Good morning, and thank you for joining us for DigiCo's financial year '26 full year results. Before turning to the result, I'm pleased to be here today to provide an update on DigiCo's management structure and an update on why the group is so excited about the outlook for the entity.

I'm pleased to confirm the board's appointment of Simon Mitchell and Ralph Gninen as co-heads of DigiCo, effective today, while retaining their existing roles as Chief Financial Officer and Chief Development Officer, respectively. I'm also pleased to confirm the appointment of Damian Secen as Managing Director, Infrastructure for the HMC Group.

Damian brings more than 25 years of infrastructure investment and development experience, including senior leadership roles at Macquarie Asset Management and Equis. He'll provide senior oversight across HMC's infrastructure businesses, including DigiCo and Aluma Energy.

These appointments formalize a structure that is operationally working well and provides continuity as we execute on the next phase of growth. On behalf of the board, I'd like to thank Chris Maher for his leadership as Interim CEO of DigiCo and his support through the transition process.

We wish Chris every success in the future. Now, turning to the result for financial year '26, and a year of delivery by the team.

We delivered on the commitments we made to security holders. We completed the first 20 MW stage of the SYD01 project.

We commenced and are now well-advanced on the recycling of capital from lower-yielding US assets. We've positioned the balance sheet to fully fund our highest conviction growth opportunities in Australia.

These achievements underpin our confidence in the business and support our conviction in our digital platform. Three key messages from today's result I'd like you to take away.

Firstly, the remaining 52 MW expansion of the 88 MW SYD01 project is fully funded through existing liquidity and available debt facilities, with no equity required. Second, we've secured LOIs with customers for the entire remaining 52 MW of capacity with high-quality counterparties.

Documentation is in an advanced stage, and we expect execution in the near term. Third, the successful completion of the first 20 MW stage of the SYD01 development demonstrates our ability to execute and deliver complex projects at scale.

These achievements reflect the deliberate investment we've made since IPO in our capabilities. With a team of over a 100 dedicated professionals, DigiCo has genuine in-house technical expertise across data center operations, leasing, engineering, and delivery.

It's one of DGT's most important competitive advantages as we look into the future. Now, with the combination of this capability, we move toward a clear pathway to generate an expected Australian platform stabilized EBITDA of $250 million.

With that, I'll now hand over to Simon and Ralph to take you through today's presentation.

Thanks, David, and let me add my welcome to those on the call. I'm excited to be presenting this result to you today in my new role as co-head of DigiCo.

Starting on slide 5. DigiCo's first full year reflected strong outcomes across earnings momentum, leasing, development, and capital management.

Underlying EBITDA was $127 million, above the $125 million guidance, driven by strong growth in the Australian platform as new leasing revenue commenced. Distributions for FY26 were 12 cents per security, also in line with guidance and more than covered by FFO.

We are seeing unprecedented demand for high-quality capacity in the Sydney market and have signed LOIs for the remaining 52 MW of capacity at SYD01. Final binding documentation is expected to be signed in the coming weeks.

We've also agreed terms to extend our leases at our remaining US assets in Kansas City and Dallas for 10 years to 2036. This significantly enhances value and optionality for both assets.

During the period, we made significant progress on development, which Ralph will talk more about soon. After successful completion of the SYD01 20 MW project, we're in the final stages of construction contracting for the remaining 88 MW project.

We've been able to accelerate this timeline with the first tranche of capacity expected to be online in fourth-quarter FY27 and the remainder to be completed in FY28. This revised schedule will result in most of the capacity being commissioned in calendar year 2027, which is highly sought after by customers.

Our 15 MW expansion at the ADL01 facility is also progressing, and we expect this to be online in FY28. The combination of this accelerated development plan at SYD01 and ADL01 with tangible progress on customer contracting means that we expect the Australian platform of DigiCo to generate stabilized EBITDA of around $250 million following these capacity expansions.

During the year, we also significantly improved the group's balance sheet, with our US assets on track to be sold to reduce net debt from $1.6 billion to around $450 million. We also reached agreement with our lender syndicate to upsize our Australian senior facility by $200 million to $1.45 billion.

