Raubex Group Limited ($RBX)

Good morning, ladies and gentlemen. Thank you for joining us today. I'm Felicia Msiza, CEO of Raubex Group. Joining me is Dirk Lourens, our COO; Sam Odendaal, our FD; and Grace Chemaly, our company Secretary and legal advisers. It is a real pleasure to welcome you to our presentation of the audited final results for the year ended 28th February 2026. This has been a year of real progress us, 1 where we've continued to build on the strong foundations laid in prior years. We've seen solid performance across most of our divisions. Our balance sheet remains in excellent shape, and our order book has grown to record levels. I'm Jenny proud of what the team has delivered. Before we get into the detail, I want to acknowledge our people, the men and women across all 5 divisions who make this business what it is. Their commitment, expertise and hard work are at the heart of everything you'll see in these numbers today. So let's get started. I'll begin with a brief overview of the agenda and then take you through the highlights before handing over to my colleagues. As you can see on your screen, who we've structured today's presentation into 4 key sections, I'll kick things off with a brief overview of Rob who we are, what we do in the strategic context for the year. From there, I'll hand over to Sam, who will walk you through the financial overview in detail. After that, Dirk will take you through the operational overview. Then I will come back to close out with our outlook and strategy. There will be time for questions at the end. Let's dive in. So let's start with the first section about Raubex, I think it's always worth taking a moment to remind ourselves of who we are and what makes this group unique especially for those who may be newer to our story, Raubex has grown from a forecast or road construction business into a truly diversified infrastructure group. Today, we operate across 5 divisions, each 1 brings a different capability and serves different parts of the infrastructure value chain and together, they give us a resilience and breadth that very few of our peers can match. Our geographic footprint is another important part of the unique story we have a strong presence across Southern Africa, and our Australian operations give us exposure to a developed market with its own set of opportunities. This diversification, both in terms of what we do and where we do it is a deliberate strategic choice and it continues to serve us well. Let me now take you through the highlights of the year that gives you a high-level snapshot of where we stand as a group after what has been a defined year for Raubex the message is clear. We delivered solid performance our balance sheet is strong, and our strategic positioning continues to improve. Starting with the financial performance. The group delivered a solid performance across the majority of our divisions. Our balance sheet remains in a very strong position, and we generated ZAR 1.75 billion in cash from operations, a robust result that reflects disciplined execution and effective working capital management across the group. Our 5-division structure is now fully embedded this restructuring has brought greater accountability and a more focused management attention within each division. From an operational standpoint, we continue to prioritize operational efficiencies. This is not a onetime exercise but an ongoing discipline that is yielding measurable results. The Infrastructure division delivered exceptional growth driven by the execution capability, securing of new contracts and continued strong performance in renewable energy projects. They have secured their presence in the renewable sector. Our Rose and Etex division once again delivered beyond expectations exceeding margin targets through strong execution and discipline. In Construction Materials, we navigated difficult weather conditions and market uncertainty in certain segments. Despite these constraints, our teams remain resilient and focused on operational stability. Our Australia division was negatively impacted by 1 project, which is now complete. This loss was the single biggest factor weigh on the division's overall results. The rest of the companies in Australia performed well. We have implemented measures from the lessons learned from this. Our strategy for Australia stands to continue growing at a measured pace, and we are confident in the outlook going forward. A particularly meaningful achievement was the turnaround of BAU Resources after an extremely challenging period through focused leadership, difficult decisions that were made and by no means list, absolute share determination this business moved from a loss to profitability. This outcome is truly a testament to perseverance and teamwork under Croatia. Regarding Baba Resources, the strategic process to evaluate strategic option is ongoing, and we will communicate further information as the closest advances and great clarity becomes available. Our order book is a real highlight. It grew by 11.6% to ZAR 31.6 billion this is a quality order book, and I want to emphasize that we are not simply chasing volume. Our focus remains firmly on executing profitably. I will take you through the order book detail later in the presentation. The diversified nature of our business model continues to spread risks and create opportunities across different sectors and geographies. Looking at the tender pipeline, it remains strong with healthy activity across all divisions. We are being selective. We want opportunities that offer the right risk versus reward profile. Recent awards across all 5 divisions give us confidence that the market recognizes the capability and reliability at Robe bring to the table. So in summary, a strong year with solid financial delivery, improving divisional performance, a record order book and a healthy tender pipeline. Let me now hand over to Sam, who will take you through the financial detail.

