Please note that this conference is being recorded today, Tuesday, August 4th, 2026. I would now like to hand the conference over to your host today, Mr. Travis Butcher, Fund Manager. Thank you, sir. Please go ahead. Good morning, everyone, welcome to CQE's results presentation for the full year ended June 30, 2026. Presenting with me today is Erin Kent, Head of Diversified Finance. Before starting today's presentation, I would like to commence with an acknowledgement of country. Charter Hall acknowledges the traditional custodians of the lands on which we work and gather. We pay our respects to elders, past and present, recognize their continued care and contribution to country. Turning now to slide four. CQE delivered a strong FY 2026 result underpinned by accretive portfolio curation and strong organic rental growth. The FY 2026 result demonstrates the benefits of CQE's strategy. Earnings have grown strongly, the portfolio is higher quality and more diversified, the income profile is supported by long leases, high occupancy, and embedded rental growth. Operating earnings for the full year were AUD 0.173 per unit, a 13.1% increase on FY 2025. Distributions paid for the year were AUD 0.17 per unit, an increase of 11.8% from FY 2025. CQE continued to be active with accretive portfolio curation during FY 2026, with acquisitions totaling AUD 291.9 million, an average yield of 6.2%. The key acquisitions during the year were the 50% interest in the Western Sydney University campus in Parramatta and a 25% interest in the Sonic Healthcare pathology lab in Brisbane. These are both high-quality social infrastructure properties great additions to CQE's portfolio, I'll talk further to these transactions in the following slides. During FY 2026, CQE contracted 32 early learning property divestments for AUD 136.7 million at an average yield of 4.4% and a 4.1% premium to book value. NTA per unit increased to AUD 3.93, representing a 1.8% increase from June 30, 2025. CQE also delivered strong organic rental growth with like-for-like rental growth of 3.8%, which included market rent out review outcomes of 6.4% across 91 completed market reviews. We are pleased to announce today that based on information currently available barring any unforeseen events, FY 2027 earnings guidance is no less than AUD 0.181 per unit, distribution guidance is AUD 0.18 per unit. This represents EPU growth of at least 4.6% and DPU growth of 5.9% from FY 2026. Turning to slide five, which sets out CQE's strategy. CQE's strategy remains unchanged, which is to provide investors with resilient income and capital growth from a social infrastructure property portfolio. We see the favorable attributes of social infrastructure property being critical to CQE delivering on its strategy. These include the provision of essential services, which provide a lower correlation to the economy than other property classes, and strategic locations of the properties resulting in long leases, high occupancy, and tenant customer retention. From a growth perspective, CQE benefits from predictable income growth from the contracted annual rental increases included in the leases. Additionally, continued positive industry and demographic tailwinds such as population growth and aging population will continue to provide CQE with further growth opportunities. We execute this strategy through three core pillars: continued portfolio curation, active asset management, and prudent capital management. Moving to slide six, which shows the transformation of CQE's portfolio resulting from the broadened social infrastructure strategy. The targeted portfolio curation strategy has achieved two main outcomes. Firstly, as demonstrated in the transactions undertaken since June 2022, there has been a positive yield spread of 1.8%, which has made a large contribution to the growth of CQE's earnings and distributions. Over this period, CQE has acquired 11 properties totaling AUD 534 million at an average yield of 6.2%. This has been primarily funded through the divestment of 86 early learning properties totaling AUD 369 million at an average yield of 4.4%. We continue to see future liquidity options available in the early learning property market, which has had average national sales of approximately AUD 800 million over the last two years. Secondly, portfolio curation has improved the quality and diversification of CQE's portfolio and tenant customers. As you can see from the logos on the right of this slide, CQE's tenant customers now include multiple high-quality covenants, including governments and market leading operators in their sectors. Income from non-early learning assets has been upweighted to 39% of CQE's portfolio, up from 4% in June 2019, resulting in a more diversified CQE portfolio with stronger property fundamentals and growth potential. Turning to slide seven, which provides a snapshot of CQE's diversified social infrastructure portfolio, which has seen growth of 9.6% following the acquisition of the pathology laboratory and university campus during the year. CQE's portfolio