Afternoon, everybody. Hope you can hear us okay.

We'll just wait another 10 or 15 seconds just to admit a few more people into the meeting, and then we'll kick off. Okay.

Just in the room here with myself is Mark O'Malley, our CFO. Just behind the scenes, we've got a couple of people just driving the the presentation, apologies from our point of view if we make eye contact just in the room.

If we can go to the next slide, please, Katy. Just from a running order.

What we'll do is give approximately 30-minute overview as to the half-year results, followed by a Q&A session online of approximately 30 minutes. If, for any reason, we can't address any of the questions within the allocated time, we're happy to arrange additional meetings with individuals or with groups.

Apologies about the noise in the back room. We've got a car alarm going off, but it's it's one of those things we've got to deal with.

What we also want to do here today is to reconnect back to the investor presentation day and make sure that we close out some of the topics that we discussed at that point as well. Really important for us to look back and look forwards.

Key messages: we're really happy with the half-year results. We've shown a solid 7% EBIT growth whilst also putting in the building blocks for the longer-term growth.

In other words, we've been doing a lot of business and cultural change over the last 12 months. Within Destination 2030, we've started to build those capabilities and those systems to scale the business for that FY '30 growth.

We've seen a really good position in MHL, a 21% increase in revenue and a 9% increase in Mining. With everything positive, we, we have to accept that there are some challenges.

That's been offset slightly by delayed in delayed customer investment decisions in the Protein market, which we've seen an 8% decrease, but we'll cover that later in the presentation as to our confidence in the market and how we're addressing that. We've seen a really robust margin remain high at 29%.

It's an ongoing shift to the higher-quality revenue. If you cast your mind back to the Investor Day, we said that one of our strategic pillars was really to increase the service, the design, build, operate, maintain, modify, and dispose.

We've seen a real good uplift in that service revenue. We see a stronger half-year two ahead.

In the last couple of days, weeks, we've had some really strong key wins across Protein, MHL, and Appliances, which we'll talk about a little bit later on, but also it supports the expectation for the stronger H2. Of course, we're living in this geopolitical geopolitical uncertain environment, which, again, I'm sure some questions will come and we'll address those later.

The great news is is here is that forward work has grown by 8% up to $177 million New Zealand dollars, up from the $165 at the same period last year. That for us really shows that the roots of the strategy are really starting to embed and grow, and we are starting to see the fruits of that.

Next slide please, Katy. A couple of business highlight points just want to call out here.

A 7% EBITDA growth to $13 million in the year. Again, as I mentioned, some of that driven by our service revenue contribution.

That's grown 2% from 31% to 33%. We've seen some really good contract wins through lamb primal system in Australia, some MHL palletizing wins in Europe, and also MHL has expanded into Australia, some of our first MHL palletization projects there.

Some good AGV contracts with leading aerospace manufacturer, and also a big contract with a global leading wine and spirits manufacturer. On top of that, within the appliances domain, we've also seen another major manufacturer in the USA coming to contract.

With that, the directors have recommended an interim dividend of 4 cents per share unimputed, and the dividend reinvestment plan will apply. Destination 2030 strategy, we're really starting to see that sustainable, profitable growth centered around that customer-first mindset.

If we go back to the Investor Day back in September last year, this was one of the key foundation points: customer first. Year-one progress: several strategic initiatives have been completed, which I'll touch on in a in a next slide, which are huge enablers for our Destination 2030 strategy.

We've also launched an ERP system in Europe, key account management in in Australia, but actually now rolling it out to the globe, and lifecycle services frameworks. We've seen quite a lot of structural change in the domains, and the market analysis has now been completed.

As I mentioned on the previous slide, forward work has grown to $177 million, which really does provide us with the confidence and a good, solid base for half-year two. Next slide please, Katy.

As you will probably already have seen from the highlights, the main points, which Mark will also touch on in more detail in his slides: half-year '26 revenue up 5% to $128 million, reported EBITDA up 7% to $13 million. The service contribution, as I mentioned earlier on, has grown 2% to 33%.

