Morning and welcome to all our webcast viewers and listeners to the half year result presentation. Indeed, what you're watching is the 40th anniversary of the company, and really a remarkable achievement and a milestone in the history of the company.

To this end, just to all our shareholders, and all the investors, all our clients, and all the employees who support the company, thanks for the 40 years of support. We really hope that the 40 years ahead that we're going to be embarked on, that you guys will be part of this journey.

Thanks again from me and management for the past 40 years and looking forward to the next 40 years. Just joining me today as usual is Roelof and André.

Roelof will give us a high-level overview of the operations for the period under review, and André as usual has got the bragging rights and he will share with us the financials for the period under review. I'll on a high level just touch on the business and maybe the market on a high level.

Then on a next level down, share with you the way we going to set up the business to be part of this journey, maybe of this value chain going forward with this ever-changing industry. Before we look at the 40 years ahead, I think it's probably important to take a step back and maybe reflect on the past 40 years, what we saw through our lens the past 40 years in the industry and maybe separate the open-pit miners from the underground miners.

Unlike the open-pit mining, which I really think raise the bar in the past 40 years, we didn't see the same in the underground space. Probably more of the same in the underground mining space.

Important, at least our view, the way we think mining will change in the underground space. For one, I do believe the actual model of mining will have to change.

I think this is overdue, and here's the reason why it was more of the same, probably a function of lack of investment, maybe the winter is much longer than the summers in the commodity space, and the list goes on. Back to the point, I think important, at least from where we sitting, is that the model will have to change, the way mines operate will have to change.

It starts off with mine design. We believe that the way mines are going to be designed, as we speak going forward, will have to change.

The way mines will be operated going forward will have to change. The way decision-making was done and is going to be done going forward will have to change.

Here's the reason why I believe we took a step back and we need to refocus and maybe get alignment on our strategy with this ever-changing industry. We're looking ahead then, we think fundamental is going to be, one, the so-called decision-making will have to change.

Speed will be probably top of mind amongst others. The mining going ahead and the so-called changes that we believe is going to play out, we've put them in four boxes, amongst others, which we believe should be incorporated in our strategy going forward.

Top of mind as always is safety, and I think what we've done in the past decades probably confirms where the industry is going to. Technology is going to be probably top of mind again, dealing with robotics, automation, intelligent systems, getting those people out of the fire line from those high-hazard environments.

Maybe share with you guys where we are today with our autonomous rigs. We today, as we speak, are busy commissioning one of the first autonomous raise bores ever drilled, just to confirm our focus and what we doing in the tech space to try and remove people from the actual operations.

The second one, which I've alluded to earlier on, is the so-called speed to the ore bodies. You guys tracking and following the commodities would probably notice, have noticed, that just from the early '90s to where we are today, copper grade is pretty much half.

Today copper grade, if you measure from the early '90s to where we are today, is probably down 50%, which means more waste mining. An issue that we've picked up in the industry for the past decades is access to ore bodies.

Obviously, when we talk about speed to ore bodies, NPV, net present value, comes to mind. Maybe on that, two or three initiatives that we've embarked on, which is key to our strategy going forward.

One, the shaft boring system. Probably on that, two things important to take from the call, and we can probably later on take some more questions on that.

We today have access for the first time to a shaft boring system to do mechanical boring to the likes of about 19 meters, which is available probably in the next year for delivery, which I really believe can probably triple the shaft conventional production. Instead of waiting for 2, 3, 4, 5 years to get a shaft down to 1,000 meters, we can probably do that in a third of the time, which obviously will justify a number of those projects that back in the day failed NPV hurdle, which today is key for some commodities like copper, just to name one example.

The second one, which I think we've shared with the market last time around, was the shaft boring system that we've developed in-house. That system is about to be rolled out and commissioned the first half next year, and we will give you guys feedback as we go along with a local system.

It's a 5-meter machine which we developed, and we will give you feedback on that in the early 2027. Then the one that you guys been following for the past 5, 6, 7 years is the mobile tunnel borer, and pleased to feedback that this machine is now getting very close to the actual performance KPI, which was back in the day an issue for the business.

