加载中...
共找到 25,003 条相关资讯
Nvidia delivered outstanding earnings and strong guidance, yet the stock reversed sharply the following day as profit taking, stretched positioning, and fragile sentiment around the AI trade drove a broad market selloff. Economic data and shifting Federal Reserve communication created meaningful volatility, with December rate cut expectations swinging from nearly 75 percent to the low 30 percent range before rebounding sharply on Friday.
'Mad Money' host Jim Cramer looks ahead to next week's market game plan.
The S&P 500 fell almost 2% this past week as fears of an AI bubble led to sharp intraday market swings.
The president expects his next Fed chair to lower rates, but growing internal opposition shows the limits of a leadership change—and threatens to end decades of consensus.
The billionaire investor wants to take his hedge-fund management company, Pershing Square, public at the same time as a new closed-end fund next year.
If Japan raises interest rates to halt the yen's slide, liquidity will evaporate, upending stock and bond markets around the world.
Peter Boockvar, One Point BFG Wealth Partners, joins 'Fast Money' to talk what to expect from teh Federal Reserve in Fed Chair Powells final meetings.
I argue that despite high valuations and AI hype, current market conditions do not constitute a bubble of any kind. AI's exponential growth and real-world applications, especially by AI winners, justify elevated valuations for select companies.
Japan's 40-year treasury bond yield spike is unlikely to trigger global market turmoil, as the carry trade and risk factors are already priced in. U.S. equities remain attractive versus Japan due to stronger debt/GDP ratios, but overvaluation risks in the U.S., especially in tech, persist.
What does the September jobs report, delayed by six weeks because of the government shutdown, say about the economy? Lydia DePillis, our economics reporter, describes how the report, which was better than expected, comes at a moment of deep uncertainty.
The stock market rallies, with the Dow Jones index shining Friday. But stocks suffer weekly losses.
Market Domination Overtime host Josh Lipton looks back on the day's market moves after the closing bell on November 21, 2025. Carnegie Investment Counsel Director of Research Greg Halter joins the program to talk about the volatility hitting US stocks this week and the latest themes in the AI trade.
The S&P 500 remains historically expensive, even after a 5% correction, and is not a bargain at current levels. Maintain exposure to the S&P 500, but avoid aggressively increasing positions until clearer signals emerge from employment data and the Fed.
Meghan Shue, Wilmington Trust, joins 'Closing Bell' to discuss the risk-reward outlook for equity markets, where they go from here and much more.
Bloomberg's Caroline Hyde discusses the wild ride markets have been on as AI and crypto anxiety hit investors. Plus, OpenAI is teaming up with Foxconn to design AI data center hardware in the US.
Business activity in the United States increased for the second consecutive month and reached a four-month high in November, S&P Global said Friday (Nov. 21). The company's Flash U.S. Composite PMI Output Index rose from 54.6 in October to 54.8 in November, according to a Friday press release.
The U.S. Consumer Financial Protection Bureau announced on Friday that it intends to continue supervising financial institutions on a limited basis in 2026, signaling a shift from acting Director Russell Vought's previous pledge to completely dismantle the agency.
Alan Dickson: Good morning, ladies and gentlemen, and welcome to Reunert's results presentation for the year that ended 30 September 2025. I'm Alan Dickson, the Group Chief Executive; and together with Mark Kathan, our Group Chief Financial Officer, will be presenting our results today. This is a prerecorded webcast with a live Q&A session immediately after the webcast. 2025 was a challenging year for the group as tough macroeconomic conditions and global volatility were evident throughout the year. This was specifically true in the South African environment, where as we guided in our half year prospect statement, the macroeconomic conditions remain challenging. Pleasingly, Reunert's strategy of increasing our non-South African revenues provided good results and largely offset the challenging South African environment that we faced. In South Africa, despite there being solid progress made towards improving several of the country's key structural impediments to accelerate economic growth, the real impact on the ground is yet to be felt. The key drivers of Reunert's growth, which are reflected in the macroeconomic indicators of GDP and business confidence for our ICT segment, and gross domestic fixed investment, or GDFI, for the Electrical Engineering segment, all tracked negatively through this year. South Africa's infrastructure investment specifically decreased year-on-year and fell well below both government commitments and expectations. We do, however, believe that this decrease will be temporary, but in this financial year, it fell to the extent that it negatively impacted both the Electrical Engineering segment and the overall group's financial results. Conversely, our non-South African markets have much better macroeconomic dynamics and their general growth rates remain positive. Within this operating environment, the group's businesses performed well, specifically in the second half of the year, where we delivered on the commitments that we made to shareholders at the half year results period and produced good growth in profit and built positive momentum for 2026. Although the full year headline earnings per share were down by 5%, the second half delivered a strong performance with HEPS increasing by a pleasing 6% over what was already a good second half performance in the prior year. Importantly, despite the challenging conditions, the cash flow generation of the group was strong. The group converted profit for the year to free cash flow at 128%, which was 8% better than last year and generated cash of nearly ZAR 1.2 billion, which resulted in our net cash position increasing by ZAR 207 million to ZAR 743 million by the end of the year. In addition to the financial performance, good strategic progress was made across the group, as we improved access to our key international markets and took decisive action to optimize the group's portfolio. Internationally, in total, the group secured just under ZAR 5 billion or 35% of its revenue from non-South African sales this year. The defense cluster made significant progress in entrenching their long-term market participation in the key growth markets of Europe and the Middle East. While in the Electrical Engineering segment, over 40% of the segment's revenue now comes from outside of South Africa. The group's portfolio was strengthened through the efficient sale of Blue Nova Energy, and the mergers of Etion Create and Nanoteq in the secure communications cluster in our defense business and Skywire and ECN in the business communications cluster in ICT, which were all successfully completed with the latter coming into effect from the 1st of October 2025. These mergers bolster the financial capacity of these businesses. They create quantifiable synergistic benefits and they position the merged businesses for increased resilience and accelerated growth. Shareholder value was created in the year as a strong second half performance and the good cash flow generation enabled the final dividend to be increased by 6% to ZAR 2.93 per share, resulting in a total dividend for the year increasing by 5% to ZAR 3.83 per share. Although the group's return on capital employed decreased to just over 17% on the back of the slightly lower earnings this year, it pleasingly remains well in line with the steady increasing trend that we've been delivering over the past 4 years. And finally, the 3-year CAGR in total shareholder return remained at a healthy 14% per annum despite the challenging environment. So in summary, the good strategic progress, the group's positive performance in the second half, the strong cash flows have generated meaningful momentum, and we believe this establishes the base for the group's growth trajectory into the new financial year. I'll now hand over to Mark, who will take us through the details of the financial year's performance. K. Kathan: Thanks, Alan. Good morning to everyone, and thank you for joining us on the webcast today. I truly appreciate the opportunity to present our financial performance for the year ended 30 September 2025. Before I dive into the numbers, let me highlight some of the key drivers of the macroeconomic environment that impacted the group and its operations through the past financial year. On a positive note, we have experienced an improvement in the ports and consistent electricity supply. These factors contributed to a 1% growth in GDP, albeit sluggish. The consumer price index is into a lower range between 2.7% and 3.8%. The repo rate dropped by 1% over the past 12 months. Both the rand and the Zambian Kwacha strengthened against the U.S. dollar in the last quarter of the year. On the commodity front, copper and aluminum prices remained high throughout the period. Against this backdrop of low growth, low inflation, lower interest rates and a currency strengthening, I would like to take you through the group set of results that hold testimony to our resilience. The results presented in these slides are summarized extracts from the 2025 group audited annual financial statements, which are available in full from Reunert's website under the Investor Center tab. The group's auditors, KPMG, have issued an unmodified audit opinion on these financial statements. Consolidated statement of profit and loss. This slide represents total operations. The slides thereafter will only focus on continuing operations. And the comparatives for 2024 have been represented to accommodate the discontinued operation. The performance from total operations shows a decline in the headline earnings per share of 5%, which is similar to continuing operations. The difference between continuing and total operations relates to the disposal of the discontinued operation, Blue Nova Energy, which we highlighted in the first half of the year. Management and the corporate finance team efficiently concluded the disposal on the 15th of September of 2025. The total loss incurred, including the trading loss, impairments and the loss of disposal, was ZAR 142 million. The impact of the discontinued operation was ZAR 0.64 per share on basic earnings and ZAR 0.19 per share on headline earnings. We have excluded the impact of this disposal from the continuing operations performance. Revenue from continuing operations has declined for the reporting year by 2%. The decline in revenue can largely be attributed to weak transmission infrastructure spend by state-owned entities that impacted the Electrical Engineering segment's revenue of ZAR 7.5 billion, which is 3% lower than the 2024 year. On the positive side, circuit breaker revenue benefited from exports into the U.S.A. The ICT segment's revenue of ZAR 3.9 billion was resilient given the low growth environment, and this was flat year-on-year, with operating profit down by 9% to ZAR 644 million. The 7% lower Applied Electronics revenue of ZAR 2.8 billion was primarily due to a stronger rand and lower activity in the South African market. This translated into a 21% increase in operating profit to ZAR 500 million, up from ZAR 414 million in 2024. Approximately 35% of the group's revenue now originates from outside South Africa and is spread across 5 continents. The contribution of international revenues to the group's revenue has grown since 2021. The 8% decline in profit is attributable to the drop in financial performance in the Electrical Engineering and ICT segments. This was partially offset by a strong performance in Applied Electronics' defense cluster. As highlighted in the interim results, the nonrecurring COVID-19 business interruption insurance claim receipt positively impacted the prior year's results. Operating expenses were well managed. As a result, the operating margin that was delivered was 11%. Basic and headline earnings per share for the year declined by 5%. However, when we reflect on the first half's HEPS performance, which declined by 20%, then the second half's financial performance demonstrated a clear momentum by delivering a 6% growth on 2024's second half. When you adjust HEPS by the nonrecurring COVID-19 insurance claim receipt in the year-on-year headline earnings per share performance would be more or less flat. The group continues to maintain a strong balance sheet and remains in a net cash position, which has improved from ZAR 536 million last year to ZAR 743 million. The decline in long-term borrowings arose from the net settlement of external loans of almost ZAR 300 million. The headroom of unutilized debt facilities amounts to ZAR 1.8 billion. The put option liability relates to the issuance of a put in favor of a noncontrolling interest resulting from the merger of +OneX and the IQbusiness. Furthermore, the balance sheet is strengthened when reflecting on the net asset value per share, which has improved by 1% to almost ZAR 45. The group generated more than ZAR 1.7 billion in cash from operations. Working capital remains well controlled. However, the ZAR 103 million outflow relates to the high level of revenue in the last 2 months of the financial year. Included in the reduced tax paid of ZAR 284 million is a size refund of ZAR 62 million relating to the Quince fraud transactions identified in 2020. The excellent free cash flow of almost ZAR 1.2 billion allows the company to pay a healthy final dividend of ZAR 293 per share. The total dividend for the year represents a cover of 1.6x and a total yield of about 6.6% based on a ZAR 48 share price. The group has been extremely disciplined in respect of capital spend and allocation. During the year, the group spent ZAR 225 million on capital expenditure. Of this, ZAR 130 million was for expansion projects, while ZAR 95 million related to sustenance capital. The capital spend for the year was lower than the depreciation charge. The expansionary spend was directed towards growth projects for international markets, expansion of the last mile broadband network and technological advancements. With our strong balance sheet, our significant unutilized banking facilities, our continued positive cash generation, the group remains well positioned to continue executing its strategy and generating positive cash returns for our shareholders. In conclusion, I would like to thank my finance team throughout the Reunert Group for concluding these results quite efficiently throughout this period. With that, I will hand back to Alan to take us through the segmental review, the group strategy and the group's prospects for 2026. Alan Dickson: Thanks, Mark. I'll now take you through the segmental review, which will give you an understanding of what's taken place in this year so far as well as looking forward. The Electrical Engineering segment had a challenging year as a result of 3 discrete factors: Firstly, there was negative growth in South Africa's GDFI. Despite government's commitment to drive local infrastructure investment and credible progress being made on investment into the transmission grid, rail liberalization and port infrastructure, the extent of the actual investment on the ground fell this year and negatively impacted both the South African circuit breaker and power cables volumes. Secondly, there were ForEx losses and a product mix change in Zambia. In June of this year, Zambia's currency reversed the long-term weakening trend against the U.S. dollar and rapidly strengthened, which resulted in margin degradation and foreign exchange losses at the business. In addition, the drought in Zambia last year resulted in reduced energy generation for the Zambian power utilities ZESCO. This negatively impacted ZESCO's cash flow and reduced the volumes our Zambian power cable business sold to them. Pleasingly, these volumes were replaced by exported copper rod and cable, but this change in product mix negatively impacted margins. And then finally, the third impact was the U.S.A. import tariffs on South Africa. The implementation of a 10% import tariff on South African product imported into the U.S.A. in April, which was further escalated to 30% in August resulted in an unplanned increase in cost for the circuit breaker business. The business engaged with its customer base and successfully retained the market. However, some costs could not be fully recovered by the circuit breaker business and some margin degradation occurred during this period. These 3 key challenges were somewhat offset by a solid non-South African performance. Power cable volumes remained stable, and the circuit breaker business had a strong export performance. Although there was some margin degradation, as I discussed before, into the U.S.A. market, significant steps were taken by the business and were implemented to offset the additional tariff costs and to retain the market. And these 2 actions resulted in volumes increasing year-on-year by 25%. Going forward, the U.S.A. remains a significant market for our circuit breaker business. The actions taken have ensured that the business' market share has been retained and product volumes into the U.S.A. are expected to increase. The extent of the tariff costs that we faced in 2025 are unlikely to be experienced in future financial years. Looking forward for this segment, the segment's non-South African business remains positioned for continued growth. The circuit breaker volumes are expected to retain the positive growth trajectory they've had over the last number of years and new product releases into the U.S. market will support this continued growth. The non-South African power cable volumes