Full Year 2026 APA Group Earnings Call

August 20, 2026

Speaker #1: I'm joined by Garrick Rollason, our CFO, as well as our investor relations team. I'd like to acknowledge the Gadigal people of the Eora Nation, traditional custodians of the land on which I'm speaking.

Adam Watson: I'm joined by Garrick Rollason, our CFO, as well as our investor relations team. I'd like to acknowledge the Gadigal people of the Eora Nation, traditional custodians of the land on which I'm speaking. First Nations people have taken care of our lands and waterways for the past 60,000 years. We acknowledge and pay our respects to their elders, past and present. I'll start today's presentation with a safety share on slide 4. APA is a truly national business with assets and teams operating all over Australia. Most of our frontline workforce operate in remote and regional areas, and staying connected via telecommunication and technology platforms is a key part of staying safe. Which is why we've undertaken a program of work to enhance connectivity, including the deployment of a range of platforms such as Starlink across 70 of our operational sites.

Speaker #1: First Nations people have taken care of our lands and waterways for the past 60,000 years. We acknowledge and pay our respects to their elders past and present.

Speaker #1: I'll start today's presentation with a safety share. On slide 4, APA is a truly national business, with assets and teams operating all over Australia.

Speaker #1: Most of our frontline workforce operate in remote and regional areas. And staying connected via telecommunication and technology platforms is a key part of staying safe.

Speaker #1: Which is why we've undertaken a program of work to enhance connectivity, including the deployment of a range of platforms such as Starlink across 70 of our operational sites.

Speaker #1: This investment means our employees are better connected with our integrated operations center, they're better connected to their families and colleagues, and they have the tools to better organize and schedule how and when they undertake their day-to-day work on our assets.

Adam Watson: This investment means our employees are better connected with our integrated operation center, they're better connected to their families and colleagues, and they have the tools to better organize and schedule how and when they undertake their day-to-day work on our assets. In isolation, this is an important initiative to strengthen the safety and care of our people. But it's more than that. Enhancing our technology platforms in our remote sites allows our people to get on with the critical work they perform every day in both a safe and efficient way. On slide 5, we highlight three key takeaways from today's result. First, we've delivered a strong financial result. Underlying EBITDA is up an impressive 8.3% and ahead of the midpoint of guidance. EBITDA margins have expanded by 370 basis points, which we are incredibly proud of. Free cash flow is up 3.2%, also stronger than expectations.

Speaker #1: In isolation, this is an important initiative to strengthen the safety and care of our people. But it's more than that. Enhancing our technology platforms in our remote sites allows our people to get on with the critical work they perform every day in both a safe and efficient way.

Speaker #1: On slide 5, we highlight three key takeaways from today's result. First, we've delivered a strong financial result. Underlying EBITDA is up an impressive 8.3% and ahead of the midpoint of guidance.

Speaker #1: EBITDA margins have expanded by 370 basis points, which we are incredibly proud of. Free cash flow is up 3.2%, also stronger than expectations. We've exceeded our FY26 cost reduction target of 50 million dollars delivering total enterprise-wide cost reductions of 80 million dollars in the year.

Adam Watson: We've exceeded our FY26 cost reduction target of AUD 50 million, delivering total enterprise-wide cost reductions of AUD 80 million in the year, and this includes a 20.6% reduction in corporate costs. The annualized savings we've delivered are approximately AUD 100 million. Some of the cost savings reflect the benefits generated from simplifying our business, and this included the divestment of the networks and GDI operations that were no longer core to our growth strategy. The second key point is that our growth outlook is compelling and is supported by favorable market fundamentals. The role of gas in enabling the energy transition and ensuring energy reliability and affordability is now widely recognized. Over the past year, we've completed the Sturt Plateau Pipeline, our first project in the Beetaloo Basin, and an important project to bring this significant opportunity to life.

Speaker #1: And this includes a 20.6% reduction in corporate costs. The annualized savings we've delivered are approximately 100 million dollars. Some of the cost savings reflect the benefits generated from simplifying our business.

Speaker #1: And this included the divestment of the networks and GDI operations that were no longer core to our growth strategy. The second key point is that our growth outlook is compelling and is supported by favorable market fundamentals.

Speaker #1: The role of gas in enabling the energy transition and ensuring energy reliability and affordability is now widely recognized. Over the past year, we've completed the Stirp Plateau pipeline, our first project in the Betelgeuse Basin, and an important project to bring this significant opportunity to life.

Speaker #1: We've announced an agreement with CS Energy to deliver the BRIGOLO peaking power plant underlying the attractiveness of our GPG strategy. And we've announced further expansion of our East Coast gas grid via compression and the Baloo Interlink, and to complement this, we've also recently announced the expansion of the Southwest pipeline in Victoria.

Adam Watson: We've announced an agreement with CS Energy to deliver the Brigalow Peaking Power Plant, underlying the attractiveness of our GPG strategy. We've announced further expansion of our East Coast Gas Grid via compression and the Bulloo Interlink, and to complement this, we've also recently announced the expansion of the South West Pipeline in Victoria. The third key point is that APA has a strong balance sheet with the capacity to fund growth, grow distributions, and maintain credit metrics. Our FY27 to 29 organic growth pipeline has increased from AUD 3 billion to AUD 3.5 billion, reflecting the strong growth we see across our target markets. We're taking a disciplined approach to progressing the right opportunities with the highest returns that are well above our cost of capital, and we have the balance sheet capacity to fund this. Slide 6 sets out our financial highlights in more detail.

Speaker #1: The third key point is that APA has a strong balance sheet. With the capacity to fund growth, grow distributions, and maintain credit metrics. Our FY27 to 29 organic growth pipeline has increased from 3 billion dollars to 3.5 billion dollars, reflecting the strong growth we see across our target markets.

Speaker #1: We're taking a disciplined approach to progressing the right opportunities with the highest returns. Returns that are well above our cost of capital. And we have the balance sheet capacity to fund this.

Speaker #1: Slide 6 sets out our financial highlights in more detail. As mentioned, we've delivered 8.3% growth in underlying EBITDA, and our EBITDA margins expanded by 370 basis points.

Adam Watson: As mentioned, we have delivered 8.3% growth in underlying EBITDA, and our EBITDA margins expanded by 370 basis points. This was driven by robust asset operations across the portfolio, along with contributions from new assets, inflation-linked tariff escalation, and the enterprise-wide cost reductions. We see earnings growth continuing into FY27, having announced today FY27 underlying EBITDA guidance of between AUD 2.26 billion and AUD 2.34 billion. The midpoint of this range would represent a 5.4% increase on FY26, which would be another excellent result. Our distributions for the full year FY26 totaled AUD 0.58 per security, marking our 22nd consecutive year of distribution growth. We expect growth to continue into FY27, announcing today distribution guidance of AUD 0.59 per security for the year ahead. Slide 7 sets out a number of performance highlights across our key non-financial metrics. We recorded zero actual serious harm incidents. We are incredibly proud of this.

Speaker #1: This was driven by robust asset operations across the portfolio, along with contributions from new assets inflation-linked tariff escalation and the enterprise-wide cost reductions. We see earnings growth continuing into FY27, having announced today FY27 underlying EBITDA guidance of between 2.26 billion dollars and 2.34 billion dollars.

Speaker #1: The midpoint of this range would represent a 5.4% increase on FY26, which would be another excellent result. Our distributions for the full year FY26 totaled 58 cents per security, marking our 22nd consecutive year of distribution growth.

Speaker #1: We expect growth to continue into FY27, announcing today distribution guidance of 59 cents per security for the year ahead. Slide 7 sets out a number of performance highlights across our key non-financial metrics.

Adam Watson: Slide 7 sets out a number of performance highlights across our key non-financial metrics. We recorded zero actual serious harm incidents. We are incredibly proud of this. Our methane abatement and compressor efficiency work contributed to a 21% reduction in gross emissions across our gas infrastructure portfolio against our FY21 baseline. Notably, this was achieved without the surrender of any carbon credits in FY26 to meet our Safeguard Mechanism requirements. Our employee experience score was a solid 68% during a period of significant change for our people. I would like to thank all APA employees for their perseverance and resilience over the past 12 months, and for their continued uplift in our focus on customer experience and service delivery.

Speaker #1: We recorded zero actual serious harm incidents. We're incredibly proud of this. Our methane abatement and compressor efficiency work contributed to a 21% reduction in gross emissions across our gas infrastructure portfolio, against our FY21 baseline.

Adam Watson: Our methane abatement and compressor efficiency work contributed to a 21% reduction in gross emissions across our gas infrastructure portfolio against our FY21 baseline. Notably, this was achieved without the surrender of any carbon credits in FY26 to meet our Safeguard Mechanism requirements. Our employee experience score was a solid 68% during a period of significant change for our people. I would like to thank all APA employees for their perseverance and resilience over the past 12 months, and for their continued uplift in our focus on customer experience and service delivery. We continue to improve gender representation, increasing our representation of women to 34.2%, which is well ahead of industry benchmarks. We continued to deliver against our reconciliation action plan commitments, with ongoing progress on cultural awareness and First Nations supplier engagement. Moving now to our strategy and market dynamics on Slide 9. Our strategy remains unchanged.

Speaker #1: Notably, this was achieved without the surrender of any carbon credits in FY26 to meet our safeguard mechanism requirements. Our employee experience score was a solid 68% during a period of significant change for our people.

Speaker #1: I'd like to thank all APA employees for their perseverance and resilience over the past 12 months. And for their continued uplift in our focus on customer experience and service delivery.

Speaker #1: We continue to improve gender representation increasing our representation of women to 34.2%, which is well ahead of industry benchmarks. And we continue to deliver against our reconciliation action plan commitments, with ongoing progress on cultural awareness and First Nations supplier engagement.

Adam Watson: We continue to improve gender representation, increasing our representation of women to 34.2%, which is well ahead of industry benchmarks. We continued to deliver against our reconciliation action plan commitments, with ongoing progress on cultural awareness and First Nations supplier engagement. Moving now to our strategy and market dynamics on Slide 9. Our strategy remains unchanged. We are focused on building networks through the development of assets under long-term, capacity-based, inflation-linked contracts. We continue to strengthen our capabilities in our core growth markets of gas transmission and storage and contracted power generation. This includes having built competitive advantages through initiatives such as our strategic partnerships with the likes of Siemens Energy, GE Vernova, and Solar Turbines for the procurement of turbines and associated power generation equipment.

Speaker #1: Moving now to our strategy and market dynamics on slide 9. Our strategy remains unchanged. We're focused on building networks through the development of assets under long-term capacity-based inflation-linked contracts.

Adam Watson: We are focused on building networks through the development of assets under long-term, capacity-based, inflation-linked contracts. We continue to strengthen our capabilities in our core growth markets of gas transmission and storage and contracted power generation. This includes having built competitive advantages through initiatives such as our strategic partnerships with the likes of Siemens Energy, GE Vernova, and Solar Turbines for the procurement of turbines and associated power generation equipment. We remain confident that we have the business focused on the right key markets, and that our diversification enables us to create value within a dynamic energy market. This is all in the pursuit of providing opportunities for our people, strengthening our communities, creating value for our customers, and capturing value for you, our security holders. Our organic growth pipeline for FY27 to FY29 is now AUD 3.5 billion, as outlined on Slide 10.

Speaker #1: We continue to strengthen our capabilities in our core growth markets of gas transmission and storage, and contracted power generation. This includes having built competitive advantages through initiatives such as our strategic partnerships with the likes of Siemens Energy, GE Vernova, and Solar Turbines for the procurement of turbines and associated power generation equipment.

Speaker #1: We remain confident that we have the business focused on the right key markets and that our diversification enables us to create value within a dynamic energy market.

Adam Watson: We remain confident that we have the business focused on the right key markets, and that our diversification enables us to create value within a dynamic energy market. This is all in the pursuit of providing opportunities for our people, strengthening our communities, creating value for our customers, and capturing value for you, our security holders. Our organic growth pipeline for FY27 to FY29 is now AUD 3.5 billion, as outlined on Slide 10. The bulk of this is made up of projects already announced to the market, such as the East Coast Gas Grid Expansion, the South West Pipeline Expansion, the Brigalow Peaking Power Plant and Lateral Pipeline, and the Sybella Solar and Battery Project we announced today. Looking beyond the AUD 3.5 billion pipeline, we also continue to progress a number of attractive longer-term opportunities.

Speaker #1: This is all in the pursuit of providing opportunities for our people, strengthening our communities, creating value for our customers, and capturing value for you our security holders.

Speaker #1: Our organic growth pipeline for FY27 to FY29 is now 3.5 billion dollars, as outlined on slide 10. The bulk of this is made up of projects already announced to the market, such as the East Coast gas grid expansion, the Southwest pipeline expansion, the BRIGOLO peaking power plant, and lateral pipeline, and the Sobela Solar and Battery project we announced today.

Adam Watson: The bulk of this is made up of projects already announced to the market, such as the East Coast Gas Grid Expansion, the South West Pipeline Expansion, the Brigalow Peaking Power Plant and Lateral Pipeline, and the Sybella Solar and Battery Project we announced today. Looking beyond the AUD 3.5 billion pipeline, we also continue to progress a number of attractive longer-term opportunities. Of particular focus are the opportunities in the Beetaloo Basin, gas-powered generation to support the ongoing introduction of renewables into our power grids, and behind-the-meter solutions for our remote mining customers and our emerging AI and data center customers. I will now quickly step you through an update on some of our larger projects in the coming slides, starting with the East Coast Gas Grid Expansion on Slide 11.

Speaker #1: Looking beyond the 3.5 billion dollar pipeline, we also continue to progress a number of attractive longer-term opportunities. Of particular focus are the opportunities in the Betelgeuse Basin, gas power generation to support the ongoing introduction of renewables into our power grids, and behind-the-meter solutions for our remote mining customers and our emerging AI and data center customers.

Adam Watson: Of particular focus are the opportunities in the Beetaloo Basin, gas-powered generation to support the ongoing introduction of renewables into our power grids, and behind-the-meter solutions for our remote mining customers and our emerging AI and data center customers. I will now quickly step you through an update on some of our larger projects in the coming slides, starting with the East Coast Gas Grid Expansion on Slide 11. In February 2026, we announced Stage 3 of our East Coast Gas Grid Expansion plan to increase the capacity of the East Coast network by around 30%. This builds on the 25% increase in north-to-south capacity that we have already delivered since 2023.

Speaker #1: I'll now quickly step you through an update on some of our larger projects in the coming slides. Starting with the East Coast gas grid expansion, on slide 11.

Speaker #1: In February 2026, we announced stage three of our East Coast gas grid expansion plan to increase the capacity of the East Coast network by around 30%.

Adam Watson: In February 2026, we announced Stage 3 of our East Coast Gas Grid Expansion plan to increase the capacity of the East Coast network by around 30%. This builds on the 25% increase in north-to-south capacity that we have already delivered since 2023. Our announcement in February included final investment decision of AUD 260 million on Stage 3A to deliver three new compressors to increase north-to-south capacity for winter 2029. We are also investing AUD 220 million in Stage 3B to continue early works and procurement of long lead items for the Bulloo Interlink. The environmental assessments are now underway. The market need for our Stage 3 expansion plan has always been very clear. It represents a timely and cost-competitive solution to predicted southern market supply shortfalls, and also supports the ongoing role that gas will play to firm renewables over time.

Speaker #1: This builds on the 25% increase in North to South capacity that we've already delivered since 2023. Our announcement in February included final investment decision of 260 million dollars on stage three A to deliver three new compressors to increase North to South capacity for winter 2029.