We really think that in the next 6 months, we should probably with a bit of luck even exceed this production KPI that we agreed with the miners. Good progress on that, and we will give you guys informed as we go along.

I think the whole industry today is been watching this as part of the so-called mining model that I alluded to earlier on. This I think is one of those tools which I believe the miners will probably incorporate in new mine designs.

The next one is probably one of the more important issues, maybe risks facing mining: dilution. Again, what I alluded earlier on, copper is an example where grade is pretty much half of what was back in the early '90s.

This is something where the miners really focus on today. I think the part of our strategy is this reef cutter, which has been commissioned as we speak at Bokoni mine.

No need to elaborate on that, I think in ARM presentation, ARM already shared some of the outcomes of that, and we very excited to see that this, in the next 6 months, 12 months, will tick some of those KPI. Although it's still in development phase, I really think dilution and the way we going to set up our business to try and help the miners to develop certain technologies to deal with dilution is going to be critical for the industry as well as for our business.

Then obviously, the last one is AI, data, intelligent mining. This I think is not only part of our business, I think the penny has dropped with the industry to make sure that the way decision-making has been taken as we speak and going forward is going to be critical.

Even in our little business, this is one of the so-called building blocks that we've incorporated to make sure we focus more on prediction than to be reactive. I think what we've seen in the industry today, the keyword here was reactive, and I think this will have to change to be more predictive.

In summary, then, if you look at the industry, how the industry is changing, and again the so-called model which I've alluded to, I really think this will start off again with mine building blocks for us to incorporate that in our business. I've just made mention of the four.

Roelof, over to you. Rulof, have you [unclear]?

Sorry for the interruption. If I repeat myself, apologies for that.

Just maybe a step back then again, the way we going to set up our business and part of our strategy to be aligned with this ever-changing industry, which I've alluded to earlier on: safety, again top of mind; speed to ore bodies, I think we've covered that; dilution of ore, I think we've covered that, critical and part of our strategy going forward; and AI and the so-called data intelligence, and to avoid this reactive discussion we had back in the day and even today, and going forward to have more a predictive discussion, key to our business and to the industry. Roelof, over to you.

Daarsy. Thank you, Danie.

Good morning to everyone joining us this morning. I hope everybody enjoyed the quick ad break there.

As always, a big thank you to all our employees for the work and effort that you've put in for the first 6 months of 2026. A record revenue for the interim period is a real team achievement, and well done to everyone that contributed to that.

In our operational review today, we'll share with you some key insights into our business. As always, we'll start off with our safety and people performance, share with you those agendas.

We'll take you through the different regions, share with you some key insights. We'll have a look at our utilization, ARPOR, and finally, we'll have a look at our record order book and pipeline.

More on that a little bit later. Let's start off with our safety performance.

Safety always comes first. I'm pleased to report that our safety performance have improved significantly since 2025.

For the first half of 2026, at the end of June, our lost-time injury frequency came in at 0.95, which is a significant improvement from the 1.55 that we reported at the end of last year. Technology for us is still key to further improving this safety performance.

If you look at our technology agenda or strategy, which really talks to removing people out of harm's way, automation, remote drilling, removing people out of harm's way, removing people from harsh underground conditions, we believe this is key to sustainably increase and improve our safety performance. Our safety performance is still above our internal threshold levels, and we are committed to improve that come the second half of this year.

Let's move on to our people. Our people is the cornerstone of our business, and I'm pleased to report that we're making solid progress with our people agenda.

If I can share with you some numbers: Our workforce. Our workforce is sitting at 3,300 people as of June this year, which is up from just under 3,000 that we reported at the same time last year.

The growth in employees, a majority of that came from South Africa and also a part of that from South America. Investment into training, always an important number for us to look at, that's slightly up to $1.45 million.

