Good morning, everyone, and thank you for joining us. FY '26 was a year of contrasting performances for SciDev.

Water Solutions delivered record revenues and earnings, but at the same time we experienced a significant setback in Energy Services following the loss of a major contract. Just as importantly, we took decisive action to address underperforming areas of the business and strengthen the balance sheet.

Today, I'll take you through the key outcomes from the year, the progress we've made executing the strategic reset outlined at the Investor Day, and why we believe SciDev now enters FY '27 in a stronger position with a clearer strategy, a leaner cost base, and a growing pipeline of opportunities. The simplest way to think about FY '26 is that it was a year of two halves.

The first half reflected the impact of the Energy Services contract loss and ongoing losses in our international water technology operations. The second half demonstrated the benefits of actions we took to address issues of costs and performance.

Across the year, we reduced our cost base by $4 million, exited loss-making international operations, tightened capital expenditure and working capital management, and improved overall financial discipline. While full-year revenue and earnings were below FY '25 levels, we finished the year with higher net cash, improved liquidity, and significantly stronger second-half performance.

Most importantly, we believe the business today is materially better positioned than it was 12 months ago. There were several highlights across the business.

Within Water Solutions, we secured the $19.5 million Rum Jungle contract, won a new chemistry contract with Newmont Boddington that commences in FY '27, and established a presence in water solutions for the data centre market, leading to our first contracts announced earlier this month. In Energy Services, we established a new master services agreement with a Tier 1 service provider and generated our first revenues under that relationship.

Strategically, we exited direct operations in the US and UK water technology business and moved to a channel partner model, removing a source of ongoing losses. Financially, recurring revenue increased from 30% to 38% of total revenue.

Net cash increased to $6.8 million, and second-half underlying EBITDA more than doubled compared to the first half. This slide demonstrates why we're increasingly confident about the direction of the business.

Revenue in the second half was lower as the lost X-SLIK volumes were no longer present. However, despite lower revenue, underlying EBITDA increased from $1.1 million to $2.5 million, and margins expanded significantly.

That improvement was driven by three factors: first, the execution of the Rum Jungle project; second, the benefits of the cost reduction program; and third, improved quality of revenues across the portfolio. Importantly, we delivered positive operating cash flow in the second half, consistent with the commitment we gave to investors at the half-year result.

For us, the key takeaway is that the recovery is not dependent on revenue growth alone. The underlying profitability and cash generating capability of the business improved materially during the year.

I'll now spend a few minutes on the financial performance of the businesses before asking John to cover off on balance sheet and cash flow in more detail. When analysing the FY '26 results, it's important to understand that almost all of the earnings decline can be attributed to two specific factors.

The first was the loss of the X-SLIK contract within Energy Services. The second was continued losses in international water technologies prior to the exit from those operations.

Outside of those two items, almost every part of the business improved. Water Solutions delivered record EBITDA of $4.2 million, increasing earnings by $3.6 million compared to the prior year.

Corporate costs declined by approximately $1.6 million, and recurring revenues increased significantly. That gives us confidence that the actions taken during FY '26 addressed the core drivers of underperformance, rather than simply cutting costs around the edges.

This waterfall summarises the year quite well. The strongest contributor was Water Solutions, where revenue growth, engineering project delivery, and stronger chemistry performance delivered record earnings.

We also generated meaningful savings through the corporate cost reduction program. Those positives were more than offset by Energy Services contract losses and the losses associated with international operations.

Looking forward, the key point for investors is that the negative drivers are largely known and addressed, while the positive drivers continue into FY '27. The composition of SciDev is changing.

Water Solutions is now our largest contributor to earnings and has become a centrepiece of our growth strategy. Across mining, infrastructure, and data centres, we're building a broader, integrated platform that combines our engineering, chemistry, and optimisation capabilities.

Energy Services remains an important earnings driver. However, the future growth profile will increasingly reflect the expansion of Water Solutions.

That diversification is intentional. It creates a broader earnings base, reduces concentration risk, and gives us exposure to several attractive end-markets.

Water Solutions was the standout performer in FY '26. Revenue increased 13% to $48.3 million, and underlying EBITDA reached a record $4.2 million.

