Good morning, everyone. Thank you for joining us. I'm John McBain, Joint CEO. Here's my fellow Joint CEO, Jason Huljich, Simon Holt, also Tim Mitchell and Peter Hove from our Investor Relations and Corporate Strategy team. Half divisional execution, our financial outlook. The group delivered repeatable earnings growth for the half, underpinned by trends and conservative balance sheet settings. During the half, has improved forward earnings visibility, supporting its operating earnings guidance to AUD 0.136 per security. This performance and our through cycle approach to growth, Jason Funds Management, investment, real estate finance, and Simon will cover the financial results before I comment on strategy. The outcomes for the half are summarized on group assets under management, increased by 6% to 21 point, supported by strong contributions across property funds management and real estate. Across the property platform, we executed approximately 500.5 and are on track target. We also completed the platform, adding AUD 440 million of Ag AUM, our private investor and family office networks. This execution and improved earnings and improved, depends our decision to upgrade to AUD 0.136, representing 11.5% uplift. This upgrade reflects underlying run rate momentum. Moving to the platform overview on Slide 5, the diversification of Centuria today and what matters for action. Virtually all verticals now at management, supporting operability and how and where we deploy capital. Unlisted vehicles, real estate, and credit sectors across Australia and New Zealand. It's not just about earnings volatility reduction. Based on risk-adjusted returns and investor demand, to pursue growth in any single market. In the current volatile environment, that takes the scale with the opportunity for margin expansion over time for product, sector, or capital source. Slide 6 demonstrates how an AUM resilience through the sharpest rate hiking cycle in decades in this half. While this period-to-period volatility, the underlying base of management fees continue to grow. This reinforces our conviction that the platform is still not just in support of market conditions. Environment on Slide 7. Despite higher rates, the Centuria platform weighted average cap rate remains significantly above term deposit rates, and with real estate and transaction markets, many of which are showing some improving rental growth, or flows also remain supportive. These include those continue, and approximately AUD 30 billion of capital expected to be repatriated from expiring bank hybrids over coming years. Private credit remains a good example of disciplined growth and a structurally... We've been active in real estate credit since 2016. Partnered with, and following a strong track record, we required in 2021, around rate of approximately 36% per annum since that. We increased our stake to 80% in 2024. Previously forecast, we announced we have exercised our option to increase our interest to 100%. During the half, this business executed approximately AUD 1.4 billion of total loan origination, restructuring, and exit. Market share remains modest at around 1%, highlighting within a large and growing market. The previously announced succession and integration plan for Centuria, David Giffin and your business to CEO and Deputy CEO, respectively. This support continuity and long-term sustainable. I'll now hand over to Jason to go through the divisional performance. Thank you, John. Good morning, everyone. Period of execution for the property platform on Slide 10. Property funds management, AUM, increased in during the half. We executed approximately AUD 700 million of real estate acquisitions and divestments, and listed investors, which has underpinned transaction execution as property fundamentals, visited for supply, and improving rental growth across most sectors, underpinning earnings visibility. The half was a creation. We established Australia's largest unlisted single asset, with strong participation across our investor base and significant. We secured Australia's largest hydroponic glasshouse by an off-market raising ahead of settlement. Listed REITs capital, demonstrating the ability to divest assets at premiums to book value, leasing outcomes to improve the income profiles of each portfolio. Well, distribution remains one of Centuria's most important. Calendar year 2025 was a strong period for new investors. More than 460 investors and family offices acquired through the Arrow transaction. Investors is already translating into consistent with the proven integration blueprint applied across our M&A activity. Following the Primewest merger and ongoing engagement has resulted in approximately 50% of Primewest investors committing to other. This behavior reflects the strength of Centuria's analyst, where investors can self-diversify across multiple strategies. Today, we have over 15,500 analyst investors that invest in three or more Centuria