Q4 2026 Perenti Ltd Earnings Call

August 23, 2026

Speaker #2: Thank you for standing by, and welcome to the Perenti FY26 Results Presentation. All lines have been placed on mute to prevent any background noise.

Operator 2: Thank you for standing by and welcome to the Perenti FY2026 results presentation. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during Q&A time, simply press star, followed by the number one on your telephone keypad. To withdraw your question, press the star one again. For operator assistance throughout the call, please press star zero. Finally, I would like to advise all participants that this call is being recorded. I would now like to welcome Vanessa Torres, Managing Director and Chief Executive Officer, to begin the presentation. Vanessa, over to you.

Operator: Thank you for standing by and welcome to the Perenti FY2026 results presentation. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during Q&A time, simply press star, followed by the number one on your telephone keypad. To withdraw your question, press the star one again. For operator assistance throughout the call, please press star zero. Finally, I would like to advise all participants that this call is being recorded. I would now like to welcome Vanessa Torres, Managing Director and Chief Executive Officer, to begin the presentation. Vanessa, over to you.

Speaker #2: After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during Q&A time, simply press star, followed by the number one, on your telephone keypad.

Speaker #2: And to withdraw your question, press star one again. For operator assistance throughout the call, please press star zero. Finally, I would like to remind you that this call is being recorded.

Speaker #2: I’d now like to welcome Vanessa Torres, Managing Director and Chief Executive Officer, to begin the presentation. Vanessa, over to you.

Speaker #3: Good morning, everyone, and thank you for joining the Perenti FY26 results call. My name is Vanessa Torres, and presenting with me today is Mike Ellis, our CFO.

Vanessa Torres: Good morning, everyone, and thank you for joining the Perenti FY2026 results call. My name is Vanessa Torres, and presenting with me today is Mike Ellis, our CFO. Today, we will outline our full year performance, the outlook for our business, and how we plan to maximize returns for our shareholders. As this is my first reporting period as CEO for Perenti, I am very pleased to be announcing another year that Perenti has delivered to our guidance, marking our fifth consecutive year. For those who are new to the Perenti story, we illustrate on slide 3 our diversified portfolio of businesses spanning across the mining life cycle. Our businesses offer a broad suite of services spreading across 12 different countries. We have world-leading expertise in underground mining and drilling. 66% of our revenue in FY2026 was generated from underground operations, and this was mostly from gold and copper projects.

Speaker #3: Today, we'll outline our full-year performance, the outlook for our business, and how we plan to maximize returns for our shareholders. As this is my first reporting period as CEO for Perenti, I am very pleased to be announcing another year that Perenti has delivered to our guidance, marking our fifth consecutive year.

Speaker #3: For those who are new to the Perenti story, we illustrate on slide three our diversified portfolio of businesses spanning across the mining life cycle.

Speaker #3: Our businesses offer a broad suite of services, spanning 12 different countries. We have world-leading expertise in underground mining and drilling. Sixty-six percent of our revenue in FY26 was generated from underground operations, and this was mostly from gold and copper projects.

Speaker #3: We operate 20 mines around the world and, collectively, we employ around 10,000 people to service more than 160 different clients. We aim to be the safest and most productive in the industry.

Vanessa Torres: We operate 20 mines around the world, and collectively we employ around 10,000 people to service more than 160 different clients. We aim to be the safest and most productive in industry, which unlocks enduring value and certainty for our people, our clients, our communities, and ultimately deliver sustainable returns for our shareholders. As announced on Friday, we have agreed to sell the BTP Group for AUD 100 million. The accounting standards require BTP to be reported in our annual report as a discontinued operation in our financial results. In order to allow comparison between FY2026 and FY2025 in a like-for-like manner, the results presented here represent the division as it was on 30 June 2026, which is inclusive of the BTP Group. Mike will step through a reconciliation to statutory numbers later. Before I get into the financial performance, I want to highlight our focus on safety.

Vanessa Torres: We operate 20 mines around the world, and collectively we employ around 10,000 people to service more than 160 different clients. We aim to be the safest and most productive in the industry, which unlocks enduring value and certainty for our people, our clients, our communities, and ultimately deliver sustainable returns for our shareholders. As announced on Friday, we have agreed to sell the BTP Group for AUD 100 million. The accounting standards require BTP to be reported in our annual report as a discontinued operation in our financial results. In order to allow comparison between FY2026 and FY2025 in a like-for-like manner, the results presented here represent the division as it was on 30 June 2026, which is inclusive of the BTP Group. Mike will step through a reconciliation to statutory numbers later. Before I get into the financial performance, I want to highlight our focus on safety.

Speaker #3: Which unlocks enduring value and certainty for our people, our clients, our communities, and ultimately delivers sustainable returns for our shareholders. As announced on Friday, we have agreed to sell the BTP Group for $100 million Australian dollars. The accounting standards required BTP to be reported in our annual report as a discontinued operation in our financial results.

Speaker #3: In order to allow comparison between FY26 and FY25 in a like-for-like manner, the results presented here represent the division as it was on 30 June 2026.

Speaker #3: Which is inclusive of the BTP Group. Mike will step through a reconciliation to statutory numbers later. Before I get into the financial performance, I want to highlight our focus on safety.

Speaker #3: At Perenti, we are committed to ensuring that everyone comes home safe and well. This mindset shapes how we operate our business and the decisions we make.

Vanessa Torres: At Perenti, we are committed to ensure that everyone comes home safe and well. This mindset shapes how we operate our business and the decisions we make. In FY26, we continued to strengthen our safety system in four key areas. Our critical risk management systems have strengthened the identification of hazards. Safety leadership training is building our safety culture across all of our workforce. Direct workforce engagement is also simplifying our systems, making them more accessible and practical for our workforce. Technology and engineering solutions are prioritized to reduce exposure to hazards where possible. We are proud to report zero fatalities in FY26, and improvements in both total recordable injury frequency rate, which is down to 6.0, and significant potential incident frequency rate down to 2.8. Whilst these results are encouraging, a safety culture requires continued focus and an enduring commitment from everyone in our organization.

Vanessa Torres: At Perenti, we are committed to ensure that everyone comes home safe and well. This mindset shapes how we operate our business and the decisions we make. In FY2026, we continued to strengthen our safety system in four key areas. Our critical risk management systems have strengthened the identification of hazards. Safety leadership training is building our safety culture across all of our workforce. Direct workforce engagement is also simplifying our systems, making them more accessible and practical for our workforce. Technology and engineering solutions are prioritized to reduce exposure to hazards where possible. We are proud to report zero fatalities in FY2026, and improvements in both total recordable injury frequency rate, which is down to 6.0, and significant potential incident frequency rate down to 2.8. Whilst these results are encouraging, a safety culture requires continued focus and an enduring commitment from everyone in our organization.

Speaker #3: In FY26, we continue to strengthen our safety system in four key areas. Our critical risk management systems have strengthened the identification of hazards. Safety leadership training is building our safety culture across all of our workforce.

Speaker #3: Direct workforce engagement. It's also simplifying our systems, making them more accessible and practical for our workforce. Technology and engineering solutions are prioritized to reduce exposure to hazards where possible.

Speaker #3: We are proud to report zero fatalities, with our total recordable injury frequency rate down to 6.0 and our significant potential incident frequency rate down to 2.8.

Speaker #3: Whilst these results are encouraging, a safety culture requires continued focus and an enduring commitment from everyone in our organization. Turning to results, on slide five.

Vanessa Torres: Turning to our FY26 financial results on slide 5. As guided to the market, FY26 has been a transitional year that sets up our company for future growth. A shift in revenue mix from Africa towards Australia and North America has been underway for some time, and the success of this strategy is now building momentum. EBITA margin increased to 9.8%, delivering a record EBITA result, even with revenue holding steady from FY25. At the same time, the balance sheet has continued to benefit from the strong free cash generation. Leverage at 0.4 times and gearing at 12.8% is the strongest position our balance sheet has ever been in. This provides significant capacity to pursue growth options that I will unpack later in this presentation. On an adjusted basis, free cash flow of AUD 182 million exceeded our guidance, which was upgraded during our H1 results.

Vanessa Torres: Turning to our FY2026 financial results on slide five. As guided to the market, FY2026 has been a transitional year that sets up our company for future growth. A shift in revenue mix from Africa towards Australia and North America has been underway for some time, and the success of this strategy is now building momentum. EBITA margin increased to 9.8%, delivering a record EBITA result, even with revenue holding steady from FY2025. At the same time, the balance sheet has continued to benefit from the strong free cash generation. Leverage at 0.4x and gearing at 12.8% is the strongest position our balance sheet has ever been in. This provides significant capacity to pursue growth options that I will unpack later in this presentation. On an adjusted basis, free cash flow of AUD 182 million exceeded our guidance, which was upgraded during our H1 results.

Speaker #3: As guided to the market, FY26 has been a transitional year. That sets up our company for future growth. A shift in revenue mix from Africa towards Australia and North America has been underway for some time, and the success of this strategy is now building momentum.

Speaker #3: EBITA margin increased to 9.8%, delivering a record EBITA result, even with revenue holding steady from FY25. At the same time, the balance sheet has continued to benefit from strong free cash generation.

Speaker #3: Leverage at 0.4 times and gearing at 12.8% is the strongest position our balance sheet has ever been in. This provides significant capacity to pursue growth options that I will unpack later in this presentation.

Speaker #3: On an adjusted basis, free cash flow of $182 million exceeded our guidance, which was upgraded during our first half results. Underlying NPATA grew 8% compared to FY25.

Vanessa Torres: Underlying NPAT-A grew 8% compared to FY25, benefiting from the lower finance costs. The strength of these results has allowed our board to declare a final dividend of AUD 0.045 per share, which lists the total dividend for FY26 to AUD 0.0775 per share. Underlying EPS increased to AUD 0.205 per share compared to AUD 0.191 in FY25, a 7% improvement year-on-year. On slide 6, we show our performance against guidance for the past five years. This is the fifth consecutive year that guidance has been met, which has also occurred in parallel with the portfolio transition, shifting the concentration of revenue in West Africa towards Australia and North America. The consistent free cash generation has enabled the balance sheet to be fundamentally transformed and now provides the group with significant funding capacity to pursue growth options aimed to maximize shareholder return. Operationally, FY26 included several important highlights.

