With me, Officer. Sitting here at Barangaroo in Sydney, we're on the land of the Gadigal people and elders, past and present. Today, I'll provide an overview of our half year 2020. We'll talk through the financials, I will then cover the outlook and open for questions. Starting on slide four, year for Lendlease. As the strategy reset, announced in May 2024 continues, there are three core components of the strategy that are, t he group is being repositioned to focus on operations and international investments platform, reported as investments, development, and con- these businesses have historically delivered double digits with the cycle and continue to show strong operating momentum. The other core element of our strategy was the establishment of the CRU to facilitate the recycling of capital from underperforming or non-core parts of the group. For strategy update, we announced that AUD 2.8 billion of CRU assets were on the market, alongside one-third of CRU assets identified as being available for sale. We've now announced or completed in dollars of CRU assets. Advancing the remaining asset pool, with a further AUD 1.5 billion of assets targeted for the second half. In May, announced our intent to launch a securities buyback subject to spec. The main outstanding condition is achieving the clear contractual visibility to a sustainable underlying gearing level of 15%. First half, we've increased that contractual visibility through the signing action and are progressing the satisfaction of conditions precedent for both the joint venture with The Crown Estate and the sale. The divestment process for Keyton Retirement, look to rent assets, and the recapitalization of APPF, are all now in exclusivity. Capital recycling initiatives for our other assets are also underway. We are targeting the completion of AUD 3 billion actions in the second half of 2026 operations and CRU. This is assessed on a forward-looking basis and requires a degree of sale proceeds translating into net debt reduction. As that certainty increases, the buyback. The group maintains a strong financial position with three point and flexibility provided by the recent hybrid issuances. This position enables us to take a measured approach to capital recycling. To slide five and our half-year financial performance. Limited completions in development and lower transaction earnings in investments, idc Segment EBITDA of AUD 204 million was down from AUD 341 million, with an improvement being a highlight. Moving to CRU. As we have stated, the segment's primary AUD 500 million of further progress made in the period. At the group, for the half, AUD 318 million was recorded, including AUD 108 million negative investment, property revaluation, and impairments, primarily Singapore. A group operating loss after, but a positive AUD 87 million contribution from ID, and AUD 87 million from CRU. The operating loss included AUD 95 million land parcels as previously flagged last calendar year, that is after-tax, AUD 95 million, and a further AUD 14 million to tail risks in the exited international construction businesses. 25.8% benefiting from the hybrid issuance. The group carrying of 15% by the end of FY 2026, subject to the completion of targeted both CRU and IDC. Simon will talk to our balance sheet position and presentation. Our investment segment earnings highlighted on slides, Funds under management, and contributions from our directly held co-investment portfolio. Performance, liquidity, and growth to drive positive outcome. Funds under management was stable at $48.7 billion to $5 billion of addition. The group held $2.9 billion of Co-Investment Capital at the. We actively manage this position to support an appropriate balance between capital alignment and third-party capital. Portfolio movements in the period included increasing our investment in the APPF Industrial Fund and down weighting ownership in the L REIT. Portfolio remains well diversified, with a primary weight assets. The co-investment yield, driven by underlying asset performance, remained at 4.4%. Platform continues to grow with more than 80 Investors. AUD 1,000,000 of capital available to deploy across existing mandates and in AUD of capital being raised for a Japan value-add mandate, a new, and existing funds, and developed a core product. We remain highlighting AUD 4.4 billion of gross property transactions across our investment platform in the period. There were AUD 1.3 billion of development completions this half in Sydney. Across our residential business, gross apartment pre-sales increased to AUD 3.3 billion to FY 2027, expected to deliver gross cash process, AUD 1 billion. We've made strong progress growing the Australian development pipeline, AUD of new projects secured in the half, and we remain well positioned to achieve our tenth financial year. Sydney Metro development was secured, as was the luxury residential project, 175 Liverpool Street in Sydney, alongside Estate Asia and Nippon Steel Kowa Real Estate. In AUD 12 billion of future development opportunities from balance sheet holdings at the RNA and our Rozelle Bay site in Sydney. We currently have two residential in Melbourne, representing a further AUD 4 billion. In the half, we secured a role as master development manager for fee owning of land in Victoria for industrial use, leveraging Lendlease's development plan. Lendlease expects to earn new development management fee streams FY 2028. lendlease has the option to secure all or part of the winning, which is expected to have an end value of around AUD 4. Our origination efforts remain focused in Australia, deploying a capital-light joint venture. With our strong liquidity position, this enables us to new development opportunities as we continue to replenish the development pipeline. Moving now to slide nine. Revenue growth for the half was strong, up 22 project commitments, commencements such as the new Melton Hospital projects. Disciplined project execution. 