Earnings Call: H2 2026

Aug 24, 2026

Summary

Record FY 2026 results with revenue exceeding AUD 1 billion, EBITDA at AUD 124.3 million, and NPAT at AUD 49 million. Diversified pipeline and strategic acquisitions drive growth, with FY 2027 EBITDA guidance of AUD 153–163 million and continued focus on organic expansion.

Good morning, and welcome to Symal results briefing for the full FY 2026. My name is Simon Hinsley, and I will host today's briefing. I am pleased to welcome Joe Bartolo, Symal's co-founder and managing director, Nabeel Sadaka, CEO, and Scott McQueen, CFO. Before I hand it over to Joe and the team to go through the presentation up on the screen, just a reminder on Q&A. All questions are to be submitted in writing on the right-hand side of your screen, and we will get to those post the end of the presentation. With that, I will hand it over to you, Joe. Good morning, and thank you for joining our FY 2026 results call. Today I am joined by Nabeel Sadaka, CEO of Symal's operations, and Scott McQueen, Symal Group CFO. I am excited to share what we have achieved this year through our diversified services platform, where vertical integration of our brands gives us the right to win in our key end markets. Our strategy is positioning Symal to continue the exceptional, consistent growth that we have delivered to date. Doing what we say matters to us, and we are pleased to report we have delivered on our commitments across FY 2026. At an operational level, we have delivered our best ever safety performance. This is not just statistics to us. It means we send our people home safely. Our work in hand and pipeline is at record numbers, but we have also continued to deliberately diversify our book. We are not leveraged to one sector nor to one state. We have also delivered financially with FY 2026, not just hitting guidance, but delivering financial records. Our revenue comfortably exceeded AUD 1 billion for the first time. We have record EBITDA and record NPAT, despite our investment in acquisitions, plant and equipment, facilities, and people to support growth. We have been deliberate in our capital allocation. We completed four strategic acquisitions and announced an agreement for a fifth, which will close very soon. The intent with these investments is clear: increase our recurring revenue, expand our geographic footprint, and increase our capacity and capability to win in key end markets. We have done this prudently and deliberately, and our balance sheet remains strong. Our debt levels are low, and we retain capacity to deploy, but only where it matters. Our focus remains on growing organically as it is still at our core. Our allocation principles also target consistent returns and in line with what we have declared a final dividend of AUD 0.049 per share. Now turning to slide 3, which has more detail on our safety performance. We are proud of what we have achieved in FY 2026. It is a team effort and reflects company-wide buy-in, diligence, and commitment. Despite our record growth, our rolling TRIFR was 1.4, some 76% below industry average. This included zero lost time injuries. Keeping our people safe is justification enough, but it is worth noting safety does have financial benefits too. With virtually zero work cover claims, our work cover premiums are 30% below industry average. That translates to millions of AUD to the bottom line. Moving to slide 4 and more details on our FY 2026 highlights. As already mentioned, work in hand is at its record level, sitting at AUD 1.9 billion, and is more diverse than ever. Our total tendered pipeline and ECIs sits at approximately AUD 9.1 billion. That too is more diverse than it has ever been. Financially, FY 2026 has been another strong year of growth and record delivery. Our revenue was well over AUD 1 billion. We delivered AUD 124.3 million of EBITDA, which was in the upper half of our guidance range. Normalized NPAT was also a record at AUD 49 million. In terms of capital allocation, we invested strategically in accretive M&A, spending just over AUD 81 million on four key acquisitions. These acquisitions have delivered us more recurring revenue, greater geographic spread, access to new markets, and more importantly, these acquisitions provide the right platform for Symal to scale and grow organically. We invest with discipline. We believe a strong balance sheet and prudent leverage through the cycle are the hallmarks of a well-run company. With leverage of 0.4 times at the end of FY 2026, we remain strong but ready to continue to invest opportunistically and strategically. As previously mentioned, the board have approved AUD 0.049 per share as a final dividend. We are also making operational our dividend reinvestment plan alongside the FY 2026 final dividend to provide shareholders a choice. Moving to slide 5, we continue to grow and diversify our work in hand and pipeline. As already mentioned, our work in hand stood at AUD 1.9 billion, whilst our tendered pipeline, including ECIs, was at AUD 9.1 billion. The charts on this slide show how we have diversified our book, both in terms of end markets and geographically. Looking at end markets, we see that energy and resources, utilities, defense, digital