Thank you, and good morning, everyone, and thank you for dialing in. It is a pleasure to host this FY 2026 results briefing. Financial year 2026 was a record year, and our team is proud of the results, which include an outstanding second half. We delivered an underlying EBIT of AUD 118 million, up 54% on the prior period. Our underlying net profit after tax was AUD 73 million, up 42% on the prior year, and we generated a return on capital employed of 38% and a return on equity of 32%. Importantly, we delivered shareholder returns. Our earnings per share were AUD 0.288, up 27% from the prior year. We declared a final dividend of AUD 0.085, up 32%, excluding last year's special dividend. Since IPO, we have delivered a total shareholder return of some 523%.
Our operating cash flow was strong, AUD 147 million, representing 126% growth on prior year and 125% conversion of EBIT into operating cash flow. We completed three programmatic acquisitions, WorkPac, Maxim, and JPS Group. It is with pleasure that I announce that we are upgrading our FY 2027 guidance up a couple of million dollars to AUD 205 million-AUD 210 million EBITA and net profit after tax and amortization, AUD 130 million-AUD 133 million. Over to you, Mark.
Thanks, Stephen. Next page, I think, the financial highlights, Slide 3. The key message from here is that we grew organically at 18%, as well as via acquisition, which is part of our compounding strategy. Our underlying EBITA was AUD 118.1 million, up 54%, NPATA AUD 73.7 million, up 42%, and earnings per share AUD 0.288, up 27%. We achieved, on a net revenue basis, a growth margin of 16.2%, which represents the delivery via our highly specialized margin businesses. Importantly, our return on capital employed increased to 37.8%, and we have provided an organic bridge at the bottom of this page in the table that takes AUD 118.1 million, strips out the AUD 8 million for the contribution that WorkPac made, which left just over AUD 110 million against the pro forma FY 2025 number of AUD 93.2 million, signaling or generating an organic growth of 18.1%.
Importantly, as Stephen mentioned, it accelerated in the second half strongly, and every segment grew in the second half against the first half. If I could turn over the page. Just continuing with that, the second half run rate we are carrying through into FY 2027. We have started the first month very strongly, hence the reason for providing an upgrade. The first half EBIT of AUD 44.3 million versus the second half EBIT in FY 2026 of AUD 73.8 million. Margin grew from 13.4% - 18.5% on a net revenue basis. There are a number of things driving this, which included the mix skew of the higher -margin revenue businesses coming through, more specialist labor being sold versus a higher proportion of materials in the first half pass-through.
Importantly, greater self-performance and cross-selling across our subsidiaries, price escalations kicking in for the second half, and far better labor utilization as a consequence of some deferred project work in the first half coming through in the second half, ensuring that our labor was highly utilized. On top of that, we have been driving an efficiency and cost reduction program across a number of our subsidiaries by merging a couple of our smaller ones up into our larger subsidiaries in the same segments and locations, which saw a number of, I guess, headcount savings. We have been adopting AI to streamline our back office processes, which again, has provided more rapid data and accurate data. On top of that, eliminated a number of processing headcount. If I turn over page. We are forecasting just leaving that page of our EBITA margin to sit around 14% at this stage.
If we deliver higher cross-selling like we are expecting, the risk could be to the upside there. In respect of our strong and consistent growth, our strategy being of one which has now been going for three years since we have been on the boards, and it is a compounding strategy. Total shareholder return was 523%, as Stephen mentioned, since we listed in April 2024. Pro forma EBIT has grown from AUD 55 million in 2024 to AUD 93 million in 2025 to AUD 128 million in FY 2026. On top of that, our compounding annual growth has been about 56%. Underlying earnings per share has grown from AUD 0.179 - AUD 0.288, and around AUD 0.47 we are giving guidance at, which is about a 38% compounding return or increase. Shareholder value has increased alongside our earnings and has not been diluted.
