Operator: Good day, and thank you for standing by. Welcome to Monadelphous' 2026 Full Year Results Presentation. [Operator Instructions] Please be advised that today's conference call is being recorded. I would now like to hand the conference over to your first speaker today, Kristy Glasgow, Company Secretary. Please go ahead.
Kristy Glasgow: Hello, and welcome to the Monadelphous 2026 Full Year Results Investor and Analyst Briefing. I'd like to begin by acknowledging the traditional owners of the lands on which we are joining you from today in Perth, Boorloo, Whadjuk people of the Noongar Nation and the traditional owners of country and pay respects to elders, past and present and extend that respect to all Aboriginal and Torres Strait Islander people. Presenting from Perth are Monadelphous Managing Director, Zoran Bebic; and Chief Financial Officer, Philip Trueman, who are joined in the room by our Chair, Rob Velletri. Throughout this presentation, the speakers will guide you on when to click through to the next slide. The structure of this morning's presentation will be similar to previous results presentations with some further detail provided as appendices. Copies of today's presentation and associated materials are available on our website at monadelphous.com.au. I will now hand over to our first presenter today, Zoran Bebic, who will start on Slide 3.
Zoran Bebic: Thanks, Kristy, and welcome to our 2026 full year results briefing. Today, Phil and I will present our financial and operational performance for the financial year ended 30 June 2026 as well as our outlook. We will then answer any questions you may have. I'll begin with our group performance and highlights on Slide 3. Monadelphous achieved a record revenue for FY '26 of $2.98 billion, a 31% increase on the previous year with strong operating conditions experienced across all sectors. Activity levels were supported by the record level of work secured last year, together with more than $2.7 billion in new contracts and extensions awarded since the beginning of the 2026 financial year. Our Engineering & Construction division delivered revenue of $1.37 billion, up around 48% on the prior year, with significant project activity experienced in the iron ore sector. The result also reflects the success of our service expansion and integrated services delivery strategy with growth in the Melchor Civil business and Inteforge's fabrication services as well as the acquisition of Kerman Contracting. Zenviron, our renewable energy business, also experienced higher levels of activity with the delivery of larger wind and battery energy storage projects. Our Maintenance and Industrial Services division reported record annual revenue of $1.61 billion, a 20% increase on last year, reflecting high levels of turnaround activity and project work in the energy sector, along with increased maintenance services for iron ore customers. Our strong operational performance drove a significant lift in earnings for the company. Earnings before interest, tax, depreciation and amortization was $226 million, an increase of 43% compared to the prior year, delivering an EBITDA margin of 7.58%. Net profit after tax was $127.3 million, up 52% compared to the prior financial year, delivering earnings per share of $1.276. The Board declared a final dividend of $0.59 per share, taking the full year fully franked dividend to $1.08. We ended the year with a cash balance of $293.6 million and cash flow from operations was $245 million. Phil will talk more about this later. During the year, we progressed our markets and growth strategy with several strategic acquisitions that broaden our service offering and delivery capability. In November 2025, we acquired Kerman Contracting, a West Australian-based design and construction business specializing in nonprocess infrastructure. Kerman brings a long-established reputation for the successful delivery of site infrastructure and accommodation, bulk storage and materials handling facilities across a range of sectors. Post year-end, Kerman secured a contract for the design and construction of nonprocess infrastructure associated with Rio Tinto's Brockman Syncline 1 project valued at approximately $165 million. Late last year, we also acquired Australian Power Industry Partners, APIP, a business-based [indiscernible] high-voltage electrical contractor servicing utilities, resources and renewable energy customers across multiple states of Australia. This expands our high-voltage electrical service offering following the acquisition of Perth-based High Energy Service, which completed on 1 July 2025. Moving now to Slide 4. As mentioned, Monadelphous has been awarded more than $2.7 billion in new work since 1 July 2025. We have entered the new financial year, FY '27, with a strong pipeline of committed work and expanded customer base and a broadening capability aligned with long-term growth prospects. Strong demand for our services continued from WA's iron ore sector, and we secured over $1.6 billion of construction and maintenance contracts during the period. In construction, awards included a multidisciplinary contract with BHP associated with the Jimblebar Train Loadout Replacement Project, a car dumper replacement contract with BHP valued at approximately $175 million, and a contract with Rio Tinto worth approximately $250 million for the Brockman Syncline 1 iron ore development. Subsequent