Investment into training goes into three areas: Investment into leadership programs; secondly, technical training, because we're a technical business; and then finally, there's a number of apprenticeship programs across the group, which is part of our training program. Local employment, an important number to look at, that's always 97%, 98%, and we're genuinely committed to working with our local communities and clients to make sure that we empower the communities where we work in, not just here in South Africa, but globally where we work, doesn't matter what continent.

We also try and limit the amount of expats we send out across the world. Gender diversity sitting at 20%.

Then differently abled employees, this is a number that we're proud of, sitting at 3.89%, which is an industry best. Looking at all those indicators on the screen, I really think this underpins the business and our people agenda, and what's really fundamental for us is our values of the organization: respect, accountability, innovation, safety, and efficiency.

Let's have a look at the business, our revenue contributions by business pillar for the first 6 months of 2026. Clearly evident, you can see raise boring and its support services still the biggest contributor and biggest revenue source for us.

Although in dollar terms, the raise boring and support services pillar have grown, the overall contribution to the group is lower, from 84% to 78%. In terms of our strategy, there's a clear shift in terms of our revenue generation moving towards some of these newer pillars that we brought on board the last couple of years.

Digitalization and smart mining, we've increased that from 11% to 13%. We've seen a good contribution from our A&R business for the first 6 months, which resulted in that increase.

Then on the slim drilling business, pushing that up from 2% to 4%, and quite a milestone that was achieved the beginning of the year with our MDX business that were able to expand outside of the borders of South Africa. More on that a little bit later.

Then on mechanical rock excavation and cutting, as expected, we increased this pillar from 3% to 5% for the first 6 months. As Danie alluded to earlier, this is based on the MTB that we were able to successfully deploy at ARM, and production is increasing.

We believe in the future, this division will significantly more contribute to the overall revenue stream of the group. Let's have a look at each one of these pillars and let me share with you some insights on that technology roadmap.

Raise boring and its support services. Raise boring is still the core of our business, and we believe it will be for the next couple of years.

We also believe with mines going deeper, geological challenges that we're experiencing, and also issues regarding workforce, labor time, workforce efficiency underground, these challenges is huge for the industry. I really believe with the progress that we're making with our remote drilling, autonomous drilling, which Danie alluded to earlier, these initiatives will significantly improve and drive value for our clients in this area.

I also need to share with you some world records that we achieved on the raise boring side. At the end of last year, we communicated that we drilled the world record raise boring shaft here in South Africa just under 1.4 kilometers deep.

At that stage, that was the longest raise boring shaft that was ever drilled. Now this year, we've piloted, I think it's a 1,542 or 41-meter shaft that we've completed successfully, the first phase, which is the piloting, which is a new world record.

That shaft is busy being reamed and will be completed in 2027. Once completed, that will be another world record.

On autonomous drilling, as Danie mentioned, our autonomous drilling program is getting good traction, and we're very proud of the first machine that's out in the field being tested. As that machine is tested, we'll share with you the updates.

Then on our next generation machines, our Bluebot, this is a one of its kind blindhole machine that were developed specifically for Chile, that South American market. This was also the first remotely operated blindhole machine in the world.

We've partnered with our clients in Chile to get this machine operational, and the initial results is really, really good. That machine focuses on three things: safety, removing people from the machine itself; mobility, easy to move around; and then finally, efficiencies.

Let's have a look at our digitalization and smart mining division. The biggest contributor to revenue and to the technology strategy here is the A&R investment that we've made.

Three key highlights in the technology roadmap: The AI-powered cameras. We've seen significant progress the last 6 months with these initiatives.

These are AI models that's being put on the local devices on the vehicles, which detects hazards, obstacles, and people. Then this device then communicates with the vehicle to take corrective action to prevent incidents.

We really believe this technology can make a huge impact in the safety here in South Africa for underground miners. A huge challenge that the underground miners, specifically the gold miners in South Africa is struggling with, is this last mile of communication, getting communication or getting connectivity into these workfaces.

That's been a challenge for many, many years. A&R together with VIQ came up with a solution, a proprietary network infrastructure model that is being installed in that last mile of communication to really get communication and internet connectivity to these faces.

