Good morning, everyone. Thank you for standing by.

Welcome to this webcast for Duratec Limited's half-yearly results presentation for FY26. My name is Adrienne Porter, Corporate Planning and Investor Relations Manager.

I would like to begin today by acknowledging the Whadjuk Noongar people, the traditional custodians of the land on which we gather, and pay our respects to their elders past, present, and emerging. Joining me today are Chris Oates, our Managing Director, and Ashley Muirhead, our CFO.

Please note that all participants are currently in a listen-only mode. This morning, there'll be a presentation followed by a Q&A session.

If you wish to ask a question via the webcast, please click on the blue hand displayed in the top right-hand corner of your screen, then type your question into the dialogue box that appears, and then click submit. I would now like to hand over the webcast to Chris, who will talk through Duratec's FY26 first half highlights.

Thanks, Adrienne. Hi, everyone.

Welcome to Duratec's half-yearly results presentation, including a business update and outlook on all sectors and companies. Looking firstly at our business history, we get a snapshot of our growth since inception.

Nearly all growth has been organic, and it is only more recent years that we have intensified our targeted acquisition strategy aligned with our growth initiatives. Our targeted acquisitions to date have helped steer our gross margins to record levels.

Key business drivers remain strongly active in all key market sectors, and the group recorded a solid half with record EBITDA. This next slide shows our updated portfolio, highlighting our current footprint across Australia and the key market sectors and locations in which we operate.

In the first half of FY26, we expanded WPF's footprint, establishing its WPF branch in Brisbane, a move that was supported by a recent APA MSA works agreement. We also successfully acquired and integrated EIG, an electrical infrastructure provider specializing in fuels and fluid transfer services, including in-house consultancy and design capabilities based in Canning Vale, WA.

This acquisition supports our strategic growth by expanding our end-to-end self-perform capability in high-barrier, high-value sectors. At the end of January 26, Duratec's wholly owned subsidiary, MEnD, acquired 100% of RGK Resources, based in Port Kennedy, Western Australia.

RGK brings strong capabilities in asset integrity, non-destructive testing, and rope access for both onshore and offshore operations in the energy sector. Their services are supported by multiple NATA and Intertek SAI Global accreditations, further bolstering Duratec's offering across the multiple sectors in which we operate.

Revenue delivered in the first half of FY26 was $273.3 million, softer than the previous corresponding period, primarily due to project timing and delivery phasing. However, normalized EBITDA, normalized EBITDA margin, and NPAT all delivered record results.

Normalized EBITDA increased to $27.5 million, up 2% on PCP. Overall normalized EBITDA margin has lifted to 10%, and NPAT has increased to 13.4, which is up 3.5% from PCP.

Earnings per share was 5.25 cents, up 1.2% on first half of FY25, and the board has declared an interim dividend of 1.75 cents per share fully franked, as we continue our balance between return to shareholders and retaining funds for growth. Our balance sheet remains strong, with net cash of $76 million being able to support the key growth objectives.

The order book is up; tenders and pipeline remain at a very healthy level. I'll now hand over to Ashley Muirhead, who will speak to the first half FY26 financial results.

Thanks, Chris. Good morning, everyone.

Duratec delivered another solid half-year result, with revenue of $273.3 million for the period. Revenue was slightly lower compared to PCP, primarily reflecting project timing and delivery phasing in the defense, mining and industrial, and energy sectors.

The buildings and facades sector delivered revenue of $64.3 million for the period, representing its strongest half-year performance to date, and highlighting the successful expansion of the sector nationally, with projects delivered across multiple states. Emerging sectors also delivered an excellent result, generating revenue of $40.8 million for the period, an increase of 77.4% compared to PCP.

This growth was driven by the successful expansion of our marine and water infrastructure capability on the east coast. Despite lower revenue compared to PCP, gross profit increased to $55.4 million, up 3.9% on the prior period, representing the highest half-year gross profit achieved by the group.

This outcome was supported by strong margins across all sectors, reflecting the success of our strategic focus on increasing self-perform works and early engagement through early contractor involvement. Overheads increased during the period, reflecting strategic investment and acquisitions, including EIG Australia in the first half of FY26 and RGK Resources, which was completed in January 2026.

We also continue to invest in enhancing our business systems and initiatives to support future growth and improve operational efficiency. Turning to profitability, normalized EBITDA increased by 2% for the period.