Importantly, our business model generates cash, 101% over the average of the three years, and this is what is then funding our reinvestment. If I turn over to our cash generation page on Slide 6. Operating cash flow is the engine model of our business model. We focus on it, we measure it, and we ensure that our earnings is turning into cash. Operating cash flow before interest and tax was AUD 147 million, 125% conversion to underlying EBIT. As I said, it has averaged over 100% since IPO.
After interest and tax, it was AUD 91 million. If you take out our stay-in-business CapEx of just over AUD 22 million or approximately 3% of revenue, we have a high free cash flow. What drives this is our scheduled rates contracting, predictable model, regular invoicing, and recurring maintenance work for our long-term customers. We are not carrying long -dated project claims.
If I turn over to our balance sheet. We have the capacity to continue acquiring without going to the market for equity. Net debt was down to circa AUD 60 million from AUD 110 million. Leverage was 0.04 x at 30 June, well below our 1 x net debt to EBITA target. It stepped up to about 0.08 times after the acquisitions of Maxim Group, which completed on 1 July for Maxim Group and on 3 August for JPS Group. So still sitting well below our 1 x. Our operating working capital efficiency also improved to about 4.4 x down from 11.4 x. You can see we have a low -risk contracting model. Bank guarantees represent only 1.3% of pro forma revenue, and we do not carry large performance security bond exposure for the majority of our work, which is done under MSAs for maintenance.
The effective cash payout rate for our dividend for FY 2026 was within our target range of 30%-50%, being at 46.6%. Our DRP is taking a good proportion of that and putting it back into the balance sheet, led by the founders and executive directors reinvesting. The rest is retained and reinvested into programmatic acquisitions for high returns on capital. We are currently in live negotiations on a number of specialist opportunities, which none are allowed for in our FY 2027 guidance. I might pass back to Stephen.
No, Trent, I think.
Just over to me.
Yep, Trent.
Thanks, Mark. Operator to Slide 8, if I may. We have shared this slide previously when we announced Maxim, and that image on the left. We have just given a few quick updates on the right-hand side. What it confirms, I think the market has already confirmed it, is data centers are real and are an absolute near-term electrical market for our business. You will see on the left that there is a forecast capacity to grow to 3.2 GW by 2030, with Melbourne representing 1.1 GW of that. We see that is obviously critically important to Tasmea because we own Maxim in Melbourne. In the first two months, we are proud to say the group has won a few extra contracts in Victoria with their existing customer, and that was already part of the DD that we forecast.
Outside of Victoria, we see South Australia as the second front. There has been a lot of discussion around Firmus coming to town. They have announced that they will have an investment in South Australia, and likewise, Firmus is looking at two opportunities in regional SA. You will see that AEMO has highlighted that 225 sites are in development already this year, up against 97 last year. What does this mean? I think it is the constraint on all of this is that it is the power, not the land or the buildings. So transmission, substations, and connections. This is our work. This is what we are proud of, and we have one of the largest remote specialist electrical workforces in the country. Over to Slide 9, please, operator. Back to our core market. That is the sustaining spend. This is the recurring, far less cyclical than the growth projects.
You will see in the last week, BHP and Rio Tinto have touched on the market. They are about AUD 22 billion in annual CapEx. AUD 15 billion of this is in sustaining and replacement CapEx on assets that already are operating. This is our addressable market and what we are working towards. Sustaining spend is maintenance-led. It repeats every year. It is exactly why we put so much focus on the Master Service Agreements. You will see that BHP is very much focused on copper South Australia.
So the three key sites, Prominent Hill, Carrapateena, and Olympic Dam. They have also got a big focus on Caval Ridge over in the Pilbara. What is exciting is BHP has called Copper SA the most expandable major asset, with over 80 years of life left. For Rio Tinto, they are focused on the Pilbara mine system and the port replacement CapEx, and a bit of work up in Weipa and Rhodes Ridge.