infrastructure, and other markets combined now account for 54% of our total work in hand. Also, our work in hand geographic spread continues to diversify too, not by shrinking our core, but by expanding our reach with more than half our pipeline now outside Victoria and growing. You can also see from the table on the right our strong established work in hand position across infrastructure, energy, and utilities, and this continues to grow geographically. Despite our success to date, the opportunities for further growth across other key end markets, including digital infrastructure and defense, remain enormous. We will talk more about our key end markets and the opportunities they present later. We are growing deliberately into an integrated services company, as illustrated by our organic pipeline, our acquisitions, and our strategy. We are not linked to one sector, one geography, one theme, or one or two major contracts. Moving now to slide 6 and our record of performance. Whilst we have been listed for under two years, we have been around for more than 25 years. We have demonstrated consistent organic growth and returns for such a long time. We have also hit or exceeded all the guidance targets we have set as a listed company. In the first half, we produced 10.2% EBITDA margin, and we stated we expected margins to be stronger in the second half, and we produced with a margin of 11.5%. This translated to a full-year margin of 11%, right where we said it would be. I have talked to our 2030 AUD 200 million EBITDA aspiration. This is now less of an aspiration and more of an expectation. With our FY 2026 performance delivered, our FY 2027 forecast, and a track record of demonstrated growth, I am more confident than ever we will get there, and we are going to get there sooner. I will now hand you over to Scott, who will walk you through our FY 2026 financial performance. Thanks, Joe, and good morning, everyone. Turning to slide seven, which provides some additional detail on our FY 2026 financial results. Starting at the top with revenue, we delivered strong top-line growth, with revenue reaching AUD 1.14 billion, the first time Symal has exceeded the AUD 1 billion mark. Moving down to normalized EBITDA, we achieved FY 2026 guidance coming in above the midpoint at AUD 124.3 million, despite some unexpected second half cost headwinds. This was a solid 17% growth rate, just over 10% of which was organic and just under 7% related to acquisitions. Before we move on to the bottom line, it's worth noting the drivers for the step-up in D&A. This reflects three key things, all of which represent an investment in future growth. Firstly, AUD 75 million of CapEx invested. This was an unusually large investment and a level of CapEx that won't be sustained. We will cover more on that in our guidance later. Second, the new D&A associated with the four acquisitions completed, both tangible and intangible assets acquired. Thirdly, the investment in new leases and on facilities to support the 2030 ambition Joe has laid out. Moving to the bottom line, we delivered NPAT of AUD 49 million or AUD 0.206 per share. I note the slight reduction in year-on-year NPAT margin. This reflects the P&L impact of the growth investments mentioned, investments that will right-size the business structure for growth well into the future. As you'll see in our guidance, we don't anticipate that rate of CapEx to continue. Joe has already covered the dividend, which is consistent ratio with the prior half. This reflects balance in our capital allocation approach, consistent performance, maintaining prudent leverage and a strong balance sheet, retaining capacity to pursue opportunistic growth where it is on strategy and value accretive. Turning to slide eight and the major segment results. I won't spend too long on this for two reasons. Firstly, we see these segments as interrelated. Symal is an integrated business. Small changes in relative margin between the segments period on period is not something we focus on. We seek to maximize the utilization of our plant via both internal as well as external wet and dry hire. What we are focused on is the group margin, and that was delivered at a healthy 11%. Secondly, as Symal has diversified and grown, it's timely to ensure the organizational design is fit for purpose. Symal is undertaking an organizational design review, which we expect to complete in the coming months. This review will likely impact how these segments are presented and reported moving forward. Moving on to slide 9. Here we provide additional context on the key drivers of the year-on-year growth in NPAT. As previously mentioned, we delivered 17% or AUD 18 million EBITDA growth, AUD 11 million organic and just over AUD 7 million associated with acquisitions. In the D&A section, you can see the year-on-year earnings impact of these investments I talked to earlier. Plant and equipment, new facility leases, and the acquired D&A associated with our four completed acquisitions. Finally, in the purple, we see a modest increase in borrowing costs. Part of the increase related to the interest on the new facility leases, the balance reflecting a modest increase in borrowing