Financial Performance - Combined revenue reached $371 million, a 12% increase compared to $330 million in Q2 2024[13, 18] - Adjusted EBITDA was $80 million with a margin of 21.6%, down from $91 million and 27.6% in Q2 2024[14, 15, 20] - Adjusted EPS decreased significantly to $0.02 from $0.80 in the prior year period[20, 22] - Combined gross profit decreased to $40 million with a margin of 10.7%, compared to $63 million and 19.2% in Q2 2024[18] Cash Flow and Balance Sheet - Cash provided by operating activities remained relatively stable at $65 million, compared to $66 million in Q2 2024[25] - Free cash flow was breakeven, impacted by capital maintenance spending[25, 28] - Senior secured debt stood at $599 million with a leverage ratio of 1.5x, compared to $677 million and 1.7x at the end of 2024[29] - Net debt was $897 million with a leverage ratio of 2.2x, compared to $856 million and 2.1x at the end of 2024[29] Operational Highlights and Outlook - A $2.0 billion contract was signed in Queensland, increasing backlog and maintaining a 100% renewal rate for Australian contracts[41] - The company achieved a trailing-twelve month combined revenue of $1.5 billion[41] - The company is targeting 25% of earnings from infrastructure projects to diversify beyond mining[63] - The company is targeting net debt leverage of 2.1x[51]