Process chemistry benefited from infrastructure projects and mining contract renewals, while water technologies was driven by a solid base of O&M contracts, the Rum Jungle project, as well as stronger sales from our Hydro-iQ water quality monitoring systems. Beyond the numbers, what excites us most is the strategic position we've established.

We're building an integrated water solutions platform around engineering, chemistry, digital optimisation capabilities, which includes Hydro-iQ and Opti-Floc. We're also beginning to establish a meaningful position in data centres, a market where the team has extensive previous experience, and where we see significant long-term growth potential.

Energy Services faced a challenging year following the loss of the premium X-SLIK contract. Despite that, the business remained profitable and generated $4.8 million of EBITDA.

One particularly encouraging outcome is the continued strength of Cat-Check. Cat-Check now accounts for more than half the segment revenue and continues to demonstrate resilience and competitive differentiation.

We're also making progress with new partnerships, every product development initiatives, including enhanced oil recovery applications, Cat-Check variants, and advanced delivery systems. While the market remains challenging, we're focused on rebuilding growth through partnerships, product innovation, and expansion into attractive basins.

At this point, I'll hand over to our Interim CFO, John Gardiner, to discuss the balance sheet, cash flow, recurring revenue profile of the business.

Thank you, Todd. A key priority throughout FY '26 was improving capital discipline and strengthening the balance sheet.

The result of those efforts is evident here. We finished the year with net cash of $6.8 million and total available liquidity of $13.8 million.

Operating cash flow improved significantly during the second half, supported by stronger earnings, Rum Jungle milestone receipts, and more disciplined working capital management. At the same time, capital expenditure was reduced and remains well below reported depreciation because of the long-lived nature of many of our assets.

The balance sheet today provides sufficient flexibility to support organic growth opportunities while maintaining a conservative risk profile. The other important trend is the continued improvement in earnings quality.

Recurring revenue increased to 38% of total revenue in FY '26. This revenue comes primarily from long-term operating and maintenance contracts, build-own-operate assets, and multi-year chemistry agreements.

If Cat-Check revenues were included, that proportion would be even higher. Growing recurring revenue remains a strategic priority because it improves visibility, enhances earnings quality, and creates a stronger platform for long-term shareholder value creation.

I'll now hand back to Todd to discuss strategy and outlook.

Thanks, John. As we move into strategy and outlook, the message is straightforward.

Our objective is not to be everything to everyone. Instead, we are concentrating resources on markets where we've a genuine right to win and where our combination of engineering, chemistry, and optimisation capabilities creates differentiation.

The progress made through FY '26 gives us confidence that this strategy is already starting to gain traction. We've deliberately focused on a smaller number of attractive markets where we have established customer relationships, proven delivery capability, and transferable expertise.

Mining, infrastructure, utilities, and data centres sit at the centre of our water solutions strategy. Supporting those markets is an integrated platform of engineering solutions, chemistry, and optimisation services.

Recent wins, such as the Newmont Boddington gold copper mine and our first data centre agreements, provide early evidence that this platform approach is resonating with customers. The market opportunity remains significant.

Today, we estimate the Australian water solutions market opportunity across a priority sectors at approximately $2.2 billion. By 2040, that opportunity is forecast to exceed $6 billion, with data centres representing the fastest-growing segment.

The key point isn't just market size. It's that these markets are becoming increasingly driven by water scarcity, water quality, recycling, treatment, and regulatory requirements, all areas where SciDev possesses demonstrated expertise.

At the Investor Day in June, we outlined a five-point plan. Today, we're able to demonstrate meaningful progress against every component.

We've diagnosed the cause of underperformance. We've exited non-core, loss-making activities.

We've reduced costs. We've strengthened the balance sheet.

We've begun rebuilding a path to sustainable growth. While there's still work ahead, we're pleased with the progress achieved in a relatively short period of time.

Looking ahead, our priorities are clear: first, deep relationships with Tier 1 mining customers by expanding the range of services we provide; second, establish a meaningful position in the Australian data centre market; and third, gain stability in the Energy Services businesses through new partnerships and targeted product development. These initiatives leverage existing capabilities with customer relationships, giving us confidence they represent practical and achievable growth opportunities.