costs on drawn debt. As we predominantly funded our FY 2026 investments from cash, a significant portion of our debt facility remains undrawn. However, we pay a margin on our bank guarantee and bonding facilities also, and naturally, the combined value of these is increasing as the business grows. Moving to slide 10 where we provide some analysis of our FY 2026 cash flows. On a statutory basis, cash conversion was 95%. This was lower year-on-year due to the absolute reduction in margins, along with additional cash acquisition costs and working capital movements. But it remained within the 90%-110% target range previously outlined. For me, the bottom line here is, are we getting paid? And the answer is absolutely we are. Symal has a history of extremely low bad debts and debtors remain very current. If we continue that focus, we will maximize cash, all things being equal. Moving to the right, we see interest and tax paid, combined at around AUD 23 million. In the investing cash flow highlights, we clearly see CapEx and acquisitions. CapEx shown here, AUD 64 million, is net of around AUD 11 million proceeds on the sale of excess plant and equipment. In terms of financing, given we predominantly funded our acquisition and investments from cash, we don't see a significant increase in drawn debt, keeping borrowing costs low. And finally, we also see lease repayments of AUD 7 million and dividends paid of AUD 22 million. Moving to slide 11, this covers the key elements of our liquidity, debt and leverage as at 30 June. Despite cash funding the majority of FY 2026 investments, we retain a strong liquidity position of almost AUD 260 million. This included AUD 82 million of cash and AUD 177 million of immediately available credit facilities. While we have moved from a net cash position into net debt as shown, this is not unexpected given the significant capital investments made and the four completed acquisitions during the year. But our net leverage is low at 0.4 times, and we retain significant funding capacity to grow. In addition, our return on invested capital across FY 2026 was an extremely strong 23%. As I mentioned earlier, our bank guarantees and bonding commitments do continue to grow with the business, and these totaled AUD 107 million as at June 30. Thank you everyone. I'll now hand back to Joe. Thanks, Scott. As we turn to slide 12, I would like to remind everyone of a few key points that make Symal unique within our sector. We are a diversified and national services platform. We are not a civil contractor. This is only one part of our business. We provide contracting services to Australia's largest growth markets: infrastructure, digital infrastructure, energy and resources, utilities and defense. For clarity, our business is designed to excel in these themes, but be diverse enough not to be reliant on any one to achieve consistent returns. As a founder-led business with 69% of the stock held by Symal executives, we have a long-term view on our strategy, and our management team are fully aligned to our outcomes. We are a vertically integrated and self-performing company with over 1,800 staff and 12 separate businesses. Where possible, this means we are not reliant on the external market to dictate terms, rates, or any inflation costs. We minimize our concentration risk via an average contract size of around AUD 20 million. This removes the lumpiness you will see with larger contracts, supports greater staff retention, and eliminates any high-risk exposures. Our work in hand and pipeline continues to grow at record numbers. We have the work, the people, the opportunities. Symal is positioned better than it has ever been to deliver on our strategy. Moving to slide 13, I have talked about growth and expansion, and here you can see it. Today, we have 22 national offices and yards ready to deliver. FY 2026 included significant milestones. We established our first permanent position in South Australia through Davison. We are very excited about South Australia and what it brings. We have doubled down in Queensland by including three new businesses, creating a truly integrated group that can work in unison and leverage the vast Queensland infrastructure pipeline, which is larger than these contractors could ever individually deliver. We opened our purpose-built operations and maintenance facility at Avalon and relocated to our new corporate office in South Melbourne. Late in the year, we announced an agreement to acquire Queensland-based Shamrock Civil, and we expect to close that very soon. It has been a big year, and yes, it is quite a lot. But we have the people, the systems, and processes in place, and we are all energized and excited about the opportunities ahead. If there is one thing Symal is good at, it is growing whilst maintaining culture and profitability. Moving to slide 14, we will talk more about our key end markets. Digital infrastructure, it is the hottest topic in town, and it is no different inside Symal. Digital infrastructure is not new to us. We built our first data center in Victoria in 2020, and we have 18 completed data centers to our name. In the last 12 months alone, our digital infrastructure packages span 15 separate