This was driven by underlying project profitability and solid contributions from our equity accounted investment, DDR Australia Group, partly offset by higher overheads associated with our strategic investment initiatives. At the bottom line, net profit after tax increased by 3.5% compared to the prior corresponding period, reflecting the profitability achieved during the half and a lower effective tax rate.

The tax outcome was supported by employee share trust deductions and the fact that profits from DDR Australia Group are already taxed at the investee level. Earnings per share increased to 5.25 cents, and we have maintained the interim dividend at 1.75 cents, reflecting a balanced approach to returning value to shareholders while continuing to invest for future growth.

Turning to cash, the group cash balance remains solid at $76 million as at 31st of December 2025, providing a strong foundation to support future growth initiatives and ongoing project working capital requirements. Cash conversion for the period was 67%, lower than recent periods, reflecting the timing of upfront project procurement to support project delivery in the second half of the year.

Investing activities in the first half of FY26 totaled $7.6 million, comprising $3.6 million of capital expenditure and $4.6 million relating to the acquisition of EIG Australia. Cash outflows from financing activities totaled $9.8 million during the period and included $5.6 million of dividend payments to shareholders, with the balance relating to net repayments of borrowings and lease liabilities.

Moving to the balance sheet, the group continued to strengthen its position during the first half of FY26, with net assets increasing by 14% to $84.8 million. Trade debtors reduced during the period, reflecting our continued focus on credit discipline and collections.

Contract assets increased primarily due to the timing of project invoicing milestones as projects progressed through delivery. Intangible assets and contingent consideration payable increased following the acquisition of EIG Australia during the period.

Borrowings reduced over the half, reflecting repayments against asset financing and short-term cash advance facilities. Trade and other payables also decreased during the period, largely reflecting the timing of supplier payments and settlement of project-related obligations.

Overall, the group continues to be well supported by its debt providers, with sufficient available headroom to support strategic growth initiatives and ongoing working capital requirements. I will now hand back to Chris to cover the operational highlights.

Thanks, Ashley. Ensuring our people's safety and well-being is vital to Duratec's success.

Our workforce has grown to 1,342 across the reporting period, driven by a combination of organic growth and acquisition activity. Continuous improvement in safety is possible, and we are leveraging technology and investing in training to enhance outcomes, including the adoption of HammerTech software to help streamline safety processes, the development of our critical risk management and psychosocial safety framework, and the re-development of our leadership fundamentals program to bolster emerging leaders right across the organization.

Our Reflect Reconciliation Action Plan has been endorsed by Reconciliation Australia and published on their website. We have advanced our mandatory climate reporting readiness, enhanced our emissions measurement processes, updated our climate risk assessment methodology to better capture location-specific physical hazards for our projects, and delivering sustainability training to the board.

We have also kicked off work to refresh our vision, mission, and values to ensure they reflect Duratec's future direction and aspirations. Onto our defense performance and outlook, revenue of $82.2 million at 16.3% gross margin was achieved in the first half.

Despite revenue being down, our gross margins have returned to high levels, which is a strong positive for the sector. As previously announced, early procurement activities for the Duratec Ertech joint venture, DEJ-V work, at HMAS Stirling have been initiated relating to approximately $5 million of long lead items to assist program and project timing as part of the early contractor involvement, ECI, head contracts, HC, for the planning phase of the infrastructure upgrades to support future submarine capability at HMAS Stirling.

Since our announcement on the 8th of January 26, we have received another order to proceed with a further $9 million of on-site early works to ensure program and project timing is met. This marks another important step forward in project delivery.

Landside activities are scheduled to begin in late Q3 or early Q4. These developments are expected to significantly boost defense sector contributions to the overall business performance.

Duratec has also become the first construction company and the second overall company in Australia to earn ISO 19443 accreditation specifically for the provision of services to the nuclear sector. In the first half, the Tindal project reached its final completion stage, with the formal handover successfully conducted.

During the period, we also submitted a tender for the Learmonth fuel project near Exmouth, which is based on a replica design of the Tindal project just completed. Recently, we have expanded our operations into the sustainment of military operational assets in New South Wales and the Northern Territory.

This move aligns with Duratec's established service offerings across the mining and industrial sectors, further broadening its reach and capabilities. With a robust pipeline of defense and aviation fuel storage projects in place, combined with existing and newly developed capabilities, this pipeline is set to support ongoing growth within the sector.