Vanessa Torres: Underlying NPATA grew 8% compared to FY2025, benefiting from the lower finance costs. The strength of these results has allowed our board to declare a final dividend of AUD 0.045 per share, which lifts the total dividend for FY2026 to AUD 0.0775 per share. Underlying EPS increased to AUD 0.205 per share compared to AUD 0.191 in FY2025, a 7% improvement year-on-year. On slide 6, we show our performance against guidance for the past five years. This is the fifth consecutive year that guidance has been met, which has also occurred in parallel with the portfolio transition, shifting the concentration of revenue in West Africa towards Australia and North America. The consistent free cash generation has enabled the balance sheet to be fundamentally transformed and now provides the group with significant funding capacity to pursue growth options aimed to maximize shareholder return. Operationally, FY2026 included several important highlights.

Speaker #3: Benefiting from the lower finance costs. The strength of these results has allowed our Board to declare a final dividend of 4.5 cents per share.

Speaker #3: Which lifts the total dividend for FY26 to 7.75 cents per share. Underlying EPS increased to 20.5 cents per share, compared to 19.1 cents in FY25.

Speaker #3: A 7% improvement year on year. On slide six, we show our performance against guidance for the past five years. This is the fifth consecutive year that guidance has been met.

Speaker #3: This has also occurred in parallel with the portfolio transition, shifting the concentration of revenue from West Africa towards Australia and North America. The consistent free cash generation has enabled the balance sheet to be fundamentally transformed.

Speaker #3: And now provides the group with significant funding capacity to pursue growth options aimed at maximizing shareholder returns. Operationally, FY26 included several important highlights. In Australia, we won the Bellevue contract.

Vanessa Torres: In Australia, we won the Bellevue contract, worth approximately AUD 850 million, which is the largest Australian contract in the history of Barminco. Our drilling businesses continue to build momentum with rising utilization, which is encouraging for FY27. In North America, development at Gold Rush has maintained a high operating standard that has been helpful to showcase the productivity advantages that Barminco's high-speed development can deliver for clients to maximize value. The award of the neighboring Four Mile contract is an important step to build regional scale in the USA, and the recently announced addition of the Four Mile project to the Nevada Gold Mines JV between Newmont and Barrick enables us to unlock the benefits of working on these neighboring mines. I recently had the opportunity to visit our operations in Ghana, and I was pleased to see our underground mining operations continue to deliver strong results.

Vanessa Torres: In Australia, we won the Bellevue contract, worth approximately AUD 850 million, which is the largest Australian contract in the history of Barminco. Our drilling businesses continue to build momentum with rising utilization, which is encouraging for FY2027. In North America, development at Goldrush has maintained a high operating standard that has been helpful to showcase the productivity advantages that Barminco's high-speed development can deliver for clients to maximize value. The award of the neighboring Fourmile contract is an important step to build regional scale in the USA, and the recently announced addition of the Fourmile project to the Nevada Gold Mines JV between Newmont and Barrick enables us to unlock the benefits of working on these neighboring mines. I recently had the opportunity to visit our operations in Ghana, and I was pleased to see our underground mining operations continue to deliver strong results.

Speaker #3: Worth approximately $850 million, which is the largest Australian contract in the history of BAMINCO. Our drilling businesses continue to build momentum, with rising utilization, which is encouraging for FY27.

Speaker #3: In North America, development at Gold Rush has maintained a high operating standard that has been helpful to showcase the productivity advantages that Barminco's high-speed development can deliver for clients to maximize value.

Speaker #3: The award of the neighboring Fourmile contract is an important step to build regional scale in the USA. And the recently announced addition of the Fourmile project to the Nevada Gold Mines JV between Newmont and Barrick enables us to unlock the benefits of working on these neighboring mines.

Speaker #3: I recently had the opportunity to visit our operations in Ghana, and I was pleased to see our underground mining operations continue to deliver strong results.

Speaker #3: The culture amongst our Ghanaian workforce is excellent, and the flow and impact on the communities is immense. As we will be shortly exiting surface mining in Ghana, the recent agreement to sell the EDA prim fleet as part of this transition will allow the recycling of capital toward new, high-performing opportunities elsewhere in the portfolio.

Vanessa Torres: The culture amongst our Ghanaian workforce is excellent, and the flow and impact on the communities is immense. As we will be shortly exiting surface mining in Ghana, the recent agreement to sell the Iduapriem fleet as part of this transition will allow the recycling of capital toward new high-performing opportunities elsewhere in the portfolio. The numbers at the base of this slide provide a glimpse of the size of our operations. Over 120 kilometers of development advance and more than 14 million tons of ore was delivered by contract mining in FY26. The total drilling meters in the lower right includes every trench drilled by drilling services, and also the contribution of the drillers who work as part of the contract mining operations. To give context to the 13,000 kilometers of drilling, it is more than the diameter of planet Earth.

Vanessa Torres: The culture amongst our Ghanaian workforce is excellent, and the flow and impact on the communities is immense. As we will be shortly exiting surface mining in Ghana, the recent agreement to sell the Iduapriem fleet as part of this transition will allow the recycling of capital toward new high-performing opportunities elsewhere in the portfolio. The numbers at the base of this slide provide a glimpse of the size of our operations. Over 120km of development advance and more than 14 million tons of ore was delivered by contract mining in FY2026. The total drilling meters in the lower right includes every trench drilled by drilling services, and also the contribution of the drillers who work as part of the contract mining operations. To give context to the 13,000km of drilling, it is more than the diameter of planet Earth.

Speaker #3: The numbers at the base of this slide provide a glimpse of the size of our operations. Over 120 kilometers of development advance and more than 14 million tons of ore were delivered by contract mining in FY26.

Speaker #3: The total drilling interest in the lower right includes every train drilled by Drilling Services and also the contribution of the drillers who work as part of the contract mining operations.

Speaker #3: And to give context to the 13,000 kilometers of drilling, that is more than the diameter of planet Earth. So, effectively, in a single year, our teams have drilled the equivalent distance from one side of the planet to the other.

Vanessa Torres: So effectively, in a single year, our teams have drilled the equivalent distance from one side to the planet to the other. Turning to slide 8. Perenti delivered record EBITDA of AUD 340 million, up 2% on FY25, on a broadly flat revenue of around AUD 3.5 billion. The key feature of this result was the improvement in EBITDA margin, which increased to 9.8%, supported by improved operational performance from contract mining. As highlighted during our H1 results and consistent with prior years, earnings were heavily weighted to the H2. This is typical of the nature of our business, and we anticipate a similar H1 and H2 profile in FY27 as new projects ramp up. Looking ahead, the sale of the AMS fleet and the divestment of BTP are expected to recycle approximately AUD 150 million towards higher return opportunities.

Vanessa Torres: So effectively, in a single year, our teams have drilled the equivalent distance from one side of the planet to the other. Turning to slide 8. Perenti delivered record EBITDA of AUD 340 million, up 2% on FY2025, on a broadly flat revenue of around AUD 3.5 billion. The key feature of this result was the improvement in EBITDA margin, which increased to 9.8%, supported by improved operational performance from contract mining. As highlighted during our H1 results and consistent with prior years, earnings were heavily weighted to H2. This is typical of the nature of our business, and we anticipate a similar H1 and H2 profile in FY2027 as new projects ramp up. Looking ahead, the sale of the AMS fleet and the divestment of BTP are expected to recycle approximately AUD 150 million towards higher return opportunities.

Speaker #3: Turning to slide eight. Perenti delivered record EBITA of $340 million, up 2% on FY25, on a broadly flat revenue of around $3.5 billion. The key feature of this result was the improvement in EBITA margin, which increased to 9.8%.

Speaker #3: Supported by improved operational performance from contract mining. As highlighted during our first half results, and consistent with prior years, earnings were heavily weighted to the second half.

Speaker #3: This is typical of the nature of our business, and we anticipate a similar first-half and second-half profile in FY27 as new projects ramp up.

Speaker #3: Looking ahead, the sale of the AMS fleet and the divestment of BTP are expected to recycle approximately $150 million towards higher-return opportunities. Moving to contract mining, our largest division, which generated revenue of $2.4 billion and EBITDA of $291 million.

Vanessa Torres: Moving to contract mining, our largest division, which generated revenue of AUD 2.4 billion and EBITDA of AUD 291 million. As I mentioned previously, the pivot from Africa towards Australia and North America has shifted the revenue mix within this division. Our long-term contracts are advantageous for many reasons, but it does take time to shift the portfolio. This is evident in these results. But pleasingly, we are still delivering very strong margins. The EBITDA result from contract mining was a key driver of the group's EBITDA results. This is not surprising when you consider that contract mining represents approximately 75% of underlying group EBITDA before corporate costs. Recent project wins at Bellevue, Four Mile, and Dalgaranga continue to move the portfolio mix towards a high-quality, long-life project in both Australia and North America.

Vanessa Torres: Moving to contract mining, our largest division, which generated revenue of AUD 2.4 billion and EBITDA of AUD 291 million. As I mentioned previously, the pivot from Africa towards Australia and North America has shifted the revenue mix within this division. Our long-term contracts are advantageous for many reasons, but it does take time to shift the portfolio. This is evident in these results. But pleasingly, we are still delivering very strong margins. The EBITDA result from contract mining was a key driver of the group's EBITDA results. This is not surprising when you consider that contract mining represents approximately 75% of underlying group EBITDA before corporate costs. Recent project wins at Bellevue, Fourmile, and Dalgaranga continue to move the portfolio mix towards a high-quality, long-life project in both Australia and North America.

Speaker #3: As I mentioned previously, the pivot from Africa towards Australia and North America has shifted the revenue mix within this division. Our long-term contracts are advantageous for many reasons.

Speaker #3: But it does take time to shift the portfolio. This is evident in these results. But, pleasingly, we are still delivering very strong margins. The EBITA result from contract mining was the key driver of the group's EBITA results.

Speaker #3: This is not surprising when you consider that contract mining represents approximately 75% of underlying group EBITA before corporate costs. Recent project wins at Bellevue, Four Mile, and Dalgaranga continue to move the portfolio mix towards high-quality, long-life projects in both Australia and North America.

