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Allan Lockhart: Well, good morning, and welcome to NewRiver's Half Year Results. I'm pleased to say that NewRiver continues to deliver disciplined growth, underpinned by an experienced and scalable platform. Our focus remains on sustainable expansion by maximizing value from our assets and ensuring we are ready to act upon accretive opportunities as they arise with capital discipline at the heart of our strategy. We recognize that our share price does not reflect the underlying progress that we have made, and we share the frustration of our shareholders. That said, we are confident in our platform, our assets, our strategy and the market outlook as we continue to build operational momentum. The first half was a period of strong operational performance, during which we completed the integration of the Capital & Regional portfolio. We unlocked net annual synergies of GBP 6.2 million and grew cash profits by 31%, enabling an increase in our first half dividend to 3.1p per share, which is fully covered. We maintained strong occupancy and our leasing activity has been robust with double-digit increases in new rents. This strong leasing performance underpinned by another consecutive period of positive valuation growth. Our balance sheet is strong with comfortable gearing, healthy cash reserves and ample liquidity. These highlights, strong rents, greater scale, consistently high occupancy and a robust balance sheet position us well to capitalize on an improving retail market. Retail parks and shopping centers, which make up 94% of our portfolio are outperforming broader discretionary retail, supported by resilient consumer demand and improving fundamentals. Looking forward, we have identified a pipeline of attractive investment opportunities, ranging from single asset deals to larger transactions, which gives us confidence in our ability to achieve greater scale through earnings and value-accretive transactions over time. At an operational level, we are optimistic about the outlook for the retail real estate market. Recovery in the U.K. retail sector continues. Retail spend is up, driven by a resilient consumer base, a broadly stable labor market and elevated consumer savings. While overall retail spend continues to grow, online-only retailers are losing share to those with physical stores. We believe this reflects consumer preferences and the essential role physical stores play for retailers seeking to build brand awareness and drive multichannel sales. Current data shows that vacancy rates in retail are at their lowest level in years, driven by increasing occupational demand and with supply tightening, rental growth prospects are improving. With a focus on convenience-led retail and omnichannel outlets, our assets are strategically positioned to benefit from these positive trends of a resilient consumer, improving occupational demand and a tightening of available supply of retail space. Our tenants are reporting stronger sales, and we're seeing that through increased demand for space across our assets. These fundamentals underpin our confidence in future rental growth and long-term portfolio resilience. With increasing retail consumer spend and improving occupational demand for space, the data suggests that investor appetite for retail assets is growing. This is underpinned by the attractive total returns with supermarkets, shopping centers and retail warehouses outperforming other areas of the real estate market. Capital values and ERVs are rising and liquidity in the capital markets is improving. We're seeing competitive bidding for quality assets and the risk-adjusted returns that retail offers remain compelling compared to other commercial real estate sectors. We've been able to take advantage of the improving investor demand with the sale of 3 shopping centers for GBP 71 million, in line with book and a further GBP 40 million of asset disposals either under offer or completed since period end with a diverse range of investors, including institutional capital, REITs and private investors. I'm now going to hand over to Will, who will take you through the financials. William Hobman: Thanks, Allan, and good morning, everyone. It's my pleasure to be taking you through our half year results, starting with the key highlights. The first of which is that we've completed all of the Capital & Regional post-acquisition work streams, including integrating the assets onto our platform and systems and unlocking the GBP 6.2 million of admin cost synergies identified during our diligence, in line with planned time lines, i.e., within 12 months of completion on a look-forward basis. We've demonstrated our disciplined approach to capital allocation, selling GBP 70 million of assets at pricing close to book value and recycling a proportion of the proceeds into our own shares at a 26% discount, proactively facilitating Growthpoint's exit from our share register. Lastly, we've increased the scale of the business while maintaining balance sheet strength and working ourselves into position to commence refinancing in the first part of '26. These highlights have culminated in a first half total accounting return of 5.4% and leave us well positioned as we look forward. I'll have more details on these areas in the coming slides, starting with the balance sheet and specifically loan to value. This slide shows that we started the year with LTV of 42%, in line with the pro forma communicated on completion of the C&R acquisition a year ago. At the time of completion, we explained that we remain committed to our LTV guidance and that we were confident in our ability to return to the 40% level through a realistically achievable amount of asset disposals, which we more than achieved during the first half. First, with the disposal of the Abbey Centre in Belfast for just under GBP 60 million and then with 2 smaller disposals in Leith and Wallsend, bringing total disposal proceeds during the half to over GBP 70 million, which reduced LTV to 38%. In mid-August, Growthpoint announced its intention to sell at least 10% of its 14% holding in NewRiver. And we facilitated their exit by buying back 10% of our share capital with the remaining 4% acquired by new and existing shareholders at 75p per share, representing a 6% discount to the price at which we raised equity last year and a 26% discount to March '25 NTA per share. We did this primarily because the transaction was accretive to UFFO and NTA per share, but also to clear a potential overhang on our shares. And following the buyback, LTV increased back up to 42%, which is modestly above guidance. But importantly, during the first half, we demonstrated financial discipline and the liquidity of our portfolio in disposing GBP 70 million of assets at close to book value. And our LTV position is supported by a stable portfolio valuation, which again showed modest growth in the first half. Furthermore, we remain very comfortable with the strength of our overall financial position because we consider LTV alongside our net debt-to-EBITDA and interest cover ratios, which remain among the best in the listed peer group. And lastly, post period end, we've already reduced LTV on a pro forma basis through further sales, and we're currently progressing disposals, which we expect to complete in the coming months. Next, more on the balance sheet and our refi plans. Our cash position remains strong and has increased since March because proceeds from asset disposals in the first half outweighed the cash cost of the buyback. Gross debt is the same as in March, with the main component still the GBP 140 million Mall facility and GBP 300 million bond. EPRA NTA per share has increased, principally due to the buyback, offset slightly by disposals. And our overall debt metric position remains strong, as I've just explained, which was recognized by Fitch in September when they reaffirm NewRiver's investment-grade credit ratings at BBB with a stable outlook and BBB+ on the bond itself. Moving on to refinancing. We expect the first phase of our plans focused on The Mall facility to commence soon. And during the first half, we focused on getting into a position to execute by maintaining maximum flexibility within our current structure, exercising a plus 1 option on The Mall facility to extend maturity to January '28 and extending the plus 1 window on the GBP 100 million undrawn RCF to March '26. Looking ahead, we recognize that right now, we're still very well positioned with a low cost of debt and a predominantly unsecured debt structure. In addition, due to our elevated cash position, which we expect to increase further as we complete disposals to reduce LTVs within guidance, our total refi requirement is likely to be less than the GBP 440 million of drawn debt we currently have. And we're clear that in any refinancing, we want to make sure we extract maximum benefit from our current position, which we're aware has inherent value given where rates are today. But we're keen to begin to manage our maturity profile. So we plan to be active in the debt market in the first half of '26, and our preference is to remain as an unsecured borrower. Before I move on to H1 UFFO, I'd like to spend a moment on C&R, specifically the progress we've made on the synergies post acquisition and what this means for earnings accretion. As part of our diligence, we identified GBP 6.2 million of admin cost synergies, which were the key driver of the UFFO per share accretion expected as a result of the transaction. And we said that we expected these synergies to be unlocked within 12 months of completion on an annualized basis. We've made good progress by the end of FY '25, which continued into HY '26 as we completed the migration of C&R property management and accounting data onto our systems over the summer, which was the final major step in integrating the 2 businesses. And we've continued to make great progress on the cost savings, which are now fully unlocked. The chart on the slide translates this into accretion. Starting with HY '25 UFFO per share of 3.7p, which is the baseline pre-acquisition position. Number one shows the impact of funding the transaction on UFFO per share, being the equity placing, cash and share consideration and transaction costs. Number two shows the level of profit contribution unlocked, ignoring Snozone seasonality. Number three shows the benefit of the final synergies, the majority of which will come through in FY '27. And number four shows the expected benefit to come from near-term leasing activity in the C&R portfolio, including the reversal of the impact of retailer restructuring in H1. Lastly, as shown as #5 on the slide, after factoring in disposals to reduce LTV to guidance and the upcoming Mall refi, we remain on track to deliver the mid- to high teens UFFO per share accretion outlined at the time of the transaction. Next, first half UFFO, which in pounds million increased from GBP 11.5 million in the prior period to GBP 15.1 million this year, principally because of the scale added via the C&R acquisition. The bridge on the slide focuses on the per share movement, which is important as it forms the basis of our dividend policy. This reduced from 3.7p in the first half of the prior year to 3.3p in the first half of this year. And I'll now walk you through the key moving parts, firstly, on a look-through basis, excluding phasing. Starting with the C&R impact, where you'll recognize the figures from the previous slide, being dilution from acquisition funding and then C&R accretion, which is shown on the slide as 2.1p on a look-through basis, ignoring Snozone seasonality, which I'll discuss in more detail on the next slide. Disposals reduced UFFO on a per share basis by 0.4p, reflecting the impact of disposals in the prior year and the first half of the current year, principally Newtownabbey. Next, the buyback, which we completed in mid-August. The slide initially shows the look-through impact on H1, assuming the buyback had concluded at the start of the half. On to operational matters, starting with core NPI, including AM fees, which have added 0.1p per share, principally reflecting a full half of contribution from Ellandi versus a partial contribution in the prior year, which gives us 4.4p per share on a look-through basis before then reflecting H1 timing. Continuing with operational matters. The portfolio has performed well in H1, but we've seen some temporary income disruption from retailer restructurings, principally Poundland, but also River Island, Claire’s and Bodycare, which have impacted H1 through increased provisioning, and we expect will result in some income disruption in the second half as we negotiate the best possible terms or seek alternative occupiers. Next, we strip out the benefit of the share buyback, which will benefit H2 in the first half of FY '27 because of the timing late in H1. And then the impact of Snozone seasonality, which gets us to the 3.3p we've reported today. On to Snozone, which you'll remember we acquired in December '24 as part of the C&R transaction. It's an operational business with 3 sites, 2 in the U.K. and 1 in Spain. Our observations after a year of ownership are that it's a high-quality leisure operating platform and a very well-run business that makes a meaningful contribution to UFFO on an annual basis. But as flagged in our full year results 6 months ago, its contribution is seasonal, which is more pronounced under NewRiver's ownership because we have a March rather than a December year-end as C&R had, which means Snozone's controlled loss period falls squarely into H1 and peak trading falls into H2. This is why when we presented our full year results back in June, we highlighted that the EBITDA recorded in our first 3.5 months of ownership of GBP 3.7 million exceeded Snozone's annual trading output because this initial period encompass Snozone's peak trading season without any of its period of controlled loss. So the result in H1 of a loss of GBP 1.6 million is in line with our expectations, as is the level of profitability delivered in H2 to date. This H1 performance means Snozone delivered EBITDA of GBP 2.9 million over the 12 months ended 30th of September, which is relevant when we come to look at the first half dividend. As you'll know, we pay dividends twice per annum, announced within our half and full year results and based on 80% of UFFO. Today, we've reported UFFO per share for H1 of 3.3p. As explained on the previous slide, this includes Snozone's controlled loss period. If we adjust for this seasonality in order to smooth our in-year earnings profile, by assuming Snozone's profits accrue on a straight-line basis over the year and using the EBITDA generated over the 12 months to September as our basis, this increases UFFO per share by 0.6p, giving an adjusted UFFO per share of 3.9p. Taking 80% of this gives an H1 dividend of 3.1p per share, which is fully covered by H1 UFFO per share of 3.3p. In the second half, we will, in effect, apply the equivalent seasonality adjustment because the full year dividend will be calculated as 80% of full year UFFO per share, less the H1 dividend of 3.1p. Meaning the blended payout for the financial year will be 80% of our FY '26 UFFO, in line with our policy. Thank you all for listening. I'll now hand you back to Allan. Allan Lockhart: All right. Thank you, Will. We believe that our consistently high occupancy and tenant retention rates, combined with affordable rents will drive sustainable rental growth. We've achieved strong leasing volumes with retention rates improving year-on-year. New leasing rents are growing from a highly affordable base, ensuring our assets remain attractive to both new and existing tenants. This approach minimizes void risk and supports stable income growth. Evidence of our success can be seen through our leasing activity, which consistently outperforms with new rents at 11.3% above ERV and 24.2% ahead of previous rents. And our long-term rental compound annual growth rate has been steadily improving over the last 4 years. I would highlight that our portfolio today has delivered a compound annual growth rate in rents of 1% per annum over the last 9 years based on 3 years of aggregated leasing during a period where retail was highly disrupted by COVID and peak online. This affirms our portfolio positioning, our leasing strategy and the quality of our asset management. Our high level of occupancy is supported by active and diverse demand for space across our portfolio. We have a broad tenant mix, which reduces concentration risk and enhances income stability. As you can see, no retailer represents more than 3.5% of our portfolio rents. Leasing volumes are high with a strong pipeline, allowing us to capture inherent rental reversion in our portfolio. We have a strong pipeline of new leasing deals, which will help offset some short-term disruption from recent tenant CVAs. Retail is a highly competitive and dynamic sector. And while our occupational market has been steadily improving, we have had some recent disruption from the CVAs of Poundland, Bodycare, Homebase and River Island. Now there's no indication that these CVAs are a reflection of the broader retail market, and we're expecting there to be no material impact to our operations over the