As we enter FY '27, we're encouraged by the opportunities ahead. In Water Solutions, we have the Newmont Boddington contract commencing, continued project activity in mining, and the first revenues from our major data centre customers.

In Energy, we continue to focus on our strategic partnerships, new products, and selected geographic expansion. While market conditions remain mixed, particularly in Energy Services, the overall pipeline across mining and data centres provides increasing confidence in the growth outlook.

Before we conclude, I'd like to acknowledge our leadership team shown here. The progress achieved during FY '26 is the result of the tremendous effort from the team, from all parts of the business.

Their work has positioned SciDev for the next phase of growth. To conclude, FY '26 was a year of decisive action and strategic repositioning.

Although the headline financial results reflect a challenging period, the underlying trends are encouraging. We have a stronger balance sheet, a lower cost base, improving earnings quality, record Water Solutions performance, and a growing pipeline in attractive end-markets.

Most importantly, we believe SciDev is now focused on the areas where we have the strongest competitive advantages and the greatest opportunity to create long-term shareholder value. Thank you for your time this morning.

Myself and my management team would now be happy to take your questions.

Hi, Todd. Thanks for taking my question.

I'm hoping you could provide a bit more colour on the data centre contracts that you've won. At the last Investor Day, you outlined the data centre strategy.

You didn't have any contracts at that stage. You've won two since then.

I guess I'm wondering how significant the clients are that you're working with and how you see the opportunity and how those work with those clients could evolve over the medium term. Thank you.

Thanks, James. Appreciate the question and certainly it's a market that we are [laughs] just as excited about ourselves as our investors are.

In context, Data centres is a market that we weren't even engaged with 6 months ago, the fact that we've signed two contracts already is really encouraging for us. In terms of the customers themselves, they are, how would I say, household names.

Unfortunately, we can't disclose because of client confidentiality the names that we're working with, but they're certainly names that you would know and understand. The two different projects that we're working on are relatively different, but both meaningful.

The one engagement we had was early-stage consulting work for a very large data centre that's in the process of being approved. They're going through that process and would be a very meaningful project if it gets across the line.

The other bit of work we're doing has been an engineer, one of our engineers, which has been embedded into the client to really help with all the work that they're doing. As you can imagine, these data centre clients have a significant amount of work going on and particularly in the water space, a large problem that they need solutions for.

We're encouraged by all that. That's a bit of colour.

I'm very lucky to have Ronan Duffy with me here in the room that can give a bit more detail on that and what he's seeing in the pipeline and what he thinks this might lead to going forwards.

Thanks, Todd. I suppose, hi, James.

Good question. What we're seeing in the market is there's an awful lot of development and feasibility stage.

We're supporting our clients in this where we're looking at full site water management plans, access to resources on the site and off the site, and then dealing with small projects like wastewater treatment, mobile plants. We sort of cover the construction side of the delivery of the development and also then the operational side which could be down to the small project of admin, water, potable water and wastewater supply equipment.

We're also dealing with fire suppression and storage of water for that. Then also the other big thing on remote sites we're seeing is requirement for commissioning water which is ultra pure standard that they don't have access to on-site.

We're designing plants and helping with, I suppose, how we deliver that for the client. Even if it's an air cooled site, we are seeing a lot of scope for us to support our clients in that space.

Look, there's a lot of work in the feasibility side. We're also engaged with soon to do some desktop reviews of the safety water management plans and also how they are delivering their current design, and then looking at even existing plants and how we can optimise the current water that they're dealing with and give them a decent return, quick turnaround on the payback of that.

With our hydro cooled systems that we have developed and trademarked, we're checking all these boxes and supporting our clients really well. I think the market is showing us really positive signs.

Our pipeline is growing really quickly. We're getting really early engagement which gives me great confidence that we will be successful in winning projects as they develop through the DA process.

Thanks, Ronan. Just on that topic, it sounds like most of these data centre projects are in the planning stage or the feasibility stage.

How would you anticipate that the addressable opportunity for you evolves as some of these projects go from planning to construction to operation? What would the typical metrics kind of look like on a typical data centre?

I suppose what we're doing is, and this is the good part for me, is we have the early engagement piece. We have seconded one of our engineers into one of the major companies to help them through the feasibility stage.