should increase as ZESCO now has improved cash flow and the investment into mining infrastructure in Central and Southern Africa remains healthy. In South Africa, however, the market conditions are likely to remain somewhat constrained until overall, our infrastructure spending improves. Whilst orders for the transmission development plan, or TDP, have already been received, the volumes remain quite a bit lower than desired. Pleasingly, the Eskom framework agreements for the TDP have been awarded, which will secure volumes for the power cable business as these projects accelerate. In the ICT segment, the South African market for the group's businesses remained challenging as low GDP and weak business confidence, extended sales cycles and reduced market activity. Pleasingly, the segment's performance was achieved as collectively 3 of the 4 clusters delivered a year-on-year growth in operating profit, which demonstrated good resilience and strategic execution. The business communications cluster performed well with a pleasing growth in operating profit. Fixed line minutes remained stable throughout the year and the clusters last-mile broadband connectivity solutions grew healthily. The rental-based finance cluster performed well. The clusters revenue was negatively impacted by a lower average rental book than the prior year and reduced revenues due to the lower interest rates in the country. These were, however, more than overcome by additional efficiencies delivered through the implementation of improved control systems and processes. The collections remained of a high-quality and resulted in actual bad debts being well within the normal limits at less than 0.5% of the book value. The closing rental book remained nominally flat at just over ZAR 2.35 billion. In the total workspace provider cluster, Nashua delivered a stable revenue and operating profit result despite some of the complementary revenues coming under pressure as renewable energy sales fell due to reduced load shedding in the country. The business continued its strategy of enhancing the entrepreneurial strength of the franchise channel and 2 further franchises were sold this year, resulting in Nashua now only owning equity in a large metro franchises. The decrease in segment operating profit all occurred in the Solutions and Systems Integration Cluster, specifically due to reduced spending in the enterprise market vertical. Importantly, the business restructured its cost base to align to the expected future market demand, the restructure process and all of the associated costs were concluded in the 2025 financial year. Looking forward, although the local conditions remain tight, the broad market trends remain positive and position the ICT segment for growth and an improved performance in 2026. The Business Communications cluster's merger of ECN and Skywire is already delivering synergies and the market growth on their broadband connectivity continues at double-digit levels, specifically in Skywire's underserved target markets. Nashua is likely to deliver steady growth as complementary revenues increase and stable print volumes are expected to continue. These Nashua revenues also support both the Quince's rental book and its earnings, although we do expect Quince's revenue to remain relatively stable in this low-interest environment. The new leaner solutions and systems integration cluster provides agility specifically for the consulting leg of IQbusiness and the ongoing demand for digital transformation, cloud and AI supports an improved performance for 2026 for the segment. In the Applied Electronics segment, the reduction in segment revenue was caused by the impact of a stronger rand on the cluster's large foreign-denominated export sales and reduced demand in the local maintenance and support services market. The quality of the revenues, however, improved significantly as segment operating profit increased strongly. This was driven by efficient production, improved margins and some foreign exchange gains that were made on some of the long-term export contracts. Within the defense cluster, they had an excellent year, increasing operating profit on the prior year by more than 20%. There were record financial performances that were delivered by the radar and the fuze businesses, as they executed their strong order books and delivered improved operating profit and margins. The investment into the fuse factory in prior years produced a positive outcome as increased product volume we delivered to our major customers. In the half year results, we reported that a key fuze order had been delayed. Importantly, this order was successfully delivered in the second half and contributed to the record performance. At the radar business, they secured record defense and mining sales, and the business continues to expand both its product offering and its geographic footprint. There were also good performances from the Dynamic Control business, Etion Create and the communications business, which all contributed to the strong result for the cluster. There were some foreign exchange gains that were made in the year due to the well-hedged, long-term foreign exchange positions that we've taken. The clusters revenue for the first half of 2026 is already hedged, which limits any potential foreign exchange risk. But post this period, the cluster's revenue and income will be more exposed to the strength of the rand against the euro and the U.S. dollar. Importantly, the arrangements with the South African regulatory authorities that control the export of our defense products, the ports efficiency and the availability of electronic subcomponents are operating well and are expected to continue for the foreseeable future. Strategically, the defense cluster also progressed well in 2025. We developed new fuses and these were launched successfully into the Middle East, while the completion of the radar strategic IP co-development program, that we've been sharing with you over the last number of results, will be achieved by the end of this calendar year. This achievement positions the Radar business to participate in the future large volume production orders. And in addition to that, more fuse orders are imminent. Equally importantly, the cluster also entered a number of new markets for existing products at the radar company in Southeast Asia, North America and Europe, while the communications business made its first sales into South America. Looking forward, all 3 of the defense clusters key markets of Europe, Southeast Asia and the Middle East retain their strong growth trajectories. The graph at the bottom of the slide illustrates the clusters order book as it currently stands, which is well balanced across both local and export markets. This provides a cluster with a diversified product and geography exposure and largely eliminates any product, geography or customer concentration risk. Importantly, the strong execution performance of the cluster over the past 4 years has enabled it to now bid for larger and higher-margin defense export contracts as our customers seek to secure the long-term supply of critical products and services. The pipeline for the cluster remains robust and is complemented by good mining demand and increased spending on the South African rail infrastructure. And finally, after many slow years, there is improved activity in the South African defense space, which will further boost the cluster. We retain our view that the defense clusters growth trajectory is medium- to long-term in nature. Within renewable energy, the growth continued at the group's Solar Energy business as the key metric of EBITDA exceeded the prior years, although as expected and as we've guided, the growth rate has diminished of the double-digit levels that we have delivered in prior years. The business delivered good project margins and increased the quantity of owned assets under management during the year. By year-end, owned in construction and near financial close build-own-operate or BOO plants increased by 22% to 95 megawatts. Normalized EBITDA from these plants grew positively and exceeded the prior year by an impressive 71%. The group's wheeling business, Apollo had a solid year. Shortly after NERSA awarded Apollo its trading license in October 2024, Eskom indicated that it would take the award of the trading license and the other three companies that were awarded licenses at the same time on legal review. Apollo has continued normal business operations throughout the year and Eskom's actions have not impeded the business development achievements that they have made. Importantly, Apollo is concluding its first customer power purchase agreement and this agreement secures the business' revenue-generating capability, which will commence when the independent power producer finalizes its construction. Looking forward, the renewable energy cluster will continue to grow into 2026. The Solar Energy business has a good pipeline of BOOs and its track record on project execution and cost management, protect the returns on these projects. The commercial and industrial market or C&I market, which is the Solar Energy business' target market, remains robust as high energy inflation, unreliable municipal grids and battery storage, all present longer-term support for this market. Pleasingly, Apollo is likely to commence trading in 2026 with only the successful conclusion of the IPP project and Eskom's legal challenges being the inhibitor. In 2025, the strategic initiatives of the group had 2 key focus areas: firstly, strengthening of our international market positioning, to continue the recent good growth in non-South African revenues and secondly, to optimize the group's portfolio to strengthen the financial returns and growth prospects of our assets, specifically for our South African focus businesses with a current low interest, low growth environment may continue for some time. Internationally, despite the stronger rand and the reduced revenue into Africa, the group's non-South African revenues grew again this year. The group secured nearly ZAR 5 billion in non-South African revenues, delivering a 17% CAGR over the past 4 years. This focus on increasing these revenues and entering international markets remains a key strategic focus across the group. Both the electrical engineering and defense markets remain robust, and we believe defense specifically retains its high expectations for continued strong growth. Importantly, the circuit breaker access to the U.S.A. market and an improving Zambian economy after the devastating drought of last year create increased opportunities for the Electrical Engineering segment. The second key strategic focus area was to enhance the resilience and agility in some of our key operations. This was achieved through 2 mergers of existing assets and the disposal of one. The group concluded the sale of Blue Nova Energy this year. The rapid change in the South African battery market precipitated this sale, which has been concluded efficiently with no job losses and with a result that was significantly better than we projected in our half year announcements. In the secure communications cluster in our defense area, Etion creates a nanotech merged and in the ICT segment, ECN and Skywire emerged in the business communications cluster. These 2 mergers have delivered rapid synergies, have created larger business units, which have increased financial resilience and have simplified the Reunert portfolio. But perhaps most importantly, these mergers position these businesses for stronger growth. Nanoteq's encryption technology will provide new revenue streams to Etion Create export markets and will accelerate profitability of that entity, while in the business communications, Skywire's successful direct B2B go-to-market strategy will leverage ECN's channel partners and accelerate the growth rate of their last-mile broadband connectivity solutions. So ladies and gentlemen, in conclusion, and if we offer a view to next year, the momentum created through the group's positive second half performance and strategy execution positions Reunert well for growth in the 2026 financial year. It is anticipated that the South African economy will steadily improve as the impact of the energy and rail liberalization and port infrastructure investments continues, private participation in infrastructure projects increases and the benefits of the structural improvements flow into the economy. Whilst we believe this will be a steady increase, Reunert's track record reflects that steady economic improvement results in positive operating leverage and improved financial performance. Pressure is, however, expected to continue on the South African Electrical Engineering product volumes until the infrastructure investment increases, which is not anticipated to materially improve in the first half of the financial year, although they are at least expected to perform in line with 2025's results. When it will continue executing on its strategy and will deliver growth into next financial year through, firstly, solid growth in our offshore markets in the defense and circuit breaker business. Secondly, a refocused and restructured ICT segment is set to deliver sustainable growth. And finally, our renewable energy investments are expected to grow in both asset ownership and an enhanced trading footprint. Ladies and gentlemen, thank you for your interest and attention this morning. We'll now move into the live Q&A session. Thank you. Good morning, ladies and gentlemen, and thank you for your interest in Reunert and for joining us today for this 2025 results presentation. Prior to us just kicking off of the Q&A, I'd like to just spend a minute on my transition, which was also covered in a sense that was issued yesterday. We weren't able to include it in the webcast because the webcast was prerecorded. And for confidentiality purposes, it was left out of the webcast itself. But ladies and gents, just on behalf of the Board, I just wanted to share the following key messages, and there's 4 of them, that I think should be seen in conjunction with the SENS that we issued to the market yesterday. Firstly, this is a well-planned and structured process, and it carries the full support of both the Board and myself and is a culmination of an extensive and thorough process to identify and appoint the best person for the role. Secondly, the Board has confirmed that the group's strategy, operational and financial trajectory remains consistent with that, that we've been following for the past 5 years. Thirdly, I'm deeply invested personally in the success of Reunert and the success of this transition and my arrangements with the company and with the Board mean that I will remain involved with Reunert for the next 12 months to assist in ensuring its success. And I believe in Anthonie de Beer, we've got a candidate who's got the requisite skills, track record and leadership credentials to deliver sustainable growth for Reunert and long-term value for shareholders. And I think particularly important, his value system and culture are well aligned with Reunert, and we have full confidence in him. Ladies and gentlemen, on behalf of the Chair of the Board, any shareholder who would like to meet to discuss anything in the respect of this transition, if you could please let Karen Smith know, and we'll make the necessary arrangements to engage you directly with either the Chairman himself or the Chairman and myself should you so request. So ladies and gents, the Q&A will be managed by Mark Kathan, our Chief Financial Officer; and myself. I'll sort of try and chair the questions and move them in a direction whoever is most suitable between the 2 of us to answer those questions. Alan Dickson: The first question comes from Charles Boles at Titanium Capital. His question relates to the circuit breaker business. And the question is, over the long -- medium to long term, will Reunert remain competitive in exporting these products? Do these products not become commodity items over time where Reunert struggles to compete in the export market? So Charles, where we play, particularly in the U.S. market is we actually sell into the OEM market. We don't sell into the mass market as we typically do in South Africa. We design our circuit breakers together with the OEMs for the specific application that they are looking at. So there is a long run-up while we design, develop and approve those products. Those products go into their systems. And typically, they remain in those systems for the life of those systems. So when we talk about being involved in telecommunications or 5G rollout, once we approved, we tend to remain in that system for the life of that rollout. So they are long term in nature, and they are designed into those products where we work very closely with those OEMs in that regard. And those 2 elements give us quite a significant capability or competitive advantage to remain in those areas for a long time. More generally, if you look at our circuit breaker business today, we export 66% of all the product that we manufacture. So 2/3 of our products are exported globally. The fastest growing of those markets is the U.S.A., but we export globally. And that's not a new number. We've been exporting in that nature for at least 10 years, if not more than that. And I think that gives also an indication of the sustainability of our ability to export our circuit breakers and the likelihood that we will continue to do that, both from a strategic point of view, but also from the tactical way in which we get ourselves into those markets and remain in those markets. The second question is from Rowan, actually, the second and third from Rowan Goeller from Chronux Research. The first question relates to whether we expect an acceleration in transmission projects in the coming years given the 14,000 kilometers that need to be put in place or built by 2033. The short answer to that, Rowan, is yes. But if I give a little bit of