0.7% recorded for the half. There was AUD 4 billion, a very strong result led by the Hunter Street West Overstation development contract, following AUD 3.8 billion period. New wins contributed to a strong of AUD 8 billion, up 36% on FY 2020, and existing social infrastructure and defense back. We continue to pursue and win high-quality work with an additional AUD 9 billion of active, including major transport, social infrastructure, and data center projects. With a preferred workbook of AUD 6.9 billion, places the business in a strong position to increase its future with circa AUD 15 billion of secured and preferred work. Before I make a few remarks, today's financial result will be Simon's last for Lendlease, with Simon finishing in his role as Group Chief Financial Officer at the end of February as he relocates to Asia. I'd like to take this opportunity to the organization and wish him every success in his future endeavors. I would also like to welcome Andrew Neil, First of March. I look forward to working with him in his new capacity. I'll now hand over to him. Thanks, Tony, for you, everyone. I'd like to acknowledge what a privilege it has been to spend the last four and a half years working at Lendlease. Strategy that we have in place is the right strategy, the benefit of our security holders, customers, and our people in continuing to execute it. Start on slide 11. As Tony mentioned earlier, limited completions in development and lower transaction earnings in investments, Segment EBITDA of $204 million, down from $300, with an improved performance from construction. In investments, Segment EBITDA reflected a stable underlying operating performance, with the prior period, including transaction earnings associated with the joint venture of $129 million. EBITDA of $34 million reflected the timing of major completions, including $118 million from Residences Two at One Sydney Harbour. In construction, Segment EBITDA of AUD 69 million was driven by 22% higher revenues and improved project performance. New segment reported an EBITDA loss of AUD 200 million, down from a prior period gain of AUD 34 million, reflecting downs and provisions and the limited completion of cap. Group corporate costs, million dollars, reflecting cost savings from downsizing and productivity improvement, elevated costs of finance form transformation. Loss of AUD 135 million, compared with a gain of AUD 318 million. Depreciation and amortization, as IT amortization wound down and tenancies were exited following the simplification. Net finance costs decreased to AUD 8 million, reflecting a lower average cost of debt and lower average net debt levels. An OPAT loss of AUD 200 million, compared to a gain of AUD 122 million in the prior period. AUD 7 million positive contribution from IBC operations, representing AUD 0.126 per security. Moving to a summary of segment performance with the investment segment. The segment performance was stable across key measures. Total AUD reflected a stable underlying performance. Management EBITDA is reduced modestly to AUD 48 million, reflecting lower fees and margins in Australia, offset by a stronger performance in Asia. Management EBITDA margin of 40.7%, reduced from the probable to FY 2025's full-year margin of 40.6%. No investment AUD was lower due to a lower level of co-investment as a result of asset capitalizations. In the development segment, a return on a percent was achieved as there were limited completions as anticipated. Capital was also transferred to the segment in relation to the announced development joint venture and the Comcentre project in Singapore, which is a joint venture with Singtel, and along with it, resulted in a $1 billion increase in the development capital balance to $2 billion. In the construction segment, revenue increased by 20, reflecting a higher level of project activity, Melton Hospital and a number of Data Center projects. EBITDA, $9 million. The segment achieved an EBITDA margin of three points, demonstrating continued strong performance from the second half. Turning now to slide 13. The primary role of the capital release unit is to accelerate the release of date. We've completed or announced $2.8 billion of CRU capital, including $500 million of new asset sales this half. CRU recorded an EBITDA loss of AUD 284 million, which included the write-down of communities development AUD 6 million pre-tax. In relation to tail risks in the exited international construction businesses of AUD 44 million and the underlying cost, people costs, IT costs, legal costs, insurance. The segment loss for