Thank you, Felicia. Good morning, ladies and gentlemen. Just from my side as well, very pleased to present the financial highlights for a good set of results for the year February 2026. Looking at the group financial highlights. Our revenue increased 4.6% to ZAR 22 billion. Operating profit increased by 11.6% to EUR 1.74 billion. Headline earnings per share increased to ZAR 6.13 per share, and we've generated good cash from operations of ZAR 1.75 billion. That's down 30% from last year. Capital expenditure decreased 10.9% to ZAR 1.2 billion. Our order book is currently at record levels of JPY 1.46 billion. The group's operating profit margin increased to 7.9% from 7.4% in the previous year. We declared a final dividend of $1.21 per share to bring the total dividends declared for the year to $0.22 per share. Return on capital employed is slightly down to 14.8% looking at the summary of the income statement. We did look at the revenue and the operating profit and margins. Net finance costs increased to $91.4 million the biggest reason for the increase is the increase in long-term liabilities with the acquisition of MCP and Axis as well as less interest and on a lower cash balance. Profit after tax is ZAR 1.165 billion. The effective tax rate, it came down from 29.8% to 29%. We expect this to go down even more in the next financial year, a more normalized levels will be around 28.5%. This year, the noncontrolling interest return to profitability again with ZAR 66 million contribution by REM. The minority interest is mostly impacted by the Australia performance and also Baba Resources. Earnings per share is at EUR 612 per sheet. We look at the segmental analysis that's the makeup of the revenue and the operating profit per division as a percentage of the total revenue and operating profit for the group. On the revenue side, revenue in the Materials Handling and Mining division is contributing 20% of the group's turnover. The Construction Materials division contribution is similar at 16%. Revenue in the Roads and earthworks division is making a 32% of the group's turnover. The Infrastructure division revenue contribution increased from 16% to 20% mostly because of the increase in renewable work. And then showing Australia as a separate division this year, the contribution was 13% to the group's turnover compared to 16% of the previous period. In summary, the contribution of revenue is a good spread between the 5 divisions and in line with last year. If we move over to the operating profit distribution. It was a good distribution by all the divisions, et cetera, Australia, which was impacted by the loss-making project. If we look at the materials handling and Mining division, operating profit contribution increased to 26% compared to no contribution in the previous year. At Work Fontaine, the improvement was preliminary driven by the introduction of pre PGM sales in the second half, together with a more favorable chrome price environment compared to the prior year. The PGM price also significantly increased during the second half of the year. At Mulaperformance was improved following the ramp-up in production after the transition to a new underground mining contractor with operational efficiencies improving through the second half. The improvement at Baba was also well supported by another good performance by BN and SPH. The Construction Materials division contribution decreased from 23% to 18%. Operations in this division were impacted by adverse weather conditions at the beginning of the year as well as the negative effect of the ferrochrome smelters on the industrial minerals sector. This reduction was mostly offset by the increase in gypsum sales. Operating profit contribution in the Roads and Earthworks division also decreased from 38% to 35%. All projects in this division is performing well with a big focus on execution. The Infrastructure division contribution increased to 35% of the group's total operating profit with the biggest contribution in this division coming from the renewable operations. Australia contributed 20% of the group's operating profit in the previous period with the current contribution of negative 4% because of the loss-making project, which was completed during the year. We expect a much improved performance by this division in the new financial year. Moving to the geographical segment analysis. First, looking at the revenue. South African operations contributed 81% to the group's turnover. Revenue in the Rest of Africa, again, making up 6% of the turnover. In Australia, the revenue contribution decreased slightly to 13% of revenue. If we look at operating profit contribution, the Australian operations reported an operating loss for the period, contributing slightly negative. Because of a negative contribution by Australia, both the South Africa and Rest of Africa operations contributions increased. The South African operations contribution was 87% of the group's profit with the rest of Africa contributing 16% to profit. The biggest contributors to the Rest of Africa are the Nambe project in Namibia, the Balabalawar operations in Botswana and the Sencuriver Bridge project in Lesotho. ThHavellis is a look at the group's performance over the last 5 years. Over the last 5 years, the group has delivered consistent growth in both revenue and earnings with operating profit now at approximately ZAR 1.7 billion. The growth is not purely top line driven but reflects a clear improvement in earnings quality over the period. On a 5-year compounded basis, operating profit has grown at a higher rate than revenue, demonstrating sustained margin expansion and operating leverage across the group. This reflects the continued focus on operational efficiencies and cost discipline, which is expected to support further profitability as these initiatives continue to mature. It is encouraging to see the significant increase in the contribution by the infrastructure division since 2025. This growth is a direct result of the division's strategic focus on the renewable energy projects with a renewable order book now translating into revenue and profit. For the group over the 5-year period, performance has progressively diversified with different divisions contributing more meaningfully at various points in the cycle, reflecting an increasingly balanced earnings base. What this slide reinforces is that diversification remains a core strength of both from sector and geographical perspective, enabling the group to absorb volatility in certain areas while sustaining overall earnings through stronger performing operations. Cash generation from operations also increased over the period. We are in a growth phase and the lower growth in cash generation typically reflect working capital absorption and higher activity levels. The reduction in operating cash flow in this financial year is partly because of the introduction of PGM sales were cash reseats lagged deliveries revolving financial structure has been implemented to bridge this timing gap, resulting in higher receivables and a temporary impact on operating cash flow while remaining cash neutral overall. The year-on-year movement was also impacted by normalization in timing of supplier payments relative to the prior period. In addition, higher inventory levels, particularly within the mining operations, further contributed to the working capital outflow. In line with the operating profit, the group has maintained strong earnings per share over several years, even through challenging marketing conditions. The resilience in EPS demonstrates Rob's ability to generate sustainable value. Return on capital employed is slightly down to 14.8%. And with a positive outlook for the medium term, we expect the return on capital to improve. The group still have a strong balance sheet. The result is that we have enough available facility in place to participate and to capitalize on new opportunities. The biggest asset is property, plant and equipment, and it increased by 16.2% to ZAR 649 million. This increase is mostly attributable to the acquisitions of the local silica operations and Access Minerals in Australia. The increase in the deferred tax asset is mostly because of the tax loss in Australia. Inventories increased by the increase is made up of Chrome, PGM and Jetsen stock. The PGM price increased significantly towards the end of the year, and that impact the year-end stock number. Cash and cash flow equivalents is at ZAR 1.87 billion compared to ZAR 2.12 billion last year. With the increase in property, plant and equipment, borrowings also increased by 20.6% in our debt-to-equity ratio is still at acceptable levels around 34%. The group's net asset value per share is up by 10.4% to ZAR 4.5 Capital spend reached peak in February 2024 with spend of ZAR 1.76 billion the group has a big drive to reduce capital spend. And in this financial year, CapEx reduced to ZAR 1.2 billion. Expectations are for CapEx spend to decrease even further to below ZAR 1 billion in 2027 financial year. The big reason for the reduction is due to the fact that most expansion CapEx spent on the mining operations are now complete. As reflected in the composition of CapEx, the Mining division has been the primary contributor to CapEx spend over the last few years. As mentioned in the balance sheet commentary, the cash decreased from ZAR 2.1 billion to ZAR 1.87 billion. This slide indicates the major cash inflows and outflows. We generated cash from operations of ZAR 2.44 billion before working capital movements. Net working capital outflows was $706 million, with outflows in inventory, debtors and creditors and there were inflows in contract assets and contract liabilities. The group paid tax of ZAR 527 million. The biggest cash outflow was from investing activities and outflow of ZAR 1.16 billion. This includes replacement and expansion CapEx requirements of the group and also 3 acquisitions with outflows to the value of almost ZAR 200 million. Net borrowings was an inflow of ZAR 190.6 million and the group paid dividends of ZAR 387.3 million. and that brings us to a closing cash balance of ZAR 1.87 billion. The group will declare a final dividend of ZAR 0.21 per share the interim dividend was a dividend of ZAR 0.81 per share, bringing the total dividend for the year to ZAR 0.22 per share. This is in line with our normal 3x dividend cover policy below is just the relevant dates for the dividend payments. And I will now hand you over to DIrk Lourens to take you through the operational overview.

