Welcome, everybody. Thanks for joining us. I am Brett Gallagher, and as the Chair of Service Stream, it is my pleasure to welcome you to our annual general meeting for 2025, 2026, I should say. I would also like to start by acknowledging the traditional owners on which we meet today, the Wurundjeri people of the Kulin Nation, and pay my respects to their elders, past and present. Under Service Stream Limited's constitution, a quorum is required for this meeting, and our Company Secretary has just advised that we have a quorum present, so I can declare the meeting open.
A significant number of shareholders have already voted, appointed proxies, or submitted questions ahead of the meeting, and we thank them for doing so. Prior to the formal aspects of the meeting, I will take the opportunity to make some general remarks on the FY 2026 financial year. Following my remarks, our Managing Director, Leigh Mackender , will also provide some further insights into the company's performance and outlook. My address and Leigh's address was loaded up onto the ASX earlier today.
After Leigh's presentation, we will move into the formal aspects of the meeting, and I will respond to questions that are raised in the room or have been received prior. A recording or transcript of our meeting will be available on our website post-meeting. Before we get going, I would like to introduce our Board for you all today. First, on my right here, our Managing Director, Leigh Mackender . On my left, at the head of the table there, Martin Monro, Lead Independent Non-Executive Director and Chair of our Remuneration and Nomination Committee.
Next, two down from Martin is Sylvia Wiggins, Independent Non-Executive Director and Chair of our Audit and Risk Committee, and I note is up for re-election today. Back towards Martin there, we have Elizabeth Ward, Independent Non-Executive Director and Chair of our Health, Safety, Environment & Sustainability Committee. Down the end, Brent Dennison, Independent Non-Executive Director. Also joining us today on the table here, Linda Kow, our Chief Financial Officer. Andrew Cronin is also there with his hand up, our Auditor from PwC.
Both Linda and Andrew are here and available to answer any questions today. Also, we have our, I think, our entire executive leadership team in the front row with us for shareholders, should they want to engage with those executives after the meeting. Some procedural matters before we get into the items of business. By joining our annual meeting today, you, as a Service Stream shareholder or your appointed proxy, will have the opportunity to ask questions and submit votes if you have not already done so.
Voting today will be conducted by way of poll on all items of business, and Computershare will act as our independent returning officer. For shareholders, proxies, and corporate representatives in person, I will ask you to vote once we have gone through all items of business today by completing the blue voting card that was provided to you upon admission. White cards are for visitors who can only vote or ask questions. Shareholders with yellow cards are not entitled to vote on any items of business. I will provide a warning before I move to close the voting at the end of the meeting. Questions.
I will respond to questions at the conclusion of the formal business. It's my duty as Chair to ensure that shareholders have the opportunity to ask questions and discuss items of business during the meeting. We'll ask that all questions and comments be concise, be confined to the particular item being discussed, and to matters relevant to shareholders as a whole, be informative and respectful. Given this is a physical meeting, I'll take questions first from those present in the room, and then finally from any written questions.
I'm not sure we have received any at this stage. Our shareholders, validly appointed proxies, corporate representatives who are given a blue or yellow voting card upon entry are entitled to ask questions. When I call for questions, please raise your blue card or yellow card, state your name and the organization that you represent before asking a question. I'll now move to my address, and following my address, Leigh will provide a presentation on the operations and the outlook. Fellow shareholders, financial year 2026 has been another outstanding year of achievement for Service Stream.
We've delivered a record profit result ahead of expectations and continued to create value for shareholders. This has all been done, achieved while maintaining a work in hand at a company high of AUD 8.2 billion, with an additional AUD 6.2 billion in contract extension options, providing clear visibility and confidence of future revenues. Our re-entry into the ASX 200 is a significant milestone and testament to the discipline execution of our long-term strategy. Shareholders have continued to benefit from this sustained focus through increased dividends, share price growth.