the period of FY 2025 gain of AUD 34 million that included profits on capital recycling of AUD 160 million that were not repeated this half. The CRU cost base is expected to reduce progressively as capital recycling and risks are resolved, although is expected to remain of FY 2026. Initiatives, the release of capital will be a key enabler. This includes further reducing gearing security holders and creating capacity for disciplined reinvestment in accordance with our capital allocation framework, which highlights our cost savings achievements. Net overhead to AUD 197 million, a run rate of below AUD 400 million. The full run rate benefit of FY 2025 cost savings and the early impact from further cost initiatives. In the half, we actioned pre-tax run with further cost savings to be actioned by the end of FY 2026. About AUD 50 million in savings target is expected seven, with a targeted exit run rate for overheads of circa AUD 350 million. This will be achieved through the completion of added productivity initiatives of technology costs. 15. We have provided a walk summarizing key cash flows for the period, rounded to the nearest AUD 100 million and outlined the key cash inflows to the IBC segments and CRU segment. Excluding capital from a period of AUD 3.3 billion. Net debt FY 2026, due to AUD 3 billion of CRU and IBC transactions. These include the TRX and The Crown Estate transactions. Transactions in retirement living, U.K. Build-to-Rent assets, and the recapitalization of our APPF, and capital recycling on Victoria Cross Tower. Offsetting these inflows across CRU and IBC are across corporate costs and other. Achievement of our group gearing target of 15% is subject to successful completion of these outlined initiatives this year. Turning now to slide six, liquidity. Half year 2026 reported gearing was 25.8%. Excluding this benefit, underlying group gearing was 32.9%. The group maintained strong available liquidity of rising AUD 2.7 billion of committed available undrawn debt and cash equivalents, providing balance sheet flexibility when is progressed. Debt maturities are well balanced, with an average maturity of 2.5 years. Credit ratings remains a priority. I'll now hand back to Tony. 18, the FY 2026 financial outlook. FY 2026 remains a transitional year, with IDC earnings guidance maintained at AUD 0.28-0.34. The second half of earnings for IDC is expected to be stronger than the first half, supported by anticipated transactional profits. IDC recover in FY 2027, supported by major development completions, a strong initiatives across investments. As trends, earnings volatility and associated financing costs are expected to reduce progressively, supporting the strengthening of the-- guidance has been provided for CRU earnings per security in FY 2026, as the segment's focus remains ex- while balancing value realization and speed of execution for security holders. Capital recycling initiatives and are targeting a total of AUD 2 billion recycling in FY 2026. Additionally, the group's strong liquidity executing our recycling program with the realizing value for security holders. Targeted to reduce to 15% by the end of FY 2026, subject to the completion cycling initiatives. On costs, we're targeting an exit run rate of $300 end of FY 2026, reflecting $50 million of targeted cost-saving initiatives to be actioned throughout FY 2026. Strengthening our balance sheet, returning capital to security holders, and importantly, redeploying capital for future growth in earnings in our IDC. Moving to slide 19. At our medium-term growth and earnings profile from FY 2027 onwards. In investments, we expect to see manage that in FY 2027 and growing towards 50% by FY 2030. We intend 8%-10% annually through the cycle, delivering scale. We currently have $2.8 billion of available capital to deploy in the near term, billion of further capital, supporting FUM and future earnings growth. Investor demand remains strong in a number of our key, our core funds and mandates, where we have demonstrated capability, allowing Lendlease to deliver differentiated investment. In development, we're looking to secure more than AUD 5 billion of development projects in the second half of FY, our AUD 10 billion+ target. We expect this momentum to continue with AUD 4 billion per annum in FY 2027 and beyond. FY 2028, aud 4.5 billion of development completions, expecting to receive cash and profits from Circular Quay in Sydney and the Regatta in Victoria Harbour. We'll also generate new development capital-light master developer on both the joint venture with The Crown Estate and Project Four C Capital. FY 2028, there are AUD 3.9 billion of completions targeted, including Comcentre in Singapore. Lendlease should earn ongoing development management fees from its joint venture. The JV efforts from plot sales and will unlock potential development opportunities from its fee line. This includes more than AUD 20 billion of future investment product. In construction, reach over AUD 4.5 billion in FY 2027, AUD 5 billion FY 2028, supported by preferred work. We also expect to sustainably deliver EBITDA margins in both a disciplined approach to project work. Additionally, the group will benefit from working capital inflows as these key drivers provide confidence