Andrew Angus

Good morning, and welcome to the Fluence Corporation Q1 FY 2026 Results Webcast. My name is Andrew Angus, and I look after Investor Relations for the company. With me today are Ben Fash, the Managing Director and Chief Executive Officer; and Ozzie Llanes, the Chief Financial Officer.

Ben, over to you.

Benjamin Fash
CEO, MD & Director

Thank you Andrew. Good morning, everyone. My name, as Andrew said, is Ben Fash, CEO and Managing Director of Fluence. And I'd like to welcome everyone to our Q1 2026 business and financial update. As always, thank you for your time today and your interest in Fluence. With me is our CFO, Ozzie Llanes.

By now you've likely seen our Q1 business update and Appendix 4C that was recently released. I will provide a brief overview of the results and direction of the business and then turn it over to Ozzie to provide additional commentary on the financial results.

There was a lot to be encouraged about regarding Fluence's Q1 results. In what is traditionally a relatively slow quarter, EBITDA performed quite well, hitting $0.5 million against the prior period EBITDA, which was essentially breakeven. This was a result of continued strong execution of our backlog as gross margins increased 3% compared to Q1 2025 as well as the company maintaining strong cost discipline.

And while delays resulted in a disappointing quarter in terms of orders with only $7.5 million in bookings, backlog across our core businesses is almost 20% higher today than it was at the same time last year. More importantly, we did not lose many of the