Thanks, Sam, Felicia. As it is customary, I will begin with outlining the group's different divisions. This is also the first time that we will report a set of full year results, as mentioned by Sam Felicia, futuring the 5 divisions. The 5 divisions consist of the materials handling and mining, construction materials, Rotan earthworks, infrastructure and now the first one, Australia. The biggest change is that due to the size and importance of the Australian operations to the group, management decided to manage and report Australia as a stand-alone Fixdivision. . Secondly, OMV are now managed and reported as part of the Construction Materials division, where previously they were included under the mining and materials that handling division. There are also 2 new additions to the group, namely Tomesa Engineering Services, a company that specialized in mechanical and electrical works with a strong focus on water treatment and wastewater treatment plants and access mineral services, a respective leader in crushing and screening and mining services in Western Australia. Looking at the Materials Handling and Mining division, starting off, the division specializes in 4 main disciplines, naming contract crushing and screening materials handling and mineral processing services for the mining industry, contract mining and specialized resource ownership through investment in Baba Resources. Revenue for the division is down by 3.2% to ZAR 417 billion from ZAR 4.6 billion. Operating profit increased more than 10% from ZAR 4.2 billion to ZAR 445 million. The operating profit margin also increased to 10.8%. Capital expenditure is down from ZAR 67 million in the previous period to ZAR 509 million. The secured order book increased from ZAR 35 billion in the previous period to ZAR 6.38 billion. Next, we look at B&E International. B&E International delivered an exceptional performance for FY '26, supported by strong execution across the key operations. Operational performance exceeded expectations, supported by strong margins from improved plant utilization, maintenance execution and management. The NAND contract volumes normalized during December 2025 after the curtailment was uplift, and we received a further extension to the contract until March 2030. I secured new manganese and iron ore contracts complemented by an increase in the Sandro related crushing work assisted in the increase of the secured order book. Mozambique operations returned to full capacity after the force majeure restrictants were lifted. This had a positive impact on the regional performance. The turnover benefited from intercompany synergies including revenue from group-related services and contributions from new start projects as well as the Ross way plant commissioning. We now look at SBA can delete were focused on boosting returns from major mining investments, improving operations, upgrading its fleet and building skills through research and digital innovation. They delivered a strong performance for FY '26, supported by solid operations at the Guiana mine. Araquari experienced a notable uplift in volumes in Q4, driven by the award of long anticipated mine infrastructure tenders. So Dana also maintained steady operational performance throughout the period. Look at Baba resources, they delivered a marked turnaround in performance for the year, supported by major operational improvements across the business. With Gordon remaining the anchor operation work in that business. Production pressures in H1 east by Metier has plant ramp-up challenges stabilized and chrome prices recover, contributing positively to year-end results. The mine started a new financial year in a much stronger operational position. At QuickFoto mine performance accelerated in H2 with the commissioning of the PGM plant and securing the offtake agreement, driving increased PGM sales and reinforcing the mine's strategic importance. At Millet mine performance strengthened during H2, following the transition to a new underground mining contract. They managed to boost profitability with improved safety better alignment of the mining methodology with management. At album mine, they progressed well with early development activities site establishment as well as overburden stripping and mine plan optimization if we look at the Materials Handling and Mining division, where we split Baba resources. The first one, if we look at the combined Barba, Barbas revenue decreased by 8.1% down to ZAR 2.4 billion from ZAR 261 billion. Operating profit increased over 200% from an operating loss of ZAR 258 million to an operating profit of ZAR 243.7 million. Operating profit margin of 10.2%, up from an operating loss margin of 9% in the prior period. EBITDA increased to a positive ZAR 396.7 million, up by 603% from a negative ZAR 78.8 million in the previous period. The average USD rand exchange rate weakened by 4.7% over the period. the met grade price for 40% to 42% CIF China varied between a minimum of USD 235 to USD 313 per ton. Total runoff mine production decreased by 18% to 1.54 million tonnes from 1.87 million tonnes in the previous period. Total runoff mine tons sold increased by 274% up from 40,000 tonnes to 150,000 tonnes. Total tonnes concentrate sold decreased by 24.6% from 823,000 tonnes to 620,000 tonnes. We sold a total of 9,845 ounces of PGM concentrate in this period. Capital expenditure decreased by 16% from ZAR 481 million to ZAR 404 million. We now look at Miller mine in as on its own, Milekmine revenue decreased by 28.2% to ZAR 672.1 million from ZAR 935.7 million. Operating profit increased by 106.6% from an operating loss of ZAR 245.3 million to an operating profit of ZAR 16.1 million. Operating profit margin strengthened from an operating loss of 26.2% to an operating profit of 2.4% in this period. EBITDA increased to a positive ZAR 66 million, up by 137.2% from a negative ZAR 177.2 million in the previous period. Capital expenditure increased by 118.8% from ZAR 28.7 million to ZAR 62.8 million. Total production decreased by 27% from 339,000 tonnes to 247,000 tonnes. Total tonnes chrome concentrate sold increased by 23.5% from 224,000 tonnes to 171,000 tonnes. Next up, we look at Koefontinmine. Workana mine revenue increased by 31% to ZAR 1.73 billion from ZAR 1.6 billion in the previous period. Operating profit increased with more than 200% to ZAR 251.6 million from an operating loss of ZAR 4.9 million. Operating profit margin up to 14.6% from a breakeven in the prior period. EBITDA increased by 349.5% to ZAR 346 million from million in the previous period. Capital expenditure decreased by 33.3%, down from ZAR 446.6 million to only ZAR 27.7 million in the current period. Total prone production decreased by 21% to 1.21 million tonnes, down from 1.53 million tonnes. The total runoff mine tons sold increased by 274% up from 40,000 tonnes to 150,000 tonnes. The total tonnes concentrate sold during the year decreased by 25.1% from 600,000 tonnes to 450,000 tonnes and all the PGM concentrates that were sold in Barba was from Guinean we sold a total of 9,845 ounces. Next up, we look at the Construction Materials division. This division specializes in the supply of aggregates from commercial quarries, ready-mix concrete, industrial minerals as well as asphalt and bitumen, predominantly for the construction sector. The revenue increased by 8% from ZAR 3,241 billion to ZAR 3.5 billion. The operating profit for the division decreased by 13.4% to 12.5 million from GBP 36.9 million in the prior period. The operating profit margin also decreased to 8.9%, down from 11.1% the capital expenditure decreased from ZAR 222.4 million to ZAR 169.6 million, and the secured order book increased from ZAR 2.13 billion to just show of ZAR 3 billion. If you look now further to the aggregates portion of the Construction Materials division, the aggregates business bounce back after experiencing revenue delays in the first half caused by production disruptions due to adverse weather and temporary side does during Q1. Second half year results reflected steadier productions and year-on-year improved volumes supported by positive momentum in the Eastern Cape and stronger returns from the upgraded halting crushing plants. The acquisition of the Mako Silica quarry introduced a high potential niche market opportunity with early customer update encouraging. As usually, Barabelaquar in Botswana