medium term as we make good progress in mitigating the disruption. Already, we have replaced Homebase with superior leasing deals to Sainsbury's and The Range, and we're making good progress on mitigating the impact from Poundland, and we're in negotiations with the new owner of Bodycare. We are seeing strong underlying consumer spending growth and both our occupiers and assets are benefiting. We're located in areas with strong local demographics and high frequency of use, which helps drive outperformance in customer spend. Retailers in our portfolio consistently exceed national averages for sales, whether in our shopping centers or our retail parks, demonstrating the quality of our locations and the resilience of our occupiers. We focus on convenience and omnichannel retail, ensuring our assets are integral to the communities that they serve. Evidence of our outperformance is reflected in our tenant sales data and the continued interest from leading retailers securing space within our assets. Active asset management is central to our value creation strategy. We continuously target improved tenant profiles, enhanced asset quality and seek to drive rental growth through our strategic initiatives. Our hands-on approach enables us to unlock and identify opportunities for income enhancement and capital appreciation. Our Retail Park in Dumfries is a great example of our active asset management, where we have improved tenant quality with the introduction of Sainsbury's, Tapi, Food Warehouse and Next. We increased rents with the introduction of drive-thru restaurants, the new letting to Sainsbury's, which was secured at a significant increase to the previous passing rent, and we negotiated a much higher rent with B&M at lease renewal, having created positive rental evidence with the new lettings to Food Warehouse and Next. All this activity has delivered positive income and capital returns. Snozone, the U.K.'s leading indoor ski operator, is a business that we acquired as part of the Capital & Regional transaction, and it presents an excellent opportunity for growth within our portfolio. Snozone has a high-quality management team with extensive operational experience in leisure beyond just skiing. It is a highly profitable, well-run business, and it holds a dominant position across the markets it serves. However, as Will said, it is inherently seasonal. And so we are actively exploring opportunities that utilizes the management team's experience and our expertise in asset-backed operations to deliver further earnings growth. The leisure sector is growing, evidenced by increased demand for leisure space in our retail assets. Snozone's performance has been strong and provides confidence of the potential for further expansion and diversification of our income streams. We're always looking for opportunities to grow earnings. We have been able to utilize our specialist asset-backed operating platform to pursue capital-light growth through strategic partnerships. In the first half alone, our net fee income from capital partnerships grew by 40% compared with the same period last year. Over the past 5 years, net income from our capital partnerships has grown almost 20% per annum. There are ample opportunities for further partnerships with no shortage of partners looking to leverage the value of our platform and operating expertise, and we hope to maintain a similar run rate over the next 5 years. We have a diverse range of partners and are actively discussing a number of investment opportunities across retail parks, regeneration projects and shopping centers. Capital partnerships allow us to scale efficiently in a capital-light way, share risk, access new markets and collect valuable market data. Capital partnerships are central to our strategy for sustainable long-term earnings growth and will provide attractive recurring and growing income streams that will continue to scale. To summarize and bring it back to the start, we are in good shape. We have a well-positioned portfolio that is performing, a supportive market backdrop, a balance sheet that provides flexibility and optionality and a market-leading platform ready to capitalize on growth opportunities. As we explore these opportunities, we believe that increased scale will result in a lower cost of capital, improved cost efficiency and better liquidity for our shareholders. Our pursuit of growth comes with strict capital and financial discipline. The outlook for retail remains strong, and we will continue to build on our momentum to deliver value for our shareholders. Allan Lockhart: Well, thank you. We will now move to Q&A, beginning with live questions from the room before taking any questions that have come through online. So the first question, Tom? Thomas Musson: It's Tom Musson from Berenberg. Just first question on debt. Can you help quantify the earnings impact of higher debt costs, not just from The Mall facility, but the corporate debt, too? And if you think about the need to refi both pieces of debt fairly soon, do you expect to be able to continue growing the dividend in each year going forward, given not just the requirement of those refinance headwinds, but also further disposals that you point to as well? William Hobman: Yes. Thanks, Tom. So I would say on debt, we've sort of this morning laid out our plans for refinancing. So we're probably going to look at The Mall facility initially. If you remember, that was a facility that we inherited as part of the C&R transaction, GBP 140 million facility, 3.45% coupon. And the refinancing of that debt was always in the underwrite of the C&R transaction. So if you remember in my slide earlier on, I talked about the accretion that we've unlocked to date. But then I said we had to sell assets to get below 40%, and we had to refi The Mall. So the benefit of the accretion from the C&R transaction is we were able to wrap up the impact of that refi into the accretion effectively. Now the other point to make, I think, is we have GBP 90 million of cash at the moment. We've said we want to sell -- we've said if we sell GBP 30 million of assets, we'll get below our LTV guidance. So obviously, that cash number will increase. And if you look at that versus our GBP 440 million of debt, we don't need to refinance GBP 440 million of debt. So it's difficult to talk about the exact phasing of the refi and exactly when the impact will come through. That kind of depends on -- we've got a couple of our banking friends in the room, how our discussions go in 2026. But what I would say is that we're in a really, really good position. Fitch has just reaffirmed our ratings. The C&R Mall refi was factored into the accretion. And actually, our gross debt requirement is significantly less than it's showing on the balance sheet. The reason we've never compressed the 2 numbers, the cash and the gross debt is, of course, because of where rates are and because of how much we're paying on our debt, we've been able to get more than that in the bank. So there's never been a need for us to do that before. But actually, we're moving into a point where depending on what's said on the 18th, it may well be the case that actually we're no longer making a turn, and that's why I think the timing of the refi's work is well timed. Thomas Musson: Okay. And you mentioned in the text of the release to expect a little more income disruption in the second half. Can you help quantify that impact? Allan Lockhart: Can you [indiscernible] that, Will? William Hobman: Yes. I mean, we're talking about 4 retailers really around 3% of rent. Most units are still occupied and trading. At the minute, there is some short-term impact. In the second half, it could be anywhere up to, I don't know, between GBP 0.5 million and GBP 1 million, but it's very difficult to say at the moment, Tom, because we're kind of in live discussions with those retailers. Ultimately, we think once we've got through that period of disruption in the medium term, we'll be confident of getting those rents back up to where they are or where they were before the restructuring. But I think you're quite right, you've picked up on the wording. I think there could be a little bit of disruption in the second half. Really hard to quantify exactly at the moment, but it could be GBP 0.5 million and GBP 1 million, something like that. Allan Lockhart: I think it's fair to say, isn't it, that we really are making good progress around some of the CVAs. I think on the slide, you will have seen that excluding Homebase because we've already sorted them out with the deals we've done with Sainsbury's and The Range. So they've gone, which is great. But in terms of sort of Poundland, Bodycare and the River Island, we have about 250,000 square feet that are subject to CVAs. We're about 85% in advanced negotiations or deals already agreed. So it's really more of a sort of timing aspect. The other thing that's really encouraging is just the pipeline of our leasing that we've got going on at the moment, and we're really encouraged around that in terms of the new leasing deals versus previous passing rent. So our team is like super focused on getting those sort of deals sort of wrapped up. You will have seen a slide -- one of the slides, I think we've got something like 950,000 square feet of leasing deals that we're currently sort of processing under offer in legals, and that's really positive as well. So I think that sets us up nicely for FY '27. Bjorn Zietsman: Bjorn Zietsman from Panmure Liberum. Just a quick question around the leasing performance. It is striking that how far above ERV leasing transactions are coming through. Do you think this more accurately reflects the true reversion potential of the portfolio? And do you have a sense of why value ERVs are so far below where the market is? Allan Lockhart: Well, I think the most important thing is to be looking at our compound annual growth rate when you aggregate up all your leasing, and we're really positive that, that is now trending in a positive direction. We're now moved into 1%. Six months ago, that was plus 0.7%. Twelve months prior to that, it was minus 0.3% and minus 0.4% in the previous year. So this is moving in the right direction, which is reflective of what we've been saying, which is an improving market outlook. But look, I mean, if you look at our valuations, the values are expecting reversion to come through over the next sort of 5, 6 years, and we're confident that we will be able to sort of deliver that, which will be obviously positive around our P&L and future valuations, we believe. Bjorn Zietsman: And then you mentioned you've identified an attractive pipeline of assets. Can you give us a sense of the size of that pipeline? Allan Lockhart: Well, we never really give a running commentary on what we're doing and what we're looking at. But what we said was that we're seeing opportunities that our single asset deals to larger transactions to corporate opportunities, not just in the public equity markets, but in the private markets. And we also have the flexibility to either think about doing those ourselves or to do those in partnership. And as I mentioned on the slide in terms of our capital partnerships, we are in active discussions on investment opportunities across retail parks and shopping centers and also regeneration projects. Do we have any questions online, Lucy? Unknown Executive: No questions online. Allan Lockhart: Great. Okay. Well, thank you very much for attending. And so it's been hopefully a good presentation from your perspective and look forward to seeing you next year. Thank you.
Jakob Sigurdsson: Those here in the room at JPMorgan in London and those joining us online as well to Victrex's full year results presentation for 2025. I'm Jakob Sigurdsson, CEO of Victrex. Before we turn to the results summary in what has been a particularly challenging year for Victrex and of course, the chemical industry at large, I do want to highlight a couple of slides on Slides 2 and 3 in the presentation, and we'll call them out as we go along to put things in perspective. And I also tell you a little bit about how we are addressing the challenges we faced in FY '25 and continue to face, but underline that the long-term prospects and opportunity for Victrex remain very strong. We are addressing these ongoing challenges, and we have been doing that in the past couple of years as well. We're also announcing a profit improvement plan today that builds on our self-help in 2025, but also leverages the recent investments in infrastructure, foundational investments like digital and other things to make us more efficient. We've now concluded those investments, as you clearly see in our CapEx profile and are now continuing to drive improvements on the back of these in many different areas. But it is very important to note that we do remain a world leader in PEEK. Nobody has more experience with application development in PEEK. Nobody has more data on how PEEK is produced, how it processes and what needs to be considered when converting it into performing parts and forms. We have a large addressable market, probably 5x what we're seeing being sold today and very well aligned to strong megatrends, whether they are metal replacement or striving for clinical benefits on the behalf of patients. And with a very differentiated portfolio around which we've built a good intellectual property estate that will give us a sustainable competitive advantage going forward as well. In what has been a particularly challenging year, it is important that we don't overlook the long-term potential of this business. Turning to Slide 4. Ian Melling, our CFO; and Andrew Hanson, our IR Director, are with me here today. A copy of our presentation is on our website at www.victrexplc.com under the Investors tab and by clicking on Reports and Presentations. In terms of format, I will call out the slide number when we are speaking. I will start the presentation with a headline summary of the results. Ian will then cover the financial results in detail, our profit improvement plan and our outlook summary. And towards the end, I will summarize business performance. And finally, we'll finish with a Q&A. Questions from the room first before we take any questions from those that are on the call. So headlines for FY '25 ever so briefly, strong volume growth in the year. Sales volume up 12%, primarily driven by value-added resellers and Energy and Industrial. Momentum was maintained during the second half at volume level overall. Underlying PBT was impacted by currency, which Ian will cover in detail later on by sales mix with stronger [ RAS ] and also within Medical, weaker medical spine and also impacted by the annualized start-up costs from our new China manufacturing facility. It is worth noting that we did deliver half 2 profit before tax in line with half 1 and in line with our latest guidance. On cash conversion, we delivered another strong performance, reflecting strong working capital management, resulting in operating cash conversion of 121%. And this obviously was impacted by a significant reduction in our capital expenditures as well, which have been coming down ever since FY '23, and we've talked about it in the past in detail. Ian will cover our profit improvement plan with a headline of at least GBP 10 million savings being targeted. This further builds on the self-help actions we've implemented in FY '25 and the recent foundational investments in infrastructure and technology to make us more efficient. We've also reviewed our capital allocation policy, and Ian will cover that in greater detail as well. And finally, our outlook for FY '26 is that we're targeting, I would say, solid progress on the top line as well as the bottom line, and we will add more color to that as well when we cover the presentation to Ian and myself. So I'll now hand it over to Ian for the financial outcomes. Ian Melling: Thank you, Jakob, and good morning, everyone. We'll start on Slide 7 with the financial results in detail, and then I'll cover our profit improvement plan and the additional actions we are putting in place as we look to drive operational and financial improvement. And finally, we will conclude with our FY '26 guidance and outlook. I'll then hand back to Jakob for the business review. So starting on Slide 7 with the income statement. As Jakob has noted, it was a particularly challenging year for Victrex at a profit level despite delivering strong sales volume, up 12% at 4,164 tonnes. The volume growth was driven primarily by VARs and Energy & Industrial. As a consequence of a softer mix and a weaker performance in Medical Spine, revenue was up 1% at GBP 292.7 million or up 3% in constant currency as currency weighed on our full year revenues. I'll come back to sales mix shortly. The divisional revenue summaries are shown in the appendix on Slide 26, with Sustainable Solutions revenue up 2% and Medical revenues down 5% driven by much weaker Medical Spine. Non-Spine revenues were up 7% with broad-based growth and a much more diverse range of applications. Moving on to gross profit, which was 1% lower than the prior year at GBP 132.6 million. This is after the effect of the gain on currency contracts of GBP 3.7 million. Gross profit in constant currency was up 5%. Gross profit was impacted by