We're then seeing desktop reviews and even auditing what they're planning to do within that feasibility stage. We can deliver to the construction and operation of that data centre development.

Then we're also capable of delivering the O&M ongoing operation of that facility or multiple facilities. We're sort of in really early engagement and then we'd be there even post development completion to operate and maintain the water treatment equipment.

I guess the other question on this topic is there are data centres in Australia and to date, there hasn't been much water treatment done for those data centres. What's different with I guess the data centres that you're looking at now?

It's the chip type. Obviously, the chip type is running at a higher temperature is drawing more load.

Old traditional chips were about 35 kW. Now the new versions are up to 90 kW.

Everybody is looking at a hybrid cooling technology whether it's cooler, whether it's liquid-to-chip, and also adiabatic. I suppose from my perspective, we're seeing a lot of engagement in that hybrid model.

Also, just to comment, we're also seeing work existing sites where trade licenses have changed, and we're getting enquiries coming through on looking at existing sites and how to optimise their water use and then meet changing criteria on discharge.

I guess regulation is becoming a bit more stringent as community concern rises around some of these issues?

Exactly, yeah. Look, the plan for everybody we're talking to is to be in recycled water 100%.

That's the plan.

Got it. All right.

Thanks, Ronan, and thanks, Todd.

Thank you, James.

Thanks again. Just switching topics slightly back to the core business, one observation that I've had of the market from looking at competitors is that because of the conflict in Iran, there's been big increases in commodity prices, chemical commodity prices, for the first time in many years.

I'm wondering, do you have the ability to pass that on to your customers, in which case, could that provide a benefit to your revenue growth, and possibly what's the impact on margins there of that, if you're seeing that?

To a degree. We certainly have the ability to pass that on to our customers.

I think for new contracts certainly, that goes into the pricing. We've on the mining chemistry side of things, a very good relationship with NuAer, who goes to great lengths to allow us to get volumes that will benefit ourselves and them.

Similar story on the energy chemical side. I'll let Chris speak more to that in a moment.

It is a volatile space. I think one thing we've seen is that our customers certainly in energy have been very mindful and very conscious of, particularly around commoditised chemistry around the margins and the prices that they're paying during the recent volatility.

We've been able to, I guess, hold margins more easily in Cat-Check, but on the energy side of things, that's been a part of the challenges that we've faced was that commodity chemistry in friction reducers. Chris, if you're on the line, maybe you can speak to that.

Sure. Thanks, Todd.

Thanks for the question, James. I would agree with what Todd said, but just to echo a bit more, part of what we're seeing is certainly some of the raw components that we deal with, especially when it deals with ocean freight, we've seen certainly an increase there.

We have been able because that is measured on a worldwide index, we've been done a really good job of being able to pass along most of those increases to our clients to a part where at times we have seen a margin percentage or two growth. As Todd mentioned, some of the more domestic or commodity products that are produced here within the US, those products have moved a bit with the increase in oil prices and some of those things that we have been seeing throughout the market.

Those prices have since cooled just a little over say the last 2 to 3 months. We expect them to cool a little bit more throughout the rest of the year, but we've all been able to manage at least the gross profit target that we've been looking for.

Certainly not been able to grow much on that gross profit line with the friction reducer or more commodity-type products. Thank you.

Perfect.

Thank you, Chris.

Thanks, Todd.

If there's no other questions on the line. I think we have a few question on the Q&A module.

Thank you very much. Our company secretary is also joining us today.

Heath Roberts, if you could read out some of those questions on the line, that'd be great.

Will do, Todd, and good morning, everyone. Righty-o, questions in the screen, I'm going to approach it this way.

There's a number of them that are about data centres, but I think James Tracey's questions and the comprehensive answers given that dialogue pretty much answers everything I can see in the screen, I'm not going to put these questions again. Next, there's a question, Todd, about recurring revenue.

Recurring revenue seems to be growing. That's good.

Tell us a bit how you're going to keep that momentum going.

Thank you. Great question.

A large portion of the recurring revenue that we have in our books comes from chemistry sold into the mining industry. When we look at the new Boddington contract win that we announced recently, a couple months ago, that's $2 million a year of chemistry that will go into that recurring revenue number.

