Operator: Thank you for standing by, and welcome to the Channel Infrastructure Half Year Results 2026 Call. [Operator Instructions] I would now like to hand the conference over to Mr. Rob Buchanan, Chief Executive. Please go ahead.

Robert Buchanan: Good morning, everyone, and thank you for joining us. I'm here today with our Chief Financial Officer, Alexa Preston, and we'll speak to the presentation disclosed on the NZX and ASX earlier this morning. There's a lot of detail in the presentation pack, but Channel's story is actually pretty straightforward. Our business continues to perform well. We're delivering the projects we said we would safely, on time and on budget. And we're finding new ways to put the infrastructure we already own to work. That is delivering growth for Channel and increasingly helping strengthen New Zealand's fuel supply chain resilience. The past 6 months have been another fantastic demonstration of what this business can do. If you have the presentation pack in front of you, I'll start on Slide 3. I'm not going to take you through every line on this slide. There are really 3 things I'd like you to take away. First, we continue to see strong performance from the business. We continue to operate our assets at world-class levels. Fuel volumes have held up well despite global fuel supply disruptions. And financially, we've delivered another strong result. Second, we continue to execute with excellence. We delivered 93 million liters of diesel storage for the government in just 9 weeks. We completed Z Energy's jet fuel storage project 6 months ahead of the original schedule and within budget. The Higgins bitumen terminal is on track to complete late in the fourth quarter of this year. And just this morning, we announced a significant new jet and diesel storage project with our valued customer, BP, that will generate a further $130 million of revenue over 15 years. Third, the delivery of projects is now translating into earnings growth. We've created good commercial outcomes for shareholders while solving a genuine infrastructure need for the country. That's a combination we like, and we'll keep doing as we move forward. Moving to Slide 4. You'll see the key financial highlights for the half. Alexa will take you through the numbers in detail, but I'll just highlight revenue is up, EBITDA is up, and the Board has declared a $0.0725 per share interim dividend. This is up an impressive 16%, reflecting our strong free cash flow generation and successful execution of growth. Normalized free cash flow and free cash flow conversion are down slightly, a reflection of the phasing of maintenance CapEx. And we're investing considerably more into growth. That is growth with a contracted revenue stream and above WACC returns, which is exactly how we want to grow this business. Disciplined capital, contracted earnings and assets we know how to operate at world-class levels. On Slide 5, we turn to safety and operational performance. There is a lot more activity happening at Marsden Point right now. More projects, more contractors and a lot more moving parts. So maintaining our operating standards through that increased level of activity is massively important to our world-class aspiration. It's also critically important at a time when fuel supply chains are under pressure that New Zealanders know they can rely on us to keep our facilities working safely and reliably. Pipeline and tank availability remained at 99% in the period. We handled 30 ships during the half with a larger number reflecting smaller fuel parcels coming in during the fuel crisis. We also continued our strong process safety track record with no Tier 1 or Tier 2 process safety events. We did have 2 recordable injuries, and we're not satisfied with that, noting the significant construction activity on our site. Our expectation remains very simple to get everybody home safely every day. But overall, the team has done an excellent job managing a very high standard of operational performance while delivering a much larger program of work. Turning to Slide 6. This looks specifically at jet volumes, where we saw some good growth across Q1 prior to the start of the Middle East conflict. First half throughput was broadly where we expected and the strong quarter reflects growth of international services at Auckland Airport. As you would expect, Q2 was affected by high fuel prices and reduced schedules, particularly from some Middle Eastern carriers. But those services were already beginning to return towards the end of the quarter. As you know, Air New Zealand has had a number of their aircraft grounded over the past few years due to engine availability issues, which has impacted jet volumes over this period. So it was pleasing to see the early return to service of Air New Zealand's full wide-body fleet in June. This will support international capacity and growth in jet demand going forward. And finally, for now, Slide 7 covers petrol and diesel volumes, which have remained stable. This is broadly in line with the advisory outlook. Given where fuel prices have been, that's worth highlighting as it reflects the resilience and cost efficiencies associated with our Marsden Point import terminal supply chain system. Clearly, transport will change over time, but the transition won't happen overnight, and New Zealand will continue to require reliable fuels infrastructure for a very, very long time yet, as demonstrated by the fact that diesel and petrol fleet has remained stable since 2017. Our advantage is that the assets we have in operation today can continue to evolve as that demand changes, and we are focused on building out contracted revenues that are independent of fuel throughput. It is exactly what we are doing with the Marsden Point Energy Precinct, which I'll touch on a little bit later on. I'll now hand over to Alexa to take you through the financials before we come back to the precinct and our wider growth plans.

