Hello, good afternoon. My name's Steven Marshall. I'm Chairman and Co-Founder of Cordiant Digital Infrastructure Manager, which has raised Cordiant Digital Infrastructure Limited on the London stock market just under five years ago now, actually. I'm here today to talk about our interim results with my CFO, Andrew Ewe. If we go to the first slide. We have had another good six months of operational performance, which we'll take you through now over the next sort of 30 to 45 minutes. We've had a growth in revenues across the portfolio businesses of 7%, an increase in the EBITDA of 6.5%, driving the net asset value by 10%, up to 140 pence per share net asset value for the portfolio as a whole. Those that have invested with us for some time will have seen this slide before. We own six operating entities across a number of geographies and a number of digital infrastructure asset classes. Within those entities, we have a large diversification of assets: 23 data centers, just over 15,000 km of fibre optic network, just under 1,500 mobile telecommunication towers, and plenty of power, plenty of power to be able to support the growth of our data center activities. As you can see, we do enjoy some really first-class customers. I would argue a very strongly blue-chip customer base that want to access our assets under long-term contracts. Because they are long-term contracts, of course, we want to have escalation clauses. That collectively drives a very resilient growing revenue, EBITDA, and cash flow stream for a number of years to come. We have pursued a buy-build-and-grow strategy, which has been very effective for us over the last five years. We have covered dividend of 1.7x from free cash flows. Our valuation, I've argued, and the board has argued for some time now, we think is somewhat undervalued. You can actually, if you buy the shares today, you're probably buying the shares on the basis of around about a 9% EBITDA to EV multiple. As I pointed out, a very resilient future growing cash flow. This particular number further emphasizes that we have actually just under GBP 1 billion of contracted revenues under our existing contracts with our existing customer base. Very, very significant revenue base going forward. Over the last six months, with the growth in EBITDA, with the dividend that has already been delivered, we've delivered over the last six months just under a 15% total shareholder return. With the undervaluation that I've talked about, I guess the only silver lining is that both myself, my colleagues, and indeed the board have continued to invest personally into the portfolio at the very, very attractive prices that we see in the marketplace. When we said at IPO, when we set out that we would have our management fees based on the law of NAV or market cap, because we're actually at a discount to market cap at the moment, actually our actual management fees are probably industry-leading at just under 0.7% because they're based on the market cap rather than the NAV. We have pursued the buy-build-and-grow strategy. There are examples on this particular slide of that strategy and how it is actually effectuated, buying existing assets, in this particular case, some bolt-on acquisitions, which drive some very significant synergy valuation, growth in valuation. Build, by building new mobile telecommunication towers or building an extension of our fibre-optic networks or expanding and building additional edge data centers, is the build part of the equation. Grow is all about focusing on existing customers and new customers to grow our revenues, our EBITDA on that basis. That strategy has served us exceptionally well over the last five years. In discussion with some investors very recently, people were saying, "Great to see the underlying very consistent performance, Steve. Are there any sort of significant catalysts that could further enhance that growth in revenue and EBITDA?" I think there very much are. We outline three of them on this particular slide. The Prague Gateway that is under development at the moment, could drive significant net asset value. Just by way of example, we're actually building that, proposing to build that on an existing piece of land that is on the balance sheet for minus EUR 2 million at the moment. It will probably have a value of tens of millions of euros if developed as a data center. That would obviously significantly enhance the NAV. The integration of BT Ireland with our existing assets in Ireland will drive some significant synergies. We have a number of asset portfolios, not least the data center portfolios and the mobile tower portfolios that, if were sold or traded independently, would probably have EBITDA valuation multiples in the sort of the 20s, whereas you can buy the shares today at around about 9x EBITDA. Significant undervaluation. If you look at some of the analyst reports, a very recent one from Deutsche Numis does actually set out a try to value some of the parts calculation, which would actually significantly value our business at a much higher number than the current 140.0p net asset value we have published today. With that, I will hand over to Andrew, who will talk you through our financials in more detail. Thank you, Steve. Good