color to it, we referred in our presentation that we have received and delivered some cables into those transmission projects that were executed by Eskom this year. But these are small projects. And we would argue that these volumes in the 2025 financial year are less than 10% of what Eskom will consume when these projects get up to full scale. So we anticipate a growth from where we are now, let's call it, less than 10% of what we expect, somewhere up to about 100% for those Eskom projects over the next 2 or 3 years as they ramp up those projects and the construction phases of those continue to accelerate. The other part of that question is that Eskom will do a portion of these transmission lines and private that PPP projects will do another portion. And to date, there are no PPP projects in place. The bids for those have been delayed. They were meant to be submitted now in November. They've been delayed until the middle of next year, and then those will start to ramp up from there. So there's none of those volumes in these volumes that we see at the moment. So we see a significant ramp-up in cables to go into those transmission projects, first of all, into the Eskom-led projects and then following those into the PPP projects, which will come a little bit later on. Rowan's next question relates to the growth rates that we expect in the defense cluster over the next 3 years, given the increased global spend on the defense segment. So in terms of that, we do anticipate still steady growth in terms of that defense market. We shared with you in the presentation the distribution that we have globally of our order book at the moment, which roughly, roughly is about 25% for each of our major markets, which really gives us a broad market access. All of those markets are looking for our products and services, and we're able to sell into those consistently across the globe at the moment. So without putting too fine a number on it, 2 comments I want to make. First of all, we believe it's a medium- to long-term trend in growth in our defense business. We've got that type of sustainability in it. And we anticipate that we will be doing double-digit growth for the next 3 years at least. The next question comes from Timothy Olls from Laurium Capital. There's 3 questions he's put in. One is that segmental EBIT from other dropped from ZAR 196 million last year to ZAR 109 million this year, and he's asked for some clarity on that. We don't often give too much clarity on it, but I'm going to ask Mark if he's got something, I asked him when the question first came on. Perhaps he's got something to offer without giving too much away on it. But Mark, do you want to field that one first for us, please? K. Kathan: Yes. So Timothy, last year, the share price -- the closing share price was higher than this year's share price, which is at ZAR 53. So when we provided for the ESOP, that's the employee share plan on the BE scheme as well as on the conditional share plan, we provided at a higher share price. So this year, we had a lower share price and hence, we charged less to the income statement. Alan Dickson: Thanks, Mark. Perfect. The second question that Timothy has is what is the total EBIT loss for the renewable energy this year? And when do we expect it to break even? I'll need to do some homework. Again, we don't normally give the level of detail at a particular business unit as that. So Timothy, we'll revert back to you on that one, but not be able to share with you the exact levels of the numbers we've got. I don't have those at hand as we speak right now. And then the third question relates to the record fuze and radar performance. And the question is where will all the growth come from here? And are the higher EBIT margins of approximately 24% in defense sustainable? So there are a number of our markets where further growth comes from. So in the fuze market, there is definitely further growth, and that really comes from increased volume into more geographies. We did share with you that we have got new fuzes into the Middle East, and those haven't reached full capacity yet. And equally, we are underexposed to some markets in Europe that we are actively trying to penetrate. So those are the 2 areas in the fuze business that we still anticipate further growth. And in the radar business, a portion of the radar businesses and the radar's revenue and income in this year relates to, what we call, strategic IP co-development. And that's the development of IP and a product. And when that is approved, which will be done by the end of this year, that over time converts into a production run. And we will then benefit from that production run going forward, which actually brings run rate growth into that business. So that's the source of the growth both for fuze and radar. And then if we look more broadly across the rest of the cluster, we can anticipate greater and improved profitability still from our communications business and Etion Create on the back of improved export potential for them. So we have quite broad opportunities for growth across our defense businesses. And then with relating to the defense margins, we think our margins remain healthy. The supply and demand at the moment is such that we can price correctly. There is one element in that, that one should take cognizance of. And around about 90% of our sales this year were export in nature, and those are in hard currency, either euro or dollar based. So to the extent we have a strong rand, somewhere around about the 17 that we have now or even if it gets a little bit stronger than that, that would put a little bit of pressure on to those margins, not material pressure on to it. But just from a, call it, an analyst point of view or shareholder point of view, one should remain or be aware and take cognizance of the fact that our exports and defense are all hard currency based and the rand does play a little bit of a role on that. We tend to hedge those revenues to protect them. But obviously, when it gets very much stronger, there would be some negative impact on the margin in terms of that. We then have another question or the next question is from Myuran Rajaratnam from MIBFA. There's 2 questions. One is, is our circuit breaker business exposed to the data center market in the U.S.A.? Yes, it is. We have a couple of access points into those data centers, and it's part of the good growth that we're seeing into that market at the moment, and we expect that to continue for some time. And then also asked a question around for a group with diverse segments. If I was forced to choose, although both are important, is it more important for the group Chief Executive to be good as a technical engineering person or a good capital allocator? It's a question that we thought deeply about through the process. Reunert today has a very strong executive team. We -- and the executive team is structured with Mark as the Chief Financial Officer; Mohini Moodley, HR Director and Sustainability Director. And then we have 3 segment heads. Each one is responsible for their line of responsibility, one for Electrical Engineering, one for ICT and one for Applied Electronics. And those gentlemen carry the biggest responsibility of, let me call it, the technical expertise and the delivery of the numbers. And our view was that within such a strong executive committee that we have at Reunert at the moment that it was important to have somebody who was a good allocator who understood how to run a portfolio and was capable to provide some inorganic strength to the group going forward as well. The next question is from Siphelele Mdudu from Matrix Fund Managers. He's asked, how should we be thinking about our circuit breakeven margins into the U.S.A. Will volumes more than cover the rand that are lost? So we think there is some thinning in the margins. Roughly, we believe we are able to recover somewhere between 65% and 70% of the tariff costs that we've got. So that's the nature more or less of the margin degradation into those circuit breakers, but we think that's sustainable. We don't think it gets any worse. And we are working with our customers to try and make those recoverables better, but we don't think they're going to get any worse at the moment. So we think the margins that we see in this year are probably the lowest that we'll see into the circuit breaker business going forward. And at a percentage level, we don't necessarily think it gets much better in terms of how much of those tariffs we can recover. But certainly, in a rand volume point of view or the rand growth that will come through the volumes, we do think that will more than cover the cost that we had in this year. [indiscernible] from RMB. The question is continued cash generation in the business. May we understand if there are any key plans for this cash going forward? I'm going to ask Mark if he can turn to that one, please. K. Kathan: Yes. [indiscernible], we have a very defined cash allocation policy as to how we invest our cash. And we would look at -- number one, we would first look at business requirements, and that would take working capital into account and then around our fixed assets, around sustenance and expansion. And then at the same time, we would then look at how we would distribute cash to -- on investments, if there are potential acquisitions or at the end of the day, we look at dividends and share buyback. So there's a defined process that we go through. And -- but the intention is obviously always to look at -- to come back to shareholders and tell them what we're going to do with our cash. Alan Dickson: Thanks, Mark. And then I'll ask you to do the next one as well from Myuran from MIBFA. And he has asked, can you please give some color into the nature of the amortization of intangible assets that we have reported as well as our annual investment into intangible assets in rands. K. Kathan: Yes. So Myuran, there are 2 distinct differences in the intangible assets, how we account for them. The first would be on acquisition where we would allocate part of the purchase price into intangible assets. And that will be typically customer lists, et cetera, that we write off those intangibles typically between 3 and 5 years. That would be part -- that will be on acquisition. And then in our defense cluster, we would also create some level of intangible assets, whereby we will start creating technology. And that would be part of our annual CapEx budget, and that will also be written off over the contractual period that we have with customers there. Alan Dickson: Perfect. Thank you, Mark. Ladies and gents, that's all of the questions that we have at the moment. I'm maybe just going to wait 10 seconds or so just to see if there's any last-minute questions that pop in. Okay. We've got one from Kgosi Rahube who just beat the bell from Melville Douglas. Can you please provide more insight into the expected improvements in South African defense given that the key issue has been the defense forces constrained budget? Yes, I can, Kgosi. There's been a little bit more budget that has been allocated. And certainly, one of the programs that have been announced that have been awarded is the armored vehicle program, which is a large vehicle program to replace the legacy Ratel vehicles. And into that vehicle goes some of our products, particularly our communication products. There's one example whereby we are seeing the kickoff of some larger scale projects, and that first one, as I've described, has been allocated. So there is some more budget that has been allocated into the South African defense force. There is no shortage of need for projects and expenditure there. So as the funding becomes available and as I think South Africa's fiscal position becomes a little bit better, which we do anticipate over time, we do believe that there will be more funding flowing to the SANDF for some of these projects. And our exposure at Reunert across those requirements is actually very good. So invariably, when any large capital project gets announced, we will get the benefit from that. Now it will take a little bit of time before that comes into play in the communications, so probably not in 2026, but 2027 onwards. But those type of projects coming through a real boost to our export volumes that we've got at the moment, which are also long term. So yes, we do think sort of this increased allocation to the SANDF, we do believe is part of our view that South Africa gets steadily better. [indiscernible] thank you for your kind words as well. I appreciate it. Thank you very much for that note. And ladies and gentlemen, that brings us to the end of the presentation today and the Q&A session. Thank you very much for your attention. We appreciate you taking time out to listen to Reunert and Mark and myself today. We appreciate your interest and your -- and value your contribution. Thank you very much, ladies and gentlemen.
Gary Arnold: Good morning to you all. Welcome to all our investors, colleagues and then our Chairman, Theunis, and we have Willem and Bridgitte from our Board here today. And then as I walked in, Anthony Clark said to me, he thinks he must be in the wrong place because he saw the old bugger here. So welcome, Chris. Hello to you. Chris has joined us today. Anthony called you the old bugger, not me. But let's dive into the presentation. We'll try and stick to the time. As you know, we are always quite diligent on that, and we'll get into the business overview. Fortunately, all green arrows, and Chris used to have a comment for this, which I'll steer away from. But absolutely a good scoreboard, revenue up 10%. One always likes to see that growth in revenue. That ultimately is what drives the bottom line growth, especially in an inflationary cost environment, and we'll dig a little deeper into where we generated that additional revenue from a little later. Profits up 11% to just under ZAR 1.3 billion and then headline earnings up 14% to ZAR 21.93. We closed the year with a very healthy cash balance, just over ZAR 1 billion. And on that, we're able to declare a final dividend of ZAR 8.80 a share, taking the total dividend for the year to ZAR 11. So good cash generated from operations at ZAR 1.7 billion, up 20%, and we will spend a lot more time on those numbers later in the presentation. It's very pertinent to point out that this was a tale of two halves as we've phrased it. And I thought we should give just a bit of perspective on what changed or happened between the first and the second half. And at our interim results in May, you will recognize some of these outlook prospects that we put up on the slides at that time. And it did point to some of the key drivers in the business coming through, which at the time were supporting a better outlook for that half. And we said then that we expected good prospects for the current local maize crop. I think we were the only ones, if you look at that, the first crop estimate committee number was 13.9 million tonnes, and we ended up on 16.3 million. So Anthony, I think perhaps we were the only ones in the trade that saw this crop coming. And -- but anyway, be that as it may, we had some good procurement there, and that helped with softer feed prices that we spoke about at the time. We certainly had lower finished stock levels in poultry. And as you know, we increased volumes from the 9th of March, adding an additional 400,000 birds a week to our production. And then we spoke a lot during 2024 after the tumultuous years of '23 with load shedding and bird flu, where we set sail on this transition journey or this journey to turn around the results and Project 3R was launched, Re-set, Re-start and Re-focus. And this past year was a lot about Re-focus. It's just to focus on the basics in the business and those key drivers, particularly in the cost of producing chicken, which is critically important to achieving the results that we see today. So this is the -- you'll see the waterfall later as we've called it before for the year-on-year comparison, but that almost clouds out some of the tailwinds that we had in the second half. So I wanted to just point to the movement year-on-year, and we reported a ZAR 271 million profit for the first half. That was down significantly on the first half in 2024, about 60%, I think at the time it was down. But then you can see the impact of the selling price recoveries coming through. We had significant selling price deflation through 2024 and into the first quarter of 2025. We had to go out there and look for some support in selling prices. Broiler margins were reported at that time of minus 1.1% negative margins, certainly not sustainable in any business, never mind a poultry business. We increased sales volumes. One would expect in the slide that this bar would have had more of an effect, but we should remember that in the first half, we sold a lot of product out of stock. So if you look at the 2 halves together, more or less equal sales volumes, but the year saw an increase -- quite a good increase in sales volumes over 2024, supported by feed price. So feed prices in that half coming down nearly 8% in fact. But if you look at the year, feed prices went up marginally. So again, very distinct results in the second half to the full year picture. Full year picture, feed prices went up ZAR 19 a tonne. Here, they came down in that half quite significantly by 8%. That resulted in the full year profit for the year at ZAR 1,247. So the salient points, now looking at the year-end perspective, poultry feed costs increased marginally. I've just spoken about that. And there was a lot of volatility through 2025 in the local SAFEX market. We managed to procure well, and we'll look at a chart of where the prices were later on, but we managed to procure well through the cycle that when we priced our feed in the second half, the market had traded at very high levels through 2025. Anthony will tell you that maize touched ZAR 5,700 a tonne at a point. So when you