data center projects, which, once complete, will have a combined value of approximately AUD 380 million. This equates to an average of AUD 25 million per project. Let us break this down. If these were generally 50-megawatt data centers, think about the size of the average contract on a 200-megawatt plus build. I will let you do the maths. While typically our scopes have to date varied between 5% and 17% of the total base build costs, we are looking at ways to expand our potential value capture through the expert electrical capability of Searo and Lekal. Despite what we have already delivered and all the work we have already seen, we are potentially only at the tip of the iceberg. The size of the addressable market is truly one of scale that may exceed anything we have ever seen before. Our pipeline is stronger than it has ever been, and with what we are seeing, it is just the beginning. We have the relationships, the demonstrated capability, and the credibility to deliver fast, efficiently, effectively, and safely as required to sustain success in this space. On slide 15, we cover off energy and utilities. Energy is another key growth market, being driven by the energy transition, population growth, or to power the digital infrastructure boom. Energy is the second largest market in our work in hand and the biggest in our overall pipeline at AUD 6.6 billion. Over the last year, we have secured over AUD 200 million of energy projects and with over AUD 6 billion in active projects in the pipeline. Energy is firmly in Symal's wheelhouse. It is worth noting, with a AUD 500 billion addressable market in front of us, we expect to keep winning and growing in energy. In utilities, Locale Civil's success has been a highlight for FY 2026, laying waste to every target we set. Locale Civil has established a solid position in the highly regulated Victorian energy distribution network. Locale Civil's workforce has also grown by 75% since the acquisition, second only to its geographic expansion. Locale Civil is now servicing Powercor across hubs including Brooklyn, Geelong, Bendigo, Ballarat, and all the way to Shepparton and Mildura, and we service 80% of CitiPower's network in Melbourne. With AUD 64 billion of regulated non-discretionary spend across the NEM over the next five years and opportunities to expand to South Australia, we see a pathway for Locale Civil to double its revenue. Water is another area we see great potential, with AUD 9.6 billion committed nationally to servicing and upgrading water infrastructure. McFadyen is the prime candidate to participate in this sector. Infrastructure is at the core of Symal, and we are not losing focus in this area. We see a record of AUD 240 billion of addressable infrastructure investment planned across the locations we operate in. Of course, we are still having great success at EBTA, and it continues to progress extremely well. We still have over AUD 300 million remaining on the project through to completion in FY 2029. Our work in hand and pipeline of opportunities and infrastructure remains strong at AUD 2.6 billion. Whilst infrastructure may not be as front of mind for some, it is for us at Symal, and we expect to continue to win and grow in infrastructure nationwide. On defense, late in FY 2026, we took a significant step to acquire Shamrock Civil. With an addressable market of AUD 425 billion, we are at the beginning of a boom in defense too. Success in defense requires specialist accreditations and established relationships built on track record of delivery and success. These attributes take time and are hard won. Shamrock Civil has this pedigree. Shamrock Civil also bring defense capability where the growth will be, with a span from South Australia through to Darwin and Northern Territory, and even into the Pacific. Combined, we will have the scale, the experience, the reputation, and the strength to grow further and faster as defense investment accelerates. We have included some details of our Shamrock Civil acquisition in the appendix. Moving to slide 17 and a recap of our strategic focus. I have covered this before, so I will not dwell on it. We are growing deliberately and with purpose, and much of the exciting progress made can be directly linked to our five strategic focus areas. We have strengthened our core. With a proven platform we can double by investing ahead of assets, facilities and resources required to take us there. Our earnings are more diversified than ever, as is our work in hand and pipeline. We are unlocking group value via geographic and end market aligned acquisitions that are stronger together. We do not buy earnings, we buy growth opportunities. And every day, we innovate to find better ways to do what we do whilst building capability in our organization. Today, Symal is too big to rely on a few. Whilst we retain our founder-led approach, the capability in our people runs deeper than ever. Moving to slide 18, our last slide. Let us talk about FY 2027. We have extended our guidance to include EBITDA, D&A, and CapEx. Let us start with the EBITDA guidance. We are providing a range between AUD 153 million and AUD 163 million. As you can see from our order book, we have lots of