afternoon, everyone. In this section, I'll be delighted to take you through in more detail the financial performance for the six months to 30th of September. I'll cover NAV progression, earnings growth, the dividends, gearing, and a few other key metrics that we track. Just before I go into more detail on the NAV movements in the period, I just wanted to reflect on our track record since the IPO in February 2021. From a NAV total return basis, we've achieved an annualized return of 13.5%. This is comprised of capital growth plus the dividend. This has been backed by strong EBITDA growth and free cash flow generation of the portfolio. In tandem, we have pursued a progressive dividend policy. This dividend has been increased every financial year since the IPO. We are announcing an interim dividend of 2.175 pence per share today to be paid in December. This represents 50% of the target for this financial year that was set in July, back at the annual results this year. This dividend remains well covered by adjusted funds from operations, which is effectively free cash flow before CapEx at 1.7 x. It is covered 4.8x by EBITDA, up from 4.6x back in March. Gearing remains prudent at just under 41% as a percentage of gross asset value. Now, just looking at the NAV movements in more detail, just to remind the audience, we conduct the valuations of our portfolio companies on a discounted cash flow basis. We have an external board of directors who scrutinize these valuations. In turn, they employ a third-party valuations advisor from the Big Four to provide a further independent assessment of the values. Beginning from left to right, the first pillar of the movement was accrued income of GBP 17.6 million. This mostly comprised of dividends from the portfolio companies as well as interest earned on cash balances. In terms of the fair value movements, this was led by the two largest portfolio companies being Emitel and CRA. There was very good EBITDA growth in the period of 6.5% overall in the portfolio, with good progress across strategic initiatives. All portfolio companies are performing in line with their financial budgets year to date. There was a slight benefit from a three basis points reduction in the weighted average cost of capital. There was a substantial FX gain for the portfolio in the period. Without this FX gain, total return would have been 5.6%. We saw FX gains in the Czech koruna and the Polish currency. Since 30 September 2025, those two currencies have actually appreciated even further. Gains on the euro were offset by appreciation of our euro-denominated debt in the portfolio. In terms of fund expenses, Steve mentioned, management fees are linked to market cap, which is quite unique in this industry. Total fund expenses, the management fee plus other operating costs of the fund on an annualized basis, was below 1% of NAV. Finally, we incurred some interest costs relating to our fund-level debt, ending the period at GBP 1.40 per share, which is just over GBP 1 billion in NAV, so a total return of 10%. I'll just take you through in a bit more detail through the individual NAV movements for each of the portfolio companies. Emitel has had a very good year so far. Emitel delivered a total return for the period of 8.9%. This was a mixture of CapEx growth and income, returning GBP 25 million of cash to the fund through dividends and shareholder loan repayments. EBITDA growth for Emitel year to date was 8.1% on the back of revenue growth of 8.8%. This growth reflected good organic growth across all of Emitel's main business segments, benefiting particularly from new contracts signed last year in the radio and TV broadcast space, the beneficial impact of inflation, as well as very good growth in its mobile towers division, where it recorded 11.6% growth year to date. There was support from appreciation of the Polish złoty backed by a very strongly performing Polish economy. Poland is the sixth-largest EU economy. Some economists even think that the Polish GDP per capita will exceed that of the U.K. by the end of this decade. CRA is the second largest company in the portfolio with exposure across all of the digital infrastructure segments, so towers, data centers, cloud, Internet of Things, fibre. CRA delivered a total return in the period of 13%, around half of which was from appreciation of the Czech currency. CRA has made very good progress in the year on a number of strategic initiatives, particularly in its data center platform, where it completed construction of the 1.3 MW extension of the Žižkov data center, as well as beginning groundworks for the 26 MW Prague Gateway data center. Steve can go into more detail on that later. It is worth pointing out Prague Gateway has not been fully reflected in the valuation of CRA. In fact, we've only included the development costs of the project so far, and we'll keep this under review as the development progresses. CRA has, despite performing in line with its budget year to date, there was a slight dip in EBITDA for CRA of 1.2%. However, for the seven months to October, it returned to growth at 1.3%. This was largely as a result of seasonal variations in growth and the timing of new business, which has weighted more towards the second half