currency, by the softer average selling price and by the annualized costs from our new China manufacturing facility as well as wage inflation. Our Panjin facility in China accounted for a GBP 3.7 million higher loss year-on-year, reflecting the annualization effect with this facility coming online in H2 2024. For the year as a whole in FY '25, this was an GBP 8 million loss, in line with our latest guidance. I do want to call out how we saw a lower cost of manufacture elsewhere in our asset base, driven by higher asset utilization, along with some raw material savings. I'll cover the detailed movements on the next slide. Gross margin was down 90 basis points at 45.3%. I'll come back to this shortly with China plant costs, mix and currency being the key items impacting gross margin. Turning to overheads. Overheads for the year were up 14% or 2% when excluding the impact of wage inflation, the employer national insurance increase, partial bonus payments based primarily on strong cash conversion, the first for 3 years. The largest element was noncash charges for employee share schemes and employee retention. We retained tight cost control, including on recruitment and discretionary spend with the areas that did increase focused on customer programs. Interest was an expense of GBP 2 million in the year compared to GBP 1.2 million in the prior year as our China loan interest was capitalized in H1 FY '24. We expect interest expense will be at a similar level in FY '26. After the GBP 8 million impact to PBT from currency, the resulting underlying profit before tax was GBP 46.4 million, down 21% and down 10% in constant currency. Reported PBT was GBP 33.8 million, up 44% as our exceptional items were materially lower than the prior year at GBP 12.6 million. These comprise the final part of our ERP investment, business improvement costs aligned to Project Vista, which saw strong volume growth as well as sales pipeline growth and procurement savings and a noncash impairment of GBP 4 million for our Surface Generation investment. Underlying earnings per share of 43.9p was down 15%, slightly better than the movement in underlying PBT. The resulting effective tax rate was 23.9% versus 22.2% in the prior year. This reflects the lower proportion of profits being eligible for the Patent Box rate when profits are suppressed. This rate is above our midterm guidance of 15% to 19%. And the effective rate in FY '26 is again expected to exceed the top end of this range, unrecognized tax losses in China and the proportion of profits available for U.K. Patent Box being the key drivers. Turning finally to our dividend. The Board are pleased to maintain the final dividend of 46.14p per share. I'll come back to our updated capital allocation policy later. Slide 8 shows the underlying year-on-year PBT movements. Looking at the key movements beyond currency, which was GBP 8 million adverse. Thanks to an increase in production volumes through the plants, asset utilization saw a GBP 6 million benefit. FY '24 saw a significant inventory unwind, which explains the materially lower production in the prior year. Raw materials saw a year-on-year benefit of GBP 4.7 million. Sustainable Solutions growth drove a GBP 2.5 million year-on-year improvement to profit net of price and mix. Operating overheads I already touched on, with the impact of wage inflation and partial reward being the main element impacting profits by GBP 4.8 million. Employee retention-driven share schemes were an incremental GBP 3.7 million following the prior year where release of previous accruals meant almost 0 net cost. Our China plant start-up and the annualization effects, including depreciation and costs being expensed for the full year was a GBP 3.7 million adverse impact versus FY '24. Medical was a year-on-year adverse profit impact of GBP 2.4 million, driven by Spine declining as the continued effect of titanium regaining share in the U.S. caused by 3D printed and expandable spinal cages as well as some of the volume-based procurement challenges in China impacted us. Jakob will expand on this later, along with the positive progress in non-spine, which is an exciting area for us as we open up even more new applications. Growth investment of GBP 2.6 million was principally supporting our customer-facing functions as well as some incremental investment in our medical acceleration program with our product development center in Leeds. With the resulting annualization of interest expense, this led to PBT of GBP 46.4 million with H2 PBT being in line with H1 as per our most recent guidance. Turning to Slide 9 and ASP. We can see the movements in average selling price, which was down 10% in the year from GBP 78 per kilogram to GBP 70.3 per kilogram, driven by sales mix, end market, product and customer mix and currency. Constant currency ASP was down 7%. Approximately 80% of the total year-on-year movement was due to mix and currency, with mix most heavily impacted by the strength in VARs within Sustainable Solutions and the weakness in Spine within Medical. VARs and Energy & Industrial were the source of the majority of the price impacts, whilst like-for-like pricing in other key end markets remains robust. Where price did decline, this reflected some incremental price competition in VARs as we signaled earlier in the year or where we targeted regaining business in the likes of Energy and Industrial. Jakob will cover the key role that VARs play in our value chain to drive new uses for PEEK later. A very brief word on midterm pricing as shown on Slide 10, with mix and currency being the main drivers on ASP in FY '24 to '25. If we look over the past 5 financial years, we see a very similar picture with a very small impact from price, customer and end market mix, offset by a positive change in divisional mix. In summary, a medium-term view of our business shows that mix and currency have been the key drivers on our average selling price. Whilst we have been successful at price pass-through to customers, particularly following the energy price crisis, we have also retained or regained business within specific end markets with some impact on price. Moving to gross margin on Slide 11. Starting with the prior year of 46.2%, currency was a 150 basis points adverse impact to gross margin, reflecting the sizable headwind we saw this year. Our China plant start-up impacted gross margin by 120 basis points. Remember, we've seen some gradual operational improvements in this facility during the year, but production volumes were still only around 50 tonnes, so a very low level of utilization. Mix and price within Sustainable Solutions dragged on gross margin by 90 basis points with the adverse mix in Medical being an impact of 60 basis points. On the positive movements, raw material cost savings added 130 basis points with the higher asset utilization helping us by 200 basis points. A brief word on the gross margin, excluding our China manufacturing facility. This was 47.7% versus the reported 45.3%. So overall, the China plant is a 240 basis point drag on gross margin for the group, which we will look to overcome in the coming years. Finally, the chart does show the indicative drivers for our gross margin in FY '26 based on latest assumptions. I'll cover the overall guidance summary shortly. Moving on to cash flow, which is shown on Slide 12. The main headline is a strong cash conversion at 121%, a key measure of our cash flow efficiency and a positive result for our business. This is one of our key strategic objectives in the organization, which employees are fully focused on. Looking at the key movements from operating profit or EBIT of GBP 48.4 million, we incurred depreciation of GBP 25 million, an increase of GBP 1.7 million on the prior year, driven by the new China plant. Working capital was an inflow of GBP 7 million, driven by a further inventory reduction of GBP 5.4 million. Remember, we had a much higher inventory position at the end of FY '23, GBP 134.5 million. So the reduction in inventory this year, whilst pleasing, was not as sizable as FY '24. We do have an opportunity to further reduce inventory whilst noting that our reputation for delivery is valued by our customers and that we have a broader geographic base and portfolio than we have historically. On CapEx, we tightly managed key capital expenditure this year and continue to do so. We're obviously pleased to move beyond the period of heavy investment in capacity and capability. CapEx was GBP 21.8 million, a reduction of 33%, meaning that CapEx represented 7% of revenues, below the lower end of our guidance of 8% to 10%. This resulted in operating cash flow of GBP 58.6 million compared to GBP 68.5 million in the prior year. Cash tax totaled GBP 4.4 million, similar to last year. Cash exceptional items of GBP 9 million were marginally lower than FY '24 and primarily related to our ERP system, which includes ancillary systems such as CRM and Project Vista costs. Our digital investment is supporting a number of business process improvements and an ability to support and serve customers better, for example, through digital approaches to R&D. As a result, free cash flow was slightly lower than FY '24 at GBP 49.3 million versus GBP 51.4 million in the prior year. Of the other movements on dividends, we maintained the FY '24 final dividend and paid the FY '25 interim dividend, which represents the GBP 51.8 million shown on the chart. With exchange movements, our closing position saw us with cash of GBP 24.2 million versus the prior year at GBP 29.3 million, giving a net debt of GBP 24.8 million, GBP 3.7 million higher than the prior year. Net debt to EBITDA was 0.34x at the end of '25, an increase of from 0.25x at the end of FY '24. Finally, on our RCF, although we did have to draw on these facilities during the year, we repaid the facility back by the end of FY '25. Slide 13 covers our updated capital allocation policy, which I'd like to spend some brief time on. Firstly, we're reflecting all of our stakeholders' interest by targeting a new net debt-to-EBITDA range of 0.5x to 1x. This is a commitment to the strong balance sheet Victrex is known for. As a result, we are pleased to maintain the FY '25 final dividend at FY '24 levels of 46.14p per share. Dividends will be maintained at the current level as long as we do not exceed the 0.5:1 net debt-to-EBITDA range. Any excess cash can be returned via share buybacks or special dividends when net debt-to-EBITDA moves sustainably below 0.5x. We will secure additional term debt prior to payment of the final dividend in February 2026 to reduce the reliance on the RCF to pay the dividend. As shown on the chart, we will also maintain CapEx at 8% to 10% of revenues, though in the short term, we expect to be at or below the lower end of this range. Investment remains focused on growth or capability with medical acceleration, a recent example of where we've invested to support specific growth programs or to support customer scale-up. Overall, we believe this offers a resilient capital allocation framework suited to our business. This allows us to maintain balance sheet strength, noting the interest of all stakeholders. Turning to Slide 14. Alongside our revised capital allocation policy, we will be taking more extensive and incremental actions in FY '26 to improve operational and financial performance. In FY '25, we focused on self-help through our Project Vista go-to-market programs, primarily helping us to improve our sales efforts, including through the use of digital tools with customers and sales excellence, delivering strong sales volumes to record a record annual increase in our sales pipeline, which was up 16 -- sorry, 18% in the year to focus on operating efficiency, where we drove a lower cost of manufacture, including GBP 2 million of annualized procurement savings in addition to those on raw materials. Cost control remained tight, including on CapEx and for discretionary spend. So for FY '26, we will be going further, focusing our profit improvement plan around three main areas. How we can simplify our portfolio. How we can drive an even better operational performance, not just through volume leverage and efficiency, but by transforming our operational processes and through our overhead cost base alongside leveraging our D365 ERP system and thereby reducing SG&A costs. Overall, we're targeting at least GBP 10 million of savings with the majority of these to be delivered as full year benefit in FY '27 coming from these three areas. We will start to implement these actions through FY '26 with some early benefits in H2 2026. Wrapping up on Slide 15, I'd like to summarize our guidance, which mirrors our outlook statement within our announcement. Firstly, on volumes, whilst we're mindful of the wider economic environment, we are targeting low to mid-single-digit growth. ASP, we expect to be similar to FY '25 based on current trends. Medical Spine remains weak and Sustainable Solutions is seeing a similar end market mix as we saw in the final quarter of FY '25. At the margin level, we will be targeting some additional inventory unwind, meaning that production volumes will be broadly similar to FY '25 based on our current sales plan. We will continue to see some modest benefit from continuous improvement and procurement initiatives, including those from Project Vista. The China plant will not be a big driver of margin as it remains significantly underutilized despite sales starting to ramp. Consequently, gross margin percentage, we anticipate being flat to slightly ahead. On OpEx, we continue to retain discipline with a lower pay rise in FY '26 and then starting to see some small benefits from the profit improvement plan in the second half. On cash flow, we are targeting continued strong cash conversion with CapEx discipline and inventory reduction. In summary, we are mindful of the macro environment, particularly after a challenging year. We're targeting solid progress versus FY '25. And based on our current assumptions, we would anticipate this being second half weighted, reflecting the usual seasonality in H1 alongside a slightly higher currency headwind in the first half. With that, I'll hand back to Jakob. Jakob Sigurdsson: Thank you, Ian. So moving to Slide 17. Sustainable Solutions, good progress in the year, driven by VARs and Energy Industrial, with notable progress on milestones in other end markets as well, even if some of these end markets do remain challenging. So let's look at them individually. Aerospace. At the half year, volumes were up 7%, but we did see supply chain challenges in the second half at the 2 key OEMs, consequently facing off some business into 2026. So volumes for the year were 2% down in Aerospace. As we will cover shortly, the outlook for aerospace is optimistic for FY '26. Build rates are forecasted to increase in some models, particularly at Boeing with 737. We also note that COMAC deliveries in China have been slower than anticipated this year. They build 25 planes versus 75 as a target. And remember that Victrex has a sizable set of volumes in each 919 aircraft. The deliveries have been reined back for the current year. We see these factors as short-term supply chain driven and note that COMAC is expected as an example, to increase deliveries over the next couple of years significantly. And on Advanced Air Mobility, I do also want to flag that we won new business in this area during FY '25. This is all based on our composite technology as well as our parts capability at our Rhode Island facility. All of which are driven by our low-melt PEEK technology in several applications where especially designed polymer for easier processing has really been getting very strong attention. The potential in Advanced Air Mobility using Victrex PEEK and the aim of some of these being launched in time for the Los Angeles Olympics in 2028, as an example, the certification progressing well in different global regions, positioning ourselves exceptionally well for future technology developments in the area. Turning to automotive. As most companies have signals, we know that uncertainty driven by tariffs and global demand has had an impact in this market. Our volumes were down 1% after a better second half in auto for us. Half 2 volumes were actually up 1% but reflecting some of the challenges in the industry. If we look at the market data, I think S&P is forecasting a production of around 91 million cars in 2025, a modest increase on the year before and a similar increase going into 2026. This is in contrast with 2018 when you had roughly 96 million cars being produced. So we are quite far away from that peak yet. We do remain closely aligned to auto growth in China, particularly. And just as a recap, our auto business in China in 2019 was around 11% of our overall volumes in auto that year. It's now close to 27%. And if we include Korea and Japan, the corresponding figures between 2019 and 2025 have moved from 43% to 55% and our auto business in China has roughly tripled since 2019. So we remain well placed across a number of different platforms and applications, but also in the geographic shift that we're seeing in the automotive industry. Briefly on e-mobility, we didn't see the quicker adoption of the new 800-volt platforms this year. So e-mobility revenues were