Delays in awards this half are expected to impact activity levels in 2H25 and we have pulled back our FY25 EBITDA forecast by 4% as a result. As an offset, the contract award of a $90-100M shiploader as an OEM demonstrates one of a range of opportunities for longer-term growth. We maintain a BUY call on a revised valuation of $1.52 (prior $1.55).
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