Our strong balance sheet provides the Group with flexibility to pursue organic and strategic growth opportunities. While the Board remains committed to prudent capital management that balances investment in the business, shareholder returns, and pursuing strategic opportunities to support long-term sustainable growth. Our investment in the Defence sector represents an important and exciting growth opportunity for Service Stream to participate in this dynamic space. It provides yet another signal of confidence from the market, our growing capability to support critical national infrastructure.
A significant FY 2026 milestone was the successful mobilization of our new Defence contracts across South Australia and Northern Territory. In January, we mobilized 1,600 resources across 110 Defence locations, spanning metropolitan, regional, and remote areas. Early feedback from our Defence clients confirms that we are delivering on our commitments and demonstrating our capability in becoming a valuable long-term partner, providing innovation and flexibility.
This performance was further acknowledged when the business was named Contractor of the Quarter for its delivery performance, an achievement that reflects the commitment and capability of our people involved. Safety continues to be at the forefront of every discussion within our organization, whether it be at the Board, or with the management, or in local toolbox meetings before work begins. Nothing is more important than the health, safety, and well-being of our people, subcontractors, and the communities in which we operate.
During FY 2026, we continued to enhance our Human Organisational Performance, HOP framework, to support our people in the ever-changing environments in which they work. Safety remains a key area of the business, and we will never stop striving for improvement and prioritizing our people above everything else. Over the year, we continued to pursue making positive inroads into key performance indicators while introducing further initiatives to address emerging risks associated with our new Department of Defence contracts.
During FY 2026, Service Stream completed over 55 million service visits nationwide, maintaining our reputation for delivering quality services safely and reliably. Important contract wins during the year included the Yarra Valley Water contract and Telstra Evolve. The long-term Yarra Valley Water contract, which commenced today, talking to David earlier, is a particularly strong endorsement of our performance partnership approach, demonstrating that our clients are choosing long-term commitments to Service Stream.
The dedication of our people continues to set Service Stream apart, strengthening our valued client relationships and being awarded new opportunities in the market. Our results underpin our organic growth and provide new opportunities delivering ongoing diversification for the group. Our strategic priorities for FY 2027 include a significant investment in our ERP systems to enhance capability and productivity of our people, together with the development of technology solutions that deliver improved outcomes.
Service Stream continues to adopt AI in areas where it provides genuine benefits to our people, clients and their customers, and we remain committed to investing in solutions that unlock synergies and productivity improvements across the business. With a contracted pipeline of AUD 8.2 billion of work in hand across our blue-chip client base, Service Stream is well-positioned to offer shareholders certainty, continuity, and growth. While geopolitical instability, supply chain pressures creating a challenging operating environment during the past 12 months, the strength of our contract terms and constructive client engagement have enabled us to largely mitigate price volatility, including that of higher fuel costs.
We will continue to monitor external developments closely and respond proactively to protect our ability to deliver. Against this backdrop, it was particularly pleasing to see Service Stream's share price increase by 33% during FY 2026. Well, it has retreated a little bit recently. However, that total fully franked dividends to shareholders was increased to AUD 0.065 per share, representing an 18.2% improvement on FY 2025. Strategy and diversification. The defining feature of FY 2026 has been our continued diversification of our operations, which remains central to our strategy of delivering long-term sustainable future for the group. We continue to broaden our customer base, expand our service offerings, and push into attractive sectors that utilize our capability and provide stronger platforms for growth. Supported by a strong balance sheet and a future order book, we continue to assess strategic opportunities. During the year, we completed an acquisition of the RIE Group.
While modest in size, it provides very important uplift in our industrial sector's capabilities. The board is also assessing future M&A opportunities with a clear focus on strategic rationale and shareholder accretion. We have demonstrated our diligence, consideration, and discipline when assessing strategic acquisitions and are buoyed by the material opportunities that are coming to market at the moment. I can assure shareholders, though, that the board will always consider and prioritize their interests in any M&A activity.