of the year. Finally, CRA is in active negotiations with a number of parties to sell off some redundant land that's no longer needed for operations. This could generate some cash proceeds for the company later in the year, which will be available for reinvestments. Turning to Speed Fibre, this is our wholesale fibre platform in Ireland. Speed Fibre delivered a total return for the period of 10.6%, again, around half of which was due to the appreciation of the euro against sterling. Despite a more challenged fibre market in Ireland with some soft trading conditions, there was EBITDA growth of 1.7% through growth in recurring fibre and wireless sales, as well as some revenue from one-off installations for customers. Speed Fibre remains on budget for the year. The company was pleased to complete the acquisition of BT Ireland. We expect this new deal to generate synergies for the company going forward. Cordiant did inject some money to support this acquisition, with the balance being supported by cash on hand and available debt facilities. Speed Fibre continues to work on the integration of the business. We hope to see the benefits of this come through in the years ahead. Turning to Data Center United, this is the newest asset in the portfolio. Data Center United runs 13 data centers in Belgium, mainly focused on co-location. DCU returned 6.8% in the period, most of which through appreciation of the euro, with a slight fair value uplift. It has been a year of integration for the business, as it acquired the Proximus data center through a sale and leaseback arrangement, with a 10-year contract back to Proximus, the Belgian telco. New investments were made to strengthen the senior management team in the year. Cordiant completed a syndication of a stake in Data Center United in the period to a Western European institutional investor, which brought Cordiant's stake down in the business to 37.4%. The proceeds of this have been used to reduce net debt and will be available for reinvestments. In the period, the company also completed a refinancing and an upsizing of its senior debt facilities, raising EUR 120 million of debt, comprising a EUR 50 million term loan, a EUR 50 million CapEx facility, and EUR 20 million in ancillary facilities. This means that DCU is now well funded to continue expanding through its own internal resources, both through organic growth and inorganic growth. Finally, cash distribution of EUR 15 million was made back to the company as a result of the refi, which again has enabled us to reduce net debt and increase firepower for new investments. Just turning to the two smaller assets in the portfolio, Hudson Interxchange, this is our interconnect data center in New York. We have continued to invest in this company. At the moment, we are supporting Hudson with the build-out of new data halls to expand capacity by 2 MW. We're pleased to say that nearly one-fifth of this capacity has already been pre-sold to customers. We hope by selling out all of this new available capacity, it should support Hudson to profitability. We expect these new data halls to complete in the first half of next year. Notwithstanding this, the movement in the valuation for Hudson was steady in the year as it continues to work on growing its sales base. Finally, Belgian Tower Company, the smallest asset in the portfolio. This was acquired due to its participation in 5G broadcast trials, which are ongoing. Steve will talk more about that later. The company has a portfolio of 15 towers and is very cash generative and returned GBP 500,000 in dividends to us in the period. We expect it to continue yielding cash as we go forward. Just turning to the dividend. The dividend remains well covered at 1.7x by adjusted funds from operations, which is effectively free cash flow before growth CapEx. This is steady from March. Growth in EBITDA has been offset by growth in interest expenses as a result of more debt drawn to fund new growth investments for the portfolio. In terms of growth, CapEx for the last 12 months, GBP 38 million was spent across the portfolio, across all subsectors that we cover, the largest share being for data centers and cloud. This mainly related to the groundworks for Prague Gateway, the expansion of the Žižkov data center in Prague, as well as the new Hudson data halls. In the last 12 months, there have been investments in expanding the digital radio broadcast networks at CRA and Emitel, the build-out of new mobile towers in Poland, and some small investments in TV broadcast to upgrade infrastructure. Next slide, please. Just moving on to the balance sheet and liquidity. Just to reiterate, there are no debt maturities in the portfolio until June 2029. Gearing remains stable at just under 41% of gross asset value, with interest expenses well covered by free cash flow before CapEx at 2.2 x. 70% of our interest expenses are fixed, either through fixed-rate debt or interest rate hedges for around the next three years. Over half of the debt in the portfolio is euro-denominated. We do not have any exposure to sterling debt, which has been considerably more expensive than euro debt in recent times. Looking at our gearing in terms of net leverage or net debt to EBITDA, we're at 4.8x as of