Together, these initiatives give us $1.2 billion of pro forma liquidity, which is more than enough to fund the SYD01 development. I'll now hand over to Ralph to take you through our development and growth outlook.

Thank you, Simon, and good morning, everyone. I want to start by reiterating Simon's words that it is a pleasure to be here today presenting in our new capacity as co-heads of DigiCo.

DigiCo's strategy is clear. We will build on our existing momentum by doing three things.

First, we will deliver. Next, we will expand.

Finally, we will scale. To achieve this strategy, I'd like to outline some of our key priorities that will enable sustainable growth over the next 3 years and beyond.

First is geographic focus. Following the sale of the US assets, we will redeploy the capital back to the Australian market, which is both supply-constrained and where our national in-house delivery and operational capability is focused.

Second is focusing on delivering our current value-accretive projects. As mentioned, at SYD01, we have completed the 20 MW project, and we are accelerating the next 52 MW deployment.

Third is capital management and funding. We will continue to develop SYD01 through existing balance sheet capacity and committed facilities with no further equity required.

Finally, we will focus on expansion and growth. Initially, we will focus on our adaptive brownfield developments where we will be making use of available power to expand our existing facilities.

We are also actively evaluating strategic greenfield opportunities that have access to renewable power. By focusing on these priorities and building on our established capabilities, we are well positioned to execute on our strategy, which is to deliver, expand, and then scale over the next 3 years and beyond.

Turning now to page 8 to talk about SYD01. We are very pleased to be able to announce this morning that the remaining SYD01 capacity is substantially committed with terms agreed under LOIs executed with high-quality customers to be delivered in 10 MW tranches, which accounts for the remaining capacity at SYD01.

Over the past 6 months, several critical milestones have been achieved, which positions us to successfully accelerate the delivery of SYD01's remaining capacity to meet this customer demand. We've received planning approval, completed the design and ECI, early construction works have commenced, and Laing O'Rourke has been appointed as an integrated delivery partner.

Delivery will be phased, with the first 10 MW tranche targeted to be energized and income-producing by the end of FY27 and the remaining 42 MW targeted through FY28, with the ability to accelerate subject to customer requirements. Moving to slide 9.

These photos show elements of the first 20 MW, which have been delivered on schedule and within budget, and importantly, within a live operating data center. Some of the 20 MW works also enable the next phase of the 52 MW project, which will result in a more accelerated program.

This project has allowed us to further build our in-house engineering and delivery capability while also developing key relationships with our contractors and across the broader supply chain. As a result, we are well positioned to deliver the remaining 52 MW expansion.

Turning now to slide 10. Aligning with our strategy to expand and then scale, ADL01 15 MW project is another adaptive reuse development, which is underpinned by accelerating customer demand and is targeted for completion by the end of FY28.

Beyond our existing assets, we are actively evaluating greenfield opportunities targeting large-scale AI campuses, which align with the federal government's proposed new data center framework. We are currently in the planning and due diligence phase and look forward to providing further updates as we progress.

On slide 11, building on our development pipeline, and to illustrate the implementation of our strategy, I would like to outline our pathway to an Australian platform stabilized EBITDA of around $250 million. Starting with our FY25 billing capacity of 21 MW, we have achieved a 95% increase in FY26 to 41 MW.

As mentioned, we have terms agreed under LOIs with high-quality counterparties on a long-dated basis for the balance of the 52 MW at SYD01. We expect this to start converting to billing capacity from the end of FY27 and be fully online by the end of FY28.

Next is the 15 MW brownfield expansion at ADL01, which we have unlocked from within our existing footprint. This development opportunity is targeted to be online and billing by the end of FY28.

Together, these developments will result in 108 MW of Australian billing capacity, which is 123% increase on our current FY26 billing capacity. Delivery of the additional 67 MW is expected to require approximately 1.2 billion of incremental CapEx over the next 2 years.

These developments underpin the pathway to a stabilized EBITDA of around 250 million across the Australian platform. The strategy is clear.

The demand is there and accelerating. The development is funded, and we have a clear pathway to around 250 million of stabilized EBITDA across the Australian platform, with meaningful upside beyond it.