Speaker #3: While the proportion of revenue from Africa is changing, our clients in Africa remain an important part of the portfolio. AUMS has recently commenced some early work at Sabodala in Senegal for Endeavour Mining.

Vanessa Torres: While the proportion of revenue from Africa is changing, our clients in Africa remain an important part of the portfolio. AUMS has recently commenced some early works at Sabodala in Senegal for Endeavour Mining with a longer-term agreement under negotiation. I will discuss later our work in hand and pipeline, but the outlook for underground operations is particularly bright in North America, where there is visibility of AUD 6.4 billion of potential work. Turning to drilling services, the division has grown revenue to AUD 843 million and set a new record EBITA of AUD 85 million. Drilling services now represents 22% of underlying EBITA before corporate costs. Utilization across the fleet continues to trend upwards and positions the division for further earnings and margins growth with mobilization costs and some few sensitive inputs expected to normalize in FY27.

Speaker #3: With a longer-term agreement under negotiation, I will discuss later our working hand and pipeline. But the outlook for underground operations is particularly bright in North America.

Speaker #3: Where there's visibility of $6.4 billion of potential work. Turning to Drilling Services, the division has grown revenue to $843 million and set a new record EBITA of $85 million.

Speaker #3: Drilling services now represents 22% of underlying EBITA before corporate costs. Utilization across the fleet continues to trend upwards and positions the division for further earnings and margin growth.

Speaker #3: With mobilization costs and some sensitive inputs expected to normalize in FY27, SWEC has delivered an outstanding year in Australia and continues to see strong opportunities emerging in North America.

Vanessa Torres: Swick has delivered an outstanding year in Australia and continues to see strong opportunities emerging in North America, particularly across gold and copper projects. A recent highlight subsequent to the end of the financial year was the award of a five-year, AUD 92 million contract for Ausdrill for drilling and blasting services at Red 5's King of the Hills mine. On slide 11, Mining and Technology Services delivered revenue of AUD 190 million and EBITA of AUD 11 million. As announced, an agreement to sell the BTP Group has been reached. BTP has been reported as a discontinued operation in our financial results. The results presented in this slide represent the division as it was on 30 June 2026, inclusive of the BTP Group. The proposed sale of BTP is a pivotal move that will transform this division, leaving Supply Direct, Logistics Direct, and idoba focused on lower capital-intensive services.

Speaker #3: Particularly across gold and copper projects. A recent highlight, subsequent to the end of the financial year, was the award of a five-year, $92 million contract.

Speaker #3: For Ausdrill, for drilling and blasting services at Volt Minerals' King of the Hills mine. On slide 11, Mining and Technology Services delivered revenue of $190 million and EBITA of $11 million.

Speaker #3: As announced, an agreement to sell the BTP Group has been reached. So, BTP has been reported as a discontinued operation in our financial results.

Speaker #3: The results presented in this slide represent the division as it was on 30 June 2026, inclusive of the BTP group. The proposed sale of BTP is a pivotal move that will transform this division, leaving Supply Direct, Logistics Direct, and IDOWA focused on lower capital-intensive services.

Speaker #3: This year, Supply Direct and Logistics Direct performed in line with expectations, and both have opportunities to grow in FY27. IDOWA product development costs reduced in FY26 and reduced again in FY27.

Vanessa Torres: This year, Supply Direct and Logistics Direct performed in line with expectations and both have opportunities to grow in FY27. idoba product development costs reduced in FY26 and will reduce again in FY27, and moving forward, they will be included in our underlying results. As announced, the divestment of BTP will unlock AUD 100 million that will be recycled into higher return investments. In addition, the sale of the Iduapriem fleet that is part of the conclusion of the contract as announced on 20 July 2026 is expected to generate a further AUD 30 to 40 million. There is also some further AMS idle surface fleet that is currently in Ghana and expected to be sold in FY27, realizing an additional AUD 10 to 15 million.

Vanessa Torres: This year, Supply Direct and Logistics Direct performed in line with expectations and both have opportunities to grow in FY2027. idoba product development costs reduced in FY2026 and will reduce again in FY2027, and moving forward, they will be included in our underlying results. As announced, the divestment of BTP will unlock AUD 100 million that will be recycled into higher return investments. In addition, the sale of the Iduapriem fleet that is part of the conclusion of the contract as announced on 20 July 2026 is expected to generate a further AUD 30 to 40 million. There is also some further AMS idle surface fleet that is currently in Ghana and expected to be sold in FY2027, realizing an additional AUD 10 to 15 million.

Speaker #3: And moving forward, they will be included in our underlying results. As announced, the divestment of BTP will unlock $100 million that will be recycled into higher return investments.

Speaker #3: In addition, the sale of the Idea Prim fleet, which is part of the conclusion of the contract as announced on 20 July 2026, is expected to generate a further $30 million to $40 million.

Speaker #3: There's also some further AMS IDO surface fleet that is currently in Ghana and expected to be sold in FY27, realizing an additional $10 to $15 million.

Speaker #3: In total, these initiatives are expected to return between $140 million and $155 million to the group. We're focused on funding near-term opportunities that meet our investment criteria and support EPS growth.

Vanessa Torres: In total, these initiatives are expected to return between AUD 140 million and AUD 155 million to the group, funding near-term opportunities that meet our investment criteria and support EPS growth. It is important to note the timing associated with these sales. The first tranche of the BTP sale, AUD 80 million, is due to arrive towards the end of October 2026, with the final AUD 20 million due 12 months later. The AUD 30 to 40 million sale of the Iduapriem fleet is due to arrive at contract conclusion in December 2026. The final AUD 10 to 15 million for the remainder of the idle AMS fleet in Ghana will be collected as and when the fleet is sold, and several buyers have expressed interest already. I will now pass on to Mike, who will take you through the financials.

Speaker #3: It is important to note the timing associated with these sales. The first tranche of the BTP sale, $80 million, is due to arrive towards the end of October 2026.

Speaker #3: With the final $20 million due 12 months later. The $30 to $40 million sale of the Idea Prim fleet is due to arrive at contract conclusion in December 2026.

Speaker #3: The final $10 to $15 million for the remainder of the IDO AMS fleet in Ghana will be collected as and when the fleet is sold.

Speaker #3: And several buyers have expressed interest already. I will now pass on to Mike, who will take you through the financials.

Speaker #1: Thank you, Vanessa, and good morning to everyone on the call today. I'll now walk you through the underlying profit and loss on Slide 13.

Michael Ellis: Thank you, Vanessa, and good morning to everyone on the call today. I will now walk you through the underlying profit and loss on slide 13. Revenue in FY26 was AUD 3.46 billion, broadly flat year-on-year. A solid result given the changes in the portfolio. The completion of various projects impacted our revenue growth in FY26 with the Botswana Underground Project finishing at the end of FY25, accounting for circa AUD 250 million of revenue. This was offset by increased drilling services revenue on rising utilization and several contract wins in contract mining, further highlighting the benefits of scale. Our revenue and earnings quality has continued to improve in FY26, with now over 62% of our revenue derived from Australia and North America. This further diversification into Tier 1 jurisdictions highlights the execution of our strategy.

Mike Ellis: Thank you, Vanessa, and good morning to everyone on the call today. I will now walk you through the underlying profit and loss on slide 13. Revenue in FY2026 was AUD 3.46 billion, broadly flat year-on-year. A solid result given the changes in the portfolio. The completion of various projects impacted our revenue growth in FY2026 with the Botswana Underground Project finishing at the end of FY2025, accounting for circa AUD 250 million of revenue. This was offset by increased drilling services revenue on rising utilization and several contract wins in contract mining, further highlighting the benefits of scale. Our revenue and earnings quality has continued to improve in FY2026, with now over 62% of our revenue derived from Australia and North America. This further diversification into Tier 1 jurisdictions highlights the execution of our strategy.

Speaker #1: Revenue in FY26 was $3.46 billion, broadly flat year on year—a solid result given the changes in the portfolio. The completion of various projects impacted our revenue growth in FY26, with the Botswana Underground Project finishing at the end of FY25 and accounting for circa $250 million of revenue.

Speaker #1: This was offset by increased drilling services revenue on rising utilization and several contract wins in contract mining, further highlighting the benefits of scale. Our revenue and earnings quality has continued to improve in FY26, with now over 62% of our revenue derived from Australia and North America.

Speaker #1: This further diversification into Tier 1 jurisdictions highlights the execution of our strategy. With the transitioning portfolio mix, our depreciation expense decreased by $23 million in FY26, to 9% of revenue.

Michael Ellis: With the transitioning portfolio mix, our depreciation expense decreased by AUD 23 million in FY26 to 9% of revenue. This was a result of the higher depreciation last year for some large projects, such as the Botswana Underground Project and two African surface projects, Mako and Sabodala. All three of these projects had large fleets and have now been completed. Record EBITDA of AUD 340 million, an increase of 2%, meeting our guidance for the fifth consecutive year. EBITDA margin improved to 9.8%, an outstanding result, and underpinned by strong contribution from contract mining, steady margin performance from both drilling services and Mining and Technology Services, and an ongoing focus on corporate overheads. Interest expense reduced by 23% to AUD 54 million, benefiting from the significant reduction in gross debt over recent years and reduced leverage. Our effective underlying tax rate was 32.8% in FY26.

Mike Ellis: With the transitioning portfolio mix, our depreciation expense decreased by AUD 23 million in FY2026 to 9% of revenue. This was a result of the higher depreciation last year for some large projects, such as the Botswana Underground Project and two African surface projects, Mako and Sabodala. All three of these projects had large fleets and have now been completed. Record EBITDA of AUD 340 million, an increase of 2%, meeting our guidance for the fifth consecutive year. EBITDA margin improved to 9.8%, an outstanding result, and underpinned by strong contribution from contract mining, steady margin performance from both drilling services and Mining and Technology Services, and an ongoing focus on corporate overheads. Interest expense reduced by 23% to AUD 54 million, benefiting from the significant reduction in gross debt over recent years and reduced leverage. Our effective underlying tax rate was 32.8% in FY2026.

Speaker #1: This was a result of the higher depreciation last year for some large projects, such as the Botswana Underground Project and two African surface projects, Mako and Sambrado.