funds, and almost 10% funds. This depth of engagement supports capital recycling as funds may consistently repatriate and redeploy private capital, which is difficult to replicate and represents a durable competitive moat. Turning to property and development finance. Property and development finance AUM increased by approximately 9% to top. During the half, Centuria Bass Credit executed origination, restructuring, exit activity, while also raising AUD 200 million of gross analyst. The business remains well-positioned for further growth beyond its current largest private credit market. Turning to state achieved alongside high volume origination, restructuring, and loan paired with a strong focus on managing the book's composition, which remains asset-backed lending. Growth has not come from straight across the overall book. Centuria Bass Credit is highly operational, Centuria, underpinned by deep in-house expertise. 61, we have made targeted investments in systems, processes, global growth, while maintaining disciplined risk management. Centuria's broader platform, with access to specialist expertise across valuation, governance, district, as required. Board are progressively building a platform through organic growth, selectively supplemented by inorganic. By the center perspective, the key takeaway is that this represents the early stages of a long-dated, disciplined strategy, aligned drivers. To further emphasize this evolving strategy, Slide 16 highlight represent long-dated strategic optionality within a market and significant capacity constraints. Accordingly, our power outcomes to maximize development optionality across. As tangible milestones are achieved, we will assess the most appropriate on a site-by-site basis. ResetData. Since acquiring an interest in the business, we have partnered with leading global operators, successfully lecturing and scaled internal capability following initial integration. The visualization phase as custom, which is expected to support improving profitability over time, remains return-driven, fully considers balance sheet integrity required to meet FY26 earnings. I now hand over to Simon to cover the financial results. Thanks, Jason. Good morning, everyone. For the numbers, it's important to review full year 25 and carry through into these half-year accounts. These changes were made to underlying economic exposure and how the platform is managed. We restructured our proportionate consolidation approach assets, providing a clearer view of underlying economics. Costs attributable to these investments are disclosed separately. Turning to the result, FY26 was another period. CAD was higher, reflecting fair value. Operating EBITDA of AUD 89.3 million. From a quality perspective, what's important here is not just the headline earnings underpinning it. The majority of operating earnings from contracted sources, secondary contributor rather than a dependency. This provides confidence in the sustainable boost through to the second half. Property funds management earnings reflects increased transaction volumes and performance fee contributions. Investor asset recycling, rather than any deterioration in asset quality. Real estate and development finance earnings are stable across the halves. In impacted earnings, and our share, or Centuria's share, was AUD 2.8 million. This happened during the negative contributor to full-year earnings, reflecting its current investment and early commercial. Importantly, this reflects a deliberate and disciplined approach, stated strategic optionality contribution. As customer onboarding progresses, we expect... Cost savings remained contained, a balance sheet management, and access to lower cost of funding. As a result, OPEX increased to AUD 54.6 million, to AUD 0.066. Up, a distribution of AUD 0.052 per security was declared. Turning to Slide 19, highlights. Sustainability of funds management earnings. Copy fund for the group. As such, the majority of the business Centuria's focus on accelerating operating leveragement forms part of the group's overall growth strategy and as the platform scales. Recurring management fees remain the dominant contributor to this segment. Performance fees were booked where funds performed part of, formed part of their respective testing thresholds adopted. Centuria's underlying funds, which remain unrecognized. These are expected to fluctuate from period to period as mature through the cycle. During the half, the group realized 131 recycling of balance sheet assets, and gearing remains steady and there are no near-term debt maturities. From a capital balance sheet is doing exactly what we want it to do, funding growth and preserving its flexibility. Asset recycling continues to be a key lever without increasing balance sheet risk. In the half, following the repayment of our listed notes, lowering our ordin 25 basis points to approximately 275. This supports self-funding, a conservative and flexible