriton. It is the first of its kind in the country.

We'll talk more about that project shortly, but a great indication, again, of engineering excellence and the innovation within Acrow. Probably the most important thing, I think, in this presentation in terms of the forward outlook for Acrow is the second-half formwork revenue that we had for FY26.

Again, I'm going to go through more detail, but in relation to that, up 26% on the first half. It is the most important thing, I think, in looking forward to this is a significant uplift in results that we are not just expecting, but will see in the FY27 year.

Hand-in-hand with that is the equipment pipeline is up by another 33% to $290 million. In terms of secured hire contracts, that number was flat.

There is a timing issue there, especially with the size of the jumpform and screen contracts that we win in this regard now. A lot of the screen contracts that we win in 1 year, you don't see the revenue till the following year.

They are awarded sometimes 6 to 12 months in advance of the job starting, there can be a bit of a lag effect in there. Certainly in terms of the revenue, the work in screens that we won in FY25, we saw the revenue in FY26, and we'll show that a little bit later on.

Yes, then on to the next page around safety, still, well, has to be a really strong emphasis. We've increased the number of hours worked in the business by 60% from FY25 to FY26.

In some weeks now, we have well over 1,000 industrial access scaffolders working for the company, I guess our risk profile is higher than it was when we were more purely a formwork hire and sales business. To go through that whole year with only two lost-time injuries, I think is still a good result, albeit, as I'll say, you don't want any, you want that number to be zero.

The recordable injuries number is relevant, I think, in terms of our ability now to capture and act on injuries before they become LTIs. Has to be a strong focus.

We've got a really good national safety manager who started with the business about 12 months ago, who's now getting consistency across all of our depots. In terms of the financial metrics, clearly good to see the revenue go up by 27%, but the EBITDA was flat.

That's that's relevant in terms of an increased profitability from the industrial sector of the business and a reduced profitability in the year of the construction part. Basically, $5 million less in construction and $5 million more in industrial.

Importantly, over a third of the EBITDA for the business for the year was generated in the last quarter. Last quarter was the most profitable quarter in the company's history, and that is flowing into the new year.

EBIT and NPAT were down based on, obviously, a flat EBITDA, with more finance and more depreciation costs that will stabilize itself now into the new year, and EPS was also down in line with the NPAT reduction. I'm going to talk about this again later on when we're talking about our guidance.

We haven't given specific guidance for NPAT and EPS at the moment, whilst we have for revenue and EBITDA. We are expecting our NPAT to be up over 50% this year, and we're expecting our EPS, despite all the additional shares on issue after the cap raise, to be up by over 20%.

In line with our new dividend policy that we outlined a couple of months ago, the dividend for the final half of 1.42 cents is actually at the high end of the new guidance that we've given, and it is something that can be tracked more accurately now, and it is fair to say it's a reset for Acrow. For a company that's growing as much as we are and has uses of capital that can return better than 40% for every dollar we spend, we believe that we probably have been overpaying in dividends for a few years, and this is a reset, and we don't apologize for that.

Going through the operational update, divisional breakdown, I think a couple of things that I want to point out here, firstly, obviously, industrial access, $200 million, we've talked about that. The margins, whilst you're seeing EBITDA margins of 24% versus 34%—sorry, 30% in the previous year—industrial division now contributes 60% of our revenue rather than 50%.

I think, look, any business with as much revenue as we've got coming out of that sector now that can still maintain EBITDA margins in the mid-to-high 20s is got an extremely good margin profile. We're looking at the moment at the new financial year, even with a stronger contribution again of industrial, we think our EBITDA margins will probably be more like 26% to 27% this year.

In terms of construction division, pleasing to say, and we'll go into more detail on the next page, in terms of the, again, the margin profile, if you look at the chart at the bottom, we had a greater contribution of sale of product revenue of the total revenue this year compared to last year than we did in hire, and that just shifts the margin around. This is not a reduced margin overall.

This is just, again, a shift between hire and sales revenue. Then to page 12, which is the revenue by state.

As I said, I think this is probably, I think, almost the most important page of this presentation in terms of future outlook. Firstly, I'll draw your attention to the national formwork revenue, where you can see that's the split we've got for FY26 between first half and second half.

The second-half revenue of $66.7 million is the highest revenue we've had in any half in the history of the company, and up significantly, obviously, from the $53 million we had in the first half, and most of that growth came in the last quarter. You can see that, and, again, really pleasingly, that growth we saw in the last quarter is finding its way into the new financial year, which we'll talk about in more detail later on when we talk about guidance.

A couple of other things in here: clearly, New South Wales, South Australia, and Western Australia had very good years. This is indicative of what happens when the market turns in our favor.

You can't create work. We are very jealously proud of our market share in each state.

Despite the reduction in revenue in Queensland, we haven't lost market share. It's purely indicative of the way that the work in that particular market at any given time.

I think I just also want to, I guess, reiterate here, we had growth over a 3-year period in formwork revenue. You can see from '21 through to '24, our national formwork revenue went from $60 million to $121 million.