September. This is up from 4.5x at March, but this has largely been the result of movements in FX. When compared to other listed companies in the space in towers and data centers, or indeed in the private markets, we're well below the average. In the private markets, typically, you would see leverage ratios for mobile towers and data centers in excess of 7-8 times. Finally, just looking at the liquidity position, well over GBP 200 million in liquidity is available through cash at the portfolio company level, at the fund level, and undrawn debt facilities. Available liquidity has increased slightly as a result of the DCU syndication and the refinancing in Belgium. Just taking you through the revenue mix of the portfolio, which continues to be well diversified. Wholesale fibre is the largest exposure for the portfolio, largely as a result of the BT Ireland acquisition. About 25% of revenue is in mobile towers, data centers, and cloud. We expect this space to experience attractive growth in the coming years. Geographically, Poland is the largest exposure for the portfolio at 37%. Together with Ireland and Czech Republic, these make up most of the revenues. We are pleased to say these are three very attractive and fast-growing economies in the EU, with low unemployment rates and relatively low debt-to-GDP ratios when compared to the U.K. or the wider EU. Finally, the portfolio remains a net beneficiary of inflation, with two-thirds of revenue contracts linked to inflation, either through full escalators or partial escalators. We expect to experience growth purely through inflation in the coming years, notwithstanding all the other growth drivers benefiting the portfolio. I'll now hand you back to Steve for giving you an operational update for the portfolio companies. Thank you, Andrew. First of all, let's talk about Emitel. Emitel is the biggest asset within our portfolio. As I was talking about earlier, it has a very high level of contracted revenues of just over GBP 500 million on a go-forward basis, with some of those revenues extending to as far as 2044. They are progressing with the Orange contract to build new mobile towers. The first batch of tower grid centers have come across, and they're starting to work on those now, which, as I've said before, should increase Emitel's total mobile tower portfolio to over 1,000 towers in due course. The company is also investing in an upgrade to the technology of its MUX-8, which will allow it to offer higher-definition broadcast channels to its customers or additional functionality that will allow the broadcasters to sell more effectively their advertising content within those channel capacity or offer other value-added services to their particular customers and drive more demand for them. You can see on the right-hand side here that when you looked at the mobile operating networks across Poland, there is a need for more coverage. There is a need for more capacity as well, but there is certainly a need for more coverage to be able to provide mobile capacity to those areas which are currently not served. This particular forecast is indicating something like another 4,400 additional antennas on towers across the wider geography of Poland. The graph at the bottom there is an indication of just how, I guess, beneficial and profitable the broadcast market is, the broadcast telecommunications TV market is in Poland, in that the demand for advertising space has been growing at just under 6% a year, which is also driving Emitel to ask the government to make more spectrum available for another MUX so that additional channel capacity can be offered to the broadcasters. Of course, that would also free up some additional space for advertising, which is in great demand across Poland. When we look at our second biggest asset, CRA, again, some very, very significant contracted revenues, just under GBP 300 million of contracted revenues. Actually, if you look at some of those contracts and with the expected renewals, you're probably getting close to double that of contracted revenues in reality. Obviously, the biggest developments in the Czech Republic are the development of its data center capacity, not least the potential construction of a 26-MW facility data center on an existing plot of land that we have just outside Prague. I do expect that the board will probably take a positive decision to continue with the build-out of the shell, the core, and the first data hall for that facility probably in January or February next year. If you look at the little table on the right-hand side there, I would point out that TV broadcast and radio broadcast is now actually just around about 45% of the total revenues of CRA, which has come down really quite significantly over the last five years whilst we've owned the asset. That's not because TV and radio broadcast revenues are actually reducing. They are growing. They continue to grow. They will continue to grow. They are not growing at the same rate as the adjacent investments in mobile towers, data centers, and fibre-optic and IoT networks. Really great progress in respect of CRA's development. I continue to see very positive expectations for the future. Speed Fibre Group, of course, the big development there is