To our shareholders, customers, employees, and contractors, I extend my sincere thanks for your ongoing support, loyalty, and commitment. To our people, thank you for your hard work, dedication. You are the reason behind the company's ongoing growth and success. I would also like to thank my fellow board members for their valuable contribution throughout the year. Their dedication to the continuing growth and success of the company is considerable and greatly appreciated. I also note that Sylvia Wiggins is seeking re-election today.
Sylvia is a valuable contributor at the board and an excellent chair of our Audit and Risk Committee. Her continued service is unanimously endorsed by the board. Finally, on behalf of the board, I would like to thank our Managing Director, Leigh Mackender, and his executive team all here for both staying on and committing to our strategy. FY 2027 is shaping up to be the biggest year yet for Service Stream, and I look forward to what the next exciting chapter brings as we continue to grow. Thank you.
Thank you very much, Chairman. Good morning, ladies and gentlemen. I too wish to welcome you, and thank you for joining us today at Service Stream's AGM. I am very pleased to present an update on the business's performance over the last financial year, in what reflects, I think, a strong and successful year for the Service Stream Group. Today's content largely reflects an abridged version of that uploaded at the full year on Wednesday, August 19. We have included a trading update and group outlook for FY 2027, which is relevant to this point in time.
At the conclusion of the presentation today, I am happy to take questions on any of the content I have presented or broader business operations from those in the audience. From the outset, we are really pleased with the performance delivered and achieved over FY 2026. I concur with the chairman's comments. It is a year in which the businesses worked diligently to execute against our strategy of aiming to deliver improved and sustainable value for our shareholders. The group's results were headlined with significant improvements in our financial performance.
We note that included double-digit increases in both earnings and profit, and that was supported by positive improvements delivered across several of our strategic business units, most notably our utility operations, which continue to grow and improve half on half. FY 2026 was another period which we demonstrated strong cash flow generation, and we further strengthened the group's balance sheet. It was also a period where we had great success in retaining existing contracts that naturally proceed to market at the end of their term, whilst also securing new growth opportunities as we look to grow and expand our addressable market.
Most importantly, the business continued to deliver improved and sustainable returns to our shareholders. If we delve into the financial results in a bit greater detail. Group revenue over the period was AUD 2.475 billion, favorable to the prior year by 2.3%. Whilst that is relatively modest in terms of growth rates, it is important to note that in the prior preceding period, the group completed one-off programs across our telecommunications network associated with upgrades to fixed and mobile networks, which were not repeated in the subsequent year.
Our utility operations also have continued to cycle off lower margin works as they naturally reach conclusion and go out to the market, choosing only to sign works which will either hold or improve our quality of earnings. As we look forward, the Chairman referenced, the business has secured a number of new contracts over the course of FY 2026, which will contribute to strong growth that we are expecting and confident of delivering in FY 2027. Not including or not limited to, sorry, Department of Defence and Yarra Valley Water, as the Chairman referenced in his speech.
More important than revenue is our earnings and profit. With regards to our EBITDA operations, it was a very successful period. The business delivered AUD 163.4 million, and that reflected a double-digit increase of 11.8% on PCP. If you move further down the P&L, you see that net profit after tax and amortization was AUD 81.1 million, and that was up significantly on the prior period by 18.4%. What is now becoming a consistent feature of the group's half-year results is the consistent generation of strong cash flows, and FY 2026 was no exception.
The group generated OCFBIT of AUD 186 million, and we converted at 114%. That positive performance is reflective of three main areas. Firstly, our tier 1 client base, the terms that are negotiated under our various contracts, but also the emphasis that we place on cash generation right across the business. Those cash flows have further supported the strengthening of our balance sheet, moved to a net cash position of AUD 80.7 million. That is an improvement of AUD 7.1 million over the PCP.
I thought that was an impressive result, particularly if we consider that over that period, we increased dividends to our shareholders. We supported major new business operations and mobilizations, including Department of Defence, as well as other organic growth opportunities across each of our three strategic business units. As I stated at the start, on the back of that, we also were very pleased that the Board endorsed an increase in our full-year dividend, AUD 0.035 per share, taking full-year dividends to AUD 0.065, fully franked, and that reflected an increase of 18% on PCP.