in the outlook for the, Moving to slide 20. In closing, my management team and I remain committed to the 2024 strategy and our stated FY 2026objectives. We continue to build momentum across our investments, development, and construction segments. Throughout the half, we continue to execute, announced in May 2024, and we continue to lay the groundwork for FY 2027 and beyond, and have strong visibility to earnings in coming years. Remains unchanged, with a continued focus on discipline, execution, performance, and long-term value creation for our customers and security holders. Finally, I want to thank our hardworking and talented Lendlease people to turning this great company around. Their efforts and delivery are vital to the future success of the business. I'm personally committed we achieve our FY 2026 targets and continue building the momentum needed for long-term success. We'll now open up for analyst questions. Thank you. The line is now open to analysts. David Pobucky with Macquarie Group, please go ahead. Tony and Simon, thanks for your time. Best of luck to you, Simon, going forward. Into the guidance range for IDC, the AUD 0.28-AUD 0.34. If you could just talk between now and the end of the year, that kind of drives the, the top and the. Perhaps I'll have a first go at that. Delivered AUD 0.046 per security. The AUD 0.28-0.34 per security range for IDC. The forward of AUD 0.214 per security. The outcome of that, that range is primarily dependent on underlying operational delivery across investments, development, and construction, timing of TRX and the completion timing of The Crown Estate. Bottom of the range assume more conservative, the top of the range assumes those major completions occur in FY 2026. Thank you. My second one, on the provision in the period. Firstly, could you just reiterate how much of that is non-cash? Then secondly, in land parcel, have discussions with the land parcel owner stopped in terms of? The non-cash was AUD 180, so it was AUD 136 million for the quarter in provisions on the international construction. In terms to have discussions with the landowner. The write-down of the community's parcels is absolutely non... The provisioning on the international construction, there'll be a timing difference that will flow into cash outflows in the future. The next question will come from Simon Chan with. Hi, good morning, guys. Hey, there, there was a lot of detail in the presentation regarding asset sales, et cetera, and your number, right, for the second half. If I were to get you to dumb it down for me, guys, like, like, and, and split the three bill... Can, can you give me an indication as to, you know, how much of the $3 billion is coming through the door? How much of the $3 billion is, you know, in the final stages of discussions, you know, probably closer to the sale campaign? Firstly, the joint ventures with The Crown Estate and TRX are contracted, and we're working through AUD 40 odd million there. Yeah. We've announced three exclusive transactions, that is to rent and the recapitalization of APPF, which will deliver over AUD 1 billion. We've called out Victoria Cross to recycle some of our capital in that asset and a number of other investments. That other group makes up the remainder. All those transactions are underway at the moment. Okay, that's quite clear. Next question, just on the actual result, more details on. One, I think you called out there was an interest expense benefit as a result of the hybrids in the first half. Can I just get an impact of that benefit? Part two of my question, an AUD 1 million benefit from a reversal of a prior period impairment that came through in the first half. Can you... What that is? For the, Simon, the hybrid benefit, in the first half, is AUD 9 million. Right. That's- They're kind of relatively late issuances in terms of the, during the second quarter. Okay, okay, that's fine. And- It's AUD 9 million just booked through, as a dividend rather than. The hybrids in the market. Yeah. That's on development. As we're progressing in our different development projects, there has been some provisions which have reversed and you progress those, we'll keep the market informed. Did the $47 million, increase or NPAT? I, I guess, sorry. Your NPAT increased by $47 million reversal. Is that a fair way of looking at it? That's the way to look at it. Thanks, guys. Just a final one, just to follow up on the previous guy's question, Simon. When you were talking about continued underlying operational delivery across investments and completion of TRX and The Crown Estate, I thought TRX was in CRU. No, CRU, we've flagged that once, the TRX is a funds management product, there was negligible profits, as we'd call that, on the asset. It was on the ASX slide. Also timing around capital and the impact that has on The Crown Estate JV is now clearly an IDC, sits within CRU, but the residual activity- IDC. IDC. Okay. In terms of in terms of ordering, it would be, firstly, on operational delivery across IDC. Second, completion timing of The Crown Estate JV. Thanks to the kind of the three major components. Great. The next question will come from Jim Brayshaw with Barrenjoey. Please go. Thanks for the presentation, Tony. I've just got a question for Simon. Could you