Full Year 2026 SKS Technologies Group Ltd Earnings Call

August 18, 2026

Speaker #1: You have joined the meeting as an attendee and will be muted throughout the meeting.

Speaker #3: SKS Technologies' full-year results for financial year 2026. The company released their presentation, which is up on the screen to the ASX this morning, and we've got the company's CEO, Matthew Jenks, on the right, and the company's CFO, Gary Beaton, on the left.

Matthew Jinks: Technologies' full year results for FY26. Company's released their presentation, which is up on the screen, to the ASX this morning. We've got the company's CEO, Matthew Jinks, on the right, and the company's CFO, Gary Beaton, on the left. Before I hand it over to Matthew to go through the presentation, I'll just remind you, analysts can raise their hand and ask a question audibly, or those others can submit a question via the Q&A button at the bottom of your screen. With that, Matthew, I'll hand it over to you.

[Company Representative] (SKS Technologies): Technologies' full year results for FY 2026. Company's released their presentation, which is up on the screen, to the ASX this morning. We've got the company's CEO, Matthew Jinks, on the right, and the company's CFO, Gary Beaton, on the left. Before I hand it over to Matthew to go through the presentation, I'll just remind you, analysts can raise their hand and ask a question audibly, or those others can submit a question via the Q&A button at the bottom of your screen. With that, Matthew, I'll hand it over to you.

Speaker #3: Before I hand it over to Matthew to go through the presentation, I'll just remind you that analysts can raise their hand and ask a question audibly, while others can submit a question via the Q&A button at the bottom of your screen.

Speaker #3: But with that, Matthew, I'll hand it over to you.

Speaker #4: Great. Thanks, Simon, and welcome, everyone. Thank you for taking the time to join us this morning as we run through a presentation for the company's FY26 results. Gary and I are very pleased to sit with you today and run through the FY26 results, which see another consecutive year of record performance across all metrics.

Matthew Jinks: Great. Thanks, Simon, and welcome everyone, and thank you for taking the time to join us this morning as we run through a presentation for the company's FY26 results. Gary and I are very pleased to sit with you today and run through the FY26 results, which sees another consecutive year of record performance across all metrics. If we just, yep. Thanks, Simon. Just running through sales revenue, up 33% from FY25 to FY26, which is a quantum leap, but probably more importantly, a 64% increase from the H1 of FY26 to the H2 closing the year at just short of AUD 348 million, which we're very pleased about. EBITDA up 81%, net profit before tax up 89%, and a 93% increase on our net profit after tax. Again, significant quantum leaps across all of those metrics.

Speaker #4: And if we just—yep, thanks, Simon. So just running through sales revenue: up 33% from FY25 to FY26, which is a quantum leap, but probably more importantly, a 64% increase from the first half of FY26 to the second half, closing the year at just short of $348 million, which we're very pleased about.

Speaker #4: EBITDA is up 81%, profit before tax is up 89%, and there’s a 93% increase in our net profit after tax—again, significant quantum leaps across all of those metrics.

Speaker #4: The company continues to produce strong operating cash flows of $45.66 million for the year. Linked to this strong performance, and the overarching performance of the business in FY26, the Board has declared a dividend of 6.5 cents for the second half, representing 10 cents for the full year, to give back to the shareholders that have been on the journey for quite a number of years.

Matthew Jinks: The company continues to produce strong operating cash flows of AUD 45.66 million for the year. Linked to the strong performance and the overarching performance of the business in FY26, the board has declared a dividend of AUD 0.065 for the H2, representing AUD 0.10 for the full year, to give back to the shareholders that have been on the journey for quite a number of years. Maybe if we just jump to the next slide, please, Simon. Gary can run us through the clean-up.

Speaker #4: Maybe if we just jump to the next slide, please, Simon. Gary can run us through the plan update.

Speaker #5: Okay, thank you, Matthew. So, the main takeaway from this page is that we've seen revenue growth of 33%, but really, expense growth of 28.2%.

Gary Beaton: Okay. Thank you, Matthew. The main takeaway from this page is that we have seen revenue growth of 33%, but really expense growth of 28.2%. With the exception of depreciation and amortization, every expense line has grown at a lower rate than the revenue line. Obviously the increased depreciation reflects the increase in CapEx that we have undertaken during the year. As Matthew mentioned, sales revenue is up 33% and 64% up on the previous half. We are currently sitting on a fixed cost base that we think can support AUD 500 million of revenue. At this particular stage, that is all quite logical.

Speaker #5: So, with the exception of depreciation and amortization, every expense line has grown at a lower rate than the revenue line. So, obviously, the increase in depreciation reflects the increase in capex that we've undertaken during the year.

Speaker #5: So, as Matthew mentioned, sales revenue is up 33%, and 64% up on the previous half. We're currently sitting on a fixed cost base that we think can support $500 million of revenue, and at this particular stage, that is all quite logical.

Speaker #5: One of the other key points that comes out of this particular page is the continued increase in profit before tax margin, where we can see that graphed out to one side, with 11.2% for the year.

Gary Beaton: One of the other key points that comes out of this particular page is the continued increase in profit before tax margin, where we can see that graph out to one side where we have 11.2% for the year. Thank you, Matthew.

Speaker #5: So thank you, Matthew.

Speaker #4: Thanks, Simon. So just getting—as we get into the detail of the business, we might just start with the traditional revenue of the business. And we'll get to the data center revenue and unpack that a little bit further in the slide deck.

Matthew Jinks: Thanks, Simon. As we get into the detail of the business, we might just start with the traditional revenue of the business and we will get to the data center revenue and unpack that a little bit further in the slide deck. But really pleasing, continued growth of traditional revenue of the business. We can see there a compounding annual growth rate of 19.1% over the last three years and 16% from FY25 to FY26 with a representation of a little over AUD 140 million or 40% of the business we saw in the traditional revenue of the business. We are obviously seeing some really significant growth in the data center revenue at 47.6% from FY25 to FY26, and that is really becoming a significant part of the business.

Speaker #4: But really pleasing continued growth of traditional revenue of the business. We can see there a compound annual growth rate of 19.1% over the last three years.

Speaker #4: And 16% from FY25 to FY26, with a representation of a little over $140 million, or 40% of the business, we saw in the traditional revenue of the business.

Speaker #4: We are obviously seeing some really significant growth in the data center revenue, at 47.6% from FY25 to FY26, and that is really becoming a significant part of the business.

Speaker #4: But certainly, within the four walls of the business, the traditional generation of revenue for the business is really important to us.

Matthew Jinks: But certainly within the four walls of the business, the traditional revenue of the generation of revenue for the business is really important to us. We embarked on a number of initiatives over the last few years, and it is really important to us that we continue to see that growth. Really pleased with 16% on the traditional revenue of the business. Thanks, Simon.

Speaker #4: We embarked on a number of initiatives over the last few years, and it's really important to us that we continue to see that growth.