have good positions and we are pricing the feed into the market at replacement cost because every day you use the feed, you've got to -- or the maize, you've got to buy more to replenish it. You have to manage that very well into the market so that you're not replacing your maize with much higher -- or you're replacing with higher price positions, but we try and just hold on to any procurement benefits that we might have. On-farm broiler performance has improved. So notwithstanding the slightly higher feed price, feed conversion efficiencies decreased. And that, as you will remember, is the amount of feed used for every kilo live weight gain. So we used less feed again this year for every kilo of live weight gain. And that basically nullified the impact -- sorry, of the higher feed price through the year. So on-farm broiler performance is looking good. We will look at those metrics later. As I've said, we increased our broiler placements, and we sold what we produced. So we didn't produce it and put it in a freezer. Even through winter in the second half, we were able to sell what we produced with very manageable stock levels at year-end. Poultry selling prices improved marginally. Year-on-year, the selling price movement was 2.4%. Again, stands in quite stark contrast to what happened in the second half where we managed to recover selling prices to move those broiler margins back into positive territory. And we also benefited, and I think you'll see that in the slide later from an improved product mix. Now that helped support the basket and better poultry selling prices through the year. Our Feed Division, as you'll see, reported very strong earnings. They, in this integration and something we will have to demonstrate to the Competition Commission when we talk about the poultry market inquiry is that an integration works for you. It works in that you are able to support that poultry value chain through the year. Now our Feed Division obviously benefited from higher broiler placement numbers. They had higher internal feed production. So feed internally went up nearly 8%. But they also managed to sell more feed in the external market, which you always want to try and do. You want to grow your external market and fill up that spare capacity that you have in your feed mills. Notwithstanding the impact of ongoing diesel and water supply costs, we still have an average ZAR 10 million a month bill for diesel and trucking water up and down. ZAR 120 million for this year on the dot. It's a significant cost, and that's all about municipal interruptions, supply disruptions. So when you hear about national load shedding, that's gone, that's great. You see that. You don't see your lights going off any longer, but the infrastructure and the municipalities needs a lot of work. We did benefit though from the higher volumes, and we can demonstrate that a bit later where the economies of scale have supported lower costs in the business, lower operational cost per unit. Stringent focus on working capital. I mean, we've kept our focus on that line throughout the year as we were in this rebuild phase of the balance sheet. Last year, we clawed all the debt back. This year, we set ourselves the task of building cash, healthy cash balance on the balance sheet that will stand us in good stead for any future headwinds that may come our way. And in the poultry industry, they do. Those of you that are very familiar with the volatility in earnings, you will see that -- we will see that somewhere, but at least we are well positioned to deal with it. And then you all know about the cybersecurity incident in March. The only thing I want to say here is that there was no impact on the integrity of the financial information. There was a very thorough investigation -- forensic investigation that went into this by 2 companies and then the auditors, Deloitte went through this thoroughly, and there was absolutely no impact, fortunately, on the integrity of the financial information or data in the business. So we can stand here and say that the results we present to you today are 100% untouched by some guy hiding in the shadows in Eastern Europe. Okay. For the year, this is the movement, and that's why I showed you the half-on-half earlier on because you don't see the impact of some of those key drivers in the second half if you look at just the year-on-year perspective. What you will see through this year, though, is the quality of earnings in 2025 improved. We had a ZAR 250 million insurance recovery in 2024, and that was on the back of a number of natural disasters in 2023, bird flu, floods in Meadow Feeds Paarl in the Western Cape at our feed mill and a hatchery in the Western Cape that burned down. So recoveries in insurance there, which did boost the results in 2024. So you can see through the year, we got that assistance from selling price over the year with that recovery primarily coming in the second half. Volumes increased year-on-year as we placed more broilers, sold out of stock and increased our sales. We got the assistance from feed in the selling price and the benefit from feed conversion efficiency with our on-farm performances and the cyber incident we've spoken about. So all in all, an 11% increase in PBIT year-on-year. This is a slide that really tells a good picture together with the next one. You can see that in our first half of 2025, those margins under severe pressure. When we stood here in May, we reported margins of minus 1.1%, certainly not sustainable, increasing to 3.9% for the second half. And I think if you reflect -- if we go back to 2022, that was a 3.5% margin and a 5% margin and returning profitability at that time of ZAR 1.5 billion. So certainly, if you have the margins and you have the selling price and you have your cost base intact, there are drivers in this business that can support future earnings. We just -- as you can see, and I've spoken of the volatility, I mean, you try -- we often get asked what's an average margin? What should we be penciling in? Well, if you -- my guess would sometimes be as good as yours, I think there's a lot of volatility in this, and we're obviously going to try and keep it as best as we can above this line, the black line, but it depends on numerous factors, some of which are under our control, some of which are outside of our control like this horrible year here. Broiler selling prices against food price inflation. So the poultry selling prices are in this basket, the food basket. You can see the price deflation that we recorded or reported on through from December 2023 all the way through until around April this year, where we were able to get a selling price adjustment into the market. And I just would like to point out that our selling prices now are on average the same -- at the same level as they were in December 2023. So with inflation and costs and everything in between, our selling prices now are not higher than they've been historically. So it's certainly not record highs for the selling price of chicken. And this, as you know, gets harder and harder to get into the market, always a tough discussion with the retailers. And then, of course, we're always very wary and mindful of the pressure on consumers. This graph, we've always said, tells the whole story. If you had one graph you wanted to put up to tell you all what happened to Astral through the year, this is it. Definitely a tale of two halves. So you can see that I've put a red block around that one, a disappointing result in the first half, but certainly a positive result in the second half, which returned the business to a good level of earnings and financial performance. Just to remind everyone, this is the month-on-month, year-on-year movement in the broiler selling price and then the feed price. So you can see the price deflation coming through quite strongly here in the first half. At the same time, off the back of a smaller maize crop in 2024, we had this -- we had higher feed prices. We had spike -- the spike on SAFEX yellow maize at this time, and we'll look at that graph a little later. But we were able to procure well enough that our feed prices were softer through the second half, but we certainly looked to get some improvement in selling prices to cover input costs. Otherwise, those negative margins would just reflect again on the scoreboard, which is not the business we're in. So on the raw materials, I'm not going to go through this whole balance sheet, except to say that, that's the small crop in 2024, relatively small crop, which led to higher prices for maize on SAFEX and higher feed prices that we had through the first half of 2025. We then had the market -- quite a lot of volatility in the market. The first crop estimate committee report came out with a 13.9 million tonne crop. The last report being the ninth report at 16.3 million tonnes. So through all of that uncertainty about delayed planting, the late rains, the grade issues, everything that followed, there was a lot of volatility in maize prices. And we eventually reported or harvested a crop of 16.3 million tonnes. Now the progress -- planting progress for the current crop is well above the 5-year average. Today, we're sitting at about 44% planted. So good progress has been made on the planting of the current crop, and we've had some good rains. So I expect and what we can see, we've moved into a La Niña weather pattern, which means -- usually means good rains for Southern Africa. And if these rains continue and it rains at the right time through the growing season, there's no reason why the prospects for the maize crop that will be harvested in 2026 will not be any worse than this year. That will support favorable maize prices into poultry feed. In fact, we believe that if we produce this crop, you'll see the carryout increase, we should move closer to export parity pricing. And there's probably about ZAR 200 a tonne downside in that on July 26 contracts, which are trading at the moment about ZAR 3,500 a tonne. So good levels for poultry feed. You can see the volatility through 2025 in the maize price. I mean you had to choose your moments here where you wanted to buy. But certainly, Astral positioned ourselves well through this volatility. We did not participate in this which is why you see those softer feed prices coming through in the second half. And then more recently, through the latter half of this financial year or calendar year, SAFEX has dropped quite dramatically on the back of the news of the big crop of 2025 and the prospects for '26. So all you can do in this market is just keep buying, hold a good position. As you know, we always have to have 3 months of maize in the pipeline. Here, you keep buying and every day you buy, you can reduce your average price. In a falling market, don't always look as good as you could be. But if you don't buy, you're going to be waiting for some bottom that someone must tell you where it's going to be and then you're really a speculator. You can see a little bit of an increase in SAFEX pricing just lately, and that was of some volatility in the Chicago Board of Trade with funds taking up longer positions on corn. Soy meal, this is a story to tell. I mean we really -- protein input prices are very good. We're well positioned here. If you look where the market came off about 2 years ago at record highs, ZAR 13,500 a tonne. You could flat price meal during the year now at ZAR 6,500 a tonne, good levels to feed chicken. And then, of course, the rand-dollar exchange rate, very stable, which takes those shocks out of any movement that you will see something coming through with shocks on Chicago Board of Trade. But with very good global coarse grain balance sheet, the world is not short of maize and soybeans right now. The U.S. has had a good crop, harvested a good crop now. South America has had a good crop come off. South Africa has had a good crop come off, and you can see that Chicago is trading those fundamentals. So good global outlook, good local outlook for maize and soybeans, and then you have some stability in the rand-dollar exchange rate, which brings that price relief or favorable pricing levels to SAFEX. Very quickly on the Feed Division, revenue up here 9%. That was driven by an increase in sales volumes of 6.5% and selling prices up 0.6%. So that selling price movement reflecting that increase in raw material costs across both years, not reflecting the softer feed prices in the second half. Operating profit up 31%. So you can see the momentum that comes through. You place more broilers on the end, they eat more feed, you get this big pull into the feed mills in Astral, and you have these volumes coming through. Then you add external volume growth to that, and this is -- you cover your fixed costs even better. You have better efficiencies in your feed mills coming through, longer runs of all the broiler feed we make, and then this is the result. So to the Feed Division and the Meadow Feeds, a really good result for the year. And I think this -- we only saw something like this in 2023 when we had all of those feed volumes going to the Feed Division on the back of load shedding and the big bird era, but the Poultry Division was suffering because of the cost. So this is really a true reflection of what the integration of the business can do. Margins up to 6.6%. And expenses on a rand per tonne basis very well controlled. You can imagine what these volumes do. We've seen the graphs for these 2, so I'm not going to cover that again. But the internal volumes up 8%, external volumes up 5.6%. And that growth was largely in the external poultry and pig feed sectors. So saw some nice growth there with some of that coming through in the Western Cape. Expenses well controlled. And again, we saw a net margin per tonne increase in the division. So a good return from them for the group. Sales mix here remained largely unchanged, still about 60%, more or less internal feed and the balance going into the external market with a very important component in the other being dairy, making up about 25% of the sales. The Poultry Division, we'll cover this in some detail. Revenue up 10%, driven by volumes and a little bit of selling price recovery at 2.4%. But if you look at the volume growth, nearly 8% in this division year-on-year, which has really supported a good performance and turnaround in this division. Breeder revenue up 4.6%. We'll unpack that a little later. Now when you look at this graph, you'd say, well, you've had -- it's been a good year, but operating profit in poultry was down. That's where we come back again to that quality of earnings number. If you take out the hatchery fire and the bird flu insurance claim, which amounts to ZAR 231 million in this division, the underlying improvement in their results is just under 53% year-on-year without that one-off item in the insurance recovery. So a good result in the Poultry Division and certainly one that we're pleased with through the year with all of that recovery coming through in the second half. You'll remember, in the first half, we had a negative PBIT here. We've already spoken about the margins. So the average broiler net margin over the year, 1.5%. It still remains thin and vulnerable to any headwinds, 1.5% margin, if you look at that graph that we showed you earlier on, is thin in the business. And if you just have any shocks, that comes under pressure again. So a lot of focus then on rebuilding cash reserves, which you'll see later. Dries will go through the balance sheet in detail, which sets us up in a stronger financial position than we were 2 years ago or that we were even in a year ago. Of course, with higher volumes, your variable expenses increased, but those volumes assisted your overhead production costs, your fixed costs and our per unit -- per kilogram production cost for every chicken produced came down slightly for the year. So that's the benefit of scale, the benefit of volumes in the business. And then our finished goods stock levels, we've used the word substantially lower than at the end of 2024 because they are -- in fact, they were substantially lower than they were then, with the higher production we have now filtering into the system. It's not sitting in a freezer, and we are selling current production. And by the end of this month, we will surpass 6 million birds a week. This is the sales mix. So we spoke earlier on about a bit of support from the product mix. I'd like to just point out the IQF singles on higher volumes increasing in the year. We still sold 6% into the QSR sector, but on higher volumes. We sold 13% of the mix in fresh, but on higher volumes. So we had growth in IQF. We had growth in fresh. We had growth in QSR. We had growth in value-added. And within the IQF component, we had growth in IQF single portions, which attracts a better NSV. So all in all, support from the product mix with that improvement in selling price. On the Farming Division, Farming Division again had a good year. If you look at Ross Poultry Breeders, our sales of parent stock decreased slightly year-on-year. That is because in 2024, we saw a recovery of parent breeding flocks around the country. So after bird flu in 2023, a number of our customers were restocking. There was quite a big pull on volumes from Ross Poultry Breeders in that year. And certainly, once those flocks have been settled again and stabilized, the volumes in the market this year saw a more normalized level of parent stock sales into the market for -- from Ross Poultry Breeders. Certainly, better demand for day-old chicks this year, and we were able to increase the sale of day-old chicks into the broiler market. Feed input costs increased marginally. We've spoken about how the feed conversion rate offset that increase. Broiler production efficiencies improved, once again demonstrating the good genetic potential in the Ross 308 bird. If you couple that to good feeding practices, feeding programs and good on-farm management, you can