Overview Key strengths Key risks Capital-light business and conservative financial policy support robust credit metrics. Uncertainties arising from ongoing Australian Competition and Consumer Commission (ACCC) proceedings. Key player in outsourced operations and maintenance (O&M) markets in Australia and New Zealand. Fragmented addressable markets with modest barriers to entry and limited differentiation from competitors. Long-dated contracts with built-in price escalations provide high revenue stability and visibility. Exposed to potential structural industry changes or poor performance by contractors. This could reduce outsourced maintenance services. Supporting this will be the company?s solid market position in Australia and New Zealand. The company?s diverse service offerings across the defense, telecommunications, infrastructure, and transport sectors; geographical diversity; and expanding work-in-hand will support operating and earnings stability