Adam Watson: Our announcement in February included final investment decision of AUD 260 million on Stage 3A to deliver three new compressors to increase north-to-south capacity for winter 2029. We are also investing AUD 220 million in Stage 3B to continue early works and procurement of long lead items for the Bulloo Interlink. The environmental assessments are now underway. The market need for our Stage 3 expansion plan has always been very clear. It represents a timely and cost-competitive solution to predicted southern market supply shortfalls, and also supports the ongoing role that gas will play to firm renewables over time. With the federal government's proposed domestic gas reservation requirements now progressing, we are seeing a positive shift in sentiment and appetite for this increased capacity.

Speaker #1: We're also investing 220 million in stage three B to continue early works and procurement of long lead items for the blue interlink. The environmental assessments are now underway.

Speaker #1: The market need for our stage three expansion plan has always been very clear. It represents a timely, and cost-competitive solution to predicted southern market supply shortfalls.

Speaker #1: And also supports the ongoing role that gas will play to firm renewables over time. With the federal government's proposed domestic gas reservation requirements now progressing, we're seeing a positive shift in sentiment and appetite for this increased capacity.

Adam Watson: With the federal government's proposed domestic gas reservation requirements now progressing, we are seeing a positive shift in sentiment and appetite for this increased capacity. We have great confidence in APA's expansion plan and that it will deliver benefits for our customers and security holders, just as our previous expansions along this corridor have done. The Australian Energy Regulator's recent decision to approve APA's South West Pipeline Expansion is further evidence that the demand for expansion is there. Moving now to Slide 12. We have significantly progressed our work to help bring the Beetaloo Basin to life. Phase 1 of our development in the Beetaloo is complete with construction of the Sturt Plateau Pipeline. First gas is due to flow shortly for the benefit of our communities and industry in Darwin. Phase 2 is progressing as we move forward with work related to the potential expansion of the SPP via additional compression.

Speaker #1: We have great confidence in APA's expansion plan and that it will deliver benefits for our customers and security holders. Just as our previous expansions along this corridor have done.

Adam Watson: We have great confidence in APA's expansion plan and that it will deliver benefits for our customers and security holders, just as our previous expansions along this corridor have done. The Australian Energy Regulator's recent decision to approve APA's South West Pipeline Expansion is further evidence that the demand for expansion is there. Moving now to Slide 12. We have significantly progressed our work to help bring the Beetaloo Basin to life. Phase 1 of our development in the Beetaloo is complete with construction of the Sturt Plateau Pipeline. First gas is due to flow shortly for the benefit of our communities and industry in Darwin. Phase 2 is progressing as we move forward with work related to the potential expansion of the SPP via additional compression.

Speaker #1: The AR's recent decision to approve APA's Southwest pipeline expansion is further evidence that the demand for expansion is there. Moving now to slide 12.

Speaker #1: We have significantly progressed our work to help bring the Betelgeuse Basin to life. Phase one of our development in the Betelgeuse is complete, with construction of the stirt plateau pipeline.

Speaker #1: First gas is due to flow shortly for the benefit of our communities and industry in Darwin. Phase two is progressing as we move forward with work related to the potential expansion of the SPP via additional compression.

Speaker #1: This is designed to support the ongoing commercialization of the basin for our upstream customers, and provide further energy security for Darwin. Phase three of our work in the Betelgeuse is focused on connecting the basin to domestic and regional LNG markets.

Adam Watson: This is designed to support the ongoing commercialization of the basin for our upstream customers and provide further energy security for Darwin. Phase 3 of our work in the Beetaloo is focused on connecting the basin to domestic and regional LNG markets. This is a significant multibillion-dollar opportunity for APA. APA's proposed North to East Australia Pipeline would deliver gas to Australia's East Coast Gas Grid and underwrite the extension of Australia's Gladstone LNG export facilities beyond the 2030s. The NEAP, as it is known, has progressed to the formal environmental assessment stage. Similarly, we are also progressing pipeline routes for APA's proposed Beetaloo to Darwin Pipeline, which would bring additional gas from the Beetaloo up to Darwin alongside APA's existing Amadeus Gas Pipeline. Moving to Slide 13. Investment in GPG capacity is essential to ensure Australia's energy system is cost-effective and reliable as we transition from baseload coal to intermittent renewables.

Speaker #1: This is a significant multi-billion dollar opportunity for APA. APA's proposed North to East Australian pipeline would deliver gas to Australia's East Coast gas grid and underwrite the extension of Australia's Gladstone LNG export facilities beyond the 2030s.

Speaker #1: The NEEP, as it's known, has progressed to the formal environmental assessment stage. Similarly, we're also progressing pipeline routes for APA's proposed Darwin to Betelgeuse pipeline, which would bring additional gas from the Betelgeuse up to Darwin, alongside APA's existing Amadeus pipeline.

Speaker #1: Moving to slide 13. Investment in GPG capacity is essential to ensure Australia's energy system is cost-effective and reliable. As we transition from baseload coal to intermittent renewables.

Adam Watson: Investment in GPG capacity is essential to ensure Australia's energy system is cost-effective and reliable as we transition from baseload coal to intermittent renewables. While batteries continue to play an important role to firm renewables, unlike GPG, batteries are unable to provide system strength to deal with the inertia of multiple intermittent renewable systems. in December 2025, APA was pleased to announce a partnership with CS Energy in Queensland to develop the 400-megawatt Brigalow Peaking Power Plant. We are in the process of finalizing that agreement, and we are making great progress with delivery, including civil and bulk earthworks, turbine procurement, and awarding major construction contracts. The project will connect into APA's Roma Brisbane Pipeline via a new lateral transport and storage pipeline, which is also being delivered by APA. Moving to Slide 14.

Speaker #1: While batteries continue to play an important role to firm renewables, unlike GPG, batteries are unable to provide system strength to deal with the inertia of multiple intermittent renewable systems.

Adam Watson: While batteries continue to play an important role to firm renewables, unlike GPG, batteries are unable to provide system strength to deal with the inertia of multiple intermittent renewable systems. in December 2025, APA was pleased to announce a partnership with CS Energy in Queensland to develop the 400-megawatt Brigalow Peaking Power Plant. We are in the process of finalizing that agreement, and we are making great progress with delivery, including civil and bulk earthworks, turbine procurement, and awarding major construction contracts. The project will connect into APA's Roma Brisbane Pipeline via a new lateral transport and storage pipeline, which is also being delivered by APA. Moving to Slide 14. We have progressed our development pipeline for remote contracted power generation in multiple locations. We are pleased to announce today an agreement with Evolution Mining to develop the Sibell Solar and Battery Project in Mount Isa.

Speaker #1: In December 2025, APA was pleased to announce a partnership with CS Energy in Queensland to develop the 400 megawatt BRIGOLO peaking power plant. We're in the process of finalizing that agreement, and we're making great progress with delivery, including civil and bulk earthworks, turbine procurement, and awarding major construction contracts.

Speaker #1: The project will connect into APA's Roma Brisbane pipeline via a new lateral transport and storage pipeline, which is also being delivered by APA. Moving to slide 14.

Speaker #1: We've progressed our development pipeline for remote contracted power generation in multiple locations. We're pleased to announce today an agreement with Evolution Mining to develop the Sybella Solar and Battery project in Mount Isa.

Adam Watson: We have progressed our development pipeline for remote contracted power generation in multiple locations. We are pleased to announce today an agreement with Evolution Mining to develop the Sibell Solar and Battery Project in Mount Isa. The AUD 259 million project will deliver low cost, low emissions energy to support Evolution's Ernest Henry operations and be firmed by APA's Diamantina Power Station. Sibell is a great example of how we've leveraged the skills and experience of the Pilbara energy team to bring this important project to life in Mount Isa. Our Pilbara business continues to perform strongly. We're progressing with planning and approvals for our strategic sites in the region, including the Newman Renewable Energy Hub, to support our customers who are committed to the decarbonization of their operations. I'll now hand you to Garrick to take you through detail of our financial performance.

Speaker #1: The 259 million dollar project will deliver low-cost, low-emissions energy to support Evolution's earnest Henry operations, and be firmed by APA's Diamantina power station. Sybella is a great example of how we've leveraged the skills and experience of the Pilbara Energy team to bring this important project to life in Mount Isa.

Adam Watson: The AUD 259 million project will deliver low cost, low emissions energy to support Evolution's Ernest Henry operations and be firmed by APA's Diamantina Power Station. Sibell is a great example of how we've leveraged the skills and experience of the Pilbara energy team to bring this important project to life in Mount Isa. Our Pilbara business continues to perform strongly. We're progressing with planning and approvals for our strategic sites in the region, including the Newman Renewable Energy Hub, to support our customers who are committed to the decarbonization of their operations. I'll now hand you to Garrick to take you through detail of our financial performance.

Speaker #1: Our Pilbara business continues to perform strongly. We're progressing with planning and approvals for our strategic sites in the region, including the Newman Renewable Energy Hub, to support our customers who are committed to the decarbonization of their operations.

Speaker #1: I'll now hand it to Garrick to take you through detail of our financial performance.

Speaker #2: Thanks, Adam. And good morning, everyone. FY26 represents a strong clean result. As we continue to execute on our growth strategy. I'm particularly pleased we're able to deliver cost reductions ahead of our target, and also growth in free cash flow.

Garrick Rollason: Thanks, Adam, and good morning, everyone. FY26 represents a strong, clean result as we continue to execute on our growth strategy. I'm particularly pleased we're able to deliver cost reductions ahead of our target and also growth in free cash flow. I'll start with our headline financials on slide 16. We have delivered strong growth in underlying EBITDA, up 8.3% for the year as the benefits of inflation-linked tariffs, earnings from new assets, and cost reductions were realized. Underlying EBITDA margin increased by 370 basis points to 77.9%. Free cash flow was up broadly in line with inflation through the benefits of higher earnings and cost reductions, partially offset by increased funding costs to support growth and cash tax payments. We delivered cost reductions ahead of our target. Moving to slide 17, where I'll step through drivers of our 8.3% uplift in underlying EBITDA.

Speaker #2: I'll start with our headline financials on slide 16. We have delivered strong growth in underlying EBITDA. Up 8.3% for the year. As the benefits of inflation-linked tariffs, earnings from new assets, and cost reductions were realized.

Speaker #2: Underlying EBITDA margin increased by 370 basis points, to 77.9%. Free cash flow was up broadly in line with inflation. Through the benefits of higher earnings and cost reductions.

Speaker #2: Partially offset by increased funding costs to support growth, and cash tax payments. And we delivered cost reductions ahead of our target. Moving to slide 17, where I'll step through drivers of our 8.3% uplift in underlying EBITDA.

Speaker #2: The combination of inflation-linked tariff escalation, and contributions from new assets, increased earnings by 136 million dollars. We delivered new earnings from the Curry Curry lateral, and Atlas to Reedy Creek pipelines.

Garrick Rollason: The combination of inflation-linked tariff escalation and contributions from new assets increased earnings by AUD 136 million. We delivered new earnings from the Kurri Kurri Lateral and Atlas to Reedy Creek pipelines, as well as a full-year contribution from the Port Hedland Solar and Battery, alongside inflation-linked tariff escalations across the portfolio. Pleasingly, we also delivered enduring enterprise-wide cost reductions of AUD 80 million, exceeding our target of AUD 50 million and including a 21% reduction in corporate costs. I'll have more to say on this on a subsequent slide. Offsetting these improvements was the expected loss of earnings from the sale of the non-core networks and GDI businesses, as we simplified the business to focus on our core strategy. We also saw lower earnings from VTS due to milder winter conditions this year, but this was partially offset by strong performance from our contracted power generation assets.

Speaker #2: As well as a full-year contribution from the Port Headland Solar and Battery. Alongside inflation-linked tariff escalations across the portfolio. Pleasingly, we also delivered enduring enterprise-wide cost reductions of 80 million dollars.

Speaker #2: Exceeding our target of 50 million dollars, and including a 21% reduction in corporate costs. I'll have more to say on this on a subsequent slide.

Speaker #2: Offsetting these improvements, was the expected loss of earnings from the sale of the non-core networks and GDI businesses. As we simplified the business to focus on our core strategy.

Speaker #2: We also saw lower earnings from VTS due to milder winter conditions this year. But this was partially offset by strong performance from our contracted power generation assets.

Speaker #2: Slide 18 summarizes the drivers of free cash flow. Which was up 3.2% to just over 1.1 billion dollars. Consistent with our previous statements, the uplift in underlying EBITDA was partially offset by higher interest, and cash tax paid.

Garrick Rollason: Slide 18 summarizes the drivers of free cash flow, which was up 3.2% to just over AUD 1.1 billion. Consistent with our previous statements, the uplift in underlying EBITDA was partially offset by higher interest and cash tax paid. Higher interest costs reflect increases in net debt to fund growth and a marginally higher average cost of debt. Higher cash tax reflects the continuation of tax installment payments, which recommenced in the H2 of last year. The change in working capital recorded in our H1 and primarily related to one-off timing impacts arising from the divested networks business, unwound in the H2 of the year. Beyond this, we expect to see free cash flow growing broadly in line with inflation as earnings continue to increase and tax normalizes. Now moving to slide 19 and an overview of CapEx.

Speaker #2: Higher interest costs reflect increases in net debt to fund growth, and a marginally higher average cost of debt. Higher cash tax reflects the continuation of tax installment payments, which recommenced in the second half of last year.

Speaker #2: The change in working capital recorded in our first half, and primarily related to one-off timing impacts arising from the divested networks business, unwound in the second half of the year.

Speaker #2: Beyond this, we expect to see free cash flow growing broadly in line with inflation, as earnings continue to increase, and tax normalizes. Now moving to slide 19, and an overview of CapEx.

Speaker #2: We continue to invest in projects to support long-term growth. Strengthen our foundations and maintain safe and reliable asset operations. We invested in growth capital expenditure, through early works on the East Coast Gas Grid expansion, the Sturt Plateau and Brigolow pipelines, and the Brigolow peaking power plant.

Garrick Rollason: We continue to invest in projects to support long-term growth, strengthen our foundations, and maintain safe and reliable asset operations. We invested in growth CapEx through early works on the East Coast Gas Grid Expansion, the Sturt Plateau and Brigalow pipelines, and the Brigalow Peaking Power Plant. As Adam said previously, we have increased our organic growth CapEx pipeline from AUD 3 billion to approximately AUD 3.5 billion over the next three years. All of this CapEx is consistent with our capital allocation framework, which is outlined in the appendix, and is targeted to achieve returns over our hurdle rate of at least 150 basis points above our post-tax WACC. Foundational CapEx was lower than guidance, primarily due to timing of projects, which see some expenditure move into FY27. But overall, our total spend on foundational CapEx remains unchanged.

Speaker #2: And as Adam said previously, we've increased our organic growth CapEx pipeline, from 3 billion dollars to approximately 3.5 billion dollars over the next three years.

Speaker #2: All of this capital expenditure is consistent with our capital allocation framework, which is outlined in the appendix. And is targeted to achieve returns over our hurdle rate of at least 150 basis points above our post-tax WAC.

Speaker #2: Foundational CapEx was lower than guidance, primarily due to timing of projects, which sees some expenditure move into FY27. But overall, our total spend on foundational CapEx remains unchanged.

Speaker #2: Same business CapEx was in line with guidance, and moving forward, we're expecting it to grow in line with inflation. I'll cover funding on the next slide.

Garrick Rollason: Same business CapEx was in line with guidance. Moving forward, we are expecting it to grow in line with inflation. I will cover funding on the next slide. We have existing balance sheet capacity to fund our AUD 3.5 billion organic growth pipeline over FY27 to FY29. This organic growth pipeline includes in-flight and identified growth projects across gas transmission and storage, GPG, remote grid, and other on-grid contracted power generation projects. Adam showed a breakdown of the AUD 3.5 billion on a previous slide. This strong balance sheet position, combined with active capital management and the predictable capacity-based inflation-linked revenues, leaves us well positioned to deliver on our AUD 3.5 billion of organic growth opportunities. Next, I will cover our strong progress on our cost reduction target on slide 21. The key message is we have delivered ahead of our target on our enterprise-wide cost reductions.