We've already tested this at a number of mines here in South Africa, and we believe this can bring a lot of value to our clients. On missing person locator, we've previously communicated on this, this is really a very important device to locate people underground and to know where people are at all times in underground operations.

This technology is now being commercialized and being implemented in a number of mines here in South Africa. Again, this technology directly talks to safety, and we believe there's a huge efficiency upside in the future for underground miners.

On the slim drilling side, the slim drilling strategy really talks to two legs: It's about geographical growth or growth in the MDX and all core business. As we previously mentioned, we were able to expand the MDX business outside of South Africa.

Let's see how it goes the next 6 months, and we will definitely make sure and support the teams to get going outside of South Africa. Then on the technology roadmap, on the Desert Elephant and the Dragonfly machine, these machines is in their development roadmap, Dragonfly already operational, and these machines bring three things together, which is automation, automated rod handling, and then electrification.

The whole purpose and objective of these machines is to get better information to our clients, to assist them for faster decision-making on where to explore and where to mine in the future. Let's look at the last pillar, which is mechanical rock excavation and cutting.

As Danie mentioned earlier, this is a really exciting pillar for us, and a lot of investment over the years have went into this division. On our strategy here, our strategy is very, very clear here.

We want to put the building blocks of the technology together for miners to develop and build underground infrastructure quicker and safer. We specifically focusing on two things, which is tunnels and shafts, really access, and then finally extraction, which is the reef cutter, which we'll speak to a little bit later on.

On mechanical tunneling, as Danie mentioned earlier, the MTB well on its way on the ARM project. We can also report that globally the demand for mechanical cutting or mechanical tunneling within mining projects is increasing, and that is globally, and we're very excited about that in the future.

On mechanical shaft drilling, a lot of development have happened the last 6 months. We believe the SBS that we've developed internally, that machine we positive to and motivated to put that on a project within the next year or two.

As Danie alluded to, having access to technology to drill a shaft blind at 9 meters, this can really be a game changer for the industry and really something that the industry needs. On the non-explosive mining, reef cutting, very very good news, the technology is now being deployed in a tunnel, in a project, and excavating.

More on that in further presentations. On our geographic revenue diversification, the group grew its top-line revenue to $155.8 million.

This is about 17% up from the same time in 2025. The growth really came across the board.

Each region have seen some growth. On the margin side, it's been a bit of a mixed bag, but we'll unpack that as we go through the different regions.

Central and North America, slight growth coming from that region generating in dollars $11.3 million. Revenue contribution slightly down to 7%.

This region focused on three things for the first 6 months, which was on consolidation, consolidating some of those business units; secondly, getting the commercial discipline right; and then thirdly, to look at our fleet, review that, and get that ready for the order book that needs to be executed for the next 18 months. Unfortunately, we came in at a break-even level for the first 6 months, and this was really caused by client delays and extensions of some of the projects that we have, and additional gaps in the schedule.

Good news from the region is that we were able to deploy remote operating or remote drilling systems in Canada, and Gary and the team already have seen huge advantage of implementing this technology in that region with huge efficiency upsides. Talking to South America, slight growth coming from South America, increasing the revenue to $44.3 million.

Contribution in revenue dropped to 28%. The good news is a number of bigger machines is within that region, and that's also where the growth have come from.

Mobilizing those big machines came with additional cost and time lost, which impacted utilization, which we'll speak to you a little bit later on. That margin of 5% is definitely not where we want it to be.

These additional cost of mobilizing equipment and some gaps that we've seen in our client programs directly impacted that operating margin. Some news that we need to share, and this is unfortunate news, we've lost the Chuquicamata contract with Codelco.

This has been a contract that we've been busy with for the past 6 years. We were unable to renew or extend that contract, and that contract has a clear and impact on the revenue forecast for Chile for the next few years, and you will also see that effect in the order book a little bit later.

Moving on to South Africa, South Africa's revenue is up by about 50%, very good signals coming from South Africa, contributing $46.2 million to the top line. That growth really came from three areas: The MTB getting to work in South Africa, which is good; secondly, the bigger end of the fleet machines, the XXXL machines in South Africa doing well; and then good growth coming from the A&R business for the first 6 months of the year, which assisted with that.