We doubled it over a 3-year period. Our EBITDA over those 3 years went from $20 million to over $60 million in 3 years.

That was all off the back of the last surge of activity in construction activity in the country. That surge in activity has basically stopped for the last 3 years.

Our revenue has stagnated. However, it is as I said, you can see in that last half how it's really kicked back in.

That's really why, 3 years ago, we decided to invest so heavily in our industrial access business, because we didn't want to be this one-trick show based on civil infrastructure and general construction activity cycles. You can see, again, a great second-half result.

It's going into this year already. If I look to Queensland more specifically, Queensland's coming off of the lowest 6 months they've had in 3 years to get to increasing to 40 the prime example of cross-selling.

In terms of our screens business, we are definitely the national market leader with over 100 projects going at any given time. Earlier, I mentioned how the work that you win in 1 year in screens, you really see it the next year.

You can see in FY25, whilst we won nearly $25 million worth of work in FY25, the revenue was only $16 million in FY25. That grew to $23.5 million in FY26.

We've got a great result in screens. We've grown a very strong presence now in Western Australia, which we've done primarily off the back of our growth in jumpforms.

You can see that WA continues to be the biggest state for us in terms of jumpforms, but you can also see that we've got 10 jumpform jobs in WA. We've also got 10 screen jobs in WA.

It's fair to say at the moment that almost on every job that we're winning jumpforms across the country, we're providing the screens as well. Project examples, the Meriton Cypress contract, this is the column climber, first of its kind in the country, again, a great example of innovation and engineering excellence.

The job is now going at full throttle. How many cores have we got in this project again, Matt?

There's 16 columns.

16 columns. Okay.

We have inserted a time-lapse video in here. I won't show that now, but you can access that at your leisure to show you how that's going.

The column climbers have done 10 jumps.

Right. Okay.

All 16 columns have done 10 jumps, working extremely well. Very happy customer.

This is industry-changing. Move on to industrial access.

Look, very strong EBITDA margin for this type of business, making 18% on what is primarily a labor-orientated business. I would suggest, if you want to double-check the strength of the Acrow industrial business, you check against the peer groups, the other public industrial companies.

I don't think anybody is making 18% margins out of their business. This is a very strong revenue and margin profile.

In terms of the labor component of this business, the average labor margins are around 22%. However, our biggest contracts that we've got, which now contributed up 43% in what they generated this year, the average labor margin for those biggest contracts is around 15%.

Now, we'll take 15% every day of the week if it's a clean 15%. These are not lump sum contracts, these are do-and-charge.

That's a very strong margin. However, they are becoming a bigger component of total revenue, and they will again this year as a couple of them are growing significantly.

That might reduce the labor margin to more like 20% across the group average. Some of the specific projects in this group, so, look, you can see here, we're front and center on some of the most important national and critical infrastructure projects and industrial projects.

Our industrial business, you can sort of categorize into four different areas: long-term maintenance contracts, construction-style industrial projects, ad hoc maintenance packages, and shutdowns. Each of these projects are covered by some of those.

For example, Snowy Hydro is a construction-style industrial project. Ampol, Kwinana is a construction-style industrial project, is Perdaman.

BMA and Glencore are long-term maintenance contracts. Sydney Harbour Bridge are basically ad hoc maintenance packages.

They're all indications of the sort of work that we do in these areas. I'm going to go into some more detail about a couple of these later on.

On the next page, we give an example of a shutdown project. This is the first one of this nature where we were the principal contractor.

We took principal contractor responsibilities. Then, over a 6-week period, we mobilized up to 98 personnel, 14 different trade groups.

You can see this number, 37.7 or 37,700 man-hours. It was a massive undertaking, and we pulled it off incredibly successfully.

Very happy client, just under $8 million in revenue, a good contract for us in terms of margins, and an indication that we can pull this sort of project off and we will be looking to do more of this sort of project into the future. Effectively, on this project, the cooling tower for the power station needed significant rectification work done to it, and we came up with a plan to be able to support that work, and, again, very happy customer and successfully completed.

Over to you, Andrew, on the financials.

Great. Thanks, Steven, and, hi, everyone on the call.

As Steve's already said, our revenue was up 27%, but we had a relatively flat EBITDA. As discussed, the the predominant reason for that is the revenue split between construction and, industrial, from 50/50 to 60/40 industrial.

With that came the the lower, EBITDA margin. Essentially, that was brought around through Queensland formwork delays, and other sort of increasing certain costs.

Now, one of the you'll see in the in the P&L there was there was a $1.5 million increase in, bad debts, during the year. That doesn't mean our our debtors are out of control.

There was a There was quite a few things bubbling away, and the decision was made to to, to provide for these in this second half. Now, that flat EBITDA then translated to an underlying, profit after tax of a 20% decline, from from, $34.5 million down to $27.5 million.

Now, the reason between that flat EBITDA and and the lower, underlying NPAT is due to increases in depreciation and and interest that were brought about through increased, CapEx and working capital. Basically, we've been preparing for a strategic expansion for a while now, and I suppose construction, as Steve's already talked about, just wasn't what we expected in '26, but that's all basically been delayed and moving into '27.