There are a number of significant operational and strategic highlights that were also achieved across FY 2026. One of the major priorities that Linda and I have spoken to consistently over the last few years has been to optimize our operations, look to drive improvements, particularly across, but not limited to, our utility operations, specifically with both reference to its quantum of earnings, but also its margin. We are very pleased that we have delivered significant increases over the course of the last year.
EBITDA margins over the full year moved up 130 basis points, reflecting 5.8% for the full year. We have now delivered consistent incremental margin improvement for eight consecutive halves. Importantly, our exit rate at the end of the second half was 6% EBITDA. That exit rate is strong and bodes well for what we expect will be incremental improvement over the course of this full year. Utilities performance, combined with performance across our other divisions, also supported an improved group EBITDA margin of 6.6%, and that reflected a positive movement of 60 basis points on PCP.
As per the Chairman's comments, I think another highlight certainly was the winning of Contract Works. A major priority for all Service Stream businesses is to ensure that we can retain our existing contract base as they reach their full term and naturally proceed to market, as well as securing new growth as we look to expand. We are very proud of what has been a successful year. AUD 3.2 billion of multi-year Contract Works was secured. A retention rate of 93% for agreements that reached that natural renewal.
As I said earlier, importantly, we are increasingly selective of those new agreements that are coming out to the market and making sure that we are only choosing to secure and resecure those if the contract terms and conditions will support an improved quality of earnings. Certainly, I agree then with the Chairman's comments, the award of a major contract with the Department of Defence for the provision of base services infrastructure across the Northern Territory and South Australia marked one of the most successful milestones, certainly in my time at Service Stream.
We are incredibly pleased with the team's performance in not only securing that work, but the mobilization that has followed. Certainly, I think that positions our business in a very strong position as we move forward. As I have stated many times, the health and safety of our employees, our clients, and the communities we engage with is our number one priority. It is not a slogan, but it is a deep-held commitment by myself, the executive, and all that work at Service Stream.
Very conscious of the 6,500 employees and over 12,000 contractors that we have operating each and every day in dynamic environments right across the country and making sure that they return safe at the end of each day. Over the course of the year, we note that performance metrics slipped back slightly across some of those key lag indicators. Importantly, the business performance still reflects what we would consider industry-leading and certainly at or ahead of some of our peers.
We are firmly focused on driving improvements across this year. Performance over the last quarter or the first quarter of this year has certainly shown that we are continuing to see positive improvement, particularly around areas like high potential incidents. As I stated at the very start, during the year, I think one of the highlights certainly has been the resecuring of a number of major contract renewals as well as those new wins. I have referenced some of them here on the slide, and whilst it is not an exhaustive list, I think I would like to reference that this reflects what is now a well-diversified tier 1 industrial client base.
These agreements include those with state, federal governments and private asset owners and operators right around the country. They include, as a limited number you have got there, clients such as Department of Defence, Yarra Valley Water, Telstra, SA Water, Energy Queensland, and many other asset owners and operators, to only name a few that were secured over the last 12 months. We continue to maintain that strong renewal rate.
It's consistently been in the 90s over the course of the last couple of years, and as I said earlier, 93% for this year was certainly a strong result. I think more importantly, though, 85% of the group's agreements now reflect what we call annuity-style, reflecting long-term, lower risk operations and maintenance works. That's been a deliberate strategy over the last couple of years to chase those works as opposed to others that represent a higher risk. AUD 3.2 billion was secured over the years. That took our work in hand to AUD 8.2 billion.
But that AUD 8.2 billion only includes the initial term, and many of our agreements include multi-year extension options. If you include those multi-year extension options, it's over AUD 14 billion of future works the business is contracted to deliver. We enter FY 2027 in a position of strength. As I mentioned in the opening slide, it was with great pleasure and pride that we were able to confirm that Service Stream was successful in securing that material contract with the Department of Defence.