continued to perform exceptionally well. If we now look at the aspartion, the year commenced with a slow secured order book. Fortunately, the award of several contracts towards the end of the financial year, rapidly strengthened the project pipeline these developments supported an excellent overall performance by the business, even though production volumes were slightly below the prior year's level. Some notable successes were the completion of the asphalt supply on the 2 mega entry Cusiana to road projects. Tender activity remains strong, supported by ample production capacity. Next up, we look at the bitumen side of the business. Those has delivered a strong and resilient FY '26 performance, underpinned by disciplined execution effective working capital management and strategic investment in technology, infrastructure and our people. Following are following Natura's closure, of local bitumen production in September 25. South Africa now relies entirely on imported begun, increasing exposure to political and oil price-driven supply chain risks. Despite these uncertainties, National Asphalt and those remain well positioned, supported by robust supply agreements and adequate storage capacity to serve the market without interruption. Despite lower overall volumes, those are still delivered an excellent performance, outperforming expectations while benefiting from strong tender activity and resilient marketing we now look at the industrial minerals, gypsum and ready-mix, including Bentonite. The Industrial Minerals segment faced a difficult year with no bento sales during due to the uncertainty around the future of the South African program smelters management is exploring diversification opportunities, such as expanding the Catlett operations as well as ready-mix concrete business. Jebsun performed strongly, supported by favorable agricultural conditions, increasing cement sector demand and boosted further by the strategic acquisition of a large Gypsum stockpile. Our ready-mix operations delivered results in line with expectations and remain well positioned to benefit from improvements in market conditions. Next up, we're looking at the results for the rodents division. Rotondo division specialized in delivering comprehensive road construction, including bulk works mining infrastructure like ore roads and tailing storage facilities. And then Rod mac specializes predominantly in road surfacing and real projects. Their revenue increased by 4.9% to ZAR 710 billion from ZAR 6.76 billion in the previous period. Operating profit increased by 4.3% and to ZAR 612.7 million from ZAR 587 million in the previous period. Operating profit margin remained stable at 8.6% the capital expenditure increased to ZAR 296.7 million from ZAR 204.3 million. This was predominantly due to the equipment that we bought for concrete diving. The secured order book decreased from ZAR 13.61 billion to ZAR 12.69 billion. If we now look more to the detail of the Road and adworks division. The standout performance of this division was largely the result of a disciplined execution across the whole order book. Some noteworthy contract awards during the year are the upgrade of the 2 between Blomendale and Petite valued at ZAR 3.2 billion for Sandra. The 2 between Fesaminin and Laydenorth ZAR 2.36 billion also for Sara. Then we've been awarded the upgrade of the N4 between Zerust and Botswana border at ZAR 324 million for Bakwena and then also for Boothe N1 between Trupla interchange and Puma mainline Plaza valued at ZAR 276 million. We've also been awarded by the upgrade of the road between rates and Castel for the free state provincial government at a value of ZAR 324 million. The 22 projects involve the construction of concrete highways. That's a vested becoming more economically viable due to improved material efficiencies and long-term durability. We've also completed the construction of the Santa River Britain List and the official inauguration was on the 22nd of April 26, next up, we look at the performance of the Infrastructure division. They specialize in disciplines outside of the road construction sector including energy with specific focus on the renewable energy and battery storage facilities, facilities management, telecommunications, housing infrastructure. projects, which included commercial building refurbishments and construction. The revenue increased by 30.2% to ZAR 453 billion from ZAR 3,342 billion. operating increased significantly by 42.2% from ZAR 427 million to ZAR 300 million. Operating profit margin strengthened to 9.8% from 9% in the previous period. Capital expenditure of ZAR 94.6 million, which is down from ZAR 98.5 million, and the secured order book is almost flat at ZAR 7.5 billion. If we look a bit more to the detail, the infrastructure division delivered a consistently robust performance for the full financial year. The order book remains full, supported by a strong pipeline of secured work, extending into future financial years. The renewable energy portfolio continues to gain strong momentum anchored by the ZAR 2.4 billion wind farm cluster near Marburg as well as the recent award of the EUR 1.66 billion for test PV project, reinforcing the group's growing presence in the renewable energy market. The construction of the parliament building in Cotton is progressing well and is making good progress. The design and construction of the mechanical and electrical works for the upgrade and expansion of the Bottom wastewater treatment plant remains on schedule with Rovig's consortium share value of approximately ZAR 800 million. The division further expanded their concrete structures capability through a newly established new technical team specialized in filing slope stabilization and ground engineering solutions. Affordable housing projects continued to show strong progress with notable wins such as the 2020 bid Shasungovi student housing project and ongoing strong sales at our new imbursed development in Steelberg. Arbec has been awarded preferred bidder status for the LaBamboBordepost project. forming part of the National Border Modernization program. To support strategic objectives as well as we diversify our income streams, Robexacquired Cumisa engineering services to strengthen our mechanical and electrical capabilities, particularly in the water and the wastewater treatment site. We now look at the detail of the fifth division, and it's the first time, as we've mentioned, that we reported separately. The Australian operations specialized in road construction works and civil construction for land for construction and capital with a strong focus on road surfacing and rehabilitation. In addition to the expertise, the division is also actively involved in renewable energy projects, particularly the development of wind farms and battery energy storage systems. Revenue decreased by 14.4% to ZAR 2.937 billion from ZAR 433 billion in the previous period. Our operating profit decreased 10% to an unfortunate operating loss of ZAR 604 million from an operating profit of ZAR 304 million. The operating profit margin decreased to an operating loss margin of 2.1% and from an operating profit margin of 8.9%. Our CapEx is down from ZAR 190 million to ZAR 130.3 34.3 million. The secured order book increased from ZAR 1.74 billion to ZAR 1.93 billion. If you look at more detail, the division had a varied performance across its operations with 1 major mining contract settlement, driving the divisions primarily financial loss. Despite the legacy contracts, negative effect on yearly results, the remainder of the portfolio remains stable and on budget. Look at Romac, Australia, they continue to expand their market presence delivering profitable projects and maintaining strong momentum into FY '27. West force Construction delivered an excellent performance, securing new work, including a wind farm award with an additional AUD 75 million wind farm contract under negotiation. The order book remains lighter than ideal but early signs of growth are positive, supported by ongoing tender activity. In line with its strategy, the group expanded its value offering capabilities in Australia with the acquisition of a 67% interest in Access Mineral Services, broadening the division's crossing capability and strengthening future contribution to Tensor. I will now hand over back to Felicia for the last section outlook and strategy.