Moving on to that depreciation, depreciation was higher. You'll see from, from, from $24 million to $29 million, and that was basically just our average PPE has increased from $189 million to $226 million.

Our average depreciation rates were essentially the same at around 8%. It was just an increase in in PPE.

Interest, likewise, our average debt, went from $95 million to $144 million, and our lease liability also increased, and therefore our our interest increased by by close to $3 million. Our tax actually increased.

You'll see that our our statutory tax increased from 33% to 38%, or the tax itself went from from from $11.5 million down to $10.8 million. The reason for that increase in statutory tax, there was a there was two adjustments for essentially previous period, income tax expense of about $500,000 each.

That $1 million translates to about 3.5%, our statutory tax rate will will revert back to around 33% next year. Now, so that gets us down to an underlying of of $27.5, million, and our earnings, our underlying earnings per share, you'll see as well, is is 8.86 cents, down 20%.

Now, that that is that EPS reduction is purely from the underlying NPAT, cuz our weighted average, shares basically stayed relatively flat. Obviously, it increased 32% after share, raises at the end of June and and in July, but for the for the year was relatively flat.

Now, getting between underlying NPAT and NPAT reported, NPAT reported likewise reduced by by 24% down to $17.8 million, and that the difference between those two essentially were all all our growth initiatives. Significant items of $4.5 million, that was predominantly on restructuring and integration expenses, as well as depot moves, for future growth, plus some advisor fees.

Amortization of intangibles, are the same as as previous. We've had to value our, customer relations and certain brand items for some of our acquisitions, and that will amortize over 10 to 12 years.

As Steve's already talked about our dividend, we announced a dividend of 1.42 cents final, that brings us to, 3.42 cents. That the way we calculate calculated that dividend was on the second half of, our underlying NPAT of the second half was about $14.7 million, and that basically we're paying at the high end of our new policy of 50% of that.

Now, moving over to balance sheet, the the FY26 balance sheet includes around three $31.5 million that we received in the first tranche of our institutional placement. The the second tranche and the SPP came in after after year end.

Net debt, including that 31.5 that 31.5, was up $9.8 million to $133 million, and that increases predominantly from all our our growth initiatives, and we'll get on to that in a moment in the in the next, the next slide. Net debt to EBITDA increased, from 1.8 to 1.9 at 30 June, but our headroom essentially stayed the same at close to $40 million as as last time.

Total assets were up by $76.7 million. That was from CapEx, we had $36 million for CapEx, $31 million of growth, plus, we had quite a lot of, probably record sales in May and June, and likewise I'll get on to that, yeah.

Our our average sales for for May and June were about $38 million per month. For the balance of the previous year, it was about $26 million per month.

Our our receivables basically had an increase of $20 million for for the, end of year. That basically was one of the big reasons for our assets up.

Working capital to sales almost the same as last year, 26.5%, as as previously said, that was impacted by the May and June invoicing as well. Now, cash conversion, likewise, almost identical to last year, 72% versus last year's 71%.

Now, that that bear is to if we wanted to get to 100%, it's very difficult for a business like ours because we're in growth mode, particularly in our industrial access, division. As I said before, our working capital, or particularly our debtors, increased by $20 million, that's about 20 20%.

That's sort of where our impact on on our on our cash conversion is. Now, on a pro forma on our pro forma, column on the right side, what that takes into account is the is the second tranche of the institutional placement plus the SPP, it's about $51.2 million, plus the less the acquisition costs on Preston's and what will be AusGroup, which is 47.8.

Now, we've also taken into account what we expect around 30 $13 million of contribution from the acquisitions. We have different views of that that will probably be higher, but with that pro forma, we would be roughly the same, debt and debt headroom, but our net debt to EBITDA would be about 1.6.

Now, as we said in the raises, we're still forecasting that our, our net debt to EBITDA at the end of this year, or '27, will be around 1.3, we're making good headway. Now, over the next slide, this is our net debt bridge that we always have.

I won't dwell on this, but what you'll see our our our debt this is the debt increased from 123 to 133, around $9 million. The vast majority the of the outflows are investment-related or future growth, about $62 dividends, you'll see, was $14 million for the year.

It's worth a call-out there that will start reducing under our new, our new dividend policy, and as Steve said, it's it's it's relatively clear that we're probably overpaying dividends with the amount of growth that we were that we were doing. Now, over to the next slide, capital expenditure spend.

We've, you can see from this that our, investment in CapEx this year were very much into the profitable growth areas, in particular jumpform and screens, which have by far have been record levels of revenue for the year, and looking forward, these are very much strategic opportunities for the for the future years. This was money very well spent, and and on top of that, you'll see that the Uni-ring and labor was $1.4 million.

Most of that went in to into our organic growth areas, being South Australia, New South Wales, and Queensland, but we probably underinvested in other areas of formwork, which will be adjusted in the in the follow-on year. You see FY27 our CapEx budget, and forecast at this stage is $30 million.

