Good afternoon. This has been videoed, so we do have to start on time. Just a couple of small housekeeping things. Me included, make sure your phone is turned on silent. Thank you. Really appreciate it. We will move this meeting forward at a reasonable pace that makes sure we do not miss anything. Good afternoon, ladies and gentlemen. My name is Kees Weel. I am the Founder and Chairman of PWR Holdings. On behalf of the Board, I would like to welcome you to PWR's 12th AGM and the second held at our global headquarters here at Stapylton. We hope you enjoy the tours and lunch today. Welcome also to everyone who could not join us in person, but who are watching us via our webcast. A copy of the webcast recording will be on our website after the meeting.
As a quorum is present, I formally declare PWR's 2026 AGM open. Let me first welcome my fellow board members. I would like also to extend a warm welcome to PWR's executive management team. Also like to welcome Carla Alviano, as PWR's General Counsel and Company Secretary. Jason Adams, our PWR audit partner at KPMG, who is here from the company's auditors. Stephanie Daveson, thank you, Partner with Clayton Utz, the company's lawyers. Phil Klein from the Commonwealth Bank, our company's financiers. Unfortunately, Phil has fallen ill this morning, and he has sent some of his senior people down. So welcome, and thank you for filling in for Phil. The team from Computershare, PWR's Share Registry Provider, thank you. And all our PWR employees, shareholders that are here today. Let me turn to today's meeting, which will proceed as follows. Firstly, I will give my Chairman's address.
Sharyn will then give her CEO and Managing Director address. Shareholders will be invited to ask questions after that. We will then take the formal side of the business of the meeting to finish off with general business. To my Chairman's address, good afternoon and thank you. It is a pleasure to welcome you here today to our global headquarters. Also like to thank those and welcome those joining us on our webcast. Thank you for your continuous support for PWR. Well, looking back at the year that was, 2026, when we met here 12 months ago, we had only just moved into this building, and I was stepping down as managing director. 12 months on, the relocation is complete, the team is settled, and the facility is doing exactly what we built it to do. Many of you all saw it for yourselves this morning during your tour.
2026 was a strong year financially for PWR. The company declared a total dividend of AUD 0.08 per share, fully franked for 2026, which was double from the year before. Sharyn will talk more about our performance shortly. 2026 was also a year of our people. We grew our team to more than 700 people across our sites globally. With these people, PWR's DNA and culture continue to shine through everything that we do, and good people are the key to our ongoing success here at PWR. On a personal note, I would just like to thank our shareholders, our team, our customers, our partners for the support and kindness that you have shown me and my family during my health challenges. It reminded me again that PWR's strength has always been about its people. Changes in PWR in the last 12 months.
In April, the Board appointed Sharyn Williams as our MD and CEO after we had done a global search and came up a bit short on anybody at all that would match Sharyn. Sharyn brings closely to 20 years of ASX-listed, executive experience and a long connection to our culture. I will add a small note that she is one of our original investors. When we floated 10 years ago, she did see the light of PWR just in the corner of her eye. She has never let go, never let go of the opportunity. I would also like to thank Matt Bryson, who stepped up as acting CEO at a really difficult time and led the business for the most part of the year through the move and into the period of renewed growth.
I am also pleased that he has joined the Board as Executive Director from July 1. His deep technical and customer knowledge is a massive asset to the Board. Just a note on Matthew. Matthew joined me when I was nothing in 2000. I approached Matthew, and him and his wife moved up from Sydney on a wing and a prayer and a promise that I said, "I have a future for you. I think you can help me." Thank God he came. He has been a strong pillar from 2000, and I think what we have achieved from 2000 to, well, the past 25, 26 years has been unbelievably a great step of faith and a great leap of confidence and also a great asset to the company. Thank you, Matt.
Jason Conroy became our Lead Independent Director in March, and in April, we also welcomed Sue Forrester on the Board as the Independent Non-Executive Director and the Chair of our People and Culture Committee. Sue and Matt will be both standing for re-election later on in the meeting. At this time last year, the day after our AGM last year, I jumped on a plane and went to Poland. I had time to do a fair bit of research about what is happening around the world. In my little stay in hospital, I had plenty of time to fill in. It is a journey that I will thoroughly enjoy, but also, I went there 12 months ago, straight after the AGM 12 months ago, and surprisingly enough, tomorrow I am heading the same direction.
I am proud to announce in the last two weeks we have signed a lease for 10 years with option for extensions and have been handed the keys to our new site, brand-new facility in Poland. After looking at sites there 12 months ago and also meeting with the Mayor of Krosno, the location we knew we wanted to be in, this connection has helped us immensely with reducing red tape of setting up our new business in Poland. The Mayor was unbelievable. He said, "You must come to Krosno." You look back and it was funny, but the other side, you look back at it is exciting. They really want PWR to set their business up there, which is a fantastic invitation and what have you. I look at what we have been able to do here at Stapylton in the last three years.
What we've got out here has taken us three years to get there really. I look forward and seeing what we can achieve and will achieve in Poland over the next three years. We've put the peg in the sand in Poland, and we'll be cutting the ribbon on the front door next week in Poland, which is exciting. In closing, we go into 2027 with a strong leadership team, a world-class facility, a clear strategy, and I'm very optimistic about PWR's future. Thank you to all our global team and their hard work, and our shareholders for your continued support. I'd like to now hand over to Sharyn, and she'll fill you in with a lot more of what's happening at PWR. Thank you very much. Ta.
Thanks, Kees.
Thank you.
Thanks, Kees, and good afternoon, everyone. It's a privilege to address you for the first time as PWR's Managing Director and CEO. We say that our people are important, so I want to take a moment to speak about our Executive Leadership Team that is with us today. Firstly, Ben Nielsen, GM of Technical Services. Benny's been with us for over 18 years and is a technical superstar. Jason Hicks started as an apprentice on the floor over 20 years ago and is now our General Manager of this beautiful Australian facility. Matt Bryson likely needs no introduction, but our Chief Technical and Commercial Officer and Executive Director, and you'll hear more from Matt later, although Matt is one of the foundational pieces of our business.
Andy Scott, our GM of Advanced Technologies, has been with us for 11 years and will speak to you soon around what he has led in terms of building our aerospace and defense business over the last six years. Rob Shore, our new CFO, joined us six months ago and has excellent experience and a few scars that he has brought with him as well, which are quite handy. Jake Howard, our GM of Strategy and People. Jake has been with us for four years and is one of the most pragmatic people operators I have ever had the pleasure to deal with. Benny Jackson, who you met last year, is not with us today. He is over in U.K. and Poland and getting us set up over there. Over the past two years, PWR undertook one of the largest periods of investment and transformation in our history.
