Courtney Howe
Head of Corporate Affairs & Investor Relations

Good morning, and welcome to the Soul Patts’ financial results presentation for the first half of financial year 2026, being the 6-month period ending 31 January 2026. My name is Courtney Howe, I’m responsible for Corporate Affairs and Investor Relations at Soul Patts, and I’m pleased to introduce our presenters for today. Todd Barlow, Managing Director and CEO, will address performance highlights; and David Grbin, our Chief Financial Officer, will cover group financial results before handing back to Todd, who will step through portfolio performance. Todd will round out the presentation with a look at the core principles behind our capital allocation process as well as the current priorities.

We will respond to questions at the end, starting with analyst questions on the line. As usual, there is the option for written questions to be submitted at any point during the webcast, and you will see a question box on the right-hand side of your screens. Please provide your name when you submit your question. Over to you, Todd.

Todd Barlow
Chief Executive Officer

Thank you, Courtney, and welcome to everybody joining us today. Soul Patts is a diversified investment house with a unique position in the Australian market. Our total portfolio is now valued at $13.8 billion. We operate as one portfolio that houses multiple asset classes. We have generated strong risk-adjusted returns through a disciplined approach for many years. The 6-month period ended 31 January 2026 was a continuation of this track record, and we are

A rare point of agreement is emerging across ideological lines as concerns grow over how artificial intelligence could reshape the American workforce.

Mike Rowe, CEO of the mikeroweWORKS Foundation, joined FOX Business’ Stuart Varney on ‘Varney & Co.‘ to discuss how rapid technological change is colliding with a long-standing shortage of skilled labor, creating what he sees as a turning point for the economy.

Rowe’s warning echoes a broader message gaining traction across the political spectrum. Sen. Bernie Sanders, I-Vt., has also pointed to mounting pressure on workers and a changing economic landscape, framing the moment as one of major disruption.

DATA CENTER BOOM POWERING AI REVOLUTION MAY DRAIN US GRIDS — AND WALLETS

“I actually agree with Bernie Sanders. … I think we’re on the cusp of a revolution unlike anything we’ve ever seen,” Rowe said.

Mike Rowe, CEO of mikeroweWORKS Foundation, speaking at a summit in Washington, D.C. (Daniel Heuer/Bloomberg / Getty Images)

Rowe pointed to a surge in demand for skilled trades as companies race to build out the infrastructure needed to support artificial intelligence, data centers and energy expansion. In some parts of the country, he said, electricians are commanding salaries that rival or exceed many white-collar roles, with employers competing aggressively for a limited pool of workers.

THE INVISIBLE LAYOFF: AI IS QUIETLY LOCKING AMERICANS OUT OF THE JOB MARKET, CEO WARNS

That shift, he argued, could flip long-held assumptions about education and career paths as industries once seen as secondary become central to supporting a new digital economy.

“This new era is going to be a renaissance for electricians, steamfitters, pipefitters, welders, CNC operators,” Rowe said.

Rowe warned the scale of the coming buildout, which he described as tied to trillions of dollars in investment, will test whether the U.S. workforce is prepared to meet the moment as companies and institutions scramble to close the skills gap.

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I may buy shares of AG this week.

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