Q4 2026 GenusPlus Group Ltd Earnings Call

August 25, 2026

Speaker #2: प्ले ले करके किया ना तुम लोगों को। अरे तो फिर क्यों लगा रहा है? ये सेल्फी करना? क्यों लगा रहे हो, डिस्क रिकॉर्ड है तू?

Speaker #3: अरमान, इंग्लिश का दिख रहा है ना अंदर कॉल।

Speaker #1: You are muted.

Speaker #4: It's doing a comms check. Somebody?

Speaker #5: We can hear you. All clear?

Speaker #4: Thanks. Good morning, everyone, and welcome to the GenusPlus results. Obviously, another big year for GenusPlus. We'll go through the presentation and I'm happy to take any questions along the way.

David Riches: Thanks. Good morning, everyone, and welcome to the GenusPlus results. Obviously, another big year for GenusPlus Group. I will go through the presentation. Happy to take any questions along the way, or we can save them to the end. But yeah, fantastic year for us. Executive summary leads to 2,500 employees now, plus MPK, obviously. We will talk through MPK. MPK came in on 1 July, so we will talk to that through the presentation. Happy to take any questions. AUD 1.28 billion of revenue, a massive step change for the business over the last two years. We have maintained our TRIFR result and a strong focus on people wellbeing and safety, which is the number one in our business. Solid order book, plus a recurring book of work that sits alongside our order book sets us up strong for this year coming. Some massive standouts.

Speaker #4: We can save them to the end. But yeah, fantastic sort of year for us. Executive summary leads to two and a half thousand employees now, plus MPK obviously. And we'll talk through MPK—MPK meet on the 1st of July, so we'll talk to that through the presentation.

Speaker #4: And happy to take any questions. $1.28 billion of revenue—a massive step change for the business over the last two years. We've maintained our triple results, a strong focus on people, well-being, and safety, which is the number one in our business.

Speaker #4: Solid order book, plus some recurring book of work that sits alongside our order book, sets us up strong for this year coming. Some massive standouts.

Speaker #4: If we first of all look at the map as we increase our over-east exposure and, and, and as we spread our wings across the Australian market, which was what we've been trying to do over the last half a decade, but a massive step change for infrastructure with a 100% revenue growth.

David Riches: If we first of all look at the map as we increase our over East exposure and as we spread our wings across the Australian market, which was what we've been trying to do over the last half a decade. A massive step change for infrastructure with 100% revenue growth. We've seen those larger projects now start to come through from a revenue point of view. We're being responsible with the way we report the margins on those projects as they ramp up and they go into their first stages of ramp up. Energy and engineering, a solid result. Services, an outstanding result and really strong at AUD 150 million, and we'll talk to the details of that through the presentation. It's a big year. It's a solid year. It's an absolute step change for the business.

Speaker #4: We've seen those larger projects now start to come through from a revenue point of view. We've been responsible with the way we report the margins on those projects as they ramp up and they go into their first stages of ramp-up.

Speaker #4: Energy and engineering are solid results. Services are an outstanding result and really strong at $150 million, and we'll talk to the details of that through the presentation.

Speaker #4: But, you know, it's a it's a big, big year. It's a solid year. It's a it's an absolute step change for the business. A number of things have had to have been done over the last 5, 6 hundred days in, in yard sizes, people, expanding the business to a to a multidiscipline infrastructure contractor.

David Riches: A number of things have had to been done over the last 500, 600 days in yard sizes, people, expanding the business to a multi-discipline infrastructure contractor. Some key messages we really wanted to drag out is we're proud of the stable leadership and management. The retention of our management, we believe, is second to none across the industry. People are happy to work for Genus at all levels. Stepping from AUD 550 million to just under AUD 1.3 billion over the last two years, and maintaining a strong culture is our opinion. Safety, performance, customer focus, and operational disciplines is key to contracting. Exceeding AUD 100 million normalization EBITDA marks a major milestone. I think, a number of people and us have talked. It's always Damian and I, we've been here from the start, but it was always a dream to get to AUD 100 million in EBITDA, which is now a reality.

Speaker #4: Some key messages we really wanted to draw out are that we're proud of the stable leadership and management, and the retention of our management.

Speaker #4: We believe it's second to none across the industry. People are happy to work for Genus at all levels. You know, stepping from $550 million to just under $1.3 billion over the last two years.

David Riches: Stepping from AUD 550 million to just under AUD 1.3 billion over the last two years, and maintaining a strong culture is our opinion. Safety, performance, customer focus, and operational disciplines is key to contracting. Exceeding AUD 100 million normalization EBITDA marks a major milestone. I think, a number of people and us have talked. It's always Damian and I, we've been here from the start, but it was always a dream to get to AUD 100 million in EBITDA, which is now a reality.

Speaker #4: and, and maintaining a, a strong culture is our opinion. Safety performance, customer focus, and operational disciplines is key to, to contracting. Exceeding 100 million dollar normalization EBITDA marks a major milestone, I think, you know, a number of people and, and us have talked it's always Damien and I, we've been here from the start, but, you know, it was it was always a dream to get to 100 million EBITDA, which is now a reality.

Speaker #4: And it's onwards and upwards, as you can see throughout our forecast for next year and our guidance. We're not going to be here for very long, but that's how these things happen.

David Riches: It's onwards and upwards, as you can see through our forecast for next year and our guidance that we're not going to be here for very long, but that's how these things happen. What an effort from the whole team and a big callout to all of the Genus team at all levels, whether it's loading a truck, doing a job, building a project, managing a project, or the leadership of Genus entirely have done a fantastic job, in our opinion, in getting us through this step change and looking to the future. I think it's hard to pin down exactly what ramp-up means. Everyone likes to say we ramp up. We've got to understand that we've taken this business into all sorts of scaled projects now from the typical projects we did long, long time ago to now billion-dollar projects in the case of HumeLink East.

Speaker #4: But what an effort from the whole team, and a big call out to all of the Genus team at all levels—whether it’s loading a truck, doing a job, building a project, managing a project, or the leadership of Genus entirely. They have done a fantastic job, in our opinion, in getting us through this step change.

Speaker #4: And looking to the future, I think it's—you know, it's hard to pin down exactly what ramp-up means. Everyone likes to say, "Oh, we ramp up." You know, we've got to understand that we've taken this business into all sorts of scaled projects now, from the typical projects we did a long, long time ago to now billion-dollar projects.

Speaker #4: In the case of HumeLink East, the ramp-up and the flexibility of our staff to be able to work with the challenges of ramping them up has been nothing short of amazing, in my opinion.

David Riches: The ramp-up and the flexibility of our staff to be able to work with the challenges of ramping them up has been nothing short of amazing, in my opinion. I thought we'd find bigger challenges. Not to say it's easy, there's certainly challenges when we ramp up to large projects, but we've been able to find and deliver a strong horsepower result for our customers in the ramp-up. Understanding those ramp-ups when we've never done it before and trying to write rules and things in place to make it more streamlined in the future. Again, talking back to that step change.

Speaker #4: I thought we'd find bigger challenges, and not to say it's easy. There are certainly challenges when we ramp up to large projects, but we've been able to find and deliver a strong horsepower result for our customers in the ramp-up.

Speaker #4: And understanding those ramp-ups when we've never done it before, and trying to write rules and things in place, you know, to make it more streamlined in the future.

Speaker #4: So, again, talking back to that step change, but not only from an organic point of view of going out and achieving so much.

David Riches: But not only from an organic point of view of going out and achieving so much over the last couple of years, it was always going to be a time where we needed to diversify, and we had been working on a strategy for that for a long period of time. The strategy was to enter the pipeline and the rail space and those types of environments with long linear type projects. Throughout that year, we were able to double down with our Railtrain acquisition, giving us a good size footprint to be able to look at growth in rail and how we become a delivery partner across the rail sector. MPK was an absolute amazing acquisition. You probably do not get to pick the timing and the size of these acquisitions, but MPK was definitely a big bite and we are happy with that bite size.

Speaker #4: Over the last couple of years, it was always going to be a time where we needed to diversify, and we'd been working on a strategy for that for a long period of time.

Speaker #4: The strategy was to enter the pipeline and the rail space and, and those types of environments with long linear type projects. And throughout that year, we were able to double down with our rail train acquisition, giving us a, a good size footprint to be able to look at growth in rail and how we become a, a delivery partner across the rail sector.

Speaker #4: And MPK, you know, which was an absolutely amazing acquisition. Probably, you know, you don't get to pick the timing and the size of these acquisitions, but, you know, MPK was definitely a big bite and, and we're happy with that bite size.

Speaker #4: We completed a $200 million equity raise and increased our facility to $549 million on the back of those. But more on an overarching strategy point of view, we put pressure on ourselves all the time around strategy and having a document, and shifting that document and keeping up with what's happening in the market.

David Riches: We completed a AUD 200 million equity raise and increased our facility to AUD 549 million on the back of those. More on an overarching strategy point of view, we put pressure on ourselves all the time around strategy and having a document and shifting that document and keeping up with what is happening in the market. Today, we were able to hit two major milestones from a diversification point of view into MPK, Railtrain, and MGC, giving us that footprint to be able to grow alongside our renewables and transmission and distribution areas. A lot of work has been done over the last two years. I am very pleased with that at work level. I think the team has done a fantastic job, and we are sitting on a far bigger horse today than we were two years ago. Financial highlights. Up 70% in revenue.

Speaker #4: You know, today we were able to hit two major milestones from a diversification point of view, into MPK and rail, train, and MGC—giving us that footprint to be able to grow alongside our renewables and transmission and distribution areas.