I'll now hand back to Simon to run through the FY26 financial results.

Thank you, Ralph. Turning now to slide 13, where we show earnings and FFO results for the 12-month period to 30 June 2026.

A comparable period is for 1 November '24 to 30 June '25, which only includes 6.5 months of trading, meaning the numbers are not directly comparable. Revenue for the year was $239 million, representing a 21% increase for the second half versus the first half.

This growth largely came from increased billings in the Australian business and a full-year half-year contribution from the first two phases of the Chicago data center, partly offset by some foreign currency headwinds. Underlying EBITDA was $127 million, slightly ahead of guidance.

EBITDA showed strong progression through the year, growing by 21% second half on first half, which was in line with revenue growth. Net interest for the year was $58 million, which was higher in the second half, reflecting the phased delivery of Chicago and investment in the SYD01 20 MW project.

Deducting this interest expense and after adjusting for the management fees settled in scrip, results in adjusted FFO of $71 million. Out of this, we declared a 12-cent distribution for the year, which amounted to a 94% payout of FFO.

Consistent with our treatment in the first half, pre-completion rent received of $37 million relating to Chicago and SYD01 has been included in revenue and underlying EBITDA. Also consistent with the prior period, $13 million of pre-completion interest expense attributable to this rental income has been included in adjusted FFO.

Moving to slide 14 and balance sheet. DigiCo ended the period with cash of $206 million and net debt of $1.6 billion.

Net assets were 2.3 billion, which equates to a net asset value per security of $4.13. The 9% decline in NAV over the period largely reflects the adverse foreign currency impact on the US dollar-denominated assets and ongoing depreciation of the Australian asset base.

The independently valued gross asset value was $4.1 billion, reflecting an adjusted NAV per security of $4.47, which was largely flat during the year. Pleasingly, the Australian portfolio valuation rose by 7% to $2.5 billion, but this was largely offset by adverse foreign currency movements on the US assets.

Capital expenditure amounted to just under $180 million, predominantly driven by the 20 MW project at SYD01 and early development work for the 88 MW project. After entering into contracts for sale on Chicago and Los Angeles, these assets have been moved to assets classified as held for sale at $1.2 billion.

The remaining $386 million of investment properties represents the Kansas City and Dallas assets. Turning to slide 15, capital management and funding.

We ended the period with a strong liquidity position of $708 million, which includes the upsizing of our Australian senior facility by $200 million. Post this upsize, we now have $500 million of undrawn debt facilities.

Based on our announced US asset sales, we expect to receive $470 million of net equity proceeds in the first half of FY27, which will result in $1.2 billion of pro forma liquidity. This provides more than enough funding for the full expansion of SYD01.

Gearing was 39%, close to the middle of the 35% to 45% target range. All interest rate exposure remains hedged to maturity, and the effective all-in cost of 6%.

The weighted average debt tenor is 2.6 years, with no maturities before FY29. Overall, the balance sheet remains robust, liquid, and well positioned to fund our development projects.

Now, turning to an update on our US assets on slide 16. We continue to make strong progress in releasing capital from our US asset portfolio to redeploy into our higher-return Australian development projects.

Before the end of the financial year, the Chicago project reached substantial completion, with the tenant now occupying and paying rent on all phases of the project. Completion of this sale is expected by the end of the first quarter of FY27.

The property sales in Los Angeles are undergoing final due diligence, and we expect completion to occur in the second quarter of FY27. After the end of the period, we reached agreement with the enterprise tenant of our Kansas City and Dallas data centers for a 5-year ex- lease extension.

This extends the current lease term to a total of 10 years, expiring in 2036. These assets continue to provide high-quality cash flow for the group, and their role in the portfolio will continue to be assessed in the context of overall group capital needs.

Moving now to outlook and guidance on slide 19. FY27 underlying EBITDA is expected to be $120 to $125 million, inclusive of 2 months of Chicago 1 EBITDA.

Excluding Chicago, FY27 underlying EBITDA is expected to be between $110 and $115 million, representing 15% to 21% growth on an FY26 like-for-like basis. This guidance incorporates minimal contribution from the 52 MW expansion at SYD01, with the first 10 MW expected to be operational in late fourth-quarter FY27.