actually down slightly year-on-year. The long-term opportunity to increase PEEK penetration across this new platform does remain strong, however. And in fact, we've got qualifications on several new platforms during the year that will be coming through to support midterm growth. If we then move to Energy & Industrial, volumes here up 17% and the activity levels have increased in this space during the year, particularly in the second half. It's worth keeping in mind that energy is around 40% of this end market overall with industrial being the majority. As it relates to energy, rig count was actually down at a global level by around 101 or around 10% since October '24, but we have continued to enjoy good business across oil and gas, gas equipment, whether it's in valves, pumps, ceilings and the like. On the industrial side, PMIs have remained just above 50 for both China and the U.S. for the year, and this is a good sort of correlating factor with our end demand in the manufacturing side. It dipped a little bit in Europe, below 50 in November, but still indicated an improvement in business conditions for the 10th time in the past 11 months. PEEK benefits from being in all kinds of machinery on the industrial side, whether it's food processing, chemical processing, and we continue to see good progress and growing interest in replacing PFAS in various applications, both on the industrial side that's reported in this segment and on the medical side as well. On Electronics, good progress here despite the softer second half in semiconductor, volumes were up 2% for the year, which is in line with JPMorgan's own semicon forecast of 2% growth in CapEx in 2025. Remember that PEEK has good exposure to semicon and smart devices where durability and reliability remain key drivers. On the smartphone side, we are part of a number of innovation in smart devices, which offer good medium-term growth opportunities, particularly around the move towards 6G, for example, or how metals are used differently in handsets. If we look at industry data, JPMorgan forecast demand to be around 3% in 2026 and a significant growth as it relates to CapEx in semicon as well. Moving on to VARs. So I'll cover a recap on their very important role the VARs play in the value chain in my next slide. But VARs were up 21% in volumes and 13% in the second half. And remember, their business is highly correlated with conditions in both manufacturing, engineering and Energy and Industrial as well as semicon. And finally, on sales pipeline, up 10% in the year, record annual increase. If you look at the key driver of the increase in the pipeline, they are coming from aerospace and energy industrial were the key drivers of the increase. With aerospace around 1/3 of the total sales pipeline right now. This is based on mature annualized revenues, which we would need conversion of all the pipeline. We delivered the $404 million in revenue numbers. Conversion rates are typically much lower than that. And over the cycle, we're used to be seeing around 30% to 40% conversion of this particular number. But it gives a good outlook of the scale of our sales pipeline and the opportunities that we have for growing the business. On value-added resellers on Slide 18, spend a moment on those because they do play a key role in our supply chain. You already heard that our VAR volumes were up 21% during the year. They are a key part of growing the market for Victrex PEEK. They serve aligned end markets like auto, energy and electronics, as I said before. They do process high volumes of PEEK for compounding with other materials or into stock shape to sell to other manufacturers and they actually carry a wide range of polymer in those forms as well. The key message here is that VARs get a significant pool for the customer for Victrex PEEK. If you go on to the website of some of the larger ones there, you'll see that they do brand Victrex 450G as a main grade and often leverage our brands in their promotional activities as well. These were Victrex's first customer when Victrex went into market, and they've been a very valuable set of customers for us all along, and they spent a significant time on innovation and market development as well. Customers are specifying Victrex PEEK, as an example, 450G from value-added resellers, and that supports how we're building the peak market. Remember also that VARs do see cyclicality. If we look at the 5-year growth CAGR, it's around 6% on volume. So healthy growth rates even if we see variability to the cycle. Within VARs this year, we have continued to build on our long-term standing relationships that's built on quality, security of supply and a well-respected brand to name a key factors. Turning on to Medical on Slide 19. Some clear headwinds here in Spine, but continuing good progress in non-spine. And we're now a much more diversified business than we used to be. Just to put it into context, in 2015, we were 75%, 75% of our revenues were coming from spine and 25% non-spine. That's pretty much reversed in 2025, where we're now 74% non-spine and 26% spine. A quick recap. In 2023, our Medical business achieved a record year post-COVID and when surgeries -- elective surgeries rebounded. Meanwhile, in 2023, the Chinese government implemented its volume-based procurement, or VBP, as it's called, policy with the spinal industry, within the spinal industry aimed at controlling health care costs. This policy had already impacted other sectors on the medical device industry, where a small number of domestic companies won government tenders that guaranteed high product volumes, but at average pricing -- average selling prices that were significantly lower. In 2024, many large medical device companies began to signal concerns around profitability in general, while revenues continue to grow, rising interest rates and inflationary pressures, particularly in staffing and raw materials, led to declining profits. In response, companies took decisive action reducing inventory levels and containing costs. What is clear, though, is that industry destocking appears to be over in non-spine -- but in spine, titanium-based 3D printing has been significantly more advanced than PEEK-based methods, enabling U.S. companies to develop porous cases using titanium, and this has been happening all the way back to 2018. We have seen our first approval for our Polar 3D case last year, and we expect to see them in the market over the next year. PEEK remains -- PEEK has still strong evidence of clinical benefit and imaging in spinal devices, but 3D printed methods gained more traction in the U.S. at the expense of PEEK, and we have the opportunity now to start to reverse that with our 3D printed cases having been approved. Remember that the U.S. has been our main region since starting our medical business back in the early 2000s. As I said before, spine was around 75% of our revenues in medical in 2015 versus 26% today. So clear headwinds for growth. The good news is that we are now a much more diversified medical business with more applications, including great opportunities in pharma and cardio. And we noted that J&J, as an example, report that PEEK was already used now in around 500,000 heart devices. What do we need to see from medical revenues to grow again? Well, some stabilization in spine, number one. And remember, this is principally impacting the U.S. together with continuing non-spine growth, offers the opportunity for medical growth to restart. And then obviously, that will be layered on to with the progress of the knee program on one hand and trauma plates on the other. On Slide 20, a brief one on knee. We now have 85 patients that have gotten PEEK-based knee implants over the past 4 years, including 20 in the U.S. So really, really good progress. We continue to work towards additional collaborators and partners and are in active conversations with some of the top 4. We're also preparing regulatory pathway in other regions beyond the submission in India and should expect good progress and potential registration in Europe in FY '26. Slide 21 on Magma , as a quick recap. At the half year, we communicated that TechnipFMC had secured a technological contract from Petrobras. This enables them to develop qualification pipes that are the route to full commercialization of the hybrid flexible pipe. Remember that a hybrid flexible pipe is 50% lighter than steel and water based on Victrex's PEEK and know-how and our pipe -- and our composite tape as well, all specified Victrex materials. And to put this in perspective, every kilometer of 6-inch pipe contains around 8 tonnes of PEEK, so this is a very sizable long-term opportunity. Our facility in Portsmouth will be key for the scale-up and has been busy during the final qualification stages. The vision is that longer term, the production will be shifted to Brazil, and that will be done then in Technip's facilities. So we will not be incurring CapEx into those scale-up phases. We've developed several 2-kilometer sections of pipe with TechnipFMC over recent months, and we'll wait a new flow in 2026 for the next steps towards commercialization from TechnipFMC and Petrobras for their ongoing requirements. Slide 22, end market summary. I think Ian has already covered the main outlook on the guidance. Slide 2 provides an indicative view of the end market as we see them currently. And then also briefly Aerospace, optimistic based on forecasted build rates and new business win. On automotive, like the rest of the industry, we are neutral to cautious in this end market, given the supply chain risks and demand uncertainty. Electronic neutral with semicon and smartphone forecast being positive for 2026, but likely to be second half weighted. On Energy & Industrial, neutral to optimistic. We do see some additional opportunities on the industrial side and energy activity remains very positive. Activity and growth here is very much evolving around PFAS replacement and robotics. On VARs, neutral. It reflects that we saw a strong year in FY '25 and demand across some of the aligned markets is still uncertain, although they should be exposed to the same drivers that we see for Energy Industrial and Electronics as well. Finally, on Medical, clearly, Spine remains challenging for the reasons we discussed. So we're cautious there. Non-spine, we're optimistic. It was up 7% in FY '25, and we do see further opportunities across a very attractive range of applications. Pricing will reflect a broader range of ASPs now, but very high-value applications in cardio and active implantables alongside with some nonimplantable business in pharma. And non-implantable revenues were up 12% actually in FY '25. So this concludes the formal presentation, and I will now hand it over to Q&A. We'll start in the room here, and I'd be grateful if you could state your name for the benefit of those that are listening in on the line and will be asking questions later on. Vanessa Jeffriess: Vanessa Jeffriess from Jefferies. Just wondering if you could clarify what's going on in China. So I guess a year ago, you thought you'd do 100 to 200 tonnes and then you have the start-up issues. I know you've done 50, which is in line with customer demand. I guess in '26, it feels like you should be doing 200, but it will still be loss-making. I mean has the demand profile changed? Or are those start-up issues is ongoing? Jakob Sigurdsson: I think we're working well through the start-up issues. So we delivered what we said we would deliver in FY '25. We do still need to scale this up with customers as well and then getting used to materials being shipped from that plant. I do want to take the opportunity as well to put this in the broader context also in the sense that China is the fastest industrial market in the world these days. We have grown China almost 2.5x since 2019, 12% of our revenues or of our volumes back in 2019. It's around 18% right now, and it grew 18% last year. So the plant is incredibly important from a strategic perspective. All the business that we have been growing has been imported into China until now. But this allows us to expand our product portfolio and bolster our position as we're building -- we've been building up systemically since 2018, first by adding to our technical service capabilities, augmenting the sales force as well, then building this plant and that compounding facility as well. So both of these facilities that we have built along with the infrastructure and the human capital that we've invested in, in the labs as well, I think position ourselves very well to compete in a rapidly growing market in a tough competition as well. But to your point, I guess we are modest in our outlook for China this year. We're still working through the issues, but we are aiming at always being a step ahead of demand, and I think we're progressing well on that journey. Vanessa Jeffriess: And then ASPs, you're saying broadly stable for '26 and down 7% this year. You talked about reducing pricing to regain share and in response to competitive activity in Energy Industrial. But from everything you're saying about '26, the mix would be similar and then medical will reflect a more diverse range of prices. So I guess I'm just wondering like why would pricing not be down 7% again? And why is it stable? If you could just... Ian Melling: So the majority of the 7%, Vanessa, was mix, right? So stable -- if we have a more stable mix, which is what we're forecasting this year compared to last year, then we wouldn't expect to see that significant mix impact that we saw this year. There is some price pressure out there, particularly in the VARs space. And I think the actual overall piece that we end up with may be somewhat dependent on the volumes, right? The stronger the volumes tends to drag the mix down because it tends to mean higher VARs, Energy and Industrial. But based on a similar mix, I think what we said on ASP is deliverable. We also don't have the big currency headwind, at least at current exchange rates that we had last year on ASP. Vanessa Jeffriess: And then sorry, just one quick one. In VARs, you just talked about it being the lowest cost to serve on the slide and -- but there's that pricing pressure as well. Would you say that there's opportunity to reduce that cost to serve? Because I guess if it's the lowest across the business, that would suggest to me there's less opportunity in other segments. Ian Melling: So I think the cost to serve is very low with VARs. They -- we don't have a big sales force that supports VARs. It's a very small number of people, very close relationships. So I think the opportunity to reduce cost in serving VARs is limited. That being said, we do work with them given the significant volumes that they buy, we do work with them on how they take that volume, how we do that most kind of operational efficient -- the most operationally efficient way. And that does bring us small benefits as we go forward, but not ones that you'd want to call out in terms of the overall margin for the group. Jens Lindqvist: Jens Lindqvist at Investec. A couple of things on medical, if that's okay. First of all, on the knee. 85 patients recruited so far into the program, 65 back in July. Those 20 all in the U.S., if I understand it correctly. Is there anything that can be done to accelerate that recruitment rate a bit? I mean it's 20 in 6 months. It's a relatively high volume procedure. And also on the knee, could you remind me just what number you need to get to for U.S. and European approval? You're talking about a filing in Europe? Jakob Sigurdsson: Right. So I think it is sort of a phased start in the U.S., and this is clearly sort of [ max ] thing to comment on. So we have a limited ability to influence that, but it is a relatively slow start with an expected ramp-up probably in 2026. So I think you'll see increased recruitment rates in 2026 compared to what we've seen here. And the bigger picture is we are awaiting approval in India, and Max is expecting that to happen relatively soon. That clinical trial was a huge success, I would say, without any interventions after 4 years. And on the back of some of that data and data that has been developed in Europe, the plan is to launch in Europe in 2026 or file for registration in Europe in 2026 as well. But to answer your question bluntly, can we impact the recruitment rate? No, we can't. And this is sometimes one of our dilemmas with the mega-programmes that we're not the ones all the time that can control the rate of adoption, and this is one example of that. But there is a relatively slow phase in the early phases of the trials in the U.S., and then that's expected to ramp up probably in 2026. Jens Lindqvist: Okay. Just one on the trauma plates. It seems to be lagging a little bit, both in terms of business development in the U.S. and the regulatory process in China. Again, in China, is there an option to partner with the Chinese orthopedics business? I mean is that the... Ian Melling: Yes. So I think if I look at trauma, I think you're right, Jens. I think it's been a slow year and certainly in terms of revenue in trauma, having had approvals previously in the U.S. and having launched products in the U.S. I think 2 things to speak about there. One in the U.S. our launch partner, which was In2Bones was