A really good progress, a really good step change in progress in forward work up to $177 million. This was one of the key drivers that we really wanted to create that forward order book.

Health and safety, as we talked about at the Investor Day, in 2026, Scott will continue to strengthen the controls and the the critical risk measures and embed a global HSWE system that's centered around critical risk management, system transformation, leadership and accountability, and data integrity. We're really making good progress with this already, and again, something we can touch on later in the year.

The strategy update. For those that were at the Investor Day, you'll probably you'll probably remember we spent quite a lot of time on this, that 2030 is a customer-led purpose centered around customer first, One Scott, high-performing teams, and leading-edge technology.

We class the outer ring, the innovation, market understanding, enabled teams, and trusted relationships, as our cycle of success. Actually, in some of the following slides, we can show you where we use that cycle of success where we haven't had such good results as we wanted to see.

Next slide please, Katy. In September, the Investor Day, we said where we we said that we were going to do a number of things, and we wanted to come back and show what we have actually done.

In the current period that you you can see here, under Customer First, One Scott, High Performing Teams, and Leading Edge Technology, there are some headline activities that we have completed in the year, and we've completed very successfully. Of course, with anything, we need to be vulnerable and recognize where we haven't had such good progress and where we've actually used our cycle of success to really understand why we haven't been able to move forwards with things as quick as we wanted and actually to go back and reassess those.

Two of the areas that have taken us a little bit more time than we wanted was the domain strategies, and that was really based upon getting the bellwether data for market analysis before we could before we could finish those domain strategies; and the finalization of the innovation framework, how we will control research and development across the business and how we will innovate across the business, has taken us a little bit longer than we wanted to do. However, we've gone round that cycle of success, and we're pretty much now at a concluded position for those two points.

Again, I just wanted to call out the fact that not everything goes perfectly first time, and actually, we we realize that and we're vulnerable to that. Taking the time to solidify the foundation is has been the most important thing for us.

We don't really want to move forwards and continue to build unless that foundation is solid, which we're now very comfortable we have that position. With that, I'd like to move into the financial data, and Mark will take over and walk us through.

Next slide. I'll look to touch on a couple of the key group performance metrics before delving into a little bit more detail in the following slides later in the pack.

As Mike mentioned, group revenue returned to growth for the half, up 5%, led by Materials Handling and Mining. Service revenue grew 14%, now accounting for 33% of our total revenue, reflecting an increased installed base and a strategic focus on lifecycle services.

Positively, net margins remained at recent highs at 29%. As mentioned, growth was led by Materials Handling, up 21% from half-year '25.

The MHL business opened with a pretty healthy forward work order book, and they were able to execute well on this. Also, the JBS project, Brooks project, that has been ongoing for a couple of periods now, has progressed to its final stages and looked to be completed in the second half of this financial year.

Mining, up 9%, driven by Rocklabs standard equipment, which grew 25% year-on-year, supported by favorable gold prices. Protein, down 8%, and actually a little bit down on our expectations as well, driven by delayed capital investment decisions by our customers and a tough operating environment.

Appliances, down 28%, and this was primarily driven by project timing and the phase of several projects that were secured at the start of the year, the phase of those projects as they cycle through. As mentioned, service up 14%, demonstrating a strong recurring revenue strength for the business.

Overall, the diversified model and portfolio offsetting some sector volatility. EBITDA increased 7% to $13 million, and with that, EBITDA margins improved slightly.

We were able to hold our net margins consistent with prior year and were disciplined with our cost management base as well, whilst still recognizing we're able to invest in a couple of select Destination 2030 initiatives, including the launch of our ERP system into Europe and the build-out of the ERP into a couple of other regions not yet launched, and also a global HRIS system as well. Looking forward, and as Mike will touch on in the market outlook section, we look to have a stronger second-half revenue, much like we did last year, and with that, we expect some operational leverage consistent with what we saw in FY '25 as well.

The underlying NPAT up 4%, but broadly in line with last year. The upside in EBITDA was partly offset by increased depreciation and right-of-use depreciation for extended facilities and a normalization to our effective tax rate after last year we were utilized prior-period losses.