generate again what we see as an all-time high reflecting in these broiler performances. And bird flu, we'll speak a little bit about in the outlook. I won't cover it here. These are the broiler performances, all indexed of 2015. So weight and age, average daily gains were slightly up by 1 gram per bird per day over the life cycle of the broiler, but weight for age more or less the same as it was last year. You can see the live weight there, pretty flat and the age pretty flat. Where the benefit came through, though, and unfortunately, given the scale of the graph, it doesn't quite show as much as we'd like to, but feed conversion rates did improve in the year, and that's where we got the benefit in live cost from feeding these birds efficiently and producing every -- or more kilos of meat for every kilo of feed produced. PEF improving at an all-time high. Just very quickly, some industry matters, a couple of topical points. Imports fell off quite a lot during the year, and that just had to do with bird flu around the world and the Brazil closing its borders to exports or rather South African closing its borders to imports from Brazil with the bird flu risk that presented itself there during the year. As soon as they open though, the borders, we've seen an increase again in imports. And we do understand there's quite a bit of chicken on the water. I mean, one needs to -- tend to look into the numbers. I mean about 80% of that though is MDM and bone-in portions. And if you break that down further, about 65% of that will be MDM and 15% bone-in portions and the rest will be tertiary. So Year-on-year, actually a decrease in the import volumes, but really just as a result of Brazil's bird flu. The industry is still producing around 21.1 million birds a week. And if you add imports to that, they make up about 19% of local consumption. Bird flu, we'll talk about in the outlook. It's still a risk. There's still outbreaks in the industry, unfortunately. And as early as last week, a further outbreak was reported. One point that is concerning for SAPA is the AGOA poultry import quota. That's about 72,000 tonnes per annum that's free of the antidumping duty from the U.S. with the 30% tariff imposed by the U.S. and then the expiry of AGOA or notwithstanding the expiry of AGOA, this quota should have already been removed, but it hasn't been. So we are taking this on a legal review with the Department of Trade, Industry and Competition. We believe they're still holding on to it to try and get a deal over the table with the U.S. We seem very far away from that if you read what's going on in the newspapers lately. And we trust they're not using chicken as, no pun intended, a trump card. But all we've asked for is a seat at the table. We want to be part of that conversation if they give up anything on behalf of chicken in this country. And then you all know about the poultry market inquiry and the final terms of reference that were published around that. I'm going to hand over to Dries Ferreira now. He'll take you through the financials in a lot more detail. Thank you. Thank you, Dries. Johan Andries Ferreira: Something that I just need to quickly highlight here is the efficiency with which we record or convert that revenue line into an operating profit environment. It's really a very healthy operating environment with the trim in the business coming through in the quality of earnings. Operating profit margin, although it stayed flat at 5.5%, really had a much better quality of operating profit. As a result of the quality of the balance sheet improving, you will notice that the finance charges line has improved tremendously year-on-year from the ZAR 138 million cost to ZAR 55 million cost, which includes the right-of-use liabilities, the right-of-use assets with the liabilities attached to it. Overall, net finance cost has come down significantly year-on-year. We, therefore, recorded a profit before tax of ZAR 1.2 billion, up 18% year-on-year and a profit from continuing operations, up 16.4% at ZAR 876 million. Our headline earnings per share on a rand value, ZAR 844 million, and the main difference between the profit of ZAR 876 million and the headline earnings of ZAR 844 million being the disposal of some properties and PPE that generated a profit, which we add back for headline earnings. That leaves us with earnings per share of ZAR 22.76, up 16% and headline earnings per share of ZAR 21.93, 14%. The group annual revenue all the way from where Astral listed in 2001 really tells us the story of an ever-increasing revenue line. And we've got them split into the different divisions, the gold bars showing the Feed Division revenue growth over the history of Astral. The blue bar is the Poultry Division and then the red line showing the group consolidated revenue. And again, just outlining there that hardly ever does the revenue in the group backtrack. We've got an increasing profile in the revenue, which means we're always growing volumes and trying to recover price from the market as we've got the input costs coming into the business. It's a very important aspect to the business to recover the input costs, obviously, to protect our net margin. But over time, there's a significant evidence of that ability to recover input costs. If you look at the different divisions, we've got ZAR 10.8 billion revenue in the Feed Division for this year and ZAR 18.8 billion revenue for the Poultry Division. The group, therefore, coming in with a consolidated ZAR 22.6 billion. Here we go. Annual operating profit recorded per segment or per division, all the way again back to 2001 demonstrates the volatility of the group's profitability. But if you look closer, you'll see that the Feed Division really is the -- as we always referred to it, the banker in our operating performance. And those are demonstrated with the gold bars. You can see this year's operating profit from the Feed Division at ZAR 714 million. Going back in the history, you'll see that, that's a very good performance. Poultry Division demonstrated on the blue bars, you can see the volatility really coming to a fall in the Poultry Division. And that really comes as a result of the fact that we've got feed cost pushes up, and it always takes time to recover that from the market. And therefore, the Poultry Division becomes the ham in the sandwich, so to speak. Operating profit for the group demonstrated on the red line, and we've demonstrated here as an operating profit margin, coming in at 5.5%, again, just referring back to the quality of the 5.5% versus the prior year's 5.5%. And if you look back at the history of the group, again, as Gary also outlined earlier, the volatility trying to peg a number of average margin is not that easy. But as he says, your guess, it could be as good as mine. But definitely a healthy margin at 5.5%, and we have done better in the past, but also worse. I think the reality is that if you look at the quality improving year-on-year, it really bodes well for the foreseeable future. If we unpack it into half year performances, it really starts to outline the quality of the second half earnings for the group. And I'd like to point out that ZAR 976 million operating profit for the 6 months, the second 6 months of this financial year is the second best half year reported profit in 50 cycles since the listing of Astral in 2001. So it really was a significantly strong performance for the 6 months and evenly weighted or well balanced, I should say, between Feed Division performance and Poultry Division performance. If you look at the green line and the red line, we really want to point out there that the green line reflecting the feed price change year-on-year and the red line, the poultry selling price, the broiler selling prices into the market. As you can see, in the 6 months, we've had a reduction on the feed cost input and a recovery in the selling prices. And you can see how sensitive the Poultry Division is coming off a loss of ZAR 26 million in the first half to a profit of ZAR 559 million in the second half. I think one of the highlights of this year's results is the quality of our balance sheet. As Gary also outlined earlier, we were on a rebuild phase, a Re-set, Re-focus, Re-start for the last 2 years being birth out of 2023, the dire environment that we operated in with the load shedding and the bird flu, which wiped out ZAR 2.2 billion off our balance sheet. We concluded the rebuild this year. And if I can just quickly run through that, the equity line at the bottom of this table shows a 13% improvement in our NAV in the group from ZAR 4.752 billion to ZAR 5.375 billion. The main drivers behind that, if I can jump to the top of this table, I'll run it through line by line. Our noncurrent assets, our PPE improved by 3%, showing that we are starting to spend on capital investment in the group, which drives efficiencies and ultimately improves the returns in the group. Our noncurrent assets, our right-of-use assets, at least, has increased from ZAR 178 million to ZAR 286 million, and that is coupled with slightly down on this table, the lease liabilities, which increased from ZAR 184 million to ZAR 294 million. And that mainly relates to long-term leases, mainly relating also to the transport contracts that we run in the group. And there, we've renewed a contract a year ago. You'll recall that a year ago, we had a capital commitment of ZAR 125 million that we brought in from for County Fair, and that one has obviously been started in November last year. And that is the increase in the right-of-use assets. Net working capital decreased by 11%. And that really demonstrates the quality of the working capital management in the group, coupled with the strong pull in the Poultry Division, feed -- for the Poultry Division finished inventory positions, which I'll unpack in a slide later. You'll notice the current assets is the big driver for that improvement coming down from ZAR 4.872 billion to ZAR 4.61 billion with current liabilities flat year-on-year. Noncurrent liabilities, mainly our deferred tax balance and borrowings that's in there, up 27%, and that really demonstrates the deferred tax position that we have in the group where we have a lot of benefit from the tax regulations because we are classified as a farming environment. Therefore, the net assets down 8%. Those are the productive assets that we engage in the business of which we generate our operating profit. And you can see that it's really a good story if you take the balance, the reduction of net assets and the improvement in quality of earnings. It really positions the quality of the financial statements all the way around. And therefore, the big story for the balance sheet is the fact that we restored our net cash balance. We managed to generate a net position of ZAR 1 billion in the year after everything considered, and we moved from ZAR 13 million cash a year ago to ZAR 1.013 billion at the end of September 2025. Capital expenditure, depreciation and amortization for the group ZAR 331 million, a slight increase year-on-year. Two buckets driving that one, PPE, property, plant and equipment at ZAR 241 million and the right-of-use assets, which we touched on earlier at ZAR 90 million. The total CapEx, however, is up strongly year-on-year, and that number is expected to be even stronger for the period lying ahead as we start to reactivate our investment programs after the Re-set, Re-focus and Re-start cycle that we've been through. But also linking that ZAR 336 million total CapEx number to the total depreciation, you'll see that we are very much in line with our depreciation for the year. If you look at the breakdown of that into replacement and expansion, you can see that the replacement CapEx or the maintenance CapEx in the group has received a lot of attention, and that will improve over the period going -- lying ahead in the foreseeable future, and we expect a strong total capital expenditure number there that will drive efficiencies and productivity. Outstanding commitments at reporting date, ZAR 159 million. The main items in there, there's quite a lot of items in there that makes it up. We've got a lot of capital projects undergo at the moment. But the two ones that stand out is really the refrigeration upgrade at Goldi, which increases our capacity. As Gary said, we will, by the end of this month, be just north of 6 million broilers per week being slaughtered, and that is the one activating that profile. And then also we're increasing our hatchery capacity. On the working capital, really a good story to witness here is the current assets coming down by ZAR 262 million in total. The main drivers of that being the poultry inventory. You can see they're coming down from ZAR 1.169 billion to ZAR 682 million, an improvement of ZAR 487 million in cash coming into the balance sheet. The Feed Division inventory position has improved by ZAR 42 million. And the trade debtors, although an increase of ZAR 294 million, it's a healthy increase. We really run an exceptionally clean debtors book in the group, running at a very good profile. All the debtors there is collected. We're really sitting with just about no debtors outstanding beyond due dates. So really an exceptional performance by the credit control team. Current liabilities, as I said earlier, flat year-on-year and net working capital, therefore, improving by ZAR 262 million. On the cash flow, really clearly demonstrated with this waterfall graph. Coming into this financial year with ZAR 13 million cash on the balance sheet net generating ZAR 1.5 billion cash operating profit. Working capital changes of ZAR 276 million. You'll notice the difference from the previous slide. It's really the IFRS application in terms of what working capital changes needs to be rolled back into that cash operating profit profile. And then we've got proceeds from the sale of assets, which I touched on the income statement being the difference in the headline earnings per share versus EPS, earnings per share. So there's a cash proceeds of ZAR 69 million that generated a profit profile that needs to be added back. And then we've got tax paid, ZAR 127 million. Again, the difference between that and the tax charge really driving that deferred tax liability on the balance sheet. And then we've got capital expenditure paid in cash, ZAR 328 million. And then the resumption of dividends at the end of last year with our final dividend being declared of ZAR 5.20 and interim dividend in the first half of the year of ZAR 2.20, translating into a cash payment of ZAR 285 million to shareholders. Closing off with ZAR 1.013 billion on the balance sheet in cash. Headline earnings per share history. Again, you can see the full history here, some volatility in the number. We all know where that comes from. But I think the story to be identified here is the fact we're paying a ZAR 11 dividend this year, which is a 2x cover of our ZAR 21.93 headline earnings per share number that we generated for the year. In summary, we've managed to convert our revenue into profitability on a very clean basis and that generated a significant cash inflow of ZAR 1 billion net for the year, which we could use to redeploy into reinvestment in the business, our capital expenditure profile at ZAR 336 million and returning ZAR 8.80 in the final dividend to shareholders. Thank you. Gary Arnold: Good. Well, thank you, Dries, for unpacking the numbers a bit further for us. As usual, we'll give the investors a view of how we see the near-term future and balance that with some slightly negative aspects that we see out there. I don't think we can stand here and be completely negative about the future. Otherwise, Anthony is going to look at me and say, you're playing your poker face. But certainly, there are some aspects out there that still concern us. And the #1 risk in the group remains bird flu. I think we must be ever mindful of that. There was an outbreak in KwaZulu-Natal just a week ago. And we are starting to see more and more, and this is across the globe that this isn't just a winter disease. You're seeing it in summer, now on the weekend in the press, they were reporting an outbreak in African penguins. So just off the coast here, which is concerning. So certainly not a winter disease any longer. And there has been slow progress on vaccination. You remember, we reported that we had approval to vaccinate one farm. We received that earlier in the year, which is about 5% of our breeding stock. There was a word in here on Friday that said with very slow progress. And then at about 4:00 on Friday afternoon, Dr. Obed Lukhele, our Head Veterinarian, gave -- dropped us a call and said, guess what, we've just received another 2 permits for vaccination. So we took very out -- just to change it to slow progress because it has been rather slow, even though we now have approval, and we'll look at the timing of that, but we have the ability now with those approvals received to vaccinate up to 30% of our breeding stock. And in the absence of compensation, still an ongoing battle with the Department of Agriculture and in the absence of insurance, good biosecurity and vaccination as a tool in the toolkit is what we have to manage the disease. So under very controlled conditions, we've been allowed to vaccinate, certainly not supporting blanket wholesale vaccination across the industry because that comes with other risks. But under controlled conditions, we are applying a vaccination strategy to deal with bird flu. The economic growth outlook does remain subdued. I mean, notwithstanding some positive signs we've seen in the week, they're talking about a possible interest rate cut and the Monetary Policy Committee getting together soon to look at that. That will have -- does bring some relief to consumers. But I think on the larger front, we need to see growth and development in the country that will create jobs. Without jobs, unemployment remains persistently high, and that just places additional