In FY 2026, our focus shifted from building the capacity you see before you to converting that capacity into growth, operational performance, and improved returns. FY 2026 was a year of execution, consolidation, and renewed momentum. The year started slowly, as you will recall, from our last AGM, as we settled into a new facility here at Stapylton. Our first quarter last year, revenue was only up 6% year-on-year. We then built momentum through each quarter to finish the year with record results. We have a number of people in the room today who are team members of PWR. This result is built upon their shoulders, so I give you all a heartfelt thanks. Our revenue grew 31% to a record AUD 171 million, or 34% in constant currency growth, which is substantial growth. Importantly, that growth translated into a much stronger earnings outcome.
Our EBITDA rose 60% to AUD 41 million, and our net profit after tax was up 83% to AUD 18 million. Our NPAT margin improved three percentage points to 10.5%, and we achieved that while absorbing the cost of our new facility. We also increased our research and development spend and added capability and capacity within our team. Consistently strong cash conversion is a defining characteristic of this company, and FY 2026 was no exception at 105%. We returned to having positive free cash flow of AUD 11 million. Our gross debt peaked during the year at around AUD 28 million, and the team did a great job managing our working capital to finish net debt of just AUD 5.6 million at the end of the year. That is a very conservative gearing of around 5%. Motorsport revenue rose 45% to a record of AUD 102 million.
This is the first time we have passed AUD 100 million and is a credit to the team. It also reflects how positive our customer relationships are. The 2026 Formula 1 regulation changes required new cooling solutions across both the power unit and the chassis, lifting the content per car. It was positive, however, that we also grew outside of Formula 1. We grew across World Endurance Championship, Formula E, and off-road categories as technologies that were proven in Formula 1, such as our MMX investment and our battery cell coolers, were adopted more widely. Our aerospace and defense revenue grew 31% to a record of AUD 35 million. We completed an initial U.S. government order, and we also secured a follow-on order, increased since we initially received it to $12 million .
What is pleasing is we are now an approved supplier to all of the tier 1 defense primes, and that's a credit to the team and the business after six years to be held in such high esteem. We were one of only a few international companies that were recognized by Northrop Grumman in their 2026 annual supplier awards. Our North American facility achieved CMMC 2.0, which is a security, cybersecurity accreditation, and we also achieved our NADCAP accreditation for heat treatment and chemical processing. A number of people in the room today were instrumental in achieving those certifications. Our Australian site was recertified for AS9100 and NADCAP after the relocation. Importantly, we enter FY 2027 with an aerospace and defense order book of around AUD 40 million and a book-to-bill ratio of 144% in FY 2026. What that means is the orders taken outpace revenue recognized.
In OEM, revenue was AUD 15 million, reflecting the completion of major programs in prior years, but also the timing of new programs. The Ford Mustang S650 is now in production, and a new eight-year hypercar program is expected to ship in H2 FY 2027. Our aftermarket automotive revenue was stable at AUD 16 million as we focused on reshaping the catalog to focus on more higher volume, higher value products. As Kees mentioned, the Stapylton transition is complete. Revenue from products manufactured in Australia reached a record of more than AUD 100 million. We simply could not have achieved that at our former Ormeau site. Our U.K. and U.S. operations also achieved record levels of local manufacturing output. As Kees outlined earlier, we're now taking a measured step into Europe.
Our PWR Poland entity was established in March 2026, and our new site in Krosno, in southeastern Poland's Aviation Valley, is expected to commence initial operations this financial year. Europe is a large and growing defense market that remains largely untapped for us, and Poland gives us a base close to those customers. It allows us access to skilled talent and the ability to bring more component manufacturing in-house. This will be a phased investment with capital expenditure of AUD 16 million over the next four years. That's within our existing CapEx plans and cash flow forecasts. Our strategy is built on four pillars, and we've made tangible progress against each of them in FY 2026. In innovation, we increased our investment by 17% to AUD 15 million in R&D. We extended our capability into Inconel, stainless steel, and nickel for high-temperature applications.
This is important because, in aerospace and defense, this area was largely untapped by us and now gives us more opportunities. In profitable growth, margin expansion through our higher volume months demonstrated the operating leverage behind our NPAT margin expansion plan. As a sustainable business, our rooftop solar now supplies around 1/3 of the Australian factory's energy needs, with estimated annual savings of AUD 450,000. We've got Mark, our sparky, in the room today that helped with that. We continued to invest in our people, which matters greatly, with skilled labor remaining tight across all three of our locations. As Kees mentioned, we now employ more than 700 people globally, of which almost 20% are female. We launched our first internally managed apprenticeship intake and grew our global apprentice numbers to 33.
Following on from being named 2025 Queensland Exporter of the Year and the Manufacturing and Advanced Materials Award recipient at the 2025 Australian Export Awards, we are now proud to shortly be inducted into the 2026 Australian Export Awards Hall of Fame. As you know, PWR has strong, skilled, and capable executive leadership team. Some of you have met in previous years. Today, I would like to ask Andy Scott, our GM of Advanced Technology, to come and introduce himself to you and to provide some more context on our aerospace and defense segment.
Apologies, we couldn't get a bigger headshot. Good afternoon, shareholders. My name is Andy Scott. I am the General Manager for Advanced Technology at PWR, leading our aerospace and defense business. Following a successful career in motorsport, where I enjoyed a time at a leading Formula 1 team, I joined PWR in 2015. Over the past 11 years, I have had the privilege of helping diversify PWR's products into new markets beyond motorsport. Today, my focus is on working with our global customers, providing advanced thermal management solutions for demanding aerospace and defense customers, and continuing to build our capability and innovation to support PWR's long-term growth. In the six years since we entered aerospace and defense, we have achieved a few key milestones, and I would like to share those with you today.
We have added critical third-party accreditations, such as our AS9100, NADCAP, and CMMC 2.0, which allow PWR to be a supplier in these risk-averse sectors. We have developed a world-class team to be able to support the aerospace and defense sector using the same DNA that has made PWR so successful in other sectors. PWR has become a supplier to high-level customers, such as U.S. defense prime contractors and the U.S. government itself. As Sharyn mentioned, we have been recognized by Northrop Grumman in their annual Supplier Excellence Awards, where PWR were recognized as only one of a few international companies to receive the accolade.