is valued at AUD 2.3 billion across the 295 properties, and it is diversified across early learning, life sciences and health, higher education, and government services. The portfolio has a stable weighted average capitalization rate of 5.5%, high occupancy of 99.7%, and a strong 11.4 year WALE. 73% of the portfolio is located in metropolitan areas, consistent with Australia's population growth. This will support long-term land value and alternative use potential across CQE's portfolio, which comprises over 96 ha of land Moving to slide eight and CQE's acquisition of a 25% interest in the pathology lab at Bowen Hills in Brisbane, which occurred in June 2026. The property is a world-class integrated pathology lab, fully leased to Sonic Healthcare, which is an ASX 50 company with a market capitalization of over AUD 10 billion. It serves as Sonic's central laboratory for Queensland and parts of New South Wales and the Northern Territory, supporting a network of over 450 pathology collection centers. The property comprises high-quality specialized fit-out, diagnostic offices, and logistic facilities designed to manage high sample volumes. The property is secured by a 20-year triple net lease with a further 30 years of options and annual CPI-linked rent reviews capped at 3.5%. CQE's 25% interest was acquired for AUD 111.2 million on a 5.6% property yield. Turn to slide nine and CQE's acquisition of a 50% interest in the Western Sydney University campus in Parramatta, which was completed in the first half. The campus is fully leased to Western Sydney University and represents a modern, purpose-built vertical university campus in the heart of Parramatta CBD. The asset provides critical education infrastructure, benefiting from strong transport connectivity and access to a broad range of civic, health, and commercial amenities. The campus is secured by a long-term lease of over 16 years, with further options totaling 15 years and annual rent reviews of 3.75%. CQE's acquisition totaled AUD 152 million on an average yield of 6.5%. Both of these acquisitions are consistent with the strategy of up-weighting the quality of CQE's portfolio, resulting in an improvement in income quality, rental growth, and WALE. I would like to now hand over to Erin, who will provide an overview of CQE's financial performance. Thank you, Travis, and good morning to everyone on the call. A summary of CQE's earnings for FY 2026 can be found on slide 11. During the year, CQE achieved like-for-like net property income growth of 4.2%, supported by strong underlying rent reviews across both the early learning and social infrastructure portfolios. When combined with accretive net portfolio curation, overall total net property income was up 10% compared to FY 2025. Finance costs have increased due to higher average debt drawn across the year to fund net investment activity. This has resulted in CQE delivering operating earnings of AUD 64.2 million, equating to AUD 0.173 per unit, representing growth of 13.1% on FY 2025. This result is ahead of CQE's upgraded guidance provided to the market in February of AUD 0.172 per unit. Distributions for the year were AUD 0.17 per unit, delivering distribution growth of 11.8% on FY 2025, equating to a payout ratio of 98%. Turning to slide 12, which provides a summary of CQE's balance sheet position at June 30, 2026. During FY 2026, CQE added AUD 234.5 million of new acquisitions to the balance sheet, including interests in Western Sydney University campus, Sonic Healthcare pathology lab, and an additional investment in the geosciences facility. CQE also settled AUD 137.8 million of early learning property divestments with a further five contracted centers totaling AUD 19.8 million, expected to settle by November 2026. 100% of the portfolio was independently valued during FY 2026, resulting in a positive net valuation outcome of AUD 19.2 million, or 1%. NTA per unit increased to AUD 3.93 at June 30, 2026, representing a 1.8% increase from June 30, 2025. Moving to slide 13, which provides a summary of CQE's capital management position. Balance sheet gearing remains below the midpoint of CQE's 30%-40% target gearing range. CQE has a facility limit of AUD 992 million and debt drawn of AUD 898 million, including CQE's share of joint venture secured debt facilities. At June 30, 2026, CQE's weighted average cost of debt was 5.2%. Looking forward, CQE remains highly hedged, providing earnings certainty and the pathway to deliver sustainable earnings growth. CQE is 73% hedged on average across FY 2027 at a fixed rate of 3.3%. Hedging and coverage across FY 2028 has also increased to 50%. CQE's weighted average debt maturity is 3.8 years, with approximately 50% sourced from the Asian term loan market and no facilities expiring until June 2029. I will now hand back to Travis to provide a portfolio update. Thanks, Erin. Slide 15 shows the benefit of CQE's portfolio curation strategy with a broader tenant base, greater sector diversification, and stronger income resilience. The portfolio is now supported by a more diverse