Operator

Thank you for standing by and welcome to the GrainCorp Limited First Half '26 Results. [Operator Instructions]

I would like to hand the conference over to Robert Spurway, Managing Director and Chief Executive Officer. Please go ahead.

Robert Spurway
CEO, MD & Director

Thank you and good morning, everyone. Thank you for joining us. We are presenting to you today from Sydney and I wish to acknowledge the Gadigal people of the Eora Nation and pay our respects to elders and leaders past and present.

This morning, you'll hear from me with just some brief opening remarks, including our half-year performance and the operating context. I'll then hand to Ian Morrison, our Chief Financial Officer, who will talk through the detail of the first half financial performance and drivers, an update on our balance sheet and capital management and then I'll round out the conversation with an update on strategy and the progress we're making and some comments on the outlook. As I work through the presentation, I will update you on the pages we're on for those of you following online.

So starting with the summary of the results on Page 6. It's been a disciplined half of execution and effective risk management and resilience in the current environment. Our half year underlying EBITDA of $136 million was reported today, delivered through strong operational performance across multiple areas of the business. We have a remaining strong balance sheet. And importantly, today, we're