Good morning, everybody. Thank you for joining us for our 2026 interim results and outlook. I am delighted to be here with Richard Ball, our CFO, and Ailbhe Molloy, our Head of Investor Relations. We have spent over 10 years building Cairn Homes to our current position. The results today show the fruits of our investments and reflect the hard work and ambition of the current team. We are delivering new homes more efficiently. We are better utilizing our own resources, and this is clearly reflected in today's upgraded order week guidance. H1 revenues have grown by 60% year-on-year, while operating expense growth was just 7%. In our presentation today, Richard and I will outline the reducing capital intensity of our business and how this will deliver strong cash flows and increasing returns for this year and beyond. Let us turn to our interim results. We will start on slide four, where we have highlighted some of our key trading KPIs from the first half of 2026. Revenue for the first half came in at EUR 455 million, up 60% from H1 last year. 1,139 homes were sold, also 60%, circa 60% more than last year. We sold new homes to our widening range of customers across 19 developments in the urban and suburban areas of Dublin, the Greater Dublin area, Cork, and Galway City. Looking forward, our current order book has grown to over 5,000 new homes, an increase of over 900 units year-on-year, with a value of nearly EUR 1.9 billion. We have very strong visibility for our future growth. Our ASP for the period, as you can see, remains stable at EUR 393,000, up just 1.6%. This is despite build cost inflation, which is currently running at about 2.5%. In an inflationary environment, we have controlled ASP growth while increasing sales and improving our operating profit by 75% to just under EUR 75 million. Our operating margin for the first half grew to 16.4%. Cairn is a trusted brand, and more home buyers are choosing our well-located, competitively priced homes. This is clearly evidenced in our weekly private sales rate of 3.7 new homes per active sales development. EPS was EUR 0.093, up 82% year-on-year, reflecting strong earnings growth and improved operational leverage. Moving to slide five, which covers some additional financial highlights, shareholder returns, and our improved guidance for 2026. Net debt is reduced significantly year-on-year, falling from EUR 307 million to about EUR 194 million, and operating cash flow is EUR 22.4 million, which is an improvement of over EUR 140 million year-on-year. This is a material shift. The increased net investments in WIP and land that we have made over the past number of years, particularly in 2025, is now unwinding as Cairn scales. I will talk to you later about our forward-looking land replacement strategy, including more detail on our increasing low cost strategic land bank and our improving WIP turn. Our net assets have grown by close to EUR 100 million -EUR 863 million. We are also today increasing our interim dividend by 10% to EUR 0.045 per share, and we are announcing a new EUR 50 million share buyback program starting today. These both signal the strong cash generation and financial flexibility we have to reward our shareholders. As outlined on this slide, we are also today upgrading our full year 2026 guidance. Moving to slide six now on our sales pricing and product mix. The table on the left clearly illustrates the consistency of our ASPs since 2024. While our house prices have grown by a little over 4%, our apartment and duplex pricing has remained flat. We are now also delivering homes across a much broader land bank, with 30 selling sites in the full year 2026. As well as launching new phases of our existing large developments during the year, we are also bringing 13 brand new schemes to the market in 2026. Overall, the number of houses we are delivering is growing, and we will continue to do so over the next 12 months as we prioritize increased delivery of owner-occupier homes, the majority of which will be for our first-time buyers. Moving on to slide seven. We have outlined our growing realisable market. More buyers are choosing our homes and our market share is increasing. We do deliver industry-leading quality and affordability with a growing brand affinity. We are unique in our delivery of large, well located, mixed tenure developments situated near multimodal transport links. A wide range of unit typologies, together with the multiple tenures our homes are designed for, significantly broadens our realisable market. We are a committed partner of The Housing Agency in Ireland in making the recently introduced Croí Cónaithe (Cities) scheme a success. This is a targeted initiative which is unique to the Irish market, and along with recent VAT reductions on apartments and changes to design guidelines to improve density, this clearly illustrates the government's intent in ensuring that apartments play an increasingly important role in meeting future housing needs. Combined with this significant buyer support, our own low-cost apartment delivery model opens up the possibility of ownership in our cities to an expanding cohort of new customers. We have included some feedback in the center of the slide from one of our recent Croí Cónaithe launches on the edge of Dublin City. This highlights some of the benefits of apartment ownership in urban locations, including