to year-end, we were also awarded a major construction contract valued at around $200 million associated with the Port Debottlenecking Project 2 located at BHP's Nelson Point facility in Port Hedland. We secured several long-term services contracts with iron ore customers in the Pilbara. Awards included 3 contracts with Rio Tinto, including a 5-year contract valued at approximately $300 million for fixed plant and shutdown maintenance services, a 3-year contract for multidisciplinary sustaining capital works and a new 5-year panel award to provide mobile crane and lifting services. We were also awarded a 3-year contract to continue delivering maintenance services across Fortescue’s Pilbara operations and secured extensions to our BHP maintenance and panel agreements. In the energy sector, we expanded our customer base with the award of a 4-year contract with BW Offshore to provide services at the BW Opal FPSO located offshore from Darwin. We also secured hookup and commissioning work for Shell's Crux platform, which forms part of the long-term backfill to Prelude, and a large amount of work was secured with Santos in Papua New Guinea. As we continue to grow our market position supporting Australia's energy transition, a major highlight was the award of a $380 million construction contract with CS Energy for the Brigalow Peaking Power Plant near Chinchilla in Queensland. We also continue to support Fortescue's decarbonization activities, securing several BESS and wind projects. Zenviron further strengthened its market position in the renewable energy sector with the award of a contract to deliver the Bennetts Creek BESS in the Latrobe Valley, Victoria. Over the next few slides, we will cover the key areas of focus within our sustainability framework, being people, safety and well-being, diversity and inclusion, community and environment. Moving now to Slide 5, people. Our total workforce at 30 June 2026, including subcontractors, totaled a record 9,365 people, reflecting sustained high levels of activity across the business. During the year, around 430 graduates, undergraduates, apprentices and trainees participated in our early career programs and nearly 200 of our emerging and senior leaders engaged in programs focused on networking and leadership development skills. Our commitment to retaining and developing our people supported strong key talent retention of 97%. Our registered training organization in Bibra Lake, WA continued to deliver a significant number of workforce development activities for trades personnel, including high-risk work licensing, nationally accredited training and verification of competency assessments. Let's now look at safety and well-being on Slide 6. We saw a solid improvement in safety with our total recordable injury frequency rate reducing by 19% to 3.57 incidents per million hours worked, following successful campaigns to ensure the safety and well-being of our people through a period of rapid growth. We also achieved a historically low high potential incident frequency rate, reflecting our continued focus on preventing serious incidents and managing fatal risks. Guided by our principle, the safe way is the only way, we strengthened several key safety programs across the business. This included targeted initiatives focused on frontline engagement, critical risk controls, effectiveness of high-risk work competency assessments and the safe interaction between forklift operations and pedestrians. We continue to leverage technology to improve safety outcomes. During the year, we further embedded driver fatigue and distraction monitoring systems, expanded the use of drones for high-risk inspections and progressed the rollout of AI-enabled pedestrian avoidance systems on mobile plant. We also developed crane overload monitoring technology to help further reduce operational risk. We enhanced our psychosocial risk management and mental well-being programs through further training, awareness initiatives and ongoing access to services that support employees' physical, mental and emotional well-being. Pleasingly, these efforts were recognized externally with Monadelphous receiving the 2025 AREEA Mental Health Wellbeing Award for our Well-being Support program. While both Monadelphous and Alevro were recognized as finalists across a number of workplace health, safety and innovation awards. Moving now to diversity and inclusion, community and environment on Slide 7. We remain focused on creating a positive legacy in the regions where we operate through our commitment to diversity and inclusion, community investment and our long-term environmental objectives. During the year, we launched our new Stretch Reconciliation Action Plan 2026 to 2029, building on the success of our previous plan where we exceeded all commitments. The new plan sets out clear priorities to strengthen cultural understanding, expand development and career pathways, deepen engagement and retention initiatives and further enhance collaboration with indigenous business partners. We continue to support meaningful employment and development opportunities for Aboriginal and Torres Strait Islander peoples through apprenticeships, traineeships and our indigenous pathways program with Rio Tinto, which was extended for a further 5 years. We also significantly increased our engagement with indigenous suppliers, spending approximately $40 million, up 42% on