Andrew Carter

Good morning, everyone. My name is Andrew Carter, Group Director of Investor Relations at QinetiQ. Welcome to QinetiQ's FY '26 Preliminary Results Presentation. Thank you for taking the time to join us, both in person and online.

It's my pleasure to hand over to our CEO, Steve Wadey. Steve?

Steve Wadey
Group CEO & Executive Director

Great. Thank you, Andrew. Good morning, everybody, and thank you for joining us for our full year results. I'd like to start this morning by thanking all of our highly skilled employees for their dedication and hard work during the course of the year as well as our customers and our partners for their continued support.

And what has been a year of significant change for QinetiQ, I'm pleased that we have delivered resilient performance, took decisive action to strengthen the business and have set the foundations for sustainable growth.

So our agenda this morning is as follows. I'll start by running through the highlights and our year-end review. Martin will then provide his review of our financial results. I'll then come back and give an overview of our strategic outlook. Finally, we'll open up for questions.

So turning to our highlights. We have delivered resilient performance in more challenging markets, while strengthening the quality of the business and our future growth. Revenue for the year was just over GBP 1.9 billion with operating