Onto the mining and industrial, as you can see from a performance perspective, the revenue was $57.7 million with a gross margin of 20.4%. Major projects awards have experienced delays, resulting in reduced revenue for the first half of the year.

However, the business has successfully broadened its client base and expanded its service offerings, positioning itself for growth within the sector. The BHP portfolio has been further diversified with the introduction of the port maintenance revenue stream now coming online, enhancing the company's overall revenue mix.

Ongoing opportunities with Rio Tinto are being actively pursued, whilst work at Tom Price continues. Works in the Northern Territory are ramping up with Rio Gove, and further opportunities are emerging in sustainment, make-safe, and decommissioning activities.

This expansion provides a solid foundation for ongoing and future revenue streams in the region. Expansion of collaborations with major miners in the Northwest and leveraging Duratec's broad service offering will enable larger master services agreement opportunities.

Our strategic expansion into New South Wales and targeting of opportunities within the Hunter Valley mining hub, together with anticipated investment in Queensland mining sector to drive growth in hard-rock mining, positions Duratec well for future growth. Moving to buildings and facades, which achieved record revenue of $64.3 million to deliver a gross margin of 20.2%.

This performance reflects our continued strategic focus to broaden our service offering and leverage our expertise in both remediation and new construction projects. The successful conversion of ECI projects in Brisbane and Perth into main works projects and the commencement on-site of the Curtin University project further demonstrates the value we offer our clients and reflect our commitment to project delivery and operational excellence.

Heritage works are an ongoing area of focus, with clients consistently seeking our specialist knowledge in heritage remediation. With recent project awards and strong pipeline of successful outcomes anticipated across New South Wales, South Australia, Queensland, and Perth, activity in this sector is on the rise.

Our national footprint and integrated delivery model enables consistent, high-quality outcomes, and we can continue to offer our clients cutting-edge tools to achieve their project outcomes, driving further growth in the sector. Energy achieved a revenue of $27.3 million with strong gross margin 29.3%.

Performance was impacted primarily due to the timing of project awards and the conclusion of the Western Sydney Airport contract. A key development was the acquisition of EIG, which has brought valuable electrical and fuel systems experience in-house, strengthening Duratec's technical capabilities and expanding our service offering.

Additionally, the expansion of WPF operations into Queensland has allowed the group to leverage its geographical coverage. The business through WPF very recently secured the Santos Varanus Island feed tank refurbishment project award, further enhancing its project portfolio.

Offshore services coverage has been extended through partnerships with Santos, Vermilion Energy, and Woodside assets, broadening the scope of operations. The establishment of DXP Energy Solutions has significantly improved the company's ability to deliver end-to-end life cycle services within the energy sector.

Looking ahead, stronger growth is anticipated in the second half of the year, driven by recent awards and a robust pipeline. We will continue to pursue long-term maintenance service agreement opportunities at a national level, aiming for sustained and scalable operations.

We will continue leveraging synergies across Duratec, WPF, and EIG, maximizing the combined strengths and expertise within the group. Finishing off our sector-based update with our emerging sectors, which include marine, transport, and water infrastructure.

Record levels were achieved across this sector, with revenue of $40.8 million and gross profit of $8.9 million and gross margins of 21.8%. Through the first half, Duratec has experienced continued growth within our emerging sectors, a result of ongoing investment in diversification strategies that are delivering positive outcomes for the business.

The marine sector has seen multiple contract wins across Victoria, Tasmania, and Queensland, further establishing Duratec as a leading national marine contractor. There has been notable expansion in the water infrastructure sector, particularly in New South Wales and Victoria.

Additionally, diversification into high-security federal and state clients has contributed to recognizable awards, including partnerships with CSIRO and Airservices. Looking ahead, larger-scale marine opportunities are anticipated to come online as Duratec's capability continues to mature along the east coast.

There is a strong pipeline of high-security projects supported by a growing client base. Duratec also sees further opportunities to diversify client and sector base, leveraging the capabilities of new subsidiaries to broaden its reach in this sector.

Moving now to WPF, where revenue achieved was $22.1 million, generating a gross profit of $6.1 million. The majority of this revenue is accounted for in the energy sector.