However, yeah, opportunities may, show themselves with extremely high returns, we we may make decisions, but our our budget at the moment is $30 million. Over to you, Steve.

Thanks. Sorry, folks, we've just been told by one of the participants that the call sort of drops out every now and then for 10 seconds or so, I apologize for that.

Not sure why that's happening, but, yeah, we'll do the best we can, taking that into account. If anything does need clarification through the questions process, please make sure that you ask those questions.

Moving on to growth opportunities, firstly, we've completed the acquisition of the SuperDeck business effective on the 3rd of July. It's been already well integrated into Acrow, works in conjunction with our screens and jumpform business.

It is the market leader in this area in the country. Excellent early results, we've already obviously had the July result.

Strong forecast for the next few months, performing at the levels that we expected to, and we've got great ambitions for this business on a national basis in conjunction with our screens and jumpforms offering for high-rise commercial and residential developments. The AusGroup acquisition, I can report that today is effectively the final day for ACCC sign-off.

All indications are that we'll get that. We actually had the ACCC approval 2 weeks ago, but you then undertake a 2-week cooling-off period.

That cooling-off period completes today. We understand that there has been no adverse commentary in relation to the acquisition over that 2-week period, we'll be going ahead with completion of this acquisition, be effective on the 31st of August, 1st of September for us.

Look, this business provides great scale for that Bowen Basin region for us in terms of equipment and manpower, totally complementary to the MI Scaffold business. Gives us a wider service offering in the region with the paint and blast and engineering services that AusGroup had, which is a relatively small part of their revenue, but it's important part of what we see is the future growth that region.

I'm going to touch on that in a second a bit further. Integration planning is already well underway.

Even though it's still a week and a half away from, effectively, a week away from settling, there were meetings going on today between the senior management of MI, AusGroup, and our industrial business to get the integration planning well underway. Move on to product development.

Look, it's one of the forefronts of our strategy. We've been talking about innovation is one of the strong points of Acrow, and I'll let Matt talk through some of these opportunities we've got in front of us.

Thanks, Steve. One of the things that Steve said is that differentiates Acrow is the ability to continuously innovate and develop and provide good solutions.

Over the last 2 or 3 years, what we've really done is to solve the problems of our customers and to suit the Australian market, and creating new opportunities for the business. I'll just cover a few things, the products that we've launched in the last 12 months plus a couple of exciting opportunities that are about to launch in the first half of this financial year.

The first I'll cover is Powershore 60. We launched this in February, and been working on this for the last couple of years.

This product is entirely developed in-house. Acrow own all the IP for the product and the manufacturing ability.

This product, we're delivering around double the load capacity of a comparable product in the market, but we're only about 20% heavier. Quite innovative and really well received in the market.

We've successfully commercialized the product basically across every state in Australia, that's in hire and sales of the product. It's really expanding our foray into the temporary works propping segment, and I'll cover that further on.

The next product is our Uni-ring, Uni-ring is our version of a ringlock scaffolding system. The same here, we've now got projects across all of Australia, Queensland, New South Wales, Victoria, and WA.

Most importantly, this is supporting the growth in our industrial division, and opening up new opportunities in the infrastructure and civil markets. Also seeing an increase in product sales of this product now.

We've got multiple sales in Queensland and Victoria. We're benefiting from owning the IP here as well and the manufacturing capabilities, and this primarily was shown on the project in Perdaman, where we had to mobilize thousands of tons of materials in a really short timeframe.

We could spread it across different factories and deliver quickly. One part of the business we're getting into now is propping, strong demand for engineering propping solutions.

This is not just the traditional formwork sort of packages we're doing, it's sort of standalone propping. We're supplying the propping and we're also doing labor in some positions where we're installing the propping.

This is using our extensive fleet of systems that we've already got in our formwork business, and we continue to invest into these sorts of product lines which is like the Powershore 60 I mentioned before. One thing that we've always sort of done in the past is bespoke formwork, but it's really ramping up in the last sort of 12 months, and this is where proprietary systems remain core of our business, but with complex projects now becoming more and more prevalent, customers require more tailor-made solutions.

We've always offered this, but now we're getting into it a lot more. Ultimately, this is bespoke formwork capabilities using our design engineering and supply chain, and basically offering a standalone model for the customer where it's a single point of contact where we're leveraging our engineering expertise and also our manufacturing capability.

Yes, and so, on that, it's fair to say that this product is sold onto the project.

Sold onto the project,

yeah. It's a single-use, sold to the project.

Yeah.

There's some very large examples. One example at the moment, Matt, with equipment for the Western Harbour Tunnel in Sydney.

Which is the photo in the report, and we're doing similar sort of project we'll be doing in Melbourne as well, large sort of bespoke tunnel formwork, where the is primarily seen.

Okay. Thank you, Matt.

Just keep going. In this that's on the industrial business, building sustainable earnings, it's a it's a business that has allowed us to we have what far more confidence about what the picture of the business looks like going forward.

You can see what we've developed over a 3-year period. We've gone from a $40 million turnover to a $200 million turnover between '23 and '26.