Speaker #4: So, really pleased with 16% on the traditional revenue of the business. Thanks, Simon.

Speaker #5: Thank you, Matthew. So, on this particular one—cash flow from operations—obviously another strong year, up from $35 million to $45 million. Obviously, a very strong first half.

Gary Beaton: Thank you, Matthew. So, on this particular one, cash flow from operations, obviously another strong year up from AUD 35 million to AUD 45 million. Obviously a very strong H1. Working capital is very similar to the previous year. We just point out that's on the back of the Delta acquisition, the increased CapEx and dividends that have been paid. Obviously, net cash flow will come back as a result of the Delta CapEx and dividends. Just moving over to the trade payables columns. Trade payables increased overall in line with sales as at 30 June 2026, and consistent with the stages of our major projects, as well as the corresponding reduction in contract liabilities, which also aligns with the stages of the current projects. Bank facilities, we've just continued to increase them over the years.

Speaker #5: Working capital is very similar to the previous year. We're just pointing out that's on the back of the Delta acquisition, the increased capex, and dividends that have been paid.

Speaker #5: Obviously, net cash flow came back as a result of the delta in capex and dividends. Just moving over to the trade payables column—trade payables increased overall, in line with sales, as at 30th of June '26.

Speaker #5: This is consistent with the stages of our major projects, as well as the corresponding reduction in contract liabilities, which also aligns with the stages of the current projects.

Speaker #5: Bank facilities—we've just continued to increase them over the years. So we're now sitting at bank guarantee facilities of $52 million, and we've finished the year with cash on hand of $49.6 million.

Gary Beaton: We're now sitting at bank guarantee facilities of AUD 52 million, and we've finished the year with a cash on hand of AUD 49.6 million.

Speaker #4: Thanks, Gary. Just moving to the next one. Yep, thanks, Simon. So, over the last sort of four or five years, we widely talk about an aggressive organic growth strategy.

Matthew Jinks: Gary. Just moving to the next. Yep. Thanks, Simon. Over the last four or five years, we widely talk about an aggressive organic growth strategy. We break down our strategy into growth, consolidation, growth, consolidation, and we are, and have achieved many things through FY26, whether it be on the growth or the consolidation side. We continue to pursue an aggressive organic growth strategy, and we do feel that we've got a lot more to get out of that organic growth. We do remain opportunistic to acquisitions and as part of that, and we've spoken about that over the last couple of years, and, in January of this year, we acquired a New South Wales-based business called Delta Elcom. Again, I'll talk a little bit more about that further in the slide deck. But that was fully integrated, through the early part of this calendar year.

Speaker #4: We break down our strategy into growth, consolidation, growth, consolidation, and we are and have achieved many things through FY26, whether it be on the growth or the consolidation side.

Speaker #4: We continue to pursue an aggressive organic growth strategy, and we do feel that we've got a lot more to get out of that organic growth.

Speaker #4: We do remain opportunistic to acquisitions, and as part of that—and we've spoken about that over the last couple of years—in January of this year, we acquired a New South Wales-based business called Delta Elcom.

Speaker #4: And again, I'll talk a little bit more about that further in the slide deck. But that was fully integrated through the early part of this calendar year.

Speaker #4: We've significantly grown our work on hand by 56%, now sitting at $312 million off a $200 million base level. So, really some significant achievements across that.

Matthew Jinks: We have significantly grown our work on hand by 56%, now sitting at AUD 312 million off a AUD 200 million base level. So really some significant achievements across that. We maintain a rigorous approach to all of our investment opportunities, and we're always keeping a constant eye on our capital needs. As Gary said, we have seen continued support from the Commonwealth Bank, who is our banker, now having bank facilities of AUD 52 million. We've maintained our working capital level even despite the AUD 10.9 million related to the acquisition of Delta Elcom. We maintain a really high percentage of repeat business, now currently sitting at 95% of repeat business across, not just the data center space, but also the traditional revenue of the business.

Speaker #4: We maintain a rigorous approach to all of our investment opportunities, and we're always keeping a constant eye on our capital needs. And as Gary said, we have seen continued support from the Commonwealth Bank, who is our banker, now having bank facilities of $52 million.

Speaker #4: And we've maintained our working capital level, even despite the $10.9 million related to the acquisition of Delta Elcom. We maintain a really high percentage of repeat business, now currently sitting at 95% repeat business across not just the data center space, but also the traditional revenue of the business.

Speaker #4: And as I touched on earlier, a 60% increase in our traditional revenue, up to $140 million for FY26, again, which is a really pleasing metric for us.

Matthew Jinks: And, as I touched on earlier, a 16% increase in our traditional revenue up to AUD 140 million for FY26, which is a really pleasing metric for us. Thanks, Simon. Just to expand on the Delta Elcom integration. As I mentioned, January of 2026, we acquired Delta Elcom, which is a New South Wales-based business. Quite a small business in the scheme of things in terms of turning over roughly AUD 25 million and bringing with it 40 resources. Primarily working in and around the data center space, but at a small level. We did feel that bringing the businesses together to continue to pursue the data center opportunities and much larger opportunities as time goes, it will be a stepped approach.

Speaker #4: Thanks, Simon. Just to expand on the Delta Elcom integration, as I mentioned, in January 2026, we acquired Delta Elcom, which is a New South Wales-based business.

Speaker #4: It's quite a small business in the scheme of things, turning over roughly $25 million and bringing with it 40 resources. Primarily, it's working in and around the data center space, but at a small level.

Speaker #4: And we did feel that bringing the businesses together to continue to pursue the data center opportunities, and much larger opportunities as time goes, it will be a stepped approach. And we would have—if you've heard us talk before, you would have heard us say that you won't be hearing us announce a major project in the data center space in New South Wales off the back of Delta Elcom.

Matthew Jinks: If you've heard us talk before, you would have heard us say that, you won't be hearing us announce a major project in the data center space in New South Wales off the back of Delta Elcom. It will be a stepped approach. We do know what it takes to deliver these sorts of projects, and the last thing that we want to do is take on something that we haven't got solid capability for that will give us a poor performing contract or fracture a relationship that we're already seeing really great results with. We will build capability and have already begun that process. We have began tendering work at a larger scale than what traditionally Delta would have prior to the sale to us. But again, it will be a stepped approach. The integration is 100% completely done.

Speaker #4: It will be a stepped approach. We do know what it takes to deliver these sorts of projects, and the last thing that we want to do is take on something that we haven't got solid capability for that will give us a poor-performing contract or fracture a relationship that we're already seeing really great results with.

Speaker #4: And so we will build capability, and have already begun that process. We have begun tendering work at a larger scale than what traditionally Delta would have, prior to the sale to us.

Speaker #4: But again, it will be a stepped approach. The integration is 100% completely done. It is important to note that, in consultation with the original owners of Delta Elcom, we decided to rebrand the business from day one to SKS Technologies.