I do expect that to increase in '27 over '26. Proportionately, as total revenues, we'll see where that lands.

Ultimately, we want higher revenues overall, and of course the greater composition of recurring revenues within that is always a benefit. That number will bounce around if you get a large D&C project.

If we were to get a, say for example, a large D&C project in the data centre space, that would skew that recurring revenue as a percentage. We're trying to always build that base up as high as we can of gross revenues.

A great question. Thank you for that.

Great.

Thank you, Todd. Next question, in June, the company reported contracted rev for FY '27 and talked about the pipeline.

Can you update us on how those metrics are looking? Have they changed much since that June assessment?

Relative to the contracted FY '27 number, again the Newmont Boddington mine project will add to that base, $2 million a year of revenues. In terms of the pipeline, that hasn't changed materially.

I think the biggest compositional driver in there is at the time we didn't have as much visibility on the data centre space. That's firming, and certainly more to be developed there.

On the next time we turn those numbers, we'll see a larger portion of that pie that will go into the data centre market, which will expand the future opportunities that we have there.

Thank you. Thank you, Todd.

Look, the next question notes the rev drop for energy in second half as compared to first half in FY '25 generally. The question then follows, tell us a bit about how you see energy moving forward.

What's the course forward? Does it stay a smaller business?

Do you grow? What's the future like?

Obviously it was a tough year for Energy Services as I'm sure Chris will agree. The first-half versus second-half drivers was largely as we articulated the X-SLIK contract that was unfortunately lost.

There were a meaningful amount of revenues that were still in the first half, relative the second half that was a more difficult period. How we build it up from here, how do you run that business in a difficult environment, I think firstly, we're mindful that it is a cyclical business, and when you have difficult times like this, you need to make sure that your cost base is set to sustain yourself in the trough as we're seeing it right now.

In terms of the forward-looking outlook, we've got a great set of products there, whether it's Cat-Check, whether it's the other EnFlow surfactants that we're building, the enhanced oil recovery product lines. They're actually all very attractive to our customer base.

The challenge we have as a smaller company is distribution, getting our products out there. That's why we've been really focused on using Tier 1 service providers that have more distribution breadth than we do to be able to get those products out there.

For us, it's obviously a lower cost way to grow the business also. I'll ask Chris to also elaborate on that in terms of the market is there, it's just how do we get in front of the right people.

Chris, if you can elaborate, please?

Sure. Thanks, Todd.

Great question. As we continue to attack the market, one of the things that we've done is put together an extremely tightly focused target list.

We understand as Todd mentioned earlier that focusing on Tier 1 service companies as well as other Tier 1 companies that will continue to push through what we consider the troughs of the market that we experienced about a year ago are who we certainly want to align with as we go forward. We are seeing some gain of traction as this drifts forward.

We expect to see more as we go deeper into our H1 financial year this year and certainly into H2 as next year as well. Some of the technology that is also being developed here in the lab is going to be fit-for-purpose for the market as we continue to see other technology evolution for how we frack a well and the additional longer laterals and those kinds of things.

This is basically just fit-for-purpose in certain geographical areas and certain geologies. The team's done a really good job of that.

That is now being pushed out commercially to our client base and being well-received.

Thank you, Chris.

All right. Look, last question.

Are you in a position to talk about rev for FY '27, Todd? Pardon?

I'm sorry. Could you say that one more time?

Sorry. Are we in a position to talk about rev for FY '27?

We're not going to be giving guidance, certainly this early stage of the year. What we're going to be doing more so is keeping our investors more informed as we go along through updates, be that quarterly or at each information news point that we have.

Just with the nature of the business to be able to give guidance that's so far forward-looking, it's really challenging. We want to keep you informed, but do it in a way that is easier to manage expectations.

We'll be updating more at the quarter and more at more frequent news points.

Excellent. Thanks, Todd.

That's it.

Thank you very much. Thank you very much for your continued interest and support for SciDev.

We're building a much stronger business here. I'm really excited about the future we have.

The management team I have is sensational. The support I get from them is outstanding.

There's a lot of exciting things to look forward to. Thank you for your time, and look forward to speaking with you again in the future.

Thank you, operator. You can now close the call.