Thank you, Dirk. Now I'd like to bring us to the final section of today's presentation. our outlook and strategy. Starting with our order book. As I mentioned earlier, our order book has grown 11.6% to ZAR 31.46 billion, that is a good order book for the group, and it reflects the quality of our positioning and the strength of the pipeline in our markets. But I'd like to draw your attention to is the composition of our order book. If you look at the pie charts, you'll see that our private sector work now represents about 34% of the order book up meaningfully from 27% last year. This is a deliberate strategic shift. We've been actively growing our private sector exposure to reduce reliance on any single client category, and our strategy is clearly working. Sandra remains our largest public sector client at around 22% and you'll see the concession is at about 10%. International work, including the Rest of Africa and Australia makes up roughly 18% combined. This is a well-diversified order book. On timing, ZAR 17.76 billion is earmarked for execution in FY 2027, which gives us revenue visibility for the year ahead. Beyond that, we have ZAR 7.12 billion for 2028 in and ZAR 4.26 billion for FY 2029 and about ZAR 2 billion beyond that. This gives us a multiyear runway that we feel very comfortable with. Looking at the order book in terms of the time line per customer. You can see that private sector contracts dominated a near term about ZAR 6.8 billion. in FY 2027 alone. Sombra work is spread more evenly across the time line worth ZAR 3.1 billion in FY '27 and meaningful volumes extending into FY '29 and beyond. That's the nature of large national road programs, they give us long-dated visibility. International work, which includes our Rest of Africa operations shows ZAR 2.7 billion for FY '27 with a healthy tail extending beyond FY 2021 reflecting the longer-term nature of some of our cross-border projects. The key takeaway here is that our order book is not front loaded book we have genuine debt across the time line, which gives us confidence in the sustainability of our revenue base. Looking at our order book history, as I normally take you through this during the results presentation, this order book trajectory over the past 7 years, and I think the trend speaks for itself. We have grown. If you look at 2020, we've grown from ZAR 1.1 billion to ZAR 31.5 billion today, more than tripling the order book in 6 years. What's actually pleasing in is the quality of this growth. Looking at the private sector above, it's grown from ZAR 3.1 billion to ZAR 10.7 billion. That's more than a threefold increase, and it reflects our success in positioning ourselves as a contractor of choice for our private clients. Sunrun has remained a spa and significant contributor consistently around the ZAR 6 billion to ZAR 7 billion range. Provincial work has picked up nicely to ZAR 3 billion. and concessioners, which only started reporting separately from 2023 have grown to ZAR 3.1 billion. reflecting the increasing importance of concession and maintenance work in our mix. The bottom line is that this is a business with a strong growing and increasingly diversified order book, and we are not chasing volume for its own sake. We are focused on profitable execution. Looking at customer pay division. Rosen FX holds the largest share at ZAR 12.7 billion, with Sunrun as the dominant client at ZAR 7 billion, followed by concessioners and then provincial work. This division has a strong public sector inco. Infrastructure division sits at ZAR 7.5 billion and here, the mix is quite different. Private sector work dominates with other parastatals contribution and the international work at about ZAR 1.3 billion. This reflects the division's strength in private industrial infrastructure and energy projects. Materials handling and mining has grown to ZAR 6.4 billion and nearly doubling. Private sector and international clients are the key drivers here, which aligns with the recovery in commodity prices and increased mining activity we are seeing. Construction Materials holds about ZAR 3 billion, which is in the private sector, while Australia is at about ZAR 1.9 billion. The important thing to note across all divisions is the diversity of clients. No single division is over reliant on 1 customer category. And then finally, on our order book, we look at the segmental analysis. As Sam alluded to earlier on, when you look at the Rosana, it represents 40% of the total order book. Infrastructure, 24%, materials handling and mining 20%, Construction Materials, 10% and Australia, 6%. In rentals, every division, except Rosenort order book year-on-year. And even Rosen FX decline is modest in absolute terms from 1 billion to ZAR 12.6 billion while maintaining excellent quality. Let's now move on to our ESG performance. ESG remains important to how we run our group. Let me highlight a few matrices on this slide. Starting with safety, our LTI rate halved 0.19 from 0.37 and nearly 49% reduction in achievement by our sales teams. Looking at BBBEE, we maintained our Level 1 BBBEE rating under the construction sector codes. Our workforce remains stable it's just over 9,200 employees. Training spend was ZAR 42.1 million, while CSI spend increased 18.3% to ZAR 35.6 million, reflecting our commitment to the communities we operate in. On the environmental front, Scope 1 and 2 carbon emissions rose 2.6% to around 279,000 tonnes. For the first time, we are reporting Scope 3 emissions at about approximately 22,500 tonnes based on supplier spend. Electricity consumption increased 4.2% and while water use was broadly flat. These are areas we continue to monitor closely. Women represents 17.4% of our workforce and HDSAs, 86.2% of our South African team, both areas where transformation efforts continue to progress. Looking at total employment. This is a slide that I'm particularly proud of because it speaks to the impact Raubex has beyond just beyond financial returns. Total employment across the group, including both direct and indirect, now stands at over 22,000 people. That's a 14.7% increase from last year. When you consider the multiple effect of each of these jobs in the communities where we operate. you start to appreciate the real social impact of what we do. Our direct employment, as I've highlighted in the previous slide is stable while indirect