We have also moved up in the value chain. We have been able to go from component-level supply through to higher-level system and subsystem assemblies. This comes with the added benefit of additional revenue generated through engineering services rather than product only. The above has helped us to grow our aerospace and defense business at an average 50% CAGR over the past five years. It is a privilege to be part of this team, and I look forward to contributing to the next phase of the company's growth. Thank you very much.
Thanks, Andy. We will now move on to our outlook. We have seen a really positive start to FY 2027, with shipments on the follow-on U.S. government order in our A&D segment and shipments on the Ford S650 program for our OEM segment. Both of those commenced in July. As previously advised, the U.S. government order of AUD 17 million is weighted to the first half, and we expect a more balanced revenue and earnings profile this year than seen in prior years.
In Poland, as Kees mentioned, we have signed the 10-year lease with options for our new site, and Benny and Wayne proudly received the keys the other day. Our initial operations remain on track to commence in FY 2027. Our outlook for FY 2027 is revised upwards for increased growth expectations for our A&D segment. The remaining outlook remains largely unchanged from that provided at our FY 2026 results in August.
In aerospace and defense, we now expect FY 2027 revenue growth on prior year at around 50%, up from 30%, with the timing of individual orders subject to customer delivery schedules. This increase is largely driven by a recently secured $4.6 million U.S. order for pre-contract activities related to one of the five pipeline opportunities we disclosed at our FY 2026 result.
This order is an important step towards converting that opportunity. However, we have not formally been selected as yet as the supplier for the ongoing program. In motorsports, following 45% growth to record revenue in FY 2026, we expect to maintain that higher baseline in the coming year based on the current pipeline. For OEM, we expect around 20% revenue growth, supported by programs entering production, with the precise growth rate dependent on customer production timing. In aftermarket, as the shift in product mix continues, we expect modest growth.
At a group level, FY 2027 revenue growth is largely driven by aerospace and defense, inclusive of investment and start-up costs in Poland of less than $1 million. We expect an improvement in our statutory NPAT margin of 2 percentage points in FY 2027 to 12.5%. In FY 2027, outperformance above 12.5% NPAT margin will be reinvested in mobilizing resources in anticipation of pipeline opportunities converting. That will be subject to timing of recruitment of headcount. Over the medium term, we continue to expect our statutory NPAT margin to trend back towards our 2024 reference level of 17.8% over the years FY 2028 to FY 2030. This will be driven by operating leverage. The foundations are now in place and momentum is building. Our priorities remain unchanged: improving operational performance, strengthening returns, and executing our strategy with discipline.
I would like to thank Matt Bryson for his stewardship as acting CEO and the executive and leadership teams for guiding PWR through an important phase of investment and change. Most of all, I thank our team globally. They have embraced change, embodied our culture, supported our customers, and kept the high standards that are synonymous with our PWR name. Thank you, team. We will now invite questions from shareholders about the company. There will be an opportunity to ask questions about specific resolutions as each resolution is presented. You may also direct questions to our auditor at this time. We ask that you come up to the microphone in the middle of the room to ask your questions. If you are unable to come up, please raise your hand and we will bring a microphone over. Questions will be limited to two questions per shareholder.
Thanks. I thought I'd get the ball rolling. Nobody else is going to be the first off the ring. Ray Tollesfsen. I am also a member of Team Invest. I am not speaking on behalf of that group. Just two questions. What is actually in the building in Poland at the moment? Is it just like this was, a huge open space? Where is the equipment coming from to populate that, assuming it is empty?
Yeah, at the moment it is an empty space, but is largely fitted out with the electrical needs and IT needs that we need, so the infrastructure is there. We have equipment coming from a number of different countries. The equipment will be landing around November, December. So at the moment, we have a lot of tape on the floor ready for that equipment to arrive.
Okay. Thank you. Talked about a reduction in debt. Is the intention to go to zero debt, or are you happy with the level that it is at at the moment?
One of our hallmarks historically for PWR has been being net cash as a company. We would like to get back to net cash, although we would be willing to lift our leverage, those circa one times. We will carry debt for the right thing, but aspirationally, we would like to be net cash.
Thank you.
Hello. My name's Susan Bailey. I'm representing the Australian Shareholders Association, and it's a pleasure to be here, and congratulations on a successful year. Now that I'm restricted to two questions, I'll have to be choosy. There's been a lot of turnover this year, especially with Lisa Dalton retiring. There's been two company secretaries, and I'm just wondering if you could comment on what's caused that turnover.
I'm happy to comment if other directors wouldn't like to or Yep. Yeah, no, you go, Sue.
Thanks for your question, Susan. It's not unusual to have some turnover at the executive levels, and sometimes the timing doesn't always happen when we'd like it to. However, suffice to say, we were very quick to make sure we were able to recruit an excellent company secretary and general counsel fairly quickly afterwards, and actually had very little disruption during that period. So turnover is inevitable, but on this occasion, we were quite happy that we were able to react quickly and really get an excellent replacement in Carla.
Mm-hmm. Thank you. My second question's around the request for a hybrid AGM meeting. As we're all aware, the lunch is fabulous, and the factory tour is fabulous, even though I missed out today. The people that can't be here miss out on all that, and they miss out being able to ask questions live. I'm wondering whether the Board might consider a hybrid meeting for next year.
Yeah. It's something we'll take away and discuss for next year. We are pleased to be able to present to people online, et c, but take your point around making it hybrid.
Thank you.
Ta.
Will I get the chance to ask questions about the remuneration report at a later stage?
Yes, you are welcome to come back up.
Thank you.
Susan, coming straight back up. Come on up, Susan. Do you want to take the rem report, Sue?
Again, I have to be choosy. I have been away for a month, and my partner from the Australian Shareholders Association has asked me to present these questions today. I have just arrived back myself from a trip, so I am a little bit vague. The ASA prefers that at least half the short-term, the STI hurdles, to be financial in nature. However, only 20% of the measures on the corporate scorecard are directly financial, with the remainder based on innovation, sustainability, and culture. While the other measures are important, why does the Board place such a low weighting on financial metrics?
Again, thanks for your question, Susan . What is important to recognize is within our short-term incentive scheme, we actually have a financial gate or an NPAT gate that is set at 90% of NPAT. There is no STIs paid unless the executive team actually reach that 90%. We think that is an excellent financial measure, that there is a starting point. After that, because of the nature of our growth and our focus on innovation, global growth, we have actually focused on key areas that fit with our strategy, as opposed to having additional financial measures that sit underneath that. We think that each of the measures that sit under our STI card are actually very well aligned to our strategic growth initiatives.