Alexa Preston: Thanks, Rob, and good morning, everyone. As Rob has outlined, this has been another strong half for Channel. Starting on Slide 9 with the profit and loss. Revenue for the half was $72.9 million, up 4% on the prior period. EBITDA was $48.8 million, up 1% on HY '25, and our EBITDA margin was 67%. On an underlying basis, excluding the impact of the legacy Wiri lease, revenue was up 5% and EBITDA up 3% on HY '25. So overall, another strong and stable result that provides a good base for the additional contracted revenue coming through in the second half from the Z Energy jet storage project and government diesel storage. Turning to Slide 10 and looking more closely at revenues. Variable terminal fees increased 5%, reflecting PPI indexation and higher wharfage revenue with 30 import vessels received during the half. Contracted storage revenue increased 15% due to PPI indexation and the first revenue contribution from the government diesel storage contract. Other operating revenue increased and includes the revenue contribution from the Somerton Pipeline joint venture. These increases more than offset the loss of the legacy Wiri lease and the contracted reduction in fixed terminal fees. We are seeing the benefit of the investment we've been making in building out new contracted revenue streams. Moving to Slide 11. Operating costs increased 11% to $24.1 million. However, excluding the addition of the Somerton joint venture expenses, underlying costs increased by around 6%. That reflects cost inflation across the board with efficiencies in the admin and other cost lines offset by significant increases in energy and utility costs and increases in materials and labor expenses where we filled vacancies and added capability to deliver world-class resilient operations. We remain very focused on cost discipline across our controllable cost base as the business grows, whilst ensuring a resilient supply chain for New Zealand, which includes world-class asset availability and reliability. On Slide 12, you can see the increased level of investment going into the business. Total capital expenditure was $41.5 million for the half compared with $19.1 million in FY '25. Maintenance CapEx includes investment in terminal control systems, scheduled jetty and pipeline upgrades and statutory tank inspection. For the full year, we remain on track for maintenance CapEx of between 8% and 10% of revenue. Growth CapEx includes Z Energy jet storage projects, the government diesel storage conversion and the Higgins bitumen terminal. We are investing in the resilience of the existing asset base while also investing in projects that grow contracted revenue. Turning to Slide 13. The business continues to generate strong operating cash flow, supporting stable and growing dividends. Normalized free cash flow from operations was $33.6 million, representing an EBITDA to free cash flow conversion of 69%. That was slightly below FY '25, largely reflecting the phasing of maintenance CapEx during the half. The Board is pleased to have declared an interim dividend of $0.0725 per share, a significant increase of 16% on HY '25, reflecting the commitment to a stable and growing dividend for shareholders. Moving to Slide 14. Our balance sheet remains strong. Net debt at the end of June was $346 million with $93 million of liquidity headroom. Leverage was 3.8x net debt to EBITDA, which remains within our target credit metrics consistent with the shadow BBB flat to BBB+ credit rating and comfortably within our bank and bond covenant requirements. Interest cover remains strong at 5.7x. We are also reviewing options for refinancing the $100 million retail bond ahead of its maturity in May 2027. We retain balance sheet capacity to fund the growth opportunities ahead of us while remaining disciplined around our target credit metrics. Finally, on Slide 15, as you will recall, we upgraded our guidance in May at the Annual Shareholders' Meeting to $97 million to $105 million of EBITDA. With the benefit of 8 months of trading behind us and greater certainty around fuel throughput volumes, we have further upgraded that guidance today to $103 million to $108 million of EBITDA. In addition to greater certainty around fuel volumes, the upgraded result also reflects the successful on-time delivery of the government diesel storage contract and the earlier than planned completion of the Z Energy jet storage project. Maintenance CapEx and normalized free cash flow conversion guidance remain unchanged. In wrapping up, we've delivered another strong result, continue to generate good cash flow and maintain a strong balance sheet while increasing our investment in contracted growth. Importantly, a number of our investments are now moving from capital spend into revenue. 2027 will benefit from a full year contribution from the Z Energy jet storage and Higgins bitumen contracts as well as a full year contribution from the government diesel storage contract. Inflation continues to be a feature of the New Zealand economy, and this will likely be reflected in the PPI indexation factor that applies to our revenues next year. Over the last 3 months, Channel has increased the in-service contracted storage volume at Marsden Point by 40%, reflecting the significant expansion, the material new BP contract we have just announced and acknowledging the significant pipeline of potential growth opportunities ahead of the business, Channel will invest an additional $700,000 to $900,000 per annum in operating expenditure to support resilient import terminal operations and the execution of our growth pipeline. I'll now hand back to Rob to take you through the growth opportunities in more detail.