employment has grown meaningfully. This growth in indirect employment reflects increased activity level across our divisions and the subcontracting and supply chain opportunities we create. Moving on to our communities. Let me just share 3 of the examples of what we are doing in terms of impacting our communities. Our Suazo initiative has been a real success story. Through this program, we've produced approximately 18 tonnes of fresh crushes and provided around into 2,000 mills. Beyond the immediate nutritional benefit, this program is designed to create self-sustaining macro enterprises that continue to serve communities long after our direct involvement ends. We've also been supporting education through our sponsorship at whole field, high school, where we founded the school fees of 10 previously disadvantaged children. Our keeping incubator program is another initiative I'm proud of. We've provided specialized keeping equipment to 10 beneficiaries setting them up for long-term independent operation. It's a small program in the context of our group, but it represent exactly the kind of sustainable community level impact we want to drive. We aim to leave communities stronger, more connected and better equipped for the future. Looking at our 2026 safety performance, Safety is always in the forefront of what we do and for good reasons. Every person who comes to work on a robo side deserves to go home safely at the end of the day. We achieved 9 consecutive months with no fatalities during the financial year. Our fertility rate reduced by 50%, and our LTI dropped by 44%. Our LTI rate improved and our total recordable injury rate came down with trend lines over the past 3 years are clearly heading in the right direction and that's a testament to the safety culture we are building across the group. Several of our operations achieved LTI 3 status for the full year, which is outstanding. Looking ahead to FY 2027, our key focus areas are execution and accountability at site level, proactive risk management of our priority risks verification of critical controls by leadership and importantly, elevating employee well-being as a priority. Safety isn't just about preventing injuries is about looking after the whole person. Our future focus strategy and Implementation of our strategy remains on track. Our strategic pillars remain the same. That is growth, profitability being a preferred supplier to our clients, alternative markets speaks to our diversification strategy, the use of technology, public private partnerships, which are representing a growing opportunity in South Africa and in Africa. We are well positioned to participate in these structures. Our people are our greatest asset and investing in their development, safety and wellbeing is nonnegotiable. And finally, ESG and sustainability which we've just covered in the previous slide. All these are woven in our strategy and in everything that we do. So bringing it all together, despite the geopolitical uncertainty that we are all navigating the group anticipates a more positive outlook for FY 2027. We are seeing encouraging opportunities across all 5 divisions, and our positioning has never been stronger. I want to acknowledge the global macro environment. There is uncertainty out there, geopolitical tensions, trade dynamics and policy shifts that could affect our markets. But we have various initiatives in place to mitigate this risk. And as Raubex has demonstrated time and again that it remains resilient even during periods of uncertainty. Our growth strategy is underpinned by 4 fundamental strengths. First, our diversified business model multiple revenue streams across infrastructure, materials and mining that reduce cyclical risk. Second, our committed workforce, over 22,000 empowered employees driving operational excellence across every division. Third, our strength in leadership, we have an experienced management team with deep industry knowledge and a proven check record. And fourth, our healthy balance sheet, which gives us the financial firepower to pursue strategic acquisitions and invest in organic growth. As I conclude, let me now give you a sense of the outlook for each of our 5 divisions going into FY 2027. Materials Handling and Mining has strong momentum heading into the new year. Chrome and PGM prices are recovering, and our production is trending towards full capacity. Cost efficiencies are strengthening profitably and we continue to evaluate strategic options for our Baba Resources shareholding. We'll update the market on that as developments materialize. Looking at the Construction Materials division, they have a solid pipeline and a strong market position government's continued commitment to infrastructure investments apps our outlook although we remain mindful of geopolitical risks and tender award timing uncertainties. Moving on to Ron Epworks they enter FY 2027 with a robust outlook. Sunrise's national road upgrade commitments provide a strong anchor concessioner maintenance obligations continue, and we are seeing expanding tender opportunities across Africa. Infrastructure division has a strong order book and we are excited about the expanding PPP opportunities, affordable housing projects and renewable energy growth. Then iBomboboraPost project is expected to commence later in FY 2027. And in Australia, outlook remains positive with strong opportunities across road infrastructure and renewable energy. We are securing new work, and we will continue to grow at a measured pace supported by attractive market fundamentals. The Western Australia state budget announced just this past week. For FY 2020, 2 with spending Ed for the Water Corporation, Western Power and ManRos remains encouraging, and our teams are well positioned to deliver. Ladies and gentlemen, that brings us to the close of today's presentation. Thank you for being here. Before we move to questions, I'd like to acknowledge our people for their resilience and the impressive second half turnaround where we delivered as a team. To our management teams and subsidiary leaders thank you for your dedication to our stakeholders, clients, suppliers and shareholders, which should evaluate your ongoing support. And to our Board and ExCo your guidance and leadership continue to be central to the group's success. With that, Sam, Dean I are available to take your questions.