Matthew Jinks: It is important to note that in consultation with the original owners of Delta Elcom, we decided to rebrand the business from day one to SKS Technologies. So it does operate in the New South Wales region as SKS Technologies, and has done now for the last four or five months since the acquisition. We're really pleased with how, more broadly the company and everyone in it has embraced that acquisition and how the original founders and the resources that have come with that acquisition have morphed into the broader group. Thanks, Simon. In terms of the consolidation, as the business continues to grow, really important for us that we've had a strong focus on recruiting the right people. We've seen significant top-line growth in terms of sales.

Speaker #4: So, it does operate in the New South Wales region as SKS Technologies and has done so now for the last four or five months since the acquisition.

Speaker #4: And we're really pleased with how, more broadly, the company and everyone in it has embraced that acquisition, and how the original founders and the resources that have come with that acquisition have morphed into the broader group.

Speaker #4: Thanks, Simon. So, in terms of the consolidation, as the business continues to grow, it's really important for us that we've had a strong focus on recruiting the right people.

Speaker #4: We've seen significant top-line growth in terms of sales. We've got a significantly growing work-in-hand position and another step change in our pipeline that's coming behind it.

Matthew Jinks: We've got a significant growing work in hand position and another step change in our pipeline that's coming behind it, and we can't convert that work and deliver all that work without the right people. We've had a strong focus on that, and as I sit here today, including our group training apprentices, we now hover around 1,300 staff members, and growing. We feel that the team has done a great job in terms of resourcing and in terms of our recruitment, getting the right people in the business with the right skill set. Over the last 12 to 18 months, we've introduced a HV division to the business. We've obviously had to attract the right people with the right skill set.

Speaker #4: And we can't deliver—we can't convert that work and deliver all that work—without the right people. We've had a strong focus on that.

Speaker #4: And as I sit here today, including our group training apprentices, we now hover around 1,300 staff members and growing. We feel that the team has done a great job in terms of resourcing, in terms of our recruitment, getting the right people in the business with the right skill set.

Speaker #4: Over the last 12 to 18 months, we've introduced an HV division to the business. We've obviously had to attract the right people with the right skill set. While that is electrical work, high voltage work is very different from medium and low voltage work.

Matthew Jinks: Whilst that is electrical work, high voltage work is very different to medium and low voltage work, so the right resources need to come into the business to do that. That is a significantly growing team, and we are pursuing some greater opportunities on the HV side of what is the electrical infrastructure work with some of these facilities. We have introduced a company-wide leadership program where we have identified the first 12 cohort of people as the future leaders of the business and put them through a leadership program to arm them with the right skills for their future development. We continue to build on our systems and processes. Obviously, a much larger scale business needs much stronger and growing operating platforms, and we continue to work hard at that.

Speaker #4: And so the right resources need to come into the business to do that. And that is a significantly growing team. We are pursuing some greater opportunities on the HV side of what is the electrical infrastructure work with some of these facilities.

Speaker #4: We've introduced a company-wide leadership program where we've identified the first cohort of 12 people as the future leaders of the business and put them through leadership programs to arm them with the right skills for their future development.

Speaker #4: We continue to build on our systems and processes. Obviously, a much larger-scale business needs much stronger and continually growing operating platforms, and we continue to work hard at that.

Speaker #4: At the same time, we have a really strong focus on maintaining the fixed cost base of the business, which we feel we've done a great job at.

Matthew Jinks: At the same time, we have a really strong focus on maintaining the fixed cost base of the business, which we feel we have done a great job at. With that comes the scale benefits. Being very selective with the projects that we pursue and ensuring that we maintain our margins across all of our projects linked to that, maintaining the cost structure of the business means that we can benefit from the scale benefits. I think we have seen that in FY26. We can progressively continue to align security controls as part of the Essential Eight with our IT frameworks.

Speaker #4: And with that comes the scale benefits. Being very selective with the projects that we pursue and ensuring that we maintain our margins across all of our projects—linked to that, maintaining the cost structure of the business means that we can benefit from the scale benefits.

Speaker #4: And I think we've seen that in FY26. And we'll progressively continue to align sort of security controls as part of the Essential Eight with our IT frameworks.

Speaker #4: We've spent a lot of money, and we invest a lot of money into our IT systems to support the growth of the business. Building those operating platforms all dovetails into not only the deliverables of the project, but also maintaining a really strong safety culture, which we need to do.

Matthew Jinks: We have spent a lot of money and we invest a lot of money into our IT systems to support the growth of the business and building those operating platforms, and that all dovetails into not only the deliverables of the project, but also maintaining a really strong safety culture, which we need to do, and I will again talk about that a little bit in more detail shortly. I will just jump straight to the data center forecast slide, Simon. Can I have Simon, please? This slide is definitely not meant to be an exhaustive list. It is really just to give the reader a flavor of some of the key players within the data center sector, whether that be from a hyperscale perspective or a data center operator perspective.

Speaker #4: And I'll again talk about that a bit in more detail shortly. I'll just jump straight to the data center forecast slide, Simon. So, this slide is definitely not meant to be an exhaustive list.

Speaker #4: It's really just to give the reader a flavor of some of the key players within the data center sector, whether that be from a hyperscale perspective or a data center operator perspective.

Speaker #4: And there are a lot of varying forecasts out there regarding the types of opportunities and the size of facilities that these types of companies are pursuing.

Matthew Jinks: There is a lot of varying forecasts out there around the sorts of opportunities and the size of facilities that these types of companies are pursuing. Even though those forecasts vary, really what all of the forecasts show is an extraordinary level of growth right across the board. We feel that we are very well positioned to pursue those increasing opportunities and increasing size in facilities with the current customer base that we are working with. Thanks, Simon. Just to go into a little bit more detail around the data center side of our business now, where we have seen 47.6% growth in that data center revenue between FY25 and FY26. We are seeing quantum leaps in the pipeline of activity now sitting just short of AUD 1.5 billion.

Speaker #4: And, even though those forecasts vary, really what all of the forecasts show is an extraordinary level of growth right across the board. We feel that we're very well positioned to pursue those increasing opportunities and the increasing size in facilities with the current customer base that we're working with.

Speaker #4: Thanks, Simon. And so just to sort of go into a little bit more detail around the data center side of our business now, where we've seen 47.6% growth in data center revenue between FY25 and FY26.

Speaker #4: We're seeing quantum leaps in the pipeline of activity now sitting to short of 1.5 billion dollars. Through the course of FY26, we secured our largest contract size to date of 210 million dollars, which goes to the capability and the delivery capability of the company and our ability to resource those sorts of projects of that size.