Speaker #2: We have existing balance sheet capacity to fund our 3.5 billion dollar organic growth pipeline over FY27 to FY29. This organic growth pipeline includes in-flight and identified growth projects across gas transmission and storage, GPG, remote grid, and other on-grid contracted power generation projects.

Speaker #2: Adam showed a breakdown of the 3.5 billion dollars on a previous slide. This strong balance sheet position, combined with active capital management, and the predictable capacity-based inflation-linked revenues, leaves us well positioned to deliver on our 3.5 billion dollars of organic growth opportunities.

Speaker #2: Next, I'll cover our strong progress on our cost reduction target on slide 21. The key message is, we have delivered ahead of our target, on our enterprise-wide cost reductions.

Speaker #2: We have delivered cost reductions of 80 million dollars in FY26. Exceeding our target of 50 million dollars. We achieved this by leveraging the foundational investments made into the business over the past three years.

Garrick Rollason: We have delivered cost reductions of AUD 80 million in FY26, exceeding our target of AUD 50 million. We achieved this by leveraging the foundational investments made into the business over the past three years. We also focused on simplifying the business through the divestment of the non-core networks and GDI businesses, which saw 725 employees transferred to the new owner. Combined, these asset sales generated cash proceeds of AUD 101 million in FY26 and were value accretive for security holders. We now have the business set up to drive ongoing, enduring, and sustainable cost improvements. We are expecting an annualized run rate of AUD 100 million in savings in FY27, inclusive of the AUD 80 million delivered in FY26. My final slide addresses our earnings guidance for FY27. Today, we are providing FY27 underlying EBITDA guidance of between AUD 2.26 billion and AUD 2.34 billion.

Speaker #2: We also focused on simplifying the business, through the divestment of the non-core networks and GDI businesses. Which saw 725 employees transferred to the new owner.

Speaker #2: Combined, these asset sales generated cash proceeds of 101 million dollars in FY26, and were value accretive for security holders. We've now had the business set up to drive ongoing enduring and sustainable cost improvements.

Speaker #2: We're expecting an annualized run rate of 100 million dollars in savings in FY27, inclusive of the 80 million dollars delivered in FY26. My final slide addresses our earnings guidance for FY27.

Speaker #2: Today, we are providing FY27 underlying EBITDA guidance of between 2.26 billion dollars and 2.34 billion dollars. Key drivers of the growth in earnings include, inflation-linked tariff escalations, and contributions from new assets, including the Sturt Plateau pipeline, and Baselink's conversion to a regulated asset.

Garrick Rollason: Key drivers of the growth in earnings include inflation-linked tariff escalations and contributions from new assets, including the Sturt Plateau Pipeline and Basslink's conversion to a regulated asset. Cost reduction initiatives are expected to contribute an incremental AUD 20 million in FY27, representing an annualized FY27 run rate of AUD 100 million, as we continue to drive sustainable costs and efficiency improvements. The midpoint of guidance represents a 5.4% growth year on year. With that, I will hand back to Adam.

Speaker #2: Cost reduction initiatives are expected to contribute an incremental 20 million dollars in FY27, representing an annualized FY27 run rate of 100 million dollars, as we continue to drive sustainable cost and efficiency improvements.

Speaker #2: The midpoint of guidance represents a 5.4% growth year on year. And with that, I'll hand back to Adam.

Speaker #1: Thank you, Garrick. Moving to slide 24. In summary, we have delivered another very strong result for FY26. We've delivered strong financial outcomes, our growth outlook continues to strengthen, and we have a strong balance sheet with the capacity to fund growth and distributions.

Adam Watson: Thank you, Garrick. Moving to slide 24. In summary, we have delivered another very strong result for FY2026. We have delivered strong financial outcomes, our growth outlook continues to strengthen, and we have a strong balance sheet with the capacity to fund growth and distributions. The guidance we have provided today for FY2027 is further evidence of our strong momentum. This takes us to our investment thesis on Slide 25. We are well-placed to capitalize on emerging opportunities within a AUD 100 billion-plus addressable market. Our AUD 3.5 billion organic growth pipeline for FY2027 to 2029 is focused on opportunities that will create value for our security holders, and we can fund this growth from our existing balance sheet. We have a strong business model with inflation-linked revenues and high margins. Our distribution yield remains attractive, and our outlook remains strong.

Speaker #1: The guidance we're provided today for FY27 is further evidence of our strong momentum. Which takes us to our investment thesis on slide 25. We're well placed to capitalize on emerging dollar plus addressable market.

Speaker #1: Our 3.5 billion dollar organic growth pipeline for FY27 to 29 is focused on opportunities that will create value for our security holders. And we can fund this growth from our existing balance sheet, we have a strong business model with inflation-linked revenues and high margins.

Speaker #1: Our distribution yield remains attractive and our outlook remains strong. I'd like to say thank you to the entire APA team, who have all contributed to today's fantastic results and to our exciting future.

Adam Watson: I would like to say thank you to the entire APA team, who have all contributed to today's fantastic results and to our exciting future. Thank you for your time. Let's now move to Q&A.

Speaker #1: Thank you for your time. Let's now move to Q&A.

Speaker #3: Q&A.

Speaker #4: Thank you. If you wish to ask a question, please press star, one on your telephone, and wait for your name to be announced. If you wish to cancel your request, please press star, two.

Operator: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. The first question will come from Tom Allen with UBS. Please go ahead.

Speaker #4: If you are on a speakerphone, please pick up the handset to ask your question. The first question will come from Tom Allen with UBS.

Speaker #4: Please go ahead.

Speaker #5: Good morning, Adam and Garrick and the broader team. Congratulations on stronger EBITDA margins year on year. That particularly stood out. Given APA's flag that we'll build this East Coast grid expansion, without firm underwriting, and we're needing to build confidence that despite all the changes in the domestic market, we're seeing currently that there's no contracting pressures.

Tom Allen: Good morning, Adam, Garrick, and the broader team. Congratulations on stronger EBITDA margins year-on-year. That particularly stood out. Given APA has flagged that we will build this East Coast Gas Grid Expansion without firm underwriting, and we are needing to build confidence that despite all the changes in the domestic market we are seeing currently, that there are no contracting pressures. Seeing the result today, there are just a number of key assets on the East Coast in particular, that delivered either flat or declining EBITDA in real terms year-on-year. Slide 29 shows that within energy infrastructure, I think East Coast total EBITDA, excluding the Wallumbilla Gladstone Pipeline and the new Kurri Kurri Lateral Pipeline asset, was flat. Tariffs might be adjusting higher with CPI, but when volumes are being recontracted, they just do not appear to be delivering nominal EBITDA growth.

Speaker #5: So in the result today, there's just a number of key assets on the East Coast in particular that delivered either flat or declining EBITDA in real terms year on year.

Speaker #5: So slide 29 shows that within energy infrastructure, I think East Coast total EBITDA excluding the WGP and the new curry curry asset were flat.

Speaker #5: And so tariffs might be adjusting higher with CPI, but when volumes are being re-contracted, that just don't appear to be delivering nominal EBITDA growth.

Speaker #5: So I think we saw that in terms of the Moon to Sydney, the Victorian transmission system, the Roma Brisbane pipeline, and the Carpenteria pipeline.

Tom Allen: I think we saw that in terms of the movement of Sydney, the Victorian Transmission System, the Roma Brisbane Pipeline, and the Carpentaria Gas Pipeline. The question is, can you please respond to what we are seeing there and just the key drivers of those outcomes?

Speaker #5: So it's just a question is, can you please respond to what we're seeing there and just the key drivers of those outcomes?

Speaker #2: Yeah, thanks Tom. And look, firstly to your opening comments, incredibly proud of the result today and the momentum is strong and the outlook is really positive.

Adam Watson: Yeah, thanks, Tom. Look, firstly to your opening comments, incredibly proud of the result today, and the momentum is strong and the outlook is really positive. I think we have done a lot of the hard yards over a number of years now, and we have positioned the business really well. I think the margins that you mentioned is something we are particularly proud of. As Garrick said, the cost reductions that we have put in place are structural costs. We did not take any shortcuts. They are structural, they are permanent, and we think we have got the business in a really strong space. As it relates to the East Coast Gas Grid, and I may get some questions on this after, but it is important that we continue to see real strength in demand along the East Coast corridor.

Speaker #2: So I think we've done a lot of the hard yards over a number of years now and we've positioned the business really well. And I think the margins that you mentioned are something we're particularly proud of.

Speaker #2: And as Garrick said, the cost reductions that we've put in place are structural costs. We didn't take any shortcuts. They are structural. They are permanent.

Speaker #2: And we think we've got the business in a really strong space. As it relates to the East Coast gas grid, and I may get some questions on this after, but it is important that we continue to see real strength in demand.

Speaker #2: Along the East Coast corridor, and I think the Southwest pipeline decision by the AAR to invest in that project is again just another point of evidence that the demand in the Southern markets continues to strong.

Adam Watson: I think the South West Pipeline decision by the Australian Energy Regulator to invest in that project is, again, just another point of evidence that the demand in the southern markets continues to strengthen. Intraday demand is very strong and will continue to be, and we need to continue to bring supply from those northern markets. As we have done with stages 1 and 2, with previous compression and 3 will be no different with compression in the Bulloo Interlink. We are very confident the demand is there. We do not underwrite those small components of a network via individual contracts, as you know. It is all about demand and supply, and the demand is very strong. I have to say that with the National Gas Review becoming clearer, we have seen a really positive uptick in inquiries, and the conversations have been very productive. So we have got a lot of confidence in that regard.

Speaker #2: To strengthen, intraday demand is very strong and will continue to be. And we need to continue to bring supply from those Northern markets. And as we've done with stages, one and two, with previous compression and three will be no different with compression in the blue interlink, we're very confident the demand is there.

Speaker #2: We don't underwrite those small components of a network by individual contracts, as you know. It's all about demand and supply and the demand is very strong.

Speaker #2: And I have to say that with the National Gas Review, becoming clearer we've seen a really positive uptick in inquiries and the conversations have been very productive.

Adam Watson: I have to say that with the National Gas Review becoming clearer, we have seen a really positive uptick in inquiries, and the conversations have been very productive. So we have got a lot of confidence in that regard. I will hand it over to Garrick to take you through some of the detail on certain assets.

Speaker #2: So we've got a lot of confidence in that regard. But I'll hand it over to Garrick to take you through some of the detail on certain assets.

Adam Watson: I will hand it over to Garrick to take you through some of the detail on certain assets.

Speaker #3: Thanks, Adam. And excuse me, thanks Tom for the question and also the recognition of the great outcome from an underlying EBITDA margin perspective with something we are very proud of over the last couple of years.

Garrick Rollason: Thanks, Adam, and excuse me. Thanks, Tom, for the question and also the recognition of the great outcome from an underlying EBITDA margin perspective. It is something we are very proud about the last couple of years. I will touch on a couple of the assets you mentioned, and it is probably worth just a reminder that in FY25 for the Moomba to Sydney Pipeline, we did benefit from a one-off insurance proceeds of AUD 13 million from MSEP. So once you normalize that, we have actually seen a strong performance in Moomba to Sydney Pipeline in the year. As you say, VTS was probably the one asset that did perform weaker than we had expected through the course of the year. That was predominantly driven by two things. Firstly, the milder winter and secondly, also very stable electricity markets, particularly with high coal availability.

Speaker #3: I'll touch on a couple of the assets you mentioned and it's probably worth just a reminder of the net why 25 for the Moon to Sydney pipeline.

Speaker #3: We did benefit from a one-off insurance proceeds of 13 million dollars from MSEP. So once you normalize that, we've actually seen a strong performance in Moon to Sydney pipeline in the year.

Speaker #3: As you say, VTS was probably the one asset that did perform weaker than we had expected through the course of the year. And that was predominantly driven by two things.

Speaker #3: Firstly, the milder winter and secondly also very stable electricity markets, particularly with high coal availability. But I suppose the benefit from an APA perspective is that we operate a portfolio of really strong operating assets.

Garrick Rollason: But I suppose the benefit from an APA perspective is that we operate a portfolio of really strong operating assets. So when you look across the board, at times you do have market events which drives positive earnings outcomes, and it was probably a year where we did not see many of those. Assets performed generally in line with our expectations, probably with the exception of VTS.

Speaker #3: So when you look across the board at times you do have market events which drives positive earnings outcomes and it was probably a year where we didn't see many of those.

Speaker #3: So assets performed generally in line with our expectations. Probably with the exception of VTS.

Speaker #5: Thanks for that, Kelly, Garrick, and Adam. Just a second question then. The growth potential in the Northern Territory looks really interesting. But if the if upstream success in the beetle is a bit of a binary outcome, can you comment on the scale potential of other sources of medium-term EBITDA growth in the event that beetle doesn't deliver the biggest upstream onshore development in Australia since Queensland CSG?

Tom Allen: Thanks for that, Carlo, Garrick, and Adam. Just a second question then. The growth potential in the Northern Territory looks really interesting, but if upstream success in the Beetaloo is a bit of a binary outcome, can you comment on the scale potential of other sources of medium-term EBITDA growth in the event that Beetaloo does not deliver the biggest upstream onshore development in Australia since Queensland CSG? You have called out opportunities here to support remote power and data centers and gas-fired power gen. Just keen to understand the scale of those particularly, and whether or not there is enough capacity if Beetaloo does not come through to deliver around AUD 500 million of EBITDA growth over the next five years.

Speaker #5: So you've called out opportunities here. To support remote power and data centers and gas fired power gen. Just keen to understand the scale of those particularly and whether or not there is enough capacity if beetle doesn't come through to deliver around 500 million dollars of EBITDA growth over the next five years.

Speaker #2: Yeah, thanks Tom. I think first to say is that when you look at and you take the AMO 2026 GSU, 2C, 2P, reserves and resources, there is a significant amount of existing capacity to support the East Coast absent beetle.

Adam Watson: Yeah, thanks, Tom. Look, I think first to say is that when you look at, and you take the AEMO 2026 GSOO, 2C2P reserves and resources, there is a significant amount of existing capacity to support the East Coast absent Beetaloo. We feel very confident that Beetaloo is continuing to progress really well. But you are right. There is a need to be able to continue along that positive trajectory, see that continuing over the next, call it 12 months, and then bring that to life. We think Beetaloo is going to be fantastic for the domestic market. It is going to be critically important for Australia's LNG export market, which is why the demand for that asset to perform well or for that basin, I should say, to perform well is there.

Speaker #2: We feel very confident that beetle is continuing to progress really well. But you're right. There is a need to be able to continue along that positive trajectory.

Speaker #2: See that continuing over the next call it 12 months. And then bring that to life. So we think beetle is going to be fantastic for the domestic market.

Speaker #2: It's going to be critically important for Australia's LNG export market, which is why the demand for that asset to perform well or for that basin, I should say, to perform well is there.

Speaker #2: But you look at the Sarat, which has got plenty of capacity in the market and you've got other new basins like the Turum Trough, which are being explored as well.

Adam Watson: You look at the Surat, which has got plenty of capacity in the market, and you've got other new basins like the Taroom Trough, which are being explored as well. We don't have any concerns about gas supply coming over time. We've always operated in a market for decades where you need to continue to bring gas supply to meet demand. And we don't see that slowing down.

Speaker #2: So yeah, we don't have any concerns about gas supply coming over time. We've always operated in a market for decades where you need to continue to bring gas supply to meet demand.