mix of tenant customers, with 25% of CQE's income now being generated from government and university tenants. This improved tenant mix is complemented by strong lease structures, with 67% of leases structured as triple net and 73% of income from metropolitan locations. Moving to slide 16, CQE's portfolio WALE remains strong at 11.4 years. Only 4.3% of lease income expires within the next five years, reducing to 2.4% when excluding leases with further options. This low near-term expiry profile highlights the defensive nature of CQE's income and the importance of the portfolio to tenant customer operations. For early learning properties, typical notice periods range between three and five years from expiry, providing CQE with early visibility on tenant intentions and future leasing outcomes. Turning to slide 17, which provides further detail on CQE's rent review profile. During FY 2026, CQE completed 91 market rent reviews, achieving an average uplift of 6.4%, or approximately AUD 1.1 million of additional rent. This includes 59 FY 2026 reviews and 32 FY 2027 reviews completed early. Of these 91 reviews, 84 were capped at typically 7.5%. Looking forward, CQE has 54 market rent reviews occurring through to FY 2029, representing approximately 14% of total income. Based on tenant-provided data as at March 31, 2026, average daily fees increased by 8.3% over the last 12 months, while net rents revenue for operators remains at 9.7% and below market parameters. This is important in the current operating environment, that demonstrates that rent remains within sustainable parameters for operators. Turning now to slide 18, which summarizes CQE's FY 2026 sustainability initiatives. We remain focused on integrating sustainability across the portfolio and view ESG as an important driver of long-term value for CQE, our tenant customers, and the communities our assets serve. A key highlight of the year was achieving Australia's first early learning Green Star Performance v2 rating, with a four-star Green Star rating representing best practice in operations. This was delivered in partnership with our tenant customer and provides a platform to explore further sustainability opportunities across the portfolio. More broadly, CQE continued to support social outcomes for approximately 25,000 early learning places being available on a daily basis at our properties, and an extension of our partnership with Goodstart's Early Learning Fund. Turning to slide 20, the outlook and guidance slide. CQE remains focused on executing its strategy to actively manage a diversified social infrastructure portfolio that delivers essential community services. We are pleased to announce today, based on information currently available and barring any unforeseen events, FY 2027 operating earnings per unit guidance of no less than AUD 0.181 per unit and distribution per unit guidance of AUD 0.18 per unit. This represents EPU growth of at least 4.6% and DPU growth of 5.9% from FY 2026. With a high-quality long WALE portfolio, strong organic rental growth, prudent capital management, and continued demand for social infrastructure, CQE is well-positioned to deliver resilient income growth into FY 2027. That concludes the formal component of our presentation. I'll now hand back to the operator and open the line for your questions. Thank you. Thank you. Ladies and gentlemen, as a reminder to ask the question, please press star one one on your telephone, then wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Murray Connellan with Moelis Australia. Your line is open. Morning, Travis and team. I was wondering whether you could give us an update on G8 and whether there's been any further, I guess developments or discussions around the releasing, and I guess pending vacancy of those centers. Thanks, Murray. As you recall, we had five G8 centers that they closed. We're currently working with them to achieve a mutually beneficial outcome. Just importantly, rent continues to be paid on all those properties. Yeah, we're confident we'll get good outcomes there, but we're still working with G8 on those. Got it. Just whether there have been any similar sorts of discussions with childcare tenants or whether there's any other, I guess, context you might be able to give regarding the operating health of your broader tenant base, please. No. I think, Murray, it's still very challenging out there. Operators are really having to work hard for their occupancy. That's a combination of sort of cost of living pressures, supply issues. The operators are really working hard. I think, yeah, it's just one of those points in the cycle where you had that additional supply come on, combined with those sort of other pressures, plus the regulatory issues you've had in the last 12-18 months. No, it is very challenging for them. I think from our point of view, you look at our rents, importantly, all of our rents are set at sustainable levels, still under 10% at 9.7%. We're very comfortable where that rent levels sit. We've sort of spent a lot of time making sure that our properties