AUSTF (AUSTF) Q4 2026 Earnings Report, Transcript and Summary

Good morning, everyone, and thank you for joining Austin Engineering's investor briefing for the full year results for financial year 2026. Together with me is Austin's Chief Financial Officer, David Bonomini. We will take you through the presentation released to the ASX this morning and then open for questions at the end. Turning to Slide 3. I will begin with an overview of the results. David will then run through the financials, and I will return to discuss regional performance, operational priorities and our outlook and guidance for 2027. Then we will move into the Q&A at the end. Unless otherwise stated, financial year '26 and '25 financial performance measures exclude foreign exchange movements and relate to continuing operations. Cash flow measures include both continuing and discontinuing operations. If I then could move on to Slide 7 for the results overview. FY '26 was a challenging and disappointing year for Austin. Operational issues across North America, South America and Indonesia weighed on earnings. Importantly, these issues were operational in nature and within our control. During FY '26, we took decisive action to address them, strengthening operational discipline and positioning the business for improved performance. Group revenue for the full year was $329 million, down 12.7% on the prior year. This reflected softer tray volumes across North America and APAC, together with the impact of the loss-making legacy OEM contract in South America. These pressures were partly offset by continued growth in Australian buckets and spare parts. Group EBITDA was $20.4 million, down from $43 million in FY '25. The decline was driven by a $9.3 million loss in Chile, mostly from the legacy OEM contract, margin declines in the U.S. from productivity and outsourcing issues and lower tray volumes in APAC, which was partly offset by strong bucket growth in Australia. Group EBIT was $10.8 million. Despite the earnings decline, operating cash flow was a clear strength. It increased by $24.1 million to $26.7 million, supported by disciplined working capital management and a $32.2 million reduction in inventory. Net debt reduced to $5.8 million from $12.8 million, strengthening our financial flexibility as we execute the operational improvement plan. Earlier in the year, the Board declared an interim dividend of $0.3 per share, fully franked, which was paid in April. Given the full year results and the importance of preserving capital to support the operational reset of the business, the Board has determined not to declare a final dividend in FY '26. Importantly, the issues we faced are well operational and within our control, and the corrective actions are beginning to deliver visible progress. Customer activity remains robust with the exception of North America. We closed FY '26 with an order book of $132.9 million and have secured a further $32 million of orders since 1 July '26. That activity, together with stronger cash generation and reduced net debt provides a firmer platform for financial year '27. If I can move on to Slide 9. Slide 9 sets out both the financial year '26 performance across our 3 segments and management's response. The important point is that we understand the issues, have acted on them and are seeing early evidence of improvement. In South America, the commercial and operational reset is underway. In North America, productivity, outsourcing and second half margins improved. In APAC, bucket and spare parts growth continued to support resilience. In South America, our EBITDA loss increased to $9.3 million, primarily driven by the legacy OEM contract and operational inefficiencies. To address this, we have reset that commercial arrangement, put new management in place and are implementing labor and production controls. In North America, EBITDA came in at $9.5 million, impacted by product mix, productivity