Speaker #4: So, a lot of work's been done over the last two years. I'm very pleased with that at a work level. I think the team's done a fantastic job, and we're sitting on a far bigger horse today than we were two years ago.

Speaker #4: Financial highlights. So up 70% in revenue. you know, we gave guidance not that long ago with the MPK deal and, and with, you know, we've hit that guidance or, or a little bit better.

David Riches: We gave guidance not that long ago with the MPK deal, and we have hit that guidance or a little bit better. Record EBITDA as stated are just over AUD 100 million. Our underlying NPAT at AUD 54 million. Final dividend we paid at AUD 0.036 plus the interim dividends. Cash has been very, very good. Remembering we did raise AUD 195 million for MPK, but it is still a great conversion. We will talk to cash throughout the presentation. Strong order book with an increased recurring revenue on top of that order book. If we look at timing over that order book plus the recurring revenue sets us up for the guidance we have given you throughout the presentation. Outlook, AUD 2.2 billion order book, mainly in the space of Genus organically. MPK has lent in a little bit with that.

Speaker #4: Record EBITDA is just over $100 million. Our underlying NPAT is $54 million. Final dividend was paid at 3.6 cents, plus the interim dividend.

Speaker #4: Cash has been very, very good. Remember, we did raise $195 million for MPK, but it's still great—a great conversion. We'll talk to cash throughout the presentation.

Speaker #4: Strong order book, you know, with an increased recurring revenue on top of that order book. And if we look at timing over that, the order book plus the recurring revenue sets us up for the guidance we've given you.

Speaker #4: Throughout the presentation—outlook. So, $2.2 billion order book, mainly in the space of Genus, organically. MPK has lent in a little bit with that.

Speaker #4: MPK is at a period where they're rolling off some large projects they've done, and they're rolling onto some others, but they will come as a part of the order book once they get to the right point in space.

David Riches: MPK is at a period where they are rolling off some large projects they have done and they are rolling on to some others. They will come as a part of the order book once they get to the right point in space. Mainly that is the Genus order book. Obviously, MPK helped contribute to growing our recurring revenue as they sit on some service panels and gathering panels, which are typical to the panels we have always had in Genus, and we will continue to grow that recurring revenue and continue to put effort into that as we always have. A solid tendered pipeline, and I say tendered as in here and now tendered opportunities that will be negotiated, and we will be successful on a number of those tendered pipeline opportunities. We are also seeing a large activity of tendering activity.

Speaker #4: So, mainly, that's the Genus order book. Obviously, MPK helped contribute to growing our recurring revenue, as they sit on some service panels and gathering panels, which are typical to the panels we've always had in Genus. We will continue to grow that recurring revenue and continue to put effort into that, as we always have.

Speaker #4: a solid tended pipeline and I'm and I say tended as in here and now, tended opportunities that, that will be negotiated and, and, and we'll, we'll be successful on a number of those tended pipeline opportunities.

Speaker #4: We're also seeing a large activity of sort of tendering activity, which is not—until it's a tender, it's sort of tendering, and then opportunities further on than that continue to grow and be solid.

David Riches: Until it's a tender, it's tendering, and then opportunities further on than that continue to grow and be solid. It's hard to put those numbers in a presentation because sometimes they're huge, and they're all opportunities, and sometimes they fly and sometimes they don't. A solid AUD 3.6 billion here and now that we need to work on. The recurring revenue, as I stated, has grown with MPK, and it's one of the key highlights of the acquisition. Not only that, it now gives us a real foothold to grow that AUD 764 million. I think there is opportunity to grow that, and we'll see that come through over the coming years. We continue to see opportunities throughout the group, as talked about from a tendering point of view to a tendered pipeline opportunities here and now.

Speaker #4: It's hard to put those numbers in a presentation because sometimes they're huge and they're all opportunities, and sometimes they fly and sometimes they don't.

Speaker #4: So, but a solid $3.6 billion here and now that we need to work on. The recurring revenue, as I stated, we will, you know, has grown with MPK and that's, you know, one of the key highlights of the acquisition.

Speaker #4: But not only that, it now gives us a real foothold to grow that $764 million. I think there is opportunity to grow that, and we'll see that come through over the coming years.

Speaker #4: You know, we continue to see opportunities throughout the group, as talked about from a tendering point of view, to attended pipeline opportunities here and now.

Speaker #4: But we really need to give it some time to really see how that comes through. When we look at the rail acquisitions and MPK, and organically, you know, Genus has always been trying something new.

David Riches: We really need to give it some time to really see how that comes through. When we look at the rail acquisitions and MPK, and organically Genus is always trying something new. We really need to give it some time to let these sectors settle into their new home and look at a diversified infrastructure business and start being aggressive on tendering on opportunities. Sometimes when we look at the likes of Railtrain or MGC from a rail point of view, those businesses were the size they were. Their balance sheet was the size they were. So sometimes they're unable to take on the opportunities that now we can take on together. We've given guidance for AUD 200 to 205 million of EBITDA. We've worked on that guidance and been sensible with that guidance. It's a range of organic growth, some coming through from Railtrain and obviously MPK.

Speaker #4: We really need to give it some time to let these sectors settle into their new home and, and, and look at a diversified infrastructure business and start, you know, being aggressive on tendering you know, on opportunities and, and, and sometimes when we look at the likes of rail train or, or, or MGC from a rail point of view, those businesses where the size they were, their balance sheet was the size they were.

Speaker #4: So sometimes they're unable to take on the opportunities that now we can take on together. We've given guidance for $200 to $205 million of EBITDA.

Speaker #4: We've worked on that guidance and been sensible with that guidance. It's a range of all organic growth, some coming through from rail, train, and obviously MPK.

Speaker #4: so yeah, it, it can sort of look at it a few different ways. it's, it's a sensible it's a sensible number to put there in front of us today.

David Riches: You can look at it a few different ways. It's a sensible number to put there in front of us today, and we'll keep the market informed if that number is to change. It's not weighed to one or the other. It's simply some contingency across organic growth. It's some contingency on Railtrain and some contingency on the high numbers of the earn-out for MPK. A range of numbers gave us our guidance to give you guys today. The overview of MPK, just really jogging everyone's memory. MPK and Genus sort of ran into each other many years ago, so this acquisition wasn't thought about in five minutes. We sort of looked at some tendering together a long way back and how we could use our overhead power and electrical skills alongside their pipelining skills.

Speaker #4: And we'll keep the market informed if that number is to change. But yeah, it's not weighed to one or the other. It's simply some contingency across organic growth.

Speaker #4: It's some contingency on rail train, and some contingency on the high numbers of the earn-out for MPK. So, a range of numbers gave us our guidance to give you guys today.

Speaker #4: The overview of MPK, you know, so just really jogging everyone's memory and just, you know, it's a, it's a, you know, MPK and Genus sort of ran into each other many years ago.

Speaker #4: So, this acquisition wasn't thought about in five minutes. We sort of looked at some tendering together a long, long way back, and how we could, you know, use our overhead power and electrical skills alongside their rail and pipelining skills.

Speaker #4: And then we both worked on a contract side by side around 2020. They were on separate contracts, but, you know, we were on the same expansion project.

David Riches: Then we both worked on a contract side by side around 2020. They're on separate contracts, but we were on the same expansion project. We were doing the power, and they were doing the water and slurry lines at that point. We obviously got to work alongside them for a large period of time throughout those large projects, until we sort of ran into each other later in life again. We couldn't get expectations to line up the first time we had a discussion with MPK. Then earlier this year or late last calendar year, we ran the story again between the organizations, and those expectations got fairly close to being lined up. From there to 1 July, we completed the acquisition. The overarching rationale for MPK is Genus is a strong infrastructure contractor across renewables, distribution, transmission, power, mining, et cetera.

Speaker #4: We were doing the power and they were doing the water and slurry lines at that point, and we obviously got to work alongside them for a large period of time throughout those large projects.

Speaker #4: Until we sort of ran into each other later in life again, and we couldn't get expectations to line up the first time we had a discussion with MPK.

Speaker #4: And then earlier this year or, or late last calendar year, we, we ran we ran the, the story again between the, the organizations and those expectations got, got fairly close to being lined up and, and from there to the 1st of July, we completed the acquisition.

Speaker #4: But the overarching rationale for MPK is, you know, Genus is a strong infrastructure contractor across renewables, distribution, transmission, power, mining, etc. MPK's got all the same makeups but more in the civil, pipeline, and gas gathering and gas services side.

David Riches: MPK's got all the same makeups, but more in the civil pipeline and gas gathering and gas services side. So 2 plus 2 is 5 in this acquisition. In my opinion, we need to look at two big horses and bring them together. We need to search for synergies and streamlined approaches on how we work together. We need to respect the gas market as it's definitely a tier 1 market. We need to reopen those doors from a water point of view for MPK. As talked about, I saw them on a very large water and slurry line project. Not forgetting that they're still active in their mining services piece, and there's a wide range of activity across our mining customers at Genus that we're not doing that type of work for today.

Speaker #4: So, it's, it's, you know, it's two plus two is five in this acquisition, in my opinion. We need to, we need to look at two big horses and bring them together.

Speaker #4: We need to search for synergies and streamlined approaches in how we work together. We need to respect the gas market as it's, you know, definitely a tier one market.

Speaker #4: We need to reopen those doors from a water point of view for MPK. As I mentioned, I saw him on a very large water and slurry line project.

Speaker #4: You know, not forgetting that they're still active in their mining services piece, and there's a wide range of activity across our mining customers at Genus that we're not doing that type of work for today.