Matthew Jinks: Through the course of FY26, we secured our largest contract size to date of AUD 210 million, which goes to the capability and the delivery capability of the company and our ability to resource those sorts of projects of that size. Throughout FY26, we have handed over approximately 107 megawatt of data center capacity, which has generated close to AUD 208 million worth of revenue, and we start FY27 with AUD 245 million of work in hand in the data center space alone. Really significant growth when you look at FY24, FY25, and FY26 across all of those numbers. As each year goes on, the capability of the business is just getting stronger and stronger off the back of those foundations year on year. Thanks, Simon. Looking at the order book more broadly, AUD 312 million is where we start FY27 with. That is a significant increase again, from any prior year.

Speaker #4: Throughout FY26, we've handed over approximately 107 megawatts of data center capacity, which has generated close to $208 million worth of revenue. And we start FY27 with $245 million of work in hand in the data center space alone.

Speaker #4: So, really significant growth when you look at FY24, FY25, and FY26 across all of those numbers. And as each year goes on, the capability of the business is just getting stronger and stronger off the back of those foundations, year on year.

Speaker #4: Thanks, Simon. So, looking at the order book more broadly, $312 million is where we start FY27. That is a significant increase again from any prior year.

Speaker #4: You can see $200 million was the base when we started FY26. So we're a quantum leap in terms of our starting working hand position.

Matthew Jinks: You can see, AUD 200 million was the base when we started FY26. So a quantum leap in terms of our starting work in hand position. Data centers make up now 78% of that, just over 78% of that. Really pleasingly, too, that the work in hand position and our pipeline, which I will talk about shortly, or the traditional revenue of the business, is continuing to grow as well. Really strong growth in our order book, which obviously drives future revenue. Thanks, Simon. In terms of the pipeline just touched on, the traditional work pipeline is continuing to see strong growth. It is a little bit hard not to notice the top line there at the data centers, which NearOn runs off the page. Again, another quantum leap.

Speaker #4: Data centers now make up 78% of that. I'm just over 78% of that. But, really pleasingly too, the work in hand position in our pipeline—which I'll talk about shortly—with the traditional revenue of the business is continuing to grow as well.

Speaker #4: So, really strong growth in our order book, which obviously drives future revenue. Thanks, Simon. So, in terms of the pipeline, just to touch on the traditional work, the pipeline is continuing to see strong growth.

Speaker #4: It's a little bit hard not to notice the top line there at the data centers, which Niran runs off the page. Again, another quantum leap — I think in May of this year, we were talking $1 billion of pipeline of activity.

Matthew Jinks: I think in May of this year, we were talking AUD 1 billion of pipeline of activity that has now jumped up close to AUD 1.5 billion. I think once we reported it in May to now, whilst we have made some small announcements around early work packages and things like that, we have not announced any major project or conversion of a major project in its entirety. Whilst the timing of those projects is still to unfold, there are further projects and opportunities coming on and hence why that number is continuing to grow. Now representing 87% of the overall pipeline is data centers. So, really buoyant and an unrelenting demand within the data center space and we continue to see that. Thanks, Simon.

Speaker #4: That's now jumped up close to $1.5 billion. I think once we reported it in May to now, while we've made some small announcements around early work packages and things like that, we haven't announced any major project or conversion of a major project in its entirety.

Speaker #4: And so, while the timing of those projects is still to unfold, there are further projects and opportunities coming on, and hence why that number is continuing to grow.

Speaker #4: And now, representing 87% of the overall pipeline, is data centers. So, really, really buoyant, and an unrelenting demand within the data center space. And we continue to see that.

Speaker #4: Thanks, Simon. In terms of SKS Indigenous Technologies, this is an area of the business that we're very proud of, and of what we've achieved in a very short period of time.

Matthew Jinks: In terms of SKS Indigenous Technologies, this is an area of the business that we are very proud of and what we have achieved in a very short period of time. We feel we are making really meaningful contributions to Indigenous households by providing job opportunities. We now have over 43 Indigenous people working within the business. FY26 saw revenues of AUD 28.6 million and a net profit after tax of AUD 432,000. For those that are not aware, SKS Indigenous Technologies is a for-profit business, and we use the opportunities that come through that business in order to support future pathways for Indigenous people, as well as providing back to community through a number of initiatives. Really pleased with the result of SKS Indigenous Technologies and how that continues to develop.

Speaker #4: We feel we are making really meaningful contributions to Indigenous households by providing job opportunities. We now have over 43 Indigenous people working within the business.

Speaker #4: FY26 saw revenues of $28.6 million and a net profit after tax of $432,000. For those that aren't aware, SKS Indigenous Technologies is a for-profit business.

Speaker #4: And we use the opportunities that come through that business in order to support future pathways for Indigenous people, as well as providing back to the community through a number of initiatives.

Speaker #4: So, really pleased with the result of SKS Indigenous Technologies and how that continues to develop. We've spent too much time on this, but some of the major projects that we've either commenced or completed through FY26: New Footscray Hospital was the largest health project that has ever been done in Victoria, where we did the audio-visual services for.

Matthew Jinks: I will not spend too much time on this, but some of the major projects that we have either commenced or completed through FY26. New Footscray Hospital was the largest health project that has ever been done in Victoria, where we did the audiovisual services for, and now that that project is at a completion, it is up for a number of the industry awards. So really proud of what the team has delivered there. We are involved in the redevelopment of the Westfield Mt Gravatt in Queensland. Just coming to the final stages of handover for Mallo 1C, which is the third project that we have done for STACK Infrastructure as part of that Mallo 1 facility. 52 megawatts of completed data center capacity being handed over, and the team has done a great result there. Thanks, Simon. In terms of the safety for us is of paramount importance.

Speaker #4: And now that that project's at completion, it is up for a number of the industry awards. So, really proud of what the team has delivered there.

Speaker #4: We're involved in the redevelopment of the Westfield in Mount Gravatt in Queensland, and just coming to the final stages of handover for Mellow 1C, which is the third project that we've done for Stack Infrastructure as part of that Mellow 1 facility.

Speaker #4: Fifty-two megawatts of completed data center capacity is being handed over, and the team has achieved a great result there. Thanks, Simon. In terms of safety, for us it is of paramount importance.

Speaker #4: We have an increasingly growing workforce, with a 22.7% increase in the number of employees throughout FY26 and a 32.1% increase in productive working hours in FY25.

Matthew Jinks: We have a much, an increasingly growing workforce, 22.7% increase in number of employees throughout FY26, and a 32.1% increase in productive working hours on FY25. So you can see as you have gone through the last 5 years there, significant changes in our employee numbers. With more employees and more productive working hours, brings a higher risk to injury, and we have a very rigorous focus and safety plans associated with that. Very pleased to report that we have had no lost time injuries throughout FY26, and certainly no serious injuries over the last 12-year history of the business. So, a fantastic safety record, and we continue to maintain that. Thanks, Simon.

Speaker #4: So you can see as you've gone through the last five years there, significant changes in our employee numbers. With more employees and more productive a higher risk to injury.

Speaker #4: And we have a very rigorous focus and safety plans associated with that. I'm very pleased to report that we've had no lost time injuries throughout FY26.