Speaker #2: And we don't see that slowing down.

Speaker #5: Okay, thanks folks.

Tom Allen: Okay, thanks, folks.

Speaker #1: And your next question will come from Ewan Minoke with RN Joey. Please go ahead.

Operator: Your next question will come from Ewan Minogue with Barrenjoey. Please go ahead.

Speaker #5: Yeah, good morning, Adam and Garrick. And congratulations on another strong result. Firstly, following the divestment of networks and JDI, are there any other non-core assets across the portfolio that could free up further balance sheet capacity?

Ewan Minogue: Yeah, good morning, Adam and Garrick, and congratulations on another strong result. Firstly, following the divestment of Networks and GDI, are there any other non-core assets across the portfolio that could free up further balance sheet capacity?

Uwan Minogue: Yeah, good morning, Adam and Garrick, and congratulations on another strong result. Firstly, following the divestment of Networks and GDI, are there any other non-core assets across the portfolio that could free up further balance sheet capacity?

Speaker #2: Oh, thanks, Ewan. Look, firstly, really, pleased with the way that we've delivered a fantastic outcome for APA security holders and also just the way that we transition the people from the networks and GDI operations across to the new owner we're incredibly proud of doing that in a very measured and very respectful way.

Adam Watson: Oh, thanks, Ewan. Look, firstly, really pleased with the way that we have delivered a fantastic outcome for APA security holders and also just the way that we transitioned the people from the Networks and GDI operations across to the new owner. We are incredibly proud of doing that in a very measured and very respectful way, and we think that has been positive, a real win-win for everyone. That is the first point. That suite of assets were clearly non-core to us, and we were very deliberate in simplifying our business as part of the initiatives that we undertook during the year, including the cost reduction initiative. That made obvious sense.

Speaker #2: And we think that's been positive a real win-win for everyone. So that's the first point. That suite of assets were clearly non-core to us.

Speaker #2: And we were very deliberate in simplifying our business as part of the initiatives that we undertook during the year, including the cost reduction initiative.

Speaker #2: So that made obvious sense. When you look at the rest of the portfolio, we typically develop networks and the East Coast gas grid that we've just been speaking about as an example of that work that we're doing in the Pilbara the announcement just today with Sibela in Mount Isaac.

Adam Watson: When you look at the rest of the portfolio, we typically develop networks and the East Coast Gas Grid that we have just been speaking about as an example of that, work that we are doing in the Pilbara, the announcement just today with Sybella Creek and Mount Isa. It is all about creating a starting position and then building out network, working with our customers, and creating more value over time. We will continue to look at assets and look at our portfolio over time. It is certainly one of the levers we have to be able to fund growth beyond the AUD 3.5 billion organic growth pipeline. That pipeline is fully funded and shored up, but beyond that, obviously, that is a potential lever for us.

Speaker #2: It's all about creating a starting position and then building out network, working with our customers and creating more value over time. We will continue to look at assets and look at our portfolio over time.

Speaker #2: It's certainly one of the levers we have to be able to fund growth beyond the 3.5 billion dollar organic growth pipeline. That pipeline is fully funded and shored up, but beyond that, obviously, that's a potential lever for us.

Speaker #2: But look, we're not in a position at the moment to divest anything, but we'll always monitor and consider that in a way that if it creates value, in the hands of more value for our security holders, in the hands of somebody else.

Adam Watson: But look, we are not in a position at the moment to divest anything, but we will always monitor and consider that in a way that if it creates value in the hands of more value for our security holders, in the hands of somebody else and there is limited strategic upside, we will consider it.

Speaker #2: And there's limited strategic upside we'll consider it.

Speaker #5: Thanks, that's clear. And you might have a few comments just on the domestic gas reservation policy. Can you just talk us through the latest on that and maybe remind us of the sensitivities both under a supposed best case and worst case scenario on volumes and earnings through the East Coast network?

Ewan Minogue: Thanks. That is clear. You made a few comments just then on domestic gas reservation policy. Can you just talk us through the latest on that and maybe remind us of the sensitivities both under a best case and worst case scenario on volumes and earnings through the East Coast network?

Uwan Minogue: Thanks. That is clear. You made a few comments just then on domestic gas reservation policy. Can you just talk us through the latest on that and maybe remind us of the sensitivities both under a best case and worst case scenario on volumes and earnings through the East Coast network?

Speaker #2: Yeah, look, it's a firstly, absent gas reservation policy, the demand for gas will continue to be there. And supply will naturally always meet demand.

Adam Watson: Yeah, look, firstly, absent gas reservation policy, the demand for gas will continue to be there and supply will naturally always meet demand. What we always advocate for, though, is a market dynamic where there is a high level of certainty to enable the producers to contract with the demand centers, which ultimately are our customers, and it just creates a more structured environment for the energy market to trade. We have certainly seen with the announcement some time ago that there will be a National Gas Review. The producers and the customers were, very appropriately, if you put yourself in their shoes, sitting back and waiting to see how that would play out. With the federal government's announcements recently about the frameworks in terms of how they see this progressing, and again, they've provided notification that they're looking to complete this by the end of the year.

Speaker #2: What we always advocate for, though, is a market dynamic where there is a high level of certainty to enable the producers to contract with the demand centers, which ultimately are our customers and it just makes them more creates a more structured environment for the energy market to trade.

Speaker #2: We have certainly seen with the announcement some time ago that there will be a national gas review that the producers and the customers were very appropriately, if you put yourself in their shoes, sitting back and waiting to see how that would play out.

Speaker #2: With the federal government's announcements recently about the frameworks in terms of how they see this progressing and again, they've made well, they've provided notification that they're looking to complete this by the end of the year.

Speaker #2: It seems to be heading in the right direction. So for us, the most important thing is making sure it does provide that level of certainty.

Adam Watson: It seems to be heading in the right direction. For us, the most important thing is making sure it does provide that level of certainty. The one thing that we have been focused on is ensuring there aren't any opportunities to effectively be able to move the goalposts in the future. One of those has been around ministerial interference. We are concerned by that. But again, I think, the market has spoken up heavily about that, and what we have seen the government do in a positive light is listen as they've been talking with the various stakeholders over the recent months. Yeah, we feel like it's heading in the right direction, and we're seeing that with the positive uplift in the interactions we're having with our customers.

Speaker #2: The one thing that we have been focused on is ensuring there aren't any opportunities to effectively be able to move the goalposts in the future.

Speaker #2: And one of those has been around ministerial interference. We are concerned by that. But again, I think the market has spoken up heavily about that.

Speaker #2: And what we have seen the government do in a positive light is listen as they've been talking with the various stakeholders over the recent months.

Speaker #2: So yeah, we feel like it's heading in the right direction and we're seeing that with the positive uplift in the interactions we're having with our customers.

Speaker #5: That's clear. Thanks, Adam. If I can just quickly snake one more and maybe for Garrick. You guys have obviously done a great job on the cost base over FY26 to FY27.

Ewan Minogue: That's clear. Thanks, Adam. If I can just quickly sneak one more in, maybe for Garrick. You guys have obviously done a great job on the cost base over FY2026 to FY2027. Are there any costs that need to come back into the business probably in FY2028 and beyond as you position for the next phase of growth? Or should we continue to think about annual savings on a longer-term basis?

Uwan Minogue: That's clear. Thanks, Adam. If I can just quickly sneak one more in, maybe for Garrick. You guys have obviously done a great job on the cost base over FY2026 to FY2027. Are there any costs that need to come back into the business probably in FY2028 and beyond as you position for the next phase of growth? Or should we continue to think about annual savings on a longer-term basis?

Speaker #5: Are there any costs that need to come back into the business? Probably in FY28 and beyond, as you position for the next phase of growth, or should we continue to think about annual savings on a longer-term basis?

Speaker #3: Yeah, thanks, Ewan. It's a great question. And as you say, a fantastic outcome from across the business to deliver the $80 million in savings and full year.

Garrick Rollason: Yeah. Thanks, Euan. It's a great question, and as you say, a fantastic outcome from across the business to deliver the AUD 80 million in savings in full year, AUD 100 million in FY2027. Probably the one thing we did call out on page 22 was that we are continuing to make a larger investment in our growth operating expenditure or our growth expenditure in total. That means that naturally some of it will flow through to our OpEx. So we probably see about a AUD 10 million increase in growth operating expenditure in FY2027, and that's partially offset some of the savings we would have seen through the course of FY2027.

Speaker #3: $100 million in FY27. Probably the one thing I did we did call out on page 22 was that we are continuing to make a larger investment in our growth operating expenditure or our growth expenditure in total.

Speaker #3: That means that naturally some of it will flow through to our opex. So we probably see about a $10 million increase in growth operating expenditure in FY27.

Speaker #3: And that's partially offset some of the savings we would have seen through the course of FY27. In terms of broader savings, look, we continually looking at opportunities to become more efficient on the cost side of things.

Garrick Rollason: In terms of broader savings, look, we are continually looking at opportunities to become more efficient on the cost side of things, and we continue to develop, particularly around AI data processing systems, a way in which we can deliver our outcomes for customers more efficiently. We will continue to do that, and we will certainly update the market if and when there are further cost outs that we are ready to announce.

Speaker #3: And we continue to develop, particularly around AI data process and systems, way in which we can deliver our outcomes for customers more efficiently. So we will continue to do that and we'll certainly update the market if and when there's further cost outs that we're ready to announce.

Speaker #5: Thanks, guys. Congrats again.

Ewan Minogue: Thanks, guys. Congrats again.

Uwan Minogue: Thanks, guys. Congrats again.

Speaker #2: Thanks.

Garrick Rollason: Thanks.

Speaker #1: And your next question will come from Nick Burns with Darden, Australia. Please go ahead.

Operator: Your next question will come from Nik Burns with Jarden Australia. Please go ahead.

Speaker #5: Hi, sorry everyone. And congratulations on the result, particularly the strong free cash flow growth coming through. First question, just around your updated and expanded three-year organic growth outlook.

Nik Burns: Hi. Hi, everyone, and congratulations on the result, particularly the strong free cash flow growth coming through. First question, just around your updated and expanded three-year organic growth outlook. Thanks for the additional details, by the way, just around the composition of that growth on slide 10. As you know, Adam, when you put out in a chart without a y-axis, we all get our virtual rulers out and try and infer what we can from it. I might be misreading it, but the size of the Brigalow Peaking Power Plant bar is around six times that of the Sybella Creek Solar and Battery Project above it. You said today, Sybella Creek is around AUD 259 million. Using that as a benchmark, you end up with a Brigalow number around AUD 1.5 billion to AUD 1.6 billion APA share.

Speaker #5: Thanks for the additional details, by the way, to surround the composition of that growth on slide 10. But as you know, Adam, when you put out in a chart without a y-axis, we all get our virtual rulers out and then try and refer what we can from it.

Speaker #5: And I might be misreading it, but the size of the brigolo peaking power plant bars around six times that of the Sibela Creek solar and battery project above it.

Speaker #5: And he said today, Sibela Creek's around 259 million. So using that as a benchmark, you end up with a brigolo number around 1.5 to 1.6 billion, APA share, just running from reading that correctly or from maybe reading too much into the chart.

Nik Burns: I am just wondering if I am reading that correctly or if I am maybe reading too much into the chart. Thank you.

Speaker #5: Thank you.

Speaker #2: Yeah, thanks for the question. Look, I'll be really clear about the composition of that 3.5. And look, I might just head off one of the questions.

Adam Watson: Yeah, thanks for the question. Well, I will be really clear about the composition of that 3.5. I might just head off one of the questions I am sure we will get, which is why did it go from 3 to 3.5? At a macro level, we just continue to see demand for new infrastructure continuing to increase and accelerate. I called that out before, in terms of the broader opportunities we have got in the longer term, we feel very comfortable that there is a significant amount of growth for us there. We have been, as I am sure you can appreciate, very disciplined over the last few years in making sure that we are choosing projects that exceed our hurdle rates and our other financial commitments, and we have been doing that and incredibly proud of that.

Speaker #2: I'm sure we'll get, which is why did it go from 3 to 3.5. At a macro level, we just continue to see demand for new infrastructure continuing to exceed increase and accelerate.

Speaker #2: So and I call that out before in terms of the broader opportunities we've got in the longer term, we feel very comfortable that there is a significant amount of growth for us there.

Speaker #2: And we've been as I'm sure you can appreciate very, very disciplined over the last few years in making sure that we are choosing projects that exceed our hurdle rates and our other financial commitments and we've been doing that in an incredibly proud of that.

Speaker #2: If I just go through the makeup of the 3.5, it effectively includes the brigolo pipeline, which we've announced previously to the market, called 150 million.

Adam Watson: If I just go through the makeup of the 3.5, it effectively includes the Brigalow pipeline, which we have announced previously to the market, AUD 150 million. The Brigalow Peaking Power Plant, we haven't been precise on what that number is because we haven't reached FID. What we have said is that it is around about AUD 1 billion for that project. Again, there is a big caveat on that because it is subject to final negotiations, and obviously, that has been progressing as we have been working through finalization of construction contracts and other civil works. East Coast Gas Grid Stage 3a was AUD 260 million. East Coast Gas Grid Expansion 3b, about AUD 800 million. As you said today, we announced Sibell, AUD 260 million, and South West Pipeline, AUD 213 million.

Speaker #2: The brigolo gas peaking power plant. We haven't been precise on what that number is because we haven't reached FID. But what we have said is that it is a roundabout a billion dollars for that project.

Speaker #2: But again, there's a big caveat on that because it's subject to final negotiations and obviously that has been progressing as we've been working through finalization of construction contracts and other civil works.

Speaker #2: East Coast Gas Grid, stage 3A was 260 million. East Coast Gas Grid expansion 3B, about 800 million. As you said today, we announced Sibela 260 million and Southwest Pipeline 213 million.

Speaker #2: So yeah, one of the things that we've really pleased with just generally, if you take a step back, if you think about where we were, say, three years ago, we had a 1.4 billion pipeline which to be fair, there was a lot of work going on in the background and there was evidence there behind the scene, but we hadn't really reached FID on any of those projects.

Adam Watson: Yeah, one of the things that we are really pleased with, just generally, if you take a step back, if you think about where we were, say, three years ago, we had a AUD 1.4 billion pipeline, which to be fair, there was a lot of work going on in the background and there was evidence there behind the scene, but we hadn't really reached FID on any of those projects. That is now increased by 150% over the last three years, and we have got a AUD 3.5 billion pipeline that I have been able to tell you, yes, 80%, 90% of what is involved. Yeah, we are feeling very positive about that, and it is all fully funded.

Speaker #2: That's now increased by 150% over the last three years. And we've got a 3.5 billion pipeline that I've been able to tell you 80, 90% of what's involved.

Speaker #2: So yeah, we're feeling very positive about that and it's all fully funded.

Speaker #5: That's clear. Thanks for that, Adam. And just on brigolo, as you said, you're awarding major construction contracts at the moment. Sounds like you're pretty close to final investment decision there.

Nik Burns: That is clear. Thanks for that, Adam. Just on Brigalow, as you said, you are awarding major construction contracts at the moment. Sounds like you are pretty close to a final investment decision there. Can you just walk through what needs to occur between now and FID? You have got a comment in there about targeting operations from CY 2028.

Speaker #5: Can you just walk through what needs to occur between now and FID and you've got a comment in there about targeting operations from CY28, but is there a risk here that it could slip further if you don't achieve FID in the next few months?

Adam Watson: Yeah.

Nik Burns: Is there a risk here that it could slip further if you do not achieve FID in the next few months? Thank you.

Speaker #5: Thank you.