Speaker #4: So there's just a number of opportunities that, you know, we're eight weeks into the acquisition, plus the DD time and the time we got to spend with each other earlier this year.

David Riches: There's just a number of opportunities that we're 8 weeks into the acquisition plus the DD time and the time we got to spend with each other earlier this year. The integration, I think, is solid and strong. It comes with a very solid leadership team. The leadership team from MPK and the leadership team from Genus are working hand in hand together to look at the integration and don't leave any stones unturned. But at this point in time, everything's tracking to plan. It adds on 900 to 1,000 employees onto those numbers back in the earlier pages. We are a far bigger business today together and helping with our guidance as well.

Speaker #4: The integration, I think, is solid and strong. It comes with a very solid leadership team. The leadership team from MPK and the leadership team from Genus are working hand in hand together.

Speaker #4: To look at the integration and, and not leave any stones unturned. But, you know, at this point in time, everything's tracking to plan. It adds on 900 to 1,000 employees onto those numbers back in the earlier pages.

Speaker #4: We are a far bigger business today together and helping with our guidance as well. So, but overall summary: we get the gas market, we get the water market, we get the wind farm civil market, and we probably can touch on some mining services and gas services and see how we can expand that through the group as well.

David Riches: But overall summary, we get the gas market, we get the water market, we get the wind farm civil market, and we probably can touch on some mining services and gas services and see how we can expand that through the group as well. So a lot of opportunity. Historical performance, I'll let everyone read the charts. There's no talking to them, but you can read the charts. I'm happy to take any questions on them. The financial overview, as talked about, AUD 1.28 billion of revenue, just a solid step change for the business from hundreds of millions to now into the billion, sort of category. EBITDA is completely in line with where we expected it to be. Our underlying NPAT, which the normalizations are just your typical acquisition and legal costs.

Speaker #4: So, a lot of opportunity. For historical performance, I'll let everyone read the chart. So, you know, there's no talking to that, but you can read the charts.

Speaker #4: I'm happy to take any questions on them. Financial overview, as talked about: $1.28 billion of revenue—just a solid step change for the business, moving from hundreds of millions to now into the billions.

Speaker #4: ...sort of category. EBITDA is completely in line with where we expected it to be. Our underlying impact, which the normalizations are, are just your typical acquisition and legal costs.

Speaker #4: We had some historical ECM claims, which, that's from some old claims from an acquisition of ECM we did many years ago. That's just finishing out some stuff we need to do with the administrator.

David Riches: We had some historical EC&M claims, that's from some old claims from an acquisition of EC&M we did many years ago. That's just finishing out some stuff we need to do with the administrator. CommTel's restructuring costs. And our amortization from our intangibles on acquisitions is AUD 2.6 million. So, nothing really, pretty standard stuff here. It's in line with where we expected. There's some costs to run businesses, which I hope you all understand. Strong cash balance. I'm happy to take some questions on cash at the question time. We've had strong cash, there's no doubt about it. Remembering, including AUD 195 million there from the cap raise to MPK. Franking credits balance at AUD 79 million. We got headroom in our bank guarantees and surety bonds. We've moved that facility to AUD 540 million, up from AUD 260 million, setting us up for the future.

Speaker #4: Comtel's restructuring costs. Acquisition and our amortization from our intangibles on acquisitions is $2.6 million. So, nothing really—you know, pretty standard stuff here. It's in line with where we expected; there's some cost to do.

Speaker #4: You know, to run businesses—which I hope you all understand—a strong cash balance is important. You know, I'm happy to take some questions on cash at the question time.

Speaker #4: You know, we've had strong cash. There's no doubt about it. Remember, including $195 million there from the cap raise to MPK. Franking credits balance at $79 million.

Speaker #4: We've got headroom in our bank guarantees and insurance bonds. We've moved that facility to $540 million, up from $260 million, setting us up for the future.

Speaker #4: Currently, we're at $240 million of bank-guaranteed insurance bonds issued as at 30th of June, so there's plenty of headroom. The dividend is coming—yeah, I'll let that explain itself.

David Riches: Currently, we are at AUD 240 million of bank guaranteed insurance bonds were issued at 30 June, so plenty of headroom. The dividends coming. I will let that explain itself. Cash balance, as talked about, up AUD 315 million. Remember, there was MPK's money there. But we generated AUD 229 million of free cash flow before income tax, compared to AUD 138 million in the last PCP. The group maintained its strong focus. Obviously, we have got a focus on cash when it comes to our major projects. Some projects are milestone-based. Most of them are Triple PC or QMR sort of based projects. Our customers are happy to work with us on cash flows, and our teams are focused on making sure they stay cash flow positive throughout the project. AUD 44 million of CapEx. We have to buy some gear, especially for our transmission department that has long lead times.

Speaker #4: Cash balance, as talked about, up $315 million. Remember, there was MPK's money there. But we generated $229 million of free cash flow before income tax.

Speaker #4: Compared to 138 million. in the last PCP, the group maintained its strong focus. Obviously, we've got a focus on cash when it comes to our major projects that, you know, we, we, we some projects are milestone based.

David Riches: Obviously, we have got a focus on cash when it comes to our major projects. Some projects are milestone-based. Most of them are Triple PC or QMR sort of based projects. Our customers are happy to work with us on cash flows, and our teams are focused on making sure they stay cash flow positive throughout the project. AUD 44 million of CapEx. We have to buy some gear, especially for our transmission department that has long lead times.

Speaker #4: Most of them are, are, are triple PC or QMR sort of based projects. Our customers are happy to work with us on cash flows, and our teams are focused on making sure they stay cash flow positive throughout the project.

Speaker #4: $44 million of capex. So we have seen, you know, we have to buy some gear, especially for our transmission department, that has long lead times.

Speaker #4: We've been working with that CAPEX over the last two years, and it's a hard one. You’ve got to try and get ready.

David Riches: We have been working with that CapEx over the last two years, and it is a hard one. You have got to try and get ready, and then you have got to be ready on the day we start, and we need it there. Then sometimes an environmental plan might, or approval might shift by three months here and there. So it has been quite tough with CapEx. We think we need to try and settle that down. But the real driver to why it is quite hard to manage at the moment is the transmission stuff that comes with long lead items. We have seen an increase in that CapEx. We bought some very large EWPs to make sure we can look after critical path, which is sort of beyond where we would have probably at a normal CapEx level.

Speaker #4: And then you've got to be ready on the day we start and we need it there. And then sometimes an environmental plan or approval might shift by three months here and there.

Speaker #4: So, it's been quite tough with capex. We think we need to try and settle that down, but the real driver to why it's quite, you know, hard to manage at the moment is the transmission stuff that comes with long-lead items.

Speaker #4: We have seen an increase in that capex. We bought some very large EWPs to make sure we can look after critical path, which is sort of beyond where we would have, you know, probably at a normal capex level.

Speaker #4: But, you know, due to the massive contracts we're starting, doing, and winning, we just needed to make sure we were protected. We normally use subcontractors for some parts like that.

David Riches: But due to the massive contracts we are starting and doing and winning, we just needed to make sure we were protected. We normally use subcontractors for some parts like that, and we will continue to use those subcontractors. So it is not us fully internalizing those types of things, but there is protection in there, for us to be able to maintain the speed of the project we need and have a critical mass of gear on site. Ultimately, we can hire something which costs us a fortune and pay someone else's gear off, or we can own it ourselves, has always been the method at this business. We would like to own more gear at times, but we are disciplined around how many projects would we have running at once, how much critical mass should we put into that project.

Speaker #4: And we'll continue to use those subcontractors. So it's not us fully internalizing those types of things, but there's protection in there for us to be able to maintain the speed of the project we need.

Speaker #4: And have a critical mass of gear on site. Ultimately, you know, we can hire something, which costs us a fortune, and pay someone else's gear off.

Speaker #4: Or we can own it ourselves, as has always been the case. The method at this business—we'd like to own more gear at times, but with discipline around how many projects we have running at once.

Speaker #4: How much critical mass should we put into that project? It's still a moving beast from a, from a point of view of trying to work out what's the right level.

David Riches: It is still a moving beast from a point of view of trying to work out what is that right level. We will continue to update the CapEx forecast for CapEx for next year, AUD 65 to AUD 70, but keep in mind, that includes MPK and Railtrain. The infrastructure segment. Sorry, the page just did not change on our screen. Infrastructure segment, so AUD 837 million of revenue, so up 100% for the year. We called this out over the last 500 or 600 days as well throughout some of our roadshows, meetings and presentations that we are seeing a big influx in the transmission and distribution space. We have ramped up to those revenues, obviously we have done that work throughout the year. So we have ramped up to that. We have achieved that AUD 55 million of EBITDA, AUD 42 million of EBITA. There is absolutely nothing wrong with our infrastructure business.

Speaker #4: And we'll continue to update the capex forecast for next year—$65 to $70 million—but keep in mind that includes MPK and rail train.

Speaker #4: The infrastructure segment. Infrastructure segment. Sorry, the page just didn't change on our screen. Infrastructure segment. So, $837 million of revenue, up 100% for the year.

Speaker #4: We called this out over the last five or six hundred days as well, throughout some of our roadshows, meetings, and presentations.

Speaker #4: So, we're seeing a big influx in the in the transmission and and distribution space. we've ramped up to those revenues. Obviously, we we've we've done that work throughout the year.

David Riches: We have ramped up to those revenues, obviously we have done that work throughout the year. So we have ramped up to that. We have achieved that AUD 55 million of EBITDA, AUD 42 million of EBITA. There is absolutely nothing wrong with our infrastructure business.