What does this mean for Tasmea? We have converted over AUD 80 million worth of maintenance contracts with BHP in the last 90 days and super excited about supporting them and their growth ambitions. If we go to the next slide, please, operator. Slide 10. Our most recent acquisition, so JPS Group. This opens a new end market for Tasmea, but the same maintenance economics that we have run in the past. So we completed with JPS Group on the 3rd of August. This sits inside our mechanical segment that you will see. You will see in the image there are over 10 producing LNG facilities across the country. This is about 20% of the global supply. So these plants are built, they are committed, and they are running. So we see decades of operations, maintenance, and shutdowns. We see this as our sweet spot.
JPS is also considering and pursuing opportunities in the U.S. with some global customers that we already service in Australia. I will hand it over back to Stephen or Mark.
Thank you, Trent. Maybe just to round out Trent's comments, I urge those who are on the call that have not already done so to review both Brendan Craig's comments for his FY 2026 results and likewise Simon Trott's. You will see that they share our outlook, or maybe better put, we share their outlook, and they are excited about electrification and the fact that they are mining materials that they see will be in exceptional demand. I wanted to share that our compounding strategy is delivering value. If we could turn to Slide 11, there are a couple of key messages. First of all, our twin-pillar, high-growth model is continuing to generate significant shareholder value. Our total shareholder return, as both Mark and I have mentioned, and we are very proud of, is 523% since IPO in April 2024.
We seek to acquire number one or number two specialist operators at 4x - 5x earnings to EBIT. Earnings value, enterprise value to EBIT. We retain the leadership, and that is really important. We get asked from time to time by shareholders, "How can you manage so many businesses?" The answer is we do not manage them. We direct the owner-operators who manage them, and we support them to grow. But they do the day-to-day management. We grow earnings organically. We encourage cross-selling, which makes a significant contribution to our margin. Really importantly, we convert their earnings to cash. It is something that Mark monitors every week. Then that cash that is generated, we reinvest it in a disciplined manner. We are very disciplined about capital allocation into that next acquisition. That is the loop that you see on Slide 11, and it is absolutely critical.
Our unique business model has delivered 38% earnings per share compound growth. High returns on capital employed, 38% at the 30th of June. We continue to expand our portfolio and diversify across key industries, which reduces risk overall. It is interesting for those of you who were shareholders before we bought Maxim to consider whether post-Maxim we are more valuable, more diversified, and less risky as a result of that acquisition. Obviously, we considered so, which is why we proceeded. Each business contracts and trades individually. Really importantly, Tasmea does not trade, and the only parent company it is given is to our financier. We have got the benefit of diversified customers, diversified commodities, and diversified geography, reducing risk for the founders and all of our fellow shareholders. As we expand our specialist businesses, our cross-selling and organic growth accelerates and delivers strong compounding shareholder returns.
It's very important, I think, to talk about alignment between us and yourselves. We are led by founder directors who collectively own 54%. I've previously said, in very Australian terms, we own a shitload of equity, and we've got a lot of skin in the game. But really now, very importantly, we've got more than 90 employees leaning into our results. They are included in our long-term incentive plan, which is now going to deliver most probably double the benefit they ever could have hoped when we achieve our numbers next year. Really importantly for us, I mentioned last year that we're focused on getting Jason's option package working to his benefit.
Jason gets his first tranche of options today, and we hope that he'll get, and obviously our guidance would have him getting the next two tranches prior to the 30th of June or on the 30th of June 2027 results release. Importantly, we've now put in place an options package. My apologies, we haven't put in place. We've proposed an option package for Trent that will go to shareholder approval at the upcoming AGM. The incentive plan runs for five years. It's tied to EBIT growth from AUD 200 million in FY 2027.
Ladies and gentlemen, please stand by. We are having technical difficulties. I will place you back on music hold while we get the speakers back.