and higher outsourcing costs. Our actions here include running a targeted productivity program, reducing contractor reliance and adopting welding technology. Looking at APAC, EBITDA was $24.9 million with lower tray volumes partly offset by growth in buckets and spare parts. Our focus is on accelerating bucket growth, diversifying our product and geographic mix and improving margin discipline. Whilst the FY '26 earnings results was disappointing, the stronger cash outcome and reduced net debt gives us the capacity to execute the recovery plan. The focus now is disciplined delivery and converting the actions already taken into improved earnings. If I turn to Slide 10, I will briefly explain the causes of the South American result, then focus on the actions taken and why we believe the business is positioned for improvement in FY '27. As previously communicated, the Chilean business took on a large OEM contract in financial year 2024. The operations was not adequately prepared for the required volume increases or the different manufacturing requirements of the OEM specifications. This affected labor productivity, steel utilization and facility efficiency. To meet delivery requirements, some production was shifted to Batam. Whilst this addressed an immediate capacity constraint, it also extended the margin impact beyond Chile. The financial impact has been significant. The OEM contract generated $21 million in revenue for financial year '26, but delivered a negative EBITDA of $5.7 million, translating into a negative 27% margin. The total regional EBITDA loss for South America was $9.3 million for the full year compared to a loss of $1.7 million in financial year '25. We have taken decisive action. The OEM contract was renegotiated in March 2026, with improved pricing and payment terms and delivery under this revised terms commenced in late June. These terms are expected to improve the contract economics. Other key actions taken include, a new management team is in place, supported by the North American team to improve labor utilization and production consistency. The workforce has been rightsized and tighter production governance has been established. We have gained control over our steel yard and processes to manage steel utilization. Chile is firmly in recovery mode. The order book extends to the end of the current calendar year with further demand expected. There is more work to do, but the revised commercial terms, new management structure and stronger operating controls position the business for improved performance in financial year '27. Turning now to Slide 11. I want to spend a moment on North America because this is where we have seen some of the most tangible early progress from our operational improvement program. North America provides a clear example of the early benefits from our operational improvement initiatives. Productivity improved from 62% in July 2025, to approximately 80% in the final quarter of financial year '26. This reflected workstation KPIs, improved planning and scheduling, standard work instructions and a deliberate shift away from contractors towards permanent workforce capability, supported by our internal weld school and training program. Outsourcing also reduced materially. Full tray builds outsourced fell from 33 units in financial year '25 to 17 in the first half and just 3 in the second half of financial year '26. This improves production control, supports capability and provides a stronger platform for margin recovery. North American margins improved to 9.5% in the second half from 5.8% in the first half. While further progress is required, this is measurable early evidence that the initiatives are taking hold. North America enters FY '27 with further efficiency gains targeted and a stronger operational foundation from which to rebuild earnings. I'll now hand over to our CFO, David Bonomini, to go over the financial results in more detail.