Speaker #4: So, you know, we've ramped up to that. We've achieved that $55 million of EBITDA, $42 million of EBITDA. There is absolutely nothing wrong with our infrastructure business.

Speaker #4: Nothing short of amazing in the amount of effort that's had to go into that. Well managed by the GM levels that have been in the business for a long time.

David Riches: Nothing but short of amazing in the amount of effort that's had to go into that. Well managed by the GM levels that have been in the business for a long time, ramping up large projects, working on early works, which is sometimes just as hard to get through that early stage as actually building a project. But that long-standing employee list has managed to get through those growths, and I'm proud to say we're in good shape. We're still moving, and we're maintaining those low 5% margins at the moment that we have done for the last three reporting seasons or three reporting H areas. We would like to see the revenue come up in infrastructure.

Speaker #4: Ramping up large projects, working on early works, which is sometimes just as hard to get through in that early stage as actually building a project.

Speaker #4: But that longstanding employee list has managed to get through those growths. And I'm proud to say we're in good shape.

Speaker #4: We're still moving, and we're maintaining those low 5% margins at the moment, as we have done for the last three reporting seasons, or three reporting half-years.

Speaker #4: We would like to see the revenue come up in Infrastructure. And I think, as we get further advanced on the large projects and as we become more comfortable at the step-change size we are, and we see those synergies come through from Infrastructure, as I've called out, I do believe the margin will increase.

David Riches: I think as we get further advanced on the large projects and as we become more comfortable at the step change size we are, and we see those synergies come through from infrastructure, as I've called out, I do believe the margin will increase. It just needs to continue to settle down and do its thing for a minute, and we'll see those synergies come through. The successful integration of Railtrain, we're at the final stages now with branding. MGC, sorry. The branding, looking at the system, the safety systems, how we're going to do business for the next 20, 50 years. That's where we are now.

Speaker #4: It just needs to continue to settle down and do its thing for a minute, and we'll see those synergies come through—the successful integration of Railtrain.

Speaker #4: We're at the final stages now with branding. Our MGC—sorry, the branding, you know, looking at the system, the safety systems, how we're going to do business for the next 20, 50 years.

Speaker #4: That's where we are now. We've we should complete that la later this calendar year. which will we will look at the overarching systems and management systems from rail train as well and and and work on them in the background whilst rail train settles down into its earn out as that's a bit more fresher than MGC.

David Riches: We should complete that later this calendar year, which we will look at the overarching systems and management systems from Railtrain as well and work on them in the background whilst Railtrain settles down into its earn-out as that's a bit more fresher than MGC. But we're in a position where most of the integration will be completed. MGC will go first and Railtrain will flow through into that integration over once the earn-out periods and TSAs are followed. The construction work on HumeLink. The amount of effort that's gone into HumeLink is nothing short of amazing to find the people and remembering that our partner, Acciona, is working just as hard as we are and both working very well together on the project. But UGL CPB joint venture have the other half of the project as well.

Speaker #4: But we're in a position where most of the integration will be completed. MGC will go first, and rail train will flow through into that integration.

Speaker #4: Over the over, once the earn-out periods and SSAs are followed. The construction work on HumeLink, you know, the amount of effort that's gone into HumeLink is nothing short of amazing to find the people, and remembering that our partner, our partner Asiona, is working just as hard as we are, and both working very well together on the project.

Speaker #4: But UGLCPB have the other half of the project as well. So, we're not only ramping up one HumeLink when we look at UGLCPB, we're ramping up two.

David Riches: We're not only ramping up one HumeLink when we look at UGL CPB, we're ramping up two. So I think it's a fantastic effort from the four construction companies in how we are attacking, I suppose is the word, the project and showing that building the job is nothing short of what we're going to achieve. So I'm very happy with HumeLink, and we are currently tracking it from a financial point of view with expectations. Remembering that we certainly don't want to get ahead of ourselves with that accounting. We're trying to stay sensible with that so that there's a little bit of contingency across that project. Activities across TasNetworks. We've sort of got to the back of the engineering phase now. We've started early works. We are very close to a start, and we'll keep the market fully informed.

Speaker #4: so, I think it's a fantastic effort from the four construction companies in how, how we are you know, attacking I suppose is the word the project and showing that building the job is is is is nothing short of what we're going to achieve.

Speaker #4: So, I'm very happy with HumeLink, and we are currently tracking it from a financial point of view at expectations. Remembering that, you know, we certainly don't want to get ahead of ourselves with that accounting.

Speaker #4: We're trying to stay sensible with that, so that there's a little bit of contingency across that project, activities across TAS networks. You know, we've sort of got to the back of the engineering phase now.

Speaker #4: We've started early works. We are very close to a start, and we'll keep the market fully informed once we get boots on the ground. This becomes more meaningful.

David Riches: Once we get boots on ground, this becomes more meaningful and the stopwatch starts and away we go from building this. The relationship with TasNetworks is very strong. We have a crew on the ground in Tasmania that are well planned, ready to go. We have had the time to be able to do that, so I am very confident the Tas project will be a success, especially now moving out a little bit. It has given us some more time for planning, et cetera, and getting ready. Again, sort of saw that CapEx investment be ready to go with gear now in Tasmania ready for a start and trying to work that CapEx out and get that dead right is what I was talking to before. Hunter Central Coast, which is our largest project in New South Wales outside of HumeLink.

Speaker #4: And the stopwatch starts, and away we go from building this. The relationship with TAS Networks is very strong. We have a crew on the ground in Tasmania that are well planned and ready to go.

Speaker #4: We've had the time to be able to do that, so I'm very confident the TAS project will be a success, especially now moving out a little bit.

Speaker #4: It's given us some more time for planning, etc., and getting ready. Again, sort of saw that capex investment be ready to go, with gear now in Tasmania ready for a start, and trying to work that capex out and get that dead right is what I was talking to before.

Speaker #4: Hunter Central Coast, which is our largest project in New South Wales outside of HumeLink. We're doing this job by ourselves with our great customer, OddsGrid, in Sydney.

David Riches: We are doing this job by ourselves with our great customer, Ausgrid in Sydney. Job is going well. Very comfortable. Got a good leadership team up there. They are doing a great job. Hopefully, there is some more work on the back of that. They are actually sort of building in the same easement and rebuilding lines in the same easement, which is another way of trying to use the same easements that we already have in the transmission space to expand it. Very happy to be a part of that project and very happy with where we are at. Western Power, home ground for us. Strong. We are going well, there is no doubt. We ramped up on this project. Still got a piece of scope to start, but 3 out of 4 of the pieces of scopes are well underway.

Speaker #4: Job's going well. Very comfortable. Got a good leadership team up there and they're doing a great job. Hopefully, there's some more work on the back of that, and they're actually sort of building in the same easement and rebuilding lines in the same easement, which is another way of trying to use the same easements that we already have in the transmission space to expand it.

Speaker #4: But very happy to be a part of that project and very happy with where we are at. Western Power is home ground for us.

Speaker #4: Strong, strong. Yeah, yeah. We're going well, there's no doubt. We ramped up on this project. Still got a piece of scope to start, but three out of four of the pieces of scope are well underway.

Speaker #4: So, still a bit to go in Western Power, but going very well from all accounts. Transmission – so, you know, we've seen this map, and throughout the year we've seen the kilometers change a little bit throughout the reports. But, you know, there's still approximately 6,000 km of transmission lines, and this doesn't really – there's still other lines, and distribution, and everything that goes on top of this and connections, which we'll sort of talk to in a minute.

David Riches: Still a bit to go in Western Power, but going very well from all accounts. Transmission. We have seen this map, and throughout the year, we have seen the kilometers change a little bit throughout the reports, but there is still approximately 6,000 kilometers of transmission lines. There is still other lines and distribution and everything that goes on top of this and connections, which we will sort of talk to in a minute. There is just a number of large projects that need to be done, and some of them may fly and some may not. But we are keeping an eye on that. HumeLink is 230-odd kilometers, it will take 2 years to build. Look at how long it takes to do 6,000.

Speaker #4: But, yeah, there's just a number of large projects that need to be done, and some of them may fly and some may not, you know, but we're keeping an eye on that.

Speaker #4: you know, HumeLink's 230 odd kilometers. It'll take two years to build, you know, like look at the look at look at how long it sort of takes to do 6,000, you know.

Speaker #4: So, regardless of what that number exactly is, there's still an abundance of work in that large transmission space in front of us. And we have a strategy around some of those opportunities.

David Riches: Regardless of what that number exactly is, there is still an abundance of work in that large transmission space in front of us, and we have a strategy around some of those opportunities. Looking at what suits us and which timing and those types of things. Being disciplined with our pricing. We have seen a bit more competitive come into the market on the transmission side, and we will work with that, but we are going to be disciplined and do things for a margin. Then there is a number of projects that sit behind that. I guess the whole overarching Rewiring the Nation, we are 100% a player in, and we hope we are doing a great job out there, and we hope our customers are satisfied with the level of effort we are putting into these projects.

Speaker #4: And looking at what suits us and which timing, and those types of things—being disciplined with our pricing. We have had a bit more competition come into the market on the transmission side, and we'll work with that, but we're going to be disciplined and do things for a margin.

Speaker #4: but then there's a number of projects that sit behind that. and and I guess the whole overarching rewiring, the nation, we are we are 100% a player in and we're hope we hope we're doing a great job out there and we hope our customers are satis satisfied with the with the level of effort we're putting into these projects.