This year, we've already got 100 we came into the year with $180 million of secured revenue, and that was before the AusGroup acquisition. We're forecasting this year to do $280 million in revenue, up $80 million for the year.

About half of that would be AusGroup and half of that still will be will be organic. It's not just a a an M&A story.

This is we've every year, we get at least of our 50% of uplift in revenue coming out of organic initiatives. One example that's now, working strongly, if I go to the next page, we won the Perdaman contract 18 months, 2 years ago.

It's been operating at a reasonable level of around sort of $2 to $2.5 million a month of revenue. We're now winning more packages.

In the last 3 months, we've won another million-odd dollars worth of work over just over like a 3-month period on on really good really strong margins, and we expect that that will continue. There's lots of discussions going on about, broadening the scope of the work that we currently do on that project.

Look, we're getting the benefits of scale. Matt talked about the Uni-ring product.

Uni-ring product has a lot of flexibility, and one of the things we're moving into strongly now is an application for Uni-ring on civil infrastructure projects. It looks like we're going to be winning quite a lot of packages for this kind of work on the Rocky Ring Road project, as an example.

Central and North Queensland, so, clearly, with the acquisition of AusGroup and the existing business of MI, we've got a very significant business in this area. It'll be, if you take into account Gladstone and, Townsville, we've got about $100 million region of revenue, it's almost 25% of Acrow's total revenue.

We've got great scale. We've got and it's an area of, it's a critical region for Australia's met coal export market, and, we do we've done a lot of research on that market before we bought the AusGroup business, and it's clear that that market is not deteriorating, anytime soon.

Big training and development focus for us to try to, get and breed our own to develop even further scale. What What we're really trying to do in this region is build a moat, put ourselves in a position where we've got such a, we're we're very strong in terms of, capability, not, we've got we've got scale, we've got the manpower, and from a capability perspective, we'd give ourselves a a really strong position.

Next one, the Sydney Harbour Bridge, I'll go out on a limb, I'll say that the Sydney Harbour Bridge project for us has a bigger growth opportunity than the Brisbane Olympic Games does. We've got, over over a decade of, relationship with the Transport for NSW on the bridge through our above scaffolding division, established a high level of customer service and reputation.

Now, the combination with Acrow enhances that capability significantly. We've recently submitted in July an expression of interest for a lot of work on the bridge leading up to the centenary of the bridge opening in 2032.

There's a lot of work there, so, we've said $400 to $600 million worth of revenue. I've heard other numbers floated around a lot more than that.

It's a lot of work. We've we are the proven partner and service provider for Transport for NSW.

We've got the capability to tender and deliver services on all packages. We're probably the only company in Australia that can actually do that.

There are parts of it that are companies might be more specialists in, but in the expression of interest, you were request you were required to nominate whether you needed to have a subcontract partner for any packages, and we don't need that. We can provide the services for all of the packages that will be let.

In the terms of the construction division, strong pipeline across all sectors now. It's probably the strongest it's been for at least 3 years.

A couple of examples: Snowy Hydro, which is a at the moment for us an industrial project, in FY26, that project generated around about $16 million of revenue for our industrial division. That will go to in excess of $25 million in '27, with the already, accepted pipeline of work and the rates that we're getting for that job.

Now we move into the formwork focus, at the moment, there's upwards of $50 million of specialized formwork packages under live tender. This project, which at the moment is a strong industrial one for us, we have done formwork, we've probably generated maybe $5 to $10 million of formwork revenue over the last 3 years.

There's a significant increase opportunity for us on this project. Queensland infrastructure, we've rolled this out before, but it's accurate.

This is this is the project spend or or or prospective spend for infrastructure in Queensland, and it's not directly Olympic Olympic-orientated. You can see that between '26 and '30, it's pro- it's, going to double in size.

It's a key market for us. It's been soft for some time, and it's really now starting to kick in.

Some of the examples on the next page of the types of projects, and they're not just in transport, there's a lot of utilities, water, water treatment plants, etc. The Chambers Flat wastewater treatment plant is one example that's going to kick off in the next few months.

Coomera Connector continues to roll. Rocky Ring Road is kicking in now at a at a reasonably good level for us.

Then one of the major projects going forward in this area is The Waves, which is the Sunshine Coast to Brisbane rail. Overall, we expect to see a significant uplift in activity in infrastructure.

Touching on the Olympics, and, look, it's real now. There are there are tenders being let.

The first tender that's being let is to BMD for the early works on the stadium. We're in heavy engagement with BMD BMD in relation to works.

Now, that's not a significant amount for us, but there will be work. The next big thing is the awarding of the contract for the building of the stadium, which is down to two consortiums.

If one of those consortiums wins that project, we will we will get a lot of, formwork, primarily jumpform, revenue from that project. Brisbane Showgrounds, which is the redevelopment of the of the Ekka site, is kicking in now with Hutchinson.

We've given them, quotes for a range of work there that we expect to be, well in the well in the game for. Then you move into the Athletes' Village, where between Lendlease and Hutchies, there are 6 30-story towers to be developed over three stages.