that 70% of our new apartment owners will be moving from private rent. 65% will take public transport to work, and 45% work in the center of Dublin City. On the right-hand side, we call out a very important underpin to realisable demand. Over the next five years, we are targeting that circa 60% of our owner-occupiers homes will be priced below the government price caps of the First Home and Help to Buy schemes. These two critical supports for our first-time buyers have been extended, and we will continue to ensure that the majority of the increasing number of starter homes we deliver will qualify. Slide eight illustrates Ireland's strong economic performance. The macro backdrop for housing is certainly supportive. As you know, Ireland is one of the fastest growing economies in Europe over a multi-year period. We have transitioned to a leader in housing delivery investment. Domestic economic indicators remain supportive. Demand continues to be underpinned by a strong economy, population growth, and changing demographics. Our government has the fiscal capacity to continue to invest in housing delivery into the future. They have committed EUR 36 billion in housing and investment infrastructure to 2030 alone. On a per capita basis, this level of investment is now the highest in Europe, and approximately 3x the EU-27 average. Employment, incomes, and mortgage availability continue to support housing need. Population growth and falling household size are also increasing long-term housing requirements, and these trends are informing our own design and delivery strategy. I now move to slide nine, where Ireland's supportive policy environment is unlocking supply. Key challenges remain, but there are clear signs that wider policy measures are beginning to address some of the key constraints on housing delivery. Planning reforms are helping reduce delays and improve certainty. As I mentioned earlier, policy and funding interventions are improving apartment activation rates, as you can see on the slide. Infrastructure investment is increasingly focused on unlocking housing delivery at scale. Over the past two years, government policy has evolved from planning-led housing policy to an increasingly infrastructure-led and aligned delivery model. Water, transport, energy, site servicing are now more widely recognized as prerequisites to achieving housing need. A really good example is illustrated on the map shown here on the right-hand side of the slide. The Housing Activation Office, recently formed, allocated close to EUR 1 billion of new infrastructure funding to speed up the activation of 86 large housing developments across Ireland. Seven of our own planned developments will benefit from this funding and speed up our own delivery timelines. On slide 10, we have outlined some of our current key sustainability highlights. We continue to be a leader in sustainable construction. Our commitment to sustainability is delivering clear results. Some highlights from H1 are outlined on the slide here. Nearly 5,500 people are now employed across Cairn sites. This is supported by a growing apprenticeship academy of nearly 350 active or qualified apprentices. We recognize the importance of a diverse workforce and continue to prioritize our own diversity. We are immensely proud of our talented team. It is important to us that when we deliver homes, we create thriving communities. Our focus on placemaking is evident in our Homes Together and Cairn Community Games initiatives. Now we look at our continued investment in innovation on slide 11. Our investment in innovation is centered on improving affordability and access to housing for our customers. Along with our design and supply chain partners, we work to understand our customers and markets and how they will evolve. On the right-hand side, you see a selection of images of our newly opened innovation hub and our training rig. Based in Seven Mills, our innovation hub provides a home for collaborative innovation, allowing us to harness our subcontractors and partners and their know-how, the knowledge within our growing Irish, U.K., and expanding European supply chain, our design partners and professionals, and also to explore new ways to leverage AI and digital design technologies. Moving to slide 12. I would like to spend a little bit of time here as we illustrate how capital intensity of our business is reducing while still driving significant growth and ROE progression. We have built a differentiated land acquisition capability. We source large-scale sites, typically 500 units in locations with enabling infrastructure. We have built relations with landowners who see us as a partner of choice. Today, we now own a land bank of 18,000 units across 38 sites. Most importantly, these are at an average plot cost of EUR 37,000. We have now added a capital-light strategic land bank of circa 2,750 units. We have an additional strategic pipeline of 6,500 units. Our deal structures within this strategic pipeline have evolved and include low-cost land options, deferred considerations, contracts conditional on zoning and planning, and joint ventures. Our WIP turn is also improving, and WIP investment is partially recovered through forward funds as we build some of our larger apartment developments for our state partners. Our brand scale and multi-year order book also de-risk