funding profile. Turning out the platform. The corporate balance sheet, Centuria has access to AUD 8.3 billion of diverse lending facilities provided by a broad group. This diversity reduces reliance on a single capital source and allows us to manage funding proactively across. Average margins improved to 1.57% in the heart of stronger lender engagement and an active funding strategy. Covenants shown reflect a conservative and flexible balance sheet position being actively monitored across the cycles. For strategy and outlook. Thanks, Simon. Three, our focus remains on scaling core, progressing targeted acquisitions, and continuing to build... Data center and sovereign AI initiatives will be, and only where returns are combined, is locked in. These initiatives have strategic optionality as we go through the build-up of this business. The and strategic asset distribution networks are unique competitive advantages, which can generate a diversified and factor such as ability into earnings, underpinning the guidance upgrade and allowing cycle momentum while remaining nimble as markets evolve. I'll now hand back to the operator to commence Q&A. Thank you. If you wish to ask on your telephone and wait for your name cancel your request, please press star two. If you are on a speakerphone, please pick up your hand. The first question comes from the line of Sholto Maconochie from UBS. Please go ahead. Good morning, John, Jason, and Simon. Thanks for your time. Firstly, just talk to what you're expecting out of ResetData. The performance fees, you know, we're expecting pretty much half on half to be and consistent with what we said at the list of around AUD 20 million. In relation to ResetData, expectation, a loss, albeit smaller than this half in the second half, obviously setting us up for future tailwinds, but slight improvement. I think now for our capability, locking in that demand just has to be finalized. We'll get more of as a business, and we've got a measured approach to it. Yeah. Okay. Maybe if you just brought a slip because, you know, it wasn't 2026, I think you're gonna get a positive contribution. It's just timing of... Okay, that's clear. Maybe just turning to acquisition, try to read on, you know, maybe what type of assets are falling into that, and also what level of divestments you're expecting the second half? Sure. Jason here. Look, we obviously can't go into too much diligence. To metro across industrial data center, retail, both in Australia and New Zealand. It's a nice asset classes. Some of that has been... It's nice to have a really good pipeline there. On the divestments for the first six months, as I think I said, at risk of 100 full year. Thank you. Your next question comes from the line of Andrew. Good. Around Reset Data, I mean, you've called out that the in the second half, I mean, significant. Given that you've said that years, yeah, I mean, when can we realistically expect this segment to become? I mean, Simon, in fact, go through how significant it is. It's our AUD 50 million after-tax profit. Is that right? I think, Andrew, we've tested that comment. Yes, we prefer it not to be a drag, but of course, like all things, just to sign up, and they could sign up sooner than we think. We've lose the significant clients. I guess that will help us not to have these conversations. Right. Okay. Are you able just to talk, that you're seeing across the book? I sort of ask this just in the context of, I mean, there's been some recent press or troubled developer in Western Sydney, and... Look, it's basically nothing at the moment. The portfolio is in very good shape. You know, we counter parties in this, in this business. We're very comfortable, you know, in particular, relationships we have with some customers, you know, which are very liquid and a lot lower risk than obviously development finance. Shape is probably as good as it's ever been. Guys, that's all I've got. The next question comes from the line of Tom Bolder, from Jarden. Good morning. I'd just be interested in seeing gearing and ticking up to almost 38% now and just noting that, you know, around a third of your, what level starts to cause just the comment around this? Oh, you have a go. Look, I think the first time I rate time is non-recourse, so it doesn't actually flow up to the head and vice versa, doesn't require us investing back down. Yeah, look through one, mainly the big two investments, you know, cost gearing has moved out. I look through gearing, you know, I think what's important, we use operating gearing, and supports looking at the intangible of our business. You know, we buy different, from time to transactions around that 12.5% on that operating look, operating gearing level in consistently in that target band that we've been quoting for, I'm going to say,%. Yeah, Tom, I know, we understand that. You know, I think the other submission, I think the intangibles on our balance sheet are worth