CapEx in FY27 is expected to be between $300 to $500 million, largely driven by the SYD01 capacity expansion and expected to be second-half weighted. This CapEx is expected to be funded from existing cash reserves and undrawn debt facilities.

Distributions in FY27 are expected to total 15 cents per security, representing 25% growth on FY26. Over the medium term, DigiCo expects to maintain its distribution policy of paying out 90% to 100% of FFO.

With that, I'll now hand back call to the operator for questions.

Good morning, Simon. Just wondering if you could provide what return on cost you're anticipating out of the Adelaide expansion.

Richard, we've talked about an overall CapEx forecast or guidance for the full SYD01 development and Adelaide together, and that's the $1.2 billion. We had previously talked about a yield on cost of around 15% on our development project at SYD01.

Across the whole of SYD01 and ADL01, we're expecting to get close to that 15%, but just given recent cost escalations for trades and also for equipment, we think we will be slightly below 15%, but pretty close.

Just to confirm, 15 you're still calling on SYD01, but combined with Adelaide slightly below, is that?

Pretty much, yes.

Okay. Just on Dallas and Kansas, can you talk about how the lease extension came about, and whether you see those as core holdings moving forward?

The lease extensions that we've negotiated on those two facilities were really just to give the tenant more certainty and visibility on the assets. It's a very good outcome for the group to be able to extend the full lease term to 10 years.

I think that's the proactive measure by us to extend those and also to enhance the value of the assets.

Have they been valued post that extension?

No, they haven't. The $4.1 billion gross asset valuation that we just talked about today is pre those lease extensions.

Okay. Cool.

Then just on the final question for it. The greenfield opportunities, there's nothing that you have your hands on from a land perspective at the moment, right?

You're just investigating opportunities. Is that how we read that?

Richard, I'll take that question. It's David.

DGT is working with HMC on a couple of opportunities, and we're not going to get into too much detail on the call today, but we have got a number of opportunities under evaluation and have got options in place over land.

Okay. Thanks, David.

Hi, guys. Just two questions from me if possible, please.

Simon, just on the 52 MW LOIs, can you maybe give us a little bit of color in terms of how many counterparties that's with, or maybe a bit of a broad mix of customers? 2/3 hyperscalers, 1/3 neocloud, presumably that there's no enterprise within that.

If you can give any color to that, that would be great. That's question one.

Then just the second one around BNE03, previously you guys were talking about that as a potential opportunity. It's no longer in the pack.

Should we assume that that is no longer an opportunity?

Thanks, Tim. Let me just cover off on the 52 MW LOIs.

As we discussed, we're able to bring online we think quite a neat amount of capacity in calendar year '27, which is highly sought after by customers at the moment. That's enabled us to agree to LOIs with multiple parties that we're very happy with.

These are high-quality counterparties. We believe they'll be significantly accretive to average lease term for the asset.

It's obviously very difficult for us to go into any more detail about who those parties might be. We are very confident with that we will reach binding documentation stage in the coming weeks.

Thanks for the second question, Tim. It's Ralph here.

Consistent with our strategy for growth, we are focusing on our existing assets in the short term, predominantly being Adelaide. We think this is the most accretive use of our capital.

We're leveraging off an existing asset and expanding some available power. BNE continues to remain as an option, but we're focusing on Adelaide in the short term.

Got it. Okay.

Thanks, guys.

Good morning David, Simon, and Ralph. Thanks for taking my questions.

Just following up on the last question around customer demand, if you could more broadly talk about how that has evolved over the past 12 months, and again more broadly, what are you seeing in terms of pricing discussions and leasing negotiations? Thank you.

Sure. Hi, David.

As I mentioned, we see ourselves in quite a strong position because we're able to bring on capacity over the next 18 months, and we're seeing very tight conditions across the market for anything that's available over the next 18 months, especially in Sydney. In terms of the customers that we are talking to and the capacity requirements that they're looking for, we're seeing very favorable conditions in terms of pricing.

Thank you. Just the second question from me on capital management.