pressure on household disposable income. So we -- that hasn't gone away, and it might seem a bit laborious as reporting it here, but it is a fact, and we need jobs in the country so that people can buy a better food basket and which ultimately put protein in there in the form of chicken. The AGOA preferential trade access, we spoke about that earlier on. This quota is still in play. And we are not sure what will happen with that. Time will tell, although we keep on letting the minister know that we hear and we're available to chat to him. But certainly, the tariffs at 30% and AGOA falling away, will have negative consequences for the country. A small reprieve for the citrus sector on Friday was that President Trump signed an executive order exempting South African citrus from the tariffs. They're a bit short on oranges and apples all of a sudden. So he's now signed that so that our fruits at least can flow into the U.S., free of those tariffs that he's imposed. So that's a small positive sign for that sector in South Africa. And then the poultry market inquiry was launched. It's very wide in scope. It's stealing from every point in the poultry integrated value chain from genetics all the way through to the retail sector. It's very wide in scope, and it will take time to conclude, and we're not sure what the outcomes will be. I mean there's a number of these market inquiries that have been conducted over the years. There are recommendations that are made. Time will tell what that means for our industry. What they're looking at is barriers to entry. They want to try and establish why we have large integrated poultry producers, how does economies of scale benefit poultry production in the country. But we're not unlike any other poultry market across the world in terms of how we produce chicken. So anyway, we'll engage this process positively, and we will wait for those outcomes. We put it on the slide as a little bit of a negative because it is going to take up time and it remains something a little uncertain. I think this -- can we just move to the next slide manually, please. Thank you. On the positive side, as we've already covered, maize prices are favorable, and we expect them to remain favorable unless it just doesn't rain in January and February next year and completely dries up, which we don't expect with the outlook that we have on the weather patterns. We are in the La Niña phase right now. We've moved into that, and we expect that to continue through the South African grain season. So we've had a large harvest in 2025 and a large harvest is expected in 2026, but we've still got a long way to go. A lot of water under the bridge to go, as I say, and we'll keep a close eye on the weather and other metrics there in our procurement strategy. We have increased and are able, by the end of this month, to increase Astral's production volumes again. This does positively benefit economies of scale as long as we can sell it. And the market seems to be very well balanced in terms of supply and demand at the moment, and we are moving into a festive period. And we have this ability or we had this ability to bring these additional volumes to market through the large capital expenditure program we embarked on a few years ago to increase our capacity by 16%. So we were always well positioned with that, and that has supported growth in the retail and quick service restaurant sectors. You see quite aggressive growth there with store rollouts on a monthly basis. And fortunately, they're all looking for chicken. Investment in process and product innovation, some of this is happening as we speak. And there's a couple of nice projects in here or good projects in here, which will enhance our manufacturing capabilities, support efficiencies in the business and will also lead to a product mix -- well-balanced product mix and certainly not indicating there that we're moving away from any one part of that product mix, just balancing that market well. And there are products outside of that, that we use in the integrated value chain that are not necessarily just chicken in the bag at the end of the day, but also ingredients that we produce that support a better feeding cost. Astral stated strategy hasn't changed. Our Board reconfirmed this in February at our strategic planning workshop. We are the best cost producer or we will endeavor to remain the best cost producer. And we're just keeping that steadfast focus on efficiencies. And all my colleagues will know that we keep on having this conversation. And we do have a group-wide awareness campaign around this, which we will keep on talking about because it's critically important that we streamline all our objectives to support this without the best cost producer strategy, we cannot be a supplier of affordable protein to the country. And then we have a healthy balance sheet, which Dries has spoken a lot about. This does obviously then support to key strategic capital investments, which will bring cost benefits, improve efficiencies. And then we must always look at how we will drive volume growth into the future. So this some positives on the outlook and certainly lend themselves to supporting the earnings in the business. If we can just call, I think this is a start. Thank you. I'd like to thank you for your attention today. From my side, thank you to all my colleagues in Astral, and these are your results, and without all the hard work that all of you put in every day, certainly wouldn't be possible. So enjoy the moment. This is your report card and scorecard, and it looks good. And then as you know, Dries is moving on to the industrial sector. I think after 3 years, he didn't -- he thought he had enough of poultry. But Dries, best wishes, and thank you for your support. We've told you, sorry to see you go, but good luck, best wishes. Thank you. Marlize, any questions? Marlize Keyter: So we'll take questions from the floor first. Gary Arnold: Any? Unknown Analyst: In terms of your second half sales increase, is there a correlation as a result of one of the competitors closing down or going into business rescue? Or is it a function more that the consumer with interest rate environment started consuming more chicken? Gary Arnold: No, there's a correlation with the industry consolidation that we see. I think everyone picked up some volumes there. We were in the fortunate position that we had capacity to do it. And it's got more to do with the fact that the country still needs to produce the 21.1 million, 21.3 million birds a week. So we have participated in that. But there's also been growth in the retail, wholesale and quick service restaurant sectors. One thing I can say, and we believe it does support volume growth through that period as well is that foot and mouth disease took hold in this country quite severely through the year. And you'll see the rally in beef prices. If you go later into the slides, we've got all the additional information. Beef prices rocketed in the year on the back of foot and mouth disease and the quarantine of livestock there in the feedlots. So certainly, that may have played a role as well in supporting the volumes in chicken and poultry. People still buying protein, meat to eat. And those that couldn't afford to buy beef, the next best thing is in chicken. So we do believe that played a role as well in the pull that we've seen for chicken through winter, which was traditionally your slower season. We certainly didn't see that drop off on fresher bird, yes, but not on frozen. Unknown Analyst: Then my second question is then as a result of that volume increase because of that event, is the price increase the same? As we know that, that entity was selling chicken at a loss previously, which was bringing the whole market down. Gary Arnold: So -- I mean, I think that points to some of the recovery in selling price through the second half. I mean, as you rightly said, there was the market pricing, and the market was suppressed, particularly through the latter half of 2024, a very competitive environment for frozen chicken. And there were prices out there that just were not recovering input costs. And our responsibility is to recover input costs. And I think we've managed to achieve that through the second half, which reflects in the margins. Anything else online, Marlize? Marlize Keyter: No, there are no questions, Gary. Gary Arnold: Okay. Then we've done pretty good job of covering it all. I'd like to thank you all again for attending, especially all of those -- there's a last question, a last entry. Marlize Keyter: Charl Gous from Bateleur Capital. When we review the FNB agri data report, it seems Astral's broiler price realization lags the data published in the report. Can you comment on poultry pricing achieved and how we should review the data released by FNB? Similarly, CPI data point to more muted price increase in poultry selling. Is this the more correct number to monitor? Gary Arnold: With all honesty, I don't know a lot about the FNB data that you're referring to. I mean we use some of it in a later slide, but in other proteins. If I could just give you some advice, refer to the SAPA average selling prices that are published in their production reports. They take information from the whole sector, go through a third-party Chinese walls, that's assembled, put together, probably a very reliable source of information when it comes to selling price trends. I'm not saying the FNB data is not. I just don't know the source. It could be on-shelf pricing or not, but the producer pricing that we provide, I think, is a reliable source. And you'll see that, that is included in a slide later on in the show. Marlize Keyter: The second question, the balance sheet is strong with improved cash generation expected. How do we view the potential for special dividends in the short term? Gary Arnold: The Board has, as you know, taken a decision for -- to declare dividend, final dividend at 2x cover, and that was with cognizance of our CapEx program going forward. I think the first task for us as a team was to rebuild the balance sheet. We've just done that. So certainly not walking out of that immediately thinking about special dividends. But looking at a project pipeline where we have as you'll see the CapEx for 2024. And we had to pull the reins back a bit with the cash that we bled from the business in '23. And '24 was a rebuild phase. So certainly, we have good places to spend the money. We will apply those funds wisely. And again, there's a lot of projects in there that will benefit the business going forward and improve earnings over the longer term. So we should look at that first. And yes, then it depends on the cash. We'll make those decisions as and when necessary with the Board. But certainly, no shortage of projects right now that we don't need the cash. So not looking to dish it out too soon. Marlize Keyter: Thank you. His third question, can you provide a poultry volume target for full year 2026? And what percentage increase do you target? Gary Arnold: Look, I can't. I think -- I don't think we can say, Marlize will kill me if I give you a forecast like that. We're going to produce, as we've said, 6 million broilers a week. We must sell that. It's not good we produce it and put it in a freezer. So it's going to depend largely on market conditions through the year. We are only in the second month of our new financial year. We're in the -- we're going into festive period, so good demand at that time. But normally in January and February with all the obligations that families have towards school fees and everything else and spent all their money through Christmas, you do see a softening in the market. So we've always said we must balance our supply with demand. And we're not going to be reckless about that. And there's always a lead time to that. It's at least 8 weeks, 8-week window we have to look into to balance it. But certainly, we'll need to -- I can't just say we're going to keep on producing and keep on selling. There needs to be that pull from the market. Marlize Keyter: Rajay Ambekar from Excelsia Capital. Do you expect imports to drive pricing pressure going forward with cost dropping and the rand being strong? Gary Arnold: It depends on what's in those imports. MDM makes up a large portion of that clearly because the country doesn't produce mechanically deboned meat. We sell the whole carcass, stripped carcass. So we don't produce MDM here. And that continues to be the largest portion of those imports with bone-in portions making up some of it and then offal or tertiaries making up the rest. It depends what happens to the volumes around imports. I think we should remember that we now, as a country, have an antidumping duty in place against Brazil and 4 European countries. The AGOA quota should be removed. The U.S. are having a bad time of bird flu, so hardly any chicken coming out of the U.S. to South Africa. Europe countries are opening and closing as bird flu hits their borders. So it's quite a disrupted -- quite disrupted trade flows at the moment. And most of the imports are coming out of Brazil. And again, a lot of that is MDM. So difficult to say that there will be this flood of imports, and it's going to impact pricing in the country. We have an MFN duty, most favored nation duty plus antidumping duty against Brazil, which was implemented a couple of years ago already. And that's a better position to be in than we were a few years ago. Marlize Keyter: Charl Gous, would you like to extend your feed procurement beyond 3 months given favorable feed input costs? Gary Arnold: We've got a procurement committee that looks at all the inputs, the technical data, the weather, recommendations from the trade and our suppliers, and we take a view. So certainly, if we need to take a longer position, we do that. We will determine what that strategy will be. And then we've got a daily procurement execution team that will go and fill that book. Our minimum coverage there is 3 months in the pipeline. That's really just to get physical deliveries to the mills. But certainly, we do from time to time, hold a longer position than that. And in the maize market like we're currently pricing, I don't think it's unreasonable to expect to hold a longer position. Marlize Keyter: We've got an audio question from [ Tabang Kapindayi ]. Unknown Analyst: It's Tabang Kapindayi from the University of Johannesburg, doing my PhD research, specifically on feed efficiency and antimicrobial resistance, which focuses on multi-omics in poultry systems. My question is for the leadership. And also congratulations. I've also send my congratulations also to the team as well on the impressive turnaround and a strong cash position. My question is on research and development because I have noticed that it was also mentioned like throughout your impressive like presentation. Given that the feed cost represent like 66% of your production cost, your single largest, obviously, expense at the moment. Could you outline the specific research and development initiatives prioritizing to systematically reducing this cost burden and to protect your margins? I'm particularly interested in the role in advanced nutritional science. So if I can just understand the priorities in terms of research development in that regard. Gary Arnold: Thank you for the question and the well wishes. Certainly, I mean, we have an ongoing research and development program. We've got a broad team of nutritionists in the group. We've got veterinarians in the group that are constantly working on feeding programs and feeding specifications to exploit or maybe a better word is -- what's the word I'm looking for, Dries? Yes, is to get the best genetic potential that exists in the bird in performance out of that animal. So we do have in-house R&D. We do have in-house testing facilities, and we are constantly testing feeding programs and developments in nutritional science with new ingredients, feed ingredients out there and as such to improve our performance -- broiler performances and thereby support a better feed conversion efficiency. But certainly something that you welcome, we can always set up some engagement with our nutritionists to explore this a bit further. Unknown Analyst: This is a follow-up question. Yes. I was saying that like have you also looked into maybe collaborating with -- considering maybe like this, what you have already presented, as Astral maybe considered collaborating innovation models with like universities and institutions, particularly like with the feed industry, with the feed sector, AMR reduction as well as precision maybe nutrition trials, even though you have your in-house and also maybe collaborating with academia. Gary Arnold: Yes. We do collaborate with academic institutions, both locally and abroad. So we draw on technical know-how abroad and research just performed overseas as well as locally, and we do have relationships with a number of local tertiary institutions. Marlize Keyter: [ Harold Sigola ], given the financial results, what is your view on reinvesting profits versus cost containment for the coming financial year? Gary Arnold: Well, we always -- cost containment is a continuous focus point, and that starts with managing the business right. So we will always look at opportunities to reinvest profits. Obviously, we want to as long as possible. We'll keep on rewarding shareholders as long as there's profits there to do that. And then if there's profits there, we need to reinvest them back in the business. It's a large business, requires a lot of repairs and maintenance and capital expenditure in maintaining or upkeep of the assets. We are a custodian of these assets, so we need to look after them and then certainly exploiting opportunities to improve costs and efficiencies. Marlize Keyter: There are no further questions. Gary Arnold: Thank you, Marlize. Thank you, everyone. Appreciate your time today and your attendance, and go well. Best wishes. Thank you.