the previous period. We support the attraction, development and recognition of women in our industry while also supporting broader STEM education, leadership, development and gender equity initiatives across the resources sector. To help strengthen the communities where our people live and work, we expanded our community grants program from 3 to 8 regions and contributed to around 130 community organizations across 19 locations. From an environmental perspective, we advanced initiatives associated with our net zero by 2050 goal. This included installing solar to more of our operational facilities, expanding our low emissions fleet, including large hybrid cranes and electric forklifts and introducing battery energy storage solutions to support future development across our operations deployment. We also embedded our greenhouse gas reporting solution, prepared our first sustainability report under the new mandatory climate disclosure standard and progressed the development of Scope 3 emissions methodology and data collection in preparation for reporting in FY '27. Turning now to our Engineering and Construction divisional highlights on Slide 8. The division delivered revenue of $1.37 billion, up 48% on the prior period. Demand for construction services was strong across the iron ore and energy sectors with a greater revenue contribution from projects with integrated services. Pleasingly, the division secured more than $1.6 billion in new contracts since 1 July 2025, including several major multidisciplinary projects. Across the Pilbara, we successfully delivered several packages of work for BHP, including the Car Dumper 3 Renewal Project and Orebody 32. We also commenced work on another car dumper project at Finucane Island and a Jimblebar Train loadout replacement project, which showcases the breadth of our capabilities with Melchor and Inteforge. We expanded our relationship with Rio Tinto, securing a major contract at the Brockman Syncline 1 iron ore development. The project incorporates a broad range of services, including fabrication, supply, detailed concrete networks, structural, mechanical, piping and electrical instrumentation works, highlighting our ability to deliver integrated service solutions at scale. Shutdown services were delivered at Rio Tinto's Western Range project, along with electrical and instrumentation services at the Parker Point Stockyard Sustaining Project. We also commenced providing mobile crane and lifting services under a new 5-year panel agreement with Rio Tinto. In energy, we maintained strong levels of activity across several significant projects. Modification works continued at Woodside's Pluto LNG Train 1 facility near Karratha, while we completed critical electrical infrastructure works associated with Chevron Australia's Jansz-Io compression project. We also continued to support Fortescue's decarbonization ambitions through the award of several BESS and wind energy projects across Western Australia. As previously mentioned, we were awarded a significant contract with CS Energy for the Brigalow Peaking Power Plant in Queensland and completed works on the Fitzroy to Gladstone Pipeline project. Finally, Zenviron experienced high levels of activity, progressing works on EnergyAustralia's Wooreen BESS and CS Energy's Lotus Creek wind farm. Our recently acquired high-voltage electrical business, APIP, will also participate at Lotus Creek through the installation of overhead transmission infrastructure. Looking now at our Maintenance and Industrial Services division on Slide 9. The division reported its fifth consecutive record year of revenue, reaching $1.61 billion, an increase of 20% from the prior year. Demand was particularly strong across the energy and iron ore sectors, and the division secured around $1.1 billion in new contracts and extensions since the beginning of the financial year. In energy, significant demand continued from key customers, including INPEX, Woodside and Shell. High activity levels were experienced across INPEX's Ichthys onshore and offshore LNG facilities. Maintenance, turnaround and brownfields project services continued at Woodside's onshore and offshore assets, including hookup and commissioning work scopes associated with the Scarborough development. We continue to support Shell with maintenance services at Prelude FLNG and provided multidisciplinary hookup and commissioning services for its Crux platform. We also secured a multiyear services contract with Santos in Queensland and expanded our customer base, securing a new 4-year maintenance contract on the BW Offshore FPSO facility, BW Opal. In iron ore, strong demand for maintenance and sustaining capital work continued across the Pilbara. We delivered significant volumes of maintenance, shutdown and project work for Rio Tinto, BHP and Fortescue and secured a number of important multiyear contract awards and extensions during the year. Beyond Australia, we continue to grow our presence in Papua New Guinea, securing further work with Santos as well as new customer, Harmony Gold, for construction services at the Hidden Valley Gold Mine in the Morobe province. We also continue to deliver projects and maintenance services across a diverse range of customers in the resources, energy, utility and rail sectors. We will now move on to Slide 10, and I'll hand over to Phil, who will provide you with more detail on our financial performance.