Robert Buchanan: Thanks, Alexa. I want to spend the next few minutes talking about growth. You've seen Slide 17 before, but let me remind you of the 3 key areas of growth we're focused on. The first is Marsden Point with the Energy Precinct with the BP deal today, another great example of what we can do there. The second is opportunities along our existing supply chain, particularly around Auckland Airport. And the third is selective acquisitions in New Zealand and Australia. We're very focused on growth, but selective and disciplined growth. It needs the right customer proposition, the right risk allocation and the right return for our shareholders. Where we have an advantage is that we bring genuine operating capability to the table. We understand high hazard fuels infrastructure. We know our customers, and we have a demonstrated ability to get projects delivered. That gives us a strong platform to grow from. The next slide is probably my favorite slide in the deck because it shows just how much optionality and opportunity there is at Marsden Point. There is operating infrastructure here today. There are assets being repurposed right now, and there are projects under construction. There is land available for even more new development, opportunities in fuel security, future fuels and other energy infrastructure. The deepwater port access, pipeline, tanks, land and operating and development expertise already exists. This is very difficult to replicate, and it provides significant opportunity for us to create further value for shareholders and New Zealand. I'll just take a moment to point out some of the key changes to this slide since you saw it last. Firstly, you can see how much room we will create from the sale and removal of the CCR Platformer, which forms critical enabling works for the biorefinery. Secondly, you can see we have identified 45 million hectares (sic) [ 45 hectares ] of land available for greenfield fuel storage. We've now completed a scoping study into the feasibility of conversion of existing tanks and construction of new greenfield tanks, reflecting increased opportunity for strategic storage in New Zealand. Thirdly, we have added 123 million liters of diesel and jet storage in just the last 3 months, significantly increasing the total in-service capacity of our site. And just today, we announced another new and material contract with BP to deliver significant new jet and diesel storage. Slide 19 is probably the best evidence of what 6 months of delivery looks like for our business. Z Energy identified supply chain efficiencies and improving the volume of jet storage on our site. To meet this need, we converted existing infrastructure and delivered it for them 6 months ahead of schedule. The government needed additional diesel storage at incredibly short notice following the outbreak of the Middle East conflict. We identified a solution in 3 weeks and delivered 93 million liters of storage, 9 days of New Zealand's diesel demand, just 9 weeks later. This was the only option in New Zealand that could be provided at such short time frame due to Marsden Point's existing assets and capabilities and our connection with the existing fuel supply chain. This project highlighted our proven infrastructure turnaround capability and how we are well positioned to respond quickly to unplanned conversion opportunities. Our team has some unique skills and capabilities for delivering complex projects at pace, and I'm incredibly proud of the way they rallied together to provide this resilience for New Zealand at a critical time of need. In relation to Higgins, they needed a more resilient bitumen import terminal solution. That project is on track and in fact, has been expanded. Taken together, these projects show the progress we have made towards the Marsden Point Energy Precinct: find the customer problem, use our infrastructure advantage, contract the revenue and deliver the solution. That has become the formula for what we do best here at Channel. And importantly, we still have plenty more to come, as you can see on Slide 20. There remains more than 350 million liters of existing storage capacity potentially available for repurposing. We have also identified 45 hectares of land available for new greenfield storage development. There are opportunities around SAF and biofuels. One exciting development is the memorandum of understanding we have signed with LanzaJet, for -- a U.S.