We've had early engagement in terms of the sort of offering that we can have there. Some example, there is there's now real meat on the bones in terms of the Olympic venues.

The national civil infrastructure project pipeline, just to give some examples there we've got across the country, we've got a very strong presence on all the projects that we've mentioned here. The I mentioned the Western Harbour Tunnel, where the bespoke formwork systems that we've designed and we've now hired two of those or sold two of those systems.

The other ones that I'm going to call out are Torrens to Darlington, which has been a good project for us, but it's about to go through its most significant phase. In the next 3 to 6 months, there's a couple of million dollars worth of work in hire that we expect to win on Torrens to Darlington.

At the moment, probably, well not probably, but definitely our biggest civil infrastructure revenue-generating project in the country is North East Link. We're probably doing $600,000 to $700,000 a month of revenue on that project, and we're winning more packages as time goes.

We continue to be, a go-to company in terms of this space. Specialized services cross-selling, along with product development, one of the absolute strengths of our business these days is our cross-selling.

The best example of that is screens, jumpforms, SuperDeck, and probably other formwork products for high-rise. Other examples are the propping and shoring that Matt talked about, and then how that works with the general formwork.

Another great example is how, the civil formwork, such as Rocky Ring Road, now also brings Acrow access equipment, Uni-ring, and screens. There's a range of areas now where our product range is enabling us to cross-sell very successfully.

Finally, with our guidance, so, firstly, you can see we've given first-half guidance, of, $195 to $215 million of revenue and $50 to $55 million of EBITDA. You can see they're up significantly on the same period last year.

We are already up in the first the first month of the year. We made $3 million more EBITDA than we did in the equivalent month last year.

Our forecast for the first quarter is that we will be $8 million minimum better than we were for the first first quarter last year. There's a clear picture now that shows that the turnaround has happened, and that we will be able to be achieving the types of results that we're mentioning here.

At the $110 million midpoint of our full-year guidance of EBITDA, which is, eight is $30 million up on the previous previous, year, at least FY26 year, as I said, we've done we're going to do $8 million in the first quarter, and that's with only 1 month of AusGroup, with only kicking in for September for that quarter. I've been mentioned earlier that we haven't specified NPAT and EPS numbers in our guidance because there are a range of moving parts.

This is not just going to be about revenue, this is not just going to be about EBITDA. As I mentioned earlier, the the NPAT, underlying NPAT for this year will be up more than 50%.

We know that, you roll through the EBITDA guidance, and you roll through what happens with depreciation and finance and tax, it'll be up by better than 50%. Despite having 32% more shares on issue this year compared to '26, we're going to be better than 20% up in EPS.

So, this is a a year of '27 where, we've stagnated for 2 or 3 years now off the back of, I guess restrained construction activity. We've been able to maintain our our results off the back of our growth of our industrial business.

This year, we're going to get both. This year, we are going to we're going to continue to grow industrial, and we are already seeing, and it will continue, the growth in the construction division that we've been looking for for the last 2 or 3 years.

That's the presentation as we have at the moment. Thanks.

Open to, any questions that we have from the participants. Thank you.

guys. Thanks for taking the question.

Great, great job on starting the year strong. It was cutting in and out a bit earlier.

Just on the guidance, you kind of touched on it then. Sort of assuming symmetric first half, second half, but almost a slow down in the second half given how you've started.

Obviously, you've been conservative. Can you just elaborate on the swing factors?

You've talked about the first 2 or 3 months how that's traveling. How much are you factoring in in terms of assumed contract wins, and how much is in sort of the pipeline, for want of a better phrase, there where you could be actually updating the guidance as the year progresses?

for some reason. Phil, we didn't get your question, if you wouldn't mind repeating, please.

You

missed out on my waffle. No, fair enough.

I'll

I know, mate, it was probably fantastic, but anyway, if you can repeat it, that would be great.

I can only do it once. I'll paraphrase.

Just on the guidance, you've given us how the first month started and your budget for the 3 months. What are the swing factors that you take into account when you give the longer-term guidance, and at which point do you anticipate sort of updating the market?

Is it the AGM, or is it at the half-year results? Oh,

look, the major swing factors always are product sales that we don't budget for, and there's a lot of big packages of work out there at the moment that we put out for both bespoke formwork and also product sales that we can't budget for, and we can't forecast for. We've been very conservative on that.

Our guidance numbers, so, certainly, first half, as I said, we know the EBITDA for the July was $3 million better than the EBITDA for last July. We know we're almost at the end of August.

We know the results for this month. We've got a very strong forecast for September.

We will be, it's going to be up $8 million compared to the same period last year. For the first half, we've got a relatively strong degree of confidence, well, we've got a very strong degree of confidence about that result.

Then the second half is based on our expected run rate for the construction divisions, and what we already know is basically in the order book for the industrial businesses. The swing factors will be, as I said, primarily winning some of the bespoke packages that we currently have on tender that we don't put into the forecast, and large product sales, and then obviously better activity than we anticipate.