Speaker #4: And certainly no serious injuries over the last 12-year history of the business. So, a fantastic safety record, and we continue to maintain that. Thanks, Simon.

Speaker #4: So I guess in terms of in summary, the current state of the business and the outlook and the outlook where we find ourselves, we do find ourselves in an area where there is an unrelenting market demand across all of the market sectors that we work in.

Matthew Jinks: I guess in terms of, in summary, the current state of the business and the outlook where we find ourselves, we do find ourselves in an area where there is an unrelenting market demand across all of the market sectors that we work in, but particularly accelerating in growth forecast in terms of the data center sector. We have a really large and growing and accelerating pipeline that is coming in behind that, again, led by the data center sector. We do feel that we remain flexible in terms of our growth strategy, whether that be organic, where we have got a lot more to get out of that off the back of laying some really strong foundations over the last 5 years or so. We will continue to remain opportunistic to acquisitions. We are not working on anything at the moment, but we will continue to remain opportunistic to that.

Speaker #4: But particularly, accelerating growth forecasts in terms of the data center sector. We have a really large, growing, and accelerating pipeline that's coming in behind that.

Speaker #4: Again, led by the data center sector. We do feel that we remain flexible in terms of our growth strategy, whether that be organic—where we've got a lot more to get out of that off the back of laying some really strong foundations over the last five years or so.

Speaker #4: We will continue to remain opportunistic with acquisitions. We're not working on anything at the moment, but we will continue to remain opportunistic in that regard.

Speaker #4: And if we do feel something aligns with the overarching strategy of the business, we'll have a closer look at that. We feel that we've got a solid level of working capital, and we have a strong ability to fund the future growth of the business.

Matthew Jinks: If we do feel something aligns with the overarching strategy of the business, we will have a closer look at that. We feel that we have got a solid level of working capital, and we have a strong ability to fund the future growth of the business. We continue to see strong support from Commonwealth Bank in terms of increasing our bank facilities. When you sort of wrap your arms around that, we feel that the ability to grow and take advantage of our opportunities, we can do comfortably. The operating platform of the business, we will continue to have a strong focus on that and making sure that we provide efficiencies to all of the people within the business to make it easy to get such a growing and increasing large number of projects delivered.

Speaker #4: We continue to see strong support from Commonwealth Bank in terms of increasing our bank facilities. And so, when you sort of wrap your arms around that, we feel that we have the ability to grow and take advantage of our opportunities.

Speaker #4: We can do comfortably. The operating platform of the business will continue to have a strong focus on that, and making sure that we provide efficiencies to all of the people within the business, to make it easy to get such a growing and increasingly large number of projects delivered.

Speaker #4: And when you sort of, I guess, wrap all that up, we're comfortable in saying that our FY27 forecast earnings will be roughly, or approximately, $500 million of revenue, with a $60 million representation of profit before tax.

Matthew Jinks: And when you sort of, I guess, wrap all that up, we are comfortable in saying that our FY27 forecast earnings will be roughly or approximately AUD 500 million of revenue, with a AUD 60 million representation of profit before tax. Thank you, and might hand it back to you, Simon, for any questions.

Speaker #4: So, thank you. I might hand it back to you, Simon, for any questions.

Speaker #1: All right. Thanks, Matthew. And thanks, Gary, as well. Just before we get to some of the analysts, I always have a couple of questions come through.

[Company Representative] (SKS Technologies): Thanks for that, Matthew, and thanks, Gary, as well. Just before we get to some of the analysts, I just had a couple of questions come through. What is factored into the AUD 500 million revenue guidance in terms of work in hand, win and do, and the Delta incremental contribution?

Speaker #1: What's factored into the $500 million revenue guidance in terms of work in hand, when in due, and the delta incremental contribution?

Speaker #2: Yeah. So we start the year with $312 million. You'll see that in the traditional revenue of the business. And we often talk about $10 to $11 million every month that we need to win and do just as business as usual.

Matthew Jinks: Yeah. We start the year with AUD 312 million. You will see in the traditional revenue of the business, and we sort of often talk about AUD 10 to AUD 11 million every month that we need to win and do just as business as usual. I think when you look at the FY26 traditional revenue number of AUD 140 million, that effectively, in essence, almost puts it as a starting position of AUD 450 million. Roughly AUD 50 million of work that needs to be won and done for the balance of the financial year. Whilst we have, I would say, some really strong conviction around converting our pipeline, that is yet to be done. We are comfortable in saying 500. We have obviously got a bit of work to do to win and do that AUD 50 million.

Speaker #2: So I think when you look at the FY26 traditional revenue number of $140 million, that effectively, in essence, almost puts it at a starting position of $450 million.

Speaker #2: So, roughly $50 million of work that needs to be won and done over the balance of the financial year. So, whilst we have, I would say, some really strong conviction around converting our pipeline, that's yet to be done.

Speaker #2: So we're comfortable in saying 500. We've obviously got a bit of work to do to win and do that $50 million, but depending on project timings and things like that, there might be opportunity to increase that in time.

Matthew Jinks: But depending on project timings and things like that, there might be opportunity to increase that in time. But for now, that is what we are comfortable in saying.

Speaker #2: But for now, that's what we're comfortable in saying.

Speaker #1: Great, thanks, Matthew. Just a quick question around Stack and potentially being up for sale. Does the change in ownership affect SKS at all, or is the data center operator removed from the head contractor's decision?

[Company Representative] (SKS Technologies): Great. Thanks, Matthew. Just a quick question around STACK and potentially being up for sale. Does a change in ownership affect SKS at all, or is the data center operator removed from the head contractor's decision?

Speaker #2: Yeah, so we don't. So we actually saw that with AirTrunk a couple of years ago when AirTrunk sold. That actually didn't affect us at all.

Matthew Jinks: Yeah. We don't. We actually saw that with AirTrunk a couple of years ago when AirTrunk sold, that actually didn't affect us at all. Actually, if anything, accelerated what their plans and growth strategic direction look like. No, I don't see that as halting in what they're doing. I don't think businesses buy other businesses and then stop what they're doing. I think they will take that on and maybe even accelerate what they're doing. They certainly have quite a number of years of activity in their pipeline, so I'm not concerned about that.

Speaker #2: Actually, if anything, it accelerated what their plans and growth strategic direction look like. So, no, I don't see that as—I don't see that as halting what they're doing.

Speaker #2: I don't think businesses buy other businesses and then stop what they're doing. I think they will take that on and maybe even accelerate what they're doing.

Speaker #2: And yeah, they certainly have quite a number of years of activity in their pipeline, so I'm not concerned about that.

Speaker #1: Asking a question, James. Phil, is it Morgan's? James, please go ahead.

[Company Representative] (SKS Technologies): I've just got a question, James Fillis at Morgans. James, please go ahead.