Right. Also along those same lines, the STI profit gate was lowered from 100% to 90% in FY 2026, which was met, of course. What was the rationale behind the decision, and why was that rationale not disclosed in the annual report?
Again, a little before my time, but I understand the working of it was that it was 90%, then 100%, and then 90%. the year that it was 100% was increased due to the Stapylton move and the increased costs that went with that. In that year, the STI gate was not achieved in any event. It is a theoretical number in any event, but it is back to 90% of NPAT, and that is where we intend it to stay.
Right. Okay. Thank you.
Pleasure.
We have a number of questions we received prior, in advance of today's meeting. We will address those questions, grouping some of the questions together that had similar topics. Sue, can I please ask you to respond to the first question? The first question is: Why doesn't PWR include a return on capital measure such as ROIC or ROCE in its long-term incentive plan?
It appears remuneration is the hot topic for today. Happy to answer question. The Board continually reviews the metrics that it uses for both its short-term and long-term incentive programs, and each year we have a look at them. There are many measures there that you can use for LTI or the long-term incentive program. But we believe that EPS and TSR are the most important, most relevant measures because we are a company in growth mode. If you actually have a look at our strategic growth initiatives and also our focus on investing in innovation, they relate best to an EPS and a TSR return, and we think that they are appropriate measures to be achieving long-term shareholder value.
Second question is: U.S. segment margins have declined since FY 2022. How much of that is due to intersegment transfer pricing versus underlying business performance? And how does the Board assess returns on capital invested in the U.S. operations? Firstly, on the reported margin, it is correct to call out intersegment transfer pricing as the comparison between FY 2022 and FY 2026 isn't entirely like for like, as our transfer pricing approach has evolved over that period. Also, the U.S. business today sells a materially greater value of product that's manufactured elsewhere within the group than it did several years ago. This impacts the portion of the group profit that's recognized in the PWR C&R segment. Secondly, on return capital. The Board and management considers this at a group level, which includes the financial and strategic returns generated and enabled by our U.S. operations.
Indianapolis gives us manufacturing capability and proximity to customers. This is critically important for A&D. Over 90% of our A&D revenue is to the U.S. market, and in some cases, the products must be either invoiced or manufactured in the U.S. by U.S. citizens. Our U.S. presence is critical for PWR, particularly as we continue to develop our aerospace and defense activities. We have another question. What would happen to PWR's operations if geopolitical tensions in Eastern Europe were to escalate? We certainly recognize that investing in Poland introduces a different geopolitical risk profile to our existing operations. That has been considered as part of the investment decision. Poland is a stable European Union and NATO member, and currently, the Australian government's Smartraveller advice for Poland is exercise normal safety precautions.
This is the lowest of the four advisory levels, and the same rating applied to most of Western Europe. The United States and Canada also maintain equivalent assessments. Nevertheless, given the broader geopolitical environment, we are approaching risk management for the site appropriately. This includes physical and cybersecurity, business continuity planning, and the resilience of our broader manufacturing network. PWR Poland does not create for us a single point of dependency.
We have capabilities across our entire group that are duplicated a number of times over, so it won't be a single point of susceptibility. The Benefits of PWR Poland are numerous and support our execution of our strategy. We can't eliminate geopolitical risk, but the Board and management believe it can be appropriately managed, and we'll continue to assess that risk as circumstances evolve. Jason, I'll ask you to respond to the fourth question. Given the increase in audit fees and KPMG's tenure, when was the audit last tendered, and does the Board intend to test the market?
Thanks, Sharyn. The audit engagement was last tendered in financial year 2024, so only a couple of years ago. I think five audit firms, including our current auditor, KPMG, were invited to make a proposal, and the Board assessed at that time that KPMG represented the best value for money, and lowest risk of the engagement and made the decision to re-engage with KPMG. More recently, the Board asked management to do a benchmark fee analysis of the audit fee, and comparing it to publicly available information of companies of similar complexity, and geographic coverage, and the nature of the business. We were well within benchmark range, and very comfortable with the fee as it stands. The fee over time has increased from year to year, as the complexity and size of the business has increased and is not unexpected.
Thanks, Sue and Jason. Any more questions from the floor before I hand over to Carla to begin the meeting procedures? Okay, you've been listening to me long enough, so over to Carla.
I'll come up for this. Thanks, Sharyn. Before we put the resolutions to shareholders, we'll go over some meeting procedures. All resolutions at today's meeting will be decided by way of poll. If you're a voting shareholder or proxy holder, you should have received a blue admission card with the resolutions on the back of that card. When we open voting for each resolution, you'll be asked to cast your vote directly on the card. Your completed cards will be handed to Computershare representatives at the end of the meeting. Results of all resolutions will be released to the market immediately after the meeting. A reasonable opportunity will be given to shareholders to make comments and ask questions about each resolution before it's put to the vote. The proxy votes received prior to the meeting for each resolution will be displayed on the screens.
Now we'll move on to the formal business of the meeting. In addition to receiving and considering the 2026 annual report, there are 10 resolutions to be considered today, followed by general business. The first item of business is to receive and consider the 2026 annual report, comprising the financial report, Directors' report, and the Auditors' report for the company and its controlled entities for the financial year ending 30 June 2026. There is no requirement that shareholders vote on, approve, or adopt the annual report. If you have questions on this resolution, please ask them now. Thank you. We'll move on to the formal resolutions to be considered by the meeting. I'll hand over to Kees.
Me? Thanks, Carla. The first resolution is for shareholders to consider the adoption of the remuneration report for the year ended 30 June 2026. I'll ask Carla to read out the resolutions.
Okay, thanks, Kees. Resolution one is as follows.
To consider, and if thought fit, to pass the following resolution as an ordinary resolution in accordance with Section 250R, subsection 2 of the Corporations Act, that the remuneration report for the year end of 30 June 2026 be adopted. The Directors, with Sharyn Williams and Matthew Bryson abstaining, unanimously recommend you vote in favor of this resolution. I note that voting on this item is advisory only and does not bind the Directors of the company. The screen shows details of the proxies received on this resolution.
If you have any questions on this resolution, please ask them now.