-based sustainable fuels technology company focused on producing sustainable aviation fuel from ethanol. They are at very early stages of considering an alcohol-to-jet facility at Marsden Point. Then there are further energy security opportunities and potentially other infrastructure uses. I often get asked, will every one of these things happen? And the short answer is no, and they don't need to. One of the benefits of having a large opportunity set like we do is that we can choose the projects that make sense strategically and commercially at the right time for us and our shareholders, and that discipline is important to us. Moving to Slide 21 and the potential biorefinery. At over $1 billion of proposed investment, this would be a significant project for Northland and for New Zealand, producing 400 million liters of biofuels annually. The proposed project has been expanded and is now expected to include biodiesel, sustainable aviation fuel and fertilizer production. Channel's role remains to provide the consortium with the site and the infrastructure, operating as a landlord and infrastructure services provider. The sale of the decommissioned CCR Platformer enables the redevelopment of that part of the site. You would have seen that indicated on the earlier precinct image slide. The consortium's equity raise process is taking a bit longer than originally anticipated. It's an incredibly complex process, but credible potential equity providers remain actively engaged and due diligence is very well progressed. At this stage, we continue to see the proposed biorefinery as the highest and best use of the decommissioned hydrocracker assets. That said, the equity raise is a key condition precedent to the final investment decision. And our current assessment is the completion of that process will likely delay the final investment decision into 2027. But if it proceeds, the benefits extend well beyond Channel and has the potential to bring substantial investment into Northland, create skilled employment opportunities, support lower carbon fuels and importantly, strengthen domestic supply chains. And in times of crisis or a constrained fuel supply, it would provide an important backup source of fuel for the domestic market. And of course, it would provide another productive long-term use for Marsden Point's infrastructure. By any measure, that would be a fantastic outcome. Slide 22 is about accountability. We set ourselves targets at the beginning of each year, and this is how we're tracking against them in 2026. I won't read the table out, but there are 2 numbers that are important. We've added around $22 million of incremental contracted revenue from the government diesel storage announced in the first half of this year and today announced the new BP contract. And we have upgraded FY '26 EBITDA guidance again. Those are good outcomes for shareholders. So let me finish with some closing remarks on Slide 23. We've delivered a strong operational and financial performance in the first half, alongside continued progress on project development and delivery. The contracted revenue associated with the jet and diesel storage projects we've now completed will support revenue growth in the second half of '26 and into '27. At the same time, we're continuing to monitor the impact of higher fuel prices on demand. The broader backdrop remains one of geopolitical uncertainty and pressure on global supply chains, which continues to highlight the importance of the infrastructure we operate. We're seeing renewable fuels projects, including the Marsden Point Biorefinery, increasingly viewed through a security of supply lens as well as a sustainability lens. And we continue to evaluate both organic and acquisition opportunities in New Zealand and Australia. We believe Channel is really well positioned for continued growth while playing an important role in strengthening New Zealand's energy resilience. And with that, we'll take some questions that you may have. Thank you.