Unknown Executive: 3 quarters of 2025. And as you maybe already saw in the presentation, we have plus 6.7% in revenue to CHF 845 million. EBITDA is up 2.4% to EUR 377 million and group net profit up 4.2% to EUR 215 million. So overall, very, very encouraging results. The only problem we face since maybe the last 3 years, but especially '24 and '25 is an ongoing cost pressure, which burdens our EBITDA and is slightly reducing our productivity. As you see in the latest figures of passenger growth, our guidance for 2025 is well based, and we can confirm it right now with already a clear visibility for full year expectations. What we need now is an efficiency improvement and cost reduction program, which is under work right now because we are in the process of making our budget for 2026, which will be for approval in our Supervisory Board mid of December. And details for the program, we will release beginning of January with the traffic results of 2025. But what we hope for is and what we are working on is to at least partially mitigate the effects of the tariff reduction and maybe lower traffic results for the coming year. I mean, cost management is always a very important issue. And I'm very positive that we will reach a lot of effects throughout the whole company in all departments, in all our daughter companies. And last but not least, we will also reduce our personnel costs, which is the most challenging issue all the time. But with a step-by-step approach, I think we will be also successful there. If we look at the figures more in detail, you see that despite the fact that interest rates are going down, we maintained a positive development of our financial results, only slightly below the first 9 months of 2024 with now EUR 11.6 million compared to EUR 11.9 million. And from today's perspective, we will have a lower EBITDA margin. It was 46.5% in the first 9 months of 2024. It's now 44.6% for the first 9 months. So it's not too bad at this level, but definitely, it's less than it was the year before. And the reason for that is that cost increases all over the board and especially also with personnel costs negatively impacted overall profitability. If we move on to expenses, you see that consumables and services used could kept more or less stable. Personnel expenses went up by 9.2%. If we put into account the change in consolidation of our subsidiary GET2, which is responsible for the cleaning, the personnel cost increase would even be 13.4% year-on-year, including also a high degree of increase from Malta. That's even beyond the cost increase here in Vienna. Other operating expenses went up by 11.6%. That is the other side of the coin of the personnel expenses of GET2, which has been included for in the personnel expenses and is now in the other operating expenses. Depreciation is slightly below the figures of 2024 and as already mentioned, EBITDA margin at 44.6% compared to 46.5% and EBIT margin at 33% compared to 33.9% in the last year. If you look at our cash flow, you see that it is slightly down. Cash flow from operating activities from EUR 322 million to EUR 268 million. On the other hand, the free cash flow went up 26% from EUR 114 million to EUR 145 million. The increase in CapEx is as planned. So we went up from EUR 131 million to EUR 199.5 million. And we will see how much will be added until the end of the year. So we will end up below the expected EUR 300 million, but not too far from that. The net liquidity was slightly reduced also by the high dividend payout and is now at EUR 438 million compared to EUR 511 but it's still on a very satisfying level given the fact that we are now in a cycle of investments and still we plan that we will finance the major investments of the coming years out of cash flow and net liquidity. So we will not need credits for the foreseeable years now. Equity went up from EUR 167 million to EUR 1.731 billion, so a plus of 3.7% and an equity ratio of roughly 70%, which still is a very good figure. Our Southern expansion of Terminal 3 is on budget and on schedule and will open as planned in 2027. We now are going to work on the tenant fit-outs and interior construction work and all the technical systems and the energy supply and as well as the connection to the existing terminal areas, but everything so far is on plan and no major issues there. We are also expecting the new hotel to open operations already in December. And we will start in the next weeks the expansion of our Office Park 4 so that we can start the operation there at 2028. A lot of other projects are underway. And so far, everything is within the plan. So last but not least, to remember the financial guidance for 2025. We expect a revenue of EUR 1.80 million, EBITDA approximately EUR 440 million or even a little bit better. Group net profit approximately EUR 230 million, maybe a little bit better given the latest traffic results and CapEx somewhere below EUR 300 million, but more or less close to EUR 300 million, we should end up at the 31st of December. So that are the main information and figures from my side, and I hand over to Julian. Yes. Julian Jäger: Yes, I will continue with the traffic development. In the first 3 quarters, we saw growth in the group of 4%, 32.9 million passengers, mainly driven by Malta, plus 10.8%; Vienna, plus 1.9% [indiscernible] nearly 10% growth. Yes, we had a strong October. Vienna was better than in the rest of the year as well with 3.1 million passengers, plus 3.7% Malta, again, a stunning 16.7% and [Kosice] more than 15% growth. So overall, we are at 4.3% growth in the group in January to October and plus 11% Malta, plus 10%, [Kosice] plus 2% Vienna. If we continue on the next slide, the peak was very strong. So we had a solid passenger growth in summer. We had in August, the highest month passenger volume in history, 3.4 million passengers in Vienna. We had a new single day record with more than 120,000 passengers in August. So overall, a very positive development here in Vienna, ongoing robust cargo growth of 7.8% to 233,000 tonnes in Q1-Q3. So overall, I think we can be happy with the development as well. Although we know we will not reach these figures next year, but I'm coming to that later. I think growth factors are really strong. If you look at October, last year, we had a record year in terms of growth factors. This year, October was even better and January to October, slightly below the 2024 figures. So overall, I think we can be quite happy with the development. If we look at the regional distribution, I think the only thing which is probably outstanding on this slide is Asia Pacific, plus 25% market share, 4%. So we saw growth to Tokyo, Bangkok, Singapore, Beijing, Chengdu. Overall, as expected, Asia, East Asia is coming back with a certain delay after the pandemic. North America, essentially flat, Europe essentially flat with the exception of Eastern Europe, here, mainly Southeastern Europe, Tirana, Pristina, Chisinau, Burgas growing. Middle East, slight below growth, plus 2.2%; Africa, plus 2.9%. So overall, I would say, a satisfying development. Looking at the lines, Austrian, slight growth, plus 0.8%; Ryanair flat this year, Wizz Air already a slight reduction of minus 4.4%, Yes. And I think the rest is pretty solid. Pegasus growing, Etihad growing. Overall, I would say, yes, an okay development. Lufthansa Group pretty much flat, close to 50% market share. Low-cost carriers probably for the last time for a couple of years, above 30% market share, 30.4%. So we will see here quite some significant changes in the distribution of our passengers next year. But overall, yes, a good picture this year. What works really well in Vienna is operations, punctuality, again, amongst the top 3 above 25 million passenger airports, just also in Copenhagen in front of us with an average of 83.7%. Again, like most airports this year, we improved punctuality in 2025, but we are still, yes, in the top 3. So I think better than Munich, better than Frankfurt, better than Zurich. So especially within the Lufthansa Group, we kept our lead as the operationally best hub of Lufthansa Group. Yes, what do we have to expect in terms of low cost next year? Wizz Air will close their base operations in Vienna already went down to 3 aircraft in the winter schedule and will close the base completely mid-March. Essentially, I think this was the result of a strategy change of Wizz Air. I think they will concentrate again more on Eastern Europe. We had -- until, yes, mid this year, we had interesting discussions with the top management about a possible base of XLR here in Vienna and flights to India. As you know, they reduced the order of the XLR then very significantly from more than 40 to less than 10. So I think this strategy has changed from Wizz Air again. They are leaving the Middle East essentially. In Vienna, we always had a high proportion of flights to the Arabian Peninsula. So overall, yes, we would have had to reduce our charges so significantly that on the one hand, we didn't want to do that. On the other hand, I think even legally, this would not have been possible for us. So that's why we eventually decided to close their base here. Ryanair, in my perspective, will attack Wizz now in Bratislava, and we will see quite some growth here in Bratislava next year. My impression is that Ryanair wants to get rid of Wizz Air in the catchment area. So therefore, yes, my impression is that what we've seen here in 2019 that Ryanair is fighting their turf and showing with their limits will happen next summer in Bratislava. And yes, it's anybody's guess how this will end. Obviously, I would say, in terms of Ryanair reductions, we are a bit the victims of the circumstances in terms of tax environment in Vienna. We have a flat EUR 12 per passenger tax. As you know, Ryanair is fighting all the governments, which have taxes on aviation in place. So -- the same here in Vienna. They are taking the Austrian government quite fiercely. If this strategy works out or not, we'll see in the future. But obviously, if you take this EUR 12, this is roughly a 40% increase on our airport charges. And obviously, in a competitive environment where Hungary, Sweden reduced their charges to 0, where Slovakia is actively supporting airlines, especially for the intra-Slovakian flight from [indiscernible] to Košice. This is a competitive disadvantage. So therefore, we will, yes, do our utmost to get here at least a reduction in the future. But yes, which is difficult to achieve on the short term. We still don't exactly know the flight plans of Ryanair for next summer. I think we will see -- hopefully, we have some more clarity here in January. I mean those reductions are painful and will put pressure on revenues, costs and result next year. But I think we have to see it a bit in perspective as well. And you probably -- those who are covering us for a couple of years already know that we had extraordinary change in 2018, '19 following the Air Berlin bankruptcy. So to a certain extent, it was always clear that probably not all of the growth is really there for the long run and really sustainable. So we saw huge growth between '17 and '19. We went from 24 million to 32 -- or nearly 32 million passengers. We recovered very quickly after the pandemic. And now we will see next year a reduction of something around 2.5 million passengers from Ryanair and Wizz Air, probably a bit more. But overall, if you see our average growth, which was 5.3% between 2000 and 2019, so significant above the European average, I think we will sustain a year or 2 where we are below our record, which we will achieve this year. And I'm pretty optimistic that we will reach the 32 million passengers and probably surpass this mark in 2025. To talk about the positive developments, Austrian is, let's say, fighting back. They will base 2 additional aircraft next summer. They will launch a Dubai service. We will see increased frequencies to Bangkok, to Mauritius to Rome. So overall, I think a good summer flight schedule as far as we see it today for '26. Scoot will increase next year by frequency to Singapore, Air Corsica launches new flights to Ajaccio and Bastia, Air Baltic resumption of flights to Tallinn as of March. SES has come back to Vienna recently, 12 frequencies per week to Copenhagen. Condor just increased their frequencies to Frankfurt up to 3 daily. EasyJet is expanding their offering. Air India is going to 4 frequencies. Air Arabia with a daily frequency to Sharjah. What is not on this slide, but what news which reached us very recently, we expect Etihad to increase by 4 weekly frequencies by next summer. So overall, there are positive developments as well, and we will lose a bit of ultra-low cost, but we will get some other capacity as well. And I would say, overall, the passenger outlook for 2026 remains challenging at this point. Typically, airlines announce their capacity at the beginning of the year. So there's still a lot of movement. And you can see here that we still get news in the one or other direction. So therefore, as I said, the capacity reduction of Wizz and Ryanair from today's perspective should be roughly 2.5 million passengers, maybe a bit more, but we are confident to compensate around 1/4 of this reduction. And as usually, we will get in much more detail in this respect in January. Yes, I think I've said everything to this slide. We can confirm our passenger guidance. We will probably slightly head the 32 million in Vienna. We will get very close to the 10 million in Malta. We will have a record in Košice. So I'm optimistic that we will surpass the 42 million passengers in the group. Yes, record results wherever we look, but we all know that 2026 will be challenging for us. Still, I would say there are some -- we can see some light on the horizon as well. I think -- if the Middle East remains or will get more peaceful than in 2025, I think this would be a huge opportunity for Austria. I think these are extremely important passenger flows from Tel Aviv to the U.S., but as well from Tirana. So the whole region, Aman. So I think there's a lot of potential for Vienna in the Middle East. obviously, Ukraine was always a very important market for us and would be a strong market for us again. So midterm, we are optimistic that sooner or later, these geopolitical tensions will ease, and I see quite some growth potential from these areas. Coming to the segment results, starting with the Airport segment. Yes, I think we obviously capitalize on the passenger growth Q1 '23, plus 7.8% in EBIT, plus 4.1% EBITDA, plus 5.7% revenue. Overall, healthy results, I would say. Obviously, there as well. And in so far, we'll get a double whammy next year with reduction in passenger numbers, reduction in passenger charges. So the passenger service charge, minus 4.6%, landing fees, minus 2.1% to be expected. The formula kicks in again. But obviously, this will not make our life easier in 2026. Coming to handling, I think we had a strong third quarter overall, still below the 2024 figures. EBIT of EUR 8.4 million versus EUR 10.9 million in 2024. Obviously, this is the area where the personnel expense increase hits the most. We've got 1,500 people in ground handling. We have 1,000 people in security. So overall, this is where we feel the hit. Still, I think in terms of revenue, things are going in the right direction. Cargo, in particular, very strong. So overall, we -- I think the development is okay. We are significantly positive, but we see here the pressure in terms of staff costs, and this is an area where we will have to focus on a lot in the coming months and years. Just last week, we celebrated the establishment of AIRZETA, the newly established South Korean cargo airline, which officially launched their operations in Vienna and selected us as their primary European hub. So overall, we are still optimistic that cargo will continue to grow, and we are doing our utmost to keep here very close relations, in particular, with the big Korean airlines like Korean and the newly founded AIRZETA, which is joint venture of Asiana, which went bust and Incheon. Retail & Properties, yes, I think in reality, the result is better than the figures shown here actually because we have a flat EBIT development when the revenue increased by nearly EUR 8 million or even more than EUR 8 million. I think we had a number of negative one-offs, respectively, one positive one-off in the same period of last year. So we were impacted here by increasing personnel expenses, mainly provisions and costs related to the demolition of existing buildings for the purpose of space optimization. This is a negative one-off, those are the 2 negative one-offs in the third quarter this year, and