Thanks, Kees. Just a couple of questions, seeking clarification really. On the EPS growth side of things, page 80 of the annual report sets a three-year average growth of AUD 0.232 out to 2028. That puts it well below the FY 2024 figure of—
Is this a question for the resolution or is this something else?
No, it is a question about the remuneration report.
Okay.
These are figures in the remuneration report. It just seems like there was a very low hurdle given the outlook provided by the company. Even the stretch figure of AUD 0.271 out to 2028 compared with 2024 is not very impressive. I just wondered how these amounts were arrived at. Maybe it is more a question for Sue.
Yep.
I guess I have got to be politically correct here and answer in the appropriate way. I will ask Sharyn or Sue to answer your questions.
Yeah, I would certainly hate you to be politically incorrect, Kees.
Yeah, thanks for the question. FY 2024 certainly was a very good year for the company. As you look strategically at the investment needed by the company, you start to see that flowing through in FY 2025. So our cost base has substantially stepped up. When the remuneration consultants had a look at what would be an appropriate EPS approach to measure off a smaller base, the average EPS concept was flagged. We had an EPS of, say, AUD 0.09 In 2025. If we were to use a CAGR on that, you'd be talking some really big CAGR growth. Whilst we appreciate measuring against FY 2024 at those high profit levels is a good comparison and aspirational figure to get back to, that average EPS is actually quite a stretch when you're looking at the FY 2025 number. The Business has absorbed a much larger cost base.
If you look here, a AUD 4 million increment just to move into this facility and have more capacity. Looking at that average EPS, the average doesn't really reflect the year-on-year growth that's expected. So there's substantial CAGR growth when compared to the FY 2025 year in those average numbers you're talking about. If you looked at the third year, you're talking about very large growth on the starting year of FY 2025. We haven't disclosed those year-on-year numbers, but they are in line with market expectations and consensus, and there is stretch growth in there as far as the numbers.
And just the second one, on relative shareholder, total shareholder return. It stat- the annual report states that it's in line with the group's growth strategy. Now, relative shareholder return, total shareholder return encompasses other company share prices and returns, and of course, PWR has no control over what others are doing, let alone that company's own share price. Just wondered how adopting a total, relative total shareholder return has got anything to do with the growth strategy.
There's no—
The growth strategy is one thing, but relative total shareholder return seems unrelated to me, so I'm just trying to work out why that statement was made about it being related to growth strategy.
Yeah, certainly, get your point there about the connection being the two. When we look at relative total shareholder return, given results that you'd see from other companies, one, expecting them to be positive, and also if you look at the index overall, there is historical growth rates expected in that. Barring anything unusual, then growth such as that would be in line with our strategy, but I get your point that there is a lot outside of our control, so we'll take that on for next year. Any adds here?
No. No further questions on the resolution? Given there are no further questions, please cast your vote on Resolution 1 by marking your voting card. Over to you, Chair.
Oh, thank you very much, madam. The second resolution is for shareholders to consider the election of Matthew Bryson as Executive Director. As Executive Director of the company, Matt was appointed to the Board in July this year, and I will now hand over to Matt to say a little bit about himself. Thanks, Matt.
Thank you. Thank you, Kees. Good afternoon, shareholders. For those of you who may not know me, I have spent almost 30 years working in engineering, advanced manufacturing, and motorsport, with 23 of those years at PWR. My career began as a special class fitter and machinist toolmaker while I was also studying mechanical engineering. Following roles in design engineering and running my own race engine building business, I joined PWR as a design and manufacturing engineer. Since then, I have been fortunate to grow alongside the company. Over the years, I have held a number of leadership positions, including serving as engineering manager for 15 years, where I helped to lead the development of PWR's product portfolio, advanced manufacturing capabilities, and engineering solutions for customers around the world.
Today, as Chief Technical and Commercial Officer, I am responsible for our technical and commercial operations across motorsport, OEM, industrial, and the high-performance aftermarket. My focus is on driving innovation, advancing our manufacturing capabilities, strengthening our customer relationships, and supporting the delivery of sustainable long-term growth for the company. Having spent over two decades working across virtually every aspect of the business, I have developed a deep understanding of PWR's technology, operations, customers, and the strategic opportunities.
It is a privilege to serve as an Executive Director, and I remain committed to helping the company extend its leadership position through engineering, excellence, innovation, and disciplined growth. I have had the pleasure, with Kees and the team, of making my passion my profession throughout my time at PWR, across multiple roles, through competitive spirit and a drive for innovation and success. I thank shareholders for their ongoing support and respectfully ask for your support for my election as a Director of PWR. Thank you.
Resolution 2 is to consider, and if thought fit, pass the following resolution as an an ordinary resolution. That Mr. Matthew Bryson, who, having been appointed by the Board on 1 July 2026 as a Director in accordance with the company's constitution, and being eligible, be elected as a Director. The Directors, with Matthew Bryson abstaining, unanimously recommend you vote in favor of this resolution. The screen shows details of the proxies received on this resolution.
If you have any questions regarding this resolution, please ask them now.
Thank you. Susan Bailey speaking again on behalf of Australian Shareholders Association. Obviously, Matt's technical credentials are outstanding and undisputed. We're just wondering why, though, he already can offer advice to the Executive through his role. Why does he need to be given a board role?
Why not? My question to you is why not? I am a little bit bewildered on that question. Matthew Bryson has been with this company since 2000. He has been a pillar of, you obviously were not listening when I said that earlier on.
I was listening.
He is a pillar of this business, an absolute outstanding gentleman. To lose Matthew as a role in PWR would be a mortal sin for the Board, to have a person of his capability not join the Board. Our board members, today, we have a very, very good board, and our board members all have a role which they bring to the table.
As you will know, I have not been well, and it is our duty as a Board to make sure that we have a backstop.
That is one of the reasons that I personally asked Matthew Bryson if he would join the Board. Matthew did not come up and say, "Oh, look, I would like to join the Board." Matthew is a substantial shareholder. What I would call substantial. He has more shares than most people in this room put together. I think it is an insult of that question. I am very straightforward, as you have come to be aware. I am very straightforward, and I think it is an insult to myself and to our board to ask that question, so thank you very much for your question.
Okay. I certainly did not mean to be insulting, and I apologize if you.
Well, I think you are, and I think you should have a very hard look at the way the question is asked.
I am sorry.
It's an insult to Matthew and an insult to me as the Chairman of this company.
I apologize.