are leased to the stronger covenants that have multiple properties. If there is an issue at one center, they've got centers that are performing well that can basically provide that financial stability for us. Thanks, Travis. Just one last one, please. Would you be able to give us just a bit more context around what your guidance assumes regarding your rent reviews in FY 2027 also the base interest rates that you guys get from BBSW or BBSY? Murray, guidance is based on obviously just only contracted transactions as we sit today. In terms of the contractual rental growth, just point you to slide 17 there, where you've got the split out, the composition of the rent for FY 2027. As you can see there, 68% is fixed, and that's typically 3%, balance of 24% at CPI. We do have a smaller amount of market reviews coming through in 2027. The majority of those are capped at 5%. That sort of gives you all the rental side of it. In terms of interest rates, we've got 73% hedging in place for FY 2027, for the balance, we've assumed a floating rate, which currently sits at around 4.6%. Got it. Thanks very much. Thank you. Please stand by for our next question. Our next question comes from the line of Richard Jones with JP Morgan. Your line is open. Thanks, Travis. Just further to the question on G8, just the arrangements and the lease terms, how much visibility do you have on how long they'll continue to pay the rent, Travis? Can you also call out whether there's any valuation move on those five assets? Thanks, Richard. In terms of average lease term across those five assets is eight years. They're legally obliged to pay that rent for further eight years across those properties. We did have them valued based on them being closed. That resulted in circa AUD 3 million decrement to those properties. They sort of went from 25 years back to 22 years. Okay, that's what they're carried at? Correct. Yep. Okay. Thank you. Just in terms of Sonic, just the percentage acquisition at 25%, can you just talk us through why this percentage and I guess, your path to acquire more if that's of interest to you guys? Richard, I'd love to own 100% of it, to be honest. It's such an impressive asset, just given the property characteristics of it with 20-year triple net lease to Sonic, market cap over AUD 10 billion, really comes down to our looking at the size of our funds, looking at our gearing. That was really a key determinant in the 25%, just in the balance in our portfolio. Yeah, as I said, love to own 100%. If we're a AUD 5 billion fund size, I think we'd like to have owned the whole lot. There'll be opportunities, like as part of the unit holders agreement. If any other unit holders are selling down the track, we have opportunities to potentially purchase down the track if it suits us at that particular time. Okay, thank you. One more question. Just interested in any feedback you've had from valuers in relation, in particular to the long WALE assets, given, I guess, the rise in rates and bond yields that we've seen over the last six months. Doesn't look like that's impacted vals. Yeah, our cap rates have been pretty constant, Richard. Yeah. I think it's been good, the resilience of the portfolio, and that's what we've really been trying to get this portfolio set up that through any economic cycles, it can be quite resilient from both an income and capital point of view. Yeah, no real change on a cap rate point of view from even early learning from that side of things. The transactions have slowed a little bit in the second half of FY 2026. We sold three assets in June, and they sort of range between 3.5% up to 5.1% for an asset in Cairns. There's still good evidence coming through, which is sort of supporting the vals and the NTA of CQE. Thanks, Travis. Thanks, Richard. Please stand by for our next question. Our next question comes from the line of Carl Braganza with Jarden. Your line is open. Hi, Travis and Erin. Thanks for your time. A few questions from me. The first question was, you've talked previously about wanting to trend towards 50% childcare and 50% other social infra. What was your approach to get there? I think you look at, Carl, a good demonstration of that, and thanks for the question, is I think slide six. That graph that we've put there shows how we've moved from basically back in June 2019, where we're sitting at 4% non-early learning, and now we're sort of close to 40%. We don't have a defined target. I think for us, it's all about making sure you're getting the right assets into the portfolio. I think what we've been able to do, is really improve the quality of the portfolio, improve the quality of the tenants, and do it on an accretive basis. If we can keep on doing that, recycling out of the early learning at lower yields into better quality, other social infrastructure other than childcare. I think it makes sense for us to do, because for us it's all about earnings and distribution growth. I think today's announcement is quite positive on that front. If we can keep on doing that, but there's no hard and fast rules around