the recent acquisition of BT Ireland, where we acquired over 3,400 km of additional fibre and 400 customers and a number of additional services, some of which we will continue and will augment the services that we offer our existing customer base, but some of which we will decommission over the next 12-18 months and move customers across to, I guess, more state-of-the-art service capabilities. Also, acquiring BT Ireland gives us certain fibre assets, which will help us to develop a western digital fibre ring going down the west coast of Ireland, down to the south, and meeting up with an existing fibre-optic network going up the east coast to create a complete ring, a resilient ring, which Ireland desperately needs, a second national resilient ring, and to be able to support subsea fibre cable that's being deployed on the south of Ireland, which is more than likely to create more data center demand on the south of Ireland, whereas historically it's been developed around the Dublin metropolis. Really great progress there with the integrations going well. We've offered a voluntary redundancy scheme, which has been taken up and has been seen as very, very positive and will, of course, reduce the operating costs and substantially improve the profitability of the combined operation. Data Center United, our most recent platform acquisition. We acquired DCU in partnership with TINC, a Belgian investment trust. Together, we acquired the carve-out from Proximus. The management team has been augmented over the last few months to be able to support that bigger portfolio and service offering. They are busy with the integration of those two assets in order to drive the synergies that we expected under the business plan. Looking good. We are looking to further invest in the 13 data centers across Belgium so that they can offer more and more capacity to the growing market demand over the next few years. Very, very excited about that. In fact, we are the number one provider of data centers, power and space data centers for corporates, governments, and the internet providers in Belgium today. Small geography, but great to have the number one position. Nice to see that Hudson Interxchange in Manhattan is showing its best performance yet since we acquired the business. They are constructing two new data halls to provide another 2 MW of capacity within that facility. Those should be completed fairly early next year. They've had probably the best sales effort to date since we've owned them. They've actually pre-sold 20% of that capacity before that's been properly built out. That is showing some real good signs now that the brand is starting to be recognized as being able to offer good quality service and support to a potential customer base. Belgian Tower Company, a small asset, but we acquired it because of its trialing of 5G Broadcast with the Belgian government. Actually, two weeks ago, there was a gathering of the broadcast infrastructure industry across Europe where we jointly presented to EU and national geographic regulators the benefits of 5G broadcast. In fact, as we showed a real demonstration of that, it was actually our company, the Belgian Tower Company, that actually broadcast four linear channels over 5G broadcast standard to some 30 or 40 handsets that were handed out to the guests that had been invited to that particular event. It was an outstanding success. Across the world, there are probably about 60 countries that are actually trialing 5G broadcast. It will have very, very substantial benefits for emergency service notifications, for providing a much broader market to the broadcasters. They'll be able to expand the customer base to anybody looking at a handset with a 5G chip in, they'll be able to receive a whole host of broadcast TV content. Really quite exciting. Not something that's going to drive our revenues this year or next year, but probably from two years out, it could be a substantial expansion of our revenue opportunity in the broadcast infrastructure base. Looking at the wider market context, we are in data centers, but data centers and the demand for data centers is really just an indication of the demand for capacity across the whole digital infrastructure sectors that we invest in. As the demand for data center capacity grows, of course, the demand for fibre optic connection to those centers and to corporates and people's homes grows. Of course, the demand for mobile tower telecommunication also grows. Historically, over the last sort of decade or so, we've seen the demand for digital infrastructure growing at sort of teens percentages. That is expected to continue well into the future. There is the talk of AI. In reality, AI is probably going to further augment that demand over the next decade. It is somewhat intuitive. If you think about it today, when we interrogate the internet, we ask it to download certain information. What are we doing with AI? We're not asking it just to download information. We're asking it to compute something that we want information on. Rather than just saying, "What are the tax rates in the U.K.?" and getting that information, now we could actually say to, through OpenAI, "My wife earns GBP 60,000 a year. We've got two children. She needs