Adam Watson: Yeah. Thanks for the question. The way that we work through these big projects with our customers is you enter into early works, or in this case, a joint development agreement where you effectively set the parameters and you agree terms, major commercial terms, to be able to move forward. You have got a strong level of commitment and conviction that you will see it through to FID. That is exactly what we did with Brigalow. We committed to a joint development agreement so that we could work in lockstep with our customer, with CS Energy, to be able to procure turbines, to progress site works, civil works, bridges, platforms, bulk earth moving, all those sorts of things. At the same time, work through the various contracts, for construction delivery as well. As you can appreciate, that always takes time.

Speaker #2: Yeah, thanks for the question. The way that we work through these big projects with our customers is you enter into early works or in this case, a joint development agreement where you effectively set the parameters and you agree terms, major commercial terms to be able to move forward.

Speaker #2: And you've got a strong level of commitment and conviction that you will see it through to FID. And that's exactly what we did with brigolo.

Speaker #2: We committed to a joint development agreement so that we could work in lockstep with our customer with CS Energy to be able to procure turbines to progress site works, civil works, bridges, platforms, bulk earth moving, all those sorts of things.

Speaker #2: And at the same time, work through the various contracts for construction delivery as well. And as you can appreciate, that always takes time. But importantly, you do it in a way where your commitment is strong and you're working in partnership.

Adam Watson: Importantly, you do it in a way where your commitment is strong and you are working in partnership. We are incredibly pleased with the Queensland Government's approach to partnering with the private sector. It has been part of the Queensland, energy roadmap, and I think what we have announced today in Sybella is another excellent example of how the private sector can deliver on what the Queensland Government is setting out to achieve. So, bringing it back to Brigalow, we continue to work through that with our customer and we would like to get to FID very shortly.

Speaker #2: We're incredibly pleased with the Queensland Government's approach to partnering with the private sector. It's been part of the Queensland Energy Roadmap. And I think what we've announced today in Sibela is another excellent example of how the private sector can deliver on what the Queensland Government is setting out to achieve.

Speaker #2: So bringing it back to brigolo, we continue to work through that with our customer and we'd like to get to FID very, very shortly.

Speaker #5: Got it. Thanks, Adam.

Nik Burns: Got it. Thanks, Adam.

Speaker #1: And your next question will come from Gordon Ramsey with RBC Capital Markets. Please go ahead.

Operator: Your next question will come from Gordon Ramsay with RBC Capital Markets. Please go ahead.

Speaker #3: Well, congratulations, Adam. Garrick on a solid result today. My question relates to the brigolo and first of all, congratulations on completing the Stewart Plateau Pipeline Phase One pipeline.

Gordon Ramsay: Well, congratulations, Adam Garrick, on a solid result today. My question relates to the Beetaloo. First of all, congratulations on completing the Sturt Plateau Pipeline phase one pipeline. You have mentioned that compression could take that pipeline from 40 terajoules a day up to 100 terajoules a day. What is needed to commit to that? Can you give us a broad idea on cost?

Speaker #3: You've mentioned that compression could take that pipeline from 40 terajoules a day up to 100 terajoules a day. What's needed to commit to that?

Speaker #3: And can you give us a broad idea on cost?

Speaker #2: Yeah, thanks, Gordon. And yeah, we've always been an organization that knows the role that we play in bringing certain upstream basins to life. And brigolo is no different.

Adam Watson: Yeah. Thanks, Gordon. We have always been an organization that knows the role that we play in bringing certain upstream basins to life and Beetaloo is no different. We all know that Beetaloo, one of its great strengths is that it is in a location where we can be very sensitive to community requirements and work with traditional owners and government to be able to bring that to life. One of the challenges with it being so remote is that it needs significant infrastructure to make it all real. We know that we have got an important role to play there. It is a bit like what I just said before on projects like with Brigalow and working in lockstep with your customer.

Speaker #2: We all know that brigolo one of its great strengths is that it is in a location where we can be very sensitive to community requirements and work with traditional owners and government to be able to bring that to life.

Speaker #2: One of the challenges with it being so remote is that it needs significant infrastructure to make it all real. And we know that we've got an important role to play there.

Speaker #2: And it's a bit like what I just said before on projects like with brigolo and working in lockstep with your customer. One of the things that we do is obviously with a strong risk lens, but we're willing to with enough evidence back ourselves and back our customers to continue to move.

Adam Watson: One of the things that we do is, obviously, with a strong risk lens, but we are willing to, with enough evidence, back ourselves and back our customers to continue to move. We are really, really proud of the Sturt Plateau Pipeline to be able to enable our customers to commercialize that, to be able to support Darwin and Darwin customers with gas, to avoid the need to flare and do those sorts of things to bring it to life. Stage 2 is really, it is just about expanding that and enabling more production as there is more wells being drilled, to be able to bring that to life. But you do get to a certain point, as you know better than anyone, Gordon, where you have got scale that is required.

Speaker #2: And we're really, really proud of the Stewart Plateau Pipeline to be able to enable our customers to commercialize that, to be able to support Darwin and Darwin customers with gas to avoid the need to flare and do those sorts of things to bring it to life.

Speaker #2: So really stage two is really it's just about expanding that and enabling more production as there's more wells being drilled to be able to bring that to life.

Speaker #2: But you do get to a certain point, as you know better than anyone, Gordon, where you've got scale. That's required. And that's why we're doing a lot of work and we have been for a number of years, as you know, bringing things such as the Northeast Pipeline to life.

Adam Watson: That is why we are doing a lot of work, and we have been for a number of years, as you know, bringing things such as the North East Gas Interconnector to life and going north from the Beetaloo to Darwin as well, and making sure we can deliver our customers with options. But equally, infrastructure is a funny thing. They take a long time, and then all of a sudden, once the projects become real, it is like, how quickly can we deliver this? We think we have got the balance right. Again, the well results continue to be really good, and we will keep backing it, until they are not. But we do not think that will be the case. We think the outlook is very, very strong. Multiple new players, big players, I think, are confirming the attractiveness and their willingness to back the basin.

Speaker #2: And going north from the brigolo to Darwin as well. And making sure we can deliver our customers with options, but equally infrastructure is a funny thing.

Speaker #2: They take a long time. And then all of a sudden, once the projects become real, it's like, how quickly can we deliver this? So we think we've got the balance right.

Speaker #2: And again, the well results continue to be really good. And we'll keep backing it until they're not, but we don't think that'll be the case we think the outlook is very, very strong.

Speaker #2: And multiple new players are big players. I think a confirming the attractiveness and their willingness to back the basin.

Speaker #3: Again, just on the brigolo, I was very interested in comments that I picked up in Adelaide from the ICTIS CEO, sorry, IMPACT CEO on the ICTIS Train 3 where he said he could see brigolo supporting a future potential development for an ICTIS Train 3 expansion.

Gordon Ramsay: Again, just on the Beetaloo. I was very interested in comments that I picked up in Adelaide from the Ichthys CEO, Inpex CEO on Ichthys LNG Train 3, where he said he could see Beetaloo supporting a future potential development for an Ichthys LNG Train 3 expansion. When you are talking about the indicative pipeline to Darwin, is that the sizing? Would it possibly include volumes for Ichthys LNG or even Darwin LNG expansion? Is that the kind of thinking that you have if you build this additional pipeline later on, and it is not imminent, obviously, but to go up to Darwin, the indicative, the pipeline to Darwin?

Speaker #3: When you're talking about the indicative pipeline to Darwin, is that kind of the sizing? Would it possibly include volumes for ICTIS LNG or even Darwin LNG expansion?

Speaker #3: Is that the kind of thinking that you have if you're do build this additional pipeline later on and it's not imminent obviously, but to go up to Darwin, the indicative pipeline to Darwin?

Speaker #2: Yeah, it's a really good question, Gordon, and it's a really important question because when you look at the basin, the scale is significant. We've heard and we know that it could be as big as the Permian or the Mesalis basins in the US, it could be very significant.

Adam Watson: Yeah. It is a really good question, Gordon, and it is a really important question because when you look at the basin, the scale is significant. We have heard, and we know that it could be as big as the Permian or the Marcellus basins in the US. It could be very significant. People who are drilling there are not doing it just to produce small amounts of gas. It is fantastic that we can support Darwin, in particular in the short term, but they are very much focused on making sure that this thing can scale. When you look at the pipeline, we are running multiple scenarios around the size of the pipe. Pleasingly, we have got really good corridors where we can run our pipelines along existing corridors. Why is that important?

Speaker #2: And people who are drilling there are not doing it just to produce small amounts of gas. It's fantastic that we can support Darwin in particular in the short term.

Speaker #2: But they're very much focused on making sure that this thing can scale. So when you look at the pipeline, we're running multiple scenarios around the size of the pipe.

Speaker #2: Pleasingly, we've got really good corridors where we can run our pipelines along existing corridors. And why is that important? Because you we're familiar with landholders.

Adam Watson: Because we're familiar with land holders, we've got strong relationships with the communities, we've got access to site, which means that we can accelerate delivery. And just generally, we're really good at this. So, we're certainly looking at that. But one of the things when you look at the economics of the project, in and of itself, the pipeline is significant. But the economics to be considered and sort of the counterfactual to the higher-cost pipeline relative to some of the projects you see, for example, in the US, is that you've got on the east coast of Australia, take Gladstone, you've got six trains there, which I've been told is about AUD 6 billion to replace a train these days. So you got about AUD 36 billion worth of assets there that effectively will go idle from the start of the 2030s to the end of the 2030s.

Speaker #2: We've got strong relationships with the communities. We've got access to site, which means that we can accelerate delivery and just generally we're really good at this.

Speaker #2: So we're certainly looking at that. But one of the things when you look at the economics of the project in and of itself, the pipeline is significant.

Speaker #2: But the economics to be considered and sort of the counterfactual to the higher cost pipeline relative to some of the projects you see, for example, in the US is that you've got on the east coast of Australia, take Gladstone, you've got six trains there, which I've been told is about $6 billion to replace a train these days.

Speaker #2: So you've got about $36 billion worth of assets there that effectively will go idle from the start of the 2030s to the end of the 2030s.

Speaker #2: And then up in Darwin, you've got two trains which replacement costs call it $12 billion. So you've got almost $50 billion worth of assets there that go idle.

Adam Watson: Up in Darwin, you've got two trains, which replacement cost, call it AUD 12 billion. So you've got almost AUD 50 billion worth of assets there that go idle in the 2030s. So to build a pipeline, and be able to utilize that existing infrastructure and not have to develop new LNG trains, is a really interesting economic outcome for our customers and hence why they're pinning their ears back and very focused on it.

Speaker #2: In the 2030s. So to build a pipeline, and be able to utilize that existing infrastructure and not have to develop new LNG trains, is a really interesting economic outcome for our customers and hence why they're pinning their ears back and very focused on it.

Speaker #3: Thank you, Adam.

Gordon Ramsay: Thank you, Adam.

Speaker #1: And the next question will come from Rob Koh with MS. Please go ahead.

Operator: The next question will come from Rob Koh with Morgan Stanley. Please go ahead.

Speaker #4: Good morning. Can I ask about this new Sabella project? Congrats on that announcement. Should we be thinking you kind of typical high single digit EBITDA yield once it's up and running?

Rob Koh: Good morning. Can I ask about this new Sibell project? Congrats on that announcement. Should we be thinking your kind of typical high single-digit EBITDA yield once it is up and running?

Speaker #2: Oh, look, we in fact, if you go back to most of our projects that we've done over time, of recent time, we spoke about it in the half results with the investment in the Pilbara we're delivering low double digit yields on those projects from an investment.

Adam Watson: Well, look, in fact, if you go back to most of our projects that we have done over time, of recent time, we spoke about it in the half results with the investment in the Pilbara. We are delivering low double-digit yields on those projects from an investment. So look, we do not come out and give you specific numbers for each particular project, but you know that we are targeting project returns in excess of our cost of capital by at least 150 basis points. And you can sort of back solve the yield on these projects where, in this case, you do not have necessarily a ramp-up. Once it is delivered and it is commissioned, it will have a very small ramp-up, but it ramps up obviously very quickly. So yeah, we are really comfortable with this.

Speaker #2: So look, we don't come out and give you specific numbers for each particular project, but you know that we're targeting project returns in excess of our cost of capital by at least $150 basis points.

Speaker #2: And you can sort of back solve the yield on these projects where you in this case, you don't have necessarily a ramp up. Once it's delivered and it's commissioned, it'll have a very small ramp up, but it ramps up obviously very quickly.

Speaker #2: So yeah, we're really comfortable with this very importantly though, you don't get any of these projects off the ground if your customer is not generating a lower levelized cost of energy.

Adam Watson: Very importantly, though, you do not get any of these projects off the ground if your customer is not generating a lower levelized cost of energy. And the thing that we are really proud of is that we have been now able to deliver our customer with a solution that will lower their cost, provide them with a really attractive renewable outcome, and have that firmed by the Diamantina Power Station, which again, I am sure you have read into it, but we are really excited that we can be developing projects in the region that can further underwrite Diamantina over the longer term.

Speaker #2: And the thing that we're really proud of is that we've been able to deliver our customer with a solution that will lower their cost.

Speaker #2: Provide them with a really attractive renewable outcome. And have that firmed by the Diamond Tuna Power Station, which again, I'm sure you've read into it, but we're really excited that we can be developing projects in the region that can further underwrite Diamond Tuna over the longer term.

Speaker #4: Okay, thank you. Yeah, I was actually going to ask about the role of Diamond Tuna in this project. Is there much more capacity at Thomson and Diamond Tuna?

Rob Koh: Okay. Thank you. Yeah, I was actually going to ask about the role of Diamantina in this project. Is there much more capacity at Thomson and Diamantina? I cannot remember what the other one that you own in that region is, like, to firm similar hybrid projects.

Speaker #4: I can't remember what the other one that you own in that region is, like to firm similar hybrid projects?

Speaker #2: Yeah, there is. And over time, those we all know that Diamond Tuna and those assets surrounding it were over time into the 2040s. Going to become more of a peaking asset.

Adam Watson: Yeah, there is. Over time, we all know that Diamantina and those assets surrounding it were, over time into the 2040s, going to become more of a peaking asset. This really just underwrites those projects for a longer period of time. So, yeah, we are really pleased with that.

Speaker #2: So this really just underwrites those projects for a longer period of time. So yeah, we're really pleased with that.

Speaker #4: And right. And.

Rob Koh: Okay, great.

Garrick Rollason: And-

Speaker #2: Oh, sorry, Rob.

Adam Watson: Sorry, Rob, it is Garrick. The other thing I was going to add is, it is obviously a great outcome for both Evolution Mining and APA, but installing the battery into Mount Isa is also a great outcome for the people in Mount Isa and the businesses in Mount Isa in terms of just the security of supply. So great outcome for APA and Evolution, but also a great outcome for Mount Isa more generally.

Garrick Rollason: Sorry, Rob, it is Garrick. The other thing I was going to add is, it is obviously a great outcome for both Evolution Mining and APA, but installing the battery into Mount Isa is also a great outcome for the people in Mount Isa and the businesses in Mount Isa in terms of just the security of supply. So great outcome for APA and Evolution, but also a great outcome for Mount Isa more generally.

Speaker #3: That's Garrick. The other thing I was going to add is it's obviously a great outcome for both EvolutionMine APA, but installing the battery into Mount Iser is also a great outcome for the people in Mount Iser and the businesses in Mount Iser in terms of just the security of supply.

Speaker #3: So great outcome for APA and Evolution, but also a great outcome from Mount Iser more generally.

Rob Koh: Ah, yes, I see. Thank you. Okay. If I can move to a project that you have put in your growth list, the BDP, the Beetaloo to Darwin Pipeline. I wonder, it is very early days, but are you able to provide some kind of dimensions on that pipe to allow us to size it?