Speaker #1: All three of these projects had large fleets and have now been completed. We recorded EBITA of $340 million, an increase of 2%, meeting our guidance for the fifth consecutive year.

Speaker #1: EBITA margin improved to 9.8%, an outstanding result underpinned by a strong contribution from contract mining, steady margin performance from both Drilling Services and Mining and Technology Services, and an ongoing focus on corporate overheads.

Speaker #1: Interest expense reduced by 23% to $54 million, benefiting from the significant reduction in gross debt over recent years and reduced leverage. Our effective underlying tax rate was 32.8% in FY26.

Speaker #1: It is worthwhile noting that we do expect this to increase slightly into FY27 to circa 34%, as we repatriate cash from the AMS asset sales.

Michael Ellis: It is worthwhile noting that we do expect this to increase slightly into FY27 to circa 34% as we repatriate cash from the AMS asset sales. Underlying NPATA increased 8% to AUD 192 million, and underlying earnings per share increased 7% to AUD 0.205 per share. Our reported statutory NPAT significantly reduced in FY26 as a result of non-underlying adjustments of AUD 148 million included in the statutory results. Accordingly, this has had a corresponding impact to our reported statutory earnings per share for the year. I will provide further detail of these adjustments on the next slide. Slide 14, the statutory to underlying reconciliation, which has more substantive adjustments than in FY25. Working backwards from our statutory results at the top, the amortization of customer-related intangibles has reduced further to AUD 28.2 million in FY26. This reduction was mainly due to several African contracts concluding during the year.

Mike Ellis: It is worthwhile noting that we do expect this to increase slightly into FY2027 to circa 34% as we repatriate cash from the AMS asset sales. Underlying NPATA increased 8% to AUD 192 million, and underlying earnings per share increased 7% to AUD 0.205 per share. Our reported statutory NPAT significantly reduced in FY2026 as a result of non-underlying adjustments of AUD 148 million included in the statutory results. Accordingly, this has had a corresponding impact to our reported statutory earnings per share for the year. I will provide further detail of these adjustments on the next slide. Slide 14, the statutory to underlying reconciliation, which has more substantive adjustments than in FY2025. Working backwards from our statutory results at the top, the amortization of customer-related intangibles has reduced further to AUD 28.2 million in FY2026. This reduction was mainly due to several African contracts concluding during the year.

Speaker #1: Underlying NPAT-A increased 8% to $192 million, and underlying earnings per share increased 7% to 20.5 cents per share. Our reported statutory NPAT significantly reduced in FY26 as a result of non-underlying adjustments of $148 million included in the statutory results.

Speaker #1: Accordingly, this has had a corresponding impact on our reported statutory earnings per share for the year. I'll provide further detail on these adjustments on the next slide.

Speaker #1: Slide 14, the statutory to underlying reconciliation, which has more substantive adjustments than in FY25. Working backwards from our statutory results at the top, the amortization of customer-related intangibles has reduced further to $28.2 million in FY26.

Speaker #1: This reduction was mainly due to several African contracts concluding during the year. To assist anyone who needs to update their models, our CRI amortization will further reduce to approximately $15 million in FY27.

Michael Ellis: To assist with anyone who needs to update their models, our CRI amortization will further reduce to approximately AUD 15 million in FY27. Net foreign exchange losses and other one-off costs were AUD 8 million, predominantly due to unrealized FX losses, noting that last year we did have an FX gain of AUD 12.4 million. idoba product-related costs reduced further to AUD 7.6 million during the year. As a part of our year-end impairment procedures, we incurred non-cash asset impairments totaling AUD 54.3 million in FY26. To break this down further, firstly, a AUD 25.1 million impairment on idle AMS surface fleet due to localization changes in West Africa impacting surface mining contractors. Accordingly, this changed our valuation methodology for these assets and resulted in an impairment.

Mike Ellis: To assist with anyone who needs to update their models, our CRI amortization will further reduce to approximately AUD 15 million in FY2027. Net foreign exchange losses and other one-off costs were AUD 8 million, predominantly due to unrealized FX losses, noting that last year we did have an FX gain of AUD 12.4 million. idoba product-related costs reduced further to AUD 7.6 million during the year. As a part of our year-end impairment procedures, we incurred non-cash asset impairments totaling AUD 54.3 million in FY2026. To break this down further, firstly, a AUD 25.1 million impairment on idle AMS surface fleet due to localization changes in West Africa impacting surface mining contractors. Accordingly, this changed our valuation methodology for these assets and resulted in an impairment.

Speaker #1: Net foreign exchange losses and other one-off costs were $8 million, predominantly due to unrealized FX losses, noting that last year we did have an FX gain of $12.4 million.

Speaker #1: IDOWA product-related costs reduced further to $7.6 million during the year. As part of our year-end impairment procedures, we incurred non-cash asset impairments totaling $54.3 million in FY26.

Speaker #1: To break this down further, firstly, our $25.1 million impairment on IDO AMS surface fleet is due to localization changes in West Africa impacting surface mining contractors.

Speaker #1: Accordingly, this changed our valuation methodology for these assets and resulted in an impairment. As Vanessa mentioned, we plan to liberate a minimum of $10 to $15 million of cash in FY27 in relation to these IDO assets that are currently not deriving any returns.

Michael Ellis: As Vanessa mentioned, we plan to liberate a minimum of AUD 10 to AUD 15 million of cash in FY27 in relation to these idle assets that are currently not deriving any returns. It is important to note that this is separate to the AUD 30 to AUD 40 million of surface equipment scheduled for sale that is currently operating at the Iduapriem contract. So realizing redeploying this capital to higher returning projects will be beneficial for our shareholders. Secondly, we incurred a AUD 29.2 million impairment on idoba-related goodwill and intangibles. In FY27, idoba will see a further reduction in development expenditure and an increased focus on internal project application within Perenti. This accordingly changed the assumptions and the recoverable value of idoba at year-end. Going forward, idoba will be included in our underlying results and is included in our FY27 guidance.

Mike Ellis: As Vanessa mentioned, we plan to liberate a minimum of AUD 10 to AUD 15 million of cash in FY2027 in relation to these idle assets that are currently not deriving any returns. It is important to note that this is separate to the AUD 30 to AUD 40 million of surface equipment scheduled for sale that is currently operating at the Iduapriem contract. So realizing redeploying this capital to higher returning projects will be beneficial for our shareholders. Secondly, we incurred a AUD 29.2 million impairment on idoba-related goodwill and intangibles. In FY2027, idoba will see a further reduction in development expenditure and an increased focus on internal project application within Perenti. This accordingly changed the assumptions and the recoverable value of idoba at year-end. Going forward, idoba will be included in our underlying results and is included in our FY2027 guidance.

Speaker #1: It is important to note that this is separate from the $30 to $40 million of surface equipment scheduled for sale that is currently operating at the Iduapriem contract.

Speaker #1: So, realizing that redeploying this capital to higher-returning projects will be beneficial for our shareholders. Secondly, we incurred a $29.2 million impairment on IDOWA-related goodwill and intangibles.

Speaker #1: In FY27, IDOWA will see a further reduction in development expenditure and an increased focus on internal project application within Perenti. This has accordingly changed the assumptions and the recoverable value of IDOWA at year-end.

Speaker #1: Going forward, IDOWA will be included in our underlying results and is included in our FY27 guidance. Discontinued operations relate to the BTP divestment, as announced on Friday last week.

Michael Ellis: Discontinued operations relates to the BTP divestment as announced on Friday last week. The full-year BTP revenue, EBITDA, EBIT contribution is included in the underlying result for FY2026. That shifted to discontinued operations in line with the accounting standards. The transaction is scheduled to return AUD 100 million, and as a result, books a non-cash loss on the revaluation of the BTP Group of AUD 64.4 million. For clarity, the EBITDA result shown in the reconciliation table is after corporate overheads charged to the business for support services. Finally, after the net tax effect of AUD 14.4 million results in an underlying NPATA of AUD 192.1 million. Turning to the cash flow. At the H1 result, we lifted our free cash flow guidance to greater than AUD 170 million.

Mike Ellis: Discontinued operations relates to the BTP divestment as announced on Friday last week. The full-year BTP revenue, EBITDA, EBIT contribution is included in the underlying result for FY2026. That shifted to discontinued operations in line with the accounting standards. The transaction is scheduled to return AUD 100 million, and as a result, books a non-cash loss on the revaluation of the BTP Group of AUD 64.4 million. For clarity, the EBITDA result shown in the reconciliation table is after corporate overheads charged to the business for support services. Finally, after the net tax effect of AUD 14.4 million results in an underlying NPATA of AUD 192.1 million. Turning to the cash flow. At the H1 result, we lifted our free cash flow guidance to greater than AUD 170 million.

Speaker #1: The full-year BTP revenue, EBITDA, and EBIT contribution is included in the underlying result for FY26, but shifted to discontinued operations in line with accounting standards.

Speaker #1: The transaction is scheduled to return $100 million and, as a result, books a non-cash loss on the revaluation of the BTP group of $64.4 million.

Speaker #1: For clarity, the EBITA result shown in the reconciliation table is after corporate overheads charged to the business for support services. Finally, after the net tax effect of $14.4 million, this results in an underlying NPAT-A of $192.1 million.

Speaker #1: Turning to the cash flow, at the half-year result, we lifted our free cash flow guidance to greater than $170 million. After adjusting for two client receipts totaling $50.9 million received on the first and second of July, we delivered a free cash flow of $181.6 million, up on the FY26 guidance.

Michael Ellis: After adjusting for two client receipts totaling AUD 50.9 million received on 1 and 2 July, we delivered a free cash flow of AUD 181.6 million, up on the FY2026 guidance. Operating cash conversion was 97% after adjusting for the same two late receipts and our seventh year above 95% cash conversion. Net interest paid reduced to AUD 52.8 million following the early and final repayment of the 2025 senior unsecured notes in July 2025. Cash tax was steady year-on-year, and we do expect that to increase into FY2027 with the increased effective tax rate. Net capital expenditure was AUD 321 million, slightly under our guidance of approximately AUD 325 million. Dividends paid to shareholders have increased for the third consecutive year to AUD 70.4 million, and AUD 13.1 million was utilized by the on-market share buyback. Slide 16 shows the further strengthening of the balance sheet that occurred during FY2026.