opportunities ahead of us. In saying that, we are comfortable with our guidance. It is only early in the year, and as always, our focus is on positive outcomes for our shareholders. D&A of AUD 55 million to AUD 60 million is included to provide clarity. We invested heavily in our future in FY 2026, and some of that shows up as D&A. These D&A charges will be annualized in FY 2027. And finally, capital guidance of AUD 25 million to AUD 30 million pre any acquisitions. Of this, we expect around 60% to be cash and 40% to be funded via leases or other financing as it relates to fleet and light vehicle upgrades. Our key focus areas, be it in business as usual or M&A, are also outlined here. These include continuing to win both geographically and across our key end markets. We like recurring revenue like Locale Civil provides. We want to grow that. Here in Victoria, we see ourselves as the incumbent digital infrastructure contractor. We want to leverage those skills, experience, relationships, and reputation more widely as this sector booms. Searo is a key growth opportunity and a key vertical integration play. We want to continue to capture more of the pie when we win. Being disciplined in our capital allocation is important to us also. Strong financial results allow us to deliver consistent returns, maintain prudent leverage, and pursue accretive growth, all important components of our capital allocation framework. This also extends to M&A. We will maximize the synergies and value from the acquisitions completed. We still have the capacity to grow, but we view M&A as opportunistic and we will remain on the lookout for opportunities that align with our strategy. I expect that most would likely mean adding skills and capacity to grow faster and capture a bigger share in specific key end markets. However, no matter what it is, it must pass all our hurdles and ultimately deliver value for our shareholders. Thank you all for your interest in Symal, and to those who have already invested, thank you for your support. I will now open the floor for Q&A. Great. Thanks so much, Joe, and thanks to the team. Just a reminder, if you did want to ask a question, the Q&A panel on your right of screen, just type it in there. First question is from Amanda Kelly at Barrenjoey. In the midterm, wondering if you can talk to capabilities you want to add to in the digital infrastructure space and what percentage of investment you think you could become applicable versus the 17% you've provided now. Yeah, good day. Look, in terms of the digital infrastructure space and what further investment we can do, currently we're doing the earthworks civils, the public groundworks, landscaping, concrete works, some of the precast elements and structural steel. In addition to that, though, it's all about now using Locale and Searo for the lead-in style type works from that electrical point of view. As we continue to diversify our business and grow, our expectation is to continue to add some other electrical components or other areas we see to add great value to Symal as a whole, by way of acquisition as well. So we can definitely increase that 17%. To what number, it's probably a bit premature for me to say what that's going to be, but we definitely have our eyes on the prize and we know what we want to achieve. Great. Thanks, Joe. Just a question from Darcy Wright at Jarden. Given the size of the tender pipeline and work in hand, how much additional work can Symal absorb with its existing asset base? Are there any capacity constraints? Yeah, look, in terms of the asset base, obviously we've got AUD 200 million worth of assets that we use on our projects. We have a fair bit of gear to continue growing Symal, and our forecast has allowed for the right level of CapEx for what we've got coming up. If we go beyond that, there may be a requirement to buy additional assets in due course, but I think that would be based on any major project that may need some sort of specialist type equipment. If we do so, we would obviously guide the market accordingly. In addition, it's worthwhile noting that we also have the ability to use the external hire market to add to our fleet. Great. Thanks, Joe. Just a question from Amanda Kelly at Barrenjoey. Can you walk through the segment drivers of margin profile between 10%-12% in FY 2027? What are the outcomes that could drive this to be at the high or lower end? Look, I'll take it back to digital infrastructure. That's where we're seeing some of the largest growth in that space. I think the best way to be thinking about digital infrastructure today is the size of the data centers that we've been building is circa 50 megawatt data centers, and we delivered 15 data centers from that period, an average of AUD 25 million per data center. If we just double the size of those data centers to 100 megawatts, you now got an average of AUD 50 million per project. If we go to 150, we go to 200 or up to 800 megawatts and beyond. There's talks of one gigawatt data centers. I think you can start to see quite quickly the opportunities that are going to present themselves to the market. I think from all forecasts, there'll probably be more data center work than what there