Thank you for standing by, welcome to the Centuria Capital Group fully underwritten equity raising call. At this time, all lines have been placed on listen-only mode. If you require operator assistance throughout the call, please press star zero. Additionally, I would like to advise all participants that this call is being recorded. I'd now like to welcome Centuria Capital Group Joint CEO, Mr. John McBain, to begin the conference. Mr. McBain, over to you. Thank you, welcome, everybody. Thanks for your time this morning. I'm John McBain, joint chief executive of Centuria Capital Group. With me today is our Chief Financial Officer, Simon Holt, and Bass Salah, joint CEO and Co-founder of ResetData. We're also joined by Tim Mitchell and Peter Ho from our Investor Relations and Corporate Strategy team. Just dealing with slide four. Today, we're presenting an AUD 300 million fully underwritten equity raising to fund the next phase of growth across Centuria. The offer comprises an AUD 200 million institutional placement and an AUD 100 million accelerated pro-rata entitlement offer to existing security holders. At its core, this transaction reflects the continued repositioning of Centuria into a diversified multi-engine earnings platform underpinned by a scaled and compounding real estate platform across both equity and debt, and a differentiated AI infrastructure business through ResetData. We're particularly focused on the ResetData opportunity. Everything is now in place to create significant value for Centuria security holders. Following the AI-F1 offtake agreement, our first AI factory, we're seeing increased customer engagement, supporting confidence in the outlook and earnings trajectory. This raising provides capacity to accelerate the activation of the ResetData pipeline and convert customer inquiries across a 10,000+ GPU opportunity set. Post this raise, we'll have created maximum flexibility to deploy capital on the opportunities in front of us. Slide six. Our core thesis is simple. Centuria and ResetData combine real assets, power, and capital with AI compute infrastructure. Centuria provides 25+ year real estate platforms and access to land, capital, and power pipelines. ResetData brings specialist AI infrastructure capability and NVIDIA Cloud Partner status. Together, this creates a vertically integrated AI infrastructure platform spanning land, power, capital, and compute. This is a key differentiator versus traditional data center operators or standalone AI players. I have pleasure in handing over to Bass Salah to discuss the near-term 23 MW pipeline, which this equity raise supports. Thanks, John. This strategy is not simply about deploying GPUs. It is about building a full-stack AI infrastructure platform spanning capability, land, power, and shell, infrastructure, funding, and customers. Centuria and ResetData have the components in place to deliver customers and support scalable growth. Against this backdrop, I will now focus on two areas, customer acquisition and pipeline progression. Demand for AI infrastructure continues to materially exceed supply. We are seeing strong inbound demand for straining capacity, particularly for 2026 and 2027 deployments. Demand is driven by constraints across the U.S. market, Japan, South Korea, and India, to mention a few. This demand spans both hyperscaler and enterprise customers, with inquiry volumes accelerating on a near-daily basis. We are focused on investment-grade customers, which matches our capacity. What does this mean for ResetData? ResetData's pipeline spans four key capacity buckets. Just less than 3 MW, 13 MW, 7 MW of short-term supply, and over 200 MW in Centuria's portfolio of long-term pipeline. The less than 300 MW. The less than 3 MW of capacity is within Centuria's existing portfolio and is progressing through active customer engagement. We have completed multiple meetings here and in Asia and expect to be able to provide a positive update in the coming months. The 13 MW of capacity currently under a heads of agreement expiring on the 30th of June, but with an extension, we believe we can secure through a very strong relationship with the provider. We are progressing through NVIDIA design certification for the AI-Factory, which enables us to access demand through the NVIDIA Cloud Partner program. NVIDIA demand is contingent on validated capacity with clear delivery timelines. This is a standard pathway followed by our peers within the NCP ecosystem, and that allows us to secure customers. Once we have that in place, this demand becomes accessible to us via the NCP program, and this is something we are close to landing. The 7 MW of capacity is under a negotiated master services agreement, which provides flexibility to secure capacity in data centers through purchase orders effectively. Starting with the 7 MW and scaling with customer demand. This MSA is one of the largest data center operators and owners in this country, and it is also progressing through NVIDIA's engineering review process, and validation enables us again to secure partner-driven demand. Finally, Centuria's 200 MW+ pipeline reflects longer-term development in conjunction with Centuria's asset base. This provides forward capacity optionality, which is increasingly important in securing larger, longer-dated customer commitments. The timing for the 13 MW and 7 MW of capacity is weighted to the second half of FY 2027, with the 7 MW conservatively assumed to extend into FY 2028 where required. The short-term DC capacity and Centuria's pipeline provide a clear pathway to scaling the platform through 2028 and beyond. Slide eight talks to Australia's first operational sovereign AI-Factory, which is 1.1 MW of capacity. 