clarify the $44 million post-tax? What does that relate to? Secondly, is that a net number, inclusive of things? Thanks. It's not a net number. Vision. It relates to a long-standing project that have previously had ongoing liability. Quantify that liability sort of, you know, late in the period. Secondly, on APPF Retail, obviously, being on the current situation with respect to providing unitholders with liquidity in the situation, and also comment on whether Lendlease intends to retain its AUD 200 million stake in the fund. Yes. We. The team have been working through liquidity. We're pleased that we have now to recapitalize the APPF fund, and we intend to stake in that fund as part of the recapitalization, as I noted earlier. Could that come through, just to clarify, in the second half, or is it just too early? We're anticipating to complete the recapitalize- Great. Okay, thanks, guys. The next question will come from James Ruse. Go ahead. Yeah, hi. Good morning, Tony and Simon, and Simon Best from Deborah. I just wanted to get a sense, with CRU, what is per annum that you just need to sort of bear? Like, it looks like it's a half. How do we think about that if you're not actually, actually, delivering any capital profit through the year? I think there's a couple of. Yeah, you're right. It's, that's roughly the number if you back out the provisions. About three-quarters of that really is kind of direct expense, which is relates to, there's another sort of allocation, a central allocation involvement, from the center and managing our CRU. Now, those, those balances are required, or that those costs are required to manage the capital. There's still substantial capital being delivered within CRU, and risk being managed within CRU. Clearly, and one would expect progressively, that will be managed down cycle. Tony, I'm not sure if there's anything you want to add. No, look, I think the key focus there is they are people, as Simon meant, people, insurance, legal, technology costs that are making round down and aim to complete the CRU developments. We will be progressively targeting that cost base. You know, costs to come down overall by another 50, and we'll continue to work through that as we progressively execute on CRU. You've provided some pretty helpful sort of medium-term thinking or 2027, 2028 thinking in your prepared remarks. Next year, you're talking about an aggressive cost reduction. Is that the way, just from your comments then? Yeah, I think crew, the purpose of the CRU was intended for Camry purpose, so we're very focused on completing that. We set ourselves a target to about we progress 500. We've got 1.5 to still complete, and so there's the focus. At the same, progressively taking that cost out, and so we have costs down to a more manageable base for next year going forward. I think just, I mean, we're acutely aware, obviously, of those and those management costs. We're also acutely aware of our cost of capital. Looking at any way possible, really, to accelerate that capital recycling through CRU. My second question, just around obviously, it's been publicly announced, Simon and Tony. You've also construction move on. I believe the chief risk officer of development as well. Is there anyone else at that senior leadership that I'm missing there, the confidence in the turnaround amid, you know, some of this challenge? Look, each of the executives that were in retirement, personal or exploring other opportunities. So, you know, we've got a great depth of talent. I would say our new CFO, Andrew, just as he was previously the controller, and he's currently the CFO of the investment management, so he now steps up into the CFO. Construction, Steph Graham's been in the organization for greater than 20 years. She actually had been running the Australian for 18 months. Of course, as we've exited all international construction to now step up to the CLC in that role. Claire joined the CEO of the U.S., and as we finish up, though, she was looking to relocate back to Australia, and pleasingly, Claire now steps in for the organization. So there has been a number of moves, leadership in place to take the business forward for many years to come. Capacity, as an advisory role, he's gonna help chair the CRU, as we called out, focus on executing, our capital recycling plan. The next question will come from Richard Jones with JP Morgan. Please go ahead. Thanks, and good morning. Pretty consistently been higher than where you've guided. Can you provide some color as to what production leads you anticipate in the second half? Sure. Thanks, Richard. I'll have a go at that. Guide so much to kind of the half here until we gave a bit of an update, sort of pre-blackout. We've kind of landed where we said we would in terms of the big link to the timing of the capital recycling transactions, many of we alluded to. If we kind of roll forward to-- Again, this sort of is how to sort of think about the com on a forward-looking basis, sort of getting down to 15%, the hybrids, but clearly, we have the $3 billion of CRU and IDC transactions, which are announced are underway, which we'll benefit from when they settle, outflows. Within IDC, it's a relatively standardized sort of outflow for the second half in terms of net production