I breed, I have the blood, and we have bred this. Without Matthew Bryson, let me tell you, without Matthew Bryson, this company would be nowhere near what it is. I'm not being blunt, I'm just being factual and straightforward. Now, I notice that your questions are straightforward, so I am going to answer those questions in a straightforward procedure. I could be nice and say, "Oh, well, we'll not worry about that," and we'll go some other way. I'm insulted. Just so you know, I'm insulted. I think the Board's insulted. I think Matthew Bryson is insulted, and I'm sure he feels that way. So, is there anything else you'd like to ask while you're standing up?
No, I apologize if you have taken it to be insulting. I certainly did not mean to be insulting, and I apologize to Matthew if he feels—
Sue
—insulted, and to the Board.
It is insulting. You should know it is insulting before you even stand up. Any of these questions that anybody has to ask, please have a good hard think about what these questions are before you ask. I am very straightforward. I am not excited. I am not excited, but there are reasons why we do this, and to me, some of the questioning is valid, and I respect that. Other questions are a little bit insulting, and we have to stand here and cop it. We are not running that sort of company, Sue. We are not running that sort of company. This company was built on passion and culture.
Mmh. I totally respect that.
And obviously you haven't felt very well since you've got here because if you walk through this place, you can feel the culture. You can feel the passion coming out of those brick walls as you're walking down that corridor down there. And the people and the staff that we have here, I bow to them. And I call my staff or my people because I personally have been connected to nearly every person that's come into this building. And we have 500 here, we have several hundred overseas. We're moving abroad, and what have you.
And honestly, I'll be dead blunt. If people aren't happy, let me know what shares you've got. Honestly, let me know what shares you've got, and I will pay you today's rate today. I'm happy to do that. I am very happy. If people aren't happy, please don't come here. If you are happy, embrace the happiness, embrace our culture. I find it offensive that some of these questions that come out. So I'll leave it at that—
Okay
—before I add too much more, which maybe I shouldn't say.
Okay.
In my position, I am being very, very straightforward, and I should be because I do lead an incredible board and an incredible group of people here. They are incredible. If you don't feel that, maybe you shouldn't be—
That's not what I'm saying. I absolutely agree with you that this company is an incredible company. You can see it. You can feel it. So it's absolutely not what I'm saying, and I'm sorry that it's perceived that way. I was—
Well, if you looked at Matthew Bryson—
I will look at—
Just excuse me.
Sorry.
If you looked at Matthew Bryson, I said to you earlier in my speech before, Matthew moved up with his wife in 2000.
In 2000, let me tell you, in 2000 I was nothing. I had the ass out of my pants. Everybody in this room knows what that saying means. That is not being blunt or crude or anything else. That is just factual. I had the ass out of my pants, and I asked Matt Bryson and his new wife, just recently married at that stage, would he like to come up and work with me? I had a two-bob show down the road before we started PWR. I moved here with nothing, absolutely nothing in 1987. Went through the GFC, and then I had my ass really out of my pants.
Right. Just a little bit of history, which you may not know, which you might want to take back to the Australian Shareholders Association that you represent. I went to, at the GFC, when my back was against the wall, I personally went to America to look for business because we had nothing. There was nothing happening in Australia.
I just spent AUD 11 million of my own money in our previous facility. I was lucky enough or smart enough. Sometimes if you are not lucky, you have got to be smart. I was lucky enough to get a meeting with a NASCAR team when NASCAR was screaming out, screaming out for someone to help them. Here is this Aussie guy with a pair of jeans, a black shirt, and a cap that Jack Roush knew nothing about. I walked in there, I said, "I think I can help you." We shook hands. I am a handshake guy. We shook hands. Within two years, PWR was supplying the total complete field of NASCAR in America. A country that prides itself, "We are the best." They put a man on the moon. They reckon they're pretty good.
Here's an Aussie guy with an ass out of his pants with a team of people behind him that come and just took everything off them. The following year, in 2009, this is some of the history that you might want to take back, as I said before. Mr. Bryson and myself, we were in Australia. We're a rope dangling off the rest of the world. We're little Aussie battlers down here. Matthew and I went to Cologne in Germany. If you don't know where it is, look it up on the map.
Okay.
We went to a motorsport show there. Once again, we were lucky, but we were smart. We were approached by a guy by the name of Pat Symonds, who was the technical director of Renault F1 at that time. He said to Matthew and I, as I say, Matthew's a bit younger than me, a lot smarter than me, but he's a bit younger. Young engineer. Matthew says, "Of course, we can make that." I'm rolling my eyes. "Holy shit. I hope we can," because I hate saying something that we can't do.
Guess what? Where we are today, we have every F1 team that we supply. Not only F1, but every motorsport category across the world is supplied out of this facility in particular, and backed up with our facility in the U.K., and also our facility in the U.S. We also backed up with our upcoming facility in PWR Poland. I find some of the questions offensive and embarrassing.
I think a lot of people should do some more homework of where we come from and where we are and what we are doing. As I say, I mean this, not that I am cashed up, I am happy. If anybody in this room is not happy with what they have seen today, and they do not want to be a shareholder, please tell me, because I am very happy to buy as many shares as I can, if I am allowed to. There will be a time.
Yeah.
I get told, and I certainly will follow process. But there will be a time. I seriously mean that. And that's not being offensive back to you, that's being straight.
No.
I'm a factual person.
Thank you very much for your question.
No. Can I please just reiterate, Kees, that I have the utmost admiration for what you have done and for this company. I think it is an amazing company, and I haven't heard anything other than that from my colleagues at the Australian Shareholders Association. We just think it is an amazing company, and one of very few companies from Australia that do the manufacturing that you do. Please accept my apology. It was not meant to be disparaging to the company at all.
Well, it is not dis—
Thank you.
Yeah, thank you very much. It is not disparaged to the company. It is not disparaged to the company. As I say, I think it was more of an insult to Matt Bryson.
Well, I apologize to Matthew again for—
I think you should. Thank you very much.
Thank you.
That's right.
Can I build on that? Can I just add something to that, Kees?
Yes, Sue. Sorry.
No, that's okay.
Sorry about that.
Thank you, Kees. Just to supplement Kees's response there. As part of the People and Culture Committee's remit, we actually look at Board composition, and one of the things we did earlier this year was have a look at our board skills matrix. That is reviewing the skills of every director around the table, having a look at our strategy and saying, "Do we have the right people and the skills around this table in order to drive execution of our strategy?"