Operator: [Operator Instructions] Your first question today comes from Andrew Harvey-Green with Forsyth Barr.

Andrew Harvey-Green: Great results and good to see another contract being signed. A couple of questions from me. I guess I'm not quite sure how to phrase this to be honest, but it is probably around the biorefinery. And I guess just given your past sort of experiences, Rob, with these sorts of processes, is there anything in there we should be getting concerned about with the equity raise process? Or is it -- you think it's just a function very much a function of, I guess, the increased scope and complexity, and we shouldn't be particularly concerned about the financial side of the project?

Robert Buchanan: Yes, very much the latter, Andrew. So look, again, having seen the returns on offer, we think it's a financially attractive proposition for folks to invest in. I can't speak to names, but there are some very large and significant international investors that are doing a comprehensive diligence on that project. So far, that's validated everything that we've seen in it, which is great. But we don't control the timing of when they get there on that. So ultimately, we're signaling that risk that the FID moves into '27 on the basis that those guys will need to take the time they take to get to close.

Andrew Harvey-Green: Yes. Okay. That's good. Next question I just had is, I guess, following on from around conflict and there is particularly seeing what's happened in Australia and expectation, I guess, that MSO obligations may step up. Is there anything going on, any sort of initial discussions around that? Or should we effectively expect this to be parked until post-election?

Robert Buchanan: Look, I think -- so we've all seen what the Australian government has done around fuel security and fuel resilience and that significantly lift minimum stockholding obligations as well as looking to put in place a strategic reserve. I think we've been paying a watching brief on that here in New Zealand. We are going into an election. I know it's something that's on the mind of ministers and the government, but I probably won't speak to it much more than that.

Andrew Harvey-Green: Okay. All good. Next question I just had was just around the CapEx side of things, stay in business CapEx comfortable with what's going on there. Growth CapEx, I guess, was a little bit lower than what I was expecting in the first half. Is there more to come? I guess, is it going to be weighted more second half? Or I'm just sort of wondering if you can give us a little bit more color about what we should expect on the growth CapEx side of things.

Robert Buchanan: So Andrew, the growth CapEx actually includes the conclusion of the Z Energy growth CapEx. So all of that's in the first half. Bitumen is progressing as planned. And so that should all conclude in the second half. And otherwise, it's largely government diesel storage. So from our perspective, as signaled.

Andrew Harvey-Green: Yes. Okay. And last question I just had was just thinking about sort of OpEx going forward. You just signaled a little bit of an increase coming through. It kind of looks like if we think about probably FY '27 new contracts coming in, circa $50 million. Is that a reasonable sort of ballpark to be working with as sort of underlying OpEx going forward?

Alexa Preston: I've probably got 3 things -- 3 pieces of color to add to the OpEx. One is we're continuing to see those cost lines where we don't have any control like our transmission and distribution charges experience significant inflationary pressure. The cost increases that we've signaled today is really the magic of the model that we're running here. We've added $130 million today of contracted revenue over the contracted term and increased the storage capacity of the site by 40% in the last 3 months, and that's a very modest increase in our cost base that we've signaled today. And you'll recall also that when we announced the bitumen terminal, we indicated that would come with some direct OpEx as well of $200,000. Again, very modest. So those are sort of the 3 trends that we're seeing that add to the cost base. We do continue to be incredibly disciplined on the cost line that we do have control over though.

Robert Buchanan: Probably the other element I'd add to that in terms of color, Andrew, you'll see we completed a scoping study this year or this half, which indicates 500 million to 700 million liters of greenfield storage capacity on the site. And obviously, we've got the existing brownfield conversion opportunity. And as you've seen with the BP contract today and the government contracts, which frankly, we didn't expect to be doing when we started this year, there is a pretty significant opportunity ahead of us, and we need to make sure that we've got the ability to execute on that. And so we've got a -- we're running the total business with around a little over 100 heads, and we're seeing significant growth come at us delivering projects really well, but we need to be able to continue to do that.

Operator: Your next question comes from Wade Gardiner with Craigs Investment Partners.

Wade Gardiner: Just a few questions first up on the BP contract. What's the split between jet and diesel? And is the diesel essentially we should view that as that lift in the MSO from 21 to 28 days? And how many days would that add?

Robert Buchanan: Yes. Look, I think one of the things that's important that we do, given we've got 3 highly competitive customers is that we protect their confidential information. So that information is frankly, sensitive to them. It's a combination of jet and diesel. My suspicion is there's a portion of it to help that customer's MSO requirements. But ultimately, that's a matter for them.

Wade Gardiner: So you'd still expect potential MSO deals to be done. This doesn't necessarily change that outlook?