acquired. And that certainly had an impact in terms of kind of their focus on kind of growing into new plates and the like. Whenever there's an acquisition, then strategy comes into focus and people are thinking about whether -- which way they go going forward. So that's been an impact, and we're looking pretty hard for new customers in the U.S., and we have some promising leads, but too early to talk publicly about new customers in the U.S. for trauma plates. China, you're right, regulatory has been the big hurdle. We're pretty confident that we will get over that hurdle in the next few months here, and then we should be full speed ahead with the launch with -- I think we talked in the announcement about 6 plates in China, which is a broader range than we have today in the U.S. through a significant player in the Chinese orthopedic trauma space. Jens Lindqvist: Sorry, just one quick one. Just on R&D expenditure, you're talking about 5% to 6% of sales, I believe. I mean, is that a realistic number to assume also going forward? And how does that split between medical and sustainable solutions, please? Ian Melling: Yes, I don't have to split medical to sustainable solutions to [ Hanyens ], but we do spend a good amount, particularly as a result of the medical acceleration program on the medical R&D kind of focused on knee and trauma, but we do have other programs in medical as well. We also have a core piece of R&D, which supports our kind of core manufacturing facility kind of capability, which would support the whole business. So it's not -- it's kind of medical sustainable solutions agnostic. So there is an important part of manufacturing kind of R&D there that we shouldn't overlook in terms of making ourselves more efficient. But I think the number in terms of a target going forward, is a sensible one. We will -- we've obviously got the profit improvement plan where we'll be looking at things going forward, but I wouldn't expect us to be spending materially less on R&D going forward. Chetan Udeshi: Chetan from JPMorgan. I had a few questions. Just one on -- you mentioned record increase in sales pipeline. When do we see record earnings for Victrex? In other words, when does that translate into proper earnings inflection at Victrex? Maybe we take one by one. Jakob Sigurdsson: Yes, I'll take this one first. So the metric is derived as follows. So this is the mature annual revenues of the opportunities that we have identified. So that's the totality of that sum. If you look at historical conversion rates, they can be somewhere between 30% and 40%. But they clearly in the first year will not translate into the maximum annualized revenue for each of them. But I think that's a good proxy for how this should be flowing through the pipeline. There's probably some cannibalization in those numbers as well. So you got to account for that also. But I think the good news is that we continue to find new opportunities that are sizable magnitude that should underpin the core business that sort of drives the business above and beyond what we see as an upside potential from the mega-programmes. So headline, it's material, annualized revenues, conversion time probably between 2 and 3 years, conversion rate somewhere between 30% and 40%. And then it depends on the ramp-up profile and the cannibalization as far as what the end number out of that formula might be. Chetan Udeshi: So that's a gross number without cannibalization impact basically. Jakob Sigurdsson: There could -- that's a gross number, but there could be cannibalization in that to some extent. Chetan Udeshi: Okay. Good. The second question maybe for Ian, your second half gross margin was 46.5%. You're guiding for full year next year to be between 45.5% to 46.5%. We would have hoped that there will be progression from second half into next year. So was there any one-off in second half, which is not recurring into next year? Or you just want to be cautious, not extrapolating that second half improvement? Ian Melling: Yes, I'm a CFO, so I always want to be cautious, Chetan. But I would say, half-on-half, yes, there's some relatively modest impacts in there. The majority of the increase that you see in the second half versus the first half is coming through from the manufacturing and procurement efficiencies that we've delivered this year as we -- in the second half, we started to sell products that we made in the first half. In the first half, we were selling primarily product we'd have made in the second half of last year when we had lower volumes. We're not forecasting a significant -- really any volume increase through the plants next year as we continue to hold on inventory. So I think that's part of the caution. Obviously, there's -- we talked about some of the price pressure in VARs and places as well. So we've got to be a little bit cautious about that impact on the margin. So I think a margin between our full year number this year and our second half number this year, which is kind of the range you talked about is a sensible place to be. Chetan Udeshi: Okay. The last question I had was anything on current quarter? Typically, it tends to be sequentially lower versus the September quarter. Would you expect normal seasonality? Or is there something that you see particularly in any of the end markets? And just last point, sorry, on your comments on pricing. We saw raw material benefit. Do you expect any more next year? Or you now see raw material prices flattening out basically? Ian Melling: So I think there's a little bit of raw material benefit still to come based on what we've negotiated in the last 12 months, but I don't think it will be as dramatic as it was in FY '25, albeit we continue to push, obviously, for everything we can get on that front. Jakob Sigurdsson: I think you know us better than most, Chetan, and you're right, seasonality is there. Q1 is always historically the lowest quarter, and it will be the same this time around. So there will be a drop off from Q4. But nothing that is dramatic, I would say, in terms of Q1 versus Q1 comparisons year-on-year. So we had a good Q1 last year. And we will have a reasonable one for sure this year, although there's plenty to go yet. Christian Bell: Christian Bell from UBS. I guess just following on from the previous question. Your volume guidance for low to mid-single digit. Can you just give a sense of what the growth phasing might look like across the first half and in the second half across each segment? And what gives you the confidence that you are expecting a stronger second half? Jakob Sigurdsson: I think we're seeing reasonable momentum heading into the year to begin with. And that's on back of weak aerospace as an example, and relatively weak electronics as well. But I think if we look at industry forecasts, which have been pretty reliable as it relates to electronics as an example, chip growth production expected to be around 3% year-on-year. CapEx sort of starting to come up again for semicon as well based on JPMorgan's forecast I referenced here. I think that gives us confidence in the fact that electronics will rebound as we head into the new calendar year. VARs are correlated with the electronics picture also, remember. So we're not expecting the growth that we saw in VARs this year, but we're expecting modest growth for VARs in the year overall. On the medical side, we'll see a better year there than we had last year as well. So when you look at these key drivers, I would say, the aerospace getting back to normal, I think there's, I would say, good confidence in the fact that with growing build rates at Boeing, the supply chain issues easing at Airbus and also with the new Advanced Air Mobility contract, we'll see growth there that is visible and reliable. If I can phrase it, if anything, it's reliable these days in this world. And then as I said, on the electronics side, I think we've got a reason to believe based on forecast and how they've correlated with business in the past, and that should be picking up as we head into the new calendar year. Ian Melling: Sorry, just to add, I think it's worth saying when you get into a kind of business area and a quarterly forecast, our order book is relatively short. it's a little bit of a mugs game getting into trying to forecast. I certainly wouldn't want to sit here and say this is going to grow by that and this by that quarter-by-quarter for a year. We present a view for the year as a whole, and there'll be some ups and downs is that we have an order book typically of around 6 weeks in this business. So it's not like we know what we're going to have through this year sat here today. And I think it's worth bearing that in mind when you look at how we position our forecast. Jakob Sigurdsson: That's why I'm also pinning my comments on sort of expected demand based on statistics from aerospace in terms of build rates on one hand and then the outlook for CapEx and chip production for the coming year as well, which have historically not been too bad. Christian Bell: If I could just push a little bit harder on that to get to your sort of full year low to mid-single digit very general sort of ballpark type of thing. Is the profile kind of like a negative positive 7% first half, second half? Is that the type of profile that you're expecting? Or is it more like a negative 1%, 4% type of thing? Ian Melling: I would say -- listen, I would say it's not that -- in volume terms, it's not that skewed between -- in terms of growth between the first and second half. So I would say we had some strong growth in the first part of last year as we were recovering from a depressed period. I think we've had more stable volumes over the last year. So I don't think we've got a significant skewing to the second half. When we talk about the profit being skewed to the second half, that's more due to profit-related pieces rather than volume, I would say. Christian Bell: Okay. Cool. And just one final question, if I could. I think I saw in your commentary talking about a more sort of focused business going forward. Does that -- should we read how should we read into that in terms of prioritization over your end markets capacity thinking going forward? Is there any sort of -- is there a reprioritization of your end markets? And are you thinking -- how are you thinking about your capacity? Jakob Sigurdsson: I think if you look at it over almost the entire lifetime of Victrex, Victrex has at times invested in downstream capabilities to drive the adoption of PEEK, sometimes with the intention of staying in that function. And sometimes looking at it as a catalytic activity means proving that things can be done. And then once you've proven that and you generate end demand, you might exit that production step as an example with that downstream activity. So I think we might simplify our downstream portfolio a little bit in light of that. We will definitely stay with our current positioning in certain aspects, but we might pare down our presence in others as we go forward. As it relates to mega-programmes as an example, the allocation of resources for the mega-programmes is a dynamic process. And building on Jens' point a little bit before, where we see opportunity to potentially spend more, if that correlates with faster adoption, we will. If we see that almost regardless of what we can spend, we're not able to accelerate that, we will not do that. So we do allocate our resources based on the -- what we can do to shorten the time to commercialization, what we can do to eliminate barriers to adoption and at the very least, make sure and ensure that we are not the barriers for adoption, having been the ones that have been pushing these innovations through for a long, long time. So we very much sort of manage our portfolio in a dynamic way in that sense, and we regularly capture the essence of that by saying where is there a return to spend. And if we can spend more, we will. If we don't, if we see that we're not going to be impacting the time to adoption, we won't. So that's a dynamic portfolio allocation decision. But I do think you will see us simplify our footprint in some downstream activities going forward. So maybe taking questions from the audience online, if there are any. And please state your name before asking the question. Operator: [Operator Instructions] Our first question comes from the line of Kevin Fogarty of Deutsche Numis. Kevin Fogarty: Just if I can start just with a couple. In terms of the mix within Medical, I appreciate the kind of revenue and volume shift towards sort of non-spine. Could you just remind us of the sort of value contribution, spine versus non-spine, my assumption that spine was much more valuable to you guys? And secondly, from a planning perspective, I just wonder if there was any sort of change in your kind of visibility or guidance you're getting from customers this time of the year compared to perhaps 6 months ago? Is there anything that gives you a bit more confidence in terms of the outlook? So if I could just have just those 2 questions, please. Ian Melling: Sure. I'll start with the first one, Kevin, if I can. So firstly, I would say our whole medical business is incredibly valuable to us, right? I think it's really important for everyone to understand that our ASPs in medical right through from the most -- the highest ASPs which are actually not in spine, they're in other applications, all the way down to the lowest ASPs, which are in non-implantable medical applications. They're all accretive to our group ASPs and drive high-margin business. Yes, the non-implantable business is a bit lower than the implantable business. But certainly, within the implantable space, it's all hugely valuable. Typically, gross margins on implantable medical business will run 70% plus up into much higher numbers. So yes, there's huge value in all our medical business. I think I gave an example previously, but I'll just repeat it because it bears repeating. If you look at, for example, a spine, spine procedure versus CMF procedure, that's craniomaxillofacial procedure, which is a procedure where you're making a plate out of PEEK to repair the skull. In terms of the amount of PEEK we sell for one procedure in CMF can be 10x what it is for -- more than 10x what it is for a spine procedure. The ASP per kilogram might be 1/3 to 1/2 of what it is in spine, and the gross margin will be correspondingly a little bit lower. But because you're selling more than 10x the volume, the actual gross profit generated from one procedure will be higher in CMF than it is in spine. So it is important to think about the medical business from a revenue point of view and from a gross margin point of view and focusing too much on the ASP per kilogram can miss the point. Some of our highest ASPs in Medical, which I repeat again, are not in the spine space, are actually in applications where a fraction of a gram is used per device or per procedure, whereas, as I said, in something like CMF, you could be selling hundreds of grams into one procedure. So there's a huge broad range of medical procedures. And I think that's what's really positive about our medical business going forward that we have that breadth and range of opportunities. Jakob Sigurdsson: On the second question, visibility is probably [ whistle seeking ] in many ways these days, and Ian has alluded to it, that our order book -- our tangible order book is relatively short and always has been, and we have sort of a high service model, if you wish, in the sense that we do offer short lead times, which is of high value to most of our customers. But I get back to the point that we discussed before, the fact that we are targeting moderate growth next year is very much based on these key contributors or sectors reversing of 3, you could say. The aerospace forecast and build rates, and we see the improvement in build rates starting to happen, and they are relatively reliable. Secondly, the forecast for electronics and semicon in particularly broken down into chips on one hand and then CapEx on the other. And thirdly, we will continue to see positive momentum on the medical side. But as it relates to detailed visibility, Kevin, it's not there, and it never has been. Operator: There are no further questions on the conference line. I want to hand back over to management for closing remarks. Jakob Sigurdsson: So thank you all for coming and joining us here today, those on the line as well and wish you all a very happy ending of the year and a peaceful holiday period. I want to say as well, this is my last one, and I want to thank you all for your interest over the years and intense interest in Victrex and our company and what we do and what we have to offer. It's been a pleasure to engage with all of you, and I thank you for that. Thank you all.
