David Lockwood
CEO & Executive Director

Good morning, ladies and gentlemen, and welcome to the Babcock Full Year '26 Results. I'm David Lockwood, the CEO. We'll do the normal format. I'll do a brief intro. David will go through the numbers, and then we have a special star turn from Harry, who is going to replace me shortly, and then we'll do Q&A. So please pay attention to me and David while you wait with bated breath for Harry because I'm sure that's what you really care about. So when we were rehearsing, we went through what are we trying to achieve with these results. And really, it's to make people look through 2 things, which is the near-term turbulence in the U.K. and the Type 31 and see the strong results of the company as it moves into an even better position. So if you look at the underlying results, they are really good. I'll come on to a slide with those later. And we've reconfirmed the medium-term guidance. That includes the cash guidance whilst absorbing the Type 31 charge.

We have really strong differentiated defense and nuclear capabilities. And when I come back after David's done the numbers and talk about the external drivers to our growth, I think you'll see a really tight fit between what we're capable of delivering and what the market wants. And that's come through with real strategic