is going to be contractors available to deliver, and that generally will drive margins up. So I think that's an area where we can definitely see some increased margin in the business. Also, favorable conditions across the market will generally drive those margins beyond that 12% mark. Our focus is delivering between 10% and 12%, but all things going well, we'll beat that. Great. Thanks, Joe. Just a question from Darcy Wright again at Jarden. You've guided to lower CapEx in 2027. What's driving that step down and what do you see as the appropriate sustaining CapEx level for the business longer term? Thanks for that question, Darcy. Look, yeah, 2026 was definitely a year of investment for the company in property, plant and equipment, facilities, acquisitions. We deliberately guided CapEx this year because we expected that step down and we wanted to make sure the market understood that step down and we would see that the 2027 level is broadly more consistent with what would be expected moving forward. It's a moving space at all times, of course. Great. Thanks, Scott. Just a follow-up question from Darcy. Can you update us on Locale and Searo performance since acquisition? How's that tracking versus expectation? Yeah, look, Locale's been an amazing acquisition for us. It's a well-established business working in that regulated space. To give you some color there, we've definitely seen a huge step up in terms of revenue and margin that's coming from that business. If I could go and acquire 10 more Locale's, I would tomorrow. It's been a great business. We've got more works on our books now. We've got the on-call service contract. We've increased the amount of depots that we're servicing. So that continues to expand. Again, we've got some really good ambitious growth drivers there organically to continue growing that business and we take on more work within Victoria, but also look at expanding into other states as well. So definitely a great one. In terms of Searo being our organic startup, that's been a great business too, obviously, or else we wouldn't have started it. We're starting to get some real momentum there, some really big opportunities in the pipeline. We've delivered one of our first major solar BESS projects. We've got a lot of work in terms of that EV space as well. Then now also looking at that data center space and how Searo can really participate in a larger way. So I think for the future, Searo's got some really amazing opportunities and we're going to continue driving that business organically into 2027 and beyond. Great. Thanks, Joe. Just a question from Liam Schofield at Morgans, can you talk about the moving parts of the debt balance through the FY 2027 year net debt Shamrock working capital and CapEx? At what rate, given the bank guarantees? Yeah, thanks for that question. In 2027, we have to settle Shamrock. We guided an upfront AUD 51 million on that. About AUD 10 million of that is script, so we are about AUD 41 million there. Some deferred CapEx, so only about a deferred, consideration there. So it is only about AUD 35 million out the door as the upfront payment. Beyond that, we have guided the CapEx. We have got pretty strong cash flow across the year, so we expect the net debt to be pretty stable or come down slightly across the year. We have floating rate interest, so we have got pretty strong margins, pretty tight margins on that. So I think across the year we should be in pretty good shape. Great. Thanks, Scott. Darcy Wright at Jarden. You have highlighted AUD 6 billion of tenders in energy and resources against roughly AUD 570 million in work in hand. How should we think about energy and resources margins relative to the broader group? Yeah, thanks, Darcy. The energy and resources sectors continue to provide a really solid pipeline for us, and we are really excited by that. You will see from the deck that it now makes up 30% of our work in hand, which is great. The margin profiles out of this continue to support our 10%-12% range that we hope to hit every year. It is probably more likely that you will see more potential coming out of the data and digital infrastructure space, for margin upside in the future. Great. Thanks, Nebs. Just a question from Lachlan Woods at Canaccord. You've developed a strong reputation doing balance of plant work on major transmission projects. Can you go into any color of any relationships you've developed or key contracts you're looking at? Yeah, I can. In the transmission space, we've got a really strong reputation for supporting some of the players in the market. We've formed some really great relationships with a couple of our listed peers in particular, and we're currently looking at opportunities in Queensland, New South Wales and Victoria. We'll have more to say on that hopefully over the coming year. Great. Thanks, Nebs. Just Darcy again at Jarden. On M&A strategy, what types of businesses or capabilities are you looking to acquire in the energy vertical? What are the key criteria you use when assessing potential targets? Yeah, definitely got a big focus in the electrical space for us. That's no secret. We've spoken about that for some time. That's to increase our capabilities