[Company Representative] (SKS Technologies): I've just got a question, James Filius at Morgans. James, please go ahead.

Speaker #3: Hey guys, thanks for that. Can you hear me? Yep. Well, congratulations on a fantastic result. I guess just one question from me to start off with.

James Fillis: Hey, guys. Thanks for that. Can you hear me?

James Filius: Hey, guys. Thanks for that. Can you hear me?

Matthew Jinks: Yes.

[Company Representative] (SKS Technologies): Thanks, James.

James Fillis: Well, congratulations on a fantastic result. I guess just one question from me to start off with. Obviously, you've seen quite a marked step up in your pipeline even just from May. Can you sort of give us a feel for whether that expansion of projects that currently exist in your pipeline or whether it's new work being tendered and maybe just the composition, is it still very much Victoria-centric, or can we expect to see now that you're integrated Delta Elcom, some more New South Wales-based projects in the mix?

James Filius: Well, congratulations on a fantastic result. I guess just one question from me to start off with. Obviously, you've seen quite a marked step up in your pipeline even just from May. Can you sort of give us a feel for whether that expansion of projects that currently exist in your pipeline or whether it's new work being tendered and maybe just the composition, is it still very much Victoria-centric, or can we expect to see now that you're integrated Delta Elcom, some more New South Wales-based projects in the mix?

Speaker #3: Obviously, you've seen quite a marked step up in your pipeline, even just from May. Can you give us a sense of whether that's due to an expansion of projects that already exist in your pipeline, or whether it's new work being tendered?

Speaker #3: And maybe just the composition — is it still very much Victoria-centric, or can we expect to see, now that you've sort of integrated Delta or Belcom, some more New South Wales-based projects in the mix?

Speaker #2: Yeah, sure. Thanks for the question, James. So, in May, we were talking about a billion dollars on that pipeline, and now, obviously, it's jumped up to $1.5 billion.

Matthew Jinks: Yeah, sure. Thanks for the question, James. In May, we were talking AUD 1 billion on that pipeline, and now obviously jumping up to AUD 1.5 billion. By and large, it's for existing customers that we've traditionally worked for. And it's either further growth in existing facilities or in one case, it's the next facility for that company. By and large, in summary, it's for the customers that we've traditionally worked for. More work within existing plant facilities. And in one case, it's their next campus.

Speaker #2: By and large, it's for existing customers that we've traditionally worked for. And it's either further growth in existing facilities, or in one case, it's the next facility for that company.

Speaker #2: So, by and large, yeah, in summary, it's for the customers that we've traditionally worked for—more work within existing planned facilities. And in one case, it's their next campus.

Speaker #1: And yeah, very Victorian-centric as well. Yeah.

Matthew Jinks: Yeah.

Matthew Jinks: And very Victorian-centric as well.

Speaker #3: Understood. And maybe just another one from me. Obviously, you've talked to Delta Welcome and the integration of that business. I think when you acquired it, you called out that it was about a $25 million revenue sort of run-rate business.

James Fillis: Understood. Maybe just another one from me. Obviously, you've talked to Delta Elcom and the integration of that business. I think when you acquired it, you called out that they're about a AUD 25 million in revenue sort of run rate business. Now that you've integrated it in, or you haven't yet seen any material contract wins out of that New South Wales side of things yet. But how should we think about the ambitions for that business over the next few years and how that ties into your existing business, and I guess your presence in Victoria?

James Filius: Understood. Maybe just another one from me. Obviously, you've talked to Delta Elcom and the integration of that business. I think when you acquired it, you called out that they're about a AUD 25 million in revenue sort of run rate business. Now that you've integrated it in, or you haven't yet seen any material contract wins out of that New South Wales side of things yet. But how should we think about the ambitions for that business over the next few years and how that ties into your existing business, and I guess your presence in Victoria?

Speaker #3: Now that you've integrated it in, we haven't yet sort of seen any material contract wins out of that New South Wales side of things yet.

Speaker #3: But how should we think about the ambitions of that business over the next few years, and how that ties into your existing business and, I guess, your presence in Victoria?

Speaker #2: Yeah, sure. Well, I guess it's coming off a relatively low base, being a $25 million business. And so, when you talk about materiality, some of the projects that they may convert are material in the sense of what was Delta Elcom—maybe not so much material for what is the group now.

Matthew Jinks: Well, I guess it's coming off a relatively low base, being a AUD 25 million business. When you talk about materiality, some of the projects that they may convert is material in the sense from what was Delta Elcom, maybe not so much the material for what is the group now. It would typically do work up to AUD 5 million. We are now tendering opportunities that are north of that, more in that AUD 10 million to AUD 15 million range. We're not working on any major facility in New South Wales using the Delta Elcom business that looks like the size of contracts that you see in Victoria. We've widely spoken about that because we do feel it needs to be a stepped approach. You will continue to see growth in that field. We have an expectation to see growth in that business.

Speaker #2: It would typically kind of do work up to, sort of, $5 million. We are now, sort of, tendering opportunities that are north of that.

Speaker #2: More in that sort of $10 to $15 million range. We're not working on any major facility in New South Wales using the Delta Elcom business that looks like the size of contracts that you see in Victoria.

Speaker #2: And we've widely spoken about that because we do feel it needs to be a stepped approach. And so you will continue to see growth in that, or we have an expectation to see growth in that business.

Speaker #2: But it is going to be off the back of maybe contracts that are material to what was Delta Elcom, but maybe not material to the group at this point in time.

Matthew Jinks: But it is going to be off the back of maybe contracts that are material to what was Delta Elcom, but maybe not material to the group at this point in time.

Speaker #3: Understood. Thanks for that. Yeah, yeah, that makes sense. Thanks, guys. Appreciate it. I'll jump back in the queue.

James Fillis: Understood. Thanks for that.

James Filius: Understood. Thanks for that.

Matthew Jinks: Yeah.

James Fillis: Yeah, that makes sense. Thanks, guys. Appreciate it. I will jump back in the queue.

James Filius: Yeah, that makes sense. Thanks, guys. Appreciate it. I will jump back in the queue.

Speaker #1: Thanks, James. Just next up, we've got Warren Jeffries at Kennecott. Warren, please go ahead.

Matthew Jinks: Thanks, James.

[Company Representative] (SKS Technologies): Thanks, James. Just next up, we have Warren Jeffries at Canaccord. Warren, please go ahead.

Speaker #4: Thanks, Simon. Yeah, guys, just on their pipeline though, just how quick do you think it converts into contracted work on the data center side?

Warren Jeffries: Thanks, Simon. Yeah, guys, just on that pipeline, though, just how quick do you think it converts into contracted work on the data center side?

Speaker #2: Yeah, thanks, Warren. I mean, there are a lot of variables that are outside of our control when it comes to the timing of conversions.

