Cash Generation & FCF GuidanceAn upgraded FY'26 free cash flow target (> $170m) builds on strong cash conversion metrics (operating cash flow to net income 4.23; free cash flow growth 24.62%). Durable FCF strength supports reinvestment, debt reduction, dividend capacity and optionality for bids over the medium term.
Balance Sheet StrengthLower net leverage (0.6x), reduced gross debt and an $818m liquidity buffer (cash plus undrawn facilities) materially improve financial flexibility. This strengthens ability to fund capex, absorb project ramp risks, and pursue contracts or M&A without immediate external funding pressure.
Robust Secured Pipeline & Geographic DiversificationA $5.8bn backlog and $18.6bn pipeline provide multi-period revenue visibility and support utilization planning. Growing North American footprint diversifies commodity and country exposure, reducing reliance on a single market and improving long-term contract win prospects.