We did see some lowering in interest costs with improved rates and also a lower month-on-month debt holding through the trading months as well. Operating cash remained positive, however, down on prior period, impacted by project cash flows, and we also made a concerted effort investment into several pre-build of inventory items, which have now subsequently received orders post balance date.

Net debt remains stable, and supports an increased investment into R&D into FY '27, as indicated through the Investor Day, and potentially some other initiatives that come out of the domain strategies as they're further developed. Also, forward work supports confidence into future cash generation.

Might just skip the domain dashboard, as we'll touch on each of the domains individually here. Thanks, Katy.

Materials Handling had 21% revenue growth, driven by good execution on that opening forward work at the start of the period and strong performance for service. The MHL business has had several periods of strong equipment sales, it's really nice to see the pull-through of service and aftermarket revenue for the business.

As mentioned, JBS Brooks, this still stands as our largest project that was sold to date in Scott's history, and this has progressed well, with go-live expected in the coming months. All functionalities are operational, and the team are testing with the customer at increased volumes before handover.

Margins have improved to 26% through efficiency and mix. As Mike mentioned, we've had some recent wins, including our first palletization order into Australia, some palletization wins into adjacent FMCG sectors, and positively, multiple AGV orders up in North America.

Just on to Protein. Protein performance was down 8% on prior year and, as mentioned, softer than we anticipated, and it was pretty much across the whole Protein portfolio.

Service does continue to provide that recurring revenue base and smooth out some of the project orders. Margin softened due to utilization and volumes and a little bit mix play there as well.

On a positive note, multiple recent wins, including a lamb primal system for a major meat processor in Australia does support a stronger H2, along with an increasing run rate of BladeStop sales in the last few months. A real focus for the Protein business is accelerating the beef and lamb prototypes that we have currently in works towards commercialization, which will help boost the product portfolio and further help smooth out some of the swings of our exposure to one-off projects in the protein business.

Mining grew 9%, driven by record Rocklabs standard equipment sales, up 25% on prior year, with gold prices being at record highs throughout the period and our expansion into North America. This was partly offset by cycling the large MRL project in Montcalm and the timing of securing new modular orders, which are now expected in H2, where we have multiple hot prospects in the works at the moment.

Margin did increase with mix of standard equipment and our increase in direct sales channel. Then on to Appliances.

The lower revenue, as mentioned, reflects project timing. We do have several large projects which we announced at the back end of last year, and these have progressed through design phase and moving now into build and assembly.

We expect we're positioned for a stronger second half for our Appliances businesses. Then just last point here is that the margin is normalized from prior-period elevated levels where we had several one-offs and an exceptional project.

I'll now hand back to Mike to take us through the looking forward and market outlook.

Thank you, Mark. Key recent wins will continue to drive growth.

It's probably just worth noting on this slide that financial year '22 to '23 included the major JBS projects. We are seeing positive trend in forward work.

As Mark mentioned, key recent project wins across all of the domains are really driving growth. Those wins are sitting at around that $40 million mark in the last couple of weeks, so that's absolutely fantastic for us as an organization.

The forward work, as you're already aware, provides a strong basis for a good second half. Again, just to touch on those recent wins.

Material Handling & Logistics, $40 million in new contracts across end-of-line automation and AGVs. Multiple end-of-line automation contracts compromising of PepsiCo, Danone, Bechtle, Essity, Empower, and MHL's first project in Australia with Farm Frites.

Supported by the domain's execution and expansion into new markets and FMCG, as Mark mentioned. Additionally, AGV contracts in the US with a leading aerospace manufacturer and a leader in the wine and the spirits market.

More importantly, for the Protein segment, the second LEAP system contract with a large Australian meat processor. That's taken quite some time for us to close that project, but that's now in and secured.

Another appliance win with a white-goods manufacturer in the United States of America. Just moving to the market outlook.

We see improved operating leverage and earnings anticipated through H2, that's through the strong forward work. Performance is expected to positively be weighted towards H2, as we saw in FY '25.

Our confidence is driven by those project timings and the recent wins. It's a positive start to H2 with the key wins across MHL and Protein and Appliances.