Revenue is down from expectations due to the timing of projects, but with a number of recent wins and east coast expansion, WPF has built a platform for good, strong growth into the second half. Other projects that can enhance growth include Waitsia Stage 2B piping structural fabrication, structural repairs on Woodside Goodwin platform, the Woodside SFPU hook-up project, and hot tap works for INPEX Ichthys LNG.

WPF will continue to pursue multiple opportunities, leveraging the combined capabilities of the group, in line with Duratec's expansion strategy across energy and decommissioning. Looking to DXP Energy Solutions, our recently established strategic incorporated company, which aims to enhance Duratec's capabilities within the oil and gas and energy transition sectors.

By offering a unique, integrated service covering the entire asset life cycle across the energy sector, from development and operations through life extension and decommissioning, this venture supports further diversification of revenue streams and aligns with Duratec's broader expansion strategy in the evolving energy sector. DXP has seen early momentum, highlighted by recent wins, the Condor partnership, and successful FEED and detail engineering.

Looking ahead, the outlook is promising. DXP is managing multi-phase programs with substantial expansion opportunities, particularly for well abandonments in PNG.

There's a clear pathway to convert FEED and engineering wins into construction and fabrication projects. We are very optimistic about the opportunities this new venture will bring into the future.

During the half-year, MEnD increased its direct involvement in early-stage defense feasibility and design projects, positioning itself as a valuable partner in defense sector's initial planning and development stages. Another major achievement was the delivery of a significant ECI project for a prominent mining and resources client.

Through this project, MEnD was instrumental in identifying over $30 million of potential project works, demonstrating its expertise and value in the resources sector. MEnD has established its initial laboratory services on the eastern seaboard, expanding its footprint and enhancing its services coverage across the key regions.

Looking ahead, MEnD through the recent RGK acquisition plans to expand its NDT services by leveraging Duratec and WPF's existing relationships within the energy sector. A new master services agreement with a national defense project delivery services provider is expected to facilitate early opportunity identification and foster growth in the defense sector projects.

MEnD also intends to increase its cathodic protection service offerings to key clients across the energy, water, and defense sectors nationally. During the first half, EIG achieved revenue of $7.4 million with a gross profit of $2.4 million.

Major project highlights include the installation of fuel, electrical, and communication systems at the Kimberley Marine Support Base, fabrication of fuel tanks at the Onslow Marine Support Base, and installation of a molding wheel for Rio Tinto. EIG is poised to continue growth, leveraging the combined capabilities and service offering of Duratec and EIG.

Major new potential works on the horizon include projects at Learmonth and HMAS Stirling for the Department of Defence, as well as multiple projects for the major mining companies. We are delighted with EIG's first-half performance and anticipate continued positive contributions into the future.

DDR Australia, Duratec's Aboriginal and Torres Strait Islander associate business, reported revenue of $56.6 million, delivering gross profit of $10.8 million. DDR currently has $95 million of work on hand, signaling strong ongoing project activity.

DDR's poised work exceeds $200 million across key sectors, including defense, renewables, and infrastructure. RJE Construction has successfully expanded its reach of operations into South Australia and Northern Territory.

This strategic growth is delivering strong results for the DDR group, enhancing the company's presence and capability in new markets. Looking ahead, DDR anticipates an increase in self-perform civil and concrete works.

This will lead to greater Aboriginal engagement and improved performance on head contracts. In addition, DDR expects to achieve greater revenue diversification, with high-probability opportunities identified in the renewables and state government sectors.

With its strong work-on-hand position and its expanded geographical footprint, we see a very strong growth outlook for DDR. As you can see, master services agreement and annuity-style contracts of $83.5 million made up 31% of revenue for the first half to the 31st of December 2025, compared to 26% as at the last reporting period.

We anticipate MSA work to grow in the second half as energy and mining sectors return to growth. This revenue sits outside of our order book.

Now turning to the pipeline and outlook for the remainder of the year. Duratec's order book has grown slightly to $400 million.

Our live tenders and pipeline remain very strong, and our ECI content within the tenders is at record levels. ECI tenders are often complex in nature, and this is why ultimately this procurement method is chosen.

The two main benefits are to, one, de-risk the project, and, two, reduce time of construction after design completes. A number of our ECIs are scheduled for award shortly, and we would expect these projects to commence immediately upon award.

We continue to maintain a disciplined focus on the tenders that we choose to bid for. In the short term, our order book has risen slightly to help strengthen revenue through the second half of FY26, and we anticipate further wins in the short term.