spend, it's expected to be approximately... On the crew side, we've got net production spend of approximately $200 million going out the door. You know, those amounts are, are fully, incorporated, so there's nothing particularly unusual about those. The key is, in terms of, is really around capital recycling, and making sure that we continue to actions. The next question with Citi. Please go ahead. Thanks for the opportunity. On the taking this period, can you just.. Just late because it just broke up. Are you better? Yeah, perfect. Sorry about that. Just the impairments in the construction division, Simon, talking to, you know, looking forward, can, you know, the nonrecurrence of this and, and firstly, give us a bit more of these impairment claims and whether, you know, you, you sort of short-? I will just repeat that question just to make sure, because it's become a bit broken up. You've talked about the provisions that we have taken, in particular, the communities, gross provision of AUD 130 construction, international construction provision of AUD 44. Firstly, communities we did flag last year, we talked about a parcel on a community solar land being Gilead, adversely against that, and therefore, we have flagged the risk around that and AUD 136 million, taking a provision against that, which is a non-cash item. What we are, with the landowner as we are trying to come up with a position to work that forward. That's the community land parcel. On the call out, as Simon mentioned earlier, there was a risk around a project. We've now taken a provision of AUD 44 million against that. That's the two key matters and the provisions we've taken this period. You know, how do you think about the provision-related risk in the business? Can be uncertain, but, I'm just keen to get a sense of, you know, whether there's any potential risk down the track. I'm looking at something on that. Look, again, I think you, it is breaking up a bit, Sharad, but it's what I would say is based on the known risks we know today, we've taken provisions for the organization to cover that risk. What I would say is as we complete out different things that are ongoing, I'd say that risk is diminishing. You know, calling out that we recent, main part of the project, there is still some works that are ongoing there, but again, that's remained within the provisions that we had... Similar with the Building Safety Act in the U.K., similar story. Through the passage of time, those risks do diminish, but, you know, clearly we'll continue to monitor and assess any other emerging risks in the balance of the portfolio. Age of time, these risks either dissipate, become real and assessable. Thank you. The next question will come from Richard Jones. Oh, sorry, just to follow up. Is 15% gearing target, is that predicated on AUD 2 billion on investments? It's predicated on $3 billion, you and $1 billion in our IDC. As I think there was a question on, 640 relating to contracted JVs with The Crown Estate and then the TRX, dollars related to the exclusivities of both three things that we, APPF recapitalization, U.K. Build-to-Rent. That was over $1 billion, and then us now that's completed and a number of other transactions that make up that $3 billion. Okay. Thank you. On slide 42, you've got the breakdown on the CRU. There seems to be limited progress on three international JV projects. Looks like you've invested about $500 million, once you adjust for the moving of the Crown Estates and common development, and then the team projects and other haven't shown any progress either. What's happening in each of those buckets and when you might start be getting some of that capital back? There are a number of projects that sit, that we call that at the strategy day, that said we needed some AUD billion dollars of further capital that needed to be invested, and they related to things that related to one, Java, that related to the Italians. You've got various things occurring at mine in partnership with Capital Partners and also Alphington Park. It's no way, Richard, because there's capital and production capital that's being spent. Simon called out a further AUD 200 million of production capital in the CRU that needs to be spent in the period. As with period alone, there was some AUD 100 million dollars of capital that we recycled from landholdings that sit within the joint venture. We complete, like Habitat and Java, we will be looking to work out ways to invest some of the assets that are under development at mine. Okay, Carlo, just in, in terms of when the timing on more of that capital is going to get released, because it's obviously it's a big drag on, yes, I don't know whether you can give us any more color on when you might be back. Richard, $2 billion of CRU capital that we're aiming to recycle this year. Pretty announced in the period, and that was 400 relating to TRX and 100 relating to achieve. We're targeting another $1.5 billion in the second half of this year. Okay, thanks. There are no further questions. Call back over to Mr. Lombardo for any closing remarks. Please go ahead, sir. Again, thank you for joining today's half year result. Simon, for his support over the last 4.5 years, and I look forward to catching up with our over the coming weeks. Thank you.