Speaker #4: yes, I see. Thank you. Okay, if I can move to a project that you've put in your growth list, the BDP, the Betelgeuse to Darwin, pipeline.

Speaker #4: I wonder it's very early days, but are you able to provide some kind of dimensions on that pipe to allow us to size it?

Speaker #2: Oh, look, dimensions are things that we again, as and Gordon mentioned, impacts who have got trains up there that obviously this would be able to backfill those trains in the 2030s.

Adam Watson: Oh, look, dimensions are things that we. Again, as we mentioned before, and Gordon mentioned Inpex, who have got trains up there that obviously this would be able to backfill those trains in the 2030s. This could be a large-diameter pipe. But we are internally and working with our customers, looking at a range of scenarios. But yeah, in short, it would be a large-diameter pipe. It is about 600 kilometers to get there. We have. Really importantly, got the existing Amadeus Gas Pipeline, which provides one route where, again, as I mentioned, we could use that corridor and be able to work with our existing landholders and stakeholders to bring that product up north to Darwin. There are a couple of other routes that we are looking at as well.

Speaker #2: This could be a large diameter pipe, but we are internally and working with our customers looking at a range of scenarios. But yeah, in short, it would be a large diameter pipe, about it's about 600 kilometers to get there.

Speaker #2: We've really importantly got the existing Amadeus pipeline, which provides one route where again, as I mentioned, we could use that corridor. And be able to work with our existing landholders and stakeholders to bring that product up north to Darwin.

Speaker #2: There are a couple of other routes that we're looking at as well. So yeah, early days, but we are motoring ahead with planning and approvals and all the various pre-work that goes on behind the scenes because again, if we really think about it and Betelgeuse meets the potential that we're all hoping for, then it could be big.

Adam Watson: So yeah, early days, but we are motoring ahead with planning and approvals and all the various pre-work that goes on behind the scenes because, again, if we really think about it and Beetaloo meets the potential that we are all hoping for, then it could be big, and we want to be ready for it.

Speaker #2: And we want to be ready for it.

Speaker #4: Yeah, okay, sounds good. Yeah, and then for your NEEP project, that sounds like you're doing a lot of continuing to do a lot of work on that.

Rob Koh: Yeah. Okay. Sounds good. Yeah. Then for your NEAP project, that sounds like you are continuing to do a lot of work on that.

Speaker #4: Can you maybe comment yeah, on the alternate route that's being proposed by another company and why yours is better?

Adam Watson: Yeah.

Rob Koh: Can you maybe comment, yeah, on the alternate route that has been proposed by another company and why yours is better?

Speaker #2: Oh, look, there's like any pipeline, transmission line, energy infrastructure, you've got multiple routes to be able to bring that to life. The advantage that we've got by taking the gas from the Betelgeuse down south to the southwest pipeline and then moving across east to Gladstone is that firstly, it enables that gas to be delivered most efficiently to the East Coast gas grid for domestic supply.

Adam Watson: Oh, look, there's like any pipeline, transmission line, energy infrastructure, you've got multiple routes to be able to bring that to life. The advantage that we've got by taking the gas from the Beetaloo down south to the South West Pipeline and then moving across east to Gladstone is that firstly, it enables that gas to be delivered most efficiently to the East Coast Gas Grid for domestic supply. I think that really plays into the hands of the domestic gas reservation requirements. The alternative is to take that pipe from the Beetaloo effectively directly east into Gladstone. How do you get the gas from Gladstone down to the East Coast market? There are different ways you can deliver that. Bringing it down south as well also enables you to utilize the existing infrastructure, because again, it goes back to the LNG trains.

Speaker #2: And I think that really plays into the hands of the domestic gas reservation requirements. So the alternative is to take that pipe from the Betelgeuse effectively directly east into you get the gas from Gladstone down to the East Coast market?

Speaker #2: So but there are different ways you can deliver that. Bringing it down south as well also enables you to utilize the existing infrastructure. Because again, it goes back to the LNG trains.

Speaker #2: So from an LNG export perspective, there's a lot of capacity that will be available not only at the trains, but with that pipeline capacity with the WGP, which we own and expires in 2035, for example.

Adam Watson: From an LNG export perspective, there's a lot of capacity that will be available, not only at the trains, but with that pipeline capacity, with the Wallumbilla Gladstone Pipeline, which we own and expires in 2035, for example. The short answer is that it just provides you with a very efficient way to bring domestic gas to market and utilize existing infrastructure to take that gas out to the LNG export facilities.

Speaker #2: So the short answer is that it just provides you with a very efficient way to bring domestic gas to market and utilize existing infrastructure to take that gas out export facilities.

Speaker #4: Okay, cool. And so my next question is about slide 22. And I'm channeling Nick's question about measuring things. If I assume on slide 22, year, that the green cost initiative is kind of like 20 mil.

Rob Koh: Okay, cool. My next question is about slide 22. I'm channeling Nik's question about measuring things. If I assume on slide 22, this is your EBITDA bridge year on year, that the green cost initiative is kind of like AUD 20 million. That kind of suggests that your new asset contribution is kind of like AUD 50 million or AUD 60 million. I can get AUD 20 million for Basslink and maybe, I don't know, AUD 5 million or AUD 6 million for SPP. Can you maybe just, I guess, confirm that the AI has measured that correctly and, give us a steer on what else might be in there?

Speaker #4: That kind of suggests that your new asset contribution is kind of like 50 or 60 mil. And I can kind of get 20 mil for Baslink and maybe five or six mil for SPP.

Speaker #4: Can you maybe just I guess confirm that I've that the AI has measured that correctly and give us a steer on what else might be in there?

Garrick Rollason: Hi, Rob. I think the AI rulers are not working all that well today. We see new assets contributing about AUD 40 million of incremental EBITDA. As you say, majority of that will come through the change to a regulated asset at Basslink. Relative to performance in R26, we expect about AUD 33 million incremental earnings from Basslink. As you say, the balance will come from Sturt Plateau Pipeline.

Speaker #3: Hi, Rob. I think the AI rules are not working all that well today. So we see new assets contributing about 40 million dollars of incremental EBITDA.

Speaker #3: So as you say, majority of that will come through the change to a regulated asset for Baslink. So relative to performance in 26, we expect about a 33 million incremental earnings from Baslink and then as you say, the balance will come from Sturt Plateau pipeline.

Speaker #4: Okay, cool. That makes sense. Final question for me if you'll indulge me. Can you just perhaps give us some color on how you've resculpted the foundation capex?

Rob Koh: Okay, cool. That makes sense. Final question from me, if you will indulge me. Can you just perhaps give us some color on how you have resculpted the foundation CapEx? I think you, for want of a better word, underspent in FY26, but then you have pushed out the AUD 100 to AUD 120, just a little bit. I presume there is no total spend increase, but can you just give us a bit more color on the drivers of that?

Speaker #4: I think you for want of a better word, underspent in FY26, but then you've kind of pushed out the 100 to 120 just a little bit.

Speaker #4: So I presume there's no total spend increase, but can you just give us a bit more color on the drivers of that?

Speaker #3: Oh, you're absolutely right, Rob. It was timing. So we're able to push some of that, the timing of some of that spend from 26 into 27.

Garrick Rollason: Well, you are absolutely right, Rob. It was timing. We were able to push the timing of some of that spend from 2026 into 2027. The sculpting of it is exactly the same as what we said previously, and as we set out on slide 19, we expect that to sit between AUD 100 to AUD 120 million per annum in 2027, 2028, to moderate down to AUD 80 million in 2029, and we expect it to further moderate beyond that.

Speaker #3: So the sculpting of it's exactly the same as what we said previously. And as we set out on slide 19, we expect that to sit between 100 to 120 million per annum in 27, 28 to moderate down to 18 million in 29.

Speaker #3: And we'll expect it to further moderate beyond that.

Rob Koh: Okay. The reason for the push, the delay?

Speaker #4: And the reason for the kind of push, the delay?

Garrick Rollason: Predominantly because we are able to around certain expenditure, particularly around the timing of some of the emissions reduction related, because we were actually outperforming in other areas. I will just go back to corporate finance. If you do not have to spend it and you are making the emission savings elsewhere, then that is obviously the logical approach to take.

Speaker #3: Predominantly because we're able to around certain expenditure, particularly around the timing of some of the emissions reduction related because we were actually outperforming in other areas.

Speaker #3: So I'll just go back to corporate finance. If you don't have to spend it and you're making the emissions savings elsewhere, then that's obviously the logical approach to take.

Speaker #2: Yeah, Rob, we made one of the things we're incredibly proud of is the fact that we didn't surrender any carbon credits during the year to be able to achieve our outcomes.

Adam Watson: Yeah, Rob.

Rob Koh: Okay.

Adam Watson: One of the things we are incredibly proud of is the fact that we did not surrender any carbon credits during the year to be able to achieve our outcomes. That has been a big contributor and really proud of the work that our team have done to drive, not only a reduction in emissions on our assets, but just to improve the efficiency of our assets, in the work that they are doing. We always look at how we can best utilize how we are deploying capital and how we are utilizing our people's time, and if we can delay, we will delay.

Speaker #2: So yeah, that's been a big contributor. And really proud of the work that our team have done to drive not only a reduction in emissions on our assets, but just to improve the efficiency of our assets in the work that they're doing.

Speaker #2: So we always look at how we can best utilize how we're deploying capital and how we're utilizing our people's time and if we can delay, we will delay.

Speaker #4: Okay, great. Thank you so much.

Speaker #1: And your next question will come from Ian Miles with McQuarrie. Please go ahead.

Operator: Your next question will come from Ian Myles with Macquarie. Please go ahead.

Speaker #5: Good morning, guys. Just looking at your comment about data centers, do you want me to sort of give us a bit more color about that strategy?

Ian Myles: Good morning, guys. Just looking at your comment about data centers. Do you want to just give us a bit more color about that strategy? Data centers have increasingly required to be market-facing. I am just intrigued where you see your competitive difference against the AGL, the Origins, the EnergyAustralia out there who are providing those sort of services as well.

Speaker #5: Data centers have increasingly been required to be market facing. I'm just sort of intrigued where you see your competitive difference against the AGLs, the origins, the withdrawals out there who are providing those sort of services as well.

Speaker #2: Sure. Well, like our existing business, it's a big market and multiple players. And we're not the only kid in town. So we've got firstly a very significant market that we see.

Adam Watson: Well, like our existing business, it's a big market and multiple players, and we're not the only kid in town. We've got, firstly, a very significant market that we see, not only for data centers, but for GPG, for example, to support our power generation customers. Again, we feel very convinced that our remote grid strategy will continue to

Speaker #2: Not only for data centers, but for GPG, for example, to support our power generation customers. And again, we feel very convinced that our remote grid strategy will continue to.

Speaker #5: So a couple of things.

Ian Myles: So a couple of things. Maybe that's

Speaker #2: Sorry, I was just getting some background noise. Yeah, that our remote grid strategy will continue to play out. When you think about our remote grid strategy and use Sybella, which we announced today as an example, that is a pure behind-the-meter solution.

Adam Watson: Sorry, I was just getting some background noise. Yeah, that our remote grid strategy will continue to play out. When you think about our remote grid strategy and use Sibell, which we announced today as an example, that is a pure behind-the-meter solution. So we are able to bring renewable power generation to market, connected with a battery and firmed by an existing facility. I have to say, being able to do that, as a package, rolls off the tongue, but it is very complicated, and we've got a real skill set and capability in being able to bring that together and operate it efficiently and effectively over the long term for our customers. We've got multiple sites that are very attractive for behind-the-meter solutions. Again, can be used for power generation to support our power generation customers, or it can be used for data centers.

Speaker #2: So we are able to bring renewable power generation to market, connected with a battery and firmed by an existing facility. And I have to say, being able to do that as a package rolls off the tongue, but it is very, very complicated.

Speaker #2: And we've got a real skill set and capability in being able to bring that together and operate it efficiently and effectively over the long term for our customers.

Speaker #2: We've got multiple sites that are very attractive for behind-the-meter solutions. Again, can be used for power generation to support our power generation customers or it can be used for data centers.

Speaker #2: And we've worked really hard on things such as our procurement strategies around being the preferred supplier for OEM manufacturers such as Siemens, GE, and Solar Turbines.

Adam Watson: We've worked really hard on things such as our procurement strategies around being the preferred supplier for OEM manufacturers such as Siemens, GE, and Solar Turbines. We announced very recently one with Siemens Energy, which we're incredibly proud of and positions us well to be able to move at speed. Look, we think we've got a lot of strong capability, and that's not to say the others don't have similar capabilities as well, but we think the market's big enough that the opportunity is attractive.

Speaker #2: We announced very recently one with Siemens Energy, which we're incredibly proud of. And positions us well to be able to move at speed so look, we think we've got a lot of strong capability and that's not to say the others don't have similar capabilities as well, but we think the market's big enough that the opportunity is attractive.

Speaker #5: Going back to the multiple sites comment, I'm just a bit sort of confused. A data center, are you talking about you've actually located a piece of land next to an already approved data center or a potential data center customer or just separate from the data centers themselves?

Ian Myles: Going back to the multiple sites comment. I am just a bit confused. A data center, are you talking about you have actually located a piece of land next to an already approved data center or a potential data center customer, or just separate from the data centers themselves?

Speaker #2: No, no, no, no, no. We're focused on if you take the, for example, the federal government's position around data center development, particularly for the hyperscalers, and the AMC has confirmed this around the need to bring your own power.

Adam Watson: No. We are focused on, if you take, for example, the federal government's position around data center development, particularly for the hyperscalers, and the AEMC has confirmed this around the need to bring your own power, and they have been very clear about what that means. It needs to be renewables-led, needs to be able to support the grid, and it needs to be firmed with batteries and gas-fired power generation. That is what we do. That is exactly what we do. So we think we are incredibly well-positioned to do that. If you take our pipeline business, we have got more than 15,000 kilometers of pipelines all over Australia, in remote regions, closer to the cities. So no, we are not trying to suggest that we are just going to come and build something and connect you into the grid.

Speaker #2: And they've been very clear about what that means. It needs to be renewables led. Needs to be supported needs to be able to support the grid.

Speaker #2: And it needs to be firmed with batteries and gasoline power generation. That's what we do. That's exactly what we do. So we think we're incredibly well positioned to do that.

Speaker #2: And we operate if you take our pipeline business, we've got more than 15,000 kilometers of pipelines all over Australia. In remote regions, closer to the cities, so no, we're not trying to suggest that we're just going to come and build something and connect you into land where you've got the supply of gas and the supply of electricity traversing.

Adam Watson: We are saying that we have got a lot of land where you have got the supply of gas and the supply of electricity traversing, and that may be attractive for a data center.

Speaker #2: And yeah, that may be attractive for a data center.

Speaker #5: Okay, so you're actually trying to get in the data center, locate on your land.

Ian Myles: Okay, so you are actually trying to get the data center located on your land.

Speaker #2: That is a potential opportunity. Yes.

Adam Watson: That is a potential opportunity, yes.

Speaker #5: Okay. Just a simple question, and maybe I've got it wrong. You're a linter business as an overall business went up sort of 5 million.

Ian Myles: Okay. Just a simple question, maybe I have got it wrong. Your Alinta business, as an overall business, went up sort of AUD 5 million, and in one of the slides, you sort of said the Port Hedland site went up AUD 14 million. I am just sort of wondering why the inland business went backwards about AUD 10 million. Maybe I have misinterpreted the numbers.

Speaker #5: And in one of the slides, you sort of said the port headland side went up 14. Just sort of wondering why the inland business went backwards about 10.

Speaker #5: Maybe I've misinterpreted the numbers.