Matthew Jinks: Thanks, Warren. There's a lot of variables that are outside of our control when it comes to timing of conversions. All of these projects are at different stages in terms of their life cycle. We announced a little while ago, four weeks or so ago, around the AUD 28 million early works package for the next campus for a particular customer. That's obviously, you would think, is going to happen a bit quicker than others, where they aren't turning dirt and digging holes at this point in time. I think when you look at the whole sort of AUD 1.5 billion of pipeline, it's probably a different answer for each customer and each campus when you get in behind the detail. Then it's subject to those sorts of variables that might change a contract award.

Speaker #2: All of these projects are at different stages in terms of their life cycle. We announced a little while ago—about four weeks or so ago—around the $28 million early works package for the next campus for a particular customer.

Speaker #2: That's obviously, you would think, going to happen a bit quicker than others where they aren't turning dirt and digging holes at this point in time.

Speaker #2: I think when you look at the whole, sort of, $1.5 billion of pipeline, it's probably a different answer for each customer and each campus when you're sort of getting behind the detail.

Speaker #2: And then it’s subject to those sorts of variables that might change a contract award. But we would like to think that, probably over the next sort of 6 to 12 months, we would have an answer on that pipeline.

Matthew Jinks: We would like to think that probably, over the next six to 12 months, we would have an answer on that pipeline. Then you're looking at a 2.5 to 3-year build-out with some of the size of the facilities, just to talk quite high level, if that answers your question.

Speaker #2: And then you sort of looking at a 2 and a half to 3-year kind of build out with some of the size of the facilities if just to sort of talk quite high level with that if that answers your question.

Speaker #4: Yep, understand. And just with another geography, such as South Australia or WA—as in, given the amount of work going on there or potentially going on there down the track—your existing relationships there and your footprint there, given there is some established footprint for you guys over there?

Warren Jeffries: Yep, understand. Just with potentially, in other geographies, such as South Australia or WA, I guess given the amount of work going on there or potentially going on there down the track, your existing relationships there and your footprint there, given there is some established footprint for you guys over there.

Speaker #2: Yeah, so South Australia has for a long time—probably until the Delta acquisition—been our second largest branch. And so we already have, we sort of hover between 80 to 100 resources in South Australia.

Matthew Jinks: Yeah. South Australia is, for a long time, probably until the Delta acquisition, has been our second-largest branch. So we sort of hover between 80 to 100 resources in South Australia.

Speaker #2: We're coming towards the end of a data center in Darwin, which has sort of been facilitated between Melbourne with its skill set and the local workforce in Darwin.

Warren Jeffries: Yep.

Matthew Jinks: We're coming towards the end of a data center in Darwin, which has sort of been facilitated between Melbourne, with its skill set, and the local workforce in Darwin. We could probably do something similar in South Australia should the right opportunity arise. Western Australia, we've been in Western Australia for over 10 years. It's a relatively small workforce. In the last couple of months, we have introduced a new general manager to that business to focus a little bit more on the Perth region as opposed to some of the mining work that we've traditionally done over in Western Australia. We do have expectation and ambition to organically grow what we're doing in Perth particularly. As opportunities arise, then we'll assess those opportunities.

Speaker #2: We can probably do something similar in South Australia, should the right opportunity arise. Western Australia—we've been in Western Australia for over 10 years.

Speaker #2: It's a relatively small workforce. In the last couple of months, we have introduced a new general manager to that business to focus a little bit more on the Perth region, as opposed to some of the mining work that we've traditionally done over in Western Australia. And we do have expectation and ambition to organically grow what we're doing in Perth, particularly.

Speaker #2: And as opportunities arise, then we'll assess those opportunities. But certainly, at this point in time, the big sort of major projects—we're seeing the most activity in Victoria, which suits us because Victoria, as you know, is our hometown.

Matthew Jinks: But certainly at this point in time, the big major projects, we're seeing the most activity in Victoria, which suits us because Victoria, as you know, is hometown.

Speaker #4: Yep. And I guess Northern Charity just remains, and always will remain, probably a smaller opportunity going forward.

Warren Jeffries: Yep. I guess Northern Territory just always will remain probably a smaller opportunity going forward.

Speaker #2: Yeah, yeah, yeah. Look, I mean, the data center that we're doing up there is a sizable project for what is Darwin. I mean, it's not as big as what you see in Victoria and New South Wales, obviously, but it's definitely a big project for what is Darwin.

Matthew Jinks: Yeah. Look, the data center that we're doing up there, it's a sizable project for what is Darwin. It's not as big as what you see in Victoria and New South Wales, obviously, but it's definitely a big project for what is Darwin. Darwin doesn't see the amount of skilled resources that you see in Melbourne and Sydney, obviously. So, much larger projects up there come with larger challenges in terms of logistics and getting the right people with the right skill set to do different facets of the projects. So, I think if there's any larger opportunity happening up in Darwin, we'd need to be measured in how we go about potentially facilitating that because it does need interstate support.

Speaker #2: Darwin doesn't see the amount of skilled resources that you see in Melbourne and Sydney, obviously. So, much larger projects up there come with larger challenges in terms of logistics and getting the right people with the right skill set to do different facets of the projects.

Speaker #2: So, I think if there's any sort of larger sort of opportunity happening up in Darwin, we'd need to be measured in how we go about potentially facilitating that, because it does need interstate support.

Speaker #4: Good one. No worries, guys. Thanks for that.

Speaker #1: Yeah, thanks, Warren. Before we go to another analyst, I'll just ask a question. There is talk in the US of data center overbuild and overcapacity.

Warren Jeffries: Good one. No worries, guys. Thanks for that.

Matthew Jinks: Yeah.

[Company Representative] (SKS Technologies): Thanks, Warren. Before we go to another analyst, we will just ask a question. There is talk in the US of data center overbuild and overcapacity. Is there a danger of this occurring in Australia in the next couple of years, and are we prepared if there is a slowdown in data center work?

Speaker #1: Is there a danger of this occurring in Australia in the next couple of years? And are we prepared if there's a slowdown in data center work?

Speaker #2: Look, I mean, from what we see, I would answer that as no. I mean, by the time a data center operator is building a facility, it's generally because there are already signed contracts for the tenancy.

Matthew Jinks: From what we see, I would answer that as no. By the time a data center operator is building a facility, it is generally because they have already signed contracts for the tenancy. Certainly the customers that we are working with. Look, there are a lot of people out there wanting to build data centers. There are your traditional data center operators and your hyperscalers that have been doing it for quite a number of years. But now you are starting to see property developers, you are starting to see companies that you have not heard of just pop up and wanting to build a data center. Maybe those companies are looking to build data centers with the philosophy of build it and they will come. I am not sure. Our efforts are not focused there. Our efforts are focused on the customers that we have traditionally worked with.

Speaker #2: So certainly the customers that we're working with—and look, there are a lot of people out there wanting to build data centers. There are your traditional data center operators and your hyperscalers that have been doing it for quite a number of years.