parental support. How much tax will she pay in the U.K.? OpenAI will actually calculate the tax that she's owed and needs to pay in the U.K. on the basis of the parameters you set out. That requires a lot more compute on servers in data centers that we could own, or somebody else could own. It obviously requires a lot more capacity on the fibre. If you ask that question on your mobile phone, it would obviously require more capacity on the mobile network. All in all, more and more demand for the plumbing of the internet, fibre towers, and data centers, which we, of course, is our investment thesis. If you look at slide 24, we also benefit from operating in three of the fastest-growing markets in Europe. You look at all these metrics, GDP growth, Poland and the Czech Republic, and Ireland are growing up faster than the U.K., faster than the EU average. Unemployment rates are lower in our geographies than the U.K. or the EU average. The debt levels of our three main countries are much lower than the U.K. or the EU average. Inflation is there or thereabouts with sort of the European average, certainly a little bit less than Britain. As we pointed out before, inflation is usually our friend. I do not mind seeing inflation at sort of 2.9%, 2.5% because that obviously does drive some growth in the revenues and EBITDA on an asset base that is largely fixed, right? It is a nice growth in our cash flows and our financial development. ESG, we are very, very attuned to the need to be environmentally friendly. I think intuitively or naturally, our assets are ESG extremely friendly. Where we expand our network, our fibre-optic network, or our mobile tower network, of course, we are enabling people to work remotely. We're enabling them to be more effective in the regional locations. That's all very beneficial. If they're not commuting, they're not incurring a carbon footprint to the same extent as if they're having to commute all the time. If you look at some very, very specific initiatives, apart from that intuitive ESG profile, we have progressively bought more and more renewable energy for our big operations in Poland and the Czech Republic, almost at 100% purchase of renewable energy now. If you look at CRA and the prospective development of a new data center, that will be a state-of-the-art facility. It will be very, very energy efficient. It'll have one of the lowest PUE ratios, which is an indication of how efficient it is of any data center worldwide. Very much a very keen eye to making sure that we minimize our environmental footprint. You will also see here, by way of example, that Speed Fibre has got a perfect aggressive score in 2025. It was close to a perfect score in 2024 and has been for the last two years ranked first in its peer group in terms of its social rating. There are other examples here of how we try to buy the most efficient cooling cabinets now for the upgrade in Hudson Interxchange and indeed how we're progressing and improving our PUE across our data centers in Belgium. We are absolutely committed to playing our part in terms of minimizing the carbon footprint of the assets in which we either acquire or we are looking to develop. Just to conclude, another great six months delivered by excellent management teams across all of our portfolios, driving a 10% growth in our net asset value, driving a 7% growth in our revenues, a 6.5% growth in our EBITDA. Based on a fairly robust balance sheet across the whole portfolio of investments, Andrew has negotiated extensions to our debt facilities. There is no debt that comes repayable until mid-2029. Andrew has negotiated some very, very keen interest rates, the majority of which are in euros, which are somewhat more attractive than you would find in sterling these days. We have a highly diversified asset portfolio across fibre, across broadcast towers, mobile telecommunication towers, and multiple data center assets across multiple geographies. We continue to look to further pursue our buy-build and growth strategy, buy bolt-on acquisitions where we get great synergies, invest in expanding our existing network or our tower base at construction costs so we're not paying an acquisition premium. Of course, working and investing in added functionality with our customers to grow our revenues and our profitability with our existing customer base and encouraging new customers to come onto our existing assets and new assets that we build. As I said, we came into this five years ago. We made this offering available to investors five years ago because we thought it was such a great asset class, digital infrastructure, the plumbing of the internet, where there is annually an increasing demand for more and more capacity, which obviously is going to drive revenues and profitability. We've seen that play out over the last five years. There is no reason to believe why that wouldn't continue to play out over the next five years. A really fantastic operating performance, which I'm very pleased about with what we've achieved and what the management teams continue to achieve. I am disappointed with the valuation that the marketplace places on that performance. As I say, and I've said in the past, the only silver lining to that is that I get