Speaker #4: I think when we talk about transmission and distribution also, you know, it doesn't I think we get we lost sight at the moment of of all the day-to-day work that we do and changing a pole or a service or a streetlight or or or anything that comes to a transmission or or or or or distribution grid.

David Riches: I think when we talk about transmission and distribution also, I think we have lost sight at the moment of all the day-to-day work that we do in changing a pole or a service or a streetlight or anything that comes to a transmission or distribution grid. Remembering that insulators need to be changed at a certain point in life. Rusted members need to be changed on towers. Highway crossings need to be built whilst highways get built or lifted. There is just a range of activities we do in the distribution and transmission market. When we look at 44,000 kilometers of existing lines, I guess we stay on the journey for a long time, maintaining, changing, fixing, and capital projects to extend them. Just really sort of visiting people's minds.

Speaker #4: Remembering that insulators need to be changed, there’s a certain point in life, you know, rusted members need to be changed on towers. Highway crossings need to be built whilst highways get built or lifted.

Speaker #4: There's just a range of activities we do in the distribution and transmission market. And when we look at 44,000 km of existing lines, you know, I guess we stay on the journey for a long time—maintaining, changing, fixing, and, you know, capital projects to extend them.

Speaker #4: You know and and just re sort of visiting people's minds. You know we may have a million pole or tower grid in in a large state like New South Wales, WA or Queensland but every single mine site or large customer has a grid.

David Riches: We may have a million pole or tower grid in a large state like New South Wales, WA, or Queensland, but every single mine site or large customer has a grid in which we work on a lot of those smaller grids as well, and they are very good business for us, and we will continue to work with them. Data centers, this is a hot topic at the moment with everybody, and we have done a little bit of work trying to work out. We certainly, we are very well-placed from a connection point of view. We know all the large asset owners of the grids, and we work for them, most of them around the country.

Speaker #4: In which we work on a lot of those smaller grids as well, and they are a very good business for us. We will continue to work with them.

Speaker #4: The data centers—this is a hot topic at the moment with everybody, and we've done a little bit of work trying to work out, you know, we certainly are very well placed from a connection point of view.

Speaker #4: We we know all the large asset owners of the grids and we work for them most of them around the country so you know looking at you know if there's a grid connection to the utility grid we would we would certainly like to take part in that and price that work as a part of the grid panels that we sit on from a project point of view depending you know it doesn't matter how big or small it may be also there may be an opportunity for the data centers to connect themselves to the grid depending on the level of effort.

David Riches: Looking at if there is a grid connection to the utility grid, we would certainly like to take part in that and price that work as a part of the grid panels that we sit on from a project point of view, depending, it does not matter how big or small it may be. Also, there may be an opportunity for the data centers to connect themselves to the grid, depending on the level of effort. We are seeing some utilities will do a handover of asset, and they can do their connection and then hand the asset over to the utility. Then there may even be standalone opportunities where there is a standalone generation supply and connection from the standalone. I think it is still a moving part here for the data centers. They will obviously make their mind up and create a way.

Speaker #4: You know, we are seeing some utilities will do a handover of asset, and they can do their connection and then hand the asset over to the utility.

Speaker #4: And then there may even be standalone opportunities, where there's a standalone generation supply and connection from the standalone. So, I think it's still a moving part here for the data centers.

Speaker #4: They'll obviously make their mind up and create a way. I think what our message is, is that we're very happy to help them connect; we're very happy to help them build renewable-type assets to help with generation capacity.

David Riches: I think what our message is that we are very happy to help them connect. We are very happy to help them build renewable-type assets to help with generation capacity. We need to sort of wait our turn as we start to see this work come through. The rail market, there are some big numbers on this page as we see the rail market take part of state and federal budgets. This is the whole reason, to join. You got the transmission and distribution national spend. You have got the generation national spend, whether that used to be gas generation or back in the early days, coal generation. Now it is renewable generation. We also join this market to keep up with the growth and the future for GenusPlus Group. We must and we will find a way of taking a footprint of this market and taking a market share of this.

Speaker #4: and we need to, you know, sort of wait our turn as we start to see this work come through. The rail market and, you know, this was there's some big numbers on this page as we see the rail market take take part a state and federal budgets you know this is the whole reason you know to join you got the transmission and distribution national spend you've got the generation national spend whether that used to be gas generation or back in the early days coal generation now it's renewable generation we also join this market to keep up with the growth and the future for Genus we we must and we will you know find a way of of of of taking a footprint of this market and taking a market share of this and not everything needs to be the biggest in the world but certainly we're not aiming for the smallest either.

David Riches: You got the transmission and distribution national spend. You have got the generation national spend, whether that used to be gas generation or back in the early days, coal generation. Now it is renewable generation. We also join this market to keep up with the growth and the future for GenusPlus Group. We must and we will find a way of taking a footprint of this market and taking a market share of this.

David Riches: Not everything needs to be the biggest in the world, but certainly we are not aiming for the smallest either. We need to look for a decent footprint in this spend and bring that into our business under competent skill sets, under our model, and under our discipline to becoming a rail player. Energy and engineering. We called out that we thought that they would be flat a year for these guys, and that is what happened from a numbers point of view. You will see a decrease in margin. We were rolling off some projects last year, and we knew they had done a bit better than we thought. We called that out along the way, I think, or tried to. We are not upset with the margin of this business. Listen, I think it is a little bit low, there is no doubt about it.

Speaker #4: So, we need to look for a decent footprint in this spend and bring that into our business under competent skill sets, under our model and under our discipline to becoming a rail player.

Speaker #4: Energy and engineering. So, you know, we called out that we thought there would be sort of a flat year for these guys, and that is what has sort of happened from a numbers point of view.

Speaker #4: You'll see a decrease in margin. You know, we were rolling off some projects last year and we sort of knew they would—they had done a bit better than we thought.

Speaker #4: We called that out along the way, I think, or tried to. We're not upset with the margin of this business. Listen, I think it's a little bit low.

Speaker #4: There's no doubt about it. We've seen that. It's on the scoreboard. We've got it under control. Last year, a bit high; this year, a bit high is my indication and my advice.

David Riches: We have seen that, and it is on the scoreboard. We have got it under control. Last year a bit high, this year a bit high is my indication and my advice. I think we can do better, and we are going to continue to look at that into this year. Calling out a few things, like we are very well-organized here from a pre-contracts point of view for the size of the business. We are now seeing some real partnerships with some of our customers and doing the early works of their studies and what is the best facility to build. We just could not be happier with our renewable part in this business. There may be some negativity around margin and things, right?

Speaker #4: I think we can do better, and we're going to continue to look at that into this year. Calling out a few things — you know, we are very well organized here from a pre-contracts point of view for the size of the business.

Speaker #4: We are now seeing some real partnerships with some of our customers and doing the early works of their studies and what's the best facility to build.

Speaker #4: We just could not be happier with our renewable part in this business. So, there may be some negativity around margin and things, right? But from my point of view, the renewable projects are going well, and I'm very happy with where they are.

David Riches: From my point of view, the renewable projects are going well, and I am very happy where they are. But sometimes it comes with a bit of cost, and sometimes it comes with a bit of things that need to be managed. Last year we saw that at the high end and this year at the low end, and I am expecting that will start to be somewhere in the middle going forward. CommTel is a beautiful business that we bought out of administration. We have had to bring in some new management people. Sometimes go and stay and go. That has been done. The renewables portfolio, as said, Atmos, Equis, some real key customers of ours. We appreciate the awards, we appreciate them continuing to come, and we will keep the market updated with their awards. Parham and CommTel are fully integrated now in the back office.

Speaker #4: But sometimes it comes with a bit of cost, and sometimes it comes with a few things that need to be managed. Last year, we saw that at the high end, and this year at the low end, and I'm expecting that will start to be somewhere in the middle going forward.

Speaker #4: Comtell is a beautiful business that we bought out of administration. We've had to bring in some new management. People sometimes come and go.

Speaker #4: That's been done. The renewables portfolio, as said, Atmos Equus—some real key customers of ours. We appreciate the awards. We appreciate them continuing to come, and we'll keep the market updated with their awards.

Speaker #4: Parliament, Parliament, and Comtell are fully integrated now in the back office. So they've maintained their brands and their identity as engineering firms, and, you know, but we're giving them the support in the background that they need from a corporate point of view.

David Riches: They have maintained their brands and their identity as engineering firms. But we are giving them the support in the background that they need from a corporate point of view. The renewables outlook, we are not seeing anything change or be out of the ordinary to what we think here. We have been on a journey trying to, from the first battery we did in Western Australia, a AUD 70-odd million project. Off it goes. We are running a project. We had to build a team. Luckily, we had the substation skill sets, the EC&M electrical skill sets that we had picked up along the way. We pushed them into a renewable area. Stable management for a long period of time now has driven the ability for us to increase one project to two projects to three projects. We are probably sitting around that three projects at any one time now.

Speaker #4: the renewables outlook we're not seeing anything change or be out of the ordinary to what we think here. So you know we we've been on a journey trying to from first battery we did in Western Australia and 70 odd million dollar project off it goes.

Speaker #4: We're running we're running a project. We're to build a team. We luckily we had the substation skill sets, the ECNM electrical skill sets that we had picked up along the way we pushed them into a renewable area stable management for a long period of time now has driven the ability for us to increase one project to two projects to three projects we're probably sitting around that three projects at any one time now we really want to get that to five we've been pushing hard to get that I think there's still a bit to go they roll off and they roll on so we just got to keep on that journey but it's more about the strength and the delivery that we're able to get to five and then overarching of that we were already on that journey and a long way down that road and seeing plenty of opportunity come from you know battery substations solar etc whether it's mining or government or or or or a private developer but now overlaying.