Thanks, Sy. Good morning, everyone. I'll start with the group's profit and loss performance, and I'll cover results by region before moving to the cash flow and balance sheet. Turning to Slide 13, group performance. Group revenue for the full year was $329 million, down 12.7%, reflecting lower activity across all regions. APAC was impacted by softer tray volumes, North America by lower tray sales and product mix and South America by the capping of the OEM production. EBITDA declined by 52.5% to $20.4 million. This was driven by the $9.3 million loss in Chile that Sy referred to, an $8.8 million reduction in North America profit from productivity and operating issues and an $8.3 million decline in APAC from lower tray volumes, partly offset by Australia's margin improvement from the bucket growth. EBITDA margin was 6.2% from 11.4% in the prior year. Depreciation and amortization was broadly stable at $9.7 million compared to $9.9 million in the prior year. EBIT was $10.8 million, down 67.5% from $33.2 million with EBIT margin at 3.3%. The effective tax rate across the group was 18%, with tax expense recognized primarily in the U.S. and Indonesia. Net profit was $7.6 million, down from $27.7 million in the prior year. The decline reflects lower EBITDA, partly offset by lower depreciation, interest and tax expense. I would note that the statutory profit numbers include net material items of $4.2 million compared to $14.2 million in FY '25. Turning to Slide 14 and the revenue and EBITDA charts. You can see the group's revenue growth trajectory from 2003 -- from $203 million in FY '22 through to $377 million in FY '25 and then reaching $329 million in FY '26. Looking at the revenue by region. APAC revenue fell 15% to $147 million, largely due to the timing of the major tray orders, which were partially offset by the growth in the Australian bucket sales. North American revenue declined 13.5% to $127 million, driven by lower tray sales, customer replacement cycles and product mix. South American revenue was down 3% to $54.9 million, impacted by the cap on the OEM production and offset by an increase in service revenue. Turning to the EBITDA chart. APAC EBITDA was $24.9 million at 16.9% margin. The decline was driven by lower tray volumes, partially offset by stronger Australian bucket performance and spare parts growth. North America EBITDA was $9.5 million, impacted by the decline in tray volumes and product mix, product inefficiencies, facility bottlenecks and the cost of the contract labor and third-party contractors. South America's loss widened to $9.3 million from $1.7 million in FY '25, impacted by the loss-making OEM contract, higher labor, contractor and steel costs. While the full year performance was weaker year-on-year, APAC remains the largest contributor and improved in the second half. North American margins are recovering and Chile is positioned to improve materially in FY '27 with the contract reset and the new operational controls in place. Turning to Slide 15, cash flow. Cash flow was a highlight for the year and demonstrates the discipline we have embedded across the business. Operating cash flow increased significantly to $26.7 million, an improvement of $24.1 million on the previous year's $2.6 million. This was driven mainly by the unwind of working capital, particularly the $32 million reduction in inventory. EBITDA to free cash flow conversion improved materially to 99% for the full year, a significant achievement given the earnings decline. Capital expenditure was $6.8 million, down from $9.9 million in FY '25, supporting upgrades to U.S. facilities and operational equipment across the business. Free cash flow after interest, tax and capital expenditure was $19.9 million compared to a negative $5.7 million in the prior year, which is an improvement of $25.6 million. The cash position was used to fund payments of -- dividend payments of $7.1 million and $1.2 million share buyback during the year. The group closed the year with $17.1 million in cash with the reduction reflecting the return of capital to shareholders through dividends and buybacks. Despite the lower EBITDA, the group delivered significant improved cash performance, demonstrating that the working capital discipline and the financial controls we have embedded are delivering tangible benefits. Turning to Slide 16, financial position. The balance sheet remains strong with total assets of $251 million and net assets of $134 million. Net debt was reduced to $5.8 million from $12.8 million at the end of FY '25, and the net debt-to-equity ratio is now at 4.1%, down from 8.2% in June 2025. Working capital movements included inventory decreased by $32.2 million or 37% to $55.7 million. This reflects the improvement in inventory management and the deliberate unwind of elevated stock levels. Receivables and contract assets decreased by $10.3 million or 14% to $61.7 million. Payables and provisions decreased by $21.9 million from the AustBuy steel and U.S. supply payments, while customer advance payments decreased by $4 million with U.S. advanced payments down $10 million during the year. Overall, net working capital decreased by 26.1% to $50.6 million. I'll now hand you back to Sy.