Thank you, Felicia. We've received quite a few overlapping questions which I'm going to try to group together to avoid duplication. Our first question is how should we think about diesel and fuel cost increases impacting group profit? And how much is this part of the overall group cost and then also regarding bitumen supply security.

Thank you, Grace. Yes, obviously, the impact of the Middle East is no direct impact. But on an indirect basis, it definitely is impacted. It's affecting inflation and also the fuel prices. We're not sure at this point alone will persist. So we've looked at it on a month-to-month perspective. And currently, we are looking at about ZAR 25 million cost to the group per month through all the divisions. Most of that we can recover. I'd say about 60% of that cost is recoverable from third parties. It's just on the mining side where it's not possible to recover most of that the CIF prices needs to change for us to get that impact. So overall, it's about ZAR 25 million. And on Babar, we are basically looking at so connection at Gokona, and that is being tested this month. So from next month, we will be on electricity there, and that should mitigate or is some of the cost impact. But at this point in time, about ZAR 25 million there's no effect on supply at this point in time, not diesel supply and also not bitumen. So there's no structural impact on the balance sheet. It's really a cost effect and as I said, through contractual escalation, CPA, Horizon 4, we should be able to recover about 60% of that cost.

Our next question is can management please expand on the new contract wins within the Infrastructure division?