David Riches: We had to build a team. Luckily, we had the substation skill sets, the EC&M electrical skill sets that we had picked up along the way. We pushed them into a renewable area. Stable management for a long period of time now has driven the ability for us to increase one project to two projects to three projects. We are probably sitting around that three projects at any one time now.

David Riches: We really want to get that to 5. We have been pushing hard to get that. I think there is still a bit to go. They roll off and they roll on, so we just got to keep on that journey. But it is more about the strength and the delivery that we are able to get to 5. Overarching of that, we were already on that journey and a long way down that road and seeing plenty of opportunity come from battery, substation, solar, et cetera, whether it is mining or government or a private developer. Now overlaying MPK and their skill set on wind farms and the civil component of wind farms. Between GenusPlus Group and MPK, we have a full one-stop shop for a wind farm, which are far bigger projects at times. Sometimes they are smaller, depending on the number of turbines.

Speaker #4: MPK and their skill set on wind farms, and the civil component of wind farms—you know, between Genus and MPK, we have a full one-stop shop for a wind farm, which are far bigger projects at times. Sometimes they're smaller, depending on the number of turbines, but if it's a decent amount of turbines, it will be a bigger job than what we've currently seen in what we were really driving out of our renewables over the last couple of years.

David Riches: If it is a decent amount of turbines, it will be a bigger job than what we have currently seen in what we were really driving out of our renewables over the last couple of years. I guess it just continues to get more exciting in this space. They did a great job last year on the overarching numbers of that segment. Services, strong part of the business, there is no doubt about it. It continues to strengthen through its delivery across environmental asset management and comms. We are continuing to work with Telstra and NBN to be a major delivery partner. We obviously have some stiff, big competition in that space. We are going to stay in there. We are doing a good job. We have got to continue on our journey.

Speaker #4: So I guess it just continues to get more exciting in this space, and they had a fantastic year. You know, they did a great job last year on the overarching numbers of that segment.

Speaker #4: Services are a strong part of the business. There's no doubt about it. It continues to strengthen through its delivery across environmental, asset management, and comms. We're continuing to work with Telstra and NBN to partner.

Speaker #4: We obviously have some stiff, big competition in that space, but we're going to stay in there. We're doing a good job. We just have to continue on our journey.

Speaker #4: environmentally we we've settled you know an environmental team now that can help sort of with that environmental planning potentially on our major projects or other major projects.

David Riches: Environmentally, we have settled an environmental team now that can help sort of with that environmental planning, potentially on our major projects or other major projects. Then through to the actual environmental doing, which both comes at a maintenance point of view for some of our assets or asset owners. It also comes at a sort of more, not project, but a piece of environmental management that would need to be done for a project. So we are seeing a wide range of opportunities that are yet to come, and yet for us to get inside the business in the environmental space. Outstanding performance through our asset management business. They continue to strengthen, and they will continue to look at opportunities nationally in that business.

Speaker #4: And then through to the actual environmental doing, which both comes at a maintenance point of view for some of our assets or asset owners.

Speaker #4: It also comes at a sort of more, not project, but you know, a piece of environmental management that would need to be done for a project.

Speaker #4: So we're seeing a wide range of opportunities that are yet to come, you know, and yet for us to get inside the business in the environmental space.

Speaker #4: Outstanding performance through our asset management business. They continue to strengthen, and they'll continue to lock opportunities nationally in that business. But the focus is staying blended between projects and services across the Genus portfolio.

David Riches: The focus is staying blended between projects and services across the GenusPlus Group portfolio, and continuing looking for growth in the services segment is no doubt one of our top priorities. Strategy with this, the telecommunications, everyone knows the size of the prize there. Asset management is something that, as a constructor and an infrastructure, we go off and do an AUD 100 million job, an AUD 150 million job, an AUD 1 billion job. We sometimes forget about some of the smaller stuff in the asset management and circling back three or four years ago to really generate this off. It was the right decision to make. There is no doubt about it. We are bloody good at it. So we want to continue the asset management across all. Can we do it in, obviously MPK has got some asset management inside their services component.

Speaker #4: And continuing to look for growth in the services segment is no doubt one of our top priorities. You know, with this strategy in telecommunications, everyone knows the size of the prize there.

Speaker #4: you know asset management is something that you know as a constructor and and an infrastructure you know we go off and do 100 million dollar job 150 million dollar job billion dollar job we sometimes asset management and and circling back three or four years ago to really generate this of at at it was was the right decision to make.

Speaker #4: There's no doubt about it. And and we're and we're bloody good at it. So we want to continue the asset management across all you know can we do it in you know obviously MPK's got some asset management in time there.

Speaker #4: So in their services component, how do we look more broadly at asset management across all the things we're doing, followed by vegetation management, which has become very, very important in the Australian world? You know, it's having those right permits, procedures, environmental plans, and doing the doing.

David Riches: How do we look at more broadly the asset management across all the things we are doing? Followed by vegetation management, which has become very, very important in the Australian world. Is having those right permits, procedures, environmental plans, and doing the doing. Just a wide range of organic growth here and also a focus from the leadership team with Damian and I on how do we continue to grow this business alongside our projects. That wraps it up, everyone. I will take questions.

Speaker #4: So just a wide range of organic growth here and also a focus from the leadership team, with Damian and I, on how we continue to grow this business alongside our projects.

Speaker #4: That wraps it up, everyone. I will take questions. Did I—I might jump in with a couple of questions. David and Damian, thank you very much for taking my questions, and congrats on a good result which was ahead of guidance.

[Analyst] (Bell Potter Securities): Today, I might jump in with a couple of questions. David and Damian, thank you very much for taking my questions and congrats on a good result, which was ahead of guidance. Firstly, just looking at the H2 infrastructure margin. I know you made the point around the contingencies for HumeLink. Just wondering if the margin for HumeLink East in thinking like steady state has changed much from your original thinking. I think it was around 8%, and just also, in the short term, if we should be seeing maybe more conservative contingency accounting for this project.

[Analyst 1]: Today, I might jump in with a couple of questions. David and Damian, thank you very much for taking my questions and congrats on a good result, which was ahead of guidance. Firstly, just looking at the H2 infrastructure margin. I know you made the point around the contingencies for HumeLink. Just wondering if the margin for HumeLink East in thinking like steady state has changed much from your original thinking. I think it was around 8%, and just also, in the short term, if we should be seeing maybe more conservative contingency accounting for this project.

Speaker #4: firstly just looking at the second half infrastructure margin I know you you made the point around the contingencies for HumeLink. just wondering if the margin for HumeLink East in thinking like kind of steady state has changed much from your original thinking I think it was around 8% or and just also in the short term if we we should be seeing maybe more conservative contingency accounting for this project.

Speaker #4: every project has a different timeline Joseph. Thanks for the question. you know and you know we we report them on actuals with some contingency levels you know.

David Riches: Every project has a different timeline, Joseph. Thanks for the question. We report them on actuals with some contingency levels. So where we are currently reporting would have a contingency buffer in it as well. So, you have got your top end of town, which is your priced margin, down to probably something a little bit more realistic. You add your contingency on, and you get to where we are accounting. So we have been very responsible with the accounting of that project. Likewise, other major projects as well, not just HumeLink on its own. So, yeah, I do not see We wanted to continue that 5% EBIT. We have been reporting 5.2, 5.1, 4.9, 5.1. That has been the halves, right? The main focus for infrastructure this year was go and get comfortable at 100% revenue growth and do not blow the wheels off it, right? And just maintain strong margins and responsibility around reporting and estimating.

Speaker #4: So where we're currently reporting would would have a a contingency buffer in it as well. So you know we you got your top end of town which is your priced margin you know down to probably something a little bit more realistic you add your contingency on and you get to where we're accounting.

Speaker #4: So we we've been very responsible with the accounting of that project likewise other major projects as well not just HumeLink on its own. so yeah I I don't you know I don't see you know we wanted to continue that sort of 5% EBIT you know we've been reporting 5.2 5.1 4.9 5.1 that's been the halves right the the make the main focus for infrastructure this year was going in go and get go and get comfortable at 100% revenue growth and don't blow the wheels off it right and just maintain strong margins and con and and responsibility around reporting and estimating.

David Riches: Likewise, other major projects as well, not just HumeLink on its own. So, yeah, I do not see We wanted to continue that 5% EBIT. We have been reporting 5.2, 5.1, 4.9, 5.1. That has been the halves, right? The main focus for infrastructure this year was go and get comfortable at 100% revenue growth and do not blow the wheels off it, right? And just maintain strong margins and responsibility around reporting and estimating.

Speaker #4: You know so that that they've done that in my opinion. you know is there upside to some of these major projects? Yes. And as the business gets bigger we'll use that and you know but we've got to get the job done first you know.

David Riches: They have done that in my opinion. Is there upside to some of these major projects? Yes. And as the business gets bigger, we will use that, but we have got to get the job done first. And when we look at the overall margin of GenusPlus, the group level, it is still above 6%, which we have always said 4% to 8%, is we believe. And I guess we will take some conversation. So there is no point in beating around the bush on this, everyone, right? We can all go and paint a picture that it is a 10% margin and come back to you and tell you it is 7%, and you hate me for the rest of my life or we can be responsible. You pay me to be responsible. I think it is in the first line item of my employment contract.