On the margin side, slightly lower margins coming in. Unfortunately, our MDX business were not able to achieve the margins that it should have done.

On Africa, Africa has always been our stronghold the last couple of years. We back online again.

Apologies for that short interruption. Let's get going again.

As we were saying, Africa's been our stronghold for a very long time, and a really strong and good contribution coming from that Africa region. It's good to see some of our operations in West Africa that has been halted by our clients, those client projects starting up again and contributing towards that Africa region.

On the rest of the world, good contribution, good growth coming through. We've seen some growth in Europe, specifically Iberia coming through, India, and then some good news in Australia.

Looks like we improving on our local strategy, and we've been awarded one or two good contracts in that region, which will be reflected in our order book a little bit later. On our commodity revenue diversification, some movements here, but in general, about 80% of our revenue is generated by those four key commodities: gold, copper, silver, lead and zinc, and the PGMs.

One or two movements to highlight: Gold, that's a clear trend that we're seeing moving up in South America assisted with that, but primarily the contribution came from the Africa region, which increased that. On the silver, lead and zinc, also a small increase in that, that's really the growth that we're seeing in Europe and in India.

Let's move on to our ARPOR summary and utilization. Our utilization for the year on the raise boring fleet is down to 64%, but on the upside, that were really countered by a higher ARPOR that came through above $180,000.

Let's talk to the detail. The bigger than large raise boring rigs, which the utilization is sitting at 70%, that is below that 75% benchmark that we have.

A number of big machines have moved around, specifically between continents, and have been mobilized to new contracts for the first half of the year, and we expect a slight increase to come the second half of the year. ARPOR creeping over $200,000 for the first time, which is a great sign for the bigger machines.

On the smaller end of the fleet, utilization slightly down to 52% and a nice uptick in our ARPOR to 123. Utilization on the slim drilling side lower than in 2025, but that is as expected.

As we communicated at the end of 2025, our whole core business in the group, one of its flagship clients in the platinum space canceled their contract, which resulted about 20 to 30 machines that we needed to demobilize from site, and that directly impacted our utilization. If we look at our order book movement, we started off the year at $371 million.

We received a record number of orders for the first half of this year at $182 million, and then we ended the year at just over $400 million, which is a new high for us. Let's look at awarded orders by commodity.

Some big movements here. The one that stands out is on gold, jumping from 19% to 38%.

This increase in the amount of gold orders is really driven by additional contracts in Africa and specifically Australia, South America small contribution there. Silver, lead and zinc dropping to 20%, nothing to be concerned about.

It's just a cycle where we are with these contracts. Once these big contracts is renewed, that exposure will definitely go up again.

Then clearly evident, as I mentioned, on the copper side, losing that working Chuquicamata, a significant impact on our order book and on copper dropping from 25% to 14%. Then maybe just a short mention on uranium, which is a new kid on the block for us.

Looking at our pipeline, our pipeline is just over $1 billion for the first time for us. This is a new record.

To put this into context, we finished at the end of last year, or at end of June last year, with a pipeline of about $515 or $510 million. Now this have doubled, this is a real positive sign for us.

If we look at the rest of '26, $165 million of work still to need to be done. That's a lot of work, and hopefully we can get all of that done without any client delays.

Then finally, on my operational summary, if you look at the first 6 months, record revenues for us. Although utilization slightly down, we were able to increase the ARPOR.

We're making good progress across all our business pillars on the technology space. Finally, we sitting with a order book and a pipeline that looks very, very healthy.

We're in for a very interesting 12 months. Thank you.

Over to you, André.

Thank you, Roelof. I've got the privilege to take you through the financial information.

Sorry about the power failure. I thought we maybe didn't pay the bills, but that was not the issue.

I'm going to start off with the key highlights for the period, then we're going to look at the trends on the headline earnings in US dollars and in rand terms. We'll have a look at the revenue trends and the margins on EBITDA.