Thanks, David, and I'll move on to provide an update on the performance of our regions. So first, looking at Asia Pacific on Slide 18. APAC was our largest revenue-generating region, contributing 44.7% of group revenue and continued to be the cornerstone of profitability for the group. The Australian bucket business was a real standout, delivering a $17.4 million revenue uplift and growing from 10% of APAC's product revenue in FY '25 to 26% in FY '26. We also continued to diversify our customer revenue mix with 51% of work now sourced from outside single customer relationships. This is an important strategic milestone. Pleasingly, profitability improved in the second half to 18.7%, up from 15% in the first half, reflecting operational improvements and disciplined execution. The order book strengthened through the year with demand increasing in the second half. Together with continued bucket growth, broader customer exposure and stronger demand conversion, this supports our confidence in the APAC outlook for FY '27. On to Slide 19 and North America. Despite the revenue decline this year to $127 million, North America remains a significant contributor at 38.6% of group revenue. The revenue decline of 13.5% was driven by customer replacement cycles, deferrals and product mix with order levels softer than expected. I have covered already the operational improvement plan we are executing, improving workshop productivity, increasing production flow and reducing dependency on external contractors. The results are showing productivity improved from 62% to 80%, while outsourced assemblies dropped from 33 units in FY '25 to just 3 in the second half and margins improved from 5.8% in the first half to 9.5% in the second half. Underlying customer activity is currently soft with our order book down year-on-year. With productivity improving, outsourcing materially reduced and more work being brought in-house, North America is better positioned to convert demand into improved margins and earnings. Looking at South America on Slide 20. Revenue was $54.9 million, broadly in line with the prior year, but the financial performance was significantly impacted by the challenges with the OEM contract I outlined earlier. As I mentioned, the OEM contract was renegotiated earlier in March with improved pricing and payment terms and deliveries under the new terms commencing in late June. A new operational improvement plan has been implemented with the new management team supported by the North American team rolling out Casper's operational improvement processes and practices. The order book extends to the end of the current calendar year with further demand expected. Our focus is now on disciplined execution under the revised contract terms and converting stronger operating controls into improved financial year '27 performance. Turning to Slide 22, our strategy on the page. Our strategy remains focused on margin recovery, customer growth and product differentiation. We will continue to advance our strategic priorities, which are anchored by 3 operational pillars: manufacturing leadership, product leadership and customer care. Under product leadership, we continue to design and engineer products that meet the changing needs of our customers for productivity and efficiency gains. Mining bucket sales are growing across the group, including for dippers. Our austIQ digital product has been launched, and we continue to develop our digital systems capability. On the customer focus, we have invested in our sales teams, increasing marketing activity and expanded customer support personnel in Australia and Chile. And in manufacturing leadership, we are introducing common operating systems across the business, implementing standard work instructions and embedding disciplined KPI management. An important proof point is the traction with new customers. During FY '26, new customers across Africa, the Middle East, India and North America contributed $12 million in sales and established a further $40 million sales pipeline. This demonstrated the opportunity to broaden our customer base and convert our global footprint and product capability into growth. Turning to Slide 23. This gives you a good picture of the breadth of our revenue base, and I think it's an important slide in the context of the full year results. Looking at the commodity mix, copper and iron ore each stood at about 25% and met coal exposure has grown from 9% to 15%, while gold has come back from 15% to 8%. On the product side, bodies remain our largest category at 62%, and I'm pleased to see buckets growing from 6% to 10% and other products and parts moving from 4% to 10%. And on the customer side, miners represent 83% of our revenue, broadly consistent with last year and reflects the depth of our relationship with our major operators. Our OEM channel holds steady at 8% and remains an area of ongoing opportunity for us. The key takeaway is that Austin has diversified revenue across commodities, product and customer type. Combined with the growth in buckets, other products and parts, this provides resilience and creates multiple avenues for growth. Now turning to our final slide, Slide 25, which also provides guidance for FY '27. Austin's strategic fundamentals remain strong. Our global footprint, diversified commodity exposure and design-led solutions position us well to support customers looking for productivity and efficiency gains. The operational improvements undertaken in financial year '26 provide a clear pathway to improved earnings. Each region has specific measurable improvement drivers for financial year '27. In Chile, the OEM contract reset with improved commercial terms and stronger operating controls is expected to drive margin recovery. In the U.S., it is about productivity, recovery and lower outsourcing with the order book expected to strengthen across financial year '27. In APAC, we are looking at continued bucket growth, diversified revenue and a stronger demand conversion. Meanwhile, at a group level, working capital discipline, cost control and embedded operating KPIs will continue to support cash generation and financial flexibility. Looking at our guidance, we expect FY '27 underlying EBITDA from continued operations, excluding foreign exchange movements to be between $17 million and $21 million. We expect the improvement in EBITDA to come from actions already underway, revised contract economics and stronger controls in Chile, productivity and outsourcing improvements in North America and bucket growth diversification and demand conversion in APAC. As we wrap up, I want to reiterate the key messages from today. FY '26 was disappointing earnings year, and we are understanding -- and we are understating the work still required. However, the causes are understood, the issues are within our control and decisive correction action has already been taken. Austin's strategic fundamentals remain strong. Our global footprint, diversified commodity exposure, design-led products and growing customer pipeline position us well to support customers seeking productivity and efficiency gains. We enter FY '27 as a leaner and more disciplined business with stronger cash generation, reduced net debt and a clearer operational foundation. Our focus is to convert this platform into improved earnings and sustainable long-term growth. With that, David and I are happy to take any questions you might have.