in Searo, so we start to match the same level of what we have with our infrastructure or our civil balance of plant. So, big focus there in increasing its workforce and overall capabilities. Furthermore, it's about getting those capabilities in a scalable and I suppose in a decent way in the data center space as well. That's very important for us. So if we can tick two boxes at once, that'll be fantastic. In terms of other M&A priorities, for us, it will be in that utility space. It's about getting more recurring revenue into the business. So it's a key focus. We are opportunistic and we are deliberate with what we do, so finding acquisitions that is going to give us the greater incumbency in certain end markets that we are working in or give us a greater reach nationally, we will be looking at that as well. Great. Thanks, Joe. You probably just answered this question, but just from Ben Yun at Ord Minnett regarding future M&A, what geographies have your interest in 2027? Again, it is not really totally about the geographies. It is about what I said in the previous question. However, we do have a bit of a keen interest in looking over to the West, in due course. That is not something that we are saying is imminent, but it is definitely something that we can see as completing the whole national footprint. I think it is important to remember that we do have a very flexible and transient workforce and we are accustomed to working in FIFO and DIDO sort of conditions. So, for us, the projects can sort of be anywhere, and we can move our staff around. But what we do like to have is a base where everyone can come back to, and we can set our engineers up in. And that is why you can see now we cover that entire East Coast. We are right up into Northern Territory very soon once we complete Shamrock. And also down into South Australia as well, we have a really good, strong presence. So we can sort of get to all those regional projects that are coming from power renewable projects and also digital infrastructure projects. Great. Thanks, Joe. Just a question from Darcy at Jarden. As free cash flow improves and CapEx moderates, what are the priorities for excess capital? Yeah, look, our capital allocation framework priorities include reducing net debt. Obviously, while we're in a net debt position, we'll focus on allocating whatever free cash flow we can to reducing that. We see delivering consistent returns to shareholders as a hallmark of a successful company, so we're focused on that. Once we get beyond that, we look at M&A as an opportunistic allocation. It needs to meet our hurdles. It needs to meet all the requirements around sectors, and meet our strategic objectives. Once we've got through those things, if there is excess free cash flow, we'll consider how we allocate that when it's there and available. Great. Thanks, Scott. Just a couple of questions on the DRP, being the first dividend where shareholders can elect to participate in DRP. Why has the board chosen this dividend as the first where the DRP is triggered? Are the directors or founders planning to partake in the DRP? I can certainly answer the first part of that. As the new CFO coming in, looking at the capital allocation framework, I noticed that the dividend plan was established but not operational, and I felt it was appropriate to give shareholders a choice how they want to participate. I suggested that to the board, and they were supportive of that, particularly given the passage of time since listing. In terms of how the founders will participate, look, I think they already own 70%, so I think expecting them to reinvest is probably reducing the free float and not necessarily something that would be ideal. That's their call and how they want to participate is up to them. I'll hand over to Joe if he has anything he wants to add on that. Thanks, Scott. Look, definitely the biggest consideration for us is always the liquidity of the stock and that free float balance. For us, I can't speak for everybody, but my intentions would be not to participate. That's something that dividends are helpful to me and my family. That's where we sort of sit. In terms of the others, I can't comment for them. Perfect. Thanks, Joe. Just a question from Liam Schofield at Morgans. "Can you please talk about your progress in winning or tendering Queensland projects? Yeah, thanks, Liam. Our Queensland plan is right on track. We're really excited about that state. AUD 127 billion pipeline coming through allows us to continue to focus very much on quality of earnings rather than quantity. That's something we've always done over our history and during FY 2026, 99.75% of our revenue was profit-generating revenue, which shows a really targeted approach to what we do. With the organic and the M&A growth we've done in Queensland over the past 12 months, we're really happy with the progress we're making in that state. It's right on track. Great. Thanks, Nabs. Just a question from Lachlan Woods at Canaccord. "Can you discuss the Eastern Freeway contract, including remaining work and revenue across 2027 and 2028? Should 2027 growth accelerate as you cycle the weak first half contribution? Yeah, thanks. We couldn't be