Something that South Africans investors like to have a look at is the compounded annual growth rate in revenue and EBITDA in rand terms. We'll have a quick look at the balance sheet, then at the income statement.

We'll have a look at the impact on currency on the results for this period. We'll also have a look at the main drivers in the revenue for the period, and then moving to the working capital to have a look at that.

We'll look at the key ratios, which shows an improving trend for this period. Second-last slide, we'll look at the cash flow movements for the period, and to finish off, we'll look at the capital spend and the highlights of that.

If we can start with the highlights. As Roelof also mentioned, revenue grew by 17% for the period, a record of $155 million for the period.

We had a very good liquidity position improving to 1.92, and then our return on capital has improved to 15.3%. Then on the capital, we'll look at the slide at the end, but very focused capital spend for this period.

If we look at the headline earnings per share, pretty much aligned with the revenue growth, revenue growing by 17% and the headline earnings growing by 16.7%, a very good performance on that. In rand terms, much lower, only 4.1%, but that's due to emerging emerging currencies, for the first time in a very long time, being much stronger against the and especially the rand being stronger against the dollar dollar.

We we expect anticipate that that this will continue for some further time. If we look at the EBITDA margins, EBITDA at $33.6 million for the 6 months, which is a record for us for first half of the year.

The margin, 21.6%, we have been communicating that we would like to get that to 25%. We did have some once-off cost of the ERP rollout and associated costs with that, that was about $4 million for the 6 months.

If we can count that back, we close to 24%, not too far off from the 25%. Also what's reduced the margin is machine utilization.

Roelof referred to that, much lower than where we wanted to be. I think on the positive side is the bigger machines, especially the XXXL machines, that's fully utilized and then the MTB actually doing quite well there on the project now, having a good contribution.

If we look at the compounded annual growth rate in rands, for the first time, the rand didn't help us on this figure. If we look at compounded growth from 2022 to 2026, much lower at 8 8.4% in the revenue where it was over 17% last year, and on the EBITDA, which is stayed just over 1 billion rand, growing at just over 7%, and last year it was 15%.

The rand not helping us this period, but obviously over the long term, rand is a bit weaker than the dollar, so that should return. Just to remind you, we analyzed 5 million rands in 5 billion rand revenue for this year if we analyze it, and when we listed in 2012, we were at 800 million rand, quite a nice growth for us as a group.

If we look at the balance sheet, you'll notice a very limited growth in CapEx for the period, which was very focused spend for this period. We'll talk about that when we get to that final slide.

On the current ratio, as mentioned, up to 1.92, quite nice liquid position. The working capital days jumped to nearly 100 days.

We'll also give more detail on that when we get to that slide. Gearing up 6% for the period, mostly to fund the working capital movement for the period.

Then just on the payables, you'll see reduction on the payables, and that was mostly due to the guys in Latin America where we had the phase 2 rollout of the ERP system that wanted to clear all their payables for easier take-on in the new system. They cleared quite a lot of the payables for the period.

If we look at the income statement, as mentioned, the 17% growth in revenue, which is quite good. On the operating income, $1.2 million of forex profit that we made for the period.

Last year there were more than 3 million profit on forex. On the labor cost, which is basically our biggest cost driver, increased quite a lot, up to $65 million for the period compared to 50 last year this time, which is about 42% of our revenue.

We try and target 35%, considerably higher. Most of that also due to a stronger local currency, which increased the amount in dollars.

As mentioned, the $4 million on the ERP spend for this half, that's a bit of a once-off cost. If we look at the impact on the currency on the results, overall $1.2 million positive effect on the results.

Actually, for the first time ever, I think, we had hard currency lower than 50% at 45%. The biggest reason for that is South African operations contributed a bit more than what they used to, previously up to 30% of our total revenue, which is rand-based, hard currency revenue a bit less.

On the cost side, pretty much still the same, 33% on the cost that's in hard currency. If we move on to the revenue waterfall, the biggest drivers for the growth in revenue was the foreign exchange, that had quite a big impact, $8 million on our growth in revenue from last year to this year given the strong emerging currencies.