[Operator Instructions] Your first question comes from Mike Mennel.

Okay. Sorry. Yes, my microphone had been turned off. Okay. Right. First of all, big thanks to Sy and David for the briefing. You will recall that you had a briefing for shareholders a couple of months ago, and it was very well received by all of us, both those who listened in and those who later read the transcript. And you made a commitment to shareholders to continue these briefings. So they very much appreciate it and look forward to. I think sometimes senior management and companies lose track or lose perspective of their shareholders. Now I'm a retiree who has invested most of my money into the Australian stock market. And there are tens of thousands of people like me, and we communicate on various platforms and share information, et cetera. And I just want to emphasize -- and a large percentage of us actually specialize in small and micro caps such as Austin, which has a market cap of only about $100 million. Now 2 comments. First of all, unfortunately, the vast majority of these small micro caps all wait to present their results until the very last week or few days of the reporting season. And in Austin's case, I can understand this to some extent because obviously, you want to give us a pretty current update on the amount of orders for the forthcoming financial year. That's fine. But what I would like you to do going forward is not have the briefing right on market open because in my case, I've got 2 other companies, one of which has a briefing, but we've -- and I know one other person on HotCopper wrote the same thing this morning. We try to read 3 or 4 company reports in the hour going into open, and then we have to choose which briefing. So if you pushed it back, just say, 1 hour to 11:00 Sydney time, it would make it a lot easier for us to read reports, get our head clear and time to write down those questions. So I have got a question for you. And yes, we simply cannot have too much communication. If you think something is not that important, put out a little note on the Internet about it. It will be read. We read every word. Every word we read. So trust me, it's not a waste of space. Okay. I was going to ask you about North America. But when I saw one of the later slides, where it's a new thing that you're doing, and it's very -- in my estimation, very important is you break down by commodity where our business is. And you also break it down by client. And I've been a shareholder of Austin for a large number of years. And I had expected that mining contractors were a big part of our business. I mean, how many -- there are hundreds of mining contractors here in Australia. Some of them very, very large...

Mike, I'm sorry to interrupt, but we've just got a few other questions in the queue. So if you can just maybe...

My question is, I was shocked to see mining contractors made up only 1% of Austin's business. Why is it so low? And are you planning to target these contractors in a better fashion?

Thanks, Mike. Thanks for your question. I guess it's reflective of mining contractors normally buy bodies that can operate across multiple sites because they normally move their equipment from site to site. So if you look at Austin's clients and the clients that it's exposed to, it's normally exposed to clients in what I could call bulk commodities where there's a lot of dirt being moved at once. So you look at the iron ore, copper, oil sands and coal is normally where there's a big bucket portfolio. And some of our clients have gone to incredible lightweight because they actually operate that site for a very long time. It's not that we don't have any exposure to mining contractors, but it's normally that they buy bodies that last much longer, they're heavier and then they actually -- they compromise weight for longevity, if I can say it that way. And there's other clients that do that. So they're not a former mainstay of Austin's business. I hope that answered your question.

Right. The next question comes from David Morgan, and he's asked, with Australian bucket revenue growing strongly and the Australian operations being increasingly integrated, how are you thinking about manufacturing capacity and the optimal configuration of the Mackay, Paget footprint across Mainetec and Austbore as you scale the bucket and other business practices -- sorry, other product businesses. So if you'd like to go ahead and answer that one.