Thanks, Grace. Yes. So the new or the increase in the outlook forward is made up predominantly of awards that we've received in the energy sector of which the most prominent 1 is the both for West PV project of about ZAR 1.6 billion. Over and above that, we received another few contracts with regards to transmission and distribution lines to the value of about ZAR 700 million. A lot of smaller contracts in the space of about ZAR 300 million, and all of this is in the energy side. And then the other major awards that we received is in the building side with regards to student recommendation and affordable housing, and that is to a value of about ZAR 1.2 billion. .

Our next question, can you please provide guidance for this financial year at Baba relating to reduction and costs?

Thanks, Grace. I think there was a lot of questions on Borgas. I'm going to try and cover most just now. We've got the 2 operations mainly at Baba, which is Quintin and Mila at Gokona, the targeted production is 80,000 tonnes. We've been achieving that throughout this year. So we don't see that changing in the next financial year. there is a or runoff mine sales, quite a bit of it going through this year, and we anticipate similar run of mines for quantities for next year as well. . We've been working through a lower grade area, which impacted negatively on reduction costs we're still not 10% through that section. So I think next year should be fairly similar to this year. At Girona, I think the big change has been the we've been selling about 9,000 ounces in this financial year, and we expect that to double for next year. We're looking at 1,500 ounces per month. So currently, split about ZAR 330 million of revenues contributable to PGMs, and we expect that to double in the next financial year. Overall, margins at Gokona should be fairly similar, except for the bank of the PGMs. And then if we look at the Miller mine, the underground miner started. It was a new underground mine up at the beginning of the year. So we were ramping up targets to get to about 40,000 tonnes towards the latter part of the year, we got close. I think we're close to about 35,000 tonnes now. So there should be an increase in revenue from lamin as 27 will be a full year of production there. at least as you look at the operating profit line, we are making profit or starting to make profit at Milak, and we expect that to continue in the next financial year as well. So to summarize, currently, I think the sales is totally ZAR 2.4 billion of revenue, and we expect that to hopefully go up to about ZAR 3 billion and the operating profit difficult, but between 10% and 15%. Obviously, it all depends on the chrome price. A big reason for the increase in profit this year is because the chrome price at least increased quite a bit from the previous year. and we expect these current levels to be maintained in 2027. But obviously, the exchange rate has got a big impact on profitability and also on the revenue line. and that might impact numbers quite a bit depending on where the exchange is.

Our next question is what do you expect in terms of working capital for next year, given the absorption this year?

Working capital is quite a big requirement for a construction company. But as I said, there has been some timing and costs that came through in this financial year. So there should be a benefit and an uptick in working capital requirements for the next year. .

Thank you, Sam. Our next question, the construction materials order book has surged the last 12 months, but this has not reflected yet in the revenue. Is there a lag?

Thank you, Grace. Yes, in terms of the construction materials, particularly around the volumes. So those were actually impacted by the adverse weather that we experienced at the beginning of the financial year. So yes, there is a lag, but those volumes are not lost, but they're actually pushed forward.

Thank you, Felicia. In the division, your current revenue as a percentage of order book is running below typical levels. Is this expected to pick up.

So in terms of roles and networks, you have to look at it in terms of the contracts that we are actually executing. So in terms of revenue, it has been consistent over the years. So the contracts that we are executing are typical mega projects, which spends over 3 years on average. And on the other question, yes, we are expecting an increase in terms of the order book because there are awards that we are waiting for.

Thank you, Felicia. Our next question. In the Infrastructure division, any idea of battery storage penetration in South Africa?

And as, yes, there's currently, we are working on a few projects but with negotiations and finalizing the contracts for battery energy storage facilities. .

Thank you, Dirk. Our next question is carbon tax material to the group. Any concerns around the increases effective this year.

No carbon tax is not material at all in the group. I think it's currently less than ZAR 5 million. So no real effect on carbonate tax, most of the leverage is paid through the fuel price. .

Thank you, Sam. We've just had a question to please repeat the issue of the diesel costs. There seems to have been a connection issue at that point.

The diesel cost is running at about ZAR 25 million per month. That's throughout the division or throughout the group, and we should be able to recover about 60% of all those costs. I said that the only place where we can't is in Materials division or the Mining division, where we can't recover most of it, but the rest is all recoverable or 60% of that ZAR 25 million cost. .

Thank you very much, Sam. That seems to be all the questions for today. Thank you very much for your participation.