Operator: Thank you for standing by, and welcome to the Collins Foods Limited HY '26 Results Conference Call and Webcast. [Operator Instructions] I would now like to hand the conference over to Mr. Xavier Simonet, Managing Director and Chief Executive Officer. Please go ahead. Xavier Marie Simonet: Thanks very much, Harmony. Good morning, everyone. I'm Xavier Simonet, the Chief Executive Officer of Collins Foods. With me on the call here in Brisbane, I've got Group Financial Officer, Andrew; General Manager, of Australian Operations, Krystal; and General Manager of Europe, Chris Johnson. We're presenting the first half '26 results announced to the ASX earlier this morning as well as providing a trading update and refreshed outlook. As always, we will go through the presentation, and then we will take questions. Slide 2, executive summary. I joined the business just over 1 year ago. And to start today, I would like to touch on the main highlights of the past year and what our priorities have been. We have a strong focus on operational excellence across our businesses and the results we are presenting today show the progress we are making. We are sustaining growth momentum and achieved record revenues this first half with earnings and margins up on last year. We are delivering strong cash flow, resulting in a significant reduction in net debt compared to prior year and broadly in line with the position at the end of FY '25. Together with the debt refinancing we announced a few months ago, this means we have significant capacity to fund future growth initiatives. We continue to invest in our core businesses, both in our restaurants and in technology to enhance customer experience. Our focus on operational execution has resulted in a strong underlying performance in HY '26 in a challenging market, demonstrated by our results today. We are, therefore, pleased to announce a favorable upgrade to our full year outlook, and I will come back to this in more detail towards the end of the presentation. With strong cash flows and a robust balance sheet, we remain open to organic and inorganic growth opportunities, particularly in Germany. Moving on to Slide 3. I would like on this slide to give an update on our growth priorities. If we first look at Australia, we are showing strong same-store sales growth in KFC in Australia, outperforming the overall QSR market due to product innovation and strong execution. We made good progress on productivity and waste improvement, which has contributed to margins improving, and we remain disciplined on costs while continuing to invest both in our restaurants, our brand and our digital channels. On the Taco Bell exit process, discussions continue, but we have no firm update to give you yet. Looking at Europe, Germany is our second growth pillar and is now coming to life. We opened our 17th restaurant in Karlsruhe during the period and have several sites approved for development with the pipeline building. We are also encouraged in Yan's approach to building the brand in the German market, people capability is lifting and purposeful investment in brand initiatives is benefiting KFC. Finally, on operational excellence, we are laser-focused on driving same-store sales, margins and customer service levels. We have new operational leadership in place for both Australia and Europe, and their deep market experience is helping us execute on our plans. Portfolio optimization in the Netherlands has commenced with 2 new restaurants opening since half year-end, replacing restaurants which are underperforming from a profitability perspective. There has been one closure in November and a further planned closure in January. Moving on to the financial highlights on Slide 4. So Slide 4 provides an overview of HY '26 performance. Financials are presented on a post-AASB 16 basis, unless stated otherwise. For those of you more accustomed to pre-AASB 16 numbers, we have made them available in the appendices to the investor presentation. Andrew, will shortly take you through more detailed financials. So I will focus on some of the highlights for the first half. In summary, Collins Foods delivered record level of revenues and strong improvements in profits and margins. This was achieved despite a consumer environment that, in particularly for our target demographic remains challenging. The results highlights from my perspective are: first, we recorded the highest first half year revenue in the company's history, up 6.6% compared to last year. Second, underlying EBITDA grew by 11% and our underlying NPAT by 29.5%. Pleasingly, our return on equity increased by 190 basis points to 14.1%, which is good news for our shareholders. As a result of strong cash flows, and balance sheet, the Board declared a fully franked interim dividend of $0.13 per ordinary share. Moving on to Slide 5, ESG. Our progress on sustainability is highlighted on Slide 5. We are on track with preparing for our first mandatory ASB S2 climate report this year, having recently completed our risk and opportunities assessment. While recent developments in Europe have resulted in our entities there being out of scope for mandatory reporting, we will continue with our voluntary disclosures beyond climate. Actions across our ESG agenda are tracking well. with some first half highlights, including our food waste reduction program is tracking well with an 8% reduction delivered in Australia and 25% in Europe compared to FY '25. We installed our largest solar installation yet in our new German restaurant in Karlsruhe. We launched a pilot to support restaurant leaders' career development with certified leadership and management diplomas. Our First Nations preemployment program was launched, enabling unemployed use to obtain hospitality skills experience and job opportunities. Investments in safety culture resulted in a 12% drop in recordable injury frequency versus FY '25, and we participated in the inaugural QSR industry roundtable on modern slavery. It's pleasing to report on progress with respect to our sustainability agenda. And with that, I'll now hand over to Andrew Leyden, our Group CFO, to take you through our results for the first half. Andrew Leyden: Thanks, Xavier, and good morning, everyone. Let's move to our group results overview on Slide 7. Revenue in the first half of financial year '26 was up 6.6% over the prior period to $750.3 million. That's a record for Collins, as Xavier stated earlier. This was driven by growth in both Europe and Australia. In addition, the result benefited from favorable currency translation relative to prior year, which contributed $12.7 million to the current year. Our revenue performance overall underlines the benefits of operational execution, of the investment being made in our networks and in technology, the advantages of healthy brand equity and also the resilience of our business at a time where consumers and especially our consumers are still grappling with cost of living pressures. Underlying EBITDA was up 11% to $113.9 million, with margins up 59 basis points. This was a result of a return to same-store sales growth in addition to productivity gains. Underlying EBIT was $63 million, up 20%, reflecting the growth in EBITDA and stable depreciation compared to the half year in financial year '25. And underlying NPAT was $30.8 million, up 29.5% on the prior period. Underlying EPS was $0.261 per share, up from $0.202 per share in the prior period. As Xavier highlighted earlier, we are now publishing return on equity measures on an underlying basis, and this measures the quality of shareholder returns. Return on equity was 14.1% on a trailing 13-period basis, up 190 basis points on the prior corresponding period. Statutory NPAT was $27.2 million, and that compares with $24.1 million in the half year financial year '25. In HY '26, total restaurant impairments were $3.1 million as well as a $1.3 million provision top-up for potential wage underpayments relating to prior years to $10.5 million. With respect to the provision for potential wage underpayments, Collins is committed to meeting its obligations under the Fair Work Act and takes wage compliance very seriously. The company has been reviewing historical employment and wage data to determine whether employees may have been entitled to additional payments. We are constructively and proactively liaising with the Fair Work Ombudsman in relation to these matters and are committed to fully remediating any impacted team members. The process of remediation commenced in November 2025. In September, we announced that we have successfully refinanced our debt facilities, where we also adjusted the blend of Australian dollar and euro borrowings to further support our growth strategy in Australia and moreover, in Europe with more euro-denominated facilities. Net operating cash flows were $69.1 million, down on the prior period due to higher tax payments in the period. Net debt was reduced by $20 million to $138.9 million compared with the half year '25 with strong cash flows funding capital investment, dividend payments for shareholders and also debt reduction, further adding to the group's investment capacity for the future. As referenced earlier, as a result of a strong fiscal position, the Board declared a fully franked interim dividend of $0.13 per share, which is an increase of $0.02 per share on the prior corresponding period. The dividend record date will be the 8th of December 2025 with a payment date of the 5th of January 2026. Now moving to the income statement on Slide 8, which outlines the reconciling items between statutory and underlying results. The most material item impacting the difference between statutory and underlying performance was a $3.1 million impairment on previously impaired restaurants. The group also provided an additional $1.3 million for potential wage underpayments relating to prior years as referred to earlier. Other reconciling items include a small gain on the previous debt refinancing modification and a small gain on the settlement of a Taco Bell lease liability. Underlying EPS was $0.261 per share, whilst basic statutory EPS was $0.23 per share. Now turning to the cash flow on Slide 9. Strong cash generation remains a highly attractive feature of the Collins Foods business. In the half year of '26, net operating cash flows were very strong, a little lower than the prior year by $6.2 million to $69.1 million, with the reduction due to higher tax payments in the first half compared with the first half in the prior year, a result of timing impacts relating to capital expenditure and other deductions, which differed for accounting and tax purposes. Cash conversion was again very strong at 92%. Operating cash flows were applied to fund disciplined investment, dividend payments and net debt reduction. Investing cash outflows were $26.9 million, mainly reflecting capital investment in the store network and digital technology. New restaurant investment was $5.1 million. remodels, including supercharge remodels were $7.3 million and digital and sustainability investments were $1.6 million. Asset renewal spend was $8.9 million. Additionally, contingent consideration of $2.9 million was paid as a result of the acquisition of 8 restaurants in the Netherlands in May 2023. Financing cash outflows were $59.9 million, which included $17.9 million in bank debt repayments, dividend payments of $17 million and lease principal payments of $27.1 million. Net cash movement was an outflow of $17.7 million for the half year compared with a $4.6 million inflow in the half year '25, most of which reflected debt repayment. Now moving to the balance sheet on Slide 10. Collins Foods balance sheet is in exceptional shape and provides capacity for investment in growth opportunities. Net debt was broadly unchanged from the end of financial year '25 at $138.9 million, with cash generation strong and allocation of capital disciplined. Cash balances were down $17.5 million to $101.6 million due to paying down debt since the end of the last financial year. Bank debt fell from $257.2 million at the end of financial year '25 to $238.9 million at the end of the half, a reduction of $18.3 million in the period. Property, plant and equipment was down $7.4 million from financial year '25 to $240 million due to impairment, net of additions and depreciation. Right-of-use assets of $516.1 million and total lease liabilities of $643.3 million, both increased on 3 net restaurant additions and lease renewals. The net leverage ratio ended the period at a very comfortable 0.89, down from 0.93 at the end of financial year '25. And now having covered the financials, I will hand over to Krystal, who will take you through the results and the commentary for KFC Australia. Krystal Zugno: Thank you, Andrew. Moving to Slide 12. Brand strength and improved operational execution saw momentum build in the first half of FY '26, continuing on the strong momentum that we exited FY '25 with. Revenue increased 5% over the prior period to $563.8 million, driven by new restaurants, strong digital growth, product innovation and operational excellence. Same-store sales were up 2.3%, which represents a material positive shift compared to the negative 0.1% same-store sales performance recorded during half year '25. Restaurant-level EBITDA increased by 8.7% to $121.8 million due to stronger store sales and the focus on productivity improvement. This was partially offset by investment in value for our customers through the promotional calendar. EBITDA was up 9.4% to $111.8 million, with margins up 80 basis points on the prior corresponding period to 19.8%. EBIT was 11.6% higher to $75.5 million on the back of increased EBITDA. Turning to Slide 13 and KFC Australia's brand health. Consumer spending remains soft across QSR. However, the KFC brand continues to build on its very strong foundations, positioning itself for continued growth. KFC has delivered several successful limited time offers and strong brand moments like the Christmas in July campaign. These have contributed to the growth in sales and brand health metrics. KFC brand is leading the category across key brand health metrics like consideration, which is a measure of willingness to buy, satisfaction and brand modernity are strong, especially with our Gen Z customers. Today is the launch of Kwench by KFC trial in 7 of the Collins restaurants Cairns. Kwench by KFC is a range of innovative beverages, including lemonades, refreshes and shakes that will not only offer our customers a broader beverage choice, but also upside opportunities and different education for KFC. Slide 14 shows the KFC brand is continuing to outperform its QSR peers. The charts show the impacts of brand campaigns, digital investment, product innovation and everyday value. These have helped continue to build KFC's position ahead of key QSR competitors on brand index, which comprises results across quality, value, reputation, satisfaction, recommendation and impression. This work, combined with back-to-back innovation across items like Habanero Chicken, Zinger Kebab and Sweet Tokyo Hot & Crispy have increased our brand buzz results. Results for Gen Z population remained significantly higher with improved cut-through with these consumers. Turning to Slide 15, where I will provide more details on what we are doing on operational excellence and network investments. With regard to investments in our restaurants, we are still targeting 7 to 10 new restaurants annually and have a development pipeline of now over 50 restaurants. In calendar year 2025, we opened 8 new restaurants and have more to come before the end of 2025. We will have remodeled 37 restaurants, including 4 supercharge remodels by the end of this year. The work we've done across the other 2 columns of the slide has driven an increase in the customer overall satisfaction metric by 5 percentage points over the prior corresponding period. We have elevated performance through delivering innovation across restaurant layout design, driving productivity and increasing capacity in peak periods. This includes things like dual-lane drive-thrus, T-lines kitchen layouts and connected kitchens. We have implemented rostering tools to drive labor efficiency and optimizing our restaurant investments. And all restaurants now have AI-powered forecasting to better predict demand, which in turn will allow us to optimize our customer experience, drive sales and better manage waste and labor. In terms of modernizing the customer experience, we continue to invest in digital, which helps to improve the accessibility to the brand and optimize operational efficiency. We achieved an 8 percentage point uplift compared to last year with 42% of sales now coming through our KFC app, kiosk and delivery channels. Our kiosk rollout to the remaining 87 restaurants is expected to be completed within the next 12 months. Delivery fee for aggregators have been lowered to $395, which is providing customer value as well as helping lift our transaction value. Previously, I spoke about 3 key areas us prioritizing that align with our strategic focus on operations excellence. Firstly, our focus on optimizing operational processes to leverage our digital investments; secondly, unlocking opportunities with AI, particularly through increased sales forecasting accuracy; and lastly, elevating the customer experience. With a solid half year '26 result, I will continue to drive impact across these 3 key priorities moving forward. Our positive start to the second half, which Xavier will outline later in the presentation, reflects a healthy brand and improved operating disciplines. I'm very proud and thankful to our operational team's commitment to operational excellence and delivering great customer experiences reflected in the financial results we are delivering. I'll