Speaker #4: So and when we look at the overall margin of Genus you know the group level it's still above 6% which we've always said 4 to 8% you know is is is we believe and I I guess you know I guess we'll take some conversation so there's no point in beating around the bush on this everyone right you know like you can we can all go and paint a picture that it's a 10% margin then come back to us and tell you it's seven and you you hate me for the rest of my life or or we can be responsible you know you pay me to be responsible I think it's in the first line item of my my my employment contract yes thank you very much for that and and just an extension so thinking about Northwest Transmission Development given the size of that project and that's starting construction in the short term that we should be thinking you know that 4 to 5% EBIT margin range is probably a good outcome considering potentially yeah conservative accounting of those profits yeah I think we can achieve those levels out of that project on a reasonable day and I don't think we need to start as aggressive from a a contingency point of view just because it's a different voltage it's got a it's a different it's a different job to HumeLink it may be big but it's different HumeLink is is is is is big is real big it's just just two different sizes two different voltages you know it's 220 kV on in Tasmania very yeah it's just got a just every project is a little bit different sometimes a smaller project may have contingency on it because it's complex too everybody you know so this is not just around being big we're just try and be responsible ultimately that's what we try and do you know and the aim was to do 100 million dollars of EBITDA this year we knew we had major growth both in energy and engineering it ended up being from a revenue point of view and and infrastructure so we just needed to to to bed that down and remember some people haven't you know we we've got people that are brand new to our systems you know you doubled in revenue for the year or we would have doubled in staff subcontractors everything right so we just need to give that a little bit of time to to calm down right I've got control of it I'm I'm sleeping at night I'm I'm I'm eating healthy everything's fine right like we just need to just calm down and and and ride the show right like it's all a part of the plan we've been here for a long time you know this is how I feel sorry if that's a bit blunt and and and how I feel but that's how I feel no great I understand and just maybe shifting focus to the guidance just keen to get a better understanding of the underlying assumptions as much as you can you know how much of that guidance for 27 accounts for you know EBITDA from MPK and and how much is it organic growth yep yeah it's it's a balance you know so we had a we had a quarter from Rail Train which was start with the smallest sort of piece of the three three pies we had a quarter which Rail Train did a very good job in their last quarter and sort of rolling into new work so there's a little bit of a balancing act there between a a strong last quarter that we achieved on timing of that acquisition to a full year result so we worked with some we worked with a balance there and looking at that we've set the scene on a on a reasonable organic growth so double digit plus you know sort of organic growth so you know somewhere between 10 and 20 you know what I mean and then add in a a portion of the range of MPKs and you know so we did it a couple of different ways but it is a blend across those three things and whether we we have a couple you know whether we do overarching what we think's going to happen and apply a contingency to that because we're talking to investors today right or or we look at it more sort of bit by bit and and this was the range we sort of got to okay thank you and and just lastly on that 3.6 bill tender pipeline which is up a lot on the first half balance are you able to unpack the opportunities you know for MPK across civil BOP water pipelines and just also the gas gathering opportunities you're seeing to grow that business yep so there was there's like if we look at the recurring work for MPK there's a few moving parts to that as we we we just we took a position on what we what we currently know as being recurring and then there's probably a little bit of middle ground which we're working on whether that's a you know that's like our middle projects I guess at Genus that we've always had and then there's a little bit in the tended pipeline from a major project point of view probably not to the extent that Genus would would like to see it at and that's in line with MPK they were doing a bit more their ownership and strategy structure was to do sort of one or two jobs at a time and get them done and move on and move on and move on etc there's I think Genus looks at things a bit more as a revolving door around Robin we like to we like to play with the market a bit more than say MPK right so I guess we got to bring those two skills you know those two strategies together which I don't believe's hard right and we certainly had those discussions anyway right so I think we will see an increase most of it still there is a chunk of that 3.6 that's MPK but it's Genus too it's not like it's leveraged hard to MPK it's probably more it's well and truly more leveraged to Genus right and then we got to bring MPK on to those projects MPK does have some large wind farm or MPK and Genus now when you join the EBOP and the CBOP together that will be in my opinion the next really chunky jobs we see so we've seen that come from our transmission department first the next department who's going to go into that territory is the wind farms great thank you I'll leave it there hi guys Gav Allen here might just jump in too if it's okay with you guys well just a quick one a couple quick ones from me so just on the recurring revenue side so just thinking about the nature of that now sort of meaningful 764 million dollars that you sort of call out in the preso does that sort of work lend itself to a particular GP or or EBITDA margin that we can sort of be thinking about just by nature of what it is yeah like yeah good question Gav it's the strongest margins we have when we're good at it when we've been in that game for a long time so you can see MPK you know has a strong margin on gathering some of our old distribution panels that are you know 10 20 40 30 million dollar type panels very strong margin so and then it can have some softer stuff if you're entering new geographical areas where you where your revenues are sort of lower than 15 million bucks it's tough right it's tough going to have all that critical mass to do a panel so it's a bit of a blend but it's certainly if you did three quarters on every single major project that would give it a run for its money but that tends to not happen that way sometimes major projects move and shift and do things right so I would suspect that we have a you know a a we'd be trying to get that 10% EBITDA out of those panels on any day of the week yeah gotcha you know we just we work with different ones across the country yeah yeah makes perfect sense and then just another one just because contingency seems to be getting a bit of airplay so just just sort of rounding up on that so when you're thinking about contingency when you're in a JV situation like you are at Hume versus perhaps Tes Networks and you talk about voltage and that does change things as and I understand that but does your tendency to take up contingency change a little bit because you're in a JV scenario versus doing it on your own at all not not no because I think I see owner are doing a fantastic job to manage it so I think it would happen if we were we were depending on the relationship of the JV itself I guess there's times where if we feel we're in the dark that could add a layer of contingency for us if we feel uncomfortable right so no I don't I don't think that's humbling Humlink is solely because we have had a long long journey with the environmental permit that's been an ongoing an ongoing moving target till just weeks ago on led to believe we finally have everything now right so and it's also just the sheer size of that project and being able to have a camp for you know 150 people here and then another one here and then have lay down areas and you know I did the best or our pre-contracts team and Asiona's pre-contracts team did the best we could to put the money into all of those line items and until we see those line items get further advanced and we see that money start to flow better then we run where we're running yeah got it all right guys thanks very much make a comment yep hello yeah go ahead congrats many congratulations on the growth and and the progress it is truly amazing just from a very accounting point of view could you explain the main reason between the difference between the what you call the normalized profit and the statutory profit it was several look the figures were very they're very quickly but it it was quite a a difference of millions would on the basis that the statutory profits is one word the the real profit is another under accounting standards yeah can I answer that for you Graham so thanks statutory profit or net profit after tax is the same thing but that includes all costs in relation to acquisitions which in this case is our biggest what we've called out as a biggest normalization a five million dollars before tax so from talking to investors and analysts where I isolated that acquisition cost and the acquisition amortization which we've called out previously and come and presented a underlying net profit which excludes any acquisition costs and acquisition amortization in prior years that equivalent was probably what we called out as n patter but because of the scale of the acquisition cost this year with you know some fair bit of acquisition activity we we introduced that new new number thank you I think someone just asked a question that popped up on the screen sorry technically I'm learning this but I think there was a question around MPK's earnout yeah we at this point in time great great start for MPK then we're through one month we saw their last quarter last year yeah we we we we we'll stay tuned but we're not concerned on integration or any at this point in time but at the same time when you look at our guidance we we've only been in the business officially for 60 days not even 50 days so we've made a sensible guidance is there any other questions thanks very much everyone anything else thanks for your time goodbye.

[Analyst] (Bell Potter Securities): Yes. Thank you very much for that. Just an extension, thinking about North West Transmission Developments, given the size of that project and that starting construction in the short term, we should be thinking that 4% to 5% EBIT margin range is probably a good outcome, considering potentially conservative accounting of those profits.

[Analyst 1]: Yes. Thank you very much for that. Just an extension, thinking about North West Transmission Developments, given the size of that project and that starting construction in the short term, we should be thinking that 4% to 5% EBIT margin range is probably a good outcome, considering potentially conservative accounting of those profits.

David Riches: Yeah, I think we can achieve those levels out of that project on a reasonable day. I do not think we need to start as aggressive from a contingency point of view just because it is a different voltage. It is a different job to HumeLink. It may be big, but it is different. HumeLink is big, is real big. It is just two different sizes, two different voltages. It is 220 kV in Tasmania. Yeah, every project is a little bit different. Sometimes a smaller project may have contingency on it because it is complex too, everybody. This is not just around being big. We just try and be responsible. Ultimately, that is what we try and do. The aim was to do AUD 100 million of EBITDA this year. We knew we had major growth both in energy and engineering. It ended up being from a revenue point of view and infrastructure.

David Riches: Sometimes a smaller project may have contingency on it because it is complex too, everybody. This is not just around being big. We just try and be responsible. Ultimately, that is what we try and do. The aim was to do AUD 100 million of EBITDA this year. We knew we had major growth both in energy and engineering. It ended up being from a revenue point of view and infrastructure.

David Riches: We just needed to bed that down. Remember, we have got people that are brand new to our systems. You doubled in revenue for the year. We would have doubled in staff, subcontractors, everything, right? We just need to give that a little bit of time to calm down, right? I have got control of it. I am sleeping at night. I am eating healthy. Everything is fine, right? We just need to just calm down and ride the show, right? It is all a part of the plan. We have been here for a long time. Just how I feel. Sorry if that is a bit blunt and how I feel, but that is how I feel.