something. You know, we think Centuria Bass Credit is worth something. We think. Primewest. Primewest is worth something. It's easier to just connotation about it. That's a, we're proud of those business, and we think they're highly valued, and in some cases, worth far more than we paid for them. You know, look, we get the question, Tom, we understand it, respect it. Okay, thanks. Just on ResetData, I mean, has any leasing actually occurred to date, and what is the revenue from that leasing on a- Look, we have leased part of the facility. We've leased a chunk of the facility. We have got strong demand over the room, which we That you're talking about? Correct. We do expect that term, as Simon talked about. You know, okay, probably, you know, we've realized it is a longer the cycle to get both enterprise and government committed, the increased demand over the last 4 or 5 months. As I said, a very strong pipeline. It's, we've done a chunk of it, and demand over the- Is there, is there a point at which we can think of this business as break-even? I don't know, capacity or some number that, you know, as a guide, we'll have it. It obviously depends on terms, it depends on overuse can fluctuate depending on lease, on the terms of the... It's a hard one to actually- I think it, Tom Bolder, I think if we just the Melbourne facility and looked at just leasing that up, the GPU capacity, and looked at our capital and looked at our return on capital profit quite easily. It's very young startup business. It will require further expenditure as time goes on to grow it. That's no different than Centuria Bass Credit. Other businesses we've built, you know, we do think we're just trying to be measured about what point happens, we're certain it will occur. We look, we do think it's a huge opportunity in the space we're in and being in Australia. Yeah, it will take time to play out about it. Thanks very much, guys. Your next question comes from the CLSA. Please go ahead. Hi, John. Hi, Jason. Apologies. Another question on reset. From an industry perspective, cooling technology seems to be preferred over immersion cooling, even as we move Rubin to find them chips. It just seems to do with equipment when it's not in liquid. How do you think would a customer necessarily prefer immersion, or is it some compute? Look, I think it is about access with, it doesn't necessarily affect, you know, they're after compute and those high-performance chips. Here and others are doing and where they're going and the space and the densities, you know, it is unit of direct-to-chip as the next stage, but, you know, it works very well as well. Built, I think it's very fit for purpose. It suits customers, and we've customers looking at it, all the way from, you know, large enterprise to government. Future facilities, assuming we build out further, go towards more the new version of- Very close to Nvidia. I think we'll follow what technology they... The first facilities we build are built on the Nvidia architecture, so design protocols. Well, the interesting part, James, is, you know, to see NeoCloud partners, Nvidia partners in the country, we're one that's purely sovereign. I think particularly when you're talking to government and universities, for example, initiative or a capability or mandate important. That's another thing that we're really looking forward to unfolding, very early days. I hear you on the sovereign. Just a follow-up, remind me how the chip finance works. Are you on the hook if you double the terms there? C&I, asset finance lend that we have at the moment on 818 in particular. It's, if you have a tenant, you're generating revenue. If you don't. Yeah, okay, that's clear. Deal of acquisitions in the post-balance date. This on the call, I'm sorry if I've missed it. Color on what sectors they're in and where the momentum is coming from? As a, it's a mix of geographies being Australia, and it's got a bit of everything. We've got industrial, we've got data center, we've got retail. It's, it is a nice range, all by our investors, both in New Zealand and Australia. More if I may, just on the performance fees coming through, which, and just a bit of color on the funds, where they're coming from. The color this year is coming through from more of the Primewest assets. Mainly retail and that. That would be the two. Yeah, okay. Thank you. Back on the line of Richard Jones from JPMorgan. Please go ahead. If you can discuss the Arrow funds, how they come about, and I guess how you think about organic growth and bolt-ons. Sure, I'm happy to take. On your first, we've been talking to them for a number of years. I think Primewest, we even talked, merge that business in. It came to a head where we worked with the owners of that business. While we like our strategy is quite focused, what it does allow us we like, and it got us some very strong tenant relationships. Some other subsectors in Ag that we like. I think Bad is about half their