Strong Free Cash Flow GenerationSustained cash generation and a 24.6% rise in free cash flow underpin durable financial flexibility. High OCF-to-net-income conversion (4.23x) supports reduced leverage, discretionary capex, dividend increases and funding of backlog without urgent external financing, improving long-term resilience.
Strengthened Balance Sheet And LiquidityLower net leverage and substantial liquidity materially reduce refinancing and covenant risk while lowering finance costs. The larger facility and cash buffer provide capacity to fund mobilisations and pursue pipeline opportunities, supporting stable operations across commodity cycles.
Large Secured Backlog And Expanding North American FootprintA multi-billion secured book and deep pipeline deliver multi-period revenue visibility and reduce short-term bid dependency. Momentum in North America diversifies geographic exposure into a high-demand market, offering a structural conduit for margin improvement and long-term growth.