we had a positive effect relating to the reversal of a bad debt allowance in the previous year. So overall, if we remove these one-offs, we would have the normalized margin here in the Retail & Properties segment. So overall, I think the negative one-offs were a bit more than EUR 4 million. The positive effect last year was a bit more than EUR 1 million. So overall, we are talking about more than EUR 5 million one-offs, which seem to burden this segment. What is still encouraging. So I think overall, sales in center management and hospitality and parking in Vienna are above the passenger development. So center management revenue plus 7%, parking plus 5%, rentals plus 2%. And we see a lot of interest in our tender for the space in the South extension of Terminal 3. We are in the very final stages of choosing the operators for our 10,000 square meter extension. And in particular, in terms of F&B space, we are at the very late stage, and it will be sincerely best of Vienna with very good commercial offers as well. So we will disclose this in the coming weeks, and we are quite happy with the outcome of this tender. Yes, let me come to my last slide, Malta, yes, uninterrupted rise in passenger volume, revenue, plus 10%, EBITDA plus 6.7%, EBIT plus 5.4%, EUR 62.7 million, strong growth to Poland, again, Ryanair growing, Wizz Air growing more frequencies, new destinations in the winter flight schedule. So as far as I can judge. I think the outlook for next year is not bad as well. Hotels being built or extended in Malta. So overall, Malta is still banking a lot of growing tourist numbers. And therefore, yes, we remain optimistic in Malta as well. Obviously, as you know, we have a very significant investment program in Malta. We need to urgently extend the terminal building, which just started now, I would say. We have already extended the Apron, which will now cover us for, yes, the coming decades, I would say, in terms of aircraft parking space. We are building a new Sky Park building. We are building a hotel. So overall, I think there's a lot going on here in the next 3 years, I would say. But due to the significant growth, this is urgently needed to cater for the growing passenger numbers. Yes, that's it from my end. Thanks a lot for your attention, and we are happy to discuss our report now. Unknown Executive: Yes, let's start the Q&A session. Happy to discuss any topics of interest. Hands are already raised. Let's go in order, Vladimira, please go ahead. Vladimira Urbankova: Congratulations to a very solid set of numbers and it seems to be that growth is maybe more dynamic now in October than one would originally anticipate. Yes. My questions would be focusing on upcoming challenges. That means 2026, you said that you plan to introduce cost reduction and efficiency improvement program. Could you a little bit more elaborate what are the key elements of the program? And if you can share maybe already some preliminary scope of savings you want to achieve? And next would be, yes, you pointed out to the lower passenger numbers because of the withdrawal or partial withdrawal of low-cost carriers. Do you have maybe some plan here how to improve position of Vienna, increase its attractiveness? Do you take some active measures to fill in this gap and get maybe more passenger traffic? Or you simply wait and see what are the plans of other carriers? So this would be my major questions. Julian Jäger: Yes. Starting maybe with your first question, that's our daily work now and work in progress because we are in the second half of our budget process. And what you can expect is that through the whole company in all departments, in all our daughter companies, we defined measures to improve productivity and to lower costs. So material costs, service costs, personnel costs. So in all parts of our operations, we are defining such measures. What is not possible right now is to give you an exact number what it will end up because this is part of the budget that will be approved by the Supervisory Board in 4 weeks from now. And what I can generally claim is that we try to offset as much as possible from the effects for 2026. Will we be able to offset all of the problems? No, that would overstretch, I think, the possibilities, but it will be a very substantial part of it. Günther Ofner: Yes. Let me continue with your second question. We obviously never just wait and see [indiscernible]. So I think we are always very actively engaging with our airlines regardless if these airlines are already operating in Vienna or they are not yet operating to Vienna. So we are obviously -- and our team is in touch with, I would say, all relevant European airlines. And obviously, it will not be easy to replace 8 or 9 aircraft here in Vienna on the short run. There is no airline I can see, which would just come and base 8, 9 aircraft here in Vienna. So I think we will have to work with many individual airlines to replace the capacity over the years in total, but not with one bang and one airline. I mean, obviously, easyJet comes to anybody's mind, but easyJet is a very slow mover. And therefore, as I said, I think -- and I think you saw the list. So there is a number of good news and airlines coming back to Vienna growing in Vienna, but it will take until we replace this intra-European capacity. And on long haul, me and my team, we are constantly in touch with airlines, mainly in Asia who could fly into Vienna. And there, I'm optimistic as well we will see in the next 1 or 2 years, like we saw in recent years with the comeback of ANA Air India. Now this year, we got school from Singapore. So I'm very optimistic that we will see here some long-haul growth as well. In terms of conditions, we reduce our charges or we have to reduce our charges next year anyway. So this should improve our competitive position a bit. We will definitely do our utmost, but probably in a completely different style than Ryanair to convince our government that overall, it would be a net contribution to the Austrian budget if there would be a reduction in the tax because this would be financed with more tourists coming to Austria. But I don't foresee next year any other changes in terms of charges. I think a reduction on average of 4% is anyway a significant improvement. And what we will stop next year is the winter incentive. So the winter incentive is still applicable now in January and December, but it will not be applicable anymore next year. Vladimira Urbankova: Yes. This was my sub question, if you have any incentives already in plan maybe to attract more airlines. Günther Ofner: I think honestly our. Vladimira Urbankova: Of existing players. Günther Ofner: For new airlines and new destinations, we have an attractive package anyway in place. For airlines which have a certain volume, I think we have good conditions. I think what really harms us is the ticket tax, and you can see the development in Germany, where the German government now is reducing the ticket tax. They are not abolishing it. But I think in terms of ultra-low cost, our biggest problem is the ticket tax. And I think it shows how strong our market is that in the years after COVID, they didn't care. But now more and more countries reduce aviation taxes, and this makes obviously the competitive environment for us more difficult. Unknown Executive: Henry, please continue. Henry Wendisch: Congrats on the strong results. I have, yes, one question regarding the latest topic we just talked about the air taxes. So we already mentioned Germany is reducing them, not abolishing them. But I've seen that in Austria, there's a parliamentary motion to abolish it completely. This is, I think, by the FPU, or the opposition party. So sort of what is your assessment on this that it might go through even? And then a direct follow-up question, would this maybe alter the decision of Ryanair and Wizz Air to reduce? Or is this more or less final? And maybe then speaking more long term, if this may be reduced, we will see this effect now, the Ryanair and Wizz Air reduction now, but then maybe 2027, 2028, they will come back now because the capacity planning is already done. So what sort of your idea here? What's your take on this? Julian Jäger: I think there's a 0% chance that this motion goes through. I think it does not help. And this is where I completely disagree with Michael O'Leary, although probably not in content, but in style. I think there would be a lot of discussions behind closed doors necessary to get a reduction or an abolishment of the ticket tax. It does not work with the sledge hammer, I would say. But let's see. So I don't think that -- I mean, we have a double budget. '25, '26 and nobody in the government will touch this budget now. So the earliest imaginable reduction would be in 2027. We will do our utmost, and I think we have a lot of good arguments, but there will be no change immediately. I think Wizz Air even -- I mean, in the end, they had a lot of troubles in recent years as well with the capacity, with engines and so on. So I don't see Wizz Air coming next soon. I think we will -- it will be interesting to see how the battle between Ryanair and Wizz Air will turn out next year in Bratislava. But obviously, yes, if there would be a significant reduction or even an abolishment, [indiscernible] year to date. So I think we will have to wait and see. We will try to convince our government to give here really a reduction in the financial burden on the airlines. And then I would be optimistic that we would see ultra-low-cost growth again in Vienna, probably more from Ryanair than from Wizz Air. Henry Wendisch: Thanks for the political sort of more color on this. That helps a lot. because we don't follow in Germany here, your Austrian news on a daily basis. So it's always good to have this picture. Then second question for me is maybe for Dr. Ofner, I've seen the operating cash flow was lower due to cash out for taxes, mainly in this I see if I look at the P&L, there's a discrepancy between P&L taxes and cash taxes. So what's sort of the difference here? And can we expect something like that to revert back in the coming quarters or years? Or what's sort of behind this? Günther Ofner: Yes. I mean, in the phase of Corona and immediately after that, all our prepayments have been reduced. And now we have to, let me say, refill what we didn't pay in advance. And we also have now higher advanced payments. And all that sums up to roughly EUR 120 million. And it includes also the tax payment in Malta for 2025, which amounts to roughly EUR 33 million. So it's a normal process. And in '26 and the following years, we will not see such extraordinary events because the prepayment now is adapted to the expected results. Henry Wendisch: Right. And then my last question, I think also for you, Dr. Ofner, on next year personnel expense. So now the inflation rate is still at 4%. The [indiscernible] expects 2% for 2026, if my understanding is correct. So that gives us sort of something between 2% and 4% for, I think, a demand for the collective labor wage increase for next year as well. So this is sort of against your cost efficiency program or one step against this. What sort of your take if you had a -- I mean, you don't have it, of course, but if you had a glass ball to look in the future, what would your estimate be on the wage inflation for 2026 for the one in May, actually? Günther Ofner: So it will definitely below inflation rate. I mean, finally, we will have to agree for the new collective agreement in May 2026. But we definitely will be below inflation. And we will reduce workforce throughout the year. So altogether, I hope that we can see an absolute reduction in personnel expenses compared to 2025. Unknown Executive: Philip, your questions are still on the table. Philip Hettich: Hope you can hear me. First question, I just would like to revert on the incentives on the winter incentives of Wizz Air again. So could you elaborate again why you don't want to repeat those incentives given the pressure on traffic is much higher this year. So what basically changed here on your thinking compared to last year? And then also regarding traffic, can you already judge how much of the planes of the ultra-low-cost carriers that have left the Vienna base will maybe be compensated by them still flying into Vienna from other bases? Is there any visibility that you have here? So this would be the first 2 questions that I would have. Julian Jäger: Yes. To start with your second one, no, we don't have visibility there. I don't expect that Wizz Air will fly a lot into Vienna, probably not at all. But Ryanair, we don't have yet full visibility. So we don't even have full visibility for February and March. So there are still some things in the air. And yes, overall, I just have to delay this discussion for January. We'll get every day some good news, some bad news, but the net effect of the reductions of the ultra-low cost in next year, we will just get a better idea in January. Regarding your first question, I think this is pretty easy to answer. When we introduced the winter incentive this year, we looked at a very significant increase in airport charges, plus 4.6% passenger service charge. And what our idea was back then to even it a bit out. So that's why we introduced the winter incentive. And I would not see that, again, the winter incentive would have any significant positive impact on capacity next year. And therefore, with a reduction of 4.6% on our passenger service charge and security charge, we -- that's why we discontinued this incentive for next year. Philip Hettich: Okay. Okay. Understood. And then maybe one more for the retail segment. Do you also see any weakness here as regards to the spending per passenger from any potential weaker macro? So is there a feeling that you see that passengers just take back on their spending at your shops at the airport? Julian Jäger: Actually, this is something we expect all the time, but it doesn't really happen that much. What we see is a reduction in banks. This is not a major part of our business. So the market share here is minute. But this is an area where we see constant decreases, which is not a big surprise given that we don't have a lot of Russians anymore that we -- so passengers from areas where you usually carry some cash and exchange it are significantly less than probably before the pandemic. But all the rest is at passenger development or even above. So this year, so far, we cannot complain. And in terms of F&Bs, it's good. or it's significantly above the passenger development. duty-free is slightly above the passenger development. So overall, we are satisfied, I would say, with the development. And yes, as I said, PRR center management and hospitality cumulated is 5.7%. Passenger development is below 3% in Vienna. So overall, it's okay, I would say. Philip Hettich: Okay. And then maybe one more, if I can, on Malta. So the EBITDA margin reduction in Malta that led to basically a flat Q3 EBITDA year-over-year. Is it mainly due to investments that you are now conducting? Or is there any other effect here weighing as well that you would see pressuring margins? Julian Jäger: I mean it's -- I would say it's not only investment. We see some cost uplift overall in motor as well. But CapEx is part of it and CapEx will expand in the coming years. So we will invest more than EUR 100 million probably next year, and we will invest more than EUR 300 million until 2030, so in the next 5 years. So overall, I think we -- I mean, if you see the passenger numbers going through this small terminal, which has insignificantly changed since I left in 2011 when we had 3.5 million passengers. I think everybody will understand that we will have to invest here very significantly. And therefore, yes, I would say probably not next year, but in the years to come, the margins in Malta will reduce here as well. But overall, I see still a very strong sentiment in Malta. I see a very ambitious government in terms of how to grow tourism figures. I see a very strong cooperation between the tourism industry, the airport and government. So overall, we are very optimistic for the future development here. But yes, obviously, to sustain these levels of passengers and cater for future growth, we will have to invest here very significantly. Unknown Executive: Any further questions? No hand is raised, then I would thank everybody in the call for discussing the topics of interest for showing the interest in Vienna Airport. And the next scheduled event is January 20 with the traffic figures for 2025 and the outlook -- financial outlook for 2026. Thank you. Julian Jäger: Thank you. Bye-bye. Vladimira Urbankova: Thank you. Bye-bye.