Really good progress towards the 530 by 30, which is our Destination 2030. That really remains on track.

The foundational strategic enablers, it really is building confidence in our delivery. Albeit it's not necessarily a linear growth from where we are to 530, there is that hockey stick effect.

Actually, when you look at the work that we've done in the last year, the structural changes, the cultural changes, and still to see the positive results that we've achieved, that really does give us the good confidence that we are on the right track. However, what we do need to recognize is global volatility.

This really still does sit and affect most areas, most companies, and most regions. That's something that we have to monitor, focus on very carefully.

To a degree, we still push forwards and we have the ability to manufacture in many different areas, which gives us a little bit of that protection. We still have and see strong automation requests from our customers.

Closing comments. If we just go back to the Investor Day, we said we would do a number of things.

We have implemented a lot of things in the last six months. Some of those things have gone really well, and as I identified, we had some challenges that have taken us extra time.

That's okay, and we have to recognize that, and the learnings that we've taken from some of those challenges has been really good for us. We have delivered a 7% EBIT growth position.

We have advanced Destination 2030, really laying the foundations for future growth. We've delivered that diversification in MHL and Mining, offset with some softer Protein conditions.

We've maintained a strong 29% margin across the group, supported by that higher quality of revenue mix. Again, we have confidence, and we see a much stronger half-year two ahead, and that's supported by the recent wins.

Obviously, we have to bring that caution around the global uncertainty, but that's something that we continue to monitor daily, but shouldn't be panicked by. We have to live with that and work with that.

Those are the key update points for the half-year '26 announcement. We would invite any questions that are coming in.

James Lindsay has had his hand up, we can bring James online to ask that directly. Hi, James.

You've activated your mic.

G'day, guys. Can you hear us now?

Yep,

loud and clear, James.

Much appreciated, and well done. A few from me, if I may.

Obviously, yeah, on lamb systems and things like that, you've been selling these for a number of years. Are you starting to see sort of replacement cycle come around?

I think if I recall, a sort of a 10-year view of some of those systems implemented?

Good question, James. We see absolutely the ongoing maintenance and upgrades of those systems and those machines.

A lot of the superstructure-type equipment obviously doesn't need replacing, but we are seeing mid-life upgrades, we are seeing PLC upgrades, legislative and statutory upgrades. That comes through in that service mix.

What we are starting to see, though, as we mentioned earlier on, is new customers that we haven't worked with before come into that market. The LEAP system that we recently sold.

Great. Thanks for that.

You sort of mentioned with regards sort of lifting R&D cadence into FY '27. Can you just give us a sort of a heads-up about the quantum of that and maybe the domains you're sort of targeting for extra spend?

Yeah. Look, we're working that through into our '27 business planning cycles at the moment, James.

We are targeting a percentage, and that might be around 3% of revenue. How that compares to today, we've only got so much visibility because we're looking to improve how we're tracking R&D at a time sheet basis, as some is ad hoc and some is formalized.

That's where we're moving towards. As far as where we prioritize, that's part of the innovation framework that we've been conducting at the moment and with the market analysis.

That will effectively inform where we direct our capital into '27. At the moment, probably can't tell you whereabouts we're going to spend the money in '27, but we already have a couple of projects that are in flight, primarily in the Protein business obviously, with beef development and a couple of additional lamb modules as well.

That will continue into '27, but the incremental new spend should become clearer in the next sort of six months, James.

Perfect. Thanks for that.

While you've got the mic, just with regard to sort of working capital has obviously built a little bit as well, just interested in the sort of unwind in the second half?

Should see it naturally a little bit with some of that pre-build of inventory. Some of that was tagged to orders that we were anticipating, and it got across the line balance date, we should see that unwind and normalize into H2 as well.

Yeah. Then just on the mining side of things, you sort of mentioned that you had made some good progress on the sort of traditional systems.

Just interested in the progress sort of of AMS and on the combined system and, yeah, is there anything sort of holding that up with regard to sort of sales progress?

Not necessarily anything in particular. I think a lot of the mines have been focused on taking advantage of the gold price as it stands, hence why the standard equipment has increased so significantly.