Hello, it's Stephen Young speaking. I understand that either my line dropped out or something similar happened. I'm back and hopefully everyone is still with us. I was announcing that we proposed a five-year share options package for Trent Northover, our Executive Director, commencing the 1st of July 2026, which will be approved by shareholders at the forthcoming AGM. Importantly, the incentive plan runs for five years and is tied to EBIT growth from AUD 200 million, which is the guidance we've provided roughly in FY 2027, to AUD 600 million in FY 2031, which requires an organic growth of 10% per annum. We'll continue to pursue our twin pillar strategy of organic growth and growth by acquisition. We will provide more details around that at the AGM.
But I think just at very high level, as set out on page 12 in the navy blue box, 900,000 options every year for the next five years, and the EBIT target goes up AUD 100 million each year for the next five years. Whilst that may look like a stretch, it is worthwhile noting that our EBIT target this year has gone up by nearly that amount. Over to Jason now to talk about the conversion of our FY 2027 pipeline.
Thanks, Stephen. If I could go to Slide 13, please, to discuss our pipeline. We have never had this much visibility this early on in any previous financial year. This is our highest ever pipeline. Our June guidance, shown on the left-hand side, secured plus revenue, plus tender work, was at AUD 1.21 billion, or 85% of the pipeline. Two months later, it is at AUD 1.31 billion, or 90% of the pipeline.
That is the de-risking of FY 2027 happening in real time. We have more than 125 live Master Service Agreements, with five recently executed and a number under current negotiation. MSAs are the reoccurring base. In regard to the contracts themselves, in the electrical segment, Maxim have been successful with two data center contracts in Victoria. We have won more than AUD 80 million of maintenance work at BHP. Tasman Power continues to win MSAs and MCA work throughout the Pilbara.
Sigma Power Services has a record order book, and Future Power was awarded recently the BHP Ministers North project, just to name a few. In mechanical, Forefront have an MSA in the U.S. GMS rehire contract has been executed, and Tasman Rope Access won an MSA with Fortescue. In the civil segment, Flanco continue to win multiple contracts throughout the Goldfields, and North West Mining & Civil have recently won a Rio Tinto iron ore rail contract with their Master Miner Works Agreement. If I could go to Slide 14, please.
We are excited to provide an upgrade some 63 days after setting our original guidance because the demand shown previously has told us to. Like what Stephen has already touched on, our EBITA is up to AUD 205 million-AUD 210 million from AUD 202 million-AUD 208 million. Our NPATA is up to AUD 130 million-AUD 133 million, up from AUD 128 million-AUD 132 million.
That is minimum growth of 74% and 76% on FY 2026. What sits behind it all is a full 12 months of Maxim, 11 months of JPS Group, and our continued 10%-15% organic growth across our existing businesses. This is underpinned by our strong order book with major wins across our electrical, mechanical, and civil segments. We have had a very strong start to trading in FY 2027, which was significantly up on the previous period of the same year. As Stephen said, demand for our specialist services is as high as we have ever experienced. I will now hand over to Stephen for questions.
Thank you very much. Operator, we are prepared to take questions now. I will leave you to handle the mechanics.
If you wish to ask a question, please press star followed by one on your telephone and wait for name to be announced. That is star one if you wish to ask a question. Your first question comes to line of Jonathon Higgins from Unified Capital Partners. Your line is open.
Hi, team. Thanks for the time today. Congratulations on the results and the early upgrade. Maybe just on the first one, on Jason's point, it sounds like you have started the year pretty strongly. You got plenty of visibility. Just the dynamics that are driving that in particular, and is that something that picked up through the half?
Maybe I will go first, and my colleagues might want to add to that. We have had a very good July, both in terms of actual performance. July was well in front of budget, which is exciting. July is a continuity of the last quarter of last year, which was exceptional, and some of the jobs that we have won, some of the MSAs that we have secured have all kicked into touch during July. We are quietly confident about the way both the year looks and importantly, how the first half looks.
Right. Good color. A couple more from me. Perhaps on the acquisition. So you have JPS and Maxim coming through. You have completed those businesses. You have called out those data center wins. Just wondering if you can tell us about how long they run for. Do they expand from here? And then also on JPS, you have also called out the U.S., I think for the first time. Just wondering if you can tell us what that looks like.