100% of the initial capacity is leased, with the remaining GPUs ordered on the back of emerging enterprise and government pipeline. Once at capacity, AI1 is expected to generate 15 MW of revenue. AUD 15 million of revenue. Slides nine and 10. Moving into slides nine and 10, the key constraint in AI infrastructure is power. Our advantage is that this capability is embedded within Centuria's existing real estate and data center platform. This is not theoretical capacity. It sits within our current asset base with clear pathways to development. This represents a structural advantage which is difficult to replicate. I'll now hand back to John. Thanks very much, Bass. Slide 11. Switching to the core real estate platform. At its heart is what we call a repeatable capital flywheel. We originate transactions, we seed them with balance sheet capital, then we raise third-party capital, growing funds under management, obviously generating further recurring fee streams, then recycle that capital back into new opportunities. This is a model we've executed consistently over many years, and we're now scaling further up, which will drive higher capital velocity, increased earnings visibility, and ultimately a higher return on equity over time. Critically, this is not limited to real estate equity. This model extends across AI infrastructure and private credit. Our balance sheet acts as an incubator, allowing us to seek opportunities, scale funds, and convert capital into recurring fee income and earnings growth, then recycle it. This is where the current environment becomes critically important. This raise provides additional firepower to scale both the size and volume of acquisitions, particularly in a market where ongoing dislocation is creating attractive entry points. Turning to slides 12 and 13. These show how we've been scaling our platform through larger and larger and more complex transactions, including our largest office, industrial, and agricultural deployments completed in FY 2026. Notably, we're also seeing increasing institutional investor engagement. During the year, we onboarded four new institutional investors, with one participating across multiple transactions. We see this as an inflection point in the platform. As larger pools of institutional capital are introduced, it enables us to increase transaction size, scale funds more efficiently, and accelerate platform growth, which in turn drives higher recurring fee streams, larger and more scalable funds even, and deeper and more repeat institutional participation. This is the key point. Scale is the driver economics in this model. Turning to private credit on slide 14. The third leg of the platform is private credit. We've scaled this business meaningfully. AUM has grown at a CAGR of 36% since acquiring our initial 50% interest in Bass Credit, with AUM now at approximately AUD 2.5 billion. Despite that growth, we remain just at 1% market share in an AUD 224 billion market, which goes to highlight the size of the opportunity ahead. Strategically, this business provides a capital-light, scalable growth engine with strong demand tailwinds, supported by strong performance, low impairments, and our growing distribution platform. In the current environment, we're seeing increasing dislocation in lending markets, which creates attractive opportunities to deploy capital at a higher risk-adjusted return. Turning to slide 15. Bringing everything together, really, on this slide. This equity raising provides capital to scale across ResetData and our real estate equity credit platform. While we expect quality growth in our core real estate business, we're enthusiastic about the value creation opportunity for Centuria security holders as we accelerate ResetData. All the pillars are in place, and the ResetData business is uniquely positioned to capture the upswing in international demand for Australian-based AI factory capacity. We note that comparable neocloud platforms in Australia have experienced rapid re-ratings as contracts are secured and scale is established. The opportunities we've outlined today are showing clear pathways to earnings growth and very attractive risk-adjusted returns. Critically, our deployment will be staged and demand-led and underpinned by defined return hurdles. This capital enables us to scale across multiple growth platforms, delivering more predictable scale earnings while maintaining balance sheet discipline. This concludes today's presentation. Thank you for attending, and we look forward to speaking with you in due course. This concludes today's conference call. Thank you all for joining us. You may now disconnect.