that target in terms of the split between the social infrastructure subsector. It's really about the continual improvement of the portfolio. Yes, just on that strategy piece, in terms of the move away from childcare towards other social infra, is that a reflection of the softness in the operating conditions or is that more of a relative value play? No, I think you look at when we actually embarked on the broadening of the mandate. That was back in 2019. Obviously then, childcare was different to where it is now. It was clearly a strategy back then, that was around improving the quality of the tenant covenants, getting diversification as well, which I think as you look at the moment, it is challenging in early learning, whereas you look at something like the two assets we added this year, like the university asset, the Sonic Path Lab, this is really strong quality assets, strong tenants, good rental growth. It really ticks all those boxes from that broadened social infrastructure mandate. Perfect. Thanks for that color. Just final question from me. Would be good to know how you're thinking about the best uses of capital in terms of starting another buyback or further acquisitions, considering you're trading at a roughly 35% discount to NTA. Yeah, Carl, we do look at the buyback quite often. Our view is that buyback is really a short-term outcome in terms of what you get. I think for us to be able to use our capital and buy a Sonic, for example, just provides the fund with significant better medium and long-term growth prospects, both income and capital. I think buyback's a very short-term focus. We're about making sure that we're continuing to grow sensibly over time and improving the quality of the portfolio. Perfect. Thanks, guys. Thanks, Carl. That's all from me. Thank you. Ladies and gentlemen, as a reminder to ask a question, please press star one one on your telephone. Our next question comes from the line of Ben Brayshaw with Barrenjoey. Your line is open. Hi, Travis. How are you going? Just have a few questions on the ELC assets. The five G8 centers that are currently closed. Can you just clarify how confident you are that they can be leased for future ELC use? I think, Ben, they're good quality assets. They're in good locations. We just need to work through the process with G8. They've recently appointed a Perth broker to really work that market over there. I think from a quality point of view, they're good assets. We'll work with them. Obviously, they're still paying their rent on those, and there's average lease term of eight years on them. We'll work with them. If in an event that one has to revert to an alternate use, we'll come to an agreement with G8 to basically benefit us from that point of view. To that, I guess, point, how confident are you that the current rent is sustainable for ELC use? Or do you see a scenario where there may need to be a reduction? I think where there might be some concession may be if a new operator comes in, they'll be looking for some form of incentive then, which will be funded through the outgoing tenant, so G8. Across the board, our rents, sort of made this point over a number of years, our rents are very sustainable. We're sort of on average AUD 3,100 a place across the whole portfolio. Yeah, Ben, that's the one thing that can really hurt you with childcare. If your rents get too high and something like this does happen, that's when you're going to have a risk. These ones are all at sustainable levels. As I said, there may need to be some sort of incentive to get a new operator in, but that would be funded by the tenant. Can you just comment on ELC occupancy across the portfolio and any change over the last 6- 12 months? Yeah, Ben, it's definitely come off a little bit. We do see under our leases, we get all the six-month data. The last reporting date we got that was at the end of March, so six months through to March 2026. That was in the mid-70s. Probably circa 3% down on the same sort of corresponding period, 6 months through to March 2025. Definitely has softened, as you've seen with numerous public operators and their reports. We're very comfortable where we sit, sort of in that mid-70s occupancy. Just the childcare subsidy activity test being replaced in January, did that benefit occupancy? Did you see anything there that you're able to call out across the portfolio? I think, Ben, it's hard to really isolate that because you've probably had a number of other moving parts this year. The federal government came out initially and said there'd be 100,000 families that'll be better off. You can't really put a number on what that actually has translated to. Obviously, it's a benefit, but yeah, it's very hard to quantify. Great. Thanks for your time, Travis. Thanks, Ben. Thank you. Ladies and gentlemen, I'm shown no further questions in the queue this time. I would now like to turn the call back over to Travis for closing remarks. Thank you, everyone, for your participation and questions today. We look forward to meeting with many of you over the coming weeks.