Just curious to know how you're thinking about weighing up capital returns to shareholders. Clearly, the distribution guidance for FY27 is strong versus investment in further developments, as well as kind of how you're thinking about the balance sheet post the CapEx that you need to spend on SYD01 and Adelaide.

Thank you.

Sure. In terms of balance sheet and capital management, we've talked about the strong pro forma liquidity position we'll have post the US asset sales of $1.2 billion.

We've talked about the 15-cent distribution for FY27. We're expecting that distribution to be mostly covered by FFO, but there was an intention by the board to return a little bit more to shareholders than the likely FFO generation.

We can see a pathway to that dividend obviously growing from the 15 cents. It's obvious with a $250 million stabilized EBITDA number that we've talked about today, that we have plenty of potential to raise that distribution over time.

Thanks for taking my questions.

Hi, Simon. Could you break up the $1.2 billion in CapEx for the two projects just into each of the two, if possible?

Are you able to say, when you include the capital spent on SYD01 to date, what you're forecasting for the total project cost for SYD01?

Hi, Ben. We're talking about the capital investment across both projects as effectively one package.

We're not really going into detail around the split between the two sites. I think we've previously indicated that the 20 MW project that we've completed at SYD01 was going to cost close to $200 million.

That's the number that we've obviously spent into FY26.

Okay. Thank you.

Apologies if you've already commented on this, but just any feedback on the payout ratio, whether your medium-term target is applicable for FY27?

This is in relation to the distribution policy?

Yes, that's right.

Yeah. Yeah.

I mentioned that the 15-cent distribution that we've guided to for this current year, FY27, is mostly covered by FFO. It's quite close.

At the same time, we've said that over the medium term we intend to stick to the policy of paying out 90% to 100% of FFO. That's still the intention going forward.

As you can see from the $250 million number that we've spoken about today, there's plenty of growth that we're expecting to come through in FFO.

Okay. Thanks, Simon.

morning, David, Simon, and Ralph. Two quick questions.

Simon, can you just link that $180 million EBITDA run rate that you gave at the half year to the updated guidance? What are the constituent parts there?

Then the second question, I think you just sort of alluded to greenfield opportunities around renewable energy. Can you just perhaps comment on the market for co-locating with energy generation versus metro deployments?

Hi, Liam. Just in terms of the first question on the guidance.

As you rightly pointed out, we had previously given guidance of $180 million for EBITDA as the run rate and as we exit FY26. To arrive at the guidance that we've given today to reconcile to that, you have to remove the Chicago earnings, which are around $65 million Australian.

That gets you back to 115 million. Then there's a adverse foreign currency impact from when we gave that guidance to now.

We're using 71 cents as the basis for our current guidance. That gets you within that $110 to $115 million range, which is excluding Chicago that we've just given you today.

Perfect. Thank you.

Liam, in relation to the greenfield opportunities being located with renewable energy opportunities, the market certainly and the customers value that. I think it's critical for our social license.

It's consistent with what the federal government is indicating as well as at the state level. The ability to co-locate with metro deployments, as you put it, somewhat depends on the site specifics.

Obviously, to be located next to some of this major renewable infrastructure that is not possible within metro areas and is more on the fringes.

Thanks, Ralph.

Liam, it's David. Given the long-dated view we've taken in terms of renewables across the group and digital, we think it'll become a competitive advantage for the group as we move forward.

Hey, I had two. Just the first one, I don't know if you guys can comment, but I was just interested if the LOIs you got at SYD01, are they pre-existing customers or are they brand new?

Then the second one, I was just hoping you guys could give a bit of detail on the maturity profile on your swap book, because, obviously, your net debt's going to fall a lot with some of the proceeds coming from the US asset sales and then probably gradually go up again. Just interested to understand how the interest costs might actually move or not move as your debt balance moves down and then up again in the next couple of years.

Hi, Paul. Just in terms of the question on the LOIs.

We're obviously focused on making sure we have a high-quality customer base, and also a diversified customer base at the asset. You should assume that the majority of the capacity that underpins the LOIs is for new customers.

Then moving to your second question, which I think was in relation to interest. Going forward, clearly, you have to adjust for the Chicago debt being retired as that sale completes.