Mike Ellis: After adjusting for two client receipts totaling AUD 50.9 million received on 1 and 2 July, we delivered a free cash flow of AUD 181.6 million, up on the FY2026 guidance. Operating cash conversion was 97% after adjusting for the same two late receipts and our seventh year above 95% cash conversion. Net interest paid reduced to AUD 52.8 million following the early and final repayment of the 2025 senior unsecured notes in July 2025.

Speaker #1: Operating cash conversion was 97%, after adjusting for the same two late receipts, and this marks our seventh year above 95% cash conversion. Net interest paid reduced to $52.8 million, following the early and final repayment of the 2025 Senior Unsecured Notes in July '25.

Speaker #1: Cash tax was steady year on year, and we do expect that to increase into FY27 with the increased effective tax rate. Net capital expenditure was $321 million, slightly under our guidance of approximately $325 million.

Mike Ellis: Cash tax was steady year-on-year, and we do expect that to increase into FY2027 with the increased effective tax rate. Net capital expenditure was AUD 321 million, slightly under our guidance of approximately AUD 325 million. Dividends paid to shareholders have increased for the third consecutive year to AUD 70.4 million, and AUD 13.1 million was utilized by the on-market share buyback. Slide 16 shows the further strengthening of the balance sheet that occurred during FY2026.

Speaker #1: Dividends paid to shareholders have increased for the third consecutive year to $70.4 million, and $13.1 million was utilized by the on-market share buyback.

Speaker #1: Slide 16 shows the further strengthening of the balance sheet that occurred during FY26. Consistent, real free cash flow generation over the past four years has transformed our balance sheet position to the strongest in Perenti history.

Michael Ellis: Consistent real free cash flow generation over the past four years has transformed our balance sheet position to the strongest in Perenti history. With the BTP Group being classified as held for sale, you will notice some changes on the face of the balance sheet with a held for sale asset and corresponding liability. This reclassification also has impacted the year-on-year comparatives for inventory and PPE on a like-for-like basis. Gross debt is reduced to AUD 594 million, and net debt reduced to AUD 271 million. This has brought leverage to 0.4 times, which now puts us under the previously advised targeted range of 0.5 times to 1 times. While this is below our targeted range, we will continue to be very disciplined in deploying this capacity. Liquidity increased to AUD 911 million, comprising of AUD 323 million of cash and AUD 589 million of undrawn syndicated facilities.

Mike Ellis: Consistent real free cash flow generation over the past four years has transformed our balance sheet position to the strongest in Perenti history. With the BTP Group being classified as held for sale, you will notice some changes on the face of the balance sheet with a held for sale asset and corresponding liability. This reclassification also has impacted the year-on-year comparatives for inventory and PPE on a like-for-like basis. Gross debt is reduced to AUD 594 million, and net debt reduced to AUD 271 million. This has brought leverage to 0.4x, which now puts us under the previously advised targeted range of 0.5x to 1x. While this is below our targeted range, we will continue to be very disciplined in deploying this capacity. Liquidity increased to AUD 911 million, comprising of AUD 323 million of cash and AUD 589 million of undrawn syndicated facilities.

Speaker #1: With the BTP group being classified as held for sale, you will notice some changes on the face of the balance sheet, with a held-for-sale asset and corresponding liability.

Speaker #1: This reclassification has also impacted the year-on-year comparatives for inventory and PPE on a like-for-like basis. Gross debt has reduced to $594 million, and net debt has reduced to $271 million.

Speaker #1: This has brought leverage to 0.4 times, which now puts us under the previously advised targeted range of 0.5 times to 1.0 times. While this is below our targeted range, we will continue to be very disciplined in deploying this capacity.

Speaker #1: Liquidity increased to 911 million dollars, comprising of 323 million dollars of cash and 589 million dollars of undrawn syndicated facilities. In October 25, the new 650 million dollars syndicated debt facility was completed on better terms and rates.

Michael Ellis: In October 2025, the new AUD 650 million syndicated debt facility was completed on better terms and rates. The book was well oversubscribed and attracted several new domestic and international lenders to the syndicate. With several organic or inorganic growth opportunities ahead, the balance sheet provides substantial capacity for us to move quickly when the right opportunity presents. This will also be further bolstered upon the receipt of the first tranche of the BTP proceeds on completion of AUD 80 million expected to be received around October 2026. Turning to slide 17, highlighting our disciplined approach to capital allocation and free cash flow generation. Over the past several years, revenue and EBITDA have grown materially. Strong free cash flow has funded growth projects, allowed repayment of gross debt, dividends to be resumed and increased, and 80 million shares have been bought back on the market and canceled.

Mike Ellis: In October 2025, the new AUD 650 million syndicated debt facility was completed on better terms and rates. The book was well oversubscribed and attracted several new domestic and international lenders to the syndicate. With several organic or inorganic growth opportunities ahead, the balance sheet provides substantial capacity for us to move quickly when the right opportunity presents. This will also be further bolstered upon the receipt of the first tranche of the BTP proceeds on completion of AUD 80 million expected to be received around October 2026. Turning to slide 17, highlighting our disciplined approach to capital allocation and free cash flow generation. Over the past several years, revenue and EBITDA have grown materially. Strong free cash flow has funded growth projects, allowed repayment of gross debt, dividends to be resumed and increased, and 80 million shares have been bought back on the market and canceled.

Speaker #1: The book was well oversubscribed and attracted several new domestic and international lenders to the syndicate. With several organic or inorganic growth opportunities ahead, the balance sheet provides substantial capacity for us to move quickly when the right opportunity presents itself.

Speaker #1: This will also be further bolstered upon the receipt of the first tranche of the BTP proceeds, on completion of $80 million, expected to be received around October 26.

Speaker #1: Turning to slide 17, highlighting our disciplined approach to capital allocation and free cash flow generation. Over the past several years, revenue and EBITDA have grown materially; strong free cash flow has funded growth projects, allowed repayment of gross debt, dividends to be resumed and increased, and 80 million shares have been bought back on the market and canceled.

Speaker #1: We believe this balanced approach to capital allocation allows flexibility to capture opportunities and drives sustainable returns to shareholders. We continually assess the relative returns available from growth, dividends, buybacks, and debt reduction.

Michael Ellis: We believe this balanced approach to capital allocation allows flexibility to capture opportunities and drive sustainable returns to shareholders. We continually assess the relative returns available from growth, dividends, buybacks, and debt reduction. Thank you. I will now hand back to Vanessa.

Mike Ellis: We believe this balanced approach to capital allocation allows flexibility to capture opportunities and drive sustainable returns to shareholders. We continually assess the relative returns available from growth, dividends, buybacks, and debt reduction. Thank you. I will now hand back to Vanessa.

Speaker #1: Thank you. I'll now hand back to Vanessa.

Speaker #2: Thank you, Mike. Slide 18 illustrates how our strategy is contributing to reaching our long-term financial targets. We have several strategic levers that are being used to drive performance and deliver long-term value.

Vanessa Torres: Thank you, Mike. Slide 18 illustrates how our strategy is contributing to reach our long-term financial targets. We have several strategic levers that are being used to drive performance and deliver long-term value. As Mike mentioned, our balance sheet has never been stronger in the history of Perenti. This position of strength gives us significant optionality. The earnings quality and stronger margins give us confidence that the business can continue to deliver consistent returns. In turn, the optionality provided by the balance sheet and the stability of the underlying business provides a platform to confidently pursue organic opportunities, particularly in Australia and North America. The decision regarding BTP demonstrates our active approach to inorganic opportunities and portfolio quality. We continue to assess acquisitions to add scale and capability to our group.

Speaker #2: As Mike mentioned, our balance sheet has never been stronger in the history of Perenti. This position of strength gives us significant optionality. The earnings quality and stronger margins give us confidence that the business can continue to deliver consistent returns.

Speaker #2: In turn, the optionality provided by the balance sheet and the stability of the underlying business provides a platform to confidently pursue organic opportunities, particularly in Australia and North America.

Speaker #2: The decision regarding BTP demonstrates our active approach to inorganic opportunities and portfolio quality. We continue to assess acquisitions to add scale and capability to our group.

Speaker #2: And finally, we continue to prioritize delivery of free cash flow from operations, because we appreciate the flexibility that this provides across the portfolio. Over time, we continue to target revenue growth of 5 to 10 percent.

Vanessa Torres: Finally, we continue to prioritize delivery of free cash flow from operations because we appreciate the flexibility that this provides across the portfolio. Over time, we continue to target revenue growth of 5% to 10%, EPS growth above revenue growth, with each project generating returns on invested capital above our risk-weighted cost of capital. Additionally, we target return on equity above 10% and free cash flow above 5% of the revenue. Whilst free cash flow generated by operations provides us the optionality to invest, we aim to strategically allocate this cash in a way that we optimize our long-term TSR for shareholders. In this way, we start with our dividend policy that has a range of underlying 30% to 40% of NPAT-A. We then assess between growth options, share buybacks, and debt reduction, depending on the availability of options and the best return for shareholders.

Vanessa Torres: Finally, we continue to prioritize delivery of free cash flow from operations because we appreciate the flexibility that this provides across the portfolio. Over time, we continue to target revenue growth of 5% to 10%, EPS growth above revenue growth, with each project generating returns on invested capital above our risk-weighted cost of capital. Additionally, we target return on equity above 10% and free cash flow above 5% of the revenue. Whilst free cash flow generated by operations provides us the optionality to invest, we aim to strategically allocate this cash in a way that we optimize our long-term TSR for shareholders. In this way, we start with our dividend policy that has a range of underlying 30% to 40% of NPATA. We then assess between growth options, share buybacks, and debt reduction, depending on the availability of options and the best return for shareholders.

Speaker #2: EPS growth above revenue growth; with each project, generating returns on investor capital above our risk-weighted cost of capital. Additionally, we target return on equity above 10%.

Speaker #2: And free cash flow above 5% of revenue. Whilst free cash flow generated by operations provides us the optionality to invest, we aim to strategically allocate this cash in a way that optimizes our long-term TSR for our shareholders.

Speaker #2: In this way, we start with our dividend policy that has a range of underlying 30 to 40 percent of NPAT. We then assess between growth options, share buybacks, and debt reduction.