our capital investment. All of this contributes to our unique ability to recycle and replace our invested capital at pace. The returns accretive growth that we are delivering is demonstrated today and our upgraded to full year 2026 ROE guidance of circa 17%. I am going to hand you over to Richie, who will bring you through our financials for the period. Thank you, Michael, and good morning, everyone. Our business today is in a strong financial position, and we have great confidence in our future. This underpins our increased guidance for 2026, an increase in our interim dividend by 10% to EUR 0.045, and the announcement of a new EUR 50 million share buyback which will commence today. As you can see on slide 14, we have delivered a record first half, with growth across every major earnings measure. Revenue increased 6% to EUR 455.5 million, driven by 1,139 closings, up 61% year-on-year. Gross profit rose 54% to EUR 96.9 million, with gross margin of 21.3%. We have built the platform to support a much larger business. With overheads up only 7% in H1, operating profit grew 75% to EUR 74.8 million and operating margin increased to 16.4%, highlighting our operational leverage. Profit after tax rose 84% to EUR 58.4 million, driving an 82% increase in our earnings per share to EUR 0.093. Net asset value increased 13% to EUR 860.3 million or EUR 1.37 per share. We also declared an interim dividend of EUR 0.045 per share, which will be payable on the 2nd of November. Moving to slide 15 and our revenue and sales performance KPIs. Our sales pipeline provides strong visibility over both near-term deliveries and the recovery of capital invested and work in progress. The total closed and forward sales pipeline stands at 5,020 units, with net revenue of EUR 1.9 billion, up 23% year-on-year. Of these, 3,881 units worth EUR 1.44 billion in net revenue are in the order book for the remainder of 2026 through to 2028. That depth of demand is important as we scale output. Over the last 12 months, closing WIP increased EUR 48 million to EUR 483 million, while the value of forward sales increased EUR 174 million to EUR 1.44 billion, giving 3x coverage. We have exceptional visibility. Our investment is supported by a strong and growing forward order book, giving us confidence in the timing and quality of future cash conversion. Next to our balance sheet on slide 16. The key point is that our balance sheet remains asset backed and is conservatively leveraged. At the same time, it gives us the capacity to support our growth ambitions into 2027 and beyond. At 30th of June, land held for development was EUR 693.3 million and construction work in progress was EUR 482.9 million. Net assets increased EUR 24 million to EUR 860.3 million as we continue to strengthen our equity base. At the end of H1, and given our strong H1 cash flow performance, debt to gross asset value was 18.6%, tracking below our year-end target of circa 20%. We continue to have significant funding capacity, with EUR 500 million of committed debt facilities and no maturities until June 2029, following our recent EUR 42.5 million loan note refinancing. Overall, the balance sheet gives us the capacity to fund disciplined growth while also allowing us to accelerate returning capital to shareholders. Moving to slide 17. This slide shows the investment in scale is translating to stronger cash generation as expected. EBITDA increased 68% year on year to EUR 78.6 million. After a net EUR 69.1 million investment in work in progress, we generated EUR 22.4 million of operating cash flow in the first half. That compares with a net flow of EUR 118.6 million last year, an improvement of EUR 141 million. We returned EUR 36.8 million to shareholders through dividends during the period. Even after returning significant capital to shareholders, net debt reduced by EUR 112.9 million year on year to EUR 194.5 million, highlighting our improved capital efficiency. On slide 18, we outline how we deploy capital with a clear objective, grow the business, preserve financial strength, and increase shareholder value. To fund our future growth, we are recycling our capital with greater efficiency. More than 90% of additional WIP spend is targeted to be recovered within 12 months. While our target recovery period for net land investment is three to four years. Our track record of value creation is clear. ROE has increased from 5.7% in FY 2021 to a targeted 17% in FY 2026, delivering returns that are roughly 3x higher than FY 2021. We have a strong balance sheet that provides resilience. We intend to maintain low leverage with year-end debt to gross asset value of approximately 20%. That is consistent with the 17.8% at the end of 2025. Lastly, we are returning surplus capital. We remain committed to progressive ordinary dividends, as evidenced by our 10% growth in our interim dividend announced today, supplemented by additional returns to share buybacks after funding growth. Our priorities are clear. Grow efficiently through disciplined capital allocation and operational leverage. Maintain resilience with a strong balance sheet and financial flexibility. Increase shareholder value through value creation and capital returns. I will now hand you back over to Michael to bring you through our raised guidance. Thank you, Richie. Let's finish up on slide 20 and talk about our outlook. Demand is