It became pretty clear when we did that we did not have motorsports and precision engineering skills around our table. We have experts in our various fields, but we did not have that. It made absolute sense to bring Matthew on. First of all, his corporate knowledge from over 25 years, but also his deep respect globally that he holds in terms of his expertise in motorsports and also deep engineering. It just made sense.
Thank you, Sue. As there is no further questions, I believe, could you please now cast your vote on Matt's election by marking your voting card accordingly? Our third resolution for the shareholders to consider the election of Sue Forrester as a Non-Executive Director of the company. Sue was appointed to the Board in April this year, and I will hand over to Sue now to explain your situation.
Something I do not know. Thanks very much, Kees. Hello again, shareholders. I am pleased to have the opportunity to stand for election and continue serving on the Board of PWR. I have spent more than 30 years working with ASX-listed companies, private sector, and government organizations with experience spanning strategy, corporate governance, risk management, organizational transformation, investor relations, people and culture, and corporate transactions, usually of a fairly complex nature. In my board portfolio, I serve as the Chair of Jumbo Interactive Limited and as a Non-Executive Director of IRESS. In addition to those roles, I also serve on the National Board of the Australian Institute of Company Directors, and I am a member of the Australian Government's Takeovers Panel. At PWR, I have the privilege of chairing the People and Culture Committee, which I just mentioned.
There, I work really closely with the Board and management to support leadership, succession planning, remuneration, and organizational culture. Over the course of my career, I have served on the Boards of more than 10 ASX listed companies across a range of industries, and I have chaired and participated in people and culture, remuneration, and audit and risk committees. This experience provides me with a broad perspective on governance, strategy, and value creation that I bring to my role. Before becoming a full-time company director, I held legal and executive roles across professional services, government and financial services organizations, including Allens, the predecessor to APRA, and the Queensland Treasury Corporation. Those experiences gave me a strong understanding of risk, regulation, and organizational leadership.
Serving on the Board of PWR has been a real privilege since April, and it has been especially rewarding to work with my fellow directors and the management team as we continue to grow PWR into a global technology and manufacturing company, whilst we keep that entrepreneurial spirit and appetite for innovation that has always driven our success. I take great pride in contributing to a Queensland company that competes and wins on the world stage. I am a Queenslander, born and bred. I live up the Gold Coast, just a short drive from this beautiful facility. Seeing the skill and dedication of our people up close reminds me that PWR's achievements start right here in our own community.
We have talked a lot about Matt, so I do not want to harp on about it, but I just wanted to make the contrast that Matt is bringing 25, more than 25 years' experience to the PWR board. My journey is very new. My learning curve is steep. I am full of quite ignorant questions around the Board table, but it is all part of the learning and the contribution to a diverse and well-performing board. I have confidence we now have the skills and experience to guide PWR's next chapter and support its continuing success. Thank you, and I respectfully ask you for your support in my election as a director.
Thank you, Sue. Resolution 3 is to consider, and if thought fit, pass the following resolution as an ordinary resolution. That Ms. Susan Forrester AM, who having been appointed by the Board on 24 April 2026 as a director in accordance with the company's constitution, and being eligible, be elected as a director. The directors, with Susan Forrester abstaining, unanimously recommend you vote in favor of this resolution. The screen shows details of the proxies received on this resolution.
If you have any questions on this resolution, could you please ask them now? Thank you. As there is no further questions, please cast your vote in Sue's election, marking your voting card accordingly. The fourth resolution is for shareholders to consider the re-election of Kym Osley AM, as a Non-Executive Director of the company. Kym first joined the Board in 2023, and I will now hand over to Kym to say a few words about himself. Thank you. Thanks, Kym.
Thank you, Kees. Good afternoon, shareholders. It was great to meet with many of you in the period before this meeting. I am very pleased to stand for re-election. What I bring to the Board is several decades of experience working with defense forces around the globe and OEMs and primes on very complex and long-term defense and aerospace planning and programs. That included personally leading the Australian F-35 program, a $17 billion program, and assisting Australian businesses in that endeavor to get $6 billion worth of export contracts. During my military career, I have served as Australia's senior air force representative in the United Kingdom and Europe, and also been Australia's defense representative over in the United States.
In those roles, I was heavily involved and coordinated many multi-billion dollar procurements and aerospace platform acquisitions, including the Wedgetail airborne early warning aircraft, the Hawk lead-in fighter, transport aircraft, and multi-billion dollar Army helicopter programs. I was also a leader in the Team Defence Australia organization. For those that are not aware, that takes Australian companies and engages them overseas with various defense forces and OEMs and primes, and organizes to have contracts in many different aerospace opportunities that are overseas. I also had the privilege of commanding at all levels within the military, including many strategic level positions, where I had organizations with many thousands of people.
I have also got board experience in defense and aerospace companies, including in defense manufacturing. Since joining PWR Board in 2023, I have really enjoyed working with my fellow directors and the senior management within the company. Certainly, I will enjoy doing that into the future as the company expands its presence into defense and aerospace sectors, while continuing to grow its global technology and manufacturing capabilities. I think my experience in defense and aerospace, international markets, my involvement with government engagement over the decades, and also strategic leadership positions really complements the skills of the Board. I really look forward to assisting PWR in pursuing its long-term growth opportunities as a result. I thank the shareholders for their continued support and respectfully ask you to support my re-election as a Director of PWR. Thank you.
Thank you, Kym. Resolution 4 is to consider, and if thought fit, pass the following resolution as an ordinary resolution. That Mr. Kym Osley AM CSC, who retires as a director, and being eligible offers himself for re-election, be elected as a director. The directors, with Kym Osley abstaining, unanimously recommend you vote in favor of this resolution. The screen shows details of the proxies received on this resolution.
If you have any questions on this resolution, could you please ask them now? As there are no further questions, please now cast your vote on Kym's re-election by marking your voting card appropriately. Thank you. The fifth resolution is for shareholders to re-elect Amanda Holt, who is a Non-Executive Director of the company. Amanda also first joined the Board in 2023. Amanda, could you please come forward and say a little bit about yourself? Thank you.
Thanks, Kees.
Thanks.
Good afternoon. I am pleased to stand for re-election and to continue serving on the Board of PWR. I've spent more than 25 years working across the engineering, aerospace, defense, and advanced technology sectors. Upon graduating as an aerospace engineer, I began my career in military systems engineering, working in Navy shipyards, supporting communications, combat, and simulation projects. I then broadened my technical experience, taking on a range of leadership roles that allowed me to work across all services of the Australian Defence Force and deliver programs with our partners from across the U.S., the U.K., and the E.U. Today, I serve as the Managing Director and CEO of the SYPAQ Group, and throughout my career, I've been focused on building technology-led businesses, driving innovation, and delivering growth in highly technical and strategically important industries.