[Analyst] (Bell Potter Securities): No, great. I understand. Just maybe shifting focus to the guidance, just keen to get a better understanding of the underlying assumptions, as much as you can. How much of that guidance for 2027 accounts for EBITDA from MPK and how much is it organic growth?

[Analyst 1]: No, great. I understand. Just maybe shifting focus to the guidance, just keen to get a better understanding of the underlying assumptions, as much as you can. How much of that guidance for 2027 accounts for EBITDA from MPK and how much is it organic growth?

David Riches: Yep. Yeah. It is a balance. We had a quarter from Railtrain, which was start with the smallest sort of piece of the three pies. We had a quarter, which Railtrain did a very good job in their last quarter and then rolling into new work. There is a little bit of a balancing act there between a strong last quarter that we achieved on timing of that acquisition to a full year result. We worked with a balance there and looking at that. We have set the scene on a reasonable organic growth, so double digit plus, sort of organic growth. Somewhere between 10% and 20%, you know what I mean? Then add in a portion of the range of MPKs. We did it a couple of different ways.

David Riches: It is a blend across those three things and whether we do overarching what we think is going to happen and apply a contingency to that because we are talking to investors today, right? We look at it more bit by bit and this was the range we got to.

[Analyst] (Bell Potter Securities): Okay. Thank you. Just lastly, on that AUD 3.6 billion tender pipeline, which is up a lot on the H1 balance, are you able to unpack the opportunities for MPK across cBOP, water pipelines, and just also the gas gathering opportunities you are seeing to grow that business?

[Analyst 1]: Okay. Thank you. Just lastly, on that AUD 3.6 billion tender pipeline, which is up a lot on the H1 balance, are you able to unpack the opportunities for MPK across cBOP, water pipelines, and just also the gas gathering opportunities you are seeing to grow that business?

David Riches: Yep. If we look at the recurring work for MPK, there are a few moving parts to that as we took a position on what we currently know as being recurring. Then there is probably a little bit of middle ground, which we are working on, whether that is our middle projects, I guess, at GenusPlus that we have always had. Then there is a little bit in the tendered pipeline from a major project point of view, probably not to the extent that GenusPlus would like to see it at, and that is in line with MPK. They were doing a bit more. Their ownership and strategy structure was to do one or two jobs at a time and get them done and move on, and move on, and move on, et cetera. I think GenusPlus looks at things a bit more as a revolving door round robin.

David Riches: We like to play with the market a bit more than, say, MPK, right? I guess we got to bring those two strategies together, which I don't believe is hard, right? And we certainly had those discussions anyway, right? I think we will see an increase, most of it still. There is a chunk of that 3.6 that's MPK, but it's Genus, too. It's not like it's leveraged hard to MPK. It's well and truly more leveraged to Genus, right? Then we got to bring MPK on to those projects. MPK does have some large wind farm, MPK and Genus now, when you join the eBOP and the cBOP together, that will be, in my opinion, the next really chunky jobs we see. We've seen that come from our transmission department first. The next department who's going to go into that territory is the wind farms.

[Analyst] (Bell Potter Securities): Great. Thank you. I'll leave it there.

[Analyst 1]: Great. Thank you. I'll leave it there.

Gav Allen: Hi, guys. Gav Allen here. Might just jump in, too, if it's okay with you guys. Well, just a couple quick ones from me. Just on the recurring revenue side. Just thinking about the nature of that now sort of meaningful AUD 764 million that you sort of call out in the presi. Does that sort of work lend itself to a particular GP or EBITDA margin that we can sort of be thinking about just by nature of what it is?

[Analyst 2]: Hi, guys. Gav Allen here. Might just jump in, too, if it's okay with you guys. Well, just a couple quick ones from me. Just on the recurring revenue side. Just thinking about the nature of that now sort of meaningful AUD 764 million that you sort of call out in the presi. Does that sort of work lend itself to a particular GP or EBITDA margin that we can sort of be thinking about just by nature of what it is?

David Riches: Yeah. Good question, Gav. It's the strongest margins we have when we're good at it, when we've been in that game for a long time. You can see MPK has a strong margin on gathering. Some of our old distribution panels that are 10, 20, 40, AUD 30 million-type panels, very strong margins. Then it can have some softer stuff if you're entering new geographical areas, where your revenues are sort of lower than AUD 15 million bucks. It's tough, right? It's tough going to have all that critical mass to do a panel.

Gav Allen: Yep.

[Analyst 2]: Yep.

David Riches: It is a bit of a blend, but it is certainly, if you did 3 quarters on every single major project, that would give it a run for its money.

Gav Allen: Yeah.

[Analyst 2]: Yeah.

Gav Allen: But that tends to not happen that way. Sometimes major projects move and shift and do things, right? I would suspect that we would be trying to get that 10% EBITDA out of those panels on any day of the week.

David Riches: But that tends to not happen that way. Sometimes major projects move and shift and do things, right? I would suspect that we would be trying to get that 10% EBITDA out of those panels on any day of the week.

Gav Allen: Yeah. Got you.

[Analyst 2]: Yeah. Got you.

David Riches: We work with different ones across the country.

Gav Allen: Yeah. Makes perfect sense. Then just another one, just because contingency seems to be getting a bit of airplay, so just sort of rounding up on that. So when you are thinking about contingency, when you are in a JV situation like you are at HumeLink, versus perhaps TasNetworks, and you talk about voltage and that does change things, and I understand that, but does your tendency to take up contingency change a little bit because you are in a JV scenario versus doing it on your own at all?

[Analyst 2]: Yeah. Makes perfect sense. Then just another one, just because contingency seems to be getting a bit of airplay, so just sort of rounding up on that. So when you are thinking about contingency, when you are in a JV situation like you are at HumeLink, versus perhaps TasNetworks, and you talk about voltage and that does change things, and I understand that, but does your tendency to take up contingency change a little bit because you are in a JV scenario versus doing it on your own at all?

David Riches: No, because I think Acciona are doing a fantastic job to manage it. So I think it would happen depending on the relationship of the JV itself.

Gav Allen: Yep.

[Analyst 2]: Yep.

Gav Allen: I guess there is times where if we feel we are in the dark, that could add a layer of contingency for us if we feel uncomfortable, right? No, I don't think that is HumeLink. HumeLink is solely because we have had a long, long journey with the environmental permit that has been an ongoing moving target till just weeks ago. I am led to believe we finally have everything now, right? It is also just the sheer size of that project and being able to have a camp for 150 people here and then another one here, and then have laydown areas. Our pre-contracts team and Acciona's pre-contracts team did the best we could to put the money into all of those line items. Until we see those line items get further advanced and we see that money start to flow better, then we run where we are running.

David Riches: I guess there is times where if we feel we are in the dark, that could add a layer of contingency for us if we feel uncomfortable, right? No, I don't think that is HumeLink. HumeLink is solely because we have had a long, long journey with the environmental permit that has been an ongoing moving target till just weeks ago. I am led to believe we finally have everything now, right? It is also just the sheer size of that project and being able to have a camp for 150 people here and then another one here, and then have laydown areas. Our pre-contracts team and Acciona's pre-contracts team did the best we could to put the money into all of those line items. Until we see those line items get further advanced and we see that money start to flow better, then we run where we are running.

Gav Allen: Yeah, got it. All right, guys. Thanks very much.

[Analyst 2]: Yeah, got it. All right, guys. Thanks very much.

Graham: Make a comment?

[Analyst 3]: Make a comment?

David Riches: Yep.

David Riches: Hello?

David Riches: Yeah, go ahead, Matt.

Graham: Many congratulations on the growth and the progress. It is truly amazing. Just from a very accounting point of view, could you explain the main reason between the difference between the what you call the normalized profit and the statutory profit.

[Analyst 3]: Many congratulations on the growth and the progress. It is truly amazing. Just from a very accounting point of view, could you explain the main reason between the difference between the what you call the normalized profit and the statutory profit.

Damian Wright: Yeah.

Damian Wright: There was several. Look, the figures were there very quickly, but it was quite a difference of millions. On the basis that the statutory profits is one word, the real profit is another under accounting standards.

[Analyst 3]: There was several. Look, the figures were there very quickly, but it was quite a difference of millions. On the basis that the statutory profits is one word, the real profit is another under accounting standards.

Damian Wright: Yeah, I can answer that for you, Graham.

Graham: Thanks

[Analyst 3]: Thanks

Damian Wright: Statutory profit or net profit after tax is the same thing. But that includes all costs in relation to acquisitions, which in this case is our biggest, what we have called out as the biggest normalization of AUD 5 million before tax. From talking to investors and analysts, where I had isolated the acquisition costs and the acquisition amortization, which we have called out previously, and presented an underlying net profit, which excludes any acquisition costs and acquisition amortization. In prior years, that equivalent was probably what we called out as NPATA, but because of the scale of the acquisition cost this year with a fair bit of acquisition activity, we introduced that new number.

Graham: Thank you.

[Analyst 3]: Thank you.

David Riches: I think someone just asked a question. It popped up on the screen. Sorry. Technically, I am learning this, but I think there was a question around MPK around now. At this point in time, great start for MPK. We are through 1 month. We saw their last quarter last year. We will stay tuned. But we are not concerned on integration or earn-out at this point in time. At the same time, when you look at our guidance, we have only been in the business officially for 60 days, not even 50 days. So, we have made a sensible guidance.

Damian Wright: Is there any other questions?

David Riches: All right. Thanks very much, everyone.

Damian Wright: Nothing else. Thanks for your time.

Operator 2: Goodbye

Operator: Goodbye

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