real and sustained. Our platform is built to deliver whilst maintaining the quality and placemaking that we've earned a reputation for. We've great visibility through our record order book into 2028. We're investing in our platform, our people, our systems, our innovation, and our communities. We want to make ourselves even more efficient and drive long-term sustainable growth. We are generating increased cash flow, as Richie talked about, to fund this growth and reward shareholders simultaneously. We are strategically positioned in our market to service the housing needs Ireland faces. Finally, to wrap up, we are pleased today to be upgrading full year 2026 guidance on key financial metrics. Revenue to circa EUR 1.08 billion, operating profit to circa EUR 185 million, and ROE from 16.5% to 17%. Thank you for your time today. I am now going to hand you back to Madalina for questions from people on the call. Thank you. Thank you. To ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. One moment for our first question. This one comes from the line of Shane Carberry from Goodbody. Please go ahead. Thank you very much. Well done, guys, on what a really great set of H1 results. Hi, Shane. How is it going? If I may. All good. Thanks, Michael. Yeah. Thank you. Two from me. Shane, before we start, I just want to say we're joined here today by our new Director of Finance and Treasury, Elaine O'Brien, helping us out for the first time on our results. And the great Declan Murray, who needs no introduction, who told me yesterday this is his 21st results with Cairn. So welcome, Elaine and Dec. Thank you. Thanks, Michael. Go ahead, Shane. Brilliant. Thanks all. First question, I guess, just in terms of the capital allocation story, and slide 12 is really helpful in that facet. Just, I guess, digging a bit deeper into capital allocation priorities from here. Obviously, there is this drive to reduce the capital intensity. How should we think about priorities in 2027 when I think about excess capital returns versus investment in the land bank? Is it more land bank investment being through these kind of capital light strategic land bank sort of models, is how I should be thinking about and that will help us frame the kind of capital allocation story for the business through the next 18 months or so? The second one, I guess, look, there is going to be a lot of policy discussion in the lead up to the budget. In particular, I wanted to dig a little bit deeper on Croí Cónaithe. It seems to be working pretty well. Is it genuinely unlocking new apartment schemes that might not have otherwise been viable? Do you think it becomes a bigger function of the market going forward? Yeah, I suppose, starting there, it has to be. If you look at the government's target in the sort of 50,000 units a year. To achieve that, we have to be delivering about 25,000 apartments a year. We're kind of hovering around a run rate of between nine and 12. The number of apartments has to more than double over the next number of years, Shane. A lot of those apartments are for affordable rental, supported by increased delivery through the Approved Housing Bodies, the Land Development Agency, and they have a very important role. The government is really intent on increasing homeownership across the full spectrum of housing typologies, and particularly apartments. Croí Cónaithe is unique to Ireland. It's an incredibly impactful initiative, we believe, and it is working because it moves people from homes that they rent, apartments that they rent, often costing EUR 2,000 - EUR 2,500 per month. You'll see some information in the appendix of our presentation today which show that with support and at the price points we're delivering these apartments at, Shane, people can own apartments for as little as EUR 800-EUR 900 a month mortgage. So incredibly impactful. We're massively supportive of it. The scheme that we talked about in the customer feedback is the largest so far delivered under Croí Cónaithe. We're delivering well in excess of 200 units, actually in Seven Mills. Our first launch of plan of those apartments, we had inquiries from over 4,000 people. Young people in Ireland are really keen on this initiative, and are really keen to live close to where they work and close to city center. Richie, anything to add on the capital allocation piece around that sort of growth of our capital light strategy? It's just really, for us, a central way for us to think about increasing our capacity in land bank. Yeah, I think, obviously, look, as Shane, you would've known our last net sort of share buyback was actually back in 2024, and then we made a material net investment into our WIP in 2025, about EUR 167 million, which is obviously translating into a very strong cash generation profile for the business. Combined with that, obviously our reduced capital intensity, which is being driven by our land strategy and which we continue to focus on and which we have communicated consistently over the last 12 months, and also just that more efficient WIP turn. The big focus for us is our ROE returns and making sure that our capital investment decisions are accretive to returns to shareholders. Yeah. The only thing I would add is, look, the land market is probably more active in the last six to 12 months than it has been for a number of years. That is really positive. That