I think, look, the main thing that we wanted to do here is, obviously, we've stagnated for 3 years, we've been hovering around between $75 and $80 million of EBITDA for 3 years, and looking for that to get into the 90s, without the acquisitions this year, it's into the 90s, with the acquisitions, it's pushing up close to the $110 million. This is the year that Acrow's EBITDA starts to lift again after 3 years of stagnation.

Excellent. I think you mentioned earlier, but it cut out, obviously cash has come in the door July, August from the raises.

What's the gearing as we stand today, or on a run-rate basis?

On a run-rate basis, no, the gearing, I think I've got it on the pro forma right now. If you have a look at the balance sheet, the net debt, well, the pro forma is 1.6, and the net gearing will be down by about 5%, 35.6%.

Thank you.

Morning, guys. I just had a question on underlying EBITDA margins, please.

Maybe just one for Andrew. Margins were down 640 basis points, you have talked to some of the key drivers of that, just around the change in mix towards industrial access versus construction, sounds like there's more equipment sales, and also there's a bigger contribution from some of your larger customers in industrial access.

Just wondering, can you just break down some of those contributors to that margin decline, please, just noting that you have said that most of that is due to the change in mix? Just wonder if you can help out there, please.

Hey, Alex. I think you actually answered that question with your question.

It is literally the 50/50 to 60/40 change between construction and industrial, and there was actually a mix of more sales than hire during the year, as well, and that's because of the mix of construction and industrial. There was, as Steve pointed out, there was a quite a large difference in revenue between our five largest customers this year to last year, which has a lower labor margin.

I don't have the actual

You can work it out, Alex, but you can actually work it out. The EBITDA margin in construction is 42%, the EBITDA margin in industrial is 18%, I haven't I can't do the math that quickly in my head, but if you work out the difference between a 60% contribution from industrial to 50%, I'm not sure that you won't get to that number.

You will get

pretty close, exactly.

Yep, but outside of that, was there anything else that contributed, or those were the main things in terms of

Look, nothing material,

Alex. They're

the absolute main things, but one of the things that I did mention in mine, it's about $1.5 million of extra bad debts. There was the odd increase in so forth, but that was because of our expansion, but that's only sort of one-off.

The bad debts is still It's less than 1% of revenue, right? It was more than the previous year, which is always disappointing, you don't want to have a bad debt.

It was $1.5 million more than the previous year, but we've had 2 years of a relatively low number there and hopefully we'll return to that this year, but it's still, as I said, it's sort of it's well less than 1% of revenue. Yeah.

Okay. Just what was the bad debts last year, Andrew?

It was, what's $1.2 million, I think, $1.6. The total bad debt the previous year?

No, $800,000, actually, sorry. Last year was $800,000, this year's $2.369

million. Yeah.

Last year was abnormally low.

Okay. Cool.

Then, maybe just on the upgrade, please, on '27 guidance. What's gone better than expected for you to upgrade the guidance versus when you gave guidance a few months ago?

The start to the year.

Okay. The pipeline is the same, the pipeline has increased as well?

Yeah. We've exceeded our budget in the first month by over a million dollars.

We'll exceed our budget in the second month by over a million dollars. We've already seen, straight up, an improved result than what we were forecasting at the time we did the last guidance, which was when we did the cap raise.

I think that I've mentioned that earlier, Alex, we're going to be up $8 million compared to the same period last year for the first quarter. That only has 1 month of AusGroup, which is around about a $500,000 to $600,000 a month contributor to EBITDA.

We're $8 million better for the first quarter, and we're forecasting to be $30 million at the moment at the midpoint better for the year. I think, again, you can see how that all comes together.

Okay. Great.

Just to be clear, Steve, the guidance doesn't include anything that you might get for Brisbane Olympics, is that right?

Put it this way: there is zero revenue in our forecast for FY27 for Brisbane Olympics. Now, what we think will happen, we will be doing some work for BMD on the civil works for the showground for the main stadium.

It's not a lot of revenue. We'll be doing some revenue there.

Sure we will be, Matt, right?

It's not a lot of revenue.

It won't be a lot of revenue. The first big package that we would be hoping to win, well, and it's just totally in the hands of which builder wins the main stadium.

That's going to be announced in the next, I don't know, 6 to 8 weeks, call it, maybe even shorter time frame than that. If one of the two consortiums wins it, we will have a significant package of work.

If the other consortium wins, we might not. It's that simple.

Now, that revenue, you won't see it till probably maybe the absolute tail end of this year, but into the following year.

Okay. Thank you.

Good day, gents. Done on the results.

Just looking at FY27, that split of revenue between industrial access, that looks to be jumping to about, call it 65%, 66% of revenue. Just trying to get an idea of what's your ideal balance there in terms of revenue mix?

The current forecast is 50 is basically 50/50. It goes from 60/40 back to 50/50.

The current forecast at our midpoint of our guidance, which is $420 million, is $280 million industrial, $140 million construction. That's the way you would work it out.