Robert Buchanan: Well, I think every 6 months at the results, I get the question about whether there's going to be MSO deals. And we talk to the fact that actually the commercial opportunity is as significant as the MSO opportunity. And we, kind of, highlighted it again actually on the last page of our investor presentation where we've said in writing, we continue to see a strong pipeline of storage opportunities. So yes, there's MSO opportunity, but there's also commercial and strategic opportunity. And I think it's important to not lose the context of the other 2 because if you think about the jet storage we've delivered for Z, and obviously, the BP deal includes jet storage as well, that's commercial opportunity.

Wade Gardiner: Yes. Are there any rights of extension on this beyond the 15 years?

Robert Buchanan: Yes. Yes, there are.

Wade Gardiner: And can you provide color on that?

Robert Buchanan: No, no further color on that, but on the same terms.

Wade Gardiner: Okay. And I noticed on your CapEx numbers on Page 12, was it wherever your guidance was that you didn't have anything in there for the BP contract, I don't think.

Alexa Preston: No, that's right. So in terms of the outlook for CapEx, is that your question?

Wade Gardiner: Yes, yes, you say growth CapEx includes new government diesel and Higgins. But I assume there is some given that you're kicking it off in September, there will be some in there for BP as well?

Alexa Preston: There will going forward, that's right. The growth CapEx that we've reported year-to-date doesn't include costs associated with that.

Wade Gardiner: No, no, I'm more talking second half.

Alexa Preston: Second half, yes, we're kicking that project off straight away. Absolutely. Yes.

Wade Gardiner: How much should we assume in the second half?

Alexa Preston: Well, there's only sort of 3 or 4 months in which to really get after that project. And so it will be a very small portion of the overall cost with the largest component of that CapEx for BP being spent next year.

Wade Gardiner: Okay. Can you give some color on the Somerton contribution?

Robert Buchanan: Yes. So again, this is one that we have to be a little bit careful about exactly what we disclose because we've got counterparties there, and we're, kind of, one part of a joint venture. What I'd say is it's -- the business has performed as we would expect it to. The only point is that Melbourne Airport is quite exposed to the Middle Eastern routes. And so throughputs and volumes during the second quarter, in particular, were a little bit off where we had thought they would be, largely attributable to those Middle Eastern carriers. But I think importantly, again, it's a 50-year asset. So from our perspective, we're pretty relaxed about that given what we've also seen at Auckland Airport.

Operator: Your next question comes from Cameron McDonald with E&P. We'll move on to Vignesh Nair with UBS.

Vignesh Nair: Rob and Alexa, can you hear me?

Robert Buchanan: Yes, absolutely.

Vignesh Nair: Amazing. Congrats on the strong results. Sort of 2 follow-ons for me. First on the BP contract, just want to get some understanding of the exact work required, I suppose, on site to facilitate the longer-term deal. And also as a follow-on to that, if you're starting works immediately and you do end up completing a touch ahead of schedule, will that mean the sort of the customer in terms of BP would be willing to sort of start that contract ahead of time before Q3 '28?

Robert Buchanan: Yes. Thanks for your questions. So the nature of that work will be brownfields conversion, so exactly along the lines of what we've done before across a range of tanks. And so we feel really comfortable with scope of work. We've got a contractor that's performed really well on our site and delivered well for us, and it's work that we know well and understand and we obviously have a really good understanding of the assets. So that's probably the first part of the question. I think the second part is, look, I think from your perspective, from the market's perspective, you should be expecting this one sort of on budget and on schedule rather than ahead of schedule. We've got to manage some tank outages and contracted terms in some of these tanks. And so I see that project being delivered on budget and on time rather than ahead of schedule.

Vignesh Nair: Okay. That's helpful. And I suppose just loosely following on from that, I think historically, you've mentioned one of the operators were previously using 50 mega liter MR tankers instead of the larger LRs? Are discussions with that operator still ongoing? Or have they now concluded?

Robert Buchanan: Look, again, I won't speak to the kind of commercial rationale behind the storage opportunities that we deliver, like that's a matter for our customers, and we keep those discussions confidential. So I'll probably leave it at that.