The MSA and annuity-style work is also anticipated to expand in line with overall revenue growth, ensuring a stable and predictable income stream. There will be a robust contribution from WPF's Varanus Island feed tank modification project, which is forecast to play a key role during this period.

Additional work is expected at HMAS Stirling Garden Island in the second half of FY26, further supporting operational growth. Buildings and facades projects will continue to perform strongly, not only throughout the remainder of FY26, but also into subsequent periods.

All subsidiary companies are projected to experience further growth, contributing to broader business success. In terms of the medium-term and longer-term outlook, our healthy tender position gives us confidence in the ability to grow revenue.

A number of large projects, including ECI tenders, are due for award in the short term, which gives a strong conviction of a return to very good growth rates. Major infrastructure investments are planned, including an $8 billion spend for upgrades at HMAS Stirling in Western Australia and a $20 billion plus planned spend at Henderson.

There is a strong focus on oil and gas decommissioning activities, involving DXP, MEnD, and WPF. Despite the short-term softness in activity in energy and mining, there are still very good tailwinds in these sectors.

Building maintenance has had a strong period, and again is in a sector with good tailwinds. Expansion into the Pacific region is underway with existing clients, positioning the business for increased market presence.

The organization remains well-funded for future growth, enabling continued advancement and development. Further strategic acquisitions are anticipated, supporting long-term strategic expansion objectives.

In summary, Duratec is very well positioned for future growth, benefiting from diversification, strategic acquisitions, solid cash balance, and a robust portfolio across defense, buildings and facades, mining and industrial, energy, and our emerging sectors, all contributing to healthy margins. Our ongoing presence at HMAS Stirling and the recent early procurement activities and on-site early works demonstrate a strong commitment with our partnership with Defence and provide us further confidence in Duratec's business position.

We genuinely believe that the second half of the year and beyond will be an exceptionally exciting period for Duratec. We look forward to providing a more detailed business update at our Investor Day in Sydney on the 31st of March 2026.

That concludes our presentation today, I'll now hand over to Adrian to moderate the Q&A session. Before I do, I would like to extend my sincere gratitude to every member of our organization for the dedication and effort that you demonstrate each day.

We are privileged to have an exceptional team that continues to perform at the highest standard.

Thanks, Chris. Just a reminder to everyone, if you wish to ask a question via the webcast, please click on the blue hand that's displayed in the top right-hand corner of your screen, then type your question into the dialogue box that appears, and click submit.

Before we commence the Q&A this morning, just a quick note to remind everybody that a copy of the webcast, along with the presentation, will be uploaded to our website shortly after the conclusion of the webcast. To start off, we've got a couple of questions we've received online during the presentation.

They're both on a similar theme. I'll read them individually, Chris, but maybe you can probably bundle a response.

No worries.

The first question is from Pia Donovan from Argonaut, and she says, "You discussed improved gross margins for the period. Are these margins sustainable for the second half of FY26 and beyond across each sector, and should we expect any FY26 guidance to be released in the near term?"

On a similar theme from Nick Laytler at LSN Capital, "Hi, Chris, can you talk to the skew you are expecting for the first half, second half in EBITDA, and what impact would a contract win from HMAS Stirling have on FY26?"

Thanks for those questions. I'll probably answer them in a couple of different ways to try and cover them all off.

In essence, we're anticipating growing revenue this year, and by extension that would be growing revenue in the second half, that is. We support that view by obviously a growing order book, we've seen that grow a little bit, and we also have five major projects worth more than half a billion due for award between now and the end of the financial year.

When we look at that, we look back, okay, we're a growing business, what does that look like? If we take ourselves back to FY22 and '23, when the business was growing at a good rate, the revenue splits back then were more the 45/55, feels about right, considering where we sit today.

We've got these balls in the air, we got a fair few of them floating around, as I mentioned there about some of those major project awards. We're really keen to see a few of them land, and then the board will review and look to provide guidance at the right time.

I think that is our view on it, and we're pretty comfortable with that. In the meantime, obviously, there's the analysts' views out there as well.

Looking at that, I think a couple of other parts to that question there was around the gross margins. Are they sustainable?

I think is the question there, really. There are two parts to that: you've got the average of overall gross margin, and then we've got the sectors within.