to buy more and more of the business for my own personal balance sheet because it's such an undervalued asset from my perspective and certainly my colleagues believe and the board believes. I own just under 14 million shares across myself, my team, and the board. We own 2.2% of the value of the business. We think it's a great investment. Thank you, everybody, for your interest. For those that have joined us at the start or joined us on our journey, thank you very much for supporting the business. We created this to give you access to this particular asset class. I think if you take a medium-term view, you should do pretty well with the investment over that period of time. Thank you very much for the support. I hope you continue to invest and support the business well into the next decade. Thank you very much indeed. Thank you, Steve. Thank you, Andrew. We have a couple of questions online. The first is from Gravis Capital. That is, how should we be thinking about AFFO growth going forward, noting this period saw a small decline? I suppose if you look at AFFO in two parts, we continue to expect revenue and EBITDA growth to support that side of the equation. As we invest in further growth, CapEx, new bolt-on acquisitions, that will feed through to interest expenses. Overall, the new investments we are making are highly accretive to the portfolio. We will bring additional EBITDA to cover any additional interest expenses going forward. We are looking to keep that stable and ensure we remain prudent on gearing. At the same time, from a capital allocation perspective, we do see a lot of attractive opportunities in growth CapEx. We will continue to pursue those. Perfect. Thank you, Andrew. The second question is from Foresight Group. It is a longer one, so bear with me. Could you provide more detail on CapEx structure for the Prague Gateway Data Center? Given the 26-MW capacity and earlier indication that only 4 MW will be developed initially, will Cordiant construct the full shell upfront with tenants subsequently funding their own fit-out and equipment? Is a different phase model expected? There was mention of cost being EUR 10 million per megawatt. I am wondering who does that sit with? Are you able to share any update on the tenant pipeline for Prague Data Center? Could we expect an anchor tenant, sorry, an anchor or hyperscale tenant, a co-location operator, or a mix of enterprise customer at this stage? Would this project be considered a speculative build, or is it being phased to align with tenant commitments? Thank you very much for the question. Very interesting. We have been marketing this for the last six or seven months. We have interest from probably about 20 separate individual parties that would want to take space within the facility, but we have not signed up any contractual arrangement yet. I do expect to press ahead with approving this investment in the January-February board. The reason for that is that we would look to support the investment in building the shell, the core, and the first data hall of three. If you build the first data hall, that would provide you, depending on how it's configured, somewhere between 4-6 MW. When you think about CRA has sold over 5 MW of capacity over the last five years, building out that shell core and the first data hall isn't a stretch to say that that's meeting the market demand over the next few years. Actually, if that's all you ever did, you would still generate a target return of 9%. In addition to that, we can build out data hall number two and data hall number three. As you're in construction, right, you will be continuing to market that to either significant corporates, government, or other users, but also to the hyperscalers that may well decide to sign up and take a full data hall and contract to do that, either for you to invest in it or for them to invest in it. There's still a question mark over, I guess, the financial demands in order to build out the full development here. To build out the first phase that I've talked about, it would probably be about half of the cost of the whole facility. That $10 million or EUR 10 million per megawatt is a good rule of thumb. Twenty-six megawatts in totality could be sort of $260 million or EUR 260 million. Take off the value of the land, which we still need to determine. For the sake of argument, let's say EUR 200 million. Then maybe if the first phase is half that, sort of EUR 100 million. We're still working on these numbers. We're getting construction prices in as we speak. That's the sort of number that would be needed to build out the first phase over an 18-month to two-year period. It's not all going out the door initially. CRA does have the facilities, and banks have offered to fully fund that with debt. We would end up consolidating that at the center, and therefore, we may choose not to want to do that. In parallel, we're also in discussion with parties to potentially take minority stakes in this development. There is a great deal of interest from a number of parties wanting to take a minority stake. All of that will be determined over the next three or four months. I'm sure we'll have an update for you at the full year. Thank you, Steve. There's one further question, which