Philip Trueman: Thanks, Zoran, and good morning, everyone. So FY '26 has certainly been a fantastic year for us from a financial perspective with revenue increasing 31.5% to a record $2.98 billion, as Zoran earlier, and net profit after tax up by more than $0.50 -- sorry, 50%. We experienced strong operating conditions across all our key markets during the period, and the performance also reflects the record level of work secured in the prior year as well as more than $2.7 billion in new contracts and extensions that we've been awarded since the 1st of July 2025. The combination of strong operational performance and economies of scale resulted in a significant improvement in earnings with EBITDA increasing about 43% to $226 million and earnings per share up around 50% to $1.276. And the Board declared a final dividend of $0.59 per share, which brings the full year fully franked dividend to $1.08, a 50% increase on last year and gives a dividend payout ratio of 85%. We ended the year with a cash balance of $293.6 million, which is boosted by a number of material advances associated with the award of several large construction contracts. Cash flow from operations for the period was $245.1 million, delivering an impressive cash flow conversion rate of 147.4%. And our strong balance sheet will continue to support the investment in future strategic growth opportunities, which enhance long-term business sustainability as well as shareholder value. So I'll now hand back to Zoran, who will provide you with an overview of the outlook going forward.
Zoran Bebic: Thanks, Phil. Slide 11 shows relevant current and forecast Australian market conditions for our business. Pleasingly, the sectors in which we operate continue to provide a positive outlook for capital investment and operating expenditure over the next few years. Turning to Slide 12, energy transition. Australia is progressing through a significant energy transition and the move towards lower emissions energy sources. At the same time, energy demand continues to grow, driven by factors such as electrification, artificial intelligence and the rapid expansion of data centers. Together, these trends are expected to drive substantial investment across the energy sector for many years to come. Monadelphous is well positioned to play an important role in this transition by leveraging our core capabilities, integrating the strength of our recent acquisitions and continuing to develop new services across the 5 sectors highlighted on the left of this slide. Our acquisitions of HES and APIP have further strengthened our capability and market position in transmission and distribution, enhancing our ability to support customers as investment in energy infrastructure accelerates. Importantly, we believe we are still in the early stages of what is expected to be a substantial long-term pipeline of opportunities across energy transition. Moving now to the outlook on Slide 13. The long-term outlook for the resources and energy sectors remain strong. While geopolitical and trade-related uncertainties may have moderated, they continue to influence some investment decisions. Production levels for most commodities are forecast to grow, supporting the continued demand for sustaining capital works and maintenance services. The iron ore sector is expected to continue investing in both new projects and existing operations to maintain production rates with a high focus on productivity and cost competitiveness. The outlook for energy transition metals continues to strengthen, supported by improving battery metal prices and advancing major investment decisions. Over the medium to long term, growth in the mining and mineral processing, particularly for copper, other base metals and critical minerals is expected to accelerate in response to increasing global demand, driving significant investment across the sector. The energy sector continues to present substantial opportunities supported by multiple gas construction projects and sustained demand for maintenance services. Monadelphous remains well positioned to support customers across the full asset life cycle, including late-life operations and decommissioning activities. Increasing energy demand, together with the rapid expansion of data centers, decarbonization initiatives and grid stability requirements is driving long-term investment in energy generation, storage and transmission infrastructure. As noted on the earlier slide, Monadelphous