Speaker #2: Depending on the availability of options and the best return for shareholders, a quality growth opportunity—either organic or inorganic—will usually outrank buybacks or further debt reduction.

Vanessa Torres: A quality growth opportunity, either organic or inorganic, will usually outrank buybacks or further debt reduction. But the timing of when to invest in growth opportunities is important. Over time, counter-cyclical capital allocation maximizes TSR, and in this context, a strong balance sheet is key to enable transformational growth. Additionally, strategically timed buybacks are also attractive on an EPS basis and an important way to reward our long-term shareholders. Turning to the outlook to give some color on the opportunity ahead. Work in hand at 30 June 2026 was AUD 6.2 billion, and the tender pipeline has grown to AUD 20 billion. Our work in hand number has been pushed up slightly during the H2, following wins at Bellevue, Duketon, and Four Mile, together with smaller contract wins and extensions across all divisions. The pipeline remains incredibly strong across all regions, with Australia representing AUD 8.6 billion and North America AUD 6.4 billion.

Vanessa Torres: A quality growth opportunity, either organic or inorganic, will usually outrank buybacks or further debt reduction. But the timing of when to invest in growth opportunities is important. Over time, counter-cyclical capital allocation maximizes TSR, and in this context, a strong balance sheet is key to enable transformational growth. Additionally, strategically timed buybacks are also attractive on an EPS basis and an important way to reward our long-term shareholders. Turning to the outlook to give some color on the opportunity ahead. Work in hand at 30 June 2026 was AUD 6.2 billion, and the tender pipeline has grown to AUD 20 billion. Our work in hand number has been pushed up slightly during H2, following wins at Bellevue, Duketon, and Fourmile, together with smaller contract wins and extensions across all divisions. The pipeline remains incredibly strong across all regions, with Australia representing AUD 8.6 billion and North America AUD 6.4 billion.

Speaker #2: But the timing of when to invest in growth opportunities is important. Over time, countercyclical capital allocation maximizes TSR, and in this context, a strong balance sheet is key to enabling transformational growth.

Speaker #2: Additionally, strategically timed buybacks are also attractive on an EPS basis, and are an important way to reward our long-term shareholders. Turning to the outlook, I'd like to give some color on the opportunity ahead.

Speaker #2: Working hand at 30 June 2026 was $6.2 billion, and the tender pipeline has grown to $20 billion. Our working hand number has been pushed up slightly during the second half following wins at Belleview, Duketon, and Four Mile.

Speaker #2: Together with smaller contract wins and extensions across all divisions, the pipeline remains incredibly strong across all regions, with Australia representing $8.6 billion and North America $6.4 billion.

Speaker #2: Gold remains the largest commodity exposure, whilst importantly, our copper pipeline has almost doubled in value—from $3.5 billion at the beginning of 2026 to $6.6 billion.

Vanessa Torres: Gold remains the largest commodity exposure, whilst importantly, our copper pipeline has almost doubled in value from AUD 3.5 billion at the beginning of 2026 to AUD 6.6 billion. A number of near-term extensions provide further opportunity to increase contracted work for FY27 and beyond. Slide 21 highlights the strengths and longevity of our client relationships. Our clients are extremely important to our business, and our many long-term relationships are one of our best indicators of our performance. This slide shows the current longest project for several clients, and importantly, our relationships with these clients often extend across multiple projects and are generally aligned with the life of the mine rather than a single contract term. For more than a decade, the renewal rate for our long-term contracts has exceeded 90%.

Vanessa Torres: Gold remains the largest commodity exposure, whilst importantly, our copper pipeline has almost doubled in value from AUD 3.5 billion at the beginning of 2026 to AUD 6.6 billion. A number of near-term extensions provide further opportunity to increase contracted work for FY2027 and beyond. Slide 21 highlights the strengths and longevity of our client relationships. Our clients are extremely important to our business, and our many long-term relationships are one of our best indicators of our performance. This slide shows the current longest project for several clients, and importantly, our relationships with these clients often extend across multiple projects and are generally aligned with the life of the mine rather than a single contract term. For more than a decade, the renewal rate for our long-term contracts has exceeded 90%.

Speaker #2: A number of near-term extensions provide further opportunity to increase contracted work for FY27 and beyond. Slide 21 highlights the strengths and longevity of our client relationships.

Speaker #2: Our clients are extremely important to our business, and our many long-term relationships are one of our best indicators of our performance. This slide shows the current longest project for several clients, and importantly, our relationships with these clients often extend across multiple projects and are generally aligned with the life of the mine rather than a single contract term.

Speaker #2: For more than a decade, the renewal rate for our long-term contracts has exceeded 90 percent. And, when deciding which opportunities to pursue, we prioritize projects with long mine lives, lower unit costs, aligned values, and financially stable owners.

Vanessa Torres: When deciding which opportunities to pursue, we prioritize projects with long mine lives, lower unit costs, aligned values, and financially stable owners. This has led to us working with many of the world's leading mining companies, including Newmont, AngloGold Ashanti, Barrick, and Gold Fields, as well as with the most significant and high-quality Australian mines. Turning to FY27 guidance, we expect revenue of AUD 3.45 billion to AUD 3.65 billion, and EBITDA of AUD 335 million to AUD 355 million. This guidance takes into account the sale of the BTP business as announced. Net capital expenditure is expected to be approximately AUD 370 million, which includes the previously announced requirements in FY27 for Bellevue and Four Mile, and an allowance for growth capital, net of the proceeds from the AMS fleet sales. Earnings are expected to remain weighted to the second half, consistent with prior years and the characteristics of our business.

Vanessa Torres: When deciding which opportunities to pursue, we prioritize projects with long mine lives, lower unit costs, aligned values, and financially stable owners. This has led to us working with many of the world's leading mining companies, including Newmont, AngloGold Ashanti, Barrick, and Gold Fields, as well as with the most significant and high-quality Australian mines. Turning to FY2027 guidance, we expect revenue of AUD 3.45 billion to AUD 3.65 billion, and EBITDA of AUD 335 million to AUD 355 million. This guidance takes into account the sale of the BTP business as announced. Net capital expenditure is expected to be approximately AUD 370 million, which includes the previously announced requirements in FY2027 for Bellevue and Fourmile, and an allowance for growth capital, net of the proceeds from the AMS fleet sales. Earnings are expected to remain weighted to the second half, consistent with prior years and the characteristics of our business.

Speaker #2: This has led to us working with many of the world's leading mining companies, including Newmont, AngloGold Ashanti, Barrick, and Gold Fields, as well as with the most significant and high-quality Australian mines.

Speaker #2: Turning to FY27 guidance, we expect revenue of $3.45 billion to $3.65 billion, and EBITDA of $335 million to $355 million. This guidance takes into account the sale of the BTP business, as announced.

Speaker #2: Net capital expenditure is expected to be approximately $370 million, which includes the previously announced requirements in FY27 for Belleville and Four Mile, and an allowance for growth capital.

Speaker #2: Net of the proceeds from the AMS fleet sales, earnings are expected to remain weighted to the second half, consistent with prior years and the characteristics of our business.

Speaker #2: The portfolio management related to BTP and AMS is expected to unlock approximately $150 million over the next 12 months. As outlined earlier, this capital will be allocated strategically to improve total shareholder returns.

Vanessa Torres: The portfolio management related to BTP and AMS is expected to unlock approximately AUD 150 million over the next 12 months. As outlined earlier, this capital will be allocated strategically to improve total shareholder returns. Several near-term options for capital exist within the AUD 20 billion pipeline. A number of projects our team is already working on are scheduled to ramp up in FY27, making successful execution of these projects a key driver for FY27. Our drilling team client engagements and internal data indicate that drilling utilization is gaining momentum, which bodes well for further growth in FY27 and beyond. Finally, our strategic and disciplined approach to capital allocation will continue. Balancing growing dividends, EPS accretive organic and inorganic growth opportunities, and the buyback to drive total shareholder returns.

Vanessa Torres: The portfolio management related to BTP and AMS is expected to unlock approximately AUD 150 million over the next 12 months. As outlined earlier, this capital will be allocated strategically to improve total shareholder returns. Several near-term options for capital exist within the AUD 20 billion pipeline. A number of projects our team is already working on are scheduled to ramp up in FY2027, making successful execution of these projects a key driver for FY2027. Our drilling team client engagements and internal data indicate that drilling utilization is gaining momentum, which bodes well for further growth in FY2027 and beyond. Finally, our strategic and disciplined approach to capital allocation will continue. Balancing growing dividends, EPS accretive organic and inorganic growth opportunities, and the buyback to drive total shareholder returns.

Speaker #2: Several near-term options for capital exist within the $20 billion pipeline. A number of projects our team is already working on are scheduled to ramp up in FY27, making successful execution of these projects a key driver for FY27.

Speaker #2: Our drilling team, client engagements, and internal data indicate that drilling utilization is gaining momentum, which bodes well for further growth in FY27 and beyond.

Speaker #2: Finally, our strategic and disciplined approach to capital allocation will continue, balancing growing dividends, EPS-accretive organic and inorganic growth opportunities, and the buyback to drive total shareholder returns.

Speaker #2: And in summary, FY26 was another year of consistent delivery, with record EBITDA, strong margins, stronger cash generation, and a further reduction in leverage.

Vanessa Torres: In summary, FY26 was another year of consistent delivery, with record EBITDA, strong margins, stronger cash generation, and a further reduction in leverage. In this context, we are also rewarding our shareholders with record dividends since the inception of Perenti. The portfolio is increasingly weighted towards high-quality opportunities in Australia and North America. While our longstanding African operations continue to deliver strong results. With a strong pipeline, a healthy balance sheet, combined with strategic and disciplined capital allocation, Perenti is well-positioned to deliver enduring value and certainty for our people, clients, communities, and shareholders. Thank you for your time. Mike and I will now take your questions.

Vanessa Torres: In summary, FY2026 was another year of consistent delivery, with record EBITDA, strong margins, stronger cash generation, and a further reduction in leverage. In this context, we are also rewarding our shareholders with record dividends since the inception of Perenti. The portfolio is increasingly weighted towards high-quality opportunities in Australia and North America. While our longstanding African operations continue to deliver strong results. With a strong pipeline, a healthy balance sheet, combined with strategic and disciplined capital allocation, Perenti is well-positioned to deliver enduring value and certainty for our people, clients, communities, and shareholders. Thank you for your time. Mike and I will now take your questions.