Yes, we can. Let me do with the U.S. bit, and then I will hand over to Trent. There are a number of Australian operating customers who have asked both Forefront and JPS to go to the United States. We did that a couple of times last year with Forefront very successfully. Believe it or not, those customers think it is better value for us to put a team on a plane. They pay for the MSAs on the plane and the air fares, go over, do the work, and turn around and come home.
That is very easy to say yes to that work. We are cautious about growing too quickly in the U.S., but in the event our clients want us, we will meet our clients' expectations. I will get Jason to try again. I will get Trent to add to those comments and importantly, deal with the Maxim part.
I will just finish on JPS. Yes, Stephen has been vocal and supportive of where the direction is. As you said, the customers have asked for us to go over. I am supporting JPS in the next fortnight with seven days of visits to see about 15 customers. So the interest is there, but I will always have to come back for board approval around our expansion. But it is exciting that JPS have been asked to go there similar to when they went to Angola four weeks ago. With regard to Maxim's query, Johnno, the two contracts are enabling works with the existing customer, so we did see those through DD Phase. And it is always nice to see, not long after settlement, that those are confirmed. So, they are with the existing customer and enabling works.
Excellent. I might go one more if I can. You sort of talk towards the shortage in availability of power and personnel in regards that. And you guys are one of the few now multi-regional operators in the electrical space. When do you think you will see. Do you have a view on when you will start to see the remote and more FIFO electrical contracting work in DCs coming through to your business?
Let me just touch on that. I will hand back to Trent. If you look at Australia's current data centers, they are all located in CBD locations. If you have a look at what is going on in the U.S., that was where they were maybe five years ago, and there has been a lot now that have gone to Middle America and in particular, Texas. We think the trend will be the same in Australia. The data centers will have to go to where land is cheaper, power is available, and water is available. Australia is unlike the U.S., a population of 28 million that live essentially around the Australian's coastline in the capital cities. As you know, our businesses focus on remote, and we have got Australia's largest remote workforce, blue-collar workforce.
We think we are uniquely positioned to take advantage of that trend as and when it happens. As Trent has already mentioned, there are, well beyond the drawing board, projects that are coming up in South Australia. We are aware that a couple of the hyperscalers have been having a look at the Pilbara, which again, is our backyard. So, we see that we are very well positioned for a trend that is emerging. I know Australia's data center operators organization, whatever they call themselves, announced yesterday that there is AUD 46 billion of data centers committed over the next three years. These are just extraordinary numbers. We will do the very best we can to keep up with them. But, that is most probably a number of multiples of the amount of electrical labor that is available to build them.
Yeah, I can support that, Stephen, if you like. I think we have got over 2,000 sparkies in the group, Johnno. I think you know that. So that will be a mix of FIFO DIDO. That is what we are set up to do traditionally. What is important is we have got collaboration within the group. So the Maxim business are a fantastic bunch of people, and they have been very open to sharing some of their insights and their skills. We are trying to get that collaboration happening within the group to make sure we are ready for the next phase.
Thanks, guys.
Operator, we are ready for the next question if there is one.
Your next question comes to the line of Amanda Kelly from Barrenjoey Capital Partners. Your line is open.
Hey. Morning, guys. I am just wondering if you can talk through the acceleration of the electrical margin into the second half. Just what type of work drove that stronger profile?
Amanda, it is Mark here. I will let Jason answer after this. But in the first half results, I think we mentioned that we had a fair bit of material supply at low margin, which with the deferral of a bit of the project-based work into the second half, meant we had a bit of unutilized labor as well in that first half. So when you flip that on its head with everyone being super productive and more specialist labor being sold and, one of our businesses, SBS, had a stunning second half, and that is quite a high -margin business, given the specialist nature of high -voltage commissioning work that they do. It is very unique, and they work for a number of the players,
In both the electrical space and also direct for end clients. Do you have anything further, Jason?