is, the share is currently trading at a discount to NAV. Given your strong liquidity position, how do you think about the balance between accelerating share buybacks and investing in new projects such as data centers? Could you elaborate on how you compare the expected return and risk of both options? The question goes on to a second part, which is, there is mention of an ongoing dispute concerning valuation of a former shareholder in a predecessor entity of CRA. Could you update us on the current status of this matter and help us understand the range of potential financial outcomes for Cord, including any indications of material exposure? Okay. On the first point, capital allocation, it's something that both myself and my colleagues on the board consider almost on a daily basis, how we should allocate capital. There are conflicting views across the shareholder base and indeed for ourselves as to how that should be allocated. We have taken the decision that obviously the first allocation is to pursue a progressive dividend policy. That's the first requirement. The second requirement is to support our operations to expand their existing asset base with organic growth developments. The third allocation would be to invest in very, very profitable bolt-ons. Perfect example would be the acquisition of BT Ireland, whereby a somewhat marginally profitable business, when it's merged with Speed Fibre Group, becomes a substantially more profitable business because we can reduce the overhead burden of the combined group. We certainly wouldn't want to miss out on those opportunities. After that, of course, we could consider buyback of shares. One of the challenges of the buyback of the shares is it actually reduces the size of the business. As we've seen, our typical investor base is consolidating into bigger and bigger fund managers. The bigger and bigger fund managers want to invest in bigger and bigger entities, investment trusts. Therefore, actually reducing capital size is not necessarily beneficial. If we continue to see a big discount of our market cap to NAV, of course, we will continue to evaluate. If we feel we have spare cash and we do not have other priority allocations for it, then we will look to buy back our shares. That is point one. On the dispute, I would say there has been no further development since the last update. There is this minority squeeze out. It goes back, what, Andrew, 20 years or something? More than 20 years. More than 20 years that it's been in the courts. It feels to me very much like a shakedown. What are we actually talking about here? We're talking about 20 years ago, the listed shareholders were offered a price to sell out to take the business private. The majority of shareholders took that price. There's a few minorities left over that didn't take the price. Some time later, those minorities were offered a higher price than the listed entity shareholders took in the first instance. Now they're arguing 20 years later that because the business has done so well, they should have been paid more for it. In my view, there's no rationale for that. There's some very, very clear valuation benchmarks that were done at the time. Somebody's trying it on. We will continue to defend this initiative vigorously and to end up with a nil charge to our particular balance sheet. There have been no further developments. The initial municipal court found against us to some degree. We have appealed against that municipal court ruling on multiple points of administration and fact. As yet, the appeal court has not taken over the file and started to look at the file. We will just continue to monitor that and defend our position. In terms of magnitude, I mean, I think the minority shareholder that is disputing at the moment is a few thousand shares. If ultimately it did rule against us, then it could apply to any minority shareholder that was applied at the time. Again, it's impossible to tell how many people would be able to show today, 20 years later, that they own shares at the time and they weren't properly remunerated. Our auditors and the board and advisors in the Czech Republic and advisors here in London have all indicated that they don't see any reasonable need to make any provisions for such a spurious claim. Thank you, Steve. There are no further questions at this point. Steve, do you have any sort of final words you'd like to say? Yeah. Just to say thank you very much. Much appreciate the support from investors that joined us at IPO and those that have joined us since. It's a great asset class. It's got great potential. We've got great management teams. Our three biggest assets are number, well, our two biggest assets are number one in the markets in which they operate. Speed Fibre is number two after the incumbent in Ireland in the fibre market. The Belgium data center business is number one in power and space in Belgium. Really fantastic assets, national champions in many respects, great management teams, and the wind at our back. I do expect that we will continue to grow revenues, to grow EBITDA, to grow net cash flows through our buy-build-and-grow strategy. I hope you'll continue to support us and invest in us as we go forward. Thank you very much. Thank you.