is well positioned to capitalize on energy transition opportunities by leveraging our broad services capability and expanded high-voltage services offering, while Zenviron is well placed to secure further wind farm and BESS projects. Investment in gas generation to support baseload and peaking power requirements is also forecast to grow, presenting further opportunities for our integrated capabilities. Our committed pipeline remains strong with more than $680 million in new contracts secured since the beginning of the new financial year. Following a period of significant expansion during which revenue increased approximately 50% over the past 2 years, FY '27 is expected to focus on consolidating the business and positioning for future growth. We are well positioned to capitalize on our broadening revenue base, robust pipeline of opportunities and positive outlook across all key markets. We remain committed to delivering quality earnings through a considered and selective approach to new work, strong and collaborative customer relationships, high standards of execution and prudent risk management. Supported by a strong balance sheet, we will continue to leverage our enhanced delivery capability, including recent acquisitions, while maintaining the flexibility to pursue strategic opportunities that support long-term sustainable growth. In closing, I thank the entire Monadelphous team for their dedication and commitment, which are fundamental to our continued success. I also extend my gratitude to our customers, shareholders and the many other stakeholders for their ongoing trust and support. Thank you. I'll now hand over to the operator for any questions.
Operator: [Operator Instructions] First question comes from the line of Nicholas Daish from RBC.
Nicholas Daish: First one for me is just the contract won and the proportion that engineering construction contributes as a proportion of the total looks quite well relative to prior years, I think $1.6 billion still in the 12 months just gone. And then I'm just trying to reconcile that against the guidance or the outlook commentary of consolidation into FY '27. Should we interpret consolidation as flat per the conference call 6 months ago? And how should we think about that relative to that mix of work that's been won over the last 12 months, please?
Zoran Bebic: I didn't necessarily pick up all of your question, Nick, but I think it's consistent with the narrative we provided at the half year. So our expectation in terms of certainly revenue next year will be flattish with potentially some modest growth, recognizing that we're very early on in the period. Engineering Construction has secured a lot of work over the 12-month period, but also recognizing the runoff of that work is not necessarily all in FY '27. Does that answer your question?
Nicholas Daish: Yes, it does. The inference being just that last comment, not all in '27, the inference being '28. Is that what you're getting at there?
Zoran Bebic: Yes.
Nicholas Daish: Okay. And then I think stepping back slightly more broadly, just interested in any key projects on the horizon. I mean, Arafura Nolans project is one that's clearly very interesting and quite significant. I think it has FID. Just curious on any other projects that the business is focused on that are presenting as meaningful opportunities over the next 6 to 12 months from a procurement perspective, please?
Zoran Bebic: I think the pipeline of opportunities is pretty significant across the board, Nick, and it's probably strengthened over the last 12 to 18 months. You spoke about the Arafura Nolans project. Pilbara Minerals P2000 project is in the market now. There are a number of opportunities that will come from BHP's copper precinct, including an upgrade at Olympic Dam, Hemi Gold Project for Northern Star. INPEX have a large acid gas recovery unit project, and they're still talking about the potential for Train 3 on the turn of the decade. And there's a lot of brownfield sustaining capital opportunities for iron ore customers, particularly at the ports where those facilities are aging. So balance machines from stackers and reclaimers to ship loaders to car dumpers and further debottlenecking work as well as a couple of mine developments. So in terms of across the broad suite of commodity markets, certainly the outlook or the pipeline over the next 2 to 3 years looks very strong.
Operator: Next, we have Jakob Cakarnis from Jarden Australia.