Speaker #2: I mean, it's Garrick here. I'll take the response there. So you're interpretation is correct. Fundamentally, the only real difference period on period was that we had at the Newman Power Station had some safeguard mechanism credit revenue in FY25 that we knew was not going to be recurring in FY26.

Garrick Rollason: Ian, it is Garrick here. I will take the response there. Your interpretation is correct. Fundamentally, the only real difference period on period was that we had the Newman Power Station had some Safeguard Mechanism credit revenue in FY2025 that we knew was not going to be recurring in FY2026. We are actually above the Safeguard Mechanism target for 2026. Going forward, that is the impact on 2026 will be recoverable from customers, but it was not in 2026. That is entirely consistent with our modeling and our business case when we acquired the asset, so it was no surprise there. So that effectively was a one-off core negative in 2026 relative to what we saw in 2025 and going forward.

Speaker #2: We're actually above the safeguard mechanism target for 26. Going forward, that is the impact on 26 will be recoverable from customers, but it wasn't in 26.

Speaker #2: That's entirely consistent with modeling and a business case when we acquired the asset. So it was no surprise there. So that effectively was a one-off, I'm calling negative in 26 relative to what we saw in 25 and going forward.

Speaker #5: Okay, that's great. And then on the Sybilla, solar farm battery, when you opened, I think Google Creek the performance of Diamond Tina got went suboptimal because of the way it interacted with the solar farm.

Ian Myles: Okay, that is great. Then on the Sybella Solar Farm battery, when you opened, I think, Dugald Creek, the performance of Diamantina went suboptimal because of the way it interacted with the solar farm. Are you going to be able to capture the value of that improved performance of Diamantina with the battery being integrated in, or has that been shared with your customer?

Speaker #5: Are you going to be able to capture the value of that improved performance of Diamond Tina with a battery being integrated in, or has that been shared with your customer?

Speaker #2: No, the short answer is it's a yes. It's the one lesson learnt. We took away from the Google River Solar Farm was that we should have put a battery there.

Adam Watson: No, the short answer is it's a yes. It's the one lesson learnt. We took away from the Dugald River Solar Farm was that we should have put a battery there. While the gas-fired power generator obviously provides great firming solutions, it didn't provide some of the stability that a battery will provide you in those regions, which is why we've got batteries in places like Port Hedland and Newman, as well to support our operations there. So yeah, look, we're really, really happy to be able to work with our customer who needs a battery to be able to support the development of the Sybella Creek Solar Farm. But obviously that battery, as Derek said before, will provide stability also for the broader network in Mount Isa.

Speaker #2: And whilst the gas fired power generator obviously provides great firming solutions, it didn't provide some of the stability that a battery will provide you in those regions, which is why we've got batteries in places like Port Headland and Newman as well to support our operations there.

Speaker #2: So yeah, look, we're really, really happy to be able to work with our customer who needs a battery to be able to support the development of the Sybella Creek solar farm.

Speaker #2: But obviously that battery, as Garrick said before, will provide stability also for the broader network in Mount Isa.

Speaker #5: Okay. And the just on the other side, on the data centers, are you talking solely area derivatives or are you talking reciprocal engines as well?

Ian Myles: Okay. Just on the other side, on the data centers, are you talking solely aeroderivatives, or are you talking reciprocal engines as well?

Speaker #2: We are customer led Ian. So really depends on what the customer needs and we've got experience in both. We use arrows across multiple sites.

Adam Watson: We are customer-led, Ian, so it really depends on what the customer needs, and we've got experience in both. We use aeros across multiple sites. We use frame machines across multiple sites. It's really dependent on what the customer needs. There are scenarios where you can have both machines on a single site, depending on what you need. Because again, if you take what the federal government's aspiring towards is you need to be able to contribute back into the grid as well. So, there's multiple ways you could bring that together.

Speaker #2: We use frame machines across multiple sites. It's really dependent on what the customer needs there. As scenarios where you can have both machines on a single site depending on what you need because again, if you take what the federal government's aspiring towards is you need to be able to contribute back into the grid as well.

Speaker #2: So there's multiple ways you could bring that together.

Speaker #5: And on that, there are a couple of area derivatives being auctioned off at the moment because of a failed company. Would you buy those speculatively or is it one that you have to be supported by a customer?

Ian Myles: On that, there are a couple of aeroderivatives being auctioned off at the moment because of a failed company. Would you buy those speculatively, or is it one that you have to be supported by a customer?

Speaker #2: No, for secondhand equipment, we would be very.

Adam Watson: No. For secondhand equipment, we would be very-

Ian Myles: They are brand new. They have never been used.

Speaker #5: Yeah, they've never been used.

Speaker #2: Yeah. Well, yeah, but they get specified. I shouldn't say secondhand as in used, but the way they are specified, it's not like just throwing you a new set of keys to the new car and go driving you.

Adam Watson: Well, yeah, but they get specified. I shouldn't say secondhand as in used, but the way they are specified, it's not like just throwing you a set of keys to the new car and go driving. You have got to potentially completely reconfigure the equipment. So no, we typically buy our equipment, working in collaboration with our partner where we know that we have got confidence, that we have got line of sight of how we will deploy those assets.

Speaker #2: You've got to completely potentially completely reconfigure the equipment. So no, we typically buy our equipment working in collaboration with our partner where we know that we've got confidence that we've got line of sight of how we'll deploy those assets.

Speaker #5: And final question, you talked about in the past potentially trying to extend the wall and really go some pipeline. Just interested how the progress of that might be going.

Ian Myles: And final question, you talked about in the past, potentially trying to extend the Wallumbilla Gladstone Pipeline. Just interested how the progress of that might be going.

Speaker #2: WGP conversations will happen at a time when projects like the Betelgeuse and the Tarim Trough become confirmed. So really as you know, the whole reason why WGP was structured to be expiring in 2035 is because that was to meet the timetable of when the gas flows for Gladstone were meant to expire as well.

Adam Watson: WGP conversations will happen at a time when projects like the Beetaloo and the Taroom Trough become confirmed. So really, as you know, the whole reason why WGP was structured to be expiring in 2035 is because that was to meet the timetable of when the gas flows for Gladstone were meant to expire as well. We have spoken quite openly about the dream, the panacea for us is that not only are we able to bring a new basin like the Beetaloo to life, and we are also working with our customers in the Taroom Trough. But if they get to the point where they are willing to contract for those new infrastructure assets to support those basins, then that would be the natural time when you would be trying to enter into negotiations with extending that contract. But again, it is up to the customer to do that.

Speaker #2: So we've spoken quite openly about the dream that the panacea for us is that not only are we able to bring a new basin like the Betelgeuse to life, and we're also working with our customers in the Tarim Trough, but to the point, if they get to the point where they're willing to contract for those new infrastructure assets to support those basins, then that would be the natural time when you'd be trying to enter into negotiations with extending that contract.

Speaker #2: But again, it's up to the customer to do that. We can dream as much as we like, but ultimately our customers, again, want to do that with us.

Adam Watson: We can dream as much as we like, but ultimately our customers, again, want to do that with us. And obviously we have had conversations leading up to whenever that may be, to show our intent, and we are certainly there for our customers if and when they need us.

Speaker #2: And obviously we've had conversations leading up to whenever that may be. To show our intent and we're certainly there for our customers if and when they need us.

Speaker #5: Okay, thanks.

Ian Myles: Okay, thanks.

Speaker #4: And the next question will come from Cameron Needham with Bank of America. Please go ahead.

Operator: The next question will come from Cameron Needham with Bank of America. Please go ahead.

Speaker #3: Yeah, good morning all. Thanks for the presentation. Just one question for me. I think most of the key questions have been asked. With the organic growth pipeline now around 3.5 bill, you're spanning a much wider mix of infrastructure classes.

Cameron Needham: Yeah, good morning, all. Thanks for the presentation. Just one question from me. I think most of the key questions have been asked. With the organic growth pipeline now around AUD 3.5 billion, you are spanning a much wider mix of infrastructure classes. How do you think about the optimal breadth of capital deployment? I guess internally, how are you viewing the capacity to execute, just given the increase in the growth pipeline and the volume of stuff you have going on, essentially?

Speaker #3: How do you think about the optimal breadth of capital deployment? I guess internally, how are you viewing the capacity to execute just given the increase in the growth pipeline and the volume of stuff you have going on essentially?

Speaker #2: Yeah, it's a good question, Cameron. And I think it's important when we look at the opportunities before us. Again, we really do want to be customer led.

Adam Watson: Yeah, it is a good question, Cameron, and I think it is important when we look at the opportunities before us. Again, we really do want to be customer-led. We are not going to go out and speculatively try to develop things and hope that the customer will come. On that basis, we will continue to work with our customers, and we have been very focused on the key markets, and we are being very transparent around the key projects that we want to work on. You can see that projects like the Beetaloo could be very significant. We obviously want to ensure internally we have got the right capability to be able to develop and deliver and operate those projects. We have done a lot of work over the last few years to build our capability in that space.

Speaker #2: So we're not going to go out and speculatively try to develop things and hope that the customer will come. And on that basis, we'll continue to work with our customers and we've got we've been very focused on the key markets and we're being very transparent around the key projects that we want to work on.

Speaker #2: But you can see that projects like the Betelgeuse could be very significant and we obviously want to ensure internally we've got the right capability to be able to develop and deliver and operate those projects.

Speaker #2: And we've done a lot of work over the last few years to build our capability in that space. We mentioned earlier around the work that we've done with the OEMs in being able to get strategic supplier arrangements in place and also making sure that we've got for example, a suite of contractors that we can partner with to be able to bring these projects to life.

Adam Watson: We mentioned earlier around the work that we have done with the OEMs in being able to get strategic supply arrangements in place and also making sure that we have got, for example, a suite of contractors that we can partner with to be able to bring these projects to life. Balance sheet, we are always confident if you deliver projects where you discipline, you allocate capital to projects that deliver strong returns, the capital will be there. We have got lots of options and Derek, it is probably just worthwhile just reminding everyone the funding options we look towards.

Speaker #2: Balance sheet, we're always confident if you deliver projects where you're disciplined, you allocate capital, to projects that deliver strong returns, the capital will be there.

Speaker #2: But we've got lots of options and Garrick, it's probably just worthwhile just reminding everyone the funding options we look towards.

Speaker #3: Yeah, certainly. And thanks for the question, Cameron. It's obviously a great position for us to be in with our announced 3.5 billion dollar fully funded growth capex.

Garrick Rollason: Yeah. Certainly, and thanks for the question, Cameron. It is obviously a great position for us to be in with our announced AUD 3.5 billion fully funded growth CapEx. Fundamentally, we look to our capital allocation framework, which is in the appendix to the presentation, and we look at where there is opportunities to deploy capital where that are value accretive to our security holders. So that is fundamentally how we look at it, and we have talked about the target returns we have.

Speaker #3: Fundamentally, we look to our capital allocation framework, which is in the appendix to the presentation and we look at where there's opportunities to deploy capital, where that value accretive to our security holders.

Speaker #3: So that's fundamentally how we look at it. And we've talked about the target returns we have for all of our projects. When it comes to funding, we're obviously in a really strong position from balance sheet currently, but we have a range of funding levers that we can pull that includes more hybrid issuances, working with partners, structured equity and the like.

Adam Watson: For all of our projects. When it comes to funding, we are obviously in a really strong position from balance sheet currently, but we have a range of funding levers that we can pull that includes more hybrid issuances, working with partners, structured equity, and the like, that will enable us to facilitate more growth. It is a great position to be in from an infrastructure business perspective. Great. Thanks. I will pass it on then.

Speaker #3: That will enable us to facilitate more growth. So it's a great position to be in from an infrastructure business perspective.

Speaker #4: Great. Thanks all. I'll pass it on there. And the next question will come from Suraj Navani with Citi. Please go ahead.

Operator: The next question will come from Suraj Nebhani with Citi. Please go ahead.

Speaker #1: Oh, thank you. Thank you for the opportunity, just a couple of quick ones. Maybe following Ian's questions on the data center side. I guess just keen to sort of explore that a little bit Adam.

Suraj Nebhani: Thank you. Thank you for the opportunity. Just a couple of quick ones, maybe following Ian's questions on the data center side. I guess, just keen to explore that a little bit, Adam. Are you guys saying that, if you look at the US, some of your big energy peers, what they are doing is they are building these gas-fired power grid on-site and backed up with renewables and that is feeding into the data center. Are you guys looking to do that or, just build these potential behind-the-meter solutions in regional locations where there is connectivity with the grid?

Speaker #1: Are you guys saying that if you look at the US, some of your big sort of energy peers, what they're doing is they're building these gas-fired sort of power grid on site and backed up with renewables and that sort of fitting into the data center.

Speaker #1: Are you guys looking to do that or just sort of build these potential behind the meter solutions in regional locations where there is connectivity with the grid?

Speaker #2: Yeah, that's the short answer, Suraj, is that we would be partnering with in that scenario, partner with a data center developer and a customer to be able to partner with them on a site to be able to provide that behind the meter solution.

Adam Watson: Yeah, that is the short answer, Suraj, is that we would be partnering with, in that scenario, partner with a data center developer and a customer, to be able to partner with them on a site to be able to provide that behind-the-meter solution. It obviously, if you take it from an Australian perspective, and I think globally it is heading in this direction that there needs to be a significant renewable energy component, and then it needs to be firmed. So you need a battery, typically on-site, and you will need GPG for when the sun doesn't shine, the wind doesn't blow. But also to provide system strength not only to the site, but to be able to provide system strength back into the grid.

Speaker #2: And it obviously, if you take it from an Australian perspective, and I think globally it's heading in this direction that there needs to be a significant renewable energy component.

Speaker #2: And then it needs to be firmed. So you need a battery typically on site and you'll need GPG for when the sun doesn't shine and the wind doesn't blow.

Speaker #2: But also to provide system strength, not only to the site, but to be able to provide system strength back into the grid. And when governments and AMC are talking about providing firming and system strength, that's exactly what they mean because of the spinning reserves that are gas-fired power generator will provide.

Adam Watson: When governments and AEMC are talking about providing firming and system strength, that is exactly what they mean because of the spinning reserves that a gas-fired power generator will provide. I will be clear, we are not out there trying to build sheds. We are not in the business of building the data center. I do not think we have misled anyone to believe that that is what we are focused on. Certainly, similar to what you have seen, for example, in the US, we think we have got great capability to do that. Again, we will be very disciplined and very focused on ensuring that we deploy capital in a way that creates value and the way that we have diversified our business. Whilst our strategy is somewhat diverse, it is actually within a very narrow framework around gas pipelines and storage and power generation.

Speaker #2: I will be clear. We're not out there trying to build sheds. We're not in the business of building the data center. So I don't think we have misled anyone to believe that that's what we're focused on.

Speaker #2: But certainly similar to what you've seen for example in the US, we think we've got great capability to do that. But again, we will be very disciplined and very focused on ensuring that we deploy capital in a way that creates value and the way that we've diversified our business and whilst our strategy is somewhat diverse, it is actually within a very narrow framework around gas pipelines and storage and power generation.

Speaker #2: And just to round that out, I just keep coming back to Sybella. It's a very good example. What will be in this case, it's for a mining customer in Man Isaac, but it's the same model.

Adam Watson: Just to round that out, I just keep coming back to Sibell. It is a very good example, what will be, in this case, it is for a mining customer in Mount Isa, but it is the same model. It is the exact same model of bringing renewable power generation with a battery and firmed by gas. Again, we do that all around the country, and we think we have got good competitive advantages in that space.

Speaker #2: It's the exact same model of bringing renewable power generation with a battery and firm by gas. And again, we do that all around the country and we think we've got good competitive advantages in that space.

Suraj Nebhani: Thank you. Just to clarify, Adam, this power would be plugged into the grid, or is it just sort of off-grid like Sibell?