No, you have pretty much covered it all, Mark. Just to support what you said, the first half had a lot of the material component purchases and some of our project work. In the second half, we were able to execute that, get all the installations done, and all the commissioning completed, et cetera. Mark has covered it all.
Well, you have read in the month notice that we have got the guidance of 14% EBITA margin for the next year.
Yeah. Cool. Thank you. Maybe just a second one. Just wondering out of this JPS work in the U.S., are you expecting the FY 2027 work to become more recurring maintenance then? Does that mean that you might consider having a base in the U.S.?
I think we'll proceed with a great deal of caution. It's very important that we meet our clients' expectations. The U.S. is a very big market. There's not a lot of evidence of Australian companies going to the U.S. and doing well. As a consequence, we'll focus on maintenance and we'll grow cautiously. Obviously, when you end up with more work and you're no longer doing FIFO. JPS Group are a very capable specialist organization, and they've got technology and skills that clearly their global customers, which I think is really important. If you have a look at their customer list, most of their customers are actually global in their operations. And they are seeing skills that have been deployed by JPS Group in Australia that they would like to have offshore. One thing is to go to Angola.
It's not hard to imagine that Australian skills are better than you might have in Angola. It's exciting to think that our skills might be better than what's available in Houston. But, if that is the case, we'll grow cautiously.
Just to support Stephen's comments, Amanda, I think I will bring up a Stephen comment is, "I don't go anywhere without a PO." That was his first comment internally when we raised it to do this visit in the next couple of weeks. So we've received his endorsement for one flight without a PO, but it's client-side focused, which is probably the key point here. So there's no delivery risk. We're not spinning spanners over there in the U.S. market. We're not trying to get that labor. It is the LNG market labor, likely from Australia, that we can grow into the U.S. to support our customers. So we're just supporting the maturity of the LNG market as it expands in the U.S.
Thank you.
As a reminder, if you wish to ask a question, please press star followed by one on your telephone and wait for your name to be announced. Your next question comes from the line of Lachlan Woods from CGF. Your line is open.
Hey, thanks for taking the question. I guess the first one is, can you kind of talk through just the success you're having with Maxim in terms of bringing in the other subsidiaries and kind of cross-selling them into the key customer?
Can I again, just touch on that before handing to Trent? We are managing the cross-sell with a great deal of caution. We are providing labor to Maxim. That's easy. Going the other way and sharing skill and knowledge is something that we'll hasten with caution. There are very significant opportunities arising outside Melbourne, and we just need to be very careful, first of all, to be seen by our customers, this is our existing customers, to be looking after them first. Then we need to expand as a group and look after new customers operating in new locations. As we've shared with you, we are concerned about the available labor. We think that Tasmea, as a result of the WorkPac acquisition, best placed to meet the increasing demands for skilled labor. You'll gather from my comments now on a couple of points.
We are growing consistently, but we're also growing with caution, trying to meet our customers' expectations in a way that we exceed them rather than let them down.
Let's do the whole call.
Lachlan, you want any more info or you're happy with that?
If you've got any more, would always love it.
No, it's more supporting Stephen's comment. The cross-sell is real, but what our biggest focus is to make sure we support their labor demands. They've got existing customers. We want to deliver on what we've got. Jason's always said, "Don't give up what you've got. Don't walk past new customers, and miss the existing one." We want to make sure we do that first. They've got a lot of experience in data centers, and that's where we're collaborating. It's a long-term strategy for us. If that eventuates, happy days, but we're not going to let it impact our existing operations with our existing customers.
Yeah. That measured approach makes complete sense. I guess the second question for me, qualitatively, can you also just give us a bit of color on the demand you are seeing across the Tasmea subsidiaries? So Tasman Power, Flanco, ICE, et cetera. Can you kind of just talk us through what demand is driving each one?
Jason, why don't you start in the west with what is driving demand in the west? Then, we will hand over to Trent to do the same thing in the east.