is reflecting on the level of demand that is out there, and how smaller to mid-size builders are starting to expand and scale. That is really positive. All of our land is bought off market. Our ability to pivot to strategic land buying is because we are recognized as a very credible partner, and we are probably one of the few people that can go after those really larger sites in urban areas and on those multimodal transport links, and continue to drive value. But we are really happy with our position. Today is the time to have a large land bank, particularly at an average cost of EUR 37,000 per unit, Shane. Makes sense. Thanks, Michael. Thanks, Richard. Thank you. We are now going to take our next question. This one comes from Jonathan Coubrough from Deutsche Numis. Please go ahead. Thanks. Morning, Michael and Richard. I want to say welcome, Elaine, and it is great to have Declan on. Hope you are doing well. Morning, Jonny. First question for me would be a follow-up question on the land buying. You've told us today how your land sourcing's becoming much more capital efficient. How will working capital evolve as the land under option increases? When you think about your net debt target at 20% of GAV, would that change much if payables increased with your land options? The second question would be on the order book of over 5,000 units. Are there any large schemes within that to call out? Does that include units for delivery beyond 2027 at this stage? On the order book? Yeah, it certainly does into 2028. Obviously a smaller portion, Jonny. Rich, I'll pass over to you in a second. I suppose, how do we think about land and its relationship to our improving WIP turn, Jonny? I suppose put simply, obviously if you look at Cairn historically, we've had a large wholly owned land bank. It's appropriate as we grow and scale and we become a bigger business, that we evolve that strategy, and we find lower cost options and a lower cost to land. It doesn't mean that we won't acquire sites directly, but more and more of the land will be bought using these mechanisms. Really what that means is, and I referred to land often that might be bought subject to zoning or planning. The length of time the land spends on our balance sheet to the point at which we can monetize that land and deliver homes has significantly reduced. So it's a higher WIP speed. It's a better WIP turn for most of our developments because we can de-risk them before we go on site. Also we can enter into joint venture opportunities with existing large landowners that might not want to sell their land, but might want to partner with a company that they trust, to deliver that project over multiple years. Particularly if they know that that land needs to be unlocked through the system. Cairn are probably recognized as a business that over 11 years now, have built up the credibility and the relationships to help unlock land. Ireland's a complex market. We have 31 local authorities, we have a lot of different state entities, and our ability to be able to navigate those, Jonny, I suppose, is important, and I suppose aids that land strategy. On the WIP side also, we talked a little bit about forward funding. This is a massive benefit to our balance sheet because what it means on a go forward basis is a significant portion of our WIP is actually paid for on a monthly basis as we build out larger schemes. We will self-fund our own private sales for both houses and apartments, Jonny, but a lot of the schemes that we are on for estate partners, for Approved Housing Bodies and the Land Development Agency, and we are on numerous schemes, large apartment schemes. Today, I think we are building on about 13 or 14 very large apartment developments, and a significant portion of them are funded monthly through a forward funding mechanism. In a lot of cases through that structure, Richie, we also sell down the site to the customer as well. So we are monetizing the land before we even commence construction on the site, and then our WIP is being paid on a monthly basis. Anything to add there, Rich? Yeah. Just on your land credits point, Jonny. Obviously, look, as we outlined today, our debt to gross asset value of circa 20% for the year-end. A lot of those land transactions and those options arrangements that we have, there is obviously certain conditions in there which obviously can be triggered at different points of time with regard to zoning or planning. So yeah, so within a period, there may be some additional land acquisitions. But we are really thinking about as we go forward the next couple of years, we do not see the material net investment back into land that we would have seen over the last 24 months. And I suppose that is the really important point. Yeah. I suppose important to say in a forward order book, we are not changing our approach to our private market. We only sell private homes that will be ready to occupy within the following three, up to maybe a maximum of six months, but very rarely. So we are pleased to say, Jonny, that that forward order book will continue to grow as we work through the autumn selling season. We had a very successful weekend last weekend on a number of launches. It is great to see demand so strong, returning after a great summer. So our order book will continue to grow, and will grow with more of our kind of short term, or