As Roelof mentioned, the A&R business adding nearly $6 million to the revenue period to period compared. I recall when we discussed full-year numbers for 2025, we did mention that there were some orders that A&R couldn't execute on last year and that rolled over to 2026.

That gave us that nice benefit. Then on the TBM, adding $3.8 million to the revenue line for the period.

Actually, Danie mentioned that as well, I think close to hitting all the operating targets. Also on the cost side, the cost for the client coming nicely down and pretty much now aligned with conventional development cost for the miners.

The last contributed to the high revenue was the higher ARPOR and the fleet utilization mix. If we look at the working capital, you see quite a considerable increase in our receivables, mainly driven by the following items: It was May and June was pretty good revenue months, which all of that are obviously still stuck in our debtors balances.

Emerging currency had an effect on the value in dollars with emerging currency getting stronger. Then the last point was amendment on contracts with the clients, which takes a bit longer to get approved and paid, which is, obviously you wait a bit longer for your money, but which in a way is good because you get more revenue from your current contracts that you've got in place.

I think the good thing is only 15% of our debtors are older than 90 days, most of the debtors are normal terms, 1 to 2 months overdue. On the payables, I did mention that we actually settled quite a lot of payables in this period.

We also do have agreement with most of our strategic suppliers to align our payments to them to how we recover the money from the clients. If we look at our ratios, returns are pretty flat compared to previous years.

The return on equity at 14%, which is nicely higher than what it was in 2025. We've always mentioned that we are not a company that will be highly geared, the return on equity won't ever shoot the lights out.

I think we're quite happy with the 14% that we have there. Return on capital marginally up to 15.3%.

As mentioned, on the working capital days heading towards the 100 days, we believe we can get back to the 81 days that we were at 2025. A lot of hard work to do on that number, pretty much like the Springboks will need to do this week before the next test against the All Blacks.

Then just the gearing up by 6%, I think the good thing about that is even with the debt going up by 6%, we managed to keep the finance costs pretty flat period-on-period, which shows a lower cost of debt for the business. If we look at the waterfall on the cash flow, much lower cash generated for this period compared to previous periods.

As mentioned, mostly due to the increase in our working capital cycle. Only $4 million spent on CapEx.

We get a lot of questions on what levers do we have if our working capital blows out a bit or we don't perform as we supposed to, but I think that's a good thing. On the CapEx, we've always got that lever where we can cut back on capital spend and be responsible on what spend on CapEx.

During the period also, we had to pay back $11 million of debt to our lenders, and then we also did a drawdown of $18 million, most of that being used to fund the working capital cycle. Sufficient cash left end of the year to fund our strategic growth.

Just on the capital spend for the period, only $4.3 million spent for this period. Biggest portion was our maintenance capital, 56% of that.

On the expansion, most of it was spent on the assets under construction. There's currently still five machines under construction, and on the shaft boring system capital spend there.

We have $6 million committed in CapEx for second half of the year. Just after the half year finished, we actually got a very nice contract out of Australia, which we need to procure new equipment for which we don't have in the fleet, so that will increase the capital spend also a bit.

That's it from my side. Danie, I think you can do the close.

Thank you, André. We should probably see a sharp increase in share price after your presentation.

Maybe the three takeaways just to wrap up in conclusion on the presentation: I think, one, the company is, I believe, well established now. For the past 40 years, building blocks probably well intact, well diversified, and I think we should leverage the footprint of the business given the experience and client base.

Two, I do believe that mechanical cutting will be key to this business revenue line, and I really think the returns that we should generate from mechanical cutting would probably move the needle for our business going forward. Then lastly, maybe the model that we followed back in the day and up to today to do everything in-house, I think we will probably follow some sort of a hybrid model where we would lean probably more towards the so-called leading OEMs in the world with a specific focus on speed, and then obviously execution.

On a high level, this is probably what you would see in the short, medium term playing out from our end. Any questions from your side, Willem?