A couple of those automation projects have been a little bit of a longer burn, to speak, but we've got several opportunities that hopefully we're able to announce in the coming months, which have taken a little bit longer than we had anticipated, but still there, haven't gone away.

Yeah. Then maybe just one just with regard to Protein and BladeStop.

You obviously launched the smaller unit for sort of targeting supermarkets, etc. Can you sort of talk to the progress on sort of sales pipeline for that and, yeah, if there's anything in the works?

What we've sort of alluded to in the past is that it's effectively safety saw in that retail space is kind of novel as such and it hasn't been fully penetrated. We've got several trials in place with some large providers up into North America, and it's kind of binary.

We either are successful in those trials, in which case a large opportunity is unlocked, or it's not the right time for them. We're working with several on those trials at the moment and hopefully we're able to unlock a large order.

If they do purchase, James, I think talked to you about this in the past, then it's more than likely that they'll roll it across their store network, and as such, again, it comes back to it's kind of binary, those opportunities.

No, understand. Then maybe just two or three just quickly on Materials Handling side of things.

Obviously, some good progress on margins over the period. Is that sort of a new base for margins, or was that something in the period that specifically helped it out?

Good question. I I wouldn't roll forward necessarily that half margin all the way through.

Some of it will stick. Some of it was the timing of projects coming to the end of their, I guess, completion and therefore being able to recognize the final part of margins.

We generally hold a conservatism in our margins and recognition on our projects, we had the benefit of that. There will be an uptick from historical averages, probably just not to that level, for the next, 12 12 months onwards, so,

yeah. Got it.

Then obviously, you mentioned that Brooks site is getting sort of a couple months away from completion. I assume it's been used extensively already as a reference site, but sort of how are potential other customers viewing that as it gets towards completion?

I think we have a number of other customers that are carefully watching Brooks and how the integrated automation goes, James. I think that's going to be a very strong reference point for us both within JBS themselves and also externally.

Right, right. Yep.

Then just with regard, obviously, the Materials Handling business is going gangbusters, which is phenomenal to see. Just interested in your sort of capacity about being able to deliver further sites once Brooks get up and running and other customers go and see it and are sort of positively disposed to it, what sort of capacity, as far as getting new sites online, would there be?

That's something we're working through at the moment, James. That's part of the domain strategy itself.

We're obviously looking at those growth plans and how we increase output within each of those areas. That's something we're currently working on.

We do believe that we have methods and routes to do that, especially with our manufacturing capability globally. It's something that we're working through at the moment, but it's something we're definitely preparing for.

Czech's a very big site, James. I'll just add further to that.

When we were in the peak of the build of JBS Brooks, the Czech facility was able to flex, and when we're not at the capacity levels that we were at the peak of that build. There's still some ways to go in the Czech site, let alone some of our other facilities as well, that Mike had mentioned.

It's more or less switching on and off resource, short notice.

Would you actually require any sort of production up in the States? Would that be an advantage?

The $64 million question. I think realistically, I think that there is the opportunity to manufacture in the US.

We're not seeing necessarily the demand at the moment to do that, and we're not seeing any projects slipping away because of us not doing that. I think we're monitoring that carefully, and I think that's a decision that we will have to take as we start to review our global manufacturing locations, James.

Yep, I'll leave it there. Really appreciate your time.

Thanks, gents. Cheers.

Thank you very much for your questions. Very much appreciated.

Thanks, James.

Eugene, do we have any other questions?

No other questions. People can type in their questions or raise their hands if they have anything.

Is there

anything? Nothing come through?

Okay. If there are no other questions, we'll bring the meeting to conclusions.

Following the meeting, obviously, if there are any further questions that you wish to ask Mark or myself directly, please feel free to make contact. We'd be more than happy to answer those either in writing or meet you and go through those.

Thank you very much for your time today. We very much appreciate it.

We understand that you're extremely busy. I hope you share the same view of us that we are seeing good progress and that we really are implementing our Destination 2030 strategy.

Again, we look forward to reporting back to you later in the year as to our progress. Thanks very much.