happier with how Eastern Freeway is progressing. We're 70% of the way through that project, and with it we've had some incredible feats. We've lifted 3 of the biggest lifts in Victorian history, which are all 3 of the major crossings of the Eastern Freeway. We've installed all the major bridge segments across the project. We're really excited about what's to come in the final parts of that project. To be sitting here at 70% of the way through the project, knowing we're on budget and ahead of schedule, is just an incredible feat for our first multi-billion AUD mega project. Great. Thanks, Nabil. Just a follow-up question from Lachlan at Canaccord. "Any update on the 4 ECIs you have, or have you won any ECIs since your last result? Yeah, the ECIs, as we move into more energy ECIs and less infrastructure ECIs, they are more complicated to get across the line and get into a contract position. We're really excited by the ECIs we're working on, as we mentioned a couple of months ago, and we're hoping to have some more news in the coming period. Great. Thanks, Nabil. Just a question from John Hind at Petra Capital. "Can you talk through the AUD 14.5 million in M&A costs in the period? How much do you expect for the Shamrock in the first half of 2027, and have the other one-off projects ceased?" Yeah, thanks, John. The AUD 14.5 million reflects a fairly heavy year in terms of M&A for completed acquisitions. There were obviously a number of potential acquisitions we worked through that didn't pass muster. I mean, we don't do everything, obviously, and we're pretty disciplined in that regard. And the actual costs reflect a combination of our internal team's time and effort that they put into it, as well as external consultants. In regard to Shamrock, I think you can assume if we did 4 or 5 this year at that rate, that one's going to be a similar proportional cost. I've forgotten the last part of the question there, if there was something else. Yeah, I think that sums it up perfectly, Scott. Okay, thanks. That concludes the Q&A segment. I might just hand it back to you, Joe, for closing remarks. Yeah, thank you, Simon, and thanks everyone for staying online and listening today. I suppose just to finish off, FY 2026 was definitely a year of records and regardless of the records, we invested as well heavily. I think you can see some great results on the screen and what we've delivered. There's some headwinds that we were faced with as well, and I think we delivered exceptional results based on those headwinds in terms of fuel costs and escalation of materials. I think it's really important to note that 25 years we've been in business and we always make it work. We always do find there are headwinds every few years that we have to deal with, and our diversified business really gives us the ability to pivot, change, make the best margins that we possibly can during those periods. We don't have any reliance on one sector, one state, or any one contract. That's definitely a strength for Symal. The other part is that we always look for those opportunities in the market, and that's something that we've done with the selected end markets that we work in today, and we see those real opportunities in digital infrastructure, energy, defense as our key priorities at the moment. Utilities are secondary and also what we see in that infrastructure space. We'll continue to drive within all those end markets. The other important part, and we do get questioned a lot is, are we acquiring growth? We're definitely not. We put organic first, and that's something that we're extremely proud of. We acquire these businesses to scale, which gives us more organic growth as well, but also gives us a lot more opportunity across the board to become the incumbent contractor in the regions or states or end markets that we work in. We will continue with M&A, but it's all about what makes sense to us. It's making sure that they hit the key criterias of what we want them to do. I've touched on that M&A previously, so it's important. Then probably the last one too is, as the largest shareholder of Symal, what we do it's got to make sense to me. It needs to make sense to Ray and Andrew as well, the other shareholders. So we're always conscious of our shareholding and ensuring that we make the right decisions for the business. Just lastly, in terms of, and we do get questions about if we're going to raise, and our intentions is that we don't want to raise capital. We're in a position where we have lots of balance sheet capacity, and we want to continue using that balance sheet wisely to make the right acquisitions. But if we do raise, we'll be obviously looking after our existing shareholders first. That's something that I just want to make sure everyone understands. I think the last to close it all off is that we talked about a AUD 200 million aspiration. You saw it's been dropped off the slides, and that was by 2030. One thing's for certain is we're definitely going to hit that number a lot sooner than 2030. I think our results for FY 2026 and what we've got into for 2027 really proves that. Perfect. That concludes the call. Thanks very much for joining and thanks to the Symal team. Well done.