Speaker #2: In this context, we are also rewarding our shareholders with record dividends since the inception of Perenti. The portfolio is increasingly weighted towards high-quality opportunities in Australia and North America.

Speaker #2: While our long-standing African operations continue to deliver strong results, with a strong pipeline and a healthy balance sheet, combined with strategic and disciplined capital allocation, Perenti is well positioned to deliver enduring value and certainty for our people, clients, communities, and shareholders.

Speaker #2: Thank you for your time. Mike and I will now take your questions.

Speaker #1: Thank you, Vanessa. As mentioned, we will now begin the Q&A session. For those listening by phone who would like to ask a question, please press star followed by one on your telephone keypad to raise your hand and join the queue.

Operator 2: Thank you, Vanessa. As mentioned, we will now begin the Q&A session. For those listening by phone and would like to ask a question, please press star followed by one on your telephone keypad to raise your hand and join the queue. To withdraw your question, simply press star one again. When called upon, please use your handset, ensure your line is unmuted, and be ready to ask your question. Again, that is star one to join the queue. Your first question comes from the line of John Campbell at Jefferies. Please go ahead.

Operator: Thank you, Vanessa. As mentioned, we will now begin the Q&A session. For those listening by phone and would like to ask a question, please press star followed by one on your telephone keypad to raise your hand and join the queue. To withdraw your question, simply press star one again. When called upon, please use your handset, ensure your line is unmuted, and be ready to ask your question. Again, that is star one to join the queue. Your first question comes from the line of John Campbell at Jefferies. Please go ahead.

Speaker #1: And to withdraw your question, simply press star one again. When called upon, please use your handset, ensure your line is unmuted, and be ready to ask your question.

Speaker #1: Again, that is *star one* to join the queue. And your first question comes from the line of John Campbell at Jefferies. Please go ahead.

Speaker #3: Hi, guys. Thanks for this. Firstly, just a couple of questions. In terms of contract mining, with your pivot out of Africa—West Africa—into North America and Australia, what are you expecting in terms of margins, EBITDA margins, from 2026 to 2027 within your guidance for contract mining?

John Campbell: Hi, guys. Thanks for this. Just a couple of questions. Firstly, in terms of contract mining, with your pivot out of West Africa into North America and Australia, what are you expecting in terms of EBITDA margins from 2026 to 2027 within your guidance for contract mining? Are you expecting a decline in margin?

Speaker #3: Are you expecting a decline in margin?

Vanessa Torres: Thank you. What we see today, I think you've seen already the pivot and our contract mining overall margins actually increased.

Speaker #4: Thank you. So what we see today, and I think you sing already the pivot and our contract mining overall margins actually increased. So what we are doing is that with a very strong pipeline, we are definitely being focused on capturing synergies between projects and also ensuring that we are choosing well the opportunities.

Vanessa Torres: What we are doing is that with a very strong pipeline, we are definitely being focused on capturing synergies between projects, and also ensuring that we are choosing well the opportunities. As we go and get more and more in Australia and North America, we might see a slight decrease of margins, but I wouldn't expect that to affect anything materially. In the end of the day, we will have revenue growth, especially, from the second half of this financial year growing into 2028. The focus that we have today, for instance, is to ensure that we're capturing a lot of synergies between projects. For instance, Goldrush and Four Mile. The two projects are now being owned by the same entity, which is Nevada Gold Mines, will definitely help us to keep our margins as high as we can.

Vanessa Torres: What we are doing is that with a very strong pipeline, we are definitely being focused on capturing synergies between projects, and also ensuring that we are choosing well the opportunities. As we go and get more and more in Australia and North America, we might see a slight decrease of margins, but I wouldn't expect that to affect anything materially. In the end of the day, we will have revenue growth, especially, from the second half of this financial year growing into 2028. The focus that we have today, for instance, is to ensure that we're capturing a lot of synergies between projects. For instance, Goldrush and Fourmile. The two projects are now being owned by the same entity, which is Nevada Gold Mines, will definitely help us to keep our margins as high as we can.

Speaker #4: Go and get more and more in Australia and North America, we might see a slight decrease of margins, but I wouldn't expect that to affect anything materially.

Speaker #4: And at the end of the day, we will have revenue growth, especially from the second half of this financial year, growing into 2028. But the focus that we have today, for instance, is to ensure that we're capturing a lot of synergies between projects.

Speaker #4: So for instance, Gold Rush and Four Mile, the two projects now being owned by the science entity—which is Nevada Gold Mines—will definitely help us to keep our margins as high as we can.

Speaker #5: John, it's just Mark as well. Just—sorry, John, I'll add: we still remain very committed to Africa. We've been saying that for a while.

Michael Ellis: John, it is just Mike Ellis as well.

Mike Ellis: John, it is just Mike Ellis as well.

John Campbell: Yeah, thank you.

Michael Ellis: Just one point. Sorry, John, I will add there is we still remain very committed to Africa. We have been saying that for a while.

Mike Ellis: Just one point. Sorry, John, I will add there is we still remain very committed to Africa. We have been saying that for a while.

Speaker #5: For the right projects, so I just want to be clear on that as well.

John Campbell: Yeah

Michael Ellis: For the right projects, so I just want to be clear on that as well.

Mike Ellis: For the right projects, so I just want to be clear on that as well.

Speaker #4: Yeah. No, it's getting out of—but we're getting into America.

Vanessa Torres: Yeah. We're not getting out of Africa, but we're getting into America.

Speaker #3: Yeah, yeah, I understand that. And just since you raised it, obviously, there's that nationalization movement afoot in Africa, or at least in West Africa, and it's impacted surface mining.

John Campbell: Yeah. No, yeah, understand that. Since you raised it, obviously there's that nationalization movement afoot in Africa, or at least in West Africa, and it's impacted surface mining. Do you see any risks at all for underground mining?

Speaker #3: Do you see any risks at all for underground mining?

Vanessa Torres: I recently actually went to Ghana to see our operations there. Underground mining is very different than surface mining. Surface mining today, I think there is a lot of players there. There is a lot of incentives from, for instance, equipment suppliers. I think that some of that speak firsthand. But underground mining in terms of what we really bring is the productivity and the techniques. Those are very difficult to localize. Of course, there's a pressure to work in joint ventures, but so far managing those joint ventures haven't reduced our margins overall. So, I would say with underground mining, I'm still very confident we have some very good opportunities ahead. But also, I think we're longstanding in Africa, so we do have a lot of work with the communities, a lot of work with government, so we're well-positioned there, to continue.

Speaker #4: I recently actually went to Ghana to see our operations there. Underground mining is very different than surface mining. Surface mining, today, I think there are a lot of players there.

Speaker #4: There's a lot of incentives from, for instance, equipment suppliers. I think that's some of that firsthand, whereas underground mining, in terms of what we really bring, is the productivity and the techniques.

Speaker #4: And those are very difficult to localize. Of course, there's a pressure to work in joint ventures, but so far, managing those joint ventures hasn't reduced our margins overall.

Speaker #4: So, I would say with underground mining, I'm still very, very confident we have some very good opportunities ahead. But also, I think we're long-standing in Africa.

Speaker #4: So, we do have a lot of work with the communities, a lot of work with government, so we are well positioned there to continue.

Speaker #3: All right, thanks, Vanessa. Look, last question. You pointed towards drill rig utilization going up in 2026 and looking good for 2027. Are there any numbers you can put on that—roughly how much of the fleet is utilized, that sort of thing?

John Campbell: Great. Thanks, Vanessa. Look, last question. You pointed towards drill rig utilization going up in 2026 and looking good for 2027. Are there any numbers you can put on that? Roughly how much of the fleet is utilized, that sort of thing?

Speaker #5: Yeah. Thanks, John. Average utilization across the five brands in FY26 was approximately 70%. Our expectation going into FY27 is that that'll get into the mid-70s. And there's obviously different utilization within the five brands, but I mean, that's the benefit of scale and having sort of a market-leading drilling division, like we do.

Michael Ellis: Yeah. Thanks, John. Average utilization across the five brands in FY26 was approximately 70%. Our expectation into FY27 is that that will get into the mid-70s. There is obviously different utilization within the five brands, but I mean, that is the benefit of scale and having sort of a market-leading drilling division like we do. We are seeing some pretty good utilization. It is looking pretty good in July as well. All things are looking okay at this point in time.

Mike Ellis: Yeah. Thanks, John. Average utilization across the five brands in FY2026 was approximately 70%. Our expectation into FY2027 is that that will get into the mid-70s. There is obviously different utilization within the five brands, but I mean, that is the benefit of scale and having sort of a market-leading drilling division like we do. We are seeing some pretty good utilization. It is looking pretty good in July as well. All things are looking okay at this point in time.

Speaker #5: So we are seeing some pretty good utilization, looking pretty good in July as well. So all things are looking okay at this point in time.

Speaker #3: Great, thanks, Mike. Thanks for that.

John Campbell: Great. Thanks, Mike. Thanks for that.

Speaker #5: Thanks.

Michael Ellis: Thanks.

Mike Ellis: Thanks.

Speaker #1: And your next question comes from the line of Mitch Sonegan of Macquarie. Your line is open.

Operator 2: Your next question comes from the line of Mitch Sonogan of Macquarie. Your line is open.

Operator: Your next question comes from the line of Mitch Sonogan of Macquarie. Your line is open.

Speaker #2: Yeah. Good morning, Vanessa and Mark. Thanks for taking the questions. Maybe just a really quick one, just following on from the drilling question.

Mitch Sonogan: Yeah. Good morning, Vanessa and Mike. Thanks for taking the questions. Maybe just a really quick one there, just following on from the drilling question. Can you maybe just talk to some of those headwinds that you saw in H2? Obviously, Mike, you just talked to utilization getting towards mid-70s, but from a margin perspective, how should we be thinking about that segment, with what you can see at the moment? Thank you.

Speaker #2: Can you maybe just talk to some of those headwinds that you saw in the second half? And obviously, Mike, you've just talked to utilization getting towards the mid-70s.