Jakob Cakarnis: Just to pick up from Nicholas' question, just on the mix, obviously, more E&C. In a transition year, as you guys have called it, is it right to expect that EBITDA margins hold the current levels? I know you're not going to really be drawn here. But is there any chance that there's any incremental accretion into FY '27 just given the mix of work?
Philip Trueman: Is there any chance? Yes, there is some chance.
Zoran Bebic: I'd like to think that we can at least hold margins. We've seen a significant step-up over the last 2 or 3 years for a number of reasons, also recognizing strong execution or operational performance. I think if we can maintain that going forward, then we can at least hold margins.
Jakob Cakarnis: Yes, that's helpful, Zoran, especially this early in the year. Just one for Phil. We've had CapEx bouncing around for a few years. I mean we're not as high in FY '26 as we were in FY '24. But how do we think about that in '27, '28 if we are going through these kind of transition dynamics? Could you just give us a steer there, please?
Philip Trueman: Yes. I mean if you look at sort of the longer-term sort of 5-year running rate for the investment in CapEx, it averages around that 2% of revenue number per annum, which coincidentally actually it was this year. I would expect that would continue. I mean, if you go back to 2024, we did see certainly a lot of opportunity in the market, and we took the opportunity back then to invest in equipment. And also we expanded the the size of the fleet back then as well, but there's also an element of renewal or regeneration that's required. So I would think about it as just a 2% of revenue average continuing.
Operator: Next, we have Nicholas Rawlinson from Morgans.
Nicholas Rawlinson: Just on the maintenance one-offs in FY '26, can you run through those projects and their timing for completion? I guess just keen to understand if any have flowed into FY '27, please?
Zoran Bebic: There is a bit of flow. But in the commentary, we worked hard to ensure that there was recognition of the fact that we had an abnormal level of turnaround activity in FY '26 in addition to some large brownfield project style work as well as hookup and commissioning contracts with the key customers. So the messaging was really trying to highlight and emphasize that FY '26 was a little abnormal. If you look at the second half revenue for maintenance, I think it was just over $750 million, so it did come off from the first half. So my view would be if you took the second half and you doubled it somewhere around there is the likely outcome for maintenance, which would suggest that there is a scenario where we see revenue and maintenance going back slightly in FY '27.
Nicholas Rawlinson: That's helpful.
Zoran Bebic: It was a massive year in maintenance. And I made the comment fifth consecutive year of record revenues and to grow that business 20% in a 12-month period is certainly not typical or normal
Nicholas Rawlinson: Yes. Understood. Just would you be able to give us a comment or sort of give us an indication on the level of shutdown activity in FY '27, please?
Zoran Bebic: Well I can say it's more normal, less than what we've seen in the last 12 months, not necessarily materially less, but based on the shutdown program I've seen, it is -- there will be -- there are less turnarounds next year...
Philip Trueman: Next year...
Zoran Bebic: FY '27 than '26.
Operator: Next, we have Amanda Kelly from Barrenjoey Capital Partners.
Amanda Kelly: Just a quick one from me. I'm just wondering how we should be thinking about your corporate cost line just as revenue normalizes into FY '27?
Philip Trueman: We've seen a absolutely, certainly a big increase this year. I would expect something probably closer to around sort of CPI for next year. The business grew 30% this year and 50% over the 2 years. So we've worked hard to make sure that we have the right level of tension and stress between any growth in corporate overhead. But I think for a business of our size now seems about the right plus a bit of CPI increase.
Zoran Bebic: I was just going to make the comment that the margin performance we talked about execution, strong execution, but we also talked about economies of scale. So to Phil's point, corporate costs have come up, but we would expect them to sit at a similar level now.
Amanda Kelly: And also just wondering, I think I saw that JV revenue picked up a bit. I'm just wondering what the drivers were there, if you can point to some of the ventures that you have.
Zoran Bebic: JV revenue is a function of more a function of our Zenviron joint venture and the level of activity in that business, which we recognized in the directors' report through the narrative that says that very high levels of activity, in fact, peak levels of activity in that part of the business.