We put a number on that, Benjamin, earlier in the presentation around what our expected revenue is for industrial, which is $280 million. That's the split that we're looking at at the moment, $280 million to one and $140 million, $420 million.

Understood. Just jumping off across to the column climber, taking that Meriton Cypress very much as a proof of concept of the innovation there.

Can you give us an idea of how that interest in that product has grown following its 10 jumps?

Go, Matt.

We've had maybe three separate clients now have toured on the site and shown the site. This sort of system is suited for towers over about 50 stories, there's a few in the pipeline coming up.

It's just a matter of one of these projects coming off and then getting onto another site. Far, we've actually been touring customers on site, showing them, and there has been a lot of interest, people inquiring, seeing it on social media and stuff, been positive so far.

Thanks, Matt. Maybe just one last one, in terms of M&A, what type of businesses or geographies are you interested going ahead into FY27?

We're not looking at anything at the moment. We've just done two, we did two the previous year.

We said this last year and then some opportunities presented themselves, but I can say at the moment we're not actively looking at any M&A. We've had some approaches and we've said the timing is not right, first and foremost, at the moment.

We really need to bed this down. It's still part of our business's strategy and we'll revisit at some point, but I don't think this year, and I might be then held accountable for that if we come with some wonderful opportunity, but at the moment, I can say we're not actively looking at anything.

We'd love to get some industrial business in Western Australia. There's nothing that's presented itself that's been of interest to us.

Understood. Thanks, gents.

Hi, guys. Done on the result.

Hi, Peter. How are you?

The outlook. Good.

Good. Yep.

I was going to ask for this Sydney Harbour Bridge contract, that seems much larger than, or the potential expansion is much larger than I thought. Can you talk about whether you have advantages of being there on site already and whether, I suppose, a competing player could enter that, given I suppose you're already

Let Matt talk to this. Matt's pretty close to what our sort of opportunities are there.

Yeah, 100%, Peter. The actual package we're on at the moment is maybe 5% of one of the 10 packages, for example, and it's just basically when the centenary is in 2032.

At the moment, they're basically letting each portion of the bridge off in little chunks. They need to fast-track effectively.

Instead of doing one chord out of the 20, they want someone to do all 20 chords at once. Out of the 10 packages that they've released, we've probably already done those sorts of works on five or six packages, we're one of only three, scaffold, rope access, access providers on the bridge at the moment, so, yeah, definitely, we're in a good position.

Then talk about the innovation, Matt, state innovation with the loading track.

Then, for example, we've spoken about this before, but the HLD, we call it, on the bridge at the moment, that's with the current package. If you actually drive along Sydney Harbour Bridge, you'll see it.

They had issues with trains. We gave them a solution to put a deck over the top of the Sydney Harbour Bridge, they could basically work at any time during the day.

The current scope that's out now is actually looking at covering the entire bridge, they can do the works above. We were the ones to sort of come up with that innovation in the first place, definitely in a good position.

Peter, look, who knows? All we can flag here is that it's a big opportunity.

We're an existing service provider that they know is very, very, very well-regarded. We've got the capability of doing all of the work they need to get done by ourselves, without needing new subcontractors or have a JV partner.

I think we're just flagging it's a big opportunity. They want to fast-track the work.

They're running under a timeframe. This happens to be 2032, that's the centenary.

They want the bridge to be lovely and shiny and not have scaffolding sitting on the bridge in 2032. Yeah.

Right. They need to get it all done.

Right.

Yep. Thanks for that.

Yep. With the Brisbane Olympics work, if you do miss the stadium piece, just given the size of the sort of overall construction, does it put you in a better position to pick up a lot of other work across the Athletes' Village and the other sections?

It doesn't matter. There's a couple of things here.

We've said pretty regularly that the stadium is obviously the showpiece, and look great on the front page of your annual report, but it's not the main game. Now, we just happen to be in a position where one of the builders that's in one consortium, and their chosen formworker, if they win it, will work with us most likely.

We just happen to be in that position. It's, by no means, the be-all and end-all.

My experience with this stuff is it's all the other ancillary work that the closer you get to the thing, that where you get the best returns. I think the other important thing to say about this, and I've read some narrative around this from people at different times, and we've said this: you don't gear up for 100% of this work.

You just don't, because you'll be left with the gear after 2032 that you don't need. The key here is to pick the right amount of gear, and leave the last 25% or 30% to somebody else.

This business will be actively having that strategy. You don't want to be too late, and we won't be too late, but you also don't overcapitalize into that.

It's a big opportunity. I've lived through Sydney, I know what will happen, but it's going to be really critical to Acrow that we are very smart about how we do this, and we target the work with the best returns, and said we don't overcapitalize into that cycle, and said, just make sure that what we're doing leaves the last bit for somebody else and happy days for us going forward.

Yep. Thanks for that.

Okay. Thank you again, and sorry for some of the technical hitches, hopefully wasn't too bad, and again, we look forward to talking to you again at the AGM and at the half-year results.

I thank Andrew and Matt for their participation, and thank all of the listeners for taking the time to listen to our results presentation. Thanks very much.