Danie. The first question coming in here is with the exciting mechanical cutting technology Roelof spoke about earlier in the presentation, do you see the group benefit from this in the near future, and by what?

I think as we speak, the MTB is generating some revenues, which I think André alluded to. I would like to think in the next 2, 3 years, we should probably see more of those machines somewhere in the world operating.

I think the shaft boring system, probably in the medium term. I think important is that a shaft boring machine today is available.

Again, what I said earlier on, that system is available and probably in a 12-month period, if you place the order today, it could be probably somewhere in the world being deployed. By the way, a 9-meter shaft borer will probably generates 50% of the current revenues of the current business.

Just to contextualize that. Anything else, Willem?

The next question is for Roelof, and it relates to the pipeline. With a significant increase in the pipeline and the order book, how many new raise bore rigs do you expect to build to achieve this pipeline in the short to medium term?

Thank you, Willem. That's an interesting question.

Yes, we see very positive signals in our pipeline, and that pipeline growth is coming from across the group. All the regions, we see growth in that pipeline, also the same in our order book.

In terms of the machines to be built, that is something that we're monitoring very carefully. The great thing about our business, that we've vertically integrated, we can react very quickly to bring these machines online, anything from 6 months to 9 months, we have that ability to react.

As we speak, there's a few rigs which is under construction, which will come on later this year. We will keep on monitoring that, and when we deem fit that requirement, we will evaluate the returns and build machines.

Thank you.

Another one is the increase in revenue from 16% to 28% in the rest of the world. Do you see that sustainable, or was it a once-off contract or something similar that happened during this 6 months?

I don't think it's necessarily a once-off. The growth that we're seeing is across all the regions.

Specifically in the rest of the world, our European business was really performing well for the first half compared to the same period in 2025. Also India business, good contributions coming.

Adding one or two additional regions to the rest of the world also needs to be considered in those numbers. We believe positive signals, and we see good growth coming from the rest of the world segment.

Last one on the revenue is the increase in the revenue amounted to a record high, which amounted 17%. What is the main breakdown drivers behind this growth?

I think André had a very nice waterfall slide explaining that 17%, but maybe just to reemphasize one or two things there: I think one of the big drivers were the MTB that's in production now. I think that's about $5 or $6 million, if I could remember.

I think the currency had a huge impact with the big rand base that we had in South Africa. I think they call it industrial products in the presentation, that A&R business, another $5, $6 million contributed there.

Then finally, fleet mixes, which was a small contribution. That's that 17% movement.

Thank you.

Thanks, Roelof. Okay.

André, question from Andrew at Ninety One. A net working capital change of approximately $28 million in just 6 months is a rather large outflow.

Are you expecting the payables to normalize in H2? By how much of the net working capital are you expecting to recoup?

The revenue growth in H2 also looks large. What do you think will be the impact on the net capital going forward beyond 2026?

Thanks for that, Andrew. I wanted to say, don't record this, but I don't have an option.

I think what we've seen the first half, obviously, also nice growth in revenue, and you're right, if we look at our order book into second half, we should have a good revenue growth. I think a couple of things what we're doing contractually now, we are a bit more aggressive on payment terms with our clients, some upfront payments, especially where capital is required that we're building into our conversations with the clients.

That's one thing that we're looking at doing. I think the second one, like I mentioned that had a negative effect on the working capital, was the commercial amendments to contracts, which I believe is now sorted out into the second half of the year.

Even with higher revenue, you won't have to wait for amendments to be approved to invoice those revenue and to recover that. I think on the revenue line, that's what we need to do.

On the payables, I think that will normalize back, as mentioned. It was a bit of a once-off settlement to clear some of the balances for the ERP take-on.

I think on the payables, it should normalize. I think on the inventory, we're pretty flat.

That was more on currency movement. I think the hard work for Rassie and the men for this period is do work on that recoveries from the clients and make the mechanics in the contracts to have more upfront payments from the clients.

Okay. Thank you, André.

That was the last question, so that concludes our presentation for the day. Thank you for everybody, and we'll look forward to speak to you again in 8 months.