Operator: Next, we have Ben Wedd from Macquarie.
Ben Wedd: Maybe just picking up on Jakob's earlier question there around sort of the margin piece. I see you've removed sort of labor from the outlook statements as being a headwind. So maybe could you talk sort of more broadly about puts and takes within that margin consideration sort of what are sort of the headwinds? What are some of the tailwinds that you might be seeing into '27?
Zoran Bebic: We've talked about the step-up in margin over the last couple of years. Now to hold margins, we've got to continue to execute really well because what we have seen over the last 2 years is consistent performance across the portfolios of work, both in engineering, construction and maintenance. So that's fundamental to maintaining margins. You're right. We didn't make a specific reference to the labor market. And I think over the last 12 to 18 months, we've seen a slight moderation in the labor market. So there are particular classifications of trades and white collar roles that remain tight, but there's been a slight moderation more broadly. My view would be going forward, if I look at the pipeline of opportunities, it appears to be more significant than it has been over the last couple of years. If that plays out, then I think we'll see further tightening and we'll go back to a very tight labor market.
Ben Wedd: Yes. Got it. That's really helpful. And maybe to that point as well, your views around capacity of the business from this point. I mean is any of the sort of expectation around consolidation into '27? Is some of that sort of you don't want to take on too much work, don't want to grow too fast? Is this a part of it as well?
Zoran Bebic: Well, I think that's part of it. And it's not just growing too fast. We're going to be confident that we can execute the work we win well. So I think the positive is there are a lot of opportunities in the market, and we're in a position where we can carefully consider those opportunities that we're pursuing more aggressively. The capacity thematic is something that we are thinking about.
Ben Wedd: And maybe just one last one, if I can, for Phil there, just sort of on the tax rate. It looked like it was down a bit in the second half. I suspect that's due to the share of interest and tax of JVs, but sort of into '27 expectations there?
Philip Trueman: I would expect the underlying rate of the business to stay around that 30% mark like it always has been.
Operator: Last question comes from the line of Cameron Needham from Bank of America.
Cameron Needham: First one, just on gas generation projects and wind projects, I guess, as well. The global lead times be a little bit of a constraint in terms of turbine delivery. I just want to check, are you confident that commercial structures you've got in place is sufficient to protect Monadelphous from any of those potential delays? Essentially, what it confirms Monadelphous isn't wearing any schedule or labor inefficiency risk where the delays are caused by OEM equipment arriving late.
Zoran Bebic: Yes. I think certainly, when it comes to gas turbines in particular, we're not -- there would be no risk under our contracts. We don't have the risk on the balance of plant contracts for wind turbines. Look at our gas projects, that would be free issued by clients, the turbines themselves from an OEM. So we wouldn't carry the risk.
Cameron Needham: Sure. Okay. That's super clear. And then just second one, I guess, just construction revenues now, $1.4 billion, up nearly 50% year-on-year. I guess just as that business has become a larger part of the group, how are you thinking about the appropriate ceiling on individual project size and aggregate fixed price exposure? I guess just given you're on a higher base now, has your willingness to accept construction risk changed at all?
Zoran Bebic: I don't think our willingness to accept construction risk has changed. In fact, if you go back in time, if you go back 10 years ago, the business was predominantly a construction business. So I think there are in terms of our core markets, there are plenty of opportunities going forward, and we'll continue to take a considered approach in terms of pursuit of opportunities. And the comment I made earlier, it's -- there are a lot of opportunities. So we're in a position where we can -- understanding there are capacity constraints, we can consider carefully the opportunities we're going to target and the conditions of contract that go with that.
Operator: Thank you. That concludes our Q&A session. I will now hand back to Kristy.
Kristy Glasgow: Thank you, everyone, for your participation today. That now concludes our briefing.
Operator: Thank you. That concludes today's conference call. Thank you for participating. You may now disconnect.