Speaker #2: But now you're starting to see property developers. You're starting to see companies that you haven't heard of just pop up and wanting to build a data center.

Speaker #2: Maybe those companies are looking to build data centers with the philosophy of "build it and they'll come." I'm not sure. Our efforts are not focused there.

Speaker #2: Our efforts are focused on the customers that we've traditionally worked with. Those customers traditionally signed contracts before they actually go and pull the trigger and build.

Matthew Jinks: Those customers traditionally sign contracts before they actually go and pull the trigger and build. With what is in our pipeline, you can comfortably see three to five years in terms of contracts that they have already signed, facilities and campuses that they have in planning to build. If we are on a project designing a project, and it has got two and a half, three years to run, it is because someone has already taken the tenancy. I would not put that in the class of overbuild at this point in time.

Speaker #2: And with what's in our pipeline, you can comfortably see three to five years in terms of contracts that they've already signed, facilities and campuses that they have in planning to build.

Speaker #2: And if we're on a project, designing a project, and it's got two and a half, three years to run, it's because someone's already taken the tenancy.

Speaker #2: So, I wouldn't put that in the class of 'overbuild' at this point in time.

Speaker #1: Thanks, Matthew. I just got a question from Nick Maxwell at Pack Partners. Nick, please go ahead.

[Company Representative] (SKS Technologies): Thanks, Matthew. I've just got a question from Nick Maxwell at PACT Partners. Nick, please go ahead.

[Company Representative] (SKS Technologies): Thanks, Matthew. I've just got a question from Nick Maxwell at PAC Partners. Nick, please go ahead.

Speaker #4: Thanks, guys. Thanks for taking the question. Well done again on the result. Just a first question, I guess, an extension of that last one—just around, I guess, council pushback and anything on that side of things. Are you seeing anything there?

Nick Maxwell: Thanks, guys. Thanks for taking the question, and well done again on the result. Just a first question, I guess an extension of that last one, just around council pushback and anything on that side of things. Are you seeing anything there?

Speaker #2: No, no, Nick, no. I suppose by the time projects come to us, that's already been handled. By the time a data center operator has come to us and is looking for us to get involved in a project from a design element, they've already got their HV connections.

Matthew Jinks: No, Nick, no. I suppose by the time projects come to us, that's already been handled. By the time a data center operator, excuse me, has come to us and looking for us to get involved in a project from a design element, they've already got their HV connections. They've already got their planning and approval permits, and it's really this project is now a live project. The early works order that we announced four weeks or so ago, they'd already done the demolition. They were already turning dirt, and the project is well underway. While there is a lot of publicity around community backlash around power, water, what data centers need to do in terms of requirements around where they're getting their energy from and renewables, that conversation is really happening well before it gets to us.

Speaker #2: They've already got their planning and approval permits, and it's really—this project is now a live project. The early works order that we announced, sort of four weeks or so ago, they'd already done the demolition.

Speaker #2: They were already turning dirt and the project is well underway. So, whilst there is a lot of publicity around community backlash regarding power and water—what data centers need to do in terms of requirements around where they're getting their energy from and renewables—that conversation is really happening well before it gets to us.

Speaker #2: So, yeah, certainly from our point of view, we haven't had a data center operator come to us saying, "We're not doing this project anymore because the council hasn't given us approval."

Matthew Jinks: So, certainly from our point of view, we haven't had a data center operator come to us saying, "We're not doing this project anymore because the council hasn't given us approval." We just haven't seen that.

Speaker #2: We just haven't seen that.

Speaker #4: Okay, perfect. Thanks, guys. And just on the, I guess, acquisition strategy you sort of spoke to, would you be looking at targeting, I guess, more traditional work away from data centers, or is there any sort of strategy, or is it just if something looks good, you might have a look at it?

Nick Maxwell: Yeah, perfect. Thanks, guys. On the, I guess, acquisition strategy you spoke to, would you be looking at targeting, I guess, more traditional work away from data centers, or is there any sort of strategy, or is it just if something looks good, you might have a look at it?

Speaker #2: Yeah, look, no, it's opportunistic. And again, we've sort of spoken to this before as well, whereby things come across our desk all the time.

Matthew Jinks: Yeah, look, no, it is opportunistic, and again, we have spoken to this before as well, whereby things come across our desk all the time. I had one yesterday, actually. It was in Southeast Queensland for a residential electrical contractor. Obviously, got zero appetite to do that. So those sorts of things come across our desk all the time. Sometimes it is a two-second email back. Sometimes we might fly somewhere and meet someone, where we do not have an acquisition strategy. We do not have a list of targets that we are pursuing. It is really more opportunistic, and if we feel that there is a particular region or a particular sector that we might want to accelerate our efforts, then we will have a close look at it, but we are not working on anything at the moment.

Speaker #2: Sometimes—I had one yesterday, actually. It was in Southeast Queensland for a residential electrical contractor. Obviously, I've got zero appetite to do that, so those sorts of things come across our desk all the time.

Speaker #2: Sometimes it's a two-second email back. Sometimes we might fly somewhere and meet someone, and we don't have an acquisition strategy. We don't have a list of targets that we're pursuing.

Speaker #2: It's really more opportunistic, and if we feel that there's a particular region or a particular sector that we might want to accelerate our efforts, then we'll have a close look at it. But we're not working on anything at the moment.

Speaker #1: And I’d just simply add to that, we certainly wouldn’t look to overpay for any acquisition.

Gary Beaton: I will just simply add to that, is we certainly would not look to overpay for any acquisition.

Speaker #4: Perfect. Thanks, guys. Much appreciated.

Nick Maxwell: Perfect. Thanks, guys. Much appreciated.

Speaker #1: That's the Q&A segment. I might just hand it back to you, Matthew, for closing remarks.

Gary Beaton: The Q&A segment, guys, I might just hand it back to you, Matthew, for closing remarks.

Speaker #2: Great. All right, no more questions? Well, thank you, everyone. Really appreciate your time for jumping on this morning and joining Gary and me to run through our FY26 results. We are very pleased.

Matthew Jinks: Great. All right. No more questions. Well, thank you everyone. Really appreciate your time for jumping on this morning and joining Gary and I to run through our FY26 results. We are very pleased with our FY26 performance, and probably more importantly, we are really comfortable about where the business finds itself, the work in hand that we have running into FY27, and the opportunities that continue to be presented to us. Yeah, we are certainly very buoyant about the future and looking forward to everyone being on the journey with us. So thank you for taking the time.

Speaker #2: With our FY26 performance, and probably more importantly, we're really comfortable about where the business finds itself—the work in hand that we have running into FY27, and the opportunities that continue to be presented to us.

Speaker #2: And yeah, we're certainly very buoyant about the future. And looking forward to everyone being on the journey with us. So thank you for taking the time.

Speaker #1: Thank you.

Gary Beaton: Thank you.

Operator: Goodbye

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