We're incredibly proud to be awarded what is a major Defence infrastructure contract across SA and NT and encompasses Service Stream providing support across a range of strategic assets associated with aerodrome operations, estate upkeep, land management, and training and range management services. It marked the culmination of five years of hard work by our board, our executive, and many across the business to position Service Stream as a credible and capable sovereign partner for the Australian Department of Defence.
In line with the Chairman's comments, we're really pleased to have successfully executed what was a pretty compressed timeframe to deliver a mobilization. Over effectively five months, we onboarded, trained, and deployed more than 1,600 accredited and skilled resources across the NT and SA. We procured and deployed more than 350 vehicles, set up and deployed an IT system capable of delivering those specific works, and as I said, all over a short period with Christmas right in the middle.
We successfully went live at midnight on the 1st of February 2026, and as per the Chairman's comments, our operational performance over those first seven months has been reported back as being very positive. I think these operations have gone incredibly well. They now reflect the cornerstone of what we expect will grow to become a major portfolio of strategic asset management operations, not only associated with Defence, but broader social infrastructure portfolios across the country.
If I shift away from the FY 2026 results and sort of come back to our group strategy. At the start of FY 2023, we undertook a major refresh of Service Stream's strategy, again, along with our vision of being Australia's leading essential network services provider. With the intent of ensuring that strategy supported the creation and sustainability of long-term shareholder value. Our strategy, whilst voluminous, effectively comes down to three main pillars: delivery, optimization, and growth.
Delivery aspects really focus on delivering superior performance, financial performance, operational performance, HSE, commercial performance, whilst maintaining very strong relationships with our expanded client base. The optimization leg looks at how we can deliver a range of initiatives and improvements which simplify and enhance what is a scalable deliverable model across the company. Growth looks at how we can ensure we are securing profitable growth, both organically and looking at further diversification through external opportunities into the future.
I am very pleased with the progress delivered over what is year four of that plan. We have delivered incremental improvements to our financial performance. I think from memory, half on half to now six consecutive halves in three years, we have shown consistent improvement in terms of the business' margins and earnings. We are consistently focused on those quality of earnings, and that continues even today to maintain a large portion of our strategic initiatives over the FY 2027 period, and we are confident we will see further improvements, as I said before, particularly around utilities and other areas.
We have substantially improved and enhanced the business' net cash balance sheet, and that provides support not only for those organic opportunities which we have referenced, but also external growth. We continue to assess throughout the year many opportunities that may provide Service Stream the ability to enhance our capabilities, expand our addressable markets across attractive adjacent sectors. We have also made positive changes to our work mix, considering the work type, the mix, and the appropriate commercial models that govern that work.
As I said earlier, that portfolio really now reflects lower risk, longer-term annuity-style maintenance agreements, which is over 80% of our portfolio. Of course, we have delivered improved and sustainable returns to our shareholders, which is where we started. If we look at some of the specific results that have been delivered over that three to four-year period, you can see revenue from operations has had a compounding annual growth rate of 12.7%, shifting from AUD 114 million in FY 2023 to AUD 163 million in FY 2026.
Net profit after tax and amortization, NPATA, has achieved another impressive compounding growth rate of 13.1% over that same period. The business has delivered 118% improvement in EPS over that period. Our TSR, or total shareholder returns, came in at 207%, and Service Stream were recently ranked number two across the ASX 200 Industrials. So certainly very confident with the results. As I said before, I think excitingly, we have still got improvements to make and further growth ahead of us.
Finally, in terms of trading update and outlook before I open for questions, I am really pleased to confirm that FY 2027 is going to deliver a step change in both the group's revenue and earnings. It is supported by that continued positive momentum that was seen through FY 2026, the scaling nature of our existing operations, as well as contributions from those recently mobilized contracts, including but not limited to Department of Defence and Yarra Valley Water that we have referenced today.