Yes. So the bucket growth is not just in Mainetec. It is actually in Kewdale as well. So our Kewdale facility or Perth-based facility is probably the bigger of the 2 entities when it comes to bucket, both new buckets and repair of buckets. We also have Batam that does buckets and dippers and is used for overflow. The challenge is not more -- the footprint is probably the easiest thing to resolve. The more challenging aspect is actually getting the people and ensuring we actually use automation to scale up production. So I guess we don't have any significant capacity constraints currently for the demand we have on our books for the Australian operations.

Your next question comes from Reese, who's asked in regard to bodies, do you think you've been losing market share? Or do you think the market has decreased?

No, we don't think we've lost market share. We -- it's just that the market goes through, I guess, cycles. And if you look at APAC, it came down slightly, but that's all with one major client. We've got a major exposure to one significant Tier 1 client in Australia. So they just bought slightly less this year than last year, and that happens. North America, that has seen a significant decrease in both buckets or trays as well as our order book. And I think that is multifactor. I think it's definitely cyclical. Product mix, we can't underestimate the impact of product mix on our revenue lines. And to give you an example, we can sell a body for one client in North America at a certain size for about USD 350 and another client USD 700. So one body doesn't mean necessarily the same outcome, and that's based on size and complexity of that body, if it's got heated channels, if it's got chrome cornering, et cetera. So that plays a big impact. But to answer your answer (sic) [ question ], no, we do not believe we have lost market share.

Your next question comes from Oliver Porter.

Yes. Great. I'll keep it quick. Just wanted to ask after those first deliveries in June under the renegotiated OEM contract, how have those been received? And how is that relationship as it stands?

Relationship is strong. Like I said, we've got that OEM have actually placed orders for us until the calendar year -- end of this calendar year. And if we could supply them more, they would like to take on more. We're obviously making sure we effectively crawl, walk and then run. So we actually are planning to upscale production throughput in Chile, but we need to do so in a controlled manner. But the relationship is strong, and there is no issues with that relationship.

Great. And then the sort of the free cash flow print was great. It was helped a bit by working capital release. Do you expect some of that to reverse into '27 as you return to growth? Or I mean you make a point of focus on working cap management. How do you think we should think about that into '27?

Yes. There's no doubt there's 2 parts of that working capital. One significant part is a reduction in work in progress, which is -- there's 2 elements to that is ensuring we try and have a lot more linear or production flow through our facilities rather than try and rush it all through before the financial year-end, but also probably reflective of, I guess, the cycle we are in right now. We have worked hard on reducing our raw material inventories. And that, again, there is a timing element of that. But I think people should look at the raw materials and then look at the customer deposits we carry on our books because we try -- we like to try and offset all the work, the raw materials we carry against the customer deposits we take, and that roughly is offsetting each other at this point in time.

Your next question comes from Patrick Moore, who said, what did you have to give up or sacrifice to make the change in the Chile OEM contract?

Nothing.

That one is pretty easy.

Let me just maybe elaborate on that. I mean, I think in February, when we did our results release, we made it clear and it was a unanimous Board decision that if we couldn't reset the OEM contract, we couldn't continue with it because it was a loss-making contract for us. So it was -- from that perspective, the line was drawn in the sand, and we had to be profitable to continue with that contract. So we didn't give anything up. It was pretty much saying we shared our results transparently with the OEM. Obviously, we're a listed company, they can see it's validated in the market. So the negotiations whilst I wouldn't say pleasant, they accepted our position.

Your next question comes from Pia Donovan.

Mainly just around -- you obviously spoke about kind of expanding into some other geographical places like Africa, Middle East. Just considering looking forward, how much of this work do you think is going to make up the total order book?

It's not -- well, it's the current order book, how much it makes up? That's a good question. Probably, I would say, $30 million to $40 million right now is our current order book for product that is going to go into territories that we haven't operated in before.

Yes. And then also just in terms of the base business, so without any, I guess, just in terms of organic growth, kind of the capacity we should look at there and kind of what margins you could -- would you be able to get back to historical margins you're hoping in the next couple of years?