Yeah. Overall, our clients continue to put through record tons or if they are not record tons, they are close to it. Their assets, like we have sort of said previously, they continue to age. What that means for us is they require more maintenance or brownfield project upgrades to ensure that they can keep to maintain those record production levels that they are chasing. In the electrical segment, Tasman Power, Sigma Power Services, Future Power, the Future Engineering & Communication guys, they are all experiencing record order books than what they have had previously. Civil is no different.
Flanco continues to do exceptional work throughout the Goldfields. Their record book is by far the biggest they have ever seen. North West Mining & Civil has had its strongest start as well. They have won a significant MMWA, which is very similar to an MSA that they have not had previously.
We think that that really positions them well to secure long-term growth for them. The mechanical as well, Tasman Rope Access had a tough couple of years, but their July was a record month for them. That is the best month we have ever had, the most amount of hours. Their pipeline is as strong as we have ever seen it. GMS has got some drill rigs on hire, which is no secret, that has been tough. We have been able to pivot that business, so that is going very well. Overall, across all of the segments in W.A., it is the strongest that I have ever seen it.
West Coast Lining Systems is doing a great job. Yeah, Sigma Power Services just continues to perform year on year. Their specialist service is really being valued by all of their customers and their name continues to grow. I will hand it over to Trent.
Yeah. Thanks, Jason. Similar to Jason. Olympic Dam, I think we've highlighted, we've put a lot of focus there. I think we've had some very detailed discussions with senior leadership there regarding not wanting to take over the world. That can be left for other tier 1 contractors. There's a lot of what Stephen might call bits and chips, and that's what we're really good at. But that value at Olympic Dam, Prominent Hill and Carrapateena is significant and low risk. We want to clean that up. N.T. is expanding. Thanks to JPS Group, they've got a good network there. Gladstone, Mark touched on it. We merged ICE and Corfield's Electrical Services. Corfield's Electrical Services was a good local company, but we've boxed them into ICE. That's generating a lot of interest from Rio Tinto, in the mainland in Gladstone, but also the customers on Curtis Island. Why?
Because we've got a bigger balance sheet and a bigger group to service for them. That's going well. I think we touched on in the last results or half year that Santos had been quiet and that's probably consistent with what we've seen, but their major projects globally are done. There's a bunch of free cash coming and they're doing a bunch of maintenance and shutdowns next year, and that's Tasmea and all of our subsidiary sweet spots. That's what we'll be focusing on. I'm actually a bit excited about Santos' growth next year for us.
Can I just repeat a comment I made earlier? I was excited, best way of describing my response to Simon Trott's briefing from Rio Tinto. I then got even more excited when we had Brandon Craig's briefing from BHP. Both of them have done better than their iron ore business in copper last year, and obviously both committed to further growth in the copper sector. Copper province in South Australia is the next big step for BHP. We won't be that involved in the construction. Having said that, we're doing non-process infrastructure work currently up at Olympic Dam. But we'll get the bits around the edge of the large construction work, and then we'll hopefully be involved in the maintenance once that is completed.
As I look at what's going on, you've got, most probably in this order, data centers, copper, iron ore, but even BHP mentioned coal in the last announcement. I don't reckon BHP's mentioned coal for five years. All of a sudden, their Chief Executive is saying we might even invest some more in metallurgical coal, which is a brave comment for any CEO to make. I'm really very confident about all of the segments that we currently operate in.
Perfect. That's super insightful. Thanks, all.
There are no further questions at this time, so I'd like to hand back for closing comments.
Thank you very much, operator. To all of you who've dialed in, thank you. We appreciate your support. Mark, Jason, Trent, and I will be available to answer any questions. I know we've got a couple more briefings via the brokers during the course of the day, and hopefully we'll get to see a few of you on our road show next week. Thank you for your time, and thank you for attending.
That does conclude our conference for today. Thank you for participating. You may now all disconnect.