very strong company. There are a few other. I think it gave us a bit more diversification into Ag, but into Ag subsectors that we like. It's just under 500 investors. Another thing we liked was a lot of high net worth and a lot of family offices, and a potential individual strength in our investor base down in that state. I think we got the financials stacked up, too, picking up for about 5.5, screens pretty well. Presentation, we're already talking to some of them, investing into the class, other products, obviously, other. We, your second part of the question, to grow organically and the pipe, that inorganic growth, we look value to us, be it we can scale up. Also, we like, obviously, to things that are very accretive. This sort of did help us scale and get us through that billion-dollar mark and get us into those other subsectors. Jason, just a second question, just half on the ResetData. What is the deployment that business needs? Can you discuss the options from a funding perspective then about? Look, it really depends where you take it. We think it's a huge opportunity. You're seeing what others are doing, some of our peers, and some are scaling up pretty quickly. We've chosen really to take a measured approach out in this sort of subsector of AI and data centers. There is definitely a huge asset. I think it helps the other play, which is as well, and does give us some optionality there. We don't necessarily have to commit a lot of capital want to, unless it makes sense, but at this stage, coming up in that sort of fashion. Yeah, I think it's good. It's nice to make. We started buying data centers, Jason, we've got the Telstra one for AUD 400 million. Back at that time, no one heard the one, and we've been adding to that. There's real estate investments, just data center, but with data center operator or some of it when go. That's fine. But as Jason said, that gives us. We're going to have. ResetData came along, that just gives an opportunity just to be at the. Some of the important things about ResetData are the Nvidia relationship. If we're different to other people, and you balance your question, the answer to it is, we want customers to be locked in and secure, you know, described before. It's unlikely that we're going to try and attempt to erase a lot of debt and then hope customers are on. A little bit of build it as they come, and we're about actually good government, and more measure, more or less that happens. I think, it, we can start to fund progress as. Thank you, John. Just one more quick. Yep, sorry. No. Just we don't want any... This space is dominated by flash releases, you know, we just don't. I hope it's not too slow, but measured and deliberate and based on customer demanding because there's a big pipeline, but we want that pipeline to be saying we've done it. Thanks, John. Just a quick one for Simon. Just, can you tell us where you think that heads for the margin reduction on balance sheet? First half had the list of those being repaid, so about 60 bits from last full year. It'll probably come down another 60 in terms of the full second half. Part of your question? That'll be 7% for the second half, as well as any further capacity for margin reduction that forward. No, look, we've refinanced all of our corporate. At the corporate level, you know, I think at 2.75% or ton of land for the moment, you know, as some of the shorter-term debt, I mean, it slightly, but that's where we're kind of sitting on the margin side. Thank you. Thank you. Ben Brayshaw from Barrenjoey, please go ahead. You previously flagged that put entities. I'm just wondering if you could provide an update on that. Is that something you're still considering? We are. It's subject to obviously market conditions. Market's been all over the shop at the moment. That window isn't there. You know, we have done a lot of preparation. We're ready to go on certain vehicles. Yeah, it's totally the market at the moment. Look, we don't need, those particular vehicles to be launched over the next four- Financials. I was wondering if the operating earnings recognized from the? If so, if you could just quantity? No, there's no profit coming through. I'm just trying to remember what was in my list of inventory. Most of what was in inventory were properties held for sale as opposed to development. It's just more of a class as to why they're called inventory. Coming through on this period with zero profit coming through from any developments on balance sheet. Thank you. Your next question comes from the line of Simon Chan from Morgan Stanley. Please go ahead. Performance fee is pretty good, and you've raised around AUD 20 million for the year. Just, you started booking performance fees. That's some funds or some AUM that's coming towards the end of their set periods, right? Am I right? If I am right, like, chunk, how much of your unlisted platform end of their lives over the next, I guess. Yeah, the majority still