During the year, we have had a positive start to Q1. It reflects a solid start to what is going to be a much bigger year for Service Stream. We expect the business to again reflect same as last year, that typical small bias for the second half. 48, 52 is typically where we sat last year in terms of that bias. That just views the seasonality across our work as well as the scale and nature of our new programs. As I mentioned earlier, utilities operations are on track to deliver further incremental margin improvement over the course of the full year. No pressure, Dave.
Defense operations are well established, and there is increased confidence now that we are going to be delivering improved margin performance against those expectations we have set in the market. Market conditions and client programs remain strong, as per the Chairman's comments, and we are not seeing any material adverse impacts associated with global conflicts or general industry unrest across the portfolio. That concludes our presentation. As you can see, I think certainly the business is in a very strong and favorable position.
Despite these positive results achieved over FY 2026, I am still very firmly of the view that the best days and some of our improved results are still ahead of Service Stream. It is an incredibly privileged position to serve as Managing Director, and I would like to take this opportunity to personally thank our Chairman, Brett Gallagher. I thank my Board of Directors to my left for their continued support and guidance over the course of the year.
I extend special thanks to my executive team working right across the country, as well as our broader Service Stream employee and subcontractor base that work tirelessly to deliver some of the fantastic results that we see across Service Stream. I will now pause and ask if there is any questions from the shareholders joining us today on the content or anything more broadly across the business. Thank you very much.
Thanks, Leigh. A very bright picture looking ahead. Now we will move to the formal aspects of the meeting. The notice of meeting was distributed to all shareholders on the 16th of September 2026, and copies are available on our website also. I take the notice of meeting as being read. The minutes from the previous general meeting held on the 22nd of October 2025 were approved by the Board and signed by me. Should any member wish to inspect those minutes, a copy is available at our registered office for that purpose. Now to the advertised business outlined in the notice of meeting.
There are six items of general business as stated in the notice of meeting and on the proxy form. I, as Chairman, will be voting all undirected proxies in favor of each item of business. There are voting restrictions for some resolutions, as outlined in the notice of meeting, which applies to those who have an interest in the resolutions or their related parties. Section 317 of the Corporations Act requires directors of a public company to lay before the Annual General Meeting a financial report, the Director's Report, and the Auditor's Report for the year ending 30th June 2026.
The members of the company have received these documents. Please note that a vote on this resolution is advisory only and does not bind the directors or the company. I will move on to general business, and the proxy positions on all resolutions will be shown on the screen once I put the resolutions to shareholders. All right. Okay, Chris, we will move to item one, the first order of business. Item one on the agenda is the adoption of the company's remuneration report. The resolution being put to the meeting is now displayed on the screen.
We will now show Chris the proxy position. Thank you. Moving on to item two. As it involves me, I will now have to hand over to Martin Monro, our Chair of the Remuneration and Nomination Committee, to take you through item two. Thanks, Martin.
Thank you, Chair, and good morning, ladies and gentlemen. Item two on the agenda is the re-election of Brett Gallagher. The resolution being put to the meeting is displayed on the screen, and all other Directors recommend the re-election of Brett. Before I proceed to the proxy position, I will say a few words on Brett's re-election. Brett has been Chairman of the Board since 2015 and is a significant shareholder who has invested in the company's continued growth in both revenue and profit.
Brett is an extremely valuable member of the Board and has been instrumental in the expansion and growth of the business. Over the past three years, Brett has proactively led a comprehensive Board renewal process, ensuring the Board maintains an appropriate balance of skills, experience, and independence. Through this process, he has helped position the Board to continue providing effective oversight and leadership. I note that all Directors recommend the re-election of Brett.
We will now display the proxy position in relation to resolution number two. That is done. Congratulations, Chair. Thank you very much.
Thank you, Martin. Very good. We will now move on to item three on the agenda, and that is the re-election of Sylvia Wiggins. The resolution being put to the meeting is displayed on the screen, and I note that all Directors recommend the re-election of Sylvia. Before we proceed to the proxy position, I would like to maybe invite Sylvia if she would like to say a few words on her re-election.