Speaker #1: Thank you. Just to clarify, Adam, this power would be plugged into the grid or is it just sort of off-grid like Sybella?

Speaker #2: Oh, look what the government is saying is that it needs to strengthen the grid. So they've been quite clear that the expectation is that you can be behind the meter so your, I guess, for one of a better term, your primary focus is to power the data center on site, but you also need to be connected into the grid so that if the grid needs stability or strengthening, you can provide your power back into the grid.

Adam Watson: Look, what the government is saying is that it needs to strengthen the grid, so they have been quite clear that the expectation is that you can be behind the meter. Your, I guess your, for want of a better term, your primary focus is to power the data center on-site, but you also need to be connected into the grid so that if the grid needs stability or strengthening, you can provide your power back into the grid.

Speaker #1: Got it. And I think the other sort of big question that we're debating currently and probably in the industry as well is given all of these data center energy requirements, is there scope for coal to stay longer in the system?

Suraj Nebhani: Got it. I think the other big question that we are debating internally and probably in the industry as well is, given all of these data center energy requirements, is there scope for coal to stay longer in the system? What does that mean for your business and some of these opportunities?

Speaker #1: And what does that mean for your business and some of these opportunities?

Speaker #2: Yeah, it's an interesting discussion. And sort of the argument or the counterfactual is that if you need to keep coal going for longer because of the demand that's being put on the energy market because of growth in data centers, if so facto it means that you should need more gas-fired power generation to be able to support the new developments.

Adam Watson: Yeah, it is an interesting discussion. The argument or the counterfactual is that if you need to keep coal going for longer because of the demand that is being put on the energy market because of growth in data centers, ipso facto, it means that you should need more gas-fired power generation to be able to support the new developments. Again, I think AEMO has suggested that with their latest GSOO, particularly around intraday volatility that you see. Again, that is what we feel very confident about the level of growth. For us, it is not about is there enough growth out there. It is 14 gigawatts of GPG needs to be developed. The remote grid decarbonization journey you are very familiar with. The demands from data centers could be anything. What we know is that the grid is already constrained.

Speaker #2: So and again, I think AMO has suggested that with their latest GC, particularly around intraday volatility that you see, so again, that's what we feel very confident about the level of growth.

Speaker #2: It's not for us, it's not about is there enough growth out there. It's 14 gigawatts of GPG needs to be developed. The remote grid decarbonization journey, you're very familiar with.

Speaker #2: And the demands from data centers are could be anything. But what we know is that the grid is already constrained there is some capacity obviously available, but that's being soaked up very, very quickly by the data center projects that are in flight.

Adam Watson: There is some capacity, obviously, available, but that is being soaked up very quickly by the data center projects that are in flight. The question is, what happens next? I think that is where GPG, renewable power generation, the whole Sibell example, could become a potential growth leg for us and the industry more broadly.

Speaker #2: The question is what happens next? And I think that's where GPG, renewable power generation, the whole Sybella example, could become a potential growth leg for us and the industry more broadly.

Speaker #1: Awesome. Thank you.

Suraj Nebhani: Awesome. Thank you.

Speaker #3: Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. The next question will come from Nathan Lead with Morgan's.

Operator: Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. The next question will come from Nathan Lead with Morgans. Please go ahead.

Speaker #3: Please go ahead.

Speaker #4: Good day, James. Thanks for your presentations. Just following up on that data center conversation there, Adam, I seem to remember that you had a site in Melbourne for a potential GPG project.

Nathan Lead: G'day, gents. Thanks for your presentations. Just following up on that data center conversation there, Adam, I seem to remember that you had a site in Melbourne for a potential GPG project. Is that still there and is that something that could be a potential for a data center co-location in the future?

Speaker #4: Is that still there and is that something that could be a potential for a data center co-location in the future?

Speaker #2: Yeah, thanks Nathan. Look, we've got I think it's about 12 sites that we had earmarked two or three years ago for GPG. Power generation sites around the country.

Adam Watson: Yeah, thanks, Nathan. Look, we have, I think it is about 12 sites that we had earmarked two or three years ago for GPG, power generation sites around the country. As I have said, those sites can be used for multiple different customers. You can think of a data center as a different customer base. It is the same product, just a different customer base. Yes, we do have one in Victoria. We have ones in New South Wales, Queensland, Western Australia. We have them spread all around the country. It is not that we are out there trying to develop all 12, do not get me wrong, but the point being that we have, I think, some pretty attractive sites and obviously we have a skill set which we think is second to none, and we have also got strategic partnerships with some of the key long lead items as well.

Speaker #2: And as I've said, those sites can be used for multiple different customers. You can think of a data center as a different customer base.

Speaker #2: It's the same product, just a different customer base. So yes, we do have one in Victoria. We've got ones in New South Wales, Queensland, Western Australia.

Speaker #2: We've got them spread all around the country. So and it's not that we're out there trying to develop all 12, don't get me wrong, but the point being that we've got I think some pretty attractive sites and obviously we've got a skill set which we think is second to none and we've also got strategic partnerships with some of the key long lead item as well.

Adam Watson: I think, some pretty attractive sites and obviously we have a skill set which we think is second to none, and we have also got strategic partnerships with some of the key long lead items as well. Look, maybe just, it is obviously a topic of interest, and it goes back to the question that Suraj had before and the observation around just broader general load on the energy market. We see that as a positive thing for our existing assets. I know it is easy to get caught up on the growth side, but we think it also helps underwrite our existing assets for a long period of time, and we have always been strongly of the view, and the data supports that these assets are going to be in demand and in fact needed well beyond the 2050s.

Speaker #2: And look, maybe just it's obviously a topic of interest and it goes back to the question that Suraj had before and the observation around just broader general load on the energy market.

Adam Watson: Look, maybe just, it is obviously a topic of interest, and it goes back to the question that Suraj had before and the observation around just broader general load on the energy market. We see that as a positive thing for our existing assets. I know it is easy to get caught up on the growth side, but we think it also helps underwrite our existing assets for a long period of time, and we have always been strongly of the view, and the data supports that these assets are going to be in demand and in fact needed well beyond the 2050s. Having more load coming from a market such as the data center market, I think just further underwrites that and underlines the importance of our assets.

Speaker #2: Yeah, we see that as a positive thing for our existing assets. I know it's easy to get caught up on the growth side, but we think it also helps underwrite our existing assets for a long period of time.

Speaker #2: And we've always been strongly the view and the data supports that, that these assets are going to be in demand and in fact needed well beyond the 2050s.

Speaker #2: And having more load coming from a market such as the data center market, I think just further underwrites that and underlines the importance of our assets.

Adam Watson: Having more load coming from a market such as the data center market, I think just further underwrites that and underlines the importance of our assets. Yeah, it is an interesting space and talk of the town, no doubt, but it is obviously a potential growth market.

Speaker #2: So yeah, it's an interesting space and talk of the town, no doubt. But it is obviously a potential growth market.

Adam Watson: Yeah, it is an interesting space and talk of the town, no doubt, but it is obviously a potential growth market.

Speaker #4: Yep, absolutely. Second question is, if I look at the work in progress account, within PPE, that node 11, looks like there was what close to 1.6 billion of capex that got commissioned over the last two financial years.

Nathan Lead: Yep, absolutely. Second question is, if I look at the work in progress account within PP&E, that note 11, looks like there was close to AUD 1.6 billion of CapEx that got commissioned over the last 2 financial years. You said FY26 had AUD 70 million of new asset EBITDA contribution, and then you are just going to be getting just 6 to 7 million, I suppose it is, coming through in FY27. Is that the full earnings power of the growth CapEx, which was in that AUD 1.6 billion? And how much of that AUD 1.6 billion was actually, I suppose, growth CapEx?

Speaker #4: You've said FY26 had 70 mil of new asset EBITDA contribution and then you're just going to be getting just sort of 6 to 7 million, I suppose it is, coming through in FY27.

Speaker #4: Is that the full earnings power of the growth capex which was in that 1.6 bill? And how much of that 1.6 was actually I suppose growth capex?

Speaker #2: Yeah, thanks Nathan for

Garrick Rollason: Yeah. Thanks, Nathan, for the question. CWIP, obviously what goes through there is not just growth CapEx. There is also same business foundational CapEx that goes through that.

Speaker #5: the question. So see, we've obviously what goes through there is not just growth capex. So there's also CBIT and foundational capex that goes through that.

Speaker #5: So you need to be aware of that. When I look at the balance at 25, which I think was about a billion dollars, the balance at 26, which is about 800, call it 850 odd million, we've seen Port Heddle and Solar Invest move from CWIB into PB&E, some spending on MSP do the same.

Nathan Lead: Yeah.

Garrick Rollason: You need to be aware of that. When I look at the balance at 2025, which I think was about AUD 1 billion, the balance at 2026, which is about 800 and call it 850 odd million. We have seen Port Hedland Solar and BESS move from CWIP into PP&E. Some spending on MSEP do the same. And then moving to projects that we have started are things such as the Sturt Plateau Pipeline, which I think still sits at balance sheet date within CWIP. Some of the work around the East Coast Gas Grid and some of the Brigalow Pipeline work as well. That is the kind of details around movements period on period. But I think fundamentally your question is, are we getting the returns that we seek on the assets that we have brought into operation and recognized the revenues over the last couple of years?

Speaker #5: And then moving or projects that we've started are things such as Stir Plateau Pipeline, which I think still sits at balance sheet date within CWIB.

Speaker #5: Some of the work around the East Coast gas grid and some of the Brigolay Pipeline work as well. So that's the kind of details around movements, period on period.

Speaker #5: But I think fundamentally your question is, are we getting the returns that we seek on the assets that we've brought to into operation and recognize the revenues over the last couple of years?

Speaker #5: And we're really happy that we are hitting our target return hurdles that we've talked about a number of times across the assets that we're constructing now and the assets that we've bought online as well.

Garrick Rollason: We are really happy that we are hitting our target return hurdles that we have talked about a number of times across the assets that we are constructing now and the assets that we have brought online as well. Some of them, there is obviously South West Pipeline is a regulated asset, and that gets a regulated return. We have talked in the past around the returns on Kurri Kurri Lateral Pipeline that reflected the time which the deal was done. But certainly the big projects, growth projects that have come to life and are coming through both our balance sheet and our P&L now and into the future are hitting and exceeding those target hurdle rates.

Speaker #5: Some of them, there's obviously Southwest Pipeline is a regulated asset and that gets a regulated return. We've talked in the past around the returns on curry curry lateral pipeline that reflected the time which the deal was done.

Speaker #5: But certainly the big projects, growth projects that have come to life and are coming through both at balance sheet and at P&L now and into the future are hitting and exceeding those target hurdle rates.

Speaker #4: Yeah, okay. So just to confirm though, in that 1.6 bill, how much of it was growth capex?

Nathan Lead: Yeah. Okay. So just to confirm, though, in that AUD 1.6 billion, how much of it was growth CapEx?

Garrick Rollason: I do not actually have that to hand, but let me pull it out and I will come back to you.

Speaker #5: I don't actually have that to hand, but let me pull it out and I'll come back to you.

Speaker #4: Okay. And then Adam, the three and a half billion growth capex pipeline across FY27 to 29, how should we be thinking about the ramp up in earnings related to that spend?

Nathan Lead: Okay. Adam, the AUD 3.5 billion growth CapEx pipeline across FY27 to 29, how should we be thinking about the ramp-up in earnings related to that spend? When should you or we be expecting that it will sort of hit like full tilt on the earnings contribution from that spend?

Speaker #4: When should you or we be expecting that it will still be sort of hit like full tilt on the earnings contribution from that spend?

Speaker #2: Yeah, look, let me try and help you out directionally. So we've obviously had curry curry lateral Port Heddler and Port Heddle and Solar and Battery and Atlas to really creak come through in this year.

Adam Watson: Yeah, look, let me try and help you out directionally. We have obviously had Kurri Kurri Lateral, Port Hedland Solar and Battery, and Atlas to Reedy Creek come through in this year, which is all very positive. The Sturt Plateau Pipeline, AUD 66 million project, that will feed through most of 2027. It is not so much a ramp-up because it is an asset for a particular customer, so it picks up quickly. Brigalow Pipeline, we have said that that will be available towards the end of 2027. Brigalow, the asset, will be in 2028. So you would imagine if the pipeline is 2027 and the asset to 2028, they are going to be reasonably close together, but a bit of water to go under the bridge there. East Coast Gas Grid projects, we all know, take a couple of years to ramp up.

Speaker #2: Which is all very positive. The Stir Plateau Pipeline, 66 million dollar project, that'll feed through most of 2027. And it's not so much a ramp up because it's an asset for a particular customer.

Speaker #2: So it picks up quickly. Brigolay Pipeline, we've said that that will be available towards the end of 2027. Brigolay, the asset will be in 2028.

Speaker #2: So you'd imagine if the pipeline's 27 and the asset's 28, they're going to be reasonably close together. But a bit of water to go under the bridge there.

Speaker #2: East Coast gas grid, projects, we all know take a couple of years to ramp up. You're trying to bring that product to meet demand.

Adam Watson: You are trying to bring that product to meet demand, but it just does take a couple of years to ramp up. I think you have got enough evidence behind you with what you saw on stages 1 and 2 to give you an indication of how that played out. Again, the demand is there and you have got some pretty big assets coming out, in particular in 2028 in Victoria. So that could ramp up reasonably quickly. Sybella will be a quick ramp-up, and we have said today that will be mid-2028. The South West Pipeline becomes a regulated asset, so effectively, you are at 100% straight away, and that is mid-2029.

Speaker #2: But it just does take a couple of years to ramp up. But I think you've got enough evidence behind you with what you saw on stages one and two to give you an indication of how that played out.

Speaker #2: And again, the demands there and you've got some pretty big assets coming out in particular in 2028 in Victoria. So that could ramp up reasonably quickly.

Speaker #2: Sibella, we'll be a quick ramp up and we've said today that it'll be mid-2028. And then the Southwest Pipeline becomes a regulated asset. So you've effectively you're at 100% straight away and that's mid-2029.

Speaker #4: Okay. Great, thank you.

Nathan Lead: Okay. Great. Thank you.

Speaker #1: There are no further questions at this time. I'll now hand it back to Mr. Watson for closing remarks.

Operator: There are no further questions at this time. I will now hand it back to Mr. Watson for closing remarks.

Speaker #2: Great, thank you so much. And really appreciate the questions from today. I think it's helpful to be able to bring a great result to life and the opportunities.

Adam Watson: Great. Thank you so much, and really appreciate the questions from today. I think it's helpful to be able to bring a great result to life and the opportunities I think have been well covered today. It's been a great dialogue. I just want to leave you again with the key takeaways from today's result. We have delivered another strong financial result, and the outlook we think continues to show strength, and we're really encouraged by that. We have a great portfolio of assets, and our outlook from a growth perspective is compelling, and I think we've been through that a lot today to evidence that for you. Importantly, the balance sheet is also incredibly strong, and it provides us the funding capacity we need to be able to deliver. Again, we think we're in a good space and, as always, we appreciate your support.

Speaker #2: I think it's been well covered today. So it's been a great dialogue. I just want to leave you again with the key takeaways from today's result.

Speaker #2: We have delivered another strong financial result and the outlook we think continues to show strength and yeah, we're really encouraged by that. We have a great portfolio of assets and our outlook from a growth perspective is compelling.

Speaker #2: And I think we've been through that a lot today. To evidence that for you. And importantly, the balance sheet is also incredibly strong and it provides us the funding capacity we need to be able to deliver.

Speaker #2: So again, we think we're in a good space and as always, we appreciate your support. So thank you for your time and enjoy the rest of the reporting season.

Adam Watson: Thank you for your time, and enjoy the rest of the reporting season.