should I say near term private sales, between here and probably the end of October and into November. Excellent. Thanks very much. Pleasure. Thank you. We are now going to take our next question. This one comes from Colin Sheridan from Davy. Please go ahead. Thank you, and morning, guys. Congrats on the results. I have a couple left, if that is all right. The first one just on build costs, if that is all right. Something that has been pretty benign given what is going on in energy markets certainly in the year to date, and again, you reiterated what you said back in July. Maybe talk a little bit about whether there are any pressures out there on anything particular, anything that might be worrying you at this point in time. The second one, just following up on your comments on the land market, Michael. I mean, clearly you are not playing as much in there, quite as much as you were maybe in the last couple of years. Given your comments on how active the market is itself, pricing wise, are you seeing anything that looks really attractive, or is there any kind of areas of concern there in terms of viability with the activity that is going on? Thanks. Yeah. Thanks, Colin. Look, the land market is more buoyant. A very large portion of it is on market, Colin, because I suppose landowners know that there is more buoyancy and there is more demand. Plot costs on average are probably certainly close to double what our existing land bank cost is. There is a lot of activity in land. We buy off market, and we don't need to replace at such a heavy rate because we've been working for a number of years now and talking about those kind of option deals and different ways to replace land more strategically, I suppose, Colin. What's our worry on build cost inflation? I suppose the longer it lasts, Colin, you probably worry a little bit that what are currently kind of more surcharges in the market, more temporary kind of relief and supports for our supply chain turn into kind of more permanent increases. That's certainly a watch-out. So the longer this lasts, Colin, the more uncomfortable I get, I suppose, that some of those costs we're seeing become a little bit more sticky. We're an island economy, so transport costs hit us, and this is mainly a transport type crisis, more so than, let's say, a raw material problem. Frankly, you might remember natural gas really drove up energy costs and particularly manufacturing energy costs. It hit a lot of our materials much harder than this time around, and this is more of a transport cost challenge for us today. So look, we'll keep an eye on that, Colin. How is Cairn better protected today? We've probably doubled the amount of materials that we purchase in the last couple of years, Colin. We're sourcing an awful lot more from mainland Europe. That might be higher transport costs, but we can source much better lower cost materials from Eastern Europe, for example. That's certainly supporting some of the numbers we've been able to come out with today. Yeah, I suppose the growth, the scale of our business is just helping to mitigate some of that increase of 2.5% we're seeing in build costs. Richie? Yeah, look, as you mentioned, Colin, look, we've been very consistent throughout the year with regards build cost inflation. Obviously last trading update, obviously we're calling it at 2.5% up to July, but as we look forward, we're happy with that 2.5% for 2026. Obviously as we go forward into 2027, we're not as highly procured as we are for this year where we're procured nearly 95% for 2026. About 50% procured for— Yeah. —2027. That's great. Appreciate it, guys. Thanks, Colin. Thank you. We are now going to take our next question. This one comes from Harry Goad from Berenberg. Please go ahead. Yeah. Hi, good morning. I have got a question, please, on the return on equity. Obviously, you talked about a new target of 17% today. Then I think just in some of the comments you made, you talked more around some issues around further capital efficiency and bottom growth and some of the things we are doing in terms of land investments. Is it therefore fair to assume that if you look out over the medium term, that that number can move higher? Or do you feel the 17%-17.5% is the steady state ROE for the business? Thanks. Look, we are really comfortable that our ROE rate is going to be stable. That 17%-17.5% rate is a good reflection of how efficient we are. At this point in time, Richie, we are comfortable with that guidance. Yeah. Obviously, look, as you would have seen on the slide, Harry, about our track record and the growth in our ROE over the last number of years, we have obviously clearly called it out. Look, that is a very key performance measure for us. Probably back into what we are seeing even on any new transactions on the land side, that we are doing them on the terms that they are accretive to those returns. I think the point is that upgrade today from that 16.5% to 17% for FY 2026. Okay. Thank you. Thanks, Harry. Thank you. There are no further questions for today. I will now hand the call back to Michael Stanley for closing remarks. Thank you. Thank you all for joining us. We look forward to seeing many of you in person over the next week or so. Most importantly, thank you all for your continued support. Chat soon. Thank you. Bye. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.