Vignesh Nair: Okay. And just one more. I suppose just on the news around Exxon exiting New Zealand. I suppose I just wanted to get some color on sort of potential interest in the Wiri terminal and some more sort of details around potential timing if sort of the deal does sort of go through, if you've got any comments?

Robert Buchanan: Well, I think the important place to look at is Slide 17 on our deck. And basically, if it's on that page, we'll be doing it. And if it's not on that page, we won't be doing it. I won't speak to specific acquisition opportunities because you can understand that I can't and wouldn't do that. But I think that page gives you a pretty good guidance of the things we're looking at and where we would look to deploy capital in M&A.

Operator: [Operator Instructions] You have another question from Cameron McDonald with E&P.

Cameron McDonald: Sorry, I'm trying to get off mute before. The -- just in terms of that BP contract, can I just confirm a slight sort of nuance in that. The $130 million is prior to PPI indexation. So if we roughly take $8.7 million in the first year, that will then be increased with PPI every year after that. So the notional -- the nominal value is actually a lot more than the $130 million?

Alexa Preston: That's exactly right, Cam. Yes.

Cameron McDonald: Okay. And Alexa, just in terms of -- well, and even for Rob, actually, talking about the decision on the dividend, but you haven't actually increased your -- the dividend payout ratio as a percentage of the normalized free cash flow. The normalized free cash flow for the period was actually slightly down on the PCP and yet the dividend is up 16%. How do we feel about or think about the dividend payout going forward with that change that's occurred in this period?

Alexa Preston: So the Board's stated dividend policy is very clear, and it's to pay 70% to 90% of normalized free cash flow and to provide shareholders with a stable and growing dividend. I think what you're seeing there is an acknowledgment from the Board that 2027 has a material uplift in contracted earnings that we know will come. The Z Energy jet storage contract is now in service, and that year we'll see a full year contribution from that, government storage, et cetera. And then obviously, we've announced BP today. So the long-term contracted revenue profile is growing materially. The free cash flow result for the first half is associated with the phasing of maintenance CapEx. And so I think you can read through from that to full year cash flow.

Robert Buchanan: I think probably the other bit to add to that, Cam, is if you think about the balance of the year, we were doing the work to complete the jet storage project and the diesel storage project. Both those things are done and now we've got the revenue to benefit from it for the rest of the half and the full year of it next year.

Operator: Your next question comes from Nathan Lead with Morgans.

Nathan Lead: Just 2 or 3 for me, if you don't mind. So on the biorefinery, you were talking about how the equity raise is taking a bit longer than expected. But can you just talk about the debt funding? Is that secured? Or are we still waiting for that to be locked down?

Robert Buchanan: So look, I think the way I would articulate that is if the equity funding gets in place, the debt funding will follow. And so like it's -- it will be there, presuming that the equity gets there, if that's the right way to answer it, it will help you with that.

Nathan Lead: Yes. Okay. Great. Second question is on the government storage contract, is that capacity available for re-lease elsewhere post Dec '27? Or is there some sort of contract tie-up that means it's always got to sort of remain available if needed?

Robert Buchanan: No. So the reason that the tenure of that contract is December '27 is because there was some work that we needed to do on those assets to extend the life beyond December '27, so compliance-based work. And so to answer your question, yes, they are available in the future for re-leasing or recontracting to others, but noting that whatever contract we put in place would need to cover the costs that we would incur to extend the service life of those assets.

Nathan Lead: Okay. And then third question for me, I suppose, I'm just interested in the continuation of the DRP. I mean you're cranking up the dividend a lot. Why not retain more cash flow and not have the DRP and dilute shares on issue?

Alexa Preston: So the DRP was introduced by the Board just over a year ago now from memory and is seen as an important lever for or an important acknowledgment of the large retail base that we have. They are very partial to a DRP. The discount is very modest at only 1% and the option with each dividend payment is to retain the DRP for that payment or not.

Operator: Thank you. There are no further questions at this time, and that does conclude our conference for today. Thank you for participating. You may now disconnect.