Since joining the PWR board back in 2023, I have enjoyed contributing my experience in engineering, advanced manufacturing, and defense technology commercialization. As a member of the Audit, Risk, and Sustainability committee, and also the People and Culture committee, I have also worked very closely with my fellow directors to support strong governance and sustainable growth. What particularly attracted me to PWR was its reputation for engineering excellence, innovation, and its commitment to developing world-class technology and manufacturing capabilities right here in Australia and taking it to the world. I believe the company is well-positioned to continue expanding its opportunities across a range of global markets, including defense and aerospace. I thank the shareholders for their continued support and respectfully ask for your support in being re-elected as a director of PWR. Thank you.
Thank you, Amanda. Resolution 5 is to consider, and if thought fit, pass the following resolution as an ordinary resolution. That Ms. Amanda Holt, who retires as a director, and being eligible offers herself for re-election as a director, be elected as a director. The directors, with Amanda Holt abstaining, unanimously recommend you vote in favor of this resolution. The screen shows details of the proxies received for this resolution.
If you have any questions about this resolution, could you please ask them now? No question? As there is no further questions, please cast your vote for Amanda on re-election by marking your voting card appropriately. Thank you. Moving on to Resolution 6, concerns the issue of performance rights under FY 2026 Deferred STI Plan to Sharyn Williams.
Resolution 6 is to consider, and if thought fit, pass the following resolution as an ordinary resolution. That approval be given for the purposes of Listing Rule 10.14 and for all other purposes for the grant of 19,801 performance rights, FY 2026 Deferred STI To Managing Director and Chief Executive Officer Ms. Sharyn Williams on the terms described in the explanatory statement. The directors, with Sharyn Williams abstaining, unanimously recommend you vote in favor of this resolution. The screen shows details of the proxies received for this resolution.
If you have any questions about this resolution, could you please ask them now? As there are no further questions, please cast your vote by marking your voting card accordingly. Resolution 7 concerns the issue of performance rights under the 2026 deferred STI plan to Mr. Matthew Bryson.
Resolution 7 is to consider, and if thought fit, pass the following resolution as an ordinary resolution: That approval be given for the purposes of Listing Rule 10.14, and for all other purposes, for the grant of 17,402 performance rights, FY 2026 deferred STI, to Executive Director Mr. Matthew Bryson on the terms described in the explanatory statement. The directors, with Matthew Bryson abstaining, unanimously recommend you vote in favor of this resolution. The screen shows details of the proxies received for this resolution.
If you have any further questions about this resolution, please ask them now. As there is no further questions, please cast your vote by marking your voting card accordingly. Resolution 8 concerns the issue of top-up performance rights under the FY 2026 LTI plan to Sharyn Williams.
Resolution 8 is to consider, and if thought fit, pass the following resolution as an ordinary resolution: That approval be given for the purposes of Listing Rule 10.14, and for all other purposes, for the grant of 9,162 performance rights, FY 2026 top-up LTI, to Managing Director and Chief Executive Officer Ms. Sharyn Williams on the terms described in the explanatory statement. The directors, with Ms. Sharyn Williams abstaining, unanimously recommend you vote in favor of this resolution. The screen shows details of the proxies received.
If you have any further questions about this resolution, please ask them now. As there are no further questions, please cast your vote by marking your voting card accordingly. Resolution 9 concerns the issue of performance rights under the FY 2027 LTI plan to Sharyn Williams.
Resolution 9 is to consider, and if thought fit, pass the following resolution as an ordinary resolution: That approval be given for the purposes of Listing Rule 10.14, and for all other purposes, for the grant of 74,224 performance rights, FY 2027 LTI, to Managing Director and Chief Executive Officer Ms. Sharyn Williams on the terms described in the explanatory statement. The directors, with Sharyn Williams abstaining, unanimously recommend you vote in favor of this resolution. The screen shows details of the proxies received.
If you have any further questions about this resolution, please ask them now. As there are no further questions, please now cast your vote by marking your voting card accordingly. Finally, to our last resolution, concerns the issue of performance rights under the FY 2027 LTI plan to Mr. Matthew Bryson.
Resolution 10 is to consider, and if thought fit, pass the following resolution as an ordinary resolution: That approval be given for the purposes of Listing Rule 10.14, and for all other purposes, for the grant of 29,412 performance rights, FY 2027 LTI, to Executive Director Mr. Matthew Bryson on the terms described in the explanatory statement. The directors, with Matthew Bryson abstaining, unanimously recommend you vote in favor of this resolution. The screen shows details of the proxies received.
If you have any further questions about this resolution, please ask them now. Excuse me. As there are no further questions, please cast your vote by marking your voting card accordingly. That concludes the resolutions set out on the notice of the meeting. I will now hand back to Sharyn.
Thank you, Kees and Carla. We now move to general business. Are there any further questions today? As there are no further questions, that concludes the formal business of the meeting. The Computershare representatives will collect your voting cards from you as you exit. I will now hand back to Kees to close the meeting.
I thought I was getting out of that.
No, one more. They have not heard enough from you.
I thought I was getting out of that one. Thank you, Sharyn. On behalf of the Board and Management, I would like to thank you for your attendance here today, and also today and on the webcast. We look forward to seeing you at our next AGM in 2027. I now declare the 2026 Annual General Meeting of PWR Holdings Limited closed. Thank you very much again for everybody attending and all our staff who have done a remarkable job and a fantastic effort to make this day happen. As you would know, that production doesn't stop. Our team, and the same as our team when we moved here, this is just a comment, the same as our team when we moved here. I was talking to Matthew earlier on.
We did not stop production for one day on our move of moving every piece of machinery from our old site to this current site, plus many more machines that were put in on that move. We did not lose one day. Staff members, and particularly our ELT and their associates, have been doing all the heavy lifting. Thank you to them, and thank you to our shareholders that feel trusted on PWR. We thank you for your support. We are not perfect. We are not perfect.
We are hungry, and I think what we have achieved, it's not for me to say, but I think what we have achieved the last 10 years since listing is incredible. It's incredible of the staff, the management, and the Board. It's about people. People are our business, and I thank each and every one of them for what they have done. One, for particularly myself and my family in the last 18 months, and also what they've done for PWR as a company. Thank you very much.