now hand over to Chris to cover the performance of KFC Europe. Chris Johnson: Thank you, Krystal, and good morning, everyone. Turning now to KFC Europe on Slide 17. Our HY '26 performance reflects a challenging economic environment in Europe, particularly in the Netherlands, which is still experiencing cost of living pressures and inflation. Revenue of $162.9 million was up 14.6% from the same period last year, with same-store sales up 1.4%. There was also a currency benefit in the period, which Andrew took you through earlier. Netherlands same-store sales increased by 0.4%, while Germany was up 4.8%, reflecting improved brand and in-restaurant execution and compare favorably versus the same period last year when same-store sales were in decline in both markets. Leadership and management of the German market reverted back to Yum! -- directly in mid-December last year, and their teams have been fully focused on rebuilding team structures, processes and importantly, are focused on building the brand with significant investments. Pleasingly, we're now seeing positive results of this and our collaboration with Yum! continues to move from strength to strength. EBITDA was up 19.6% to $20.4 million, with margins up 53 basis points to 12.6% due to the return of same-store sales growth and favorable fixed cost leverage. Avian flu-related poultry cost inflation held back the margin improvement, and we expect the effects of this to start to dissipate in early 2026. EBIT of $6.9 million was up 142% over the prior period, reflective of the higher EBITDA. On Slide 18, I'll touch on some of our key priorities in KFC Europe. We're investing in training and people capability, which is improving the team and customer experience in the Netherlands. Pleasingly, we're seeing the result of this with customer satisfaction scores and Google ratings at all-time highs. Similarly to Australia, T-Line kitchen layouts have been well established in the Netherlands, which is improving both speed and accuracy of order with both increasing customer satisfaction. We'll be trialing this initiative in Germany during 2026. We're continuing our digital investments, which is driving transaction volumes with positive customer outcomes. We've increased menu innovation in the Netherlands, which has supported market share gains. Initiatives such as Kipsalon and Kaas Kaas Kass, Cheese Cheese cheese in English have driven consumer engagement. We have also been strong supporters of the marketing calendar pivot in Germany, which continues to drive insight-led innovation. Similar to what Krystal was describing, we are focused on improving sales forecasting in both our European markets to reduce food waste and to improve labor productivity. Finally, we're expecting that poultry prices will ease as the market recovers from the impacts of Avian influenza. Moving to Slide 20 and a more detailed look at our Netherlands operations. We're seeing early positive signs of our efforts to restore higher profitability in the Netherlands. We have a refreshed leadership team and the necessary operational experience and a clear cost focus. We are completely focused on driving same-store sales, improving the team and customer experience, increasing labor productivity and reducing food waste. Through continued investment in marketing, digital and menu innovation, we're elevating the KFC brand and KFC value perception to continue to drive sales. We've also started with portfolio optimization with 2 new developments replacing some of our poorer performing restaurants. In the second half of FY '26, we've opened 2 new restaurants and 1 underperforming restaurant was closed with another to close in the near future. Slide 21 looks at KFC's growing brand strength in the Netherlands. Awareness increased to 72% and our QSR market share increased by 0.3 percentage points to 9.4% over the same period last year. Our improvement in modernity was pleasing, particularly with consumers recognizing KFC as a brand that stays on top of trends. Product innovations, such as the collaboration with Netflix's Squid Game tapped into current pop culture trends and drove engagement with younger consumers. In 2026, we will build on the success we've had in 2025 by using the local insights we've developed to further innovate products, collaborate with the right partners and accelerate the everyday value we offer our customers. Digital channels remain a key contributor to growth, representing almost 67% of all sales in the Netherlands, up 6.5 points on the prior period. This has been driven by investment in kiosks and growth in third-party delivery aggregators. And now turning to Slide 23. I'd like to make a few key points about the German opportunity and how it's progressing. Germany is a significant growth opportunity for Collins. It's the largest economy in Europe where QSR spend is outpacing overall GDP growth. KFC as well as the broader chicken category is significantly underpenetrated in Germany compared to other categories. During the half, we opened our 17th restaurant and are actively building a significant pipeline of development opportunities, including several already approved developments for 2026. We are targeting between 40 and 70 new restaurants over the next 5 years with mid- to single-digit build target for the 2026 calendar year. To enable delivery of this pipeline, we're investing in people capability, especially in the areas of development, construction, area coaches who help us run clusters of restaurants and training to support restaurant operations. We're also open to acquisition opportunities in Germany that can help us drive scale, penetrate complementary geographies and accelerate development in a market that will become our second strategic growth pillar. Back to you, Xavier. Xavier Marie Simonet: Thanks, Chris. Turning now to Taco Bell Australia on Slide 25. Revenue of $23.6 million was down 3.9% over the prior year, with sales impacted by a weaker consumer environment. Due to stronger cost control, the small loss from operations reduced slightly despite lower revenues. The network remains unchanged at 27 restaurants. Discussions regarding transition to new ownership continue, but firm decisions have not yet been made. We will update the market as soon as we have further news to report. Slide 27, which is the outlook. I'd like to provide an update on our outlook for FY '26 as set out on Slide 27. While overall consumer sentiment remains challenging, our stronger performance in the first half continued into the early weeks of the second half with total sales in the first 7 weeks increasing in all markets. We continue to benefit from increased operational focus across the group. KFC Australia's total sales rose 5.3% in the first 7 weeks, while same-store sales were up 3.6%. Operational initiatives and a growing network are expected to drive sales and enhance customer experience. However, performance in the second half will compare with a much stronger performance in the prior period, where we saw a material improvement versus the first half of FY '25. We expect to see continued investment in value for consumers who continue to face cost of living challenges. We also expect to see a return to cost inflation across key commodities, such as poultry after a period of deflation. And inflation continued to be a feature of the Australian labor market. And of course, we are a labor-intensive business. Capital and construction costs also continue to inflate, reflecting an imbalance of supply and demand in the sector, which we are, of course, exposed to. Total sales in the Netherlands for the first 7 weeks increased 5.6% with same-store sales slightly down by 0.5% as a result of tight consumer conditions as indicated by Chris earlier. Improving profitability is a key priority here for us, and we expect operational excellence will improve sales productivity and efficiency in this market. Margins are expected to benefit from improving poultry prices in the second half as the effect of Avian flu dissipates. We'll also focus further on waste and labor optimization and keep G&A tight. Labor inflation remains prevalent in the Dutch market. Total sales in Germany increased 7.8% in the first 7 weeks, while same-store sales were up 2.3%. We continue to focus on operational excellence and good work is taking place on brand and menu innovation, simplification and optimal pricing strategies. Market management capability also will further improve under Yum! stewardship. As in the Netherlands, we expect poultry prices in Germany to reduce in the second half. We expect VAT to fall in early 2026 as a result of the government decision, which will stimulate sales and margin. Yet while there are margin tailwinds, we continue to see pressure on labor costs, which are likely to rise above CPI in 2026. As a result of all those factors and a solid first half result, we are targeting year-on-year group underlying NPAT post AASB 16 growth in the mid- to high teens on a percentage basis, up from the low to mid-teens range previously announced. Finally, I would like to thank our Board for its guidance, our shareholders for their trust and support, our management team and all our team members, particularly our restaurant teams for their motivation, energy and unwavering commitment to our business success. And I'll now pass to Harmony for questions. Operator: [Operator Instructions] Your first question comes from Sean Xu from CLSA. Sean Xu: Can you hear me okay? Xavier Marie Simonet: Yes, very good. Thank you. Sean Xu: It's great to see your Australia same-store sales growth for the 7 weeks into second half is doing even better, very strong this half. My question is around given the cost of living pressure remaining with consumers, I'm just curious to know what sort of the overall promotion intensity in the market you're seeing? And I wonder if the acceleration of the sales growth in the second half come in expenses of profitability. This is referring to the Australian market, please. Krystal Zugno: Sean, I might take off this is Krystal here. What we see in the first 7 weeks of the second half is our continued investment in value, and we will see that continue for the rest of this financial year. But that's been supported by strong LTO offers as well that have really driven transaction driving transactions into the business as well. So it is true that we are investing in value still, but the LTO calendars are quite strong in innovation plays. Xavier, Do you want to add something? Xavier Marie Simonet: No, just defining LTO. Krystal Zugno: Sorry. LTO is limited time offer. Stop there. Sean Xu: Maybe, If I can add, If I can add... Xavier Marie Simonet: If something, Sean -- we've also done a lot of work on everyday value and making sure that we deliver to customers everyday value, which means avoiding big peaks and troughs, but focusing on bundled deals and activities that deliver value for our customers in the restaurants every day. Sean Xu: Yes. That's very clear. If I can just follow up, this is more about your medium to longer-term outlook in Australia. I'm just curious to know what's your approach to drive additional growth in Australia in a quite penetrated market. The recent industry feedback is some of your competitors are paying very, very expensive rent for quality sites. I'm just curious to know how sustainable is your annual store opening target while maintaining a similar margin profile? Andrew Leyden: Sean, Yes, look, I think the long-term projections for our business, I mean, we think about same-store sales growth is critically important, I think, just for the overall health of the network. So that, both from a brand perspective and from an operational perspective is a real -- it is the main focus for our business, always should be. Other elements, of course, are really making sure that the margin structures remain healthy, whether that be labor, whether that be cost of sales. And then capital expenditure, of course. And yes, we've been competing with competitors for sites for a long time. I mean that's not a new trend. It's with us, it's present. We compete the sites with other QSR operators. In fact, we often compete together for the same sites. We often co-reside on the same sites. And in fact, we quite like that because those sites become a destination for QSR-centric consumers. So I think it's just kind of business as usual in our -- in the sort of -- in the QSR segment that we operate in. I think the good thing is that we offer value, we offer affordable value. We appeal to a lot of consumers. We have scale in our business. We've got repeatability. We have an extremely strong brand. And if you think about the long-term trajectory of the brand, there's clearly a lot going on in terms of improving brand health. That's evident in the numbers now, but that focus won't dissipate. And there's a lot that we're looking at in terms of what news we can bring to the brand. We talked about Kwench a little earlier. We talked about the fact that we don't compete in all the dayparts around -- and this is an international issue. We don't compete in all the dayparts, which some of our competitors do. So there's upside for us. And I think managing the financial structure of the business and managing capital expenditure and making sure all those things remain in balance is critically important to us. Xavier Marie Simonet: And Sean, if I can add a couple of things. What has driven sales and margin growth for us in the first half of FY '26 is operational excellence and the focus we're putting on executing really well in the restaurants. It's about leadership, it's about processes. It's about driving all the KPIs in the restaurants and enhancing customer experience and unlocking capacity as well. So that's one, and we'll continue doing that. The second aspect is, of course, product launches and activities around motivating customers to come to our restaurants and getting them excited through social media and digital marketing, which we're doing particularly with Yum!. Product launches, new product launches is, of course, a big lever as well. Operator: Your next question comes from Tim Plumbe from UBS. Tim Plumbe: Two questions from me, if that's all right. First one around KFC Australia, it's a bit of a continuation from Sean's question. So obviously, a lot of moving parts within the business. But very high level, is it fair to say that it sounds like you're kind of seeing a continuation of the same sort of consumer environment and the competitive environment that you experienced in the first half of '26 and a similar COGS environment? And if that is the case, if we look back historically, pre-AASB 16 EBITDA throughout the years, the first half split has kind of been between like 46% and 48% of the full year. All else equal, are there any factors that we need to take into consideration that would materially change that kind of 47% first half skew, like a bigger uplift to marketing than you would usually have in the second half? Xavier Marie Simonet: So I'll make a comment on consumer sentiment and then hand over to Andrew. Consumer sentiment is lifting a little, but we do not see a meaningful change. And we're concerned about interest rate increases or the fact that interest rates are not continuing to go down at pace. So I don't think in the first half that an uplift in consumer sentiment has actually driven much for us. I think our sales growth and margin growth results more from the focus on operational excellence and successful product launches. I don't see much improvement in consumer sentiment to tell you the truth. Andrew Leyden: Yes. And maybe just to follow on, Simon. I know you and I had a brief conversation earlier. I think if you look at what's happening first half to second half, I think consumer sentiment is actually one of the things that's playing out in terms of implied assumptions within our outlook. We think consumers are still struggling with cost of living. We continue to provide value as a consequence of that. Typically, as well, we do have a bit of seasonality in our business. So we talked about the long-term outlook for the brand with Sean's question earlier. But first half, second half, we would typically see a bit of a dip in margins H2 to H1. It's primarily driven by the number of public holidays. It sounds like a strange thing, but we have a lot more public holidays in the second half and we pay premium rates. in those periods, and that affects our restaurant profitability in the second half. I mentioned as well that cost inflation will become a feature again. I'm not suggesting it will be pronounced. I'm talking about normal modest levels of cost inflation. And we expect that to start to impact the business at the end of the first quarter. And remember, at the same time in the prior year, we started to see cost deflation. So we do see that reversing a little bit as well in the second half. So -- and of course, labor inflation continues to prevail across the QSR industry. That's -- the reason why we focus on productivity is because rate is an issue that we have to deal with in all parts of our business. So I think the long-term prognosis around balancing same-store sales and productivity and the economics of restaurants and capital expenditure is, as I mentioned with the question we responded to