is in 28, 20 we purchased Primewest, a lot of what is unbooked performance fees relate. These are just some of the, some other funds that are that two-year window that have come into that two-year window. Some of that will be because the funds expiring, some of it will be because investors to do different things would that create that outcome of something likely to happen within, in the next year. This is, as has been the case the last couple, extend those funds as well, even though they come into that mix of things that are going on, in essence, there's a number of there around industrial and retail that are coming into that two-year window. Well, the latent performance fees are, that are in there, AUD 70 million. I'm talking about the fund, the funds bucket that you. The few 100. Yeah. Sorry, Jason. Did you say a few hundred? Yeah, AUD a few hundred million. Fair enough. That excludes the Primewest, right? That would include the Primewest assets. Okay. Most of what's been booked, a big chunk of the Primewest on their listing, but there was also a part that didn't. They did expire earlier. Hey, how's fundraising at Two Wells going? You know, that vehicle's got a, you know, we expect them to take a significant chunk of the equity required for that, as well as new investors coming into the fund. The last, I guess, 12 months, you've done, Logan, you've done, well, you're doing 2. Yeah. Which of those three sectors? Money. The Port Adelaide raise is probably the best I've ever seen. I saw the circuit AUD 300 million for AUD 100, and just reasonably large at that time for an Adelaide asset. You know, we got bowled over, you know, over 50%. We also said no to a number of offshore as well. Yeah, that was demand I've seen. Logan went well as well. That was oversubscribed. Yeah, we've, particularly, retail and Ag is good, but yeah, that one cornerstone is, they keep supporting, which is great. Can I check in on Allendale? Are you guys still holding on to some units there, or have you managed to get it away now? We down over time, but there is a half. Get back to me later. That's fine. That's right. Yeah. Yes, of course. That's fine. Thanks, guys. Thank you. Your next question comes from the line of Andy McFarlane from... Hi, guys. Just a couple from me. Can you just talk if any, across the various funds? Look, we only have the three funds out of redemptions. The open-ended funds, so CDPF, which are diversified fund, it's a small fund, our healthcare fund, we have quarterly redemption features. Both, the healthcare came up their five-year liquidity events, where we go out to investors and give them the opportunity if they do want to redeem out of the fund, we then have a period of time to, and so forth, to satisfy that. CHPF, where I think we reported last results, we're at just over 30, put their hand up there, and we're just going through the process of satisfying those. I was CDPF, Diversified Fund, again, around 30 odd% redemptions, about 25% of them, and the rest will be sorted out as it's that are going through the sale process at the moment. It's less than AUD 120 odd mil across the- Thanks, Jason. Chad on bank hybrid rolling off since the IPO. Anything in a Bass or Centuria could play a role in funding products here? We think, you know, these investors are looking for yield and supply that across either the credit or equity side of things. We think it will be a tail as well. You know, as I said earlier, you know, we have been pretty surprised on some of our raises, the amount of as these hybrids roll off, you know, year-on-year, over time, demand for our sorts of products. Yeah, effective yield and a buffer over, you know, turn to po- do on both sides of the Tasman, our product should be pretty well received. Lastly from a, the LVR, just wondering kind of where you're happy with that sitting? In the funds? Yeah, cost and. Yeah, look, I don't think it's moved too much. We sort of sit normally around 45%-50% range. Oh, sorry, Jase. I meant Centuria Bass Credit. Apologies. A couple of% on the Rs. Look, we put that graph in there to show it hasn't moved that much. You know, we've stuck to about, I think, just over about 92%. You know, it's about 90% residential. Look, where the LVRs around where it is now is where we can. Each deal is obviously, it's on the counterparty, on the quality of the asset, but how we look at it is and what is the value of what we're, lending against, and, you know, that can really have a close look at it, a large development, and I think it really gives us a bit of a point of difference compared to most of the other managers out. Thanks, Jason. Thank you. If you wish to ask a question, please press and wait for your name to be announced. There are no further questions at this time. I will now hand back to Mr. Bain for closing remarks. This morning, for the questions, we enjoy it. Peter in particular, if I have a tapping for a really nice document together. Thank you.