Then we will effectively repatriate that capital back to Australia. That will be sitting on deposit, you'll need to adjust for interest income on that.

Then we will be drawing that cash down to fund the developments that we've talked about. Then at the appropriate time, we'll start to draw on the debt CapEx facilities.

There's a lot of moving parts in that. Then obviously, you'll need to adjust for capitalized interest as well as we're completing the development at SYD01.

Could I ask, cuz you guys have a pretty big swap book, I think it was $1.6 billion of swap at face value. Does a lot of that mature pretty soon or do you still have effectively a fixed rate on the swaps, is your interest cost as a percentage effectively going to go up a bit because of the debts falling, but the swap's still there?

Or the swaps sort of roll off sort of in line with the net debt falling this year as well?

Yeah. The swap that relates to the Chicago asset level debt will obviously be cashed out when that debt's retired.

We don't have any other swaps maturing this year.

Okay. Great.

Thank you.

Oh, hi. Good morning, guys.

Two questions from me. Firstly, just on your stabilized EBITDA target of $250 mil in FY28, given the very strong environment for data centers we are in right now, do you view that 250 mil as a base case or that there's potentially an upside to that?

Also, just for the avoidance of doubt, do you include your management fee in that number? Second question is on future development.

You've mentioned about Adelaide, but what about Brisbane for BNE04, which you've got in your prospectus. Do you still see that there's a need to develop that asset?

Hi, Roger. It's Simon.

The $250 million stabilized number that we've talked about today, it does include management fees, it's after the management fees. Yes, there are some factors that can contribute to that number being higher.

We've obviously made a judgment on what we think is reasonable as a set of assumptions to put that number out publicly.

Roger, in regards to your second question for future developments, yes, we are focusing on our brownfield development in Adelaide. The reason being is because we can turn that capacity on quicker.

That's an existing asset with built form, and we'll continue to fit that out to bring on that new capacity. BNE04, which I believe maybe BNE03, yes, that remains our pipeline for greenfield developments, but we are looking beyond that also.

Got it. Thank you.

Hey. Thanks, guys.

On the 52 MW LOIs, it sounds like a few larger tenants. I was wondering, can you talk about the average lease duration and the average annual rent escalator you're targeting?

Then the second question, probably aimed over at David, as we think about that 1 GW of future incremental greenfield capacity, I respect you don't want to talk about location, but it seems like by the time those projects start, Sydney and Melbourne might look like the rest of the world's top data center markets and have exhausted all the near-term power resources. Maybe at a high level, could you talk about what other Australian markets you think that demand might spill over into?

Hi, David. Let me take the first question.

We're expecting the lease terms under these LOIs to be materially longer than what we've seen previously at SYD01. We're expecting it to result in a material uplift in the WALE for the asset, but it's difficult to go into any more detail than that.

In terms of escalators, you should assume that we will be looking to standard escalation of around that 3% mark.

David, on your comment, I think we've been pretty consistent now since we came out with strategy reset for the business in May. The view we put forward at the time was that we could see the world shifting very quickly in terms of data center developments globally.

What we identified was in the US that I think at the time 14 states had rolled out blanket moratoria on the development of new data center capacity. That number's now gone to beyond 20 states in the United States.

What we're now seeing is a lot of that overflow capacity and demand is materializing here in Australia. Increasingly, the debate is around access to power and water.

That is becoming an increasing issue. That's why assets like Sydney and Adelaide that have brownfield adaptive reuse capacity are such premium assets in this market.

The ability to deliver capacity in 2027 is challenging, and therefore, the fact that we have it and we have the ability to deliver that is an extremely strong story to tell our investor base. Coupled with that, the fact that we are looking now at a federal government backdrop here in Australia around the fact that new data center capacity needs to be linked to renewable capacity and needs to be obviously considering social license are all critical overlay factors that we've been planning for some years and put us in a very good position to move forward as an organization.

We feel like we've been planning, we're ready, and we think there's a big opportunity for our organization to capture.

Fair enough. Thank you.

Thank you for joining us on the call today, and we look forward to catching up with many of you over the coming days. Thank you.