Thank you all, and good morning. It has been my privilege to work for the owners of Service Stream for almost the last four years. It has been a privilege not only to do that, but to actually work with the rest of the board, whose insights I have valued and learned from, but also an incredibly supportive and focused and dedicated leadership team. I would like to just acknowledge them as part of my capacity to serve on the board. When I first presented myself to you three years ago for election, I really talked about my focus on acting in the company's best interests as being my North Star.
I believe that the transformation that we are seeing of Service Stream over recent years speaks to the focus that the board, together with the management team, has had on creating long-term and sustainable value. With what you now have, which is a really diverse and financially strong services business, it is well-positioned to take advantage of opportunities that present themselves from a position of financial and operational strength.
This successful repositioning of the business for growth can only occur because your board and your management team have worked respectfully and collaboratively. At all times, our focus has been on decisions regarding best interests in relation to capital allocation, risk appetite, systems, processes, and people.
During the time as the chair of the Audit and Risk Committee, I have had a special, but I am pleased to say not exclusive, focus on the financial results of the business, the capital structure that supported our growth, our market positioning as the business has been substantially de-risked, as you have heard from both Brett and from Leigh over the last couple of moments, and also the risks which we actually must take in order to preserve and create value.
As a board, we actually do have our lights on high beam so we can see what is coming at us and how to avoid or to engage where appropriate to our best advantage. It is a balance. Risk avoidance as well as taking advantage of opportunity. As a board, I think we do spend a really long amount of time and appropriate amount of time on that discussion because no business is set and forget, and there is really no time for complacency. I have used my executive and director experience from within and outside asset operations and services to, I believe, strengthen Service Stream, including by way of challenge.
I believe my broad skills and experience, both sectoral, financial, commercial, capital markets, M&A, and cybersecurity, benefits our company. As a director, none of us can be complacent. We actually do have to embark on a role of continuous learning and being curious. I would like to tell you that I think since my last election three years ago, I have actually invested in improving those skills and experience.
The way businesses operate changes, and we actually can't be sitting around thinking the way we can therefore govern as Directors is what we did three and four and five years ago. The speed at which change is coming at us requires all of us to engage, and I think that's, again, something that the Board has done really effectively under Brett's leadership. It's been an honor, as I said, to serve. It would be an honor to continue to serve on the Board. Thank you for that, and I would be happy to take any questions that you've got about my candidacy for the Board. Hands up now.
Thanks, Sylvia. We'll now display the proxy position. Congratulations, Sylvia. Item 4 on the agenda is the acquisition of securities by Leigh Mackender under the FY 2027 tranche of the company's Short-Term Incentive Plan. The resolution being put to the meeting is now displayed on the screen. We'll move to the proxy. Thank you, Chris. Item five on the agenda is the acquisition of securities by Leigh Mackender under the FY 2027 tranche of the company's Long-Term Incentive Plan.
The resolution being put to the meeting is now displayed on the screen. The proxy for this. Thanks, Chris. Thank you. The final item six on the agenda, is the refresh of the exemption from the 15% threshold of securities issued under the Service Stream ESOP. The resolution being put to the meeting is displayed on the screen. The proxies? Very good. Okay. Can we now maybe display all the proxies? The provisional results for the resolutions one to six indicate that all resolutions have passed.
These results will be verified and released on the stock exchange later today. I'll now open up the meeting for questions. Do we have any questions in the room before we finish up? It's going to be a very quick, succinct, and efficient AGM. I won't hold everyone up. Again, thank you everyone for attending our AGM this year. Please, if you've got time, stay around for—
We've got to do the vote.
Oh, we have got to do the vote. Please, the voting boxes will be handed around. Use your blue voting cards to vote, and a representative of Computershare will collect those now. Couldn't we do that on the way out?
Thank you much.
Any more voting cards? There is one more there. Chris, there has been no more questions that have been. Then that concludes our meeting. Again, if you have got time, please stay around for morning tea and introduce yourselves to the execs on the board. Love to meet you. Thanks for coming along.