with Sean, I think there is clearly a first half, second half change with respect to some of those factors that I just mentioned there. But overall, it's good to -- it's been good to sort of upgrade our guidance for the full year. I think appropriately, we've reflected that in our announcement this morning as well. Tim Plumbe: Great. That's useful. Then just the second question around KFC Europe. Again, a more challenging top line. The European business comes up against marginally tougher comps in the second half of '26. But then offsetting that, you guys have got cost relief, as you mentioned, particularly in terms of chicken. You've spoken about year-on-year margin improvement. If you take all of that into the mix, is it still the intention to get EBITDA growth year-on-year? So is the cost improvement enough to offset the slightly more challenging top line? Chris Johnson: Sean, it's Chris. Thanks for the question. Short answer is yes. We -- sorry, Tim, yes, we definitely do, and that's in both Germany and in the Netherlands. The VAT reduction in Germany is anticipated. And we've modeled with Yum! scenario where it will be in play from January 1 and what that means for menu board pricing and margin and what if -- and if it's not in place for January 1. So outside of that externality with near flat year-to-date same-store sales growth in the Netherlands as poultry prices glide down, we do foresee margin expansion, and that's true in Germany as well. Operator: Your next question comes from Tom Kierath from Barrenjoey. Thomas Kierath: Just on the trading update, I noticed there's a bit of a slowdown across Europe, Netherlands and Germany. Can you maybe just talk to what the drivers are there? Is it kind of broader market or whether you think it's kind of specific to your business? Chris Johnson: Tom, it's calendar driven. So in the German context, it's the 7 weeks that we've provided for H2 to date spans the back end of Window 7 and Window 8 has just started. And then the same holds true in the Netherlands, although in the Dutch context, cost of living pressures and the QSR category under overarching pressure is the main driver. As I said earlier, of course, we're quite happy that KFC has grown its market share even though QSR as a whole is under pressure. But we do see both in the German context with Yum! now back in the market and also just a different view on the length of calendar windows and LTO -- sorry, limited time offer introductions in the Netherlands that we're well placed to take advantage of the January windows that start with value across both markets. Thomas Kierath: Yes. Okay. Cool. And then like reading between the lines, you're saying Netherlands margins will be up or you're targeting them to be up and the same with Germany, but you're not actually saying that in Australia in the second half, and you're actually commenting about commodity inflation. Like is it fair to assume that maybe expanding margins in the second half is going to be difficult? Like is in -- is that the right interpretation of that [indiscernible]? Andrew Leyden: Yes. Tom put simply, yes. I mean we -- seasonally, we tend to see lower margins in the second half than we do in the first. That doesn't change our long-term trajectory, of course, that remains, as I mentioned earlier, where we're focused on driving same-store sales revenue entering dayparts, focusing on beverages, that sort of thing. But in the short term, yes, we do seasonally see a bit of a dip in margins in the second half. It's primarily driven by the timing of certain events, but also things like commodity changes, but also the number of public holidays. It just affects the labor rates that we pay, and we tend to see a bit of margin contraction in the second half as a consequence of that. So yes, I mean, your assertion is correct. Thomas Kierath: And what about sort of year-on-year, like I get the whole second half versus first half, what about second half versus second half. Andrew Leyden: I think as we mentioned earlier, we're just a little cautious about how the consumer is feeling right now. We had a good second half last year. We're just a little -- fluid is probably too strong, but we're just keeping an eye on consumer sentiment. We are going to have to support the limited time offers with investments in value. We found that as we -- towards the late part of the first half as well, we've seen more investment in value. So we're just looking and watching to see how the consumer is responding to promotion. And then obviously, there's a degree of flexing that takes place in terms of investments in value. Operator: Your next question comes from Caleb Wheatley from Macquarie. Caleb Wheatley: My first question on this value discussion, which has come up a few times already. But just keen to hear if you had any additional comments on how your peers are responding to the environment from a competition point of view? And any additional comments you can make on pricing or promotional intentions going into the second half, i.e., is it potentially going to get worse before it gets better in terms of the value that you're trying to offer to your customers, please? Xavier Marie Simonet: Maybe I'll start. got a few key focus areas. One is we still see immense value in driving operational excellence, and there are still improvements we can make across Australia and Europe. So we see immense value, and we've shown that over the last few months. The second point is we've got exciting product launches happening also in the second half. This is -- as we've experienced in the first half, this is delivering strong potential sales growth as well as engagement with customer and good customer experience. In terms of value, as Andrew mentioned, yes, we're cautious about consumer sentiment and how things are going to evolve in terms of macroeconomics, particularly with interest rates because this will have an impact positive or negative on our activity and we'll adjust also the value we need to deliver to our customers. So we don't know how it's going to pan out. We're just very cautious. But with a strong focus, again, on the value we can still deliver through operational excellence and through successful product launches. And Krystal mentioned Kwench. So we're launching Kwench as a new product platform for trial in 7 stores in Cairns with Yum!. This week. It's really exciting. We'll see what that outcome is, but the focus on launching new platforms, new products, new dayparts is something we're focusing on with Yum!, and we'll see how it goes in Cairns. Caleb Wheatley: Yes. Do you get the sense that your peers on the more sort of value end of the QSR channel are also pushing quite hard on price? Just sort of trying to get a feel for if there's sort of broader pricing pressures or this is more just a deliberate internal decision from Collins. Krystal Zugno: Caleb, it's Krystal. I think the QSR landscape has been highly value-driven for quite some time now considering the consumer sentiment. I don't see -- I don't think that our competitors have changed direction from what they had been doing the last 6 to 12 months. However, we are seeing price increases taken from our competitors at different points in time and what they see fit. The decision on how we structure our calendar and how we approach value is not done by Collins, that's done by Yum!, and we sit on the council to help assist with those decisions. We've got a customer-first mindset on those sorts of decisions. So anything to do with pricing, anything to do with value plays and our innovative calendar is all driven by what we think the consumers are saying they want to need in that time period. And we can be agile, as i said before. So if we need to, we can pivot on those decisions to kind of go with what the trends are coming through in the numbers. Andrew Leyden: Caleb, the only thing I was going to add was value means different things to different consumers. And some consumers want abundant value, others want a sharp price. Others want really interesting bundles that stimulate them. It means different things to different people. I think it's more of a nuanced conversation than just making an assumption that we're dropping prices because that's really not the case. It's a complex set of conversations that ultimately leads to the way that we present LTOs, or limited time offers and then how we support them with value-based promotions. Xavier Marie Simonet: And Caleb, if I can add something. Yes, we're cautious about consumer sentiment. But the backdrop is we've got a very strong brand and brand health metrics for KFC in Australia and Europe are very, very strong. Engagement with consumers, social media and digital marketing advertising is very strong. We're launching new exciting products and going to continue doing that. In the first half, they've really shown success. We're testing Kwench. We're focusing on operational excellence and customer engagement, unlocking capacity. So there's a lot going on that gives us confidence that we can make a difference, of course, within the context that consumer sentiment is still a question mark. Caleb Wheatley: Okay. That's clear, very detailed. And just a final very quick one, maybe one for Chris. avian flu benefit called out seems like it's going to be quite meaningful. Can you just give us a sense for what the impact was of avian flu when it first started to hit in terms of the cost increase there? Just trying to get a sense for kind of what the leverage is as we're now rolling out of it on the other side, please? Chris Johnson: Caleb, thanks for the question. We haven't shared what the impact was. It was different across our 2 geographies. It was more pronounced in Germany, and that's purely given source of supply from Polish poultry was higher in Germany. In terms of restitution, the glide path is starting in terms of pricing coming down. Yum! working really hard, and they run and manage the system supply chain across Continental Europe, working really hard on not only pricing for the existing supply but also -- diversification Caleb, which is probably the one big learning that came out of this whole process was there are other low-cost producing markets out there that KFC should or could target from. We're not, at this stage, sharing where we'll end up in terms of the avian flu upside, but it started and will continue into early 2026. Xavier Marie Simonet: Okay. Great. Thank you. We've got a few more questions. We've got 5 to 10 minutes max. So we'll try to answer your questions as much as possible. Operator: Your next question is from Ben Gilbert from Jarden. Ben Gilbert: So I try to be quick, just two questions. So I appreciate all the comments we made around macro. But it feels to me, looking at the numbers, looking at the NPD pipeline in terms of new menu launches there the case to be more optimistic today for the outlook for Australian 6 months ago. Is that fair? Because that's how Yum!'s comments for the other day with the update talking to Australia as well. Andrew Leyden: Just repeat that. Sorry, I didn't quite catch the question. Ben Gilbert: I'm just -- there's obviously a bit of discussion around macro. My -- if I look at your numbers and then I tie that in with the numbers that Yum! -- has put out and you talk to the pipeline of products coming through, it feels to me there's a case to be more optimistic about the next 6 months for Australian QSR and KFC space than there was probably, say, 6 to 12 months ago. Is that fair? Andrew Leyden: I'm going to invite Krystal to talk to the Australian position. I think if you look at the strength of the brand, I think we'd all love to see higher levels of same-store sales growth because the brand is in really good health. And if you think about the opportunities ahead of us, we talked about Kwench, we talked about dayparts and coupled with the strength of the brand, which has been -- that's a trend that's been in place for quite some time. We'd all love to see same-store sales growth. You can see that we're still hovering between 2% and 3% at the moment. So despite all the good news in the LTOs, and we're still running at that level. In the first 7 weeks are at that level. We feel optimistic and confident, but I think we've still got to convert that into same-store sales performance at a higher level. I don't know whether that's something that you want to talk to, Krystal? Krystal Zugno: Yes. I think just to add to that, then, something that we might have said a little bit earlier, but the same-store sales growth that we've experienced in the first half and even in the first 7 weeks of this half, it has come as a mixture of the innovative calendar that we are excited about, but also our continued investment in value. And while that continued investment in value will always be there in the everyday value calendar, there have been times where we needed to really add that up with the consumer sentiment being where it is. And that's where the hesitancy comes in for what's to come in the next couple of months. So while we're confident in the innovative calendar, we also haven't seen it -- we haven't had the opportunity to remove the level of investment in value yet, and we don't see that coming in the foreseeable future. Ben Gilbert: That's really -- that's helpful. That's clear. And then just second one quickly. Just with the VAT change in Germany, it's obviously a pretty material part. Is the view in the market because some of your competitors seem to be talking about the ability to take some price and not necessarily pass the full reduction through. Do you think that's sort of where the market is going to be leaning in Germany from Jan 1st? Chris Johnson: Ben, so we don't know. It would be the short answer is we don't have clear line of sight into what the big 2 players are doing. From a KFC perspective, like I shared earlier, we have modeled with a third-party, Simon Kocher, who -- Yum! have engaged to help us with a country-wide view on pricing and tiered pricing, what it could mean for us. I think it would be fair to say that we don't anticipate brands being able to take the full price to the bottom line. And that I think consumers, as it's highly publicized, as you can imagine, that consumers would be expecting for something to be given back. What that looks like, we'll all have to wait and see until January 1st, KFC included. But it wouldn't be fair to model the full flow-through of the VAT decrease. And again, just as a reminder, it's only on the dine-in portion of the sales mix. And yes, the government have proposed it moves from 19% to 7%. Operator: Your next question comes from James Ferrier from Canaccord Genuity. James Ferrier: Maybe one for Chris to start with in relation to Germany. You're referring to bolt-on acquisitions there to broaden the geographic presence. Is that within the 2 existing states that you're currently focused on? Or are you looking to move into other states with that comment? Chris Johnson: James, thanks for the question. I think primarily, we're looking for acquisitions that would make sense. We have, of course, our 2 hubs in North Rhine Westphalia and Baden-Württemberg. We'd be open to states that would open up significant geographies for us to further build out. and not acquisition just to sit on our hands. However, that being said, our primary focus, of course, is organic growth, and that's what we've shared. We're well underway in terms of building out that pipeline and the new build numbers for next year. James Ferrier: And is your pipeline only focused on those 2 states, i.e., would you need bolt-ons to go into new states? Or are you looking at greenfield in new states as well? Chris Johnson: As it stands, we're focusing solely on North Rhine Westphalia and Baden-Württemberg, so the 2 states where we're in today, and that allows us to leverage our current operational expertise and the resources that sit within those markets. James Ferrier: Understood. And then second question, maybe for Krystal. It's been a few months now since the change in the delivery fee structure in Australia. I'm interested in what sort of change you've seen in the sales growth for that channel, in particular? Is it just the basket going up given the menu price adjustments that have been made? Or have you seen transaction growth accelerate as a consequence of that lower delivery fee? Krystal Zugno: Yes. Thanks, James. So we've seen a few things happen since the first transition for DoorDash was 1st of July and then Uber came a little bit after that. In both instances, we did see transactions go up as well as the basket size increase, which what you alluded to is correct through the pricing increase on the platform as well. So we've actually seen both. Our mix in delivery has increased around 2% since both DoorDash and Uber move the pricing. So we're excited by those changes actually and how that's transforming our business and operations are being able to cope with those delivery orders coming through the channel. Xavier Marie Simonet: Thanks, James. I'm afraid Harmony, we've got to wrap up. And unfortunately, close the meeting. Thank you very much for joining and looking forward to the roadshow this week. Operator: And that does conclude our conference for today. Thank you for participating. You may now disconnect.