The short answer is we hope we definitely need to get back to those margins. So if you look at APAC, they actually performed reasonably well. Yes, margins are slightly softer, but that margin was softened more due to the first half performance where we had too many people in Indonesia for the workload, which we had to rightsize. And then we had a -- we did that 15 Cat bodies in Batam, which was a disaster and will never to be repeated. So APAC actually, with the exception of those 2 issues had a solid year, even though they had softer revenue but a solid year. Our U.S. margins is definitely softer and has been softer, but we're working hard on that. And you can see progressively increasing that. Now product mix does play an impact on that. But we are hopeful that in FY '27 -- or sorry, in calendar year '27 because the North Americans work a lot more on a calendar year basis than a financial year basis with their order releases. We are hopeful and that hope is based on discussions with the clients that we will see a significant increase in the order intake in FY '27 with the more bigger, more expensive bodies coming through our workshop, which by default carries a larger margin for us. And then in Chile, we are hopeful that with the reset that, that business will see a turnaround and move into profitability in the next 12 months.

Your next question comes from Martin, who's asked, what is the likely NPAT for Chile FY -- full year '27?

Martin, thanks for the question. We do not give segment reporting. That's probably a slippery slope. As I just said, we are hopeful with the contract reset that -- and the work we've been doing in Chile that, that business turns around into a profit situation in FY '27. But that's probably as far as I'm comfortable to go at this point in time.

Your next question comes from Reese, who's asked, which part of the world and division are you most excited for in the next couple of years?

I guess all of them, Reese. I think that's the beauty of the Austin business model is that we actually do have a footprint that covers the world. So we've got North America, South America, and we've got the APAC region, but that APAC region can support through the Batam facility and the access to facilities and workflow can support through the Middle East, Europe, the Stans as well as Africa. So all of those regions is exciting. And we just need to ensure they all perform at the right level.

Your next question comes from Michael, who's asked, where does your order book stand today compared to the same time last year? And what is your optimal level of revenue given the size of your operations today?

So order book is at the end of June, and that's the figures we are quoting. So that does -- I mean, obviously, we're always taking an order was about 10% softer with APAC up, South America up and North America down compared to last year. And that probably -- that demarcation is probably still relevant today if we roll that order book forward, but we obviously haven't published that comparative.

Your next question comes from Anthony who's asked, how significant is the future electrification of mining trucks on tray design and production?

Very little impact. Trays will stay the same. Automation has very little impact and so is the electrification on trays. There's no real impact. People still would like to have lightweight trays because it's easier to -- you can put more payload onto the tray, and that's what we do irrespective of if it's a fuel-powered, diesel-powered truck or electric-driven truck. And remember, quite a bit of the trucks we do today are electric-driven. They just got a diesel engine. So what they'll do is they'll just replace that diesel engine with an electric battery. So the outcome doesn't change.

We're nearing the end of the questions now. [Operator Instructions] Your next question comes from Ned who said -- sorry, he has asked, assuming the forecast outcome is achieved, do you envisage returning to paying an interim dividend after first half '26, '27?

Yes. Ned, the Board, obviously, that's a Board decision, and the Board will make that decision based on the results at that point in time and the perception of where we need to utilize our capital. But as you can see over the last few years, the Board has a bias to pay dividends, and we understand our shareholders would like dividends. And we do have quite a large retail book. So that weighs heavily in that decision-making process. And we also have franking credits to distribute. So the short answer is it's a Board decision, but most likely, the Board will lean towards being favorable to paying dividends.

Thank you, Sy. And we've got no more questions or raised hands at this time. So I might hand over to you for any final comments that you'd like to make.

Yes. Just shortly, thanks again, everyone, for taking the time to join this morning this call and for your interest in Austin. We do appreciate it's a very busy period. We take on those comments that Mike made, and we thank you all for your time, and have a good day. Again, if anybody would like to reach out to David or myself, we are available to have a discussion if required. Thank you.