Speaker #2: But yeah, from a margin perspective, how should we be thinking about that segment with what you can see at the moment? Thank you.

Speaker #5: Thanks, Mitch. In relation to the margins—so we delivered, yeah, 10% in FY26. We did have a lot of mobilizations in the second half of FY26, which did create a drag on the margins.

Michael Ellis: Thanks, Mitch. In relation to the margin, so we delivered, yeah, 10% in FY26. We did have a lot of mobilizations in the H2 of FY26, which did create a drag on the margin. Secondly, we did see some cost increases off the back of the Middle East situation. As we look forward, our expectation is that the cost pressure will stabilize and slightly improve. We are expecting a slight EBITDA margin increase into FY27 in drilling with increased revenue as well. Just to be clear, as I said to John just before, utilization is expected in aggregate across the five brands to get into the mid-70% is what we're feeling like an appropriate assumption at this point in time.

Mike Ellis: Thanks, Mitch. In relation to the margin, so we delivered, yeah, 10% in FY2026. We did have a lot of mobilizations in H2 of FY2026, which did create a drag on the margin. Secondly, we did see some cost increases off the back of the Middle East situation. As we look forward, our expectation is that the cost pressure will stabilize and slightly improve. We are expecting a slight EBITDA margin increase into FY2027 in drilling with increased revenue as well. Just to be clear, as I said to John just before, utilization is expected in aggregate across the five brands to get into the mid-70% is what we're feeling like an appropriate assumption at this point in time.

Speaker #5: Secondly, we did see some cost increases off the back of the Middle East situation. So, as we look forward, our expectation is that the cost pressure will stabilize and slightly improve.

Speaker #5: And we are expecting a slight EBITDA margin increase into FY27 in drilling, with increased revenue as well. And just to be clear, as I said to John just before, utilization is expected, in aggregate across the five brands, to get into the mid-70% range, which we're feeling is an appropriate assumption at this point in time.

Speaker #2: Great, thank you. And just on the outlook, obviously you've mentioned the Idowa product development costs will now be captured in the underlying. And I think that was at the EBIT line, $7.6 million, FY26.

Mitch Sonogan: Great. Thank you. Just on the outlook, obviously you've mentioned the idoba product development costs will be now captured in the underlying, and I think that was at the EBIT line, AUD 7.6 million in FY26. What's expected in terms of that being absorbed in underlying in FY27?

Mitch Sonogan: Great. Thank you. Just on the outlook, obviously you've mentioned the idoba product development costs will be now captured in the underlying, and I think that was at the EBIT line, AUD 7.6 million in FY2026. What's expected in terms of that being absorbed in underlying in FY2027?

Speaker #2: What's expected in terms of that being absorbed in underlying in FY27?

Vanessa Torres: Thanks, Mitch. With idoba, we're really focusing on now, going forward with the product that's already gone into beta rather than spending too much in other projects and pipelines. So, we expect to be less than AUD 5 million. I think there's a big focus into really making sure idoba turns into profit.

Speaker #4: Thanks, Mick. With Idowa, we're really focusing on going forward with the product that's already going into beta, rather than spending too much on other projects and pipelines.

Speaker #4: So we expect it to be less than $5 million. And I think there’s a big, I think, focus on really making sure Adoba turns into profit.

Speaker #2: Okay, great. Thanks, Vanessa. And just a final one, Vanessa: just in terms of that pipeline, $20 billion—can you maybe just talk to some of the bigger opportunities that are, I guess, due for award over the first half of FY27?

Mitch Sonogan: Okay, great. Thanks, Vanessa. Just final one. Vanessa, just in terms of that pipeline, AUD 20 billion. Can you maybe just talk to some of the bigger opportunities that are, I guess, due for award over the H1 FY27? Just in terms of, I guess, a brief comment on the competitive landscape and our margins, or bids being bid at margins pretty similar in line with current segment margins. Thank you.

Mitch Sonogan: Okay, great. Thanks, Vanessa. Just final one. Vanessa, just in terms of that pipeline, AUD 20 billion. Can you maybe just talk to some of the bigger opportunities that are, I guess, due for award over H1 FY2027? Just in terms of, I guess, a brief comment on the competitive landscape and our margins, or bids being bid at margins pretty similar in line with current segment margins. Thank you.

Speaker #2: And yeah, just in terms of, I guess, a brief comment on the competitive landscape and our margins, our bids are being bid at margins pretty similar and in line with current segment margins.

Speaker #2: Thank you.

Speaker #4: Yeah. I think when you look at the pipeline, in the near term, we are doing some negotiations, for instance, for an extension in Geita—Geita in Tanzania.

Vanessa Torres: Yeah. I think when you look at the pipeline, near term, we are doing some negotiations for extensions for Geita in Tanzania. We are working with Newmont on Red Chris. Also, we expect to see some other players or the, I will say, greenfield opportunities come into the market as well. So, the focus is ensuring we get all the renewals in line with a +90% renewal rate, and capture projects, especially in North America, starting to move from early stage into production, like Red Chris.

Speaker #4: We're working with Newmont on Red Chris. And also, we expect to see some other players, or, I'll say, "greenfield" opportunities coming to the market as well.

Speaker #4: So the focus is ensuring we get all the renewals in line with our plus 90% renewal rate, and capture projects—especially in North America—starting to move from early stage into production, like Red Chris.

Speaker #2: Thank you.

Mitch Sonogan: Thank you.

Speaker #1: And before we move on to the next question, a reminder: if you would like to join the queue, please press star one. Your next question is from the line of Cameron Bell of Canaccord Genuity.

Operator 2: Before we move on to the next question, a reminder. If you would like to join the queue, depress star one. Your next question is from the line of Cameron Bell of Canaccord Genuity. Please go ahead.

Operator: Before we move on to the next question, a reminder. If you would like to join the queue, depress star one. Your next question is from the line of Cameron Bell of Canaccord Genuity. Please go ahead.

Speaker #1: Please go ahead.

Speaker #3: Thanks. Morning, guys. Just hoping you could flesh out, I guess, the guidance impact from BTP. I saw the $3 million EBIT number, but you also mentioned that's after corporate overheads, and presumably BTP is still growing.

Cameron Bell: Thanks. Morning, guys. Just hoping you could flesh out the, I guess, the guidance impact from BTP. I saw the AUD 3 million EBIT number, but you also mentioned that is after corporate overheads, and presumably BTP is still growing. So could you flesh out the, I guess, what kind of drag that is on the FY27 guidance, and therefore we can make our own estimates on what the underlying business is doing?

Cameron Bell: Thanks. Morning, guys. Just hoping you could flesh out the, I guess, the guidance impact from BTP. I saw the AUD 3 million EBIT number, but you also mentioned that is after corporate overheads, and presumably BTP is still growing. So could you flesh out the, I guess, what kind of drag that is on the FY2027 guidance, and therefore we can make our own estimates on what the underlying business is doing?

Speaker #3: So, could you flesh out what kind of drag that is on the FY27 guidance? That way, we can make our own estimates on how the underlying business is doing.

Speaker #5: Thanks, Can. Yeah, you are right. In the note, the discontinued note shows the $3 million EBIT impact for BTP in FY26.

Michael Ellis: Thanks, Cam. You are right. In the discontinued note shows a AUD 3 million EBIT impact for BTP in FY26. However, that is after the divisional overheads and the corporate overheads. So like for like, it is a little bit above AUD 5 million impact in the FY27 guidance for BTP.

Mike Ellis: Thanks, Cam. You are right. In the discontinued note shows a AUD 3 million EBIT impact for BTP in FY2026. However, that is after the divisional overheads and the corporate overheads. So like for like, it is a little bit above AUD 5 million impact in the FY2027 guidance for BTP.

Speaker #5: However, that is after the divisional overheads and the corporate overheads as well. So, like for like, it's a little bit above $5 million impact in the FY27 guidance for BTP.

Speaker #3: Okay. Great. Thanks, guys.

Cameron Bell: Okay, great. Thanks, guys.

Speaker #5: Thanks, Can.

Michael Ellis: Thanks, Cam.

Mike Ellis: Thanks, Cam.

Speaker #1: And this concludes our Q&A session for today. I would now like to turn the call back over to Vanessa for closing remarks.

Operator 2: This concludes our Q&A session for today. I would like to turn the call back over to Vanessa for closing remarks.

Operator: This concludes our Q&A session for today. I would like to turn the call back over to Vanessa for closing remarks.

Speaker #4: Thank you. So, in summary, FY26 was another year of constant delivery. We had record EBITDA, strong margins, strong cash generation, and we further reduced our leverage.

Vanessa Torres: Thank you. In summary, FY26 was another year of constant delivery with record EBITA, strong margins, strong cash generation, and we further reduced our leverage. Rewarding shareholders with record dividends, and in particular, looking for growth. With a strong pipeline, a very healthy balance sheet, we are really well positioned to deliver value for both our shareholders and in particular to our clients. We aim to be the safest and most productive in the industry, and that is something that we are delivering and we will continue to deliver in years ahead. Thank you very much for listening to us today.

Vanessa Torres: Thank you. In summary, FY2026 was another year of constant delivery with record EBITA, strong margins, strong cash generation, and we further reduced our leverage. Rewarding shareholders with record dividends, and in particular, looking for growth. With a strong pipeline, a very healthy balance sheet, we are really well positioned to deliver value for both our shareholders and in particular to our clients. We aim to be the safest and most productive in the industry, and that is something that we are delivering and we will continue to deliver in years ahead. Thank you very much for listening to us today.

Speaker #4: So, rewarding shareholders with record dividends— and in particular, looking for growth. With a strong pipeline and a very healthy balance sheet, we are really well positioned to deliver value.

Speaker #4: For both our shareholders, and in particular to our clients. So we aim to be the safest and the most productive in the industry, and that's something that we are delivering and will continue to deliver in the years ahead.

Speaker #4: So, thank you very much for listening to us today.

Operator 2: This concludes today's conference call. Thank you all for joining us. Enjoy the rest of your day. You may now disconnect.

Operator: This concludes today's conference call. Thank you all for joining us. Enjoy the rest of your day. You may now disconnect.

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Q4 2026 Perenti Ltd Earnings Call

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