Stock Analysis

• Cash, bullion, and liquid investments increased A$101 million to A$1,040 million; the company remains debt-free and unhedged

• Operating EBITDAFI rose 3% to $724 million with $1 billion of infrastructureAssetscommissioned during the year

• Q3 2026 proportional tollRevenuedeclined 0.4% excluding FX and 8.9% on a reported basis due to currency movements

• The company secured $245 million inDebtfunding from the National Reconstruction Fund Corporation (NRFC)

• The proposed transaction is conditional on four weeks of due diligence, with Wildcat intending to operate theBusinessas a standalone platform retaining the Austal brand

• Total dividends of 23.0 cents per share, up 46%, alongside a completed $250 million share buy-back

• FreeCash Flowbefore dividends of US$1,048.2 million; total dividends of 46.15 US cents per share, up 16%