Really, we feel each sector is about right where we sit, like they will go up or down a percent or two depending on various things, but they're all in about the right position, we feel, and they have been quite stable if you take that back over the last periods of time or the last few six-month periods. We're comfortable with that.

Obviously defense has bounced up a little bit, so that's good, and that is, and we've talked about before, probably where it should sit. Then you add all that up, and we end up at 20.3%.

We have been 18.55%, that was a stable thing, so that's a really good result. It's just going to be the mix of what's going on at the time.

Is it sustainable? Yes, we believe it is, and then we'll just look at the mix and what comes through the pipeline at that time.

That's good position. Another part to that question, I think, there was around Stirling.

We've probably said this a couple of times as well, that we've got $20 million worth of revenue, I think we had 20 to 30 in the budget from back, whatever that was, nine months, a year ago. We're still seeing that come through now, and we've said part of this in the call where we've got $5 million come through, then another nine.

Obviously, they're the full numbers, by the way, you divide that by two, but the intention's to get moving on this contract. We know the end deadlines are there.

We still see that coming through, and everyone looks at it and says it's shifting right. We're actually into it now, which is one good thing.

Yes, we have a lot of other ways to get to the end position as well, right? Rather than go into the projects, I'd probably summarize that by saying there's half a billion or more worth of awards to come, but really if you look inside, you've got the energy market can and will advance a lot further, and B&F's just been such a solid producer with some good upside as well.

Mining, yep, we can still bounce quite strongly there. Each of the sectors have a way to come forward and sort of cover anything if you see weakness.

We're still very bullish on the five major projects that add up to a fair bit, and are just going to be down to timing. People will see news flow will come through when it does, and, yes, we'll get back to providing guidance at the right time.

Thanks, Chris. We've got one final question, it looks like, just a reminder to everybody, if you did want to pop a question through, to click on the blue hand in the top right-hand corner of your screen, type in your question, and hit submit.

The last question from Matthew Chen at Moelis, it's kind of touching on similar themes, Chris, but I'll read it out in any case in case you want to expand on it. "Just a comment on the segment margins and sustainability of those going forward, and conversion of contract assets in the near term, if you have any color on the quantum and timing of those."

I think we covered off probably there the margins and the sustainment, and again, it's just going to be the mix of what we do. The major projects still have reasonable margins, and that's also supported by a lot of them are in the ECI mode, and we've probably gone through that in a lot of detail.

What I like about some of those major projects ahead is, yes, they are in ECI, a fair few of them, and we're very familiar. If we take ourselves to the Learmonth tanks, we've built the replica tanks at Tindal, we are extremely comfortable with that project, how it all shapes up, how to get it done, and it's also back in Exmouth, Western Australia.

I think that's going to be logistically a lot easier than doing the first two there in Tindal, Katherine. I still think our margins are in the right spot.

Contract assets, I might just pass to Ashley for a tick.

Yes, hi, Matthew. On contract assets and contract liabilities, it truly just down to the mix of projects at that point of time.

Again, a lot of these will become completed as soon as the milestones are achieved and invoicing is done.

Probably just the other thing there, too, just with cash flow going forward, we're obviously in a pretty good position from that side of things, and we're supported very well by the banks and by the secondary market for the bonds. We do see a few of these major projects, particularly defense ones, we don't think we're going to be in this big negative cash position at all, we can potentially use bonds to ensure we're sort of in a cash-neutral, maybe positive, slightly negative, but in a pretty good position all round.

Thanks, Chris. Thanks, Ashley.

That looks like the last question that we've had coming in online. Did you have any closing comments, Chris, before we...

No worries. It's just I want to thank everyone for joining us, but the business is in great shape, our order book's strong, balance sheet is robust, the ECI take-up is strong, and we've got a number of large projects due for award soon.

The subsidiary companies, they're performing really well, they're in great shape, and we've got a couple of M&A opportunities ahead we think are pretty interesting. Effectively, we haven't been in such a good place before, and we do understand we need to deliver, and we're looking forward to doing that.

That's it. Thanks for everyone to join us that joined us today, and have a great day.

Thank you. Thanks, Chris, thanks, Ashley.

I think we've answered all the questions that have come in online. Just if anybody does have any further questions, you can contact us directly through the investor relations email.

Thanks, as Chris said, to everyone for dialling in. We've got roadshows coming up next week, it'll be good to touch base face to face with people.

Thanks for your time this morning.

Thank you.

Thanks.